Thomson Reuters Corp (TRI) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to the Thomson Reuters second quarter earnings call. Today's conference 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二季財報電話會議。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。

Thank you. Good morning, and thank you for joining us today for our second quarter 2025 earnings call. I'm joined by our CEO, Steve Hasker; our CFO, Mike Eastwood; and our Chief Product Officer, David Wong, who will discuss our results and a number of recent product launches, then take your questions following our remarks.

謝謝。早安，感謝您今天參加我們的 2025 年第二季財報電話會議。我們的執行長史蒂夫·哈斯克 (Steve Hasker)、首席財務官邁克·伊斯特伍德 (Mike Eastwood) 和首席產品官戴維·黃 (David Wong) 將與我一起討論我們的業績和最近推出的一些產品，然後在我們發言後回答您的問題。

(Event Instructions).

（活動說明）。

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

在今天的演示中，當我們準備逐期業績時，我們會討論貨幣收入成長率以及有機收入成長率。我們相信這為衡量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 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以及非國際財務報告準則和其他補充財務指標，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. Good momentum continued in the second quarter with revenue in line and margins modestly ahead of our expectations. Total company organic revenues rose 7% with the Big 3 segments growing by 9%. In addition, healthy revenue flow-through and favorable expense timing boosted margins, driving profit ahead of expectations. We are reaffirming our full year 2025 outlook for organic revenue, adjusted EBITDA margin and free cash flow, while improving our interest expense and depreciation and amortization outlooks.

謝謝你，加里，也謝謝大家今天的參與。第二季持續保持良好勢頭，收入符合預期，利潤率略高於我們的預期。公司整體有機收入成長 7%，其中三大部門營收成長 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。我們重申對 2025 年全年有機收入、調整後 EBITDA 利潤率和自由現金流的展望，同時改善我們的利息支出和折舊及攤提展望。

We continue to see organic revenue growth in the range of 7% to 7.5%, including approximately 9% for the Big 3 segments; and for our margins to rise by 75 basis points year over year to approximately 39%. Good momentum continues from many areas in our portfolio. This includes double-digit organic growth from key products, including CoCounsel, CoCounsel Drafting, SurePrep, SafeSend, Pagero, Indirect Tax and our international businesses.

我們繼續看到有機收入成長在 7% 至 7.5% 之間，其中三大部門的成長率約為 9%；我們的利潤率年增 75 個基點至約 39%。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有機成長，包括 CoCounsel、CoCounsel Drafting、SurePrep、SafeSend、Pagero、Indirect Tax 和我們的國際業務。

We continue to invest heavily in innovation and are pleased to have announced several meaningful product launches in recent weeks. As our Chief Product Officer, David Wond, and I will discuss shortly, we are leveraging agentic AI to bring significant new capabilities to our legal and our tax accounting portfolios.

我們繼續大力投資創新，並很高興在最近幾週宣布推出幾款有意義的產品。正如我們的首席產品長 David Wond 和我即將討論的那樣，我們正在利用代理 AI 為我們的法律和稅務會計組合帶來重要的新功能。

These offerings leverage our authoritative content and deep domain expertise to complete complex multistep work, helping our customers increase efficiency and effectiveness. Our capital capacity and liquidity remain a key asset that we are focused on deploying to create shareholder value.

這些產品利用我們權威的內容和深厚的領域專業知識來完成複雜的多步驟工作，幫助我們的客戶提高效率和效能。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。

In the quarter, we repaid a $1 billion maturing bond issue and remain extremely well capitalized with net leverage of only 0.5 times at quarter end. 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 both aggressive and opportunistic.

本季度，我們償還了 10 億美元到期債券，資本充足，季度末淨槓桿率僅為 0.5 倍。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，我們已做好準備，既積極進取，又抓住機會。

Now to the results for the quarter. Second quarter organic revenues grew 7%, in line with our expectations. Organic recurring and transactional revenue grew 9% and 7%, respectively, while print revenue declined 7%. Our adjusted EBITDA increased 5% to $678 million reflecting a 70 basis point margin increase to 37.8% higher than anticipated due to healthy operating leverage and timing of expenses.

現在來看看本季的業績。第二季有機收入成長 7%，符合我們的預期。有機經常性收入和交易收入分別成長 9% 和 7%，而印刷收入下降 7%。我們的調整後 EBITDA 成長 5% 至 6.78 億美元，反映利潤率增加 70 個基點至比預期高出 37.8%，這得益於健康的經營槓桿和費用時間表。

Turning to second quarter results by segment. The Big 3 segments delivered 9% organic revenue growth. Legal organic revenue grew 8% for the second consecutive quarter driven by continued momentum from Westlaw and CoCounsel and solid government growth.

來看各部門第二季的業績。三大部門實現了 9% 的有機收入成長。在 Westlaw 和 CoCounsel 持續成長以及政府業務穩健成長的推動下，法律有機收入連續第二季成長 8%。

On the topic of government, we are pleased to have achieved in-process status for the US FedRAMP program, demonstrating our strong commitment to meeting the rigorous cloud security requirements of US federal agencies. Corporates organic revenue grew 9%, driven by offerings in our Legal, Tax and Risk portfolios and the segment's International Businesses.

在政府方面，我們很高興能夠獲得美國 FedRAMP 計畫的在研狀態，這表明我們堅定致力於滿足美國聯邦機構嚴格的雲端安全要求。企業有機收入成長了 9%，這得益於我們的法律、稅務和風險投資組合以及該部門的國際業務。

Tax & Accounting organic revenues grew 11%, driven by our Latin American and US businesses. Reuters' News organic revenues rose 5% with all major lines of business contributing. And lastly, Global Print organic revenues met our expectations, declining 7% year on year.

受拉丁美洲和美國業務的推動，稅務和會計有機收入增加了 11%。路透社新聞有機收入成長 5%，所有主要業務線均有所貢獻。最後，全球印刷有機收入符合我們的預期，年減 7%。

In summary, we're pleased with our Q2 results. Let me close my prepared remarks with a few thoughts on the exciting pace of innovation that continues here at Thomson Reuters. We continue to make good progress executing against our product vision as we work to build AI more deeply into our offerings. In recent months, we have taken an important step forward introducing a number of agentic AI offerings across our Legal and Tax and Accounting portfolios.

總而言之，我們對第二季的業績感到滿意。最後，請允許我以對湯森路透令人興奮的創新步伐的一些想法來結束我的準備好的發言。我們致力於將人工智慧更深入地融入我們的產品中，在實現產品願景方面我們繼續取得良好進展。最近幾個月，我們邁出了重要的一步，在我們的法律、稅務和會計產品組合中引入了一系列代理人工智慧產品。

As David will cover, we are really excited by these agentic offerings, which embed our AI capabilities deeper into customer workflows and more meaningfully leverage our key content assets and deep subject matter expertise. By enabling our solutions to complete more complex tasks, agentic AI creates an opportunity for Thomson Reuters to play a larger role in the success of our customers.

正如 David 所說，我們對這些代理產品感到非常興奮，它們將我們的 AI 功能更深入地嵌入到客戶工作流程中，並更有效地利用我們的關鍵內容資產和深厚的主題專業知識。透過讓我們的解決方案能夠完成更複雜的任務，agentic AI 為湯森路透創造了在客戶成功中發揮更大作用的機會。

Initial customer feedback on our new offerings is encouraging, and we look forward to providing updates as we continue to deliver against our road maps in the remainder of 2025 and beyond. Now let me hand it over to David to discuss these developments in more detail.

客戶對我們新產品的初步回饋令人鼓舞，我們期待在 2025 年剩餘時間及以後繼續按照我們的路線圖提供更新。現在，讓我將時間交給大衛更詳細地討論這些發展。

Thanks, Steve. I share your excitement over the accelerating pace of innovation. Let me start with a few thoughts on agentic AI, which is a key capability driving the new offerings I'll discuss. There are many variations of agentic. So let me share what we believe are the core characteristics of agentic systems. They use advanced reasoning models supported by an AI assistant that can help orchestrate complex work. They have access to tools and they can use these tools to complete tasks, and they can adapt and respond to new information, changing course as needed to achieve their outcomes.

謝謝，史蒂夫。我和大家一樣對創新步伐的加快感到興奮。首先，我想談談對代理人工智慧的一些想法，這是我將要討論的新產品的關鍵推動力。施事 (agentic) 有很多變體。因此，讓我來分享一下我們認為的代理系統的核心特徵。他們使用由人工智慧助理支援的高級推理模型來幫助協調複雜的工作。他們可以使用工具來完成任務，並且可以適應和回應新訊息，根據需要改變方向以實現目標。

And due to these capabilities, agentic AI systems can complete complex multistep assignments. Our agentic platforms have been in development for more than a year, and we see them as transformational to our ability to serve our professional markets. We also believe Thomson Reuters is uniquely positioned to deliver professional-grade agentic AI solutions since we bring those four essential capabilities.

由於這些能力，代理人工智慧系統可以完成複雜的多步驟任務。我們的代理平台已經開發了一年多，我們認為它們將改變我們服務專業市場的能力。我們也相信，由於我們具備這四項基本能力，湯森路透在提供專業級代理 AI 解決方案方面具有獨特的優勢。

First, we offer leading AI assistance with advanced reason capabilities in CoCounsel Legal and CoCounsel for tax audit and accounting.

首先，我們在 CoCounsel Legal 和 CoCounsel 中提供具有高級推理功能的領先 AI 輔助，用於稅務審計和會計。

Second, we have comprehensive proprietary content and insights in Westlaw, Practical Law and Checkpoint.

其次，我們在 Westlaw、Practical Law 和 Checkpoint 方面擁有全面的專有內容和見解。

Third, we have a portfolio of leading workflow software tools and analytics.

第三，我們擁有一系列領先的工作流程軟體工具和分析工具。

And finally, we have substantial domain expertise through our more than 2,500 legal and tax editors and subject matter experts. In our agentic workflows, our agents initially follow predetermined steps and guidelines mapped out by our domain experts, leveraging our content, software, and tools along the way. This approach allows them to deliver on real-world tasks, helping professionals move beyond prompting and start delegating.

最後，我們擁有超過 2,500 名法律和稅務編輯以及主題專家，並擁有豐富的領域專業知識。在我們的代理商工作流程中，我們的代理商最初遵循由我們的領域專家製定的預定步驟和指南，並在此過程中利用我們的內容、軟體和工具。這種方法使他們能夠完成現實世界的任務，幫助專業人士超越提示並開始委派。

I'll now highlight several key recent product launches. In June, we launched CoCounsel for Tax Audit and Accounting, an Agentic AI platform powered by the 2024 acquisition of Materia. CoCounsel for Tax automates a growing number of complex multistep tasks, ranging from client file review, to memo drafting to compliance checks. It leverages training by our subject matter experts and Thomson Reuters authoritative Checkpoint content to eliminate manual work, increase efficiency and improve accuracy, all with the transparency, precision and accountability professionals require.

現在我將重點介紹最近推出的幾款重要產品。6 月，我們推出了用於稅務審計和會計的 CoCounsel，這是一個由 2024 年收購 Materia 提供支援的 Agentic AI 平台。CoCounsel for Tax 可以自動執行越來越多複雜的多步驟任務，包括客戶文件審查、備忘錄起草和合規性檢查。它利用我們主題專家的培訓和湯森路透權威的 Checkpoint 內容來消除手動工作、提高效率和提高準確性，所有這些都具有專業人士所需的透明度、精確度和責任感。

In mid-July, we announced two exciting new software tools powered by CoCounsel for Tax, Ready to Review and Ready to Advise. Ready to Review is an agentic AI-powered tax preparation solution that automates the creation of the first draft of a tax return. AI agents autonomously work to extract and map data, run that data through our tax engines and diagnose and resolve errors that come up.

7 月中旬，我們宣布推出兩款由 CoCounsel for Tax 提供支援的令人興奮的新軟體工具：Ready to Review 和 Ready to Advise。Ready to Review 是一種由代理人工智慧驅動的稅務準備解決方案，可以自動建立納稅申報表的初稿。人工智慧代理自主提取和映射數據，透過我們的稅務引擎運行這些數據並診斷和解決出現的錯誤。

This results in a quality first draft return while eliminating significant manual effort in improving accuracy. Ready to Advise is an agentic AI-powered tax planning advisory solution for CPA firms. The solution leverages our tax expertise and authoritative content and analyzes the client's data to identify tax planning strategies tailored to that client, which are ranked by relevance and potential impact.

這樣可以返回高品質的初稿，同時消除提高準確性所需的大量手動工作。Ready to Advise 是 CPA 事務所的代理人工智慧稅務規劃諮詢解決方案。該解決方案利用我們的稅務專業知識和權威內容，並分析客戶的數據，以確定適合該客戶的稅務規劃策略，並按相關性和潛在影響進行排名。

It provides step-by-step guidance supporting authoritative knowledge and workflow tools that enable CPA firms to take a scalable approach to tax advisory services, generating incremental revenue for their businesses. Used together, accountants can save time through ready to review automation, which can be redirected to the delivery of higher value services, including revenue-generating advisory work with the help (technical difficulty). Ready to Advise is in the market today and Ready to Review is currently in beta with a commercial launch scheduled for the fourth quarter.

它提供逐步指導，支援權威知識和工作流程工具，使註冊會計師事務所能夠採取可擴展的方式提供稅務諮詢服務，為其業務創造增量收入。結合使用，會計師可以透過隨時可用的審核自動化來節省時間，這些時間可以用於提供更高價值的服務，包括在（技術難度）。Ready to Advise 現已上市，Ready to Review 目前處於測試階段，計劃於第四季度正式上市。

Yesterday, we announced a series of exciting new capabilities for a law firm and general counsel customers with the launch of CoCounsel Legal, a next-generation AI offering that combines a new Westlaw experience, Practical Law, CoCounsel Core and CoCounsel Drafting into a single unified solution.

昨天，我們宣布推出 CoCounsel Legal，為律師事務所和總法律顧問客戶提供一系列令人興奮的新功能，這是一款下一代人工智慧產品，將新的 Westlaw 體驗、Practical Law、CoCounsel Core 和 CoCounsel Drafting 結合到一個統一的解決方案中。

With this new offering, CoCounsel orchestrates complex workflows leveraging our Westlaw and Practical Law content and tools to deliver unique and valuable outcomes across litigation, transactional work and regulatory analysis. And in addition to deeper product integration there is significant incremental capability and innovation in CoCounsel Legal, including Deep Research and guided workflows, which I'll briefly explain.

透過這項新產品，CoCounsel 利用我們的 Westlaw 和 Practical Law 內容和工具來協調複雜的工作流程，從而在訴訟、交易工作和監管分析中提供獨特而有價值的成果。除了更深入的產品整合之外，CoCounsel Legal 還具有顯著的增量功能和創新，包括深度研究和引導工作流程，我將對此進行簡要解釋。

Deep Research, which is integrated into CoCounsel Legal and is also available through the new Westlaw Advantage product. It is our latest and largest step change in legal research capabilities. Deep Research is the legal industry's first professional-grade agentic AI research capability built to mimic the work of experienced legal researchers. Planning, reviewing, and adapting when encountering new information during a research process.

Deep Research 已整合到 CoCounsel Legal 中，也可透過新的 Westlaw Advantage 產品取得。這是我們在法律研究能力上最新、最大的進步。深度研究是法律界首個專業級代理 AI 研究能力，旨在模仿經驗豐富的法律研究人員的工作。在研究過程中遇到新資訊時進行規劃、審查和調整。

This is not just generic AI layered on top of legal content. We've built something fundamentally more advanced. AI agents trained, equipped, and trusted to use Westlaw's exclusive research tool set with the curated and up-to-date content of Westlaw and Practical Law to move through complex legal research workflows with unprecedented speed and precision.

這不僅僅是建立在合法內容之上的通用人工智慧。我們已經建造了一些從根本上更先進的東西。經過培訓、配備和信任的 AI 代理可以使用 Westlaw 的獨家研究工具集以及 Westlaw 和 Practical Law 精選的最新內容，以前所未有的速度和精度完成複雜的法律研究工作流程。

With Westlaw Advantage, what used to take hours now takes minutes and what used to be manual is now orchestrated AI agents designed specifically for the legal domain. The resulting outputs are highly structured and detailed legal research reports that outperform other AI research capabilities and set a new standard when compared to our market-leading AI-assisted research tool in Westlaw Precision.

借助 Westlaw Advantage，過去需要花費數小時才能完成的工作現在只需幾分鐘，而過去需要手動完成的工作現在由專門為法律領域設計的人工智能代理完成。最終輸出的是高度結構化和詳細的法律研究報告，其表現優於其他人工智慧研究能力，與我們市場領先的 Westlaw Precision 人工智慧輔助研究工具相比樹立了新的標準。

A second significant advancement is the introduction of our agentic guided workflows to CoCounsel. These new workflows leverage our AI agents to execute multistep tasks scripted by our experts, drawing on Westlaw and Practical Law knowledge.

第二個重大進展是將我們的代理商引導工作流程引入 CoCounsel。這些新的工作流程利用我們的人工智慧代理來執行由我們的專家編寫的多步驟任務，並藉鑒 Westlaw 和 Practical Law 的知識。

In the third quarter, we plan to launch more than 15 of these guided workflows expanding both litigation and transactional law and including a number of practice areas. We believe they will resonate strongly with law firms, in-house legal teams, courts, and district attorneys.

在第三季度，我們計劃推出超過 15 個這樣的指導性工作流程，擴大訴訟和交易法的範圍，並涵蓋多個實踐領域。我們相信它們會引起律師事務所、內部法律團隊、法院和地區檢察官的強烈共鳴。

Let me share an example of a new guided workflow. The analyzed merger control filing requirements workflow streamlines complex multistep compliance obligations for M&A transactions by analyzing deal information against Practical Law's local content to then identify potential risks and requirements, generate automated filing checklists and provide actual insights.

讓我分享一個新的引導工作流程的範例。分析後的合併控制備案要求工作流程透過分析交易資訊與 Practical Law 的本地內容，簡化了併購交易複雜的多步驟合規義務，從而識別潛在風險和要求，產生自動備案清單並提供實際見解。

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, David. 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 second quarter revenue performance for our Big 3 segments. Organic revenue grew 9% in the second quarter, stable with the first quarter and continuing the strong trend from recent periods.

謝謝，大衛。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二季的營收表現。第二季有機營收成長 9%，與第一季持平，延續了近期的強勁趨勢。

Legal Professionals organic revenue grew 8% for the second consecutive quarter, driven by Westlaw, CoCounsel, CoCounsel Drafting, Lear and our International Businesses. Government grew 7%. In our Corporate segment, organic revenues grew 9%, recurring revenue grew 9%, while transactional rose 4%. Direct and Indirect Tax, Practical Law, Pagero and our International Businesses were key contributors.

在 Westlaw、CoCounsel、CoCounsel Drafting、Lear 和我們的國際業務的推動下，法律專業人士的有機收入連續第二季成長 8%。政府成長了7%。在我們的企業部門，有機收入成長了 9%，經常性收入成長了 9%，而交易收入成長了 4%。直接稅和間接稅、實用法、Pagero 和我們的國際業務是主要貢獻者。

Tax & Accounting delivered another strong quarter with organic growth of 11%. Recurring and transactional revenues grew 9% and 14%, respectively. Our Latin America business SafeSend, UltraTax and SurePrep were key drivers.

稅務與會計部門再創佳績，有機成長 11%。經常性收入和交易收入分別成長9%和14%。我們的拉丁美洲業務 SafeSend、UltraTax 和 SurePrep 是主要推動力。

Moving to Reuters News. Organic revenue rose 5% for the quarter driven by growth at the professional and agency businesses and from the news agreement with the data and analytics business of LSAG. Finally, Global Print revenues decreased 7% on an organic basis. On a consolidated basis, second quarter organic revenues increased 7%.

轉至路透社新聞。本季有機收入成長 5%，這得益於專業和代理商業務的成長以及與 LSAG 數據和分析業務達成的新聞協議。最後，全球印刷收入有機下降了 7%。從綜合來看，第二季有機收入成長了 7%。

At the end of Q2, the percent of our annualized contract value, or ACV, from products that are Gen AI-enabled was 22%, up from 20% 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.

截至第二季末，支援 Gen AI 的產品占我們年度合約價值（ACV）的百分比為 22%，高於上一季的 20%。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。

With Westlaw Advantage now in market and in recognition of the growing number of AI-driven revenue drivers, we no longer plan to comment on Westlaw Precision penetration and will instead focus on the GenAI ACV metric. Turning to our profitability. Adjusted EBITDA for the Big 3 segments was $621 million, up 7% from the prior year period with the margin rising 130 basis points to 42.3%.

隨著 Westlaw Advantage 現已進入市場，並且認識到越來越多的人工智慧驅動的收入驅動因素，我們不再計劃評論 Westlaw Precision 的滲透率，而是將重點放在 GenAI ACV 指標上。談到我們的獲利能力。三大部門的調整後 EBITDA 為 6.21 億美元，較上年同期成長 7%，利潤率上升 130 個基點至 42.3%。

Moving to Reuters News. Adjusted EBITDA was $45 million with a margin of 20.8%. Global Print's adjusted EBITDA was $41 million with a margin of 36%. In aggregate, total company adjusted EBITDA was $678 million, a 5% increase versus Q2 2024, reflecting a 70 basis point margin increase, 37.8%.

轉至路透社新聞。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 4,100 萬美元，利潤率為 36%。總體而言，公司調整後的 EBITDA 總額為 6.78 億美元，較 2024 年第二季成長 5%，反映出利潤率增加了 70 個基點，即 37.8%。

Turning to earnings per share. Adjusted EPS was $0.87 for the quarter versus $0.85 in the prior year period. Currency had no impact on adjusted EPS in the quarter. Let me now turn to our free cash flow. For the first half of 2025, our free cash flow was $843 million, up 4% from $812 million in the prior year period. Higher EBITDA was the largest driver of the increase.

轉向每股收益。本季調整後每股收益為 0.87 美元，去年同期為 0.85 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的自由現金流。2025 年上半年，我們的自由現金流為 8.43 億美元，比去年同期的 8.12 億美元成長 4%。更高的 EBITDA 是推動成長的最大動力。

I will conclude with an updated 2025 outlook. As Steve outlined, we are largely reaffirming our full year 2025 guidance. We continue to expect organic revenue growth of 7% to 7.5%, with the Big 3 growing approximately 9%. We see a 2025 adjusted EBITDA margin of approximately 39%, up 75 basis points versus 2024, and we expect free cash flow of approximately $1.9 billion.

最後，我將對 2025 年做出更新的展望。正如史蒂夫所概述的，我們基本上重申了我們對 2025 年全年的指導。我們繼續預計有機收入成長率將達到 7% 至 7.5%，其中三巨頭的成長率將達到約 9%。我們預計 2025 年調整後的 EBITDA 利潤率約為 39%，比 2024 年上升 75 個基點，我們預計自由現金流約為 19 億美元。

We are updating two guidance line items. We now see slightly lower depreciation and amortization of computer software of $825 million to $835 million with $625 million to $635 million related to internally developed software. We expect net interest expense to be approximately $130 million, below our previous guidance of approximately $150 million due to higher than previously forecast interest rates benefiting interest income.

我們正在更新兩個指導項目。現在我們看到電腦軟體的折舊和攤銷費用略有下降，為 8.25 億美元至 8.35 億美元，其中 6.25 億美元至 6.35 億美元與內部開發的軟體有關。我們預計淨利息支出約為 1.3 億美元，低於我們先前預測的約 1.5 億美元，原因是利率高於先前預測，有利於利息收入。

Turning to the third quarter. We expect organic revenue growth of approximately 7%, and our adjusted EBITDA margin to be approximately 36%. Looking forward, we remain confident in the previously provided 2026 financial framework and organic revenue growth targets for our Big 3 segments, all for 8% to 9% growth at least Professionals, 9% to 11% at Corporates and 11% to 13% at Tax & Accounting professionals.

轉向第三季。我們預計有機收入成長約為 7%，調整後的 EBITDA 利潤率約為 36%。展望未來，我們仍然對先前為三大部門提供的 2026 年財務框架和有機收入成長目標充滿信心，其中專業人士至少成長 8% 至 9%，企業成長 9% 至 11%，稅務和會計專業人士成長 11% 至 13%。

Let me now turn it back to Gary for questions.

現在讓我把問題交還給加里。

Thank you. Ruth, we're ready to go ahead with the Q&A.

謝謝。露絲，我們準備開始問答環節。

(Operator Instructions) Drew McReynolds, RBC.

（操作員指示） Drew McReynolds，RBC。

Yes. I appreciate the agentic AI deep dive from David, that's definitely helpful. And on that topic, I guess two questions. One, can you give us a sense as of today, and I know it's the early innings, the percentage of workflow that's currently being automated versus kind of what could be theoretically automated end-to-end?

是的。我很欣賞 David 對代理 AI 的深入研究，這絕對很有幫助。關於這個主題，我想問兩個問題。首先，您能否告訴我們截至今天的情況，我知道現在還處於早期階段，目前已實現自動化的工作流程的百分比與理論上可以實現端到端自動化的工作流程的百分比是多少？

And just a follow-up, maybe for you, Steve, just in terms of the TAMs that you outlined back in the March 2024 Investor Day related to GenAI. Just how should we think about the evolution of those TAMs as we embed kind of the agentic AI offerings into the equation?

史蒂夫，也許對您來說只是一個後續問題，就您在 2024 年 3 月投資者日上概述的與 GenAI 相關的 TAM 而言。當我們將代理 AI 產品嵌入方程式中時，我們應該如何思考這些 TAM 的演變？

Yes. Thanks, Drew. Great questions. Look, in terms of the amount of automation today, I think I'd make two comments. The first is that in the overall scheme of things, it's still relatively modest, particularly in Legal, less so in Tax & Accounting.

是的。謝謝，德魯。很好的問題。就當今的自動化程度而言，我想我會提出兩點評論。首先，從整體來看，它仍然相對溫和，特別是在法律領域，稅務和會計領域則不然。

And the second is to that point, it does vary by profession. So if you look at the sort of the life of the tax professional, our tax calculation engines have traditionally, they are lightning fast. They have been in place for many years, and they're very effective in terms of producing the calculations.

第二，就這一點而言，它確實因職業而異。因此，如果你看一下稅務專業人員的生活，我們的稅務計算引擎傳統上是快如閃電的。這些方法已經實施多年，並且在計算方面非常有效。

What we're doing with Ready to Review and Ready to Advise and the application of CoCounsel to tax and accounting and orders, is automating a lot of the sort of shoulder tasks and the ancillary task that take an awful lot of time.

我們正在利用「Ready to Review」和「Ready to Advise」以及將 CoCounsel 應用於稅務、會計和訂單，自動執行大量耗時耗力的肩上任務和輔助任務。

So this is, for example, all of the sort of document ingesting in preparation to produce the first version of a tax return, the e-filing process and the follow-up and then the advisory services that are queued off of that tax return cycle.

例如，為了製作報稅表的第一個版本而進行的所有文件攝取、電子申報流程和後續工作，以及在該報稅週期內排隊的諮詢服務。

And so I would say tax and accounting is -- there are large portions that are automated today, but it really is some very time-consuming ancillary and important tasks that are being automated as part of this end-to-end Ready to Review, Ready to Advise cycle.

因此我想說，稅務和會計——如今已有很大一部分實現了自動化，但實際上，作為端到端「準備審查、準備建議」週期的一部分，正在實現自動化的一些非常耗時的輔助和重要任務。

The Legal profession is different. I think Legal profession is by some counts 350 years old in its current form. And other than e-discovery and word processing and a number of other tools that have been implemented over time, the process is still fairly similar and has been for centuries.

法律行業則不同。我認為法律界目前的形式已經有 350 年的歷史了。除了電子取證、文字處理和隨著時間的推移而實施的許多其他工具之外，整個過程仍然相當相似，並且已經持續了幾個世紀。

And so we think that generative AI and agentic AI hold promise to fundamentally automate large portions of the first draft process in preparation and that's what we mean when we talk about the ability for TR to be performing more and more complex tasks and to play a larger role in the success of our customers.

因此，我們認為生成式人工智慧和代理式人工智慧有望從根本上實現準備階段的第一稿流程的大部分自動化，這就是我們所說的 TR 能夠執行越來越複雜的任務並在客戶的成功中發揮更大作用的能力。

Now what we haven't done since Investor Day early last year is update our TAM. So I think we talked about a 20% increase in the TAM at that time. We're certainly, we believe, on track for that. We haven't sort of externally updated those since we sized them in the 2024 Investor Day. But we're going to remain sort of vigilant here.

自去年年初投資者日以來，我們還沒有更新我們的 TAM。所以我認為我們當時談論的是 TAM 增加 20%。我們確信，我們正朝著這個目標前進。自從我們在 2024 年投資者日確定了這些規模以來，我們還沒有對其進行過外部更新。但我們會繼續保持警戒。

And as we execute on our product vision and our road maps, and we make progress, build confidence internally with our customers, we'll be in a position, I think, to revise those as we head through 2026. David, anything to add?

隨著我們執行產品願景和路線圖，並取得進展，在客戶內部建立信心，我認為我們將能夠在 2026 年到來時修改這些內容。大衛，還有什麼要補充的嗎？

No, I would just add that I think our approach, when thinking about our agentic investments, is to start with the customer and really ask them what is the most value for us to be able to automate, provide a solution? And Ready to Review and Ready to Advise are perfect examples of that, where when we talk with our customers, they've always said the tax preparation process is time-consuming, very labor-intensive and where they want support.

不，我只想補充一點，我認為，在考慮代理投資時，我們的方法是從客戶開始，真正問他們，對我們來說，實現自動化、提供解決方案的最大價值是什麼？「準備審查」和「準備建議」就是完美的例子，當我們與客戶交談時，他們總是說納稅準備過程非常耗時、勞力密集，他們需要支援。

And agentic AI just happens to be, I think, one of the unique and perfect technologies to help those customers to get efficiencies because the technology can problem solve, it can use tools and it also can address the big gap, which is numerously in AI systems. So instead of having to teach the AI, how to do math, we've taught instead how to use a calculator, taught it how to use our tax engine.

我認為代理人工智慧恰好是幫助客戶提高效率的獨特而完美的技術之一，因為該技術可以解決問題，可以使用工具，還可以彌補人工智慧系統中存在的巨大差距。因此，我們不必教人工智慧如何做數學，而是教它如何使用計算器，教它如何使用我們的稅務引擎。

And that's allowed us to be able to deliver the solution, which, again, helps the customer. So again, I agree with everything you said since, Steve, but again, I would say the way that we approach, again, identifying the opportunities for where we invest with the agentic AI is starting with the customer and what their demands are.

這使我們能夠提供解決方案，從而再次幫助客戶。所以，史蒂夫，我再次同意你所說的一切，但我要再次說，我們處理代理人工智慧投資機會的方式是從客戶及其需求開始的。

Manav Patnaik, Barclays.

巴克萊銀行的馬納夫·帕特奈克（Manav Patnaik）。

I guess, a lot of the product innovation is obviously a great thing to see from you guys. But I was hoping you could help us just frame your solution set versus the competition out there? Obviously, one of your main competitors just had a partnership with one of the legal tech competitors of yours. What the internal law firms are doing themselves. Just trying to understand like how ahead of the curve, I mean, you are perhaps with all these innovations?

我想，你們的許多產品創新顯然都是一件很棒的事。但我希望您能幫助我們制定您的解決方案，以對抗競爭對手？顯然，您的一個主要競爭對手剛剛與您的一個法律技術競爭對手建立了合作關係。內部律師事務所自己在做什麼。只是想了解一下，您在這些創新方面領先了多少？

Yes. Thanks, Manav. Again, I'll start, and I'm sure David, Mike may add. So I think as I read the landscape in tax and accounting and order, I think we're -- with our Ready to Review and Ready to Advise and CoCounsel announcements, I would say we're ahead of competitors in terms of the announcements that they may or may not have made.

是的。謝謝，Manav。再次，我會開始，我相信大衛，麥克可能會補充。因此，我認為，當我閱讀稅務和會計領域的情況時，我認為我們——憑藉我們的「準備審查」和「準備建議」以及「CoCounsel」公告，我想說，就競爭對手可能已經發布或可能沒有發布的公告而言，我們處於領先地位。

In Legal, I think to your question, what we're seeing is a sort of new era of competition with a bunch of start-ups, particularly in the sort of legal AI assistance space and a number of our traditional competitors sort of making announcements and putting new offerings in the marketplace.

在法律領域，我認為對於你的問題，我們看到的是一個新的競爭時代，許多新創企業，特別是在法律人工智慧援助領域，我們的一些傳統競爭對手正在發佈公告並向市場推出新產品。

I think where we are differentiated and where our confidence is, if anything growing is, first and foremost, in our content as a differentiator. So the depth and breadth of Westlaw and Practical Law, and the deep expertise of our subject matter experts, 2,500 or more in total, gives us, we think, a differentiation, and it's a durable one.

我認為我們的差異化之處和信心所在，如果說有什麼成長的話，首先就是我們的內容作為差異化因素。因此，我們認為，Westlaw 和 Practical Law 的深度和廣度，以及我們主題專家（總計 2,500 多名）的深厚專業知識，為我們帶來了差異化，而且這種差異化是持久的。

Secondly, we believe that having a single integrated solution that includes content and a best-of-breed AI assistant is a winning strategy, and it gives us sort of a single strategic play and puts us, we think, on a faster innovation and development road map. And I think some of the moves we've seen from competitors is a response to that single integrated solution, and therefore, it helps build our confidence.

其次，我們相信，擁有一個包含內容和最佳人工智慧助理的單一整合解決方案是一個成功的策略，它為我們提供了單一的策略行動，並讓我們走上更快的創新和發展路線圖。我認為，我們看到競爭對手的一些舉動是對單一整合解決方案的回應，因此，它有助於增強我們的信心。

Yes. I agree with you, Steve there. Again, I would say that, again, in tax and accounting, I think we are ahead of the competition with CoCounsel for Tax Audit and Accounting as well as Ready to Review and Ready to Advise and I think that they are unique solutions to the market.

是的。我同意你的看法，史蒂夫。我再說一遍，在稅務和會計領域，我認為我們在稅務審計和會計方面擁有 CoCounsel 以及 Ready to Review 和 Ready to Advise 的競爭優勢，我認為它們是市場上獨一無二的解決方案。

On the legal side, I would just highlight one additional thing, which is Deep Research in Westlaw. We believe that this is setting a new standard in the marketplace for legal research. And if you compare and contrast our deep research capability versus those available from others in the market, ours is the only one which is a legal deep research agent technology, where we have trained, built and taught these AI agents to perform research like a legal researcher.

在法律方面，我只想強調另一件事，那就是對 Westlaw 的深入研究。我們相信這為法律研究市場設立了新的標準。如果將我們的深度研究能力與市場上其他公司提供的能力進行比較和對比，您會發現我們是唯一擁有合法深度研究代理技術的公司，我們已經訓練、構建並教導這些人工智能代理像法律研究人員一樣進行研究。

And that's an important distinction because the general solutions from an OpenAI or a Gemini or what have you, they perform generic research like doing a college book report or something like that. What we've built with Westlaw Deep Research is a researcher which has been trained like an experienced lawyer to explore the law, to look at arguments and counterarguments and to be able to consider and explore issues, which will be related to how you might prepare for a litigation, and that's something which I think we're one of the only in the market that have actually created.

這是一個重要的區別，因為 OpenAI 或 Gemini 或其他的通用解決方案會執行一般研究，例如撰寫大學讀書報告或類似的東西。我們與 Westlaw Deep Research 合作建立的研究人員經過像經驗豐富的律師一樣的培訓，可以探索法律，研究論點和反論點，並能夠考慮和探索與如何準備訴訟相關的問題，我認為我們是市場上唯一真正創造出這種能力的公司之一。

So we're really proud of the work we've done there that we have set a new standard for research with this technology.

因此，我們為我們所做的工作感到非常自豪，我們為這項技術的研究設立了新的標準。

Scott Fletcher, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Scott Fletcher。

Another good quarter for you guys. I was wondering if you could dig into the margin performance in the quarter. And what some of the drivers were there? And then what's guidance unchanged, why that might not be flowing through to the rest of the year?

對你們來說，又是一個美好的季度。我想知道您是否可以深入了解本季的利潤表現。那裡有哪些司機？那麼指導方針保持不變嗎？為什麼這可能不會延續到今年剩餘時間？

Sure, Scott. I'll break that down by second quarter and then also for the full year. If you look at our second quarter margin performance, we were very pleased with the three key factors for Q2, Scott.

當然，斯科特。我將按第二季進行細分，然後按全年進行細分。如果你看一下我們第二季的利潤表現，我們對第二季的三個關鍵因素非常滿意，史考特。

First, we had good operating leverage. As I've shared in the past, at a roughly 7% to 7.5% organic revenue growth range, we are generating about 110 basis points of operating leverage, so good leverage in Q2.

首先，我們擁有良好的經營槓桿。正如我過去所分享的，在約 7% 至 7.5% 的有機收入增長範圍內，我們產生了約 110 個基點的經營槓桿，因此第二季度的槓桿率良好。

Second, we did have some timing of expenses in Q2 that will reverse during the second half of the year.

其次，我們在第二季確實有一些支出時間安排，這些支出將在下半年逆轉。

And third benefit in the second quarter was revenue mix, including some of our Print products. If I now go into the third quarter, EBITDA margin at 36% is less than Q2. Three factors that I would mention there. We have the normal seasonality of our Tax & Accounting Professional business in Q3 that we experienced each year.

第二季的第三個好處是收入組合，其中包括我們的一些印刷產品。如果現在進入第三季度，EBITDA 利潤率為 36%，低於第二季度。我想提到三個因素。我們的稅務和會計專業業務在第三季經歷了每年的正常季節性。

Second item, some of the timing benefit that we experienced in Q2 and the first half of the year will reverse, including some integration costs associated with SafeSend and other recent acquisitions.

第二點，我們在第二季和今年上半年經歷的一些時機優勢將會逆轉，包括與 SafeSend 和其他近期收購相關的一些整合成本。

The third item is in regards to the tough comp at Reuters given that Q3 2024 did include some onetime GenAI revenue that has significantly high profitability and revenue flow through.

第三件事是關於路透社的艱難競爭，因為 2024 年第三季確實包括一些一次性 GenAI 收入，這些收入具有相當高的獲利能力和收入流。

To your question in regards to not increasing our full year guidance, most importantly, I would say, we remain very confident in delivering our full year guidance of approximately 39%. And we are not raising it for the three reasons in regard to the favorable revenue mix in the first half of the year, we do not anticipate that continuing.

對於您關於不提高全年業績預期的問題，最重要的是，我想說，我們仍然非常有信心實現約 39% 的全年業績預期。我們不會提高這個數字，原因有三：一是今年上半年收入結構良好，我們預期這種情況不會持續下去。

The timing of expenses will reverse in the second half of the year, including those integration expenses. But I and we do have good line of sight, Scott, into Q3, Q4 EBITDA margin. And once again, we're very confident in delivering to the guidance of approximately 39%.

費用的時間安排將在下半年逆轉，包括那些整合費用。但是，史考特，我和我們對第三季、第四季的 EBITDA 利潤率確實有很好的預期。再次強調，我們非常有信心實現約 39% 的預期目標。

Just on the topic of margin, I'll take it into 2026. We have committed, which I reaffirmed today, for 2026, we said margin will expand by at least 50 basis points. We remain confident in delivering on the 2026 margin expansion also.

就利潤率而言，我將把它延續到 2026 年。我們已經承諾，我今天重申，到 2026 年，利潤率將至少提高 50 個基點。我們仍有信心實現 2026 年利潤率的擴大。

Okay. Great color there. And then as a follow-up, maybe potentially for David. Can you touch on the expense profile of some of the newer products like something like a Deep Research? And if there is a potential impact to margin if adoption of those does meet or exceed targets?

好的。那裡的色彩很棒。然後作為後續行動，也許對大衛來說也是如此。您能否談談一些新產品的費用概況，例如深度研究？如果採用這些措施確實達到或超過目標，是否會對利潤產生潛在影響？

Scott, I'll start there. We have certainly contemplated all of the costs, both operating expense and capital, for all of the launches that David and capabilities that David discussed today. We remain very confident with our capital intensity, which is roughly 8% for calendar year 2025.

史考特，我就從這裡開始。對於 David 今天討論的所有發布和功能，我們當然已經考慮了所有的成本，包括營運費用和資本。我們對我們的資本密集度仍然非常有信心，到 2025 年，這一數字將達到約 8%。

And then also, if you look at our investments in GenAI of approximately $200 million-plus. If you look at all of the products today, including Deep Research, we have all of those costs, OpEx and CapEx, built into our forecast and into our guidance, and we remain very confident. David?

另外，如果你看看我們對 GenAI 的投資大約 2 億多美元。如果你看看今天的所有產品，包括深度研究，我們已經將所有這些成本、營運支出和資本支出都納入了我們的預測和指導中，我們仍然非常有信心。戴維？

Yes. I think that's well said, Mike. I think the only other thing is Mike keeps us very diligent on managing our pricing and profitability for new product offerings. And so we are also confident that we're able to provide this additional value to our customers, price effectively and earn price for it and continue to earn healthy margin. But we generally don't comment about what the cost profile looks like for those new features.

是的。我認為說得很好，麥克。我認為唯一的另一件事是麥克讓我們非常勤奮地管理新產品的定價和獲利能力。因此，我們也有信心能夠為客戶提供這種額外的價值，有效地定價並賺取價格，並繼續賺取健康的利潤。但我們通常不會評論這些新功能的成本狀況。

Yes, Scott, David makes a really excellent point in regards to if you look at the variable costs, we're doing a terrific job in regards to managing the flow-through associated there with including the cloud costs.

是的，史考特，戴維提出了一個非常好的觀點，如果你看一下變動成本，我們在管理與雲端成本相關的流通方面做得非常出色。

Vince Valentini, TD Cowen.

文斯·瓦倫蒂尼 (Vince Valentini)，TD Cowen。

First, I misunderstood Drew's question, but I'm going to ask it the way I thought he asked it in a different way. What percentage of your internal workflows are automated with AI or something equivalent at this point? And where is the opportunity set there over the next couple of years to actually just make your own margin better and become more efficient? Question one.

首先，我誤解了德魯的問題，但我將按照我認為他以不同的方式提出這個問題。目前，您內部工作流程中有多少比例已透過人工智慧或類似技術自動化？那麼，未來幾年內，有哪些機會可以真正提高您的利潤率並提高效率？問題一。

Question two, just to tag on the last one on margins. Just to be clear, Steve, or sorry, Mike, your margins not changing for this year is just those factors you laid out, you're not putting in any sort of buffer for maybe there's some macro weakness or maybe there's some weakness in pricing from what competitors are doing or maybe there's another acquisition that comes with a bit of integration cost and drag on margin. Those are not factors in why you're staying with the margin guidance, it's only the ones you cited?

第二個問題，只是為了在頁邊距上標記最後一個問題。需要明確的是，史蒂夫，或者抱歉，邁克，您今年的利潤率沒有變化只是由於您列出的那些因素，您沒有投入任何緩衝，也許存在一些宏觀弱點，或者競爭對手在定價方面存在一些弱點，或者可能有另一項收購帶來一些整合成本並拖累利潤率。這些都不是為什麼您堅持保證金指導的因素，只是您提到的那些因素？

Yes, Vince, it's Steve. I'll start, and then I'm sure Michael will answer the second part of your question. So with regard to the internal application of GenAI, I can't give you -- referring back to Drew's question, I can't give you the sort of percentage of tasks that have performed across the company that are being automated by GenAI.

是的，文斯，我是史蒂夫。我先開始，然後我相信麥可會回答你問題的第二部分。因此，關於 GenAI 的內部應用，我無法給您 - 回到 Drew 的問題，我無法給您整個公司範圍內由 GenAI 自動化執行的任務的百分比。

What I can say is that we have been very aggressive in making a set of internal AI tools available to every single one of our colleagues, and we're very pleased with the uptake on a daily basis by the majority of our colleagues. We -- in that spirit, we continue to pilot many proof of concepts and in terms of the application of GenAI across go-to-market, across the support functions, across product and engineering and so forth.

我可以說的是，我們一直非常積極地為每位同事提供一套內部人工智慧工具，我們對大多數同事的日常使用感到非常高興。本著這種精神，我們將繼續試行許多概念驗證，並在上市、支援功能、產品和工程等方面應用 GenAI。

And we're optimistic about the future potential to drive increased speed, higher quality, and productivity from our operations. I'm not going to give you a quantification of the benefits today because I think it's a little bit too early, but we are seeing some early successes, particularly, for example, within our software engineering team and in our customer support application. So there's some upside there, Vince, but how much and over what period of time, I think it's a bit too early to give you a guide on that. Mike?

我們對未來提高營運速度、品質和生產力的潛力充滿信心。我今天不會對收益進行量化，因為我認為現在還為時過早，但我們已經看到了一些早期的成功，特別是在我們的軟體工程團隊和客戶支援應用程式中。因此，文斯，這其中存在一些好處，但好處有多大，以及會在多長時間內顯現，我認為現在就給你一個指導還為時過早。麥克風？

Vince, in regard to your second question, my response to Scott's questions on EBITDA margin, I think you touched on the key drivers there. Your direct question, there are no weaknesses in pricing that we have assumed to David's point earlier, we're confident in regard to our pricing and the related flow-through.

文斯，關於你的第二個問題，我對斯科特關於 EBITDA 利潤率的問題的回答，我認為你觸及了那裡的關鍵驅動因素。您的直接問題是，正如我們先前對大衛的觀點所假設的，定價方面不存在任何弱點，我們對我們的定價和相關流通充滿信心。

Tim Casey, BMO.

提姆·凱西（BMO）。

Just you continue to generate strong free cash flow and your balance sheet is relatively under-levered. I wonder how you're thinking about excess capital. I mean given the valuation on your shares, I assume share buybacks are not a priority. But Mike, maybe if you could update us on how you're thinking on a potential return of capital transaction before Q2 next year?

只要您繼續產生強勁的自由現金流，您的資產負債表就會相對處於低槓桿狀態。我想知道您如何看待過剩資本。我的意思是，考慮到你們股票的估值，我認為股票回購並不是優先考慮。但是麥克，也許你可以告訴我們你對明年第二季之前潛在的資本回報交易的看法？

And then, Steve, given your free cash flow profile, you do have the option to turn up the CapEx intensity to drive growth or also maybe an update on the M&A environment given the balance sheet?

然後，史蒂夫，考慮到你的自由現金流狀況，你是否可以選擇提高資本支出強度來推動成長，或根據資產負債表更新併購環境？

Sure, Tim. I'll start. Just to frame everything, the $10 billion of capital capacity by the end of 2027, whole certainly, if you were to go into 2028, which were not today, that $10 billion would further increase. As you referenced, Tim, balance sheet remains very strong, net leverage of 0.5 times.

當然，提姆。我先開始。總而言之，到 2027 年底，資本能力將達到 100 億美元，當然，如果到 2028 年（不是今天），這 100 億美元還會進一步增加。正如您所說，蒂姆，資產負債表仍然非常強勁，淨槓桿率為 0.5 倍。

In regard to the potential deployment of that $10 billion of capital capacity, first priority remains strategic M&A. We think the strategic M&A has the highest return potential from our lens. We remain very focused on our existing Big 3 and bolstering those similar to what we've done in the last 2.5 years, I think we have deployed about $2.6 billion of capital via acquisitions in the last 2.5 years there.

對於這 100 億美元資本能力的潛在部署，首要任務仍然是策略併購。我們認為，從我們的角度來看，策略併購具有最高的回報潛力。我們仍然非常關注現有的三巨頭，並像過去 2.5 年裡所做的那樣加強它們，我認為我們在過去 2.5 年裡透過收購在那裡投入了大約 26 億美元的資金。

We do not see a need for a fourth leg, but we remain very interested in expanding our areas such as risk-rating compliance, growing our indirect tax business and also growing our international business. So strategic M&A is top priority.

我們不認為需要第四個支柱，但我們仍然非常有興趣擴大我們的領域，例如風險評級合規、發展我們的間接稅業務以及發展我們的國際業務。因此策略併購是重中之重。

With that said, we will, I believe, continue to grow our dividends in the out years. We have four consecutive years of dividend growth at 10%. The next cycle will be our January Board meeting. So I'll hold any speculation on what that increase might be until then.

話雖如此，我相信未來幾年我們的股息將繼續增加。我們的股息已連續四年保持 10% 的成長。下一個週期將是我們一月份的董事會會議。因此，在此之前，我不會對增幅做出任何猜測。

In regards to share buybacks, we made a commitment at the March 2024 Investor Day to return 75% of our free cash flow. Our dividends cover about 55% of that. That would leave about $400 million that would need at 75%. When I provided that 75% framework, that was over a time horizon there.

關於股票回購，我們在 2024 年 3 月的投資者日承諾返還 75% 的自由現金流。我們的股息約佔其中的 55%。這意味著剩餘的 4 億美元需要滿足 75% 的要求。當我提供那個 75% 的框架時，那已經超出了時間範圍。

For calendar year 2025, would we consider an NCIB share buyback? Potentially we have our next Board meeting in September. We have our annual capital strategy discussion with the Board in September, that is a topic. So could there be an NCIB yet this year? Potentially if so, I think it would be within that $400 million to $500 million range.

對於 2025 日曆年，我們會考慮回購 NCIB 股票嗎？我們的下一次董事會會議可能在九月舉行。我們將於九月與董事會討論年度資本策略，這是一個主題。那麼今年還會有 NCIB 嗎？如果確實如此，我認為其金額將在 4 億至 5 億美元範圍內。

And I think you also asked about NCIB share buybacks into 2026. My response there would be, I think that 75% return of free cash flow is a good framework for both '25, '26. So that would indicate, Tim. We would need roughly $400 million to $500 million of share buybacks in the calendar year to achieve that.

我想您也詢問了 2026 年 NCIB 股票回購的情況。我的回答是，我認為 75% 的自由現金流回報率對於 25 年和 26 年來說都是一個很好的框架。這表明，蒂姆。為了實現這一目標，我們需要在日曆年內回購約 4 億至 5 億美元的股票。

And then, Tim, with regard to capital intensity and M&A. So capital intensity, as you can imagine, we have some pretty vigorous debates internally on both the absolute number and the way we quantify it, the way Mike thinks about it as percentage of revenue and also the efficiency, in other words, the bang for the buck we're getting and particularly how much of that capital is being spent on new innovations and build versus keeping the lights on and service health remediation-type activities.

然後，提姆，關於資本強度和併購。因此，你可以想像，資本密集度在內部有相當激烈的爭論，包括絕對數字和量化方式，麥克認為它是收入的百分比，還有效率，換句話說，我們得到的回報，特別是這些資本中有多少是花在新的創新和建設上，還是花在維持照明和服務健康修復類型的活動上。

I would say the biggest sort of cap or throttle on that absolute number is the availability of top-flight engineering talent because a lot of it is capitalized software development. And so we're always looking to expand our talent in that area. But I'd say that's one cap that sort of prevents it getting too far out and too large.

我想說，對這個絕對數字的最大限製或限制因素是頂級工程人才的可用性，因為其中許多是資本化的軟體開發。因此，我們一直在尋求擴大該領域的人才。但我想說，這是一種限制，可以防止其變得太過分和太大。

And then Jason Escaravage has done a great job of improving the efficiency of our KTLO and service health remediation work. And Joel Herron, our Head of Engineering continues to attract, retain, develop great talent. So -- but it's a vigorous, I think, healthy and ongoing debate as to what the right level is and how much should go to new versus remediation and so forth.

然後 Jason Escaravage 在提高我們的 KTLO 和服務健康補救工作的效率方面做得非常出色。我們的工程主管 Joel Herron 繼續吸引、留住和培養優秀人才。所以——但我認為，關於正確的水平是多少以及應該將多少資金用於新的措施和補救措施等等，這是一個激烈的、健康的、持續的辯論。

On M&A, I used the language we can be both aggressive and opportunistic, and that is our stance. We're looking for acquisitions that better serve our -- enhance our proposition to customers in the Big 3. I would point particularly to areas like risk AI further forays into the sort of generative and agentic AI area and also in indirect tax.

在併購問題上，我用過這樣的語言：我們既可以積極進取，又可以把握機會，這就是我們的立場。我們正在尋找能夠更好地服務我們的收購——增強我們對三巨頭客戶的支援。我特別要指出的是風險人工智慧等領域進一步涉足生成和代理人工智慧領域以及間接稅領域。

We're starting to see, I think, some signs that we're outgrowing some of the some of the competition on the back of the Pagero acquisition. So those are a few of the areas we'll be both aggressive and opportunistic and just make sure that it's very much in our Big 3 customers interest anything we do.

我認為，我們開始看到一些跡象表明，在收購 Pagero 之後，我們正在超越一些競爭對手。因此，這些是我們將積極進取、抓住機會的幾個領域，我們只是確保我們所做的一切都符合三大客戶的利益。

Tim, just to round this out. For 2026, capital intensity, I would assume 8%, we will have capital intensity for 2025 of approximately 8. We just completed what we call our enterprise prioritization committee, which is our prioritization process for '26, which is ongoing, but we spend a lot of time on '26 this time of the year. Very comfortable saying that it will be approximately 8% capital intensity for 2026, and we'll continuously assess the level of AI, GenAI investment, which is $200 million-plus this year.

提姆，我來總結一下。對於 2026 年，我假設資本密集度為 8%，而 2025 年的資本密集度將約為 8。我們剛剛完成了所謂的企業優先委員會的成立，這是我們對 26 年優先排序過程的確定，該過程正在進行中，但每年這個時候我們都會在 26 年上花費大量時間。可以肯定地說，2026 年的資本密集度將達到約 8%，並且我們將持續評估人工智慧、GenAI 的投資水平，今年的投資額將超過 2 億美元。

Andrew Steinerman, JPMorgan.

摩根大通的安德魯‧施泰納曼。

Two questions on Westlaw Advantage. Is Westlaw Advantage a separate module for precision, meaning you have to buy the agentic deep research capabilities in addition to precision, so there will be a penetration story there?

關於 Westlaw Advantage 的兩個問題。Westlaw Advantage 是否是針對精準度的單獨模組，這意味著除了精準度之外，您還必須購買代理深度研究功能，因此那裡會有一個滲透故事嗎？

And then second question, this is for you, David. Is there -- not just with Advantage, but broadly this year with the product upgrade, a better integrated user interface across the whole Westlaw CoCounsel suite? I ask because I was at a demo of the Westlaw CoCounsel products earlier this year and I just felt like separate modules with separate user log-ins at the various kiosks at that time.

第二個問題，這是問你的，大衛。是否有——不僅是 Advantage，而且今年隨著產品升級，整個 Westlaw CoCounsel 套件都有更好的整合用戶介面？我之所以問這個問題，是因為我在今年早些時候參加了 Westlaw CoCounsel 產品的演示，當時我感覺就像在各個資訊亭上使用單獨的模組和單獨的用戶登入一樣。

Yes. Thanks for the question. On the first, Westlaw Advantage is a new subscription tier for Westlaw. So we've also had some coverage about how it's also the final Westlaw tier. You do need to upgrade, you need to adopt Westlaw Advantage to get the deep research capabilities. So Westlaw Advantage includes a number of new innovations and new AI features.

是的。謝謝你的提問。首先，Westlaw Advantage 是 Westlaw 的一個新訂閱等級。我們也對它如何成為 Westlaw 的最終層級進行了一些報導。你確實需要升級，你需要採用 Westlaw Advantage 來獲得深度研究能力。因此，Westlaw Advantage 包含許多新創新和新的 AI 功能。

Deep Research is the sort of the crown jewel in the selection of new features, which are included in Westlaw Advantage. So -- but you do need to ascribe to Westlaw Advantage to get access to Deep Research. So -- that's -- just to clarify that on your first question.

深度研究是 Westlaw Advantage 新功能中的亮點。所以——但您確實需要藉助 Westlaw Advantage 才能獲得深度研究的存取權。所以 — — 這只是為了澄清你的第一個問題。

On the experience interface. This is a priority for us, which is to continue to improve and to enhance the user experience for our customers. With the launch of CoCounsel Legal, which we just announced this week, we are introducing a much more integrated offering where CoCounsel, Westlaw and Practical Law are more seamlessly integrated into a single experience and the capabilities of Westlaw are available via CoCounsel and vice versa.

在體驗介面上。這是我們的首要任務，即持續改善和增強客戶的使用者體驗。隨著我們本週剛宣布推出 CoCounsel Legal，我們將推出一項更整合的服務，其中 CoCounsel、Westlaw 和 Practical Law 更無縫地整合到單一體驗中，並且 Westlaw 的功能可透過 CoCounsel 取得，反之亦然。

So I think if you were to see a demo or to visit us at Ulta, for example, you'd probably see a much more integrated experience. And we're going to continue to iterate and to improve that experience over the next quarters. But it is a top priority for us to continue to improve and enhance the user experience for both CoCounsel and Westlaw.

因此，我認為，如果您觀看演示或訪問我們在 Ulta 的店面，您可能會看到更整合的體驗。我們將在接下來的幾個季度繼續迭代並改善這種體驗。但我們的首要任務是持續改善和提升 CoCounsel 和 Westlaw 的使用者體驗。

Aravinda Galappatthige, Canaccord Genuity.

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

On Tax & Accounting, obviously, very strong EBITDA growth yet again similar to what we saw in Q1. Perhaps for Mike, is that predominantly sort of that timing benefit or the timing of the integration cost with respect to SafeSend that you were referring to or was there another component to that probably deserve to be called out?

在稅務和會計方面，顯然，EBITDA 成長非常強勁，與我們在第一季看到的情況類似。也許對 Mike 來說，這主要是您所指的那種時間優勢或與 SafeSend 相關的整合成本的時間優勢，還是還有其他可能值得關注的因素？

Maybe that's sort of my quick follow-up. And more generally, perhaps for Steve, can you just talk to what your client cohorts look like? I mean when you think of the density of the new product innovations, I'm sort of wondering what proportion of the clients are sort of open to quickly sort of gravitating towards the latest product and perhaps being up for it?

也許這就是我的快速跟進。更一般地說，也許對史蒂夫來說，你能否談談你的客戶群是什麼樣的？我的意思是，當您想到新產品創新的密度時，我有點想知道有多少比例的客戶願意快速地被最新產品所吸引並且願意接受它？

And I assume there is a cohort that probably more of a laggard from that perspective. I was wondering if you can give us a sort of high-level description on that front as well.

我認為從這個角度來看，有一群人可能會更加落後。我想知道您是否也可以就此方面給我們一個高層次的描述。

Yes. Aravinda, I'll start with your question in regards to Tax & Accounting Professionals EBITDA. You are correct in your assumption in regards to Q2 EBITDA margin is the timing of the SafeSend integration. Those integration expenses that were initially planned for Q2 will now occur in the second half of the year.

是的。Aravinda，我首先要回答您關於稅務和會計專業人員 EBITDA 的問題。您對第二季 EBITDA 利潤率的假設是正確的，即 SafeSend 整合的時機。最初計劃在第二季度發生的整合費用現在將發生在下半年。

With that said, Tax & Accounting Professionals on a full year basis, along with Legal Professionals will continue to have very strong full year EBITDA margins fairly comparable within 1% or 2% of each other on a full year basis. But your core question, SafeSend integration expenses flipped into the second half of the year.

話雖如此，稅務和會計專業人士以及法律專業人士的全年 EBITDA 利潤率將繼續保持非常強勁的全年水平，全年 EBITDA 利潤率彼此之間在 1% 或 2% 以內相當可比。但您的核心問題是，SafeSend 整合費用在下半年增加。

And then Aravinda, thanks for the question with regard to the sort of customer cohorts. Look, it does vary between Legal and Tax & Accounting audit and risk customers. What I would say, though, is that it's very rare to find a customer who is not interested in our AI offerings. So almost all want to hear about those offerings, want to test, kick the tires on those offerings. And what we see is lots and lots of proof-of-concept trials, comparison with some of the competitive products and so on and so forth and we're happy with the way we show up through that process.

然後，Aravinda，感謝您提出有關客戶群類型的問題。看起來，法律和稅務及會計審計和風險客戶之間確實存在差異。不過，我想說的是，很少有客戶對我們的人工智慧產品不感興趣。因此幾乎所有人都想了解這些產品，想測試、探究這些產品。我們看到的是大量的概念驗證試驗、與一些競爭產品的比較等等，我們對整個過程的表現感到滿意。

I would say 20% to 30% of, for example, law firms are looking to aggressively lean into AI as a means to differentiate that firm in various ways and that's firms of all different shapes and sizes, whereas the rest of the firms have accepted that they need to adopt AI that they need to provide the best tools to their talent and to their lawyers and are going through various waves of adoption, and that's sort of starting to pick up.

例如，我想說，20% 到 30% 的律師事務所正在積極尋求利用人工智慧，以此作為一種手段，以各種方式使該事務所脫穎而出，這些事務所的規模和形式各不相同，而其餘事務所已經接受了他們需要採用人工智能的理念，他們需要為他們的人才和律師提供最好的工具，並且正在經歷各種採用浪潮，這種情況正在開始好轉。

It's still pretty early days, but that's, I think, where we sit. And it's a similar picture in the Tax & Accounting and Audit where it's very rare to find a firm large, medium, or small that isn't interested and isn't sort of thinking through and adopting. But probably a minority of firms are really aggressively moving at this stage.

現在還處於早期階段，但我認為，這就是我們所處的階段。稅務、會計和審計領域的情況也類似，很少發現有大型、中型或小型公司不感興趣、不仔細考慮並採用。但可能只有少數公司在現階段真正積極採取行動。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

You mentioned the percent of ASV from products that are GenAI-enabled was 22% this quarter. I was wondering if there was a way to break that into Legal, Tax & Accounting and Corporates? If you don't want to sort of give the specific numbers just, I guess, directionally, have you seen more adoption and specific areas versus others?

您提到本季支援 GenAI 的產品的 ASV 百分比為 22%。我想知道是否有辦法將其分為法律、稅務和會計以及公司？如果您不想給出具體的數字，我想，從方向上看，您是否看到與其他領域相比，在特定領域和採用率更高？

And then maybe just as a follow-on, we talked so much about Legal AI products, but I know that you see a big opportunity in the Tax & Accounting side as well, maybe as big, if not bigger. And so just wondering what you think unlocks that value in the Tax & Accounting space? So two separate questions there.

然後也許只是作為後續，我們談論了很多關於法律人工智慧產品，但我知道你在稅務和會計方面也看到了巨大的機會，也許同樣大，甚至更大。所以我想知道您認為什麼可以釋放稅務和會計領域的價值？所以這是兩個不同的問題。

Let me start. It's worth stating, I think, Toni, you've heard this from us before, there's a particular sort of characteristic within the Tax & Accounting and Audit spaces, which is an acute talent shortage. So as the number of audits goes up and the complexity of audits goes up, the number of tax returns goes up and the complexity of those returns goes up, there is not the supply of young talent coming through undergraduate and graduate programs who want to become CPAs.

讓我開始吧。值得一提的是，東尼，我想你之前已經聽我們說過，稅務會計和審計領域有一種特殊特點，那就是人才嚴重短缺。因此，隨著審計數量和複雜性的增加，報稅表數量和複雜性的增加，想要成為註冊會計師的本科和研究生課程的年輕人才越來越少。

And so the profession faces a very significant challenge, and that is talent shortages. And the technology, therefore, has a really important role to play in addressing that fundamental issue. And so if anything, we see more interest and potentially more uptake, I think it's too early to call it, but uptake from our Tax & Accounting and Audit customers than we do in the other professions we serve. So Mike, over to you.

因此，該行業面臨著一個非常重大的挑戰，那就是人才短缺。因此，科技在解決這個根本問題上扮演著非常重要的角色。因此，如果有什麼不同的話，那就是我們看到了更多的興趣和潛在的更多接受，我認為現在下結論還為時過早，但我們的稅務、會計和審計客戶的接受度比我們服務的其他行業要高。那麼麥克，交給你了。

Yes. Toni, on your first question, we don't break down externally that 22% of GenAI-enabled. I would say to date, the larger portion of that 22% is legal. I don't think you'll be surprised because of the Westlaw precision that was GenAI-enabled and so we had a really great start with that.

是的。東尼，關於你的第一個問題，我們並沒有對外透露 22% 的 GenAI 支援情況。我想說，到目前為止，這 22% 中的大部分都是合法的。我認為您不會感到驚訝，因為 Westlaw 的精確度是依靠 GenAI 來實現的，因此我們在這方面有了一個非常好的開始。

As we progress now going forward, I think you're going to see an increase in each of the three segments, Legal, Corporates and just given the number of product launches in Q3 of this year. With that said, all the Corporates will increase with CoCounsel for Corporates and other products and will increase while the products that David discussed today.

隨著我們繼續前進，我認為你會看到法律、企業三個領域都會成長，並考慮到今年第三季推出的產品數量。話雖如此，所有企業都將增加使用 CoCounsel for Corporates 和其他產品的數量，而 David 今天討論的產品的數量也會增加。

Legal over the time horizon will continue to have a larger portion of that just because of the scale of legal, the scale of Westlaw Advantage. And as we go forward, we're going to be talking more and more about the suite of products, not just about Westlaw Advantage, Westlaw CoCounsel, Practical Law kind of all in. Hopefully, that's helpful, Toni.

從長遠來看，法律行業將繼續佔據更大份額，這得益於法律行業的規模以及 Westlaw Advantage 的規模。隨著我們不斷前進，我們將越來越多地談論產品套件，而不僅僅是 Westlaw Advantage、Westlaw CoCounsel、Practical Law 之類的產品。希望這對你有幫助，托尼。

Maher Yaghi, Scotiabank.

Maher Yaghi，豐業銀行。

I wanted to ask you a question on free cash flow. As we roll into the second half, so far you generated close to $840 million. Your guidance is 1.9. Could you give -- provide us some puts and takes on working cap and the payments and lower payments, I guess that you will have less to pay maybe taxes that we should be aware of in order to model the back half.

我想問您一個關於自由現金流的問題。隨著我們進入下半年，到目前為止，您已經創造了近 8.4 億美元的收入。您的指導是1.9。您能否提供一些關於工作上限、付款和較低付款的利弊分析？我想，這樣您繳納的稅款可能會減少，我們應該注意這些稅款，以便計算後半部分。

And also on the guidance again. So far this year, you have, in the first half, your revenue growth has been 2%, your guidance is 3% to 3.5%. Can you maybe just help us understand what's going to accelerate in the back half to close that GAAP? Thank you.

並再次強調指引。今年上半年到目前為止，你們的營收成長率為 2%，你們的預期是 3% 至 3.5%。您能否幫助我們了解下半年將如何加速以結束 GAAP？謝謝。

Sure, Maher. In regards to free cash flow, I'll start with full year. Our guidance is approximately $1.9 billion. We're very confident in achieving the $1.9 billion. There are some variance between H1 and H2. In March of each calendar year, we pay our annual incentive plan bonuses, which is a drag on free cash flow in Q1 in the first half of the year.

當然，馬希爾。關於自由現金流，我將從全年開始。我們的指導金額約為 19 億美元。我們對實現 19 億美元目標非常有信心。H1和H2之間存在一些差異。每年三月，我們都會支付年度激勵計畫獎金，這會拖累上半年第一季的自由現金流。

If you look at individual items that impact our working capital, that is the single largest item. But I have strong confidence in the full year on the $1.9 billion. If I take free cash flow one step further to 2026, our guidance is $2 billion to $2.1 billion, I have strong confidence also in delivering on the 2026 free cash flow.

如果您查看影響我們營運資金的單一項目，那就是最大的單一項目。但我對全年實現 19 億美元的目標充滿信心。如果我將自由現金流進一步提高到 2026 年，我們的預期是 20 億美元至 21 億美元，我對實現 2026 年的自由現金流也充滿信心。

In regards to your question on revenue, you referenced percentages associated with total revenue growth. I want to focus on organic growth. Once again, for the full year, 7% to 7.5%, 9% for the Big 3, which we have confidence in delivering.

關於收入的問題，您提到了與總收入成長相關的百分比。我想專注於有機成長。再次強調，就全年而言，三巨頭的成長率為 7% 至 7.5%，成長率為 9%，我們有信心實現這一目標。

From my chair, if I look at the second half of the year and the bookings that we incurred for the first semester, I have strong confidence in regards to the revenue for Q3, Q4 also with the healthy pipelines that we have in Q3, Q4, a very strong confidence. Another key factor is in H2, we have significantly easier comps for both the Reuters business and Tax & Accounting Professionals. You'll remember in the second half of 2024, we had some significant Reuters GenAI revenue and we also had some factors with TAP that makes it an easier comp this year.

從我的角度來看，如果我看一下下半年以及我們第一季的預訂情況，我對第三季和第四季的收入充滿信心，而且我們在第三季和第四季擁有健康的管道，我對此非常有信心。另一個關鍵因素是，在下半年，路透社業務和稅務與會計專業人士的業績對比明顯更加容易。您會記得，在 2024 年下半年，我們從路透社 GenAI 獲得了一些可觀的收入，而且我們與 TAP 也有一些合作因素，這使得今年的比較更容易。

So those are some of the key items that we have as we look at the second half of the year revenue and the full year but we have strong confidence on delivering to that 7% to 7.5% for total TR and 9% for the Big 3. The key factor there is the book of business. The underlying bookings is very strong. The pipeline is strong, and we have easier comps in the second half of the year.

因此，這些是我們展望下半年收入和全年收入時的一些關鍵事項，但我們有信心實現總 TR 7% 至 7.5% 的成長和三巨頭 9% 的成長。其中的關鍵因素是業務帳簿。基礎預訂量非常強勁。管道很強大，而且我們下半年的業績更容易比較。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

I'm curious if you could talk about what sort of price increase your customers will see if they upgrade from Westlaw Precision with AI to Westlaw Advantage? And if you don't want to be too specific on the percentage, which I understand, how does it compare from the step-up to Westlaw Precision with AI? I'm trying to understand this is a big step up in value and you'll be able to price even more for it than the price increases we've been seeing previously.

我很好奇，您能否談談，如果您的客戶從 Westlaw Precision AI 升級到 Westlaw Advantage，他們會看到什麼樣的價格上漲？如果您不想對百分比太過具體，我理解，那麼與採用 AI 的 Westlaw Precision 相比，它有何不同？我試著理解這是價值上的一大進步，而且你能夠為它定出比我們之前看到的價格上漲更高的價格。

Yes, Jason, I'll provide some color on that. We'll continue, no surprise to price for value over the time horizon. As we move forward, and I'll intentionally use the phrase commercial packages to my comment earlier versus point solutions looking at the collection of offerings, it will include a combination of a premium of the initial sale, but then also higher out-year price increases.

是的，傑森，我會對此提供一些說明。我們將繼續，隨著時間的推移，價格的價值不會令人感到驚訝。隨著我們繼續前進，我將有意使用“商業套餐”一詞來表達我先前的評論，而不是著眼於產品集合的點解決方案，它將包括初始銷售的溢價，但隨後也會包括更高的年度價格上漲。

So you'll see a continued opportunity for sustained acceleration from all of our businesses. As a result of that gives us confidence in delivering for 2026 -- '25 and 2026 guidance. But I would encourage you to focus on the overall suite of versus products, so there will be a step up and there will be out year increases.

因此，您將看到我們所有業務都擁有持續加速發展的機會。因此，我們有信心實現 2026 年—2025 年和 2026 年的預期目標。但我鼓勵您專注於整體產品套件，這樣就會有一個進步，並且每年都會有所成長。

Got it. That's very helpful. And as a follow-up, I was curious if you could comment on the size and growth of CoCounsel? So Harvey recently disclosed they're doing $100 million of ARR. So I was curious how CoCounsel compares to that?

知道了。這非常有幫助。作為後續問題，我很好奇您是否可以評論一下 CoCounsel 的規模和發展？因此，哈維最近透露，他們正在進行 1 億美元的 ARR。所以我很好奇 CoCounsel 與此相比如何？

Yes. We don't disclose on an individual product level. I would say we are very pleased with the progress of CoCounsel across the total TR.

是的。我們不會在單一產品層面上揭露。我想說，我們對 CoCounsel 在整個 TR 中取得的進展感到非常滿意。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Sticking with the topic of AI, are you seeing different adoption curves for AI tools between large enterprise clients versus mid-market or smaller firms? And how are you tailoring your go-to-market strategies accordingly?

繼續討論人工智慧這個主題，您是否看到大型企業客戶與中型市場或小型公司之間對人工智慧工具的採用曲線有所不同？您如何相應地調整您的市場進入策略？

Yes. Thanks, George. So I think what's interesting in this sort of AI revolution is that we're seeing a pretty even demand curve across the different segments. So relative to when we would put out a new version of Westlaw or a new version of Practical Law in the Legal segment and it would very much be the sort of the largest, most sophisticated firms with the most evolved sort of Chief Knowledge Officer groups and so forth.

是的。謝謝，喬治。所以我認為這種人工智慧革命的有趣之處在於，我們看到不同領域的需求曲線相當均勻。因此，當我們在法律領域推出新版 Westlaw 或新版 Practical Law 時，它很可能是最大、最成熟的公司，擁有最先進的首席知識長團隊等等。

They were the first customer set. Whereas now, we see sold proprietor, sole operator lawyers taking up CoCounsel and wanting to hear about the latest version of Westlaw if they're in a litigation business. And so I think that's true of the Tax & Accounting side of things as well. So it's slightly different and potentially more attractive dynamic for us.

他們是第一批顧客。而現在，我們看到自僱人士、獨資經營者的律師開始使用 CoCounsel，如果他們從事訴訟業務，他們也希望了解 Westlaw 的最新版本。所以我認為稅務和會計方面也是如此。因此，這對我們來說略有不同，而且可能更具吸引力。

Got it. That's helpful. And then can you talk a little bit about what internal benchmarks or KPIs you're using to measure the ROI of AI investments, particularly in terms of customer retention or customer upsell rates or the percentage of ACV that's coming from AI?

知道了。這很有幫助。然後，您能否談談您使用哪些內部基準或 KPI 來衡量 AI 投資的投資回報率，特別是在客戶保留率或客戶追加銷售率或來自 AI 的 ACV 百分比方面？

Yes. George, I think it's a combination of convergence of all the items that you mentioned there. I certainly look at it from a gross margin perspective. Just given in the last 2.5 years, we have a different type of cost in regards to the large lingual model pings or searches associated with that, the cloud cost, et cetera. Customer retention, we've talked a lot about in the last few quarters, that continues to be a key focus item.

是的。喬治，我認為這是你提到的所有項目的融合組合。我當然是從毛利率的角度來看這個問題的。僅在過去 2.5 年中，我們在大型語言模型 ping 或與之相關的搜尋、雲端成本等方面都有不同類型的成本。我們在過去幾季中多次討論過客戶保留問題，這仍然是我們關注的重點。

And then also the adoption rate because some of these new offerings are really important for us, and we track the adoption and usage on a monthly, quarterly basis. So it's really a convergence, George of the items that you mentioned, not solely one item.

然後還有採用率，因為其中一些新產品對我們來說非常重要，我們每月、每季追蹤採用和使用情況。因此，喬治，這實際上是您提到的項目的融合，而不僅僅是一項項目。

All right. Great. I think we'll end the call there. So thanks, everybody, for your time. Have a good day.

好的。偉大的。我想我們就此結束通話。謝謝大家抽出時間。祝你有美好的一天。

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

今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線。