Maher Yaghi: Steve, I wanted to ask you how is the current economic environment educating your view on how 2024 is going to look like? I know it’s — we’re not in guidance mode here, but if you can just help us understand your views on qualitatively on ’24 compared to ’23. And maybe just to close the loop on ’24 margins, Mike. So if I start at 39% in 2023 on EBITDA margin, that 75 basis points improvement in operating leverage, as you said, it’s going to be invested. So the — incrementally basically the 50 basis point incremental dilution in ’24 from the acquisition of Casetext, that’s basically your landing zone is 38.5% for 2024. Am I understanding this properly?
Steve Hasker: Yes, this is Steve. Let me start off. Thanks for the question. Mike and [Rena Evans], our Head of FP&A, have just been driving us through the planning process for 2024. So we’ve got a lot of that thinking done. But the — not all of it, but a lot of it done. The underlying assumption for ’24 from a sort of a macro perspective is more of the same. I think where we look at a year where we’re likely to have 2 wars going on, we’re likely to have higher-for-longer interest rate environment and the presidential election. It’s sort of hard, I think, to expect — I think it would be foolhardy for us or anyone else that bank on a quick rebound. And that’s the assumption that Mike’s sort of putting through our budgeting and forecasting process for ’24. Mike?
Mike Eastwood: Yes. And the second part of the question on regards to 2024 margin, once again, not providing guidance today, but your math sounds directionally reasonable based on the components that you laid out, but directionally reasonable.
Operator: Next question will come from George Tong with Goldman Sachs. Please go ahead.
George Tong: You had previously guided to legal organic growth accelerating in the second half of the year. Can you elaborate on any factors that may have pushed this acceleration now, particularly given the organic benefits from Casetext coming in and Elite coming out?
Mike Eastwood: Sure. We still continue, George, to anticipate a higher tick up as we go into Q4 and then into 2024. Our FindLaw business tempered the growth some in Q3 for us, and it’s a factor for us to consider into Q4 there. And the other component is the timing of government. So the 2 items that really flexes when you get into rounding of legal professionals is FindLaw and the Government business, George. But we’re very pleased with the trajectory of legal overall as we go into Q4 and to the full year 2024, George.
George Tong: Got it. That’s helpful. And then on the tax business, very strong growth there driven by Latin America. But can you talk a little bit about some of the sustainability of that growth? Is that being driven by regional inflation? Is it persistent? Is it more onetime? How would you think about tax growth going forward?
Steve Hasker: Yes. Sorry, Mike. Mike will give you a more thoughtful answer, George, than I will. But I think it’s driven by superb execution from Adrian Fognini and Macron Desbulbert [ph] and their teams down in Brazil. I mean, their ability to understand and anticipate customer needs before or as customers are having those needs, to incorporate it into the Dominio product is the best I’ve ever seen. And as long as we continue to do that, we’ll continue to see great performance from that part of the business. And the next, I suppose, obvious thought you may have as well, can we take that DNA and spread it throughout Thomson Reuters. And that’s certainly something that [Beck Teen] our Head of International is focused on.
Mike Eastwood: George, I would just emphasize that the 12% organic growth were tapping Q4, 10% for the full year, roughly is not solely driven by Latin America. We’ve got strong assets across in SurePrep, and Steve mentioned earlier, Dave, the Founder, CEO, SurePrep; and then Confirmation that we acquired back in July of 2019 continue to do incredibly well. So I think Elizabeth Beastrom, the President, is really managing the full breadth and depth of assets there. So LatAm is performing well. But likewise, SurePrep, Confirmation and other assets within Tax & Accounting.
Operator: And the last caller will come from Doug Arthur with Huber Research. Please go ahead.
Doug Arthur: Everything has been covered. Just I guess a question on your ownership position in LSEG. Any updated thoughts on the remaining piece?
Mike Eastwood: No, Doug, we’ll continue to monetize at the pace that we have discussed previously. Currently, we’re looking at Q1 2024 and Q1 2025 contractually when the next tranches are eligible to be monetized. It doesn’t mean we have to monetize in Q1 ’24 and Q1 ’25. I just emphasize we continue to hold LSEG as a financial investment. We’re pleased with the level of accelerated monetization in calendar year ’23. And we hope to continue to pace in ’24, ’25, but we’re pleased with the overall monetization there.
Steve Hasker: Thank you, Doug.
Gary Bisbee: All right. I think we’ll end the call there. Thank you very much, everyone. And feel free to reach out to the IR team if we can help with follow-ups.
Operator: And with that, that does conclude today’s call. Thank you for your participation. You may now disconnect.
