Thomson Reuters Corp (TRI) 2024 Q3 法說會逐字稿

Good day, and welcome to the Thomson Reuters third-quarter earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Gary Bisbee, Head of Investor Relations. Please go ahead, sir.

美好的一天，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。現在，我想將會議交給投資者關係主管 Gary Bisbee。請繼續，先生。

Thanks. Good morning and thank you all for joining us today for our third-quarter 2024 earnings call. I'm joined by Steve Hasker of Chief Executive Officer; and our CFO, Michael Eastwood, each of whom will discuss our results, take your questions following their remarks.

謝謝。早安，感謝大家今天參加我們的 2024 年第三季財報電話會議。執行長 Steve Hasker 也加入了我的行列。我們的財務長 Michael Eastwood（Michael Eastwood）將討論我們的結果，並在演講後回答您的問題。

To enable us to get to as many questions as possible, we would appreciate it if you'd limit yourself to one question and one follow-up each when we open the phone lines. Throughout today's presentation, fully compare performance period on period we did 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.

為了使我們能夠回答盡可能多的問題，如果您在我們接通電話線路時將自己限制在一個問題和一個後續跟進上，我們將不勝感激。在今天的演示中，我們對貨幣之前的收入增長率以及有機基礎上的收入增長率進行了全面比較。我們相信這為衡量潛在績效提供了最佳基礎。

Today's presentation contains forward looking statements and non-IFRS and other supplementary financial measures, which are discussed in the special note slide. 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.

今天的簡報包含前瞻性陳述以及非國際財務報告準則和其他補充財務措施，這些措施將在特別說明幻燈片中討論。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. Good momentum continued in the third with revenue and margin modestly a head of our expectations. Total company organic revenues growth rose 7% and the Big 3 segments growing by 9%. As expected, the pace of organic and inorganic investments picked up in the third quarter as we work to position the company for faster revenue growth in 2025 and beyond.

謝謝你，加里，也謝謝大家今天加入我們。第三季繼續保持良好勢頭，收入和利潤率略高於我們的預期。公司總有機收入成長 7%，三大板塊成長 9%。正如預期的那樣，隨著我們努力使公司在 2025 年及以後實現更快的收入成長，有機和無機投資的步伐在第三季度加快。

To incorporate a strong year to date, we are modestly increasing our full year 2024 organic revenue growth outlook to approximately 7%, including approximately 8.5% for the Big 3 segments.

為了實現年初至今的強勁表現，我們將 2024 年全年有機收入成長前景適度提高至約 7%，其中三大細分市場約 8.5%。

We continue to see healthy momentum from many areas in our portfolios. This includes double digit growth from key products, including Practical Law, confirmation for Pagero, indirect tax and our international businesses. Interest in our generative AI offerings remains strong with West Slope precision & CoCounsel momentum continuing.

我們在投資組合的許多領域繼續看到健康的勢頭。這包括主要產品的兩位數成長，包括實用法、Pagero 確認、間接稅和我們的國際業務。隨著 West Slope Precision 和 CoCounsel 的持續發展勢頭，人們對我們的生成式人工智慧產品的興趣依然濃厚。

Our 2024 investment plans are on track as we execute against the ambitious product roadmap we discussed at our March Investor Day, we made important progress against our road map in the third quarter, including the launch of CoCounsel to Dato, which I will discuss in a few minutes.

我們的2024 年投資計畫正在步入正軌，因為我們正在執行我們在三月投資者日討論的雄心勃勃的產品路線圖，我們在第三季度根據我們的路線圖取得了重要進展，包括推出Dato 的CoCounsel，我將在幾分鐘。

We remain focused on driving innovation across our portfolio of markets, particularly as it relates to AI to this end, our investments in AI and now running at more than $200 million annualized, which is a pace we expect to continue over the next few years and is income operated within our 2024 to 2026 financial framework.

我們仍然專注於推動整個市場組合的創新，特別是與人工智慧相關的創新，我們在人工智慧方面的投資目前每年超過 2 億美元，我們預計未來幾年將繼續保持這一速度，是我們2024 年至2026 年財務框架內營運的收入。

In addition to our organic efforts, we have made two small but strategically important inorganic investments to that reflect our continued confidence in the generative AI opportunity. The acquisitions of safe signed technologies and materials, bring key talent and accelerate our generative AI roadmap.

除了我們的有機努力之外，我們還進行了兩項規模雖小但具有戰略重要性的無機投資，這反映了我們對產生人工智慧機會的持續信心。收購安全簽名的技術和材料可以帶來關鍵人才並加速我們的生成式人工智慧路線圖。

We also recently announced the signing of a definitive agreement to sell our FindLaw intimate brands. While FindLaw is a premier provider of customer acquisition and marketing services for small law firms. Its offerings differ from our primary focus within the legal profession of helping lawyers practice more effectively and efficiently through the use of content enabled technology.

我們最近也宣布簽署一項最終協議，出售我們的 FindLaw 內衣品牌。FindLaw 是一家為小型律師事務所提供客戶獲取和行銷服務的一流提供者。它的產品與我們在法律行業的主要關注點不同，我們在法律行業中透過使用內容支援技術來幫助律師更有效和高效地執業。

This has led in recent times to our size management focus on the business relative to its scale. The transaction will allow both Thomson Reuters and Internet Brands to concentrate on their perspective, strategic priorities, ensuring customers continue to receive top-tier service and support from FindLaw.

這導致最近我們的規模管理重點關注與其規模相關的業務。這項交易將使湯森路透和網路品牌專注於各自的觀點和策略重點，確保客戶繼續獲得 FindLaw 的頂級服務和支援。

We remain extremely well capitalized and focused on shareholder value creation. We currently estimate $10 billion of capital capacity through 2027, up from our previously discussed $8 billion through 2026. We continue to assess additional inorganic opportunities. But now to the results for the quarter.

我們的資本仍然非常充足，並專注於股東價值創造。我們目前預計到 2027 年資本能力將達到 100 億美元，高於先前討論的到 2026 年的 80 億美元。我們繼續評估其他無機機會。現在我們來看看本季的業績。

Third quarter organic revenues grew 7%, modestly ahead of expectations, organic recurring and transaction revenue grew 8% and 12% respectively, while print revenues declined 6% in line with expectations. Adjusted EBITDA fell 4% to $609 million, reflecting a 430 basis points margin decline to 35.3% with lower profitability was expected and results from organic and inorganic investments that we are making in 2024 to position the company for accelerating profitable revenue growth.

第三季有機收入成長 7%，略高於預期，有機經常性收入和交易收入分別成長 8% 和 12%，而印刷收入下降 6%，與預期一致。調整後EBITDA 下降4%，至6.09 億美元，反映出利潤率下降430 個基點至35.3%，預期盈利能力下降，以及我們在2024 年進行的有機和無機投資的結果，以使公司加速盈利收入增長。

Turning to the third quarter results by segment, the Big 3 segments delivered 9% organic revenue growth. This is the fourth consecutive quarter of 8% or better growth for the Big 3 legal. Organic revenue grew 7%, driven by continued momentum from Westlaw precision and CoCounsel. Corporates organic revenue grew 10%, driven by earnings from our legal tax and risk portfolios.

按細分市場來看第三季業績，三大細分市場實現了 9% 的有機收入成長。這是三大合法公司連續第四個季度實現 8% 或更高的成長。在 Westlaw precision 和 CoCounsel 持續成長的推動下，有機收入成長了 7%。在我們的法律稅和創投組合收益的推動下，企業有機收入成長了 10%。

Tax and accounting organic revenues grew 10% now Latin American business and tax compliance offering. Reuters organic revenues rose 8%, driven by additional generative AI related transactional content licensing revenue and growth from the news agreement with the data and analytics business as well London Stock Exchange Group.

目前，拉丁美洲業務和稅務合規服務的稅務和會計有機收入增加了 10%。路透社的有機收入成長了 8%，這得益於額外的生成人工智慧相關交易內容授權收入以及與數據和分析業務以及倫敦證券交易所集團簽訂的新聞協議帶來的成長。

While we have called out the transactional benefits for replaces from generative AI related licensing revenue it is worth noting that there is also a growing recurring revenue component to these contracts for the use of our Reuters news content in AI applications beyond model training. Signing these contracts with both transactional and recurring revenue will highlight the value of our Reuters news content. And lastly, Global Print organic revenues met our expectations, declining 6% year on year.

雖然我們已經指出了產生人工智慧相關授權收入的交易收益，但值得注意的是，除了模型訓練之外，在人工智慧應用程式中使用我們的路透社新聞內容，這些合約的經常性收入也不斷增長。簽署這些具有交易性和經常性收入的合約將凸顯我們路透社新聞內容的價值。最後，全球印刷有機收入符合我們的預期，年減 6%。

And in summary, we're pleased with our results. Let me close my prepared remarks with a few updates on our product portfolio and innovation efforts. At our March Investor Day, we discussed a robust product roadmap that we've executed well to deliver strong value for our customers and improving growth (technical difficulty) for Thomson Reuters.

總之，我們對我們的結果感到滿意。讓我以有關我們產品組合和創新工作的一些最新情況來結束我準備好的發言。在三月的投資者日，我們討論了一個強大的產品路線圖，我們執行得很好，為我們的客戶提供了強大的價值，並提高了湯森路透的成長（技術難度）。

The third quarter featured important progress against this roadmap, including a number of new capability law launches. In August, we introduced CoCounsel to Dato a major upgrade for the Code Council AI assistant. The new version delivers results three times faster brings important connectivity to the customer documents and includes a highly requested document comparison tool along with several other user experiences enhancements.

第三季該路線圖取得了重要進展，包括推出了多項新的能力法。8 月，我們向 Dato 介紹了 CoCounsel，這是代碼委員會 AI 助理的重大升級。新版本提供結果的速度提高了三倍，為客戶文件提供了重要的連接性，並包括備受期待的文檔比較工具以及其他一些用戶體驗增強功能。

During the quarter, we also launched CoCounsel Drafting, Checkpoint Edge with CoCounsel and the claims Explorer tool in Westlaw precision. Customer feedback on these offerings has been positive, and we continue to work toward delivering additional enhancements and launches over the next few quarters.

在本季度，我們也推出了 CoCounsel Drafting、CoCounsel 的 Checkpoint Edge 以及 Westlaw 精確度的索賠資源管理器工具。客戶對這些產品的回饋非常積極，我們將繼續努力在接下來的幾季提供更多增強功能和發布。

As discussed in the past, our organic innovation efforts as supplemented with partnerships and strategic M&A through our build partner by strategy, we made two small but strategically significant acquisitions in recent months. In August, we acquired Safe Signed Technologies, which brings a strong team affiliated Cambridge and Harvard Universities that is developing a legal specific language models.

正如過去所討論的，我們的有機創新努力輔以合作夥伴關係和策略併購，透過我們的策略建立合作夥伴，我們在最近幾個月進行了兩項規模雖小但具有戰略意義的收購。8 月，我們收購了 Safe Signed Technologies，該公司帶來了劍橋大學和哈佛大學附屬的強大團隊，正在開發法律特定語言模式。

In addition to its unique talent, our testing of safe signs models in development has shown potential to enhance outcomes and improve accuracy of our generative AI offerings in the future.

除了其獨特的才能之外，我們對開發中的安全標誌模型的測試也顯示出在未來增強結果並提高我們的生成人工智慧產品的準確性的潛力。

In October, we acquired material, which has developed and recently launched an agenda tick generative AI assistant for accounting, tax and audit professionals. We believe material will meaningfully accelerate our AI road map in the Texan, tax and accounting and audit spaces.

10 月份，我們收購了 Material，該公司為會計、稅務和審計專業人士開發並最近推出了議程勾選生成人工智慧助理。我們相信這些材料將有意義地加速我們在德克薩斯州、稅務、會計和審計領域的人工智慧路線圖。

Thomson Reuters benches, an early investor in Materia and lead our proof of concept that allowed certain checkpoint uses to leverage its content through Materia's AI assistant. The promising initial result from this work provides confidence in our joint potential to deliver significant value, the tax accounting and audit professionals.

湯森路透長凳是 Materia 的早期投資者，並領導了我們的概念驗證，該概念允許某些檢查點用途透過 Materia 的人工智慧助手利用其內容。這項工作的初步成果充滿希望，讓我們對稅務會計和審計專業人員共同創造巨大價值的潛力充滿信心。

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

我現在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. Let me start by discussing the third quarter revenue performance for our Big 3 segments. Organic revenue grew 9% for the third quarter, continued brand of 8% or better growth we have delivered in recent quarters.

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。首先讓我討論一下我們三大業務部門第三季的營收表現。第三季的有機收入成長了 9%，延續了我們最近幾季實現的 8% 或更好的成長。

Legal Professionals organic revenue grew 7%, consistent with the first half. E-Drivers from a product perspective remain Westlaw Code Council and our international businesses. Government grew 6% in the quarter and FindLaw remained a headwind to the segment growth rate.

法律專業人士有機收入成長 7%，與上半年一致。從產品角度來看，E-Driver 仍然是 Westlaw Code Council 和我們的國際業務。政府部門在本季成長了 6%，而 FindLaw 仍然是該細分市場成長率的阻力。

Legal Professionals revenue growth continues to benefit from the migration of customers from a global print product to Westlaw. This added $5 million year over year revenue growth in the quarter. Our corporate segment had a strong quarter with organic revenue growth of 10%.

法律專業人士的收入成長持續受益於客戶從全球印刷產品轉向 Westlaw。這使得本季的營收年增了 500 萬美元。我們的企業部門季度表現強勁，有機收入成長 10%。

Recurring revenue grew 9%, while transactional rose 13%. Trust, Practical Law, direct and indirect tax in our international businesses were key contributors. Tax & Accounting continues to deliver robust growth with another quarter of 10% organic revenue growth. Recurring and transactional revenues grew 10% and 13%, respectively.

經常性收入成長 9%，交易收入成長 13%。我們國際業務中的信任、實務法、直接稅和間接稅是關鍵因素。稅務與會計業務持續強勁成長，有機收入又成長了 10%。經常性收入和交易收入分別成長 10% 和 13%。

Our Latin American business, one source ultra tax and confirmation for key drivers. Moving to Reuters news, organic revenue increased 8% for the quarter posted by transactional revenue from additional generative AI content licensing agreements signed in the quarter. Excluding this revenue reorders, organic revenue increased approximately 4%.

我們的拉丁美洲業務，超額稅收和關鍵司機確認的來源之一。轉向路透社消息，由於本季度簽署的額外生成人工智慧內容授權協議帶來的交易收入，該季度的有機收入增長了 8%。不包括重新訂購的收入，有機收入成長了約 4%。

On a year-to-date basis, we have recorded $33 million of transactional revenue from the AI content licensing agreements, up from $18 million in 2023. As a reminder, we will face difficult comparisons for orders and for a total TR in the next two quarters as we lap the $18 million in $25 million of transactional revenue that occurred in the fourth quarter of 2023 and the first quarter of this year, respectively.

今年迄今為止，我們從人工智慧內容授權協議中獲得的交易收入為 3,300 萬美元，高於 2023 年的 1,800 萬美元。提醒一下，我們將在接下來的兩個季度面臨訂單和總 TR 的艱難比較，因為我們分別超過 2023 年第四季和今年第一季的 2500 萬美元交易收入中的 1800 萬美元。

Lastly, Global Print organic revenues declined 6% for 3% when excluding the impact of the migration of customers from a global print product to Westlaw, it was in line with our expectations. On a consolidated basis, third quarter organic revenues increased 7%.

最後，如果排除客戶從全球印刷產品遷移到 Westlaw 的影響，全球印刷有機收入下降 6%，年減 3%，符合我們的預期。綜合來看，第三季有機收入成長了 7%。

Before I turn to our profitability, I would like to discuss a new metric we are introducing this quarter to help you track our success at bringing generated a capabilities into our product portfolio.

在討論我們的獲利能力之前，我想討論一下我們本季推出的一項新指標，以幫助您追蹤我們在將生成的功能引入我們的產品組合方面所取得的成功。

The metric is the percent of our annualized contract value or ACV from products that are GenAI enabled. At September 30,2024, approximately 15% of our ACV is from the GenAI currently Westlaw precision and Practical Law dynamic the largest contributors with CoCounsel, CoCounsel drafting and checkpoint with CoCounsel also contributing.

此指標是我們啟用 GenAI 的產品的年化合約價值或 ACV 的百分比。截至 2024 年 9 月 30 日，我們大約 15% 的 ACV 來自 GenAI，目前 Westlaw 精確性和實用法動態是最大的貢獻者，CoCounsel、CoCounsel 起草和檢查點以及 CoCounsel 也做出了貢獻。

As we grow penetration of these products, introduced new GenAI enabled products and add GenAI tools to other existing offerings we expect to generate a product enabled ACV penetration percentage will continue to rise in the future.

隨著我們提高這些產品的滲透率，推出新的支援 GenAI 的產品，並將 GenAI 工具添加到其他現有產品中，我們預計產品支援的 ACV 滲透率在未來將繼續上升。

Turning to our profitability adjusted EBITDA for the Big 3 segments was $555 million, down 2% from the prior year period with a 39.5% margin. The lower profitability results from organic and inorganic investments we're making in 2024 to position the company for improving profitable revenue growth in 2025 and beyond.

談到我們三大業務部門的獲利調整後 EBITDA 為 5.55 億美元，比去年同期下降 2%，利潤率為 39.5%。獲利能力下降是由於我們在 2024 年進行的有機和無機投資，以使公司能夠在 2025 年及以後提高獲利收入成長。

We expect a higher level of investments to continue through Q4. Moving to Reuters news adjusted EBITDA was $40 million with a margin of 20.4%. Global prints adjusted EBITDA was $43 million with a margin of 33.1%. In aggregate, total company adjusted EBITDA was $609 million, a 4% decline versus Q3 2023.

我們預計第四季將繼續出現更高水準的投資。根據路透社報道，調整後的 EBITDA 為 4000 萬美元，利潤率為 20.4%。全球印刷品調整後 EBITDA 為 4,300 萬美元，利潤率為 33.1%。整體而言，公司調整後 EBITDA 總額為 6.09 億美元，比 2023 年第三季下降 4%。

Turning to earnings per share, adjusted EPS was $0.8 for the quarter versus $0.82 in the prior year period. Currency had no impact on adjusted EPS quarter. Let me now turn to our free cash flow. First nine months of 2020 for our free cash flow was $1.40 billion, up 12% from $1.26 billion in the prior year period. Our EBITDA was the largest driver of the increase.

至於每股收益，本季調整後每股收益為 0.8 美元，去年同期為 0.82 美元。貨幣對調整後每股盈餘季度沒有影響。現在讓我談談我們的自由現金流。2020 年前 9 個月，我們的自由現金流為 14 億美元，比去年同期的 12.6 億美元成長 12%。我們的 EBITDA 是成長的最大推動力。

I will conclude with a few thoughts on the financial impact of recent M&A and our updated 2024 outlook. On October 3, 2024, we announced defining a FindLaw business to Internet brands in a transaction valued up to $410 million. We expect the transaction to close later in the fourth quarter. For modelling purposes, FindLaw remains in our financial results through the close date.

最後，我將對近期併購的財務影響以及我們更新的 2024 年展望進行一些思考。2024 年 10 月 3 日，我們宣佈在一筆價值高達 4.1 億美元的交易中為網路品牌定義 FindLaw 業務。我們預計該交易將在第四季晚些時候完成。出於建模目的，FindLaw 在截至日期之前仍保留在我們的財務表現中。

The business has approximately $300 million of annual revenue with margins somewhat below overall TR levels. Looking forward and on an annualized basis, we expect to sell to our total company organic revenue growth by approximately 30 basis points and be roughly neutral to margins when including stranded costs. We expect minimal impact on our full year 2024 results.

該業務的年收入約為 3 億美元，利潤率略低於整體 TR 水準。展望未來，按年化計算，我們預計公司整體有機收入將增長約 30 個基點，並且在考慮擱淺成本時，利潤率大致保持中性。我們預計對 2024 年全年業績的影響微乎其微。

We are very excited about the safe side and material acquisitions as Steve indicated from a financial perspective, both our early-stage start-up businesses. They've signed is developing legal specific language models that in the future could bring performance and or cost benefits to our GenAI offerings, materials on the cost of generating revenue, having recently released synergetic AI assistant filling strong early potential.

正如史蒂夫從財務角度指出的那樣，我們對安全方面和物質收購感到非常興奮，這都是我們的早期新創公司。他們已經簽署協議，正在開發合法的特定語言模型，這些模型在未來可以為我們的GenAI 產品帶來性能和/或成本效益，以及有關創收成本的材料，最近發布了具有強大早期潛力的協同人工智慧助手。

Both say sign and material will be loss making in 2025, but we plan to absorb this within the framework we have discussed for delivering 75 basis points of margin expansion in 2025. We remain focused on strategic M&A and are optimistic we will be able to complete additional transactions over the next year. As a reminder, we follow a rigorous financial approach to M&A grounded by 10 year IRR, NPV framework that is used to assess all acquisitions.

兩者都表示標誌和材料將在 2025 年出現虧損，但我們計劃在我們討論的框架內吸收這一損失，以在 2025 年實現 75 個基點的利潤率擴張。我們仍然專注於策略併購，並對明年能夠完成更多交易感到樂觀。提醒一下，我們遵循嚴格的併購財務方法，以 10 年 IRR、NPV 框架為基礎，用於評估所有收購。

We target an IRR of at least two times our weighted average cost of capital and consider a number of additional metrics, including payback period, integration complex, return on investment capital, organic growth impact and accretion dilution to free cash flow and margins.

我們的目標內部收益率至少是加權平均資本成本的兩倍，並考慮了一些其他指標，包括投資回收期、整合複雜性、投資資本回報率、有機成長影響以及對自由現金流和利潤的增值稀釋。

We also risk adjust this analysis based on the characteristics of the particular transaction being cantered. As Steve outlined, we are raising our 2024 outlook for organic revenue growth for TR and the Big 3 by 50 basis points each to incorporate strong year-to-date performance. We now see organic revenue growth of approximately 7%, up from 6.5% and organic Big 3 revenue growth of approximately 8.5%, up from 8%.

我們還根據正在運行的特定交易的特徵對這種分析進行風險調整。正如 Steve 所概述的那樣，我們將 TR 和三大巨頭 2024 年有機收入成長的預期各提高 50 個基點，以納入年初至今的強勁業績。我們現在預計有機收入成長約 7%，高於 6.5%，三大巨頭有機收入成長約 8.5%，高於 8%。

We maintain our outlook for the remaining line items this includes our total revenue growth outlook, which is unchanged despite the higher organic growth due to the impact that the FindLaw divestiture. Looking forward, we remain confident in delivering to the 2025 and 2026 financial framework we discussed earlier this year.

我們維持對其餘項目的展望，其中包括我們的總收入成長前景，儘管由於 FindLaw 剝離的影響而實現了更高的有機成長，但整體收入成長前景保持不變。展望未來，我們對實現今年稍早討論的 2025 年和 2026 年財務框架仍然充滿信心。

We are currently in our 2025 planning cycle and will provide more detailed 2025 and 2026 guidance on our Q4 conference call in February. But let me provide one early view on 2025. We expect our effective tax rate to be approximately 19% to 19.5%, up from approximately 18% in 2024 has the full impact from the OECD global minimum tax regulations materializes.

我們目前正處於 2025 年規劃週期，並將在 2 月的第四季電話會議上提供更詳細的 2025 年和 2026 年指引。但讓我對 2025 年提出初步看法。我們預計，隨著經合組織全球最低稅收法規的全面影響落實，我們的有效稅率將從 2024 年的約 18% 升至約 19% 至 19.5%。

We expect our cash tax rate to increase by a similar amount but remain roughly 5% below our effective tax rate. Based on currently enacted tax legislation, we would expect our tax rate to remain stable in 2026, at the 19% to 19.5% level. These estimated increases in our effective and cash tax rate are already included in our 2025 to 2026 financial framework.

我們預計現金稅率將增加類似幅度，但仍比有效稅率低約 5%。根據目前頒布的稅收立法，我們預計 2026 年稅率將保持穩定在 19% 至 19.5% 的水平。我們的有效稅率和現金稅率的預期成長已包含在我們 2025 年至 2026 年的財務框架中。

Turning to the fourth quarter, we expect organic revenue growth of approximately 5% and adjusted EBITDA margin to be approximately 37%. As a reminder, Q4 revenue growth will be impacted by 1% from a tough comparison, driven by the $18 million of borders generative AI content license revenue recognized in the fourth quarter of 2023. We also expect a moderation of revenue growth from our Corporates and Tax & Accounting segments due primarily to the seasonal mix of revenue.

談到第四季度，我們預計有機收入成長約為 5%，調整後 EBITDA 利潤率約為 37%。需要提醒的是，在 2023 年第四季確認的 1,800 萬美元邊界產生 AI 內容授權收入的推動下，經過嚴格比較，第四季營收成長將受到 1% 的影響。我們也預期企業和稅務與會計部門的收入成長將放緩，這主要是由於收入的季節性組合。

Let me now turn it back to Gary for questions.

現在讓我把問題轉回給加里。

Thanks, we are ready to begin the Q&A.

謝謝，我們準備開始問答。

(Operator instruction)

（操作員指令）

Scott Fletcher, CIBC.

斯科特·弗萊徹，CIBC。

Hi, good morning, everyone. I wanted to ask a question on M&A, given there's from a capacity on the balance sheet from a particularly as it relates to AI deals. You've now got a few of some of the smaller end of the key facts on the larger side, at least from a capital deployed standpoint.

嗨，大家早安。我想問一個關於併購的問題，因為資產負債表上有一個特別是與人工智慧交易相關的能力。現在，您已經了解了較大方面的關鍵事實中的一些較小的方面，至少從資本部署的角度來看是如此。

I'm just wondering, as you get further down the road map of general high, are you more comfortable looking at larger die deals that involve a significant GenAI component? Or does the risk reward and get more challenging as you start to look at larger deals? On the GenAI standpoint,

我只是想知道，當您沿著通用高路線圖進一步前進時，您是否會更願意看到涉及重要 GenAI 組件的更大晶片交易？或者，當您開始考慮更大的交易時，風險是否會有所回報並變得更具挑戰性？從 GenAI 的角度來看，

Scott, I'll start and I'm sure Michael will supplement. What I would say is we have spent $2.2 billion over the last 12 months or 18 months on the deals that we've spent a lot of time on these calls on. We are happy with each of those. We are happy with the so the way we identify them the way we prosecuted those deals and the subsequent integration efforts.

史考特，我先開始，我相信麥可會補充。我想說的是，在過去 12 個月或 18 個月裡，我們在這些交易上花了 22 億美元，而我們在這些交易上花了很多時間。我們對其中每一個都很滿意。我們對我們識別它們的方式、我們執行這些交易的方式以及隨後的整合工作感到滿意。

So, the I think you'll you [streaming] the targets are there, and they meet our criteria you'll see us do more of those kinds of deals in terms of size and scale and being additive to the customer experience within the Big 3 potential anything bigger we're going to keep the bar really high.

因此，我認為您會[串流媒體]目標就在那裡，並且它們符合我們的標準，您會看到我們在規模和規模方面進行更多此類交易，並增加大客戶體驗3 任何更大的潛力，我們都會保持很高的標準。

So we will not be we won't get deal favour, notwithstanding the capital capacity that we have and we're going to stay very rigorous and very disciplined about how we identify those deals to an and look to them to execute. Mike, anything to add?

因此，儘管我們擁有資本能力，但我們不會得到交易的青睞，我們將在如何識別這些交易並期待它們執行方面保持非常嚴格和嚴格的紀律。麥克，有什麼要補充的嗎？

Scott just mentioned, when we think about M&A, we also have to think about the financial capacity, which Steve just mentioned, which we have the $10 billion through 2027 check the box there. The other item that we consider is integration our capacity throughput within our organization operationally commercially, which we think we're in good shape there with the resources that we've added, Scott. And as Steve mentioned, the bar remains high, but we'll consider acquisitions or for our shareholders and customers.

史考特剛才提到，當我們考慮併購時，我們還必須考慮財務能力，史蒂夫剛才提到的，我們在 2027 年之前有 100 億美元的資金，請勾選該複選框。我們考慮的另一個項目是將我們的容量吞吐量整合到我們組織內的商業運營中，我們認為憑藉我們添加的資源，我們的狀況良好，斯科特。正如史蒂夫所提到的，門檻仍然很高，但我們會考慮收購或為了我們的股東和客戶。

Okay, great. And then just to follow up on the M&A front, is there anything you can you provide any detail on sort of how much of the margin impact in the quarter, which was organic versus inorganic in terms of integration?

好的，太好了。然後，為了跟進併購方面的情況，您是否可以提供任何詳細信息，說明本季度的利潤影響有多大，在整合方面是有機的還是無機的？

Scott, that's one. We'll ask Gary, to follow up on with you later on today. I think as a follow-up to with you if that's okay. Does it mean certainly our scope of this combination of organic and inorganic impact on the Q3.

史考特，就是其中之一。我們將邀請加里今天晚些時候與您聯繫。我想如果可以的話，可以作為您的後續行動。這是否意味著我們有機和無機結合對第三季影響的範圍。

That's fine, thanks.

那就好，謝謝。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Thank you. I just wanted to ask you to be at 15% of ACV from GenAI enabled products. I'm guessing most of that is on the legal side, listen, Tax & Accounting. And I guess over time, what is the right number that that 15% should grow to?

謝謝。我只是想請您從支援 GenAI 的產品中獲得 15% 的 ACV。我猜大部分是在法律方面，聽著，稅務和會計。我想隨著時間的推移，15% 應該成長到多少才是合適的數字？

You're correct, Manav, in regards to currently that that 15% primarily relates to the Westlaw precision AI. Secondly, the Practical Law dynamic and then to a lesser extent right now but growing is the CoCounsel and we have CoCounsel drafting and then checkpoint.

馬納夫，你是對的，目前這 15% 主要與 Westlaw 精確人工智慧相關。其次，實用法的動態，現在程度較小，但不斷增長的是共同法律顧問，我們有共同法律顧問起草，然後是檢查點。

So, council in regard to the right percentage number will continuously increase. I think it's difficult to say what that percent will be continuous improvement in increases on a monthly quarterly basis, which we will provide certainly with the additional acquisitions at the same sign and Materia we have optimism isn't that the tax and accounting corporate-related products will continue to help us on this evolution, but we'll see that 15% continuously expand manner.

因此，理事會關於正確比例的數字將不斷增加。我認為很難說這個百分比將在每月季度的基礎上持續改善，我們肯定會以相同的跡象提供額外的收購，我們樂觀的材料不是與稅務和會計公司相關的產品將繼續幫助我們進行這一演變，但我們會看到以15% 的方式不斷擴展。

And Mike, maybe just a follow-up just on the moving parts apologies, I missed it, but I guess you mean the organic guide this 50 basis points for the overall growth of the same. So, what is the moving pieces on the divestiture and the two acquisitions?

麥克，也許只是對移動部分的後續行動，抱歉，我錯過了，但我猜你的意思是有機指導這 50 個基點的整體增長。那麼，剝離和兩次收購的動人之處是什麼？

Yes, the impact there. The reason we did not increase the total revenue growth is the impact of the FindLaw on divestiture. Normally, we've had this year about a 50% of 50 basis points delta, but with the pending close of FindLaw, we factored that in Manav. And that's why we did not increased the total revenue growth percentage is defined by the divestiture.

是的，影響就在那裡。我們沒有提高總收入成長的原因是 FindLaw 對資產剝離的影響。通常情況下，今年我們的增量約為 50 個基點的 50%，但隨著 FindLaw 即將結束，我們將其計入了 Manav。這就是為什麼我們沒有提高由剝離定義的總收入成長百分比。

Okay, thank you.

好的，謝謝。

Vince Valentinim TD Cowen.

文斯·瓦倫丁·TD·考恩。

Thank you very much. And I start with a clarification. The 15% ACV is that just on Big 3 recurring revenue or doesn't include news in print, does it include transaction revenue?

非常感謝。我首先要澄清一下。15% ACV 是僅針對三大經常性收入或不包含印刷新聞，是否包含交易收入？

That's on the Big 3 advanced. Thanks for the clarification points there, basically think of the underlying ACV, Big 3 are recognized recurring revenues at Victory events.

那是三巨頭的高級。感謝那裡的澄清點，基本上想想潛在的 ACV，三大巨頭在勝利賽事中都被認可為經常性收入。

Thank you. And a question, and there's not much to criticize and what you guys are doing it. It's obviously great execution but if I can take a little, I mean, finalized looks like you're getting four times EBITDA for it, and you can't do any better now with the assets you're looking to sell, or should we expect other non-core stuff to be that low on the divestiture pricing? And if it's that cheap one, what I just keep it flat, really hurting you is it?

謝謝。還有一個問題，沒有什麼好批評的，你們在做什麼。這顯然是很棒的執行，但如果我可以接受一點，我的意思是，最終確定看起來你將獲得四倍的EBITDA，而且你現在不能用你想要出售的資產做得更好，或者我們應該預期其他非核心業務的剝離定價會如此低嗎？如果是那麼便宜的話，我就保持平價，真的很傷害你嗎？

These are multiple things to consider, certainly the financial lands that you just apply. But the additional lands that I don't think it's reflected in your comment is in regard to the leadership focus or as I think about the management time that's required a similar to last year when we acquired elite FindLaw requires a significant amount of outsized management time and bandwidth.

有很多事情需要考慮，當然還有您剛申請的金融土地。但我認為您的評論中沒有反映的額外土地是關於領導力重點，或者我認為所需的管理時間與去年我們收購精英 FindLaw 時類似，需要大量的超額管理時間和頻寬。

So, when you think about the opportunity cost of what it takes to lead FindLaw versus some of the other opportunities we have to balance the financial metrics that you just mentioned, which are obviously important with the bandwidth that it requires. That was certainly a factor an additional factor events similar to lead a FindLaw is a little different than the core Legal Professionals business, meaning if you think about legal professionals are helping lawyers practice more effectively, and that's outside the scope.

因此，當您考慮領導 FindLaw 所需的機會成本與其他一些機會時，我們必須平衡您剛才提到的財務指標，這對於其所需的頻寬顯然很重要。這當然是一個因素，另一個因素是類似於領導 FindLaw 的事件與核心法律專業人士業務略有不同，這意味著如果您認為法律專業人士正在幫助律師更有效地執業，那麼這超出了範圍。

Last point is Steve may want to supplement with FindLaw. We have additional industry dynamics, more cyclical, more macro there, but I would just double down and emphasize that the amount of management time how that sound final was requiring data.

最後一點是 Steve 可能想用 FindLaw 來補充。我們有更多的產業動態，更具週期性，更宏觀，但我想加倍強調，最終的管理時間需要數據。

And the other thing I'd add is I think we've seen over the last 12 months, we have on sharpened and I think enhanced how our strategy as it pertains to serving a law firms and in-house lawyers, court systems, attorneys, general and so forth. And a lot of that, not all of that, but a lot of that is around this GenAI opportunity and that has focused the mind.

我要補充的另一件事是，我認為在過去 12 個月裡，我們已經銳化並增強了我們為律師事務所和內部律師、法院系統、律師提供服務的策略。其中很多，不是全部，但很多都是圍繞 GenAI 的機會，這引起了人們的注意。

And we also see significant international growth opportunities for our legal professionals and corporates legal and with that, as the backdrop, the times and navigating algorithm changes and the disruptive impact of GenAI on our on this lead generation business, that is for small law firms that is fine low. We just felt that distraction was we're starting to go too far and away our outweigh the size and benefit of holding none of that business, which is why we did the deal that we did.

我們也看到了我們的法律專業人士和企業法律的重大國際成長機會，隨著時代和導航演算法的變化以及 GenAI 對我們這一領先一代業務的顛覆性影響，即對於小型律師事務所來說，低就好了。我們只是覺得分心是因為我們開始走得太遠，超出了不持有任何業務的規模和利益，這就是我們做這筆交易的原因。

Thank you.

謝謝。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

Great. Thanks so much. Just wanted to just clarify that the $200 million of GenAI investment up from $100 million, is that all kind of reflected in the P&L is well set? I mean, you're seeing some pretty good momentum on the license sales, things like that. But just is that all sounds like '24 for making and just maybe help us understand that a little bit because it is a critical part to the story.

偉大的。非常感謝。只是想澄清一下，GenAI 的投資從 1 億美元增加到了 2 億美元，這些都反映在損益表中嗎？我的意思是，您會看到許可證銷售等方面的一些相當好的勢頭。但這一切聽起來都像是《24小時》的製作，也許可以幫助我們理解這一點，因為它是故事的關鍵部分。

Sure, Kevin. Let me break that down into multiple pieces. Certainly, for calendar year 2023, it was slightly over $100 million when we reference the $200million. That includes both operating expense and capital expenditure. It does not include any cost of acquisition so that strike within our core operating P&L and underlying CapEx stood at $200 million, Kevin does reflect the amount you go back 20 months ago.

當然，凱文。讓我將其分解為多個部分。當然，對於 2023 日曆年，當我們參考 2 億美元時，這一數字略高於 1 億美元。這包括營運費用和資本支出。它不包括任何收購成本，因此我們的核心營運損益和基礎資本支出中的罷工金額為 2 億美元，凱文確實反映了 20 個月前的金額。

And GenAI really began to accelerate we remarked X amount for it, when we acquired case tax in August of 2023, that certainly added an additional amount to our run rates, both OpEx and CapEx. And as we began 2024, we were very purposeful and intentional as we set our 20204 management plan to make additional investments, OpEx and CapEx in GenAI.

當我們在 2023 年 8 月獲得案例稅時，GenAI 確實開始加速，我們為此增加了 X 金額，這無疑增加了我們的運行率，包括營運支出和資本支出。在 2024 年伊始，我們非常有目的、有目的地制定了 20204 年管理計劃，對 GenAI 進行額外投資、營運支出和資本支出。

It's really a culmination cabin of OpEx CapEx on solution, which is all factored into our operating expense and capital directionally, it's about half-and-half. If you think about OpEx and capital directionally, Kevin, it does that help athletes happy to go deeper.

這確實是解決方案上營運支出資本支出的巔峰之作，它全部計入我們的營運支出和資本方向，大約是一半。凱文，如果你從方向上考慮營運支出和資本，它確實可以幫助運動員高興地走得更深。

No, that's super helpful. And Mike, that would be the same or split is the $100 million goes up to $200 million in the same split in terms of OpEx as opposed to CapEx.

不，這非常有幫助。麥克，這將是相同或分開的，即營運支出與資本支出方面的 1 億美元在相同的分割中最多可達 2 億美元。

But directionally, certainly in a given quarter, you're going to have a little bit of even flow. But if you look at it on an annualized basis, that's roughly 50-50. I haven't

但從方向上看，當然在某個特定季度，你將會有一點均勻的流量。但如果以年化計算，大約是 50-50。我沒有

Got it. And then just real quick, especially real at Investor Day, it feels like the organic growth in the Big 3 is accelerating kind of even faster than what we would have thought. Is that the kind of pacing of the GenAI or and just maybe is at retention starting to improve? Just any thoughts around the broad strokes here on the organic growth?

知道了。然後很快，尤其是在投資人日，感覺三大巨頭的有機成長正在加速，甚至比我們想像的還要快。這是 GenAI 的節奏嗎？關於有機成長的整體思路有什麼想法嗎？

That's very fair question, Kevin. If you go back to February, when we set guidance and an expanded out in March Investor Day three things have evolved over the time horizon, first is the corporate segment 45 basis points for longer than we had anticipated, Kevin at the beginning of the year, huge credit to our Clay McDonnell, President of Corporate segment and for our leadership team, execution has been phenomenal.

這是非常公平的問題，凱文。如果你回到2 月份，當我們設定指導並在3 月份投資者日擴大時，三件事在時間範圍內發生了變化，首先是企業部門45 個基點的時間比我們預期的要長，凱文在今年年初，這要歸功於我們企業部門總裁 Clay McDonnell 和我們的領導團隊，執行力非常出色。

As a reminder, 7% organic growth in calendar year 2023 be over 9% this year. Second item is contributed is Tax & Accounting Professional obviously 9.5% last year were 5.5% this year, about 20 basis points stronger than we anticipated in Tax & Accounting. And then the third quarter, Kevin, is orders deny we certainly did not anticipate the incremental GenAI, we had baked into plan for $25 million in Q1 that we were very trends parent about. But the most recent GenAI content licensing deal was accretive. So, in summary, corporates about 45 basis points, Tax & Accounting 20 basis points and Borders GenAI about 20 basis points, Kevin.

提醒一下，2023 年有機成長 7%，今年將超過 9%。第二項貢獻是稅務和會計專業，顯然去年為 9.5%，今年為 5.5%，比我們對稅務和會計的預期高出約 20 個基點。然後第三季度，凱文，訂單否認，我們當然沒有預料到 GenAI 的增量，我們已經將第一季 2500 萬美元的計劃納入了我們非常關注的趨勢。但最近的 GenAI 內容授權協議是增值的。因此，總而言之，企業約為 45 個基點，稅務和會計部門約為 20 個基點，Borders GenAI 約為 20 個基點，Kevin。

Super helpful. Thank you.

超有幫助。謝謝。

Aravinda Galappatthige, Canaccord Genuity.

阿拉文達·加拉帕蒂格 (Aravinda Galappatthige)，Canaccord Genuity。

Good morning, thanks for taking my question. Is just a quick come down, I guess housekeeping question before the main one with respect to corporate costs. I mean it does look like you're tracking below the guide meaningfully when I look at the nine-month numbers, is there anything we should sort of consider when you look at Q4 there?

早安，感謝您提出我的問題。這只是一個快速的下降，我想在有關企業成本的主要問題之前，我想內務管理問題。我的意思是，當我查看九個月的數據時，您確實看起來有意義地低於指南，當您查看第四季度時，我們是否應該考慮什麼？

I know everyone is a very fair question. There is still a little bit of variability or seasonality with our corporate costs, if you just annualize through year to date, nine months it would appear that we're going to be below our guidance. I believe our vendor we're going to be spot on at least the lower end of our corporate cost is due to a call its seasonality that we are expecting in Q4 have good visibility into that area and so I think we'll be within the range that we have provided. A very fair question.

我知道每個人都是一個很公平的問題。我們的企業成本仍然存在一些變化或季節性，如果您僅按年計算今年迄今為止的九個月，我們將低於我們的指導。我相信我們的供應商至少會處於我們公司成本的較低端，這是由於我們預計第四季度的季節性因素對該領域有良好的可見性，所以我認為我們將在我們提供的範圍內。這是一個非常公平的問題。

Okay, great. And then maybe just going back to the $200 million in spend. Obviously, you have the space to continue to invest in and then sort of the encouragement from the results you're seeing so far that tap the 75 basis points margin expansion that you originally guided for 2025, is that $200 million level, recognizing, of course, only half of that is OpEx or can that is there more room to grow that within that margin guide? I just wanted some colour on that. Thank you.

好的，太好了。然後也許就回到 2 億美元的支出。顯然，你有繼續投資的空間，然後從你迄今為止看到的結果中得到的鼓勵，利用你最初指導的 2025 年利潤率擴張 75 個基點，即 2 億美元的水平，認識到，當然，其中只有一半是營運支出，或是在利潤指導範圍內是否還有更多的成長空間？我只是想要一些顏色。謝謝。

A couple of points. I would just add clarity, as I referenced in my prepared remarks, if you look at 2025, we committed to 75 basis points of margin expansion, which we've reaffirmed today. That means that we'll be able to absorb this $200 million of GenAI the portion that's OpEx.

有幾點。我想澄清一下，正如我在準備好的演講中提到的那樣，如果你看看 2025 年，我們承諾將利潤率擴大 75 個基點，我們今天重申了這一點。這意味著我們將能夠吸收 GenAI 的 2 億美元營運支出部分。

Also, as I mentioned in the prepared remarks, we'll be able to support the dilution from the sale sign acquisition and a Materia acquisition. one item to consider vendor is we go back historically up, talked about 75 basis points of natural operating leverage at 6% organic growth figure to 7% organic growth. That natural operating leverage increases from 75 basis points to slightly over 100 basis points.

此外，正如我在準備好的評論中提到的，我們將能夠支持銷售標誌收購和 Materia 收購帶來的稀釋。供應商要考慮的一項是我們回顧歷史，談到了 75 個基點的自然營運槓桿，有機成長數字為 6% 至 7%。自然營運槓桿從 75 個基點增加到略高於 100 個基點。

So when you look at that decision in regard to margin expansion versus reinvestment, that incremental operating leverage, now that we're at 7% down to afford us that optionality. But we are comfortable absorbing the GenAI at the 200 basis points in addition to the acquisitions that we mentioned today.

因此，當你考慮利潤擴張與再投資的決定時，即增量營運槓桿，現在我們的利率下降了 7%，為我們提供了這種選擇權。但除了我們今天提到的收購之外，我們還願意以 200 個基點的價格吸收 GenAI。

Thank you very much.

非常感謝。

Andrew Steinerman, JP Morgan.

安德魯‧史坦納曼，摩根大通。

Hi, Steve, as law firms have embraced Thomson Reuters GenAI enabled products in I have you seen law firms change any of their intentions around hirings and or practices around value billing?

你好，史蒂夫，隨著律師事務所接受湯森路透 GenAI 支持的產品，您是否看到律師事務所改變了他們在招聘方面的意圖和/或圍繞價值計費的做法？

Andrew, the short answer is not yet. There are very active conversations going on amongst law firm partnerships from amongst the partners as to firstly, what happens to the per our billing and how much of the year agencies will be shared with customer partnerships themselves. And with the general counsels, let's assume from these also active conversations around how much they spend and what sort of in-house data analytics, data science, technology, talent they need.

安德魯，簡短的回答是還沒有。律師事務所合作夥伴之間正在進行非常活躍的對話，首先，我們的帳單會發生什麼變化，以及代理商每年將與客戶合作夥伴共享多少費用。讓我們假設總法律顧問圍繞著他們的支出以及他們需要什麼樣的內部數據分析、數據科學、技術和人才進行了積極的對話。

And so on, I think with starting to see a law firms resolve, they're going to spend a bit more on technology and then trying to figure out sort of where that where that funding and investments going to come from as they think about the people spend, their real estate spend a number of law firms in through the middle of this year, sort of said we're thinking about holding the number of new graduates that we hire or perhaps even reducing that number in as we go forward in the next few years.

等等，我認為，隨著開始看到律師事務所解決問題，他們將在技術上投入更多，然後在考慮資金和投資時試圖找出資金和投資的來源。 ，他們的房地產花費了許多律師事務所的費用，這可以說我們正在考慮保留我們僱用的應屆畢業生的數量，甚至可能在我們前進的過程中減少這個數量。

But I think it's too early to tell us to sort of exactly how this is going to play out across the large, medium and small firms. We're obviously every single day conversation and providing support monitoring those conversations and they are recurring and I think they are healthy, but it is early in the context of that broader transformational change.

但我認為現在告訴我們這將如何在大型、中型和小型公司中具體發揮作用還為時過早。顯然，我們每天都在進行對話，並提供支持來監控這些對話，它們正在重複出現，我認為它們是健康的，但在更廣泛的轉型變革的背景下，這還處於早期階段。

Makes sense. Thank you.

有道理。謝謝。

Mehar Yaghi, Scotiabank.

Mehar Yaghi，豐業銀行。

Great. Thank you for taking my question. And just my first one relates to your NCIB program I noticed that you did not buy any stock during the Q3 because you exhausted your NCIB back in Q2. As we stand today, your leverage is very healthy at 0.5 times. What are your plans in terms of returning capital shareholders here for with another potential NCIB program?

偉大的。感謝您回答我的問題。我的第一個與您的 NCIB 計劃有關，我注意到您在第三季度沒有購買任何股票，因為您在第二季度耗盡了 NCIB。就我們今天的情況而言，您的槓桿率為 0.5 倍，非常健康。在透過另一個潛在的 NCIB 計劃讓資本股東回歸這裡方面，您有何計劃？

And if so, what should we expect a similar size to 2023, or the formulaic requirements allow you to see or to buy more than the $10 million of last year? The second question is on case tax, so with one year now under your belt, can you update us on the performance that you have been able to achieve on the right assets to close the transaction? Maybe if you can provide some metrics on revenues or amplification implications to existing products, i.e., of delivering on your expectations and the returns of expectations? Thank you.

如果是這樣，我們應該期待與 2023 年類似的規模，或者公式化的要求允許您看到或購買超過去年 1000 萬美元的金額？第二個問題是關於案件稅的，所以您已經工作一年了，您能否向我們介紹您在完成交易所需的正確資產上所取得的最新業績？也許您可以提供一些有關收入或對現有產品的放大影響的指標，即實現您的期望和期望回報的指標？謝謝。

I will take the first one regards the NCIB, I think we foreshadowed on the August earnings call not to expect any NCIB or share buyback in Q3 or Q4 and that's really driven by the current interest rate environment. Certainly, we have seen a decline in interest rates, but at the current interest rates based on our calculations and assessment was still slightly dilutive.

我將第一個關於 NCIB，我認為我們在 8 月的財報電話會議上預示不會在第三季或第四季進行任何 NCIB 或股票回購，這實際上是由當前的利率環境推動的。當然，我們已經看到利率下降，但根據我們的計算和評估，目前的利率仍然略有稀釋。

So, I would not expect any share buybacks or NCIB in Q3, Q4. As you go into calendar year 2025, we remain very open to considering NCIB or share buybacks, but the timing will be directly correlated to the interest rate cuts in interest rate environment.

因此，我預計第三季、第四季不會有任何股票回購或 NCIB。進入 2025 年，我們仍然非常願意考慮 NCIB 或股票回購，但時機將與利率環境中的降息直接相關。

In regard to size we certainly have optionality given our $10 billion worth of capital capacity will discuss if we decide to move forward with an NCIB we will certainly discuss with our Board. But given at the beginning of 2024, we committed to 75% capital return over the time horizon.

關於規模，我們當然有選擇權，因為我們有價值 100 億美元的資本能力，如果我們決定推進 NCIB，我們肯定會與董事會討論。但考慮到 2024 年初，我們承諾在一段時間內實現 75% 的資本回報率。

If you look at just our dividends, our dividend gets about 50% to 55% so mathematically, we would need on an annualized basis about $500 million of an NCIB in calendar year 2025 to hit that 75% capital return guidance that we provided so early earlier this year.

如果你只看我們的股息，我們的股息約為50% 至55%，因此從數學上講，我們需要在2025 日曆年按年化計算約5 億美元的NCIB，才能達到我們早先提供的75%資本回報率指導今年早些時候。

So to summarize, we do not anticipate any NCIB in Q4. The timing in 2025 will be based on interest rate environment and then the size will be based on a multitude of factors to consider and including the timing of potential strategic M&A.

總而言之，我們預計第四季不會出現任何 NCIB。2025 年的時機將基於利率環境，然後規模將基於要考慮的多種因素，包括潛在策略併購的時機。

And then maybe Steve, (inaudible) we don't provide sort of product-by-product revenue guidance for something like high-stakes. But unequivocally, from my point of view, this one is on or ahead of track relative to the acquisition case we made and the price we paid. And there's a few reasons for that, the first is we're seeing really good growth in the CoCounsel product in the United States and of course, we put out CoCounsel to auto, and we're excited themselves I mentioned in my prepared remarks.

然後，也許史蒂夫，（聽不清楚）我們不會為高風險之類的產品提供逐個產品的收入指引。但毫無疑問，從我的角度來看，相對於我們所做的收購案例和我們支付的價格，這項收購已經步入正軌或領先於正軌。這有幾個原因，首先是我們看到 CoCounsel 產品在美國的成長非常好，當然，我們將 CoCounsel 推出到汽車領域，我們自己也很興奮，我在準備好的發言中提到過。

And secondly, CoCounsel is a vehicle through which we plan to have to explore international growth in the legal feel in a way that perhaps we haven't in the past given the association of research with some with common law rather than civil law hub markets. And then thirdly, up, we've extended CoCounsel to checkpoint with CoCounsel and also most recently under the leadership of right grow about one of our product executives in about one source suite.

其次，CoCounsel 是一個工具，我們計劃透過它來探索法律感覺的國際成長，考慮到研究與一些普通法而不是民法中心市場的聯繫，我們過去可能沒有這樣做過。第三，我們將 CoCounsel 擴展到與 CoCounsel 的檢查點，最近也在我們的一位產品主管的正確領導下，在大約一個原始碼套件中成長。

And so not only is it sort of within that core Legal franchise, we're seeing real applications. And I think excitement from customers beyond that and of course, the Materia acquisition, we think it is additive here and will be an accelerant for that extension of the core AI assistant capability. So in summary, we're excited about what-to-what case text has bought to TR. And we are equally or even more excited about what the next few years use will hold up for that creative capabilities and the impact it'll have on our customers.

因此，它不僅屬於核心法律特許經營範圍，我們還看到了實際的應用。我認為客戶的興奮不僅於此，當然還有對 Materia 的收購，我們認為它在這裡是附加的，並將成為核心人工智慧助理功能擴展的促進劑。總而言之，我們對 TR 購買了“what-to-what case text”感到興奮。我們對未來幾年的創意能力及其對客戶的影響同樣感到興奮甚至更加興奮。

Great. Thank you very much.

偉大的。非常感謝。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

Thank you. I wanted you go back to the last half and I definitely understand the growth challenges you've been having their and unnecessary focus that you're paying to it, just wondering if the sale also represents a shift in strategy with regard to small law firms, is there less of a focus their wishes and this was not the right product to be selling to them and you're better off selling AI products? Thanks.

謝謝。我希望你回到上半場，我絕對理解你所面臨的成長挑戰和不必要的關注，你正在為此付出代價，只是想知道這次出售是否也代表了小型律師事務所策略的轉變，是否不太注意他們的願望，這不是向他們銷售的正確產品，而你最好還是銷售人工智慧產品？謝謝。

Yeah, Toni, it does not represent the shift away from small law firms we are excited about that segment under the leadership of Aaron Rademacher. He and his team are doing a great job and specifically, what we have seen is an interesting shift, which is as we've brought to market some of these five, we've seen the very smallest of our law firm customers pick them up as quickly as the global large law firms and I think historically that was not the case.

是的，東尼，這並不代表小型律師事務所的轉變，我們對亞倫·拉德馬赫 (Aaron Rademacher) 領導下的這一領域感到興奮。他和他的團隊做得很好，具體來說，我們看到了一個有趣的轉變，即當我們將這五種產品中的一些推向市場時，我們看到最小的律師事務所客戶選擇了它們與全球大型律師事務所一樣快，但我認為歷史上並非如此。

We still have a large law firm with very sophisticated, both teams, research and knowledge teams and budgets that would be first in adopting these products. And the smaller firms will much farther down the line. We've seen a pretty equal balance. So now we're very excited about the small law firm segment and Aaron's leadership of thereof. And the reason for the divested FindLaw, as I said before, this strategy has sharpened and FindLaw with just not part of it and we felt it was increasing distraction.

我們仍然有一家大型律師事務所，擁有非常成熟的團隊、研究和知識團隊以及預算，他們將首先採用這些產品。而規模較小的公司將會走得更遠。我們看到了相當平等的平衡。因此，現在我們對小型律師事務所部門和亞倫的領導感到非常興奮。正如我之前所說，剝離 FindLaw 的原因是這項策略已經變得更加尖銳，而 FindLaw 並未參與其中，我們認為這正在增加分心。

Toni, I would just supplement small law firm is over 25% of our Legal revenues. Hopefully that amplifies the importance of small all the Aaron leads for us.

東尼，我只想補充一下，小型律師事務所占我們法律收入的 25% 以上。希望這能增強亞倫對我們的重要性。

Very helpful. I was also hoping you could give us an update on your thoughts here how you're pricing the CoCounsel product, if there's been any changes to that and how you think about pricing at across different customer types?

非常有幫助。我還希望您能向我們介紹您對 CoCounsel 產品定價的最新想法，是否有任何變化，以及您如何考慮針對不同客戶類型的定價？

Yeah. I mean, without giving too much away, Toni, we've been in test and learn mode. I think since we acquired CoCounsel. This is a dynamic market with a brand-new proposition to a set of existing and prospective customers so that there has been a degree of sort of testing and eroding. What I would say is we price to value, firstly.

是的。我的意思是，托尼，不用透露太多，我們一直處於測試和學習模式。我想自從我們收購了 CoCounsel 以來。這是一個充滿活力的市場，向現有和潛在客戶提出了全新的主張，因此存在一定程度的測試和侵蝕。我想說的是，首先，我們以價值定價。

Secondly, we prefer enterprise-wide pricing rather than per-seat we've never gone down that path and we don't plan to stop and we're always very mindful of covering more than covering the arm, the variable cost components associated with pinging lodge language models, which is obviously a relatively new dynamic for us.

其次，我們更喜歡企業範圍的定價，而不是按席位定價，我們從未走這條路，我們也不打算停止，我們總是非常注意涵蓋的不僅僅是手臂，與相關的可變成本組成部分pinging lodge 語言模型，這對我們來說顯然是一個相對較新的動態。

So, I would say so far, so good on the pricing front, the single component, and we'll just stay diligent and continue to be flexible as we see the market evolve. Anything to add on that, Mike?

所以，我想說，到目前為止，在定價方面、單一組件方面都表現得很好，我們將保持勤奮，並隨著市場的發展而繼續保持靈活性。麥克，還有什麼要補充的嗎？

I think that's a good summary.

我認為這是一個很好的總結。

Thanks, guys.

謝謝，夥計們。

Drew McReynolds, RBC.

德魯·麥克雷諾茲，加拿大皇家銀行。

Thank you, and good morning and the hopped on late, so hopefully not repetitive here. I did hear an earlier question, Mike, on the organic revenue growth guidance increment, where you broke it down in terms of three components. So super helpful their bigger picture when we look at the 7% kind of guided growth for 2024 and an acceleration in 2025 or kind of firmly into high single digits here, which I think the long-standing tops and followers is great to see on at that high level, can you just kind of update us on whether you had the components are drivers of that growth has changed with respect to price?

謝謝，早上好，很晚才上來，所以希望這裡不會重複。麥克，我之前確實聽過一個關於有機收入成長指導增量的問題，您將其分為三個組成部分。因此，當我們看到 2024 年 7% 的指導成長以及 2025 年的加速或牢固地達到高個位數時，他們的大局非常有幫助，我認為長期處於領先地位和追隨者很高興看到這一點這麼高的水平，您能否向我們介紹一下最新情況，即您認為成長驅動因素的組成部分是否因價格而改變了？

Obviously can't expansion you talk at your March Investor Day market share on how much of this is asset mix, evolution, etc, just again at a high level? And then second, maybe for you, Steve, on the Genetic AI. acquisition with material. I'm fascinated from my perspective on kind of the next generation capability here on the agency side on, can you kind of give us a sense schedule what additional capabilities that acquisition projects? Thank you.

顯然，您不能在三月投資者日的市場份額擴張中再次在高水平上談論其中有多少是資產組合、演變等嗎？其次，也許對你來說，史蒂夫，關於基因人工智慧。用材料取得。從我對代理商方面下一代能力的角度來看，我很著迷，您能給我們一個大概的計劃，即收購項目將包括哪些額外能力？謝謝。

It grew on the first one in regard to the 7% and is driving that first in regard to pricing, pricing today is very consistent with what we expected and forecasted at the beginning of the year. I think we've consistently stated about 3.5% price lift on a year-over-year basis if you look across all of our total TR, it certainly varies by segment and subsegment there.

它在第一個增長的基礎上增長了 7%，並在定價方面推動了這一增長，今天的定價與我們年初的預期和預測非常一致。我認為，如果您查看我們所有的總 TR，我們一直表示同比價格上漲約 3.5%，它肯定會因細分市場和子細分市場而異。

If you look at the convergence of factors, we're certainly doing better on new sales, new logos, cross-sell, upsell, certainly helping the one item if you dissect that kind of some of the parts for TRs corporates which I earlier mention on the call 7% organic growth last year and protein very 9.5% this year, that's been a key factor for us.

如果你看看因素的融合，我們肯定在新銷售、新標誌、交叉銷售、追加銷售方面做得更好，如果你剖析我之前提到的TR公司的一些部分，肯定會對這一項目有所幫助。

And that's part of this the sales execution that we referenced earlier on this call and on prior calls there. So we've seen good execution sales-wise by corporate we saw throughout calendar year 2024. So if I were to isolate one item, that would be at the second one, which I've references on the water side, the GenAI content licensing deal, that's certainly helping us in Q2 and Q3.

這是我們之前在這次電話會議和之前的電話會議中提到的銷售執行的一部分。因此，我們在 2024 年全年看到了公司在銷售方面的良好執行力。因此，如果我要隔離一個項目，那就是第二個項目，我在水方面引用了 GenAI 內容授權協議，這肯定在第二季和第三季對我們有幫助。

But pricing is very consistent through our retention just slightly higher. It's incremental I think Kevin asked a related question earlier. We have not seen a significant uptick yet in retention we remain optimistic there, but it was just a small incremental increase thus far this year and it's Steve, you want to add anything?

但由於我們的保留率略高，定價非常一致。我認為凱文早些時候問過一個相關的問題，這是漸進的。我們還沒有看到保留率顯著上升，我們對此保持樂觀，但這只是今年迄今為止的小幅增量增長，史蒂夫，你想補充什麼嗎？

Yes, Drew. Firstly, congrats on the 332 New York City Marathon at serving some extraordinary achievements. And then as it pertains to hedge, it pertains to a Materia and the agentic capabilities that Kevin and Lucas and the team there have built out we're pretty excited about this one for a few reasons.

是的，德魯。首先，恭喜第332屆紐約馬拉松賽取得了一些非凡的成績。然後，當它涉及對沖時，它涉及凱文和盧卡斯以及那裡的團隊已經建立的材料和代理能力，我們對此感到非常興奮，原因有幾個。

The first is you're obviously, in layman's terms what the agentic capabilities enable the Materia to do is performing sequencing in parallel, multiple related tasks and then be able to bring them together to provide answers to more sophisticated questions and problems. And what Kevin and Lucas did from day one was grills built, big set of capabilities around agentic models so that's sort of been the heritage and starting point for that capability. So that was one of the reasons we're really intrigued.

首先，用外行人的話來說，代理功能使 Materia 能夠並行執行多個相關任務的排序，然後能夠將它們組合在一起，為更複雜的問題提供答案。凱文和盧卡斯從第一天起就開始建造烤架，圍繞著代理模型提供大量功能，因此這就是該功能的遺產和起點。這就是我們真正感興趣的原因之一。

The second reason is they have dedicated their time to tax and accounting and orders. And as we think about Elizabeth Beastrom's team and all the activities that are going on there and the work that Dave, while he's doing and leading our audit capabilities, we are very excited about taking that capability starting this week at our synergy become customer conference in Orlando and to our customers.

第二個原因是他們把時間花在稅務、會計和訂單上。當我們想到 Elizabeth Beastrom 的團隊以及那裡正在進行的所有活動以及 Dave 在執行和領導我們的審計能力時所做的工作時，我們非常高興能夠從本週開始在我們的協同客戶會議上採用該能力。奧蘭多和我們的客戶。

And then last but not least the other thing Materia did in a very unique way, put together the ability to interrogate and integrate customers documents. And that, of course, sits these capabilities on a whole new sort of path to value creation and that's something that our head of engineering jobs were on has been focused on for a period of time and so when he was able to get to know given and Lucas and understand the capabilities, I think our excitement crew here. So it's early days with this one but done but starting this week in Orlando, we're excited about the journey.

最後但並非最不重要的另一件事是，Materia 以非常獨特的方式完成了另一件事，即整合查詢和整合客戶文件的能力。當然，這使這些能力走上了一條全新的價值創造之路，這是我們的工程主管在一段時間內一直關注的事情，因此當他能夠了解給定的情況時，和盧卡斯並了解其能力，我認為我們的團隊在這裡感到興奮。所以現在還處於早期階段，但已經完成，但從本週在奧蘭多開始，我們對這段旅程感到興奮。

Thanks for the context.

謝謝你的背景。

George Tong, Goldman Sachs.

喬治唐，高盛。

Hi, good morning. The legal business has been 7% organic revenue growth for several quarters now. Can you talk about when you expect legal organic growth to accelerate and what the top drivers will be?

嗨，早安。目前，法律業務的有機收入已連續幾季成長 7%。您能談談您預計合法有機成長何時會加速以及主要驅動力是什麼嗎？

Certainly, George, Q3 Legal Professionals was consistent stable with our Q2 performance, slightly over 7% rounding to 7% there. If you look at a longer time horizon over the last 12 months to 18 months has been a meaningful step up in the legal profession channels organic growth rate driven by Westlaw precision and also the GenAI launches that we discussed there.

當然，喬治，第三季法律專業人士與我們第二季的表現一致，略高於 7%，四捨五入至 7%。如果你看一下過去 12 個月到 18 個月的較長時間範圍，在 Westlaw 精確性以及我們在那裡討論的 GenAI 發布的推動下，法律行業渠道的有機增長率是有意義的一步。

We did see a slight uptick in the recurring revenue in Q3 we had undertaken the transactional revenue had mentioned government was 6% had some of that transactional relates to government there. So, you have and the correlation, if you look at Q4 2024, calendar year 2025, we do anticipate a modest improvement as we go forward.

我們確實看到第三季的經常性收入略有上升，我們已經提到政府的交易收入為 6％，其中一些交易與那裡的政府有關。因此，如果你看看 2024 年第四季（即 2025 年），我們確實預期未來會出現適度的改善。

We'll price there with the [Featherstone] here that the CoCounsel certainly we're optimistic there, Westlaw, we still have more room on the Westlaw precision penetration that we've discussed in prior quarters there. So a very solid 7%, and we anticipate modest improvements as we go forward, George.

我們將用 [Featherstone] 來定價，我們的聯合法律顧問當然對此持樂觀態度，Westlaw，我們在 Westlaw 的精確滲透方面仍有更多空間，正如我們在前幾個季度討論過的那樣。所以這是一個非常穩定的 7%，我們預計隨著我們的前進，會有適度的改善，喬治。

Just to add to that, George, I would say we talked at Investor Day about potentially the potential for our TAM to expand GenAI and its ability to enable us to book to play a larger role in the success of our customers. Everything we've seen since March 12, 2024, supports that for the other thing we said on Investor Day was this will require a degree of change management within and across the law firms and it was really central to address documents affiliate question.

喬治，我想補充一點，我們在投資者日討論了我們的 TAM 擴展 GenAI 的潛力，以及它使我們能夠在客戶的成功中發揮更大作用的能力。自2024 年3 月12 日以來我們所看到的一切都支持我們在投資者日所說的另一件事，即這將需要律師事務所內部和律師事務所之間進行一定程度的變革管理，這對於解決文件附屬問題至關重要。

That process is underway we will play a role in supporting our customers through that transformation, but we're not the sole determinant and so we're focused on the long-term growth opportunity and expansion of the role we play with. And for the profession rather than the quarter to quarter, we'll keep ourselves accountable quarter to quarter, but we are laser focused on that longer-term expansion. And we're not going to do anything in the short term that compromises our ability to up to meet or exceed our customers' interest and pursue that.

這個過程正在進行中，我們將在支持客戶完成轉型方面發揮作用，但我們不是唯一的決定因素，因此我們專注於長期成長機會和擴大我們所扮演的角色。對於整個行業，而不是逐季度而言，我們將逐季度對自己負責，但我們更專注於長期擴張。我們不會在短期內做任何損害我們滿足或超越客戶利益並追求這一目標的能力的事情。

Got it. That's helpful. And then you touched a little bit about your pricing philosophy with vertical Council. Can you discuss how you plan to monetize journey on more broadly across the segments, given the step-up in investments, how much of a pricing for revenue uplift in return you expect from GenAI?

知道了。這很有幫助。然後您談到了垂直委員會的定價概念。您能否討論一下您計劃如何在更廣泛的細分市場上實現旅程貨幣化，考慮到投資的增加，您期望 GenAI 帶來的收入成長定價是多少？

I think it's, we've obviously talked about this percentage of ACV that that has a GenAI component, and we'll keep you apprised of that, George. I think it's a bit early to sort of say here are the direct through lines between the GenAI capabilities and explicit pockets of revenue we've seen good growth of Westlaw precision since we put the AI functionality in the marketplace, same with part of the lawsuit with checkpoint, as Mike talked about CoCounsel.

我認為，我們顯然已經討論過含有 GenAI 成分的 ACV 百分比，我們會隨時通知您，喬治。我認為現在說 GenAI 功能和明確的收入之間的直接聯繫還為時過早，自從我們將人工智慧功能推向市場以來，我們已經看到 Westlaw 精度的良好增長，這與訴訟的部分內容相同與檢查點，正如麥克談論CoCounsel 一樣。

So, all of those points, I think, to a two to a positive outcome. But the focus, as I said, is on ensuring that these capabilities out of the benefit of our customers. And that's what we're focused on. That's what we're starting to see and as long as we stay focused on that, I think you'll sell out now how growth rates so expand as we are as we believe they will.

因此，我認為，所有這些要點都有助於取得積極的成果。但正如我所說，重點是確保這些功能能為我們的客戶帶來好處。這就是我們關注的重點。這就是我們開始看到的情況，只要我們繼續關注這一點，我想你現在就會相信成長率會像我們相信的那樣擴大。

Got it. That's helpful. Thank you.

知道了。這很有幫助。謝謝。

Doug Arthur, Huber Research.

道格·阿瑟，胡貝爾研究中心。

Yes, thanks. Just on Reuters news, you made an interesting comment that some of the AI modelling a tower is becoming recurring in nature of this does that sort of change your outlook for that business of the intermediate in term basis?

是的，謝謝。就在路透社新聞上，您發表了一個有趣的評論，即一些對塔進行建模的人工智慧正在不斷重複出現，這是否會改變您對中期業務的展望？

Thanks for the question, Doug. No, it doesn't because you got to bear in mind that the Hopper more than half of the revenues of Reuters news relates to the 30-year use agreement with the data and analytics side of the London Stock Exchange Group.

謝謝你的提問，道格。不，這不是因為你必須記住，Hopper 超過一半的路透社新聞收入與倫敦證券交易所集團數據和分析的 30 年使用協議有關。

So, there's a fair point weight of that business there. And it's and we believe that's a real strength of the business and our ability to do a better and better job of serving is a laser and primary focus pull basket bear, Alessandra, Tony and the team, we've obviously benefited in the fourth quarter and through this year from these deals.

因此，該業務具有相當的權重。我們相信，這是業務的真正優勢，我們有能力做得越來越好，服務是激光和主要焦點拉籃熊，亞歷山德拉，托尼和團隊，我們顯然在第四季度受益並通過今年的這些交易。

As I said earlier, I think it's too early to tell post to sort of what the longer-term run rate of recurring run rate will look on these deals were pretty optimistic. We're focused on it showing that that the customers see value and an incentive to expand and renew those over time. But it's, as I said earlier, Doug, I think it's a bit early to tell and of course the agency side of the business, the new subscription, the events side of the business or bring up some variability. So, we're sort of optimistic, and I think growing in confidence, but it really is early in this journey.

正如我之前所說，我認為現在告訴郵報這些交易的經常性運行率的長期運行率將是什麼樣子還為時過早。我們重點關注的是，它表明客戶看到了價值，並有動力隨著時間的推移擴展和更新這些價值。但正如我之前所說，道格，我認為現在說還為時過早，當然，業務的代理方面、新的訂閱、業務的活動方面或會帶來一些變化。所以，我們有點樂觀，我認為信心正在增強，但現在還處於這趟旅程的早期階段。

Got it. Okay. Thank you.

知道了。好的。謝謝。

Sami Kassab, Exane BNP Paribas.

薩米·卡薩布 (Sami Kassab)，法國巴黎銀行 Exane。

Thank you, very much and good morning, everyone. I'm trying to put some context around the 15% share of ACV from GenAI and every product. Now given the relative contract length across the Big 3, I'm tempted to fill that every year renewal from the new good professional division probably account for around 15% to 20% of total decrease ACV and therefore given that most of the GenAI revenue sitting the legal profession, am I right to conclude that it moves over the last 12 months or so pretty much every single law firm that had to renew decided to trade up to a GenAI product, would that be a fair statement or if not, then could you comment on the share of renewables in legal that trade-up to GenAI? Thank you, Steve.

非常感謝大家，大家早安。我試圖對 GenAI 和每款產品 15% 的 ACV 份額提供一些背景資訊。現在考慮到 3 巨頭的相對合約長度，我很想補充一下，每年新的優秀專業部門的續約可能佔 ACV 總減少量的 15% 到 20% 左右，因此考慮到 GenAI 的大部分收入都在對於法律界來說，我的結論是否正確，即在過去12 個月左右的時間裡，幾乎所有必須續約的律師事務所都決定升級到GenAI 產品，這是一個公平的聲明嗎？可以您對再生能源在與 GenAI 的交易中所佔的比例有何評論？謝謝你，史蒂夫。

Yes, Sami, I'll start and certainly we've been sharing the ACV penetration for the Westlaw precision products. I think we're around 37% there as you'll remember, with Westlaw Edge the previous version earlier version of Westlaw, we reached around 75%, I think was the last percentage that we applied. So, it's difficult to provide a direct correlation to your question there, Sami.

是的，薩米，我會開始，當然我們一直在分享 Westlaw 精密產品的 ACV 滲透率。我認為我們的比例約為 37%，您會記得，使用 Westlaw Edge（Westlaw 的早期版本），我們達到了 75% 左右，我認為這是我們應用的最後一個百分比。因此，薩米，很難提供與您的問題的直接關聯。

I would say certainly as contracts come up for renewal, we have a very strong hit rate in regard to customers adopting the Westlaw precision that the GenAI enabled. I think that's probably as much specifics as we could provide today.

我肯定會說，隨著合約的續約，我們對採用 GenAI 啟用的 Westlaw 精度的客戶有非常高的命中率。我想這可能就是我們今天能提供的全部細節了。

Thank you.

謝謝。

I think that brings us trust the end of the Q&A session. So, thanks, everybody, for your interest and attention.

我認為這給我們帶來了信任，問答環節結束了。所以，謝謝大家的興趣和關注。

Thank you. This does conclude today's conference call. Thank you for your participation. You may now disconnect.

謝謝。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。