Thomson Reuters Corp (TRI) 2025 Q1 法說會逐字稿

Good day, and welcome to the Thomson Reuters first-quarter earnings call. Today's call is being recorded. At this time, I would 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一季財報電話會議。今天的通話正在錄音。現在，我想將電話轉給投資者關係主管 Gary Bisbee。請繼續。

Thank you, Ruth. Good morning, and thank you, all, for joining us today for our first-quarter 2025 earnings call. I'm joined by our CEO, Steve Hasker; and our CFO, Mike Eastwood, each of whom will discuss our results, take your questions following their remarks. (Operator Instructions)

謝謝你，露絲。早安，感謝大家今天參加我們的 2025 年第一季財報電話會議。我們的執行長史蒂夫·哈斯克 (Steve Hasker) 和首席財務官邁克·伊斯特伍德 (Mike Eastwood) 也將與我一起討論我們的業績，並在發言後回答大家的提問。（操作員指示）

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

在今天的演示中，當我們比較不同時期的表現時，我們會討論貨幣之前的收入成長以及有機收入的成長。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。

Now I'll turn it over to Steve Hasker.

現在我將把時間交給史蒂夫·哈斯克 (Steve Hasker)。

Thank you, Gary, and thanks to all of you for joining us today. 2025 started out on a positive note with revenue at the high end of our outlook and profits exceeding expectations. Total company organic revenues rose 6%, with the big three segments growing by 9%. In addition, healthy revenue flow-through and favorable expense timing boosted margins, driving profit ahead of expectations.

謝謝加里，也謝謝大家今天加入我們。 2025 年開局良好，營收達到我們預期的高端，利潤超乎預期。公司整體有機收入成長 6%，其中三大部門成長 9%。此外，健康的收入流和有利的支出時機提高了利潤率，推動利潤超出預期。

We are reaffirming our full-year 2025 outlook, calling for organic growth in a range of 7% to 7.5%, including approximately 9% for the big three segments; and for our margins to rise by 75 basis points year over year to approximately 39%.

我們重申了對 2025 年全年業績的展望，預計有機增長率將在 7% 至 7.5% 之間，其中三大業務板塊的有機增長率約為 9%；利潤率將同比增長 75 個基點，達到約 39%。

Good momentum continues from many areas in our portfolio. This includes double-digit growth from key products, including CoCounsel, SurePrep, Pagero, Indirect Tax, SafeSend, CoCounsel Drafting, and our international businesses.

我們的投資組合中的許多領域都保持著良好的勢頭。這包括主要產品的兩位數成長，包括 CoCounsel、SurePrep、Pagero、Indirect Tax、SafeSend、CoCounsel Drafting 和我們的國際業務。

We continue to invest heavily in innovation, and we remain focused on delivering against a robust product road maps. In the first quarter, we launched CoCounsel Tax, Audit, and Accounting, an agentic AI assistant powered by the 2024 acquisition of Materia.

我們將繼續大力投資創新，並繼續專注於實現強大的產品路線圖。第一季度，我們推出了 CoCounsel Tax、Audit 和 Accounting，這是一款由 2024 年收購的 Materia 提供支援的代理 AI 助理。

This new solution automates critical workflows and brings an enhanced user experience for our Checkpoint authoritative content. In April, we launched the CoCounsel chat experience within both Westlaw and Practical Law, enhancing capability and user experience through a more connected suite of legal offerings.

此新解決方案可自動化關鍵工作流程並為我們的 Checkpoint 權威內容帶來增強的使用者體驗。今年 4 月，我們在 Westlaw 和 Practical Law 內推出了 CoCounsel 聊天體驗，透過更互聯的法律服務套件增強了功能和使用者體驗。

Looking forward to the remainder of 2025, we're focused on delivering new agentic expert-guided workflows, grounded in our trusted authoritative content and subject matter expertise for CoCounsel, Westlaw, Practical Law, and other offerings. Our capital capacity and liquidity remain a key asset. We're focused on deploying to create shareholder value, and we made solid progress on this during the first quarter.

展望 2025 年剩餘時間，我們將專注於提供新的代理專家指導的工作流程，以我們為 CoCounsel、Westlaw、Practical Law 和其他產品提供的值得信賴的權威內容和主題專業知識為基礎。我們的資本能力和流動性仍然是一項關鍵資產。我們專注於部署以創造股東價值，並且我們在第一季在這方面取得了堅實的進展。

In January, we completed the acquisition of SafeSend for $600 million, and SafeSend is off to a strong start with the integration going smoothly. In February, we raised our 2025 annual dividend by 10% for the fourth consecutive year to $2.38 per share.

今年 1 月，我們以 6 億美元完成了對 SafeSend 的收購，SafeSend 開局良好，整合進展順利。2 月份，我們連續第四年將 2025 年年度股利提高 10%，至每股 2.38 美元。

We remain committed to a balanced capital allocation approach, and we continue to assess additional inorganic opportunities. With our estimated $10 billion of capital capacity through 2027, we are positioned to be opportunistic in a volatile environment.

我們仍然致力於平衡的資本配置方法，並繼續評估額外的無機機會。到 2027 年，我們的資本能力預計將達到 100 億美元，這使我們能夠在動盪的環境中抓住機會。

Now to the results for the quarter. First-quarter organic revenue grew 6%, organic recurring revenues grew 9%, and transaction revenues grew 1%, while print revenues declined 5%, in line with expectations, a tough comparison at Reuters' impacted growth rates. Adjusted EBITDA was essentially unchanged year over year at $809 million, reflecting a 40-basis-point margin decline to 42.3%.

現在來看看本季的業績。第一季有機收入成長 6%，有機經常性收入成長 9%，交易收入成長 1%，而印刷收入下降 5%，符合預期，與路透社受影響的成長率相比，這是一個艱難的比較。調整後的 EBITDA 與去年同期相比基本保持不變，為 8.09 億美元，利潤率下降 40 個基點至 42.3%。

Turning to the first-quarter results by segment, the big three segments' organic revenue growth accelerated sequentially from 8% to 9%. Legal organic revenues grew 8%, up from 7% in recent quarters, driven by continued momentum from Westlaw Precision and CoCounsel, and stronger Government growth.

從各部門分部來看，第一季業績顯示，三大部門的有機收入成長率較上月加快，從 8% 增至 9%。受 Westlaw Precision 和 CoCounsel 持續成長以及政府業務強勁成長的推動，法律有機收入成長了 8%，高於最近幾季的 7%。

Corporates organic revenue increased 9%, driven by offerings from our Legal, Tax, and Risk portfolios, and the segment's international businesses. Tax and Accounting organic revenues grew 11%, and our Latin American business and tax compliance offerings were key contributors.

企業有機收入成長了 9%，這得益於我們的法律、稅務和風險組合以及該部門的國際業務。稅務和會計有機收入成長了 11%，其中我們的拉丁美洲業務和稅務合規服務是主要貢獻者。

Reuters News organic revenues declined 7%, driven by a difficult comparison from significant transactional generative AI licensing revenue in the prior-year period. And lastly, Global Print organic revenues met our expectations, declining 5% year on year. And in summary, we're pleased with our Q1 results.

路透社新聞有機收入下降了 7%，這是因為與去年同期的大量交易產生 AI 授權收入相比，情況有所不同。最後，全球印刷有機收入符合我們的預期，年減 5%。總而言之，我們對第一季的業績感到滿意。

Now let me discuss our improving revenue mix, which is contributing to the revenue growth acceleration that we have delivered. Over the past five years, we have been on a journey to become a more innovative and faster-growth company. We have made significant strides towards this goal as our current outlook for 7% to 7.5% organic revenue growth illustrates.

現在讓我來討論一下我們不斷改善的收入結構，這有助於我們實現收入成長加速。在過去的五年裡，我們致力於成為一家更具創新性和更快成長的公司。我們目前對有機收入成長 7% 至 7.5% 的預期表明，我們已朝著這一目標邁出了重要一步。

In meeting with investors, we are frequently asked two questions about our revenue growth. First, what has driven our organic revenue growth acceleration in recent years? And second, what provides us with confidence in our ability to continue our improved growth trajectory into the future?

在與投資者會面時，我們經常被問到兩個有關收入成長的問題。首先，是什麼推動了我們近年來有機收入成長的加速？其次，什麼讓我們有信心在未來繼續保持不斷改善的成長軌跡？

To shed a bit more light on this topic, we've updated a slide from our 2024 Investor Day, which illustrates the improvement in our revenue mix since 2019. The proportion of our revenue from products growing at double-digit rates has more than doubled, from 11% in 2019 to 25% in 2024, on a much larger revenue base.

為了更清楚地說明這個主題，我們更新了 2024 年投資者日的一張幻燈片，其中展示了自 2019 年以來我們的收入結構有所改善。我們來自產品的收入比例以兩位數的速度成長，成長了一倍多，從 2019 年的 11% 成長到 2024 年的 25%，收入基數也大大增加。

At the same time, the mix from our declining Global Print business has fallen. We have taken many actions in the last five years to deliver this improving revenue mix, but I'll briefly mention the three most important. First, we have prioritized resource allocation behind our best businesses and opportunities. For example, our heavy investment in Westlaw has resulted in this key franchise growing at the fastest rate in more than a decade.

同時，我們全球印刷業務的下滑也帶來了產品組合的下滑。過去五年來，我們採取了許多措施來實現收入結構的改善，但我將簡要提及其中最重要的三項。首先，我們優先將資源配置給我們最優秀的業務和機會。例如，我們對 Westlaw 的大量投資使得這家主要特許經營店實現了十多年來最快的成長速度。

Second, we have meaningfully increased our investment and focus on innovation, especially with AI. In combination, these efforts have organically increased the number of our existing products growing at double digits.

第二，我們大幅增加了對創新的投資和關注，尤其是人工智慧的創新。這些努力共同推動了我們現有產品數量的兩位數成長。

And third, our portfolio optimization efforts have paid dividends. This includes both the acquisition of strategic and complementary growth businesses, as well as select divestitures of noncore and typically lower-growth assets.

第三，我們的投資組合優化努力已獲得成效。這包括收購策略性和互補性成長業務，以及選擇性地剝離非核心資產和通常成長較低的資產。

Our stable of double-digit-growth offerings spans the big three segments and includes, firstly, CoCounsel and HighQ [professionals], Practical Law, Indirect Tax, and Pagero at Corporates; and thirdly, Domínio, Confirmation, SurePrep, Cloud Audit Suite, and more recently, SafeSend for tax and accounting professionals. As these products continue to scale and our print mix declines, our improving revenue mix positions us well with continued strong revenue growth going forward.

我們穩定的兩位數成長產品涵蓋三大領域，首先包括面向企業的 CoCounsel 和 HighQ [專業人士]、Practical Law、Indirect Tax 和 Pagero；第三包括面向稅務和會計專業人士的 DomÃnio、Confirmation、SurePrep、Cloud Audit Suite 以及最近推出的 SafeSend。隨著這些產品規模不斷擴大，而我們的印刷產品組合不斷下降，我們不斷改善的收入組合使我們在未來能夠繼續保持強勁的收入成長。

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

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 first-quarter revenue performance for our big three segments.

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一季的營收表現。

Organic revenues grew 9% for the first quarter, accelerating from 8% in the fourth quarter of 2024. Legal Professionals organic revenues grew 8%, a new high-water mark for the segment. Key drivers from a product perspective remain Westlaw, CoCounsel, Practical Law, our international businesses, and Government, which grew 9% in the quarter.

第一季有機營收成長 9%，高於 2024 年第四季的 8%。法律專業人士的有機收入成長了 8%，創下了該領域的新高。從產品角度來看，關鍵驅動因素仍然是 Westlaw、CoCounsel、Practical Law、我們的國際業務和政府，這些業務在本季成長了 9%。

The FindLaw divestiture also contributed modestly. So this benefit was offset by the impact of several small product sunsets I mentioned last quarter. As it relates to the US government, we remain focused on helping our Government customers in areas including efficiency, national security, and fraud prevention.

FindLaw 的剝離也做出了一定貢獻。因此，這項好處被我上個季度提到的幾種小型產品停產的影響所抵消。就美國政府而言，我們將繼續致力於在效率、國家安全和詐欺預防等領域幫助我們的政府客戶。

Our Corporates segment organic revenues increased 9%. Recurring revenues grew 11%, while transactions rose 5% despite a tough comparison in the year-ago period. Practical Law, Direct and Indirect Tax, Pagero, and our international businesses were key contributors.

我們的企業部門有機收入成長了 9%。儘管與去年同期相比困難重重，但經常性收入仍增長了 11%，交易量則增長了 5%。實用法、直接稅和間接稅、Pagero 以及我們的國際業務是主要貢獻者。

Tax and Accounting had a strong quarter with organic revenue growth of 11%. Recurring and transactional revenues grew 8% and 15%, respectively. Our Latin American business, SurePrep, SafeSend, and UltraTax were key drivers.

稅務和會計部門本季表現強勁，有機收入成長 11%。經常性收入和交易收入分別成長8%和15%。我們的拉丁美洲業務、SurePrep、SafeSend 和 UltraTax 是主要推動力。

Moving to Reuters News. Organic revenues decreased 7% for the quarter, driven by a difficult comparison to the prior-year period which included $25 million of generative AI-related transactional content licensing revenue. Adjusting for this, Reuters' organic revenues increased approximately 5%. Lastly, Global Print organic revenues declined 5%, which was in line with our expectations. On a consolidated basis, first-quarter organic revenues increased 6%.

轉至路透社新聞。本季有機收入下降 7%，原因是與去年同期相比情況有所不同，去年同期包括 2,500 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 5%。最後，全球印刷有機收入下降了 5%，符合我們的預期。從綜合來看，第一季有機收入成長了 6%。

At the end of Q1, the percent of our annualized contract value or ACV from products that are GenAI-enabled was 20%, up from 18% last quarter. As a reminder, we began to provide this metric with our Q3 2024 results as a way to help you assess our success at bringing GenAI capabilities to our portfolio.

截至第一季末，支援 GenAI 的產品占我們年度合約價值或 ACV 的百分比為 20%，高於上一季的 18%。提醒一下，我們開始在 2024 年第三季的業績中提供此指標，以幫助您評估我們將 GenAI 功能引入產品組合的成功程度。

Turning to our profitability. Adjusted EBITDA for the big three segments was $759 million, up 6% from the prior-year period, with a 47.3% margin. Segment margins rose across all big three segments, driven by healthy revenue growth and the timing of expenses.

談到我們的獲利能力。三大部門的調整後 EBITDA 為 7.59 億美元，較去年同期成長 6%，利潤率為 47.3%。受健康的收入成長和支出時機的推動，三大部門的部門利潤率均有所上升。

Moving to Reuters News, adjusted EBITDA was $39 million with a margin of 20%. The year-over-year profit decrease at Reuters was due to the same difficult comparison I mentioned earlier. Global Print's adjusted EBITDA was $44 million with a margin of 37.8%.

根據路透社報道，調整後的 EBITDA 為 3,900 萬美元，利潤率為 20%。路透社利潤同比下降也是由於我之前提到的那個困難的比較。Global Print 的調整後 EBITDA 為 4,400 萬美元，利潤率為 37.8%。

In aggregate, total company adjusted EBITDA was essentially unchanged at $809 million, reflecting a 40-basis-point margin decline to 42.3%. So this was nicely ahead of our prior expectations. Excluding the impact of the Reuters transactional AI licensing revenue in the prior-year period, margins would have risen versus the first quarter of 2024.

整體而言，公司調整後的 EBITDA 總額基本保持不變，為 8.09 億美元，利潤率下降 40 個基點至 42.3%。因此，這遠遠超出了我們先前的預期。如果不考慮去年同期路透社交易 AI 授權收入的影響，利潤率將比 2024 年第一季上升。

Turning to earnings per share, adjusted EPS was $1.12 for the quarter versus $1.11 in the prior-year period. Currency had no impact on adjusted EPS in the quarter. Let me now turn to our free cash flow performance for the first quarter. Reported free cash flow was $277 million, up 3% from $271 million in the prior-year period.

談到每股收益，本季調整後的每股收益為 1.12 美元，而去年同期為 1.11 美元。貨幣對本季調整後的每股盈餘沒有影響。現在讓我來談談我們第一季的自由現金流表現。報告的自由現金流為 2.77 億美元，比去年同期的 2.71 億美元成長 3%。

I will conclude with our 2025 outlook and several other updates. As Steve outlined, we are reaffirming our full-year 2025 guidance. We continue to expect organic revenue growth of 7% to 7.5%, with the big three growing approximately 9%. We see 2025 adjusted EBITDA margins of approximately 39%, up 75 basis points versus 2024. And we expect free cash flow of approximately $1.9 billion.

最後，我將介紹我們的 2025 年展望和其他一些更新。正如史蒂夫所概述的，我們重申了 2025 年全年的指導方針。我們繼續預期有機收入將成長 7% 至 7.5%，其中三大公司將成長約 9%。我們預計 2025 年調整後的 EBITDA 利潤率約為 39%，較 2024 年上升 75 個基點。我們預計自由現金流約為 19 億美元。

Turning to the second quarter. We expect organic revenue growth of approximately 7% and our adjusted EBITDA margin to be approximately 36%. As a reminder, the sequential decline in our margin into Q2 is due to the normal seasonality of our Tax and Accounting Professionals business segment and to a lesser extent, to the timing of certain expenses.

轉向第二季。我們預計有機收入成長約為 7%，調整後的 EBITDA 利潤率約為 36%。提醒一下，我們第二季度利潤率的連續下降是由於我們的稅務和會計專業人員業務部門的正常季節性，以及在較小程度上由於某些費用的時間性。

Let me close with a few final thoughts. First, for your models, we plan to pay down the approximately $1 billion bond that matures later this month with cash on hand. Second, and in light of recent questions around the potential for weaker economic activity, I want to remind you we have a highly recurring and resilient business, with more than 80% recurring revenues, a healthy mix of multiyear contracts, and relatively nondiscretionary offerings.

最後，請容許我談幾點看法。首先，對於您的模型，我們計劃用手邊的現金償還本月稍後到期的約 10 億美元債券。其次，鑑於最近有關經濟活動可能減弱的問題，我想提醒大家，我們的業務具有高度經常性和彈性，經常性收入超過 80%，多年期合約的健康組合以及相對非自由支配的產品。

Transaction revenues are 12% of our mix. A bit more than half of this is what we internally refer to as repeat transactions revenue, which are recognized on a transactional basis, but where customer volumes tend to recur over time based on the cadence of tax filing for audit cycles. This includes revenues from Confirmation, SurePrep, and SafeSend, among others.

交易收入占我們收入組合的 12%。其中略多於一半的部分是我們內部所稱的重複交易收入，這些收入是在交易基礎上確認的，但客戶量往往會根據審計週期的納稅申報節奏而隨時間推移而重複出現。其中包括來自 Confirmation、SurePrep 和 SafeSend 等公司的收入。

In combination with our recurring revenues, this highly quality repeat transactional revenue provides a resilient and predictable revenue mix. Add in our strong capitalization with net leverage of 0.6 times and healthy cash flow, we believe we are well positioned to weather a range of market environments.

結合我們的經常性收入，這種高品質的重複交易收入提供了有彈性且可預測的收入組合。加上我們強大的資本、0.6 倍的淨槓桿和健康的現金流，我們相信我們完全有能力抵禦各種市場環境。

Let me now turn it back to Gary for questions.

現在讓我把問題轉回給加里。

Thank you, Ruth. We're happy to begin the Q&A session.

謝謝你，露絲。我們很高興開始問答環節。

(Operator Instructions) Scott Fletcher, CIBC.

（操作員指示）Scott Fletcher，CIBC。

Hi, good morning. Wanted to ask a question on the demand environment. And if you've seen any changes to buying patterns or willingness to spend or close deals since, obviously, the trade war heated up over the course of this year.

嗨，早安。想問一下關於需求環境的問題。如果你發現購買模式或消費意願或達成交易的意願發生了任何變化，那麼顯然，自今年貿易戰升溫以來。

Yeah, Scott. It's Steve. I'll start, and I'm sure Mike will add. I mean, we're doubling down our efforts to meet and exceed our customers' needs.

是的，斯科特。我是史蒂夫。我先開始，我相信麥克也會補充。我的意思是，我們正在加倍努力滿足並超越客戶的需求。

As you've seen from our results, we have not yet seen a change in the demand environment. And as you know, our business is very resilient, with 80%-plus of our revenues recurring with a highly diversified customer base and largely nondiscretionary products in the content-driven technology space.

正如您從我們的結果中看到的，我們尚未看到需求環境的變化。如您所知，我們的業務非常有彈性，80％以上的收入來自高度多樣化的客戶群和內容驅動技術領域的大部分非自由支配產品。

Having said that, I think most of our customers across the spectrum are wondering what the sort of economic backdrop for the rest of this year will be. Wondering what the tariff picture, when it settles, if it settles, will look like and what the implications would be. So I think there's a level of nervousness, but we haven't yet seen that play through. Mike?

話雖如此，我認為我們大多數的客戶都想知道今年剩餘時間的經濟背景將會是什麼樣的。想知道關稅情況如何，當它解決時，如果它解決的話，會是什麼樣子，以及會產生什麼影響。所以我認為存在某種程度的緊張情緒，但我們還沒有看到這種表現。麥克風？

Yeah. I'll supplement, Scott. If you look at our new sales pipeline, our renewal pipeline, no changes there. Both the new sales and renewal pipelines remain encouraging. Just looking at April velocity and average order value, they remain very consistent. So we're not seeing any changes, Scott.

是的。我來補充一下，斯科特。如果你看一下我們的新銷售管道、我們的更新管道，你會發現沒有什麼改變。新的銷售和續約管道仍然令人鼓舞。僅看四月份的速度和平均訂單價值，它們仍然非常一致。所以我們沒有看到任何變化，斯科特。

Okay. That's good to hear. And then if I think about -- if you think about historically, are there -- any of the segments, be it Legal, Tax, or Corporate, that you think would be more impacted in a scenario where buying does slow down?

好的。聽到這個消息真好。然後，如果我考慮一下——如果您從歷史角度考慮，是否存在任何一個部門，無論是法律、稅務還是企業，您認為在購買放緩的情況下會受到更大的影響？

Well, we don't think so, Scott. I'll focus in the scenario of a softer economy, certainly, given 80% of our revenue is recurring, the resilience that I talked about in the prepared remarks. There are three areas that we would focus on, Scott, in a softer environment.

嗯，我們不這麼認為，史考特。我將重點放在經濟疲軟的情況，當然，考慮到我們 80% 的收入是經常性的，以及我在準備好的演講中談到的韌性。斯科特，在較溫和的環境下，我們將重點放在三個領域。

Number one, the transactional revenue, which, as I mentioned, is 12% of our total. But remember, as I mentioned in the prepared remarks, over 50% of that is what we refer to as repeat. If you look at the Tax and Accounting Professional business, that's over 80%. So it gives us comfort within the transactional area.

第一，交易收入，正如我所提到的，占我們總收入的 12%。但請記住，正如我在準備好的演講中提到的那樣，其中超過 50％ 就是我們所說的重複。如果你看稅務和會計專業業務，這個比例超過 80%。因此它讓我們在交易領域感到安心。

The second area to focus on is Global Print. Within Global Print, which is roughly 7% of our total revenue, 45% of that revenue is governed by multiyear contracts, what Jen Prescott refers to as library maintenance agreement, that gives us comfort.

第二個需要關注的領域是全球印刷。在 Global Print 中，約占我們總收入的 7%，其中 45% 的收入受多年期合約的約束，Jen Prescott 稱之為圖書館維護協議，這讓我們感到安心。

And then the third area of focus would be Reuters News, specifically Digital Advertising and Reuters Events. Those two business areas are only about 1.5% of our total revenue. So in a softer economy, Scott, those are the three areas that we would focus on and provide you with the continuous updates.

第三個重點領域是路透社新聞，特別是數位廣告和路透社活動。這兩個業務領域僅占我們總收入的1.5％左右。因此，斯科特，在經濟疲軟的情況下，我們將重點關注這三個領域，並向您提供持續的更新資訊。

Okay, that's really helpful. Thank you.

好的，這確實很有幫助。謝謝。

Manav Patnaik, Barclays.

巴克萊銀行的馬納夫·帕特奈克（Manav Patnaik）。

Thank you. Good morning. The first question, just to focus on that growth slide, 68%, the other products. I was just hoping you could help us with kind of the average growth there and the opportunity to accelerate those into that high-growth bucket?

謝謝。早安.第一個問題，只專注於成長幻燈片，68%，其他產品。我只是希望您能幫助我們實現那裡的平均成長，並有機會將其加速到高成長水平？

Sure. One data point there would be about -- a little 20% to 25% would be below 5% for us, in case that's helpful for us. And that leaves about 40% to 42% that are in that 5% to 10% growth range. Hopefully, that segmentation is helpful, Manav.

當然。一個數據點大約是——對我們來說，20% 到 25% 左右會低於 5%，如果這對我們有幫助的話。剩下的約有 40% 到 42% 的企業處於 5% 到 10% 的成長範圍內。希望這種細分是有幫助的，Manav。

And I think, Manav, the second part of your question is to sort of how we shift those. I think we're at the start of that playbook. And the answer to every question is not generative AI. But to the extent that we can add more generative AI capabilities to our content sets, it expands the role we play in the success of our customers.

我認為，Manav，你問題的第二部分是關於我們如何轉變這些。我認為我們正處於這個劇本的開始。但每個問題的答案並不是生成式人工智慧。但如果我們可以在內容集中添加更多生成性人工智慧功能，它將擴大我們在客戶成功中所扮演的角色。

And what I mean, by that is, not all, but typically those slower-growth products are sort of more static content sets. And the addition of GenAI, for example, over time to Westlaw and Westlaw Precision has enabled us to get in the business of a first draft of a research memo.

我的意思是，並非所有產品都是如此，但通常那些成長較慢的產品都是較靜態的內容集。例如，隨著時間的推移，GenAI 添加到 Westlaw 和 Westlaw Precision 使我們能夠開展研究備忘錄初稿的業務。

And as we move through to expert-guided workflows, it really expands the role we play in the life of a legal professional. So as we think about injecting GenAI into more and more parts of our portfolio and more and more of these content sets, we think that that order shift the dial in healthy ways in terms of the underlying growth rate.

隨著我們轉向專家指導的工作流程，它確實擴展了我們在法律專業人士生活中所扮演的角色。因此，當我們考慮將 GenAI 注入我們投資組合的越來越多的部分和越來越多的內容集時，我們認為這種順序將在潛在成長率方面以健康的方式轉變。

Got it. Thank you. And, Mike, I think your comments around Government, just curious, like any updates you can give us on the exposure there? The DOGE website, obviously, there's lots of contracts here and there. That would be helpful.

知道了。謝謝。麥克，我想您對政府的評論只是很好奇，您能給我們提供有關那裡曝光情況的任何最新消息嗎？顯然，DOGE 網站上有很多合約。那將會很有幫助。

Right. Yeah, we're certainly familiar with the DOGE website, Manav. Overall, we've had no material impacts to our Government business as reflected in the 9% organic growth in Q1.

正確的。是的，我們當然熟悉 DOGE 網站，Manav。總體而言，我們的政府業務沒有受到重大影響，這反映在第一季 9% 的有機成長。

A few data points, if helpful for you and others, Manav, Government represents about 8% of our total TR revenue. That revenue is reported in Legal Professionals externally. If you break that 8% down further, 60% is state and local; 40% is US federal government.

一些數據點，如果對您和其他人有幫助，Manav，政府約占我們 TR 總收入的 8%。該收入在《法律專業人士》中對外報告。如果將這 8% 進一步細分，則 60% 屬於州和地方政府；40% 屬於美國聯邦政府。

If you look at it by product or offering perspective, 60% to 65% are legal products, including Westlaw. And then if you look at the remainder, 35% to 40% would be risk and fraud products, including CLEAR and other TRSS products.

如果從產品或提供的角度來看，60％到65％是合法產品，包括Westlaw。然後如果你看看剩下的部分，35%到40%將是風險和詐欺產品，包括CLEAR和其他TRSS產品。

I would just emphasize, as I mentioned in the prepared remarks, the opportunities that we see in supporting our Government customers are in three vectors: the efficiency opportunities, national security, fraud prevention. Take nothing for granted, Manav, but no material impacts today.

我只想強調，正如我在準備好的演講中提到的那樣，我們在支持政府客戶方面看到的機會有三個方面：效率機會、國家安全、預防詐欺。不要把任何事情視為理所當然，Manav，但今天不會產生任何實質的影響。

Got it. Thank you. Super helpful.

知道了。謝謝。超有幫助。

Aravinda Galappatthige, Canaccord Genuity.

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

Good morning. Thanks for taking my question. I was wondering whether you could maybe just revisit the drafting side of the opportunity. I know that you launched sort of the CoCounsel Drafting product last year. Maybe just remind us of sort of the TAM there and the progress you've been able to make, and sort of the outlook that you see in the near term.

早安.感謝您回答我的問題。我想知道您是否可以重新審視起草方面的機會。我知道你們去年推出了 CoCounsel Drafting 產品。也許只是提醒我們那裡的 TAM 和您已經取得的進展，以及您在短期內看到的前景。

Yeah, sure, Aravinda. So there's a point of view that suggests that drafting is one of the most important tasks that a legal professional undertakes. And therefore, the opportunity to sort of automate that to varying degrees and introduce a step-change in terms of the efficiency and the accuracy of the first draft, is a big opportunity.

是的，當然，阿拉文達。因此，有一種觀點認為，起草法律文件是法律專業人士承擔的最重要的任務之一。因此，在不同程度上實現自動化並在初稿的效率和準確性方面帶來重大改變的機會是一個巨大的機會。

I don't have a TAM for you because I think it's a -- there's a -- we can throw around some big numbers on the basis of the headcount and the time spent today. We're very happy with the start that we've made. And it's a credit to Emily Colbert and Kriti Sharma, our product executives who sit across the CoCounsel, Westlaw, and Practical Law products.

我沒有 TAM 給你，因為我認為這是一個——我們可以根據今天的員工總數和花費的時間來得出一些大數字。我們對目前的進展感到非常高興。這要歸功於我們的產品主管 Emily Colbert 和 Kriti Sharma，他們負責 CoCounsel、Westlaw 和 Practical Law 產品。

And we think our differentiation there is our unique and proprietary content sets. So the opportunity to lean into Westlaw and Practical Law and -- as the basis of sort of creating the most accurate draft, we think positions us very well in a new and emerging space but nevertheless, a pretty exciting one.

我們認為我們的差異化在於我們獨特的專有內容集。因此，我們認為，依靠 Westlaw 和 Practical Law 的機會，以及作為創建最準確草案的基礎，使我們在新興領域處於非常有利的地位，但無論如何，這是一個非常令人興奮的領域。

Thank you, and just a quick follow-up. I think on the last call, you mentioned that the AI-related investments sort of at the $200 million level through 2024. I was wondering, has there been an uptick as we look at '25, or is it pretty much the same run rate? Thank you.

謝謝，我只是想快速跟進。我想在上次電話會議上，您提到到 2024 年與人工智慧相關的投資將達到 2 億美元的水平。我想知道，當我們回顧 25 年時，是否出現了上升趨勢，還是運行率基本上相同？謝謝。

Just a slight uptick, Aravinda. And for calendar year 2025, we remain committed. Just as a reminder, that roughly $200 million-plus investment is split roughly 50/50 between operating expenses and capital expenditures. That $200 million investment is reflected in our results and full-year guidance.

只是略有上升，阿拉文達。對於 2025 年，我們仍將致力於此。需要提醒的是，大約 2 億多美元的投資在營運費用和資本支出之間大約各佔 50%。這 2 億美元的投資反映在我們的業績和全年預期。

Thank you.

謝謝。

Vince Valentini, TD Cowen.

文斯·瓦倫蒂尼 (Vince Valentini)，TD Cowen。

Hey, thanks very much. Two questions I'll throw at you, and you can take whatever order you want. The margin impact from foreign currency, you mentioned that was a tailwind in Q1. Can you just remind us what the main drivers of that are? Is it simply that you have less of your cost in US dollars versus the percentage of revenue? Are there any key currency exposures we should keep our eye on for Q2 and Q3 margin impacts?

嘿，非常感謝。我會向你提出兩個問題，你可以按照自己想要的順序來回答。您提到，外幣對利潤率的影響是第一季的順風。您能否提醒我們一下其主要驅動因素是什麼？是不是只是因為美元成本佔收入的百分比較少呢？是否存在一些關鍵的貨幣風險，我們應該關注它們對第二季和第三季利潤率的影響？

Second question, going back to your good slide number 9, that's already been referenced here, that 25% bucket that's growing 10% or more, can you identify what percentage of that 25% bucket are businesses that you did not own in 2019, so you've been able to augment the growth through acquisition?

第二個問題，回到您之前提到的第 9 張投影片，那個 25% 的區間表示成長了 10% 或更多，您能否確定這 25% 區間中有多少比例是您在 2019 年不擁有的企業，因此您能夠透過收購來促進成長？

And I'm thinking of that as a way of -- you have a huge amount of cash you can use for acquisitions. Perhaps things are going to get cheaper if the macro environment is choppy. Can we think about that 25% bucket getting to 50% in the next five years and partially by using your acquisition funds in a savvy way? Thanks.

我認為這是一種方式——你擁有大量現金可用於收購。如果宏觀環境不穩定，價格也許會變得更便宜。我們是否可以考慮在未來五年內將這 25% 的份額提高到 50%，並部分透過精明的方式使用收購資金？謝謝。

Yeah. Let me try to attack each of those questions, Vince, and I'll ask Steve to supplement. First, in regards to your question on Q1 in regards to FX, that's about 40 basis points, Vince, for Q1. If you think about currencies that have the biggest impact on us, it's the British pound, Argentine peso, and the Brazil real.

是的。文斯，讓我嘗試解答每一個問題，然後我會請史蒂夫來補充。首先，關於您關於第一季外匯的問題，文斯，第一季的外匯匯率約為 40 個基點。如果你想想對我們影響最大的貨幣，那就是英鎊、阿根廷比索和巴西雷亞爾。

There's others that have less significant impact. But those are the three that would have the larger impact in a given period. We would expect a smaller FX impact in Q2, assuming stable FX rates. So hopefully, that addresses your questions on FX.

還有一些影響不那麼顯著。但這三者在特定時期會產生更大的影響。假設外匯匯率穩定，我們預期第二季的外匯影響會較小。希望這能解答您關於 FX 的問題。

Then if you go into the questions on the revenue mix, Gary, that's probably one that we can follow up in the analyst calls later today, if it's okay, Gary. So, Vince, we'll take that as an action item when Gary speaks with each of you later today. He'll share that breakdown in regards to products that we did not have in 2019, so you have additional visibility.

那麼，如果你深入探討收入組合的問題，加里，這可能是我們可以在今天稍後的分析師電話會議上跟進的問題，如果可以的話，加里。所以，文斯，當加里今天晚些時候與你們每個人交談時，我們會將此作為一項行動項目。他將分享我們在 2019 年沒有的產品的細目分類，以便您有更深入的了解。

Yeah. And just -- I mean, it's a great question, Vince. I would say a couple of things. The first is the growth -- the sort of growth improvement and the improvement in that trajectory has been driven both by product -- organic product investments. So investments in existing franchises -- I talked in my prepared remarks about Westlaw enjoying its highest growth rate in a decade -- in addition to sort of the portfolio moves that we've made.

是的。而且——我的意思是，這是一個很好的問題，文斯。我想說幾件事。首先是成長——這種成長改善和軌跡的改善都是由產品——有機產品投資所推動的。因此，除了我們已經採取的投資組合舉措之外，我還對現有特許經營權進行了投資——我在準備好的發言中談到了 Westlaw 十年來的最高增長率。

And I share your view in terms of the M&A pipeline. We've got a rock-solid balance sheet and, therefore, can afford to be opportunistic. And we're somewhat optimistic that we'll start to see some pretty interesting opportunities through the back end of this year.

我同意您對併購管道的看法。我們的資產負債表非常穩健，因此，我們有足夠的能力抓住機會。我們有點樂觀地認為，今年年底我們將開始看到一些非常有趣的機會。

But you may remember, we said the same sort of coming out of the pandemic and as the interest rate environment changed. And the best assets continue to be fully priced. So I think we've got some optimism, but we're not going to promise anything today in terms of what we might see come into view from an M&A perspective.

但您可能還記得，我們​​說過，隨著疫情的結束和利率環境的變化，情況也類似。而最優質的資產則繼續被充分定價。所以我認為我們有一些樂觀情緒，但就從併購的角度來看，我們今天不會承諾任何事情。

So I had a couple of tidbits, and Gary will be more fulsome later today. We acquired Confirmation and HighQ in July of 2019. Those two are included on the higher growth. Likewise, we acquired SurePrep, Casetext, in 2023. They're included -- and Pagero acquisition in 2024, SafeSend in 2025, they're all included in the list. But Gary will go into more detail, Vince.

所以我有一些小道消息，Gary 今天晚些時候會提供更多詳細資訊。我們於 2019 年 7 月收購了 Confirmation 和 HighQ。這兩個都包含在較高的增長中。同樣，我們在 2023 年收購了 SurePrep、Casetext。它們都包括在內——2024 年收購 Pagero，2025 年收購 SafeSend，它們都包含在名單中。但是加里會講得更詳細，文斯。

Thank you.

謝謝。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

Thanks so much. I was hoping to ask a broad question on your investment spend strategy. So if you did start to see a slowdown, which -- it sounds like you have not so far -- but if you saw a slowdown in demand and the pipeline, would you pull back on investment?

非常感謝。我希望就您的投資支出策略提出一個廣泛的問題。因此，如果您確實開始看到經濟放緩——聽起來到目前為止還沒有——但如果您看到需求和管道放緩，您會減少投資嗎？

Or because of the resiliency of your business and focus on future growth, does it make sense to sort of spend through that? So just wanted to get sort of your head on where you are with regard to that strategy.

或者由於您的業務具有彈性並且專注於未來的成長，透過這種方式進行支出是否有意義？所以只是想了解您對該策略的理解程度。

Yeah. I think, Toni, just given the resiliency of our business, I would not anticipate much change in regards to our strategic investment. Certainly, we always have to be prudent in the discretionary areas. So would we be more rigorous there? Yes. But if you look at our overall strategic investments and our priorities, we would continue those both organically and inorganically.

是的。東尼，我認為，鑑於我們業務的彈性，我預計我們的策略投資不會發生太大變化。當然，我們在自由裁量領域必須始終保持謹慎。那我們會更加嚴格嗎？是的。但如果你看看我們的整體策略投資和優先事項，我們會繼續以有機和無機的方式進行這些投資。

We have the confidence there. And the resiliency of our business with the recurring revenue, but also if you look at that -- the transactional revenue that I mentioned earlier, such a large portion of that being repeat, gives us confidence. So I would not see any significant impact in our investment strategy.

我們有信心。我們的業務具有經常性收入的彈性，但如果你看一下 - 我之前提到的交易收入，其中很大一部分是重複的，這給了我們信心。因此，我認為我們的投資策略不會受到任何重大影響。

Yeah. And just to add to that, Toni, I think one of the principal proposition -- value propositions of our content-driven technology is inefficiency. And so whether that's within a government agency or whether that's in overcoming talent shortages, in the tax, accounting, and audit spaces or in the sort of broader transformation of the legal profession, these are our tools and software that can and do create significant efficiencies within our customer base.

是的。東尼，我還要補充一點，我認為我們內容驅動技術的主要主張之一──價值主張就是效率低。因此，無論是在政府機構內部，還是在解決人才短缺問題、在稅務、會計和審計領域，還是在法律行業的更廣泛轉型中，這些都是我們的工具和軟體，能夠並且確實在我們的客戶群中創造顯著的效率。

And so to the extent that the environment gets difficult, we actually see that the sort of medium- to longer-term demand, let alone the shorter-term demand, will increase. So we would, to Mike's point, envisage investing through that in a sensible way.

因此，當環境變得困難時，我們實際上會看到中長期需求（更不用說短期需求）將會增加。因此，正如麥克所說，我們會設想以明智的方式進行投資。

Yup. Wanted to ask my follow-on Pagero. I wanted to -- it sounds like that is in your higher-growth bucket. And wanted to just get a sense on the additional demand that you're seeing there and the integration and if, I guess, all the uncertainty and things that are going on are actually a big help in that area. Just what's the opportunity you're seeing there? Thanks.

是的。想問我的後續 Pagero。我想──聽起來這屬於你的高成長範疇。只是想了解您在那裡看到的額外需求和整合情況，我想，所有的不確定性和正在發生的事情是否真的對該領域有很大幫助。您在那裡看到了什麼機會？謝謝。

Yeah. So Toni, as you know, Pagero has the leading sort of singular e-invoicing platform that applies to multiple jurisdictions. So for any company that operates across multiple geographies, multiple countries, Pagero has a pretty unique value proposition relative to its competitors.

是的。東尼，如你所知，Pagero 擁有適用於多個司法管轄區的領先單一電子發票平台。因此，對於任何在多個地區、多個國家開展業務的公司來說，Pagero 相對於其競爭對手而言都具有相當獨特的價值主張。

And so the tailwind here is the rollout of e-invoicing mandates, which is particularly prevalent in Europe. But we're increasingly starting to see movement from the government and tax authorities in Southeast Asia and Latin America. And so that tailwind, we think, continues to prevail.

因此，這裡的順風是電子發票授權的推出，這在歐洲尤其盛行。但我們越來越開始看到東南亞和拉丁美洲的政府和稅務機關採取措施。因此，我們認為，這種順風將繼續盛行。

Having said that, the dates do move around a little bit. So there may be a '26 mandate that gets pushed into '27 or brought back. But by and large, the demand characteristics are exactly what we envisaged when we bought that business and perhaps, even a little bit better.

話雖如此，日期確實會稍微變動。因此，26 年的授權可能會被推遲到 27 年或重新實施。但總的來說，需求特徵正是我們收購該企業時所設想的，甚至可能更好。

The integration is on track. I think we've got lots of lessons learned from the integration. Acquiring a public company resident in Gothenburg, Sweden, is not something we've done before. So lessons learned from that and things we've done well and things we've done not so well.

整合工作正按計劃進行。我認為我們從整合中學到了很多經驗教訓。收購位於瑞典哥德堡的上市公司是我們以前從未做過的事。我們從中學到了教訓，知道哪些事情我們做得好，哪些事情我們做得不好。

But it's on track. And we're very excited about the future of that business, both in terms of its application to the core markets in Europe, but also extending into Latin America and maybe, most excitingly, Southeast Asia as we go forward over the next few years.

但一切仍在按計劃進行。我們對這項業務的未來感到非常興奮，不僅因為它將應用於歐洲的核心市場，而且隨著未來幾年的發展，它還將擴展到拉丁美洲，也許最令人興奮的是東南亞。

Yeah. Toni, I'll just confirm that Pagero is in our high-growth category and then also our ONESOURCE indirect tax product is also continuing to perform well.

是的。東尼，我只想確認 Pagero 屬於我們的高成長類別，而且我們的 ONESOURCE 間接稅產品也持續表現良好。

Thank you.

謝謝。

Thanks, Toni.

謝謝，托尼。

Drew McReynolds, RBC.

德魯·麥克雷諾茲，RBC。

Yeah, thanks very much. Good morning. Vince stole my question on the now famous slide 9, which is great. Another question on that slide, just -- and Mike, you may have addressed this; I may have missed it.

是的，非常感謝。早安.文斯在現在著名的第 9 張幻燈片上偷了我的問題，這很棒。關於那張投影片的另一個問題是──麥克，你可能已經回答了這個問題；我可能錯過了。

But the 68%, I guess, slice of the pie, are there products in there that are underperforming from your perspective in the lens you put on these businesses? And then just with respect to kind of lower-growth businesses, what's the latest and greatest thoughts on just the strategic importance of Global Print and Reuters News?

但是，我猜這 68% 的份額，從您對這些業務的看法來看，其中是否有表現不佳的產品？那麼，就低成長業務而言，您對全球印刷和路透社新聞的策略重要性有何最新和最重要的看法？

And then a second question, Steve, just for you on your comments on a slowdown and the importance of efficiency for your customers. Just taking one step further with respect to AI and agentic AI and GenAI, do you see the scenario -- and I'm not saying we're going down this path -- but a scenario of a recession that does lead to more structural change in your customers?

然後第二個問題，史蒂夫，只是想問一下您對經濟放緩以及效率對客戶的重要性的評論。就人工智慧、代理人工智慧和 GenAI 而言，再進一步說，您是否看到了這樣的情景——我並不是說我們會沿著這條路走下去——而是一種經濟衰退的情景，它確實會導致您的客戶發生更多的結構性變化？

Is that potentially an accelerant to get them to change and shift more quickly to kind of automation and kind of driving more of your advanced products and services? Thank you.

這是否有可能成為一種加速器，促使他們更快地改變並轉向自動化，並推動更多先進的產品和服務？謝謝。

Hey, thanks, Vince (sic - Drew), I think there are at least three questions there. I'll take the first two. In regards to the infamous slide 9 now, our position in regards to portfolio optimization, we do not foresee any significant divestitures like we had in 2023 with the Legal or FindLaw in 2024. With that said, will we continue to refine our portfolio as we move forward? We will.

嘿，謝謝，文斯（原文如此 - 德魯），我認為那裡至少有三個問題。我要前兩個。關於現在臭名昭著的第 9 張投影片，我們在投資組合優化方面的立場是，我們預計不會出現任何重大資產剝離，就像我們在 2023 年對 Legal 或 FindLaw 在 2024 年所做的那樣。話雖如此，我們是否會繼續完善我們的投資組合？我們將。

There's nothing specific to report on today. But any continued refinement would be small in nature, consistent with the two divestitures that we completed in Q4 of 2024. And we also had a few other smaller ones in '22, '23. So any refinements to the portfolio would be small in nature.

今天沒有什麼具體的事情需要報告。但任何持續的改進本質上都是小規模的，與我們在 2024 年第四季完成的兩次資產剝離一致。我們在 2022 年和 2023 年也舉辦過幾次規模較小的活動。因此，對投資組合的任何改進本質上都是小規模的。

Second question was related to Global Print and Reuters. No change in our position from prior calls that we have there. As a reminder, Global Print will generate about $165 million of free cash flow in full-year calendar 2025, which is certainly important for us. And then the Reuters business, no change there.

第二個問題與 Global Print 和路透社有關。我們的立場與先前的呼籲相比沒有改變。提醒一下，Global Print 將在 2025 年全年產生約 1.65 億美元的自由現金流，這對我們來說無疑很重要。路透社的業務則沒有改變。

Steve, I think the last question was for you.

史蒂夫，我想最後一個問題是問你的。

Yeah, I'd say on that portfolio, before I get to the last question, all parts of our business have to perform, and they have to contribute across the portfolio. And Global Print and Reuters News are no different than any other part of the portfolio. And as Mike said, we don't envisage any significant divestitures. But the bar is high as you'd expect it to be, Drew.

是的，我想說，在回答最後一個問題之前，我們業務的所有部分都必須發揮作用，並且必須對整個投資組合做出貢獻。全球印刷和路透社新聞與投資組合中的其他部分並沒有什麼不同。正如麥克所說，我們不打算進行任何重大的資產剝離。但正如你所期望的那樣，標準很高，德魯。

In terms of the a sort of a potential recession leading to an acceleration of -- and a structural change in terms of the adoption of AI and particularly, agentic, the answer to that, Drew, is we do not see that yet. But certainly, if we look back through all of our careers, it's been in the sort of the moments of economic stress that things have changed the fastest.

就某種潛在的經濟衰退導致人工智慧（特別是代理）採用加速和結構性變化而言，德魯，對此的回答是我們還沒有看到這一點。但可以肯定的是，如果我們回顧我們的整個職業生涯，我們會發現在經濟壓力時期事情變化最快。

So we're certainly looking at that and making sure that our product road maps and our sales pitches really bring to life the efficiency-based ROI of our tools, such that if we start to see that accelerated structural change, we'll be well positioned. But I think at the moment, it's too early to call.

因此，我們肯定會關注這一點，並確保我們的產品路線圖和銷售宣傳能夠真正實現基於效率的工具投資回報率，這樣，如果我們開始看到加速的結構性變化，我們就會處於有利地位。但我認為現在下結論還為時過早。

Okay, thank you.

好的，謝謝。

Andrew Steinerman, JPMorgan.

摩根大通的安德魯‧施泰納曼。

Hi, it's Andrew. A couple of questions. First, Mike, you talked about expense timing, maybe lower expenses in the first quarter getting shifted. So if you could tell us how much expenses shifted from the first quarter? And is that what's going to land in the second quarter? Any other comments around the second-quarter guided margin?

你好，我是安德魯。有幾個問題。首先，麥克，你談到了費用時間問題，也許第一季的較低費用會轉移。那麼，您能告訴我們與第一季相比，支出發生了多少變化嗎？這就是第二季將要實現的結果嗎？關於第二季的指導利潤率還有其他評論嗎？

And then, Steve, one for you. When you look at law firms and in-house legal clients that are already paying for Thomson Reuters AI products, so that's legal products, how is end user adoption been so far?

然後，史蒂夫，給你一個。當您看到律師事務所和內部法律客戶已經在為湯森路透 AI 產品付費時，也就是法律產品，那麼到目前為止最終用戶的採用情況如何？

Andrew, I'll start on your first question. I'll emphasize that we reaffirm today our EBITDA margin guidance for the full year of approximately 39%. Our confidence remains very high in delivering on it.

安德魯，我先回答你的第一個問題。我要強調的是，我們今天重申全年 EBITDA 利潤率預期約為 39%。我們對於實現這一目標仍然充滿信心。

Your specific question in regards between Q1, Q2, certainly, there were some expense items that we had originally planned to incur in Q1 that shifted into Q2. If you look at the first semester, Q1 and Q1 together, 42%, 36%. If you balance those out, it's roughly 39%, which is consistent with our full year. So that's how I would look at it.

您關於第一季和第二季之間的具體問題，當然，我們原本計劃在第一季發生的一些費用項目轉移到了第二季。如果你看第一學期，Q1和Q1加起來，分別是42%、36%。如果將這些平衡起來，大約是 39%，這與我們的全年一致。這就是我的看法。

Focus on the full year. There's going to be some variation by quarter, especially with the impact of our Tax and Accounting Professionals business with the seasonality. But if you shift those items into Q2 that did not occur in Q1, Andrew, I think you're pretty close to what you would have expected for Q2.

著眼全年。每個季度都會有一些變化，特別是我們的稅務和會計專業人員業務受到季節性的影響。但是，安德魯，如果你將那些在第一季度沒有發生的項目轉移到第二季度，我認為你已經非常接近你對第二季度的預期了。

And then, Andrew, with regard to the adoption of our tools in the in-house legal environment, as you know, this is the sort of an opportunity for us. We have not typically been focused on in-house relative to outside counsel. And therefore, I think we see more greenfield opportunity and upside in the Corporate and Legal departments.

然後，安德魯，關於在內部法律環境中採用我們的工具，如你所知，這對我們來說是一個機會。與外部法律顧問相比，我們通常並不關注內部法律顧問。因此，我認為我們在公司和法律部門看到了更多的綠地機會和上升空間。

Having said that, we are seeing a healthy adoption of CoCounsel and good demand for CoCounsel, both in terms of the accuracy of the product built on our content and also its potential to drive efficiency. And to your question, the end user adoption is healthy.

話雖如此，我們看到 CoCounsel 的採用率很高，而且需求也很好，無論是基於我們內容構建的產品的準確性，還是其提高效率的潛力。對於您的問題，最終用戶的採用是健康的。

One of the things we watch very carefully is, post sale, what sort of usage are we seeing? How many people, how frequently, and what specific use cases? And we like to look at those trends. And we are supporting that with some pretty big investments in customer success, which is not entirely new to us as a company.

我們非常仔細觀察的事情之一是，售後我們看到了什麼樣的使用情況？有多少人、頻率如何、具體用例是什麼？我們喜歡觀察這些趨勢。我們正在透過在客戶成功方面進行大量投資來支持這一點，這對我們公司來說並不是什麼新鮮事。

But certainly, Raghu Ramanathan who runs Legal and Laura Clayton McDonnell who runs Corporates -- Raghu came from S&P, Laura from ServiceNow, as you know -- they've really brought that DNA with them and have been very thoughtful in terms of getting those customer success investments up and running and having impact within the customer base.

但可以肯定的是，負責法律事務的 Raghu Ramanathan 和負責企業事務的 Laura Clayton McDonnell —— Raghu 來自標準普爾，Laura 來自 ServiceNow，正如你所知 —— 她們確實帶來了這種 DNA，並且在啟動和運行這些客戶成功投資以及對客戶群產生影響方面非常周到。

Makes sense. Thank you.

有道理。謝謝。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

Hi, good morning, and thanks for taking my questions. I'm curious if you could talk about what drives the implied acceleration in organic growth through the remainder of the year? Thanks.

大家好，早安，感謝您回答我的問題。我很好奇，您能否談談今年剩餘時間內有機成長隱含加速的因素是什麼？謝謝。

Sure, Jason. I'll start there. If you look at our underlying book of business today, Q1, we had a very good net sales and bookings. So that's the starting point in regards to our acceleration into the remainder of the year. That really is across each of our big three segments.

當然，傑森。我就從那裡開始。如果您查看我們今天第一季的基本業務帳簿，您會發現我們的淨銷售額和預訂量非常好。這是我們在今年剩餘時間內加速發展的起點。這確實涉及我們三大部門。

As a reminder, Jason, for 2026, we had committed for Legal 8% to 9% organic growth; Corporates, 9% to 11% in 2026; and Tax and Accounting Professionals, 11% to 13%. So if you look at our current performance, our bookings, coupled with our product road map and the recent acquisitions that we've made, we'll continue to scale those acquisitions. And we'll continue to get tailwinds from our product portfolio.

提醒一下，傑森，對於 2026 年，我們承諾法律部門實現 8% 至 9% 的有機增長；企業部門實現 9% 至 11% 的有機增長；稅務和會計專業人士部門實現 11% 至 13% 的有機增長。因此，如果您查看我們目前的業績、我們的預訂量，再加上我們的產品路線圖和我們最近的收購，我們將繼續擴大這些收購。我們將繼續從我們的產品組合中獲得順風。

Got it. Thank you. And then as a follow-up, can you talk us about if there's any more opportunity for GenAI licensing revenue in the Reuters News segment? Thanks.

知道了。謝謝。然後作為後續問題，您能否談談路透社新聞部門是否還有機會獲得 GenAI 授權收入？謝謝。

There's a possible -- Jason, we certainly do not have any in our forecast. We do not have any in our guidance. The approach that we have taken over the last 18 months is, when we have those opportunities, we'll provide updates on these calls.

有可能——傑森，我們的預測中肯定沒有任何可能。我們的指導中沒有任何內容。過去 18 個月我們採取的方法是，當我們有這些機會時，我們會提供這些電話的更新資訊。

But hand on heart today, we do not have any additional ones in the bag. But could additional ones materialize? Possibly. But I do not have any visibility on specific timing that I could share today. We'll keep you updated.

但今天我們手牽手，袋子裡沒有多餘的東西了。但還能達成更多目標嗎？有可能。但我目前還不清楚今天可以分享的具體時間。我們將及時向您通報最新情況。

Great, thank you.

太好了，謝謝。

Doug Arthur, Huber Research.

道格·亞瑟（Doug Arthur），Huber Research。

Yeah. Mike, can you take me -- take us through the organic dynamics of Legal in the first quarter? And not so much organic because that obviously was very strong, but the divestiture looks to be about 11% impact. Is that likely to linger for a couple of quarters until you annualize? It was a little larger than I expected.

是的。麥克，你能帶我了解第一季法律部門的有機動態嗎？而且有機成長並不多，因為有機成長顯然非常強勁，但資產剝離的影響似乎約為 11%。這種狀況是否可能持續數季直到年度化？它比我想像的要大一點。

Sure. I'll make sure I address each of the points there, Doug. For Legal Professionals, 8% organic growth, which was the high-water mark, as I mentioned in the prepared remarks.

當然。我會確保解決那裡的每一個問題，道格。對於法律專業人士來說，有機成長率達到 8%，這是最高水平，正如我在準備好的發言中提到的那樣。

Let me take the FindLaw divestiture there. Did that provide a tailwind? Yes, but it was fully offset by headwind from the recent product sunsets that I mentioned last quarter. So for clarity, FindLaw provided a tailwind. But that was completely offset with the headwinds from the product sunsets that I mentioned last quarter.

讓我以 FindLaw 的剝離為例。這是否帶來了順風？是的，但它完全被我上個季度提到的最近產品停產帶來的不利因素所抵消。因此，為了清晰起見，FindLaw 提供了助力。但這完全被我上個季度提到的產品停產帶來的不利因素所抵銷。

If you look at the acceleration in Legal Professional from 7% up to 8%, two key factors. One was the Government business performance at 9%, and the second was the continuing scaling of our AI offerings to our Legal Professional customers. If I take it one step further into second quarter, do we expect that 8% to continue? We do, and we expect it to continue for the full-year 2025, Doug.

如果你看法律專業人士的成長率從 7% 上升到 8%，你會發現兩個關鍵因素。一是政府業務表現成長了 9%，二是我們持續擴大提供給法律專業客戶的人工智慧產品。如果我進一步展望第二季度，我們是否預期 8% 的成長率會持續下去？我們確實如此，而且我們預計這種趨勢將持續到 2025 年全年，道格。

And in terms of the impact of FindLaw, is that likely to linger in the magnitude it was in Q1 for the rest -- for the next couple of quarters?

就 FindLaw 的影響而言，其影響是否會在接下來的幾季中保持與第一季相同的程度？

Yeah, that would be a reasonable directional estimate, Doug, for the remainder of the year, given that that divestiture closed in December of 2024. That's a reasonable estimate, Doug.

是的，道格，考慮到資產剝離於 2024 年 12 月完成，這對於今年剩餘時間來說是一個合理的方向性估計。這是一個合理的估計，道格。

Okay, helpful. Thank you.

好的，有幫助。謝謝。

Indeed.

的確。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Hi, thanks. Good morning. You're seeing good adoption of GenAI product across the business. Can you broadly talk about your strategy of GenAI monetization, if you're deploying different strategies across different segments or experimenting with different monetization strategies?

你好，謝謝。早安.您會看到 GenAI 產品在整個企業中得到良好的採用。如果您在不同的領域部署不同的策略或嘗試不同的貨幣化策略，您能否大致談談您的 GenAI 貨幣化策略？

Yeah, happy to start, George, and then I'll ask Steve to supplement. Consistent with prior conversations, first and foremost, our overall mantra is the price to value. We are continuing with our enterprise-wide pricing versus the per seat. So enterprise-wide has continued to be our focus.

是的，很高興開始，喬治，然後我會請史蒂夫補充。與先前的對話一致，首先，我們的整體口號是價格與價值。我們將繼續採用企業範圍定價，而不是以座位定價。因此，整個企業仍然是我們的關注重點。

As we look at the pricing, we're certainly very focused on all of the variable costs, including costs associated with the large language models. So we're always prudent as we look at each offering, each use case, each customer base, but fairly consistent with our conversations previously. And pleased with the overall pricing, George.

當我們考慮定價時，我們當然非常關注所有可變成本，包括與大型語言模型相關的成本。因此，我們在審視每一項產品、每個用例、每個客戶群時總是非常謹慎，但與我們先前的對話相當一致。喬治，我對整體定價很滿意。

Yeah, I think that's --

是的，我認為--

Got it.

知道了。

The only thing I'd add is, as best we can, price to value. And that is to the extent that the tools are driving a reduction in hours to perform specific tasks or reduction in hours over the course of a week per professional. We try as best we can to sort of match that pricing up to that value.

我唯一想補充的是，我們會盡力確保價格與價值相符。這意味著這些工具正在減少執行特定任務的時間或減少每個專業人員每週的工作時間。我們盡力使定價與價值相符。

It's still pretty early days to sort of get an accurate read on that, but we're monitoring it closely. And I think it built in enough flexibility that we can move things around as we see the impact improve.

現在還不能準確解讀這一點，但我們正在密切關注。我認為它具有足夠的靈活性，我們可以隨著影響的改善而調整事物。

Makes sense. And then for my follow-up, I wanted to focus on the Tax and Accounting business. That segment grew the fastest this quarter for the 2026 framework. It's also guided to grow the fastest. Can you talk about what secular trends you're seeing that's fueling that kind of growth that allows Tax and Accounting to surpass all the other segments in growth?

有道理。接下來，我想專注於稅務和會計業務。在 2026 年框架下，該部分本季成長最快。它也被引導實現最快的成長。您能否談談您所看到的推動這種成長的長期趨勢，使得稅務和會計行業的成長超越所有其他行業？

Yeah. So look, it's a sort of a combination of a couple of things, George. I think the most important is something we've talked about a little bit, which is a pretty chronic talent shortage across the tax and accounting and audit industries. And coupled with continual increases in the complexity of returns and the complexity of audits both in the United States and in Brazil, which is where our two biggest business.

是的。所以你看，這是幾件事的結合，喬治。我認為最重要的是我們已經討論過的事情，即稅務、會計和審計行業長期存在的人才短缺問題。再加上我們最大的兩個業務所在地美國和巴西的回報和審計的複雜性不斷增加。

So when you put those two things together, we've got a highly diversified and robust customer base who have a talent shortage problem. And the technology needs to and must step into that void over the next couple of years. So that's driving, I think, that sort of underlying demand.

因此，當你把這兩件事放在一起時，我們就擁有了一個高度多樣化和強大的客戶群，但他們面臨著人才短缺的問題。未來幾年內，技術需要而且必須填補這一空白。所以我認為這就是推動這種潛在需求的因素。

In addition to that, we have invested heavily in this business over the last couple of years, and I'll give you a couple of examples. First and foremost, we've invested in the sort of underlying health of and stability of the product and the support. A number of years ago, we had a few outages and we had some issues. We have invested heavily to sort of get ourselves into a very strong position as it pertains to serving our valued customers.

除此之外，過去幾年我們在該業務上投入了大量資金，我舉幾個例子。首先，我們對產品和支援的潛在健康和穩定性進行了投資。幾年前，我們遇到過幾次停電和一些問題。我們投入了大量資金，使我們在服務我們尊貴的客戶方面處於非常有利的地位。

The second is, we've made a number of highly targeted acquisitions, SurePrep and SafeSend and Materia, amongst others, as well as some much smaller bolt-ons in Brazil. And those have been -- I think, each and every one of them have added to the -- both the product set and the road map going forward.

第二，我們進行了一些高度有針對性的收購，其中包括 SurePrep、SafeSend 和 Materia 等，以及在巴西進行的一些規模小得多的額外收購。我認為，它們每一個都為產品組合和未來的路線圖增添了新的內容。

And on top of that, we have a -- what we think is an exciting road map in terms of ready-to-review and ready-to-advise going forward, which we think will take the industry into new territory in terms of efficiency. So that's what's driving both our recent performance and our optimism going forward. And it's really over to us to execute that road map and deliver against it.

除此之外，我們還有一個令人興奮的路線圖，可供未來審查和提供建議，我們認為這將使該行業在效率方面進入新的領域。這就是推動我們近期表現和未來樂觀情緒的因素。現在，我們的任務就是執行這個路線圖並實現它。

Very helpful. Thank you.

非常有幫助。謝謝。

Joshua Dennerlein, Bank of America.

約書亞·登納林，美國銀行。

Yeah, hey, guys. Thanks for the time. I just wanted to go back to slide 9. That product growing 10% or more segment, is there -- do you have any color on how long -- like once product starts growing 10%, how long it typically stays in there? I'm very focused on like duration of growth.

是的，嘿，夥計們。謝謝你的時間。我只是想回到第 9 張投影片。該產品的成長率為 10% 或更多，您是否能說明這種成長能持續多久？例如，一旦產品開始成長 10%，它通常會持續多久？我非常關注成長的持續時間。

Okay. It certainly is going to vary, Josh, with the -- if you look at these products that have been with -- if you go back to Vince's question -- I think it was Vince who asked for additional color in regards to maturity longevity there.

好的。喬希，這肯定會有所不同——如果你看看這些產品——如果你回到文斯的問題——我想是文斯要求提供有關成熟壽命的更多細節。

If you look at Practical Law, for example, Practical Law within our Corporate segment, we acquired it in 2013. It continues to grow in excess of 10%, would be a great example. If you look at our Direct Tax business that we -- part of ONESOURCE, that we've had for many years, decades, that is growing more than 10%.

例如，如果你看一下 Practical Law，我們公司部門內的 Practical Law 是我們在 2013 年收購的。它持續以超過 10% 的速度成長，就是一個很好的例子。如果你看一下我們的直接稅業務——ONESOURCE 的一部分，我們已經經營了很多年、幾十年了，成長速度超過 10%。

I mentioned Indirect Tax, a portion of ONESOURCE there. I'm just giving you a few examples. Dominio, we acquired in 2014, continues to be a very high growth. Now, 20%-plus CAGR for 11 consecutive years. That's just a few examples, Josh, of products that have been with us over a decade.

我提到了間接稅，它是 ONESOURCE 的一部分。我只是給你舉幾個例子。我們於 2014 年收購的 Dominio 持續保持高速成長。目前，已連續11年達到20%以上的複合年增長率。喬希，這只是我們十多年來推出的產品的幾個例子。

Okay. Appreciate that color.

好的。欣賞那種顏色。

I'd add just to that. I think -- my read is that these sort of growth trends are on the more durable side relative to that which you monitor and follow elsewhere. And I talked about the shortage in tax accountants. That is not something that's going to disappear quickly.

我只想補充一點。我認為——我的理解是，相對於你在其他地方監測和追蹤的成長趨勢，這種成長趨勢更為持久。我談到了稅務會計師的短缺問題。這不是什麼會很快消失的東西。

I think the broader transformation in Legal, both on the in-house counsel side of the law firm, the court systems, the judiciary, and so forth, I think that's going to be a multiyear or even decades-long kind of transition.

我認為法律領域的更廣泛轉型，包括律師事務所內部法律顧問、法院系統、司法部門等等，這將是一個持續多年甚至幾十年的過渡。

So we feel like these trends are durable. And I'd come back to my point, to the earlier question, which is it's up to us to execute. And I think the early signs and execution that are giving us cause for some optimism, but we've got the work ahead of us.

所以我們覺得這些趨勢是持久的。我回到我的觀點，回到之前的問題，那就是這取決於我們的執行。我認為早期的跡象和執行情況讓我們有理由感到樂觀，但我們還有很多工作要做。

Awesome. I'll leave it there. Thanks, guys.

驚人的。我就把它留在那裡。謝謝大家。

Thanks, Josh. Good to hear from you.

謝謝，喬希。很高興收到你的來信。

All right. I think that was the end of the queue. So thanks, everybody, for tuning in. And reach out to me and the IR team anytime if we can help with follow-ups. Have a good day.

好的。我認為隊列已經結束了。謝謝大家的收看。如果我們可以協助跟進，請隨時與我和 IR 團隊聯繫。祝你有美好的一天。

Thanks, Ruth.

謝謝，露絲。

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。