Thomson Reuters Reports Fourth-Quarter And Full-Year 2024 Results

(MENAFN– PR Newswire)

TORONTO, Feb. 6, 2025 /PRNewswire/ — Thomson Reuters (TSX/NYSE: TRI ) in the mean time reported outcomes for the fourth quarter and full yr ended December 31, 2024:

Good revenue momentum continued inside the fourth quarter and full yr
- Full-year full agency and pure revenues up 7%
- Fourth-quarter full agency and pure revenues up 5%
  - Organic revenues up 8% for the “Big 3” segments (Legal Professionals, Corporates and Tax & Accounting Professionals)
Met full-year 2024 outlook for full agency pure revenue improvement, adjusted EBITDA margin and free cash motion; Met “Big 3” pure revenue improvement outlook
Full-year 2025 outlook anticipates pure revenue improvement of roughly 7.0 – 7.5% and an adjusted EBITDA margin of roughly 39%
Updated financial framework for 2026 anticipates 7.5% – 8.0% pure revenue improvement and 50 basis components or further of adjusted EBITDA margin progress
Increased annualized dividend per share by 10% (32^nd consecutive annual improve)
Acquired SafeSend to develop tax automation capabilities for $600 million in January 2025

“2024 marked important progress at Thomson Reuters,” talked about Steve Hasker, President and CEO of Thomson Reuters. “We continue to deliver on the ambitious innovation roadmap we shared at our 2024 investor day, highlighted by the launch of new product capabilities and enhancements throughout our portfolio. Looking ahead to 2025, we continue to focus on investing in content-driven technology that helps professionals make complex decisions with confidence.”

Mr. Hasker added, “We remain focused on allocating capital to drive long-term shareholder value creation. In 2024, we continued to return capital to shareholders, completed the monetization of our London Stock Exchange Group stake and executed several strategic acquisitions, resulting in a stronger and more strategically aligned portfolio with improved growth prospects.”

Consolidated Financial Highlights – Three Months Ended December 31

Three Months Ended December 31, (Millions of U.S. {{dollars}}, apart from adjusted EBITDA margin and EPS) (unaudited)
IFRS Financial Measures ⁽¹⁾	2024	2023	Change	Change at Constant Currency
Revenues	$1,909	$1,815	5 %
Operating income	$722	$558	29 %
Diluted earnings per share (EPS)	$1.30	$1.49	-13 %
Net cash supplied by working actions	$564	$705	-20 %
Non-IFRS Financial Measures ⁽¹⁾
Revenues	$1,909	$1,815	5 %	5 %
Adjusted EBITDA	$718	$707	2 %	1 %
Adjusted EBITDA margin	37.6 %	38.9 %	-130bp	-160bp
Adjusted EPS	$1.01	$0.98	3 %	1 %
Free cash motion	$425	$613	-31 %
(1) In addition to outcomes reported in accordance with International Financial Reporting Standards (IFRS), the company makes use of certain non-IFRS financial measures as supplemental indicators of its working effectivity and financial place. See the “Non-IFRS Financial Measures” half and the tables appended to this info launch for further information on these and totally different non-IFRS financial measures, along with how they’re outlined and reconciled to basically probably the most straight comparable IFRS measures.

Revenues elevated 5% attributable to 7% improvement in recurring revenues (83% of full revenues) partly offset by a 1% decline in transactions revenues and a 6% decline in Global Print. The net affect of acquisitions and disposals along with worldwide foreign exchange on full agency revenue improvement was not essential.

Organic revenues elevated 5% attributable to eight% improvement in recurring revenues partly offset by a 4% decline in transactions revenues and the decline in Global Print.
The agency’s “Big 3” segments reported pure revenue improvement of 8% and collectively comprised 81% of full revenues.

Operating income elevated 29% pushed from constructive points on the sale of UncoverLaw and totally different non-core corporations.

Adjusted EBITDA , which excludes constructive points on the sale of corporations, along with totally different devices, elevated 2% and the related margin decreased to 37.6% from 38.9% inside the prior-year interval. The improve in revenues have been largely offset by elevated costs reflecting continued investments inside the enterprise, the affect of acquisitions and higher incentive compensation. Foreign foreign exchange had a 30 basis components constructive affect on the year-over-year change in adjusted EBITDA margin.

Diluted EPS decreased to $1.30 compared with $1.49 inside the prior-year interval as elevated working income and foreign exchange benefits included in numerous finance income or costs have been higher than offset by elevated tax expense, lower outcomes from discontinued operations and a prior-year interval improve inside the price of the company’s former funding in London Stock Exchange Group (LSEG).

Adjusted EPS , which exclude constructive points on the sale of corporations, totally different finance income or costs, modifications in price of the company’s former LSEG funding, discontinued operations, along with totally different modifications, was $1.01 per share versus $0.98 per share inside the prior-year interval.

Net cash supplied by working actions decreased by $141 million primarily attributable to certain half modifications in working capital.

Free cash motion decreased by $188 million primarily on account of decrease in cash flows from working actions and higher capital expenditures.

Highlights by Customer Segment – Three Months Ended December 31

(Millions of U.S. {{dollars}}, apart from adjusted EBITDA margins) (unaudited)
	Three Months Ended
	December 31,		Change
	2024	2023		Total	Constant Currency ⁽¹⁾	Organic ⁽¹⁾⁽²⁾
Revenues
Legal Professionals	$729	$700		4 %	4 %	7 %
Corporates	458	402		14 %	15 %	10 %
Tax & Accounting Professionals	366	344		6 %	7 %	7 %
“Big 3” Segments Combined⁽¹⁾	1,553	1,446		7 %	7 %	8 %
Reuters News	218	220		-1 %	-1 %	-3 %
Global Print	144	154		-6 %	-6 %	-6 %
Eliminations/Rounding	(6)	(5)
Revenues	$1,909	$1,815		5 %	5 %	5 %

Adjusted EBITDA⁽ ¹⁾
Legal Professionals	$299	$298		0 %	-1 %
Corporates	153	138		11 %	8 %
Tax & Accounting Professionals	196	188		4 %	5 %
“Big 3” Segments Combined⁽¹⁾	648	624		4 %	3 %
Reuters News	45	61		-26 %	-26 %
Global Print	55	55		-1 %	-1 %
Corporate costs	(30)	(33)		n/a	n/a
Adjusted EBITDA	$718	$707		2 %	1 %

Adjusted EBITDA Margin⁽ ¹⁾
Legal Professionals	41.0 %	42.5 %		-150bp	-200bp
Corporates	33.5 %	34.5 %		-100bp	-190bp
Tax & Accounting Professionals	53.4 %	54.6 %		-120bp	-90bp
“Big 3” Segments Combined⁽¹⁾	41.7 %	43.1 %		-140bp	-190bp
Reuters News	20.8 %	27.9 %		-710bp	-670bp
Global Print	38.2 %	36.4 %		180bp	190bp
Adjusted EBITDA margin	37.6 %	38.9 %		-130bp	-160bp
(1) See the “Non-IFRS Financial Measures” half and the tables appended to this info launch for further information on these and totally different non-IFRS financial measures. To compute part and consolidated adjusted EBITDA margin, the company excludes trustworthy price modifications related to acquired deferred revenue. (2) Computed for revenue improvement solely. n/a: not related

Unless in another case well-known, all revenue improvement comparisons by purchaser part on this info launch are at mounted foreign exchange (which excludes the affect of worldwide foreign exchange) as Thomson Reuters believes this provides the perfect basis to measure effectivity.

Legal Professionals

Revenues elevated 4% to $729 million and included a detrimental affect from the divestiture of UncoverLaw. Organic revenue improvement was 7%.

Recurring revenues elevated 4% (97% of full, 8% pure). Organic revenue improvement was primarily pushed by Westlaw, CoCounsel, Practical Law, and the part’s worldwide corporations.
Transactions revenues decreased 10% (3% of full, decreased 4% pure).

Adjusted EBITDA was barely elevated at $299 million.

The margin decreased to 41.0% from 42.5% primarily pushed by elevated investments.

Corporates

Revenues elevated 15% to $458 million, along with the acquisition affect of Pagero. Organic revenue improvement was 10%.

Recurring revenues elevated 13% (88% of full, 10% pure). Organic revenue improvement was primarily pushed by Practical Law, Indirect Tax, CLEAR and the part’s worldwide corporations.
Transactions revenues elevated 28% (12% of full, 12% pure) pushed primarily by Pagero, Direct Tax and Trust.

Adjusted EBITDA elevated 11% to $153 million.

The margin decreased to 33.5% from 34.5%, primarily pushed by the Pagero acquisition and higher investments.

Tax & Accounting Professionals

Revenues elevated 7%, all pure, to $366 million.

Recurring revenues elevated 5% (87% of full, all pure). Organic revenue improvement was pushed by the part’s Latin America enterprise and ExtraordinarilyTax merchandise.
Transactions revenues elevated 21% (13% of full, all pure) pushed by tax merchandise {{and professional}} suppliers.

Adjusted EBITDA elevated 4% to $196 million.

The margin decreased to 53.4% from 54.6%, primarily pushed by elevated investments.

The Tax & Accounting Professionals part is the company’s most seasonal enterprise with roughly 60% of full-year revenues typically generated inside the first and fourth quarters. As a consequence, the margin effectivity of this part has been usually elevated inside the first and fourth quarters as costs are typically incurred in a further linear type all yr lengthy.

Reuters News

Revenues of $218 million decreased 1% (decreased 3% pure) and included a constructive affect from acquisitions. The pure revenue decline primarily mirrored generative AI related content material materials licensing revenue included inside the prior-year interval that was largely transactional in nature, partially offset by elevated firm revenues and a contractual worth improve from our info settlement with the Data & Analytics enterprise of LSEG.

Adjusted EBITDA decreased 26% to $45 million primarily attributable to lower transactions revenues and higher costs along with editorial safety of key worldwide events inside the quarter.

Global Print

Revenues of $144 million decreased 6%, all pure, pushed by lower cargo volumes and the migration of customers from a Global Print product to Westlaw.

Adjusted EBITDA was $55 million, unchanged from the prior-year interval.

The margin elevated to 38.2% from 36.4% primarily attributable to lower costs.

Corporate Costs

Corporate costs have been $30 million compared with $33 million inside the prior-year interval.

Consolidated Financial Highlights – Year Ended December 31

Year Ended December 31, (Millions of U.S. {{dollars}}, apart from adjusted EBITDA margin and EPS) (unaudited)
IFRS Financial Measures ⁽¹⁾	2024	2023	Change	Change at Constant Currency
Revenues	$7,258	$6,794	7 %
Operating income	$2,109	$2,332	-10 %
Diluted EPS	$4.89	$5.80	-16 %
Net cash supplied by working actions	$2,457	$2,341	5 %
Non-IFRS Financial Measures ⁽¹⁾
Revenues	$7,258	$6,794	7 %	7 %
Adjusted EBITDA	$2,779	$2,678	4 %	4 %
Adjusted EBITDA margin	38.2 %	39.3 %	-110bp	-130bp
Adjusted EPS	$3.77	$3.51	7 %	7 %
Free cash motion	$1,828	$1,871	-2 %
(1) In addition to outcomes reported in accordance with IFRS, the company makes use of certain non-IFRS financial measures as supplemental indicators of its working effectivity and financial place. See the “Non-IFRS Financial Measures” half and the tables appended to this info launch for further information on these and totally different non-IFRS financial measures, along with how they’re outlined and reconciled to basically probably the most straight comparable IFRS measures.

Revenues elevated 7% attributable to eight% improvement in recurring revenues (81% of full revenues) and 11% improvement in transactions revenues, partly offset by an 8% decline in Global Print. The net affect of acquisitions and disposals along with worldwide foreign exchange on full agency revenue improvement was not essential.

Organic revenues elevated 7% attributable to eight% improvement in recurring revenues and 10% improvement in transactions revenues. Global Print revenues decreased 7% organically.
The agency’s “Big 3” segments reported pure revenue improvement of 9% and collectively comprised 82% of full revenues.

Operating income decreased 10%, primarily attributable to lower constructive points from the product sales of corporations compared with the prior-year interval, which included the obtain from the sale of a majority stake in Elite.

Adjusted EBITDA , which excludes constructive points on the sale of corporations, along with totally different devices, elevated 4% and the related margin decreased to 38.2% from 39.3% inside the prior-year interval. The improvement in revenues was partly offset by elevated costs reflecting continued investments inside the enterprise, the affect of acquisitions, and higher incentive compensation. Foreign foreign exchange had a 20 basis components constructive affect on the year-over-year change in adjusted EBITDA margin.

Diluted EPS decreased to $4.89 compared with $5.80 inside the prior-year interval as lower income tax expense, which mirrored a gift yr $468 million non-cash tax revenue related to tax legal guidelines enacted in Canada, and foreign exchange benefits included in numerous finance income or costs, have been higher than offset by an enormous prior-year interval improve inside the price of the company’s former funding in LSEG along with lower working income. In 2024, diluted EPS moreover benefited from a reduction in weighted-average frequent shares wonderful attributable to share repurchases and the company’s June 2023 return of capital transaction.

Adjusted EPS , which excludes the non-cash tax revenue, totally different finance income or costs, modifications in price of the company’s former LSEG funding, constructive points on product sales of corporations, along with totally different modifications, elevated to $3.77 per share from $3.51 per share inside the prior-year interval, attributable to elevated adjusted EBITDA. In 2024, adjusted EPS moreover benefited from a reduction in weighted-average frequent shares.

Net cash supplied by working actions elevated by $116 million on account of cash benefits from elevated revenues that higher than offset elevated funding spending.

Free cash motion decreased $43 million as elevated cash flows from working actions have been higher than offset by elevated capital expenditures and reduce cash flows from totally different investing actions.

Highlights by Customer Segment – Year Ended December 31

(Millions of U.S. {{dollars}}, apart from adjusted EBITDA margins) (unaudited)
	Year Ended
	December 31,		Change
	2024	2023		Total	Constant Currency ⁽¹⁾	Organic ⁽¹⁾⁽²⁾
Revenues
Legal Professionals	$2,922	$2,807		4 %	4 %	7 %
Corporates	1,844	1,620		14 %	14 %	10 %
Tax & Accounting Professionals	1,165	1,058		10 %	11 %	10 %
“Big 3” Segments Combined⁽¹⁾	5,931	5,485		8 %	8 %	9 %
Reuters News	832	769		8 %	8 %	6 %
Global Print	519	562		-8 %	-7 %	-7 %
Eliminations/Rounding	(24)	(22)
Revenues	$7,258	$6,794		7 %	7 %	7 %

Adjusted EBITDA⁽ ¹⁾
Legal Professionals	$1,302	$1,299		0 %	0 %
Corporates	671	619		8 %	8 %
Tax & Accounting Professionals	527	490		8 %	9 %
“Big 3” Segments Combined⁽¹⁾	2,500	2,408		4 %	4 %
Reuters News	196	172		14 %	16 %
Global Print	188	213		-12 %	-12 %
Corporate costs	(105)	(115)		n/a	n/a
Adjusted EBITDA	$2,779	$2,678		4 %	4 %

Adjusted EBITDA Margin⁽ ¹⁾
Legal Professionals	44.6 %	46.2 %		-160bp	-180bp
Corporates	36.3 %	38.1 %		-180bp	-220bp
Tax & Accounting Professionals	45.2 %	45.8 %		-60bp	-50bp
“Big 3” Segments Combined⁽¹⁾	42.1 %	43.8 %		-170bp	-180bp
Reuters News	23.6 %	22.4 %		120bp	150bp
Global Print	36.2 %	38.0 %		-180bp	-180bp
Adjusted EBITDA margin	38.2 %	39.3 %		-110bp	-130bp
(1) See the “Non-IFRS Financial Measures” half and the tables appended to this info launch for further information on these and totally different non-IFRS financial measures. To compute part and consolidated adjusted EBITDA margin, the company excludes trustworthy price modifications related to acquired deferred revenue. (2) Computed for revenue improvement solely. n/a: not related

2025 Outlook

The agency’s outlook for 2025 inside the desk beneath assumes mounted foreign exchange expenses and incorporates the most recent SafeSend acquisition and the divestitures of UncoverLaw and totally different non-core corporations nonetheless excludes the affect of any future acquisitions or inclinations which can occur in the midst of the the remainder of the yr. Thomson Reuters believes that this form of steering provides useful notion into the anticipated effectivity of its corporations.

The agency expects its first-quarter 2025 pure revenue improvement to be inside the fluctuate of 5% to 6% and its adjusted EBITDA margin to be roughly 40%.

The agency’s 2025 outlook and updated 2026 financial framework is forward-looking information that’s subject to risks and uncertainties (see “Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions”). In particular, the company continues to perform in an uncertain macroeconomic setting, reflecting ongoing geopolitical risk, uneven monetary improvement and an evolving fee of curiosity and inflationary backdrop. Any worsening of the worldwide monetary or enterprise setting, amongst totally different parts, would possibly affect the company’s functionality to achieve its outlook.

Reported Full-Year 2024 Results and Full-Year 2025 Outlook

Total Thomson Reuters	FY 2024 Reported	FY 2025 Outloo okay
Total Revenue Growth	7 %	3.0 – 3.5% ⁽²⁾
Organic Revenue Growth⁽¹⁾	7 %	7.0 – 7.5 %
Adjusted EBITDA Margin⁽¹⁾	38.2 %	~39%
Corporate Costs	$105 million	$120 – $130 million
Free Cash Flow⁽¹⁾	$1.8 billion	~$1.9 billion
Accrued Capex as % of Revenue⁽¹⁾	8.4 %	~8%
Depreciation & Amortization of Computer Software Depreciation & Amortization of Internally Developed Software Amortization of Acquired Software	$731 million $584 million $147 million	$835 – $855 million $635 – $655 million ~$200 million
Interest Expense (P&L)	$125 million	~$150 million
Effective Tax Rate on Adjusted Earnings⁽¹⁾	17.6 %	~19%
“Big 3” Segments⁽¹⁾	FY 2024 Reported	FY 2025 Outlook
Total Revenue Growth	8 %	~4% ⁽²⁾
Organic Revenue Growth	9 %	~9%
Adjusted EBITDA Margin	42.1 %	~43%


(1)	Non-IFRS financial measures. See the “Non-IFRS Financial Measures” half beneath along with the tables and footnotes appended to this info launch for further information.
(2)	Total revenue improvement shows the affect of the divestitures of UncoverLaw and totally different non-core corporations in December 2024.

Updated 2026 Financial Framework

For 2026, the company targets an pure revenue improvement fluctuate of seven.5% – 8.0%, pushed by roughly 9.5% improvement for the “Big 3” segments. The agency targets adjusted EBITDA margin progress by a minimum of 50 basis components. It anticipates accrued capital expenditures as a share of revenues to be roughly 8%, and free cash motion to fluctuate from $2.0 – $2.1 billion, and an environment friendly tax cost of roughly 19%.

This financial framework assumes mounted foreign exchange expenses and incorporates the most recent SafeSend acquisition nonetheless excludes the affect of any future acquisitions or inclinations which can occur all through this time horizon.

The information on this half is forward-looking. Actual outcomes, which might embrace the affect of foreign exchange, future acquisitions and inclinations completed all through 2025 and 2026, and macroeconomic events open air of the company’s administration may differ materially from the company’s 2025 outlook and 2026 financial framework. The information on this half additionally must be study alongside aspect the half beneath entitled “Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions.” The agency’s 2025 outlook and 2026 financial framework are moreover based mostly totally on certain assumptions described inside the cross-referenced half, which the company believes are low cost inside the circumstances, and is subject to varied risks, along with these significantly acknowledged inside the cross-referenced half and other people going by means of the company usually.

Recent Acquisition

In January 2025, the company acquired cPaperless, LLC, doing enterprise as SafeSend, for $600 million in cash. SafeSend is a U.S. primarily based cloud-native provider of experience for tax and accounting professionals. SafeSend automates the “last-mile” of the tax return, along with assembly, overview, taxpayer e-signature, and provide. This enterprise shall be significantly reported inside the Tax & Accounting Professionals part.

Dividends and customary shares wonderful

The agency launched in the mean time that its Board of Directors accredited a ten% or $0.22 per share annualized improve inside the dividend to $2.38 per frequent share, representing the 32^nd consecutive yr of dividend will enhance and the fourth consecutive 10% improve. A quarterly dividend of $0.595 per share is payable on March 10, 2025 to frequent shareholders of report as of February 20, 2025.

As of February 4, 2025, Thomson Reuters had roughly 450.1 million frequent shares wonderful.

Thomson Reuters
Thomson Reuters (NYSE / TSX: TRI) informs the easiest way forward by bringing collectively the trusted content material materials and experience that folk and organizations should make the acceptable choices. The agency serves professionals all through approved, tax, accounting, compliance, authorities, and media. Its merchandise combine extraordinarily specialised software program program and insights to empower professionals with the data, intelligence, and choices needed to make educated choices, and to help institutions of their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world principal provider of trusted journalism and knowledge. For further information, go to tr .

NON-IFRS FINANCIAL MEASURES

Thomson Reuters prepares its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB).

This info launch consists of certain non-IFRS financial measures, which embrace ratios that incorporate quite a lot of non-IFRS financial measures, equal to adjusted EBITDA (apart from on the customer part diploma) and the related margin, free cash motion, adjusted earnings and the environment friendly tax cost on adjusted earnings, adjusted EPS, accrued capital expenditures expressed as a share of revenues, net debt and leverage ratio of net debt to adjusted EBITDA, chosen measures excluding the affect of worldwide foreign exchange, modifications in revenues computed on an pure basis along with all financial measures for the “Big 3” segments.

Thomson Reuters makes use of those non-IFRS financial measures as supplemental indicators of its working effectivity and financial place along with for inside planning capabilities and the company’s enterprise outlook and financial framework. Additionally, Thomson Reuters makes use of non-IFRS measures as the thought for administration incentive packages. These measures shouldn’t have any standardized meanings prescribed by IFRS and subsequently are unlikely to be akin to the calculation of comparable measures utilized by totally different companies and shouldn’t be thought of as choices to measures of financial effectivity calculated in accordance with IFRS. Non-IFRS financial measures are outlined and reconciled to basically probably the most straight comparable IFRS measures inside the appended tables.

The agency’s outlook and financial framework comprise diverse non-IFRS financial measures. The agency believes that providing reconciliations of forward-looking non-IFRS financial measures in its outlook and financial framework may very well be doubtlessly misleading and by no means wise on account of subject of projecting devices that aren’t reflective of ongoing operations in any future interval. The magnitude of this stuff may be essential. Consequently, for capabilities of its outlook and financial framework solely, the company is unable to reconcile these non-IFRS measures to basically probably the most straight comparable IFRS measures on account of it might’t predict, with low cost certainty, the impacts of modifications in worldwide change expenses which affect (i) the interpretation of its outcomes reported at widespread worldwide foreign exchange expenses for the yr, and (ii) totally different finance income or expense related to intercompany financing preparations. Additionally, the company can’t reasonably predict the incidence or amount of various working constructive points and losses that usually come up from enterprise transactions that the company doesn’t presently anticipate.

ROUNDING

Other than EPS, the company experiences its results in lots of of 1000’s of U.S. {{dollars}}, nonetheless computes share modifications and margins using full {{dollars}} to be further precise. As a consequence, percentages and margins calculated from reported portions may differ from these launched, and improvement parts couldn’t full attributable to rounding.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS, MATERIAL RISKS AND MATERIAL ASSUMPTIONS

Certain statements on this info launch, along with, nonetheless not restricted to, statements in Mr. Hasker’s suggestions, the “2025 Outlook” half, the “Updated 2026 Financial Framework” half and the company’s expectations along with the affect of its newest acquisition of SafeSend, are forward-looking. The phrases “will”, “expect”, “believe”, “target”, “estimate”, “could”, “should”, “intend”, “predict”, “project” and associated expressions set up forward-looking statements. While the company believes that it has a reasonable basis for making forward-looking statements on this info launch, they don’t appear to be a guarantee of future effectivity or outcomes and there’s no assurance that any of the other events described in any forward-looking assertion will materialize. Forward-looking statements are subject to varied risks, uncertainties and assumptions that will set off exact outcomes or events to fluctuate materially from current expectations. Many of these risks, uncertainties and assumptions are previous the company’s administration and the results of them is perhaps troublesome to predict.

Some of the material risk parts that will set off exact outcomes or events to fluctuate materially from these expressed in or implied by forward-looking statements on this info launch embrace, nonetheless often are usually not restricted to, these talked about on pages 19-35 inside the “Risk Factors” a part of the company’s 2023 annual report. These and totally different risk parts are talked about in provides that Thomson Reuters from time-to-time info with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission (SEC). Thomson Reuters’ annual and quarterly experiences are moreover accessible inside the “Investor Relations” a part of tr .

The agency’s enterprise 2025 outlook and updated 2026 financial framework are based mostly totally on information presently accessible to the company and is based on diverse exterior and inside assumptions made by the company in gentle of its experience and notion of historic tendencies, current conditions and anticipated future developments, along with totally different parts that the company believes are acceptable beneath the circumstances. Material assumptions and supplies risks may set off exact effectivity to fluctuate from the company’s expectations underlying its enterprise outlook and financial framework. In particular, the worldwide financial system has expert substantial disruption attributable to issues regarding monetary outcomes associated to the macroeconomic backdrop and ongoing geopolitical risks. The agency’s enterprise outlook and financial framework assumes that uncertain macroeconomic and geopolitical conditions will proceed to disrupt the financial system and set off intervals of volatility, nonetheless, these conditions may last significantly longer than anticipated and any worsening of the worldwide monetary or enterprise setting would possibly affect the company’s functionality to achieve its outlook and impact its outcomes and totally different expectations. Material assumptions related to the company’s revenue outlook and financial framework are that uncertain macroeconomic and geopolitical conditions will proceed to disrupt the financial system and set off intervals of volatility; there shall be a continued need for trusted providers and merchandise that help purchasers navigate evolving and complex approved, tax, accounting, regulatory, geopolitical and industrial modifications, developments and environments, and for cloud-based digital devices that drive productiveness; Thomson Reuters can have a continued functionality to ship fashionable merchandise that meet evolving purchaser requires; the company will buy new purchasers by way of expanded and improved digital platforms, simplification of the product portfolio and via totally different product sales initiatives; and the company will improve purchaser retention by way of industrial simplification efforts and buyer help enhancements. Material assumptions related to the company’s adjusted EBITDA margin outlook and financial framework are its functionality to achieve revenue improvement targets; the company’s enterprise mix continues to shift to higher-growth product decisions; and integration payments associated to newest acquisitions will reduce margins. Material assumptions related to the company’s free cash motion outlook and financial framework are its functionality to achieve its revenue and adjusted EBITDA margin targets; and accrued capital expenditures approximate the proportion of revenues as set forth inside the agency’s outlook and financial framework. Material assumptions related to the company’s environment friendly tax cost on adjusted earnings outlook and financial framework are its functionality to achieve its adjusted EBITDA objective; the combo of taxing jurisdictions the place the company acknowledged pre-tax income or losses in 2024 doesn’t significantly change; no sudden modifications in tax authorized pointers or treaties all through the jurisdictions the place the company operates; no essential costs or benefits from the finalization of prior tax years; depreciation and amortization of internally developed laptop computer software program program as set forth inside the agency’s outlook; and curiosity expense as set forth inside the agency’s outlook.

Material risks related to the company’s revenue outlook and financial framework are that ongoing geopolitical instability and uncertainty regarding charges of curiosity and inflation, proceed to affect the worldwide financial system. The severity and interval of anybody, or a mix, of these conditions would possibly affect the worldwide financial system and end in lower demand for our providers and merchandise (previous our assumption that these disruptions will set off intervals of volatility); uncertainty inside the approved regulatory regime relating to artificial intelligence (AI) has made it troublesome for the company to predict the hazards associated to the utilization of AI in its corporations and merchandise. Future legal guidelines may make it harder for the company to conduct its enterprise using AI, end in regulatory fines or penalties, require it to change its product decisions or enterprise practices or cease or prohibit its use of AI; demand for the company’s providers and merchandise may presumably be decreased by modifications in purchaser searching for patterns or in its incapacity to execute on key product design or purchaser assist initiatives; aggressive pricing actions and product innovation would possibly affect the company’s revenues; and the company’s product sales, industrial simplification and product initiatives may be insufficient to retain purchasers or generate new product sales. Material risks related to the company’s adjusted EBITDA margin outlook and financial framework are the similar as a result of the hazards above related to the revenue outlook; elevated than anticipated inflation may end in bigger than anticipated improve in labor costs, third-party supplier costs and costs of print provides; and acquisition and disposal train may dilute the company’s adjusted EBITDA margin. Material risks related to the company’s free cash motion outlook and financial framework are the similar as a result of the hazards above related to the revenue and adjusted EBITDA margin targets; a weaker macroeconomic setting would possibly negatively affect working capital effectivity, along with the ability of the company’s purchasers to pay; accrued capital expenditures may be elevated than presently anticipated; and the timing and amount of tax funds to governments may differ from the company’s expectations. Material risks related to the company’s environment friendly tax cost on adjusted earnings outlook and financial framework are the similar as a result of the hazards above related to adjusted EBITDA; a material change inside the geographical combination of the company’s pre-tax earnings and losses; a material change in current tax authorized pointers or treaties to which the company is subject, and didn’t anticipate; and depreciation and amortization of internally developed laptop computer software program program along with curiosity expense may be significantly elevated or lower than anticipated.

The agency has supplied an outlook and financial framework for the intention of presenting particulars about current expectations for the intervals launched. This information is not going to be acceptable for various capabilities. You are cautioned to not place undue reliance on forward-looking statements which replicate expectations solely as of the date of this info launch.

Except as may be required by related laws, Thomson Reuters disclaims any obligation to switch or revise any forward-looking statements.

CONTACTS

MEDIA

Gehna Singh Kareckas

Senior Director, Corporate Affairs

+1 613 979 4272

[email protected]

INVESTORS

Gary Bisbee, CFA

Head of Investor Relations

+1 646 540 3249

@tr

Thomson Reuters will webcast a dialogue of its fourth-quarter and full-year 2024 outcomes and its 2025 enterprise outlook and updated 2026 financial framework in the mean time beginning at 8:00 a.m. Eastern Standard Time (EST). You can entry the webcast by visiting . An archive of the webcast shall be accessible following the presentation.

Thomson Reuters Corporation
Consolidated Income Statement
(lots of of 1000’s of U.S. {{dollars}}, in addition to per share info)
(unaudited)

	Three Months Ended		Year Ended
	December 31,		December 31,
	2024	2023		2024	2023
CONTINUING OPERATIONS
Revenues	$1,909	$1,815		$7,258	$6,794
Operating payments	(1,183)	(1,112)		(4,471)	(4,134)
Depreciation	(26)	(29)		(113)	(116)
Amortization of laptop computer software program program	(160)	(135)		(618)	(512)
Amortization of various identifiable intangible property	(22)	(25)		(91)	(97)
Other working constructive points, net	204	44		144	397
Operating income	722	558		2,109	2,332
Finance costs, net:
Net curiosity expense	(28)	(31)		(125)	(152)
Other finance income (costs)	53	(117)		45	(192)
Income sooner than tax and equity approach investments	747	410		2,029	1,988
Share of post-tax (losses) earnings in equity approach investments	(5)	260		40	1,075
Tax (expense) revenue	(135)	(20)		123	(417)
Earnings from persevering with operations	607	650		2,192	2,646
(Loss) earnings from discontinued operations, net of tax	(20)	28		15	49
Net earnings	$587	$678		$2,207	$2,695
Earnings (loss) attributable to:
Common shareholders	$587	$678		$2,210	$2,695
Non-controlling pursuits	–	–		(3)	–

Earnings per share:
Basic earnings (loss) per share:
From persevering with operations	$1.35	$1.43		$4.86	$5.70
From discontinued operations	(0.05)	0.06		0.03	0.11
Basic earnings per share	$1.30	$1.49		$4.89	$5.81

Diluted earnings (loss) per share:
From persevering with operations	$1.34	$1.43		$4.85	$5.69
From discontinued operations	(0.04)	0.06		0.04	0.11
Diluted earnings per share	$1.30	$1.49		$4.89	$5.80

Basic weighted-average frequent shares	450,077,127	454,510,754		450,609,712	463,175,043
Diluted weighted-average frequent shares	450,600,114	455,173,945		451,239,490	463,970,070

Thomson Reuters Corporation
Consolidated Statement of Financial Position
(lots of of 1000’s of U.S. {{dollars}})
(unaudited)

	December 31,		December 31,
2024		2023
Assets
Cash and cash equivalents	$1,968		$1,298
Trade and totally different receivables	1,087		1,122
Other financial property	35		66
Prepaid payments and totally different current property	400		435
Current property	3,490		2,921

Property and instruments, net	386		447
Computer software program program, net	1,453		1,236
Other identifiable intangible property, net	3,134		3,165
Goodwill	7,262		6,719
Equity approach investments	269		2,030
Other financial property	442		444
Other non-current property	625		618
Deferred tax	1,376		1,104
Total property	$18,437		$18,684

Liabilities and equity
Liabilities
Current indebtedness	$973		$372
Payables, accruals and provisions	1,091		1,114
Current tax liabilities	197		248
Deferred revenue	1,062		992
Other financial liabilities	113		507
Current liabilities	3,436		3,233

Long-term indebtedness	1,847		2,905
Provisions and totally different non-current liabilities	675		692
Other financial liabilities	232		237
Deferred tax	241		553
Total liabilities	6,431		7,620

Equity
Capital	3,498		3,405
Retained earnings	9,699		8,680
Accumulated totally different full loss	(1,191)		(1,021)
Total equity	12,006		11,064
Total liabilities and equity	$18,437		$18,684

Thomson Reuters Corporation
Consolidated Statement of Cash Flow
(lots of of 1000’s of U.S. {{dollars}})
(unaudited)

	Three Months Ended		Year Ended
	December 31,		December 31,
	2024	2023		2024	2023
Cash supplied by (utilized in):
Operating actions
Earnings from persevering with operations	$607	$650		$2,192	$2,646
Adjustments for:
Depreciation	26	29		113	116
Amortization of laptop computer software program program	160	135		618	512
Amortization of various identifiable intangible property	22	25		91	97
Share of post-tax losses (earnings) in equity approach investments	5	(260)		(40)	(1,075)
Net (constructive points) losses on disposals of corporations and investments	(195)	5		(192)	(336)
Deferred tax	47	(19)		(640)	(388)
Other	(22)	110		151	298
Changes in working capital and totally different devices	(76)	40		176	457
Operating cash flows from persevering with operations	574	715		2,469	2,327
Operating cash flows from discontinued operations	(10)	(10)		(12)	14
Net cash supplied by working actions	564	705		2,457	2,341
Investing actions
Acquisitions, net of cash acquired	(130)	(15)		(622)	(1,216)
Proceeds related to disposals of corporations and investments	297	–		326	418
Proceeds from product sales of LSEG shares	–	31		1,854	5,424
Capital expenditures	(161)	(132)		(607)	(544)
Other investing actions	40	55		46	137
Taxes paid on product sales of LSEG shares and disposals of corporations	(115)	(162)		(317)	(705)
Investing cash flows from persevering with operations	(69)	(223)		680	3,514
Investing cash flows from discontinued operations	–	–		–	(1)
Net cash (utilized in) supplied by investing actions	(69)	(223)		680	3,513
Financing actions
Repayments of debt	–	(600)		(290)	(600)
Net repayments beneath short-term mortgage providers	–	(513)		(139)	(956)
Payments of lease principal	(17)	(14)		(63)	(58)
Payments for return of capital on frequent shares	–	–		–	(2,045)
Repurchases of frequent shares	–	(361)		(639)	(1,079)
Dividends paid on alternative shares	(1)	(1)		(5)	(5)
Dividends paid on frequent shares	(236)	(215)		(944)	(887)
Purchase of non-controlling pursuits	–	–		(384)	–
Other financing actions	2	2		5	4
Net cash utilized in financing actions	(252)	(1,702)		(2,459)	(5,626)
Translation modifications	(6)	2		(8)	1
Increase (decrease) in cash and cash equivalents	237	(1,218)		670	229
Cash and cash equivalents at beginning of interval	1,731	2,516		1,298	1,069
Cash and cash equivalents at end of interval	$1,968	$1,298		$1,968	$1,298

Thomson Reuters Corporation
Reconciliation of Earnings from Continuing Operations to Adjusted EBITDA ⁽¹⁾
(lots of of 1000’s of U.S. {{dollars}}, apart from margins)
(unaudited)

	Three Months Ended		Year Ended
	December 31,		December 31,
	2024	2023		2024	2023
Earnings from persevering with operations	$607	$650		$2,192	$2,646
Adjustments to remove:
Tax expense (revenue)	135	20		(123)	417
Other finance (income) costs	(53)	117		(45)	192
Net curiosity expense	28	31		125	152
Amortization of various identifiable intangible property	22	25		91	97
Amortization of laptop computer software program program	160	135		618	512
Depreciation	26	29		113	116
EBITDA	$925	$1,007		$2,971	$4,132
Adjustments to remove:
Share of post-tax losses (earnings) in equity approach investments	5	(260)		(40)	(1,075)
Other working constructive points, net	(204)	(44)		(144)	(397)
Fair price modifications*	(8)	4		(8)	18
Adjusted EBITDA⁽¹⁾	$718	$707		$2,779	$2,678
Adjusted EBITDA margin⁽¹⁾	37.6 %	38.9 %		38.2 %	39.3 %

* Fair price modifications primarily symbolize constructive points or losses attributable to modifications in worldwide foreign exchange change expenses on intercompany balances that come up inside the atypical course of enterprise, which are part of working payments, along with modifications related to acquired deferred revenue.

Thomson Reuters Corporation
Reconciliation of Net Cash Provided By Operating Activities to Free Cash Flow⁽¹⁾
(lots of of 1000’s of U.S. {{dollars}})
(unaudited)

	Three Months Ended		Year Ended
	December 31,		December 31,
	2024	2023		2024	2023
Net cash supplied by working actions	$564	$705		$2,457	$2,341
Capital expenditures	(161)	(132)		(607)	(544)
Other investing actions	40	55		46	137
Payments of lease principal	(17)	(14)		(63)	(58)
Dividends paid on alternative shares	(1)	(1)		(5)	(5)
Free cash motion⁽¹⁾⁾	$425	$613		$1,828	$1,871

Thomson Reuters Corporation
Reconciliation of Capital Expenditures to Accrued Capital Expenditures ⁽¹⁾
(lots of of 1000’s of U.S. {{dollars}})
(unaudited)

	Year Ended
	December 31,
	2024
Capital expenditures	$607
Remove: IFRS adjustment to cash basis	2
Accrued capital expenditures ⁽¹⁾	$609
Accrued capital expenditures as a share of revenues⁽¹⁾	8.4 %

(1) Refer to net web page 23 for further information on non-IFRS financial measures.

Thomson Reuters Corporation
Reconciliation of Net Earnings to Adjusted Earnings⁽¹⁾
Reconciliation of Total Change in Adjusted EPS to Change in Constant Currency⁽¹⁾
(lots of of 1000’s of U.S. {{dollars}}, apart from share and per share info)
(unaudited)

	Three Months Ended		Year Ended
	December 31,		December 31,
	2024	2023		2024	2023
Net earnings	$587	$678		$2,207	$2,695
Adjustments to remove:
Fair price modifications*	(8)	4		(8)	18
Amortization of acquired laptop computer software program program	38	24		147	72
Amortization of various identifiable intangible property	22	25		91	97
Other working constructive points, net	(204)	(44)		(144)	(397)
Interest revenue impacting comparability⁽²⁾	–	–		–	(12)
Other finance (income) costs	(53)	117		(45)	192
Share of post-tax losses (earnings) in equity approach investments	5	(260)		(40)	(1,075)
Tax on above devices⁽¹⁾	36	38		(9)	265
Tax devices impacting comparability^{(1) (2)}	5	(108)		(478)	(172)
Loss (earnings) from discontinued operations, net of tax	20	(28)		(15)	(49)
Interim interval environment friendly tax cost normalization⁽¹⁾	7	1		–	–
Dividends declared on alternative shares	(1)	(1)		(5)	(5)
Adjusted earnings⁽¹⁾ ⁽³⁾	$454	$446		$1,701	$1,629
Adjusted EPS⁽¹⁾ ⁽³⁾	$1.01	$0.98		$3.77	$3.51
Total change	3 %			7 %
Foreign foreign exchange	2 %			1 %
Constant foreign exchange	1 %			7 %
Diluted weighted-average frequent shares (lots of of 1000’s)	450.6	455.2		451.2	464.0


Reconciliation of Effective Tax Rate on Adjusted Earnings⁽¹⁾	Year-ended
	December 31,
	2024
Adjusted earnings	$1,701
Plus: Dividends declared on alternative shares	5
Plus: Tax expense on adjusted earnings	364
Pre-tax adjusted earnings	$2,070

IFRS Tax revenue	$(123)
Remove tax related to:
Amortization of acquired laptop computer software program program	33
Amortization of various identifiable intangible property	22
Share of post-tax earnings in equity approach investments	(7)
Other finance income	19
Other working constructive points, net	(56)
Other devices	(2)
Subtotal – Remove tax revenue on pre-tax devices far from adjusted earnings	9
Remove: Tax devices impacting comparability	478
Total – Remove all devices impacting comparability	487
Tax expense on adjusted earnings	$364
Effective tax cost on adjusted earnings	17.6 %

*Fair price modifications primarily symbolize constructive points or losses attributable to modifications in worldwide foreign exchange change expenses on intercompany balances that come up inside the atypical course of enterprise, which are part of working payments, along with modifications related to acquired deferred revenue.


(1)	Refer to net web page 23 for further information on non-IFRS financial measures.
(2)	The yr ended December 31, 2023 included the discharge of tax and curiosity reserves on account of expiration of statutes of limitation.
(3)	The adjusted earnings affect of non-controlling pursuits, which was related solely to the yr ended December 31, 2024, was not supplies.

Thomson Reuters Corporation
Reconciliation of Changes in Revenues to Changes in Revenues on a Constant Currency ⁽¹⁾ and Organic Basis ⁽¹⁾
(lots of of 1000’s of U.S. {{dollars}})
(unaudited)

	Three Months Ended
	December 31,		Change
	2024	2023		Total	Foreign Currency	SUBTOTAL Constant Currency	Net Acquisitions/ (Divestitures)	Organic
Total Revenues
Legal Professionals	$729	$700		4 %	0 %	4 %	-4 %	7 %
Corporates	458	402		14 %	-1 %	15 %	5 %	10 %
Tax & Accounting Professionals	366	344		6 %	0 %	7 %	0 %	7 %
“Big 3” Segments Combined ⁽¹⁾	1,553	1,446		7 %	0 %	7 %	-1 %	8 %
Reuters News	218	220		-1 %	0 %	-1 %	1 %	-3 %
Global Print	144	154		-6 %	0 %	-6 %	0 %	-6 %
Eliminations/Rounding	(6)	(5)
Revenues	$1,909	$1,815		5 %	0 %	5 %	0 %	5 %

Recurring Revenues
Legal Professionals	$707	$674		5 %	0 %	4 %	-4 %	8 %
Corporates	401	358		12 %	0 %	13 %	3 %	10 %
Tax & Accounting Professionals	319	305		4 %	-1 %	5 %	0 %	5 %
“Big 3” Segments Combined ⁽¹⁾	1,427	1,337		7 %	0 %	7 %	-1 %	8 %
Reuters News	173	157		10 %	0 %	10 %	2 %	8 %
Eliminations/Rounding	(6)	(5)
Total Recurring Revenues	$1,594	$1,489		7 %	0 %	7 %	-1 %	8 %

Transactions Revenues
Legal Professionals	$22	$26		-11 %	-1 %	-10 %	-5 %	-4 %
Corporates	57	44		25 %	-3 %	28 %	17 %	12 %
Tax & Accounting Professionals	47	39		22 %	1 %	21 %	0 %	21 %
“Big 3” Segments Combined ⁽¹⁾	126	109		16 %	-1 %	17 %	5 %	11 %
Reuters News	45	63		-29 %	1 %	-29 %	1 %	-30 %
Total Transactions Revenues	$171	$172		-1 %	-1 %	0 %	3 %	-4 %

Growth percentages are computed using full {{dollars}}. As a consequence, percentages calculated from reported portions may differ from these launched, and improvement parts couldn’t full attributable to rounding.


(1)	Refer to net web page 23 for further information on non-IFRS financial measures.

Thomson Reuters Corporation
Reconciliation of Changes in Revenues to Changes in Revenues on a Constant Currency ⁽¹⁾ and Organic Basis ⁽¹⁾
(lots of of 1000’s of U.S. {{dollars}})
(unaudited)

	Year Ended
	December 31,		Change
	2024	2023		Total	Foreign Currency	SUBTOTAL Constant Currency	Net Acquisitions/ (Divestitures)	Organic
Total Revenues
Legal Professionals	$2,922	$2,807		4 %	0 %	4 %	-3 %	7 %
Corporates	1,844	1,620		14 %	0 %	14 %	4 %	10 %
Tax & Accounting Professionals	1,165	1,058		10 %	-1 %	11 %	1 %	10 %
“Big 3” Segments Combined ⁽¹⁾	5,931	5,485		8 %	0 %	8 %	0 %	9 %
Reuters News	832	769		8 %	0 %	8 %	2 %	6 %
Global Print	519	562		-8 %	0 %	-7 %	0 %	-7 %
Eliminations/Rounding	(24)	(22)
Revenues	$7,258	$6,794		7 %	0 %	7 %	0 %	7 %

Recurring Revenues
Legal Professionals	$2,828	$2,674		6 %	0 %	6 %	-2 %	8 %
Corporates	1,543	1,373		12 %	0 %	13 %	3 %	10 %
Tax & Accounting Professionals	867	808		7 %	-2 %	9 %	0 %	9 %
“Big 3” Segments Combined ⁽¹⁾	5,238	4,855		8 %	0 %	8 %	0 %	9 %
Reuters News	668	625		7 %	-1 %	7 %	2 %	5 %
Eliminations/Rounding	(24)	(22)
Total Recurring Revenues	$5,882	$5,458		8 %	0 %	8 %	0 %	8 %

Transactions Revenues
Legal Professionals	$94	$133		-29 %	-2 %	-28 %	-25 %	-2 %
Corporates	301	247		22 %	-1 %	22 %	11 %	11 %
Tax & Accounting Professionals	298	250		19 %	0 %	19 %	5 %	14 %
“Big 3” Segments Combined ⁽¹⁾	693	630		10 %	-1 %	11 %	0 %	10 %
Reuters News	164	144		14 %	1 %	13 %	4 %	9 %
Total Transactions Revenues	$857	$774		11 %	-1 %	11 %	1 %	10 %


(1)	Refer to net web page 23 for further information on non-IFRS financial measures.

Thomson Reuters Corporation
Reconciliation of Changes in Adjusted EBITDA ⁽¹⁾ and Related Margin ⁽¹⁾ to Changes on a Constant Currency Basis ⁽¹⁾
(lots of of 1000’s of U.S. {{dollars}}, apart from margins)
(unaudited)

	Three Months Ended
	December 31,		Change
	2024	2023		Total	Foreign Currency	Constant Currency
Adjusted EBITDA ⁽¹⁾
Legal Professionals	$299	$298		0 %	2 %	-1 %
Corporates	153	138		11 %	2 %	8 %
Tax & Accounting Professionals	196	188		4 %	-1 %	5 %
“Big 3” Segments Combined ⁽¹⁾	648	624		4 %	1 %	3 %
Reuters News	45	61		-26 %	-1 %	-26 %
Global Print	55	55		-1 %	0 %	-1 %
Corporate costs	(30)	(33)		n/a	n/a	n/a
Adjusted EBITDA	$718	$707		2 %	1 %	1 %

Adjusted EBITDA Margin ⁽¹⁾
Legal Professionals	41.0 %	42.5 %		-150bp	50bp	-200bp
Corporates	33.5 %	34.5 %		-100bp	90bp	-190bp
Tax & Accounting Professionals	53.4 %	54.6 %		-120bp	-30bp	-90bp
“Big 3” Segments Combined ⁽¹⁾	41.7 %	43.1 %		-140bp	50bp	-190bp
Reuters News	20.8 %	27.9 %		-710bp	-40bp	-670bp
Global Print	38.2 %	36.4 %		180bp	-10bp	190bp
Adjusted EBITDA margin	37.6 %	38.9 %		-130bp	30bp	-160bp

Thomson Reuters Corporation
Reconciliation of Changes in Adjusted EBITDA ⁽¹⁾ and Related Margin ⁽¹⁾ to Changes on a Constant Currency Basis ⁽¹⁾
(lots of of 1000’s of U.S. {{dollars}}, apart from margins)
(unaudited)

	Year Ended
	December 31,		Change
	2024	2023		Total	Foreign Currency	Constant Currency
Adjusted EBITDA ⁽¹⁾
Legal Professionals	$1,302	$1,299		0 %	0 %	0 %
Corporates	671	619		8 %	1 %	8 %
Tax & Accounting Professionals	527	490		8 %	-1 %	9 %
“Big 3” Segments Combined ⁽¹⁾	2,500	2,408		4 %	0 %	4 %
Reuters News	196	172		14 %	-2 %	16 %
Global Print	188	213		-12 %	0 %	-12 %
Corporate costs	(105)	(115)		n/a	n/a	n/a
Adjusted EBITDA	$2,779	$2,678		4 %	0 %	4 %

Adjusted EBITDA Margin ⁽¹⁾
Legal Professionals	44.6 %	46.2 %		-160bp	20bp	-180bp
Corporates	36.3 %	38.1 %		-180bp	40bp	-220bp
Tax & Accounting Professionals	45.2 %	45.8 %		-60bp	-10bp	-50bp
“Big 3” Segments Combined ⁽¹⁾	42.1 %	43.8 %		-170bp	10bp	-180bp
Reuters News	23.6 %	22.4 %		120bp	-30bp	150bp
Global Print	36.2 %	38.0 %		-180bp	0bp	-180bp
Adjusted EBITDA margin	38.2 %	39.3 %		-110bp	20bp	-130bp

n/a: not related

Growth percentages and margins are computed using full {{dollars}}. As a consequence, percentages and margins calculated from reported portions may differ from these launched, and improvement parts couldn’t full attributable to rounding.


(1)	Refer to net web page 23 for further information on non-IFRS financial measures.

Reconciliation of adjusted EBITDA margin ⁽¹⁾

To compute part and consolidated adjusted EBITDA margin, the company excludes trustworthy price modifications related to acquired deferred revenue from its IFRS revenues. The charts beneath reconcile IFRS revenues to revenues used inside the calculation of adjusted EBITDA margin, which excludes trustworthy price modifications related to acquired deferred revenue.

Three months ended December 31, 2024
	IFRS revenues	Remove trustworthy price modifications to acquired deferred revenue	Revenues excluding trustworthy price modifications to acquired deferred revenue	Adjusted EBITDA	Adjusted EBITDA Margin
Legal Professionals	$729	–	$729	$299	41.0 %
Corporates	458	$1	459	153	33.5 %
Tax & Accounting Professionals	366	–	366	196	53.4 %
“Big 3” Segments Combined	1,553	1	1,554	648	41.7 %
Reuters News	218	–	218	45	20.8 %
Global Print	144	–	144	55	38.2 %
Eliminations/ Rounding	(6)	–	(6)	–	n/a
Corporate costs	–	–	–	(30)	n/a
Consolidated totals	$1,909	$1	$1,910	$718	37.6 %

Year ended December 31, 2024
	IFRS revenues	Remove trustworthy price modifications to acquired deferred revenue	Revenues excluding trustworthy price modifications to acquired deferred revenue	Adjusted EBITDA	Adjusted EBITDA Margin
Legal Professionals	$2,922	$1	$2,923	$1,302	44.6 %
Corporates	1,844	6	1,850	671	36.3 %
Tax & Accounting Professionals	1,165	–	1,165	527	45.2 %
“Big 3” Segments Combined	5,931	7	5,938	2,500	42.1 %
Reuters News	832	2	834	196	23.6 %
Global Print	519	–	519	188	36.2 %
Eliminations/ Rounding	(24)	–	(24)	–	n/a
Corporate costs	–	–	–	(105)	n/a
Consolidated totals	$7,258	$9	$7,267	$2,779	38.2 %

Three months ended December 31, 2023
	IFRS revenues	Remove trustworthy price modifications to acquired deferred revenue	Revenues excluding trustworthy price modifications to acquired deferred revenue	Adjusted EBITDA	Adjusted EBITDA Margin
Legal Professionals	$700	$1	$701	$298	42.5 %
Corporates	402	–	402	138	34.5 %
Tax & Accounting Professionals	344	–	344	188	54.6 %
“Big 3” Segments Combined	1,446	1	1,447	624	43.1 %
Reuters News	220	–	220	61	27.9 %
Global Print	154	–	154	55	36.4 %
Eliminations/ Rounding	(5)	–	(5)	–	n/a
Corporate costs	–	–	–	(33)	n/a
Consolidated totals	$1,815	$1	$1,816	$707	38.9 %

n/a: not related

Margins are computed using full {{dollars}}, consequently, margins calculated from reported portions may differ from these launched attributable to rounding.


(1)	Refer to net web page 23 for further information on non-IFRS financial measures.

Reconciliation of adjusted EBITDA margin⁽¹⁾

Year ended December 31, 2023
	IFRS revenues	Remove trustworthy price modifications to acquired deferred revenue	Revenues excluding trustworthy price modifications to acquired deferred revenue	Adjusted EBITDA	Adjusted EBITDA Margin
Legal Professionals	$2,807	$1	$2,808	$1,299	46.2 %
Corporates	1,620	3	1,623	619	38.1 %
Tax & Accounting Professionals	1,058	11	1,069	490	45.8 %
“Big 3” Segments Combined	5,485	15	5,500	2,408	43.8 %
Reuters News	769	1	770	172	22.4 %
Global Print	562	–	562	213	38.0 %
Eliminations/ Rounding	(22)	–	(22)	–	n/a
Corporate costs	–	–	–	(115)	n/a
Consolidated totals	$6,794	$16	$6,810	$2,678	39.3 %

n/a: not related

Margins are computed using full {{dollars}}, consequently, margins calculated from reported portions may differ from these launched attributable to rounding.

Thomson Reuters Corporation
Reconciliation of Net Debt ⁽¹⁾ and Leverage Ratio of Net Debt to Adjusted EBITDA⁽¹⁾
(lots of of 1000’s of U.S. {{dollars}})
(unaudited)

	December 31,		December 31,
2024		2023
Current indebtedness	$973		$372
Long-term indebtedness	1,847		2,905
Total debt	2,820		3,277
Swaps	21		(65)
Total debt after swaps	2,841		3,212
Remove trustworthy price modifications for hedges	5		2
Total debt after foreign exchange hedging preparations	2,846		3,214
Remove transaction costs, premiums or reductions included inside the carrying price of debt	22		26
Add: Lease liabilities (current and non-current)	256		265
Less: Cash and cash equivalents	(1,968)		(1,298)
Net debt	$1,156		$2,207
Leverage ratio of net debt to adjusted EBITDA
Adjusted EBITDA	$2,779		$2,678
Net debt/adjusted EBITDA	0.4:1		0.8:1


(1)	Refer to net web page 23 for further information on non-IFRS financial measures.

Non-IIFRS Financial Measures	Definition	Why Useful to the Company and Investors
Adjusted EBITDA and the related margin	Represents earnings or losses from persevering with operations sooner than tax expense or revenue, net curiosity expense, totally different finance costs or income, depreciation, amortization of laptop computer software program program and totally different identifiable intangible property, Thomson Reuters share of post-tax earnings or losses in equity approach investments, totally different working constructive points and losses, certain asset impairment costs and trustworthy price modifications, along with these related to acquired deferred revenue. The related margin is adjusted EBITDA expressed as a share of revenues. For capabilities of this calculation, revenues are sooner than trustworthy price modifications to acquired deferred revenue.	Provides a continuing basis to guage working profitability and effectivity tendencies by excluding devices that the company doesn’t ponder to be controllable actions for this objective. Also, represents a measure typically reported and also used by patrons as a valuation metric, along with to judge the company’s functionality to incur and restore debt.
Adjusted earnings and adjusted EPS	Net earnings or loss along with dividends declared on alternative shares nonetheless excluding the post-tax impacts of trustworthy price modifications, along with these related to acquired deferred revenue, amortization of acquired intangible property (attributable to totally different identifiable intangible property and purchased laptop computer software program program), totally different working constructive points and losses, certain asset impairment costs, totally different finance costs or income, Thomson Reuters share of post-tax earnings or losses in equity approach investments, discontinued operations and totally different devices affecting comparability. Acquired intangible property contribute to the period of revenues from acquired companies, which are included inside the agency’s computation of adjusted earnings. The post-tax amount of each merchandise is excluded from adjusted earnings based mostly totally on the actual tax pointers and tax expenses associated to the character and jurisdiction of each merchandise. Adjusted EPS is calculated from adjusted earnings using diluted weighted-average shares and doesn’t symbolize exact earnings or loss per share attributable to shareholders.	Provides a further comparable basis to research earnings. These measures are typically utilized by shareholders to measure effectivity.
Effective tax cost on adjusted earnings	Adjusted tax expense divided by pre-tax adjusted earnings. Adjusted tax expense is computed as income tax (revenue) expense plus or minus the income tax impacts of all devices impacting adjusted earnings (as described above), and totally different tax devices impacting comparability. In interim intervals, the company moreover makes an adjustment to copy income taxes based mostly totally on the estimated full-year environment friendly tax cost. Earnings or losses for interim intervals beneath IFRS replicate income taxes based mostly totally on the estimated environment friendly tax expenses of each of the jurisdictions whereby Thomson Reuters operates. The non-IFRS adjustment reallocates estimated full-year income taxes between interim intervals nonetheless has no influence on full-year income taxes.	Provides a basis to research the environment friendly tax cost associated to adjusted earnings. The agency’s environment friendly tax cost computed in accordance with IFRS may be further unstable by quarter on account of the geographical combination of pre-tax earnings and losses in interim intervals may be completely totally different from that for the full yr. Therefore, the company believes that using the anticipated full-year environment friendly tax cost provides further comparability amongst interim intervals.
Free cash motion	Net cash supplied by working actions and totally different investing actions, a lot much less capital expenditures, funds of lease principal and dividends paid on the company’s alternative shares.	Helps assess the company’s functionality, over the long term, to create price for its shareholders as a result of it represents cash accessible to repay debt, pay frequent dividends, fund share repurchases and acquisitions.
Changes sooner than the affect of worldwide foreign exchange or at “constant currency”	The modifications in revenues, adjusted EBITDA and the related margin, and adjusted EPS sooner than foreign exchange (at mounted foreign exchange or excluding the results of foreign exchange) are determined by altering the current and equal prior interval’s native foreign exchange outcomes using the similar worldwide foreign exchange change cost.	Provides greater comparability of enterprise tendencies from interval to interval.
Changes in revenues computed on an “organic” basis	Represent modifications in revenues of the company’s present corporations at mounted foreign exchange. The metric excludes the distortive impacts of acquisitions and inclinations from not proudly proudly owning the enterprise in every comparable intervals.	Provides further notion into the effectivity of the company’s present corporations by excluding distortive impacts and serves as a higher measure of the company’s functionality to develop its enterprise over the long term.
Accrued capital expenditures as a share of revenues	Accrued capital expenditures divided by revenues, the place accrued capital expenditures embrace portions that keep unpaid on the end of the reporting interval. For capabilities of this calculation, revenues are sooner than trustworthy price modifications to acquired deferred revenue.	Reflects the thought on which the company manages capital expenditures for inside budgeting capabilities.
“Big 3” segments	The agency’s combined Legal Professionals, Corporates and Tax & Accounting Professionals segments. All measures reported for the “Big 3” segments are non-IFRS financial measures.	The “Big 3” segments comprised roughly 80% of revenues and symbolize the core of the company’s enterprise information service product decisions.
Net debt and leverage ratio of net debt to adjusted EBITDA	Net debt is full indebtedness (excluding the associated unamortized transaction costs and premiums or low value) plus the foreign exchange related trustworthy price of associated hedging gadgets, and lease liabilities a lot much less cash and cash equivalents. Net debt to adjusted EBITDA is net debt divided by adjusted EBITDA for the sooner twelve-month interval ending with the current fiscal quarter.	Provides a typically used measure of a company’s leverage and its functionality to pay its debt. Given that the company hedges just a few of its debt to chop again risk, the company consists of hedging gadgets as a result of it believes it provides a higher measure of the total obligation associated to its wonderful debt. However, on account of the company intends to hold its debt and related hedges to maturity, the company doesn’t ponder the curiosity parts of the associated trustworthy price of hedges in its measurements. The agency reduces gross indebtedness by cash and cash equivalents. The agency’s non-IFRS measure is aligned with the calculation of its inside objective and is further conservative than the utmost ratio allowed beneath the contractual covenants in its credit score rating facility.

Please search recommendation from reconciliations for basically probably the most straight comparable IFRS financial measures.

SOURCE Thomson Reuters

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