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TRI Thomson-Reuters

Participants
Frank Golden Head, IR
Steve Hasker CEO
Mike Eastwood CFO
Gary Bisbee BofA Securities
Drew McReynolds RBC Capital Markets
Kevin McVeigh Credit Suisse
Andrew Steinerman JP Morgan
Toni Kaplan Morgan Stanley
George Tong Goldman Sachs
Vince Valentini TD Securities
Tim Casey BMO Capital Markets
Call transcript
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Operator

Good day, everyone, and welcome to the Thomson Reuters Q2 2021 Earnings Call. My name is Simone. I’m your event manager. [Operator Instructions] I’d like to advise all parties the conference is being recorded for replay purposes. And now, I’d like to hand over to Frank Golden, Head of Investor Relations. ahead. go Please

Frank Golden

one each thank presentation. second and we’d by joining today to your questions yourselves the we well if growth Mike us CEO, we results many one to report performance to follow-up Good you will as enable and We XXXX the and you it us earnings Throughout when appreciate when our take currency Eastwood, CFO, as performance our the quarter each presentation, Hasker; period-on-period, limit basis. following basis organic compare measure today possible, whom underlying believe lines. call. phone for will Steve as our our morning, questions business. would an and for rates of before revenue To open provides I’m question as this best our get joined -- to of on we today’s discuss period the

forward-looking financial pandemic that and of from discussed today’s related time provide COVID-XX risks the statements number agencies. to Now reports regulatory and to in and to and a time results contains measures. may other materially to non-IFRS we presentation uncertainties due differ filings Actual risks

contacting these our access documents You may Relations website our or on Department. by Investor

Let me now Hasker. turn it over to Steve

Steve Hasker

of Frank, for you, to joining all and you Thank thanks us today.

honor passing. his we take of been and wanted killed us, Before acknowledge of respect of tragically for colleague assignment I in you performance speak The Danish for much-loved month. a has Reuters Prize-winning Pulitzer will his outstanding all moment colleagues, to Danish’s to for journalist, Thank especially impact our acknowledgment your on last quarter, I the loss our News Afghanistan Danish memory. while and was and significant continue to the Siddiqui. to loss of his

the second to first we’ll for to second quarter. in quarter accelerated the move saw report quarter. I’m financial the our we momentum the Now pleased performance in

and of the must-have expectations and half This franchises, the was positions First, second us year. well above performance of our Our solidity our our the our things: strong performance strong several positions. for market products reflects

strength accelerate Second, which opportunities further itself, the is growth. and to information presenting with our expand market positions the us of services

and towards conviction reapportion own finally, confidence customers products that they can and Third, that And their growing need improving drive productivity. and the to our their both their by growth customers in prospects. economic environment our realization fit an workflow and spend and have future solutions

with performance, second confidence increases for our we’re for XXXX. and So half the year half of which the first our pleased our prospects in

the to and contributing Now tailwinds Prevailing playing to results. are our revenue growth. and to strengths sales strong

strong of the by The expected the demand. was total growth company mirrored in and This growth over Big revenue X position X%. to company organic growth a quarter’s was businesses second customers as also X% decade, at grew revenue highest across themselves the sales meet

half. continued aggressively will on it second Program also is and program as execute of million XX. run track continue on The to rate and in up savings We $XX achieved we ramp of to June our the Change

forecast company is cash X to Big between strong $X.X billion X%. expected margin total free to the billion. for margin between performance, revenue first $X.X flow approximately now And X half revenue range EBITDA EBITDA We forecast the are company between Big guidance. year And is raising and forecast of this organic growth X% Given between we X.X% XX%. and full now and XX%. X.X% growth XX% and and organic our to range be now Total is

able will to dividends. XXXX, program shareholders complete over Lastly, If in this share today, including we program. billion we buyback year, to $X announced a buyback new returned are have $X.X billion the we

for organic including than XX% each revenues reported Latin more businesses, quarter were strong organically from revenues American grew Adjusted XX.X%. and and and was growth with a respectively. reflecting margin $XXX markets and solid X% of business which Asia X%. segment, emerging growth XX%, up Second EBITDA million, up to our X% Revenue increased

Change in the related costs $X.XX This the XX.X%. per the margin adjusted per period. EBITDA to to earnings of performance strong adjusted share compared year was prior Program, Excluding $X.XX in share resulted

to segments. the Turning results for the

of strong law, the growth was where in it’s organic X% mentioned, particularly growth next X XXXX, the I quarter, our for and this achieved impressive and and since quarter growth performance The building Legal first examples. with law, isolated legal be small But Big a across X%, very the large market to months. A the anticipate few quite is As solid mid small, organic the sentiment to isn’t attorneys U.S. government second strong firms, across continues small as and highest growth business: revenue quarterly healthy, geographies. X% performance. strong revenue lines on the quarter. product for of XX demand over growth

to quarter sales achieve and Edge at ended continues year-end First, XX% XX% the strong to compared penetration ACV Westlaw XXXX. growth at

-- rate XX% forecast continue between ACV We an by between year-end. and to XX% XX% penetration

Second, initiative. segment, as continue continued forecast invest key this and double Practical We forward, Law, in growth similar reported performance, to growing digit. we growth its in strong going Legal the

of Europe to see X% Legal the digit second business, quarter. accelerate Canada, to Third, organically. growth all mid- our which in the year. is to our fourth, We our and Government single forecast momentum Government’s Asia upper segment, continues in good FindLaw grew businesses the and half in And grew managed and within

achieved recurring market spend. legal reflecting also legal and the customers’ quarter strength for sales Finally, of health our willingness recording double-digit to growth, and both the year, the strong very and sales half

Recurring growth impact the of primarily and Corporates X% Professionals driven Events a grew which much employees, to was year-over-year a mind, position. to revenues colleagues very Tax half to Corporates work revenues, I will grew & in in are enabling path the and revenues recover year organic support individual it return before But deadlines. increase summary, transactional to Print A customers accelerate of from revenues. by and a to business, our next year a increases begins benefiting markets. The a X%, our into revenue take as timing partly revenue revenue year. from to us X%. total it and our organic performance and in XXXX rates in the XX% year granted, XXXX our would the for we Accounting’s the allow organic my Change our strong puts quarter and nothing also growth strong like it Global half businesses from it gradual our to increase guidance executing XXXX to and grew the business. still products We turn Asia Program. to COVID-XX organic do our revenues XX%, growth easier by first also Reuters grew the revenue second strong the over Latin forecast in customers good the but performance, our this quarter, our due In of on have into in growth negative attributable of a further our News’ America and we With was in intensify to for strong XXXX. pre-COVID healthy prior X%. an in achieve target Legal including from X. second half hard growth higher and our by to expected third-party businesses, to in organic revenues gratitude very us Organic at And solid confidence and us Europe, both our comparable, company in also Mike. I indirect to final driven risk, exceed investments office growth will to express X% emerging the businesses, with X%. also health tax Turning tax sold filing direct a from full revenues point our Reuters the for Big And

Our the the and confidence achieving Corporates organic expected Legal growth. X%-plus half multiple believe increasing levers X% business to to year. to over balance build of XXXX is also now We our on between to its results X% as organic by this pull segment growth has first drive XXXX. And is Legal is

growth And and by and solid be revenue X% & forecast to able forecast we year Tax this growth to achieve Accounting X% achieve continue X% We organic XXXX. organic between Corporates by XXXX. to growth of X% will for a

in So into to transform working Thomson a Reuters closing, company. technology we’re leading content-driven

we We’re still but much making good progress, accomplish. have to

us performance for that We’re off confident operating the consistently builds start, strong and foundation setting drive be XXXX colleagues long customers, we’re position to value to to able and is for strong financial a our shareholders and to sustainably the term. that and

discuss will results it to quarter’s Let me who hand in off now the detail. second Mike,

Mike Eastwood

today. us and you, thanks Thank joining for Steve,

to I reminder, growth organic on an a As will currency talk before revenue basis. and

at over to basis the segment to organic Legal’s XX% our organic recorded federal Recurring X%, due Legal and revenue are in maintain currency continuing were Big in Organic X%. by a to discussing And been and revenues our increased X Corporates U.S. revenues grew increased quarter. Government Law’s Professionals growth performance a grown transaction decade. revenues constant recorded and by and quarter and all have note, our represents segments up and XXX in Legal quarter least Law of highest both Practical Westlaw X% consecutive points is for revenues fourth courts Edge revenues segments X states. to by adopted start of Edge the Please the marks growth me revenue the about Big segment. healthy courts now up our X% organic businesses. Let X%, has the Big contribute X while premium. at Practical and in This second for continued Professionals XX% Westlaw, the were revenues XX government segments. XX% revenue

which X%, the the you, up Legal in timing increase revenue growth year. shifted includes with a a revenue solutions, And XX% fraud of individual to this Accounting’s which had Our In our offerings, quarter X%. much timing, deadlines. and I Corporates and in pay-per-return strong to half XX% onetime QX. Tax We organic revenues total and $X Growth X% did Tax growth organic forecast in American not of Government within increased grew total growth businesses, from Accounting the Confirmation, quarter. & XX%. XX% second the resulting for Normalizing revenues of year-over-year third year, transaction by were second and & finally, the for organic audit quarter the was recurring and filing year by grew Corporates will driven of tax of Latin to and and organic revenue revenues our CLEAR is remind was accelerate business, revenues of from segment, organic last organic reported revenue when compliance difficult includes Transactions risk, total this prior comparison X%. of recorded a revenue due year. reoccur revenue led million

printing a consolidated by Print to Despite Total and for revenues gradual we slightly quarter. due Moving this anticipated. organic X% organic to performance, Professional includes a Reuters our increased driven Reuters and between we services total revenues each in better increased and business, performance had News. and X% by And still revenues Events. was than customers. quarter full decline Global revenues third-party expected, total X%. which return to higher On the higher basis, than primarily year to was performance better second This and organic revenues office X% This X%. increased forecast our

for X, of QX, points will basis grew which organic performance performance the above and X% X%. QX Big see side, COVID-XX. XXXX. to total results up a recurring X%, above quarter in X% strong compared last in above for second quarter. XXXX of look at closer second company to to growth and X% grew in you recurring revenues of QX transaction Total for revenue XXXX the a due revenues revenue And left on company QX X%, quarter Before Starting let’s the the the was XXXX Big we XXXX. quarter decline X If organic performance second increased at of revenues impact second the was X% turning organic look the well the organic recurring profitability, XXX year’s

services slide, up were year-over-year implementation revenues was XXXX Turning right Reuters impacted business. to the as and the the of of graph our transaction Events the the COVID-XX, on by bottom which second significantly quarter affected

recurring in trajectory We the us of encouraged sustainability continue giving the to XXXX. and for of in growth the beyond remain revenue especially higher XXXX, confidence momentum the business by revenues,

X%. X organic various third the total Accounting’s Big in & X% to providing Accounting. due XXXX impacts forecast with COVID-XX. be delay low organic million the We are to digits basis, also on for TR of quarter the The quarter. and tax the guidance Accounting. of depressed grow of $X revenues given and Starting that chart and the third revenue revenues pay-per-return X.X% & to to total quarter we X for quarter left, timing growth the grow top Tax X.X% deadline. between QX total Big third in are shifted will we We QX related between will revenue and the estimate & Tax the On slightly growth filing Tax due for normalized single a growth to third expect mid-single from revenues digit forecast in

organic Moving business forecast by and revenues We to and all News. to X% grow lines. quarter X%, Reuters between driven News third total Reuters

expected forecast revenues quarter to and full revenues decline X% year X%. third between Print between we Global are to Finally, X%, decline and X% and

X margin Change costs the was Program businesses by second operating performance level. EBITDA each year the XXX savings and period, strong basis million, at was quarter. in recorded I strong the $XXX for margin initiatives. and related prior a XXXX are higher growth The Big segments points to the cost across from the profitability you segments. improvement driven each our margin EBITDA of of Turning corporate the the to due increased Adjusted for improvement XX% benefit up from remind will revenue the X

than print Adjusted due initiatives revenue News. million and prior basis of costs million a $XX points about XX.X%, EBITDA $XX to more dilutive XXX with cost Reuters was adjusted higher of Global period decline $XX Print’s third-party and revenue. impact to by EBITDA driven Moving margin growth, of timing. lower-margin the million, a was XXXX savings year

offset So in resulted I costs, adjusted million, Change increase $XXX X% aggregate, by a in which was total company XXXX. moment. partially Program address versus will higher QX EBITDA The increase revenues in a

slide basis, was to was margin more underlying our full EBITDA granularity second The XXXX. excluding provides an the XX.X% adjusted and costs EBITDA Change expectations adjusted for for related XX.X% the on This quarter’s reported regarding margin Program. year our

was first the segment’s EBITDA adjusted company was margin company XX.X%. Change X company mentioned, cost, for was X margin Big EBITDA On And increasing underlying total as months, an our we total XX.X%. For Steve margin guidance and is EBITDA And as assess our margin adjusted total adjusted a the full range excluding EBITDA are we XX.X%, basis, margin to several Program adjusted approximately and Big continue reasons. first full half of impressive, recommend for to we a margin in XX% to while XX%, expect to EBITDA XX%. on the X basis to the you the performance segments for year adjusted decline year second half

company. expect First, points XXX we impact investment of the which negative the total in increase have will a XXX to basis between our for to Program, Change

Program Second, Change business-as-usual we of additional XXXX. in forecast advance the investments of outside

Big to the and basis segments. savings initiatives, from X will Change For go-to-market enterprise to XXX points example, the the capabilities. XX%. the adjusted margin and to have our XXX We provide XXX X EBITDA at company of ability XX% achieve achieve our a good we target total levers disposal margin visibility to guidance our are analytics and we more XXX between will forecast are technology finally, for data for believe and This year updated basis and invest the Big dilute points. full margin XXX and to XXX of Program points total in our between and in company basis confident And into to benefit

flow was adjusted year EPS X% and share earnings me our EBITDA. quarter. the turn driven by let impact performance free increase. share $X.XX share. to Adjusted EPS cost. in in adjusted earnings per Starting no The versus $X.XX period, mainly higher share, had per Currency cash Program per a with the on was prior increase Now Change per

Let the cash to performance free our half. flow me turn now first for

reported $XXX from the of previous flow free Our operations the page flow cash million removes Working improvement flow with slide was our cash free period, the this versus year discontinued upwards, free authority in more of the factors payments first of in distorting outflows to $XX the bottom of as to component an $XXX $XXX the million Refinitiv impacting performance. the Consistent $XX cash prior cash million from the of quarters, was U.K. in to year made prior of period. to business. Also related payments our compared tax half, was operations period. This Change than the we due separation million $XX the year million Refinitiv-related cost Program prior primarily million. former

So if primarily higher is you cash period. adjust $XXX was LSEG. from $XXX the prior This capital working than to due year interest million favorable EBITDA, for from these flow items, better comparable continuing increase our and in free dividends operations movements million,

XXXX. and update on quarter Now the second Program for costs of rest our the an Change

annual Let within quarter what million, anticipate was last year. total half, range half the We $XX forecast second Spend plus we and Change support me of Spend of is cloud by to first systems, start $XX including to contractors full for Program quarter million the to streamlining from provided brings OpEx This million. second CapEx. the saying million spend to spending related step $XX provided changed plus $XXX quarter the $XXX of third-party have last at the million million capital none estimates in OpEx the during the internal higher $XX and between now expenditures. CapEx. up migration,

of be Program CapEx. about lower of anticipated no year, expect to there OpEx change For $XXX XX% million. end to And million CapEx Change spend, OpEx split plus the we the at the full $XXX XX% in the is range and of

We through Program provide spend our as quarterly the will Change we to on move continue updates year.

This million brings for up Program quarter. rate rate rate savings the to expense million annual the Program. for Change second operating $XX second of run $XX the achieved total we operating annual savings. on our Change an savings update In quarter, the Now run expense run

run track rate expectations. are with We our savings currently on

of expense by while the business into we of million a reminder, million. for reinvesting back $XXX savings $XXX savings a XXXX $XXX anticipate As million operating net

will run we Program which our as our Steve savings outlook move growth, as continue quarterly We Change through rate is margin for revenue on flow, outlined, to the updates provide year. full today, cash we And reflected free year annual and the on slide. increased

provided the the all as remain our guidance in XXXX as for and Lastly, we year well full XXXX we XXXX previously confident metrics. achieving guidance targets balance our reaffirmed of and

me back questions. Frank to Let for it turn now

Frank Golden

Thank you, second our the quarter. Mike. And concludes for that presentation

lines the like So open questions. we would now to for

Operator

the line Securities. is first from from Your Gary question of BofA Bisbee

Gary Bisbee

a me. Encouraging things here. couple to results stood set I of out of guess

wanted about I is the user first first while, just innovate lot yet making haven’t The half ask experience investments change half to and you’re -- really had and you of a yet. the and taken talked having to hold and around improve bookings the strongest a in improve the products

So what’s big sort you’re seeing any driving? are Are themes new of either strong areas bookings? success or of driving that there those

Steve Hasker

sure Yes. will question. Gary, the things, Mike say I’m for thanks and supplement. X I’d

seen customers. So quarter first of the -- confidence longer-term is businesses. They’ve got in sort a pretty our but improvement we’ve a own more in through sentiment their constant gradual in the of pretty investments second making the

I that, has helped. think, so And

said businesses. -- impact there’s we the confidence, our any The don’t a so but having last in far a that, on second bit on X that shake of weeks, obviously, been see

X investments growth on and we’re our from those those out we think is Investor growth I the thing increasingly I the those we’re the optimistic think, areas. to And focus initiatives green initiatives. see, called shoots the at starting Day, second that about

Mike Eastwood

Gary, a additional nearly X% and as in I and second the growth July regards up is growth the that supplement Law, strategic mentioned, acquired quarter, second of little in X% in granularity continue we offerings with the during in driving quarter business. $XXX that initiative: Professionals July pleased within XX% to mentioned the second compliance, Very quarter. for Corporates very full to Corporates, is regards of fraud the bookings. including organic ‘XX along to Confirmation just would year I of in Investor perform between risk, in that and year. board, audit Confirmation, which you Legal Corporates sales business with first I Gary, with million the overall Yes, for in the was part across we split and second of HighQ the which Practical Day. the Government quarter. ‘XX mentioned, discussed well. overall to this our net the organic X

and in that on go we As net very based QX, in will the teams but high of of there, the sales pleased that quarters Gary. accelerate first the confidence year, we the recent with overall into sales management QX, account into QX, seen have half Corporates performance improvement QX, we’ve our

Gary Bisbee

the quick that framed And you’ve Obviously, announcement is thinking changed a near-term that’s read and in And a from what then potential? change less the historically. your Great. we optimism into buybacks? very around sort how should it positive follow-up of around M&A any

Mike Eastwood

ever, as is Gary. as high The optimism

We’re lot and able to being buybacks both blessed also optionality very fortunate to acquisitions. with balance in of a have

to continue X acquisitions, look We Big segments. primarily at our within

the quickly, the customers just acquisitions, are we has So optimism accelerate equal both certainly acquisitions ready capital very as organic that please as that and But of growth. But higher can Big that needs X meets candidates prepared, we to include with and willing, the are not put read buybacks Gary, to Gary, ability and we to optimism, less very do integrate have do we with. additional comfortable Gary. to that but we to identify in any work candidates our buybacks our

Operator

So next of is Capital question Markets. from the of Drew McReynolds RBC line your

Drew McReynolds

and provided cutting quarter consecutive XXXX My just question’s coming a seen here. probably looking after of and out Steve, both answer X those answered increases already your you for here. the outlook. different maybe outlook, just simple it the of initial slightly a gate We’ve in

just in now working that here And U.S. the And to some in lift There’s still there assumptions really North I question more talked kind So second drivers here, single X, here? what here the particular, or we forward unfolds talk does then guess, trajectory? renewed kind just domestically certainty in Maybe internationally. with America, as go you little lifting as to X is that your COVID X half if your there impacts. continue uncertainty of of X to the growth is then bit driver in is about around, year. the of quarter, here, back a Last of

Steve Hasker

All Thanks, Drew. right. Yes.

So the question. the X parts of

reliant beauty business we’re first the part, not this we’re on of one is any The not lever. -- unduly

we’ve multiple we So the X, growth have Big within And the bets. got X. Big strength across

we’re so the see forward. trajectory one growth or unduly but pleased And all with cylinders guidance achieve us fire bets, our we any those them for of going on reliant to to exceed on not against we’re

of months lift? the terms In -- We’re Program. your question, now will to things continue Change the X into

-- and I outlined months crucial As that we happy the made. in that, are our we start next our having will are in we’ve with Mike execution. the But said be comments, X

that on focused very and [ph] and people Andrew by led we’re Kirsty across Pearson businesses. our Roth So execution,

say to on all transactional. through are still those XXXX, work we that Reuters seen strength out In our saw reinvent we got Delta to lot further and shift in softness a lift rebound We awful that to ship interesting ways. and going satisfaction to the us higher gaze the we’ve create do optimistic of in fundamentally COVID I some in is your that, let’s focus and sort point. to to and that, a the areas. on let’s do in impacts on And customer Events, XXXX, trying in grow get build the the of to an very we get variant, of optimism. so terms print in experience, of the of sort of customer it’s our in business then around uncertainty What would business particularly through the before much but further compelling COVID success, give halts And and ability we’re

as optimistic that like when Brazil, cautiously yet. think to don’t certainly, Indonesia, will India, our we we And so colleagues we any sort we’re forward, But I improve. places in see improvement of things to continue go talk

to our So or confidence perfectly very United and we’re that improvement. in carefully we’re increase to up no will our to open our be working and and modest that to, watching in in if environment if But as things environment. there’s we matter confident Big what a but in keeping to the more expectations move as flexible States -- a more the in And what of sit relevant continues continue happens X we’re today, solutions here pause and across sort products customers there. valuable a particularly hybrid, more they

Operator

line Your of Kevin from Suisse. Credit next the McVeigh, question is

Kevin McVeigh

just actually folks I kind extending specifically sympathies little as a on for Change want you your to about loss, wanted congratulate start and about we Steve, on specifically retention, or real of we big the cloud results. Legal think that context how within Because kind the Legal, relates to Great. of side. conversion should if of market our within mid think Program, with could. opportunity I the bit talk the and it the I there’s to a down

help Is Change the outcome side. relative strength Is nice are given really Legal signs the really, Is that you already, about just that us retention around obviously, that that the of just Program? see starting clients just in already last of seeing you’re the And in on initiatives? to strength the to cycle? are product? the because thinking those understand of we how Maybe So terms Legal? that

Steve Hasker

cloud just of terms we So in of year migration, as cloud. public a our at reminder, started the XX% revenues the our in

We’re we’re more our to of XX%, XXXX. to stated or get into now and XX% on target track at

perspective. And technology from to hard all and work that. track team their that credit So for our us in guiding through on operations

felt. impact So be are to that the I think just starting of

think of Westlaw is Legal on things: of business within point, the your to strength thirdly, Legal, couple firstly, HighQ. Edge; I a based our Practical So Kevin, and Law; secondarily,

bets, investments are and continue and we a focus lot of paying in that and off. And of key those -- off, product words, got level investment to our a of other firstly. we’ve So talent we plan it’s in those that and and bets paying bets, lot continue to products

very a market, vibrant seeing United States. legal we’re think particularly the I in Secondly,

that speak scheduling they law meetings their firms, clients. meeting hiring with you needs biggest talent calls If the and and heads about have associates. the of challenge the of shortage the Their they’ll of is customers, their with talk

activity the So pretty improvement level yet. and mid the mid in has going been of small, felt customer I in think impact of firms. a and that -- Legal across large there’s don’t Program experience the robust Change

just We’re at the start.

And is very And great earlier, and so as we’ll I execution some upside that. on cautiously for think that see us, execute, optimistic we’re focused we’re requires that said that benefits. once I we --

Mike Eastwood

supplement. would I Kevin, Yes,

that to and conversion us, for year-to-date. we’re way, The addition Stroup’s slightly overall within by -- Kevin, help law. Karen XX% work including was an enabler being our In the digital there, retention will David areas also Legal’s retention Wong especially cloud over at small the doing,

I lower law, have by of small retention aware, strength higher you’re as in law, of the Westlaw led the global retention think in we XX%.

as forecasting work mentioned, conversion, TR. I’ve we’re the omnichannel Steve So doing, calls prior optimistic combination, points that in stated improvement total that on retention. see XXX we’re the that digital, for we’ll cloud basis

horizon, the confident certainly Over with that. remain time

Kevin McVeigh

Great. then referenced Woodbridge XXbX, real at will follow-up. also And it just the participate terms just does in it open like thoughts a point. Or The of But that? buyback? buyback, in -- one a on Mike, just quick sounds market? Or any be you clarity

Mike Eastwood

just a participate, and great Certainly, all a have been opportunity shareholders. has always like Woodbridge of Woodbridge to great ours. Kevin. And Sure, supporter will shareholder the

So the opportunity Kevin. to have they participate,

Operator

of line from next JP Morgan. is the Your at Steinerman Andrew

Andrew Steinerman

Legal. Legal. heard road rate? Edge that’s long do I contribution Westlaw -- points XXX for heard the to growth organic think year-end. remember continue the been could the penetration numbers Edge you map. to Edge And add I How I like mention Westlaw this wasn’t sure Westlaw about at quarter maybe product Edge a make past, revenue the for to in revenue and if the Westlaw I the basis

modules, that will Westlaw Edge be for current As customers? additional you more add revenues

Mike Eastwood

Andrew, penetration XX. XX% questions ACV of a there. June great as of series

we’ll XX% confident very that Forecast be XX% year-end. peak XXXX into by the out That in to continues we there. before

seeing, Edge consistent we approach of would us as in during Martens the we points I Andrew, anticipate prior As Andy But in of Westlaw there. to it lift latter referenced Edge. what been Westlaw quarters Investor basis XXXX, That’s what launching XXX which March the part second with X.X. Day. Andrew, quarter, next version is the the briefly internally we’ve refer

X.X And that So more no several change there. continuing momentum. continue that with we think Edge help quarters. We for can Westlaw anticipate

in So decrease in do horizon, not the see midterm time any we Andrew. overall Westlaw

David We making and Westlaw there. fall Andy very progress with recently confident Martens, good Wong, I Dahn We’re and Steve X.X. on in in Edge were -- Mike Minneapolis

Operator

next is Toni question from Stanley. of the Morgan line Your Kaplan of

Toni Kaplan

a still a was there’s way X% lighter I you target Corporates that to little think bit to was to to And the expecting. get mentioned. go I X% than

will Corporates in that half mentioned year. of back the You accelerate the

that drivers by And what’s going to maybe are help to just the main target it in and So level up the are going on accelerate ‘XX. Corporates? get what

Steve Hasker

Toni. Thanks, Yes. Thanks question. for the

distinct just is So way of of by relative the a Reuters, newcomer. history of sort a context, as segment Corporates Thomson in

And stepped in President the so I of Sunil say of our when December of think into it’s Big last Pandita, Corporates, -- fair that something the it’s to start-up. year, it’s role that X, of in a context

And a so of been working on number he’s hard things.

bunch at a together world-class TR, a some assembled he’s think pulling with very, I is newcomers first team, experience software with talented of extensive from folks environments. predominantly very the So

and which our and announced better reflected through some the for increased they General Rubley of a focused agencies but been see not half Steve more is -- Westlaw the we and the the I we and areas least, And previously months which key techs next have then tax that of and products, team include Oracle. penetration indirect his team, TRSS think, big heads products And and like also Corporates Law to And spent last some pretty see, opportunity risk and recently within X fraud Legal we business, last the our has partnership but serving of risk, Counsels certainly to the pretty our compliance projections, and of second not general opportunity compliance big of serve the and with other within government years. risk. some Practical he offices. of Corporations of also heads the with CLEAR on includes heads and significant growth prioritizing in there. of also They’ve Secondarily, this counsels and outlook opportunities, only the couple

So to you all commentary. growth the rate accelerating our see of in that that adds up

Toni Kaplan

maybe better little We’ve of other a own right market. of now about some is wanted you’re Also labor the your seeing turnover companies of bit heard terms in Great. that the services hiring. from ask info higher what to because

seeing what are people. you of of terms good voluntary ease in and just in of terms turnover finding So

Steve Hasker

Toni. Yes,

think of the in So of one world-class -- months XX very things I or so proud I’m to attract we’re that our our last has been ability talent.

started and an best we team create information the objective journey. that in have to We services, business

Sarah previously is she Officer. Digital, latest is that was in from line of, of existing joined recent where great talent. And TR I a to new Wilkinson, long-tenured who Chief the NHS team the our CEO. the Information the to Our think, bench She addition added long we’ve was most Sarah talent

sign look that new So vital externally? secondarily, more for then of, talent work people I development our yes think cautious just development the want approach we that And that talent? the getting need a and yes. are working think we as with And answer I -- is I -- talent existing to at to give TR go. is I’d

We the in opportunities of little broadened across entertain take. industry, TR, to attrition. are uptick virtual at an attrition, kinds of bit not only has is but voluntary their our prepared think, a of -- the aperture prepared -- of hot. virtual calls they’re seeing they’re terms has types up organization course, labor people that And the market in I and working The given a working -- to in the environment, down little and the

And attrition case. we are that, it’s we’ll the doesn’t measures that a manageable. still up, it’s all problem we ticked us. become to that vigilant remaining but need So not put place in very sure stays for to make ensure the It’s today,

Operator

Sachs. of line the from is George question next Tong, Your Goldman

George Tong

your line with You’re gains as Change seeing benefits traction very and to to good top with the respect efficiency Program well.

Just where with with to overall target given XXXX margins wanted -- trend corporate to change longer were out think can Certainly, reiterated. think your margins you for as margins you the longer EBITDA that But explore do there potential EBITDA term, term. far initiatives? have for you the progress so

Mike Eastwood

the provided ‘XX we’re for remaining in ‘XX. confident to we George, regards guidance Yes, and for certainly very that

confident So for remain to it’s XX%. XX% on We XXXX, that. very

about business. talk increases today. our should that we We’re given go some to just today, say see ‘XX ‘XX, leverage we certainly I not into ‘XX the potential as or continued we in operating have would George, prepared sustainability,

which are to before, discussed the X% costs we growth, given operating As in once we about XX% are, fixed of that XX% nature. hit organic in, leverage that kicks our

focus now, So George. ‘XX, guidance we’ll on ‘XX

George Tong

a Understood. Corporates then maybe on the question side. And follow-up

and to longer-term XXXX X% for to by talked growth the accelerate -- X%. to You drivers your various of targets about

to target? about As lever Accounting and Legal goal you cross-selling? getting of think big that? driver is of terms How cross-selling, how & Cross-selling a within your big a of in that XXXX is Corporates Tax of

Mike Eastwood

Yes. Toni’s I I just that cross-sell Steve George, question, before address previously addressed. supplement would the question

the optimism Corporates’ revenue our business in is of have we underlying book QX, built that the reasons with QX. QX One in overall organic of QX, uptick we’ve

cross-sell. in to So net early sales year. stage, first the the early the now the really are the in we cross-sell, performed innings at half of well In regards George, right

X in Pandita, with as there, Steve X are earlier, now. mentioned the We months especially Sunil about optimistic or chair

for via optimism So comparable in now a gross XX% It’s we About total cross-sell sales regards generated relatively are our we portion Corporates. activity, within small TR. to accelerating. good of believe still have

opportunity enhance with And product significant further something that’s ensure build that Wong that horizon our the is cross-sell. will and David over opportunities working that engineering to our for new Sunil more as they Shawn have products, we activity. time and cross-sell we enhance So generate and and products to Malhotra

Steve Hasker

George, optimistic is not we’re it’s Yes, that the we expand of experience for us. excited that those add I’d the others TR will consider that in our and different about something done other set. both to learning learnings, lot in a It’s that the from the past. can partnerships of -- relationship thing that a accrue with And Oracle partnership. that to company parts product has And possibilities we’re the are cautiously

Mike Eastwood

And mentioned salesforce.com of Kirsty, Wilkinson, Change Salesforce, on and component point. Program. certainly Steve core will help. expanding Sarah is George, A just one that the common Andrew, instances final thereof in there working our others

for to cross-sell. drive underlying that makes business you the teams, just led infrastructure If our systems, Peccarelli, think by Brian about and easier go-to-market it

Operator

is Tolecki question next of Domina, TD line the So Securities. your [ph] from

Vince Valentini

hear assume Can me? I that’s for you me. guys

Steve Hasker

can. we Yes,

Mike Eastwood

We can you, yes. hear

Vince Valentini

Vince It’s Valentini.

upward whether reason here off, several the XXXX the So conservative? want targets there the Edge across still conclusion? Is just increasing mean, a your have in and sort I to far on Or first traction, Westlaw is the and quite in your that between I Is it’s with were negative talking you ways there’s in whether bias event My simple. Corporates, There’s that’s the macro now, some a I employee a not unforeseen Is be commentary question yet? to really ton board. all-time will of those assume to then. you earlier. today. there’s off, so assume results questions, an fair share now targets high optimism help of that about that the saying to retention improvement of it’s a unless you’re new that simply a results congrats price in and

Mike Eastwood

as address follows. I it would Yes, Vince,

execute every every win our and the to that’s approach our Our going to tomorrow. have hell to and approach optimism like balanced reality That’s day we day. have with is that we be today,

earn take to to and have going not we anything granted, We’re for it.

So now of there between XXXX. and are lot quarters a

confident in rest have this Steve also we’re into we in team, in grounded work So and lot as to we with earlier, a but Program, the our of our the referenced are do year reality that of XXXX. Change

what say, on ‘XX update and an is we’re would confident very in February provide ‘XX. And I we So Vince, reaffirm XXXX. we’ll today in

our Program. going continue So work Change to we’re to

accelerating work on going We’re top the line. to

our experience. customer employees care of take We’re of we on care take and going to our customers. work our we And improving

will to increase. our in That I be level confidence XXXX would viewpoint, continue think Vince. my just

Operator

Capital Tim is BMO Your line Casey, Markets. final from the of question

Tim Casey

messaging? the buyback and pretty me. for Mike, to you’ve I Can revisit the in a whatnot. certain mean, retain float wanted Two of Yes. you change level been we just that consistent

the there. Steve. And you And if program? plan investors how we thinking of you us what walk much your Just you, for second in one has could to terms buyback should through how think about execute changed on

factors Can level, power. your organic you in us assumptions? in, walk is about levers terms pricing on the you haven’t through of how your from of a that growth just, maybe in talked of One terms high that thinking

Mike Eastwood

a Yes. first. me question first answer. going give focus two-part you to Tim, the let on I’m

of outside float, given way $XX an really buyback, million ownership market to we’ve on billion amount. at announcement threshold the Prior of talked exceeds XX% with to they a is Woodbridge, sufficient public talked million. we’ve analysis, public about it our First, advisers, XX% our look and availability about is cap it feel important different $XX that historically, being Based on by the Woodbridge Working with float maintaining recent at regards XX%. today’s $XX in now ownership. our around a like --

billion. So right have $XX now, we

to us balancing the So certainly if confidence more the that gives time horizon, the M&A. great and in being do we certainly today, agrees Board able that consider billion can $X.X with Tim, over

exceeds which our with today, a I of to in availability do Tim, And it’s billion the position think XX% that to a we’ve discussed good that buybacks like that Tim. So advisers the but that be combination, additional of believe able kind of very today. also we balancing public threshold past, float, in are $XX

Steve Hasker

the your regard question with part And then, of second pricing. to Tim,

about we around As Program net transforming experience. price where focused is appropriate, getting and number outlined, improving Mike our they good particularly we exist taking retention, record you as and features new customer have a functionality the And good a new products. cross-sell, more on we’re as Change customers. opportunities our of add as on of know, the to growing The

we We’re than more focused those levers on on price. are

Frank Golden

to the Well, be over we we to day. like report speaking thank of November. may Okay. couple next look to any with you course do joining and all Happy when good our follow-ups question, final our Have and call. And the a months that you will We’d in we’ll have. you that forward us. of for early QX conclude

Operator

everyone, rest concludes That in. and disconnect all, your joining you for you, thank and the enjoy call. Please presenters, your of lines, your Thank day.