Thomson Reuters is one of the world’s most trusted providers of answers, helping professionals make confident decisions and run better businesses. Their customers operate in complex arenas that move society forward — law, tax, compliance, government, and media – and face increasing complexity as regulation and technology disrupt every industry.

They help them reinvent the way they work. Their team of experts brings together information, innovation, and authoritative insight to unravel complex situations, and their worldwide network of journalists and editors keeps customers up to speed on global developments that are relevant to them.

They’re on a mission to help professionals advance their businesses and gain a competitive advantage with the trusted answers only they can provide. Their company purpose is to Inform the Way Forward, which reflects their commitment to serve professionals, advance critical institutions and build trust through our products and with our actions.

They derive most of their revenues from selling information and software solutions, primarily electronically and on a recurring subscription basis. Their solutions blend deep domain knowledge with the software and automation tools. They believe their workflow solutions make their customers more productive, by streamlining how they operate, enabling them to focus on higher-value activities. Many of their customers use their solutions as part of their workflows, which has led to strong customer retention.

Revenues increased 6% in total driven by growth across four of our five business segments. Foreign currency had a 1% negative impact on revenue growth. On both a constant currency and organic basis, revenues increased 7%. Recurring revenues grew 7% (78% of our revenues) and transactions revenues grew 8%.

Global Print revenues declined slightly in total but were unchanged compared to the prior-year period on both a constant currency and organic basis. Revenue growth in the quarter included a benefit of approximately 100bp from transactional revenues that we do not expect to recur, and to a lesser extent, timing

In May 2022, They raised their total company and “Big 3” revenue growth Outlook for the full year 2022, which reflects their increasing confidence in their business performance. They reaffirmed all other measures in our two-year Outlook, including their adjusted EBITDA margin, as they continue to invest in their business and customer success initiatives and absorb heightened inflationary pressures.

Organic revenue growth of 5.5% - 6.0% including additional annual revenues of $100 million;

Adjusted EBITDA margin of 39% - 40%;

Free cash flow of $1.9 billion - $2.0 billion;

Annual operating expense savings of $600 million, of which $200 million is expected to be reinvested in growth initiatives; and Accrued capital expenditures as a percentage of revenues between 6.0% - 6.5%.

They forecast 2023 Free Cash Flow continuing to comfortably exceed Adjusted Earnings due to Capital vs. D&A, Taxes, and Non-Cash Charges.