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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
6-K
 
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE
13a-16
OR
15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of August 2021
  
Commission File
Number: 1-31349
 
 
THOMSON REUTERS CORPORATION
(Translation of registrant’s name into English)
 
 
333 Bay Street, Suite 300
Toronto, Ontario M5H 2R2, Canada
(Address of principal executive office)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F
or Form
40-F.
Form 20-F  ☐            Form
40-F  ☒
Indicate by check mark if the registrant is submitting the Form
6-K
in paper as permitted by Regulation
S-T
Rule 101(b)(1):  ☐
Indicate by check mark if the registrant is submitting the Form
6-K
in paper as permitted by Regulation
S-T
Rule 101(b)(7):  ☐
The information contained in Exhibit 99.1, Exhibit 99.2, Exhibit 101 and Exhibit 104 of this Form 6-K is incorporated by reference into, or as additional exhibits to, as applicable, the registrant’s outstanding registration statements.
Thomson Reuters Corporation is voluntarily furnishing certifications by its Chief Executive Officer and Chief Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 as Exhibits
99.3-99.6
of this Form
6-K.
 
 
 
 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
THOMSON REUTERS CORPORATION
(Registrant)
   
By:  
/s/ Marc E. Gold
    Name:   Marc E. Gold
    Title:     Deputy Company Secretary
Date: August 6, 2021

EXHIBIT INDEX
 
Exhibit Number
  
Description
99.1
  
Management’s Discussion and Analysis
99.2
  
Unaudited Consolidated Financial Statements
99.3
  
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
99.4
  
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
99.5
  
Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
99.6
  
Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS
  
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH
  
XBRL Taxonomy Extension Schema
101.CAL
  
XBRL Taxonomy Extension Calculation Linkbase
101.DEF
  
XBRL Taxonomy Extension Definition Linkbase
101.LAB
  
XBRL Taxonomy Extension Label Linkbase
101.PRE
  
XBRL Taxonomy Extension Presentation Linkbase
104
  
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

EXHIBIT 99.1 - MANAGEMENT'S DISCUSSION AND ANALYSIS

EXHIBIT 99.1

LOGO

 

Management’s Discussion and Analysis

This management’s discussion and analysis is designed to provide you with a narrative explanation through the eyes of our management of how we performed, as well as information about our financial condition and future prospects. As this management’s discussion and analysis is intended to supplement and complement our financial statements, we recommend that you read this in conjunction with our consolidated interim financial statements for the three and six months ended June 30, 2021, our 2020 annual consolidated financial statements and our 2020 annual management’s discussion and analysis. This management’s discussion and analysis contains forward-looking statements, which are subject to risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements. Forward-looking statements include, but are not limited to, our quarterly and three-year outlook, including forecasted impacts associated with our Change Program, and our expectations related to general economic conditions (including the impact of the COVID-19 pandemic on the U.S. and global economies), market trends and their anticipated effects on our business segments, and share repurchases. For additional information related to forward-looking statements, material assumptions and material risks associated with them, please see the “Outlook” and “Additional Information—Cautionary Note Concerning Factors That May Affect Future Results” sections of this management’s discussion and analysis. This management’s discussion and analysis is dated as of August 5, 2021.

We have organized our management’s discussion and analysis in the following key sections:

 

  Executive Summary – an overview of our business and key financial highlights     3  
  Sale of Refinitiv to LSEG – a discussion of the sale of the Refinitiv business to LSEG and our current ownership interest in LSEG     6  
  Results of Operations – a comparison of our current and prior-year period results     6  
  Liquidity and Capital Resources a discussion of our cash flow and debt     15  
  Outlook – our quarterly and three-year financial outlook, including material assumptions and material risks     20  
  Related Party Transactions – a discussion of transactions with our principal and controlling shareholder, The Woodbridge Company Limited (Woodbridge)     23  
  Subsequent Events – a discussion of material events occurring after June  30, 2021 and through the date of this management’s discussion and analysis     23  
  Changes in Accounting Policies – a discussion of changes in our accounting policies     23  
  Critical Accounting Estimates and Judgments – a discussion of critical estimates and judgments made by our management in applying accounting policies     24  
  Additional Information – other required disclosures     24  
  Appendix – supplemental information     26  

Unless otherwise indicated or the context otherwise requires, references in this discussion to “we,” “our,” “us”, the “Company” and “Thomson Reuters” are to Thomson Reuters Corporation and our subsidiaries.

Basis of presentation

We prepare our consolidated financial statements in U.S. dollars and in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB).

Other than EPS, we report our results in millions of U.S. dollars, but we compute percentage changes and margins using whole dollars to be more precise. As a result, percentages and margins calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.

Use of non-IFRS financial measures

In this management’s discussion and analysis, we discuss our results on both an IFRS and non-IFRS basis. We use non-IFRS measures as supplemental indicators of our operating performance and financial position as well as for internal planning purposes and our business outlook. We believe non-IFRS financial measures provide more insight into our performance. Non-IFRS measures do not have standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS.

 

 

 

Page 1


LOGO

 

Our non-IFRS financial measures include:

 

   

Adjusted EBITDA and the related margin;

   

Adjusted EBITDA less capital expenditures and the related margin;

   

Adjusted earnings and adjusted earnings per share (EPS);

   

Net debt and our leverage ratio of net debt to adjusted EBITDA; and

   

Free cash flow.

We also report changes in our revenues, operating expenses, adjusted EBITDA and the related margin, and adjusted EPS before the impact of foreign currency or at “constant currency”. These measures remove the impacts from changes in foreign currency exchange rates to provide better comparability of our business trends from period to period. To provide greater insight into the revenue growth of our existing businesses on a constant currency basis, we report organic revenue growth (as defined in the glossary below and in Appendix A).

See Appendix A of this management’s discussion and analysis for a description of our non-IFRS financial measures, including an explanation of why we believe they are useful measures of our performance, including our ability to generate cash flow. Refer to the “Liquidity and Capital Resources” section of this management’s discussion and analysis and Appendix B for reconciliations of our non-IFRS financial measures to the most directly comparable IFRS measures.

Glossary of key terms

We use the following terms in this management’s discussion and analysis.

 

Term

  Definition

“Big 3” segments

  Our combined Legal Professionals, Corporates and Tax & Accounting Professionals segments

Blackstone’s consortium

  The Blackstone Group and its subsidiaries, and private equity funds affiliated with Blackstone

bp

  Basis points — one basis point is equal to 1/100th of 1%; “100bp” is equivalent to 1%

Change Program

  A two-year initiative focused on transforming our company from a holding company to an operating company and into a leading content-driven technology company

constant currency

  A non-IFRS measure derived by applying the same foreign currency exchange rates to the financial results of the current and equivalent prior-year period

COVID-19

  A novel strain of coronavirus that was characterized a pandemic by the World Health Organization during March 2020

EPS

  Earnings per share

F&R

  Our former Financial & Risk business, now the Refinitiv business of LSEG

LSEG

  London Stock Exchange Group plc

n/a

  Not applicable

n/m

  Not meaningful

organic or organically

  A non-IFRS measure that represents changes in revenues of our existing businesses at constant currency. The metric excludes the distortive impacts of acquisitions and dispositions from not owning the business in both comparable periods

Refinitiv

  Our former F&R business, which is now the Refinitiv business of LSEG. We owned 45% of Refinitiv from October 1, 2018 through January 29, 2021

YPL

  York Parent Limited, the entity that owns LSEG shares, which is jointly owned by our company and the Blackstone consortium. A group of current and former members of Refinitiv senior management also owns part of YPL. References to YPL also include its subsidiaries. YPL was previously known as Refinitiv Holdings Ltd. prior to the sale of Refinitiv to LSEG on January 29, 2021.

$ and US$

  U.S. dollars

 

 

 

Page 2


LOGO

 

Executive Summary

Our company

Thomson Reuters is a leading provider of business information services. Our products include highly specialized information-enabled software and tools for legal, tax, accounting and compliance professionals combined with the world’s most global news service – Reuters.

We derive most of our revenues from selling information and software solutions, primarily electronically and on a recurring subscription basis. Our solutions blend deep domain knowledge with software and automation tools. We believe our workflow solutions make our customers more productive, by streamlining how they operate, enabling them to focus on higher value activities. Many of our customers use our solutions as part of their workflows, which has led to strong customer retention. We believe that our customers trust us because of our history and dependability and our deep understanding of their businesses and industries, and they rely on our services for navigating a rapidly changing and increasingly complex digital world. Over the years, our business model has proven to be capital efficient and cash flow generative, and it has enabled us to maintain leading and scalable positions in our chosen market segments.

We are organized in five reportable segments supported by a corporate center:

 

    

 

 

Second-Quarter 2021 Revenues

 

 

LOGO

  

Legal Professionals

Serves law firms and governments with research and workflow products, focusing on intuitive legal research powered by emerging technologies and integrated legal workflow solutions that combine content, tools and analytics.

 

 

 

LOGO

 

LOGO

LOGO

 

  

Corporates

Serves corporate customers from small businesses to multinational organizations, including the seven largest global accounting firms, with our full suite of content-enabled technology solutions for in-house legal, tax, regulatory, compliance and IT professionals.

 

LOGO

 

  

Tax & Accounting Professionals

Serves tax, accounting and audit professionals in accounting firms (other than the seven largest, which are served by our Corporates segment) with research and workflow products, focusing on intuitive tax offerings and automating tax workflows.

 

 

LOGO

  

Reuters News

Supplies business, financial, national and international news to professionals via desktop terminals, including through Refinitiv, the world’s media organizations, industry events and directly to consumers.

 

LOGO

 

  

Global Print

Provides legal and tax information primarily in print format to customers around the world.

 

Our corporate center centrally manages commercial and technology operations, including those around our sales capabilities, digital customer experience and product and content development. Our corporate center also centrally manages functions such as finance, legal and human resources. Costs associated with our Change Program are reported within our corporate center.

 

 

 

Page 3


LOGO

 

Key Financial Highlights

Our second-quarter performance exceeded the business outlook we communicated in May 2021 and positions our company well for the rest of this year and 2022. These results reflect the confidence of our customers in both an improving economic environment and in their prospects. This dynamic presents us with a tailwind as our customers are spending on products and solutions that fit their workflows and improve their professional lives, which are rapidly evolving. We continue to execute on our Change Program, which we announced in February 2021, to transition from a holding company to an operating company, and from a content provider to a content-driven technology company. Refer to the “Change Program” section of this Executive Summary for additional information.

On August 5, 2021, we announced our outlook for the third quarter. Based on our first-half performance and the confidence we have in the trajectory of our business for the second half of the year, we also raised our full-year 2021 total company and “Big 3” guidance for revenue growth, adjusted EBITDA margin and free cash flow. We reaffirmed the remaining measures associated with our full-year 2021 guidance as well as the 2022 and 2023 outlooks we previously communicated in February 2021. Refer to the “Outlook” section of this management’s discussion and analysis for additional information.

On August 5, 2021, we announced that we plan to repurchase up to $1.2 billion of our common shares. Refer to the “Liquidity and Capital Resources” section of this management’s discussion and analysis for additional information.

Consolidated results

 

     

 

Three months ended June 30,

 

 
                  

 

Change

 

 

   (millions of U.S. dollars, except per share amounts and margins)

 

  

2021

 

    

2020

 

    

Total

 

    

 

Constant
Currency

 

 

IFRS Financial Measures

           

Revenues

     1,532        1,405        9%     

Operating profit

     316        365        (14%)     

Diluted EPS

   $ 2.15      $ 0.25        n/m     

Cash flow from operations

    

 

462

 

 

 

    

 

422

 

 

 

    

 

10%

 

 

 

        

Non-IFRS Financial Measures(1)

           

Revenues

     1,532        1,405        9%        7%  

Organic revenue growth

              7%  

Adjusted EBITDA

     502        479        5%        5%  

Adjusted EBITDA margin

     32.7%        34.1%        (140)bp        (70)bp  

Adjusted EPS

     $0.48        $0.44        9%        9%  

Free cash flow

    

 

379

 

 

 

    

 

305

 

 

 

    

 

25%

 

 

 

        

Supplemental financial results – “Big 3” Segments—Legal Professionals, Corporates and Tax & Accounting Professionals Combined

 

     

 

Three months ended June 30,

 

 
                  

 

Change

 

 
(millions of U.S. dollars, except margins)   

2021

 

    

2020

 

    

Total

 

    

 

Constant
Currency

 

 

“Big 3” Non-IFRS Financial Measures(1)

           

Revenues

     1,218        1,117        9%        7%  

Organic revenue growth

              7%  

Adjusted EBITDA

     487        426        14%        13%  

Adjusted EBITDA margin

     39.9%        38.1%        180bp        190bp  

 

(1)

Refer to Appendices A and B of this management’s discussion and analysis for additional information and reconciliations of our non-IFRS financial measures to the most directly comparable IFRS financial measures.

Revenues increased 9% in total, driven by growth across all of the Company’s customer segments and a 2% favorable impact from foreign currency. Revenues increased 7% on both a constant currency and organic basis driven by 5% growth in recurring revenues (79% of total revenues) as well as growth in transactions, Reuters News and Global Print revenues, which benefited from a favorable comparison to the second quarter of 2020 when the early stages of the COVID-19 pandemic negatively impacted results.

 

 

 

Page 4


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Revenues for our “Big 3” segments (80% of total revenues) increased 9% in total and 7% on both a constant currency and organic basis. The increase in organic revenues was driven by 6% growth in recurring revenues (88% of “Big 3” revenues) and 17% growth in transactions revenues.

Operating profit decreased 14% as the prior-year period included a significant benefit from the revaluation of warrants that we previously held in Refinitiv. Adjusted EBITDA, which excludes the impact of the warrant revaluation among other items, increased as higher revenues more than offset higher operating expenses, which included Change Program costs. Adjusted EBITDA margin declined due to the higher costs.

Diluted EPS increased to $2.15 per share compared to $0.25 per share in the prior-year period due to an increase in the value of our LSEG investment. Adjusted EPS, which excludes changes in value from our LSEG investment, as well as other adjustments, increased to $0.48 per share from $0.44 per share in the prior-year period primarily due to higher adjusted EBITDA.

Cash flow from operations increased as higher revenues and favorable movements in working capital more than offset higher tax payments and expenses, which included Change Program costs. Free cash flow increased due to higher cash flow from operations and a dividend paid by LSEG.

Our second-quarter performance exceeded the business outlook we communicated in May 2021. Below is a comparison of our actual revenue performance for the second quarter of 2021 to the related quarterly outlook.

 

       
Non-IFRS Financial Measures (1)    Second-Quarter
2021 Outlook
   Second-Quarter
2021 Performance
     

 

 
     Total Thomson Reuters              

Revenue growth (before currency)

  

Between 5.5% and 6.5%

  

7.1%

  

 

 

Organic revenue growth

  

Between 5.5% and 6.5%

  

7.0%

  

 

 

     “Big 3” segments              

Revenue growth (before currency)

  

Between 6.0% and 7.0%

  

7.3%

  

 

 

Organic revenue growth

  

Between 6.0% and 7.0%

  

7.2%

  

 

 

     Other segments              

Tax & Accounting Professionals revenue growth

(before currency)

  

Between 10.0% and 15.0%

  

15.4%

  

 

 

Reuters News revenue growth (before currency)

  

Between 2.0% and 3.0%

  

6.3%

  

 

 

Global Print revenue growth (before currency)

  

Between 1.0% and 3.0%

  

6.4%

  

 

 

Our second-quarter revenue growth is forecast to be the high point for the year, reflecting strong revenue growth across the businesses combined with a favorable comparison to the second quarter of 2020 when the early stages of the COVID-19 pandemic negatively impacted results.

 

(1)

Refer to Appendices A and B of this management’s discussion and analysis for additional information and reconciliations of our non-IFRS financial measures to the most directly comparable IFRS financial measures.

Change Program

Our outlook incorporates significant investments for our Change Program in 2021 and 2022. These investments are intended to drive growth and efficiency by transitioning our company from a holding company into an operating company, and from a content provider into a content-driven technology company.

The objectives of our Change Program are to:

 

   

Make it easier for our customers to do business with us;

   

Significantly modernize and simplify our product portfolio and product development groups;

   

Reduce complexity in our operations and technology organization; and

   

Continue to simplify our organizational structure to enable a more innovative culture.

 

 

 

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We continue to execute on our Change Program. In the first half of 2021, we invested $91 million ($52 million of operating expenses and $39 million of capital expenditures) on technology, organizational and market-related initiatives, and achieved $90 million of annualized run-rate operating expense savings toward our overall savings targets. We supplemented our existing teams with experienced talent to strengthen skill sets across product development, digital, technology, strategy and change management. We expect Change Program costs and capital expenditures combined will be between $210 million and $260 million in the second half of the year, which will include spending on Cloud migration, streamlining internal systems, and third-party contractors. Refer to the “Outlook” section of this management’s discussion and analysis for additional information.

Sale of Refinitiv to LSEG

In January 2021, our company and Blackstone’s consortium sold Refinitiv to LSEG in an all share transaction. As a result, we indirectly own LSEG shares through YPL, an entity jointly owned by our company, Blackstone’s consortium and certain current and former members of Refinitiv senior management. As of June 30, 2021, YPL held a combination of LSEG ordinary shares and LSEG limited-voting ordinary shares (with the shares carrying in aggregate an approximate 30% economic interest and a 24% voting interest in LSEG). At the same date, we owned 42.82% of YPL and indirectly owned approximately 72.4 million LSEG shares. As of August 4, 2021, these shares had a market value of approximately $7.5 billion based on LSEG’s closing share price on that day. For a discussion of the lock-up related to our LSEG shares and other governance aspects of our LSEG investment, please see our 2020 annual report.

In the first quarter of 2021, we recognized a gain of $8,075 million related to the January sale of Refinitiv to LSEG within “Share of post-tax earnings (losses) in equity method investments” in the consolidated income statement. As of the January 29, 2021 closing date, we indirectly owned approximately 82.5 million LSEG shares, which included 4.5 million shares from the exercise of warrants we previously held in Refinitiv. The transaction was predominantly tax deferred for our company except for approximately $640 million that is payable in 2021. In March 2021, as permitted under a lock-up exception, approximately 10.1 million of our LSEG shares were sold for pre-tax net proceeds of $994 million. Over the course of 2021, we will pay approximately $225 million of tax on the sale of these shares and will use the remaining after-tax proceeds to pay the approximately $640 million of taxes on the LSEG transaction. In the first half of 2021, we paid $444 million of tax in connection with these transactions. The proceeds from the sale of the shares by YPL were distributed to our company as a dividend that reduced the value of the investment. The proceeds and the associated tax payments were presented in “Net cash provided by investing activities” within the consolidated statement of cash flow.

Results of Operations

Our revenues and operating profit on a consolidated basis do not tend to be significantly impacted by seasonality as we record a large portion of our revenues ratably over the contract term and our costs are generally incurred evenly throughout the year. However, our revenues from quarter to consecutive quarter can be impacted by the release of certain tax products, which tend to be concentrated in the fourth quarter and, to a lesser extent, in the first quarter of the year. The seasonality of our operating profit may be further impacted in 2021 by the timing of significant Change Program costs we expect to incur. The seasonality of our revenues and operating expenses was impacted by COVID-19 in 2020.

Consolidated results

 

     

 

Three months ended June 30,

 

    

 

Six months ended June 30,

 

 
                  

 

Change

 

                  

 

Change

 

 

   (millions of U.S. dollars, except per share amounts
   and margins)

 

  

2021

 

    

2020

 

    

Total

 

    

 

Constant
Currency

 

    

2021

 

    

2020

 

    

Total

 

    

 

Constant
Currency

 

 

IFRS Financial Measures

                       

Revenues

     1,532        1,405        9%           3,112        2,925        6%     

Operating profit

     316        365        (14%)           703        655        7%     

Diluted EPS

     $2.15        $0.25        n/m                 $12.28        $0.64        n/m           

Non-IFRS Financial Measures(1)

                       

Revenues

     1,532        1,405        9%        7%        3,112        2,925        6%        5%  

Organic revenue growth

              7%                 5%  

Adjusted EBITDA

     502        479        5%        5%        1,060        959        11%        10%  

Adjusted EBITDA margin

     32.7%        34.1%        (140)bp        (70)bp        34.1%        32.8%        130bp        160bp  

Adjusted EBITDA less capital expenditures

     389        334        17%           827        672        23%     

Adjusted EBITDA less capital expenditures margin

     25.4%        23.8%        160bp           26.6%        23.0%        360bp     

Adjusted EPS

     $0.48        $0.44        9%        9%        $1.06        $0.92        15%        15%  

 

 

 

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Supplemental financial results – “Big 3” Segments—Legal Professionals, Corporates and Tax & Accounting Professionals Combined

 

       
    

Three months ended June 30,

 

           

Six months ended June 30,

 

 
                  

 

Change

 

                  

 

Change

 

 

(millions of U.S. dollars, except margins)

 

  

2021

 

    

2020

 

    

Total

 

    

 

Constant
Currency

 

    

2021

 

    

2020

 

    

Total

 

    

 

Constant
Currency

 

 

Non-IFRS Financial Measures(1)

                       

Revenues

     1,218        1,117        9%        7%        2,495        2,328        7%        6%  

Organic revenue growth

              7%                 6%  

Adjusted EBITDA

     487        426        14%        13%        1,010        857        18%        16%  

Adjusted EBITDA margin

     39.9%        38.1%        180bp        190bp        40.5%        36.8%        370bp        350bp  

 

(1)

Refer to Appendices A and B of this management’s discussion and analysis for additional information and reconciliations of our non-IFRS financial measures to the most directly comparable IFRS financial measures.

Revenues

 

     
      

Three months ended June 30,

 

    

Six months ended June 30,

 

 
                   Change                    Change  

(millions of U.S. dollars)

 

  

2021

 

    

2020

 

    

Total

 

    

 

Constant
Currency

 

    

Organic

 

    

2021

 

    

2020

 

    

Total

 

    

 

Constant
Currency

 

    

Organic

 

 

Recurring revenues

     1,220        1,139        7%        5%        5%        2,440        2,307        6%        5%        4%  

Transactions revenues

     166        133        25%        22%        22%        383        331        15%        14%        14%  

Global Print revenues

     147        134        9%        6%        6%        290        289        -        (2%)        (2%)  

Eliminations/Rounding

     (1)        (1)                                   (1)        (2)                             

Revenues

     1,532        1,405        9%        7%        7%        3,112        2,925        6%        5%        5%  

Revenues increased 9% in total and 7% on both a constant currency and organic basis in the second quarter. The increase in organic revenues included 5% growth in recurring revenues (79% of total revenues), as well as higher revenues from transactions, Reuters News and Global Print, which benefited from a favorable comparison to the second quarter of 2020 when the early stages of the COVID-19 pandemic negatively impacted results. Specifically, transactions revenues were negatively impacted in 2020 by lower activity in our Tax & Accounting Professionals segment due to the U.S. government extension of the federal tax filing deadline from April 15 to July 15 and in our Reuters News segment by the cancellation of conferences in its Events business. Our Global Print revenues in the prior-year period were negatively impacted by shipping delays requested by customers working remotely. In the six-month period of 2021, revenues increased 6% in total and 5% on both a constant currency and organic basis due to growth in recurring and transactions revenues. Global Print revenues declined slightly on an organic basis.

Revenues for our “Big 3” segments (80% of total revenues) increased 9% in total and 7% on both a constant currency and organic basis in the second quarter. On an organic basis, recurring revenues (88% of “Big 3” revenues) grew 6% and transactions revenues increased 17%. In the six-month period of 2021, “Big 3” revenues (80% of total revenues) increased 7% in total and 6% on both a constant currency and organic basis. On an organic basis, recurring revenues (86% of “Big 3” revenues) grew 5% and transactions revenues increased 11% through June 30, 2021.

Foreign currency favorably impacted revenue growth in both periods due to the weakening of the U.S. dollar against most major currencies, including the British pound sterling, Euro, Canadian dollar and Australian dollar, which more than offset the strengthening of the U.S. dollar against the Argentine peso, compared to the prior-year periods. In the six-month period of 2021, the U.S. dollar also strengthened against the Brazilian real, compared to the prior-year period.

Operating profit, adjusted EBITDA and adjusted EBITDA less capital expenditures

Operating profit decreased 14% in the second quarter as the prior-year period included a significant benefit from the revaluation of warrants that we previously held in Refinitiv. Operating profit increased 7% in the six-month period of 2021 as higher revenues more than offset higher operating expenses, which included Change Program costs. We incurred $41 million and $52 million of Change Program costs in the second quarter and six-month period of 2021, respectively. The revaluation of the warrants did not significantly impact operating profit in the six-month period of 2021.

 

 

 

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Adjusted EBITDA, which excludes the impact of the warrant revaluation among other items, increased in both periods due to higher revenues, which more than offset higher operating expenses. Adjusted EBITDA margin declined in the second quarter of 2021 due to higher costs, but increased in the six-month period. Change Program costs negatively impacted adjusted EBITDA margin by 270bp and 160bp, in the second quarter and six-month periods of 2021, respectively. Foreign currency negatively impacted the year-over-year change in adjusted EBITDA margins by 70bp and 30bp in the second quarter and six-month period, respectively.

Adjusted EBITDA less capital expenditures and the related margins increased in both periods due to higher adjusted EBITDA and lower capital expenditures.

Operating expenses

 

     

 

Three months ended June 30,

 

    

 

Six months ended June 30,

 

 
                  

 

Change

 

                  

 

Change

 

 

   (millions of U.S. dollars)

 

  

2021

 

    

2020

 

    

Total

 

    

Constant
Currency

 

    

2021

 

    

2020

 

    

Total

 

    

Constant
Currency

 

 

Operating expenses

     1,036        929        11%        8%        2,054        1,946        6%        3%  

Remove fair value adjustments(1)

     (6)        (3)                          (2)        20                    

Operating expenses, excluding fair value adjustments

     1,030        926        11%        8%        2,052        1,966        4%        3%  

 

(1)

Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinary course of business. Fair value adjustments are excluded from our calculation of adjusted EBITDA. Refer to Appendix B of this management’s discussion and analysis for reconciliations of our non-IFRS financial measures to the most directly comparable IFRS financial measures.

Operating expenses, excluding fair value adjustments, increased in both periods in total and on a constant currency basis. Higher operating expenses reflected $41 million and $52 million of Change Program costs in the second quarter and six-month period of 2021, respectively, as well as higher compensation-related costs. Change Program spending included severance as well as costs related to technology and market initiatives. The weakening of the U.S. dollar against most major currencies contributed to the increase in total expenses.

Depreciation and amortization

 

     

 

Three months ended June 30,

 

    

 

Six months ended June 30,

 

 
   (millions of U.S. dollars)    2021      2020      Change      2021      2020      Change  

Depreciation

     42        43        (4%)        88        83        6%  

Amortization of computer software

     122        118        5%        237        229        4%  

Subtotal

     164        161        2%        325        312        4%  

Amortization of other identifiable intangible assets

     30        30        1%        61        60        2%  

 

   

Depreciation and amortization of computer software on a combined basis increased in both periods primarily due to write-downs of certain software assets as well as lease–related impairments in connection with real estate efficiency initiatives.

   

Amortization of other identifiable intangible assets increased slightly in the second quarter and six-month period, respectively, as expenses associated with recent acquisitions were essentially offset by the completion of amortization of assets acquired in previous years.

Other operating gains, net

 

     

 

Three months ended June 30,

 

    

 

Six months ended June 30,

 

 

   (millions of U.S. dollars)

 

  

2021

 

    

2020

 

    

2021

 

    

2020

 

 

   Other operating gains, net

     14        80        31        48  

In 2021, other operating gains, net, in both periods included a gain on the sale of a business and income related to a license that allows the Refinitiv business of LSEG to use the “Reuters” mark to brand certain products and services. Additionally, the six-month period included a $9 million benefit from the revaluation of warrants that we previously held in Refinitiv.

In 2020, other operating gains, net, included a benefit of $54 million in the second quarter and $1 million in the six-month period related to the revaluation of the warrants. Both periods included income related to the license for the “Reuters” mark referred to above and gains associated with the sale of certain real estate. The six-month period also included a gain associated with a distribution from an investment.

 

 

 

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Net interest expense

 

     

 

Three months ended June 30,

 

    

 

Six months ended June 30,

 

 

(millions of U.S. dollars)

 

  

2021

 

    

2020

 

     Change     

2021

 

    

2020

 

     Change  

Net interest expense

     49        52        (5%)        100        97        3%  

In the second quarter of 2021, interest expense decreased due to lower interest costs on our net pension obligations. Interest expense associated with our debt obligations was essentially unchanged. In the six-month period of 2021, net interest expense increased reflecting the issuance of C$1.4 billion (approximately US$1 billion) five-year notes in May 2020.

Other finance (income) costs

 

     

 

Three months ended June 30,

     Six months ended June 30,  
(millions of U.S. dollars)   

2021

 

    

2020

 

    

2021

 

    

2020

 

 
Other finance (income) costs      (2)        13        4        (34)  

Other finance (income) costs primarily included gains or losses from fluctuations of foreign currency exchange rates on certain intercompany funding arrangements. The 2020 periods also included gains related to the ineffective portion of cash flow hedges, and the six-month period in 2020 included a benefit associated with foreign exchange contracts.

Share of post-tax earnings (losses) in equity method investments

 

     

 

Three months ended June 30,

     Six months ended June 30,  
(millions of U.S. dollars)   

2021

 

    

2020

 

    

2021

 

    

2020

 

 

YPL (formerly Refinitiv Holdings Ltd.)

     1,090        (155)        7,385        (213)  

Other equity method investments

     2        2        4        6  

Share of post-tax earnings (losses) in equity method investments

     1,092        (153)        7,389        (207)  

We account for our investment in LSEG at fair value, based on the share price of LSEG, within “Share of post-tax earnings (losses) in equity method investments” in the consolidated income statement. The investment is subject to equity accounting because the LSEG shares are held through YPL, over which we have significant influence. As YPL owns only the financial investment in LSEG shares, which the parties intend to sell over time, and is not involved in operating LSEG or the Refinitiv business, the investment in LSEG shares held by YPL is accounted for at fair value. LSEG dividends distributed to our company from YPL were included in “Other investing activities” in the consolidated statement of cash flow.

In the second quarter of 2021, our share of post-tax earnings in equity method investments was comprised of a $1,039 million increase in the value of our LSEG investment, and $51 million of dividend income from LSEG. In the six-month period of 2021, our share of post-tax earnings in equity method investments was primarily comprised of an $8,075 million gain from the sale of Refinitiv, but also included LSEG dividend income. These items were partly offset by a $573 million decline in the value of our LSEG investment subsequent to the sale date and $168 million of post-tax losses related to the Refinitiv operations prior to the sale.

Based on our ownership interest in LSEG, we expect to receive dividends of approximately $75 million for the full year of 2021.

Tax expense

 

     

 

Three months ended June 30,

     Six months ended June 30,  
(millions of U.S. dollars)   

2021

 

    

2020

 

    

2021

 

    

2020

 

 

Tax expense

     289        16        1,883        63  

The increase in tax expense in both periods was driven by our earnings in equity method investments. Additionally, tax expense in each period reflected the mix of taxing jurisdictions in which pre-tax profits and losses were recognized. Because the geographical mix of pre-tax profits and losses in interim periods may be different from that for the full year, tax expense or benefit in interim periods is not necessarily indicative of tax expense for the full year.

 

 

 

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The comparability of our tax expense was impacted by various transactions and accounting adjustments during each period. The following table sets forth certain components within income tax expense that impact comparability from period to period, including tax expense associated with items that are removed from adjusted earnings:

 

      Three months ended June 30,      Six months ended June 30,  
(millions of U.S. dollars)   

2021

 

    

2020

 

    

2021

 

    

2020

 

 

Tax (benefit) expense

           

Tax items impacting comparability:

           

Corporate tax laws and rates(1)

     (12)        19        (11)        46  

Deferred tax adjustments(2)

     -        (10)        -        (7)  

Subtotal

     (12)        9        (11)        39  

Tax related to:

           

Amortization of other identifiable intangible assets

     (7)        (7)        (14)        (13)  

Share of post-tax earnings (losses) in equity method Investments

     262        (39)        1,800        (53)  

Other operating gains, net

     -        18        4        5  

Other items

     -        -        -        2  

Subtotal

     255        (28)        1,790        (59)  

Total

     243        (19)        1,779        (20)  

 

(1)

In the second quarter and six-month period of 2021, this amount included changes in deferred tax assets due to changes in foreign tax rates. In the second quarter and six-month period of 2020, this amount primarily related to a minimum tax that we did not ultimately pay due to the taxable gains that arose on the sale of an investment in the fourth quarter of 2020. However, IFRS required that we accrue the tax before that transaction took place.

(2)

Relates primarily to the recognition of deferred tax assets that arose in prior years and adjustments required due to disposals and acquisitions.

Because the items described above impact the comparability of our tax expense or benefit for each period, we remove them from our calculation of adjusted earnings, along with the pre-tax items to which they relate. The computation of our adjusted tax expense is set forth below:

 

      Three months ended June 30,      Six months ended June 30,  
(millions of U.S. dollars)   

2021

 

    

2020

 

    

2021

 

    

2020

 

 

Tax expense

     289        16        1,883        63  

Remove: Items from above impacting comparability

     (243)        19        (1,779)        20  

Other adjustment:

           

Interim period effective tax rate normalization(1)

     3        10        2        6  
         

Total tax expense on adjusted earnings

     49        45        106        89  

 

(1)

Adjustment to reflect income taxes based on estimated full-year effective tax rate. Earnings or losses for interim periods under IFRS generally reflect income taxes based on the estimated effective tax rates of each of the jurisdictions in which we operate. The non-IFRS adjustment reallocates estimated full-year income taxes between interim periods, but has no effect on full-year income taxes.

Results of Discontinued Operations

(Loss) from discontinued operations, net of tax, includes the following:

 

      Three months ended June 30,      Six months ended June 30,  
(millions of U.S. dollars)   

2021

 

    

2020

 

    

2021

 

    

2020

 

 

(Loss) from discontinued operations, net of tax

     (4)        (5)        (1)        (3)  

(Loss) from discontinued operations, net of tax, included residual income and expenses related to our former F&R business.

 

 

 

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Net earnings and diluted EPS

 

     

 

Three months ended June 30,

     Six months ended June 30,  
(millions of U.S. dollars, except per share amounts)   

2021

 

    

2020

 

    

Change

 

    

2021

 

    

2020

 

    

Change

 

 

Net earnings

     1,068        126        n/m        6,104        319        n/m  

Diluted EPS

     $2.15      $ 0.25        n/m        $12.28      $ 0.64        n/m  

Net earnings and diluted EPS increased in the second quarter due to the increase in the value of our LSEG investment. The increase in the six-month period was due to the gain on the sale of Refinitiv.

Adjusted earnings and adjusted EPS

 

     
     Three months ended June 30,      Six months ended June 30,  
                   Change                    Change  
(millions of U.S. dollars, except per share amounts)    2021      2020      Total      Constant
Currency
     2021      2020      Total      Constant
Currency
 

Adjusted earnings

     240        221        8%           528        460        15%     

Adjusted EPS

   $ 0.48      $ 0.44        9%        9%      $ 1.06      $ 0.92        15%        15%  

Adjusted earnings and the related per share amount increased in both periods due to higher adjusted EBITDA. The increase in the six-month period was partly offset by higher depreciation and amortization of computer software.

Segment results

The following is a discussion of our five reportable segments and our Corporate costs for the three and six months ended June 30, 2021. We assess revenue growth for each segment, as well as the businesses within each segment, in constant currency and on an organic basis. See Appendix A of this management’s discussion and analysis for additional information.

Legal Professionals

 

     
      Three months ended June 30,     Six months ended June 30,  
                Change                 Change  
(millions of U.S. dollars, except margins)   2021     2020    

Total

    Constant
Currency
   

Organic

    2021     2020     Total     Constant
Currency
    Organic  

Recurring revenues

    626       580       8%       6%       6%       1,247       1,167       7%       5%       5%  

Transactions revenues

    47       40       18%       14%       14%       94       79       19%       16%       16%  

Revenues

    673       620       9%       7%       6%       1,341       1,246       8%       6%       6%  

Segment adjusted EBITDA

    285       254       12%       10%         564       484       17%       14%    

Segment adjusted EBITDA margin

    42.3%       40.9%       140bp       140bp               42.1%       38.8%       330bp       300bp          

Revenues increased in total and on both a constant currency and organic basis in both periods. The increase in organic revenues was due to growth in recurring revenues (93% of the Legal Professionals segment in the second quarter) and transactions revenues (7% of the Legal Professionals segment in the second quarter). Revenues from law firms, which includes revenues from large global law firms and represent just over two-thirds of the segment’s revenues, and the segment’s Global business, representing smaller law firms outside the U.S., each increased 6% in the second quarter (5% in the six-month period). U.S. government revenues, which include much of our risk, fraud and compliance offerings, grew 8% in both periods. We expect revenue growth for the segment’s Government business to increase in the second half of the year, compared to the first half of the year.

In both periods, the recurring and transactions revenues increased on an organic basis driven by growth from Westlaw Edge, Practical Law, and the Government business. Recurring revenues also benefited from growth in FindLaw and the international businesses.

Segment adjusted EBITDA and the related margin increased in the second quarter driven by higher revenues, which more than offset higher expenses. In the six-month period, the increase in both measures was primarily driven by higher revenues. Foreign currency had no impact on the year-over-year change in segment adjusted EBITDA margin in the second quarter, but benefited the year-over-year change in the six-month period by 30bp.

 

 

 

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Corporates

 

     
     

Three months ended June 30,

 

   

Six months ended June 30,

 

 
                      

Change

 

                              

Change

 

        
(millions of U.S. dollars, except margins)   2021     2020     Total     Constant
Currency
     Organic     2021     2020     Total     Constant
Currency
    Organic  

Recurring revenues

    300       282       6%       5%        5%       595       563       6%       5%       5%  

Transactions revenues

    48       47       2%       1%        1%       137       133       3%       3%       3%  

Revenues

    348       329       6%       4%        4%       732       696       5%       4%       4%  

Segment adjusted EBITDA

    130       118       10%       9%          276       235       17%       17%    

Segment adjusted EBITDA margin

    37.2%       35.9%       130bp       160bp                37.7%       33.8%       390bp       410bp          

Revenues increased in total, constant currency and on an organic basis in both periods. The increase in organic revenues was due to growth in recurring revenues (86% of the Corporates segment in the second quarter) and in transactions revenues (14% of the Corporates segment in the second quarter).

In both periods, the increase in recurring revenues on an organic basis reflected growth in legal and tax solutions as well as from Corporates’ international businesses. In the second quarter, transactions revenues increased despite a loss of revenues related to the CLEAR business that were recorded in the prior-year period, but did not reoccur in 2021. Transactions revenue growth in both periods was driven by the indirect tax and Confirmation businesses. We expect Corporates revenue growth to increase in the second half of the year, compared to the first half of the year.

Segment adjusted EBITDA and the related margin increased in the second quarter as higher revenues more than offset higher expenses. In the six-month period of 2021, slightly lower expenses resulting from 2020 cost savings initiatives also contributed to the increase in both measures. Foreign currency negatively impacted the year-over-year change in segment adjusted EBITDA margin by 30bp and 20bp in the second quarter and six-month period, respectively.

Tax & Accounting Professionals

 

     
     

Three months ended June 30,

 

   

Six months ended June 30,

 

 
                      

Change

 

                              

Change

 

        
(millions of U.S. dollars, except margins)   2021     2020     Total     Constant
Currency
     Organic     2021     2020     Total     Constant
Currency
    Organic  

Recurring revenues

    150       136       10%       9%        9%       310       294       6%       6%       6%  

Transactions revenues

    47       32       45%       43%        43%       112       92       20%       19%       19%  

Revenues

    197       168       17%       15%        15%       422       386       9%       9%       9%  

Segment adjusted EBITDA

    72       54       32%       32%          170       138       23%       23%    

Segment adjusted EBITDA margin

    36.2%       31.9%       430bp       450bp                40.2%       35.7%       450bp       440bp          

Revenues increased in total, constant currency and on an organic basis in both periods. The increase in organic revenues was driven by growth in recurring revenues (76% of the Tax & Accounting Professionals segment in the second quarter), and transactions revenues (24% of the Tax & Accounting Professionals segment in the second quarter). The increase in recurring revenues included strong growth from the Latin American businesses in both periods. In the second quarter, transactions revenues included Pay-Per-Return tax filing revenues that are normally recorded in the first quarter, but were delayed due to the extension of the 2021 U.S. federal tax filing deadline. Transaction revenue growth in the second quarter also benefited from a favorable comparison to 2020, when a similar shift of Pay-Per-Return tax filing revenues from the second quarter to the third quarter occurred due to an extension of the U.S. federal tax filing deadline. In both years, the change in filing deadlines related to conditions caused by the COVID-19 pandemic. Tax & Accounting Professionals’ organic revenues in the second quarter would have grown 10%, after adjusting the 2020 Pay-Per-Return revenues to be comparable to the revenue pattern of 2021.

We expect Tax & Accounting Professionals to report low-single digit revenue growth in the third quarter. This expected performance is due to the comparison with 2020, when the tax filing deadline was extended causing Pay-Per-Return revenues to be deferred until the third quarter of 2020. If the 2020 Pay-Per-Return revenues were adjusted to be on a comparable basis with 2021, we would have expected mid-single digit revenue growth for the segment.

 

 

 

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Segment adjusted EBITDA and the related margin increased in both periods as higher revenues more than offset higher expenses. Foreign currency negatively impacted the year-over-year change in segment adjusted EBITDA margin by 20bp in the second quarter and benefited segment adjusted EBITDA margin by 10bp in the six-month period.

Tax & Accounting Professionals is a more seasonal business relative to our other businesses, with a higher percentage of its segment adjusted EBITDA historically generated in the fourth quarter and to a slightly lesser extent, the first quarter, due to the release of certain tax products. Small movements in the timing of revenues and expenses can impact quarterly margins.

Reuters News

 

     
   

Three months ended June 30,

 

   

Six months ended June 30,

 

 
               

Change

 

               

Change

 

 
   (millions of U.S. dollars, except margins)

 

 

2021

 

   

2020

 

   

Total

 

   

Constant
Currency

 

   

Organic

 

   

2021

 

   

2020

 

   

Total

 

   

Constant
Currency

 

   

Organic

 

 

   Recurring revenues

    144       141       3%       1%       1%       288       283       2%       -       -  

   Transactions revenues

    24       14       72%       62%       61%       40       27       48%       43%       42%  

   Revenues

    168       155       9%       6%       6%       328       310       6%       4%       4%  

   Segment adjusted EBITDA

    35       25       45%       66%         63       44       45%       65%    

   Segment adjusted EBITDA margin

    20.8%       15.6%       520bp       820bp               19.2%       14.1%       510bp       780bp          

Revenues increased in total, constant currency and on an organic basis in both periods. The increase in organic revenues was driven by transactions revenues from the segment’s Professional business, including Reuters Events. In 2020, Reuters Events was negatively impacted by the cancellation of in-person events due to the COVID-19 pandemic. In 2021, the business has been holding events virtually while it continues to assess when it can resume its full in-person event schedule based on local health guidelines and feedback from customers. Recurring revenues increased slightly in both periods.

Reuters News has an agreement to supply news and editorial content to Refinitiv through October 1, 2048. In the first half of 2021, Reuters News recorded revenues of $169 million (2020 — $168 million) under this agreement.

We expect Reuters News total and organic revenue growth to be between 2% and 3% in the third quarter of 2021, driven by all Reuters News business lines.

Segment adjusted EBITDA and the related margins increased in both periods primarily due to higher revenues and cost savings initiatives from 2020. Foreign currency negatively impacted the year-over-year change in segment adjusted EBITDA margin by 300bp and 270bp in the second quarter and six-month period, respectively.

 

 

 

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Global Print

 

     
   

 

Three months ended June 30,

 

   

 

Six months ended June 30,

 

 
               

Change

 

               

Change

 

 
   (millions of U.S. dollars, except margins)   2021     2020     Total     Constant
Currency
    Organic     2021     2020     Total     Constant
Currency
    Organic  

   Revenues

 

 

147

 

 

 

134

 

 

 

9%

 

 

 

6%

 

 

 

6%

 

 

 

290

 

 

 

289

 

 

 

-

 

 

 

(2%)

 

 

 

(2%)

 

   Segment adjusted EBITDA

 

 

56

 

 

 

54

 

 

 

2%

 

 

 

(1%)

 

   

 

113

 

 

 

117

 

 

 

(4%)

 

 

 

(6%)

 

 

   Segment adjusted EBITDA margin

 

 

37.9%

 

 

 

40.5%

 

 

 

(260)bp

 

 

 

(280)bp

 

         

 

38.9%

 

 

 

40.5%

 

 

 

(160)bp

 

 

 

(190)bp

 

       

Revenues increased in total, constant currency, and on an organic basis in the second quarter driven by higher third-party revenues for printing services and an increase in shipments reflecting a gradual return to office by the segment’s customers. The quarter’s performance also reflected a favorable comparison to the second quarter of 2020 when shipments were delayed at the beginning of the COVID-19 pandemic. In the six-month period, revenues were slightly higher due to the favorable impact of foreign currency, but decreased in constant currency and on an organic basis. We expect Global Print revenues to decline between 5% and 8% in the third quarter and to decline between 4% and 7% for the full year.

Segment adjusted EBITDA increased slightly in the second quarter and decreased in the six-month period. The related margins decreased in both periods due to higher expenses and the dilutive impact of lower margin third-party print revenues. Foreign currency benefited the year-over-year change in segment adjusted EBITDA margin by 20bp and 30bp in the second quarter and six-month period, respectively.

Corporate costs

 

     
   

 

Three months ended June 30,

 

   

 

Six months ended June 30,

 

 
   (millions of U.S. dollars)   2021     2020     2021     2020  

   Corporate costs

 

 

76

 

 

 

26

 

 

 

126

 

 

 

59

 

The increase in Corporate costs primarily reflected $41 million and $52 million of Change Program expenses in the second quarter and six-month period, respectively. We continue to expect between $175 million and $200 million of Change Program expenses for the full year 2021.

 

 

 

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Liquidity and Capital Resources

We have historically maintained a disciplined capital strategy that balances growth, long-term financial leverage, credit ratings and returns to shareholders. We are focused on having the investment capacity to drive revenue growth, both organically and through acquisitions, while also maintaining our long-term financial leverage and credit ratings and continuing to provide returns to shareholders. Our principal sources of liquidity are cash on hand, cash provided by our operations, our commercial paper program and credit facility. From time to time, we also issue debt securities. Our principal uses of cash are for debt repayments, debt servicing costs, dividend payments, capital expenditures, share repurchases and acquisitions.

To date, we have not experienced any significant adverse impacts to our liquidity from the economic crisis caused by COVID-19. We continue to believe that we can weather the periods of volatility that are likely to occur as a result of the ongoing crisis, as our capital strategy approach has provided us with a strong capital structure and liquidity position. At June 30, 2021, we had $2.3 billion of cash on hand. Over the remainder of 2021, we expect to use about $415 million of our cash balance to pay the remaining income taxes on the sale of Refinitiv to LSEG and on the subsequent sale of some of our LSEG shares. We also expect to use about $266 million of cash to fund advance payments to the U.K. tax authorities in connection with an ongoing audit. We plan to repurchase some of our common shares, as described below, as well.

We expect that the operating leverage of our business will increase our free cash flow if we increase revenues as contemplated by our outlook. We target a maximum leverage ratio of 2.5x net debt to adjusted EBITDA and have set a target to pay out 50% to 60% of our expected free cash flow as dividends to our shareholders. We completed a $200 million share repurchase program during the first quarter of 2021 to offset the dilution associated with our dividend reinvestment and equity incentive plans. On August 5, 2021, we announced that we plan to repurchase up to $1.2 billion of our common shares (refer to the Share Repurchases - Normal Course Issuer Bid (NCIB) section below). In the future, we expect that proceeds from sales of LSEG shares after the expiration of the applicable contractual lock-up provisions, as discussed in the “Sale of Refinitiv to LSEG” section of this management’s discussion and analysis, will provide us with further options for investment and returns to shareholders.

Our net debt to adjusted EBITDA leverage ratio as of June 30, 2021 was approximately 0.8:1, which is lower than our target of 2.5:1. As calculated under our credit facility covenant, our net debt to adjusted EBITDA leverage ratio at June 30, 2021 was 0.6:1, which is well below the maximum leverage ratio allowed under the credit facility of 4.5:1. None of our debt securities are scheduled to mature until 2023.

We believe that our existing sources of liquidity will be sufficient to fund our projected cash requirements for the next 12 months.

The information above and in this section is forward-looking and should be read in conjunction with the section entitled “Additional Information—Cautionary Note Concerning Factors That May Affect Future Results”.

Cash flow

Summary of consolidated statement of cash flow

 

     
    

 

Three months ended June 30,

 

    

 

Six months ended June 30,

 

 

   (millions of U.S. dollars)

  

2021

    

2020

    

$ Change

    

2021

    

2020

    

$ Change

 

   Net cash provided by operating activities

  

 

462

 

  

 

422

 

  

 

40

 

  

 

842

 

  

 

598

 

  

 

244

 

   Net cash (used in) provided by investing activities

  

 

(489)

 

  

 

(93)

 

  

 

(396)

 

  

 

340

 

  

 

(342)

 

  

 

682

 

   Net cash used in financing activities

  

 

(216)

 

  

 

(205)

 

  

 

(11)

 

  

 

(627)

 

  

 

(125)

 

  

 

(502)

 

   (Decrease) increase in cash and bank overdrafts

  

 

(243)

 

  

 

124

 

  

 

(367)

 

  

 

555

 

  

 

131

 

  

 

424

 

   Translation adjustments

  

 

1

 

  

 

-

 

  

 

1

 

  

 

-

 

  

 

(10)

 

  

 

10

 

   Cash and bank overdrafts at beginning of period

  

 

2,584

 

  

 

822

 

  

 

1,762

 

  

 

1,787

 

  

 

825

 

  

 

962

 

   Cash and bank overdrafts at end of period

  

 

2,342

 

  

 

946

 

  

 

1,396

 

  

 

2,342

 

  

 

946

 

  

 

1,396

 

   Non-IFRS Financial Measure(1)

                 

   Free cash flow

  

 

379

 

  

 

305

 

  

 

74

 

  

 

618

 

  

 

340

 

  

 

278

 

 

(1)

Refer to Appendices A and B of this management’s discussion and analysis for additional information and reconciliations of our non-IFRS financial measures to the most directly comparable IFRS financial measure.

Operating activities. Net cash provided by operating activities increased in both periods as higher revenues and favorable movements in working capital more than offset higher tax payments and higher expenses, which included Change Program-related costs. In the six-month period, working capital was also favorable due to lower bonus payments, which reflected the impact of COVID-19 in 2020, and because the prior-year period included costs and investments to reposition our company following the separation of our former F&R business.

 

 

 

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Investing activities. In the second quarter of 2021, net cash used in investing activities included $438 million of taxes paid on the sale of Refinitiv and the subsequent sale of LSEG shares as discussed in the “Sale of Refinitiv to LSEG” section of this management’s discussion and analysis, as well as $113 million of capital expenditures. These outflows were partly offset by a $51 million dividend from LSEG. In the second quarter of 2020, net cash used in investing activities included capital expenditures of $145 million that were partly offset by proceeds from the sale of certain real estate.

In the six-month period of 2021, net cash provided by investing activities reflected $1,045 million of dividends, which included $994 million in connection with the sale of LSEG shares and $51 million paid by LSEG. The dividends were partly offset by associated tax payments as well as taxes on the sale of Refinitiv. Capital expenditures were $233 million in the six-month period of 2021. In the six-month period of 2020, net cash used in investing activities reflected $287 million of capital expenditures, as well as spending to acquire Pondera Solutions, a provider of technology and advanced analytics to combat fraud, waste and abuse in healthcare and large government programs. These outflows were partly offset by the proceeds from the sale of certain real estate.

Financing activities. In the second quarter of 2021 and 2020, net cash used in financing activities was primarily comprised of dividends on common shares. Net cash used in financing activities in the six-month period of 2021 and 2020 was comprised of dividends on common shares as well as share repurchases totaling $588 million and $564 million, respectively. The six-month period of 2020 also included $492 million of proceeds from net borrowings of debt. In May 2020, we repaid our borrowings under the credit facility primarily with the proceeds we received from our May 2020 debt issuance. Refer to the “Commercial paper program”, “Credit facility” and “Long-term debt” subsections below for additional information regarding our debt activity.

Cash and bank overdrafts. The increase in cash and cash and bank overdrafts was primarily due to proceeds from the sale of LSEG shares. Additionally, we received $367 million in after-tax net proceeds from the sale of an investment in December 2020.

Free cash flow. Free cash flow increased in both periods primarily due to higher cash flows from operating activities and the $51 million dividend paid by LSEG in the second quarter.

Additional information about our debt, dividends and share repurchases is as follows:

 

   

Commercial paper program. Our $1.8 billion commercial paper program provides cost-effective and flexible short-term funding. There was no outstanding commercial paper at June 30, 2021. In January 2020, we issued $630 million of commercial paper, the proceeds of which were used to redeem debt obligations ahead of their maturity. Most of the commercial paper was repaid in February and March 2020, primarily from funds borrowed under our credit facility.

 

   

Credit facility. We have a $1.8 billion syndicated credit facility agreement which matures in December 2024 and may be used to provide liquidity for general corporate purposes (including acquisitions or support for our commercial paper program). There were no outstanding borrowings under the credit facility at June 30, 2021. We borrowed $1.0 billion in the first three months of 2020, of which a portion of the proceeds was used to repay commercial paper. In May 2020, we repaid our borrowings under the credit facility primarily with the proceeds we received from our May 2020 debt issuance. Based on our current credit ratings, the cost of borrowing under the facility is priced at LIBOR/EURIBOR plus 112.5 basis points. We have the option to request an increase, subject to approval by applicable lenders, in the lenders’ commitments in an aggregate amount of $600 million for a maximum credit facility commitment of $2.4 billion.

 

 

The U.K. Financial Conduct Authority, which regulates LIBOR, is phasing out the majority of LIBOR rates globally by the end of 2021. Key alternative reference rates have been established and progress continues to be made in establishing better liquidity and term structures required to efficiently replace the existing LIBOR structures. With the exception of the LIBOR-based benchmarks within our external credit facility, we have no material agreements with third parties that use or reference LIBOR as a benchmark rate which require amendment.

 

 

If our debt rating is downgraded by Moody’s or S&P, our facility fees and borrowing costs may increase, although availability would be unaffected. Conversely, an upgrade in our ratings may reduce our facility fees and borrowing costs. We also monitor the lenders that are party to our facility and believe they continue to be able to lend to us.

 

 

We guarantee borrowings by our subsidiaries under the credit facility. We must also maintain a ratio of net debt as defined in the credit agreement (total debt after swaps less cash and cash equivalents) as of the last day of each fiscal quarter to EBITDA as defined in the credit agreement (earnings before interest, income taxes, depreciation and amortization and other modifications described in the credit agreement) for the last four quarters ended of not more than 4.5:1. If we complete an acquisition with a purchase price of over $500 million, the ratio of net debt to EBITDA would temporarily increase to 5.0:1 for three quarters after completion, at which time the ratio would revert to 4.5:1. As of June 30, 2021, we were in compliance with this covenant as our ratio of net debt to EBITDA, as calculated under the terms of our syndicated credit facility, was 0.6:1.

 

 

 

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Long-term debt. We did not issue notes or make any debt repayments in the six months ended June 30, 2021. The following table provides information regarding notes that we issued and repaid in the six months ended June 30, 2020.

 

MONTH/YEAR    TRANSACTION    PRINCIPAL AMOUNT (IN MILLIONS)
     Notes issued     
May 2020    2.239% Notes, due 2025    C$1,400
     Notes repaid     
January 2020    3.309% Notes, due 2021    C$550
January 2020    3.95% Notes, due 2021    US$139

 

 

The notes issued in May 2020 were immediately swapped into U.S. dollars and we used the $999 million of net proceeds for general corporate purposes, which included repayment of borrowings under our credit facility.

 

 

In January 2020, we repaid notes prior to their scheduled maturity dates for $640 million. This amount included early redemption premiums and the settlement of cross-currency swaps. The repayments were funded with commercial paper borrowings.

 

 

Thomson Reuters Corporation and one of its U.S. subsidiaries, TR Finance LLC, may collectively issue up to $3.0 billion of unsecured debt securities from time to time through August 6, 2022 under a base shelf prospectus. Any debt securities issued by TR Finance LLC will be fully and unconditionally guaranteed on an unsecured basis by Thomson Reuters Corporation and three U.S. subsidiary guarantors, which are also indirect 100%-owned and consolidated subsidiaries of Thomson Reuters Corporation. Except for TR Finance LLC and the subsidiary guarantors, none of Thomson Reuters Corporation’s other subsidiaries have guaranteed or would otherwise become obligated with respect to any issued TR Finance LLC debt securities. As of August 5, 2021, neither Thomson Reuters Corporation nor TR Finance LLC has issued any debt securities under the prospectus. Please refer to Appendix D of this management’s discussion and analysis for condensed consolidating financial information about TR Finance LLC and the subsidiary guarantors.

 

   

Credit ratings. Our access to financing depends on, among other things, suitable market conditions and the maintenance of suitable long-term credit ratings. Our credit ratings may be adversely affected by various factors, including increased debt levels, decreased earnings, declines in customer demand, increased competition, a deterioration in general economic and business conditions and adverse publicity. Any downgrades in our credit ratings may impede our access to the debt markets or result in higher borrowing rates.

 

 

In May 2021, Moody’s affirmed our credit ratings and raised our Outlook to Positive from Stable, citing the strength of our business and strong liquidity position, among other items.

 

 

The following table sets forth the credit ratings from rating agencies in respect of our outstanding securities as of the date of this management’s discussion and analysis:

 

     

Moody’s

  

S&P Global Ratings

  

DBRS Limited

 

Fitch

   Long-term debt

  

Baa2

  

BBB

  

BBB (high)

 

BBB+

   Commercial paper

  

P-2

  

A-2

  

R-2 (high)

 

F1

   Trend/Outlook

  

Positive

  

Stable

  

Stable

 

Stable

 

 

These credit ratings are not recommendations to purchase, hold, or sell securities and do not address the market price or suitability of a specific security for a particular investor. Credit ratings may not reflect the potential impact of all risks on the value of securities. We cannot assure you that our credit ratings will not be lowered in the future or that rating agencies will not issue adverse commentaries regarding our securities.

 

 

Dividends. Dividends on our common shares are declared in U.S. dollars. In February 2021, we announced a $0.10 per share increase in the annualized dividend to $1.62 per common share (beginning with the common share dividend that we paid in March 2021). In our consolidated statement of cash flow, dividends paid on common shares are shown net of amounts reinvested in our company under our dividend reinvestment plan (DRIP). Registered holders of common shares may participate in our DRIP, under which cash dividends are automatically reinvested in new common shares. Common shares are valued at the weighted-average price at which the shares traded on the Toronto Stock Exchange (TSX) during the five trading days immediately preceding the record date for the dividend.

 

 

 

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Details of dividends declared per common share and dividends paid on common shares are as follows:    

 

     

 

Three months ended June 30,

 

    

 

Six months ended June 30,

 

 

   (millions of U.S. dollars, except per share amounts)

  

        2021        

    

        2020        

    

        2021        

    

        2020        

 

   Dividends declared per share

  

$

0.405        

 

  

$

0.380        

 

  

$

0.810        

 

  

$

0.760        

 

   Dividends declared

  

 

200        

 

  

 

188        

 

  

 

400        

 

  

 

376        

 

   Dividends reinvested

  

 

(6)        

 

  

 

(6)        

 

  

 

(12)        

 

  

 

(12)        

 

   Dividends paid

  

 

194        

 

  

 

182        

 

  

 

388        

 

  

 

364        

 

 

 

Share repurchases – Normal Course Issuer Bid (NCIB). We may buy back shares (and subsequently cancel them) from time to time as part of our capital strategy. On August 5, 2021, we announced that we plan to repurchase up to $1.2 billion of our common shares (refer to the “Subsequent Events’’ section of this management’s discussion and analysis for additional information). This new buyback program is in addition to the $200 million repurchase program that was completed in February 2021. Share repurchases are typically executed under a NCIB. Shares will be repurchased for the new buyback program under an amended NCIB, which was approved by the TSX. The amended NCIB will become effective on August 10, 2021. The amended NCIB increases the maximum number of common shares that may be repurchased by an additional 15 million. Under the amended NCIB, up to 20 million common shares may be repurchased between January 4, 2021 and January 3, 2022. The NCIB, as originally approved in December 2020, contemplated the repurchase of up to 5 million common shares. Under the amended NCIB, we may repurchase common shares in open market transactions on the TSX, the NYSE and/or other exchanges and alternative trading systems, if eligible, or by such other means as may be permitted by the TSX and/or NYSE or under applicable law, including private agreement purchases if we receive an issuer bid exemption order from applicable securities regulatory authorities in Canada for such purchases. The price that our company will pay for shares in open market transactions under the NCIB will be the market price at the time of purchase or such other price as may be permitted by TSX.

 

 

We did not repurchase any shares in the three months ended June 30, 2021 and 2020. Details of share repurchases under the NCIB for the six months ended June 30, 2021 and 2020 were as follows:

 

     

 

Six months ended June 30,

 

 
     

        2021        

    

        2020        

 

   Share repurchases (millions of U.S. dollars)