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Thomson Reuters Corporation (NYSE/TSX: TRI) is a global content and technology leader, delivering trusted intelligence, technology, and human expertise to professionals. With a focus on the financial and risk, legal, tax and accounting, and media markets, Thomson Reuters empowers professionals to make the decisions that matter most, supported by the world's most trusted news organization.
The company is the result of a $17.6 billion merger in 2008 between Canada's Thomson and the UK's Reuters Group. Thomson Reuters' core segments include Legal Professionals, Tax and Accounting, and Corporates, collectively contributing to the majority of its revenue and adjusted EBITDA. The Legal Professionals segment, which generates around 42% of the firm's revenue, offers solutions that enable legal professionals to enhance productivity, manage risk, and drive efficient compliance. Meanwhile, the Tax and Accounting segment, making up about 20-25% of the firm's revenue, provides software and services that assist professionals in managing tax compliance, planning, and financial reporting.
Thomson Reuters has diversified into strategic partnerships and acquisitions to bolster its market presence and expand its service offerings. Recent notable acquisitions include Pagero Group AB, a leader in e-invoicing and indirect tax solutions, and World Business Media Limited, a provider of editorial coverage for the insurance industry. These acquisitions align with Thomson Reuters' strategic vision to offer a comprehensive suite of global indirect tax, reporting, and e-invoicing solutions.
The company's financial condition remains robust, with strong revenue growth, strategic capital allocation, and consistent shareholder returns. In recent years, Thomson Reuters has focused on delivering innovative solutions powered by Generative AI, enhancing its product portfolio, and driving digital transformation across its client base. The firm鈥檚 commitment to innovation is evident through launches like AI-Assisted Research on Westlaw Precision and various AI-driven enhancements across its product suite.
Thomson Reuters is listed on the Toronto and New York Stock Exchanges, and its extensive product line reaches a global customer base. The company's revenue streams are well-diversified across its primary segments, ensuring stability and growth potential. The firm's strategic focus on expanding compliance, automation, and digital solutions positions it well to navigate the evolving regulatory and technological landscape.
Pagero, a Thomson Reuters company providing e-invoicing and compliance solutions, has been named a Leader in the 2024 IDC MarketScape: European Compliant e-Invoicing Vendor Assessment. This recognition highlights Pagero's position as a trusted partner for companies seeking comprehensive e-invoicing solutions across Europe and globally.
The IDC MarketScape report emphasizes Pagero's extensive network, connecting over 14 million businesses and linking to more than 100 networks, hubs, and government platforms. It also notes Pagero's active involvement in key organizations like the OECD, PEPPOL, GENA, and the EU's Taxation and Customs Union.
Gustav Dahll枚f, Chief Product Officer at Pagero, states that this recognition solidifies their position as a worldwide e-invoicing compliance leader and highlights the growing importance of this sector for multinational companies.
Thomson Reuters (TSX/NYSE: TRI) has unveiled CoCounsel 2.0, a next-generation GenAI assistant for professionals. This upgraded version combines the strengths of leading LLMs, including OpenAI, Google Cloud AI, and Thomson Reuters' own technology. Key improvements include:
- 3x faster answer generation
- More intuitive operation
- More thorough and nuanced results
- Integration with Thomson Reuters products and Microsoft 365
- Direct access to customer documents
- New legal-specific capabilities
CoCounsel 2.0 aims to accelerate and streamline entire workflows, potentially freeing up to 12 hours per week for professionals. The company is testing Google Gemini 1.5 Pro as part of its production models suite to enhance capabilities and processing throughput.
Thomson Reuters (TSX/NYSE: TRI) released its Q2 2024 financial results, showing continued strong revenue momentum.
Key Highlights:
- Total and organic revenues increased by 6%, with 'Big 3' segments seeing an 8% organic revenue growth.
- Completed a $1 billion share buyback program and monetized interest in the London Stock Exchange Group (LSEG).
- Revenue growth led to raising the full-year 2024 outlook to the high end of previous estimates.
Financial Data:
- Revenues: $1.74 billion (+6% YoY)
- Operating Profit: $415 million (-50% YoY)
- Diluted EPS: $1.86 (-2% YoY)
- Adjusted EBITDA: $646 million (-2% YoY)
- Free Cash Flow: $541 million (-9% YoY)
Segment Performance:
- Legal Professionals: $727 million in revenue (+3% YoY)
- Corporates: $442 million in revenue (+13% YoY)
- Tax & Accounting Professionals: $250 million in revenue (+12% YoY)
Despite revenue growth, operating profit and adjusted EBITDA margins declined due to higher investments and acquisitions.
Thomson Reuters' 2024 Future of Professionals report reveals that AI could save knowledge workers up to 12 hours per week by 2029, with an immediate impact of 4 hours per week within the next year. This productivity boost is likened to adding an extra colleague for every 10 team members. U.S. lawyers could see an additional $100,000 in billable hours annually due to AI's time-saving capabilities.
The report, based on a survey of over 2,200 professionals from legal, tax, and risk & compliance sectors, highlights AI's potential to drive innovation and economic growth. Key findings include 77% of respondents believing AI will have a high or transformational impact on their work, and 78% viewing AI as beneficial for their profession. Additionally, 79% anticipate significant innovation improvements in their companies due to AI.
Professionals also express a need for AI standards, with 57% supporting certification processes and 55% advocating for industry-specific guidelines. Currently, 63% of respondents are using AI-powered technologies for tasks like research and drafting, showcasing the growing adoption and positive sentiment towards AI.
Thomson Reuters (TSX/NYSE: TRI) announced it will release its second-quarter 2024 earnings on August 1, 2024. The report will be followed by a conference call and webcast at 8:30 a.m. EDT, hosted by CEO Steve Hasker and CFO Mike Eastwood. The event will discuss the company's financial performance and might include a Q&A session.
Thomson Reuters (TSX/NYSE: TRI) announced the results of its Board of Directors election held on June 6, 2024. All 13 nominees were elected and will serve until the next annual meeting. Notable vote counts include Steve Hasker with 99.94% of votes for, and W. Edmund Clark with 97.59% of votes for. Additionally, PricewaterhouseCoopers LLP was re-appointed as the company's auditor, and an advisory resolution on executive compensation was approved. Detailed voting results are filed with Canadian and U.S. regulatory authorities.
Thomson Reuters (NYSE/TSX: TRI) and Microsoft have unveiled an enhanced AI tool, combining Thomson Reuters CoCounsel with Microsoft Copilot.
This integration, demonstrated at the Microsoft Build 2024 keynote, aims to streamline complex tasks across various Microsoft 365 applications such as Word, Outlook, SharePoint, and Teams. By leveraging CoCounsel's subject-matter expertise with Copilot's operational insights, the tool promises to save time, reduce risk, and simplify compliance tasks.
Kriti Sharma, Chief Product Officer at Thomson Reuters, highlighted the tool's potential to handle high-stakes tasks more efficiently. The collaboration marks another step in Thomson Reuters' goal to provide a GenAI Assistant for every professional it serves. The tool will be available in July 2024.
Thomson Reuters (TRI) announced that Chief Financial Officer Mike Eastwood and Head of Finance, Corporates Erin Brown will present at the CIBC Technology & Innovation Conference on May 22, 2024, at 1:30 p.m. EDT. The presentation is expected to cover key financial metrics, business strategies, and recent innovations. This event provides a platform for Thomson Reuters to showcase its financial health and growth prospects to potential investors and industry stakeholders.
Thomson Reuters (TSX/NYSE: TRI) announced on May 15, 2024, the sale of its remaining stake in London Stock Exchange Group (LSEG).
Along with Blackstone-affiliated investment funds, the company sold 17.3 million LSEG shares at 拢91.50 per share.
The shares were sold to institutional and retail investors.
Thomson Reuters owned 4.3 million of the shares sold and expects to earn approximately $0.5 billion in pre-tax net proceeds from this transaction.
Following the sale, Thomson Reuters will no longer hold any interest in LSEG.
Rocket Companies, a Detroit-based fintech platform, appointed Shawn Malhotra as Chief Technology Officer. Malhotra, with extensive experience at tech giants like Thomson Reuters, Intel, and Qualcomm, will lead AI initiatives to streamline processes and enhance homeownership.
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