Group 1 - Thomson Reuters will release its first-quarter 2025 earnings on May 1, 2025, and a conference call will be held at 8:30 a.m. EDT on the same day [1] - The conference call will be hosted by Steve Hasker, the president and CEO, and Mike Eastwood, the CFO, and may include forward-looking information [1] - The webcast for the earnings call is accessible through the Investor Relations section of the Thomson Reuters website, with registration now open [2] Group 2 - Thomson Reuters provides trusted content and technology to professionals in various sectors, including legal, tax, accounting, compliance, government, and media [3] - The company's products combine specialized software and insights to empower professionals with necessary data and solutions for informed decision-making [3] - Reuters, as part of Thomson Reuters, is recognized as a leading provider of trusted journalism and news [3]

Core Viewpoint - JBT Marel (JBTM) is currently positioned as a more attractive investment compared to Thomson Reuters (TRI) based on various valuation metrics and Zacks Rank assessments [3][6]. Group 1: Zacks Rank and Earnings Outlook - JBTM has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while TRI has a Zacks Rank of 4 (Sell), suggesting a weaker earnings outlook [3]. - The improvement in JBTM's earnings outlook is stronger than that of TRI, making it a more favorable option for value investors [3]. Group 2: Valuation Metrics - JBTM's forward P/E ratio is 21.38, significantly lower than TRI's forward P/E of 43.65, indicating that JBTM may be undervalued relative to TRI [5]. - The PEG ratio for JBTM is 2.49, while TRI's PEG ratio is 5.46, further suggesting that JBTM offers better value considering its expected earnings growth [5]. - JBTM has a P/B ratio of 2.56 compared to TRI's P/B of 6.37, reinforcing the notion that JBTM is more attractively priced based on its book value [6]. Group 3: Overall Value Assessment - JBTM holds a Value grade of B, while TRI has a Value grade of D, indicating that JBTM is perceived as a better value investment [6]. - The combination of a strong Zacks Rank and favorable valuation metrics positions JBTM as the preferred choice for value investors over TRI [2][6].

Core Viewpoint - Thomson Reuters is optimizing its capital structure through an exchange offer for certain series of notes, allowing existing holders to exchange Old Notes for New Notes with similar financial terms and covenants [2][3]. Group 1: Exchange Offer Details - The exchange offers for Old Notes expired on March 17, 2025, at 5:00 p.m. New York City time [1]. - The settlement date for the exchange offers is expected to be around March 20, 2025 [2]. - The aggregate principal amounts of Old Notes tendered for exchange include: - 3.350% Notes due 2026: $440,886,000 (88.18% of $500,000,000) - 5.850% Notes due 2040: $453,011,000 (90.60% of $500,000,000) - 4.500% Notes due 2043: $84,325,000 (70.83% of $119,045,000) - 5.650% Notes due 2043: $336,869,000 (96.25% of $350,000,000) - 5.500% Debentures due 2035: $373,209,000 (93.30% of $400,000,000) [3]. Group 2: Financial Structure and Guarantees - The New Notes will be guaranteed by Thomson Reuters Corporation and certain wholly-owned subsidiaries [7]. - The exchange offers are part of a strategy to align revenue generation with indebtedness [2]. - A new base shelf prospectus will be filed to reflect the guarantees and updates related to the exchange offers [7]. Group 3: Contact Information - J.P. Morgan is the lead dealer manager for the exchange offers, with RBC Capital Markets serving as co-dealer manager [4]. - D.F. King & Co., Inc. acts as the exchange agent and information agent for the exchange offers [5].

Core Points - Thomson Reuters has filed a final short form prospectus for the exchange of Old Notes for New Notes issued by its subsidiary TR Finance LLC [1][2] - The exchange offers aim to optimize the capital structure of Thomson Reuters and align revenue generation with indebtedness [2] - The settlement date for the exchange offers is expected to be March 20, 2025, assuming all conditions are met [3] Exchange Offers - Holders of each $1,000 principal amount of Old Notes that are validly tendered will receive a Total Consideration of $1,000 in New Notes and a cash amount of $2.50 as a Consent Solicitation Fee [6] - Holders must consent to Proposed Amendments to the indenture governing the Old Notes to participate in the exchange offers [4][5] - The Proposed Amendments are expected to be approved by holders of the Old Notes based on current tender amounts [5] Consent Solicitations - The Proposed Amendments will modify or eliminate certain reporting requirements and restrictive covenants, resulting in fewer protections for holders of Old Notes [4] - Consent from a majority of the aggregate principal amount of the outstanding Old Notes is required for the Proposed Amendments to be adopted [4] Additional Information - The exchange offers and consent solicitations are being conducted in compliance with U.S. securities regulations and are not available to retail investors in certain jurisdictions [8][11][15][31] - The lead dealer manager for the exchange offers is J.P. Morgan, with RBC Capital Markets serving as co-dealer manager [7][8]

Filing Information - Thomson Reuters Corporation filed its 2024 Annual Report on March 6, 2025[7] - The report is submitted under Form 40-F as per the Securities Exchange Act of 1934[2] - The filing is part of the company's compliance with SEC regulations[4] - The filing date is significant for stakeholders monitoring the company's annual reporting schedule[1] Company Details - The principal executive office is located at 19 Duncan Street, Toronto, Ontario, Canada[1] - Jennifer Ruddick serves as the Deputy Company Secretary for Thomson Reuters Corporation[5] Transparency and Compliance - The report indicates ongoing commitment to transparency and regulatory adherence[4] - No specific financial performance metrics or user data were disclosed in the provided content[1] - Future outlook and strategic initiatives were not detailed in the available documents[1] - There is no mention of new products, technologies, or market expansion in the content[1]

Core Points - Thomson Reuters filed its annual report for the year ended December 31, 2024, which includes audited financial statements and management's discussion and analysis [1] - The annual report is accessible in the Investor Relations section of the company's website and has been filed with Canadian and U.S. regulatory agencies [2] - Hard copies of the annual report can be requested free of charge through Thomson Reuters Investor Relations [3] Company Overview - Thomson Reuters provides trusted content and technology to help professionals in various sectors, including legal, tax, accounting, compliance, government, and media, make informed decisions [4] - The company combines specialized software and insights to empower professionals with necessary data and solutions, supporting institutions in their pursuit of justice, truth, and transparency [4] - Reuters, as part of Thomson Reuters, is recognized as a leading provider of trusted journalism and news [4]

Group 1 - JBT Marel (JBTM) is currently rated 2 (Buy) by Zacks Rank, indicating a positive earnings estimate revision trend, while Thomson Reuters (TRI) is rated 4 (Sell) [3] - JBTM has a forward P/E ratio of 22.86, significantly lower than TRI's forward P/E of 45.14, suggesting JBTM may be undervalued [5] - The PEG ratio for JBTM is 2.66, compared to TRI's PEG ratio of 5.64, indicating JBTM has a more favorable growth outlook relative to its valuation [5] Group 2 - JBTM's P/B ratio is 2.72, while TRI's P/B ratio is 6.59, further supporting the notion that JBTM is a better value option [6] - JBTM has a Value grade of B, whereas TRI has a Value grade of F, highlighting JBTM's superior valuation metrics and earnings outlook [6]

Core Points - Thomson Reuters announced an exchange offer for its Old Notes to optimize its capital structure and align revenue generation with indebtedness [2][4] - The exchange offers will allow holders of Old Notes to receive New Notes with similar financial terms and covenants [2][4] - The Total Consideration and Consent Solicitation Fee will be available until the Expiration Time on March 17, 2025 [8][9] Exchange Offer Details - As of the Early Tender Time, significant amounts of Old Notes were tendered, including $437.895 million of 3.350% Notes due 2026 (87.58%), $445.140 million of 5.850% Notes due 2040 (89.03%), and $335.504 million of 5.650% Notes due 2043 (95.86%) [4] - The Total Consideration consists of $1,000 principal amount of New Notes for each $1,000 principal amount of Old Notes tendered, plus a cash amount of $2.50 for consenting to the Proposed Amendments [8][9] Consent Solicitation - TRC is soliciting consents to amend the indenture governing the Old Notes, which may result in fewer restrictive terms for the holders [5][6] - Proposed Amendments require consent from a majority of the aggregate principal amount of the outstanding Old Notes for each series [5][7] Timeline - The settlement date for the exchange offers is expected to be March 20, 2025, assuming no extensions [3][4] - Holders can withdraw their tendered Old Notes before the Expiration Time but will not receive the Total Consideration unless they re-tender [9]

Group 1 - Thomson Reuters' CFO Mike Eastwood will present at the Scotiabank TMT Conference on March 4, 2025, at 1:30 p.m. EST, which may include forward-looking information [1] - The company provides trusted content and technology to help professionals in various sectors, including legal, tax, accounting, compliance, government, and media [2] - Thomson Reuters combines specialized software and insights to empower professionals with necessary data and solutions for informed decision-making [2] Group 2 - Reuters, as part of Thomson Reuters, is recognized as a leading provider of trusted journalism and news [2] - The company emphasizes its role in supporting institutions in their pursuit of justice, truth, and transparency [2] - For further information, stakeholders can visit the company's website at tr.com [2]

Group 1 - Thomson Reuters operates various professional information services businesses catering to law, finance, accounting, and media sectors [1] - The company provides legal professionals with research platforms such as Westlaw and Practical Law, which enhance legal analysis and practice management [1] - In the finance sector, Thomson Reuters is recognized for delivering real-time market data [1] Group 2 - The investment philosophy highlighted emphasizes acquiring high-quality stocks and businesses led by disciplined capital allocators [1] - The focus is on businesses that generate exceptional returns on capital and can compound invested capital over extended periods [1]