Thomson Reuters Corp (TRI) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加湯森路透第三季財報電話會議。今天的會議正在錄影。此時，我想把電話交給投資人關係主管加里‧比斯比。請繼續。

Thanks, Jenny. Good morning, and thank you for joining us today for our third-quarter 2025 earnings call. Joined today by our CEO, Steve Hasker; and our CFO, Mike Eastwood, each of whom will discuss our results and take your questions following their remarks. To enable us to get to as many questions as possible, we would appreciate it if you'd limit yourself to one question and one follow up each when we open the phone lines.

謝謝你，珍妮。早安，感謝各位今天參加我們2025年第三季財報電話會議。今天，我們的執行長史蒂夫·哈斯克和首席財務官邁克·伊斯特伍德也來到了現場，他們將分別討論我們的業績，並在發言後回答大家的問題。為了讓我們能夠盡可能解答您的問題，我們希望您在電話開通時，每次只提一個問題，並提出一個後續問題。

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

在今天的演示中，當我們比較各時期的業績時，我們會討論不考慮匯率因素的收入增長率以及有機增長後的收入增長率。我們認為這為衡量企業的實際績效提供了最佳依據。

Today's presentation contains forward-looking statements and non-IFRS and other supplemental 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以及非國際財務報告準則和其他補充財務指標，這些內容將在本特別說明幻燈片中進行討論。實際結果可能因我們在提交給監管機構的報告和文件中討論的許多風險和不確定性而與預期有重大差異。您可以透過造訪我們的網站或聯絡我們的投資者關係部門來取得這些文件。

Let me now turn it over to Steve Hasker.

現在我把麥克風交給史蒂夫‧哈斯克。

Thank you, Gary, and thanks to all of you for joining us today. Momentum continued in the third 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, beneficial revenue mix, and good cost discipline, boosted margins driving profit ahead of expectations. We are reaffirming our full-year 2025 revenue and profit outlook including our expectation for approximately 9% organic revenue growth for the Big 3 segments.

謝謝你，加里，也謝謝今天所有到場的各位。第三季成長動能依然強勁，營收符合預期，利潤率略高於預期。公司整體有機收入成長 7%，其中三大業務部門成長 9%。此外，健康的營收流動、有利的營收結構和良好的成本控制，提高了利潤率，使利潤超出預期。我們重申對 2025 年全年營收和利潤的預期，包括對三大業務板塊有機收入成長約 9% 的預期。

For the full year, our total and organic revenue growth is trending closer to 3% and 7%, respectively, rather than the higher end of the ranges at 3.5% and 7.5% for three reasons that are unrelated to our AI innovation momentum. First, a slower ramp of commercial print volumes. Secondly, several recent US federal government cancellations and downgrades. And third, slightly softer bookings trends at corporates following internal sales organizational changes aimed at improving future cross-selling.

全年來看，我們的總收入和有機收入成長率分別接近 3% 和 7%，而不是預期的較高區間 3.5% 和 7.5%，這有三個原因與我們的人工智慧創新勢頭無關。首先，商業印刷量的成長速度會放緩。其次，近期美國聯邦政府取消並下調了多項評級。第三，由於旨在改善未來交叉銷售的內部銷售組織變革，企業預訂趨勢略有放緩。

We see these as temporary factors not related to our growing innovation and AI-driven momentum, which continues to build. This is best illustrated by our Legal Professionals segment accelerating to 9% organic revenue growth in the quarter, up from 8% in the first half of 2025 and 7% last year, and this is driven by continued Westlaw momentum and strong double-digit growth from both CoCounsel and CoCounsel drafting. Outside of Legal, we continue to see double-digit growth from a number of key franchises, including SafeSend, Confirmation, Pagero, Indirect Tax, and our international businesses to name a few.

我們認為這些是暫時的因素，與我們不斷增長的創新和人工智慧驅動的發展勢頭無關，而這種勢頭仍在持續增強。這一點在我們的法律專業人士業務板塊中體現得最為明顯，該板塊本季度有機收入增長加速至 9%，高於 2025 年上半年的 8% 和去年的 7%，這主要得益於 Westlaw 的持續增長勢頭以及 CoCounsel 和 CoCounsel 起草業務的強勁兩位數增長。除了法律業務之外，我們還看到許多關鍵特許經營業務繼續保持兩位數的成長，包括 SafeSend、Confirmation、Pagero、間接稅以及我們的國際業務等等。

Looking to next year, we're updating our 2026 financial framework. We continue to expect organic revenue of 7.5% to 8%, including approximately 9.5% for the Big 3, and we now see larger year-over-year margin expansion and higher free cash flow than in our prior outlook. On the product front, customer feedback on the Agentic AI launches over the summer has been very positive and initial sales trends are encouraging, especially for the CoCounsel legal integrated offer, Westlaw advantage, and CoCounsel for tax audit and accounting.

展望明年，我們正在更新 2026 年財務架構。我們仍預期有機收入成長 7.5% 至 8%，其中三大巨頭約為 9.5%，而且我們現在預計將年比利潤率大幅成長，自由現金流也將高於我們先前的預期。在產品方面，客戶對 Agentic AI 在夏季推出的產品回饋非常積極，初步銷售趨勢令人鼓舞，尤其是 CoCounsel 法律整合產品、Westlaw Advantage 以及 CoCounsel 稅務審計和會計產品。

The competitive dynamics for our core content-enabled technology offerings for Westlaw, Practical Law, and our tax engines remains stable. We see incremental competition in the AI assistant space, which is an exciting white space growth opportunity in which CoCounsel remains a clear market leader.

我們面向 Westlaw、Practical Law 和稅務引擎等核心內容賦能技術產品的競爭格局依然穩定。我們看到人工智慧助理領域的競爭日益激烈，這是一個令人興奮的空白市場成長機會，而 CoCounsel 仍然是該領域的絕對市場領導者。

Our capital capacity and liquidity remain an asset that we are focused on deploying to create shareholder value. We recently completed the $1 billion share repurchase program announced in mid-August, and we remain extremely well capitalized with a net leverage of only 0.6 times at quarter end. We remain committed to a balanced capital allocation approach and we continue to assess additional inorganic opportunities. With our estimated $9 billion of capital capacity through 2027, after the completion of the buyback, we are positioned to be both aggressive and opportunistic.

我們的資本實力和流動性仍然是我們致力於用來創造股東價值的資產。我們最近完成了 8 月中旬宣布的 10 億美元股票回購計劃，目前資本狀況依然非常良好，季末淨槓桿率僅為 0.6 倍。我們將繼續堅持均衡的資本配置策略，並持續評估其他非內生性成長機會。預計到 2027 年，在完成股票回購後，我們將擁有 90 億美元的資本能力，這使我們能夠採取積極進取和把握機會的策略。

Now to the results for the quarter. Third quarter organic revenues grew 7%, in line with our expectations. Organic recurring and transactional revenue grew at 9% and 4%, respectively, while print revenue declined 4%. Adjusted EBITDA increased 10% to $672 million, reflecting a 240-basis point margin increase to 37.7%, higher than anticipated due to healthy operating leverage and good cost discipline.

現在公佈本季業績。第三季有機收入成長7%，符合我們的預期。有機經常性收入和交易收入分別成長了 9% 和 4%，而印刷收入下降了 4%。經調整的 EBITDA 成長 10% 至 6.72 億美元，利潤率成長 240 個基點至 37.7%，高於預期，這得益於健康的經營槓桿和良好的成本控制。

Turning to the third-quarter results by segment. The Big 3 segments delivered 9% organic revenue growth. Legal organic revenue grew 9%, improving from 8% in the first half of 2025 and 7% for all of last year. Continued momentum from Westlaw and CoCounsel were key drivers. Organic revenues in Corporates grew 7%, driven by offerings in our legal, tax, and risk portfolios, and the segment's international businesses.

接下來我們來看各業務部門的第三季業績。三大業務部門實現了 9% 的有機收入成長。法律業務有機收入成長了 9%，高於 2025 年上半年的 8% 和去年全年的 7%。Westlaw 和 CoCounsel 的持續成長動能是關鍵驅動因素。企業業務的有機收入成長了 7%，這主要得益於我們在法律、稅務和風險組合方面的產品和服務，以及該部門的國際業務。

Tax & Accounting organic revenues grew 10%, driven by our Latin American and US businesses. Reuters News organic revenues rose 3%, driven by growth in the agency business and our contract with LSEG. And lastly, Global Print organic revenues declined 4% year on year. In summary, we're pleased with our Q3 results. I'll now comment briefly on questions that we've heard in recent months about the value of our content, specifically Westlaw, in an AI environment and whether it could be replicated by large language models or newer AI competitors.

稅務與會計業務的有機收入成長了 10%，這主要得益於我們在拉丁美洲和美國的業務發展。路透社新聞有機收入成長 3%，這主要得益於代理商業務的成長以及我們與倫敦證券交易所集團 (LSEG) 的合約。最後，全球印刷業務的有機收入較去年同期下降了 4%。總而言之，我們對第三季的業績感到滿意。現在，我將簡要評論一下近幾個月來我們聽到的一些問題，這些問題涉及我們的內容（特別是 Westlaw）在人工智慧環境中的價值，以及大型語言模型或更新的人工智慧競爭對手是否可以複製它。

We remain very confident in Westlaw's differentiation, which we believe has increased significantly with the development of deep research in agentic AI and the recent launch of Westlaw Advantage. It is very important to understand that litigation is high stakes work with no room for error and significant consequences for being wrong.

我們對 Westlaw 的差異化優勢仍然充滿信心，我們相信隨著智能體人工智慧領域的深入研究以及 Westlaw Advantage 的推出，這種差異化優勢已顯著增強。必須明白，訴訟是一項高風險的工作，容不得半點差錯，一旦出錯後果嚴重。

As a result, professional-grade legal research and workforce tools -- workflow tools need to deliver comprehensive, accurate, and up-to-date outputs through trusted solutions with robust data privacy commitments. This is a very high bar, particularly given the scale, complexity, and constant change of the legal ecosystem.

因此，專業級的法律研究和工作工具——工作流程工具需要透過值得信賴的解決方案，提供全面、準確和最新的輸出，並做出強有力的資料隱私承諾。這是一個非常高的門檻，尤其考慮到法律生態系統的規模、複雜性和不斷變化。

In the United States, there are hundreds of court systems and tens of millions of annual rulings. We collect content from more than 3,500 sources in multiple formats, and it is completely unstructured. On an annual basis, we process more than 300 million documents into Westlaw. In addition, we have valuable and proprietary second source content, including Practical Law.

在美國，有數百個法院系統，每年有數千萬項判決。我們從 3500 多個來源收集多種格式的內容，而這些內容完全是非結構化的。我們每年向 Westlaw 系統匯入超過 3 億份文件。此外，我們還擁有寶貴的專有第二來源內容，包括實用法律。

Collection of source content is just step one. Our more than 1,500 attorney editors armed with cutting-edge technologies turn the massive volume of unstructured data into structured proprietary content and intelligence. This includes linking cases, qualifying statutes and regulations, authoring headnotes, and increasingly creating new content for our AI offerings.

收集來源內容只是第一步。我們擁有超過 1500 名律師編輯，運用尖端技術將大量非結構化資料轉化為結構化的專有內容和情報。這包括關聯案例、符合規定的法規和條例、撰寫案情摘要，以及越來越多地為我們的人工智慧產品創建新內容。

In total, our team delivers more than 1.6 million editorial enhancements per year. Primary law content, including case law, statutes, and regulations, is a significant majority of what users search in Westlaw. And 85%, I repeat, 85% of this content has been editorially enhanced. The 85% is editorially enhanced. These enhancements are proprietary to Westlaw and make the source content far more valuable.

我們的團隊每年總共提供超過 160 萬次編輯改進。在 Westlaw 中，使用者搜尋的內容絕大多數是主要法律內容，包括判例法、法規和規章。而且，我再說一遍，85% 的內容都經過了編輯潤飾。85% 為編輯增強資料。這些增強功能是 Westlaw 的專有技術，使來源內容更有價值。

Let me provide a few brief examples. First, the West Key Number System is our proprietary taxonomy or subject classification of the law. It covers more than 140,000 precise legal topic categories, capturing the law at an extremely granular level. The organization of case law, statutes, and regulations against this taxonomy is key to the delivery of comprehensive and accurate results, allowing Westlaw users to zero in on very specific points of law.

我舉幾個簡單的例子。首先，West Key Number System 是我們專有的法律分類或主題分類。它涵蓋超過 140,000 個精確的法律主題類別，以極其細緻的程度捕捉法律。根據此分類法對判例法、法規和規章進行組織，是提供全面且準確結果的關鍵，使 Westlaw 使用者能夠專注於非常具體的法律要點。

Second, KeyCite, our proprietary citation network, has more than 1.4 billion connections linking legal matter with the taxonomy. KeyCite verifies whether a case, statute, or regulation is still good law and finds accurate citing references to support legal arguments. And lastly, headnotes are summaries of the important issues of law within a case and are indexed against the key number system. This allows users to efficiently and accurately pinpoint the cases that best match their facts and desired outcome.

其次，我們的專有引文網絡 KeyCite 擁有超過 14 億個連接，將法律事務與分類法聯繫起來。KeyCite 可以驗證案例、法規或規章是否仍然有效，並找到準確的引用參考文獻來支持法律論點。最後，案情摘要是對案件中重要法律問題的總結，並依關鍵編號系統進行索引。這使用戶能夠有效率、準確地找到最符合自身情況和預期結果的案例。

To illustrate how the Westlaw content and editorial capabilities deliver value in an AI world, this slide outlines the key steps in our agentic approach for Westlaw Advantage. As you can see, our AI agents leverage Westlaw's breadth and depth of content; and critically, the extensive expertise of our editorial teams and the significant editorial enhancements that we create differentiates our agents the output of which is delivered as professional-grade research that lawyers can trust.

為了說明 Westlaw 的內容和編輯能力如何在人工智慧世界中創造價值，此投影片概述了我們 Westlaw Advantage 的代理方法的關鍵步驟。如您所見，我們的 AI 代理商利用了 Westlaw 內容的廣度和深度；更重要的是，我們編輯團隊的廣泛專業知識以及我們創建的重大編輯改進使我們的代理商脫穎而出，其輸出結果是律師可以信賴的專業級研究。

This graphic highlights another important differentiator for Westlaw. When doing legal research, validating research results is a key final step in the process. This is doubly important with any AI outputs which need to be checked for inaccuracies and hallucinations.

這張圖表突顯了 Westlaw 的另一個重要差異化優勢。在進行法律研究時，驗證研究結果是過程中關鍵的最後一步。對於任何人工智慧輸出而言，這一點尤其重要，因為需要檢查是否存在不準確或虛假資訊。

In Westlaw, we have the leading tool set to deliver these validations, bringing confidence to our users that their citations are accurate and their legal arguments are correctly characterizing the law. The validation process leverages several tools I've already mentioned, including key number system, KeyCite and headnotes.

在 Westlaw 中，我們擁有領先的工具集來進行這些驗證，從而讓使用者確信他們的引文是準確的，他們的法律論點是對法律的正確描述。驗證過程利用了我之前提到的幾個工具，包括關鍵編號系統、KeyCite 和標題註釋。

In addition, Litigation Document Analyzer, reviews legal briefs before they are submitted to the court identifying inaccurate citations and misstatements of law. Combined with the industry's most robust editorial curated content set, the Westlaw tools provide lawyers with assurance that their legal arguments are on point, and they have done all that they can to prepare for court.

此外，訴訟文件分析器會在法律摘要提交法院之前對其進行審查，以識別不準確的引用和法律錯誤陳述。結合業界最強大的編輯精選內容，Westlaw 工具可確保律師的法律論點切中要害，並且他們已盡一切努力做好出庭準備。

While general purpose models can find cases and potentially make a legal argument, delivering against the industry's need for comprehensive, accurate, and current research is an extremely high bar. Our market-leading content, our editorial enhancement, and our sophisticated tool set have been built over decades to consistently deliver this standard while meeting the industry's data privacy and security needs.

雖然通用模型可以找到案例並有可能提出法律論點，但要滿足業界對全面、準確和最新研究的需求，門檻非常高。我們市場領先的內容、編輯改進和先進的工具集，都是經過數十年的發展而不斷完善的，旨在持續提供這一標準，同時滿足行業的數據隱私和安​​全需求。

Looking forward, we see the evolution of AI for an information retrieval and summarization to more complex agentic workflows as an opportunity for Thomson Reuters, that reinforces the value and critical importance of our content and editorial expertise.

展望未來，我們看到人工智慧從資訊檢索和摘要向更複雜的代理工作流程的演進，為湯森路透帶來了機遇，也強化了我們內容和編輯專業知識的價值和關鍵重要性。

In complex multistep work, quality content to ground the outputs and subject matter expertise to train and fine-tune the AI are critical to delivering professional grade results. Our innovation focus is squarely on leveraging these assets, leading content and the deepest bench of domain experts in our end markets to deliver agentic solutions that are difficult, if not impossible, to replicate.

在複雜的多步驟工作中，高品質的內容對於提供輸出結果至關重要，而專業知識對於訓練和微調人工智慧則至關重要，才能交付專業級的結果。我們的創新重點在於充分利用這些資產、領先的內容以及我們終端市場中最深厚的領域專家團隊，提供難以複製（如果不是不可能複製）的智慧解決方案。

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

現在我將把發言權交給麥克，讓他來回顧我們的財務表現。

Thanks, Steve. Thanks again for joining us today. As a reminder, I will talk to revenue growth before currency and on an organic basis. Let me start by discussing the third-quarter revenue performance for our Big 3 segments. Organic revenue grew 9% in the third quarter, continuing the strong trend from recent periods.

謝謝你，史蒂夫。再次感謝您今天收看我們的節目。再次提醒大家，我將先討論營收成長，然後再討論匯率變動，並且會著重在有機成長。首先，我想談談我們三大業務部門第三季的營收表現。第三季有機收入成長了 9%，延續了近幾季的強勁成長動能。

Legal Professionals organic revenue grew 9%, improving from 8% in the first half, driven primarily by Westlaw, CoCounsel, CoCounsel Drafting, and our international businesses. Government grew 9% in the quarter. In our Corporate segment, organic revenues grew 9%, recurring revenue grew 9%, while transactional rose 5%. Direct and Indirect Tax, Pagero, Practical Law, and our international businesses were key contributors.

法律專業人士業務的有機收入成長了 9%，高於上半年的 8%，主要得益於 Westlaw、CoCounsel、CoCounsel Drafting 和我們的國際業務。本季政府支出成長了9%。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 5%。直接稅和間接稅、Pagero、Practical Law 以及我們的國際業務都是主要貢獻者。

Looking forward, the Corporate segment growth rate is likely to moderate in the fourth quarter due to the softer-than-planned bookings growth Steve mentioned. Tax & Accounting delivered another strong quarter with organic growth of 10%. Recurring and transactional revenues grew 9% and 12%, respectively. Our Latin America business, SafeSend, UltraTax, and the Cloud Audit family of products were key drivers.

展望未來，由於史蒂夫提到的預訂成長低於預期，企業業務部門的成長率可能會在第四季放緩。稅務與會計業務又迎來一個強勁的季度，實現了 10% 的內生成長。經常性收入和交易性收入分別成長了 9% 和 12%。我們的拉丁美洲業務、SafeSend、UltraTax 和 Cloud Audit 系列產品是關鍵驅動因素。

Moving to Reuters News. Organic revenue rose 3% for the quarter, driven primarily by growth at the agency business and from the news agreement with the data and analytics business of LSEG. Reuters revenue included approximately $7 million of transactional generative AI content licensing revenue in the quarter compared to $8 million in the prior year quarter.

移至路透社新聞。本季有機收入成長 3%，主要得益於代理業務的成長以及與倫敦證券交易所集團 (LSEG) 數據和分析業務達成的新協議。路透社本季營收包括約 700 萬美元的交易型生成式人工智慧內容授權收入，而去年同期為 800 萬美元。

Finally, Global Print revenues decreased 4% on an organic basis. On a consolidated basis, third-quarter organic revenues increased 7%. At the end of Q3, the percent of our annualized contract value for ACV from products that are Gen AI-enabled was 24%, up from 22% last quarter.

最後，全球印刷業務收入按有機成長計算下降了 4%。合併後，第三季有機收入成長了7%。第三季末，我們年度合約價值中來自支援人工智慧技術的產品的百分比為 24%，高於上一季的 22%。

Turning to our profitability. Adjusted EBITDA for the Big 3 segments was $606 million, up 9% from the prior year period with the margin rising 220 basis points to 41.7%. Moving to Reuters News. Adjusted EBITDA was $42 million, with a margin of 19.9%. Global Print's adjusted EBITDA was $46 million with a margin of [37.1%]. In aggregate, total company adjusted EBITDA was $672 million, a 10% increase versus Q3 2024, reflecting a 240-basis point margin increase to 37.7%.

接下來談談我們的獲利能力。三大業務部門的調整後 EBITDA 為 6.06 億美元，較上年同期成長 9%，利潤率上升 220 個基點至 41.7%。移至路透社新聞。調整後 EBITDA 為 4,200 萬美元，利潤率為 19.9%。Global Print調整後的EBITDA為4,600萬美元，利潤率為[37.1%]。整體而言，公司調整後 EBITDA 總額為 6.72 億美元，比 2024 年第三季成長 10%，利潤率提高 240 個基點至 37.7%。

Turning to earnings per share. Adjusted EPS was $0.85 for the quarter versus $0.80 in the prior year period. Currency had a $0.01 positive impact on adjusted EPS in the quarter. Let me now turn to our free cash flow. For the first nine months of 2025, our free cash flow was approximately $1.4 billion, down 3% from the prior year. Changes in working capital, which are largely timing related, were the largest driver of the decrease. I will also provide a quick update on our capital allocation.

接下來看每股收益。本季調整後每股收益為 0.85 美元，而去年同期為 0.80 美元。匯率波動對本季調整後每股盈餘產生了 0.01 美元的正面影響。現在讓我來談談我們的自由現金流。2025 年前九個月，我們的自由現金流約為 14 億美元，比前一年下降 3%。營運資本的變化（很大程度上與時間有關）是導致下降的最大因素。我也會簡單匯報一下我們的資本配置。

In late October, we completed the $1 billion NCIB or share repurchase program we announced in mid-August acquiring approximately 6 million of our shares. I will conclude with a discussion of our 2025 outlook and 2026 financial framework. As Steve outlined, we are reaffirming our 2025 outlook across all metrics. Our total and organic revenue growth is trending closer to 3% and 7%, respectively, rather than the higher end of the ranges at 3.5% and 7.5% for three reasons unrelated to our AI innovation momentum, as Steve mentioned.

10 月下旬，我們完成了 8 月中旬宣布的 10 億美元 NCIB 或股票回購計劃，收購了約 600 萬股股票。最後，我將討論我們 2025 年的展望和 2026 年的財務架構。正如史蒂夫所概述的那樣，我們重申了我們對 2025 年所有指標的展望。正如史蒂夫所提到的，由於與人工智慧創新勢頭無關的三個原因，我們的總收入和有機收入成長率分別接近 3% 和 7%，而不是預期的較高區間 3.5% 和 7.5%。

I will provide a bit more color. First, our Global Print segment has seen a slower-than-expected ramp in commercial print volumes thus far in 2025, which we believe will impact total organic revenue growth by approximately 25 basis points for the year. As a reminder, 10% of Print revenues from commercial where we print books for third-party publishers.

我再補充一些細節。首先，我們的全球印刷業務在 2025 年的商業印刷量成長速度低於預期，我們認為這將使全年有機收入成長減少約 25 個基點。再次提醒，印刷收入的 10% 來自商業印刷，也就是我們為第三方出版商印刷書籍的收入。

Second, our government business while holding up well overall has faced a handful of recent downgrades and losses related to the federal efficiency programs that we believe will be an approximate 20 basis point drag to full-year organic revenue growth. Third, as I mentioned earlier, we have seen softer bookings trends at our Corporate segment, reflecting the impact of internal sales organizational changes aimed at supporting an increasingly integrated product proposition and driving improved future cross-selling.

其次，我們的政府業務雖然整體表現良好，但最近因聯邦效率計劃而遭遇了一些評級下調和損失，我們認為這將使全年有機收入增長下降約 20 個基點。第三，正如我之前提到的，我們在企業客戶領域的預訂趨勢有所放緩，這反映了內部銷售組織變革的影響，旨在支持日益整合的產品方案並推動未來交叉銷售的改進。

While these changes have contributed to a slower sales build in 2025 versus our initial expectations, we remain confident in our corporate product portfolio and the segment's growth potential. Note, these organizational changes were only made at our corporate segment and do not impact our Legal Professionals or Tax & Accounting segments, which have separate sales organizations.

儘管這些變化導致 2025 年的銷售額成長速度低於我們最初的預期，但我們仍然對我們的企業產品組合和該細分市場的成長潛力充滿信心。請注意，這些組織結構調整僅針對我們的公司部門，不會影響我們的法律專業人士或稅務會計部門，這兩個部門擁有獨立的銷售組織。

Despite these headwinds, we remain confident in achieving our 9% Big 3 organic revenue growth outlook for the year, with strong innovation-led momentum continuing in our Legal Professionals and Tax & Accounting professionals businesses and from our international markets.

儘管面臨這些不利因素，我們仍然有信心實現今年三大業務有機收入增長 9% 的目標，這得益於我們在法律專業人士、稅務和會計專業人士業務以及國際市場持續強勁的創新勢頭。

Turning to the fourth quarter. We expect organic revenue growth of approximately 7%, including approximately 9% for the Big 3. Legal Professionals is likely to again deliver 9% organic revenue growth, assuming no incremental government headwinds materialize. We expect the Q4 adjusted EBITDA margin to be approximately 39%, which includes select one-time investments we are making to transform and increasingly automate how we work.

進入第四節。我們預計有機收入成長約為 7%，其中三大巨頭成長約為 9%。假設沒有出現任何額外的政府不利因素，法律專業人士的收入可能會再次實現 9% 的有機成長。我們預計第四季度調整後 EBITDA 利潤率約為 39%，其中包括我們正在進行的一些一次性投資，旨在轉變和逐步實現工作方式的自動化。

Looking beyond 2025, we are updating our 2026 financial framework to incorporate a more positive margin expansion and free cash flow outlook. We reiterate our outlook for 7.5% to 8% organic revenue growth, driven by approximately 9.5% growth at the Big 3 segments. We are confident in delivering the revenue acceleration this implies, driven by positive underlying momentum, the execution of our innovation road maps and, to a lesser extent, easier comparisons in several areas, including at Reuters News and Corporates.

展望 2025 年後，我們正在更新 2026 年的財務框架，以納入更積極的利潤率擴張和自由現金流前景。我們重申對有機收入成長7.5%至8%的預期，其中三大業務板塊約9.5%的成長將推動營收成長。我們有信心實現由此帶來的收入成長，這得益於積極的潛在勢頭、創新路線圖的執行，以及在較小程度上，路透社新聞和企業等幾個領域更容易進行比較。

We now expect to deliver approximately 100 basis points of adjusted EBITDA margin expansion, up from our prior view of 50 or more basis points. Healthy operating leverage, combined with early benefits from using AI and technology to reengineer how we work, provide confidence in this outlook. We are also raising our free cash flow outlook for 2026 to approximately $2.1 billion, which is the upper end of the prior range of $2 billion to $2.1 billion.

我們現在預計調整後 EBITDA 利潤率將提高約 100 個基點，高於我們先前預期的 50 個基點或更多。健康的營運槓桿，加上利用人工智慧和技術重新設計我們的工作方式所帶來的早期收益，使我們對這一前景充滿信心。我們同時將 2026 年的自由現金流預期上調至約 21 億美元，這是先前 20 億美元至 21 億美元區間的上限。

Our expectations for capital intensity and tax rate remain unchanged. We are currently in our 2026 planning cycle, and we'll provide more detailed 2021 guidance on our Q4 conference call in February. I will now turn it back to Gary for any questions.

我們對資本密集度和稅率的預期保持不變。我們目前正處於 2026 年規劃週期中，我們將在 2 月的第四季電話會議上提供更詳細的 2021 年指導意見。現在我把問題交還給加里，他有任何問題都可以問。

Thanks. Jenny, we're ready to start the Q&A.

謝謝。珍妮，我們準備開始問答環節了。

(Operator Instructions) Drew McReynolds, RBC.

（操作員說明）Drew McReynolds，RBC。

Appreciate all the detail as usual. Two questions for me. I guess, first on Government and Corporate headwinds. I guess the question is ultimately what's kind of recurring into next year? And for Corporates, I believe the organic revenue growth target is 9% to 11%. Just wondering how comfortable you still are with that?

一如既往，非常感謝您提供的所有細節。我有兩個問題。我想，首先是政府和企業方面的阻力。我想最終的問題是，明年哪些事情會再發生？對於企業而言，我認為有機收入成長目標為 9% 至 11%。我只是想知道你現在對這件事還感到自在嗎？

And then secondly, Steve, great kind of run down essentially of the moat within Westlaw. I know it's early days on agentic AI. Can you comment on the customer kind of reaction to what agentic is doing from their perspective? Are they able in these first iterations to notice the difference between what you're offering and maybe some others don't have the deep content access.

其次，史蒂夫，你對 Westlaw 內部的護城河進行了很好的概述。我知道智能體人工智慧還處於早期階段。您能否從客戶的角度談談他們對代理商所作所為的反應？在最初的幾次迭代中，他們是否能夠注意到你提供的服務與其他一些服務之間的差異？或許他們沒有深入的內容存取權限。

Yeah, Drew, great questions. Let me start with Corporates and then I'll ask Mike to supplement that, then I'll go to Government, then I'll go to Westlaw So please be patient, but we'll work our way through these questions. So look, the Corporate sales softness is a bit frustrating because it's temporary and it's self-inflicted. So two points.

是的，德魯，問得好。我先講企業法，然後請 Mike 補充，接著講政府法，最後講 Westlaw。請耐心等待，我們會逐步解答這些問題。所以你看，企業銷售疲軟有點令人沮喪，因為它只是暫時的，而且是企業本身造成的。所以得了兩分。

One, we remain even more confident in the end market opportunity. We've said for a while that the TAM is the biggest opportunity for us in Corporates relative to other segments. And it's the area in which we have the lowest penetration of our legal, tax, and risk products.

第一，我們對終端市場機會仍充滿信心。我們一直認為，相較於其他細分市場而言，企業市場是我們最大的機會所在。而且，在這個領域，我們的法律、稅務和風險產品的滲透率最低。

So we think it's our biggest opportunity. And our product set is, we think, pristine and well received by customers. And so we started to see glimpses of this promise last year, as you'll remember, with 10% growth. And underpinning that, we've seen a really nice escalation in our NPS scores across the segments and including in Corporates. But what we haven't seen is an uptick in cross-sell.

所以我們認為這是我們最大的機會。我們認為，我們的產品系列完美無瑕，深受顧客好評。因此，正如您所知，去年我們開始看到這一前景的曙光，實現了 10% 的成長。此外，我們看到各個細分市場（包括企業客戶）的 NPS 分數都出現了非常好的提升。但我們尚未看到交叉銷售的成長。

So at the start of this year, we expanded our global account footprint, and we asked our salespeople to sell more than one product grouping. And I think in retrospect, we got a little ahead of our sort of commercial systems and our infrastructure in doing that. So we've let some of our salespeople, I think a little disorganized relative to the opportunities and relative to where they were last year.

因此，今年年初，我們擴大了全球客戶覆蓋範圍，並要求銷售人員銷售不只一種產品組合。現在回想起來，我認為我們當時在商業系統和基礎設施方面有點超前了。所以，我認為我們的一些銷售人員在把握機會和與去年相比，有點缺乏條理。

So not up to our high standards. We're through this, we'll learn from it, and we'll be better for it. We've got no more changes in the pipeline and very confident in the 9% to 11% for next year. So that's on the Corporate side. Mike, what would you add to that before we go to Government?

所以，這不符合我們的高標準。我們已經渡過難關，我們會從中學到教訓，我們會因此變得更好。我們目前沒有其他變動計劃，對明年9%到11%的成長目標非常有信心。以上是公司方面的情況。麥克，在我們討論政府問題之前，你還有什麼要補充的嗎？

Terrific summary, Steve.

史蒂夫，總結得太棒了。

Okay. All right. So government -- so I'd say a couple of things. Our solutions in Government, whether they be related to the legal side or the sort of law enforcement risk side are very well aligned with the administration's agenda around efficiency and law enforcement. And we've seen good growth in state and local. And on a federal level, I think the teams have done a very good job this year in asserting the must-have status of our solutions.

好的。好的。所以，關於政府——我想說幾點。我們在政府層級提供的解決方案，無論是與法律方面還是與執法風險方面相關的解決方案，都與政府圍繞效率和執法制定的議程非常契合。我們看到州和地方經濟都實現了良好的成長。在聯邦層面，我認為今年各團隊在確立我們解決方案的必備地位方面做得非常好。

And so I think up until the end of the third quarter was so far so good. And we had a couple of downgrades and cancellations at the end of the third quarter, which I think has had -- has us watching this one vigilantly. In the medium to long term, Drew, we are very confident in the value proposition, both the federal, state, and local because tools like Westlaw Advantage and CoCounsel and our various tax solutions, drive efficiencies for the government agencies.

所以我覺得直到第三季結束，一切都還不錯。第三季末我們遇到了一些降級和取消的情況，我認為這讓我們對此事格外關注。德魯，從中長期來看，我們對聯邦、州和地方各級政府的價值主張都非常有信心，因為像 Westlaw Advantage 和 CoCounsel 這樣的工具以及我們的各種稅務解決方案，能夠提高政府機構的效率。

And of course, our law enforcement work through CLEAR and TRSS is very well aligned with the agenda of this administration, as I said. So medium to long term, we're confident about government, but it is a turbulent environment. And we just wanted to signal that. unclear as to what it will look like for the next 12 months, but medium to longer term, we're very confident.

當然，正如我所說，我們透過 CLEAR 和 TRSS 所進行的執法工作與本屆政府的議程非常契合。所以從中長期來看，我們對政府有信心，但當前的環境動盪不安。我們只是想表明這一點。雖然未來12個月的情況尚不明朗，但從中長期來看，我們非常有信心。

So let me turn to Westlaw. So as you know, we put in the marketplace Westlaw Advantage, which is the first deep research and agentic research product. The reaction has been very, very strong from customers, as it has been to CoCounsel legal and the integrated -- the integration of those products.

那麼，讓我打開Westlaw看看。如您所知，我們推出了 Westlaw Advantage，這是首款深度研究和代理研究產品。客戶的反應非常非常強烈，就像 CoCounsel 法律和整合——這些產品的整合——一樣強烈。

I'll give you an example of one customer that I've spent some time with that I think is emblematic of the broader environment. He is the managing partner of a major firm in New York City. He has spent his career as a litigator and is well known as such. And he was describing how his career has been spent in conference rooms going back and forth with his colleagues and his partners refining his arguments.

我舉個例子，我曾花了一些時間與一位客戶交流，我認為他的情況可以代表更廣泛的客戶群。他是紐約市一家大型公司的管理合夥人。他畢生從事訴訟工作，並因此而聞名。他描述了自己的職業生涯是如何在會議室裡與同事和合作夥伴反覆討論、完善論點而度過的。

Since he's had access to Westlaw Advantage, he is doing much more of that back and forth with our tool than he is with his partners. And so in the early going, there is a change to his behavior in terms of getting to the best, most refined arguments, anticipating the opponents' rebuttals and arguments, and anticipating the likely judges' reaction.

自從他可以使用 Westlaw Advantage 以來，他使用我們的工具進行往復操作的次數比與他的合夥人進行往復操作的次數要多得多。因此，在比賽初期，他的行為發生了變化，他開始尋求最好、最精闢的論點，預測對手的反駁和論點，並預測法官可能的反應。

So we're very excited by the work that Mike, [Dan and Omar] and others have done in developing this product, and we're going to keep investing behind it so that the verification and validation tools that I alluded to get better and better and the product itself gets richer and deeper.

因此，我們對 Mike、[Dan 和 Omar] 以及其他人在開發該產品方面所做的工作感到非常興奮，我們將繼續投資，以便我提到的驗證和確認工具越來越好，產品本身也越來越豐富和深入。

Mike, would you add anything there?

麥克，你還有什麼要補充的嗎？

Nothing to add, Steve.

沒什麼要補充的，史蒂夫。

All right. Thanks, Drew. I hope that addresses the questions.

好的。謝謝你，德魯。希望這能解答您的問題。

It's great context. Thank you.

這是很好的背景資訊。謝謝。

Vince Valentini, TD Cowen.

文斯·瓦倫蒂尼，TD Cowen。

Can I just go back to the government for a second. I just want to make sure I'm clear on what the driver is. Is the government shutdown having an impact or these cancellations happened before that? And can you clarify, do you do work for ICE?

我可以回政府那邊待一會兒嗎？我只是想確認一下，司機到底是什麼。政府停擺是否產生了影響，還是這些取消活動在此之前就已經發生了？請問您是否為美國移民及海關執法局 (ICE) 工作？

Vince, in regards to the first question, the downgrade cancellations occurred prior to the shutdown. The shutdown has very minimal impact on our monthly quarterly revenue based on what we know today. So this occurred prior to the government shutdown. Steve, do you want to address the ICE question?

Vince，關於第一個問題，降級取消發生在停工之前。根據我們目前掌握的情況，此次停工對我們的月季營收影響微乎其微。所以這件事發生在政府停擺之前。史蒂夫，你想談談ICE的問題嗎？

Yeah. I mean, we -- Vince, I won't go into the specifics of the work we do with various government agencies because it's subject to confidentiality clauses. But we do work with a number of departments on a range of law enforcement matters, and we do that consistent with our trust principles at all time.

是的。我的意思是，我們—文斯，我不會詳細說明我們與各個政府機構合作的具體情況，因為這受到保密條款的約束。但是，我們確實與許多部門在各種執法事務上合作，而且我們始終遵循我們的信任原則來開展合作。

Can I maybe rephrase it? Maybe I shouldn't have been so specific. Is there any chance that the government spending is being temporarily redirected and that's impacting some of the contracts with you and that will ebb and flow over time, but should come back?

我可以換個說法嗎？或許我不該說得那麼具體。政府支出是否有可能暫時被重新分配，從而影響到你們的一些合約？這種情況會隨著時間推移而有所波動，但最終應該會恢復正常？

It's a little -- I mean, I definitely think that this administration is putting much more emphasis on some things rather than others. And there is a sort of a process of adjustment to that, Vince. But as I said in response to Drew's question, our tools achieved two things for government agencies. One is efficiency and the other is they are essential tools for law enforcement.

這有點——我的意思是，我確實認為本屆政府更重視某些事情，而不是其他事情。文斯，這需要一個適應的過程。但正如我在回答德魯的問題時所說，我們的工具為政府機構實現了兩件事。一是效率，二是它們是執法單位不可或缺的工具。

So we're confident that our must-have status will be enhanced -- be maintained and enhanced over time. But there is a level of turbulence as some programs get (inaudible) adjustment.

因此，我們有信心，我們的必備地位將會得到提升——隨著時間的推移，這種地位將會維持並提升。但由於某些項目需要進行（聽不清楚的）調整，因此存在一定程度的波動。

Yeah, Vince, we're continuing -- we'll continue to work with our federal customers on kind of three big areas: efficiency, national security, and fraud prevention. We are confident our tools and offerings will be able to support the mid term, long term.

是的，文斯，我們將繼續——我們將繼續與我們的聯邦客戶在三大領域合作：效率、國家安全和詐欺預防。我們相信，我們的工具和產品能夠為中長期發展提供支援。

I'm going to count that as one, Gary, I apologize, but it was 1a and 1b. Just the second question. You got a nice call-out on the Amazon call last week on being one of their key customers for their Transform product, they call it. They say Thomson Reuters has been able to manipulate 1.5 million lines of code per month 4 times faster than they could with previous systems.

我就把它算作一個吧，加里，很抱歉，但實際上是 1a 和 1b。就第二個問題。上週亞馬遜的電話會議上，你因為是他們名為「Transform」的產品的主要客戶之一而受到了表揚。他們表示，湯森路透每月處理 150 萬行程式碼的速度比以前的系統快 4 倍。

I'm wondering, is this part of an initial effort to automate more of your internal cost structure and processes? And is there more of this to come over the next couple of years? And what could that potentially mean for future margins?

我想知道，這是否是你們為進一步實現內部成本結構和流程自動化而採取的初步舉措的一部分？未來幾年是否還會出現更多此類情況？那對未來的利潤率可能意味著什麼？

Yeah. Thanks, Vince. So we're determined to be on the forefront of this AI transformation in two ways. One, in terms of our product development, particularly in and around agentic AI and deep research. And it's -- an example in the -- first example in the legal space with the launches back at ILTACON in August.

是的。謝謝你，文斯。因此，我們決心在兩個方面走在人工智慧變革的前沿。第一，就我們的產品開發而言，尤其是在智慧人工智慧和深度研究領域。這是法律領域的第一個例子，與 8 月在 ILTACON 上發布的案例類似。

Second example, ready to review and then in December, January, ready to advise in our tax and accounting, and we're excited about those. We were pleased to see the reference from Amazon. This relates to the internal application of AI and automation tools. So we are applying our own tools. So CoCounsel Legal and CoCounsel for Tax, Accounting, and Audit to Norie Campbell's general counsel team, and also to Mike's finance, audit, and accounting teams, and we're seeing really promising results from the application of our own tools.

第二個例子，準備進行審查，然後在 12 月和 1 月，準備在稅務和會計方面提供建議，我們對此感到興奮。我們很高興看到亞馬遜的推薦。這與人工智慧和自動化工具的內部應用有關。所以我們正在運用我們自己的工具。所以，我們為 Norie Campbell 的總法律顧問團隊以及 Mike 的財務、審計和會計團隊提供了 CoCounsel Legal 和 CoCounsel for Tax、Accounting 和 Audit 服務，並且我們看到，應用我們自己的工具取得了非常有希望的結果。

We're also, as Amazon alluded to, working with the best tools available to drive automation. I'll defer to Mike as to sort of financial implications of this, Vince. But rest assured, we're going to be at the forefront in terms of automating everything we do with a singular goal of being able to scale faster and more efficiently and deliver better products and services to our customers.

正如亞馬遜所暗示的那樣，我們也在與最好的工具合作，以推動自動化。文斯，關於這件事的財務影響，我得請麥克來解答。但請放心，我們將始終走在自動化領域的前沿，以實現我們所做的一切的自動化，其唯一目標是更快、更有效率地擴大規模，並為我們的客戶提供更好的產品和服務。

You've asked a few thoughts. As noted in my prepared remarks, we do anticipate some one-time investment in Q4 2025 to help us transform and increasingly automate how we work. To Steve's point, as we look into 2026, certainly, we view the example that you questioned, and Steve addressed as opportunities to help us expand our EBITDA margin. It's one of the reasons why we were able today to expand our EBITDA margin expectations for 2026 by 100 basis points.

你提出了一些想法。正如我在準備好的演講稿中提到的，我們預計將在 2025 年第四季進行一次性投資，以幫助我們轉變工作方式並逐步實現自動化。正如史蒂夫所說，展望 2026 年，我們當然會將您提出的問題以及史蒂夫提到的問題視為幫助我們擴大 EBITDA 利潤率的機會。這也是我們今天能夠將 2026 年 EBITDA 利潤率預期上調 100 個基點的原因之一。

We're not discussing guidance today beyond 2026, but I think these developments certainly are encouraging for the long term. Vince, while we have the mic, it might be helpful for everyone if I just clarify, when we say for 2026 increasing margin by 100 basis points, that will be 100 basis points of the actual result for fiscal year 2025. Just wanted to clarify that point.

我們今天不討論 2026 年以後的指導方針，但我認為這些進展對長遠來看無疑是令人鼓舞的。文斯，趁我們現在有麥克風，我澄清一下，這對大家可能都有幫助。當我們說 2026 年利潤率提高 100 個基點時，這指的是 2025 財年實際利潤率提高 100 個基點。我只是想澄清一下這一點。

Thanks. I was going to make on the third question, but I was trying to be nice, but thanks a lot, Mike.

謝謝。我本來想在第三個問題上拒絕，但我還是想禮貌一些，不過非常感謝你，麥克。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

Thanks for taking my questions. In the prepared remarks, you made a comment about seeing some incremental competition in AI assistance space. So I was curious if you could just unpack that comment a little bit more. What was meant by that exactly?

謝謝您回答我的問題。在事先準備好的發言稿中，您提到在人工智慧輔助領域看到了一些漸進式的競爭。所以我很好奇，能否再詳細解釋這句話。那句話到底是什麼意思？

Yeah. Jason, thanks for the question. So the point that I'm trying to make is that we are not seeing any additional competition in our core franchises. So that's legal research and legal know-how, and the tax calculation engine, whether that's UltraTax, GoSystem Tax, or ONESOURCE. So those core franchises are -- have the same competitive dynamics today as they did 12 months ago or three years ago.

是的。傑森，謝謝你的提問。所以我想表達的觀點是，我們的核心特許經營領域並沒有出現任何額外的競爭。所以，這涉及到法律研究和法律知識，以及稅務計算引擎，無論是 UltraTax、GoSystem Tax 還是 ONESOURCE。所以這些核心特許經營權如今的競爭格局與 12 個月前或三年前一樣。

Where we have seen the entrance of new players is in the AI assistance space. Now that is a greenfield sort of white space opportunity for us. And it was the reason that we went out and acquired Casetext and then added Materia, and the fantastic team from Materia on the top of that. So that's a white space opportunity for us around CoCounsel, and that's where we see the entry of new players.

我們看到新玩家進入人工智慧輔助領域。這對我們來說是一個全新的、充滿機會的空白領域。也因為如此，我們收購了 Casetext，然後又收購了 Materia，以及 Materia 那支優秀的團隊。所以，CoCounsel 為我們提供了一個空白市場機會，我們也看到了新玩家的進入。

We're happy with where we sit in the marketplace. We've got some very aggressive product development plans. And I think most importantly, customers are responding well to CoCounsel and its various offerings. So I hope that clarifies.

我們對自己在市場中的地位感到滿意。我們有一些非常積極的產品開發計劃。而且我認為最重要的是，客戶對 CoCounsel 及其各種產品和服務反應良好。希望這樣解釋清楚了。

That's very helpful. And then I wanted to follow up on the Tax & Accounting business. It looks like the organic consequence (inaudible) detailed from 11% to 10%. I know there's rounded numbers. But I was curious if you could comment on that. And then can you just talk about your confidence in that accelerating to the 11% to 13% organic growth that you expect in 2026?

那很有幫助。然後，我想進一步了解稅務和會計業務。看起來有機後果（聽不清楚）的詳細情況從 11% 降至 10%。我知道有些數字是四捨五入的。但我很好奇您是否可以對此發表一些看法。那麼，您能否談談您對2026年實現11%至13%的有機成長目標的信心呢？

Yeah, Jason, we do have some fluctuations quarter by quarter within the Tax & Accounting professional business. We remain confident in delivering to 11% for calendar year 2025. And then for 2026, as a reminder, our guidance is 11% to 13%. We work very closely with Elizabeth Beastrom and her team there. We have very strong confidence in delivering 11% to 13% for 2026.

是的，傑森，稅務和會計專業業務確實存在季度波動。我們仍有信心在 2025 年實現 11% 的目標。最後提醒一下，2026 年的預期成長率為 11% 至 13%。我們與伊麗莎白·比斯特羅姆及其團隊密切合作。我們非常有信心在 2026 年實現 11% 至 13% 的成長目標。

We referenced SafeSend in our prepared remarks, which was the acquisition in January of this year, which is performing incredibly well. We expect that to continue into 2026. Steve mentioned Materia, they're additive, which is the recent acquisitions that we did. So we remain quite confident, Jason, with Tax & Accounting professionals.

我們在事先準備好的發言稿中提到了 SafeSend，該公司於今年 1 月被收購，目前表現非常出色。我們預計這種情況會持續到2026年。史蒂夫提到了Materia，他們是添加劑公司，這也是我們最近收購的公司。所以，傑森，我們對稅務和會計專業人士仍然相當有信心。

Yeah. I would just supplement that the end market is very healthy. One, we start our synergy customer conferences down in Florida tomorrow. And we're very much looking forward to that and getting -- excited about getting together with thousands of our customers in person. The Tax & Accounting and order spaces remain a very robust end market with a critical need, and that's shortages of talent.

是的。我只想補充一點，終端市場狀況非常健康。第一，我們明天將在佛羅裡達州開始我們的協同客戶會議。我們非常期待與成千上萬的客戶面對面交流，並為此感到興奮不已。稅務會計和訂單領域仍然是一個非常強勁的終端市場，存在著一個關鍵需求，那就是人才短缺。

And so Jason, as we develop ready to review and ready to advise and continue to refine those propositions, we think that that is going to meet or even exceed the needs of our customers, and that gives us confidence around the 11% to 13% going forward.

因此，Jason，隨著我們不斷完善這些方案，我們準備好進行審查和提供建議，我們認為這將滿足甚至超越客戶的需求，這讓我們對未來 11% 到 13% 的成長率充滿信心。

Great to hear. Thank you.

很高興聽到這個消息。謝謝。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Steve, I appreciate the slide with the data and the more [stacks]. I think we've heard that as well. But to an earlier answer on the competition is more on the workflow side and that's why you acquired Casetext, et cetera. Can you help us with any sense of sizing of workflow for you guys and the growth rates there because obviously, a lot of these legal tech companies are raising a lot of money at high valuations [citing] high both rates. So just trying to get a sense of your business there.

史蒂夫，我很感謝你提供的包含數據的幻燈片，以及更多內容。[堆疊]我想我們也聽過這種說法。但對於先前關於競爭的回答，更多的是關於工作流程方面，這也是你們收購 Casetext 等公司的原因。你們能否幫我們估算一下你們的工作流程規模和成長率？因為很明顯，很多法律科技公司都在以高估值籌集大量資金，而且成長率也很高。我只是想了解你們那裡的業務狀況。

Yeah. Manav, I mean it's all a bit squishy at the moment, right? We sort of probably monitor the same sort of in terms of how competitors are performing and what sort of growth rates they're seeing, what their ARR levels are at the moment. And what I would tell you is that CoCounsel is at least on par or outpacing everybody else in terms of its size and its growth rate. So it is a competitive landscape in so far as there are lots of promises being made by lots of different new entrants.

是的。馬納夫，我的意思是，現在一切都還不太明朗，對吧？我們大概也會關注競爭對手的表現、成長率以及目前的年度經常性收入水準等類似情況。我可以告訴大家的是，CoCounsel 在規模和成長速度方面至少與其他公司持平，甚至超過其他公司。因此，這是一個競爭激烈的市場環境，因為許多不同的新進業者都做出了許多承諾。

Where we differentiate ourselves is in the integration of our content and our expertise. So it's not only the content Westlaw particular and so forth, checkpoint on the Tax & Accounting side. It's the expertise that 1,500 reference attorneys bring that are able to train the behaviors of an agent to produce a more accurate, more reliable outcome that is supported by data -- pristine data privacy and protection.

我們的優勢在於將我們的內容和專業知識結合。所以不只是 Westlaw 的內容，等等，還有稅務和會計方面的檢查點。1500 位推薦律師帶來的專業知識能夠訓練代理人的行為，從而產生更準確、更可靠的結果，並以數據為支撐——完美的資料隱私和保護。

So a long way of saying, in the early going, we're at or outpacing the newer competitors and we're very confident -- I hope not arrogant, but we're very confident about the sort of medium- to longer-term prospects given the assets that we bring to this competition.

簡而言之，在初期階段，我們已經與新興競爭對手並駕齊驅甚至超越了他們，我們非常有信心——我希望這不算狂妄，但鑑於我們為這場競爭帶來的資產，我們對中長期前景非常有信心。

Mike, what would you add?

麥克，你還有什麼要補充的嗎？

That's a good summary.

總結得很好。

Okay. All right. I hope that helps.

好的。好的。希望對您有幫助。

Yeah, that was helpful. And I guess just on -- I just had one question on M&A. So I think we all get a sense of all the tuck-in type of deals that you guys are doing and probably that continues. But in the past, Steve, you've talked about potentially larger ones. So just trying to get an update on where the market is at. Is it valuation, timing, like just some more thoughts there.

是的，這很有幫助。我猜就——我只有一個關於併購的問題。所以我覺得我們都感受到了你們正在進行的各種附加交易，而且這種情況可能會繼續下去。但史蒂夫，你過去曾談到規模可能更大的項目。我只是想了解目前的市場狀況。是估值、時機，還是其他一些想法？

Yeah. We're sort of happy -- we're very happy with the tuck-ins that we've done over the last couple of years. Each and every one of them in different ways has performed and been additive to the experience that we're providing in the Big 3. So we'll continue to look for those opportunities centered around our Big 3 segments.

是的。我們相當滿意——我們對過去幾年所做的改進工作感到非常滿意。他們每個人都以不同的方式為我們在三大巨頭中提供的體驗做出了貢獻，並增添了價值。因此，我們將繼續尋找圍繞我們三大業務板塊的機會。

If we were to do something larger, it would be in the areas where we really see great promise. So areas like risk fraud compliance, building on CLEAR -- the CLEAR data set, and areas like IDT, Indirect Tax and e-invoicing, where Pagero is showing really good growth and growth that looks to be pretty considerably above some of the some of the market comparables. And so those are the areas where we'd be prepared to go a bit bigger.

如果我們要做更大規模的項目，那將會是在那些我們真正看到巨大發展潛力的領域。因此，在風險詐欺合規、基於 CLEAR 資料集以及間接稅、電子發票等領域，Pagero 都展現出了非常好的成長，而且這種成長似乎遠高於一些市場同類公司。因此，在這些領域，我們準備好加大投入。

I think at the moment, the assets that are of interest are still fully valued in the sort of portfolios in which they sit. So the question is, do we see a bit of an adjustment and some price that would allow us to create value for our shareholders, not just the exiting shareholders. And that's what we'll just continue to monitor. And stay rigorous and disciplined around.

我認為目前，那些值得關注的資產在其所在的投資組合中仍然得到了充分的估值。所以問題是，我們是否會看到一些調整，以及一個能夠讓我們為股東（而不僅僅是退出的股東）創造價值的價格。我們會繼續密切關注此事。而且要保持嚴謹自律。

Steve, in addition to indirect tax risk, fraud, and compliance, I would just add, international certainly will be very selective out there, as we've discussed in the past. But [Adrian Fanini] who leads our international business, we are looking at a few potential assets internationally.

史蒂夫，除了間接稅風險、詐欺和合規性問題之外，我還想補充一點，正如我們過去討論過的那樣，國際市場肯定會非常挑剔。但是，負責我們國際業務的[Adrian Fanini]表示，我們正在檢視一些國際上的潛在資產。

Thank you.

謝謝。

George Tong, Goldman Sachs.

喬治唐，高盛集團。

You're continuing to target 9% to 11% organic growth in corporate next year. Can you elaborate on how achievable that growth is without any additional changes to the sales organization or the pace of cross-selling?

你們明年繼續設定目標，實現企業9%至11%的有機成長。您能否詳細說明一下，在不改變銷售組織或交叉銷售速度的情況下，這種成長是如何實現的？

Sure, George. Happy to start there. I think we've discussed with you and others in the past that Q4 is our largest quota period for a given year. That applies to Q4 2025 for Corporates. October net sales and bookings were quite encouraging, George.

當然可以，喬治。樂意從這裡開始。我認為我們之前已經和您以及其他人討論過，第四季度是我們一年中配額最大的時期。這適用於 2025 年第四季的企業。喬治，10月的淨銷售額和預訂量相當令人鼓舞。

And if we look at our sales pipeline coverage ratio for both the remainder of Q4 and also Q1 2026, once again encouraging, given that those changes have now been solidified and the focus is on execution. The way I think about it, George, a very simple some formula, if you have great products and you have strong customer demand, and you have a growing TAM, the likelihood of success is pretty damn good if you execute and have the right talent.

如果我們看一下 2026 年 4 月剩餘時間和 2026 年 1 月的銷售管道覆蓋率，結果再次令人鼓舞，因為這些變化現在已經鞏固，重點是執行。喬治，我的想法很簡單，如果你有很棒的產品，有強勁的客戶需求，並且市場規模不斷增長，那麼如果你執行得當，並且擁有合適的人才，成功的可能性就非常大。

I think you can check the boxes on each of those variables in the formula that I just mentioned there. So that gives me quite confidence. But if you look very tangibly, the October net sales and bookings, secondly, again, the November, December pipeline coverage and then also the Q1 pipeline coverage gives us confidence in achieving that 9% to 11% as we go into 2026, George.

我認為你可以勾選我剛才提到的公式中每個變數的複選框。這讓我信心倍增。但如果你仔細觀察，你會發現，10 月份的淨銷售額和預訂量，其次是 11 月和 12 月的銷售管道覆蓋率，以及第一季的銷售管道覆蓋率，都讓我們有信心在 2026 年實現 9% 到 11% 的成長目標，喬治。

Got it. Very helpful. And then can you talk a bit about your pricing strategy in light of the increasing value that you're providing with your AI products, so do you have plans for accelerated pricing increases, for example, in your multiyear contracts? And how overall do you expect pricing to evolve going forward?

知道了。很有幫助。那麼，鑑於您的 AI 產品所提供的價值不斷提高，您能否談談您的定價策略？例如，您是否計劃在多年合約中加快價格上漲？那麼，您預計未來價格走勢將如何變動？

Yeah, George, look, it's a great question, and it's one we very focused on, and we have some fairly vigorous debates amongst ourselves, particularly between the product folks and the commercial (inaudible) folks and our salespeople. Our principle is to price to value. So the extent to which we're driving significant efficiencies in the practice of law or in the practice of order to tax and accounting, we want to make sure that the products and services are aligned to that.

是的，喬治，你看，這是一個很好的問題，也是我們非常關注的問題，我們內部也進行了一些相當激烈的辯論，尤其是在產品人員、商業（聽不清楚）人員和銷售人員之間。我們的原則是按價值定價。因此，無論我們在法律實務或稅務和會計實務中取得了多大的效率提升，我們都希望確保產品和服務與此保持一致。

We -- just a reminder, we do not price on a per seat basis. So the extent to which work is able to be done by fewer people, we will be a beneficiary of that, not a victim of that, if you like. And so it's a work in progress. I think in the early going, our pricing has proven to be competitive and is driving growth for us. It is profitable growth. I would say so far so good. But this is one of those ones where we're just constantly looking for signals from the market and refining our approaches.

再次提醒，我們不以座位數定價。因此，如果工作量減少，我們將從中受益，而不是受害。所以，這還是一項正在進行的工作。我認為在初期階段，我們的定價策略已經證明具有競爭力，並正在推動我們的成長。這是獲利性成長。我覺得目前為止一切順利。但這種情況就是我們不斷從市場中尋找訊號並改進我們方法的情況之一。

Yeah, George, I would just supplement. As we go into '26, I'm somewhat optimistic that we could have some additional opportunity over the spectrum.

是的，喬治，我只是想補充一些內容。展望 2026 年，我比較樂觀地認為，我們可能會在各個領域獲得更多機會。

Very helpful. Thank you.

很有幫助。謝謝。

Aravinda Galappatthige, Canaccord Genuity.

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

Thanks for taking my question. I wanted to discuss sort of the where we are in terms of the rate of innovation and product intensity. Obviously, we've seen a lot of activity from Thomson and even the industry in general. Is it fair to sort of characterize the present sort of position getting close to peak in terms of new product launches and so forth, and sort of the next phase will be more about penetration.

謝謝您回答我的問題。我想探討我們在創新速度和產品密集度方面所處的階段。顯然，我們看到了湯姆遜公司乃至整個產業的諸多動態。是否可以這樣描述目前的情況：新產品發布等方面已接近頂峰，而下一階段將更側重於市場滲透？

I mean, I'm trying to sort of connect that with sort of the underlying tone of margin expansion you're talking about. I know that you've been, I think, last disclosed number was about $200 million in incremental investments to sort of drive these growth opportunities. I'm trying to sort of assess whether we may be at sort of that -- the sort of the crest of that. Any thoughts that you carry share on that front?

我的意思是，我試圖將它與你所說的利潤率擴張的潛在基調聯繫起來。我知道你們最近披露的數字是大約 2 億美元的增量投資，以推動這些成長機會。我正在嘗試評估我們是否可能處於那種狀態——那種狀態的頂峰。在這方面有什麼想法可以分享嗎？

Yeah, Aravinda. I'll start, and Mike may want to add. I obviously stay very close to [David Wang] and [Jal Veront's] product innovation plans and also our TR Ventures fund, who are looking across the landscape of different start-ups and also the sort of -- everything that our partners are doing. I would say -- you're going to see (inaudible) innovation accelerate and improve over the next few quarters and well into '26 and '27 based on that which we've previously invested in and that which is coming through the pipeline.

是的，阿拉文達。我先來，麥克可能也想補充。我當然會密切關注 [David Wang] 和 [Jal Veront] 的產品創新計劃，以及我們的 TR Ventures 基金，他們正在關注不同新創公司的格局，以及我們合作夥伴正在做的一切。我想說——在接下來的幾個季度以及 2026 年和 2027 年，你會看到（聽不清楚）創新加速發展並不斷改進，這基於我們之前投資的專案和正在研發的專案。

What I think, though, will happen in the broader landscape, and it's hard to tell. So this is my looking at a crystal ball, is that the rate of innovation for the highly specialized tools like ours that are trained on reservoirs of content and thousands of expertise, will continue to improve. I think where things might flatten out is in the sort of general-purpose horizontal tools.

不過，從更廣闊的視角來看，我認為未來會發生什麼，很難說。所以，我這是在預測未來，像我們這樣高度專業化的工具，依靠海量內容和數千名專家的訓練，其創新速度將會繼續提高。我認為事情可能會趨於平穩的地方在於通用型橫向工具。

And certainly, our customers are starting to understand the difference. And so that, I think, will be one change in the sort of landscape. But again, I think anyone who will tell you they know exactly what's going to happen in this environment is probably slightly diluted.

當然，我們的客戶也開始意識到其中的差異。因此，我認為，這將是格局變化之一。但是，我認為任何聲稱自己確切知道在這種環境下將會發生什麼的人，其判斷力可能都有些下降。

Yeah. Aravinda, a couple of points there. Please, please do not correlate our confidence in expanding our margin in 2026 with us investing less. We will invest over $200 million [in] calendar year '25 in AI -- gen AI. That will continue into 2026. We're able to expand our margins in 2026.

是的。阿拉文達，還有幾點要說。請不要將我們對 2026 年擴大利潤率的信心與我們減少投資聯繫起來。我們將在 2025 年投資超過 2 億美元用於人工智慧——新一代人工智慧。這種情況將持續到2026年。我們預計在 2026 年擴大利潤率。

One, you're aware of our operating leverage. But we have opportunity back to the prior questions to automate how we work. I think it was advanced to ask the question illustratively about AWS reference. So we will continue to invest. And to Steve's point, the rate of innovation and intensity will continue. That $200 million-plus will continue into 2026.

第一，您了解我們的經營槓桿。但我們有機會回到先前的問題，實現工作方式的自動化。我認為提出關於 AWS 參考資料的示例性問題比較高階。因此我們將繼續投資。正如史蒂夫所說，創新速度和強度將會持續下去。這筆超過2億美元的投資將持續到2026年。

Thanks very much. And maybe my follow up for Mike. I mean, on the last call, Mike, I think you talked about sort of your framework for capital allocation and how that potentially leaves $400 million to $500 million for buybacks. Obviously, given the movement in the stock, you've sort of shown the flexibility to step up beyond that. should we sort of take that forward even in the -- going into '26 at notwithstanding that framework, you have the ability and the willingness to sort of step up in terms of your repurchase program?

非常感謝。也許我還要跟麥克說幾句。我的意思是，麥克，在上次通話中，我想你談到了你的資本配置框架，以及這可能會留下 4 億至 5 億美元用於股票回購。顯然，鑑於股票的走勢，您已經展現出超越現有規模的靈活性。我們是否應該在2026年繼續推進這項計畫？即便拋開現有框架，您仍有能力和意願在回購計畫方面加強。

Yeah. I think, Aravinda, I would maintain the framework when you think about mid- to long term, but I think the key there is when we see the opportunity to step up, we will, which I think -- that was very tangible with our decision in mid-August to announce the $1 billion NCIB share buyback, which we completed at the end of October. We constantly discuss capital strategy, capital allocation with our Board.

是的。我認為，Aravinda，在考慮中長期發展時，應該保持目前的框架，但關鍵在於，當我們看到機會時，我們會抓住機會，而我們在 8 月中旬宣布的 10 億美元 NCIB 股票回購計劃就充分體現了這一點，該計劃已於 10 月底完成。我們經常與董事會討論資本策略和資本配置問題。

In our next Board meeting, we'll have the next discussion in regards to capital strategy, capital allocation. Could we step up? Again, possibly no decision has been made there. So I would maintain the framework of the $400 million to $500 million. But also, I would kind of supplement that framework with our ability and willingness to step up when we deem appropriate.

在下次董事會會議上，我們將繼續討論資本策略和資本配置的問題。我們能否挺身而出？同樣，可能還沒有做出任何決定。因此，我將維持4億至5億美元的框架。此外，我還會補充一點，那就是我們有能力並且願意在我們認為合適的時候挺身而出。

On the topic of capital allocation, I would just remind you, Aravinda and others that as we go into the January board meeting, we will propose another 10% increase in our common dividend, which would be the fifth year consecutively on that.

關於資本配置的問題，我只想提醒各位，阿拉文達和其他各位，在即將召開的1月份董事會會議上，我們將提議將普通股股息再提高10%，這將是連續第五年提高股息。

Thank you.

謝謝。

Maher Yaghi, Scotiabank.

Maher Yaghi，加拿大豐業銀行。

Thank you for taking my question. Steve, you have very well-articulated why Westlaw has a strong standing to benefit from AI. But can you tackle maybe how you see AI advances affecting your tax business? Do you believe that business has similar defensive capabilities to continue to gain market share as well as you're doing in legal.

感謝您回答我的問題。史蒂夫，你已經非常清楚地闡述了為什麼 Westlaw 有很強的優勢從人工智慧中受益。但是，您能否談談您認為人工智慧的進步將如何影響您的稅務業務？您是否認為商業領域擁有與法律領域類似的防禦能力，能夠持續擴大市場佔有率？

And the second question is the revenue acceleration you're expecting in 2026 versus 2025. I know it's maybe too early, but can you maybe just let us know which segment of the Big 3 you're expecting to see most of the acceleration coming from?

第二個問題是，您預計 2026 年的營收成長速度將比 2025 年成長多少？我知道現在說這可能為時過早，但您能否告訴我們，您預計三大汽車製造商中的哪一家會迎來最大的成長？

I'll defer the second question to Mike. On the first one, yeah, we're sort of equally excited about the application of AI, agentic AI, deep research to our tax business as we are legal for a couple of reasons. So in terms of the end market, the tax accounting profession does not need to undertake the same sort of magnitude of change management. So for example, many tax and accounting audit engagements are not priced on a per hour basis. and not on a billable hour.

第二個問題我交給麥克回答。關於第一點，是的，我們對人工智慧、智慧人工智慧、深度研究在稅務業務中的應用感到同樣興奮，就像我們在法律領域一樣，原因有二。因此，就終端市場而言，稅務會計行業不需要進行同樣規模的變革管理。例如，許多稅務和會計審計業務並非按小時計費，也不是以可計費小時計費。

They are value based. And so there's not that same business model hurdle to overtop that the legal profession is currently working its way through firstly. Secondly, there is, as I said before, a pretty acute talent shortage that technology needs to address.

它們以價值觀為導向。因此，它不需要像法律行業目前正在努力克服的那樣，首先克服同樣的商業模式障礙。其次，正如我之前所說，目前存在著相當嚴重的人才短缺問題，而科技需要解決這個問題。

So we actually think our Tax & Accounting customers are even more receptive to AI and technology in terms of improving their outputs and work and enabling, for example, tax professionals to automate the tax return process and move to more value-added advisory services for their clients and the technology enables that. So that's the first part.

因此，我們認為我們的稅務和會計客戶實際上更容易接受人工智慧和技術，以提高他們的產出和工作效率，例如，使稅務專業人員能夠自動化納稅申報流程，並為客戶提供更多增值諮詢服務，而技術使這一切成為可能。這是第一部分。

As we think about applying AI, particularly agentic AI product set. The sort of narrative up until now is that generative AI doesn't do math. Well, our tax calculation engines do the math and what the agents enable us to do is automate all of the shoulder activities. So the document ingestion, all of the preparation, and then they work with the tax calculation engine, whether it's UltraTax, GoSystem Tax, or ONESOURCE. And then they're able to do the follow up, all of the calculation checks and the e-filing.

當我們考慮應用人工智慧，特別是智能體人工智慧產品集。此前人們普遍認為生成式人工智慧不做數學運算。我們的稅務計算引擎負責進行計算，而代理商則幫助我們實現所有繁瑣的輔助性工作。因此，他們會進行文件匯入、所有準備工作，然後與稅務運算引擎（無論是 UltraTax、GoSystem Tax 或 ONESOURCE）配合使用。然後他們就可以進行後續工作、所有計算檢查和電子歸檔。

And so that's really what ready to advise is. It's the addition of agents to our pre-existing tax calculation engine and then ready to advise is the use of agents to find all of the opportunities or a tax and accounting professional to provide advisory services on more efficient tax strategies to their clients. And so we think that the AI will enable us to expand the role that we play in the success of the Tax & Accounting profession enable them to get into more advisory services and achieve growth on that basis, while at the same time, overcoming this talent shortage.

這就是隨時準備提供建議的真正意義。這是在現有的稅務計算引擎中添加代理人，然後隨時準備提供建議，即利用代理人尋找所有機會，或聘請稅務和會計專業人士為客戶提供更有效的稅務策略諮詢服務。因此，我們認為人工智慧將使我們能夠擴大我們在稅務和會計行業成功中所扮演的角色，使他們能夠進入更多的諮詢服務領域並在此基礎上實現增長，同時克服人才短缺問題。

Mike, the question on revenue.

麥克，關於收入的問題。

Sure. In regards to 2026, just to remind everyone, we do have ranges for 2026 for each of our Big 3 segments. Legal for 2026 is 8% to 9%. Corporate is 9% to 11%, Tax & Accounting, 11% to 13%. And part of your question, Maher, is in regards to which segment would have the largest absolute growth.

當然。關於 2026 年，提醒大家一下，我們針對三大業務板塊都給了 2026 年的預期範圍。2026 年的法定稅率為 8% 至 9%。企業會計佔 9% 至 11%，稅務會計佔 11% 至 13%。馬赫，你的問題的一部分是關於哪個細分市場將實現最大絕對成長。

Tax & Accounting professional, I believe, will have the largest absolute increase and organic growth rate for 2026 versus 2025. Just to reiterate those reasons, number one, the recent acquisitions of SafeSend and additive Materia will continue to scale for us.

我認為，與 2025 年相比，稅務和會計專業人士在 2026 年的絕對成長量和自然成長率將最大。再次重申這些原因，第一，最近收購 SafeSend 和增材製造公司 Materia 將繼續擴大我們的規模。

Next, Steve's mentioned ready to advise and ready to review, which are new launches for us. We consistently talk about our Latin America business, Dominio, which we remain quite optimistic about over the last 11 years. It's grown a 20% CAGR over that time horizon. We expect that to continue. And then lastly, kind of underpinning UltraTax continues to perform well.

接下來，史蒂夫提到了“隨時提供建議”和“隨時提供審核”，這對我們來說都是新推出的服務。過去 11 年來，我們一直在談論我們在拉丁美洲的業務 Dominio，並且我們一直對它保持著相當樂觀的態度。在此期間，其複合年增長率達到了 20%。我們預計這種情況會持續下去。最後，支撐 UltraTax 的基礎功能也持續表現良好。

Thank you.

謝謝。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

I think in the slide deck, you talked about AI-driven innovation, the momentum continuing. On the legal side, I guess just the timing like the agentic launches you did over the summer of '25, are they already starting to kind of permeate the base or is that something that continues to scale over the back half of '25 and into '26? I guess just trying to understand the sequencing of maybe things that have already been launched as opposed to things were launched over the summer.

我認為在幻燈片中，您談到了人工智慧驅動的創新，以及這種勢頭的持續發展。從法律方面來說，我想，就像你們在 2025 年夏季進行的代理推廣活動一樣，它們的推廣是否已經開始滲透到客戶群中，還是說這種趨勢會在 2025 年下半年和 2026 年繼續擴大？我只是想了解已經推出的產品和夏季推出的產品之間的發布順序。

Yeah, Kevin, really good question, great timing there. For everyone's benefit, we launched those in mid-, late- August as part of ILTACON. We're already seeing the benefit, and we'll just see more penetration, Kevin, in Q4 and throughout 2026. I would call out each of our general managers within Legal Professionals that are really driving hard, which is indicative of the 9%. Aaron Rademacher, who is driving the small law firm; Liz Zimick in mid law; Steve [AC] with our largest firms.

是的，凱文，問得真好，問得也正是時候。為了大家的利益，我們在 ILTACON 期間於 8 月中下旬推出了這些產品。我們已經看到了好處，凱文，我們將在第四季度以及整個 2026 年看到更大的滲透率。我要特別表揚法律專業人士團隊中那些真正努力工作的總經理們，這正是9%成功率的體現。Aaron Rademacher 負責小型律師事務所；Liz Zimick 負責中型律師事務所；Steve [AC] 負責我們最大的律師事務所。

And then we have [John Chatwell] in Europe, which I think each of these segments, we're seeing progression already with the launches. And with the momentum we have with the launches of CoCounsel Legal, Westlaw Advantage. That will continue.

然後我們還有歐洲的 [John Chatwell]，我認為在這些領域，我們已經看到產品發布取得了進展。憑藉 CoCounsel Legal 和 Westlaw Advantage 的推出，我們取得了長足的進步。這種情況還會持續下去。

October, we had another great month of sales with these new product launches. We expect that to continue for the remainder of Q4 and then throughout 2026. So we're already reaping the benefits, Kevin.

十月份，隨著這些新產品的推出，我們的銷售額又取得了巨大成功。我們預計這種情況將持續到第四季末，並持續到2026年。所以我們已經開始享受到好處了，凱文。

That's super helpful. And then just the comments on the Tax & Accounting, is there any way to think about the experiences of maybe the Big 4 as opposed to maybe the top 10 and maybe mid-market as you think about the go-to-market motion with the enhanced product from a gen AI perspective.

這太有幫助了。那麼，關於稅務和會計方面的評論，從人工智慧的角度來看，在考慮增強產品的市場推廣策略時，有沒有辦法考慮一下四大事務所的經驗，而不是前十名事務所和中型事務所的經驗呢？

Yeah. Kevin, just to remind everyone, the Big 4 and the next three largest firms, we call it the Global 7, they are included within our Corporate segment, not Tax & Accounting professionals. But Steve, you may want to comment in regards to the different motion. If you think about those G7 versus the remainder of Elizabeth Tax & Accounting.

是的。凱文，提醒大家一下，四大會計師事務所和接下來的三家最大的事務所，我們稱之為全球七大會計師事務所，它們都屬於我們的企業部門，而不是稅務和會計專業人士部門。但是史蒂夫，你可能想就不同的動作發表一下看法。如果你想想 G7 和伊麗莎白稅務會計事務所的其他部分。

Yeah. I mean, what I would say is there's increasing similarity across the G7 as we call them, relative to the Big 4. In other words, firms 5, 6, and 7 are very sophisticated, increasingly global and investing heavily in technology, and we think we'll be a beneficiary of that going forward. I think though the mix does change a little bit as you get to the sort of top of the latter there, in that they're more likely to take an API from us and build on the top of it versus take the sort of full end-to-end product.

是的。我的意思是，我們稱之為七國集團（G7）的成員國之間的相似性正在不斷增強，與四大經濟體相比，這種相似性正在增強。換句話說，第 5、6 和 7 家公司非常成熟，日益全球化，並在技術方面投入大量資金，我們認為我們將從中受益。不過我認為，隨著你接近後者的頂端，這種組合確實會發生一些變化，因為他們更有可能從我們這裡獲得一個 API 並在此基礎上進行構建，而不是直接採用完整的端到端產品。

So the kinds of work we do in the go-to-market motion is slightly different, Kevin, but the opportunity, I think, is equally weighted across that customer base. And if you go all the way into the smaller firms, which Brian Wilson serves from a go-to-market perspective, he and his teams. They're ready for turnkey solutions that work that are reliable and that build upon their existing tax calculation engine. And so there's a lot of receptivity at that end as well.

所以，凱文，我們在市場推廣過程中所做的工作略有不同，但我認為，對於所有客戶群來說，機會都是同等重要的。如果你一直深入了解布萊恩威爾森從市場推廣角度服務的小公司，他和他的團隊就會發現這一點。他們需要的是能夠有效運作、可靠且基於其現有稅務計算引擎的交鑰匙解決方案。因此，那邊也有很多接受新事物的人。

Thank you.

謝謝。

Andrew Steinerman, JPMorgan.

Andrew Steinerman，摩根大通。

This is [Justin Wembley] on for Andrew. Most of my questions have been answered, so maybe I'll circle back on the government headwinds, just to clarify. Am I correct in saying your updated guidance only contemplates cancellations that you saw at the end of the third quarter. And I guess maybe just to give us a little bit more comfort on the go forward. Could you maybe talk a little bit more about if those cancellations were driven by reductions in spending in certain departments you serve or was it layoffs? Just any color there would be great.

這位是替補安德魯上場的賈斯汀溫布利。我的大部分問題都已得到解答，所以也許我會再回過頭來談談政府面臨的阻力，以作進一步說明。我理解的沒錯吧，你們更新後的指導意見只考慮了第三季末出現的訂單取消情況。我想，或許只是為了讓我們在未來的道路上感到更安心。您能否再詳細談談，這些訂單取消是由於您所服務的某些部門削減開支造成的，還是由於裁員造成的？任何顏色都可以。

Certainly. In regards to our forecast, and we always contemplate what has occurred, plus we always look at the upcoming pipeline. So we have contemplated in our forecast, any other activity that might transpire in Q4. So we believe that has been reflected already. And then in regards to the reasons for there's been a reduction in the actual spending levels in these agencies, which was the main driver.

當然。關於我們的預測，我們總是會考慮已經發生的事情，並且總是會關注即將推出的項目。因此，我們在預測中已經考慮到了第四季度可能發生的任何其他活動。所以我們認為這一點已經有所體現。至於造成這些機構實際支出水準下降的原因，這是主要驅動因素。

Great. Thank you very much.

偉大的。非常感謝。

Stephanie Price, CIBC.

Stephanie Price，加拿大帝國商業銀行。

Just a few quick clarifications for me. Mike, I think you've kind of alluded to it for a few times in the call, but can you talk about the drivers that are causing the increase to the fiscal '26 EBITDA guide to 100 basis points versus 50 basis points prior. I think you mentioned some efficiencies. Is there anything else you wanted to add on that?

我還需要確認幾個問題。麥克，我想你在電話會議中已經多次提到過，但你能談談是什麼因素導致 2026 財年 EBITDA 預期從之前的 50 個基點上調至 100 個基點嗎？我想你提到了一些提高效率的措施。關於這一點，您還有什麼要補充的嗎？

I would say two, Stephanie, two primary drivers. One is the operating leverage at roughly 7%, 7.5%. We generate about 110 basis points of natural operating leverage, which is sustained in our business. The second key factor is our focus on transforming and automate how we work. So if you take those two, that would be more than 100 basis points that leads to a third key factor which relates to a question earlier, is we're continuing to make investments.

我覺得是兩個，史蒂芬妮，兩個主要驅動力。一是經營槓桿約 7%、7.5%。我們產生了約 110 個基點的自然經營槓桿，這在我們的業務中得以持續。第二個關鍵因素是我們專注於轉變和自動化我們的工作方式。所以，如果把這兩個因素考慮進去，那就是超過 100 個基點，這就引出了第三個關鍵因素，這與之前的一個問題有關，那就是我們正在繼續進行投資。

And we'll continue to make investments wherever we see the returns are sufficient there. But the two key drivers of margin expansion, operating leverage, and then our internal initiatives to transform and automate how we work.

我們將繼續在回報充足的地方進行投資。但利潤率擴張的兩個關鍵驅動因素是營運槓桿，以及我們內部為轉變和自動化我們的工作方式所採取的舉措。

Perfect. Thank you. And then for the Legal segment, organic growth accelerating quarter over quarter to 9%. I think in the prior question, you've mentioned some new product launches. Just curious if there's anything else you wanted to call out there in terms of chips in demand or adoption rates within Legal?

完美的。謝謝。然後，法律業務板塊的有機成長速度較上月加快，達到 9%。我認為在上一個問題中，您提到了一些新產品的發布。我只是好奇，關於法律領域晶片的需求或採用率，您是否還有其他想補充的內容？

I think the new product launches certainly help us significantly there. Retention rates continue to be very good within that business. Pricing is relatively stable there. Certainly, Stephanie, we always add talent as part of our operating mechanism. So I think those are the key drivers for us.

我認為新產品的推出肯定會對我們在這方面有很大的幫助。該企業的客戶留存率一直非常高。那裡的價格相對穩定。當然，史蒂芬妮，我們一直都將人才納入我們的營運機制。所以我認為這些都是我們的關鍵驅動因素。

Steve, you may want to --

史蒂夫，你可能想…--

The only thing I'd add is way back at our Investor Day a couple of years ago, where we started to talk about this AI journey, we did, at that time, speculate that the TAM in legal would grow, and it would grow on a sustained basis. I think we're starting to see that. What we're starting to see is law firms wrestle with the idea of spending more on technology and potentially less on real estate, and still trying to sort of work their way through the head count implications.

我唯一要補充的是，早在幾年前的投資者日上，當我們開始討論人工智慧之旅時，我們當時就推測法律領域的潛在市場規模將會成長，並且會持續成長。我認為我們已經開始看到這種情況了。我們開始看到，律師事務所正在努力權衡是否應該在技術方面投入更多資金，而減少在房地產方面的投入，同時還在努力應對人員數量方面的影響。

I think it's too early to sort of call that one way or another. But we're starting to see that TAM expand, and we think that that's going to be a multiyear phenomenon and one that we plan to have the products and the propositions to fully benefit from.

我覺得現在下結論還太早。但我們開始看到 TAM 正在擴大，我們認為這將是一個多年現象，我們計劃推出相應的產品和方案，以充分利用這一現象。

Great. Thank you very much.

偉大的。非常感謝。

Doug Arthur, Huber Research.

道格·阿瑟，Huber Research。

I think most things have been covered. Steve, you mentioned the acute talent shortage issues in some of the big accounting firms. Is that -- is there a similar narrative in Legal or not so much?

我覺得大部分內容都已經涵蓋了。史蒂夫，你提到了一些大型會計事務所嚴重的人才短缺問題。法律界也有類似的敘事嗎？還是說並沒有？

Not so much, Doug. As someone who started my career at PW was called then, Mike did the same. Kids are just not as enamored of the profession as they were in our day. And so whether it's the big accounting firms or the midsize or even the smaller shops, they're just having a really hard time getting talent into -- in the door at the entry level and then going through the apprenticeship that's required. And it's an acute problem and it's been growing for a number of years.

不完全是這樣，道格。就像我當初在 PW 開始職業生涯時一樣，麥克也做過同樣的事。現在的孩子對這個職業的熱情遠不如我們那個年代了。因此，無論是大型會計事務所、中型會計事務所，還是小型事務所，他們都很難招募人才——從入門職位開始，然後完成所需的學徒期。這是一個非常嚴重的問題，而且已經持續多年。

If you look at the number of people who are getting qualified as CPAs, it has fallen dramatically in recent years. And all the while the number of audits goes up, the complexity of audits goes up, the number of tax returns goes up, the complexity of those returns go up. And the advice that small, medium, and large businesses need from their tax and accounting professionals intensifies.

如果你看一下獲得註冊會計師資格的人數，你會發現近年來人數急劇下降。同時，審計的數量增加了，審計的複雜性也增加了；報稅的數量增加了，報稅的複雜性也增加了。中小企業和大型企業對稅務和會計專業人士的建議需求也日益增長。

So the demand characteristics are really healthy. It's the supply of talent that's the problem. And that's where the technology has a really, I think, exciting and important role to play and that's why we're investing heavily to meet or exceed those demands.

因此，需求特徵非常健康。問題在於人才供應不足。我認為，科技正是在這裡發揮著令人興奮且重要的作用，這也是為什麼我們正在大力投資以滿足甚至超越這些需求的原因。

Thank you.

謝謝。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

Your large competitor in legal has talked about one of the benefits of its partnership with Harvey as increasing distribution. I was hoping you could talk about, Steve, how you're thinking about partnerships right now. You have the content, you have the AI capabilities. So it doesn't seem like you need to partner with others, but is there an advantage to doing that because of increasing distribution or is there a disadvantage of going that route?

您在法律領域的主要競爭對手曾談到，與哈維合作的好處之一是擴大分銷管道。史蒂夫，我希望你能談談你現在對合作關係的看法。你們擁有內容，也擁有人工智慧能力。所以看起來你不需要與其他公司合作，但是這樣做是否有優勢（例如增加分銷管道）或這樣做是否有劣勢？

Toni, I won't comment on their approach. But what I will say is that we're very confident in our position of having CoCounsel for Legal, which is now fully integrated with our content and editorial expertise. So we don't see the need for partnerships, the likes of which one of our competitors has entered into or two of our competitors have ended into together.

東尼，我不會對他們的做法發表評論。但我可以肯定的是，我們對擁有 CoCounsel for Legal 團隊非常有信心，該團隊現在已與我們的內容和編輯專業知識完全融合。因此，我們認為沒有必要像我們的一個競爭對手那樣建立合作夥伴關係，或者像我們的兩個競爭對手那樣最終走到一起。

Where we are partnering is where there are point solutions, AI-driven point solutions, for example, in sort of the debt capital markets and its application to legal profession or in very, very specifics area of the law, where we think some -- an innovative team has developed a solution that can work in with CoCounsel. So we're keen to explore that ecosystem. But in terms of distribution, we obviously have the leading distribution in the industry at the moment.

我們合作的領域是那些存在點解決方案、人工智慧驅動的點解決方案的領域，例如債務資本市場及其在法律行業的應用，或者在非常非常具體的法律領域，我們認為一些創新團隊已經開發出可以與 CoCounsel 配合使用的解決方案。因此，我們很想探索這個生態系統。但就分銷而言，我們目前顯然擁有業內領先的分銷網絡。

So we don't see a need there. But thanks for the question, Toni.

所以我們認為沒有必要這樣做。不過，謝謝你的提問，東尼。

Thank you.

謝謝。

All right. I think that brings us to the end of our time. So thanks, everybody. Have a good day.

好的。我想我們的時間到此就結束了。謝謝大家。祝你有美好的一天。

Thank you.

謝謝。

Thank you.

謝謝。

And this concludes today's call. We appreciate your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。