{"id":441532,"date":"2021-02-23T06:33:42","date_gmt":"2021-02-23T11:33:42","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=441532"},"modified":"2021-02-23T06:33:42","modified_gmt":"2021-02-23T11:33:42","slug":"thomson-reuters-reports-fourth-quarter-and-full-year-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/thomson-reuters-reports-fourth-quarter-and-full-year-2020-results\/","title":{"rendered":"Thomson Reuters Reports Fourth-Quarter and Full-Year 2020 Results"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n
\n Two-Year Change Program Announced<\/i>
\n <\/b>\n <\/p>\n

\n
\n Fourth-Quarter Highlights<\/i>
\n <\/b>\n <\/p>\n

\n IFRS revenues and organic revenues up 2%<\/i>\n <\/p>\n

\n “<\/i>
\n Big 3″ revenues up 4%; organic revenues up 5%<\/i>\n <\/p>\n

\n IFRS operating profit up 343%<\/i>\n <\/p>\n

\n Adjusted EBITDA up 33%; adjusted EBITDA margin of 32.5%<\/i>\n <\/p>\n

\n
\n Accelerating\u00a0to 3.0: Two Powerful Levers to Drive Both Growth & Efficiencies<\/i>
\n <\/b>\n <\/p>\n

\n Holding Company to Operating Company<\/i>\n <\/p>\n

\n C<\/i>
\n ontent Provider to Content-Driven Technology Company<\/i>\n <\/p>\n

\n
\n 2021-2023 Outlook Provided*<\/i>
\n <\/b>\n <\/p>\n

\n Organic revenue growth of 5% – 6% in 2023<\/i>\n <\/p>\n

\n Adjusted EBITDA margin of 38% – 40% in 2023<\/i>\n <\/p>\n

\n Free cash flow of $1.8 billion<\/span> – $2.0 billion<\/span> in 2023<\/i>\n <\/p>\n

\n Investment of $500 million<\/span> – $600 million<\/span> (2021 & 2022)<\/i>\n <\/p>\n

\n TORONTO<\/span>, Feb. 23, 2021<\/span> \/PRNewswire\/ —\u00a0Thomson Reuters (TSX\/NYSE: TRI) today reported results for the fourth quarter and full year ended December 31, 2020<\/span>. The company also announced a two-year Change Program, provided a financial outlook for the next three years and announced a $0.10<\/span> increase in its annualized common share dividend.<\/p>\n

\n

\n
\n \"Thomson
\n <\/a>\n <\/p>\n<\/p><\/div>\n

“We are very pleased with our results for the fourth quarter and the full year. We began 2020 with optimism and momentum as our sales, revenue growth and profitability were accelerating. Despite challenges from the ongoing COVID-19 pandemic, our\u00a02020 performance reaffirmed the resilience of our markets and businesses and enabled us to\u00a0meet or exceed each of the financial guidance metrics we provided throughout the year. We are confident that we can build on this performance in 2021 and in future years,” said Steve Hasker<\/span>, President and CEO of Thomson Reuters.<\/p>\n

Mr. Hasker added, “This morning, we also announced a two-year Change Program that will transition Thomson Reuters from a holding company to an operating company and from a content provider to a content-driven technology company. We are fortunate to begin this program from a position of strength with growing Legal, Tax & Accounting and Government businesses operating in healthy and evolving markets.\u00a0Prevailing tailwinds are favorable and play to our strengths. COVID-19 has changed how, when and where professionals work. Their need for trusted, authoritative ‘always-on’ actionable content combined with unique data, AI\/machine learning and software will only increase \u2013 a real opportunity for us to better serve our customers.<\/p>\n

This is an organic growth program, and our experienced team has begun to execute with urgency and rigor. Upon completion, I am confident Thomson Reuters will be a far more streamlined, integrated and agile operating company, and will deliver a best-in-class customer experience, which will drive strong operating and financial results and greater value for our customers and shareholders.”<\/p>\n

* The company’s outlook reflects non-IFRS financial measures and forward-looking statements and should be read in conjunction with the sections of this news release entitled\u00a0 “Thomson Reuters Change Program and Outlook,” “Non-IFRS Financial Measures” and “Special Note Regarding Forward-Looking Statements, Material Risks and Material Assumptions”.<\/p>\n

\n
\n Consolidated Financial Highlights – Three Months Ended December 31<\/span><\/u>
\n <\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Three Months Ended December 31,<\/b>
\n <\/span>\n <\/p>\n

\n (Millions of U.S. dollars, except for adjusted EBITDA margin and EPS)<\/span>\n <\/p>\n

\n (unaudited)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n IFRS Financial Measures<\/u>
\n <\/b>
\n (1)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n
\n 2020<\/b>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n
\n 2019<\/b>
\n <\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n
\n Change<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n
\n Change at
Constant
Currency<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Revenues <\/span>\n <\/p>\n<\/td>\n

\n

\n $1,616<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,583<\/span>\n <\/p>\n<\/td>\n

\n

\n 2%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Operating profit<\/span>\n <\/p>\n<\/td>\n

\n

\n $956<\/span>\n <\/p>\n<\/td>\n

\n

\n $216<\/span>\n <\/p>\n<\/td>\n

\n

\n 343%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Diluted earnings per share (EPS)<\/span>\n <\/p>\n<\/td>\n

\n

\n $1.13<\/span>\n <\/p>\n<\/td>\n

\n

\n $2.64<\/span>\n <\/p>\n<\/td>\n

\n

\n -57%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n Cash flow from operations<\/span>\n <\/p>\n<\/td>\n

\n

\n $566<\/span>\n <\/p>\n<\/td>\n

\n

\n $355<\/span>\n <\/p>\n<\/td>\n

\n

\n 60%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n Non-IFRS Financial Measures<\/u>
\n <\/b>
\n (1)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,616<\/span>\n <\/p>\n<\/td>\n

\n

\n $1,583<\/span>\n <\/p>\n<\/td>\n

\n

\n 2%<\/span>\n <\/p>\n<\/td>\n

\n

\n 2%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted EBITDA<\/span>\n <\/p>\n<\/td>\n

\n

\n $525<\/span>\n <\/p>\n<\/td>\n

\n

\n $396<\/span>\n <\/p>\n<\/td>\n

\n

\n 33%<\/span>\n <\/p>\n<\/td>\n

\n

\n 32%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted EBITDA margin<\/span>\n <\/p>\n<\/td>\n

\n

\n 32.5%<\/span>\n <\/p>\n<\/td>\n

\n

\n 25.0%<\/span>\n <\/p>\n<\/td>\n

\n

\n 750bp<\/span>\n <\/p>\n<\/td>\n

\n

\n 730bp<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted EPS<\/span>\n <\/p>\n<\/td>\n

\n

\n $0.54<\/span>\n <\/p>\n<\/td>\n

\n

\n $0.37<\/span>\n <\/p>\n<\/td>\n

\n

\n 46%<\/span>\n <\/p>\n<\/td>\n

\n

\n 43%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Free cash flow<\/span>\n <\/p>\n<\/td>\n

\n

\n $449<\/span>\n <\/p>\n<\/td>\n

\n

\n $209<\/span>\n <\/p>\n<\/td>\n

\n

\n 114%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1)\u00a0\u00a0\u00a0\u00a0\u00a0 <\/i>
\n In addition to results reported in accordance with International Financial Reporting Standards (IFRS),\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0the company uses certain non-IFRS financial measures as supplemental indicators of its operating\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0performance and financial position. These and other non-IFRS financial measures are defined and\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0reconciled to the most directly comparable IFRS measures in the tables appended to this news release.<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Revenues <\/b>increased 2% as growth in recurring revenues more than offset declines in transactions and Global Print revenues. Foreign currency had no impact on revenue growth in the quarter.<\/p>\n