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    Scott Fletcher • CIBC

    Scott Fletcher's questions to Thomson Reuters Corp (TRI) leadership

    Scott Fletcher's questions to Thomson Reuters Corp (TRI) leadership • Q2 2025

    Question

    Scott Fletcher of CIBC Capital Markets questioned the drivers behind the strong Q2 margin performance and why this outperformance didn't lead to an increase in the full-year guidance. He also asked about the expense profile of new AI products like Deep Research.

    Answer

    CFO Michael Eastwood attributed the Q2 margin beat to good operating leverage, favorable timing of expenses that will reverse in H2, and a beneficial revenue mix. He reaffirmed confidence in the full-year 39% margin guidance, stating these temporary factors were the reason for not raising it. Regarding new product costs, Eastwood confirmed that all OpEx and CapEx for new AI launches are already built into the current guidance and capital intensity forecast of roughly 8%.

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    Scott Fletcher's questions to Thomson Reuters Corp (TRI) leadership • Q1 2025

    Question

    Scott Fletcher asked about the current demand environment, questioning if there have been changes to customer buying patterns or deal closures, and which business segments might be most impacted in a potential slowdown.

    Answer

    CEO Steve Hasker stated that while there is customer nervousness about the economic backdrop, the company has not yet seen a change in the demand environment. CFO Mike Eastwood confirmed that sales pipelines and renewal rates remain encouraging and consistent. In a potential slowdown, Eastwood identified three areas of focus due to their potential sensitivity: transactional revenue (12% of total), Global Print (7% of total), and specific parts of Reuters News like Digital Advertising and Events (1.5% of total), but noted the resilience within each.

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    Scott Fletcher's questions to Thomson Reuters Corp (TRI) leadership • Q4 2024

    Question

    Scott Fletcher asked for the rationale behind raising the 2026 organic growth outlook and for an update on customer adoption and reaction to GenAI products.

    Answer

    CFO Mike Eastwood attributed the confidence to strong 2024 performance, a healthy book of business, and robust customer demand in a GenAI-enabled world. CEO Stephen Hasker added that while adoption of GenAI products like Westlaw Precision (over 40% ACV penetration) and CoCounsel is strong, the broader pace of change management within customer firms remains a variable.

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    Scott Fletcher's questions to Thomson Reuters Corp (TRI) leadership • Q2 2024

    Question

    Scott Fletcher from CIBC asked for more detail on the magnitude of efficiency gains for customers using AI tools and whether clients are initially seeking targeted or full enterprise-wide licenses.

    Answer

    CEO Steve Hasker referenced the 'Future of Professionals Report,' quantifying potential time savings for lawyers at 4 hours per week, growing to 12. He described a normal distribution of customer adoption, with some firms going 'all in' on enterprise deals, a majority in a 'test-and-learn' phase with targeted trials, and a smaller group still needing to be convinced of GenAI's value.

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    Scott Fletcher's questions to Colliers International Group Inc (CIGI) leadership

    Scott Fletcher's questions to Colliers International Group Inc (CIGI) leadership • Q2 2025

    Question

    Scott Fletcher asked about the specific drivers of the strong margin expansion in the engineering business and the future margin outlook for the Investment Management segment, particularly into 2026.

    Answer

    CFO Christian Mayer attributed the engineering margin growth equally to acquisitions and organic productivity improvements, expecting further gains. For Investment Management, he reiterated a long-term goal of expanding margins from the low 40s to the 45-50% range. CEO Jay Hennick added a note of caution, stating that significant ongoing investment spending in the IM platform will likely keep pressure on margins for the next year or two.

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    Scott Fletcher's questions to FirstService Corp (FSV) leadership

    Scott Fletcher's questions to FirstService Corp (FSV) leadership • Q2 2025

    Question

    Scott Fletcher of CIBC Capital Markets asked for the reasons behind the fire protection business's consistent outperformance and questioned whether the company is considering larger, platform-style M&A deals given its declining leverage.

    Answer

    CEO D. Scott Patterson attributed the strong performance of the Century Fire business to a multi-year strategic priority to grow its repair, service, and inspection revenues, which has successfully balanced the business mix. On M&A, Mr. Patterson clarified that while the company's modest leverage allows for opportunistic large deals if a strategic fit arises, the primary focus remains on acquisitions within its existing service platforms rather than actively seeking new ones.

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    Scott Fletcher's questions to FirstService Corp (FSV) leadership • Q1 2025

    Question

    Scott Fletcher asked for a breakdown of the 10% organic decline in the roofing business between weather and commercial delays, and requested an update on the reconstruction work pipeline for the restoration business.

    Answer

    Executive D. Patterson estimated the roofing decline was split roughly 'half and half' between weather impacts, which reduced production hours, and the deferral of large commercial contracts. He noted that while weather-related work should recover, commercial commitments may lag until market stability improves. On restoration, Patterson explained that converting hurricane-related work is slow, with over $10 million generated in Q1 and the remainder expected over the year, emphasizing that the total restoration backlog remains solid and at similar levels to the prior year.

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    Scott Fletcher's questions to FirstService Corp (FSV) leadership • Q4 2024

    Question

    Scott Fletcher from CIBC World Markets Inc. questioned the potential impact of the L.A. wildfires on first-half 2025 results and whether roofing would remain the primary focus for the M&A tuck-under program.

    Answer

    D. Patterson (executive) stated that while they are seeing an uptick in leads from the L.A. fires, the impact is already built into guidance and will benefit the full year. He confirmed that roofing is likely to remain the primary focus for capital deployment in 2025 due to high market activity, though prospects exist across all segments.

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    Scott Fletcher's questions to WELL Health Technologies Corp (WHTCF) leadership

    Scott Fletcher's questions to WELL Health Technologies Corp (WHTCF) leadership • Q1 2025

    Question

    Scott Fletcher of CIBC asked for details on the key assets contributing to the strong organic growth in the WELLSTAR business. He also sought clarification on whether WELLSTAR's M&A pipeline remains primarily Canadian-focused, despite the mention of potentially offering its software in the U.S. market.

    Answer

    Chairman and CEO Hamed Shahbazi attributed WELLSTAR's consistent growth to strong performance across its key divisions, including the EMR group (Oscar, AwareMD), OceanMD, and the billing/back-office segment. He confirmed that while there is a long-term vision to expand WELLSTAR internationally, its current M&A pipeline is almost exclusively focused on strategic Canadian assets to build further scale and fill gaps in its domestic platform.

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