Core Viewpoint - Thomson Reuters reported a positive start to 2025 with a solid financial performance and reaffirmed outlook, emphasizing its commitment to innovation and balanced capital allocation [1][6]. Financial Highlights - Total revenues for Q1 2025 were $1,900 million, a 1% increase from $1,885 million in Q1 2024 [2][42]. - Operating profit rose by 1% to $563 million compared to $557 million in the prior year [2][4]. - Diluted earnings per share (EPS) decreased to $0.96 from $1.06, reflecting a 9% decline [2][4]. - Net cash provided by operating activities increased by 4% to $445 million [2][4]. - Free cash flow increased by 3% to $277 million [2][4]. Revenue Breakdown - Revenues increased by 1%, driven by a 2% growth in recurring revenues, which accounted for 76% of total revenues, partially offset by a 1% decline in transaction revenues and a 6% decline in Global Print [3][6]. - Organic revenues grew by 6%, with the "Big 3" segments (Legal Professionals, Corporates, and Tax & Accounting Professionals) reporting a 9% organic revenue growth [3][6]. Segment Performance - Legal Professionals segment revenues decreased by 4% to $693 million, with an organic growth of 8% [5][9]. - Corporates segment revenues increased by 7% to $541 million, with an organic growth of 9% [5][11]. - Tax & Accounting Professionals segment revenues rose by 10% to $360 million, with an organic growth of 11% [5][13]. - Reuters News segment revenues decreased by 7% to $196 million, reflecting a decline in organic revenue [5][15]. - Global Print segment revenues decreased by 6% to $116 million, driven by lower shipment volumes [5][17]. Adjusted EBITDA and Margins - Adjusted EBITDA for Q1 2025 was $809 million, a slight increase from $806 million in Q1 2024, with an adjusted EBITDA margin of 42.3%, down from 42.7% [2][4][7]. - The adjusted EBITDA margin for the "Big 3" segments combined increased to 47.3% from 45.8% [7][10]. Capital Allocation and Dividends - The company announced a 10% increase in its annual common share dividend to $2.38, marking the 32nd consecutive year of dividend increases [6][29]. - Thomson Reuters completed the acquisition of SafeSend for approximately $600 million to enhance its tax automation capabilities [6][28]. 2025 Outlook - The company reaffirmed its full-year 2025 outlook for all metrics, expecting organic revenue growth of approximately 7% and an adjusted EBITDA margin of around 36% for Q2 2025 [22][24].

Core Insights - Tritium has launched the TRI-FLEX charging platform, which features a next-generation distributed architecture that allows charge point operators to scale from four to 64 charge points, addressing infrastructure challenges as the EV market grows [1][2] Industry Impact - The TRI-FLEX platform represents a paradigm shift in EV charging infrastructure, designed to meet the increasing demand as global EV sales approach 20% of total car sales and the U.S. EV fleet is projected to reach 27 million by 2030 [2] - Conventional charging infrastructure faces limitations in scalability, grid capacity, and flexibility, which TRI-FLEX aims to overcome through innovative design [2] Economic Benefits - The TRI-FLEX design significantly reduces the total cost of ownership compared to conventional architectures, allowing operators to avoid costly utility upgrades while maximizing charging capacity [3] Deployment and Flexibility - TRI-FLEX enables phased deployment strategies that align capital expenditure with actual utilization, simplifying permitting processes and maximizing return on investment [4] - The platform allows operators to start with current needs and scale seamlessly as demand increases without replacing initial investments [4] Technical Specifications - The TRI-FLEX Hub can provide power from 400kW to 1.6MW of AC power and up to 3.2MW of DC power, with a single Hub capable of powering two to 32 dispensers, significantly more than conventional systems [7] - The system features a 25kW power resolution with real-time load balancing for optimal energy distribution, and it is designed to perform reliably in extreme temperatures from -35°C to +55°C [7]

Core Viewpoint - Thomson Reuters (TRI) is expected to report quarterly earnings of $1.06 per share, reflecting a year-over-year decline of 4.5%, with revenues projected at $1.92 billion, an increase of 1.8% compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised downward by 2.6% over the past 30 days, indicating a collective reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Analysts estimate 'Revenues- Legal Professionals' at $696.75 million, a decrease of 3.4% year over year [5]. - 'Revenues- Tax & Accounting Professionals' are expected to reach $366.88 million, reflecting an increase of 11.9% from the previous year [5]. - 'Revenues- Global Print' are projected at $119.85 million, indicating a decline of 3.3% year over year [5]. - 'Revenues- Corporates' are estimated at $553.36 million, showing a year-over-year increase of 9.1% [6]. - 'Revenues- Reuters News' are expected to be $186.80 million, reflecting a decline of 11.1% year over year [6]. Adjusted EBITDA Estimates - 'Adjusted EBITDA- Legal Professionals' is projected at $327.02 million, down from $342 million in the same quarter last year [7]. - 'Adjusted EBITDA- Corporates' is estimated at $202.65 million, compared to $193 million in the previous year [7]. - 'Adjusted EBITDA- Reuters News' is forecasted to be $36.00 million, down from $60 million year over year [8]. - 'Adjusted EBITDA- Global Print' is expected to reach $44.23 million, down from $47 million in the same quarter last year [8]. - 'Adjusted EBITDA- Tax & Accounting Professionals' is estimated at $197.30 million, up from $181 million in the same quarter last year [8]. Stock Performance - Shares of Thomson Reuters have increased by 6.2% over the past month, contrasting with a decline of 4.3% in the Zacks S&P 500 composite [9]. - The company holds a Zacks Rank 3 (Hold), indicating it is expected to perform in line with the overall market in the near future [9].

Core Viewpoint - Thomson Reuters (TRI) is positioned well to continue its trend of beating earnings estimates in upcoming quarterly reports [1]. Group 1: Earnings Performance - Thomson Reuters has a strong history of surpassing earnings estimates, averaging a 3.89% beat over the last two quarters [2]. - In the most recent quarter, the company reported earnings of $1.01 per share against an expectation of $0.96, resulting in a surprise of 5.21% [3]. - For the previous quarter, Thomson Reuters reported $0.80 per share, exceeding the consensus estimate of $0.78, which was a surprise of 2.56% [3]. Group 2: Earnings Estimates and Predictions - Estimates for Thomson Reuters have been trending higher, supported by its history of earnings surprises [5]. - The company currently has a positive Earnings ESP of +0.47%, indicating increased analyst optimism regarding its near-term earnings potential [8]. - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) suggests a strong possibility of another earnings beat in the upcoming report [8]. Group 3: Earnings ESP Insights - Stocks with a positive Earnings ESP and a Zacks Rank of 3 or better have a nearly 70% chance of producing a positive surprise [6]. - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, reflecting the latest analyst revisions [7]. - A negative Earnings ESP does not necessarily indicate an earnings miss but can reduce the predictive power of the metric [9].

Company Overview - Thomson Reuters (TRI) shares increased by 5.3% to close at $170.06, following a period of 6% loss over the past four weeks, indicating notable trading volume [1] - The company has seen price growth due to strong uptake of its generative AI offerings, including Westlaw Precision and CoCounsel, along with growth in products like Practical Law, SurePrep, and Pagero [2] Financial Performance - Thomson Reuters is expected to report quarterly earnings of $1.05 per share, reflecting a year-over-year decline of 5.4%, while revenues are projected to be $1.92 billion, an increase of 1.9% from the previous year [2] - The consensus EPS estimate for the quarter has remained unchanged over the last 30 days, suggesting stability in earnings expectations [4] Market Trends - Trends in earnings estimate revisions are strongly correlated with near-term stock price movements, indicating that the recent price increase may not be sustainable without positive revisions [3] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [4] Industry Comparison - Thomson Reuters is part of the Zacks Technology Services industry, where another company, Ibotta (IBTA), saw an 8.4% increase in its stock price, but has a Zacks Rank of 5 (Strong Sell) due to a significant decline in its EPS estimate [4][5]

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]