Thomson Reuters Corp Q1 2020 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Y. Cho - JP Morgan Chase & Co, Research Division - Analyst : This is Michael Cho on for Andrew. My first question, I'm just hoping you can unpack the revenue pressure from the installation delays and net new sales across the Big 3 segments. I guess, can you just give us a sense of the contribution from each of the Big 3 segments? And are there any segment of clients that you think that the potential rebound could be delayed?

Question: Y. Cho - JP Morgan Chase & Co, Research Division - Analyst : That's great. And if I could just squeeze one in on cash flow. In the cash flow, what's the 2020 free cash flow impact from the customer collection delays that you called out? And is there a particular subset of clients that you think might have higher variability?

Question: Vince Valentini - TD Securities Equity Research - Analyst : Yes. One clarification and one question. Mike, you said 25% tax on the $7.6 billion value for your LSE shares. Can you just confirm there's 0 cost base there, so you'll expect to pay a full 25% in 4 years?

Question: Vince Valentini - TD Securities Equity Research - Analyst : And second question, if I can just try to unpack your Slide 29 a little bit. Prior to the COVID crisis, you had certainly been expecting the organic growth in 2021 to be at least as good as 2020. If I look at this slide, and you're taking these somewhat onetime hits in the Events business and installation revenue, is there any reason -- if we go with your base case scenario that the economy is recovering by the second half of the year, is there any reason not to think that if you expected 5% organic revenue growth before, that you'd now expect 7% organic revenue growth in 2021?