Thomson Reuters Corporation (NYSE:TRI) Q2 2024 Earnings Conference Call August 1, 2024 8:30 AM ET

Company Participants

Gary Bisbee – Head of Investor Relations
Steve Hasker – Chief Executive Officer
Mike Eastwood – Chief Financial Officer

Conference Call Participants

Drew McReynolds – RBC
Scott Fletcher – CIBC
Manav Patnaik – Barclays
Heather Balsky – Bank of America
Stephanie Yee – JPMorgan
Toni Kaplan – Morgan Stanley
Maher Yaghi – Scotiabank
Sami Kassab – BNP Paribas

Operator

Good day, everyone, and welcome to the Thomson Reuters Second Quarter Earnings Call. Today’s conference is being recorded.

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

Gary Bisbee

Thank you, Melinda. Good morning, and thank you, everybody, for joining us today for our second quarter 2024 earnings call. I’m joined today by our CEO, Steve Hasker; and our CFO, Mike Eastwood, each of whom will discuss our results, take your questions following their remarks. To enable us to get to as many questions as possible, we would appreciate it if you’d limit yourself to one question and one follow-up each when we open the phone lines.

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

Today’s presentation contains forward-looking statements and non-IFRS financial measures. 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.

Let me now turn it over to Steve Hasker.

Steve Hasker

Thank you, Gary, and thanks to all of you for joining us today. Good momentum continued in the second quarter, with revenue in line and margins modestly ahead of our expectations. Total company organic revenues rose 6% with the Big 3 segments growing by 8%. As we predicted, the pace of organic and inorganic investments picked up in the second quarter as we work to position the company for faster revenue growth in 2025 and beyond.

To incorporate a strong first half, we are raising our full year 2024 revenue outlook to the high end of the prior ranges and now see organic growth of approximately 6.5%, including approximately 8% for the Big 3 segments. We continue to see growing momentum from many areas in our portfolio. This includes double-digit growth from key products, including Practical Law, Confirmation, SurePrep, Pagero, Indirect Tax and our international businesses. Interest in our generative AI offerings remain strong with Westlaw Precision and CoCounsel momentum continuing.