Thomson Reuters Corp (TRI) 2023 Q3 法說會逐字稿

Good day, everyone, and welcome to the Thomson Reuters Third Quarter Earnings Call. Today's conference is being recorded.

大家好，歡迎參加湯森路透第三季財報電話會議。今天的會議正在錄製中。

At this time, I'd like to turn the call over to Gary Bisbee, Head of Investor Relations. Please go ahead.

現在，我想將電話轉給投資者關係主管 Gary Bisbee。請繼續。

Thank you, Ali. Good morning, everybody, and thank you for joining us today for our third quarter 2023 earnings call. I'm joined today by our CEO, Steve Hasker; and our CFO, Mike Eastwood, each of whom will discuss our results and take your questions following their remarks. (Operator Instructions)

謝謝你，阿里。大家早安，感謝您今天參加我們的 2023 年第三季財報電話會議。今天我們的執行長 Steve Hasker 也加入了我的行列。以及我們的財務長 Mike Eastwood，他們將在發言後討論我們的結果並回答您的問題。 （操作員說明）

Throughout today's presentation, when we compare performance period-on-period, we discuss revenue growth rates before currency as well as on an organic basis. We believe this provides the best basis to measure the underlying performance of the business.

在今天的演示中，當我們比較同期業績時，我們討論了貨幣之前的收入增長率以及有機基礎上的收入增長率。我們相信這為衡量業務的基本績效提供了最佳基礎。

I'd like to highlight this quarter a change -- slight change to our non-IFRS measures. Beginning with this quarter's results, we now add back to adjusted earnings the noncash intangible amortization expense related to acquired software. Mike will discuss this change in more detail in a few minutes. To help with your models, note that we've posted a historical restatement or revision of the non-IFRS calculation to the IR website.

我想強調本季的一個變化——我們的非國際財務報告準則措施的輕微變化。從本季的業績開始，我們現在將與收購的軟體相關的非現金無形攤銷費用重新添加到調整後的收益中。麥克將在幾分鐘內更詳細地討論這項變更。為了幫助您建立模型，請注意，我們已將非 IFRS 計算的歷史重述或修訂發佈到 IR 網站。

Today's presentation contains forward-looking statements and non-IFRS financial measures. Actual results may differ materially due to a number of risks and uncertainties discussed in reports and filings that we provide to regulatory agencies. You may access these documents on our website or by contacting our Investor Relations department.

今天的簡報包含前瞻性陳述和非國際財務報告準則財務指標。由於我們向監管機構提供的報告和文件中討論的許多風險和不確定性，實際結果可能存在重大差異。您可以在我們的網站上或聯絡我們的投資者關係部門存取這些文件。

Let me now turn it over to Steve Hasker.

現在讓我把它交給史蒂夫·哈斯克。

Thank you, Gary, and thanks to all of you for joining us today.

謝謝你，加里，也謝謝大家今天加入我們。

Let me start by saying that we are deeply saddened to learn that on Friday, October 13, Reuters visual journalist, Issam Abdallah, was killed when a shell hit him while he was filming cross-border fire between Israel and Lebanon. Thaer Al-Sudani and Maher Nazeh, 2 other Reuters journalists, and colleagues from AFP and Al Jazeera were also injured in the shelling.

首先我要說的是，我們深感悲痛地獲悉，10 月13 日星期五，路透社視覺記者伊薩姆·阿卜杜拉(Issam Abdallah) 在拍攝以色列和黎巴嫩之間的跨境交火時被砲彈擊中身亡。另外兩名路透社記者 Thaer Al-Sudani 和 Maher Nazeh，以及法新社和半島電視台的同事也在砲擊中受傷。

Issam was an experienced, talented and passionate journalist. And his loss is deeply felt in our newsrooms and across Thomson Reuters. Our thoughts are with Issam's friends and family as well as our Reuters colleagues who continue to report in escalating conditions from Gaza. Reporting on world events with accuracy, integrity, independence and freedom from bias is core to what we stand for, and it's critically important for our journalists to be able to do so safely.

伊薩姆是一位經驗豐富、有才華且充滿熱情的記者。我們的新聞編輯室和整個湯森路透都對他的去世深感痛心。我們與伊薩姆的朋友和家人以及繼續報導加薩不斷升級的局勢的路透社同事同在。準確、誠信、獨立和無偏見地報道世界事件是我們所主張的核心，對於我們的記者來說，能夠安全地報道這一點至關重要。

Now I'll move to reviewing our Q3 highlights. Solid momentum continued in the third quarter with revenue largely in line and margins ahead of our expectations. As was the case in the second quarter, a majority of the margin beat resulted from the timing of expenses, which we expect to largely normalize in the fourth quarter. Mike will provide further explanation and context.

現在我將回顧我們第三季的亮點。第三季持續保持強勁勢頭，營收基本上符合我們的預期，利潤率超出了我們的預期。與第二季的情況一樣，大部分利潤率超出預期是由於支出時間安排所致，我們預計支出時間將在第四季度基本正常化。麥克將提供進一步的解釋和背景。

Total company organic revenues grew 6%, driven by healthy recurring and transactional growth. The Big 3 segments grew 7% organically. We continue to see good momentum from many areas in our portfolio. Westlaw Precision's strong start continues with more than 3,000 sales to date. It is earning a large and rising premium that supports the upcoming launch of generative AI capabilities.

在健康的經常性成長和交易成長的推動下，公司總有機收入成長了 6%。三大細分市場有機成長 7%。我們繼續看到我們投資組合中許多領域的良好勢頭。 Westlaw Precision 繼續保持強勁的開局，迄今為止銷量已超過 3,000 台。它賺取了大量且不斷上漲的溢價，支援即將推出的生成式人工智慧功能。

Our international businesses continued their double-digit trajectory with 14% organic growth. And many of our key products remain double-digit growers, including Practical Law, Confirmation, SurePrep and HighQ. These areas of strength are tempered somewhat by an uncertain macro backdrop and tighter customer discretionary budgets, particularly in our Corporates segment. Sales cycles at Corporates remained elongated, and growth from digital advertising and the events business at Reuters News remain subdued.

我們的國際業務持續保持兩位數的成長軌跡，有機成長 14%。我們的許多關鍵產品仍然保持兩位數成長，包括 Practical Law、Confirmation、SurePrep 和 HighQ。這些優勢領域在一定程度上受到不確定的宏觀背景和收緊的客戶可自由支配預算的影響，特別是在我們的企業部門。企業的銷售週期仍然拉長，路透社新聞的數位廣告和活動業務的成長仍然疲軟。

All in, we are largely maintaining our full year 2023 outlook, including for organic revenue growth, adjusted EBITDA margins and free cash flow. Mike will discuss several tweaks to other guidance items in a few minutes.

總而言之，我們基本上維持 2023 年全年展望，包括有機收入成長、調整後 EBITDA 利潤率和自由現金流。麥克將在幾分鐘內討論對其他指導項目的一些調整。

Looking forward, our confidence around the generative AI opportunities continues to strengthen. We made good progress against our build, partner, buy approach in the third quarter, closing the Casetext acquisition and continuing progress on our product road maps. Reaction to Casetext and our gen AI pilots has been extremely encouraging. Customers are taking the acquisition, our commitment to heavy investment and our product road maps as a clear sign of our intent to lead in the application of generative AI, and they have expressed their confidence and trust in our ability to do so.

展望未來，我們對生成式人工智慧機會的信心將持續增強。第三季度，我們在建造、合作夥伴、購買方法方面取得了良好進展，完成了對 Casetext 的收購，並在我們的產品路線圖上繼續取得進展。對 Casetext 和我們的一代 AI 試點的反應非常令人鼓舞。客戶將此次收購、我們對巨額投資的承諾以及我們的產品路線圖視為我們引領生成式人工智慧應用的意圖的明確標誌，他們對我們實現這一目標的能力表示了信心和信任。

During -- due to our growing conviction in the generative AI opportunities, we're accelerating our investment in the short term, which we expect will pay off through stronger growth over the next few years. And lastly, our capital capacity and liquidity remain a key asset that we are focused on deploying to create shareholder value, and we made good progress on this during the third quarter.

在此期間，由於我們對產生人工智慧機會的信心日益增強，我們正在短期內加速投資，我們預計這將透過未來幾年更強勁的成長獲得回報。最後，我們的資本能力和流動性仍然是我們專注於創造股東價值的關鍵資產，我們在第三季在這方面取得了良好進展。

We monetized an additional $1.5 billion of our LSEG stake in September, completed the acquisition of Casetext in August and have also completed 2 smaller bolt-on purchases. Today, we are launching a new $1 billion share repurchase program, and we plan to pay down a $600 million maturing debt issue later this month with cash on hand. We remain committed to a balanced capital allocation approach and continue to assess additional inorganic opportunities.

9 月份，我們將 LSEG 股份額外貨幣化了 15 億美元，8 月份完成了對 Casetext 的收購，也完成了 2 筆規模較小的補強收購。今天，我們將啟動一項新的 10 億美元股票回購計劃，並計劃在本月稍後用手頭現金償還 6 億美元的到期債務。我們仍然致力於平衡的資本配置方法，並繼續評估其他無機機會。

Now to the results for the quarter. Third quarter organic revenues grew 6%. Organic recurring and transactional revenue grew 7% and 9%, respectively, and Print revenue declined modestly as expected. Reported revenue grew 1% with currency having little impact; and net divestitures, a 5% drag.

現在來看本季的業績。第三季有機收入成長 6%。有機經常性收入和交易收入分別成長 7% 和 9%，印刷收入如預期小幅下降。報告營收成長 1%，貨幣影響不大；和淨資產剝離，拖累了 5%。

Adjusted EBITDA increased 18% to $632 million, reflecting a 560 basis point margin improvement to 39.6%. The margin expansion resulted in part from Change Program expenses in the prior year and expense timing that will largely normalize in the fourth quarter. Mike will discuss this in more detail. Adjusted earnings per share grew 41% from the prior year period to $0.82.

調整後 EBITDA 成長 18%，達到 6.32 億美元，利潤率提高 560 個基點，達到 39.6%。利潤率擴張的部分原因是去年的變更計劃費用以及費用時間將在第四季度基本正常化。麥克將更詳細地討論這個問題。調整後每股收益較上年同期成長 41%，達到 0.82 美元。

Turning to the third quarter results by segment, the Big 3 businesses achieved organic revenue growth of 7%. Legal organic revenue again grew 6%, driven by continued Westlaw Precision momentum. Demand for our key offerings remains healthy, led by Westlaw, Practical Law and HighQ. And customer interest in our AI-driven offerings and product road map remains extremely strong, including for CoCounsel, which we acquired as part of Casetext.

從第三季各細分業務的業績來看，三大業務實現了 7% 的有機收入成長。在 Westlaw Precision 持續成長動能的推動下，合法有機收入再次成長 6%。在 Westlaw、Practical Law 和 HighQ 的推動下，對我們主要產品的需求依然強勁。客戶對我們的人工智慧驅動的產品和產品路線圖仍然非常感興趣，包括我們作為 Casetext 的一部分收購的 CoCounsel。

Corporates organic revenue growth remained stable with last quarter at 7%. Recurring revenue grew at 8%, while transaction revenue was slightly lower. Practical Law, Indirect Tax, CLEAR and our international regions remain key growth drivers.

企業有機收入成長維持穩定，上季為 7%。經常性收入成長 8%，而交易收入略有下降。實用法、間接稅、CLEAR 和我們的國際地區仍然是主要的成長動力。

Tax & Accounting organic revenue growth rose 12% with recurring revenue up 9% and transactional up 20%. Our Latin America operations, Confirmation and SurePrep each contributed meaningfully to growth.

稅務和會計有機收入成長 12%，其中經常性收入成長 9%，交易收入成長 20%。我們的拉丁美洲業務、Confirmation 和 SurePrep 均對成長做出了有意義的貢獻。

Reuters News organic revenues rose 3%, aided by the newest agreement with Data & Analytics business of LSEG and by timing in the events calendar, with more events in Q3 compared with the prior year. Digital advertising revenue improved slightly compared with recent quarters, though uneven macro trends remained a headwind.

路透社新聞有機收入成長了 3%，這得益於與 LSEG 數據與分析業務部門達成的最新協議以及活動日曆中的時間安排，第三季的活動數量比去年同期有所增加。與最近幾季相比，數位廣告收入略有改善，但宏觀趨勢不平衡仍然是一個阻力。

And lastly, Global Print organic revenues met our expectations, declining 4% year-over-year. In summary, we're pleased with our results and the solid momentum in the business.

最後，全球印刷有機收入符合我們的預期，年減 4%。總之，我們對我們的業績和業務的強勁勢頭感到滿意。

So before I turn it over to Mike, I'll provide a brief update on the Casetext acquisition and our generative AI product road map. We are very pleased to have closed the acquisition of Casetext on August 17. And we're excited CEO, Jake Heller, and his team are now part of Thomson Reuters. Early integration is off to a very good start, and collaboration amongst the teams is strong.

因此，在將其交給 Mike 之前，我將提供有關 Casetext 收購和我們的生成式 AI 產品路線圖的簡短更新。我們非常高興於 8 月 17 日完成了對 Casetext 的收購。我們很高興執行長 Jake Heller 和他的團隊現在成為湯森路透的一部分。早期整合有一個非常好的開始，團隊之間的協作也很強。

For example, our product teams are working well together as we begin to execute against the joint product road map. Integration of the Casetext go-to-market sales team into our Legal segment is underway. And we're moving quickly to take advantage of the high customer interest in our joint generative AI offerings. This includes work to accelerate our time line to bringing Casetext's non-research CoCounsel skills into several key overseas markets.

例如，當我們開始執行聯合產品路線圖時，我們的產品團隊合作得很好。 Casetext 上市銷售團隊正在整合到我們的法律部門。我們正在迅速採取行動，利用客戶對我們的聯合生成人工智慧產品的高度興趣。這包括加快我們將 Casetext 的非研究 CoCounsel 技能引入幾個關鍵海外市場的工作。

While the product road map work remains in its early stages, we have agreed on several key principles that will guide our generative AI approach. First, we are taking a best-of approach to bring generative AI to our legal research offerings that will result in a single legal research AI capability. This will leverage our extensive and proprietary Westlaw content and the best technology from Casetext and Thomson Reuters. Our teams are working well together, and our early testing shows this best-of-breed approach is yielding superior results.

雖然產品路線圖工作仍處於早期階段，但我們已經就幾項關鍵原則達成一致，這些原則將指導我們的生成式人工智慧方法。首先，我們正在採取最佳方法將生成式人工智慧引入我們的法律研究產品中，從而形成單一的法律研究人工智慧功能。這將利用我們廣泛且專有的 Westlaw 內容以及 Casetext 和湯森路透的最佳技術。我們的團隊合作良好，我們的早期測試表明這種最佳方法正在產生卓越的結果。

Second, we plan to brand all generative AI capabilities within our legal portfolio under the CoCounsel name. Industry reception to CoCounsel has been very strong, and we see an opportunity to leverage a consistent identity across our growing portfolio of generative AI offerings.

其次，我們計劃將我們法律產品組合中的所有生成式人工智慧功能打上 CoCounsel 的名稱。業界對 CoCounsel 的反應非常強烈，我們看到了在我們不斷增長的生成式人工智慧產品組合中利用一致身份的機會。

And third, we are working to embed and distribute the CoCounsel AI assistant across our legal offerings. Currently, while CoCounsel has very compelling skills, they're only available through the Casetext website. We see a big opportunity to bring CoCounsel's capabilities to the places attorneys work, including Westlaw, Practical Law, HighQ and third-party applications like Microsoft Word and Teams.

第三，我們正在努力在我們的法律產品中嵌入和分發 CoCounsel 人工智慧助理。目前，雖然 CoCounsel 擁有非常引人注目的技能，但只能透過 Casetext 網站獲得。我們看到了將 CoCounsel 的功能引入律師工作場所的巨大機會，包括 Westlaw、Practical Law、HighQ 以及 Microsoft Word 和 Teams 等第三方應用程式。

In addition to the branding and distribution, we see significant value for users from the AI assistant experience. CoCounsel will help to find the right skill for the problem the customer is trying to solve, which when available across a range of applications should provide meaningful workflow automation and user experience enhancements.

除了品牌和分銷之外，我們還看到人工智慧助理體驗為用戶帶來的巨大價值。 CoCounsel 將協助為客戶試圖解決的問題找到合適的技能，當這些技能適用於一系列應用程式時，應該可以提供有意義的工作流程自動化和使用者體驗增強。

And fourth, we will continue to aggressively invest to expand the skill that CoCounsel offers outside of legal research. Its current 7 non-research skills are an exciting opportunity for Thomson Reuters, and we have a compelling road map of future new skills in development. Our focus is to preserve the pace of development and innovation that Casetext brings as we grow the roster of skills and capabilities offered through CoCounsel.

第四，我們將繼續積極投資，擴展 CoCounsel 在法律研究之外提供的技能。目前的 7 項非研究技能對湯森路透來說是一個令人興奮的機會，我們擁有令人信服的未來新技能發展路線圖。我們的重點是隨著 CoCounsel 提供的技能和能力不斷增長，保持 Casetext 帶來的發展和創新步伐。

And lastly, we're building on a single technology platform. As part of our integration, we're building a common AI skills factory platform informed by Casetext technology that we believe will allow us to build future skills in a more scalable and faster way.

最後，我們正在建立一個單一的技術平台。作為整合的一部分，我們正在建立一個基於 Casetext 技術的通用人工智慧技能工廠平台，我們相信該平台將使我們能夠以更具可擴展性和更快的方式建立未來技能。

So looking forward, our confidence in the generative AI opportunity continues to strengthen. Our teams have moved with the speed and decisiveness never seen before at Thomson Reuters. Customer feedback and reaction to the Casetext acquisition, the Microsoft intelligent drafting announcement and our early pilots have all been very positive. We're excited about our product road map, which includes multiple key launches over the next few months.

因此，展望未來，我們對生成式人工智慧機會的信心將持續增強。我們的團隊以湯森路透前所未有的速度和果斷行動。客戶對 Casetext 收購、微軟智慧起草公告以及我們早期試點的回饋和反應都非常積極。我們對我們的產品路線圖感到興奮，其中包括未來幾個月的多項重要發布。

First up is bringing generative AI capabilities into Westlaw Precision, which will be debuted at a November 15 launch event in New York City. The AI-Assisted Research tool in Westlaw Precision provides an enhanced search experience and quality legal research memo output that leverages Westlaw's leading content along with technology from both TR and Casetext. Customer pilots have gone very well, and excitement around this capability drove September to be the strongest month to date for Precision upgrades.

首先是將生成式人工智慧功能引入 Westlaw Precision，該產品將於 11 月 15 日在紐約市舉行的發布會上首次亮相。 Westlaw Precision 中的人工智慧輔助研究工具利用 Westlaw 的領先內容以及 TR 和 Casetext 的技術，提供增強的搜尋體驗和高品質的法律研究備忘錄輸出。客戶試點進展順利，對該功能的興奮促使 9 月成為迄今為止 Precision 升級最強勁的月份。

We expect to deliver a number of additional key product launches by January 2024, including CoCounsel Core and Practical Law Answers. CoCounsel Core is our new offering based on the non-research skills currently offered in CoCounsel and will be supplemented by additional skill launches in Q4 2023 and 2024.

我們預計在 2024 年 1 月將推出更多關鍵產品，包括 CoCounsel Core 和 Practical Law Answers。 CoCounsel Core 是我們基於 CoCounsel 目前提供的非研究技能的新產品，並將在 2023 年第四季和 2024 年推出額外的技能作為補充。

Practical Law Answers is our generative AI-driven conversational experience within Practical Law. We expect to bring the Westlaw AI-Assisted Research, CoCounsel Core and Practical Law Answers offerings to additional geographies, including the U.K., Canada and Australia in 2024. And we have a strong pipeline of additional launches and capability enhancements that we expect to deliver through 2024.

Practical Law Answers 是我們在 Practical Law 中由人工智慧驅動的生成式對話體驗。我們預計在 2024 年將 Westlaw 人工智慧輔助研究、CoCounsel 核心和實用法律答案產品帶到更多地區，包括英國、加拿大和澳洲。我們擁有強大的額外發布和能力增強管道，我們希望透過這些服務來實現2024 年。

I'd also note that while this discussion is focused on our legal offerings, our teams are also innovating with generative AI in our Tax and Corporates markets. And we'll be sharing with customers a number of generative AI proof of concepts at our SYNERGY user conferences later this month. We look forward to updating you on our progress and the continued pipeline evolution over the next few quarters.

我還想指出，雖然本次討論的重點是我們的法律產品，但我們的團隊也在稅務和企業市場中利用生成式人工智慧進行創新。我們將在本月稍後的 SYNERGY 用戶會議上與客戶分享一些生成式 AI 概念證明。我們期待向您通報未來幾季我們的進展和持續的管道發展。

And I'll now turn it over to Mike to review our financial performance.

現在我將把它交給麥克來審查我們的財務表現。

Thanks, Steve. Thanks again for joining us today. As a reminder, I will talk to revenue growth before currency and on an organic basis.

謝謝，史蒂夫。再次感謝您今天加入我們。提醒一下，我將先討論收入成長，然後再討論貨幣成長和有機成長。

Let me start by discussing the third quarter revenue performance of our Big 3 segments. Organic revenue grew 7% for the third quarter, continuing the trend of 6% or better Big 3 growth that began in the second quarter of 2021. Total revenue rose 1%, including the impact of divestitures.

首先讓我討論一下我們三大業務部門第三季的營收表現。第三季有機收入成長 7%，延續了 2021 年第二季開始的 3 巨頭 6% 或更好的成長趨勢。總收入成長 1%，包括資產剝離的影響。

Legal Professionals organic revenue grew 6%, driven by continued Westlaw Precision momentum, the Elite divestiture and a partial quarter benefit from Casetext. Key drivers from a product perspective remain Westlaw, Practical Law, HighQ and our international businesses. We expect good momentum to continue in the fourth quarter.

在 Westlaw Precision 持續成長動能、Elite 資產剝離以及 Casetext 的部分季度收益的推動下，Legal Professionals 的有機收入成長了 6%。從產品角度來看，主要驅動力仍然是 Westlaw、Practical Law、HighQ 和我們的國際業務。我們預計第四季將繼續保持良好勢頭。

On Westlaw Precision, I am happy to report penetration trends continue to go well. After 13 months, Precision is at 15% penetration and is 25% ahead of Edge on a dollar basis.

在 Westlaw Precision 上，我很高興地報告滲透率趨勢持續良好。 13 個月後，Precision 的滲透率達到 15%，以美元計算比 Edge 領先 25%。

In our Corporates segment, organic revenue again grew 7%. We continue to feel the impacts of the sales cycle lengthening we have mentioned in recent quarters and expect fourth quarter growth to soften slightly, in part due to a difficult comparison.

在我們的企業部門，有機收入再次成長 7%。我們繼續感受到最近幾季提到的銷售週期延長的影響，並預計第四季度的成長將略有放緩，部分原因是難以進行比較。

Tax & Accounting had another good quarter, growing 12% organically. Recurring and transactional revenue grew 9% and 20%, respectively. We expect growth to moderate somewhat in the fourth quarter, driven by a lower seasonal mix from our fastest growth offerings.

稅務與會計部門又迎來了一個不錯的季度，有機成長 12%。經常性收入和交易收入分別成長 9% 和 20%。我們預計第四季度的成長將有所放緩，原因是我們成長最快的產品的季節性組合較低。

Moving to Reuters News, organic revenues increased 3%, meeting our expectations. Lastly, Global Print organic revenues decreased 4%, also in line with our expectations. On a consolidated basis, organic revenues increased 6% for the third quarter.

轉向路透新聞，有機收入成長了 3%，符合我們的預期。最後，全球印刷有機收入下降 4%，也符合我們的預期。綜合來看，第三季有機收入成長了 6%。

Turning to our profitability, adjusted EBITDA for the Big 3 segments was $566 million, up 7% from the prior year period with the 44% margin rising 210 basis points. This exceeded our prior expectations due to the timing of several expenses, including incentive compensation, acquisition integration-related costs and productivity initiatives. We expect certain of these timing factors to normalize in the fourth quarter.

談到我們的獲利能力，三大巨頭的調整後 EBITDA 為 5.66 億美元，比去年同期成長 7%，其中 44% 的利潤率成長了 210 個基點。由於多項費用的時間安排，包括激勵薪酬、收購整合相關成本和生產力計劃，這超出了我們先前的預期。我們預計其中某些時間因素將在第四季度恢復正常。

Moving to Reuters News, adjusted EBITDA was $37 million, up $4 million from the prior year with a margin of 20.4%. Revenue growth and a currency benefit drove margins. Global Print's adjusted EBITDA was $55 million with a margin of 39.6%, up 520 basis points. Editorial and plan expense timing benefited profitability, though we expect these to reverse in the fourth quarter.

轉向路透社新聞，調整後的 EBITDA 為 3700 萬美元，比前一年增加 400 萬美元，利潤率為 20.4%。收入成長和貨幣收益推動了利潤率。 Global Print 調整後 EBITDA 為 5,500 萬美元，利潤率為 39.6%，成長 520 個基點。編輯和計劃支出時間有利於盈利能力，儘管我們預計這些情況將在第四季度出現逆轉。

In aggregate, total company adjusted EBITDA was $632 million, an 18% increase versus Q3 2022. Excluding costs related to the Change Program in the prior period, adjusted EBITDA increased 9%.

整體而言，公司調整後 EBITDA 總額為 6.32 億美元，較 2022 年第三季成長 18%。不包括上一期間與變革計畫相關的成本，調整後 EBITDA 成長 9%。

Turning to earnings per share. Third quarter adjusted EPS was $0.82, up from $0.58 from the prior year period. The increase was mainly driven by higher adjusted EBITDA with the last 12-month share repurchases also contributing. Currency had no impact on adjusted EPS in the quarter.

轉向每股收益。第三季調整後每股收益為 0.82 美元，高於去年同期的 0.58 美元。這一成長主要是由於調整後 EBITDA 較高，過去 12 個月的股票回購也有所貢獻。貨幣對本季調整後每股盈餘沒有影響。

Let me explain the change we're making to our non-IFRS adjusted net earnings and EPS definitions. Beginning with this quarter's results, we now add back to adjusted earnings the noncash intangible amortization expense related to acquired software. We have historically added back non-software M&A-related intangible amortization, but not the software component. This change in definition aligns our reporting more closely with how peer companies treat M&A-related intangibles.

讓我解釋一下我們對非國際財務報告準則調整後淨利和每股盈餘定義所做的變更。從本季的業績開始，我們現在將與收購的軟體相關的非現金無形攤銷費用重新添加到調整後的收益中。我們歷來添加了非軟體併購相關的無形攤銷，但沒有添加軟體元件。這項定義上的變更使我們的報告與同業公司對待併購相關無形資產的方式更加一致。

On a year-to-date basis, the change increases our adjusted EPS by $0.08, including $0.04 in the third quarter. To help with your models, we have posted a historical restatement of our non-IFRS earnings calculation to our Investor Relations website.

與年初至今相比，這項變更使我們的調整後每股收益增加了 0.08 美元，其中包括第三季的 0.04 美元。為了幫助您建立模型，我們已在投資者關係網站上發布了非 IFRS 收益計算的歷史重述。

Let me now turn to our free cash flow performance for the first 9 months. Reported free cash flow was $1.3 billion versus $814 million in the prior year period. Consistent with previous quarters, this slide removes the distorting factors impacting our free cash flow.

現在讓我談談我們前 9 個月的自由現金流表現。報告的自由現金流為 13 億美元，去年同期為 8.14 億美元。與前幾季一致，這張投影片消除了影響我們自由現金流的扭曲因素。

Working from the bottom of the page upwards, the cash inflow from discontinued operations was $24 million, which is a $90 million improvement from the prior year period. Also in the 9 months, we made $80 million of Change Program payments as compared to $275 million in the prior year period. If you adjust for these items, comparable free cash flow from continuing operations was $1.3 billion, $159 million higher than the prior year period due largely to higher EBITDA.

從頁面底部向上計算，來自終止經營業務的現金流入為 2,400 萬美元，比去年同期增加了 9,000 萬美元。同樣在這 9 個月中，我們支付了 8,000 萬美元的變革計畫付款，而去年同期為 2.75 億美元。如果對這些項目進行調整，來自持續經營業務的可比自由現金流為 13 億美元，比上年同期增加 1.59 億美元，這主要是由於 EBITDA 增加。

Next, I will provide an update on our London Stock Exchange Group holding. During September, we sold an additional 15 million shares in a public market transaction. We have now sold 55.1 million shares year-to-date and have 16.9 million shares remaining.

接下來，我將提供我們倫敦證券交易所集團持股的最新情況。 9 月份，我們在公開市場交易中額外出售了 1,500 萬股。年初至今，我們已售出 5,510 萬股，剩餘 1,690 萬股。

A couple of additional points. First, as part of our September transaction, we also wrote call options on 3.5 million additional shares with exercise dates running through next March, and we have an additional 6.1 million shares that become eligible for sale in 2024.

還有幾點。首先，作為 9 月交易的一部分，我們還額外購買了 350 萬股股票的買權，行使日期一直持續到明年 3 月，我們還有 610 萬股股票有資格在 2024 年出售。

Second, our tax basis on the remaining 16.9 million shares is approximately $750 million. For your math, we would assume a 25% capital gains tax rate on gains above $750 million.

其次，我們剩餘 1,690 萬股的稅基約為 7.5 億美元。對於您的數學計算，我們假設對 7.5 億美元以上的收益徵收 25% 的資本利得稅。

Third, the value of foreign exchange hedges held against our LSEG stake were $90 million as of September 30. We currently have approximately 92% of our remaining LSEG position hedged.

第三，截至 9 月 30 日，針對我們 LSEG 股份持有的外匯對沖價值為 9,000 萬美元。目前，我們對剩餘 LSEG 部位中約 92% 進行了對沖。

Bolstered by the LSEG monetizations and healthy free cash flow, our capitalization remains strong with a net debt-to-EBITDA leverage ratio of only 0.8x. This remains well below our 2.5x long-term target. Due to the strong liquidity, we plan to repay $600 million bond maturity later this month with cash on hand. And as Steve mentioned, we have announced a new $1 billion NCIB share repurchase program.

在 LSEG 貨幣化和健康的自由現金流的支撐下，我們的資本依然強勁，淨負債與 EBITDA 的槓桿比率僅為 0.8 倍。這仍遠低於我們 2.5 倍的長期目標。由於流動性強勁，我們計劃在本月稍後用手頭現金償還到期的6億美元債券。正如 Steve 所提到的，我們宣布了一項新的 10 億美元 NCIB 股票回購計畫。

These announcements continue our work to deploy our capital capacity. Year-to-date, we have invested $1.2 billion in strategic M&A, returned $2.7 billion through share repurchases and the June return of capital transaction and grown our per share dividend by 10%. We remain focused on following a balanced capital allocation approach that drives long-term shareholder value creation.

這些公告繼續我們部署資本能力的工作。年初至今，我們已投資 12 億美元進行策略併購，透過股票回購和 6 月份資本交易回報 27 億美元，每股股息成長了 10%。我們仍然專注於遵循平衡的資本配置方法，以推動長期股東價值創造。

Let me conclude with our updated 2023 outlook. Let me start by providing a bit of color on the financial impact of our recent acquisitions. In addition to the Casetext acquisition Steve discussed, we have closed 2 smaller tuck-ins: Imagen, a digital media asset management platform from Reuters; and the buyout of our joint venture partner for Westlaw Japan.

讓我以更新後的 2023 年展望作為結束語。首先讓我介紹一下我們最近收購的財務影響。除了 Steve 討論過的 Casetext 收購之外，我們還完成了兩項較小的收購：Imagen，路透社的數位媒體資產管理平台；以及收購我們的合資夥伴 Westlaw Japan。

Imagen brings compelling capabilities to Reuters News Agency customers through a cloud-native digital media management and distribution platform. And fully owning Westlaw Japan positions us to bring enhanced technology and better innovation for our legal customers in the world's third largest economy.

Imagen 透過雲端原生數位媒體管理和分發平台為路透社客戶帶來了引人注目的功能。完全擁有 Westlaw Japan 使我們能夠為世界第三大經濟體的法律客戶帶來增強的技術和更好的創新。

The total purchase price across these 3 transactions was approximately $700 million, which we funded with cash on hand. In aggregate, we see these 3 businesses contributing $60 million or more of revenue in 2024, growing in excess of 25%. Casetext is expected to contribute more than half of this revenue.

這 3 筆交易的總購買價約為 7 億美元，我們用手頭現金提供資金。總的來說，我們預計這 3 家企業到 2024 年將貢獻 6,000 萬美元或更多的收入，成長超過 25%。 Casetext 預計將貢獻一半以上的收入。

On an annualized basis, we expect these acquisitions to be approximately 80 basis points dilutive to our adjusted EBITDA margins, including roughly 30 basis points from nonrecurring integration expenses that should fall off within 24 months. For 2023, we see a 30 basis point headwind to margins from these acquisitions with an incremental 50 basis points impact in 2024. Profitability from the acquired assets is expected to improve nicely in 2025, and we see these businesses trending towards our total company margins over the long term.

以年化計算，我們預計這些收購將稀釋我們調整後的 EBITDA 利潤率約 80 個基點，其中包括約 30 個基點的非經常性整合費用，該費用應在 24 個月內下降。到2023 年，我們預計這些收購的利潤率將出現30 個基點的逆風，並在2024 年增加50 個基點的影響。預計所收購資產的盈利能力將在2025 年大幅改善，我們預計這些業務的公司總利潤率將趨向於超過長期來看。

Let me close with a discussion of our outlook. As Steve outlined, we are largely maintaining our full year 2023 outlook, including for organic revenue growth of 5.5% to 6%, adjusted EBITDA margin of approximately 39% and free cash flow of approximately $1.8 billion.

最後讓我討論一下我們的前景。正如 Steve 所概述的那樣，我們基本上維持 2023 年全年展望，包括有機收入成長 5.5% 至 6%、調整後 EBITDA 利潤率約 39% 以及自由現金流約 18 億美元。

We are making 2 updates to our 2023 outlook. First, we are lowering our interest expense outlook to $170 million to $180 million from the prior $190 million. This incorporates the accelerated pace of LSEG monetization that continued in Q3 and also the benefit from higher interest rates on our cash balances.

我們對 2023 年展望進行了兩次更新。首先，我們將利息支出預期從先前的 1.9 億美元下調至 1.7 億美元至 1.8 億美元。這包括倫敦證券交易所集團第三季​​貨幣化步伐的加快以及我們現金餘額利率上升的好處。

Second, we're updating our outlook for depreciation and amortization of software to incorporate the recent acquisitions and narrow the range with 1 quarter left in the year. We also have broken this down into 2 line items to support the new non-IFRS adjusted earnings presentation. Amortization of acquired software, which will now be added back to adjusted earnings, rises by $20 million due to the recent M&A.

其次，我們正在更新軟體折舊和攤銷的預期，以納入最近的收購，並在今年剩下 1 個季度時縮小範圍。我們也將其分為 2 個項目，以支援新的非 IFRS 調整後收益報告。由於最近的併購，所購軟體的攤銷增加了 2000 萬美元，現在將計入調整後的收益。

Looking forward, we are currently in our 2024 planning cycle, and we'll provide more detailed 2024 guidance on our Q4 conference call in February. However, given the significant opportunities to expand our medium- to longer-term growth profile through gen AI and growth investments, we currently anticipate reinvesting much of our underlying operating leverage during 2024.

展望未來，我們目前正處於 2024 年規劃週期，我們將在 2 月的第四季電話會議上提供更詳細的 2024 年指引。然而，鑑於透過人工智慧和成長投資擴大我們的中長期成長前景的重大機會，我們目前預計在 2024 年對我們的大部分基礎營運槓桿進行再投資。

We remain confident in our ability to continue to expand margins over the mid to long term given our business model's operating leverage. We have conviction these organic and inorganic investments will pay off over the next few years through accelerated revenue growth. We will discuss this in more detail on our Q4 call and at an Investor Day we are planning for mid-March.

鑑於我們業務模式的營運槓桿，我們對中長期持續擴大利潤率的能力仍然充滿信心。我們堅信，這些有機和無機投資將在未來幾年透過加速收入成長獲得回報。我們將在第四季度的電話會議以及計劃於 3 月中旬舉行的投資者日上更詳細地討論這個問題。

I will provide one more early view on 2024. We expect our effective tax rate to be approximately 19%, rising roughly 2% due to the adoption of the OECD global minimum tax regulations across several of our key markets. We expect our cash tax rate to increase by a similar amount, but remain roughly 5% below our effective tax rate.

我將提供對 2024 年的更多早期看法。我們預計我們的有效稅率約為 19%，由於我們的幾個主要市場採用了經合組織全球最低稅收法規，因此將上升約 2%。我們預計現金稅率將增加類似的幅度，但仍比有效稅率低約 5%。

[As we enter] the fourth quarter, we expect organic revenue growth to be within our full year 5.5% to 6% range. We see our fourth quarter adjusted EBITDA margin at approximately 37%, impacted by the timing normalization of certain expenses, select growth investments and productivity initiatives and the aforementioned M&A dilution.

[當我們進入]第四季時，我們預計全年有機收入成長將在 5.5% 至 6% 的範圍內。我們預計第四季度調整後的 EBITDA 利潤率約為 37%，受到某些費用、精選成長投資和生產力計劃以及上述併購稀釋的時間正常化的影響。

Let me now turn it back to Gary for questions.

現在讓我把問題轉回給加里。

Thank you. Ali, we're ready to begin the Q&A.

謝謝。阿里，我們準備開始問答了。

(Operator Instructions) And we'll go ahead and take our first question from Drew McReynolds with RBC.

（操作員說明）我們將繼續回答 RBC 的 Drew McReynolds 提出的第一個問題。

Just 2 ones for me. First on -- and maybe for you, Mike, just on organic revenue growth in Q3. Are you able to let us know what the contribution is from divestitures and acquisitions in the quarter?

給我的只有2個。首先，麥克，也許對你來說，只是關於第三季度的有機收入成長。您能否告訴我們本季剝離和收購的貢獻是多少？

And then secondly, a little bit bigger picture maybe for you, Steve, on just on the gen AI road map. Thank you for all the granularity, which is nice to see. Can you just comment on as you continue to work through and evolve this road map, how are you looking at monetization of everything you're putting in place? And what are you seeing on the competitive landscape as you move through the year here?

其次，史蒂夫，也許對你來說，關於新一代人工智慧路線圖有一個更大的前景。感謝您提供的所有詳細信息，很高興看到。您能否在繼續制定和完善此路線圖時評論一下，您如何看待您所實施的一切的貨幣化？在您度過這一年的過程中，您對競爭格局有何看法？

Yes. Drew, on the first question in regards to the impact of M&A for Q3, it was up 5 percentage points. Our organic revenue growth was 6%. And if you factor in the reported revenue, it was 1%, leaving that delta of 5%. I just want to ensure, Drew, that I was addressing your question.

是的。 Drew，關於第一個問題，關於第三季併購的影響，上升了 5 個百分點。我們的有機收入成長率為 6%。如果考慮到報告的收入，則為 1%，剩下的增量為 5%。德魯，我只是想確保我正在回答你的問題。

Yes, that's fine, Mike.

是的，沒關係，麥克。

Okay. And I think the second question related to the gen AI, Steve?

好的。我認為第二個問題與新一代人工智慧有關，史蒂夫？

Yes. Thanks, Drew. So we expect -- in terms of sort of revenue generation from the road map, we expect to deliver some revenue as a result of gen AI in 2024, especially in the second half of the year. However, I mean based on that sort of road map timing with a bunch of releases this year and a bunch in the first quarter and the lag between bookings and revenue in our annual subscription business model, we'll see a larger ramp in '25 and beyond than we will in '24.

是的。謝謝，德魯。因此，我們預計，就路線圖的創收而言，我們預計將在 2024 年，特別是下半年，透過 gen AI 帶來一些收入。然而，我的意思是，根據今年發布的一系列版本和第一季的發布的路線圖時間安排，以及我們年度訂閱業務模型中預訂和收入之間的滯後，我們將在25 年看到更大的成長比我們 24 年的目標還要更遠。

In terms of the competitive landscape, we've certainly seen a couple of announcements in the last couple of weeks from our sort of traditional competitors in Legal. We haven't seen as much in Tax & Accounting or Risk, Government and so forth. But without sort of -- hopefully without a hint of arrogance, we're confident in where we sit, first and foremost, because of the customer reaction to that, which we've put in front of them.

就競爭格局而言，過去幾週我們確實看到了法律領域傳統競爭對手發布的幾則公告。我們在稅務和會計或風險、政府等領域還沒有看到那麼多。但是，希望沒有一絲傲慢，我們對我們所處的位置充滿信心，首先也是最重要的是，因為客戶對此的反應，我們已經擺在他們面前。

And I think secondly, that reaction in the road map we're putting forward reflects the fact that our starting point is, we believe, superior, unique and proprietary content with Casetext to have a pretty sizable lead in terms of access to ChatGPT-4 and the sort of science behind combining large language models with proprietary unique data sets.

其次，我認為，我們提出的路線圖中的反應反映了這樣一個事實：我們相信，我們的出發點是優質、獨特和專有的內容，Casetext 在訪問 ChatGPT-4 方面擁有相當大的領先優勢以及將大型語言模型與專有的獨特數據集相結合背後的科學。

And we love what Jake Heller and the team are bringing to TR in the early going and then supplement that with some of the talent that we have, particularly David Wong, our Head of Products; Shawn Malhotra, Head of Engineering; and Joel Hron, who's our Head of TR Labs. So we're pretty confident, I hope not arrogant, Drew, but we'll keep our eye on the competitors, but first and foremost, our eye on the customer.

我們喜歡 Jake Heller 和他的團隊在早期為 TR 帶來的東西，然後用我們擁有的一些人才來補充它，特別是我們的產品主管 David Wong； Shawn Malhotra，工程主管； Joel Hron，我們的 TR 實驗室負責人。所以我們非常有信心，我希望不要傲慢，德魯，但我們會密切關注競爭對手，但首先也是最重要的是，我們專注於客戶。

Steve, do you want to expand, we're starting with Legal, but we see great [opportunities] across Tax and our full slate of offerings?

史蒂夫，你想擴展嗎？我們從法律開始，但我們在稅務和我們的全部產品中看到了巨大的[機會]？

Yes, I saw -- I mean I talked in my remarks about Westlaw and Practical Law and HighQ. We'll also bring gen AI in the short term into Checkpoint. And then next year, you'll see us expand into our other tax and ultimately our risk products. So we're going to move through that through the gears there in a very, very disciplined and rigorous way.

是的，我看到了——我的意思是我在發言中談到了 Westlaw 和 Practical Law 以及 HighQ。我們也將在短期內將人工智慧引入 Checkpoint。明年，您將看到我們擴展到其他稅收產品，並最終擴展到我們的風險產品。因此，我們將以非常非常有紀律和嚴格的方式透過齒輪來解決這個問題。

And we think that it not only helps us better serve our existing customers, it will, particularly in '25 and beyond, open up some new TAMs for us in terms of workflow software in and around legal, tax, risk and some of the other customer segments we serve. So we're excited about exploring that over time as well.

我們認為，它不僅可以幫助我們更好地服務現有客戶，而且特別是在 25 年及以後，它將在法律、稅務、風險和其他一些領域的工作流程軟體方面為我們開闢一些新的 TAM我們服務的客戶群。因此，我們也很高興能夠隨著時間的推移探索這一點。

And our next question will come from Aravinda Galappatthige with Canaccord Genuity.

我們的下一個問題將來自 Canaccord Genuity 的 Aravinda Galappatthige。

My question was around sort of organic growth. I mean you've consistently delivered in that sort of 6 -- 5%, 6% organic growth and closer to 7% for the Big 3. I wanted to understand, to what extent has the price component of that growth changed over the last several quarters? I mean, is it -- are you seeing more of that come from price? Is it less of it? How should we think of that dynamic going forward?

我的問題是關於有機成長的。我的意思是，你們一直在實現 6% - 5%、6% 的有機增長，三巨頭的有機增長接近 7%。我想了解，過去增長的價格成分在多大程度上發生了變化幾個季度？我的意思是，你是否看到更多的影響來自於價格？是不是少了點？我們該如何看待未來的動態？

And my more general follow-up was on your incremental investments into AI. Maybe for Steve, like how are you thinking of sort of assessing that in the near term, call it, the next 12 months, where you may not see a lot of revenue? Maybe just help us understand what sort of the main metrics are that you're looking for as you sort of ramp up this spend.

我比較一般性的後續行動是關於你們對人工智慧的增量投資。也許對史蒂夫來說，你如何考慮在短期內（即未來 12 個月）進行評估，你可能不會看到很多收入？也許只是幫助我們了解當您增加這筆支出時您正在尋找什麼樣的主要指標。

Yes. Aravinda, in regards to your first question in regards to pricing impact in 2023, we would estimate approximately 30 to 40 basis points in total across the firm for calendar year '23 versus '22. Just as a reminder, we do have the multiyear contracts that come into play in regards to pricing opportunities with legal having about 60% of their contracts for multiyear, normally 3 years in nature. But your direct question, 30 to 40 basis points of price lift, incremental price lift in '23 versus '22.

是的。 Aravinda，關於你關於 2023 年定價影響的第一個問題，我們估計整個公司在 23 日曆年與 22 日曆年總共大約有 30 到 40 個基點。提醒一下，我們確實擁有在定價機會方面發揮作用的多年期合同，合法企業約 60% 的合同是多年期的，通常是三年期。但你的直接問題是，23 年與 22 年相比，價格上漲了 30 到 40 個基點，增量價格上漲。

I think the second part of the question, Steve, really...

我認為問題的第二部分，史蒂夫，真的...

Yes, so the gen AI investments. Yes, thanks, Aravinda. So look, we view generative AI and its transformative impact on professionals as a once-in-a-generation disruptive change and one that plays to our strengths and one that we've moved, I think, very quickly in 2023 to position ourselves against.

是的，所以一代人工智慧投資。是的，謝謝，阿拉文達。所以看，我們將生成式人工智慧及其對專業人士的變革性影響視為一代人一次的顛覆性變革，它發揮了我們的優勢，我認為，我們在2023 年很快就採取了行動，以將自己定位於對抗。

The principal way that we are assessing and will continue to assess our investments is in the customer reaction to the proofs of concepts, the pilots, the beta versions and, ultimately, the GA releases of those products. And I'm more optimistic today than I was the last time we talked about gen AI investments based purely on that customer reaction.

我們正在並將繼續評估我們投資的主要方式是客戶對概念驗證、試點、測試版本以及最終這些產品的正式發布的反應。今天我比上次我們純粹基於客戶反應談論人工智慧投資時更加樂觀。

Two other comments. We're going to apply the same rigor to this set of investments over the next 3-or-so-year period as we did to the Change Program. And I'll just assure you, we will be our toughest critics in terms of making sure that we have line of sight to a better customer impact, firstly; and secondly, expanding TAMs.

另外兩則評論。我們將在接下來的三年左右的時間內對這一系列投資採取與變革計畫相同的嚴格要求。我向您保證，我們將成為最嚴厲的批評者，首先要確保我們能夠更好地影響客戶；其次，擴大 TAM。

And as I say, we're growing in confidence around those signals, but we will stay very, very close to our customers in the markets. And we'll keep you apprised of what we're hearing.

正如我所說，我們對這些訊號的信心正在增強，但我們將與市場上的客戶保持非常非常密切的關係。我們將隨時向您通報我們所聽到的情況。

Next question comes from Vince Valentini with TD Cowen.

下一個問題來自 Vince Valentini 和 TD Cowen。

Mike, your commentary about margins in 2024, I want to make sure I understand that properly. So I mean very quick rough math, if we assume 6% revenue growth and 3% normalized increase in your fixed costs, that would drive in a normal year 150 to 160 basis points of margin expansion. That's what I would think of as normal operating leverage. So when you say most of that is going to be reinvested, does that mean the entire 150 or maybe you can still grow margins by 50 basis points, but 2/3 of what the normal growth would have been would be reinvested?

麥克，您對 2024 年利潤率的評論，我想確保我正確理解這一點。因此，我的意思是非常快速的粗略計算，如果我們假設收入增長 6%，固定成本正常化增長 3%，那麼在正常年份，利潤率將增長 150 到 160 個基點。這就是我所認為的正常營運槓桿。因此，當您說其中大部分將用於再投資時，這是否意味著全部 150 個基點，或者您仍然可以將利潤率提高 50 個基點，但正常增長的 2/3 將用於再投資？

Vince, from our perspective, when we talk about operating leverage at roughly 6% organic, we see about 75 basis points of operating leverage. That applies just, I'll call it, quick math, 4% increase to our fixed costs, which are about 65% in nature. And then you assume the remaining variable costs grow proportionately. If you apply those assumptions, it would yield approximately 75 basis points of operating leverage for total TR.

Vince，從我們的角度來看，當我們談論大約 6% 的有機營運槓桿時，我們看到營運槓桿約為 75 個基點。我稱之為快速數學，這適用於我們的固定成本增加 4%，而固定成本在本質上約為 65%。然後你假設剩餘的變動成本按比例增長。如果應用這些假設，總 TR 的營運槓桿將達到約 75 個基點。

What we're reflecting currently based on our preliminary planning, we see significant growth opportunities to reinvest that operating leverage of approximately 75 basis points in 2024. But really emphasizing from my prepared remarks, as we go into '25, '26, we have confidence we'll expand our margin in '25, '26, given that operating leverage. But we want to take full advantage. We see an obligation to make those investments organically, inorganically in '24 that should propel further growth acceleration in '25, '26, Vince.

根據我們目前的初步規劃，我們看到了到2024 年再投資約75 個基點的營運槓桿的重大成長機會。但從我準備好的演講中真正強調的是，隨著我們進入25 年、26 年，我們有鑑於營運槓桿，我們有信心在 25 年、26 年擴大利潤率。但我們想充分利用這項優勢。我們認為有義務在 24 年進行有機和無機投資，這應該會推動 25 年、26 年進一步加速成長，Vince。

Okay. And a follow-up just on the sort of the nature of how you provide guidance. Last quarter, you told us Q3 was going to be weak because of OpEx timing, sort of talking down to maybe 36% margins, and you've delivered 39.6%. Now you're just saying that's going to roll into Q4.

好的。以及關於您提供指導的性質的後續行動。上個季度，您告訴我們，由於營運支出時機的原因，第三季將會疲軟，利潤率可能會下降到 36%，而您已經交付了 39.6%。現在你只是說這將進入第四季度。

It seems like something else is happening. I don't know if you're deciding to pile a lot of discretionary expenses into Q4, some of the gen AI investments that you could have made next year, you can accelerate those into Q4. Is it more that? Or is it more you're just padding yourself to try to be more cautious because of macro or competitive headwinds of some kind?

似乎還有其他事情正在發生。我不知道你是否決定在第四季投入大量可自由支配的費用，你可以在明年進行一些人工智慧投資，你可以將這些投資加速到第四季。還不止這些嗎？或者更多的是，您只是因為某種宏觀或競爭逆風而讓自己更加謹慎？

Yes, I'll hit head on, no padding involved, Vince. With the business our size, you're always going to have a number of puts and takes. One factor that comes into play -- I'll mention 4 items into Q4 events. We have M&A dilution in Q4 from Casetext and from SurePrep. That's number one.

是的，我會正面攻擊，不涉及任何填充，文斯。對於我們這樣規模的企業來說，你總是會有很多的選擇。一個起作用的因素——我將在第四季度的活動中提到 4 個項目。第四季我們對 Casetext 和 SurePrep 進行了併購稀釋。這是第一名。

Number two, the level of growth investments will increase in Q4, not only gen AI. We talked a lot about gen AI, but we have additional growth opportunities across the firm that we are pursuing. That's item two.

第二，第四季的成長投資水準將增加，而不僅僅是人工智慧。我們談論了很多關於人工智慧時代的事情，但我們正在尋求整個公司的額外成長機會。這是第二項。

Number three, which really is part of your question, we call it a normalization of expenses. There have certainly been some timing items in the last couple of quarters that we have transparency that will normalize in Q3 -- Q4, I'm sorry.

第三，這確實是你問題的一部分，我們稱之為費用正常化。在過去的幾個季度中，我們確實有一些時間項目具有透明度，這些項目將在第三季度 - 第四季度正常化，對不起。

And the fourth element is productivity initiatives that we have in play that will materialize in Q4. For those 4 reasons, Vince, we have strong visibility into the 37% EBITDA margin for Q4, which would yield approximately 39% for the full year.

第四個要素是我們正在實施的生產力計劃，這些計劃將在第四季度實現。基於這 4 個原因，文斯，我們對第四季度 37% 的 EBITDA 利潤率有很強的預見性，全年的收益率約為 39%。

We'll wait an update on that on February.

我們將等待二月的更新。

Look forward to providing the update.

期待提供更新。

Our next question will come from Heather Balsky with Bank of America.

我們的下一個問題將來自美國銀行的 Heather Balsky。

I was hoping to hone in on the Legal business and expectations for the fourth quarter, but also just how things shaped up versus your 3Q expectations. You exited Elite. You kind of had [hostile] Government business getting better in the back half. There's supposed to be some acceleration. I'm curious about the puts and takes in the quarter and then how you think about the fourth quarter from here.

我希望深入了解第四季度的法律業務和預期，以及與第三季預期相比情況如何。您退出了精英。你的[敵意]政府事務在後半段變得更好了。應該有一定的加速吧我很好奇本季的走勢以及您對第四季的看法。

Yes, Heather, I'll -- it's Steve. Thanks for the question. I'll start, and then I'm sure Michael will add. As a general point, we see growing strength in our Legal business. Paul Fischer and his team, particularly Neil Sternthal and Liz Zimick, Mark Haddad, supported by our product and engineering folks, have done a very good job of strengthening our core products. I've talked quite a lot about Westlaw and Practical Law and HighQ. And certainly, those are increasing in their sort of health and their growth prospects.

是的，希瑟，我會──我是史蒂夫。謝謝你的提問。我先開始，然後我相信麥可會補充。總的來說，我們的法律業務實力不斷增強。 Paul Fischer 和他的團隊，特別是 Neil Sternthal 和 Liz Zimick、Mark Haddad，在我們的產品和工程人員的支持下，在加強我們的核心產品方面做得非常好。我已經談了很多關於 Westlaw 和 Practical Law 以及 HighQ 的內容。當然，這些人的健康狀況和成長前景都在增加。

So as a general point in the fourth quarter, we expect to see that growing strength and having it carrying into the next year and beyond. And the integration of generative AI really builds upon that. We're injecting generative AI into very healthy products and healthy franchises, and we think that's a good starting point.

因此，作為第四季度的總體情況，我們預計會看到這種成長勢頭並將持續到明年及以後。生成式人工智慧的整合確實建立在這一基礎上。我們正在將生成式人工智慧注入非常健康的產品和健康的特許經營權中，我們認為這是一個很好的起點。

Mike, what would you add?

麥克，你要加什麼？

It is a good summary, Heather. I would just, as always, emphasize Practical Law, led by Emily Colbert, continues to perform really well for us. And HighQ that we acquired back in July of 2019 continues to be one of our strongest growth assets. We talked a lot about Westlaw Precision and gen AI, as we should.

這是一個很好的總結，希瑟。我只是一如既往地強調艾米麗·科爾伯特領導的《實用法》繼續為我們表現出色。我們於 2019 年 7 月收購的 HighQ 仍然是我們最強勁的成長資產之一。我們應該討論很多關於 Westlaw Precision 和 gen AI 的問題。

But if you think about the full breadth and depth of assets that Paul Fischer has within Legal, Practical Law and HighQ continued very strong growth trajectories. You asked about Government there, continuing to monitor that pipeline very closely. And we have a strong pipeline in Q4, Q1, and it's a matter of timing closing those deals, Heather.

但如果你考慮一下 Paul Fischer 在 Legal、Practical Law 和 HighQ 領域所擁有資產的全面廣度和深度，他們將繼續保持非常強勁的成長軌跡。您詢問了那裡的政府，並繼續密切監視該管道。我們在第四季和第一季擁有強大的管道，這是一個完成這些交易的時間問題，希瑟。

Maybe a follow-up. Was Government the reason that you didn't see the acceleration in the third quarter? Or was it something else?

也許是後續行動。您沒有看到第三季經濟加速成長的原因是政府嗎？還是別的什麼？

Really just timing. Any time we deal with government agencies, the level of precision in regards to the timing of those closures is a little less precise than what we see with the nongovernment customers there. But based on our pipeline view, we're optimistic on a strong Q4 and Q1.

確實只是時機。每當我們與政府機構打交道時，關閉時間的精確度都比我們與非政府客戶接觸時的精確度要低一些。但根據我們的管道觀點，我們對第四季和第一季的強勁表現持樂觀態度。

Next question will come from Scott Fletcher with CIBC.

下一個問題將由 CIBC 的 Scott Fletcher 提出。

I want to ask a question on the organic growth and maybe a little longer term. So when you look out to 2025, when you start to really feel the impact of the gen AI initiatives, do you have a sense of internally of how much you're hoping that will impact the organic growth rate? I'm sort of trying to get an idea of, is this a significant step change? Or is it more of an incremental increase in growth rate when you look out to 2025?

我想問一個關於有機增長以及可能更長期的問題。因此，當您展望 2025 年時，當您開始真正感受到新一代人工智慧計畫的影響時，您是否內部意識到您希望這會對​​有機成長率產生多大影響？我有點想知道，這是一個重大的步驟改變嗎？或者說，展望 2025 年，成長率是否會逐步提高？

Scott, it's Steve. Thanks for the question. I'll start, Michael will add. Look, I think we'll say more about that in February, and we'll say more at an Investor Day in March. I think we're still in the process of sort of learning and quantifying. As I said a couple of times, the most important sort of yardstick for us is the customer reaction to the product investments that we're making. And that has been better than -- certainly better than I expected, more forceful, more trust, more confidence, more exciting from our customers than perhaps I'd even hoped for.

斯科特，這是史蒂夫。謝謝你的提問。我先開始，麥可會補充。聽著，我想我們會在二月對此進行更多討論，並在三月的投資者日討論更多內容。我認為我們仍然處於學習和量化的過程中。正如我多次說過的，對我們來說最重要的衡量標準是客戶對我們正在進行的產品投資的反應。這比——當然比我的預期要好，比我所希望的更有力、更信任、更自信、更令人興奮。

As to sort of what that results, as I say, we'll come back in February and Investor Day and be more specific. But we see meaningful revenue acceleration particularly sort of through the '25, '26, '27 as a result of these investments. And as I said before, we're going to apply the same rigor as we did in the Change Program to that to every dollar of the investment that we make, both in terms of OpEx and CapEx. And we'll be very rigorous about ensuring that, that flows through.

至於結果如何，正如我所說，我們將在二月和投資者日回來並提供更具體的資訊。但由於這些投資，我們看到了有意義的收入加速，特別是在 25 年、26 年和 27 年期間。正如我之前所說，我們將像在變革計畫中那樣嚴格地對待我們所做的每一美元投資，無論是在營運支出還是資本支出方面。我們將非常嚴格地確保這一點順利進行。

Mike, what would you add?

麥克，你要加什麼？

I would say, Scott, during the March Investor Day, each of our segment presidents [will dig] deeper and to your specific question on the organic growth for Tax & Accounting Professionals, it's Legal, international, et cetera. So I think that will be quite helpful for you, Scott.

我想說，斯科特，在三月的投資者日期間，我們的每位部門總裁都會更深入地探討您關於稅務和會計專業人員有機增長的具體問題，包括法律、國際等方面。所以我認為這對你很有幫助，斯科特。

Okay. Yes, all good. Okay. And then maybe just a quick follow-up, like in terms of the -- do you see most of the future growth coming from the expanding functionality of the current product set or on the new opportunities you've talked about, sort of the TAM expansion?

好的。是的，一切都好。好的。然後也許只是一個快速的後續行動，例如，您是否認為未來的成長大部分來自當前產品集的擴展功能，或者您談到的新機會，例如 TAM擴張？

Scott, we think it's probably too early to quantify to give you a percentage, but we think it will be pretty balanced. We see at least sort of 3 different cases. The first is pretty significant value from our core existing products. And that's going to result in, we think, a little bit more price and a meaningful uptick in retention, which is something we've been focused on for a period of time, but we're yet really to see the results of that.

斯科特，我們認為現在量化給你一個百分比可能還為時過早，但我們認為這將是相當平衡的。我們至少看到了 3 種不同的情況。首先是我們現有核心產品的相當大的價值。我們認為，這將導致價格上漲，並顯著提高保留率，這是我們一段時間以來一直關注的問題，但我們還沒有真正看到其結果。

The second is in these new skills, particularly that which builds upon the Casetext CoCounsel skill set, and extending that into legal workflows and ultimately taking the same kind of capabilities into Tax & Accounting and risk workflows.

第二個是這些新技能，特別是基於 Casetext CoCounsel 技能集的技能，並將其擴展到法律工作流程中，並最終將相同類型的功能引入稅務和會計以及風險工作流程中。

And the third is we've got our eyes on some new addressable markets, some of those domestically in the United States and North America and some of those are in international markets. So I won't give you the sort of proportionality between the 3 of those. But again, when we come back at Investor Day, we'll be able to be much more specific about this.

第三，我們著眼於一些新的潛在市場，其中一些在美國和北美國內，一些在國際市場。所以我不會告訴你這三者之間的比例。但同樣，當我們在投資者日回來時，我們將能夠更具體地說明這一點。

Next question will come from Manav Patnaik with Barclays.

下一個問題將由巴克萊銀行的馬納夫·帕特奈克（Manav Patnaik）提出。

Steve, I just wanted to get your latest thoughts on, I think, the additional inorganic opportunities you called out earlier in the call. I mean you obviously have a super solid balance sheet, cash is piling up. Just is it going to be more larger deals, a bunch of midsized deals? How do you think about what we should be thinking about when you mentioned that?

史蒂夫，我只是想了解您對您在電話會議中早些時候提出的其他無機機會的最新想法。我的意思是，你顯然擁有超穩健的資產負債表，現金正在累積。只是會出現更多大型交易、一堆中型交易嗎？當您提到這一點時，您認為我們應該考慮什麼？

Yes, Manav, thanks. We don't need or particularly want larger deals. I mean if something came along that we thought was very much in the interest of our customers and our shareholders, then we wouldn't hold back. But we don't sit here and sort of say, gee, it'd be great to do sort of some larger, more transformative deals. We don't want them, and we don't think we need them.

是的，馬納夫，謝謝。我們不需要或特別想要更大的交易。我的意思是，如果出現我們認為非常符合客戶和股東利益的事情，那麼我們就不會猶豫。但我們不會坐在這裡說，天啊，如果能做一些規模更大、更具變革性的交易那就太好了。我們不想要它們，我們也不認為我們需要它們。

So it's more in that sort of in the category of a SurePrep, which we're very excited about. We think Dave Wyle and his team have done a wonderful job of both continuing to accelerate that business and also integrating into TR. So a couple of different areas. I mean building on Casetext, if there are other generative AI capabilities we can add that accelerate our progress into legal workflow software. Tax & Accounting automation is something building on SurePrep that we're always looking out for under Elizabeth Beastrom's leadership.

所以它比較屬於 SurePrep 的範疇，我們對此感到非常興奮。我們認為 Dave Wyle 和他的團隊在繼續加速業務以及融入 TR 方面做得非常出色。所以有幾個不同的領域。我的意思是，在 Casetext 的基礎上，如果我們可以添加其他生成人工智慧功能，以加速我們在法律工作流程軟體方面的進展。稅務和會計自動化是建立在 SurePrep 基礎上的，我們在 Elizabeth Bastrom 的領導下一直在尋找它。

And then the other areas that Dave Larson and the team have, I think, gotten in -- gotten us all very well educated and keen to sort of look for opportunities is Risk, Fraud & Compliance, building upon the CLEAR and TRSS starting point. And we really need to find the right one there. So no promises as to what we might do in the short term.

我認為，Dave Larson 和團隊涉足的其他領域——讓我們所有人都受到了良好的教育，並熱衷於尋找機會——風險、欺詐與合規，以 CLEAR 和 TRSS 為起點。我們確實需要在那裡找到合適的人。因此，我們無法承諾短期內會做什麼。

And the other area that builds upon our core capabilities, our content and our relationships with general counsels and heads of tax and other executives is ESG. And so we'll continue to look at ESG. But as always, no promises. We're going to keep the bar really high for those deals and make sure that they're beneficial to our shareholders.

另一個以我們的核心能力、內容以及與總法律顧問、稅務主管和其他高階主管的關係為基礎的領域是 ESG。因此，我們將繼續關注 ESG。但一如既往，沒有任何承諾。我們將對這些交易保持很高的標準，並確保它們對我們的股東有利。

Got it. And then, Mike, just to follow up on your margin commentary. I guess that 75 basis points you talked about, that is before the dilution from the deals you called out, is that correct?

知道了。然後，邁克，我想跟進您的保證金評論。我猜你提到的 75 個基點，即在你所呼籲的交易稀釋之前，對嗎？

That's correct. Really, 2 components there, Manav, that we were addressing roughly the 80 basis points cumulative dilution for the M&A activity as we head into 2024. And then I was mentioning our current intent to reinvest the operating leverage of 75 basis points. So 2 separate components there.

這是正確的。事實上，Manav，我們正在解決 2024 年併購活動累積稀釋大約 80 個基點的問題。然後我提到我們目前打算將 75 個基點的營運槓桿進行再投資。所以有兩個獨立的組件。

Our next question will come from Andrew Steinerman with JPMorgan.

我們的下一個問題將來自摩根大通的安德魯·斯坦納曼。

I think I heard a comment earlier in the call that net realized price for all Thomson was about 30 to 40 basis points better in '23 than '22. So just tell me, did I hear that right? And then if you can, just tell us what net realized price is trending in '23 overall and some of the color in the segments.

我想我早些時候在電話會議中聽到過這樣的評論：23 年所有 Thomson 的淨實現價格比 22 年高出約 30 到 40 個基點。所以請告訴我，我沒聽錯嗎？然後，如果可以的話，請告訴我們 23 年整體淨實現價格趨勢以及各個細分市場的一些顏色。

Yes, Andrew, you heard that correctly. It's approximately 30 to 40 basis points incremental in '23 versus '22. If you look at total TR firm-wide, we're in the 3% to 3.5% range, Andrew, for total TR, which varies by segment. I've shared in prior calls that the higher price realization normally happens in our Tax & Accounting Professionals business followed by Corporates and then Legal. That's going to sequentially help from high to low in regards to the annual price increases.

是的，安德魯，你沒聽錯。與 22 年相比，23 年大約增加了 30 到 40 個基點。如果你看看整個公司的總 TR，安德魯，我們的總 TR 處於 3% 到 3.5% 的範圍內，這會因細分市場而異。我在之前的電話中說過，更高的價格實現通常發生在我們的稅務和會計專業業務中，其次是企業業務，然後是法律業務。這將從高到低依次幫助每年的價格上漲。

And to my comment earlier, those annual price increases, the realized price increase is influenced by the multiyear nature and when those contracts come up for renewal. So quick answer, 30 to 40 basis points higher in '23 versus '22, and then on average, roughly 3% to 3.5% for total TR.

根據我先前的評論，年度價格上漲、實現的價格上漲受到多年性質以及這些合約何時續約的影響。快速回答一下，23 年比 22 年高出 30 到 40 個基點，然後平均而言，總 TR 大約高出 3% 到 3.5%。

Right. Anything interesting in News or Print in terms of pricing?

正確的。新聞或印刷品的定價方面有什麼有趣的嗎？

It certainly varies. If you think about the new -- the Reuters business, you have to break it into 2 components: the LSEG contract and then all other components. We have a contractual calculation that's driven by CPI and FX movements for the LSEG contract, which varies year-to-year. And then others within Print business, depending on the print titles, there's quite a wide distribution for price increases for Print.

這當然有所不同。如果你考慮新的路透社業務，你必須將其分為兩個部分：倫敦證券交易所集團合約，然後是所有其他部分。我們有一個由 LSEG 合約的 CPI 和外匯變動驅動的合約計算，該合約每年都會有所不同。然後，印刷業務中的其他人，根據印刷標題，印刷價格上漲的分佈相當廣泛。

Our next question will come from Toni Kaplan with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的東尼卡普蘭。

Just regarding Casetext, have you been able to retain the people that you want to keep so far? And are you keeping Casetext separately like so that they can continue innovating there? Or is the plan to integrate them into the larger organization?

就Casetext來說，到目前為止你能留住你想留住的人嗎？您是否將 Casetext 分開保留，以便他們可以在那裡繼續創新？或計劃將他們整合到更大的組織中？

Toni, both with Casetext and SurePrep, we're close to batting a thousand so far in terms of keeping the talent. So we're thrilled with that. And we'll just keep focusing on it, making sure that those folks see the opportunity here and both in terms of our purpose and their own career opportunities. But so far, I would say it's been really exciting from that point of view.

Toni，Casetext 和 SurePrep，到目前為止，我們在留住人才方面已經接近千人。所以我們對此感到非常興奮。我們將繼續關注它，確保這些人看到這裡的機會，無論是我們的目的還是他們自己的職業機會。但到目前為止，我想說，從這個角度來看，這確實令人興奮。

I mentioned in my remarks, we are -- the go-to-market with Casetext, where we have integrated that or in the process of integrating that, completing that integration into Paul Fischer's teams. That's going well. And that obviously provides more career development opportunities for the go-to-market executives within Casetext.

我在演講中提到，我們正在與 Casetext 一起進入市場，我們已經將其整合或正在整合過程中，完成了與 Paul Fischer 團隊的整合。進展順利。這顯然為 Casetext 內的行銷主管提供了更多的職涯發展機會。

David Wong is working closely with Jake Heller on the product side in conjunction with engineering and labs to make sure that we at TR move at Casetext's speed and continue to do so. And in the first few months, we are very much on track with that and made in my comments -- I made the comment that our teams have moved with the speed and decisiveness never seen before at TR. So we're off to a good start. And it's up to us, Toni, just to continue that trajectory.

David Wong 在產品方面與 Jake Heller 以及工程和實驗室密切合作，以確保我們 TR 以 Casetext 的速度前進並繼續這樣做。在最初的幾個月裡，我們在這方面進展順利，並在我的評論中表示——我的評論是，我們的團隊以 TR 從未見過的速度和果斷行動。所以我們有了一個好的開始。東尼，我們有責任繼續這個軌跡。

Terrific. That sounds great. And then just for my follow-up, just looking at your clients, maybe corporates or law firms, anything to discuss with regard to sort of budgets going into the end of the year and how you're thinking about just pressure on the given macro uncertainty or like into the end of the year and then into next year?

了不起。聽起來不錯。然後，就我的後續行動而言，只是看看您的客戶，也許是公司或律師事務所，關於年底的預算以及您如何考慮給定宏觀壓力的任何討論不確定性還是像年底然後到明年？

Yes. So with regard to the law firms, our Legal business has held up well in 2023, notwithstanding a reduction in billable hours for many of our customers' capital markets and corporate divisions. So they've seen fewer equity and debt raisings, less M&A transactions flowing through their billable hours. However, their litigation practices, their restructuring practices and 1 or 2 other areas have, to varying degrees, picked up the slack. And so that part of our business has remained robust, as has Tax & Accounting.

是的。因此，就律師事務所而言，儘管我們許多客戶的資本市場和企業部門的計費時間有所減少，但我們的法律業務在 2023 年仍表現良好。因此，他們在計費時間內進行的股本和債務融資、併購交易都減少了。然而，他們的訴訟實踐、重組實踐以及一兩個其他領域都在不同程度上彌補了這一缺陷。因此，我們的這部分業務一直保持強勁，稅務和會計也是如此。

When you go across to Corporates, that's where the elongated sales cycles have hurt us. And we mentioned that probably 4 or 5 quarters ago, and it's continued. It's not getting worse, but we don't see it getting better either. So we're monitoring it carefully.

當你談到企業時，這就是延長的銷售週期對我們造成的傷害。我們可能在四、五個季度前提到過這一點，而且這種情況仍在繼續。情況並沒有變得更糟，但我們也沒有看到它變得更好。所以我們正在仔細監控它。

And the other comment I'd make is Laura Clayton McDonnell is now 6 months into her role as President. So I think as we enter into next year, no matter what the macro environment brings, some of the moves that Laura is making and her leadership, I think, will start to reflect in our -- in the impact we're making with our corporate customers.

我要說的另一條評論是，勞拉·克萊頓·麥克唐納 (Laura Clayton McDonnell) 就任總統已有 6 個月了。因此，我認為，當我們進入明年時，無論宏觀環境帶來什麼，我認為勞拉正在採取的一些舉措和她的領導力將開始反映在我們的影響力中。企業客戶。

Our next question will come from Maher Yaghi with Scotiabank.

我們的下一個問題將來自豐業銀行的 Maher Yaghi。

Steve, I wanted to ask you, how is the current economic environment educating your view on how 2024 is going to look like? I know it's -- we're not in guidance mode here, but if you can just help us understand your views on, qualitatively, on '24 compared to '23.

史蒂夫，我想問你，目前的經濟環境如何影響你對 2024 年的看法？我知道，我們在這裡不處於指導模式，但如果您能幫助我們從定性上理解您對 24 與 23 的看法。

And maybe just to close the loop on '24 margins, Mike. So if I start at 39% in 2023 on the EBITDA margin, that 75 basis points improvement in operating leverage, as you said, is going to be invested. So the -- incrementally, basically, the 50 basis point incremental dilution in '24 from the acquisition of Casetext, that's basically your landing zone is 38.5% for 2024. Am I understanding this properly?

也許只是為了在 24 小時內完成循環，麥克。因此，如果 2023 年 EBITDA 利潤率為 39%，那麼正如您所說，營運槓桿的 75 個基點的改善將用於投資。因此，基本上，24 年收購 Casetext 帶來的 50 個基點的增量稀釋，基本上到 2024 年你的著陸區是 38.5%。我是否正確理解了這一點？

Maher, yes, let me -- it's Steve. Let me start off. Thanks for the question. Mike and [Riana Evans], our Head of FP&A, have just been driving us through the planning process for 2024. So we've got a lot of that thinking done. But the -- not all of it, but a lot of it done. The underlying assumption for '24 from a sort of a macro perspective is more of the same.

馬赫，是的，讓我——我是史蒂夫。讓我開始吧。謝謝你的提問。 Mike 和我們的 FP&A 主管 [Riana Evans] 剛剛帶領我們完成了 2024 年的規劃流程。所以我們已經完成了很多這樣的思考。但是——不是全部，但已經完成了很多。從某種宏觀角度來看，24 世紀的基本假設更加相同。

I think where we look at a year where we're likely to have 2 wars going on, we're likely to have a higher-for-longer interest rate environment and the presidential election. It's sort of hard, I think, to expect -- I think it would be foolhardy for us or anyone else to bank on a quick rebound. And that's the assumption that Mike is sort of putting through our budgeting and forecasting process for '24. Mike?

我認為，我們可能會在一年內發生兩場戰爭，我們可能會出現長期較高的利率環境和總統選舉。我認為，這有點難以預期——我認為，對我們或其他任何人來說，指望經濟快速反彈都是魯莽之舉。這是麥克正在完成我們 24 世紀預算和預測流程的假設。麥克風？

Yes. And the second part of the question in regards to 2024 margin, once again, not providing guidance today, but your math sounds directionally reasonable based on the components that you laid out, but directionally reasonable.

是的。問題的第二部分涉及 2024 年利潤率，今天再次不提供指導，但根據您列出的組件，您的數學聽起來方向合理，但方向合理。

Next question will come from George Tong with Goldman Sachs.

下一個問題將由高盛的 George Tong 提出。

You had previously guided to legal organic growth accelerating in the second half of the year. Can you elaborate on any factors that may have pushed this acceleration now, particularly given the organic benefits from Casetext coming in and Elite coming out?

您先前曾指導下半年合法自然成長加速。您能否詳細說明現在可能推動這種加速的任何因素，特別是考慮到 Casetext 的引入和 Elite 的出現所帶來的有機利益？

Sure. We still continue, George, to anticipate a higher tick-up as we go into Q4 and then into 2024. Our FindLaw business tempered the growth some in Q3 for us, and it's a factor for us to consider into Q4 there. And the other component is the timing of Government. So the 2 items that really flexes when you get into rounding of Legal Professionals is FindLaw and the Government business, George. But we're very pleased with the trajectory of Legal overall as we go into Q4 and to the full year 2024, George.

當然。 George，我們仍然預計進入第四季度和 2024 年時會出現更高的成長。我們的 FindLaw 業務在第三季度對我們的成長有所緩和，這是我們在第四季度考慮的一個因素。另一個組成部分是政府的時機。因此，當您對法律專業人士進行四捨五入時，真正靈活的兩個項目是 FindLaw 和政府業務，喬治。但喬治，我們對進入第四季和 2024 年全年法律部門的整體發展軌跡感到非常滿意。

Got it. That's helpful. And then on the Tax business, very strong growth there driven by Latin America. But can you talk a little bit about some of the sustainability of that growth? Is that being driven by regional inflation? Is it persistent? Is it more onetime? How would you think about Tax growth going forward?

知道了。這很有幫助。然後是稅務業務，在拉丁美洲的推動下，成長非常強勁。但您能談談這種成長的可持續性嗎？這是由地區通膨推動的嗎？是否執著？是不是更一次性了？您如何看待未來的稅務成長？

Yes. Sorry, Mike, can I -- Mike will give you a more thoughtful answer, George, than I will. But I think it's driven by superb execution from Adrian Fognini and [Macron Desbulbert] and their teams down in Brazil. I mean their ability to understand and anticipate customer needs before or as customers are having those needs and incorporate it into the Dominio product is the best I've ever seen. And as long as we continue to do that, we'll continue to see great performance from that part of the business.

是的。抱歉，麥克，我可以──喬治，麥克會給你一個比我更周到的答案。但我認為這是由 Adrian Fognini 和 [Macron Desbulbert] 以及他們在巴西的團隊的出色執行力所推動的。我的意思是，他們在客戶有這些需求之前或當客戶有這些需求時理解和預測客戶需求並將其整合到 Dominio 產品中的能力是我所見過的最好的。只要我們繼續這樣做，我們就會繼續看到這部分業務的出色表現。

And the next, I suppose, obvious thought you may have as well, can we take that DNA and spread it throughout Thomson Reuters? And that's certainly something that [Beck Teen], our Head of International, is focused on.

接下來，我想，您可能也會有一個明顯的想法，我們可以利用該 DNA 並將其傳播到整個湯森路透嗎？這當然是我們的國際主管 [Beck Teen] 所關注的事情。

George, I would just emphasize that the 12% organic growth for tapping Q4, 10% for the full year, roughly, is not solely driven by Latin America. We've got strong assets across in SurePrep, and Steve mentioned earlier Dave Wyle, the Founder, CEO of SurePrep. And then Confirmation that we acquired back in July of 2019 continue to do incredibly well.

喬治，我想強調的是，第四季 12% 的有機成長，全年 10% 的有機成長，大致而言，不僅僅是由拉丁美洲推動的。我們在 SurePrep 擁有強大的資產，史蒂夫之前提到了 SurePrep 的創始人兼執行長 Dave Wyle。然後，我們在 2019 年 7 月收購的「Confirmation」繼續表現得非常好。

So I think Elizabeth Beastrom, the President, is really managing the full breadth and depth of assets there. So LatAm is performing well, but likewise SurePrep, Confirmation and other assets within Tax & Accounting.

因此，我認為總統伊麗莎白·比斯特羅姆 (Elizabeth Bastrom) 真正管理著那裡資產的全面廣度和深度。因此，LatAm 表現良好，SurePrep、Confirmation 以及稅務和會計領域的其他資產也表現良好。

And the last caller will come from Doug Arthur with Huber Research.

最後一位來電者將來自 Huber Research 的 Doug Arthur。

Everything has been covered. Just I guess a question on your ownership position in LSEG. Any updated thoughts on the remaining piece?

一切都已被覆蓋。我想問一個關於您在倫敦證券交易所集團的所有權地位的問題。對剩下的部分有什麼更新的想法嗎？

No, Doug, we'll continue to monetize at the pace that we have discussed previously. Currently, we're looking at Q1 2024 and Q1 2025 contractually when the next tranches are eligible to be monetized. It doesn't mean we have to monetize in Q1 '24 and Q1 '25. I'd just emphasize, we continue to hold LSEG as a financial investment. We're pleased with the level of accelerated monetization in calendar year '23. And we hope to continue to pace in '24, '25, but very pleased with the overall monetization there.

不，道格，我們將繼續按照我們之前討論過的速度來實現盈利。目前，我們正在根據合約考慮 2024 年第一季和 2025 年第一季度，屆時下一批資金將有資格貨幣化。這並不意味著我們必須在 24 年第一季和 25 年第一季實現盈利。我只是強調，我們繼續持有倫敦證券交易所集團作為金融投資。我們對 23 年加速貨幣化的程度感到滿意。我們希望在 24 年、25 年繼續保持步伐，但對那裡的整體貨幣化非常滿意。

Thank you, Doug.

謝謝你，道格。

All right. I think we'll end the call there. Thank you very much, everyone. And feel free to reach out to the IR team if we can help with follow-ups.

好的。我想我們就到此結束通話。非常感謝大家。如果我們可以協助跟進，請隨時聯繫 IR 團隊。

And with that, that does conclude today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。