Thomson Reuters Corp (TRI) 2024 Q4 法說會逐字稿

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

大家好，歡迎參加湯森路透第四季財報電話會議。今天的會議正在錄製中。現在，我想將電話轉給投資者關係主管 Gary Bisbee。請繼續。

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

謝謝，珍妮。早安，感謝大家今天參加我們的 2024 年第四季財報電話會議。和我一起出席的還有我們的執行長史蒂夫·哈斯克 (Steve Hasker)；以及我們的財務長 Mike Eastwood，他們將分別討論我們的業績，並在發言後回答您的問題。

(Event Instructions) 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 our business.

（活動說明）在今天的演示過程中，當我們比較不同時期的業績時，我們會討論貨幣之前以及有機基礎上的收入增長率。我們相信這為衡量我們業務的基本表現提供了最佳基礎。

Today's presentation contains forward-looking statements and non-IFRS and other supplementary financial measures, which are discussed on this 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 department.

今天的簡報包含前瞻性陳述和非國際財務報告準則及其他補充財務指標，這些都在本特別說明幻燈片中進行了討論。由於我們向監管機構提供的報告和文件中討論了許多風險和不確定性，實際結果可能存在重大差異。您可以透過我們的網站或聯絡我們的投資者關係部門來存取這些文件。

Let me now turn it over to Steve Hasker.

現在讓我把話題交給史蒂夫‧哈斯克 (Steve Hasker)。

Thank you, Gary, and thanks to all of you for joining us today. 2024 was a year of continued progress at Thomson Reuters. So let me start by reviewing some of our key accomplishments. First, we delivered another year of good financial results, meeting or exceeding key financial targets. Full-year organic revenue grew 7%, up from 6% in the prior year. The Big 3 segments also accelerated, growing 9% for the year versus 7% in 2023.

謝謝你，加里，也謝謝大家今天的參與。 2024年是湯森路透持續進步的一年。首先讓我回顧一下我們的一些主要成就。首先，我們又取得了良好的財務業績，達到或超越了關鍵的財務目標。全年有機收入成長 7%，高於上年的 6%。三大細分市場也加速成長，今年的成長率為 9%，而 2023 年的成長率為 7%。

Amid organic and inorganic investments, our margins eased year over year, as expected, but came in modestly ahead of our expectations, and we delivered just over $1.8 billion of free cash flow. We continue to see healthy momentum from many areas in our portfolio. Uptake of our generative AI offerings remains strong, with Westlaw Precision and CoCounsel momentum continuing. And we have many other products and regions delivering double-digit revenue growth, including Practical Law, Confirmations, SurePrep, Indirect Tax and our International businesses.

在有機和無機投資中，我們的利潤率如預期般同比下降，但略高於我們的預期，我們實現了略高於 18 億美元的自由現金流。我們繼續看到投資組合中許多領域呈現健康發展動能。我們的生成式人工智慧產品的採用依然強勁，Westlaw Precision 和 CoCounsel 的發展勢頭持續強勁。我們還有許多其他產品和地區實現了兩位數的收入成長，包括實用法律、確認、SurePrep、間接稅和我們的國際業務。

2024 saw significant and important progress from an innovation perspective as we continue to work to deliver on the product vision we shared at our 2024 Investor Day. We had several important product launches last year featuring generative AI capabilities, including CoCounsel 2.0, CoCounsel Drafting, and Checkpoint Edge with CoCounsel. We also had dozens of other enhancements across the portfolio, and we're progressing with efforts to drive more seamless integration between our products.

2024 年，我們從創新角度取得了重大且重要的進展，我們將繼續努力實現我們在 2024 年投資者日分享的產品願景。去年，我們推出了幾款具有生成式人工智慧功能的重要產品，包括 CoCounsel 2.0、CoCounsel Drafting 和帶有 CoCounsel 的 Checkpoint Edge。我們還對整個產品組合進行了數十項其他改進，並且正在努力推動我們的產品之間更無縫的整合。

We continued with our Build, Partner, Buy approach to investing in AI, including the strategic bolt-ons of Safe Sign and Materia, which bolstered AI capabilities for our Legal and Tax & Accounting businesses. All in, our investments in AI grew meaningfully to more than $200 million in 2024, a pace we expect to continue in 2025 and beyond. This continued AI investment is included in our outlook and financial framework that Mike will discuss later.

我們繼續採用「建構、合作、購買」的方式投資人工智慧，包括 Safe Sign 和 Materia 的策略附加元件，這增強了我們的法律和稅務與會計業務的人工智慧能力。總體而言，我們在人工智慧方面的投資在 2024 年大幅成長至 2 億美元以上，我們預計這一成長速度將在 2025 年及以後持續下去。這項持續的人工智慧投資包含在我們的展望和財務框架中，Mike 稍後將對此進行討論。

Our capital capacity and liquidity remain a key asset that we are focused on deploying to create shareholder value, and we made strong progress on this during 2024. We completed the monetization of our LSEG stake in May, repurchased $639 million of our shares and we'll raise our common dividend by 10% in 2025, the fourth consecutive year at this pace.

我們的資本能力和流動性仍然是我們專注於部署以創造股東價值的關鍵資產，而我們在 2024 年在這方面取得了長足的進步。我們在 5 月完成了 LSEG 股份的貨幣化，回購了價值 6.39 億美元的股票，並將在 2025 年將普通股股息提高 10%，這是我們連續第四年以此速度提高股息。

Since the beginning of 2024, we have invested approximately $1.6 billion in five acquisitions, including Pagero and SafeSend. We also completed the FindLaw divestiture and sold two smaller non-core businesses in December. These moves bolster key franchises, improve the quality and growth prospects of our portfolio. Looking forward, our conviction around the medium-term growth potential for Thomson Reuters remains strong.

自 2024 年初以來，我們已投資約 16 億美元進行五次收購，包括 Pagero 和 SafeSend。我們也在 12 月完成了 FindLaw 資產剝離，並出售了兩家較小的非核心業務。這些舉措增強了主要特許經營權，並提高了我們投資組合的品質和成長前景。展望未來，我們依然堅信湯森路透的中期成長潛力。

As Mike will discuss in more detail, we are guiding for organic revenue growth of 7% to 7.5% in 2025, and updating our financial framework for 2026 to 7.5% to 8%, an improvement over the 6.5% to 8% for 2025 and 2026 that we discussed one year ago. We're also raising the 2026 revenue growth targets for each of the Big 3 segments by 1% from our prior view.

正如 Mike 稍後將更詳細地討論的那樣，我們預計 2025 年有機收入增長率為 7% 至 7.5%，並將 2026 年的財務框架更新為 7.5% 至 8%，這比我們一年前討論的 2025 年和 2026 年的 6.5% 至 8% 有所提高。我們也將三大部門 2026 年的營收成長目標較先前的預測提高了 1%。

Now to the results for the quarter. Fourth-quarter organic revenues grew by 5%, organic recurring revenues grew 8%, and transactions revenue decreased 4%, while print revenues declined 6% in line with expectations. A tough comparison at Reuters from significant transactional generative AI licensing revenue in the prior year impacted growth rates.

現在來看看本季的業績。第四季有機收入成長 5%，有機經常性收入成長 8%，交易收入下降 4%，印刷收入下降 6%，符合預期。路透社與去年同期的大量交易產生 AI 授權收入進行了嚴格的比較，結果影響了成長率。

Adjusted EBITDA increased 2% to $718 million, reflecting a 130 basis point margin decline to 37.6%. This lower profitability was expected and resulted from investments to position the company for improving growth and the difficult comparison at Reuters. As I previously mentioned, we achieved our full-year 2024 EBITDA margin outlook.

調整後的 EBITDA 成長 2% 至 7.18 億美元，反映利潤率下降 130 個基點至 37.6%。獲利能力下降是意料之中的，是由於公司為提高成長而進行的投資以及路透社的艱難比較造成的。正如我之前提到的，我們實現了 2024 年全年 EBITDA 利潤率預期。

Turning to the fourth quarter results by segment. The Big 3 segments delivered 8% organic revenue growth. This is the fifth 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 offerings from our Legal, Tax, and Risk portfolios.

看看各部門第四季的業績。三大部門實現了 8% 的有機收入成長。這是三巨頭連續第五個季度實現 8% 或更高的成長。受 Westlaw Precision 和 CoCounsel 持續成長的推動，法律有機收入成長了 7%。受法律、稅務和創投組合的推動，企業有機收入成長了 10%。

Tax & Accounting organic revenues grew 7%. Our Latin American business and tax compliance offerings were key contributors. Reuters News organic revenues declined 3% driven by the difficult comparison to the prior year period. Lastly, Global Print organic revenues met our expectations declining 6% year on year. In summary, we're pleased with our results.

稅務和會計有機收入增加了 7%。我們的拉丁美洲業務和稅務合規服務是主要貢獻者。由於與去年同期相比困難，路透社新聞有機收入下降了 3%。最後，全球印刷有機收入符合我們的預期，年減 6%。總而言之，我們對我們的結果感到滿意。

Full-year organic revenues grew 7%. Organic recurring and transactional revenue grew 8% and 10%, respectively, while print revenues declined 7%, in line with expectations. Adjusted EBITDA increased 4% to $2.8 billion, yielding a margin of 38.2%. And adjusted earnings per share for the year was $3.77, compared to $3.51 per share in the prior year.

全年有機收入成長7%。有機經常性收入和交易收入分別成長 8% 和 10%，而印刷收入下降 7%，符合預期。調整後的 EBITDA 成長 4% 至 28 億美元，利潤率為 38.2%。本年度調整後每股收益為 3.77 美元，而上年度為每股 3.51 美元。

Let me finish on the results for the full year by noting we met or exceeded nearly all of our 2024 guidance metrics. A lone exception was the Big 3 adjusted EBITDA margin, which fell slightly short amid investments, including dilutive M&A and other higher incentive compensation based on the strong 2024 performance.

最後，我要總結全年業績，指出我們達到或超過了幾乎所有 2024 年的指導指標。唯一的例外是三巨頭的調整後 EBITDA 利潤率，由於投資（包括稀釋性併購以及基於 2024 年強勁業績的其他更高激勵薪酬）而略有下降。

Now I'll spend a few minutes discussing our Tax & Accounting Professionals business, including the recent SafeSend acquisition. Our Tax & Accounting Professionals segment, which we refer to as TAP, is a great business that one could argue we haven't discussed enough with you.

現在我將花幾分鐘討論我們的稅務和會計專業業務，包括最近對 SafeSend 的收購。我們的稅務和會計專業人員部門（我們稱之為 TAP）是一項很棒的業務，但有人可能會說我們還沒有與您進行足夠的討論。

It has been our fastest-growing segment for many years, driven by a large and attractive market opportunity, deeply embedded offerings and market leadership positions in both the US and Brazil. At our Investor Day last March, we detailed a favorable industry backdrop that benefits our TAP business.

多年來，它一直是我們成長最快的領域，這得益於巨大而誘人的市場機會、根深蒂固的產品和在美國和巴西的市場領導地位。在去年三月的投資者日上，我們詳細介紹了有利於我們的 TAP 業務的有利行業背景。

CPA firms faced ongoing talent shortages, increasing regulatory complexity and growing demand, including for advisory services. This is fueling a relentless drive for efficiency and automation, and rising technology investments by our customers as they transform their practices.

註冊會計師事務所面臨持續的人才短缺、日益複雜的監管和不斷增長的需求，包括對諮詢服務的需求。這推動了我們對效率和自動化的不懈追求，並促使我們的客戶在轉變實踐方式時不斷增加技術投資。

Our organic product investments, M&A strategy, and open ecosystem approach are focused squarely on helping our customers thrive in this complex environment by automating tax and audit workflows, bringing enhanced efficiency, and freeing up time for higher value work.

我們的有機產品投資、併購策略和開放生態系統方法專注於透過自動化稅務和稽核工作流程、提高效率並騰出時間來從事更高價值的工作，幫助我們的客戶在這個複雜的環境中蓬勃發展。

One important aspect of Tax & Accounting growth has been its strong track record of M&A, as is illustrated through the success of Dominio, Confirmation, and SurePrep acquisitions. In the 10, 5, and 2 years since we acquired these businesses, all three have compounded their revenue in excess of 20% growth annually.

稅務與會計成長的一個重要面向是其良好的併購記錄，Dominio、Confirmation 和 SurePrep 收購的成功證明了這一點。在我們收購這些業務後的 10 年、5 年和 2 年內，這三家公司的營收年複合成長率都超過了 20%。

Given this history of success, we are very excited about the latest additions to our TAP portfolio, Materia, which we discussed last quarter; and SafeSend, which we acquired on January 2. SafeSend is a best-in-class provider of tax workflow automation software. Its cloud-native SaaS offerings automate the last mile of the tax return workflow, including assembly, review, e-signature, and secure delivery for both the individual and entity returns.

鑑於這一成功歷史，我們對上個季度討論過的 TAP 產品組合的最新成員 Materia 感到非常興奮；以及我們於 1 月 2 日收購的 SafeSend。SafeSend 是一流的稅務工作流程自動化軟體供應商。其雲端原生 SaaS 產品可實現報稅工作流程的最後一哩的自動化，包括個人和實體申報表的組裝、審查、電子簽名和安全交付。

We see SafeSend as a compelling strategic fit that continues our tax automation strategy, building on the successful 2023 acquisition of SurePrep, which provides first-mile automation. Similar to SurePrep, SafeSend solves key pain points for our customers and their clients by eliminating time-consuming manual tasks through the use of modern software. We expect SafeSend to deliver approximately $60 million of 2025 revenue (technical difficulty) fair value adjustment to acquired deferred revenue that Mike will discuss in a few minutes.

我們認為 SafeSend 是一個極具吸引力的策略契合點，它延續了我們的稅務自動化策略，並在 2023 年成功收購提供第一英里自動化的 SurePrep 的基礎上進一步發展。與 SurePrep 類似，SafeSend 透過使用現代軟體消除耗時的手動任務，解決了我們的客戶及其客戶的關鍵痛點。我們預計 SafeSend 將為 2025 年收入（技術難度）帶來約 6,000 萬美元的公允價值調整，以用於收購遞延收入，Mike 將在幾分鐘內對此進行討論。

SafeSend is also solidly profitable for integration costs and expected growth investments. We're focused on executing our proven TR acquisition playbook to drive significant growth from SafeSend over time. Let me now discuss the forward product vision for our TAP business and why we remain bullish on its growth prospects. This slide shows key steps in the tax preparation workflow and how our offerings help with each step.

SafeSend 在整合成本和預期成長投資方面也實現了穩健的利潤。我們專注於執行經過驗證的 TR 收購策略，以推動 SafeSend 的長期顯著成長。現在讓我來討論一下我們的 TAP 業務的未來產品願景以及我們為何仍然看好其成長前景。這張投影片展示了報稅工作流程中的關鍵步驟以及我們的服務如何幫助完成每個步驟。

SurePrep and SafeSend have brought important first mile and last mile automation capabilities, which, in combination with our leading research and compliance software, allows us to provide a truly automated end-to-end tax workflow solution that is unmatched in the market.

SurePrep 和 SafeSend 帶來了重要的「第一英里」和「最後一哩路」自動化功能，結合我們領先的研究和合規軟體，我們可以提供市場上無與倫比的真正自動化的端到端稅務工作流程解決方案。

The October acquisition of Materia, which has developed agentic and generative AI capabilities for tax, audit, and accounting meaningfully accelerates our road map and will power CoCounsel for the TAP segment. We are especially excited about Materia's agentic capabilities, which we see as a key to enhancing and connecting our leading content and software offerings into a unified, automated, and intelligent customer experience across tax, audit, and advisory workflows.

我們在 10 月收購了 Materia，該公司已開發出用於稅務、審計和會計的代理和生成 AI 功能，這顯著加快了我們的發展路線圖，並將為 CoCounsel 的 TAP 部門提供支援。我們對 Materia 的代理能力感到特別興奮，我們認為這是增強和連接我們領先的內容和軟體產品的關鍵，以實現跨稅務、審計和諮詢工作流程的統一、自動化和智慧的客戶體驗。

This provides several opportunities for further innovation that we believe will increase the value we provide to customers. In 2025, we expect to pilot a new review ready offering that brings significant automation to the tax workflow, addressing some of the most time-consuming tasks for tax professionals and their clients. We also plan to introduce additional AI-powered audit automation capabilities, building on our 2024 launch of Border, Intelligence, Analyze.

這為進一步的創新提供了一些機會，我們相信這將增加我們為客戶提供的價值。2025 年，我們預計將試行一項新的審查就緒服務，為稅務工作流程帶來顯著的自動化，解決稅務專業人員及其客戶的一些最耗時的任務。我們也計劃在 2024 年推出的 Border、Intelligence、Analyze 功能的基礎上，推出更多由人工智慧驅動的審計自動化功能。

As we free up our customers from manual low-value tasks, we plan to bring additional advisory capabilities, starting with tax planning later this year through our agentic AI assistant, that allows our customers to provide incremental value to their clients while generating additional revenue for their practices.

隨著我們將客戶從手動的低價值任務中解放出來，我們計劃提供額外的諮詢功能，從今年稍後透過我們的代理 AI 助理進行稅務規劃開始，這使我們的客戶能夠為他們的客戶提供增量價值，同時為他們的業務創造額外的收入。

Looking forward, we have a number of growth opportunities to continue the strong momentum from our TAP franchise. This includes executing our M&A playbook on Materia and SafeSend and delivering on a deep innovation road map across our tax and audit businesses, to both enhance existing capabilities and extend into new product categories like Advisory Services.

展望未來，我們擁有眾多成長機會，可以延續 TAP 特許經營的強勁勢頭。這包括執行我們在 Materia 和 SafeSend 上的併購策略，並在我們的稅務和審計業務中製定深度創新路線圖，以增強現有能力並擴展到諮詢服務等新的產品類別。

Our Dominio business in Brazil remains a key contributor, both as it grows its core offerings to CPAs and also introduces new adjacent capabilities. We're focused on executing against these opportunities and believe our Tax & Accounting segment is positioned to continue double-digit revenue growth and strong profits over the next few years. I'll now turn it over to Mike to review our financial performance.

我們在巴西的 Dominio 業務仍然是關鍵貢獻者，因為它不僅增加了向 CPA 提供的核心產品，還引入了新的相鄰功能。我們專注於抓住這些機遇，並相信我們的稅務和會計部門將在未來幾年繼續實現兩位數的收入成長和強勁的利潤。現在我將把任務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 fourth-quarter revenue performance for our Big 3 segments. Organic revenue grew 8% for the fourth quarter, continuing the trend 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，我將先討論貨幣成長，然後再討論有機收入成長。首先，我來討論我們三大部門第四季的營收表現。第四季有機收入成長 8%，延續了最近幾季 8% 或更高的成長趨勢。

Legal Professionals organic revenue grew 7%. Key drivers from a product perspective remain Westlaw, CoCounsel, Practical Law, and our International businesses. Government grew 4% in the quarter. Legal Professionals revenue growth continued to benefit from the migration of customers from a Global Print product to Westlaw. This added nearly $5 million to year-over-year revenue growth in the quarter.

法律專業人士的有機收入成長了 7%。從產品角度來看，關鍵驅動因素仍然是 Westlaw、CoCounsel、Practical Law 和我們的國際業務。本季政府成長了 4%。法律專業人士的收入成長持續受益於客戶從 Global Print 產品轉向 Westlaw 的遷移。這使得本季的營收較去年同期成長了近 500 萬美元。

Our Corporate segment had another strong quarter with organic revenue growth of 10%. Recurring revenues grew 10%, while transactions rose 12%. Practical Law, Direct Tax, Indirect Tax, Pagero, Trust, and our International businesses were key contributors.

我們的企業部門又度過了一個強勁的季度，有機收入成長了 10%。經常性收入成長了 10%，交易量增加了 12%。實用法、直接稅、間接稅、Pagero、信託和我們的國際業務是主要貢獻者。

Tax & Accounting organic revenue increased 7%. In addition to the expected impact of revenue mix seasonality, TAP's growth was also affected by the unfavorable revenue adjustment. This adjustment impacted growth by approximately 2% in the quarter. Recurring and transactions revenue grew 5% and 21%, respectively. Our Latin America business and UltraTax were key drivers.

稅務和會計有機收入增加了 7%。除了預期的收入組合季節性影響外，TAP 的成長還受到不利的收入調整的影響。此項調整對本季的成長影響了約2%。經常性收入和交易收入分別成長5%和21%。我們的拉丁美洲業務和 UltraTax 是主要推動力。

Moving to Reuters News. Organic revenue decreased 3% for the quarter driven by a difficult comparison to the prior year period, which included $18 million of generative AI-related transactional content licensing revenue. Adjusting for this, Reuters organic revenue increased approximately 6%.

轉至路透社新聞。本季有機收入下降 3%，原因是與去年同期相比情況艱難，其中包括 1,800 萬美元的生成性 AI 相關交易內容授權收入。經過這項調整後，路透社的有機收入增加了約 6%。

On a full-year basis, we have reported $34 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 Reuters and for total TR in the first quarter of 2025, as we lap $25 million of transaction revenue that occurred in the first quarter of 2024.

從全年來看，我們報告的 AI 內容授權協議交易收入為 3,400 萬美元，高於 2023 年的 1,800 萬美元。提醒一下，我們將面臨路透社和 2025 年第一季總 TR 的困難比較，因為我們要計算 2024 年第一季發生的 2,500 萬美元交易收入。

Lastly, Global Print organic revenues declined 6% or 4% when excluding the impact of the migration of customers from a Global Print product to Westlaw. This was in line with our expectations. On a consolidated basis, fourth-quarter organic revenues increased 5%.

最後，如果排除客戶從 Global Print 產品遷移到 Westlaw 的影響，Global Print 有機收入將下降 6% 或 4%。這符合我們的預期。從合併數據來看，第四季有機收入成長了 5%。

At year-end, the percent of our annualized contract value, or ACV, from products that are GenAI enabled was 18%, up from 15% last quarter. As a reminder, we began to provide this metric with our Q3 results as a way to help you assess our success at bringing GenAI capabilities to our portfolio.

截至年底，支援 GenAI 的產品的年度合約價值（ACV）佔比為 18%，高於上一季的 15%。提醒一下，我們開始在第三季業績中提供這項指標，以幫助您評估我們將 GenAI 功能引入產品組合的成功程度。

One point of the sequential increase resulted from divestitures being removed from the calculation with the remainder from growth, most notably at Westlaw Precision and CoCounsel. Turning to our profitability, adjusted EBITDA for the Big 3 segments was $648 million, up 4% from the prior year period with a 41.7% margin.

連續成長的一個點是由於計算中剔除了資產剝離，其餘點則來自成長，最顯著的是 Westlaw Precision 和 CoCounsel。談到我們的獲利能力，三大部門的調整後 EBITDA 為 6.48 億美元，較去年同期成長 4%，利潤率為 41.7%。

The lower year-over-year margin results from organic and inorganic investments we made in 2024 to position the company for improving profitable revenue growth, in addition to higher incentive compensation costs driven by 2024 performance. Moving to Reuters News, adjusted EBITDA was $45 million with a margin of 20.8%. Global Print's adjusted EBITDA was $55 million with a margin of 38.2%. In aggregate, total company adjusted EBITDA was $718 million, a 2% increase versus Q4 2023.

年比利潤率較低是由於我們在 2024 年進行的有機和無機投資，以使公司能夠提高盈利收入增長，此外 2024 年業績還推動了更高的激勵薪酬成本。根據路透社報道，調整後的 EBITDA 為 4,500 萬美元，利潤率為 20.8%。Global Print 的調整後 EBITDA 為 5,500 萬美元，利潤率為 38.2%。總體而言，公司調整後的 EBITDA 總額為 7.18 億美元，較 2023 年第四季成長 2%。

Earnings per share, adjusted EPS, was $1.01 for the quarter versus $0.98 in the prior year period. Currency had a $0.02 positive impact on adjusted EPS in the quarter. Let me now turn to our free cash flow. For the full year 2024, our free cash flow was $1.83 billion, meeting our approximately $1.8 billion outlook. The slight year-over-year decline in free cash flow resulted from higher cash taxes and CapEx, and lower LSEG dividends as we had previewed at the beginning of the year.

本季每股盈餘（調整後 EPS）為 1.01 美元，去年同期為 0.98 美元。貨幣對本季調整後每股收益產生了 0.02 美元的正面影響。現在讓我來談談我們的自由現金流。2024 年全年，我們的自由現金流為 18.3 億美元，符合我們約 18 億美元的預期。自由現金流較去年同期略有下降，是由於現金稅和資本支出增加，以及倫敦證券交易所集團股息減少，正如我們在年初預測的那樣。

I will now provide an update on our capital structure and several capital allocation items. From a liquidity and capital structure standpoint, we remain in an enviable position with below target leverage and healthy cash flow. This strong financial position is illustrated by our December 31 capitalization.

我現在將介紹我們的資本結構和幾個資本配置項目的最新情況。從流動性和資本結構的角度來看，我們仍然處於令人羨慕的地位，槓桿率低於目標，現金流健康。我們 12 月 31 日的資本化體現了我們強勁的財務狀況。

We had $2 billion of cash on hand at year-end. We have an undrawn $2 billion revolving credit facility. And we also have $2 billion available for issuance under our commercial paper program. Our December 31 leverage ratio was 0.4 times, below our 2.5 times internal target, as noted in our value creation model.

截至年底，我們手頭上有 20 億美元現金。我們擁有 20 億美元未動用的循環信貸額度。我們還有 20 億美元可供商業票據計畫發行。正如我們的價值創造模型所指出的，我們 12 月 31 日的槓桿率為 0.4 倍，低於我們的 2.5 倍內部目標。

When we pro forma for the $600 million of cash paid on January 2 to complete the SafeSend acquisition, our leverage remains well below our target at 0.6 times. And we continue to estimate approximately $10 billion of capital capacity through 2027 after accounting for the SafeSend acquisition.

當我們對 1 月 2 日支付的 6 億美元現金完成 SafeSend 收購進行形式計算時，我們的槓桿率仍遠低於我們的目標 0.6 倍。在考慮到 SafeSend 收購後，我們繼續估計到 2027 年資本容量約為 100 億美元。

We remain focused on value creation, and we expect to continue with our balanced capital allocation approach that includes annual dividend growth, strategic M&A, and capital returns. We have ample capacity to pursue all three of these strategies in 2025 and beyond.

我們仍然專注於價值創造，並希望繼續採取平衡的資本配置方式，包括年度股息成長、策略併購和資本回報。我們有足夠的能力在 2025 年及以後實施這三項策略。

In the first half of 2024, we acquired $639 million of our shares, completing the $1 billion NCIB we had announced in November 2023. For the year, we returned 87% of our 2024 free cash flow through dividends and buybacks, meeting the 75% return commitment we made last February. Our focus since completing the NCIB has been on strategic M&A, and we are excited about the Safe Sign, Materia, and SafeSend acquisitions.

2024 年上半年，我們收購了價值 6.39 億美元的股票，完成了我們在 2023 年 11 月宣布的 10 億美元 NCIB 計畫。今年，我們透過股息和回購返還了 2024 年自由現金流的 87%，實現了去年 2 月做出的​​ 75% 的回報承諾。自從完成 NCIB 以來，我們的重點一直放在策略併購上，我們對 Safe Sign、Materia 和 SafeSend 的收購感到非常興奮。

While strategic M&A remains a key focus, we are likely to repurchase shares in the future, which along with our dividend, would allow us to deliver to the 75% capital return we discussed at the 2024 Investor Day. And finally, today, we announced a 10% increase in our annual dividend to $2.38 per share, up $0.22 from $2.16 in 2024. This marks the 32nd consecutive year of annual dividend increases for the company and the fourth consecutive 10% increase. The increase will be effective with our Q1 dividend payable next month.

雖然策略併購仍然是重點，但我們未來可能會回購股票，再加上股息，這將使我們能夠實現在 2024 年投資者日討論的 75% 的資本回報。最後，今天，我們宣布將年度股息提高 10% 至每股 2.38 美元，比 2024 年的 2.16 美元增加 0.22 美元。這是該公司連續第32年增加年度股息，也是連續第四年增加10%。此次增幅將從下個月第一季股息發放時開始生效。

I will conclude with a few thoughts on the financial impact of recent M&A and our outlook. As Steve mentioned, we closed the SafeSend acquisition on January 2. We expect SafeSend to deliver approximately $60 million of revenue in 2025. However, due to the timing of their collections, there is a meaningful fair value adjustment to acquire deferred revenue. We estimate this haircut will reduce the reported revenue in 2025 by approximately $22 million.

最後，我將就最近的併購的財務影響和我們的前景談幾點看法。正如史蒂夫所提到的，我們在 1 月 2 日完成了對 SafeSend 的收購。我們預計 SafeSend 將在 2025 年實現約 6,000 萬美元的收入。然而，由於收款時間的原因，需要進行有意義的公允價值調整才能獲得遞延收入。我們估計，此次減記將使 2025 年的報告收入減少約 2,200 萬美元。

As a reminder, we add back this haircut to our adjusted profit metrics, and it is excluded from our organic revenue growth calculation. We already have been recognizing the approximately $5 million of revenue from commission-sharing agreement with our partnership with SafeSend. As a result of these two items, we expect the acquisition to add approximately $30 million to $35 million of incremental revenue in 2025, rising in 2026 as the deferred revenue haircut is lapped.

提醒一下，我們將這項折扣加回調整後的利潤指標中，並將其排除在我們的有機收入成長計算之外。我們已經確認與 SafeSend 合作的佣金分成協議帶來了約 500 萬美元的收入。由於這兩項因素，我們預計此次收購將在 2025 年增加約 3,000 萬至 3,500 萬美元的增量收入，隨著遞延收入減記的抵消，2026 年的收入將會增加。

SafeSend is solidly profitable, though with expected integration costs and investments, we expect it to be roughly neutral to adjusted EBITDA this year. We expect healthy profits from the business in 2026, with its margins rising towards the overall TR level over the next few years.

SafeSend 獲利穩健，但由於預期的整合成本和投資，我們預計其今年的調整後 EBITDA 將大致保持中性。我們預計該業務在 2026 年將實現健康的利潤，並且其利潤率將在未來幾年內上升至整體 TR 水平。

Moving beyond SafeSend, I am happy to confirm the FindLaw divestiture closed on December 2. Note, we also completed two much smaller divestitures at year-end, both in Corporates, which contributed approximately $30 million to full year 2024 revenue. Lastly, following the success of our Thomson Reuters Ventures team, I am pleased to announce we will be launching a $150 million second fund.

除了 SafeSend 之外，我很高興地確認 FindLaw 的剝離已於 12 月 2 日完成。值得注意的是，我們也在年底完成了兩項規模小得多的資產剝離，都是企業資產，為 2024 年全年收入貢獻了約 3,000 萬美元。最後，繼我們的湯森路透創投團隊取得成功之後，我很高興地宣布，我們將推出 1.5 億美元的第二支基金。

Now I will turn to our outlook. Starting with 2025, we forecast organic revenue growth in a range of 7% to 7.5%. We see total revenue growth of 3% to 3.5%, below the organic growth rate, primarily due to the FindLaw divestiture. We see the Big 3 segments growing revenue by approximately 9%, which is at the high end of the framework we provided last February, or 8% to 9% growth in 2025 and 2026.

現在我將談談我們的展望。從 2025 年開始，我們預測有機收入成長率將在 7% 至 7.5% 之間。我們預計總收入成長率為 3% 至 3.5%，低於有機成長率，這主要歸因於 FindLaw 的剝離。我們預計三大板塊的營收將成長約 9%，這是我們去年 2 月提供的框架的高端，或在 2025 年和 2026 年實現 8% 至 9% 的成長。

Our outlook calls for continued modest organic revenue growth acceleration again in 2025. This acceleration will be driven by underlying improvement from our GenAI initiatives, scaling revenue from acquisitions, and a slight benefit from the FindLaw divestiture.

我們預計 2025 年有機收入將繼續溫和加速成長。這種加速將受到我們 GenAI 計劃的潛在改進、收購帶來的收入成長以及 FindLaw 資產剝離帶來的輕微收益的推動。

These tailwinds more than offset a tough comparison from the meaningful GenAI content licensing transactional revenue of $34 million earned in 2024. This tough comp is expected to be a roughly 50 basis point drag to our year-over-year revenue growth in 2025.

這些順風因素足以抵銷 2024 年 GenAI 內容授權交易收入 3,400 萬美元所帶來的不利影響。預計這一嚴峻形勢將對我們 2025 年的年比收入成長造成約 50 個基點的拖累。

We are forecasting a 2025 adjusted EBITDA margin of approximately 39%, up 75 basis points from 38.2% in 2024 and in line with our prior outlook. The improving profitability comes despite continued investment, including dilution we have absorbed from the strategic tuck-ins of Safe Sign, Materia, and SafeSend.

我們預測 2025 年調整後的 EBITDA 利潤率約為 39%，比 2024 年的 38.2% 上升 75 個基點，與我們先前的預測一致。儘管我們持續進行投資，包括因 Safe Sign、Materia 和 SafeSend 的策略性收購而吸收的稀釋，獲利能力仍在不斷提高。

As I mentioned last quarter, we expect our effective tax rate to rise this year from approximately 18% in 2024 due to the full impact of the global minimum tax regulations. We have refined our forecast and now expect a 2025 and 2026 tax rate of approximately 19% from the prior 19% to 19.5% view. We continue to expect our cash tax rate to be approximately 5% below this book tax rate.

正如我上個季度提到的，由於全球最低稅率規定的全面影響，我們預計今年的有效稅率將從 2024 年的約 18% 上升。我們已經完善了預測，現在預計 2025 年和 2026 年的稅率將從之前的 19% 到 19.5% 左右。我們繼續預計我們的現金稅率將比帳面稅率低約 5%。

Moving to capital intensity. We see 2025 accrued CapEx as a percent of revenue of approximately 8%, down slightly from 2024, but broadly in line with the trend in recent years. This level of investment is supportive of our continued focus on investing in product innovation as we strive to deliver stronger revenue growth.

轉向資本密集型。我們預計 2025 年應計資本支出佔收入的百分比約為 8%，較 2024 年略有下降，但與近年來的趨勢大致一致。這種水準的投資支持了我們繼續專注於投資產品創新，並努力實現更強勁的收入成長。

We expect 2025 free cash flow to be approximately $1.9 billion, up modestly from 2024, as growing profitability and stable capital intensity more than offset higher cash taxes, the impact of the FindLaw divestiture, and higher incentive compensation based on 2024 performance.

我們預計 2025 年自由現金流約為 19 億美元，較 2024 年略有增長，因為不斷增長的盈利能力和穩定的資本密集度足以抵消更高的現金稅、FindLaw 資產剝離的影響以及基於 2024 年業績的更高激勵薪酬。

Looking beyond 2025, we have sharpened our financial framework for 2026 and now see organic revenue growth of 7.5% to 8%, driven by Big 3 growth of approximately 9.5%. This is the upper end of prior 6.5% to 8% range for total TR and above the prior 8% to 9% range for the Big 3.

展望 2025 年以後，我們已完善了 2026 年的財務框架，目前預計有機收入成長率將達到 7.5% 至 8%，這主要得益於三大巨頭約 9.5% 的成長。這是先前總 TR 6.5% 至 8% 範圍的上限，並且高於先前三巨頭 8% 至 9% 的範圍。

We continue to expect 50 basis points or more of adjusted EBITDA margin expansion in 2026. I would note this is an organic outlook and could be affected by future M&A. We expect our capital intensity to remain at approximately 8%, and we continue to expect our free cash flow to be in a range of $2 billion to $2.1 billion in 2026. This is in line with our initial view provided last February, despite the FindLaw divestiture reducing our free cash flow.

我們繼續預計 2026 年調整後的 EBITDA 利潤率將擴大 50 個基點或更多。我想指出這是一個有機的前景，可能會受到未來併購的影響。我們預計資本密集度將保持在 8% 左右，我們繼續預計 2026 年自由現金流將在 20 億美元至 21 億美元之間。儘管 FindLaw 的剝離減少了我們的自由現金流，但這與我們去年 2 月提出的初步觀點一致。

I would also like to provide an update on the 2026 organic revenue growth targets that our Big 3 segments provided at our 2024 Investor Day. We are raising the initial ranges for each of the Big 3 segments by 1%, and now see 2026 Legal Professionals growth of 8% to 9%, Corporates of 9% to 11%, and Tax & Accounting Professionals of 11% to 13%.

我還想更新一下我們的三大部門在 2024 年投資者日上提出的 2026 年有機收入成長目標。我們將三大會計師事務所各自細分領域的初始範圍提高 1%，目前預計 2026 年法律專業人士的成長率為 8% 至 9%，企業專業人士的成長率為 9% 至 11%，稅務和會計專業人士的成長率為 11% 至 13%。

Turning to the first quarter, we expect organic revenue growth in the range of 5% to 6% and our adjusted EBITDA margin to be approximately 40%. As a reminder, Q1 revenue growth will be impacted by more than 1% from a tough comparison driven by $25 million of orders generative AI transactional content licensing revenue recognized in the first quarter of 2024.

展望第一季度，我們預計有機收入成長率將在 5% 至 6% 之間，調整後的 EBITDA 利潤率約為 40%。提醒一下，由於 2024 年第一季確認的 2,500 萬美元訂單產生 AI 交易內容授權收入，第一季的收入成長將受到 1% 以上的影響。

Let me now turn it back to Gary for questions.

現在讓我把問題轉回給加里。

Thanks, Mike. Jenny, we'd like to begin the Q&A session.

謝謝，麥克。珍妮，我們想開始問答環節。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Scott Fletcher, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Scott Fletcher。

Hi, good morning. Thanks for the details on the 2025 and 2026 outlooks. I want to ask on the '26 outlook, you're taking the organic growth numbers up 1% in each of the segments. Can you just dig into what's giving you the confidence to take those numbers up?

嗨，早安。感謝您提供有關 2025 年和 2026 年展望的詳細資訊。我想問一下，關於 26 年的展望，您是否將每個部門的有機成長率提高 1%。您能否深入研究一下是什麼讓您有信心提高這些數字？

Sure, Scott. I'm happy to start there. Certainly, the foundation is the performance in 2024. That 2024 performance is not only the revenue, but more importantly, as we look into '25 and '26 is the underlying book of business or net sales. We're very pleased with the overall book of business and net sales for each of the Big 3 segments as we closed out December.

當然，斯科特。我很高興從那裡開始。當然，基礎是2024年的表現。2024 年的表現不僅在於收入，更重要的是，當我們展望 2025 年和 2026 年時，在於基礎業務帳簿或淨銷售額。截至 12 月底，我們對三大部門的整體業務和淨銷售額感到非常滿意。

As I've been saying in prior calls, Scott, Q4 in December is always a heavy quota period for us, and each of our teams did a terrific job there. You couple that in regards to the overall demand and what our customers are needing and seeking, especially in this GenAI enabled world, we're quite optimistic with it. Certainly, take nothing for granted with it. But coupled with our underlying results in 2024 book of business, our forecast for 2025, both sales and renewals and ongoing conversations with our customers, those are the level of optimism. Steve?

正如我在之前的電話會議中所說的那樣，斯科特，12 月的第四季度對於我們來說始終是一個配額繁重的時期，我們的每個團隊都做得非常出色。結合整體需求以及我們的客戶的需求和尋求，特別是在這個由 GenAI 支援的世界中，我們對此非常樂觀。當然，不要想當然地認為任何事情都是理所當然的。但結合我們 2024 年業務帳簿的基本業績、我們對 2025 年的預測、銷售和續約以及與客戶的持續對話，這些都是樂觀的水平。史蒂夫？

Well said, Mike.

說得好，麥克。

Okay thanks. And then sort of a follow-up on the GenAI piece of that adoption. Can you sort of give us -- has anything changed since we spoke last in terms of what customers are looking for, what they're reacting to positively as they sort of take a look -- get a better look at your product suite?

好的，謝謝。然後對 GenAI 的採用進行一些後續跟進。您能否告訴我們—自從我們上次談話以來，客戶的需求有什麼改變嗎？他們在查看您的產品套件時做出了哪些積極的反應？

Scott, no. We continue to be pleased with the adoption of our GenAI products and our translation of those into revenue growth. So specifically, as we've talked about, Westlaw Precision AI ACV is now up above 40%. CoCounsel and CoCounsel Drafting adoption has been exciting for us since we launched and improved those products.

斯科特，不。我們對我們的 GenAI 產品的採用以及將其轉化為收入成長感到非常高興。具體來說，正如我們所討論的，Westlaw Precision AI ACV 現在已經上漲到 40% 以上。自從我們推出並改進了這些產品以來，CoCounsel 和 CoCounsel Drafting 的採用一直令我們興奮不已。

And GenAI, more broadly across our customer segment, sits at about -- adoption sits about 18% of the ACV book of business, and that's picked up from the last time we reported out. So for each of our GenAI offerings, we like the trajectory and the customer uptake and the feedback we're getting. The only sort of additional color I'd provide is, as we said at our Investor Day in March of last year, the thing that's uncertain is the sort of broader pace of change management within the professional services that we serve.

而 GenAI，更廣泛地涵蓋我們整個客戶群，其採用率約佔 ACV 業務量的 18%，這一比例與我們上次報告時相比有所上升。因此，對於我們的每款 GenAI 產品，我們都喜歡其發展軌跡、客戶接受度以及我們收到的回饋。我唯一能提供的補充資訊是，正如我們在去年 3 月的投資者日上所說的那樣，不確定的是我們所服務的專業服務範圍內變革管理的步伐。

In terms of them morphing their business models and broadly adopting technologies, changing their practices, that remains a work on for most of our customers. Some are moving very quickly. Some are more cautious. And so I don't think we have full visibility into sort of what that broader adoption curve looks like. But certainly, as I said, for the specific offerings that we've put into the marketplace, we're very pleased with the traction take and the trajectory of those offerings.

就他們改變商業模式、廣泛採用技術、改變實踐而言，這對我們的大多數客戶來說仍然是一項工作。有些行動非常迅速。有些人則更加謹慎。因此，我認為我們無法完全了解更廣泛的採用曲線是什麼樣的。但正如我所說，對於我們投放到市場上的具體產品，我們對這些產品的吸引力和發展軌跡感到非常滿意。

Scott, I would just supplement. If you look at the adoption of the products Steve mentioned, and I would just add Checkpoint with CoCounsel that's in the market, we're pleased with the adoption. And to further supplement that, we're incremental investments in 2025 and what we refer to as customer success, who will work directly with our customers on the adoption and usage of our GenAI-enabled products.

史考特，我只是想補充一下。如果你看一下史蒂夫提到的產品的採用情況，我只想添加市場上的 Checkpoint 和 CoCounsel，我們對採用情況感到滿意。為了進一步補充這一點，我們將在 2025 年增加投資，我們稱之為客戶成功，他們將直接與我們的客戶合作，採用並使用我們支援 GenAI 的產品。

Okay, great color. I appreciate it.

好的，顏色很棒。我很感激。

Thanks, Scott.

謝謝，斯科特。

Tim Casey, BMO.

提姆·凱西（BMO）。

Thanks. Steve, could you talk a little bit about if you're seeing any or expecting any increased demands given what appears to be an accelerated pace of change from the new administration in Washington? I realize we're in the usual cycle and every new administration brings change. But I'm wondering if you think that is going to be at an accelerated pace and that will work its way back to demand for you?

謝謝。史蒂夫，您能否談談，鑑於華盛頓新政府似乎加快了變革步伐，您是否看到或預計會出現任何增加的需求？我意識到我們正處於正常的循環中，每一屆新政府都會帶來改變。但我想知道您是否認為這一進程將會加速，並最終恢復對您的需求？

And second question is you've talked about 2025 as a year of execution, that there's items that you would like to do better at internally. And I'm just wondering how you'll measure success on that initiative in 2025. Thank you.

第二個問題是，您說過 2025 年是執行之年，您希望在內部做得更好的一些事情。我只是想知道您將如何衡量 2025 年該計劃的成功。謝謝。

Yeah, thanks, Tim. Appreciate the questions. So look, we're cautiously optimistic that as we always are when there's a change of administration and a whole slew of you new rules and regulations and stance toward taxation and global trade and so forth. So I would say cautiously optimistic, but it is too early to tell. I think similar to the other folks that you follow, we're all sort of in that stance of understanding how this is going to play out.

是的，謝謝，提姆。感謝您的提問。所以，我們保持謹慎樂觀的態度，就像我們一貫的做法一樣，當政府發生變動，出現一大堆新的規章制度和稅收、全球貿易等新立場時，我們也會採取這種態度。因此，我認為應該謹慎樂觀，但現在下結論還為時過早。我認為，與你關注的其他人類似，我們都在某種程度上理解事情將如何發展。

But certainly, as an example, our offerings in and around global trade, a very, very important for companies that have a changing tariff environment. Our content in and around taxation schema in various countries is critical to Tax & Accounting Professionals as they serve their clients in a changing environment. And then the sort of broader offerings that we serve the US government and certainly on issues of security, we see some potential there.

但可以肯定的是，舉例來說，我們在全球貿易中及週邊提供的服務，對於面臨不斷變化的關稅環境的公司來說，非常非常重要。我們關於各國稅收制度的內容對於稅務和會計專業人士在不斷變化的環境中為客戶提供服務至關重要。然後，我們為美國政府提供的更廣泛的服務，當然在安全問題上，我們看到了一些潛力。

So I would say, yes, Tim, but too early to tell. In terms of better execution, we are very focused, as you know, for example, customer success, supporting our software offerings across the portfolio. We're very focused on increasing our rate of product innovation. And we're very focused on rolling GenAI out across our entire employee base and being able to improve the productivity and efficiency of everything we do.

所以我想說，是的，提姆，但現在說還太早。在更好的執行方面，我們非常專注，例如，如您所知，客戶成功，支援我們整個產品組合的軟體產品。我們非常注重提高產品創新的速度。我們非常注重在全體員工中推廣 GenAI，並提高我們所做的一切的生產力和效率。

We're going to apply the same sort of rigor of execution in each of those, amongst others, that we have been in the change program. So as you know, Kirsty Roth oversaw that program and is world-class at sort of putting the right metrics in place and holding each and every one of us accountable. And Mary Alice Vuicic will support that process in her role as Chief People Officer.

我們將在每一個變革項目中採用同樣嚴格的執行方式，包括變革項目本身。如你所知，Kirsty Roth 負責監督該項目，並且在製定正確的指標和讓每個人承擔責任方面具有世界一流的水平。瑪麗·愛麗絲·武契奇 (Mary Alice Vuicic) 將以首席人才官的身份支持這一進程。

So it's really the same playbook for us as we think about executing in 2025 and beyond as it was in '21 and '22. And we've got a bit of confidence around that. I hope not over-confidence, but we've got some confidence that we'll keep each other accountable and make the improvements that we need to make.

因此，當我們考慮在 2025 年及以後執行時，這實際上與 2021 年和 2022 年的劇本相同。我們對此有信心。我希望不要過度自信，但我們有信心，我們會互相負責，並做出我們需要做的改進。

Yeah, Tim, I would just add two additional items in that year of execution and laser focus. Certainly, our retention is, which is not a new topic for us. And also solutions selling, which is being led by Laura Clayton McDonnell, who leads our Corporates segment. That applies across TR, but she's been the leader there.

是的，蒂姆，我只想在那一年的執行和雷射聚焦中增加兩個額外的項目。當然，我們的保留對我們來說不是一個新話題。還有解決方案銷售，由領導我們企業部門的 Laura Clayton McDonnell 領導。這適用於整個 TR，但她一直是那裡的領導者。

Thank you.

謝謝。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Hi, thanks, good morning. You've talked about in the past the goal to drive an acceleration in Legal organic revenue growth. Can you just elaborate on some of the traction you're seeing with that acceleration? I know with rounding and reporting, it's difficult to see just based on reported numbers of 7%. But talk about that and how you expect the acceleration curve to play out over the next one to two years?

嗨，謝謝，早安。您過去曾談到推動法律有機收入成長加速的目標。您能否詳細說明您所看到的這種加速現象的一些牽引力？我知道，透過四捨五入和報告，僅根據報告的 7% 數字很難看出。但是談談這一點以及您預計未來一到兩年加速曲線將如何發揮作用？

Sure, George. Happy to start there. Certainly, in Q4 and in the second semester of 2024, on a rounded basis, Legal Professionals was stable at 7%. We did see a modest improvement in the recurring revenue with Legal Professionals. Full transparency, there were two drags to Legal Professionals organic revenue in Q4.

當然，喬治。很高興從那裡開始。當然，在第四季和 2024 年第二學期，法律專業人士的比例穩定在 7%。我們確實看到法律專業人士的經常性收入略有改善。完全透明地說，第四季有兩個因素拖累了法律專業人士的有機收入。

First, we had a slight decrease in transactional revenue. Second, we did sunset two small products. But if you look at it in the big and take a step back, excluding the impact of migrating that Global Print product to online, year over year, Legal Professionals improved 40 basis points in Q4 '24 versus Q4 '23. And on a full year basis, it's about 95 basis points improvement, call it, 100 basis points year over year. So that provides momentum. That provides confidence.

首先，我們的交易收入略有下降。第二，我們做了兩個小產品的落成。但如果從宏觀角度來看，退一步來看，排除將全球印刷產品遷移到線上的影響，與去年同期相比，2024 年第四季的法律專業人士收入比 2023 年第四季度提高了 40 個基點。從全年來看，這比去年同期提高了約 95 個基點，甚至可以說提高了 100 個基點。這提供了動力。這給了我們信心。

Certainly, as we go into 2025, we're optimistic Legal revenue growth will continue to accelerate in 2025, really driven by some of the points Steve mentioned earlier with our GenAI offerings and the continued adoption of the Westlaw Precision an AI-enabled product. I think Steve mentioned 40%-plus. I'll be a little more precise, 43% penetration there, which is very comparable. If you go back to the Westlaw Edge product, on a timeline basis, it's very comparable and with regards to adoption. So more runway there, George.

當然，隨著我們進入 2025 年，我們樂觀地認為法律收入成長將在 2025 年繼續加速，這實際上受到史蒂夫之前提到的一些觀點的推動，這些觀點包括我們的 GenAI 產品以及對支持 AI 的產品 Westlaw Precision 的持續採用。我認為史蒂夫提到了 40% 以上。我可以更精確一點，那裡的滲透率是 43%，這是非常具有可比性的。如果您回顧 Westlaw Edge 產品，從時間軸來看，它非常具有可比性，並且易於採用。那裡有更多的跑道，喬治。

That's helpful context. And then your Corporates segment has now sustained double-digit growth for several quarters. Can you talk about the sustainability of that growth trajectory and what you think are the top tailwinds that should support it?

這是很有幫助的背景資訊。您的企業部門現已連續幾季維持兩位數成長。您能否談談這種成長軌蹟的可持續性以及您認為應該支持它的最大順風因素是什麼？

Yeah, I'll start with the leadership there within Corporates with Laura Clayton McDonnell, who I just mentioned, did an amazing job leading the group. In 2024, we had 300 basis points improvement in Corporates, going from 7% organic in 2023, up 10%. Given, George, that we increased the 2026 range earlier in my prepared remarks, our confidence remains in that sustainability.

是的，我首先要介紹的是企業內部的領導階層，我剛才提到的 Laura Clayton McDonnell 在領導團隊方面做得非常出色。2024 年，我們的企業利潤率將提高 300 個基點，從 2023 年的 7% 有機成長至 10%。喬治，鑑於我們之前在準備好的發言中提高了 2026 年的範圍，我們仍然對這種可持續性充滿信心。

From our perspective, there's no meaningful change in the external environment. We talked many quarters ago about the prolonged sales cycle. Has the external environment changed meaningfully? Probably not. What has changed is Laura's leadership in driving the internal operational improvement, which includes really rigorous daily management of our sales pipeline, improved connections with our customers.

從我們的角度來看，外部環境沒有重大變化。我們在很多季度前就討論過延長銷售週期的問題。外部環境是否發生了重大變化？可能不是。改變的是勞拉在推動內部營運改善方面的領導力，其中包括對我們的銷售管道進行非常嚴格的日常管理，以及改善與客戶的聯繫。

Additionally, George, you'll remember that we acquired Pagero one year ago, so we did get modest benefit in 2024 from the Pagero acquisition, that will continue into 2025. So we're quite confident and optimistic on the continued trajectory of the Corporates segment.

此外，喬治，你會記得我們一年前收購了 Pagero，因此我們確實在 2024 年從收購 Pagero 中獲得了適度的收益，這種收益將持續到 2025 年。因此，我們對企業部門的持續發展非常有信心和樂觀。

Very helpful. Thank you.

非常有幫助。謝謝。

Yeah. Thanks, George.

是的。謝謝，喬治。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

Hey, good morning. This is [Audie] on for Jason Haas. Thanks for taking our questions. I appreciate the color you guys gave around the ACV penetration across total TR and then for the Westlaw. Can you just give us a sense for how your ACV penetration varies across the different client sizes? And then just any sort of update on your ability to price with these GenAI products, level of pricing that you guys have taken historically? Thanks.

嘿，早安。這是 Jason Haas 的 [Audie]。感謝您回答我們的問題。我很欣賞你們對 ACV 在整個 TR 以及 Westlaw 中的滲透情況所做的詳細說明。您能否向我們介紹一下您的 ACV 滲透率在不同客戶規模之間的差異？然後，您對這些 GenAI 產品的定價能力有何更新？你們歷史上的定價水準如何？謝謝。

Sure. If you look at the -- I'll call it, the life cycle kind of value change in regards to the launches, when we launch something like Westlaw Precision, normally the penetration is strongest and earliest with what we refer to as our large law. Within Legal Professionals, as a reminder, we break it between large law, medium law, small law based on the number of attorneys in the given firm.

當然。如果你看一下——我稱之為與發布有關的生命週期價值變化，當我們推出像 Westlaw Precision 這樣的產品時，通常我們所說的大型律師事務所的滲透力最強、最早。在法律專業人士中，提醒一下，我們根據特定律師事務所的律師數量將其分為大型律師事務所、中型律師事務所和小型律師事務所。

So we have consistently historically, and even now with Westlaw Precision and GenAI enhancement, we see adoption and penetration first in the largest law firms. That's holding through today, followed by mid law and small law. So we do follow the penetration curves and adoptions by a subsegment and then even a more granular level there. So once again, that's very consistent with what we saw with the Westlaw Edge adoption.

因此，從歷史上看，甚至現在隨著 Westlaw Precision 和 GenAI 的增強，我們也看到最大的律師事務所首先採用了這項技術並滲透到其中。今天仍然如此，其次是中型法和小型法。因此，我們確實會追蹤某個細分市場的滲透曲線和採用情況，然後追蹤更細緻的層面。因此，這與我們在 Westlaw Edge 採用過程中看到的情況非常一致。

What we're seeing now with some of the GenAI-enabled products, you'll see a smoother adoption across the different sizes of the firms, and it's not as much differentiated with the newer products. Steve wants to add.

我們現在看到的一些支援 GenAI 的產品在不同規模的公司中的採用更加順暢，而且新產品之間的差異並不大。史蒂夫想補充一下。

Just to add to that. I mean I think the -- we're sort of cautiously optimistic, and I think we're seeing positive signs in the marketplace around the pricing, the ability to sort of get more price from our GenAI offerings. And one of the primary reasons for that is they enable us to play an expanded role in the success of our customers. So let me give you a couple of examples.

只是想補充一下。我的意思是，我認為——我們持謹慎樂觀的態度，而且我認為我們在市場上看到了有關定價的積極跡象，能夠從我們的 GenAI 產品中獲得更多價格。其中一個主要原因是，它們使我們能夠在客戶的成功中發揮更大的作用。讓我給你舉幾個例子。

If you think about Westlaw, Westlaw Precision, one of the big innovations that Mike Dahn has driven -- he's the, as you know, the product leader for the Westlaw franchise. One of the big things that he's done -- he and his team have done, is to extend to the Westlaw Precision AI research framework. So in other words, instead of providing the synthesized and most accurate list relevant case law, the product now, which is a first draft for the reseller, so that's an big role for us.

如果你想想 Westlaw、Westlaw Precision，這是 Mike Dahn 推動的一項重大創新——如你所知，他是 Westlaw 特許經營的產品領導者。他和他的團隊所做的一件大事就是擴展到 Westlaw Precision AI 研究框架。換句話說，我們不是提供綜合的、最準確的相關案例法列表，而是現在的產品，這是經銷商的初稿，所以這對我們來說是一個很大的角色。

That's a big time saver for litigators and legal researchers, and enables us to drive more value within our customer base. That's one example. The extension of [Practical Law] among other tools into drafting is another example. Previously, haven't been in the drafting space. And obviously, drafting is very important for legal practitioners.

這為訴訟律師和法律研究人員節省了大量時間，並使我們能夠在客戶群中創造更多價值。這是一個例子。將[Practical Law]等工具擴展到起草領域是另一個例子。之前沒有進入過起草空間。顯然，起草對於法律從業人員來說非常重要。

So that enables us to charge accordingly. And then on the Tax & Accounting side with the acquisition of Materia, as I mentioned in my prepared remarks, our customer base is looking to automate every piece of the Tax & Accounting workflow or the tax preparation workflow that they can in order to meet increasing demand from their clients to provide advisory services. And so Materia is a key piece of enabling us to play an expanded role in that growth that Tax & Accounting practitioners will experience. And that's the basis on which we're able to increased our prices in sensible ways.

這樣我們就可以收取相應的費用。然後，在稅務和會計方面，隨著對 Materia 的收購，正如我在準備好的發言中提到的那樣，我們的客戶群正在尋求自動化稅務和會計工作流程或納稅申報工作流程的每個部分，以滿足客戶日益增長的提供諮詢服務的需求。因此，Materia 是讓我們在稅務和會計從業人員將經歷的成長中發揮更大作用的關鍵因素。這就是我們能夠以合理方式提高價格的基礎。

Got it, appreciate the color there. It's super helpful. And then just had a follow-up on the back of some of the comments you guys gave earlier for your expectations under the new administration. Can you maybe just remind us of your government exposure, both within Legal and I think maybe some Print, and sort of why you guys would or wouldn't be concerned about this business under the new administration with DOGE? Thank you.

明白了，欣賞那裡的色彩。這非常有幫助。然後，我對你們之前對新政府的一些期望發表了一些評論，並進行了跟進。您能否提醒我們一下您在政府部門的曝光情況，包括法律部門和印刷部門，以及為什麼您會或不會擔心 DOGE 新政府領導下的這項業務？謝謝。

Yeah, I think if you look at our Government business, overall, we'll approach nearly $600 million in revenue for full year 2024. If you look forward, we're looking at about 8% organic growth, would be our expectations for 2025 and 2026. As a reminder, if you look at the Government business, it is great diverse in regards to the product offering that we provide our government customers, which are at the federal, state, and local level. By far, the largest portion of that is within what we call, Westlaw, our legal research product offering there.

是的，我認為如果你看一下我們的政府業務，總體而言，到 2024 年全年我們的收入將接近 6 億美元。展望未來，我們預計 2025 年和 2026 年的有機成長率約為 8%。提醒一下，如果你看一下政府業務，你會發現我們為聯邦、州和地方各級政府客戶提供的產品種類繁多。到目前為止，其中最大的一部分是我們所謂的 Westlaw，也就是我們在那裡提供的法律研究產品。

We also have a sizable position of Print within Government business. And we also have our Thomson Reuters Special Services business that is a component there, along with our Risk, Fraud & Compliance with CLEAR. So we have quite a diverse product portfolio offerings within Government overall. So hopefully, that's helpful.

我們在政府業務中也佔有相當大的印刷份額。我們還有湯森路透特別服務業務，以及我們的風險、詐欺和 CLEAR 合規業務。因此，我們為政府整體提供相當多樣化的產品組合。希望這會有所幫助。

Yes, it's definitely helpful. Thank you and congrats on the strong results and updated forward outlook.

是的，這絕對有幫助。謝謝您，並祝賀您取得的出色業績和最新的展望。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

And I have no questions in the queue at this moment.

目前我沒有任何問題。

All right. Thanks, everyone. Thank you.

好的。謝謝大家。謝謝。

And this will 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。