Thomson Reuters Corporation · TSX:TRI
Thomson Reuters — Q1 2024 Earnings Presentation
17 slides from Thomson Reuters's earnings presentation, May 2, 2024
Slide 1: 2024 First-Quarter Results
2024 First-Quarter Results May 2, 2024 Thomson Reuters”
Slide 2: Agenda
Agenda ¢ Welcome / Introduction Gary Bisbee ¢ First-Quarter 2024 Highlights Steve Hasker (— ; > ¢ Financial Review Mike Eastwood First-Quarter 2024 Results 2024 Full-Year Outlook Update ° Q&A Thomson Reuters”
Slide 3: Special Note
Special Note Special Note Regarding Forward-Looking Statements, Material Assumptions and Material Risks This presentation consists of these slides and the associated remarks and comments, which are related and intended to be presented and understood together. Certain statements in this presentation
Slide 4: First-Quarter 2024 Highlights
Thomson Reuters First-Quarter 2024 Highlights Steve Hasker President & CEO ois Thomson *.° Reuters™ eee
Slide 5: First-Quarter 2024 Highlights
First-Quarter 2024 Highlights 1. Strong Qi exceeds expectations for revenue and margins; Transactional revenues contributed * Qi Total TR organic revenue growth of 9%, “Big 3” (Legal, Corporates and Tax & Accounting) organic revenue growth of 10% + Recurring organic revenue growth of 9% driven by in
Slide 6: (1) Revised to reflect current period presentation
(1) (1) Revised to reflect current period presentation
Slide 7: Tax Professionals Corporates
Tax Corporates Reuters News Global Print Professionals Reuters News
Slide 8: Financial Review
Financial Review First-Quarter 2024 Results Updated 2024 Outlook Mike Eastwood Chief Financial Officer or°. Thomson ele Reuters”
Slide 9: First-Quarter 2024: Legal, Corporates, Tax & Accounting Professionals Revenue
First-Quarter 2024 Legal, Corporates, Tax & Accounting Professionals Revenue ($ millions) First Quarter Constant Revenues 2024 2023 Total Currency Organic Legal Professionals 721 714 +1% +1% +7% Corporates 507 435 +H17% +16% +12% Tax & Accounting Professionals 328 282 +16% +H17% +14% Big 3 Revenues
Slide 10: First-Quarter 2024 Consolidated Revenues
First-Quarter 2024 Consolidated Revenues ($ millions) First Quarter Constant Revenues 2024 2023 Total Currency Organic +1% +1% +7% H17% +16% +12% +16% +H17% 14% Big 3 Revenues 1,556 1,431 +9% +9% +10% Reuters News 210 175 +20% +21% +17% Global Print 124 138 -10% -10% -10% Eliminations / Rounding (5)
Slide 11: First-Quarter 2024 Consolidated Adjusted EBITDA
First-Quarter 2024 Consolidated Adjusted EBITDA qn ($ millions) First Quarter Constant Adjusted EBITDA 2024 2023 Total Currency Legal Professionals 342 318 Margin 47.4% 44.6% +7% +8% Corporates 193 154 Margin 37.8% 35.1% +26% +25% Tax & Accounting Professionals 181 149 Margin 55.0% 51.4% +21% +22% B
Slide 12: (1) Revised to reflect current period presentation
(1) Revised to reflect current period presentation
Slide 13: Consolidated Free Cash Flow
Consolidated Free Cash Flow ($ millions) First Quarter 2024 2023 Change Comparable Free Cash Flow (Continuing Operations) 272 194 78 Other Items (Change Program Costs) = (63) 63 Free Cash Flow (Continuing Operations) 272 131 141 Free Cash Flow — Discontinued Operations (1) 2 (3) Free Cash Flow $271
Slide 14: London Stock Exchange Group Stake — 4.3M Shares Remain
London Stock Exchange Group Stake — 4.3M Shares Remain * Thomson Reuters has sold ~56M shares in 2023 and ~11.7M shares in 2024 via a March block trade, exercised options and LSEG buyback * _~4,3M shares remain and eligible for sale in Q1 2025 (~$475M) * 10.5M sold to Microsoft * 13.6M sold in March
Slide 15: 2024 Outlook Update
2024 Outlook Update oro, Thomson ele Reuters”
Slide 16: 2024 Updated Outlook
2024 Updated Outlook 16 FY 2023 FY 2024 FY 2024 Total Thomson Reuters Outlook®) Outlook ® Reported 2/8/24 5/2/24 Total Revenue Growth 3% ~ 6.5% 6.5% - 7.0% Organic Revenue Growth () 6% ~ 6% 6.0% - 6.5% Adjusted EBITDA Margin” 39.3% ~ 38% Unchanged Corporate Costs $115 million $120 - $130 million Unc
Slide 17: Q&A
Q&A ¢F°% Thomson ele Reuters”