I do not want to say this is impossible with conditional formatting as I think if the text is a merge variable or field you can set that in the calculation with a Let, but not sure.
The easier thing you may want to look at is text that is hidden when "not IsEmpty (Field)".
Before hiding objects was available the trick was to make the text extremely small and a similar color to the background to hide it and then make it large in a visible color with conditional formatting.
I think I would put the text on the layout in whatever color, size, etc. that you want. Then use this in the "Hide object when":
It's a little reverse. You are showing the text all the time, but hiding when there is something in the field 'Reporting'.
No need to use Conditional Formatting. It will just be visible when needed. It will PRINT when visible, but not print otherwise.