Thomson Reuters Corp (TRI) 2025 Q4 法說會逐字稿

Good day, everyone, and welcome to the Thomson Reuters' fourth-quarter earnings call. Today's conference is being recorded.

大家好，歡迎參加湯森路透第四季財報電話會議。今天的會議正在錄影。

At this time, I'd like to turn the call over to Gary Bisbee, Head of Investor Relations. Please go ahead.

此時，我想把電話交給投資人關係主管加里‧比斯比。請繼續。

Thank you, Melinda. Good morning, and thank you, everyone, for joining us today for our fourth quarter 2025 earnings call. I'm 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. (Event Instructions)

謝謝你，梅琳達。早安，感謝各位今天參加我們2025年第四季財報電話會議。今天與我一同出席的有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，他們將分別討論我們的業績，並在發言後回答大家的問題。（活動須知）

Throughout today's presentation, when we compare performance period-on-period, we discuss revenue growth before currency -- 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績效時，我們會討論不計匯率因素的收入成長－不計匯率因素的收入成長率以及有機成長率。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 supplementary financial measures, which are discussed on this special note slide. Actual results may differ materially due to a number of risks and uncertainties discussed in reports and filings that we provide to regulatory agencies. You may access these documents on our website or by contacting our Investor Relations department. Before I turn it over to Steve, let me provide two quick updates. First, we have tweaked the naming for two of our segments to better represent their current focus and operations. Tax & Accounting Professionals is now known as Tax, Audit & Accounting Professionals, and Reuters News is now Reuters. The changes are name only with no impact on the composition or measurement of their results.

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。在把麥克風交給史蒂夫之前，我先簡單回報兩點最新情況。首先，我們對其中兩個業務板塊的名稱進行了調整，以更好地體現它們目前的重點和營運方式。Tax & Accounting Professionals 現已更名為 Tax, Audit & Accounting Professionals，Reuters News 現已更名為 Reuters。這些變化只是名稱上的改變，對結果的組成或測量沒有任何影響。

Second, please note that starting with our first quarter 2026 results, we will be making minor changes to where certain product revenue sits within the Big 3, reflecting how certain customers are managed. There is no impact on our consolidated results. For your convenience, we have posted to the Investor Relations section of our website a schedule that reflects our revised full year '23, '24 and '25 results and 2025 quarterly results in the manner we will begin reporting next quarter.

其次，請注意，從 2026 年第一季業績開始，我們將對某些產品收入在三大業務板塊中的位置進行一些細微調整，以反映某些客戶的管理方式。對我們的合併業績沒有影響。為了方便您查閱，我們已在網站的投資者關係部分發布了一份時間表，其中反映了我們修訂後的 2023、2024 和 2025 年全年業績以及 2025 年季度業績，我們將從下個季度開始以這種方式進行報告。

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. Let me begin by commenting on the AI competition concerns that have led to recent share price volatility. We have growing confidence in the value of our content and our expertise for delivering professional-grade AI solutions. Our second quarter call in August, we discussed why Thomson Reuters is well positioned to win with Agentic AI. We bring comprehensive proprietary content, deep domain expertise and leading workflow software, which we combined with advanced reasoning models to complete complex multistep tasks.

謝謝你，加里，也謝謝今天所有到場的各位。首先，我想談談人工智慧競爭引發的擔憂，而正是這種擔憂導致了近期的股價波動。我們對自己內容的價值以及提供專業級人工智慧解決方案的專業能力越來越有信心。在 8 月的第二季電話會議上，我們討論了為什麼湯森路透在智慧人工智慧領域佔據有利地位，並且能夠取得成功。我們擁有全面的專有內容、深厚的領域專業知識和領先的工作流程軟體，並結合先進的推理模型來完成複雜的多步驟任務。

Our unique and high-quality content grounds the AI outputs and our deep subject matter expertise trains and fine tunes the AI. Professional-grade results cannot be delivered without this content and expertise. On our third quarter call in November, we discussed the durable differentiation we believe exists with Westlaw. Its unmatched breadth of proprietary, editorially enhanced legal content, together with sophisticated tools to verify the AI deliver the comprehensive, accurate and up-to-date output needed for high stakes litigation. General purpose models cannot meet this standard.

我們獨特且高品質的內容為人工智慧的輸出提供了基礎，而我們深厚的專業知識則對人工智慧進行了訓練和微調。如果沒有這些內容和專業知識，就無法交付專業級的成果。在11月份的第三季電話會議上，我們討論了我們認為Westlaw所具有的持久差異化優勢。它擁有無可比擬的廣泛專有、經編輯增強的法律內容，以及用於驗證人工智慧的先進工具，可提供高風險訴訟所需的全面、準確和最新的產出。通用型產品無法達到此標準。

Since those discussions, our optimism around Agentic opportunity has strengthened. The launch of Westlaw Advantage has gone extremely well with early sales and customer feedback indicating we have created a new standard in legal research capabilities. And more importantly, we have proven that we can leverage Agentic deep research capabilities to unleash our content and our expertise to clearly differentiate our AI solutions.

自從那次討論以來，我們對 Agentic 機會的樂觀態度更加堅定了。Westlaw Advantage 的推出非常成功，早期銷售情況和客戶回饋表明，我們在法律研究能力方面樹立了新的標準。更重要的是，我們已經證明，我們可以利用 Agentic 的深度研究能力來釋放我們的內容和專業知識，從而清晰地展現我們的 AI 解決方案的獨特優勢。

We are working to bring these advanced Agentic capabilities in the full power of Westlaw and Practical Law to CoCounsel legal by midyear and to our other legal tax and risk offerings in the future. We see legal AI workflows as a significant white space opportunity for TR and one that is largely incremental to our traditional research and know-how stronghold. We remain the clear leader in research and content. And we believe that we are a leader in the AI workflow market today.

我們正在努力將這些先進的 Agentic 功能與 Westlaw 和 Practical Law 的強大功能相結合，在年中之前引入 CoCounsel 法律服務，並在未來引入我們其他的法律稅務和風險產品。我們認為法律人工智慧工作流程是 TR 的一個重要空白領域機會，而且在很大程度上是對我們傳統研究和專業知識優勢的補充。我們在研究和內容方面仍然保持絕對領先地位。我們相信，我們目前是人工智慧工作流程市場的領導者。

Looking forward, our strategy is clear. We will continue to aggressively innovate with a focus on leveraging our proprietary content and deep domain expertise along with the latest AI capabilities to deliver highly specialized Agentic workflows that we believe will be difficult for those without the same content or expertise to replicate. I'll now turn to the fourth quarter.

展望未來，我們的戰略很明確。我們將繼續積極創新，重點利用我們專有的內容和深厚的領域專業知識以及最新的人工智慧技術，提供高度專業化的智慧體工作流程。我們相信，對於那些沒有相同內容或專業知識的人來說，這些工作流程很難複製。現在我將進入第四部分。

2025 was a year of continued progress at Thomson Reuters. So let me start by reviewing some of our key accomplishments. First, we delivered another year of good financial results meeting our key targets. Full year organic revenue grew 7%, driven by 9% growth for the Big 3. Our adjusted EBITDA margin expanded by 100 basis points to 39.2%, meeting our outlook, and we delivered $1.95 billion in free cash flow, slightly ahead of expectations.

2025年是湯森路透持續進步的一年。那麼，首先讓我回顧一下我們的一些主要成就。首先，我們又一年取得了良好的財務業績，實現了我們的關鍵目標。全年有機收入成長 7%，其中三大巨頭成長 9%。我們調整後的 EBITDA 利潤率成長了 100 個基點，達到 39.2%，符合我們的預期；我們實現了 19.5 億美元的自由現金流，略高於預期。

2025 saw continued acceleration in our pace of innovation with several foundational product launches, including Westlaw Advantage, the CoCounsel Legal unified solution and CoCounsel for Tax & Audit to name a few. Initial customer feedback and sales activity across these offerings has been encouraging, and we're excited about our road maps for 2026 as we work to bring deep research and Agentic capabilities more deeply into our portfolio.

2025 年，我們的創新步伐持續加快，推出了幾款基礎產品，包括 Westlaw Advantage、CoCounsel Legal 統一解決方案和 CoCounsel for Tax & Audit 等。初步的客戶回饋和這些產品的銷售活動令人鼓舞，我們對 2026 年的發展路線圖感到興奮，我們將努力把深度研究和代理功能更深入地融入我們的產品組合中。

Overall, commercial momentum across our AI-enabled offerings continues to build, highlighted by several large CoCounsel wins, including Microsoft, an important validation of our strategy and the market shift towards trusted domain-specific AI. We're also excited about initiatives we are driving to leverage AI internally to reimagine how we work, fostering a tech plus talent mindset to drive productivity and speed.

總體而言，我們人工智慧賦能產品的商業勢頭持續增強，CoCounsel 贏得了幾項重大勝利，其中包括微軟，這有力地驗證了我們的策略以及市場向值得信賴的特定領域人工智慧的轉變。我們也對正在推進的各項舉措感到興奮，這些舉措旨在利用人工智慧在內部重新構想我們的工作方式，培養技術與人才相結合的思維模式，從而提高生產力和速度。

As I will discuss in a moment, we have delivered several early successes, including in software engineering, customer service, content operations and our General Counsel's office. This progress provides confidence in the long-term opportunity to become a more productive and nimble organization. Our capital capacity and liquidity remain a key asset we are focused on deploying to create shareholder value. In 2025, we invested $850 million into M&A including four strategic bolt-on acquisitions, bolstering key franchises and talent. We executed a $1 billion share repurchase program last fall. And this morning, we have announced another 10% increase in our annual common stock dividend.

我稍後將要討論的是，我們已經取得了一些早期成功，包括軟體工程、客戶服務、內容營運和我們的總法律顧問辦公室。這項進展使我們對長期發展成為更有效率、更靈活的組織充滿信心。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關鍵資產。2025 年，我們投資 8.5 億美元用於併購，其中包括四項策略性補充收購，以加強關鍵特許經營權和人才。去年秋季，我們執行了一項10億美元的股票回購計畫。今天早上，我們宣布將年度普通股股息再次提高 10%。

We remain committed to a balanced capital allocation approach, and we continue to assess a number of inorganic opportunities. Our estimated $11 billion of capital capacity through 2028, we are positioned to be both aggressive and opportunistic.

我們仍然致力於均衡的資本配置方法，並將繼續評估一些非內生性成長機會。預計到 2028 年，我們將擁有 110 億美元的資本能力，這使我們既可以採取積極進取的態度，也可以抓住機會。

Looking forward, our conviction around the medium-term growth potential for Thomson Reuters remain strong. As Mike will discuss in more detail, we are reaffirming our 2026 outlook for organic revenue growth of 7.5% to 8% including approximately 9.5% for the Big 3. We expect healthy margin expansion and strong free cash flow even as we continue to invest in innovating, serving our customers.

展望未來，我們對湯森路透的中期成長潛力依然充滿信心。正如麥克將要詳細討論的那樣，我們重申我們對 2026 年有機收入成長的預期，為 7.5% 至 8%，其中三大巨頭的成長率約為 9.5%。我們預計，在持續投資創新、服務客戶的同時，利潤率將健康成長，自由現金流也將強勁。

Now to the results for the quarter. Fourth quarter organic revenues grew 7%. Organic recurring and transactional revenue grew 9% and 8%, respectively, while Print revenues declined 6% in line with expectations. Adjusted EBITDA increased 8% to $777 million reflecting a 110 basis point margin increase to 38.7% due to healthy operating leverage and good cost discipline.

現在公佈本季業績。第四季有機收入成長7%。有機經常性收入和交易收入分別成長了 9% 和 8%，而印刷收入下降了 6%，符合預期。經調整的 EBITDA 成長 8% 至 7.77 億美元，利潤率提高 110 個基點至 38.7%，這得益於健康的經營槓桿和良好的成本控制。

Turning to the fourth quarter results by segment. The Big 3 segments delivered 9% revenue growth. Legal organic revenue again grew 9% despite softer government growth, continued momentum from Westlaw and CoCounsel were the key drivers. Corporates organic revenue grew 9%, driven by offerings in our legal, tax and risk portfolios and the segment's international businesses. Tax, Audit & Accounting organic revenues grew 11%, driven by UltraTax, our Latin American business and CoCounsel.

接下來按業務股數來看第四季業績。三大業務部門實現了 9% 的收入成長。儘管政府業務成長放緩，但法律業務的有機收入再次成長了 9%，Westlaw 和 CoCounsel 的持續成長動能是主要驅動因素。企業有機收入成長 9%，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。稅務、審計和會計業務的有機收入成長了 11%，這主要得益於 UltraTax、我們的拉丁美洲業務和 CoCounsel 的推動。

Reuters organic revenues rose 5%, driven by growth in the agency business and our contract with LSEG. Lastly, Global Print organic revenues declined 6% year-on-year. In summary, we're pleased with our Q4 results. Full year organic revenues grew 7%. Organic recurring and transactional revenue grew 9% and 4%, respectively, while Print revenues declined 5%. Adjusted EBITDA increased 6% to $2.9 billion, yielding a margin of 39.2%. Adjusted earnings per share for the year was $3.92 compared with $3.77 per share in the prior year.

路透社有機收入成長 5%，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) 的合約。最後，全球印刷業務的有機收入較去年同期下降了 6%。總而言之，我們對第四季的業績感到滿意。全年有機收入成長7%。有機經常性收入和交易收入分別成長了 9% 和 4%，而印刷收入下降了 5%。調整後 EBITDA 成長 6% 至 29 億美元，利潤率為 39.2%。本年度調整後每股收益為 3.92 美元，而去年同期為每股 3.77 美元。

Let me finish on the results for the full year by noting that we have met or exceeded all of our 2025 guidance metrics with the loan exception of interest expense. This was higher than our forecast due to the pace of our share repurchase program and declines in market interest rates, which led to lower interest income.

最後，我想就全年業績作總結，指出除了貸款利息支出外，我們已經達到或超過了 2025 年的所有指導指標。由於我們的股票回購計畫推進迅速，以及市場利率下降，導致利息收入減少，因此實際支出高於我們的預期。

As you know, we have talked a lot about AI from a product and an innovation perspective in recent years. I'd like to close my comments today by briefly discussing another important AI-driven initiative here at Thomson Reuters, namely leveraging the technology internally to reimagine how we work.

如您所知，近年來我們從產品和創新角度對人工智慧進行了許多討論。今天，我想以簡要討論湯森路透另一項重要的 AI 驅動舉措來結束我的發言，即在內部利用這項技術來重新構想我們的工作方式。

Since 2023, we have invested heavily in AI tools and training. We created Open Arena, internal AI platform providing all employees with access to leading AI models and capabilities, and we are leveraging multiple third-party AI applications. We have held several TR-wide AI-focused learning days, offered AI certification programs and taken steps to encourage and foster a culture of experimentation with a test-and-learn approach. This enabled our employees to not only build skills, but also test the impact created by the AI tools.

自 2023 年以來，我們已在人工智慧工具和培訓方面投入大量資金。我們創建了 Open Arena，這是一個內部人工智慧平台，為所有員工提供領先的人工智慧模型和功能，我們正在利用多個第三方人工智慧應用程式。我們舉辦了許多全TR範圍內的AI主題學習日，提供了AI認證項目，並採取措施鼓勵和培養以測試和學習方法為導向的實驗文化。這不僅使我們的員工能夠提陞技能，還能測試人工智慧工具所產生的影響。

Last year, having matured from experimentation to execution, we implemented a disciplined top-down approach to driving transformation at scale through AI-driven automation. Our AI initiatives are now purpose-based with specific business targets, and we have created 3-year AI road maps for all segments and functions. We are leveraging key talent, process and learnings from our successful execution of the change program to reimagine how we use technology, simplify complexity, optimize our footprint and commercial systems and evolve our work with the tech plus talent mindset.

去年，我們經歷了從實驗到執行的成熟階段，實施了由上而下的嚴謹方法，透過人工智慧驅動的自動化大規模推動轉型。我們的人工智慧計畫現在以目標為導向，設定了具體的業務目標，並且我們已經為所有部門和職能部門制定了為期 3 年的人工智慧路線圖。我們正在利用關鍵人才、流程以及成功執行變革計畫的經驗，重新構想我們如何使用技術、簡化複雜性、優化我們的佈局和商業系統，並以技術加人才的思維方式發展我們的工作。

We are pleased with our progress to date as we are seeing broad engagement and a growing number of successes. For example, more than 85% of our employees are active users of Open Arena and our other AI tools. We have more than 300 AI use cases in development across all areas of the company.

我們對迄今為止的進展感到滿意，因為我們看到了廣泛的參與和越來越多的成功案例。例如，我們超過 85% 的員工都是 Open Arena 和我們其他 AI 工具的活躍用戶。我們公司各領域正在開發超過 300 個人工智慧應用案例。

Let me share four specific examples where AI is already driving measurable business impact at Thomson Reuters. Let's start with software development. Over 80% of our engineers actively use AI-powered tools, making AI a core part of our development life cycle. This goes beyond cogeneration. AI is accelerating security remediation, modernizing legacy systems, automating quality assurance and enabling predictive incident management. These capabilities have transformed how we build and deliver products, reducing lead times and improving quality at scale.

讓我分享四個具體的例子，說明人工智慧已經在湯森路透帶來了可衡量的業務影響。讓我們從軟體開發開始。超過 80% 的工程師積極使用人工智慧工具，使人工智慧成為我們開發生命週期的核心部分。這已經超越了熱電聯產的範疇。人工智慧正在加速安全修復、實現傳統系統的現代化、自動化品質保證並實現預測性事件管理。這些能力改變了我們建構和交付產品的方式，縮短了交付週期，並大規模地提高了產品品質。

Moving to customer support. By pairing third-party AI tools with internal development, we have automated knowledge search and content creation and added agent assist chatbots. These tools are accelerating routine work and improving outcomes for both our customer service agents and our customers. This includes having reduced call average handle time by 15% and boosted first call resolution by 10%. In content operations, we're leveraging proprietary AI tools to extend our differentiation and content advantage. Our content creation process requires deep legal expertise and proprietary technology.

調到客戶支援部門。透過將第三方人工智慧工具與內部開發相結合，我們實現了知識搜尋和內容創建的自動化，並添加了代理輔助聊天機器人。這些工具正在加快日常工作速度，並改善我們客服人員和客戶的體驗。這包括將平均通話處理時間縮短 15%，並將首次通話解決率提高 10%。在內容營運方面，我們正在利用專有的人工智慧工具來擴大我們的差異化優勢和內容優勢。我們的內容創作過程需要深厚的法律專業知識和專有技術。

Over the past 18 months, we've developed specialized AI tools specifically engineered for legal content processing. These tools now automate complex tasks like document ingestion, classification and citation conversion for judicial cases and legislative updates. These advancements improve our speed and quality of proprietary content we deliver. For example, we have accelerated US content delivery to Westlaw by 25%, giving customers faster access to critical legal updates. And importantly, the increased automation also frees up resources that we are refocusing on driving further product enhancement and accelerated innovation.

在過去的 18 個月裡，我們開發了專門用於法律內容處理的專用人工智慧工具。這些工具現在可以自動執行複雜的任務，例如司法案件和立法更新的文件導入、分類和引用轉換。這些進步提高了我們提供專有內容的速度和品質。例如，我們將美國內容向 Westlaw 的交付速度提高了 25%，使客戶能夠更快地獲得重要的法律更新。更重要的是，自動化程度的提高也釋放了資源，我們可以將這些資源重新集中用於推動產品進一步改進和加速創新。

And finally, our General Counsel's office continues to excel in leveraging Thomson Reuters AI-enabled legal tools. They were early adopters of CoCounsel and our other AI-enabled offerings, which they leverage for contract review and drafting legal research and more.

最後，我們的總法律顧問辦公室繼續在利用湯森路透人工智慧法律工具方面表現出色。他們是 CoCounsel 和我們其他人工智慧產品的早期採用者，他們利用這些產品進行合約審查、法律研究等工作。

I'll provide one concrete example with CoCounsel tabular analysis, a recently launched feature that automates the review of up to 10,000 documents at a time. Following the close of an acquisition last year, the team used this capability to review thousands of customer contents, completing this complex task in hours rather than weeks and saving significant time and resources. It also allowed for a much quicker assessment of the ongoing obligations and risk profile of the acquired business. Mike will share some incremental commentary, but let me conclude by stating we have growing confidence that this reimagination of how we work will bring significant benefits to TR over the next few years, increasing our productivity, accelerating our decision-making and improving our customer experiences.

我將以 CoCounsel 表格分析為例進行說明，這是一項最近推出的功能，可以一次自動審查多達 10,000 份文件。去年完成收購後，團隊利用這項能力審查了數千份客戶內容，在數小時內而非數週內完成了這項複雜的任務，節省了大量時間和資源。這也使得對被收購企業的現有義務和風險狀況進行更快速的評估成為可能。Mike 將分享一些補充評論，但最後我想說的是，我們越來越有信心，這種工作方式的重新構想將在未來幾年為 TR 帶來顯著的好處，提高我們的生產力，加快我們的決策速度，並改善我們的客戶體驗。

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 fourth quarter revenue performance for our Big 3 segment.

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板塊第四季的營收表現。

Organic revenue grew 9% in the fourth quarter, continuing the strong trend from recent periods. Legal Professionals organic revenue grew 9% again this quarter despite slower growth from government as we discussed last quarter. Key drivers from a product perspective remain Westlaw, CoCounsel and Practical Law. Government grew 5% in the quarter, though we expect this to slow in Q1 based on the government cancellations we discussed last quarter.

第四季有機營收成長9%，延續了近幾季的強勁成長動能。儘管如上季所述，政府業務成長放緩，但法律專業人士的有機收入本季再次成長了 9%。從產品角度來看，主要驅動因素仍然是 Westlaw、CoCounsel 和 Practical Law。本季政府支出增加了 5%，但我們預計，鑑於上個季度政府取消的支出，第一季政府支出將會放緩。

Our Corporate segment grew 9% organically, driven by 9% recurring and 7% transactional growth. Indirect Tax, Practical Law, Pagero and our international businesses were key contributors. Tax, Audit & Accounting organic revenue increased 11%. Recurring and transactional revenues grew 12% and 3%, respectively. Our Latin America business, UltraTax, CoCounsel for tax and audit and SafeSend were key drivers.

我們的企業業務部門實現了 9% 的有機成長，其中經常性業務成長 9%，交易性業務成長 7%。間接稅、實用法、Pagero 和我們的國際業務都是主要貢獻者。稅務、審計和會計業務的有機收入增加了 11%。經常性收入和交易性收入分別成長了 12% 和 3%。我們的拉丁美洲業務、UltraTax、稅務和審計方面的 CoCounsel 以及 SafeSend 都是關鍵驅動因素。

Moving to Reuters. Organic revenue rose 5% for the quarter driven primarily by growth from the news agreement with the Data & Analytics business of LSEG and $5 million of generative AI-related transactional content licensing revenue and our agency business.

轉到路透社。本季有機收入成長 5%，主要得益於與 LSEG 數據與分析業務達成的新協議帶來的成長，以及 500 萬美元的生成式 AI 相關交易內容授權收入和我們的代理商業務。

Finally, Global Print revenues decreased 6% on an organic basis. On a consolidated basis, fourth quarter organic revenues increased 7%. At the end of Q4, the percent of our annualized contract value or ACV from products that are GenAI-enabled was 28%, up from 24% last quarter.

最後，全球印刷業務收入按自然成長率計算下降了 6%。合併後，第四季有機收入成長了7%。截至第四季末，我們年度合約價值（ACV）中來自 GenAI 賦能產品的百分比為 28%，高於上一季的 24%。

Turning to our profitability. Adjusted EBITDA for the Big 3 segments was $709 million, up 9% from the prior year period with the margin rising 130 basis points to 43%. Reuters adjusted EBITDA was $48 million with a margin of 21%. Global Print's adjusted EBITDA was $54 million with a margin of 39.6%. In aggregate, total company adjusted EBITDA was $777 million, an 8% increase versus Q4 2024, reflecting a 110 basis point margin increase to 38.7% despite $19 million of severance expense related to our initiatives to reimagine how we work.

接下來談談我們的獲利能力。三大業務部門的調整後 EBITDA 為 7.09 億美元，較上年同期成長 9%，利潤率上升 130 個基點至 43%。路透社調整後的 EBITDA 為 4,800 萬美元，利潤率為 21%。Global Print 的調整後 EBITDA 為 5,400 萬美元，利潤率為 39.6%。總計，公司調整後 EBITDA 為 7.77 億美元，比 2024 年第四季成長 8%，利潤率提高了 110 個基點，達到 38.7%，儘管有 1,900 萬美元的遣散費與我們重新構想工作方式的舉措有關。

Turning to earnings per share. Adjusted EPS was $1.07 for the quarter versus $1.01 in the prior year period. Currency had a $0.01 negative impact on adjusted EPS in the quarter. Let me now turn to our free cash flow. For the full year 2025, our free cash flow was $1.95 billion, slightly ahead of our approximately $1.9 billion outlook. EBITDA growth was the primary driver of the year-over-year increase in free cash flow. I will now provide an update on our capital structure and several capital allocation items.

接下來看每股收益。本季調整後每股收益為 1.07 美元，去年同期為 1.01 美元。匯率波動對本季調整後每股盈餘產生了 0.01 美元的負面影響。現在讓我來談談我們的自由現金流。2025 年全年，我們的自由現金流為 19.5 億美元，略高於我們約 19 億美元的預期。EBITDA 成長是自由現金流年成長的主要驅動因素。接下來，我將介紹我們的資本結構和幾項資本配置項目的最新情況。

From a liquidity and capital structure standpoint, we remain in an enviable position with below target leverage and healthy cash flow. This strong financial position is illustrated by our December 31 capitalization. We had approximately $500 million of cash on hand at year-end. We have an undrawn $2 billion revolving credit facility. We also have $1.7 billion available for issuance under our Commercial Paper program. Our December 31 leverage ratio was 0.6 times, below our 2.5times internal target, as noted in our value creation model. Looking forward, we forecast $11 billion of capital capacity through 2028.

從流動性和資本結構的角度來看，我們仍然處於令人羨慕的地位，槓桿率低於目標值，現金流健康。從我們12月31日的資本狀況可以看出我們強勁的財務狀況。截至年底，我們手頭上大約有5億美元現金。我們擁有20億美元的未提取循環信貸額度。我們還有17億美元的商業票據可供發行。截至 12 月 31 日，我們的槓桿率為 0.6 倍，低於我們價值創造模型中規定的 2.5 倍內部目標。展望未來，我們預測到 2028 年，資本容量將達到 110 億美元。

We remain focused on value creation, and we expect to continue with our balanced capital allocation approach that includes annual dividend growth, strategic M&A and capital returns. I will provide several updates. This morning, we announced a 10% increase in our annual dividend for 2026 to $2.62 per share, up $0.24 from $2.38 in 2025. This marks the 33rd consecutive year of annual dividend increases, and the fifth consecutive 10% increase. In 2025, we completed four acquisitions for approximately $850 million. SafeSend and Additive brought key capabilities to our Tax, Audit & Accounting segment with small bolt-ons of TimeBase and Imagn Images bolstering our Legal business in Australia and Reuters, respectively.

我們將繼續專注於價值創造，並期望繼續採取均衡的資本配置方式，包括年度股息成長、策略併購和資本回報。我將提供多次更新資訊。今天上午，我們宣布將 2026 年的年度股息提高 10%，至每股 2.62 美元，比 2025 年的 2.38 美元增加 0.24 美元。這標誌著公司連續第 33 年提高年度股息，也是連續第五年提高 10%。2025年，我們完成了四項收購，總金額約8.5億美元。SafeSend 和 Additive 為我們的稅務、審計和會計部門帶來了關鍵功能，而 TimeBase 和 Imagn Images 的小幅附加功能分別增強了我們在澳洲和路透社的法律業務。

In October, we completed the $1 billion share repurchase program or NCIB, we announced in August retiring 6 million shares. For the year, we returned slightly more than 100% of our 2025 free cash flow through dividends and buybacks, ahead of our 75% return commitment. Looking forward, we have ample capacity to continue to execute against all three of these capital allocation strategies in 2026 and beyond. We remain highly focused on strategic M&A, but expect to again deliver to the 75% free cash flow return commitment in 2026.

10 月份，我們完成了 10 億美元的股票回購計畫（NCIB），我們在 8 月宣布註銷了 600 萬股股票。今年，我們透過分紅和股票回購返還了略高於 2025 年自由現金流 100% 的金額，超過了我們 75% 的返還承諾。展望未來，我們有充足的能力在 2026 年及以後繼續執行這三項資本配置策略。我們仍將高度專注於策略併購，但預計在 2026 年將再次實現 75% 的自由現金流回報承諾。

I will conclude with a few thoughts on our outlook. We are reiterating the 2026 financial framework we discussed last quarter, and providing additional detail with our 2026 guidance. We forecast total and organic revenue growth in a range of 7.5% to 8%, driven by approximately 9.5% growth for the Big 3. Our outlook calls for modest organic revenue growth acceleration for both total TR and the Big 3.

最後，我想談談我們未來的一些看法。我們重申上季度討論過的 2026 年財務框架，並在我們的 2026 年業績指引中提供更多細節。我們預測總收入和有機收入成長將在 7.5% 至 8% 之間，其中三大巨頭預計將成長約 9.5%。我們預計，TR 整體和三大品牌的有機收入成長將溫和加速。

We are confident in delivering this improvement, which benefits from positive underlying momentum, the execution of our innovation road maps and to a lesser extent, easier comparisons in several areas including at Reuters and Corporates. We continue to forecast our adjusted EBITDA margin in 2026, rising by 100 basis points from 39.2% in 2025. We expect our 2026 effective tax rate to be approximately 19% with our cash tax rate roughly 5% below this book tax rate.

我們有信心實現這項改進，這得益於積極的潛在勢頭、我們創新路線圖的執行，以及在較小程度上，路透社和企業等幾個領域更容易進行比較。我們繼續預測，2026 年調整後的 EBITDA 利潤率將比 2025 年的 39.2% 提高 100 個基點。我們預計 2026 年的實際稅率約為 19%，而現金稅率比帳面稅率低約 5%。

Moving to capital intensity. We see 2026 accrued CapEx as a percent of revenue of approximately 8%, in line with the trend in recent years. This level of investment is supportive of our continued focus on investing in product innovation, as we strive to deliver stronger revenue growth. We expect 2026 free cash flow to be approximately $2.1 billion, up from $1.95 billion in 2025 as growing profitability and stable capital intensity more than offset higher cash taxes.

轉型為資本密集型經濟。我們預計 2026 年累積資本支出佔收入的百分比約為 8%，與近年來的趨勢一致。這種程度的投資支持我們持續專注於產品創新投資，力求實現更強勁的營收成長。我們預計 2026 年自由現金流約為 21 億美元，高於 2025 年的 19.5 億美元，因為獲利能力的成長和穩定的資本密集度足以抵消更高的現金稅收。

We are reiterating previously provided 2026 organic revenue growth targets for the Big 3 segments as follows: Legal Professionals growth of 8% to 9%; Corporates of 9% to 11%; and Tax, Audit & Accounting Professionals of 11% to 13%. As it relates to Steve's discussion of leveraging AI to reimagine how we work, I will add a few comments. First, as I stated earlier, our Q4 results included approximately $19 million of severance as we take steps to drive automation and productivity throughout the company. We expect an additional $10 million in the first quarter. While it is early in our automation drive, we have growing confidence in the opportunity ahead.

我們重申先前提供的 2026 年三大細分市場有機收入成長目標如下：法律專業人士成長 8% 至 9%；企業成長 9% 至 11%；稅務、審計和會計專業人士成長 11% 至 13%。關於史蒂夫討論如何利用人工智慧重新構想我們的工作方式，我補充幾點看法。首先，正如我之前所說，由於我們採取措施推動公司內部的自動化和生產力提升，我們第四季的業績中包含了約 1,900 萬美元的遣散費。我們預計第一季將額外獲得1000萬美元。雖然我們的自動化進程還處於早期階段，但我們對未來的機會越來越有信心。

Combining our underlying operating leverage with expected productivity gains, we now expect to deliver 100 basis points of annual EBITDA margin expansion, not only in 2026, but also in 2027 and 2028 even as we continue to invest in innovation and driving revenue growth. Turning to the first quarter. We expect organic revenue growth of approximately 7% and our adjusted EBITDA margin to be approximately 42%. Looking beyond Q1, we expect revenue growth to strengthen, primarily driven by building momentum from a number of our AI-enabled products.

結合我們現有的經營槓桿和預期的生產力提升，我們現在預計，不僅在 2026 年，而且在 2027 年和 2028 年，年度 EBITDA 利潤率將增長 100 個基點，同時我們將繼續投資於創新和推動收入成長。進入第一季。我們預計有機收入成長約為 7%，調整後的 EBITDA 利潤率約為 42%。展望第一季之後，我們預期營收成長將有所增強，這主要得益於我們多款人工智慧產品的良好發展勢頭。

Let me now turn it back to Gary for questions.

現在我把問題交還給加里，讓他提問。

Thanks, Mike. Melinda, we're happy to begin the Q&A.

謝謝你，麥克。梅琳達，我們很高興開始問答環節。

(Operator Instructions)

（操作說明）

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

To start, I'm curious if you could comment on the Legal recurring growth. It did slow from 3Q to 4Q, so curious what drove that. And then can you just outline what sort of government headwinds you're expecting in 2026?

首先，我很好奇您能否就法律經常性增長發表一下看法。從第三季到第四季成長放緩，很好奇是什麼原因導致的。那麼，您能否簡要概述一下您預計在 2026 年會面臨哪些政府方面的阻力？

Sure, Jason. Your first question, the answer is associated with our Government business. The second question, which is more broader, I will expand. Jason, if you look at Legal Professionals, excluding Government, we have clear momentum driven by the pace of AI-driven innovation including our Westlaw and CoCounsel products. With that said, when we incorporate the full impact of Government cancellations we discussed during Q3, we do see the Government growth slowing in Q1 from the 5% we reported in Q4 of 2025.

當然可以，傑森。你的第一個問題，答案與我們的政府業務有關。第二個問題範圍更廣，我將詳細說明。Jason，如果你觀察法律專業人士（不包括政府部門），你會發現，人工智慧驅動的創新步伐，包括我們的 Westlaw 和 CoCounsel 產品，都帶來了明顯的成長動能。也就是說，當我們把我們在第三季度討論過的政府取消訂單的全部影響考慮進去時，我們確實看到，第一季度政府的增長速度比我們在 2025 年第四季度報告的 5% 有所放緩。

We are confident Legal Professionals will achieve 8% to 9% for full year 2026. However, there could vary -- could be variations within that range quarter-by-quarter in 2026 due to the Government. So hopefully, Jason, that helps with both questions. I'll just reemphasize, when we look at Legal Professionals, excluding Government, we have terrific momentum there. It will be offset somewhat with the Government cancellations, but we're very confident in delivering that full year '26 of 8% to 9%.

我們有信心，法律專業人士在 2026 年全年將實現 8% 至 9% 的成長。然而，由於政府的原因，2026 年每個季度該範圍內可能會出現波動。希望這能解答傑森的兩個問題。我再次強調，當我們審視法律專業人士群體（不包括政府部門）時，我們擁有非常強勁的發展勢頭。政府的取消會在一定程度上抵消這一影響，但我們非常有信心實現 2026 年全年 8% 至 9% 的成長目標。

Mike, if I could just add one more comment, Jason, you might have seen the transactional growth at Legal was really strong. That was actually driven in large part by Government. And so there was a bit of a shift within the quarter from recurring to transactional within the Government segment as well.

麥克，傑森，如果我能再補充一點，你可能已經注意到法務部的交易成長非常強勁。實際上，這在很大程度上是由政府推動的。因此，本季政府部門的業務也從經常性支出轉向了交易性支出。

Okay. Great. Yes, I was wondering about that, too. So that's very helpful. And then as a follow-up question, I was hoping to take a step back and curious if you could walk us through what is the moat around Westlaw and Practical Law?

好的。偉大的。是的，我也在想這個問題。那很有幫助。然後，作為後續問題，我希望退一步思考，您能否為我們講解一下 Westlaw 和 Practical Law 的護城河是什麼？

And why can't those be easily replicated by some competitor that's using an AI tool to try to do so?

為什麼有些競爭對手不能輕易地利用人工智慧工具來複製這些方法呢？

Yes. I'll start that, Jason. Thanks for the question. If you go back to our prior earnings call, we went into some depth with regard to specifically Westlaw. So I want -- I'll try not to repeat too many of those comments, but let me make a few comments because I think this is obviously a hot topic broadly and particularly a hot topic this week.

是的。我來開始，傑森。謝謝你的提問。回顧我們先前的財報電話會議，我們曾就 Westlaw 的具體情況進行深入探討。所以我想——我會盡量避免重複太多先前的評論，但我想說幾點，因為我認為這顯然是一個熱門話題，尤其是在本週。

So the first comment I'd make is we have not seen a change in competitive dynamics in our areas of core franchise. So that's legal research and know-how, Westlaw and Practical Law and the various tax calculation engines that we see and, for that matter, our risk, fraud and compliance data set. So as it pertains to legal, we have not seen new entrants into the legal research space of any measure or importance. Where we have seen more competition is in a white space area for Thomson Reuters, which is this AI-driven workflow area, where the legal assistants have emerged since the rise of generative and now Agentic AI. Now the reason that we are confident and growing in confidence is a couple fold.

因此，我首先要說的是，在我們核心特許經營領域，我們還沒有看到競爭格局發生變化。所以，這涉及法律研究和專業知識，Westlaw 和 Practical Law 以及我們看到的各種稅務計算引擎，還有我們的風險、詐欺和合規資料集。因此，就法律領域而言，我們還沒有看到任何具有規模或重要性的新進業者進入法律研究領域。我們看到競爭更加激烈的地方是湯森路透的空白領域，也就是人工智慧驅動的工作流程領域，自從生成式人工智慧和現在的智慧人工智慧興起以來，法律助理就在這個領域中湧現。現在我們充滿信心並且信心不斷增強的原因有兩方面。

Firstly, we believe and all the evidence in the marketplace today supports the fact that a general purpose model cannot do what professional-grade AI can do. So our starting point here, which we believe is a very strong starting point, is that we have two highly differentiated assets. The first, we have decades and in some jurisdictions, centuries of unique content sets that have been created by highly skilled, highly trained and qualified lawyers based on case-law and based on best practices and know-how and improved and refined, curated and delivered over decades or centuries, so the first is our content sets, we think, very difficult to replicate. And the second is our deep domain expertise. So thousands of attorney editors on staff who create this content, and we have retrained to use that expertise to train our agents.

首先，我們相信，而且目前市場上的所有證據都支持這樣一個事實：通用模型無法做到專業級人工智慧能夠做到的事情。因此，我們認為這是一個非常有利的出發點，那就是我們擁有兩個高度差異化的資產。首先，我們擁有數十年甚至在某些司法管轄區數百年的獨特內容集，這些內容集由技藝精湛、訓練有素、資質優良的律師根據案例法、最佳實踐和專業知識創建，並在數十年或數百年的時間裡不斷改進、完善、策劃和提供。因此，我們認為，我們的第一類內容集很難被複製。其次是我們深厚的領域專業知識。因此，我們有數千名律師編輯負責創作這些內容，並且我們已經對這些專業知識進行了再培訓，以便利用這些專業知識來培訓我們的代理人。

And so as I said in my opening remarks, we have growing confidence here. And that growth in confidence comes from the fact that in August of last year, we launched Westlaw Advantage, which is a deep research Agentic product. Based on early sales and customer feedback, it has reset the bar in the legal research space. To this day, it is unmatched and very significantly more sophisticated, more accurate and more useful than the next best tool. And secondly, in putting this product successfully forward, we have cracked the code, we believe, on leveraging our content and our deep domain expertise to train agents.

正如我在開場白中所說，我們在這裡越來越有信心。這種信心的成長源自於去年 8 月我們推出了 Westlaw Advantage，這是一款深度研究代理商產品。根據早期銷售情況和客戶回饋，它重新定義了法律研究領域的標準。時至今日，它依然無與倫比，而且比目前最好的工具更精密、更準確、更實用。其次，我們相信，透過成功推出這款產品，我們破解了利用我們的內容和深厚的領域專業知識來培訓代理商的密碼。

And so the opportunity for us going forward and this runs through our product road map in '26 and beyond is to take that leveraging of content and expertise to train agents to our other flagship products, starting with CoCounsel, to launch a fully agentic version in the coming months through to our other franchise products. And so I'd finish by saying there is a marked difference between professional grade AI and general purpose model AI. Professionals -- the stakes for professionals are extraordinarily high. They must be correct. They're doing expert fiduciary work and they require data privacy and security.

因此，我們未來的機會，也是貫穿我們 2026 年及以後的產品路線圖的，就是利用內容和專業知識來培訓代理人，並將這些資源應用到我們的其他旗艦產品中，首先是 CoCounsel，在未來幾個月內推出完全代理版本，然後推廣到我們的其他特許經營產品。最後我想說的是，專業級人工智慧和通用模型人工智慧之間存在著顯著差異。專業人士－專業人士面臨的風險非常高。他們說的肯定是對的。他們從事專業的信託工作，因此需要資料隱私和安全保障。

And ultimately, they are accountable for being correct. And so that's really a basis of our confidence, not only in our core Westlaw and Practical Law franchises, but also in our ability to extend leadership into AI-driven workflows, which, as I said, is a white space opportunity for us.

最終，他們要為自己的正確性負責。因此，這確實是我們信心的來源，不僅是對我們核心的 Westlaw 和 Practical Law 業務，也是我們能夠將領導地位擴展到 AI 驅動的工作流程的能力的來源，正如我所說，這對我們來說是一個空白領域的機會。

(Operator Instructions)

（操作說明）

Tim Casey, BMO Capital Markets.

Tim Casey，BMO資本市場。

Given the share price action certainly of this week, could you talk a little bit about how share buybacks, return of capital transactions things like that are -- I guess, how are they stacking up in your pecking order? I know you detailed your priority of strategic M&A, but given what's gone this week, how are you thinking about buybacks more specifically?

鑑於本週的股價走勢，您能否談談股票回購、資本返還交易等事項——我想，它們在您的決策順序中處於什麼位置？我知道您詳細闡述了策略併購的優先事項，但鑑於本週發生的事情，您具體是如何考慮股票回購的？

Yes. Tim, I'll start overall, as you referenced in my prepared remarks, I did mention we will continue with our balanced capital allocation, the three vectors of annual dividend growth, which we increased 10% today, strategic M&A and capital returns. Tim, we agree with your comment and assessment that share repurchases are definitely attractive at the current levels, and we look forward to continuing our ongoing discussions with the Board in that regard.

是的。提姆，我先從整體上說起。正如你在我準備好的發言稿中提到的，我的確說過我們將繼續保持均衡的資本配置，即年度股息增長（今天我們提高了 10%）、戰略併購和資本回報這三個方面。提姆，我們同意你的評論和評估，在目前的水平上回購股票絕對很有吸引力，我們期待繼續與董事會就此進行討論。

Lastly, I would mention, Tim, that we plan to deliver on our commitment to return 75% of our free cash flow to investors in 2026. In order to achieve that 75%, we would need about $500 million of share repurchases to achieve this commitment, which is in addition to the dividends previously mentioned. So just to reiterate, Tim, we agree share repurchases are attractive at the current levels, and we'll continue to discuss that option with the Board.

最後，提姆，我想提一下，我們計劃履行承諾，在 2026 年將 75% 的自由現金流返還給投資者。為了實現 75% 的目標，我們需要回購約 5 億美元的股票才能履行這項承諾，這還不包括前面提到的股利。所以，提姆，我再重申一遍，我們同意在目前的價位回購股票是有吸引力的，我們將繼續與董事會討論這個選項。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

This is Brendan on for Manav. Just wanted to see if you could help us at all with the kind of how the size of the CoCounsel, if that's even possible to split out and kind of the -- it's how much in legal versus tax? And then also, just any comment on the progress of adoption of Westlaw Advantage and kind of what kind of uplift -- adoption uplift you expect that's kind of baked into the guidance?

這裡是 Brendan 為 Manav 報道。只是想看看您能否幫我們了解CoCounsel的規模，如果可以的話，能否把這個規模拆分出來，以及——法律費用和稅務費用分別是多少？另外，您對 Westlaw Advantage 的採用進展有什麼看法？您預期該指南中會體現出怎樣的採用率提升？

Yes, Brendan, I'll start. It's Steve. Thanks for the question. So we haven't and don't plan to sort of provide specific dollar ACV numbers for those products as it's relatively early days. What I would say though is that we are very encouraged by the reception of CoCounsel legal by both the general counsels that we serve and aspire to serve and their teams and also the law firms.

好的，布倫丹，我先來。是史蒂夫。謝謝你的提問。因此，由於目前還處於相對早期階段，我們還沒有也不打算提供這些產品的具體美元年度合約價值（ACV）數字。不過，我想說的是，我們對 CoCounsel legal 受到我們服務和希望服務的總法律顧問及其團隊以及律師事務所的歡迎感到非常鼓舞。

And that is both the largest law firms in the world, medium firms and small firms. And I think Steve Assie and Liz Zimick and Aaron Rademacher have done a great job as is Karan Tewari in terms of penetrating CoCounsel into legal community. So we are very pleased with the progress, and we think we are keeping pace or outpace the competition in what is a white space area for us.

這其中既包括全球最大的律師事務所，也包括中型和小型律師事務所。我認為 Steve Assie、Liz Zimick 和 Aaron Rademacher 以及 Karan Tewari 在將 CoCounsel 打入法律界方面都做得非常出色。因此，我們對目前的進展感到非常滿意，我們認為在這個對我們來說尚屬空白的領域，我們正在保持甚至超越競爭對手。

And I'd echo those comments as it pertains to CoCounsel for Tax & Audit. On the back of the Materia acquisition and particularly the integration of Kevin Merlini and Lucas Adams from Materia into the TR, the fully Agentic products that they bought with them and have been able to develop with the help of our content and expertise have been very well received by tax and accounting professionals firms, small, medium, large, in-house tax departments and also the professional firms themselves.

對於稅務和審計方面的合作律師，我也同意這些評論。在收購 Materia 之後，特別是將 Materia 的 Kevin Merlini 和 Lucas Adams 整合到 TR 之後，他們收購的 Agentic 產品，以及在我們內容和專業知識的幫助下開發的產品，受到了稅務和會計專業公司、小型、中型、大型企業內部稅務部門以及專業公司本身的熱烈歡迎。

So I think it's early days in terms of the development of these (inaudible) change management within the customer set. But we're off to a great start, and we're looking forward to both further investing and innovating and having our fantastic sales team to bring those products and services to market.

所以我認為，就客戶群中這些（聽不清楚）變革管理的發展而言，現在還處於早期階段。但我們開局良好，我們期待進一步投資和創新，並依靠我們優秀的銷售團隊將這些產品和服務推向市場。

Brendan, I think you had a second question in regards to the Westlaw Advantage. I would say the trajectory there is based on actually higher than prior releases of Westlaw. Steve and I had a chance to spend time last week with Mike Dahn. Mike Dahn leads the Westlaw Advantage and also spent time with Emily Colbert. Maybe I'll expand your question which is likely to come, Brendan, in regards to our confidence level in 2026.

Brendan，我想你還有關於 Westlaw Advantage 的第二個問題。我認為，Westlaw 目前的走勢實際上比之前的版本更好。上週，史蒂夫和我有機會和麥克丹恩共度了一段時間。Mike Dahn 領導 Westlaw Advantage，也與 Emily Colbert 進行了交流。布倫丹，或許我會進一步探討你接下來可能會提出的問題，也就是我們對 2026 年的信心程度。

These GenAI offerings that we've recently launched is a key ingredient. Several items there, Westlaw Advantage, the CoCounsel Legal that Steve talked about, Steve also talked about Coke Council for Tax & Audit. I would add Ready to Advise, which is within Elizabeth Beastrom's Tax, Audit & Accounting Professionals. And then we just launched Ready to Review with Kevin Merlini there. So that's one of the key reasons, Brendan, why we're confident in our 2026 revenue guidance.

我們最近推出的這些 GenAI 產品都是關鍵要素。那裡有好幾項內容，Westlaw Advantage，史蒂夫提到的CoCounsel Legal，史蒂夫也提到了可口可樂稅務與審計委員會。我還要補充一點，Ready to Advise 是 Elizabeth Beastrom 的稅務、審計和會計專業人士團隊的一部分。然後我們和 Kevin Merlini 一起推出了 Ready to Review 節目。所以，布倫丹，這就是我們對 2026 年營收預期充滿信心的關鍵原因之一。

Along with that, Elizabeth is scaling the recent acquisitions of SafeSend and Additive. The last component of that revenue growth acceleration in 2026, I mentioned in the prepared remarks, easier comparisons, specifically for Reuters, given the onetime GenAI content licensing revenue, it was lower in 2025. 2024 was $33 million. 2025, it was $13 million. So that lower Reuters onetime GenAI content licensing revenue, contributes about 30 basis points to total TR if we look at the walk of revenue between 2025 and 2026. Sorry to expand there, Brendan, but I thought that might be helpful just to give you a broader view on our revenue acceleration in 2026.

同時，伊麗莎白正在擴大近期收購的 SafeSend 和 Additive 的業務規模。我在準備好的發言稿中提到，2026年收入成長加速的最後一個組成部分，由於GenAI內容授權收入一次性計入，因此更容易進行比較，特別是對於路透社而言，2025年的收入較低。 2024年為3,300萬美元，2025年為1,300萬美元。因此，如果觀察 2025 年至 2026 年的收入變化，路透社一次性 GenAI 內容授權收入的減少將對總 TR 貢獻約 30 個基點。抱歉說了這麼多，Brendan，但我認為這或許能讓你更全面地了解我們在 2026 年的營收加速成長情況。

Drew McReynolds, RBC.

Drew McReynolds，RBC。

Either for Steve or Mike, with respect to strategic M&A, I think you guys, as a company, clearly have been in AI for a long time and have been successful doing tuck-in M&A. Is it incorrect to assume the pace of all the AI innovation, including from the frontier models is accelerating. So does that make strategic M&A trickier to do? And then when you see a pullback like we've gotten this week across the broader software space, have multiples in the private market -- do you expect them to come in? And just your level of confidence of making sure you're doing the right strategic acquisitions, just given, again, the pace of AI evolution underneath the hood?

無論是對史蒂夫還是麥克來說，就策略併購而言，我認為你們公司顯然在人工智慧領域已經耕耘多年，並且在整合併購方面取得了成功。假設包括前沿模型在內的所有人工智慧創新步伐都在加快，這種說法是否錯誤？那麼，這是否意味著策略性併購更難實施？然後，當我們看到像本週這樣整個軟體領域出現回調，而私募市場出現多倍估值時——你認為他們會入場嗎？鑑於人工智慧技術日新月異的發展速度，您對確保進行正確的策略性收購有多大信心？

Yes, Drew, thanks. It's a great question. Look, in my view, M&A of any stripe and any size is tricky, and it always has been and it always will be. And that's one of the reasons that we've kept, as I think you know, the bar very high. I mean we look for acquisitions that are first and foremost, additive to our customer experience.

是的，德魯，謝謝。這是一個很好的問題。在我看來，任何類型、任何規模的併購都很棘手，過去如此，將來也是如此。這也是我們一直保持高標準的原因之一，我想你也知道。我的意思是，我們尋找的收購目標首先是能夠提升客戶體驗的。

Secondly, they've got modern tech. The financials need to work for us, not just the exiting shareholders. And last but not least, we look for executives and teams leading those companies that we think will be additive to sort of TR's culture and talent base. And so we've done a series of these acquisitions, as you've seen. But I think have -- we've kept our powder dry 9 times out of 10 relative to the pipelines and that which we look at.

其次，他們擁有現代科技。財務狀況必須對我們有利，而不僅僅是對退出的股東有利。最後，我們也會尋找那些我們認為能夠為 TR 的企業文化和人才基礎增添價值的主管和團隊。因此，我們進行了一系列這樣的收購，正如你所看到的。但我認為，相對於管道和我們所關注的事物而言，我們十有八九都保持了謹慎的態度。

And I would suggest that will continue because M&A is hard and integration is hard, and we take it very, very seriously. And we're proud of the sort of batting average that we've achieved in terms of integrating the acquisitions we've made over the last 5 or 6 years. As to sort of what happens in the private markets with valuations, as we've shared before, we focus on the best targets and the best products and teams. And so we're not in the market sort of looking for sort of cheap deals and subpar products.

而我認為這種情況還會持續下去，因為併購很難，整合也很難，我們對此非常非常重視。我們為過去 5 到 6 年在整合收購專案方面取得的成功率感到自豪。至於私募市場估值方面的情況，正如我們之前分享過的，我們專注於最好的目標、最好的產品和團隊。因此，我們進入市場的目的不是為了尋找廉價的商品和劣質的產品。

The prices of those assets held in private hands have stayed high in my view. I don't think the private equity firms have sort of readjusted their expectations. Here, we sit with $11 billion of capital to deploy between now and the end of 2028. And I think that's an advantageous position because it should the events, particularly this week, but over the last couple of months in terms of downgrading the valuations of software and AI-related businesses. I think we should be able to take advantage of that, should it occur. But I've been wrong before in terms of how fast the private markets would move. And so we won't overstate the point.

在我看來，私人持有的那些資產的價格一直居高不下。我認為私募股權公司並沒有調整他們的期望。目前，我們手頭上有 110 億美元的資金，可以在 2028 年底前部署。我認為這是一個有利的位置，因為它應該能夠應對本週以及過去幾個月來軟體和人工智慧相關企業估值下調的事件。我認為如果這種情況發生，我們應該能夠利用這一點。但我之前也曾判斷錯誤，沒能準確預測私人市場的發展速度。所以我們就不誇大其詞了。

What would you add, Mike?

你還有什麼要補充的，麥克？

Good summary. Thank you, Steve.

總結得很好。謝謝你，史蒂夫。

George Tong, Goldman Sachs.

喬治唐，高盛集團。

This is Anna Wu on for George Tong. We are in an environment where many enterprises are keeping headcount flat or even down. How do you monetize your AI product innovations further to capture the increased AI-driven consumptions in pricing. As you look to 2026, how should we think about pricing trends compared to the approach you took in '25?

這裡是吳安娜，替喬治唐報道。目前，許多企業都在維持員工人數不變甚至減少員工人數。如何進一步將人工智慧產品創新貨幣化，從而在定價中抓住人工智慧驅動的消費成長所帶來的機會？展望 2026 年，與 2025 年採取的方法相比，我們該如何看待定價趨勢？

Yes. Anna, thanks for the question. I'll let Mike answer the pricing question. But in terms of the headcount, so let me make something really clear, which we often state, but I can't be clear enough and that is we do not price on a headcount basis. So we don't sell seat licenses.

是的。安娜，謝謝你的提問。價格問題就讓麥克來回答吧。但就人員數量而言，讓我明確一點，這一點我們經常說過，但我還是要強調清楚，那就是我們不按人員數量定價。所以我們不賣座位許可證。

So to the extent that our tools and this broader sort of Agentic AI transformation drives greater efficiency and ultimately, headcount reduction within either in-house legal tax audit departments and so forth or the firms that serve corporations. We will be a beneficiary of that, not a victim of that. And the reason we'll be a beneficiary of that, and I used the example in my prepared remarks, of how Norie Campbell's team saved weeks in terms of their due diligence activities and contract review on a potential acquisition is that we price -- we're increasingly looking to price to value.

因此，我們的工具和這種更廣泛的智慧人工智慧轉型，在一定程度上提高了效率，並最終減少了公司內部法律稅務審計部門等部門或為公司提供服務的機構的人員數量。我們將從中受益，而不是受害。我們將從中受益的原因，我在準備好的發言稿中舉了一個例子，諾裡·坎貝爾的團隊如何在潛在收購的盡職調查活動和合約審查方面節省了數週時間，因為我們定價——我們越來越注重按價值定價。

Now it's early days in this AI journey. And so there's still a sort of a level of experimentation in terms of pricing as customers become accustomed to these tools and start to learn the impact and play through. But we should be a beneficiary of that, not a victim of that. And we're always looking to be -- to base our pricing as much as we can on the ultimate end impact.

現在人工智慧之旅還處於早期階段。因此，在定價方面仍然存在一定程度的試驗，因為客戶會逐漸習慣這些工具，並開始了解其影響和使用方法。但我們應該從中受益，而不是成為受害者。我們始終致力於盡可能根據最終影響來定價。

Anna, I'll address two additional points I think you raised. One is in regards to how we monitor our GenAI investments. Certainly, Steve just touched on pricing, which I'll go into more detail in a second. Pricing, which we monitor very closely with our segment presidents, Raghu Ramanathan, Laura Clayton McDonnell, Elizabeth Beastrom for the Big 3 segments.

安娜，我想再談談你提出的另外兩點。一是關於我們如何監控 GenAI 投資。當然，史蒂夫剛才也提到了定價問題，我稍後會詳細介紹。定價方面，我們與三大業務部門的總裁 Raghu Ramanathan、Laura Clayton McDonnell 和 Elizabeth Beastrom 密切監控。

I think another indicator, Anna, is our continued EBITDA margin expansion. As we mentioned and you saw today, EBITDA margin expanded 100 basis points in 2025,and we've made commitments to continue the 100 basis points of margin expansion in '26, '27 and '28. Hopefully, that gives you indicators that we're closely monitoring all of our GenAI and really all investments period. I think that's a strong signal of the return that we're getting.

安娜，我認為另一個指標是我們 EBITDA 利潤率的持續成長。正如我們今天所提到的，EBITDA 利潤率在 2025 年成長了 100 個基點，我們承諾在 2026 年、2027 年和 2028 年繼續保持 100 個基點的利潤率成長。希望這能讓您明白，我們正在密切監控我們所有的 GenAI 項目以及所有投資項目。我認為這強烈表明了我們所獲得的回報。

On your second question on pricing, we estimate a slightly higher overall pricing yield in 2026 versus 2025. And when I say that, that is a composite of our full portfolio, not just the GenAI offerings, but all of our offerings. So slightly higher pricing yield in '26 versus '25, Anna.

關於您提出的第二個定價問題，我們預計 2026 年的整體定價收益率將比 2025 年略高。我這麼說，指的是我們全部產品組合的綜合，不只是 GenAI 的產品，而是我們所有的產品。所以，安娜，2026 年的價格收益率比 2025 年略高。

Super helpful. Just as a follow-up, I'm wondering what are you hearing from your customers on the rollout of AI solutions in T&A? What's your take on the potential experimenting with other newer or smaller GenAI point solutions that's becoming more available in the market, specifically in areas like invoice extraction or accounts receivable automation versus staying with a scalable and more integrated platform like Thomson Reuters is offering?

非常有用。作為後續問題，我想知道您從客戶那裡了解到的關於在考勤和會計領域推廣人工智慧解決方案的反饋如何？您如何看待嘗試市場上其他更新或更小的 GenAI 單點解決方案（尤其是在發票提取或應收帳款自動化等領域）的可能性，以及與繼續使用像 Thomson Reuters 提供的可擴展且更整合的平台相比，哪種方式更合適？

Yes. So Anna, your question is, are we hearing customers sort of experiment with general purpose AI solutions in areas like e-invoicing and AP automation? If that's -- if I would answer it correctly, the answer is no. As you know, we acquired Pagero, which is, we believe, world's leading e-invoicing solution and as mandates roll out through Europe and increasingly in the Middle East and Southeast Asia and Latin America, we very much like the trajectory of that product and that offering given its inherent product advantages. And our tax solutions, including our indirect tax solutions and our e-invoicing solutions are lightning fast, very accurate and priced efficiently.

是的。所以安娜，你的問題是，我們是否聽到客戶在電子發票和應付帳款自動化等領域嘗試使用通用人工智慧解決方案？如果那是──如果我能正確回答的話，答案是否定的。如您所知，我們收購了 Pagero，我們認為它是世界領先的電子發票解決方案。隨著歐洲、中東、東南亞和拉丁美洲等地的強制規定不斷出台，鑑於其固有的產品優勢，我們非常看好該產品及其服務的未來發展軌跡。我們的稅務解決方案，包括間接稅解決方案和電子發票解決方案，速度極快、非常準確且價格合理。

So the idea that sort of a general-purpose AI tool is going to come in and perform that core task more quickly and efficiently at a lower price is not factually true and not the concern. I think the opportunity for us is to use AI as we're doing in the Tax & Accounting space with Ready to Review and Ready to Advise is to use AI to build out the entire value chain of activities around the tax calculation engine. And so that's a playbook that we're rolling out first in Tax, Audit & Accounting Professionals, and we will extend into our ONESOURCE proposition, e-invoicing and indirect tax and ultimately direct tax. And so it's early days for that, but we've got a playbook, and we like the early feedback we've gotten from customers around Ready to Review and Ready to Advise.

因此，認為某種通用人工智慧工具能夠以更低的價格更快、更有效率地執行核心任務的想法並不符合事實，也不是我們應該擔心的問題。我認為我們的機會在於，像我們在稅務和會計領域使用 Ready to Review 和 Ready to Advise 一樣，利用人工智慧來建立圍繞稅務計算引擎的整個價值鏈活動。因此，我們將首先在稅務、審計和會計專業人士中推出這套方案，然後將其擴展到我們的 ONESOURCE 方案、電子發票和間接稅，最終擴展到直接稅。所以現在還處於早期階段，但我們已經有了行動方案，而且我們對客戶就「準備審查」和「準備建議」功能獲得的早期回饋感到滿意。

Anna, just to supplement to your point, specifically on e-invoice and which Steve commented on. If you look at our indirect tax solution, Pagero solutions, which are included within our corporate segment, those offerings fully met our revenue expectations in 2025 and that trajectory will continue into 2026.

Anna，我補充一下你的觀點，特別是關於電子發票，Steve也評論過這一點。如果您查看我們的間接稅解決方案 Pagero 解決方案（該解決方案包含在我們的企業部門中），這些產品在 2025 年完全達到了我們的收入預期，並且這一趨勢將持續到 2026 年。

Aravinda Galappatthige, Canaccord Genuity.

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

Just to go back to sort of, Steve, you comments about the moat. I was wondering if it's worthwhile differentiating the position with respect to your customers and larger law firms as opposed to the smaller law firms. Is there a material difference with respect to the threat from these new generalized services?

史蒂夫，回到你之前關於護城河的評論。我想知道，對於你的客戶和大型律師事務所，與對於小型律師事務所，是否有必要採取不同的立場。這些新型通用服務帶來的威脅是否有實質差異？

And then as my follow-up, perhaps, Mike, on clearly noticed the GenAI enabled products as a percentage of ACV jumped a little bit more than in prior quarters, 28%. How should we think of sort of the high watermark for that? Obviously, there's a bunch of products that will never be AI, Global Print and so forth. Maybe just help us imagine what -- how far that number could go?

然後，作為我的後續補充，Mike，我清楚地註意到，GenAI 賦能的產品佔 ACV 的百分比比前幾季略有增長，達到了 28%。我們該如何看待這方面的巔峰成就？顯然，有很多產品永遠不會變成人工智慧、全球印刷等等。或許可以幫我們想像一下──這個數字能達到多大？

Thanks, Aravinda. I'll take the first, Mike, the second. So traditionally, when we put out a new version, for example, of Westlaw or an upgraded version of Practical Law, the largest law firms and the largest general counsel offices were the first to kick the tires on those and ultimately take them up. And then that would sort of work its way down through the customer set. And you've heard over time, Mike and Gary talk about percent of ACV that these products occupy and typically, it reached the limit in the sort of 70-odd percent range.

謝謝你，阿拉文達。我要第一個，麥克，第二個。因此，傳統上，當我們推出新版本（例如 Westlaw）或升級版的 Practical Law 時，最大的律師事務所和最大的總法律顧問辦公室總是最先試用這些版本，並最終採用它們。然後這種影響就會逐漸向下滲透到所有客戶群。隨著時間的推移，你也聽到了麥克和加里談論這些產品在 ACV 中所佔的百分比，通常情況下，這個百分比達到了 70% 左右的上限。

I think what we're seeing is a slightly different dynamic in this sort of AI-driven era insofar as we have just as much demand in our most advanced AI-driven tools from small firms as we do medium and large because they instantly see the impact in terms of accuracy, quality, and ultimately, the sort of impact to their bottom line. And the small folks see that as quickly. I mean I've been in sales meetings where we've had sole litigators in the Midwest, for example, the US, say, see a demo of the latest Westlaw and/or CoCounsel and say, where do I buy? And when I've asked them, why such a quick decision? They've said because, look, I've been thinking about hiring another paralegal or another associate.

我認為，在人工智慧驅動的時代，我們看到了一種略有不同的動態，因為我們最先進的人工智慧驅動工具在小型企業和中大型企業中同樣受歡迎，因為他們可以立即看到這些工具在準確性、品質以及最終對其利潤的影響。小人物們很快就能明白這一點。我的意思是，我曾經參加過一些銷售會議，會上，比如美國中西部地區的一些獨立訴訟律師，在觀看了最新的 Westlaw 和/或 CoCounsel 的演示後，會問：“我在哪裡購買？”當我問他們為什麼這麼快就做出決定時，我更確信了這一點。他們說，因為，你看，我一直在考慮再招一名律師助理或另一名合夥人。

And this does the work in many cases. And it's easier and cheaper for me to do this than go down that hiring path. So that dynamic has been slightly different. But the demand is uniformly keen across all three, which I think is slightly different than previous iterations. Mike?

在很多情況下，這種方法確實有效。對我來說，這樣做比走招募這條路更容易、更便宜。所以這種動態略有不同。但三者的需求都非常旺盛，我認為這與之前的版本略有不同。麥克風？

Aravinda, in regards to your question on GenAI-enabled products, just for everyone's benefit, I'll say context. We've initially provided this metric in November of 2024 with the Q3 '24 call. Initially, it was up 15% of our annual contract value. As noted today, it's now 28%. To specifically address your question, if you can visualize a graph, I think we will see continued steady rise in the percent of ACV that's GenAI-enabled throughout 2026, 2027.

Aravinda，關於你提出的關於 GenAI 賦能產品的問題，為了大家的利益，我先說明一下背景。我們最初在 2024 年 11 月的 2024 年第三季財報電話會議上提供了這項指標。最初，它比我們年度合約價值高出 15%。正如今天所指出的，現在是 28%。具體回答您的問題，如果您能想像一張圖表，我認為在 2026 年和 2027 年，我們將看到 GenAI 支援的 ACV 百分比持續穩定上升。

I think the second thing I would do on that visual in regards to the trend line, there will be points in time over '26, '27, where we will add AI to more of our existing products. So at those points, you could see -- begin to see some uptick that's higher than the current trend that we have. So two points there. We'll see -- we'll keep rising steadily. And then as we AI-enable more of our products, you'll see some spikes over the time horizon.

我認為關於趨勢線，我要做的第二件事是，在 2026 年、2027 年期間，我們將人工智慧添加到我們現有的更多產品中。所以在那些時候，你可能會看到——開始看到一些高於我們目前趨勢的上升趨勢。所以這裡有兩點。我們拭目以待——我們會繼續穩定上升。然後，隨著我們越來越多的產品採用人工智慧技術，您將在一段時間內看到一些高峰。

But we're certainly pleased with that continued uptick, Aravinda, and there is a direct correlation to my comments earlier as to my confidence in achieving the 2026 targets with the progress and momentum that we have with the GenAI offerings. Is that helpful, Aravinda?

但我們當然對這種持續成長感到高興，Aravinda，這與我先前的評論有直接關聯，即我對憑藉 GenAI 產品所取得的進展和勢頭實現 2026 年目標充滿信心。這樣有幫助嗎，阿拉文達？

Absolutely.

絕對地。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

Great. Congratulations on the execution and a lot of uncertainty -- perceived uncertainty. I wonder if you could maybe just go into -- because I think one of the parts that maybe isn't fully appreciated by the market is the complexity of the data aggregation. And then ultimately, the overlay of your in-house counsel to draw kind of conclusions. And just trying to get a sense of how difficult it is to aggregate the data, not only from obviously digital but also linear perspective?

偉大的。祝賀專案順利完成，儘管存在著許多不確定性——或者說是感知到的不確定性。我想知道您是否可以深入探討——因為我認為市場可能沒有充分認識到資料聚合的複雜性。最後，也需要公司內部法律顧問的意見來下結論。我只是想了解一下，匯總資料究竟有多難，不僅是從顯而易見的數位化角度，也包含線性角度？

So maybe talk to that a little bit, and then I think the importance of, I think, it's at 1,700, 1,800 in-house attorneys you have and how critical that curation process is to the ultimately delivery, Steve, to your point, kind of how important it is getting it right and having the most comprehensive view?

所以或許可以稍微談談這一點，然後我認為，擁有 1700 到 1800 名內部律師的重要性，以及甄選過程對最終交付成果的關鍵性，史蒂夫，正如你所說，確保甄選正確並擁有最全面的視角是多麼重要？

Yes. Thanks, Kevin. It's sort of obviously renewed interest in this question. I would say the vast majority of value in our data sets, particularly but not limited to our lead (inaudible) comes from the IP and the added value from our attorney editors. And these are large teams of terrifically talented, highly dedicated folks spread throughout the world.

是的。謝謝你，凱文。顯然，人們對這個問題重新燃起了興趣。我認為我們資料集中的絕大部分價值，特別是但不限於我們的線索（聽不清楚），都來自智慧財產權和我們律師編輯的附加價值。這些都是由遍布世界各地、才華橫溢、高度敬業的人員組成的大型團隊。

And just a couple of sort of anecdotal points. I mean the first is we have in some jurisdiction centuries worth of content and decades and decades of content that was never digitized. So it required someone to go to the court, step to the courthouse and record that first instance. Secondly, to the extent that some of the case information is published by a particular circuit court or a particular courthouse. Oftentimes, it includes a sort of a summary of the judgment.

還有幾點軼事。我的意思是，首先，在某些司法管轄區，我們擁有幾個世紀以來的內容，以及幾十年來從未數位化的內容。所以需要有人去法院，到法院大樓去，記錄下第一次事件。其次，如果某些案件資訊是由某個巡迴法院或某個法院公佈的。通常情況下，它會包含一份判決摘要。

It doesn't include, for example, dissenting opinions and all of the fact base sitting beneath that. And we've captured that over time. But most importantly is the way our editors interpret that information, quantify that information, categorize it and add the expertise that helps determine, for example, is this patent relevant to other situations and which is the relevant precedent and which isn't. That's where a lot of the real IP is added, and it is a very, very significant added value add over that sort of base level information that's more publicly available. And that is certainly the true in Legal and it's true in Tax & Accounting.

例如，它不包括不同的意見以及支撐這些意見的所有事實基礎。隨著時間的推移，我們已經記錄了這一點。但最重要的是，我們的編輯如何解讀這些信息，量化這些信息，對這些信息進行分類，並加入專業知識，從而幫助確定，例如，這項專利是否與其他情況相關，哪個是相關的先例，哪個不是。許多真正的智慧財產權都來自於此，它比那些更公開的基礎資訊具有非常非常重要的附加價值。這在法律領域是真理，在稅務和會計領域也是如此。

The second thing I would add, I've mentioned this a couple of times, but it's worth reiterating is that under Leann Blanchfield's leadership with help from David Wong and Joel Hron and Emre and many others, we have trained our attorney editors, Tax & Accounting editors to take their expertise not only to produce the content that I just described, but also to train our agents.

第二點我想補充的是，我已經提過幾次了，但值得重申的是，在 Leann Blanchfield 的領導下，在 David Wong、Joel Hron、Emre 和許多其他人的幫助下，我們培訓了我們的律師編輯、稅務和會計編輯，讓他們不僅利用自己的專業知識來製作我剛才描述的內容，而且還我們的代理人。

So if you think about a particular transaction, legal transaction, we've broken it down into the 25 or 30 or 100 different steps. And then the agents are trained by our experts to behave as a world-class best practice practitioner, and the agents can then behave in sequence and in parallel to work their way through that problem in a very, very advanced way. And so that, I think, is another example of how this human expertise that's been developed here at TR over many, many decades is highly relevant to this AI era and a differentiator.

所以，如果你想想一筆具體的交易，一筆法律交易，我們已經把它分解了 25 個、30 個或 100 個不同的步驟。然後，我們的專家會對智能體進行訓練，使其表現得像世界一流的最佳實踐者一樣，然後這些智能體可以按順序和並行地行動，以非常非常先進的方式解決該問題。因此，我認為這再次證明了 TR 幾十年來積累的人類專業知識與人工智慧時代高度相關，並且具有差異化優勢。

Doug Arthur, Huber Research.

道格·阿瑟，Huber Research。

Yes. Let me ask a numbers question. Mike, the $19 million in severance, a, was that expected? B, where does it show up in the segments? And given the AI productivity displacement, and you mentioned something about $11 million in the first quarter, are we likely to continue to see these kind of small hits as 2026 unfolds?

是的。我想問一個關於數字的問題。麥克，那1900萬美元的遣散費，是預料之中的嗎？B，它在各個片段中出現在哪裡？鑑於人工智慧對生產力的衝擊，您提到第一季損失了 1100 萬美元，隨著 2026 年的到來，我們是否有可能繼續看到這種小幅衝擊？

Yes. Doug, let me hit each of those points. The $19 million, if we go back to the November earnings call, I did foreshadow that we would have some onetime incremental investment. The $19 million is slightly higher than we anticipated at the time of the November earnings call. As I mentioned today, we estimate $10 million of severance in Q1.

是的。道格，讓我逐一解釋這些要點。回顧 11 月的財報電話會議，我當時確實預告過我們會進行一些一次性的新增投資，金額為 1900 萬美元。1900萬美元略高於我們在11月財報電話會議上的預期。正如我今天提到的，我們預計第一季將支付 1000 萬美元的遣散費。

If I look for the remainder of the year, I think another $10 million is a reasonable estimate for total Q2 through Q4. That $10 million would be kind of spread along. So directionally, an estimate of $20 million for the full year. Let me bounce back to 2025. You asked about the $19 million and how it's spread.

如果展望今年剩餘時間，我認為第二季到第四季的總收入再增加 1,000 萬美元是一個合理的估計。那1000萬美元會分攤到各部門。因此，大致估計全年收入為 2000 萬美元。讓我回到2025年。你問到了這1900萬美元是如何分配的。

It is spread among segments and functions throughout total TR. The reason for that, as Steve mentioned during the prepared remarks, we have initiatives across every segment and every function to drive productivity for total TR.

它分佈在整個 TR 的各個部分和功能中。正如史蒂夫在事先準備好的發言中提到的那樣，原因在於我們在每個部門和每個職能部門都採取了舉措，以提高整個 TR 的生產力。

Okay. So it's not in any specific segment per se?

好的。所以它本身並不屬於任何特定的細分領域？

It's not in any specific segment. Once again, Doug, that $19 million is spread among the segments.

它不屬於任何特定領域。道格，我再說一遍，這 1900 萬美元是分配給各個部分的。

Stephanie Price, CIBC.

Stephanie Price，加拿大帝國商業銀行。

I'll maybe ask on the EBITDA margin expansion. Mike, it was good to see the '26 preliminary guidance reiterated. Just curious how you're thinking about the pacing of internal AI investments and cost improvements? And what's driving the confidence to kind of extend that margin expansion through to '27 and '28?

我可能會問關於 EBITDA 利潤率擴張的問題。麥克，很高興看到2026年的初步指導意見再次得到重申。我很好奇您是如何考慮內部人工智慧投資和成本改進的進度安排的？是什麼因素促使人們有信心將利潤率擴張的趨勢延續到 2027 年和 2028 年？

Yes, Stephanie. Just to confirm, we did say 100 basis points of expansion in each year, '26, '27 and '28. I think Steve has touched on a few of these points, but I'll expand on it in regards to the confidence level. Stephanie, if you go back to '21 to 2023 when we had our Change Program, we have many members of that leadership team, including Andrew Pearce, Pradeep Lankapalli, Mike Goddard, Liz Bank, who were all heavily involved in the Change Program. So we have leaders who have proved in regards to their ability to galvanize the team, influence, encourage the team to deliver. So that is a really, really important point.

是的，史蒂芬妮。再次確認一下，我們確實說過 2026 年、2027 年和 2028 年每年都會成長 100 個基點。我認為史蒂夫已經談到了其中的一些要點，但我將就信心水平方面再補充一些內容。Stephanie，如果你回顧 2021 年至 2023 年我們開展變革計畫的時期，你會發現當時領導團隊的許多成員，包括 Andrew Pearce、Pradeep Lankapalli、Mike Goddard 和 Liz Bank，都深入參與了變革計畫。因此，我們擁有一些領導者，他們已經證明了自己有能力激勵團隊、影響團隊、鼓勵團隊完成任務。所以這一點真的非常非常重要。

The second point, Stephanie, we have been working on these initiatives for a period of time. They're just not beginning right now. So we go into 2026 with momentum across total TR, as I referenced a second ago with Doug's question. Customer segment, every function in TR with a number of use cases. I think Steve referenced 300 use cases during the course of his prepared remarks.

第二點，史蒂芬妮，我們已經為這些舉措努力了一段時間。他們現在還沒開始。因此，我們將帶著整體 TR 的成長勢頭進入 2026 年，正如我剛才在回答 Doug 的問題時所提到的。客戶細分，TR 中的每個功能都有若干用例。我認為史蒂夫在事先準備好的演講稿中提到了 300 個用例。

So once again, those 300 use cases we've been working on throughout 2025. So we're not in exploration mode. We're in execution and delivery mode across all of these 300-plus use cases, Stephanie. In regards to the level of investment, that will happen throughout 2026. All of that is reflected within the guidance. There will not be surprises in regards to incremental investments to actually drive and execute against these initiatives. Did I touch on each of your questions, Stephanie?

所以，再次重申一下，我們在 2025 年一直在研究的這 300 個用例。所以我們現在並非處於探索模式。Stephanie，我們正在針對這 300 多個用例進行執行和交付。至於投資規模，這將在2026年全年逐步實現。所有這些都在指導方針中有所體現。在推進和執行這些措施所需的增量投資方面，不會有任何意外。史蒂芬妮，我有沒有一一解答你的所有問題？

You did.

你做到了。

Andrew Steinerman, JPMorgan.

Andrew Steinerman，摩根大通。

We look at your most sophisticated legal clients in terms of using AI broadly, are these clients consuming more or less content and spending more or less time on Westlaw and why? And I'll just get my follow-up as well. And on my follow-up, I just wanted to get a little more color at a segment level about that first quarter organic revenue guide of 7%.

我們觀察您最資深的法律客戶在使用人工智慧方面的情況，這些客戶是在廣泛使用人工智慧，還是在消費更多內容，以及在 Westlaw 上花費更多時間還是更少時間，原因是什麼？我也會收到後續回饋。在我的後續提問中，我只是想從細分市場的角度更詳細地了解第一季 7% 的有機收入預期。

Yes, Andrew, it's Steve. What a great question. So I don't know that I can give you a sort of the timestamped answer, right, like-for-like as to the talented attorneys spend more time in Westlaw and more time in the AI tools. Certainly, the penetration of these products is growing nicely. And as they are adopted, yes, the time goes up. But like-for-like, I think it's a little too early to tell.

是的，安德魯，我是史蒂夫。真是個好問題。所以我不知道我能否給你一個帶有時間戳記的確切答案，例如，優秀的律師究竟是花更多時間在 Westlaw 上，還是花更多時間在人工智慧工具上。當然，這些產品的滲透率正在穩定成長。是的，隨著他們被收養，時間就會增加。但要說同類比較的結果，我覺得現在下結論還太早。

What I would say is a couple of things. The legal profession continues to by and large be in good health in terms of demand for its services. And my own view for what it's worth is that AI will create many, many complex legal issues. And therefore, the sort of headline demand for the profession will continue to grow.

我想說兩點。整體而言，法律產業在服務需求方面依然保持良好狀態。我個人認為（雖然可能沒什麼價值），人工智慧將會引發許多非常複雜的法律問題。因此，這類職業的頭條新聞需求將會持續成長。

And so within that, these tools are going to play larger and larger roles, and there will be more and more attorneys using them more often each day. And so we think we'll go from a situation where Westlaw would be used by litigators in the context of a particular litigation to a situation where it plays larger and larger roles in the execution of that litigation. And also lawyers are -- one of the first things they do during the day is open up CoCounsel and start using it. And one of the last things they do is sort of shut it down and go home.

因此，這些工具將在其中發揮越來越重要的作用，每天會有越來越多的律師更頻繁地使用它們。因此，我們認為，Westlaw 將會從訴訟律師在特定訴訟中使用，發展到在訴訟執行過程中發揮越來越重要的作用。律師們也是如此——他們一天中做的第一件事就是打開 CoCounsel 並開始使用它。最後他們做的事情之一就是結束工作，然後回家。

So as I've said to you before, we see AI as a means to take our highly differentiated assets and enable us to play a larger role in the success of our customers. And I think what we don't know and what nobody knows is what will the profession's headcount be in serving that. But my bet is the demand for their services will go up, the complexity of questions that general counsels need to cope with will go up, and the adoption of these tools will grow significantly, particularly as they execute over the next 18 to 20 months, the change management required internally, just as we are doing, to ensure that we get -- extract full value from the tools.

正如我之前對你們所說，我們認為人工智慧是一種手段，可以利用我們高度差異化的資產，使我們能夠在客戶的成功中發揮更大的作用。我認為我們不知道，也沒有人知道的是，服務這一領域的專業人員數量會是多少。但我認為，對他們服務的需求將會增加，總法律顧問需要處理的問題的複雜性也會增加，這些工具的採用率將顯著提高，尤其是在未來 18 到 20 個月內，隨著他們在內部執行必要的變革管理（就像我們正在做的那樣），以確保我們能夠從這些工具中獲得全部價值。

Andrew, in regards to your second question, we don't break down our Q1 guidance by segment, consistent with Q1 and prior quarters, I just provided the total. So we don't provide a breakdown by segment.

Andrew，關於你的第二個問題，我們沒有按業務板塊細分第一季業績指引，與第一季和之前的季度一樣，我只提供了總額。因此，我們不提供按細分市場劃分的詳細數據。

We have time for one more question.

我們還有時間回答最後一個問題。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

I want to put Westlaw aside for a second because I do think that it's easier to conceptualize what the moat is there versus the CoCounsel products. And so I guess with regard to CoCounsel, you're seeing a lot of growth there right now, but there is a lot of innovation in the space from competitors, and I know you're sort of considering them general AI competitors. But I guess if someone is thinking about summarization or drafting or are these like sort of other use cases outside of core legal research, I don't know that it's totally clear why you need the technical expertise for those types of functions.

我想暫時把 Westlaw 放在一邊，因為我認為與 CoCounsel 產品相比，更容易理解它的護城河是什麼。所以我覺得，就 CoCounsel 而言，你現在看到了很大的成長，但競爭對手在這個領域也進行了很多創新，我知道你把它們視為通用人工智慧領域的競爭對手。但我想，如果有人在考慮摘要、起草或其他類似核心法律研究以外的用例，我不太清楚為什麼需要這些類型的技術專長。

And so I think that, that's leading to like will the AI product suite eventually either get commoditized or harder to monetize. And so like, I guess, I just wanted to hear your thoughts on how that plays out over time and sort of the risk to growth because of that potential for commoditization?

所以我認為這會導致一個問題：人工智慧產品套件最終會商品化，還是會更難獲利？所以，我想聽聽您對這種情況隨著時間的推移會如何發展以及商品化可能帶來的成長風險的看法？

Yes. Toni, thanks for the question. I think we've touched upon a couple of these points, but let me take a shot at that. I think the first thing you've got to start with in legal is the stakes associated with being a practicing attorney, and the sort of rights and obligations that come with that, the fiduciary responsibilities and the expertise required. And all of those things, the data privacy, the security and ultimately, the accountability for the advice that you provide.

是的。東尼，謝謝你的提問。我想我們已經談到了其中的一些要點，但讓我再嘗試解釋一下。我認為在法律領域，首先要了解的是作為執業律師所面臨的風險，以及隨之而來的各種權利和義務、信託責任和所需的專業知識。所有這些因素，包括資料隱私、安全，以及最終對你提供的建議負責。

All of those things lead to the need to be correct, and not to allow proprietary information to bleed into an AI model or out into the ether or heaven forbid in the hands of the other side of the litigation or a transaction. And so the stakes are extraordinarily high, firstly. Secondly, the single best way to ensure that the AI output is correct is by training it on a highly curated, trusted, accurate data source. And we have that and very few, if any, of the new entrants have access to such a data source. That's the second part.

所有這些都導致​​我們需要確保資訊的準確性，不能讓專有資訊洩漏到人工智慧模型中，也不能讓其洩漏到網路上，更不能讓其落入訴訟或交易的另一方手中。因此，首先，風險非常高。其次，確保人工智慧輸出正確性的最佳方法是使用經過精心挑選、值得信賴、準確的資料來源進行訓練。我們擁有這樣的資料來源，而新進入者幾乎沒有人能夠獲得這樣的資料來源。這是第二部分。

I think the third is as we move into this agentic environment and the tools are able to perform more and more tasks and higher sophisticated tasks, whether that be summarization or drafting or production of briefs or rebuttals, motions to dismiss and so forth. In order to perform those tasks, the products need to be agentic. And in order for those agents to behave as a world-class expert would behave and meet the rights and obligations of a practicing attorney, those agents need to be trained by deep experts, and we have them and have invested very heavily over decades in those folks. And as I said in my remarks, have, in a sense, retrained those folks in addition to producing the content also to train the agents.

我認為第三點是，隨著我們進入這種代理環境，工具能夠執行越來越多的任務和更複雜的任務，無論是總結、起草、製作簡報或反駁、駁回動議等等。為了完成這些任務，產品需要具有能動性。為了讓這些代理人能夠像世界級專家一樣行事，並履行執業律師的權利和義務，這些代理人需要接受資深專家的培訓，而我們擁有這樣的專家，並且幾十年來在這些人身上投入了大量資金。正如我在演講中所說，從某種意義上說，除了製作內容之外，我們還對這些人進行了再培訓，以便他們能夠培訓代理人。

So that's why we are confident. And we think that our sort of leadership position and heritage in around research and know-how is a great launching pad for us to be a leading player in the workflow tools as well. And we think that more and more customers will look to integrate those particular areas, including research and know-how, and they will want a tool that does both to a very high standard.

這就是我們充滿信心的原因。我們認為，我們在研究和專業知識方面的領導地位和傳承，為我們成為工作流程工具領域的領導企業提供了一個很好的跳板。我們認為，越來越多的客戶會尋求整合這些特定領域，包括研究和專業知識，他們會想要一款能夠在這兩方面達到非常高標準的工具。

Makes sense. And then when you think about the Tax & Accounting business, I think it'd just be helpful. You've done this in the past, but maybe just to hear from your words, how you're thinking about the sort of differentiation or moat there? Because I do think that, that is a little bit of a different animal than legal in terms of what you're providing and differentiating.

有道理。然後，當你想到稅務和會計行業時，我認為這肯定會有幫助。你以前也做過類似的事情，但或許我想聽聽你怎麼說，你是如何看待這種差異化或競爭優勢的？因為我確實認為，就你所提供的服務和差異化而言，這與法律有點不同。

Yes. Yes. No, I agree, Toni. I think it is -- there are some similarities, but there are also some differences clearly. So the basis of differentiation is the tax calculation engines that we operate and we provide to customers. And those tend to be very sticky because tax season -- tax filing system seasons come up quickly, and they're incredibly stressful moments for our customers. And so the idea of sort of swapping out the tax calculation engine is not all that attractive for a tax and accounting professional or the head of tax within a corporation. So we operate a number of these products that are leading in their categories, including UltraTax and GoSystem Tax and ONESOURCE.

是的。是的。不，我同意，東尼。我認為確實如此——它們之間有一些相似之處，但也存在一些明顯的不同之處。因此，差異化的基礎是我們營運並提供給客戶的稅務計算引擎。而且這些問題往往非常棘手，因為報稅季——報稅季來得很快，這對我們的客戶來說是一個壓力巨大的時刻。因此，對於稅務和會計專業人士或公司稅務主管來說，更換稅務計算引擎的想法並沒有那麼大的吸引力。因此，我們經營著許多在其類別中領先的產品，包括 UltraTax、GoSystem Tax 和 ONESOURCE。

And so those calculation engines are lightning fast. They are fed by constantly and in many cases, instantly updated content, and they are extremely accurate. And of course, they have the last number of years of tax information embedded in them and feeding through them to ensure that accuracy and relevance to a particular customer. But all of those things make them both difficult to replace and also unattractive to replace because they are very, very high performing.

因此，這些計算引擎速度極快。它們的內容不斷更新，很多情況下還能即時更新，而且它們的準確性極高。當然，這些系統中也嵌入了過去幾年的稅務信息，並透過這些資訊進行更新，以確保資訊的準確性和與特定客戶的相關性。但所有這些因素使得它們既難以替代，又缺乏替代的吸引力，因為它們的表現非常非常高。

The opportunity for us is to take that position in tax calculation and extend it into the sort of shoulder activities. So whether that's the collection and ingestion of all the source material that goes into a tax return and SurePrep obviously will do that whether that's the e-filing process that SafeSend performs well or whether it's the sort of integration of these activities that Materia has done so well. And so we think there's an opportunity to take that starting position with the tax calculation engines and to solve a critical problem for the industry, which is an acute talent shortage.

我們的機會在於，我們可以在稅務運算領域佔據這一地位，並將其擴展到其他相關業務領域。所以，無論是收集和吸收所有用於報稅的原始資料（SurePrep 顯然可以做到這一點），還是電子申報流程（SafeSend 表現出色），又或是將這些活動整合起來（Materia 做得非常好），都取決於具體情況。因此，我們認為有機會在稅務計算引擎領域佔據先機，並解決該行業面臨的關鍵問題，即嚴重的人才短缺問題。

As we've talked about before, Toni, the tax and accounting firms, whether they're the Big 4 or whether they're a high street firm, just can't access the talent as they could 25, 30 years ago, when there were lots of kids coming out of programs wanting to be CPAs. There are far fewer now. So the technology has to fill a significant gap, particularly as the number of returns goes up, the sophistication of returns goes up, the number of audits goes up and the sophistication goes up and the stakes around those things go up. And so that's why we're bullish about both our Tax, Audit & Accounting Professionals business that Elizabeth runs and also the various indirect and direct tax componentry within our Corporates business that Laura runs.

東尼，正如我們之前討論過的，稅務和會計事務所，無論是四大還是街頭事務所，都無法像 25、30 年前那樣獲得人才，當時有很多學生從相關課程畢業，想要成為註冊會計師。現在數量少很多了。因此，隨著退稅數量增加、退稅複雜程度提高、審計數量增加、審計複雜程度提高以及相關風險增加，這項技術必須填補一個重大的空缺。因此，我們對伊麗莎白負責的稅務、審計和會計專業人士業務以及勞拉負責的企業業務中的各種間接稅和直接稅部分都充滿信心。

Thanks, everybody. Good day.

謝謝大家。再會。

Bye.

再見。

This concludes today's conference. We thank you for your participation. You may disconnect your lines at this time.

今天的會議到此結束。感謝您的參與。您可以在此時斷開線路。