Thomson Reuters Corporation · TSX:TRI
Thomson Reuters — Investor Day (2024)
131 slides from Thomson Reuters's investor day presentation, 2024
Slide 1: Thomson Reuters Investor Day 2024
Thomson Reuters" Investor Day2 2024
Slide 2: Gary Bisbee, Head of Investor Relations
Gary Bisbee Head of Investor Relations
Slide 3: 2024 Investor Day
2024 Investor Day Thomson Reuters"
Slide 4: Thomson Reuters 2024 Investor Day - Agenda
Thomson Reuters 2024 Investor Day - Agenda Times Topic Presenter Title 8:00-8:05 Welcome Gary Bisbee Head of Investor Relations 8:05 - 8:30 Primed for Acceleration Steve Hasker President & CEO 8:30 - 8:45 Customer Experience and GenAl Platform Kirsty Roth Chief Operations & Technology Officer 8:45 -
Slide 5: Special Note
Special Note SpecialNoteRegardingForward-LookingStatements,MaterialAssumptionsandMaterialRisks Thispresentationconsistsoftheseslidesandtheassociatedremarksandcomments,whicharerelatedandintendedtobepresentedandunderstoodtogether. Certainstatementsinthispresentationanddiscussionareforward-looking,incl
Slide 6: Investor Day 2024
Thomson ReutersM Investor Day 2024
Slide 7: Steve Hasker, President and CEO
Steve Hasker President and Chief Executive Officer
Slide 8: Primed for Acceleration
Primed for Acceleration Thomson Reuters"
Slide 9: Key Messages
Key Messages 1. We delivered against our 2021 - 2023 targets, while creating a platform for higher growth 2. We operate in large and growing markets with positive tailwinds * Tailwind #1: Rising Regulatory Complexity ° Tailwind #2: Generative Al 3. We’re uniquely positioned to capitalize on these ma
Slide 10: Thomsor Reuters'
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Slide 11: CLEAR
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Slide 12: 2021-2023 Retrospective: Building Foundations to Support Long-Term Growth
Thomson Reuters" 2021 - 2023 Retr0spective: Building Foundations to Support Long-Term Growth
Slide 13: Delivered Against 2021 Investor Day Objectives
Delivered Against 2021 Investor Day Objectives Change Program Initiatives Key Focus Areas Reimagine the Customer Experience Holding Operating Company Company OptimizeProducts&Portfolio Content Content-Driven Simplify Operations & Leverage Technology Provider Technology Company Create Inclusive Cultu
Slide 14: We are Positioned for a Stronger Future
We are Positioned for a Stronger Future 2020 and Prior 2024 Operating Model Holding Company Operating Company Siloed&Slower Integrated & Agile Rigorous Prioritization Product Legacy Products Growth Focused North America Focused Global Talent Pool Talent Many Layers Flatter, Quicker Decisions Operati
Slide 15: Achieved 2021-2023 Targets for Growth, Profitability and Cash Flow
Achieved 2021 - 2023 Targets for Growth, Profitability and Cash Flow Organic Growth Ail + Total TR —_ + Big 3 Segments Adj. EBITDA Margin Capital Intensity (Accrued CapEx as % of Revenue) Free Cash Flow Bek Organic Growth Big 3 Segments -» Legal Professionals pe Corporates &s Tax and Accounting Prof
Slide 16: Successful Capital Allocation, Strong Shareholder Returns
Successful Capital Allocation, Strong Shareholder Returns Capital Allocation(1) Share Price Return (Feb.2021 -Feb.2024) TRI (NYSE) S&P 500 Index Monetized $7.6B of LSEG Shares TRI (TSX) S&P/TSX 60 99% 89% Paid ~$2.5B of dividends (2021- 2023); 2 10% annual growth in 2022 - 2024 Executed $2.2B of str
Slide 17: A Compelling Future for TR
Thomson ReutersM A Compelling Future for TR
Slide 18: We Compete in Large and Growing Markets
WeCompete in Large and Growing Markets Total Addressable Market (TAM)(1) TAM - Total TR by Segment TAM(includingGenAl Uplift):~$84B $12B GenAl Uplift TAM pre-Gen Al uplift: ~$71B Tax & Accounting 7% - 10% CAGR $16B Professionals Total Vended: ~$26B $37B Corporates TR: ~$5.5B $19B Legal Professionals
Slide 19: Thomsor Reuters'
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Slide 20: Structural Demand Tailwind #2: Generative AI
Structural Demand Tailwind #2: Generative Al Competitive Advantages for Success Outcomes Market Leader of Gen Al for Subject Professionals Matter Expertise Authoritative Distribution & Trusted Footprint Content Thomson T Reuters" Deliver Exceptional Customer Gen Al Experiences Opportunity World-Clas
Slide 21: Uniquely Positioned #1: We Bring Significant Competitive Advantages
Uniquely Positioned #1: We Bring Significant Competitive Advantages Market Leadership Positions - #1 or #2 in key market segments across Legal, Tax and Risk markets Law, Checkpoint, CLEAR, Dominio and others Mission Critical Solutions that are deeply embedded in customer workflows Trusted Customer R
Slide 22: HighQ CLEAR CoCounsel
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Slide 23: HighQ
• $8.2B • $0.6B • $7.6B 1 THOMSON REUTERS THOMSONREUTERS C IONFIRMATION Practical Law? HighQ PartofThomsonReuters . ÿ Thomsor Reuters'
Slide 24: Investing for Growth Acceleration
Thomson ReutersM Investing for Growth Acceleration
Slide 25: asetext
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Slide 26: 2024-2026 Framework: Calling for Acceleration
2024 - 2026 Framework: Calling for Acceleration 2023A 2024E Medium Term Targets (2025 - 2026) Organic Growth 6% ~ 6% 6.5% - 8.0% fall = Tota te 7% ~ 75% 8.0% - 9.0% * Big 3 Segments ° aad 70 770 . . > _ 3R0 75 bps expansion in ‘25; os Adj. EBITDA Margin 39.3% » 38% 50+ bps expansion in 26 Capital In
Slide 27: Key Messages
Key Messages 1. We delivered against our 2021 - 2023 targets, while creating a platform for higher growth 2. We operate in large and growing markets with positive tailwinds * Tailwind #1: Rising Regulatory Complexity ° Tailwind #2: Generative Al 3. We’re uniquely positioned to capitalize on these ma
Slide 28: Investor Day 2024
Thomson ReutersM Investor Day 2024
Slide 29: Kirsty Roth, Chief Operations and Technology Officer
KirstyF Roth Chief Operations and Technology Officer
Slide 30: Customer Experience and Generative AI Platform
CustomerE Experience and Generative Al Platform Thomson Reuters"
Slide 31: Key Messages
KeyMessages 1. We delivered against our Change Program customer experience initiatives 2. Over the next 3 years, we will focus on improving our Nps, streamlining digital and commercial systems, and driving productivity 3. Our Generative Al Platform will increase the speed to market of new Al feature
Slide 32: We Delivered Against our Key Change Program Priorities
We Delivered Against our Key Change Program Priorities #1 #2 #3 #4 #0 Change Program Priorities Taking an End-to-End View of the Customer Journey Creating a Comprehensive Omnichannel Experience Providing Tools to Sales & Support Employees with a 360° Customer View Utilizing Shared Capabilities, Data
Slide 33: Streamlined Digital Sales and Continued Focus on Productivity Levers
Streamlined Digital Sales and Continued Focus Area Customer Obsession Commercial Systems on Productivity Deliveraconsistentlystableand 4. Expand Digital Sales and 7 Continue build out our Global reliable product experience Renewals to new products Center presence and geographies 2. Streamline user e
Slide 34: Drive Improved Customer Self-Help Capabilities, Leveraging AI
Drive Improved Customer Self-Help Capabilities, Leveraging Al for Soeed and Quality Our Support Experience today Priorities for 2024 - 2026 © Help content available in 80%+ of 1) Deploy product-agnostic, intelligent chatbots strategic products @ 20+ products have in-product support across Legal, TAP
Slide 35: Thomsor Reuters'
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Slide 36: Our Generative AI Platform Enables Speed to Market with Quality & Compliance
Our Generative Al Platform Enables Speed to Market with Quality & Compliance TR Generative Al Ecosystem ; 3'¢ party Al Assistant Al applications (CoCounsel, Practical Law, Skills S&S (ie., Microsoft Westlaw Precision...) Copilot) Vv ~ Al Skills Factory ) Platform =z © 2 3 s a = a 5 Content Shared Pl
Slide 37: Investor Day 2024
Thomson ReutersM Investor Day 2024
Slide 38: David Wong, Chief Product Officer
David Wong Chief Product Officer
Slide 39: 2024+ Product Strategy
2024+ Product Strateg Thomson ReutersM
Slide 40: Our Product Strategy Builds on our Purpose and Ambition
Our Product Strategy Builds on our Purpose and Ambition Purpose Ambition Informthewayforward Tobe theworld's#1 content-driven & technologycompany What We Do For Our Customers We help professionals do complex and substantive work... ...more efficiently ...and better with less time with higher accurac
Slide 41: Thomson Reuters is Uniquely Able to Deliver on this Strategy
Thomson Reuters is Uniquely Able to Deliver on this Strategy Experiences built for professionals by industry experts and designers Al & Automation Technology Content & Know-How Professional Software Tools * Gen Al platform * Workflow automation tools * 300+ Al / ML experts * Embedded in professional
Slide 42: Thomsor Reuters'
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Slide 43: Thomson Reuters Content and Know-How Enables our AI Ambition
Thomson Reuters Content and Know-How Enables our Al Ambition 2,500+ experts on tax, legal, risk Thomson Reuters Unique Content and Know-How 300+ Al / ML experts 1Gen Al Platform for development 100+ years of historical content Thomson Reuters can Thomson Reuters can train and customize LLMs for prof
Slide 44: Our Pace of Innovation has Accelerated
Our Pace of Innovation has Accelerated Westlaw Quick Check Document Intelligence IDTDeterminationAnywhere TR + M365 Copilot Contract,Express Confirmation WestlawAl-AssistedResearch Westlaw Al Answers HighQ SurePrep Pagero Westlaw.com Westlaw Next Checkpoint Catallst Westlaw Edge Westlaw Precision 20
Slide 45: Our Pace of Innovation has Accelerated
Our Pace of Innovation has Accelerated WestlawQuickCheck Document Intelligence IDT DeterminationAnywhere TR +M365 Copilot Contract,Express Confirmation WestlawAl-Assisted Research WestlawAlAnswers HighQ SurePrep Pagero Westlaw.com WestlawNext Checkpoint Catallst WestlawEdge WestlawPrecision 2000 200
Slide 46: Thomsor Reuters'
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Slide 47: CoCounsel: Your Generative AI Legal Assistant
OurVisionfor Professional Al Assistants CoCounsel: Your Generative Al Legal Assistant Drafting and CoCounsel Al-Assisted Ask Practical Document International Additional Al Core Skills Research Law Al Analysis Content skills to come EssentialLegalTask Westlaw Practical Law DraftingAssistant Automatio
Slide 48: Investor Day 2024
Thomson ReutersM Investor Day 2024
Slide 49: Raghu Ramanathan, President Legal Professionals
Raghu Ramanathan President Legal Professionals
Slide 50: Legal Professionals
Legal Professionals Thomson ReutersM
Slide 51: Key Messages
Legal | Tax | Corporates| Intern Key Messages 2. We are well positioned to support this transformation given industry leadership and robust Gen Al products and roadmap 3. s s o - the industry transforms with Al Thomson Reuters"
Slide 52: Thomsor Reuters'
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Slide 53: Revenue Composition
Legal | Tax | Corporates | Internation Revenue Composition Customer Segments Geographic Mix RestofWorld 8% U.S Mid-Sized Europe Law Firms 11% Global Large Law Firms 16% 26% 81% United States 2023Revenues $2.8 billion +6%Organic Growth U.S. Small Revenue Type 24% Law Firms Transactional 5% 19% Recurr
Slide 54: Tailwinds Driving Technology Adoption in Legal and Accelerating Our Growth
Legal|Tax|Corporates| International Tailwinds Driving Technology Adoption in Legal and Accelerating Our Growth Demand has been increasing for TR's legal technology solutions, even before the advent of Generative Growing ...Step-up in Organic Regulatory Growth for Legal Ever-increasing volume Growing
Slide 55: Thomsor Reuters'
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Slide 57: Momentum in AI - Over 5,000 Customers Already Using our Generative AI Capabilities
Legal | Tax | Corporates | Intern Momentum in Al - Over 5,oo0 Customers Already Using our Generative Al Capabilities Three generative Al Over 5,000 law firms now ~70 of Am Law 200 firms have Launching TR Generative products now in market have access to Generative already adopted TR Al in Internation
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Slide 59: Strategic Priorities
Legal |Tax| Corporates|International Strategic Priorities New Al-Enabled Launch additional Generative Al offerings and embed existing products with Products GenerativeAl, acrossglobal markets Generative Al Drive adoption and usage of Al tools for legal professionals so that they can Adoption experie
Slide 60: Key Growth Drivers
Legal | Tax | Corporates | International Key Growth Drivers Market Long run trend of the legal industry adopting new technology tools, now Tailwinds accelerated by Al New Al Introduction of new Al-enabled products commanding higher premiums or add-ons, Capabilities with growing penetration Al Assist
Slide 61: Investor Day 2024
Thomson ReutersM Investor Day 2024
Slide 62: Elizabeth Beastrom, President Tax & Accounting Professionals
Elizabeth Beastrom President Tax & Accounting Professionals
Slide 63: Tax & Accounting Professionals
Tax & Accounting Professionals Thomson Reuters
Slide 64: Key Messages
Legal| Tax | Corporates ÿ Internation KeyMessages 1. Tax & Accounting Professionals has a track record of delivering strong, consistent growth 2. We compete in a large and growing market with workflows ripe for automation 3. Driven by an ongoing talent shortage, Tax & Accounting firms are prioritizi
Slide 65: Thomsor Reuters'
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Slide 66: Revenue Composition
Revenue Composition Customer Segments Legal| Tax | Corporates | International Geographic Mix Other (1) Audit Strategic! 2023 Revenues $1.1 billion +10% Organic Growth Rest of World United States Revenue Type Transactional Tax Workflow Advisory and Checkpoint Tax Confirmation, and Checkpoint A&A * Ta
Slide 67: Talent Shortage Fueling Industry Drive for Efficiency and Automation
Legal| Tax | Corporates | International Talent Shortage Fueling Industry Drive for Efficiency and Automation as CPAs are exiting in increasing numbers while the pipeline shrinks * Over 300K accountants and auditors left the profession between 2019 and 2021 - a 17% net decline + ~16% decline in U.S.
Slide 68: Prevailing Tailwinds Provide New Growth Opportunities
Legal| Tax | Corporates | Internation PrevailingTailwindsProvideNewGrowthOpportunities Technology is Shift toward Demand for transforming the Growing use of Al advisory services greater connectivity nature of practice Majority of accountants are First and last mile pain Demand for products that Ourc
Slide 69: Thomsor Reuters'
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Slide 70: Thomsor Reuters'
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Slide 73: Investor Day 2024
Thomson ReutersM Investor Day 2024
Slide 74: Laura Clayton McDonnell, President, Corporates
Laura Clayton McDonnell President, Corporates
Slide 75: Corporates
Corporates Thomson Reuters"
Slide 76: Key Messages
Legal | Tax | Corporates | International Key Messages 1. Corporates has the largest market opportunity and penetration potential across our segments 2. Customer challenges create favorable demand tailwinds * Increasing regulatory complexity * Customers’ emphasis on efficiency and productivity * Tech
Slide 77: Thomsor Reuters'
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Slide 78: Revenue Composition
Legal | Tax | Corporates | Internation Revenue Composition Customer Segments Geographic Mix Rest of World Other Brazil International 4% 7% United Kingdom Europe 7% 8% 8% 36% Tax 82% UnitedStates Global 2023Revenues 15% $1.6 billion Accounts(1) +7%Organic Growth Revenue Type Transactional %6 15% Recu
Slide 79: Customer Challenges Create Favorable Market Tailwinds
Legal | Tax | Corporates | Interna Customer Challenges Create Favorable Market Tailwinds Emphasis on Technology-led Increasing Regulatory Complexity Efficiency and Transformation Productivity Tax departments Gen Al potential Digitalization of tax ESG reporting requirements requirements doing more to
Slide 80: Corporates Value Proposition
Legal |Tax| Corporates|International CorporatesValueProposition We are a trusted partner to corporations helping them navigate the intersection of compliance and commerce ACCELERATE DRIVE EXECUTE IMPROVE New Business Operational Digital Customer Generation Efficiency Transformation Loyalty Thomson R
Slide 81: Thomsor Reuters'
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Slide 82: Pagero and ONESOURCE Create an End-to-End Indirect Tax Workflow
Legal | Tax | Corporates | Internation Pagero and ONESOURCE Create an End-to-End Indirect Tax workflow REAL-TIME PERIODICREPORTING E-invoicing E-Invoice Submit SAF-T File Indirect & Determine E-Invoice Reporting Direct Tax Indirect Tax Creation and Distribution Receipt and and Sll file Clearance Val
Slide 83: Thomsor Reuters'
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Slide 84: Strategic Priorities
Strategic Priorities Transform our go-to-market motion Accelerate partnerships Drive product innovation Legal | Tax | Corporates | International Nurture and attract talent * Delight customers with exceptional presales, account management, implementation, customer success, and support * Collaborate w
Slide 85: Thomsor Reuters'
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Slide 86: Investor Day 2024
Thomson ReutersM Investor Day 2024
Slide 87: Matt Keen, Head of International
Matt Keen Head of International
Slide 88: International
International Thomson Reuters"
Slide 89: Key Messages
Legal|Tax|Corporates|International KeyMessages 1. We operate in a large and growing market, with significant unaddressed customer needs 2. International has been a key component of Big 3 growth acceleration 3. Rising complexity is a global issue, and provides long-term demand tailwinds 4. We have ke
Slide 90: Thomsor Reuters'
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Slide 91: Revenue Composition
Legal | Tax | Corporates |Internationa RevenueComposition Customer Segments Geographic Mix AEM Canada 20% 12% Tax and Accounting Legal Professionals Professionals 20% 23% LatAm 45% Europe 2023 Revenues(1) $1 billion 48% +13% Organic Growth Revenue Type Transactional 12% Recurring 32% Corporates 88%
Slide 92: International Revenue Growth has Accelerated
Legal |Tax|Corporates|International International Revenue GrowthhasAccelerated International Revenue() and Organic Revenue Growth CAGR11% 13% 12% 11% 8% 5% $1.0B $0.8B $0.9B $0.7B $0.7B ÿ2019 ÿ2020 ÿ2021 ÿ2022 ÿ2023 International has increased from 15% to 18% of Big 3 revenue since 2019 Thomson (1)R
Slide 93: Large and Growing Market Opportunity
Legal | Tax | Corporates | International Large and Growing Market Opportunity Total Addressable Market (TAM) Market Growth Drivers Vended market represents $7B (growing 8% to 12%) ~$15B ~$15B Legal Canada Professionals Big 3 segment drivers are global in nature: LatAm Tax and A i Se . pax ang Accoun
Slide 94: Key Growth Driver: Bringing Gen AI to our International Markets
Legal | Tax | Corporates | International Key Growth Driver: Bringing Gen Al to our International Markets 2023 Q4 2024 Gen Al First Commercial Release * CoCounsel Core Skills — Australia, * Ask Practical Law Al - U.K. a . Canada, Europe, AEM * Westlaw Precision Al-Assisted P * Intelligent Drafting +
Slide 95: Key Growth Driver: Dominio
Legal ÿTax |Corporates ÿInternational Key Growth Driver: Dominio Dominio is a leading provider of accounting software in Brazil, a market with significant tax complexity Brazil's tax professional market continues to offer runway Sustained growth since acquired in 2014... Reliable Product Serving Sus
Slide 96: countrieswith
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Slide 97: Key Growth Drivers
Legal|Tax|Corporates|International KeyGrowthDrivers Driving new value with Gen Al such as CoCounsel and Al-Assisted Research to GEN AI further growth in International markets DOMINIO Leverage strong assets in Big Bet Markets such as Dominio in Brazil ONESOURCE& PAGERO Solve complex regulatory and co
Slide 98: Investor Day 2024
Thomson ReutersM Investor Day 2024
Slide 99: Michael Eastwood, Chief Financial Officer
Michael Eastwood Chief Financial Officer
Slide 100: Positioned to Deliver
Positioned to Deliver Thomson ReutersM
Slide 101: Key Messages
KeyMessages 1. We delivered against the 2021 - 2023 targets we committed to in February 2021 2. We are increasing organic and inorganic investments in 2024 to take advantage of several opportunities 3. We are confident these investments will pay off through faster revenue growth and rising margins i
Slide 102: 2021-2023 Achievements: Building the Foundation
2021 - 2023 Achievements: Building the Foundation Thomson ReutersM
Slide 103: Thomsor Reuters'
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Slide 104: Organic Revenue Growth has Accelerated Sharply
Organic Revenue Growth has Accelerated Sharply Organic Revenue Growth History Acceleration Drivers OTotal TR Organic GrowthBig3OrganicGrowth 7% 7% Strategic 7 Acceleration 2009 - 2020 Avg. Organic Growth (Total TR): +2.0% 5% 6% Stronger ProductPortfolio (Divestitures and Acquisitions) 4% (1) 3% 3% 3
Slide 105: HighQ
THOMSONREUTERS Practical Law? THOMSON REUTERS THOMSON REUTERS EXPRESS CONTRACTE HighQ asetext THOMSONREUTERS WESTLAW TM THOMSONREUTERS CLEAR P N D E R PARTOFTHOMSONREUTERS A UltraTax CS V Cloud Audit Suite C 1 NFIRRMATIC Direct Tax Indirect Tax Thomsor . Reuters' ÿ
Slide 106: asetext WESTLAW
V ima a e en ThoughtTrace' Elite Part of Thomson Reuters asetextWESTLAW 2 2 JAPAN jestta ge THE INSURER InsuranceInsightIntelligence Thomsor . Reuters' ÿ
Slide 107: Simplification, Modernization and Efficiency Efforts Have Paid Off
Simplification, Modernization and Efficiency Efforts Have Paid Off Reducing Complexity... ...to ImproveProfitability &Free Cash Flow Adjusted EBITDA Margin 2020 2023 RevenueAvailableon 39.3% the Cloud ~20% ~90% 33.0% 35.1% 31.5% 31.0% Product Portfolio ~170 ~110 (2) 2019 2020 2021 2022 2023 ÿÿ Offic
Slide 108: London Stock Exchange Group Monetization Success
LondonStockExchangeGroupMonetizationSuccess Estimated Initial Stake Value Stake Value $0.7B $8.3B $7.6B ~S3B DealAnnouncement Total Sold Remaining Total Date - Jan 30, 2018 () to Date Shares (2(2) Expected Value (1ÿDate onwhichThomson Reuters announced an agreement to sell a majority stake initsform
Slide 109: Achieved 2021-2023 Targets for Growth, Profitability and Cash Flow
Achieved 2021 - 2023 Targets for Growth, Profitability and Cash Flow Organic Growth Ail + Total TR —_ + Big 3 Segments Adj. EBITDA Margin Capital Intensity (Accrued CapEx as % of Revenue) Free Cash Flow Bek Organic Growth Big 3 Segments -» Legal Professionals pe Corporates &s Tax and Accounting Prof
Slide 110: 2024 Outlook: Investing for Future Growth; 2025-2026: Primed for Acceleration
2024 Outlook: Investing for Future Growth 2025 - 2026: Primed for Acceleration Thomson Reuters
Slide 111: 2024 Outlook
2024 Outlook FY 2023 FY 2024Outlook Total Thomson Reuters Reported 2/8/24 Total Revenue Growth 3% ~ 6.5% Organic Revenue Growth () 6% ~ 6% Adjusted EBITDA Margin (t) 39.3% ~38% Corporate Costs $115 million $120 - $130 million Free Cash Flow (t) $1.9 billion ~ $1.8 billion Accrued Capex as % of Reven
Slide 112: asetext
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Slide 113: Thomsor Reuters'
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Slide 114: 2025-2026 Financial Framework
2025 - 2026 Financial Framework 2023A 2024E Medium Term Targets (2025 - 2026) Organic Growth 6% ~ 6% 6.5% - 8.0% fall = Tota te 7% ~ 75% 8.0% - 9.0% * Big 3 Segments ° aad 70 770 . . > _ 3R0 75 bps expansion in ‘25; os Adj. EBITDA Margin 39.3% » 38% 50+ bpe expansion in26 Capital Intensity °@} (Accr
Slide 115: Multiple Levers for Future Revenue Acceleration
Multiple Levers for Future Revenue Acceleration 6.5% - 8.0% 50 - 100 bps + Generative Al * Argentina Peso * Product devaluation Pipeline impact + Retention 2023 Organic M&A Organic Growth Other Growth Future Organic Growth homson Reuters”
Slide 116: Improving Revenue Mix Contributing to Acceleration
Improving Revenue Mix Contributing to Acceleration Revenue Mix Products Growing 10%+ 8% Other Products 18% Global Print 12% 11% 2023 Revenue 2019 Revenue $6.8 billion $5.9 billion 6% Organic Growth 4% Organic Growth 77% 74% Thomson Reuters"
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Slide 118: Capital Allocation Strategy & Results
Capital Allocation Strategy & Results Thomson ReutersTM
Slide 119: Balanced Capital Allocation Approach and History
Balanced Capital Allocation Approach and History Dividends M&A Buybacks/ Return of Capital $5.2B Capital Allocation Priorities Organic Investment $2.2B $2.2B $2.3B Dividend Growth $1.1B 3 Strategic M&A 4 Share Repurchases (NCIB) 2019 2020 2021 2022 2023 Total Return to Shareholders(1) 111% (2) 70% 1
Slide 120: HighQ
• • • ÿ THOMSON REUTERS THOMSONREUTERS C IONFIRMATION Practical Law? HighQ PartofThomsonReuters Thomsor . Reuters' ÿ
Slide 121: Fortress Balance Sheet
FortressBalance Sheet Capital capacity expected to grow to ~$8B by 2026, following completion of current $1B NCIB and ~$800M Pagero acquisit Debt Maturity TermDebt CommercialPaper Debt Outstanding @ 12/31/23 = $3.1B Commercial Paper Outstanding @ 12/31/23 = $0.1B Cash on Balance Sheet @ 12/31/23 = $
Slide 122: Capital Strategy Metrics for 2024-2026
CapitalStrategyMetricsfor2024-2026 2020 2023 Medium Term Year End Year End Targets S $ NetDebtLeverage 1.1x 0.8x 2.5x DividendPayoutRatio 55% 47% 50% - 60% ÿ ÿ Capital Return 70% 214%(2) 75%+ Commitment () Return on 10.6% 15.8% 2x WACC Invested Capital (1)Defined asdividendpaymentsplussharerepurchas
Slide 123: Value Creation Model
ValueCreationModel Our customer-facing business model creates a virtuous cycle where organic growth leads to operating leverage an higher Free Cash Flow, which in turn enables us to reinvest in the business and grow returns to shareholders Revenue Growth FCF Growth Prioritizecapitaltohighestgrowthop
Slide 124: Thank you!
Thomson Reuters Thank you!
Slide 125: Investor Day 2024
Thomson ReutersM Investor Day 2024
Slide 126: Appendix A
Appendix A Thomson Reuters"
Slide 127: Non-IFRS Financial Measures Definitions
Non-IFRSFinancialMeasuresDefinitions Weusenon-IFRsfinancial measures,whichincluderatiosthatincorporateoneormorenon-IFRSfinancial measures,assupplementalindicatorsofouroperatingperformanceandfinancial position as well as for internal planning purposes, our management incentive programs and our busine
Slide 128: Non-IFRS Financial Measures Definitions - Continued
Non-IFRSFinancialMeasuresDefinitions-Continued Accruedcapitalexpendituresasapercentageofrevenues Accrued capital expenditures expressed as a percentage of revenues. Accrued capital expenditures include amounts that remain unpaid at thereporting date.For purpo revenues arebefore fairvalue adjustments
Slide 129: IFRS/Non-IFRS Financial Measures
IFRS/Non-IFRSFinancial Measures The most directly comparable IFRS measure for each Non - IFRS measure is noted below. Reconciliations between these measures can be accessed using the links on the following page IFRSMeasures2021-2023 Comparable Non - IFRS Measure 2021 2022 2023 IFRS Measure Revenue $
Slide 130: (page 72) n/a n/a
2019 n/a n/a n/a (page 72) (page 75) 2021 2021 n/a n/a (page 74) (page 73) n/a 2023 2023 (page 81) (page 79) Thomsor . Reuters' ÿ
Slide 131: Investor Day 2024
Thomson ReutersM Investor Day 2024