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  "documentTitle": "LSE | Investor Presentation Deck | 41 slides",
  "authorId": "lse",
  "authorName": "London Stock Exchange Group",
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  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2020-03-01 00:00:00",
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  "notes": "The chart specifically bridges expenses from 2018 to 2019 using a waterfall methodology.",
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      "text": "Note: Excluding amortisation of purchased intangibles, non-underlying items and cost of sales. Inorganic includes costs for businesses held for less than 12 months in either period: Beyond Ratings. Net underlying operating expenses includes a £31 million IFRS 16 benefit, Net underlying D&A includes £26 million IFRS 16 impact",
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      "text": "Operating expenses before depreciation and amortisation: £839m (2018: £834m); Headcount reduction programme in 2019: £17m achieved; Organic investment for growth and operational improvements driving depreciation – 2019: £200m (2018: £135m)",
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