Thomson Reuters Corporation (NYSE:TRI) Q4 2023 Earnings Conference Call February 8, 2024 9:00 AM ET
Company Participants
Gary Bisbee - Head of Investor Relations
Steve Hasker - President, CEO and Director
Mike Eastwood - Chief Financial Officer
Conference Call Participants
Scott Fletcher - CIBC
Drew McReynolds - RBC
Kevin McVeigh - UBS
Tim Casey - BMO Capital Market.
George Tong - Goldman Sachs
Wahid Amin - Bank of America
Manav Patnaik - Barclays
Maher Yaghi - Scotiabank
Doug Arthur - Huber Research
Operator
Good day, everyone, and welcome to the Thomson Reuters Q4 2023Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the call over to Gary Bisbee. Please go ahead, sir.
Gary Bisbee
Thank you, Jennifer. Good morning, and thank you for joining us today for our fourth quarter 2023 earnings call. I'm joined today by our CEO, Steve Hasker; and our CFO, Mike Eastwood, each of whom will discuss our results and take your questions following their remarks. [Operator Instructions]
Throughout today's presentation, when we compare performance period-on-period, we discuss revenue growth rates before currency as well as on an organic basis. We believe this provides the best basis to measure the underlying performance of the business.
Today's presentation contains forward-looking statements and non-IFRS financial measures. Actual results may differ materially due to a number of risks and uncertainties discussed in reports and filings that we provide to regulatory agencies. You may access these documents on our website or by contacting our Investor Relations department.
Let me now turn it over to Steve Hasker.
Steve Hasker
Thank you, Gary, and thanks to all of you for joining us today. 2023 was a year of continued progress at Thomson Reuters. So let me start by reviewing some of our key accomplishments. Firstly, we delivered another year of good financial results meeting or exceeding our key financial targets. Full year organic revenue grew 6% with the fourth quarter growing at 7%. The Big 3 segments also accelerated in Q4, growing 8% versus 7% for the full year, despite lingering inflationary pressures and heavy investment.
Our full year adjusted EBITDA margin rose by 420 basis points to 39.3%, and we delivered $1.9 billion of free cash flow, slightly ahead of target. Although the macroeconomic and geopolitical backdrop remains uncertain, we have many areas of strength in our portfolio. Westlaw Precision’s strong performance continues. Our international businesses maintain their growth trajectory in the teams, and we have many other products delivering double-digit revenue growth, including Practical Law, Confirmation, SurePrep, and HighQ