Thomson Reuters Corp T.TRI

Third-Quarter 2021 Results

[Betteryear2]

TORONTO, Nov. 2, 2021 /PRNewswire/ -- Thomson Reuters (TSX/NYSE: TRI) today reported results for the third quarter ended September 30, 2021:

• Total company revenue up 6% / organic revenue up 5%
  • Revenue for four of five business segments grew 6% organically
• Raised full-year 2021 revenue guidance
  • Total company revenue forecast increased to 4.5% - 5.0% from 4.0% - 4.5%
  • "Big 3" segments revenue forecast increased to approximately 6.0% from 5.5% - 6.0%
• Raised full-year 2021 free cash flow guidance to approximately $1.2 billion from $1.1 - $1.2 billion
• Reaffirmed full-year 2022 and 2023 guidance, with minor adjustments to 2022 Change Program spend
• Change Program on track - achieved $132 million run-rate operating expense savings through September 30
• Repurchased $1.1 billion of company shares under $1.2 billion buyback program through October 31

"The momentum we saw in the first half of the year continued into the third quarter with revenue and sales performance above our expectations and consistent across the business. This strong performance reflects how our products fit the needs of our customers, enabling them to better serve their own clients in a rapidly changing workplace. It also demonstrates our leading positions in healthy and growing markets. Based on our strong financial performance and our confidence in the trajectory of the business for the remainder of the year, we have again increased our full-year 2021 revenue guidance," said Steve Hasker, president and CEO of Thomson Reuters.

Mr. Hasker added, "While the third quarter was another strong one, we still have a lot to achieve. We are focused on building a leading content-driven technology company, and our talented teams continue to work ambitiously towards that goal. I am very pleased with our achievements to date and believe we are well positioned to build on this progress in 2022."