Clarivate PLC (CLVT) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Clarivate second-quarter 2025 earnings conference call.

感謝您的支持。我叫喬丹，今天我將擔任您的會議主持人。現在，我歡迎大家參加科睿唯安 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

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

現在我想將電話轉給投資者關係副總裁馬克多諾霍 (Mark Donohue)。請繼續。

Thank you, Jordan, and good morning everyone.

謝謝你，喬丹，大家早安。

Thank you for joining us for the Clarivate second quarter of 2025 earnings conference call.

感謝您參加科睿唯安 2025 年第二季財報電話會議。

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

提醒一下，本次通話正在錄音、網路直播，版權歸科睿唯安所有。未經 Clarivate 事先同意，禁止全部或部分轉播此訊息，隨附的收益電話會議簡報可在公司網站的投資者關係部分查閱。

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.

在電話會議期間，我們可能會根據適用的證券法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，可能導致科睿唯安的實際業務結果、業績或成就或行業發展與此類前瞻性陳述表達或暗示的預期結果、業績、成就或發展存在重大差異。有關可能導致實際結果與預期結果或業績存在重大差異的因素的信息，請參閱科睿唯安向美國證券交易委員會提交的文件以及該公司的網站。

Our discussion will include non-GAAP measures or adjusted numbers. Clarivate believes non-GAAP results are useful in order to enhance an understanding of our ongoing operating performance but they are supplement to and should not be considered in isolation from or as a substitute for GAAP financial measures. Reconciliations 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公認會計準則指標或調整後的數字。Clarivate 認為非 GAAP 結果有助於增強對我們持續經營績效的理解，但它們是對 GAAP 財務指標的補充，不應孤立地看待或取代 GAAP 財務指標。這些指標與 GAAP 指標的對帳可以在我們網站上的收益報告和補充報告中查閱。

With me today are Matti Shem Tov, Chief Executive Officer and Jonathan Collins, our Chief Financial Officer.

今天與我一起的還有執行長 Matti Shem Tov 和財務長 Jonathan Collins。

After prepared remarks, we'll open the call to your questions.

準備好發言後，我們將開始回答您的問題。

And with that, it's a pleasure to turn the call over to Matti.

說完這些，我很高興將電話轉給馬蒂。

Good morning, everyone, and thank you for joining us.

大家早安，感謝大家的收看。

We reported solid second-quarter financial performance and delivered growth in our key metrics. We also made progress on the value creation plan, including the AI-led product innovation, improving sales execution, and enhancing operational efficiency.

我們報告了穩健的第二季財務業績，並實現了關鍵指標的成長。我們在價值創造計畫上也取得了進展，包括以人工智慧為主導的產品創新、改善銷售執行力和提高營運效率。

On slide 6 in the second quarter, we demonstrated our strategic position within the market. Organic ACV grew 1.3%, compared to the prior-year period and improved 40 basis points from the end of last year. This was driven by an important -- improvement in the subscription book due to higher renewal rates and new business wins.

在第二季的第 6 張投影片上，我們展示了我們在市場中的戰略地位。與去年同期相比，有機 ACV 成長了 1.3%，比去年年底提高了 40 個基點。這是由於續訂率提高和新業務成功帶來訂閱量的重要改善。

Total organic revenue in the second quarter grew 50 basis points, and recurring organic revenue grew almost 1%. Adjusted EBITDA margin for the first half of the year increased 500 basis points to 41%, driven by internal cost efficiencies. Free cash flow continues to be strong as we generated $50 million in the second quarter and $161 million for the first six months of this year.

第二季總有機收入成長了 50 個基點，經常性有機收入成長了近 1%。受內部成本效率的推動，上半年調整後 EBITDA 利潤率增加了 500 個基點，達到 41%。自由現金流持續保持強勁，今年第二季我們創造了 5,000 萬美元的自由現金流，上半年創造了 1.61 億美元的自由現金流。

I'd like to highlight that all of our segments showed improvement for the first half of the year. Our A&G business delivered 2% organic ACV and subscription revenue growth. IP returned to organic growth in patent annuities and is well positioned to benefit from AI tailwind and life science and health returned to organic ACV growth. With a solid first half, we are reaffirming our full year to 2025 outlook. Jonathan, will cover the financial results in more detail shortly.

我想強調的是，我們所有的部門在今年上半年都取得了進步。我們的 A&G 業務實現了 2% 的有機 ACV 和訂閱收入成長。IP 在專利年金方面恢復了有機成長，並有望從 AI 順風中受益，生命科學和健康領域也恢復了有機 ACV 成長。憑藉著上半年的穩健表現，我們重申了對 2025 年全年的展望。喬納森很快就會更詳細地介紹財務結果。

On slide 7. Our value creation plan was launched in the fall of 2024, and it is on track with measurable progress across all key initiatives and KPIs. We have launched all major business optimization programs to increase cost subscription and reoccurring revenue, which is enhancing sales predictability. We have completed most of the major operating model changes within our sales organization to improve new business generation, customer engagement, and retention.

在第 7 張投影片上。我們的價值創造計畫於 2024 年秋季啟動，目前進展順利，所有關鍵措施和 KPI 均取得了可衡量的進展。我們已經啟動了所有主要的業務優化計劃，以增加成本訂閱和經常性收入，從而提高銷售的可預測性。我們已經完成了銷售組織內大部分主要營運模式的變革，以改善新業務的產生、客戶參與度和保留率。

Since the launch of the VCP plan last October, we have delivered 10 cutting-edge products and AI-powered capabilities while focusing on developing AI-enabled world-class subscription-based solutions in partnership with customers.

自去年 10 月啟動 VCP 計畫以來，我們已經交付了 10 款尖端產品和 AI 驅動功能，同時專注於與客戶合作開發支援 AI 的世界級訂閱解決方案。

And we are undertaking a strategic review to assess alternatives across the business.

我們正在進行策略審查，以評估整個業務的替代方案。

If you turn to slide 8, I'll provide an update on the VCP starting with the ANZ segment.

如果您翻到第 8 張投影片，我將從 ANZ 部分開始提供有關 VCP 的最新資訊。

Our proactive business model optimization, coupled with decades of experience in delivering data and analytics solutions to our clients has strategically positioned us to anticipate and adapt to market dynamics.

我們積極主動的業務模式優化，加上數十年為客戶提供數據和分析解決方案的經驗，使我們能夠預測和適應市場動態。

We are on track to discontinue transactional sales of digital collections and books over the next year. This shift away from transactional sale is increasing. We can the avenue growth by transitioning some of the business to the new with eBooks products and other content solution subscription. We are pleased with the early adoption with over 70 wins to date and hundreds of customers currently evaluating this new model.

我們將在明年停止數位收藏和書籍的交易銷售。這種脫離交易銷售的轉變正在不斷增加。我們可以透過將部分業務轉向電子書產品和其他內容解決方案訂閱等新業務來促進成長。我們對早期的採用感到非常高興，迄今為止已有超過 70 家企業採用，並且數百名客戶目前正在評估這項新模型。

Following this change in strategy, A&G subscription revenue now constitutes 93%, 93% of the total segment revenue excluding disposal, up from 79% in the prior-year period. In the first half of 2025, we have achieved a 96% renewal rate in A&G. This is an impressive result considering the macro backdrop characterized by reduction in the US Federal agency contracts, increased constraints on higher education research funding, and potential additional university budget cuts. It is also noteworthy that as at the end of July, 75% of global A&G subscription for the full year is successfully renewed. This is in line with last year's renewal pace.

經過這項策略變化，A&G 訂閱收入目前佔該部門總收入（不包括處置收入）的 93%，高於去年同期的 79%。2025年上半年，我們在A&G領域實現了96%的續約率。考慮到美國聯邦機構合約減少、高等教育研究資金限制增加以及大學預算可能進一步削減的宏觀背景，這是一個令人印象深刻的結果。值得注意的是，截至7月底，全球A&G全年訂閱已成功續訂75%。這與去年的更新步伐一致。

We continue to successfully invest in innovation across the A&G product portfolio with a focus on AI. We are very pleased by our success so far in product launches and customer adoption. More than 4,800 institutions have already adopted our AI tools to strengthen the research support, increase operational efficiency, and enhance student engagement.

我們持續成功地投資於 A&G 產品組合的創新，重點是人工智慧。我們對迄今為止在產品發布和客戶採用方面的成功感到非常高興。已有超過 4,800 家機構採用我們的 AI 工具來加強研究支援、提高營運效率並增強學生參與度。

On slide 9. Our partnership with A&G continues to grow, including recent multi-year agreement with the Canadian Research Knowledge Network that will provide 55 universities greater access to the Web of Science, fostering enhanced research collaboration (technical difficulty) impact. We are also accelerating progress with next-generation agentic AI solution.

在第 9 張投影片上。我們與 A&G 的合作關係不斷發展，包括最近與加拿大研究知識網絡達成的多年期協議，該協議將為 55 所大學提供更多訪問 Web of Science 的權限，從而促進增強研究合作（技術難度）的影響。我們也正在加速下一代代理 AI 解決方案的進展。

AI agents can independently play and execute multi-step processes by interacting with users, data sources, and tools. The expansion of our agentic AI platform marks a significant milestone as we implement responsible agentic AI to accelerate research and learning workflow. Our initial launch of the literature review agent in the Web of Science exemplified this pioneering approach.

AI代理可以透過與使用者、資料來源和工具互動來獨立地播放和執行多步驟過程。我們的代理 AI 平台的擴展標誌著我們實施負責任的代理 AI 以加速研究和學習工作流程的重要里程碑。我們最初在 Web of Science 中推出的文獻綜述代理就體現了這種開創性的方法。

The agent conversed with the researchers to understand the research goals, then customize a specific literature review scope and define the proper output. This personal interactive experience keeps the researcher in the center, which closely mimics working with human assistance.

代理與研究人員交談以了解研究目標，然後定制特定的文獻綜述範圍並定義適當的輸出。這種個人互動體驗以研究人員為中心，與人工協助下的工作非常相似。

Finally, we are very pleased that Outsell, a leading research advisory firm in B2B technology, data, and information services, recognized cloud AI leadership among the major scholarly research organizations and discovering our position at the forefront of developing user-facing AI agentic tool.

最後，我們非常高興，B2B 技術、數據和資訊服務領域的領先研究顧問公司 Outsell 在主要學術研究機構中認可了雲端 AI 的領導地位，並發現我們在開發用戶導向的 AI 代理工具方面處於領先地位。

Moving to intellectual property segment on slide 10. After a challenging few years, our patent renewal business returned to growth this year, with organic reoccurring revenue rising by about 1.5% in the first six months of 2025. The market-wide surge in AI innovation across industry is driving sustained growth in registered IT. We believe this trend will create favorable conditions for our patent renewal business. As an example, in the past year alone, patent filing for AI invention has grown fivefold compared to pre-ChatGPT levels. In addition, AI has the potential to double innovation output and build more defensible IP portfolio for industry power by IP and scientific research.

前往投影片 10 上的智慧財產權部分。經過幾年的挑戰，我們的專利續展業務今年恢復了成長，2025 年前六個月的有機經常性收入成長了約 1.5%。整個產業人工智慧創新的市場激增正在推動註冊 IT 的持續成長。我們相信這一趨勢將為我們的專利續展業務創造有利條件。例如，僅在過去的一年裡，人工智慧發明的專利申請量與 ChatGPT 之前的水平相比增加了五倍。此外，人工智慧有潛力透過智慧財產權和科學研究，使創新產出翻番，並為產業強國建構更具防禦性的智慧財產權組合。

The takeaway is that this strong market tailwind driven by the proliferation of AI innovation and technology adoption are fueling our work with customers empower them to achieve higher levels of efficiency and IP creation. Our IP segment is well positioned to capture this growth as we continue to lead at the intersection of technology, innovation, and IP.

值得一提的是，人工智慧創新和技術應用的普及推動了強勁的市場順風，推動我們與客戶合作，使他們能夠實現更高水準的效率和智慧財產權創造。隨著我們繼續在技術、創新和 IP 的交叉領域保持領先地位，我們的 IP 部門已準備好抓住這一成長機會。

Going to slide 11. During the second quarter, IPfolio, our industry-leading cloud-based IP management platform designed for corporate intellectual property teams, grew new customers -- new clients and partnerships over 50% year over year across global markets, including South Korea and Japan. We're now broadening and accelerating IPfolio adoption across multiple industries, including the pharmaceutical and large law firms. Our expertise and comprehensive solutions have enabled clients such as Winbond to enhance the IP management practices and gain meaningful insights into emerging trends in the IP management.

轉到第 11 張投影片。在第二季度，我們為企業智慧財產權團隊設計的業界領先的基於雲端的 IP 管理平台 IPfolio 在包括韓國和日本在內的全球市場新增客戶（新客戶和合作夥伴）數量同比增長超過 50%。我們目前正在擴大和加速 IPfolio 在多個行業的應用，包括製藥業和大型律師事務所。我們的專業知識和全面的解決方案使華邦等客戶能夠增強 IP 管理實踐，並對 IP 管理的新興趨勢獲得有意義的見解。

IP management transition. So this morning, we have announced that Maroun Mourad will join Clarivate as President of the IP segment, effective September 8, 2025. He joins us from Verisk Analytics where he is the present for the Claims Solution division. We are confident that his leadership abilities and expertise will further drive the IP business commitment to fostering innovation and growth. I would like to express my gratitude and appreciation to Gordon Thomson for his dedication to the industry and his significant contribution to Clarivate's success.

IP管理轉型。今天上午，我們宣布 Maroun Mourad 將加入科睿唯安，擔任 IP 部門總裁，該任命將於 2025 年 9 月 8 日起生效。他來自 Verisk Analytics，目前擔任索賠解決方案部門負責人。我們相信，他的領導能力和專業知識將進一步推動知識產權業務致力於促進創新和成長。我要向 Gordon Thomson 表示感謝和讚賞，感謝他對業界的奉獻以及他對科睿唯安成功的重大貢獻。

Turning into Life Sciences and Healthcare segment. In Life Science, we are encouraged that the VCP efforts have resulted in a return to organic ACV growth during the first half of this year. We have been expanding our strategic reach fostering innovation through subscription-based platform designed to support Life Science and Health customers. Our commitment to develop robust partnership is demonstrated by the recent extension of a long-term multimillion-dollar agreement with across 15 global pharmaceutical company. This achievement validates the importance of our Cortellis and DRG product services and to customers.

轉向生命科學和醫療保健領域。在生命科學領域，我們很高興看到 VCP 的努力已使 ACV 在今年上半年恢復有機成長。我們一直在擴大我們的策略範圍，透過旨在支持生命科學和健康客戶的訂閱平台促進創新。我們致力於發展穩固的合作關係，最近與 15 家全球製藥公司延長了一項價值數百萬美元的長期協議。這項成就證明了我們的 Cortellis 和 DRG 產品服務對客戶的重要性。

Additionally, we continue to drive advancements in MedTech by introducing next-generation commercial analytics, the launch of DRG Commercial Analytics 360, a dedicated subscription platforms empower MedTech organization to enhance their commercial strategy and execution capabilities. As commercial budget improve, we believe we will be best positioned to capitalize on an improving environment.

此外，我們透過引入下一代商業分析、推出 DRG Commercial Analytics 360（一個專用訂閱平台）繼續推動醫療技術的進步，使醫療技術組織能夠增強其商業策略和執行能力。隨著商業預算的改善，我們相信我們將能夠充分利用不斷改善的環境。

On slide 14, Value Creation Plan. I'm pleased that the VCP plan is on track. The first half of this year was marked by accelerated product innovation and significant number of new product launches and enhancements in the AI capabilities. We anticipate that the momentum of the product release will continue throughout all three segments in the second half of the year by integrating AI functionalities into our offering, including Web of Science Research, Derwent, and Cortellis; we aim to further improve outcomes and value for our users.

第 14 張投影片是「價值創造計畫」。我很高興 VCP 計劃進展順利。今年上半年，產品創新加速，大量新產品上市，人工智慧能力增強。我們預計，透過將人工智慧功能整合到我們的產品中（包括 Web of Science Research、Derwent 和 Cortellis），產品發布的勢頭將在下半年延續到所有三個領域；我們的目標是進一步改善用戶的成果和價值。

On slide 15. Now that you've heard our VCP is driving results across each of our segments. The fourth pillar of our VCP is evaluating strategic alternatives. Earlier this year, we initiated a formal process to enhance execution focus, optimize capital allocation, support future growth, and increase operational effectiveness. We are making progress and have narrowed the scope of their review. We anticipate communication -- communicating the results when we will report our year-end financial performance in February 2026.

在第 15 張投影片上。現在您已經聽說我們的 VCP 正在推動我們各部門的成果。我們的 VCP 的第四個支柱是評估策略替代方案。今年早些時候，我們啟動了一項正式流程，以加強執行重點、優化資本配置、支持未來成長並提高營運效率。我們正在取得進展並縮小了他們的審查範圍。我們期待在 2026 年 2 月報告年終財務表現時進行溝通－告知結果。

And lastly, slide 16. In closing, we are pleased to see improvements -- improved revenue performance for the first six months 2025, driven by organic ACV growth in A&G and Life Sciences segment and the return of growth in the patent renewal business. The mix of organic recurring revenue to total revenue for the first half of the year is now 88%, an improvement of 800 basis points compared to last year.

最後，第 16 張投影片。最後，我們很高興看到改善——2025 年前六個月的收入表現有所改善，這得益於 A&G 和生命科學部門的有機 ACV 成長以及專利續展業務的恢復成長。今年上半年有機經常性收入佔總收入的比例目前為 88%，比去年同期提高了 800 個基點。

Our annual renewal rate across our subscription base improved to 93% during the first half of this year compared to 92% for the same period last year. We are moving in the right direction and seeing early indication that our plan is driving improved performance. It is encouraging to witness the initial sign of the trust, which affirms the effectiveness of our strategies and the dedication of our teams. We remain focused on executing our plan to ensure sustained growth and value creation for all stakeholders.

今年上半年，我們訂閱用戶的年度續約率上升至 93%，去年同期為 92%。我們正朝著正確的方向前進，並且早期跡象表明我們的計劃正在推動績效的提高。看到這種初步的信任跡象令人鼓舞，這肯定了我們策略的有效性和我們團隊的奉獻精神。我們將繼續專注於執行我們的計劃，以確保所有利害關係人的持續成長和價值創造。

And with that, I would like to turn over to Jonathan. Thank you.

現在，我想把時間交給喬納森。謝謝。

Thank you, Matti. Slide 18 is an overview of our second-quarter and first-half financial results compared with the same periods from the prior year. Q2 revenue was $621 million, bringing the first half to $1.2 billion. The second-quarter change from last year was entirely inorganic as a result of the ScholarOne divestiture and the A&G and LS&H business disposals, partially offset by organic growth in foreign exchange. The second quarter net loss was $72 million.

謝謝你，馬蒂。投影片 18 概述了我們的第二季和上半年財務表現與去年同期的比較。第二季營收為 6.21 億美元，上半年營收達 12 億美元。由於 ScholarOne 資產剝離以及 A&G 和 LS&H 業務處置，第二季度與去年相比的變化完全是無機的，但被外匯的有機增長部分抵消。第二季淨虧損7,200萬美元。

The improvement over Q2 of the prior year is driven by the non-cash impairment charge recorded last year that did not recur this year. Adjusted diluted EPS, which excludes items like the impairment, was $0.18. The change over last year is entirely attributed to the divestiture and disposals. Operating cash flow was $116 million in the quarter, the change compared to last year is entirely driven by adjusted EBITDA as an improvement in working capital was offset by higher payments of one-time costs associated with implementing the value creation plan.

與去年同期第二季相比有所改善，這是由於去年記錄的非現金減損費用今年沒有再次發生。調整後稀釋每股盈餘（不含減損等項目）為0.18美元。與去年相比的變化完全歸因於資產剝離和處置。本季經營現金流為 1.16 億美元，與去年相比的變化完全是由調整後的 EBITDA 推動的，因為營運資本的改善被實施價值創造計畫相關的一次性成本的增加所抵消。

Please turn with me now to page 19 for a closer look at the drivers of the second quarter top- and bottom-line changes from the prior year. I'm pleased to share this morning that the business grew organically for the second quarter in a row and margins remained at approximately 42%. This was driven by four primary factors.

請和我一起翻到第 19 頁，仔細了解第二季與去年相比營收和利潤變化的驅動因素。今天早上我很高興地告訴大家，公司業務連續第二季實現有機成長，利潤率維持在 42% 左右。這是由四個主要因素推動的。

First, our recurring organic growth increased 20 basis points sequentially in the second quarter to nearly 1% as our subscription business returned to growth following the inflection in our ACV in the first half of this year. Careful operating expense management amplified the $3 million of total organic growth, which includes the transactional revenue type, resulting in a $6-million increase in adjusted EBITDA.

首先，由於我們的訂閱業務在今年上半年 ACV 出現拐點後恢復成長，我們的經常性有機成長率在第二季度環比增長了 20 個基點，達到近 1%。謹慎的營運費用管理擴大了 300 萬美元的總有機成長（其中包括交易收入類型），導致調整後的 EBITDA 增加了 600 萬美元。

Second, during Q2, we continue to experience the inorganic impact of the businesses we are disposing as a part of the Value Creation Plan. The top- and bottom-line changes of $32 million and $17 million, respectively, impacted both the A&G and LS&H segments.

其次，在第二季度，我們繼續感受到作為價值創造計劃的一部分而處置的業務所帶來的無機影響。頂線和底線變化分別為 3200 萬美元和 1700 萬美元，對 A&G 和 LS&H 部門均產生了影響。

Third, as we've seen in the last couple of quarters, we continue to experience the inorganic impact of the ScholarOne divestiture, lowering revenue by $9 million in adjusted EBITDA by $4 million.

第三，正如我們在過去幾季所看到的那樣，我們繼續受到 ScholarOne 資產剝離帶來的無機影響，導致收入降低 900 萬美元，調整後 EBITDA 降低 400 萬美元。

And fourth, the US dollar weakened against the basket of foreign currencies, which caused a foreign exchange translation tailwind on the top and bottom lines.

第四，美元兌一籃子外幣走弱，導致外匯折算對營收和利潤產生順風。

Please turn with me now to page 20 to review how these same drivers impacted the top- and bottom-line changes for the first half of this year. As Matti noted just a few moments ago, organic growth for H1 has improved by 180 basis points over where we ended last year. This modest growth compared to last year's decline yielded $5 million of total organic growth and $10 million of incremental adjusted EBITDA in the first half.

請和我一起翻到第 20 頁，回顧一下這些相同的驅動因素如何影響今年上半年的頂線和底線變化。正如馬蒂剛才指出的那樣，上半年的自然成長率比去年同期提高了 180 個基點。與去年的下滑相比，這一溫和增長在上半年帶來了 500 萬美元的總有機增長和 1000 萬美元的增量調整後 EBITDA。

The combined impact of the disposals and divestitures lowered revenue by $64 million and adjusted EBITDA by $30 million over the same period last year. Both the top and bottom lines benefited from foreign exchange in the first half as the US dollar weakened towards the end of the first quarter. The net impact of these changes led to a 50-basis-point profit margin expansion for the year-to-date results compared to the same period last year.

與去年同期相比，處置和剝離的綜合影響導致收入減少了 6,400 萬美元，調整後 EBITDA 減少了 3,000 萬美元。由於第一季末美元走弱，公司上半年營收和利潤均受益於外匯影響。這些變化的淨影響導致年初至今的利潤率與去年同期相比擴大了 50 個基點。

Please turn with me now to page 21 for a look at how the Q2 and H1 adjusted EBITDA converted to free cash flow and how we allocated the capital in a shareholder-friendly (technical difficulty). Free cash flow was $50 million in the second quarter, bringing the first half to $161 million. The change in the quarter and the half are driven entirely by the adjusted EBITDA impact outlined on the last two pages as lower working capital requirements were offset by higher one-time costs.

請和我一起翻到第 21 頁，了解第二季和上半年調整後的 EBITDA 如何轉換為自由現金流，以及我們如何以對股東有利的方式（技術難度）分配資本。第二季自由現金流為 5,000 萬美元，上半年自由現金流達 1.61 億美元。本季和上半年的變化完全是由最後兩頁概述的調整後 EBITDA 影響所驅動，因為較低的營運資本需求被較高的一次性成本所抵消。

We incurred $18 million of one-time cost in Q2 and $42 million in H1, both of which were largely restructuring-related outflows associated with the implementation of the Value Creation Plan. Cash interest was $92 million and was slightly lower than Q2 of last year as we continue to recognize the benefit associated with the $200 million of debt we repaid.

我們在第二季產生了 1,800 萬美元的一次性成本，在上半年產生了 4,200 萬美元的一次性成本，這兩筆成本大部分都是與實施價值創造計畫相關的重組相關資金流出。現金利息為 9,200 萬美元，略低於去年第二季度，因為我們繼續確認與我們償還的 2 億美元債務相關的收益。

Working capital requirements improved by $15 million in the second quarter and a comparable amount for the first half, and we expect this trend to continue in the second half of the year as implied in our full-year guidance. Cash taxes, capital spending, and other operating outflows were essentially flat compared to the same periods last year. We used the $50 million of free cash flow we generated in the second quarter to repurchase another 11.5 million shares of common stock, bringing the first-half buybacks to $100 million, which is about 60% of the capital we had available to allocate. The remaining 40% increased our cash balance, lowering our net debt.

第二季營運資金需求增加了 1,500 萬美元，與上半年相比也有所改善，我們預計這一趨勢將在下半年繼續保持，正如我們的全年指引所暗示的那樣。現金稅、資本支出和其他營運支出與去年同期相比基本持平。我們利用第二季產生的 5,000 萬美元自由現金流回購了另外 1,150 萬股普通股，使上半年的回購額達到 1 億美元，約占我們可分配資本的 60%。剩餘的 40% 增加了我們的現金餘額，降低了我們的淨債務。

We also took the opportunity during the second quarter to extend a portion of our debt maturity by five years through refinancing $0.5 billion of our 2026 bonds with a new tranche on our existing Term Loan B facility, which matures in 2031. Shortly after we completed the refinancing, we swapped about 80% of the new tranche from dollars to euros and from a floating to a fixed interest rate. The net impact of the refinancing and swaps is an annual cash interest increase of about $7 million, a favorable outcome in this higher rate environment.

我們也在第二季度利用這一機會，透過對現有的 B 類定期貸款工具（將於 2031 年到期）進行新一輪融資，為 2026 年到期的 5 億美元債券進行再融資，將部分債務期限延長了五年。完成再融資後不久，我們將約 80% 的新貸款從美元轉換為歐元，並從浮動利率轉換為固定利率。再融資和掉期交易的淨影響是每年現金利息增加約 700 萬美元，這在高利率環境下是一個有利的結果。

Please turn with me now to page 22 for a reminder of our full-year financial guidance ranges for this year, which remain entirely unchanged from the initial guidance we provided in February, and affirmed in April. Beginning at the top of the page, we continue to expect our organic annual contract value to accelerate by approximately 60 basis points to 1.5% at the midpoint of the range as we begin to recognize the benefits of our investments in product innovation. We've made good progress on this in the first half, where we've delivered more than half of the acceleration about 40 basis points.

請和我一起翻到第 22 頁，回顧一下我們今年的全年財務指導範圍，該範圍與我們在 2 月份提供的、並在 4 月份確認的初步指導範圍相比完全沒有變化。從頁面頂部開始，隨著我們開始認識到對產品創新的投資所帶來的好處，我們繼續預計我們的有機年度合約價值將加速約 60 個基點，達到範圍中點的 1.5%。我們在上半年在這方面取得了良好進展，實現了超過一半的加速，約 40 個基點。

Based on our performance in the first half, recurring organic growth will likely be in the upper half of our range. The improved organic performance, combined with a weaker US dollar and slower-than-anticipated attrition in the business disposals will likely yield revenue near the top end of the range. As a result of the strategic disposals, we expect our recurring revenue mix will improve by about 400 basis points from 80% to about 84% this year. It's worth reiterating what Matti indicated earlier in the call. Our organic recurring revenue mix, which excludes the disposals, is already at 88% in the first half of the year.

根據我們上半年的表現，經常性有機成長可能會處於我們預期範圍的上半部。有機績效的改善，加上美元走弱以及業務處置速度低於預期的流失，可能會使收入接近該範圍的上限。由於這些策略性資產處置，我們預計今年我們的經常性收入結構將提高約 400 個基點，從 80% 增加到約 84%。值得重申的是馬蒂在通話中早些時候所表示的內容。我們的有機經常性收入組合（不包括資產處置）在今年上半年已經達到 88%。

Moving down the page, we expect adjusted EBITDA slightly above the midpoint of the range and our profit margin at approximately 41% due to higher revenues from the disposals and FX, which have lower profit conversions. We continue to anticipate diluted adjusted EPS between $0.60 and $0.70 as the inorganic driven change in adjusted EBITDA, which I'll detail on the next page, will be partially offset by lower interest expense as well as the benefit of a lower share count resulting from last year's and the first half's stock repurchases.

繼續往下看，我們預計調整後的 EBITDA 將略高於區間中點，利潤率約為 41%，這歸因於處置和外匯帶來的收入增加，而利潤轉換率較低。我們繼續預期稀釋調整後每股收益在 0.60 美元至 0.70 美元之間，因為調整後 EBITDA 的無機驅動變化（我將在下一頁詳細說明）將被較低的利息支出以及去年和上半年股票回購導致的較低股數帶來的好處部分抵消。

And finally, at the bottom of the page, we anticipate free cash flow of about $340 million at the midpoint of the range as the adjusted EBITDA change will largely be offset by lower interest, working capital, and capital spending.

最後，在頁面底部，我們預計自由現金流在範圍中點約為 3.4 億美元，因為調整後的 EBITDA 變化將在很大程度上被較低的利息、營運資本和資本支出所抵消。

Please turn with me now to page 23 for more details on the full-year top- and bottom-line changes we're expecting compared to last year. The expected changes in revenue and to a large extent, adjusted EBITDA this year compared to last year, are largely driven by the disposals targeted at optimizing our business model and the divestitures of non-core products and services. We now expect organic growth will be essentially flat as the growth in the recurring revenue types, both subscription and reoccurring, will offset the originally anticipated decline in our remaining transactional business. This represents about $10-million improvement over our initial indication at the midpoint of the guidance range. We continue to expect a profit headwind in this area of about $20 million as cost efficiencies will not fully offset inflation and higher incentive compensation expense.

請和我一起翻到第 23 頁，以了解有關我們預計與去年相比的全年營收和淨利潤變化的更多詳細資訊。與去年相比，今年收入和調整後 EBITDA 的預期變化很大程度上是由於旨在優化我們業務模式的資產處置以及非核心產品和服務的剝離所致。我們現在預計有機成長將基本持平，因為訂閱和經常性收入類型的成長將抵消我們剩餘交易業務最初預期的下滑。這比我們最初指示的指導範圍中點提高了約 1000 萬美元。我們繼續預計該領域的利潤逆風將達到約 2000 萬美元，因為成本效率無法完全抵消通貨膨脹和更高的激勵薪酬費用。

The strategic disposals are now expected to lower revenue this year by approximately $125 million, and we're implementing $85 million of operating cost actions, which yield a profit impact of about $40 million. We expect most of the remaining $75 million revenue reduction will take place next year and will have a small profit impact. The top-line change for the disposals represents a $15 million improvement over our initial indication. The divestitures of both Valipat and ScholarOne last year will lower revenue by about $40 million and profit by (technical difficulty)--

目前預計，這些策略性處置將使今年的收入減少約 1.25 億美元，而我們正在實施 8,500 萬美元的營運成本行動，這將產生約 4,000 萬美元的利潤影響。我們預計剩餘的 7,500 萬美元收入減少大部分將在明年發生，並將對利潤產生較小影響。這次處置的最高變動金額比我們最初的預估高出 1500 萬美元。去年 Valipat 和 ScholarOne 的資產剝離將導致收入減少約 4,000 萬美元，利潤減少（技術難度）——

And finally, we now anticipate foreign exchange translation will have a negligible impact as the US dollar has remained weak against other foreign currencies. This represents a $25-million improvement from our initial indication for full-year revenue.

最後，我們現在預計外匯換算的影響將可以忽略不計，因為美元兌其他外幣仍然疲軟。這比我們最初預計的全年收入增加了 2500 萬美元。

Please turn with me now to page 24 to step through the components that will lead to more than a third of the adjusted EBITDA converting to free cash flow. Our outlook for free cash flow remains unchanged at the midpoint of our range. One-time costs are expected to be slightly elevated over last year as we invest to execute the VCP. We expect cash interest to improve by about $10 million over last year as a result of the debt we prepaid. Cash taxes are expected to remain in line with 2024. We anticipate the change in working capital this year will be negligible, which represents an improvement over last year of about $25 million.

現在請和我一起翻到第 24 頁，逐步了解導致三分之一以上的調整後 EBITDA 轉化為自由現金流的因素。我們對自由現金流的預期仍維持在區間中點不變。由於我們投資執行 VCP，預計一次性成本將比去年略有增加。由於我們預付了債務，我們預計現金利息將比去年增加約 1,000 萬美元。現金稅預計將與 2024 年保持一致。我們預計今年營運資金的變化將可以忽略不計，比去年增加約 2500 萬美元。

And while we remain committed to investing in product innovation, the strategic disposals and cost efficiencies will improve capital spending by about $35 million. The net impact of these changes is free cash flow of $340 million at the midpoint of the range and will result in an improvement on the conversion of adjusted EBITDA of about 1-percentage point. From a capital allocation perspective, we continue to have the flexibility between share repurchases and deleveraging as we move through the second half of the year.

在我們持續致力於投資產品創新的同時，策略性處置和成本效率將使資本支出提高約 3,500 萬美元。這些變化的淨影響是，自由現金流達到中間值 3.4 億美元，並將使調整後 EBITDA 的轉換率提高約 1 個百分點。從資本配置的角度來看，隨著下半年的到來，我們在股票回購和去槓桿之間仍然具有靈活性。

In closing, we believe our first half results indicate strong momentum as the value creation plan is taking hold as evidenced by a few key elements. First, Q2 represents the second quarter of sequential organic ACV and recurring revenue growth acceleration. Optimizing our business model by disposing of noncore transactional businesses is creating a laser focus on our core recurring products and services, and we now have tangible evidence of the upward trajectory. Second, each of our segments made meaningful progress in the first half of the year and have a solid outlook for the second half.

最後，我們相信，我們的上半年業績顯示出強勁勢頭，因為價值創造計劃正在發揮作用，這由幾個關鍵要素證明。首先，第二季是連續有機 ACV 和經常性收入成長加速的第二季。透過處置非核心交易業務來優化我們的業務模式，可以使我們更加專注於核心經常性產品和服務，現在我們已經有了上升軌蹟的實際證據。其次，我們各部門在上半年都取得了有意義的進展，並對下半年前景看好。

In A&G, both organic ACV and subscription revenue growth are stable at about 2%, and we have good line of sight to a stable second half despite funding pressure in the US market. In IP, we've seen a clear rebound in the annuity market, our reoccurring revenue stream as it returned to growth in the first half after declines in the prior year.

在 A&G 領域，有機 ACV 和訂閱收入成長均穩定在 2% 左右，儘管美國市場面臨資金壓力，但我們對下半年的穩定前景仍抱持良好的預期。在IP方面，我們看到年金市場出現明顯反彈，這是我們的經常性收入來源，在經歷了上一年的下滑之後，上半年恢復了成長。

In LS&H, our subscription revenue-leading indicator, ACV, returned to organic growth as the investments in Cortellis are paying off in the R&D market with higher retention and strong (technical difficulty). And third, we made significant progress on the strategic review in the first half by narrowing the focus to a core option and expect to complete this work in the second half and provide the conclusion with our year-end results.

在 LS&H 領域，我們的訂閱收入領先指標 ACV 恢復了有機成長，因為對 Cortellis 的投資在研發市場中獲得了回報，保留率更高，而且業績強勁（技術難度）。第三，我們在上半年的策略評估中取得了重大進展，將重點縮小到核心選項，並預計在下半年完成這項工作，並在年終結果中得出結論。

I'd like to finish by thanking all of you for listening in this morning. I'm now going to call to -- turn the call back over to Jordan to take your questions.

最後，我要感謝大家今天早上的收聽。我現在要把電話轉回給喬丹回答你們的問題。

(Event Instructions)

（活動須知）

Jordan, please go ahead.

喬丹，請繼續。

(Operator Instructions)

（操作員指示）

Manav Patnaik, Barclays.

巴克萊銀行的馬納夫·帕特奈克（Manav Patnaik）。

I had a question on the IP business (technical difficulty) I know you talked about a rebound in the IP and annuity market. I think you also talked about being excited about the AI opportunities there. So just a few parts to that -- just the timing of that rebound, how you can capitalize on that AI opportunity, and I think I read somewhere that a lot of the at least GenAI and new patents all that activity seems to be more weighted towards China. So just wondering your exposure and capabilities there as well?

我對 IP 業務（技術難題）有疑問，我知道您談到了 IP 和年金市場的反彈。我想您也談到了對那裡的人工智慧機會感到興奮。所以這只是其中的幾個部分——只是反彈的時機，你如何利用人工智慧的機會，我想我在某處讀到過，至少 GenAI 和新專利等所有這些活動似乎都更傾向於中國。所以只是想知道您在那裡的曝光率和能力嗎？

Sure, Manav. Thanks for the question.

當然，馬納夫。謝謝你的提問。

So in principle, as new filings and new patents are awarded, on average, it takes a couple or a few years to work its way into the renewals. It varies by jurisdictions but on average, it's a couple to a few years. So this is a trend that we've started to see over the last year or two and think that it's something that could help put some wind into our sales as we move into next year and the following year. So certainly, there's a clear trend that more patents are being filed related to AI. Overall, this is a good thing for our business. That's what we wanted to highlight and note.

因此，原則上，隨著新申請和新專利的授予，平均需要幾年的時間才能獲得續約。它因司法管轄區而異，但平均需要幾年。這是我們在過去一兩年開始看到的趨勢，並認為這可以幫助我們在明年和後年推動銷售成長。因此，可以肯定的是，與人工智慧相關的專利申請數量正在增加，這是一個明顯的趨勢。總的來說，這對我們的業務來說是一件好事。這就是我們想要強調和注意的。

To your point, the quantity of patents that have been filed related to AI are a bit disproportionate. Our IP center for innovation research noted that in some of its recent reportings and we've seen more of it in Asia and particularly in China, but we've certainly seen an uptick in most of the major regions. So we think we'll start to see that benefit around the globe over the course of the next few years.

正如您所說，與人工智慧相關的專利數量有點不成比例。我們的智慧財產權創新研究中心在最近的一些報告中指出，我們在亞洲，特別是中國看到了更多的此類現象，但我們確實看到大多數主要地區都出現了上升趨勢。因此我們認為，未來幾年我們將開始在全球範圍內看到這種好處。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

I think earlier this week, we saw a headline that the Department of Commerce is considering changes to the fee structure and filing patents in the US and I know there's a lot of moving parts, and it's not totally settled yet but I just wanted to understand maybe the potential impacts to your business from the potential change in fee structure and how that plays out?

我想本週早些時候，我們看到一則頭條新聞，稱美國商務部正在考慮改變費用結構和在美國申請專利，我知道有很多因素在起作用，而且還沒有完全確定，但我只是想了解費用結構的潛在變化可能對您的業務產生什麼影響，以及這種影響將如何產生？

So first, we've seen this as well. It's very early days and obviously, there's no definite decision and no definite view on our side. But let's just remind ourselves that we've been in the IP ecosystem for more than two or three decades. So we are an integral part of the ecosystem, including collaborating with patent offices worldwide, collaboration with law firm, and with corporate in a way, we are sitting in the intersection and supporting those institutions.

首先，我們也看到了這一點。現在還為時過早，顯然我們還沒有做出明確的決定，也沒有明確的觀點。但我們只需提醒自己，我們已經在 IP 生態系統中存在了二、三十多年。因此，我們是生態系統不可或缺的一部分，包括與世界各地的專利局合作、與律師事務所合作以及與企業的合作，我們處於交叉點並支持這些機構。

So any change that will be we are very well positioned to support this change and somehow even take advantage of this changes. This market may be changing and maybe not changing, but we've been there for the last 20, 30 years and even more. And we are very well positioned and close to our customers. So we'll track it, we will continue to -- as it continues to evolve, and we will be collaborating with our customers and partners on this transition.

因此，對於任何變化，我們都將做好充分的準備來支持，甚至以某種方式利用這些變化。這個市場可能正在改變，也可能沒有改變，但我們已經在那裡待了20年、30年甚至更久。我們的定位非常有利，並且貼近我們的客戶。因此，我們會追蹤它，我們會繼續進行——隨著它的不斷發展，我們將與我們的客戶和合作夥伴就這一轉變進行合作。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

So for university funding cuts, which is still a hot topic, I saw that 75% of your 2025 subscriptions have already been renewed in July, which is good. But could you please give us more color on your conversation with your clients about the current situation so far and the outlook for renewal in the second half and going into 2026.

因此，對於大學資金削減（這仍然是一個熱門話題），我看到 75% 的 2025 年訂閱已在 7 月續訂，這很好。但是，您能否向我們詳細介紹一下您與客戶就目前的現狀以及下半年和 2026 年復甦前景進行的對話。

I'll start and then Jonathan may continue. So we are looking good on A&G despite of all the concerns that we collectively have. So 93% of the thing of A&G revenue is now recurring. We have 96% renewal rate. As you mentioned, 75% of the book is already in-house. We don't have anything out of the ordinaries with our customers, but let's just remind ourselves a few things.

我先開始，然後喬納森繼續。因此，儘管我們大家有許多擔憂，但我們對 A&G 的前景仍然看好。因此，A&G 收入的 93% 現在是經常性的。我們的續訂率為 96%。正如您所說，該書的 75% 內容已在內部完成。我們與客戶之間並沒有什麼異常，但還是要提醒自己一些事情。

One, our A&G products are central and mission-critical to the organization. I cannot imagine a decent university today without Web of Science and some of the surrounding problem. Any university will need to have an Alma-type solutions, so we're in a pretty good shape on the Web of Science and the ERP Alma things.

首先，我們的 A&G 產品對於組織來說至關重要。我無法想像如今一所像樣的大學如果沒有 Web of Science 以及一些相關的問題會是什麼樣子。任何大學都需要有 Alma 類型的解決方案，因此我們在 Web of Science 和 ERP Alma 方面處於相當良好的狀態。

With regards to the content, as I mentioned in my discussion, we were forward looking, taking away the discretionary one-time expenditure and this served us very, very well these days, and we see the uptake of customers who were initially complaining about taking away the one-time purchases -- we are now buying more and more of our subscription businesses, the PQ eBook, the PQ Digital Collection, which actually serves them very, very well in this in this economic climate. So we are pretty confident that going ahead, we will continue to see a good and decent renewal rates and uptake of the different A&G offering.

關於內容，正如我在討論中提到的，我們具有前瞻性，取消了可自由支配的一次性支出，這對我們目前非常有利，而且我們看到最初抱怨取消一次性購買的客戶的接受度正在提高——我們現在越來越多地購買我們的訂閱業務、PQ 電子書、PQ 數位收藏，這在當前的經濟環境下確實為他們提供了非常非常好的服務。因此，我們非常有信心，展望未來，我們將繼續看到良好且可觀的續訂率以及不同 A&G 產品的採用率。

Ashish Sabadra.

阿希什·薩巴德拉。

This is Will Qi on for Ashish Sabadra. Congrats on the quarter.

這是 Will Qi 為 Ashish Sabadra 表演的節目。恭喜本季取得佳績。

Last quarter you guys initiated a new sales incentive plan with a refocus on subscription and recurring revenue. It's been great to see that progress with the real tick up. Curious if you could provide any updates on how that sales momentum has been continuing and any outlook from here?

上個季度，你們啟動了一項新的銷售激勵計劃，重新專注於訂閱和經常性收入。看到真正的進步真是令人高興。好奇您是否可以提供一些關於銷售動能如何持續的最新消息以及未來的展望？

I think we've taken away a lot of hassle from the sales organization. We are very, very focused these day, subscription, reoccurring renewal price, bringing back new business. So customer -- I've just attended a sales meeting last week in London, and people are very excited. They are very focused at just two subscription reoccurring as opposed to do subscription, one-time, one-time eBooks, it's just complicated. The focus we're taking -- we took away a lot of complexity out of the organization and focusing the sales organization. We have a great sales organization. We have done some changes which I have spoken about. Very upbeat about going forward for the rest of the year and for next year as well. So yes.

我認為我們已經為銷售組織減少了很多麻煩。目前我們非常非常關注訂閱、續訂價格以及帶來新業務。所以客戶——我上週剛參加了在倫敦舉行的銷售會議，人們都非常興奮。他們非常專注於兩次重複訂閱，而不是訂閱一次性電子書，這很複雜。我們的重點是——我們消除了組織中的許多複雜性，並將重點放在銷售組織上。我們擁有優秀的銷售組織。我們已經做了一些我之前談到的改變。對今年剩餘時間和明年的前景非常樂觀。是的。

(Operator Instructions)

（操作員指示）

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Your Life Sciences & Healthcare business saw organic revenue growth positively inflect. Can you give a little bit more color around end-market dynamics that you're seeing and how conversations with pharma and biotech companies have evolved?

您的生命科學與醫療保健業務的有機收入成長呈現正面影響。您能否詳細介紹一下您所看到的終端市場動態以及與製藥和生物技術公司的對話如何發展？

Yes. Thanks for the question, George.

是的。謝謝你的提問，喬治。

And to be clear, what we saw in the second quarter is the subscription business within Life Sciences & Healthcare return to positive organic ACV growth, which is a really good leading indicator for where we would expect subscription revenue for that business to be in the second half of the year.

需要明確的是，我們在第二季度看到生命科學和醫療保健領域的訂閱業務恢復了正的有機 ACV 增長，這是一個非常好的領先指標，可以預測我們預計該業務下半年的訂閱收入將達到什麼水平。

To your point, just a little color on the market. We primarily serve R&D and then the commercialization efforts of our life sciences customers. On the R&D side, that market continues to be stable. Spending on our types of solutions has been solid. We attribute the improvement largely to the investments that we have made, primarily in the Cortellis suite of products.

正如您所說，市場上只是有一點顏色。我們主要為生命科學客戶的研發和商業化提供服務。在研發方面，該市場持續保持穩定。我們在各類解決方案上的支出一直很穩定。我們將這項進步主要歸功於我們所做的投資，主要是對 Cortellis 產品套件的投資。

So over the course of the last 6 to 12 months, we've made some really nice strides. Matti touched on a couple of those new capabilities that have gone into the products. We've embedded AI, made investments in the workflow capabilities of those solutions, and we've seen nice usage and nice retention improvements on those products, and we attribute that to the improvement that we've seen in this area.

因此，在過去 6 到 12 個月的時間裡，我們取得了一些非常好的進展。Matti 談到了產品中新增的一些功能。我們嵌入了人工智慧，對這些解決方案的工作流程功能進行了投資，我們看到這些產品的使用率和保留率都有了很好的提高，我們將其歸功於我們在這一領域看到的改進。

The commercialization part of that market continues to be relatively soft, and that's reflected in the results of our commercialization business. But certainly, stable in R&D. That's where we're really starting to see the traction based on the investments that we've made. So thanks for the question, George.

該市場的商業化部分仍然相對疲軟，這反映在我們的商業化業務的業績上。但可以肯定的是，研發是穩定的。這就是我們真正開始看到基於我們所做的投資所帶來的推動力的地方。謝謝你的提問，喬治。

Shlomo Rosenbaum, Stifel.

施蒂費爾的什洛莫·羅森鮑姆。

This is Adam on for Shlomo. Why are disposals taking longer than expected? Is this a customer service focus, shift towards trying to sell some of the assets or something else?

這是亞當 (Adam) 代替什洛莫 (Shlomo)。為什麼處置時間比預期的長？這是以客戶服務為重點，轉向嘗試出售部分資產還是其他東西？

It's pretty straightforward. I mean there's one out of the three disposals. One is taking longer because we simply had some interaction with our customers and they ask us to extend because it took them longer than we expected to get settled with alternative offering. So we just extended by six months and it reflects on the selling that specifically on the one-time eBooks, they ask for more time to get organized, and that's the reason. Nothing behind this.

這很簡單。我的意思是，這三種處置方式中，有一種是可以的。一方面，我們花費的時間更長，因為我們只是與客戶進行了一些互動，他們要求我們延長服務期限，因為他們花費的時間比我們預期的要長，無法提供替代方案。因此，我們將其延長了六個月，這反映在銷售上，特別是一次性電子書，他們要求更多的時間來組織，這就是原因。這背後什麼都沒有。

Thank you very much. That concludes our call for today. If you have any follow-up questions, you can reach out to Investor Relations. Thank you very much.

非常感謝。今天的通話到此結束。如果您有任何後續問題，可以聯絡投資者關係部門。非常感謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。