Thomson Reuters Corporation (NYSE:TRI) Q3 2024 Earnings Conference Call November 5, 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

Scott Fletcher - CIBC
Manav Patnik - Barclays
Vince Valentini - TD Cowen
Kevin McVeigh - UBS
Aravinda Galappatthige - Canaccord Genuity
Andrew Steinerman - JPMorgan
Maher Yaghi - Scotiabank
Toni Kaplan - Morgan Stanley
Drew McReynolds - RBC
George Tong - Goldman Sachs
Doug Arthur - Huber Research
Sami Kassab - BNP Paribas

Operator

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

At this time, I would like to turn the conference over to Gary Bisbee, Head of Investor Relations. Please go ahead, sir.

Gary Bisbee

Thanks, Ruth. Good morning, and thank you all for joining us today for our third quarter 2024 earnings call. I'm joined by Steve Hasker, our CEO; and our CFO, Mike Eastwood, each of whom will discuss our results and 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 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.

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.

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 third quarter with revenue and margins modestly ahead of our expectations. Total company organic revenues grow - rose 7% and the Big 3 segments growing by 9%. As expected, the pace of organic and inorganic investments picked up in the third quarter as we work to position the company for faster revenue growth in 2025 and beyond.

To incorporate a strong year-to-date, we are modestly increasing our full year 2024 organic revenue growth outlook to approximately 7%, including approximately 8.5% for the Big 3 segments. We continue to see healthy momentum from many areas in our portfolio. This includes double-digit growth from key products, including Practical Law, Confirmation, Pagero, indirect tax and our international businesses. Interest in our Generative AI offerings remains strong with Westlaw Precision and CoCounsel momentum continuing.