Clarivate PLC (CLVT) 2022 Q4 法說會逐字稿

Hello, and welcome to today's Clarivate Q4 and Full Year Earnings Conference Call. My name is Bailey, and I'll be the moderator for today's call. (Operator Instructions)

大家好，歡迎來到今天的科睿唯安第四季度和全年收益電話會議。我叫 Bailey，我將擔任今天電話會議的主持人。 （操作員說明）

I would now like to pass the conference over to Mark Donohue, Vice President of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係副總裁 Mark Donohue。請繼續。

Thank you, and good morning, everyone. Thank you for joining us for the Clarivate Fourth Quarter and Full Year 2022 Earnings Conference Call. With me today are Jonathan Gear, Chief Executive Officer; and Jonathan Collins, Chief Financial Officer. Both will be available to take your questions at the conclusion of their prepared remarks.

謝謝大家，早上好。感謝您參加科睿唯安第四季度和 2022 年全年收益電話會議。今天和我在一起的是首席執行官 Jonathan Gear；和首席財務官 Jonathan Collins。兩人都可以在準備好的發言結束時回答您的問題。

As a reminder, this conference call is being recorded and webcast and is copyrighted property of Clarivate. Any rebroadcast of this information in whole or in part without prior written consent of Clarivate is prohibited. An accompanying earnings call presentation is available in the Investor Relations section of the company's website, clarivate.com.

提醒一下，本次電話會議正在錄音和網絡直播中，是 Clarivate 的版權財產。未經 Clarivate 事先書面同意，禁止全部或部分轉播此信息。公司網站 clarivate.com 的投資者關係部分提供了隨附的收益電話演示。

During our call, we may make certain forward-looking statements within the meaning of the applicable securities laws. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the business or developments in Clarivate's industry to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Information about the factors that could cause actual results to differ materially from anticipated results or performance can be found in Clarivate's filings with the SEC and on the company's website.

在我們的電話會議期間，我們可能會在適用的證券法的含義內做出某些前瞻性陳述。此類前瞻性陳述涉及已知和未知的風險、不確定性和其他因素，這些因素可能導致實際結果、業績或業務成就或科睿唯安行業的發展與科睿唯安明示或暗示的預期結果、業績、成就或發展存在重大差異此類前瞻性陳述。有關可能導致實際結果與預期結果或表現存在重大差異的因素的信息，請參閱 Clarivate 提交給美國證券交易委員會的文件和公司網站。

Our discussion will include non-GAAP measures or adjusted numbers, including organic revenue and adjusted EBITDA. Clarivate believes non-GAAP results are useful in order to enhance an understanding of our ongoing operating performance, but they are a supplement to and should not be considered in isolation from or as a substitute for GAAP financial measures. Reconciliation of these measures to GAAP measures are available in our earnings release and supplemental presentation on our website.

我們的討論將包括非 GAAP 措施或調整後的數字，包括有機收入和調整後的 EBITDA。 Clarivate 認為非 GAAP 結果有助於加深對我們持續經營業績的了解，但它們是對 GAAP 財務措施的補充，不應孤立地考慮或替代 GAAP 財務措施。這些措施與 GAAP 措施的對賬可在我們的收益發布和我們網站上的補充介紹中找到。

After our prepared remarks, we'll open the call up to your questions. And with that, it's a pleasure to turn the call over to Jonathan Gear.

在我們準備好的評論之後，我們將打開電話回答您的問題。因此，很高興將電話轉給 Jonathan Gear。

Great. Thank you, Mark, and good morning, everyone, and thank you for joining us today. In my 6 months as CEO of Clarivate, I have made it a point to personally visit many of our colleagues and customers globally. These learnings have given me an even deeper appreciation of our company, its strong culture and Clarivate's leading products in the large markets that we serve. We will hold an Investor Day next Thursday, where we look forward to sharing with you our compelling investment thesis and our detailed plan to accelerate our growth profile. I will share more about this event in a few minutes.

偉大的。謝謝馬克，大家早上好，感謝您今天加入我們。在我擔任 Clarivate 首席執行官的 6 個月裡，我親自拜訪了我們全球的許多同事和客戶。這些學習讓我對我們公司、其強大的文化和科睿唯安在我們服務的大型市場中的領先產品有了更深的認識。我們將在下週四舉辦投資者日，屆時我們期待與您分享我們引人注目的投資主題和我們加速增長的詳細計劃。我將在幾分鐘內分享更多有關此活動的信息。

Turning to our financial results and business highlights for 2022. I want to give you an update on our progress in continuing to transform Clarivate for the better as we seek to accelerate our growth and bridge the market trajectory. I am proud to report that we implemented important organizational changes through segment restructuring of our major segments. The past 1 year was also a trying period as we navigated a highly dynamic macro environment marked by high inflation and economic uncertainty.

談到我們 2022 年的財務業績和業務亮點。我想向您介紹我們在尋求加速增長和彌合市場軌蹟的過程中繼續改進 Clarivate 的最新進展。我很自豪地報告說，我們通過主要部門的部門重組實施了重要的組織變革。過去 1 年也是一個艱難的時期，因為我們在以高通脹和經濟不確定性為標誌的高度動態的宏觀環境中航行。

Despite these headwinds, our business grew and remained strong and resilient. We continue to serve our customers well by providing mission-critical products, and we are benefiting from long-term industry tailwinds all while holding a strong competitive position in the marketplace.

儘管存在這些不利因素，我們的業務仍在增長並保持強勁和彈性。我們通過提供關鍵任務產品繼續為我們的客戶提供良好的服務，並且我們從長期的行業順風中受益，同時在市場上保持強大的競爭地位。

Last year, we delivered improved performance across many of our key financial metrics. Full year revenue was $2.66 billion, an increase of 47% at constant currency, primarily driven by the acquisition of ProQuest. Organic revenue growth increased 2.6%. Our combined subscription and reoccurring revenue, which represented almost 80% of revenue, improved 4% on an organic basis over the prior year period.

去年，我們在許多關鍵財務指標上的表現都得到了改善。全年收入為 26.6 億美元，按固定匯率計算增長 47%，主要受收購 ProQuest 的推動。有機收入增長 2.6%。我們的訂閱和經常性收入合計佔收入的近 80%，比上年同期有機增長 4%。

Operationally, we delivered $74 million of cost synergies in the first year of the ProQuest integration, $24 million higher than planned. We divested MarkMonitor, a noncore asset. We used the proceeds, along with our normal cash from operations, to reduce our debt by $500 million and lower our net leverage ratio. This places us in a favorable position to deleverage below 4x by the end of the year. Jonathan Collins will cover the financial results in more detail shortly, including our 2023 outlook.

在運營方面，我們在 ProQuest 集成的第一年實現了 7400 萬美元的成本協同效應，比計劃高出 2400 萬美元。我們剝離了非核心資產 MarkMonitor。我們使用所得款項以及正常的運營現金來減少 5 億美元的債務並降低淨槓桿率。這使我們處於有利位置，可以在年底前將槓桿率降至 4 倍以下。 Jonathan Collins 將在短期內更詳細地介紹財務結果，包括我們的 2023 年展望。

On my first earnings call in November, I shared a new lens of how I look at the business. I highlighted how we are pivoting our operating model and began to report our results across our 3 segments of Academia & Government, Life Sciences & Healthcare and Intellectual Property. This approach is an intuitive way of looking at our business, and this reorganization will help us accelerate decision-making and ensure that we are offering our customers the right set of solutions in each end market.

在我 11 月的第一次財報電話會議上，我分享了我看待業務的新視角。我強調了我們如何調整我們的運營模式，並開始報告我們在學術界和政府、生命科學和醫療保健以及知識產權這 3 個部分的結果。這種方法是看待我們業務的一種直觀方式，這種重組將幫助我們加快決策制定，並確保我們為每個終端市場的客戶提供正確的解決方案。

As we -- as part of the pivot to the new segment operating model, we announced in December that each segment will be led by a President. We are close to finalizing the evaluation of candidates now and expect to have this process completed during the second quarter. I believe having designated leaders overseeing these segments will help us execute on our growth strategy and sharpen our focus on how we best serve our customers.

正如我們——作為向新部門運營模式轉變的一部分，我們在 12 月宣布每個部門將由一位總裁領導。我們現在即將完成對候選人的評估，預計將在第二季度完成這一過程。我相信，指定負責人監督這些部門將有助於我們執行增長戰略，並更加專注於如何最好地為客戶服務。

One of our primary initiatives is to enhance our investments in product development across all of our segments to drive organic growth towards the market growth rates which we highlighted last November. I will highlight some of last year's accomplishments by segment, starting with Academia & Government. Our A&G segment grew organically at 2% in 2022, in line with its prior 3-year CAGR. This past August, we had one of the most exciting A&G software wins ever. Our workflow (inaudible) unit was selected to implement our integrated library solution tools, Polaris and Vega, across Singapore's nationwide library system. This is one of the largest library workflow software implementations ever. This is a major testament to our product feature strengths, our strong commercial relationships and our robust segment-specific go-to-market capabilities.

我們的主要舉措之一是加強對所有部門產品開發的投資，以推動有機增長達到我們去年 11 月強調的市場增長率。我將按部分重點介紹去年的一些成就，首先是學術界和政府部門。我們的 A&G 部門在 2022 年以 2% 的速度有機增長，與其之前 3 年的複合年增長率一致。去年 8 月，我們贏得了有史以來最激動人心的 A&G 軟件大獎之一。我們的工作流（聽不清）單元被選中在新加坡全國圖書館系統中實施我們的集成圖書館解決方案工具 Polaris 和 Vega。這是有史以來最大的圖書館工作流軟件實施之一。這是對我們產品功能優勢、強大商業關係和強大的特定細分市場進入市場能力的重要證明。

Customers have been asking us to help them present the research accomplishment in an easier-to-access format so they can leverage them for their own needs. We responded by launching Web of Science Researcher Profiles, which unites our Web of Science and Publons, our peer review platform. Now all our core research information is available in one central place, providing an opportunity for researchers to showcase their accomplishments on a single page.

客戶一直要求我們幫助他們以更易於訪問的格式展示研究成果，以便他們可以根據自己的需要加以利用。作為回應，我們推出了 Web of Science Researcher Profiles，它將我們的 Web of Science 和我們的同行評審平台 Publons 聯合起來。現在，我們所有的核心研究信息都集中在一個中心位置，讓研究人員有機會在一個頁面上展示他們的成就。

To help our librarian end users cut through the noise and choose the right content at the right time for the right price, we developed a cutting-edge procurement marketplace, Rialto. Rialto provides seamless workflows and data-driven recommendations to accelerate and enhance the content procurement process. Encouragingly, Rialto has rapidly gained traction, now reaching over 300 university customers across 24 countries.

為了幫助我們的圖書館員最終用戶消除乾擾並在合適的時間以合適的價格選擇合適的內容，我們開發了一個尖端的採購市場 Rialto。 Rialto 提供無縫的工作流程和數據驅動的建議，以加速和增強內容採購流程。令人鼓舞的是，Rialto 迅速獲得關注，現已覆蓋 24 個國家/地區的 300 多所大學客戶。

Turning now to Life Sciences & Healthcare. This segment delivered 4% organic growth last year, the lowest recent growth rate, primarily due to a pullback in professional services revenue. The growth potential in this end market is highly attractive, and we remain focused on accelerating our growth by continuing to invest in enhanced products and analytics. For example, we delivered a multimillion-dollar customer data integration and analytics platform for a top 5 pharma customer to drive holistic patient journey and needs insights. Combining our proprietary content with the clients and other third-party data into a cloud-based analytics platform enabled a single source of truth across numerous functional teams. This is an excellent example of our ability to deliver value-added strategic services alongside our data with the potential to convert individual projects into multiyear engagements with ongoing recurring revenues.

現在轉向生命科學與醫療保健。該部門去年實現了 4% 的有機增長，是近期最低的增長率，這主要是由於專業服務收入的回落。這個終端市場的增長潛力極具吸引力，我們仍然專注於通過繼續投資於增強型產品和分析來加速我們的增長。例如，我們為排名前 5 位的製藥客戶提供了價值數百萬美元的客戶數據集成和分析平台，以推動全面的患者旅程和需求洞察。將我們的專有內容與客戶和其他第三方數據結合到一個基於雲的分析平台中，可以在眾多職能團隊中實現單一的事實來源。這是一個很好的例子，說明我們有能力提供增值戰略服務以及我們的數據，並有可能將單個項目轉化為具有持續經常性收入的多年參與。

Last year, we partnered with another top 5 pharma company by empowering digital health initiatives with deep learning AI to expediate disease diagnosis. We are enabling leading pharma companies with AI capabilities to manage their data and better understand the health space and the symptomology of specific patient populations across time. These insights can lead to earlier health interventions, more precisely targeted drug regimens and ultimately, better patient experiences and outcomes, a true value-add for all stakeholders. We are also investing to enhance our AI and machine learning-powered predictive analytics to inform investment decisions and strategic portfolio management for increased R&D productivity, namely as it relates to predicting drug development time lines and success rates.

去年，我們與另一家排名前 5 的製藥公司合作，通過深度學習 AI 為數字健康計劃提供支持，以加快疾病診斷。我們正在使具有 AI 功能的領先製藥公司能夠管理他們的數據，並更好地了解不同時間特定患者群體的健康空間和症狀。這些見解可以導致更早的健康干預、更精確的靶向藥物治療方案，並最終帶來更好的患者體驗和結果，從而為所有利益相關者帶來真正的增值。我們還在投資以增強我們的人工智能和機器學習驅動的預測分析，為投資決策和戰略投資組合管理提供信息，以提高研發生產力，即與預測藥物開發時間表和成功率有關。

Moving on to our IP segment, which grew just over 2% on an organic basis in 2022. It was slightly below its 3-year cumulative growth rate of 3%, primarily due to a short-term pullback in trademark services, which we have previously discussed as a result of the macroeconomic environment. During the fourth quarter of 2022, we closed a few multimillion-dollar deals in Japan for a flagship cloud-based IP management software, IPfolio, and related professional services. Although these customers had complex innovation and IP filing requirements, we were able to win these deals given our deep domain expertise, local presence and understanding of regional IP practices.

轉到我們的 IP 部門，該部門在 2022 年有機增長略高於 2%。略低於其 3 年累計增長率 3%，這主要是由於商標服務的短期回調，我們已經先前討論的結果是宏觀經濟環境。 2022 年第四季度，我們在日本完成了幾筆價值數百萬美元的交易，涉及基於雲的旗艦 IP 管理軟件 IPfolio 和相關專業服務。儘管這些客戶有復雜的創新和知識產權申請要求，但我們能夠憑藉深厚的領域專業知識、本地影響力和對區域知識產權實踐的理解贏得這些交易。

Last year, we launched Brand Landscape Analyzer to disrupt traditional trademark search. This platform combines rich proprietary Clarivate trademark and litigation data alongside AI-powered analytics to provide a broader picture of the risk landscape surrounding new brands. This is an excellent example of our future in tech-enabled services as we leverage our rich proprietary content, AI and machine learning-powered analytics and deep domain expertise. We have extensive knowledge of the patent and trademark application process, which is helping customers improve and streamline their IP administration process. For example, we were approached by a large pharma company who is looking to outsource their entire IP docketing process. We were able to optimize their costs and create efficiencies within their global IP process.

去年，我們推出了 Brand Landscape Analyzer 來顛覆傳統的商標搜索。該平台結合了豐富的 Clarivate 專有商標和訴訟數據以及人工智能分析，以更廣泛地了解新品牌的風險格局。這是我們未來在技術支持服務方面的一個很好的例子，因為我們利用我們豐富的專有內容、人工智能和機器學習驅動的分析以及深厚的領域專業知識。我們對專利和商標申請流程有廣泛的了解，這有助於客戶改進和簡化他們的知識產權管理流程。例如，一家大型製藥公司與我們接洽，該公司希望將其整個 IP 備案流程外包。我們能夠優化他們的成本並在他們的全球知識產權流程中創造效率。

I look back on 2022 as a pivotal year where we made progress on many fronts and truly set the company up for future achievements. As we turn the page to 2023, we are focusing on reaching a higher level of success. First and foremost, we are focused on delivering organic growth above the 2022 level of 2.6%. We expect the operational changes we made last year and our go-forward execution plan to catalyze this acceleration. The acquisition of ProQuest was an important addition to our A&G segment. Given the progress we have made on the cost synergy front, we are now increasingly shifting our focus to (inaudible) revenue synergies. Since going public almost 4 years ago, we have removed $300 million of costs, which has provided resources for reinvestment while also improving margins. Reinvestment will remain a focus as we look to drive more product innovation that will ultimately help us to accelerate top line growth.

回顧 2022 年，我認為這是關鍵的一年，我們在許多方面都取得了進展，並真正為公司未來的成就做好了準備。當我們翻到 2023 年時，我們正專注於取得更高水平的成功。首先，我們專注於實現 2022 年 2.6% 以上的有機增長。我們預計我們去年所做的運營變更和我們的前瞻性執行計劃將促進這種加速。收購 ProQuest 是我們 A&G 部門的重要補充。鑑於我們在成本協同方面取得的進展，我們現在越來越多地將重點轉移到（聽不清）收入協同上。自將近 4 年前上市以來，我們已經削減了 3 億美元的成本，這為再投資提供了資源，同時也提高了利潤率。再投資仍將是一個重點，因為我們希望推動更多產品創新，最終幫助我們加速收入增長。

I believe the single most important and enabler of success and growth is culture. Given the natural cohesiveness of our segments, we continue to implement initiatives to bring our colleagues together to increase collaboration and idea generation.

我相信成功和成長的最重要和推動因素是文化。鑑於我們部門的天然凝聚力，我們繼續實施舉措，將我們的同事聚集在一起，以加強協作和創意產生。

Last year, we generated more than $300 million of free cash flow, excluding the proceeds from MarkMonitor. This year, we expect to generate close to $0.5 billion in free cash flow, which puts us on track to further reduce our net leverage ratio to under 4x by year-end.

去年，我們產生了超過 3 億美元的自由現金流，其中不包括來自 MarkMonitor 的收益。今年，我們預計將產生近 5 億美元的自由現金流，這使我們有望在年底前進一步將淨槓桿率降至 4 倍以下。

As mentioned, we will host an Investor Day in New York City next Thursday, March 9. The live in-person event will also be streamed live from 9 a.m. Eastern time to approximately noon. We are looking forward to providing a comprehensive look at our business and our detailed strategy to take us where we are today to our medium-term growth outlook.

如前所述，我們將於 3 月 9 日下週四在紐約市舉辦投資者日活動。現場直播活動也將從東部時間上午 9 點到中午左右進行現場直播。我們期待全面了解我們的業務和我們的詳細戰略，以將我們帶到今天的中期增長前景。

In closing, I want to extend my continued thanks to all my colleagues at Clarivate for all they are doing to serve our customers and make our organization better. As we enter 2023, I feel confident we are moving in the right direction, and I look forward to sharing our progress with you.

最後，我想繼續感謝 Clarivate 的所有同事，感謝他們為服務我們的客戶和改善我們的組織所做的一切。在我們進入 2023 年之際，我相信我們正朝著正確的方向前進，我期待與您分享我們的進展。

I will now turn the call over to Jonathan Collins.

我現在將把電話轉給喬納森柯林斯。

Thank you, Jonathan. Good morning, everyone. Slide 12 is an overview of our 2022 fourth quarter and full year results compared with the same periods in 2021. Fourth quarter revenue was $675 million, an increase of $115 million compared to the same period last year, driven primarily by inorganic growth from the ProQuest acquisition as well as a 0.5% organic growth, both of which were partially offset by a substantial foreign exchange translation headwind as the U.S. dollar remained strong against primarily the pound sterling and euro compared to the same period last year. Full year revenue was $2.66 billion, an increase of $783 million for growth of more than 40%.

謝謝你，喬納森。大家，早安。幻燈片 12 概述了我們與 2021 年同期相比的 2022 年第四季度和全年業績。第四季度收入為 6.75 億美元，比去年同期增加 1.15 億美元，主要受 ProQuest 的無機增長推動收購以及 0.5% 的有機增長，這兩者都被巨大的外匯換算逆風部分抵消，因為與去年同期相比，美元兌主要英鎊和歐元仍然堅挺。全年營收26.6億美元，增加7.83億美元，增幅超過40%。

Fourth quarter net income was $304 million, up $434 million over the same period in the prior year on higher income from operations and lower interest and income tax expenses. Full year loss of $4 billion is entirely attributed to the noncash goodwill impairment charges recorded in the third quarter, primarily for the CPA Global and ProQuest acquisitions.

第四季度淨收入為 3.04 億美元，比去年同期增加 4.34 億美元，原因是運營收入增加以及利息和所得稅費用減少。全年 40 億美元的虧損完全歸因於第三季度記錄的非現金商譽減值費用，主要是 CPA Global 和 ProQuest 的收購。

Adjusted diluted EPS, which excludes the impact of onetime items like the impairment, was $0.22 in Q4, a $0.02 improvement sequentially over Q3 and a $0.01 decrease over Q4 of last year, bringing the full year to $0.85, a $0.13 or 18% increase over 2021. Operating cash flow was $137 million in the quarter, an increase of $119 million over Q4 of 2021, bringing the full year to $509 million, which is an increase of $185 million over last year.

排除減值等一次性項目影響的調整後攤薄每股收益在第四季度為 0.22 美元，比第三季度環比提高 0.02 美元，比去年第四季度減少 0.01 美元，使全年達到 0.85 美元，比去年同期增加 0.13 美元或 18% 2021 年，本季度經營現金流為 1.37 億美元，比 2021 年第四季度增加 1.19 億美元，使全年達到 5.09 億美元，比去年增加 1.85 億美元。

Turn with me now to Page 13 for a closer look at the drivers of the full year top and bottom line growth over the same period last year. Full year revenue of $2.66 billion came in at the top end of our guidance range. While organic growth came in just above the midpoint of the range at 2.6%, the expected continued strengthening of the U.S. dollar did not materialize, which helped us not only deliver revenue at the high end but also adjusted EBITDA above the high end of the guidance range.

現在和我一起翻到第 13 頁，詳細了解與去年同期相比全年收入和利潤增長的驅動因素。全年收入 26.6 億美元，處於我們指導範圍的頂端。雖然有機增長略高於範圍的中點 2.6%，但美元的持續走強並未實現預期，這不僅幫助我們實現了高端收入，而且調整後的 EBITDA 也高於指導的高端範圍。

When we look at the full year top and bottom line growth compared to the same period last year, it was driven by 4 key factors: first, organic growth of 2.6% added nearly $50 million to the top line and converted to profit at a 35% margin. Second, inorganic growth contributed $832 million to the top line and more than $0.25 billion to the bottom line for a profit conversion of 30% on a pre-cost synergy basis. This growth is primarily attributed to the ProQuest acquisition.

當我們查看與去年同期相比的全年收入和利潤增長時，它是由 4 個關鍵因素驅動的：首先，2.6% 的有機增長為收入增加了近 5000 萬美元，並以 35% 的比例轉化為利潤％ 利潤。其次，無機增長為收入貢獻了 8.32 億美元，為利潤貢獻了超過 2.5 億美元，在成本前協同作用的基礎上實現了 30% 的利潤轉換。這一增長主要歸功於對 ProQuest 的收購。

Third, cost synergies, net of certain operating expenses required to achieve them, contributed $74 million of incremental profit from carryover savings on the CPA acquisition and solid execution on the ProQuest cost actions. Finally, the translation impact of subsidiaries denominated in foreign currencies impacted revenue by nearly $100 million and profit at just over $30 million. The profit conversion is lower than normal as the translation impact was ameliorated by $14 million of transaction gains largely recognized in the fourth quarter.

第三，成本協同效應，扣除實現它們所需的某些運營費用，貢獻了 7400 萬美元的增量利潤，這些利潤來自 CPA 收購的結轉節省和 ProQuest 成本行動的可靠執行。最後，以外幣計價的子公司的換算影響影響了近 1 億美元的收入和超過 3000 萬美元的利潤。利潤轉換低於正常水平，因為轉換影響因第四季度大部分確認的 1400 萬美元交易收益而得到改善。

Please turn with me now to Page 14 to step through the conversion from adjusted EBITDA to free cash. Free cash flow was $91 million in the fourth quarter, an increase of $105 million over last year's fourth quarter and topped $300 million for the full year, which was just over $100 million higher than the full year of 2021. Adjusted free cash flow, which excludes the impact of onetime costs, came in at $522 million, which was near the midpoint of our guidance range as the outperformance on adjusted EBITDA was offset by higher working capital requirements. For the full year, the profit growth I outlined on the prior page was partially offset by higher interest cost from the debt used to fund the ProQuest acquisition, higher cash taxes on the increase in taxable earnings, higher working capital requirements and the increased capital spending largely from the ProQuest business.

現在請和我一起翻到第 14 頁，逐步完成從調整後的 EBITDA 到自由現金的轉換。第四季度自由現金流為 9100 萬美元，比去年第四季度增加 1.05 億美元，全年超過 3 億美元，比 2021 年全年高出 1 億多美元。調整後的自由現金流，其中不包括一次性成本的影響，為 5.22 億美元，接近我們指導範圍的中點，因為調整後 EBITDA 的出色表現被更高的營運資金要求所抵消。對於全年，我在上一頁概述的利潤增長部分被用於為 ProQuest 收購提供資金的債務的更高利息成本、應稅收入增加帶來的更高現金稅、更高的營運資金要求和增加的資本支出所抵消主要來自 ProQuest 業務。

Move with me now to Slide 15 as we turn the page on last year and provide our outlook for this year. During our third quarter earnings call in November, we estimated the organic growth rate of our serviceable addressable market of roughly $25 billion today to be approximately 6%. As Jonathan mentioned just a few moments ago, at our Investor Day next week, we will specify the areas of the business that are underperforming the market, outline the specific actions we will take to close these gaps and provide the time line of when we expect to reach the market growth rate.

現在和我一起轉到幻燈片 15，因為我們翻開了去年的一頁並提供了今年的展望。在我們 11 月份的第三季度財報電話會議上，我們估計我們今天約 250 億美元的可服務目標市場的有機增長率約為 6%。正如喬納森剛才提到的，在下週的投資者日，我們將具體說明表現不佳的業務領域，概述我們將採取哪些具體行動來彌補這些差距，並提供我們預計的時間表達到市場增長率。

This morning, we're providing the first step, our organic growth rate guidance for 2023. As we also indicated back in November, we expect organic growth to improve in 2023. We're now dimensioning that improvement from 2.6% last year to about 3.25% this year at the midpoint of our range. Assuming exchange rates remain relatively constant, we expect to deliver revenue at $2.68 billion at the midpoint of the range.

今天早上，我們將提供第一步，即我們對 2023 年的有機增長率指導。正如我們在 11 月份所指出的那樣，我們預計 2023 年有機增長將有所改善。我們現在將這種改善從去年的 2.6% 提高到大約今年 3.25%，處於我們範圍的中點。假設匯率保持相對穩定，我們預計在該範圍的中點實現 26.8 億美元的收入。

Given the strong comps in the first half of 2022, we do not expect Q1 organic growth to improve sequentially from Q4. We'll provide additional color on the quarterly phasing of organic growth as we move through the year. We do anticipate about a 75% profit conversion on the full year revenue growth of approximately $20 million at the midpoint of both ranges as a result of the carryover impact of the ProQuest cost synergies, which should help drive nearly 50 bps of margin expansion.

鑑於 2022 年上半年的強勁業績，我們預計第一季度的有機增長不會比第四季度有所改善。我們將在一年中為有機增長的季度階段提供額外的顏色。由於 ProQuest 成本協同效應的結轉影響，我們確實預計在兩個範圍的中點，全年收入增長約 75% 的利潤轉換約為 2000 萬美元，這將有助於推動利潤率增長近 50 個基點。

Free cash flow is expected to reach $0.5 billion at the midpoint of the range. This represents a nearly $200 million increase over the prior year and is largely driven by significantly lower onetime costs incurred to integrate the acquisitions. Adjusted diluted earnings is expected at $0.80 per share at the midpoint of the range. The $0.05 decrease from last year is attributed in nearly equal parts to higher interest expense as a result of base rate increases affecting our floating rate debt and higher depreciation expense from capital expenditures aimed at accelerating our organic growth in the coming years.

自由現金流預計將在該範圍的中點達到 5 億美元。這比上一年增加了近 2 億美元，這主要是由於整合收購所產生的一次性成本顯著降低。調整後的攤薄收益預計為每股 0.80 美元，處於區間的中點。與去年相比減少 0.05 美元的原因幾乎相等，因為基本利率上升影響了我們的浮動利率債務，導致利息支出增加，而資本支出的折舊費用增加，旨在加速我們未來幾年的有機增長。

Please turn with me now to Page 16 for the major drivers of the expected revenue and profit growth for the full year compared to last year. Our accelerating organic growth, the divestment of the MarkMonitor business, the carryover impact of the ProQuest cost synergies and foreign exchange will drive this year's expected top and bottom line growth over last year. Organic growth of 3.25% should add about $85 million to the top line and convert at 30%, contributing about $25 million to the bottom line. As we've indicated before, organic growth will need to accelerate to the 4% to 5% range to expand margins from current levels. Jonathan mentioned earlier in his priorities for this year. We're also making the conscious choice to fund investments that will deliver product and service innovation that will catalyze accelerating organic growth to these levels in the near term. We'll go into greater detail on this at our Investor Day next week.

現在請和我一起翻到第 16 頁，了解與去年相比全年預期收入和利潤增長的主要驅動因素。我們加速的有機增長、MarkMonitor 業務的剝離、ProQuest 成本協同效應和外彙的結轉影響將推動今年預期的收入和利潤比去年增長。 3.25% 的有機增長應該為收入增加約 8500 萬美元，並以 30% 的速度轉化，為利潤貢獻約 2500 萬美元。正如我們之前指出的那樣，有機增長需要加速到 4% 到 5% 的範圍，才能擴大當前水平的利潤率。喬納森早些時候在他今年的優先事項中提到過。我們也有意識地選擇為將提供產品和服務創新的投資提供資金，這些創新將在短期內促進有機增長加速到這些水平。我們將在下週的投資者日對此進行更詳細的介紹。

For the first time in our history, inorganic actions will be a year-over-year headwind to our results. We closed on the sale of MarkMonitor in Q4, and this will reduce our revenue by $65 million and adjusted EBITDA by $30 million. The team has executed the integration of the ProQuest acquisition remarkably well, delivering more than half of the cost synergies in the first year. We are in the final stages of completing the integration in the first half of this year. And as a result, we'll deliver $40 million of higher profit in 2023.

在我們的歷史上，無機行為將第一次成為我們業績的逐年逆風。我們在第四季度完成了 MarkMonitor 的出售，這將使我們的收入減少 6500 萬美元，調整後的 EBITDA 減少 3000 萬美元。該團隊非常出色地執行了對 ProQuest 收購的整合，在第一年就實現了一半以上的成本協同效應。我們正處於今年上半年完成整合的最後階段。因此，我們將在 2023 年實現 4000 萬美元的更高利潤。

Over the course of the past few months, the relative strength of the U.S. dollar has receded against the pound sterling and euro. Given current exchange rates, we do not expect a meaningful foreign exchange impact to the top line on a full year basis. However, we do expect a revenue headwind in the first half of the year, but that should be offset by tailwinds in the second half. We also do not expect to repeat the transaction gains we saw late last year, which creates a nearly $15 million profit headwind.

在過去幾個月中，美元兌英鎊和歐元的相對強勢有所減弱。鑑於目前的匯率，我們預計全年的收入不會受到重大的外匯影響。然而，我們確實預計今年上半年的收入逆風，但這應該會被下半年的順風所抵消。我們也不希望重複去年底看到的交易收益，這造成了近 1500 萬美元的利潤逆風。

Please turn with me now to Page 17 to walk through how we expect the more than $1.1 billion of adjusted EBITDA will convert to about $0.5 billion of free cash flow. Last year, we incurred more than $200 million in cash outflows associated with onetime costs related to the acquisitions. The majority of this came from restricted cash from the CPA employee benefits trust that was funded at closing of the acquisition back in 2021. We expect a material improvement in onetime cost of about $175 million this year as we incur about $40 million largely to complete the ProQuest integration. We do expect a cash interest increase of about $20 million as current base rates and projections via the forward curve have increased meaningfully compared to last year. As a reminder, through deleveraging and derivatives, we reduced our floating rate debt from just under 1/2 to about 1/4 of our total debt, significantly reducing our exposure to further rate increases.

現在請和我一起翻到第 17 頁，了解我們預計超過 11 億美元的調整後 EBITDA 將如何轉化為約 5 億美元的自由現金流。去年，我們因與收購相關的一次性成本產生了超過 2 億美元的現金流出。其中大部分來自 CPA 員工福利信託的受限現金，該信託在 2021 年收購結束時提供資金。我們預計今年一次性成本將大幅改善約 1.75 億美元，因為我們承擔了約 4000 萬美元，主要用於完成ProQuest 集成。我們確實預計現金利息將增加約 2000 萬美元，因為與去年相比，當前的基本利率和通過遠期曲線的預測已經顯著增加。提醒一下，通過去槓桿化和衍生品，我們將浮動利率債務從略低於總債務的 1/2 減少到約 1/4，顯著降低了我們進一步加息的風險。

Our working capital requirements are expected to level off this year, yielding an improvement of about $65 million, augmenting the profit growth and lower onetime costs partially offsetting by the cash interest increase, leading to an operating cash flow improvement of about $230 million. We do intend to increase capital spending by about $35 million to accelerate organic growth. All of this translates to a nearly $200 million improvement in free cash flow at the midpoint of the range.

我們的營運資金需求預計今年將趨於平穩，產生約 6500 萬美元的改善，增加利潤增長和降低一次性成本，部分被現金利息增加所抵消，從而導致運營現金流改善約 2.3 億美元。我們確實打算將資本支出增加約 3500 萬美元，以加速有機增長。所有這些都轉化為範圍中點的自由現金流增加近 2 億美元。

Turn with me now to Page 18 for an update on our capital structure and our plans for allocating the cash flow we expect to generate this year. As we've consistently indicated for the past couple of quarters, we plan to use the majority of our cash flow in the near term to reduce our debt. We paid down $0.5 billion of debt in the second half of last year by utilizing operating cash flow and the proceeds from the MarkMonitor divestiture. This lowered our debt balance to just over $5 billion and brought our net leverage to just over 4 turns at year-end.

現在和我一起翻到第 18 頁，了解我們資本結構的最新情況以及我們預計今年產生的現金流量的分配計劃。正如我們在過去幾個季度一直表示的那樣，我們計劃在短期內使用我們的大部分現金流來減少我們的債務。去年下半年，我們利用運營現金流和 MarkMonitor 資產剝離的收益償還了 5 億美元的債務。這使我們的債務餘額降至略高於 50 億美元，並使我們的淨槓桿率在年底時達到略高於 4 倍。

As we turn to 2023, we will continue to service our preferred shares with a cash dividend of about $75 million for the full year. We expect to utilize the remainder of our free cash flow, more than $400 million, to pay down floating rate debt in the form of our term loan B and expect to bring leverage below 4 turns before the end of the year. This deleveraging will further improve our debt mix to about 80-20 by the end of this year, which will reduce our exposure to rising rates, increasing the probability our total cost of debt will remain in the mid-5% range for the near future. It's also important to note that we maintain more than $1 billion of liquidity at year-end and have no debt maturities or mandatory prepayments for the next 3 years.

到 2023 年，我們將繼續為我們的優先股提供全年約 7500 萬美元的現金股息。我們預計將利用剩餘的自由現金流（超過 4 億美元）以定期貸款 B 的形式償還浮動利率債務，並預計在年底前將槓桿率降至 4 轉以下。這種去槓桿化將進一步改善我們的債務組合，到今年年底達到 80-20 左右，這將減少我們對利率上升的風險，增加我們的總債務成本在不久的將來保持在 5% 左右的可能性.同樣重要的是要注意，我們在年底保持超過 10 億美元的流動性，並且在未來 3 年沒有到期債務或強制性預付款。

Please turn with me now to Page 19 to put our guidance for this year in historical perspective. Since the company's inception 4 years ago, revenues have nearly tripled as we built scale and end-to-end capabilities in all 3 of our segments through 3 transitional acquisitions. Profit has nearly quadrupled, bolstered by $300 million of cost synergies that drove margin expansion of 1,200 basis points. And critically, most of the integration work for these transformational acquisitions is now behind us, which supports a significant improvement in cash flows moving forward.

現在請和我一起翻到第 19 頁，從歷史的角度介紹我們今年的指導意見。自公司 4 年前成立以來，隨著我們通過 3 次過渡性收購在所有 3 個部門建立規模和端到端能力，收入幾乎增長了兩倍。得益於 3 億美元的成本協同效應，利潤率增長了 1,200 個基點，利潤幾乎翻了兩番。至關重要的是，這些轉型收購的大部分整合工作現在已經過去，這支持未來現金流的顯著改善。

Through this period, organic growth has durably remained at about 3% despite a global pandemic. However, we need to drive our organic growth rate higher to reach and eventually exceed that of our SAM. We know we have a few key product areas that are underperforming. But with the right execution and product innovation, we will be able to close the growth rate gap as we shift our operational focus and financial resources from delivering efficiencies to accelerating growth. Please join us next week in person at the New York Stock Exchange or virtually as we outline in detail the steps we will take to accelerate growth and unlock significant value for shareholders in the process.

在此期間，儘管發生了全球大流行，但有機增長率一直保持在 3% 左右。然而，我們需要推動我們的有機增長率更高，以達到並最終超過我們的 SAM。我們知道我們有幾個表現不佳的關鍵產品領域。但通過正確的執行和產品創新，我們將能夠縮小增長率差距，因為我們將運營重點和財務資源從提高效率轉移到加速增長。請下週親自或通過虛擬方式參加我們在紐約證券交易所的活動，因為我們將詳細概述我們將採取哪些步驟來加速增長並在此過程中為股東釋放重要價值。

I want to thank all of you for listening in this morning, and I'll now turn the call back over to Bailey so we can take your questions.

我要感謝大家今天早上的收聽，我現在將把電話轉回給貝利，以便我們回答您的問題。

(Operator Instructions) Our first question today comes from the line of Manav Patnaik from Barclays.

（操作員說明）我們今天的第一個問題來自巴克萊銀行的 Manav Patnaik。

This is [Brendan] on for Manav. I just wanted to ask on the guidance. Obviously, there's been some -- there's a lot of transactional kind of exposure in different parts of your business that hit you guys this past year. And just wondering like what are you assuming in that outlook for next year for that part of the business? And then kind of back into also the subscription part, just trying to see how much of that is helping or hurting you guys next year.

我是 Manav 的 [Brendan]。我只是想問一下指導。顯然，在過去的一年裡，你們業務的不同部分有很多交易類型的風險對你們造成了影響。只是想知道你對明年這部分業務的前景有何看法？然後回到訂閱部分，只是想看看明年有多少幫助或傷害你們。

Yes. [Brendan], thanks for the question. This is Jonathan Gear. I'll answer, and then Collins will add some color here. I mean, first, we -- there are different philosophies of how you build out our budget. With this year, we've gone through a very granular, bottoms-up build on this budget under the new segment strategy at a product-by-product level. And it's one that certainly myself, Jonathan Collins and the team have put a lot of fidelity into building up this plan. So the guidance we've raised right now, I'd say, overall thematically, it's not a heroic guidance. It just has us executing against the outcomes we saw coming out of Q4 and then heading through the year.

是的。 [布蘭登]，謝謝你的提問。這是喬納森齒輪。我會回答，然後柯林斯會在這裡添加一些顏色。我的意思是，首先，我們 - 對於如何制定預算有不同的理念。今年，我們在新的細分戰略下，在逐個產品級別上對該預算進行了非常精細、自下而上的構建。這當然是我本人、喬納森柯林斯和團隊在製定這個計劃時付出了很多努力。所以我們現在提出的指導，我想說，總體而言，這不是一個英勇的指導。它只是讓我們根據我們從第四季度看到的結果來執行，然後通過這一年。

Now on the transactional side, you know the base of our business. 80% is recurring in nature. 20% is transactional. A couple of things I would call out. First, some real-world data wins that we had in Q4 rather than being completely onetime as we built up some backlog heading into this year. So we've derisked some of the RWD assumptions heading into 2023. And then with the rest of the portfolio, it's the normal kind of risk, I would say, around the transactions, primarily in Life Sciences & Healthcare. We see less of a risk in the other segments. But certainly, I think the key theme is we haven't built up a bottoms-up build in the budget that requires a lot of positive assumptions to take place. We know we're in a tough environment. We know we're in a tough macro. We know that some of our clients are not leaning into onetime spends right now. They're being cautious, and all that's been built into our budget. But Jonathan, do you want to add to that?

現在在交易方面，您了解我們業務的基礎。 80%在自然界中反復出現。 20% 是交易性的。我會說幾件事。首先，我們在第四季度獲得了一些真實世界的數據，而不是完全一次性，因為我們在今年積壓了一些積壓工作。因此，我們已經取消了一些進入 2023 年的 RWD 假設的風險。然後對於投資組合的其餘部分，這是正常的風險，我想說，圍繞交易，主要是在生命科學和醫療保健領域。我們認為其他領域的風險較小。但可以肯定的是，我認為關鍵主題是我們還沒有在預算中建立自下而上的構建，這需要進行大量積極的假設。我們知道我們處在艱難的環境中。我們知道我們處於艱難的宏觀環境中。我們知道我們的一些客戶現在不傾向於一次性消費。他們很謹慎，所有這些都已納入我們的預算。但是喬納森，你想補充一下嗎？

Yes. I'd just highlight that the improvement in the organic growth will largely come from the transactional order type. So when you think about the things that will help accelerate the growth rate, obviously, not having the ceasing of our operations in Russia will offer some benefit. That will benefit the subscription order type. There are some other puts and takes there. But as we've highlighted before, we've rebuilt capacity in 2022 in our Life Sciences & Healthcare consulting practice. We expect the utilization rates in that practice to progressively improve through the year, and that will hit our transactional order type.

是的。我只想強調，有機增長的改善將主要來自交易訂單類型。因此，當你考慮有助於加快增長率的事情時，顯然，不停止我們在俄羅斯的業務會帶來一些好處。這將有利於訂閱訂單類型。還有一些其他的投入和投入。但正如我們之前強調的那樣，我們在 2022 年重建了生命科學和醫療保健諮詢業務的能力。我們預計這一做法的利用率將在今年逐步提高，這將影響我們的交易訂單類型。

And then as Jonathan touched on, one of the real benefits of last year's sales execution campaign with our real-world evidence in Life Science & Healthcare is building a backlog. So last year, almost everything that we recognized as revenue we sold in the year. This year, we come in with a very nice proportion of this year's revenue already sold that has to be delivered in 2023. So that helps to derisk and reduce the volatility in that segment of the business.

然後，正如喬納森所說，去年的銷售執行活動的真正好處之一是我們在生命科學和醫療保健領域的真實證據正在積壓。所以去年，幾乎所有我們確認為收入的東西都是我們在這一年出售的。今年，我們在今年已經售出的收入中有很大一部分必須在 2023 年交付。因此這有助於降低風險並減少該業務部門的波動性。

Yes. Just a quick follow-up, if you could. You talked a little bit about what -- with your reinvestments, just some product investments you need to do or low-hanging fruit investments you can do to help move your product down market and win some more share. Can you -- any update on that? I assume you guys are still working on that but just if there's any update on the product side.

是的。如果可以的話，只是快速跟進。你談到了一些關於你的再投資，只是一些你需要做的產品投資，或者你可以做一些容易實現的水果投資，以幫助你的產品進入市場並贏得更多份額。你能——有任何更新嗎？我假設你們仍在努力，但只要產品方面有任何更新。

Yes. I'm going to make a brief comment here, Brendan. So the investments we're making are across all 3 of our segments. If you remember, coming out of the last call, we talked about investments in Life Sciences & Healthcare around pharmacovigilance and building out that real-world data platform to create more of a recurring, predictable engine. That's -- so both of those are well underway in the product development cycle. We continue to make investments in A&G. [It was in the] past, but I will call out what we've done with Web of Science and the investments we've made there in improving the interface and some of the comments that I made in my -- in the transcript earlier around how we're improving just the usability and impact at the researcher level. And then in IP, very focused on Derwent and those solutions there to, again, lift those products that we know have been dragging us down. So continue to make investments there. And certainly, we'll share more at Investor Day next Thursday.

是的。布倫丹，我要在這裡做一個簡短的評論。因此，我們正在進行的投資涉及我們的所有 3 個細分市場。如果你還記得，在上次電話會議結束後，我們談到了圍繞藥物警戒對生命科學和醫療保健的投資，以及構建真實世界的數據平台以創建更多的循環、可預測引擎。那就是 - 所以這兩者都在產品開發週期中順利進行。我們繼續對 A&G 進行投資。 [這是]過去，但我會說出我們對 Web of Science 所做的工作，以及我們在改進界面方面所做的投資，以及我在之前的成績單中發表的一些評論圍繞我們如何提高研究人員級別的可用性和影響。然後在 IP 中，非常關注 Derwent 和那裡的那些解決方案，以再次提升那些我們知道一直拖累我們的產品。所以繼續在那裡進行投資。當然，我們將在下週四的投資者日分享更多信息。

The next question today comes from the line of George Tong from Goldman Sachs.

今天的下一個問題來自高盛的George Tong。

You mentioned that the improvement in organic revenue growth for 2023 is going to come primarily from transactional revenue improvement, especially around the consulting side. Can you elaborate a little bit more on that?

您提到 2023 年有機收入增長的改善將主要來自交易收入的改善，尤其是在諮詢方面。你能詳細說明一下嗎？

And then also on the subscription side, putting Russia aside, what are some of the key drivers of organic revenue growth acceleration for subscription revenues in the year ahead?

然後在訂閱方面，撇開俄羅斯不談，未來一年訂閱收入有機收入增長加速的一些主要驅動因素是什麼？

Sure, George. On the transactional side, I mentioned the consulting, also the solid real-world evidence backlog that we bring into this year. I'll also point to our IP segment. We do expect to lap some pretty difficult comps in the first half of this year. And as we move into the second half of next year, we think the trademark portion, both the maintenance and the servicing of trademarks and even some of the discovery, to improve, which will also help to bolster the IP segment's growth improvement.

當然，喬治。在交易方面，我提到了諮詢，還有我們今年帶來的可靠的真實證據積壓。我還要指出我們的 IP 部分。我們確實希望在今年上半年完成一些非常困難的比賽。隨著我們進入明年下半年，我們認為商標部分，包括商標的維護和服務，甚至是一些發現，都會有所改善，這也將有助於促進知識產權部門的增長。

As we think about the subscription file, what we're counting on is strong retention and starting to monetize some of the investments that we've already made. Jonathan alluded to Web of Science. We're really encouraged by the feedback we got last year from the new UI and some of the feature functionality there. We've expanded the Journal Impact Factor to include thousands of new journals. And then finally, we just announced the Preprint Citation Index that's going to be included in the product this year. We're already getting early great feedback on that addition.

當我們考慮訂閱文件時，我們指望的是強大的保留率並開始將我們已經進行的一些投資貨幣化。 Jonathan 提到了 Web of Science。我們對去年從新 UI 和那裡的一些功能獲得的反饋感到非常鼓舞。我們擴大了期刊影響因子以包括數以千計的新期刊。最後，我們剛剛宣布了今年將包含在產品中的預印本引文索引。我們已經收到了關於該添加的早期反饋。

So those are examples of investments that we've made that we hope will continue to firm up renewal rates, help us to be able to capture some of that value in the form of pricing. And those are the things that will help to buoy the subscription performance in 2023.

因此，這些是我們所做的投資的例子，我們希望這些投資將繼續提高續訂率，幫助我們能夠以定價的形式獲得一些價值。這些都是有助於提振 2023 年訂閱表現的因素。

Got it. That's helpful. And then just a quick follow-up. Can you highlight your expectations for 2023 organic revenue growth by segment, so academic and government, Life Sciences & Healthcare and Intellectual Property?

知道了。這很有幫助。然後只是快速跟進。您能否強調您對 2023 年各細分市場有機收入增長的預期，例如學術和政府、生命科學與醫療保健以及知識產權？

Yes. We certainly expect a modest improvement in A&G. Web of Science, which I just highlighted, is going to be a key component there. On the IP side, we do expect some improvement in the trademark portion of business that I highlighted. But really, much of the improvement next year is going to come in Life Science & Healthcare as we continue to see the recovery in the consulting practice that I highlighted as well as stronger execution compared to a pretty challenging last year in portions of our transactional business in that segment.

是的。我們當然希望 A&G 有適度的改善。我剛剛強調的 Web of Science 將成為其中的關鍵組成部分。在知識產權方面，我們確實希望我強調的商標業務部分有所改善。但實際上，明年的大部分改進將出現在生命科學和醫療保健領域，因為我們繼續看到我強調的諮詢業務的複蘇，以及與去年我們部分交易業務相當具有挑戰性的情況相比，執行力更強在那個部分。

The next question today comes from the line of Toni Kaplan from Morgan Stanley.

今天的下一個問題來自摩根士丹利的 Toni Kaplan。

Jonathan, in the past, you've talked about thinking of this as a mid-single-digit growth business. Has your view on that changed? I know this year had some onetime issues, and I appreciate '23 sort of providing more conservative guidance. But just wanted to see if anything has really changed in your mind on the growth profile.

喬納森，過去，你曾談到將其視為一個中個位數增長的業務。你對此的看法改變了嗎？我知道今年有一些一次性的問題，我很欣賞 23 年提供的更保守的指導。但只是想看看您對增長情況的看法是否真的發生了任何變化。

Thanks, Toni. No, it has not changed at all. This is still a business -- as we peel back and I've gotten to know the businesses much, much better at the customer level and the product level, this is a business which should be growing at mid-single digits. And I think as we view 2023 as a bridge here to help us get us there and head down that path, and certainly at Investor Day, Toni, we'll be sharing kind of more on exactly what that path looks like to take us there. But no, my confidence, if anything, is stronger now than it was 2 months ago, the last time we were on this call and talked about it.

謝謝，托尼。不，它根本沒有改變。這仍然是一項業務——當我們回頭看時，我已經在客戶層面和產品層面更了解這些業務，這是一個應該以中等個位數增長的業務。我認為，當我們將 2023 年視為一座橋樑，幫助我們到達那裡並沿著這條路走下去時，當然在投資者日，托尼，我們將分享更多關於這條路到底是什麼樣子的信息，把我們帶到那裡.但不，我的信心，如果有的話，現在比 2 個月前更強大，那是我們最後一次打電話討論這個問題。

Great. And then as a quick follow-up, and I know you talked about Derwent a couple of questions ago, but I just wanted to get an update on sort of how you view your position in the market on some of the legacy products like Web of Science and Derwent. And like basically, I guess, is your investment strategy more to enhance the product capabilities there? Or is it more on the newer sort of investments in platform -- the newer products and platforms?

偉大的。然後作為一個快速跟進，我知道你在幾個問題之前談到了 Derwent，但我只是想了解一下你如何看待你在某些遺留產品（如 Web of科學與德溫特。基本上，我想，你的投資策略是否更多地是為了增強那裡的產品能力？或者更多的是對平台的新型投資——更新的產品和平台？

Sure thing, Toni. So yes, let me go on both those products. I mean, those are both products which are dragging down our growth rate. And that's -- I think I've shared that in previous calls. And as we dug into it, that hasn't changed. Now what's interesting, again, when I talk to clients about Web of Science, and we just visited one of our university clients yesterday, it is still the gold standard. It is absolutely the gold standard and a critical, critical product. What we allow to do over, I will call it the last 10 years, has allowed that product to become frankly a little, some of you use the word dusty, a little dusty in terms of user interface, in terms of not leveraging analytics. And so we allowed that to happen. I will call that very much an own goal. So we're focused right now on making investments since the initial phase was around the interface and the usability of Web of Science.

當然可以，托尼。所以是的，讓我繼續使用這兩種產品。我的意思是，這兩種產品都拖累了我們的增長率。那就是——我想我在之前的電話中已經分享過了。當我們深入研究時，這並沒有改變。有趣的是，當我與客戶談論 Web of Science 時，我們昨天剛剛拜訪了我們的一位大學客戶，它仍然是黃金標準。它絕對是黃金標準，也是至關重要的產品。我們允許做的事情，我稱之為過去 10 年，已經允許該產品變得坦率一點，你們中的一些人使用塵土飛揚這個詞，在用戶界面方面有點塵土飛揚，在不利用分析方面。所以我們允許這種情況發生。我將把它稱為烏龍球。所以我們現在專注於進行投資，因為初始階段是圍繞 Web of Science 的界面和可用性。

The second thing as we look forward is to how to leverage the underlying content in Web of Science and the impact that has in the publishing market to drive additional synergies as we drive that content with other content sets we have across Clarivate. Really, same story with Derwent. It is still, at the high users of IP, kind of the most IP-intensive companies in the world, it's still the gold standard. But it is a not easy-to-use tool. It's clunky. And as a result, we've allowed some ankle biters to come in around the edges. We are very focused. I'm actually sitting in our Ann Arbor office today, and I was here in January with our new leader of that product, in particular. And he outlined the plan on how we're going to lift that product. So very focused on improving that.

我們期待的第二件事是如何利用 Web of Science 中的基礎內容及其對出版市場的影響來推動額外的協同效應，因為我們將該內容與科睿唯安的其他內容集相結合。真的，與 Derwent 的故事相同。它仍然是 IP 的高用戶，是世界上 IP 最密集的公司，它仍然是黃金標準。但它不是一個易於使用的工具。它很笨重。結果，我們允許一些腳踝咬傷者進入邊緣。我們非常專注。事實上，我今天正坐在我們的 Ann Arbor 辦公室，我在 1 月份和我們的產品新領導一起來過這裡，特別是。他概述了我們將如何提升該產品的計劃。所以非常專注於改進它。

So to come back, Toni, to kind of wrap around your question, we have to fix those products. We will fix those products. I feel very confident of the plans in place. At the same time, the investments we're making are not limited there because there are so many things we can do with AI and machine language to kind of combine different content sets. But that is certainly a core area of focus, those 2 products. Thank you.

托尼，回過頭來回答你的問題，我們必須修復這些產品。我們將修復這些產品。我對現有的計劃非常有信心。與此同時，我們所做的投資並不僅限於此，因為我們可以用人工智能和機器語言做很多事情來組合不同的內容集。但這肯定是重點關注的核心領域，即這兩種產品。謝謝。

The next question today comes from the line of Seth Weber from Wells Fargo Security.

今天的下一個問題來自 Wells Fargo Security 的 Seth Weber。

I wanted to just try to tie together some of the data points from the call this morning. So it sounds like first quarter organic revenue growth is going to be kind of around what fourth quarter looked like. So -- and then -- so what I'm trying to understand is to get to the full year guide, are you comfortable with kind of a fourth quarter exit rate close to 5% on an organic revenue growth basis just to get to your full year guide?

我只想嘗試將今天早上電話中的一些數據點聯繫在一起。因此，聽起來第一季度的有機收入增長將與第四季度差不多。所以 - 然後 - 所以我想了解的是獲得全年指南，你是否願意在有機收入增長的基礎上接近 5% 的第四季度退出率只是為了達到你的目標全年指南？

Sure. Maybe I'll make a quick comment and then pass it off to JC here. I mean, Seth, the short answer is yes, that's how we view the budget. I would just remind you, we have some structural things built into the year-on-year comps with some very tough first year comps, particularly in Q1, but also a little bit Q2. And we have to fully lap the impact of both Russia, the Russia impact, as well as the impact of the macro environment on our trademark services. That makes it slightly tougher early in the year. It also makes it much easier second half of the year. So that's some of the structural, I'd say, derisk we have in the business. But Jonathan, do you want to add some additional color?

當然。也許我會快速發表評論，然後將其傳遞給 JC。我的意思是，賽斯，簡短的回答是肯定的，這就是我們看待預算的方式。我只想提醒你，我們在同比比較中內置了一些結構性的東西，其中有一些非常艱難的第一年比較，特別是在第一季度，但也有一些第二季度。我們必須充分了解俄羅斯的影響，俄羅斯的影響，以及宏觀環境對我們商標服務的影響。這使得它在今年年初變得更加艱難。這也使下半年變得容易得多。所以這是一些結構性的，我想說，我們在業務中的風險。但是喬納森，你想添加一些額外的顏色嗎？

Yes. The only other thing I'd highlight, Seth, is I think we'll definitely -- or we're anticipating exiting the year with a 4 handle. But as I mentioned in the comments, we'll give you more color on the quarterly phasing of the growth rate as we step through the rest of the year.

是的。我要強調的唯一另一件事是，賽斯，我認為我們肯定會——或者我們期待以 4 句柄結束這一年。但正如我在評論中提到的那樣，在今年剩餘時間裡，我們會給你更多關於增長率季度階段的顏色。

Okay. And then just as a follow-up, can you just comment on the pricing environment, what you're seeing, whether from a competitive perspective or what your customers are willing to kind of tolerate at this point and how much is -- how that factors into your calculus for this year?

好的。然後作為後續行動，你能否評論一下定價環境，你所看到的，無論是從競爭的角度，還是你的客戶此時願意接受的程度，以及有多少——如何你今年的微積分因素？

Sure. That's always an important component of the subscription growth that we are projecting. Broadly speaking, we are seeing normal receptivity to sharing in the incremental value that we're creating within the products. A few moments ago, we gave the Web of Science example, but we have those examples of enhanced feature functionality, incremental new content being brought into the products. And those are being reasonably well received.

當然。這始終是我們預測的訂閱增長的重要組成部分。從廣義上講，我們看到了分享我們在產品中創造的增量價值的正常接受度。片刻之前，我們舉了 Web of Science 的例子，但我們有那些增強特性功能的例子，以及將增量新內容引入產品中的例子。這些都受到了相當好的歡迎。

The one soft spot that we're keeping a very careful eye on is some of our international customers that are buying products that are priced in dollars. So certainly, the most recent move on the dollar has helped that, but that's something that we're carefully navigating with. For example, some of our A&G customers that have much greater budgetary pressures having to live within those means, we're working with them on some of those price increases. But broadly, I would say it's pretty positive, and we see that as being a good momentum moving into 2023.

我們非常關注的一個軟肋是我們的一些國際客戶正在購買以美元定價的產品。所以可以肯定的是，美元最近的走勢對此有所幫助，但這是我們正在謹慎應對的事情。例如，我們的一些 A&G 客戶的預算壓力要大得多，他們必須在這些能力範圍內生活，我們正在與他們合作解決其中一些價格上漲問題。但總的來說，我會說這是非常積極的，我們認為這是進入 2023 年的良好勢頭。

The next question today comes from the line of Peter Christiansen from Citigroup.

今天的下一個問題來自花旗集團的 Peter Christiansen。

Jonathan Gear, Jonathan Collins, I was just hoping, at least qualitatively, you could provide us a sense of some of the components of growth for -- towards the outlook as it relates to pricing, cross-sell, volume, that -- those sort of elements.

Jonathan Gear，Jonathan Collins，我只是希望，至少在定性上，你可以讓我們了解一些增長的組成部分 - 與定價，交叉銷售，數量相關的前景 - 那些某種元素。

And then just as a quick follow-up, Jonathan Collins, could you provide us with a sense of the pro forma trajectory for the ProQuest business and how that rounded out through the end of the year?

然後作為快速跟進，Jonathan Collins，您能否向我們介紹一下 ProQuest 業務的備考軌跡以及到今年年底的情況？

Okay. Great. So I'll go ahead and tackle the first, Pete, and then pass it off to Jonathan. So in terms of the growth, it's fairly balanced. As Jonathan just mentioned in the previous question, price does continue to be an important component of our metric of growth. And so I think roughly about, I would say, 1/3 of the total growth, you could ascribe to price specifically. So the remaining 2/3 is from volume in total. And the volume, as you know, Pete, has many components. The first is making sure that the retention rate continues to improve. We did improve it in 2022, up a point, and that's significant for us. As you continue to notch stepping up through being closer to our customers, serving them better, making sure we're refreshing our products at appropriate rates so they're seeing the value, that's how you notch step retention.

好的。偉大的。因此，我將繼續解決第一個問題，Pete，然後將其傳遞給 Jonathan。所以就增長而言，它是相當平衡的。正如喬納森剛剛在上一個問題中提到的那樣，價格確實繼續是我們增長指標的重要組成部分。所以我粗略地考慮，我想說，總增長的 1/3，你可以具體歸因於價格。所以剩下的 2/3 來自總量。正如你所知，皮特，這本書有很多組成部分。首先是確保保留率繼續提高。我們確實在 2022 年對其進行了改進，提高了一點，這對我們來說意義重大。當你通過更貼近我們的客戶、更好地為他們服務、確保我們以適當的速度更新我們的產品、讓他們看到價值而繼續進步時，這就是你如何提高步驟保留率。

The cross-sell, what I would call interest segment, is important for us, and we've now realigned the sales teams around this segment. And so they're just rolling out quarters right now. And they are very, very focused on making sure we have line of sight to the interest segment. Then the intersegment is also an important component. And in my scripts, I talked about a key win we had within IP services at a pharma company, a great example of how we kind of leveraged the broader footprint of the company across the different segments.

交叉銷售，我稱之為興趣部分，對我們很重要，我們現在已經圍繞這個部分重新調整了銷售團隊。所以他們現在只是推出季度。他們非常非常專注於確保我們能夠看到感興趣的部分。那麼段間也是一個重要的組成部分。在我的劇本中，我談到了我們在一家製藥公司的知識產權服務方面取得的關鍵勝利，這是一個很好的例子，說明我們如何利用公司在不同領域的更廣泛足跡。

And then, of course, driving both volume and also new business and new logos, which, as you know, is a little less important for us, but still important in some of our segments, still important also in life science with a long tail of biotech. So it's all those of things that are kind of coming together to drive the underlying growth formula. Jonathan, do you want to add on a piece?

然後，當然，推動銷量以及新業務和新徽標，如您所知，這對我們來說不太重要，但在我們的某些細分市場中仍然很重要，在長尾生命科學中也很重要生物技術。因此，所有這些東西都在某種程度上共同推動了潛在的增長公式。喬納森，你想添加一塊嗎？

Yes. And then, Peter, your question on ProQuest, it generally came in line with expectations last year. We do believe it's going to be a contributor to accelerating organic growth as it will be fully included in the organic growth calculation for 2023. I'll highlight one of the real exciting wins that Jonathan pointed to. The Singapore ILS win is a real positive. That will come online, big implementation product on that -- project on that in 2023 and will start moving into the subscription base towards the end of the year. That, combined with some of the improvements in Web of Science, should really help to put some wind in our sales within the A&G segment. So looking forward to that being included in the overall calculus for organic growth going forward.

是的。然後，彼得，你關於 ProQuest 的問題，它總體上符合去年的預期。我們確實相信它將成為加速有機增長的貢獻者，因為它將完全包含在 2023 年的有機增長計算中。我將強調 Jonathan 指出的真正令人興奮的勝利之一。新加坡 ILS 的勝利是一個真正的積極因素。這將在 2023 年上線，這是一個大型實施產品，並將在今年年底開始進入訂閱基礎。這與 Web of Science 的一些改進相結合，應該確實有助於為我們在 A&G 細分市場的銷售帶來一些動力。因此，期待將其納入未來有機增長的整體計算中。

The next question today comes from the line of Ashish Sabadra from RBC Capital Markets.

今天的下一個問題來自 RBC Capital Markets 的 Ashish Sabadra。

This is John filling for Ashish. Could you just quickly touch on the current selling environment? One of your large competitors saw some moderation in December with a lack of budget flush. And maybe if you could just hit on some of the kind of large pieces, especially with the transactional side as well.

這是 John 為 Ashish 做的填充。您能否簡單介紹一下當前的銷售環境？你的一個大競爭對手在 12 月看到一些節制，缺乏預算充裕。也許如果你能找到一些大塊的東西，尤其是在交易方面。

Sure. So maybe I'll give some color there, and then Jonathan can add anything that I missed. So I mean, it's not a great macro environment, and that certainly is the case, not to state the obvious. And as I mentioned earlier, John, as we built our budget, that budget assumes a not great macro environment. Now I think the news, when you look at our business overall, in this environment, we're still growing. We're still a highly resilient business model with must-have products and services, and that's reflected by the fact that we still grow even in these down markets. But while we are insulated from macro environments, we're certainly not immune. We're certainly not immune.

當然。所以也許我會在那裡添加一些顏色，然後 Jonathan 可以添加我遺漏的任何內容。所以我的意思是，這不是一個很好的宏觀環境，情況確實如此，不是顯而易見的。正如我之前提到的，約翰，在我們制定預算時，該預算假設一個不太好的宏觀環境。現在我認為新聞，當你從整體上看我們的業務時，在這種環境下，我們仍在增長。我們仍然是一個具有高度彈性的商業模式，提供必備的產品和服務，這反映在即使在這些低迷的市場中我們仍然增長。但是，雖然我們與宏觀環境隔絕，但我們當然不能倖免。我們當然不能倖免。

Now the specific areas I look at is kind of a couple of things. First, in Life Sciences & Healthcare, we have the transactions. Again, my experience of being 20 years in this business information industry, transaction is always a piece that can be pinged at a little bit. Consulting projects can be a little delayed. Market research reports can be put off for a quarter or 2, and we saw a bit of that in Q4. And we assume that will continue. We assume that will continue, and that's certainly in the plan that we've laid out.

現在，我關注的具體領域有幾類。首先，在生命科學和醫療保健領域，我們有交易。還是那句話，我在這個商務信息行業20年的經驗，交易總是一點點能ping通的一塊。諮詢項目可能會有點延遲。市場研究報告可以推遲一兩個季度，我們在第四季度看到了一些。我們認為這種情況會繼續下去。我們假設這種情況會繼續下去，而且這肯定在我們制定的計劃中。

We also say regionally, Europe is still feeling the impact of the Russian invasion of the Ukraine. You see it as governments there, in particular, have shifted dollars from areas we would normally be supporting into refugee support services. We see it in Africa, where governments have to shift dollars to support -- pay more for grain because they're no longer be able to import grain at the price from Ukraine, et cetera. So we see a little bit of that in Europe, just a tightening, a tightening of budget dollars there as governments are strained. But those are really the 2 areas that I would call out.

我們還說，在區域方面，歐洲仍然感受到俄羅斯入侵烏克蘭的影響。你會看到那裡的政府，尤其是，已經將美元從我們通常會支持的領域轉移到難民支持服務中。我們在非洲看到了這一點，那裡的政府不得不轉移美元來支持——為糧食支付更多費用，因為他們不再能夠以烏克蘭等地的價格進口糧食。因此，我們在歐洲看到了一些情況，只是收緊，由於政府緊張，預算美元收緊。但這些確實是我要指出的兩個領域。

Now I will just -- as I wrap a bow around that, those are the 2 key areas. I'll just emphasize, John, the vast majority of our business, our IP, academic budgets, so on and so forth, our subs for Life Sciences & Healthcare aren't really impacted by these macro headwinds.

現在我將 - 當我圍繞它鞠躬時，這些是 2 個關鍵領域。我只是強調，約翰，我們的絕大多數業務、我們的知識產權、學術預算等等，我們在生命科學和醫療保健領域的潛艇並沒有真正受到這些宏觀逆風的影響。

That's great color. Maybe just piggybacking on George's question, could you give us some more color on the subscription growth cadence in terms of the pacing and how we should kind of expect it to evolve in '23?

那是很棒的顏色。也許只是順應 George 的問題，您能否在節奏方面給我們更多關於訂閱增長節奏的顏色，以及我們應該如何期待它在 23 年的發展？

Yes. I think that tends to be quite stable in our business, and that's our expectation through this year. Similar to last year, most of the changes from quarter-to-quarter are going to be manifested in the transactional business. And just as to reemphasize a couple of key points, we expect Life Science & Healthcare consulting to improve progressively through the year. There will be some timing impacts associated with our patent renewal business that we will build into the color that we provide on the quarterly cadence. We had some pull-aheads we helped our customers with to support the best economic outcome for them in their renewals. So that will have somewhat an impact.

是的。我認為這在我們的業務中趨於穩定，這是我們今年的期望。與去年類似，大部分季度變化將體現在交易業務上。正如再次強調幾個關鍵點一樣，我們預計生命科學與醫療保健諮詢業務將在今年逐步改善。與我們的專利更新業務相關的一些時間影響將融入我們按季度節奏提供的顏色中。我們有一些幫助我們的客戶提前完成的工作，以支持他們在續訂時獲得最佳的經濟成果。所以會有一定的影響。

But also, as we indicated, we do believe that the volatility of the transactional component of our Life Science & Healthcare products or data that we're delivering will improve this year as we're entering in the year with a much higher backlog than we started last year. So really encouraged by that. That should help to level it out a bit, but we'll continue to give you some color as we move through the year on what that's going to look like.

但是，正如我們指出的那樣，我們確實相信我們生命科學和醫療保健產品或我們提供的數據的交易部分的波動性將在今年有所改善，因為我們進入這一年的積壓量遠高於我們去年開始。真的很受鼓舞。這應該有助於稍微平衡它，但我們會繼續為您提供一些顏色，因為我們會在這一年中繼續前進，看看它會是什麼樣子。

The next question today comes from the line of Stephanie Moore from Jefferies.

今天的下一個問題來自 Jefferies 的 Stephanie Moore。

I appreciate the color around the organic growth guidance and certainly the bottoms-up approach and clearly, the more visibility on the transactional side. Would love for you to maybe kind of talk through what would be the factors that would come into play that would ultimately get you to the -- maybe the low end or high end of the guidance, just trying to kind of put some guardrails around the dynamics that could have you fall kind of at either end.

我欣賞圍繞有機增長指南的色彩，當然還有自下而上的方法，顯然，交易方面的可見性更高。希望您能談談最終會發揮作用的因素，這些因素最終會讓您到達 - 也許是指導的低端或高端，只是想在周圍設置一些護欄可能讓你陷入困境的動力。

Sure. Sure. And it's something we often think about, as you can imagine. So the low end of the guidance, it would -- I'll take a step back. As I've said a few times, we have built in a tough macro environment into our guidance right now. Now -- so to go into the lower end of that range, it would have to be an incredibly bad macro environment. It would have to be some exogenous impact, particularly to our life science business. So a real, real meaningful and unexpected slowdown of our transactions there, that's what you would have to see to get to low end of that range.

當然。當然。正如您可以想像的那樣，這是我們經常考慮的事情。所以指導的低端，它會 - 我會退後一步。正如我已經說過幾次，我們現在已經將艱難的宏觀環境納入了我們的指導方針。現在 - 所以要進入該範圍的低端，它必須是一個非常糟糕的宏觀環境。它必須是一些外生影響，特別是對我們的生命科學業務。因此，我們在那裡的交易真正、真正有意義和意想不到的放緩，這就是你必須看到的，才能達到該範圍的低端。

The upper end of the range is a couple of things I would call out. I think, obviously, a little more health on -- I guess, a little bit of the opposite here. It would mean we were a little too conservative in our outlook on the macro environment, particularly with the transaction spend within Life Sciences & Healthcare. It speeds up a little bit faster. We do a bit better with our -- in A&G with our collections business there. That goes a little bit better than we expect. And those are probably the 2 big areas, I think, are swing. But Jonathan, do you want to add anything that I missed?

範圍的上限是我要指出的幾件事。我認為，顯然，更健康一點——我想，這裡有點相反。這意味著我們對宏觀環境的看法有點過於保守，尤其是在生命科學和醫療保健領域的交易支出方面。它的速度會快一點。我們在 A&G 和那裡的收藏業務方面做得更好。這比我們預期的要好一點。我認為，這可能是搖擺不定的兩大領域。但是喬納森，你想補充我遺漏的任何內容嗎？

No. I think you highlighted it. And obviously, as we move through the year, we'll be pushing for those additional opportunities to drive us to the higher end of the range, which are largely going to be on the transactional part of the business.

不，我想你強調了它。顯然，隨著我們度過這一年，我們將推動這些額外的機會，以推動我們走向高端，這主要是在業務的交易部分。

The final question today comes from the line of Shlomo Rosenbaum from Stifel.

今天的最後一個問題來自 Stifel 的 Shlomo Rosenbaum。

This is Adam on for Shlomo. Can you talk about any of the recent impact on inflation throughout the business, any update from last quarter?

這是 Adam for Shlomo。您能否談談最近對整個企業通貨膨脹的影響，以及上一季度的任何更新？

Yes. I think we've mentioned before, about 3/4 of our operating expenses are people costs. It's just the nature of our business, largely employees but also contracted services. So as we moved through last year, that was a challenge for us that we managed carefully. Certainly, with very hot job market, higher-than-normal levels of attrition helped to address that. We plan for that to kind of settle into the guide that we've provided for this year. So certainly, that's a component of the organic profit conversion that we highlighted that, that component alone won't really deliver much margin expansion. So I think that's how we think about it from managing our internal costs. But we've got a pretty decent line into sight of what's going to happen this year, and we've got that embedded in our outlook for 2023.

是的。我想我們之前已經提到過，我們大約 3/4 的運營費用是人員成本。這只是我們業務的性質，主要是員工，但也有合同服務。因此，當我們去年走過時，這對我們來說是一個挑戰，我們小心應對。當然，在就業市場非常火爆的情況下，高於正常水平的人員流失有助於解決這個問題。我們計劃將其融入我們今年提供的指南中。所以當然，這是我們強調的有機利潤轉換的一個組成部分，僅靠這個組成部分並不能真正帶來太多的利潤率增長。所以我認為這就是我們從管理內部成本來考慮它的方式。但是我們對今年將要發生的事情有一個相當不錯的看法，並且我們已經將其嵌入到我們對 2023 年的展望中。

And then I think we've talked before about the commercial impact of that. Certainly, it helps a little bit with the pricing conversations, and we saw some of the best price utilization we've ever seen as a company in 2022. We do expect some of that to carry into this year. But generally speaking, we've got that embedded in our outlook for 2023.

然後我想我們之前已經討論過它的商業影響。當然，它對定價對話有一點幫助，我們在 2022 年看到了我們作為一家公司所見過的一些最佳價格利用率。我們確實希望其中一些能延續到今年。但總的來說，我們已經將其嵌入到 2023 年的展望中。

Okay. And what drove the significant improvement in DSOs in the quarter year-on-year? And how should we think about the quarterly pattern of working capital this year?

好的。是什麼推動了本季度 DSO 的同比顯著改善？而我們應該如何看待今年營運資金的季度格局呢？

Yes. I'm sorry, Adam, I didn't catch the first part. Could you say that again?

是的。對不起，亞當，我沒聽清第一部分。你能再說一遍嗎？

What drove the significant impact in AR DSOs in the quarter year-on-year? And how should we think about the quarterly pattern of working capital next year?

是什麼推動了 AR DSO 在本季度同比產生重大影響？又該如何思考明年營運資金的季度格局？

Yes. So 2022 is our first full year of having ProQuest in our seasonal working capital. So I would say we have a decent line of sight into what that's going to look like. I expect that to be our new normal. Late in the year, we saw a little bit of pressure on timing of payments, which caused a slightly higher working capital use than we were anticipating. I think that's going to balance out. I think we've got a little bit of opportunity to recapture some of that in 2023, but we'll continue to provide more color on that as we move through the year. Thanks, Adam.

是的。因此，2022 年是我們將 ProQuest 作為季節性營運資金的第一個完整年度。所以我想說我們對它的外觀有一個不錯的看法。我希望這將成為我們的新常態。今年年底，我們發現付款時間有點壓力，這導致營運資金使用略高於我們的預期。我認為這會平衡。我認為我們有一點機會在 2023 年重新奪回其中的一些，但我們將在這一年中繼續提供更多色彩。謝謝，亞當。

Great. And I think with that, we'll go ahead and wrap. So everyone, thank you so much for joining our call this morning. We really enjoy sharing both our results from '22 as well as our outlook for '23. And again, we really encourage and invite all of you to join us at our Investor Day next Thursday, March 9, in New York City. Look forward there to really sharing our outlook and growth plan for the next few years as we continue to accelerate growth across Clarivate. Thank you so much, everyone.

偉大的。我認為，我們將繼續並結束。所以大家，非常感謝你今天早上加入我們的電話會議。我們真的很喜歡分享 22 年的成果以及 23 年的展望。再一次，我們真誠地鼓勵並邀請大家參加 3 月 9 日下週四在紐約市舉行的投資者日活動。隨著我們繼續加速 Clarivate 的增長，期待在那裡真正分享我們未來幾年的前景和增長計劃。謝謝大家！謝謝。

This concludes today's conference call. Thank you all for your participation. You may now disconnect your lines.

今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開線路。