Consolidated income statement

In millions of US dollars, except per share amounts

Year ended December 31,
Continuing operations20172016
Revenues$11,333$11,166
Operating expenses(8,079)(8,232)
Depreciation(296)(313)
Amortization of computer software(699)(711)
Amortization of other identifiable intangible assets(468)(528)
Other operating (losses), gains, net(36)8
Operating profit1,7551,390
Finance costs, net:
Net interest expense(362)(403)
Other finance (costs) income(203)50
Income before tax and equity method investments1,1901,037
Share of post-tax (losses) earnings in equity method investments(2)4
Tax benefit27415
Earnings from continuing operations1,4621,056
(Loss) earnings from discontinued operations, net of tax(3)2,093
Net earnings$1,459$3,149
Earnings attributable to:
Common shareholders1,3953,098
Non-controlling interests6451
Earnings per share
Basic earnings per share:
From continuing operations$1.94$1.34
From discontinued operations-2.80
Basic earnings per share$1.94$4.14
Diluted earnings per share:
From continuing operations$1.94$1.34
From discontinued operations-$2.79
Diluted earnings per share$1.94$4.13

Revenues and non-IFRS financial measures1

Adjusted EBITDA2, Adjusted EBITDA less Capital Expenditures2, related margins, and Adjusted EPS3
In millions of US dollars, except per share amounts
(unaudited)

Revenues

2016
$11,166
2017
$11,333

Adjusted EBITDA

20167
$2,954
$3,166
2017
$3,437
Including Charges
Excluding Charges

Adjusted EBITDA margin %

20167
26.5%
28.4%
2017
30.3%
Including Charges
Excluding Charges

Adjusted EBITDA less capital expenditures

2016
$2,049
2017
$2,487

Adjusted EBITDA less capital expenditures margin %

2016
18.4%
2017
21.9%

Adjusted earnings per share

20167
$1.79
$2.07
2017
$2.51
Including Charges
Excluding Charges

Revenue profile1

Revenues by media, region and type
Year ended December 31, 2017
(unaudited)

93% Electronic, software & services

7% Print

100%

62% Americas

27% EMEA

11% Asia Pacific

100%

86% Subscription or similar arrangements

14% Other

100%

Business segment revenue1

In millions of US dollars
(unaudited)

Year ended December 31,Change
Revenues20172016TotalForeign Currency6Constant Currency6
Financial & Risk$6,112$6,0571%0%1%
Legal3,3903,3671%0%1%
Tax & Accounting1,5511,4527%1%6%
Corporate & Other (Reuters News)296304-3%0%-3%
Eliminations(16)(14)
Revenues$11,333$11,1661%-1%2%

Business segment adjusted EBITDA1,2

In millions of US dollars, except margins
(unaudited)

Year ended December 31,ChangeMarginExcluding Charges7
20172016Total201720162016ChangeMargin
Adjusted EBITDA
Financial & Risk$1,916$1,62918%31.3%26.9%$1,7967%29.7%
Legal1,2791,2324%37.7%36.6%1,2582%37.4%
Tax & Accounting49541420%31.9%28.5%43215%29.8%
Corporate & Other (includes Reuters News)(253)(321) (320)
Adjusted EBITDA$3,437$2,95416%30.3%26.5%$3,1669%28.4%

Free cash flow1,4,7

In millions of US dollars
(unaudited)

2016
Free cash flow
$2,022
$2,061
Free cash flow excluding discontinued operations5
$1,976
$2,015
Including Charges
Excluding Charges
2017
Free cash flow
$1,032
Free cash flow excluding discontinued operations5
$1,088
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