Thomson Reuters Corp at Scotiabank TMT Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Maher Yaghi - Scotiabank - Analyst : So maybe I'll start with the business model, the Thomson Reuters business model. It's so resilient that I'm trying -- I always wonder, what makes your product so captive of the customers that they reach and why the high recurring business model is so dependable to come in quarter in quarter out. Maybe talk about the portfolio, what constitutes that portfolio and why is it so resilient.

Question: Maher Yaghi - Scotiabank - Analyst : Portfolio management --

Question: Maher Yaghi - Scotiabank - Analyst : And get rid of underperforming software and services and you add on growing all the time.

Question: Maher Yaghi - Scotiabank - Analyst : So while your business is very low concentrated in the US, for example, or Canada or the UK, it is concentrated geographically in those countries and so I always wondered why over time, you have not been able to expand those portfolio product portfolios or acquire products -- similar products in other jurisdictions to expand your geographic diversification.

Question: Maher Yaghi - Scotiabank - Analyst : Okay. Last year, we -- it was interesting that you articulated why you're investing more in AI and how that is going to affect your margins in '24, and we actually saw marginal deterioration in '24 in multiple product lines, and yet the market continued to provide you with a high multiple. I think you explained why you did made those investments and we saw in '25 your guidance is for margins to start to pick up. How should we think about margins in '25, '26, '27 in the context where you are continuing to make investments in AI and looking to do additional M&A?

Question: Maher Yaghi - Scotiabank - Analyst : Because you're growing the top line at 7,8?

Question: Maher Yaghi - Scotiabank - Analyst : I had this question, a follow up to this question later in the cue, but I'll ask it now: as you think about the long-term business model for Thomson, what would be your target revenue growth and target operating margin inside that business model that you're talking about.

Question: Maher Yaghi - Scotiabank - Analyst : Okay. In terms of GenAI and those investments, can you give us some view on what product launches we should maybe think about when that can boost your revenue growth?

Question: Maher Yaghi - Scotiabank - Analyst : Agentic AI has been -- I mean, the new, big thing in AI and everybody is talking about that the rate of innovation in Agentic AI is important because at what level are we in terms of the investment and the return on that curve? Are we still in the beginning where you can get outsized return for the investment you're making or --?

Question: Maher Yaghi - Scotiabank - Analyst : Okay, I guess two points here in terms of if we see an impact on the economy from tariffs, which part of your portfolio has the potential to see some pressure. And also when it comes to spending by the Federal government in the US on subscriptions and things like that, is there a downside in any particular --

Question: Maher Yaghi - Scotiabank - Analyst : The first one is more economic.

Question: Maher Yaghi - Scotiabank - Analyst : As I was thinking the other day, as companies bring their employees back to the office, could that seat that was paid for because everybody was working from home, you had to have access to a certain software at home you can't share because you're all separated. If everybody goes back to work, can we see some of those seats be canceled because you can share now? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 6:30PM, TRI.TO - Thomson Reuters Corp at Scotiabank TMT Conference

Question: Maher Yaghi - Scotiabank - Analyst : One area of strength, I would say everybody -- a lot of investors agree on is your balance sheet strength and the way you dispose or use capital. You have not made any stock buybacks recently. As interest rates now are coming down again, does that change your view on stock buyback?

Question: Maher Yaghi - Scotiabank - Analyst : Great. Gary, we're out of time. Thank you very much. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 04, 2025 / 6:30PM, TRI.TO - Thomson Reuters Corp at Scotiabank TMT Conference