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Deadline Shifts Thomson Tax and Accounting Revs

The postponement of the income tax filing deadline helped the top line for Thomson Reuters Tax & Accounting for the third quarter ended September 30.  However, currency changes meant the $165 million for the most recently ended period showed no growtheyear over year.

 The segment was up 3 percent in constant currency and 10 percent organically for the quarter.  Revenue for the nine months of $551 million, however, was down 3 percent from $569 million in last year’s corresponding period with no impact on currency

Revenue growth was hurt by the loss of revenue from the Aumentum government business, which was sold in November 2019. It benefited by 3.8 percent from the shift of pay-per-return tax filings from the second quarter to the third quarter because of the tax deadline shift. That pushed transaction revenues, which are 19 percent of the total, up 25 percent.

Tax and Accounting had EBITDA of $47 million, up 42 percent from $33 million in last year’s corresponding quarter.

Overall, third-quarter net income of $244 million compared to a loss of $44 million a year ago. Company revenue was $1.44 billion, up 3 percent from $1.41 billion for the compared third quarters.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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