Clarivate PLC (CLVT) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Clarivate Q1 2026 earnings conference call. (Operator Instructions)

各位女士、先生，感謝您稍候，歡迎參加 Clarivate 2026 年第一季財報電話會議。（接線員指示）

I will now hand today's call over to Mark Donohue to begin today's conference. Please go ahead, sir.

我現在把今天的電話交給 Mark Donohue 來開始今天的會議。先生，請開始。

Thank you, and good morning, everyone. Thank you for joining us for the Clarivate first-quarter 2026 earnings conference call. As a reminder, this conference call is being recorded and webcast and is copyrighted property of Clarivate. Any rebroadcast of this information in hold or in part without prior written consent of clarity is prohibited, and the accompanying earnings call presentation is available on the Investor Relations section of the company's website.

謝謝，各位早安。感謝各位參加 Clarivate 2026 年第一季財報電話會議。提醒各位，本次電話會議將被錄音並進行網路直播，且屬於 Clarivate 的受著作權保護之財產。未經 Clarivate 事先書面同意，禁止全部或部分重播本資訊；隨附的財報電話會議簡報可於公司網站的投資人關係（Investor Relations）專區取得。

During our call, we'll 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.

在本次電話會議中，我們將在適用證券法的意義下作出若干前瞻性陳述。此類前瞻性陳述涉及已知與未知的風險、不確定性及其他因素，可能導致實際結果、表現或成就，或 Clarivate 所處產業之發展，與該等前瞻性陳述所明示或暗示之預期結果、表現、成就或發展存在重大差異。

Information about the factors that 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. Our discussion will include non-GAAP measures or adjusted numbers. Clarivate believes non-GAAP results are useful in order to enhance understanding of our ongoing operating performance, but they are a supplement to and should not be considered nicely from or as a substitute for GAAP financial measures. Reconciliations of these measures to GAAP measures are available in earnings release and supplemental presentation on our website.

關於導致實際結果與預期結果或表現出現重大差異之因素資訊，可參閱 Clarivate 向美國證券交易委員會（SEC）提交的文件以及公司網站。我們的討論將包含非 GAAP 指標或調整後數字。Clarivate 認為非 GAAP 結果有助於增進對我們持續營運表現的理解，但其僅為補充資訊，不應被視為 GAAP 財務衡量指標的替代或取代。這些衡量指標與 GAAP 指標之調節表可於我們網站上的財報新聞稿與補充簡報中取得。

With me today are Matti Shem Tov, Chief Executive Officer; and Jonathan Collins, Chief Financial Officer. After our prepared remarks, we'll open up the call to your questions.

今天與我一同出席的有：執行長 Matti Shem Tov，以及財務長 Jonathan Collins。在我們的準備發言之後，我們將開放提問。

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

那麼，很高興把電話交給 Matti。

Good morning, and thank you for joining us. Today, I will walk through our first-quarter performance, progress against our value creation plan and how execution across the business is positioning Clarivate for improve organic revenue growth, margin expansion and stronger free cash flow generation. This is our fifth consecutive quarter of improved performance.

各位早安，感謝各位加入。今天我將說明我們第一季的表現、在價值創造計畫上的進展，以及我們在全公司範圍內的執行如何讓 Clarivate 得以實現更佳的有機營收成長、利潤率擴張與更強勁的自由現金流創造。這是我們連續第五個季度表現改善。

We are off to a solid start to the year, and I am pleased to report that our first quarter financial results have us on pace to achieve our full-year guidance. Revenues were $586 million, supported by continued [VCP] progress and execution across the portfolio. From a growth perspective, the quality composition of our revenue continues to improve. Organic ACV growth was 1.6% with subscription organic revenue growth of 1.7% and reflecting increased adoption of subscription-based solution across Clarivate. We are encouraged by the underlying momentum we are seeing due to stronger alignment between commercial execution and product strategy.

我們今年開局穩健，我很高興報告第一季財務結果使我們有望達成全年指引。營收為 5.86 億美元，受惠於持續的 [VCP] 進展以及整體投資組合的執行。從成長角度來看，我們的營收品質組合持續改善。有機 ACV 成長 1.6%，其中訂閱型有機營收成長 1.7%，反映 Clarivate 各項訂閱式解決方案的採用度提升。我們對目前看到的內在動能感到鼓舞，這源於商業執行與產品策略之間更強的對齊。

Adjusted EBITDA was $241 million, representing a 41% margin, up almost 200 basis points year over year, highlighting the benefit of our subscription-first strategy and disciplined cost management. Free cash flow generation was also solid at approximately $79 million which allowed us to retire $143 million of debt during the quarter.

調整後 EBITDA 為 2.41 億美元，代表 41% 的利潤率，年增近 200 個基點，凸顯我們「訂閱優先」策略與嚴謹成本管理所帶來的效益。自由現金流亦表現穩健，約為 7,900 萬美元，使我們得以在本季償還 1.43 億美元的債務。

Most important, the value creation plan is working. We are seeing positive execution across all pillars, demonstrated by accelerating product adoption, improving sales effectiveness and an expanding cadence of new product introductions. This quarter reinforces our confidence that the actions we put in place are beginning to translate into more predictable performance, expanding margin and strong free cash flow generation. As a reminder, we launched the value creation plan in early 2025 to sharpen focus, accelerate execution and unlock long-term shareholder value.

最重要的是，價值創造計畫正在發揮作用。我們看到所有支柱皆有正向執行成果，體現在產品採用加速、銷售效能提升，以及新產品推出節奏加快。本季進一步強化我們的信心：我們所採取的行動正開始轉化為更可預測的表現、利潤率擴張與強勁的自由現金流創造。提醒各位，我們於 2025 年初推出價值創造計畫，以聚焦重點、加速執行並釋放長期股東價值。

The plan is built around four core pillars: business model optimization, improved sales execution, accelerated AI innovation, utilizing our proprietary data assets and portfolio rationalization. You can see these pillars showing up clearly in the numbers through subscription mix, margin expansion and debt reduction.

該計畫建立在四大核心支柱之上：商業模式優化、提升銷售執行、加速 AI 創新（運用我們的專有資料資產），以及投資組合精簡。您可以從訂閱占比、利潤率擴張與債務降低等數字中清楚看到這些支柱的體現。

Academia & Government continue to be a strong engine for recurring revenue growth. We are executing well across all three pillars of the value creation plan with clear evidence of progress. uses model optimization, we are accelerating the shift towards subscription-based offerings. Adoption of our progress subscription solution remains strong, with over 600 new subscriptions sold in the last 12 months, reinforcing the durability and predictability of our revenue base. Sales execution is also improving, driven by more effective cross-sell execution across content, research and analytics and software solutions.

學術與政府（Academia & Government）仍是經常性營收成長的強勁引擎。我們在價值創造計畫的三大支柱上執行良好，且有明確進展證據。在商業模式優化方面，我們正加速轉向訂閱式產品。我們的 ProQuest 訂閱解決方案採用度依然強勁，過去 12 個月已售出超過 600 份新訂閱，強化了我們營收基礎的耐久性與可預測性。銷售執行也在改善，主要由更有效的交叉銷售所帶動，涵蓋內容、研究與分析，以及軟體解決方案。

During the quarter, we secured several key wins, including a multiproduct institutional deal with Fuyao University, a new research-oriented university in China. We are expanding our China footprint, and this demonstrates our ability to deliver integrated solutions and address broader customer needs. We are leveraging the power of AI, which is generating real measurable value for customers.

本季我們取得多項關鍵勝利，包括與中國一所新成立、以研究為導向的大學——福耀大學——達成的多產品機構合約。我們正在擴大中國市場布局，這也展現了我們提供整合式解決方案、滿足更廣泛客戶需求的能力。我們正運用 AI 的力量，為客戶創造可衡量的實質價值。

Clarivate Academic AI solutions are optimizing key library workflows resulting in 30% to 60% decrease in manual repetitive work and doubling or even quadrupling throughput. This demonstrates how combining AI with climate unique content and extensive domain knowledge leads to a significant operational improvement for customers.

Clarivate 的學術 AI 解決方案正在優化關鍵圖書館工作流程，使人工重複性工作減少 30% 至 60%，並將處理量提升至兩倍，甚至四倍。這顯示將 AI 與 Clarivate 獨特內容及深厚領域知識結合，能為客戶帶來顯著的營運改善。

Turning to Intellectual Property, our attention remains firmly on execution and fundamentals. We are seeing encouraging signs that our increased focus on new subscription and renewal discipline is producing results. For the first quarter, renewal rates improved approximately 100 basis points, helping organic ACV trends improved to nearly flat. This represents a clear improvement versus prior trends and support our confidence that the IP business is moving forward and returning to sustainable recurring growth.

談到智慧財產（Intellectual Property），我們的重點仍堅定放在執行與基本面。我們看到令人鼓舞的跡象：我們更聚焦於新訂閱與續約紀律，正在產生成果。第一季續約率提升約 100 個基點，帶動有機 ACV 趨勢改善至接近持平。相較於先前趨勢，這是明顯改善，並支持我們對 IP 業務持續向前、回到可持續的經常性成長的信心。

Sales execution continues to strengthen. For example, with national IP offices, including the US PTO, where we secured major trademark analytics contracts and large-scale digitization programs. This wins or advancing patent and trademark operations globally and reinforce Clarivate's role as long-term strategic partner in IP ecosystem and analytics.

銷售執行持續強化。例如在各國 IP 主管機關方面，包括美國專利商標局（US PTO），我們取得重要的商標分析合約以及大規模數位化計畫。這些勝利正在推進全球專利與商標作業，並強化 Clarivate 作為 IP 生態系與分析領域長期策略夥伴的角色。

During the quarter, we released brand image search, adding advanced AI capabilities such as clustering and multilingual support. This enhancement are expanding our IT professionals uncover insights, assess risk and make faster, more confident decision at a global scale. Overall, the IP segment is operating with greater focus and discipline, and we believe this improvement positions the business to future growth.

本季我們推出品牌圖像搜尋（brand image search），新增叢集（clustering）與多語言支援等進階 AI 能力。這些強化正在擴大我們協助 IP 專業人士挖掘洞見、評估風險，並在全球規模下更快速、更有信心地做出決策的能力。整體而言，IP 事業部正以更高的專注與紀律運作，我們相信這些改善使該業務具備未來成長的更佳定位。

In Life Science & Health we are seeing steady progress with the value creation plan. The shift from transactional sales to subscription is on track, supported by positive customer feedback and more consistent sales patterns. The successful changes we have made are reflected in an almost 1% rise in organic revenue during the first quarter.

在生命科學與健康（Life Science & Health）方面，我們看到價值創造計畫持續穩步推進。從交易型銷售轉向訂閱的進程如期進行，並獲得正向客戶回饋與更一致的銷售型態。我們所做的成功調整反映在第一季有機營收接近 1% 的成長。

Notably, we won a new top 20 global pharmaceutical customer for DRG Fusion, our new real-word data analytics platform. This reinforces the strength of our value proposition with large sophisticated customers. In addition, we secured 6-figure subscription wins with biotech company for OpEx, our platform for preclinical and clinical safety intelligence, demonstrated continued momentum across customer sizes and use cases.

值得注意的是，我們為 DRG Fusion（我們新的真實世界數據分析平台）贏得一位全球前 20 大製藥客戶的新合約，進一步印證我們在面對大型且成熟客戶時的價值主張之強度。此外，我們也為 OpEx（我們的臨床前與臨床安全情報平台）取得來自生技公司的六位數訂閱訂單，展現我們在不同客戶規模與使用情境上的持續動能。

On Innovation, we continue to expand access to our trusted regulatory and scientific intelligence through strategic partnerships. During the quarter, we integrated Cortellis regulatory intelligence with Anthropic Cloude Enterprise, combining Clarivate propriety data with advanced AI reasoning to deliver trusted insight directly within customer AI workflows. The collaboration underscores how Clarivate is extending the reach and relevance of this content across the broader AI ecosystem.

在創新方面，我們持續透過策略夥伴關係擴大客戶對可信賴的法規與科學情報的存取。本季我們將 Cortellis 法規情報整合至 Anthropic Claude Enterprise，結合 Clarivate 的專有資料與先進 AI 推理能力，直接在客戶的 AI 工作流程中提供可信洞見。此合作凸顯 Clarivate 正在更廣泛的 AI 生態系中擴展這些內容的觸及與相關性。

In February, we announced that we are actively pursuing the sales of the Life Science & Healthcare business as part of our broader portfolio rationalization efforts. This is consistent with our broader strategy to concentrate capital and management attention on areas where we see the highest returns. The process is ongoing. As always, there is no guarantee of the outcome, and we will provide updates as appropriate.

2 月，我們宣布作為更廣泛投資組合精簡工作的一部分，我們正積極推進生命科學與醫療保健（Life Science & Healthcare）業務的出售。這與我們更宏觀的策略一致：將資本與管理資源集中於我們認為回報最高的領域。該流程仍在進行中。一如既往，結果不具保證，我們將在適當時候提供更新。

Our objective remains clear: maximizing value for shareholders while sharpening strategic focus on our remaining businesses. We have spoken over previous earnings calls about the investments we are making in product innovation. Today, I want to highlight how we are scaling AI enablement across Clarivate to drive efficiency and support acceleration of free cash flow. This is a core enabler of our value creation plan and a key lever for margin expansion as we return to healthier organic growth.

我們的目標依然明確：在強化對剩餘業務的策略聚焦同時，為股東創造最大價值。我們在過去的財報電話會議中談到我們在產品創新上的投資。今天，我想強調我們如何在 Clarivate 全面擴大 AI 賦能，以提升效率並支持自由現金流加速。這是價值創造計畫的核心推動力，也是我們在回到更健康的有機成長之際推動利潤率擴張的關鍵槓桿。

Let me provide some color and examples. Across go-to-market function, we are embedding AI within sales and customer care to accelerate revenue growth, streamline customer interaction, enhanced service quality and experience and increase retention. In technology, we are deploying AI throughout software engineering and content operation to accelerate innovation and shorten new product time to market.

我提供一些補充說明與例子。在市場推廣（go-to-market）職能方面，我們正將 AI 嵌入銷售與客戶服務，以加速營收成長、簡化客戶互動、提升服務品質與體驗並提高留存率。在技術方面，我們正於軟體工程與內容營運中全面部署 AI，以加速創新並縮短新產品上市時間。

Within corporate functions, we are leveraging AI across finance, human resources and legal functions to automate workflows and drive scalable efficiencies. We expect the deployment of digital agents will reduce manual effort, improve accuracy and create operating leverage. Taking together, this AI-enabled cost efficiencies reinforce our core messages. As organic growth improves, this AI efficiency give us confidence in sustained margin expansion and growing cash flow.

在公司職能方面，我們正於財務、人力資源與法務等部門運用 AI 以自動化工作流程並推動可擴展的效率提升。我們預期數位代理（digital agents）的部署將降低人工投入、提升準確性並創造營運槓桿。綜合而言，這些 AI 驅動的成本效率強化了我們的核心訊息：隨著有機成長改善，這些 AI 效率讓我們對利潤率持續擴張與現金流成長更具信心。

To close, the first quarter demonstrates that the action we put in place through the value creation plan are translating into stronger execution, improving fundamentals and clearer path forward. We are operating with greater focus, strengthening our business model, improving sales effectiveness and delivering innovation that matter to our customers, all while maintaining strong discipline around cost and cash generation. Thank you for your continued support, and we look forward to keeping you updated on our progress.

總結而言，第一季顯示我們透過價值創造計畫所採取的行動，正轉化為更強的執行力、改善的基本面以及更清晰的前進路徑。我們以更聚焦的方式營運，強化商業模式、提升銷售效能，並提供對客戶真正重要的創新，同時在成本與現金創造方面維持嚴格紀律。感謝各位持續的支持，我們也期待持續向各位更新我們的進展。

I will now turn the call over to Jonathan for a review of our financial results and outlook.

接下來我將把電話會議交給 Jonathan，請他回顧我們的財務結果與展望。

Thank you, Matti. Slide 14 is an overview of our first-quarter results compared with the same period last year. Q1 revenue was $586 million, change over the prior year was due to the inorganic disposals, partially offset by organic growth and a favorable foreign exchange impact. First quarter net loss was $40 million. The $64 million improvement over the prior year was driven by a foreign exchange benefit as well as lower restructuring, income tax and interest expenses.

謝謝你，Matti。投影片 14 概述我們第一季的業績，並與去年同期比較。第一季營收為 5.86 億美元，較去年同期的變動主要來自非有機的處分，部分被有機成長與有利的外匯影響所抵銷。第一季淨損為 4,000 萬美元。較去年同期改善 6,400 萬美元，主要由外匯收益以及較低的重整、所得稅與利息費用所帶動。

Adjusted diluted EPS was up nearly 30% or $0.04 over the prior year to $0.18. The increase was attributed to adjusted EBITDA growth, lower interest expense, lower tax expense and a lower share count due to last year's repurchases, which each contributed about $0.01 to growth.

調整後稀釋每股盈餘（EPS）較去年同期增加近 30%，或增加 0.04 美元至 0.18 美元。此增幅歸因於調整後 EBITDA 成長、利息費用下降、稅費下降，以及因去年回購而使流通股數降低；上述各項對成長的貢獻約各為 0.01 美元。

Operating cash flow was $135 million in the quarter. The change compared to last year was driven by higher working capital due to incentive compensation payments, partially offset by higher adjusted EBITDA.

本季營運現金流為 1.35 億美元。與去年相比的變動，主要由於因獎勵性薪酬支付導致營運資金增加，部分被較高的調整後 EBITDA 所抵銷。

Please turn with me now to page 15 for a closer look at the drivers of the first quarter top and bottom line changes from the prior year. The changes over the prior year were driven by 3 primary factors: first, organic revenues grew modestly as subscription growth of nearly 2% was partially offset by lower recurring and transactional revenues. We delivered a strong profit conversion on the growth as operating expenses were lower than the prior year despite the higher revenues as we achieved cost efficiencies across the business.

請與我一起翻到第 15 頁，更深入了解第一季相較去年同期在營收與獲利（上、下線）變動的驅動因素。相較去年同期的變動主要由三項因素驅動：第一，有機營收小幅成長，訂閱收入成長近 2%，但部分被較低的經常性與交易型收入所抵銷。我們在成長上實現了強勁的獲利轉換，因為儘管營收較高，營運費用仍低於去年同期，反映我們在全公司達成成本效率。

Second, the businesses we are disposing decreased revenue by $24 million, but was almost entirely offset by cost reductions due to the wind downs yielding a net $3 million reduction in adjusted EBITDA. And finally, the US dollar remained relatively weaker against the basket of foreign currencies compared to the first quarter of last year, which caused a foreign exchange tailwind on the top line. The mid-teens profit conversion is due to transaction gains last year that did not recur this year. In total, disciplined cost management led to an adjusted EBITDA margin expansion of nearly 200 basis points, which is in line with our full-year guidance.

第二，我們正在處分的業務使營收減少 2,400 萬美元，但因逐步結束營運而帶來的成本下降幾乎完全抵銷，最終使調整後 EBITDA 淨減少 300 萬美元。最後，與去年第一季相比，美元相對於一籃子外幣仍較為疲弱，對營收端形成外匯順風。中十位數的獲利轉換率，主要是因去年有交易收益而今年未再發生。整體而言，嚴謹的成本管理使調整後 EBITDA 利潤率擴張近 200 個基點，與我們全年指引一致。

Please turn with me now to page 16 for a look at how the adjusted EBITDA converted to free cash flow and how we allocated the capital. Free cash flow was $79 million in the first quarter, which was $31 million lower than the prior year. The change was due to higher working capital as a result of incentive compensation payments, partially offset by the adjusted EBITDA growth. We used the free cash flow and excess cash on hand to redeem the remaining $100 million of bonds that were due later this year, repurchased $43 million of bonds due in '28 and '29 at a blended discount of about 10% and repurchased 7 million shares of stock to offset the dilutive impact of stock compensation investing.

請與我一起翻到第 16 頁，看看調整後 EBITDA 如何轉換為自由現金流，以及我們如何配置資本。第一季自由現金流為 7,900 萬美元，較去年同期少 3,100 萬美元。此變動主要因獎勵性薪酬支付導致營運資金增加，部分被調整後 EBITDA 成長所抵銷。我們運用自由現金流與手上多餘現金，償還今年稍晚到期的剩餘 1 億美元債券，以約 10% 的加權平均折價回購 2028 年與 2029 年到期的 4,300 萬美元債券，並回購 700 萬股股票，以抵銷股票薪酬投資造成的稀釋影響。

Please turn with me now to page 17 for a look at our full-year financial guidance, which remains entirely unchanged from February. Today, we are reaffirming our full-year financial guidance for all metrics. Beginning at the top of the page, we anticipate the acceleration of our organic annual contract value last year will continue in 2026 resulting in growth of between 2% and 3%, representing continued steady progress and an increase of about 0.75 percentage point at the midpoint of the range. We expect recurring organic growth of about 1.5% at the midpoint of our range, which is an improvement of nearly 1 percentage point over last year.

請與我一起翻到第 17 頁，查看我們的全年財務指引；該指引自 2 月以來完全未變。今天，我們重申所有指標的全年財務指引。從頁面上方開始，我們預期去年有機年度合約價值（ACV）加速的趨勢將延續至 2026 年，帶動成長介於 2% 至 3%，代表持續穩健進展，且在區間中點較去年提升約 0.75 個百分點。我們預期有機經常性收入在區間中點約成長 1.5%，較去年提升近 1 個百分點。

Due entirely to the wind down of the businesses we are disposing, we expect revenue to decline by about $100 million at the midpoint of the range to $2.36 billion and that our organic recurring revenue mix, which excludes the impact of the disposals will improve to between 88% and 90%. Moving down the page, we expect adjusted EBITDA will grow modestly despite the lower revenue, increasing our profit margin to nearly 43% at the midpoint of the range. We anticipate adjusted diluted EPS will grow about 9% at the midpoint of the range to $0.75, largely due to the share repurchases we completed last year. Finally, free cash flow is expected to grow by about 10% to $400 million at the midpoint of the range.

完全由於我們正在處分的業務逐步結束營運，我們預期營收在區間中點將下降約 1 億美元至 23.6 億美元；同時，我們的有機經常性收入占比（排除處分影響）將提升至 88% 至 90%。往下看，我們預期儘管營收較低，調整後 EBITDA 仍將小幅成長，使利潤率在區間中點提升至接近 43%。我們預期調整後稀釋 EPS 在區間中點將成長約 9% 至 0.75 美元，主要受惠於去年完成的股票回購。最後，自由現金流預期在區間中點將成長約 10% 至 4 億美元。

Please turn with me now to page 18 for a reminder of the full-year top and bottom line changes we are expecting compared to last year. We expect adjusted EBITDA margin will expand by about 200 basis points at the midpoint of our ranges driven by a return to organic growth, continued cost discipline and completing the disposals.

請與我一起翻到第 18 頁，回顧我們相較去年預期的全年營收與獲利（上、下線）變動。我們預期調整後 EBITDA 利潤率在區間中點將擴張約 200 個基點，主要由有機成長回歸、持續的成本紀律以及完成處分所驅動。

We anticipate organic growth of about 1%, led by subscription revenue growth from continued ACV acceleration. We have plans in place to achieve cost efficiencies to fully offset inflation, resulting in a full flow-through of the approximately $25 million of revenue growth to profit. This will account for about a third of the profit margin expansion. The inorganic disposals are expected to lower revenue this year by approximately $130 million, and we are reducing operating expenses by more than $100 million which yields a profit impact of about $25 million, delivering the remaining two-thirds of the profit margin expansion.

我們預期有機成長約 1%，主要由訂閱收入成長帶動，來自 ACV 持續加速。我們已制定計畫以達成成本效率，完全抵銷通膨影響，使約 2,500 萬美元的營收成長可全數轉化為獲利。這將約占利潤率擴張的三分之一。非有機的處分預期將使今年營收降低約 1.3 億美元，而我們將營運費用降低超過 1 億美元，帶來約 2,500 萬美元的獲利影響，貢獻剩餘三分之二的利潤率擴張。

As a reminder, our financial guidance for this year assumes we will own the LS&H business for the entire year and if an agreement is reached to sell the business, a revision to our guidance for this potential divestiture may be necessary later this year. We continue to anticipate a modest foreign exchange translation benefit to the top and bottom lines of $10 million and $5 million, respectively, most of which we already experienced in the first quarter.

提醒一下，我們今年的財務指引假設我們將持有 LS&H 業務一整年；若達成出售該業務的協議，今年稍晚可能需要就此潛在剝離案修訂指引。我們仍預期外匯換算對營收與獲利（上、下線）分別帶來 1,000 萬美元與 500 萬美元的小幅利多，其中大部分我們已在第一季體現。

Please turn with me now to page 19 to step through the expected seasonality of our revenues and profits this year, which we have refined based on our first quarter results. We continue to expect to make steady progress on the top and bottom lines as we move through the year. As we projected in February, we experienced a slight sequential pullback in our annual contract value organic growth in Q1 but anticipate steady acceleration through the balance of the year to arrive near the midpoint of our range.

請與我一起翻到第 19 頁，逐步說明我們今年營收與獲利的季節性走勢；我們已根據第一季結果加以精煉。隨著年度推進，我們仍預期營收與獲利將穩步改善。如同我們在 2 月的預測，第一季年度合約價值（ACV）的有機成長出現輕微的季對季回落，但我們預期在今年剩餘期間將穩定加速，最終接近我們區間的中點。

Recurring organic revenue growth in Q1 of 1% was higher than we expected due largely to the timing of patent renewals. We do expect a slight pullback in Q2 as a result of this phasing, leading to accelerated growth in the second half of the year. We expect revenue will remain relatively stable over the next couple of quarters and then tick up in Q4 due to the normal seasonality of reoccurring and transactional revenues. We do anticipate profit margins will continue to expand as we move through the remainder of the year due to the organic growth and the impact of the disposals.

第一季有機經常性收入成長 1%，高於我們預期，主要因專利續約時點所致。由於此分期因素，我們預期第二季將略有回落，並在下半年加速成長。我們預期未來幾季營收將維持相對穩定，並在第四季因經常性與交易型收入的正常季節性而小幅上升。我們也預期隨著今年剩餘期間推進，受有機成長與處分影響，利潤率將持續擴張。

Please turn with me now to page 20 to review how we expect the more than $1 billion of adjusted EBITDA will convert to about $400 million of free cash flow and how we plan to allocate this capital. At the midpoint of our range, we expect free cash flow to grow about $35 million or 10% over last year. One-time costs are expected to abate primarily on lower restructuring costs. As noted a couple of pages ago, our guidance does not contemplate the sale of the LS&H segment. If we reach an agreement, this is an area we would update later this year.

請與我一起翻到第 20 頁，檢視我們預期超過 10 億美元的調整後 EBITDA 如何轉換為約 4 億美元的自由現金流，以及我們計畫如何配置這些資本。在區間中點，我們預期自由現金流將較去年增加約 3,500 萬美元（或 10%）。一次性成本預期將下降，主要來自較低的重整成本。如同前面幾頁所提，我們的指引未納入出售 LS&H 部門；若達成協議，這將是我們今年稍晚會更新的項目。

We expect cash interest to improve by about $20 million over the prior year as a result of the debt we prepaid last year and last quarter. Additional debt we plan to prepay the remainder of this year and some savings associated with the projected forward base rate curve.

由於我們去年與上季提前償還的債務，以及我們計畫在今年剩餘期間進一步提前償還的債務，並加上預期的遠期基準利率曲線所帶來的部分節省，我們預期現金利息支出將較去年改善約 2,000 萬美元。

Cash taxes are expected to be $5 million to $10 million higher than last year, due largely to the new corporate tax in Jersey. We anticipate the change in working capital this year will be a use of approximately $20 million primarily due to the incentive compensation payments in Q1. We're also expecting a $10 million benefit associated with lower impaired contractual costs. And while we remain committed to investing in product innovation, the disposals and cost efficiencies will improve capital spending by about $15 million. From a capital allocation perspective, we plan to use the free cash flow we generate in the remainder of the year for debt reduction.

現金稅預期將較去年增加 500 萬至 1,000 萬美元，主要由於澤西（Jersey）新的公司稅。我們預期今年營運資金變動將約使用 2,000 萬美元，主要因第一季的獎勵性薪酬支付。我們也預期因較低的減損合約成本而帶來 1,000 萬美元的效益。雖然我們仍致力於投資產品創新，但處分與成本效率將使資本支出改善約 1,500 萬美元。在資本配置方面，我們計畫將今年剩餘期間所產生的自由現金流用於降低負債。

Please turn with me now to page 21 for more specifics on our deleveraging plan this year and beyond. The chart at the top of the page outlines our debt maturity profile. As you can see, we have a favorable runway with no near-term maturities. Over the past 3 years, '23 through '25, we generated $1.2 billion of cumulative free cash flow, just over $100 million per quarter on average. As I highlighted on the prior page, we expect to generate approximately $400 million this year at the midpoint of our range and we expect to generate at least this amount next year and the following. This outlook results in a similar average quarterly rate of about $100 million.

請各位現在翻到第 21 頁，以了解我們今年及未來去槓桿計畫的更多細節。頁面上方的圖表概述了我們的債務到期結構。如各位所見，我們的到期壓力相當有利，短期內沒有到期債務。過去 3 年，也就是 '23 到 '25，我們累計產生了 12 億美元的自由現金流，平均每季略高於 1 億美元。如我在前一頁所強調的，我們預期今年在區間中位數約可產生 4 億美元，且預期明年及後年至少也能產生同等金額。此展望意味著平均每季約 1 億美元的水準相近。

Given the current debt market conditions, we plan to use our free cash flow moving forward towards the early retirement of our bonds. Over the next nine quarters, we expect to retire our secured notes in their entirety before their maturity in July of '28. Once those have been redeemed, we plan to use our quarterly free cash flow to begin to retire the '29 notes leaving only $0.5 billion of the $1.8 billion of mid-term maturities to be refinanced in the next few years.

鑑於目前債務市場狀況，我們計畫未來將自由現金流用於提前償還我們的債券。在接下來九個季度內，我們預期將在 28 年 7 月到期前，將我們的擔保票據全數提前償還。待其贖回後，我們計畫運用每季自由現金流開始償還 '29 年到期票據，使未來幾年需要再融資的中期到期金額，僅剩 18 億美元中的 5 億美元。

It's worth noting that as with all of our forward-looking guidance, this outlook includes our LS&H business. If the potential sale does materialize, we expect it would eliminate the need for a future bond refinancing. We anticipate these debt reduction actions will lower our net leverage from 4 turns at the end of Q1 of this year to approximately 2.5 turns in a few years. We continue to be very encouraged by the improved results we are delivering as we implement the value creation plan and the durable cash flows we generate.

值得注意的是，如同我們所有前瞻性指引一樣，此展望包含我們的 LS&H 業務。若潛在出售確實實現，我們預期將可消除未來進行債券再融資的需求。我們預期這些降債行動將使我們的淨槓桿倍數，從今年第一季末的 4 倍，在幾年內降至約 2.5 倍。隨著我們推動價值創造計畫，我們所交付的改善成果以及我們所產生的穩健現金流，持續令我們深受鼓舞。

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

最後，我想感謝各位今天早上收聽。接下來我將把電話交回給主持人，開始進行提問。

(Operator Instructions) Toni Kaplan, Morgan Stanley.

（接線員指示）Toni Kaplan，Morgan Stanley。

Thank you you've talked about your new AI capabilities that you've launched and reducing some of the manual repetitive work through AI efficiencies. I was hoping you could talk about the traction of the new AI products, the reception from customers, how much growth you're getting from them at this point. And similarly, any ability to quantify the efficiency benefits that you can get from AI as well? That would be great.

謝謝。你們談到已推出新的 AI 能力，並透過 AI 效率降低部分人工重複性工作。我想請你們談談新 AI 產品的推進情況、客戶的反應、目前從這些產品帶來多少成長。同樣地，是否能量化 AI 所帶來的效率效益？那就太好了。

Thank you, Toni. I'll start and Jonathan will continue. So first of all, we are intensifying our investment in the last 15, 18 months, we invest more and more into AI. And it goes two ways. The first one that we started was a major product introduction and innovation around the three segments.

謝謝你，Toni。我先回答，Jonathan 再補充。首先，在過去 15 到 18 個月，我們正在加大投資力度，對 AI 的投入越來越多。而這有兩個方向。第一個方向是我們已在三個事業部門推出重大產品導入與創新。

And then now we are shifting or moving also to internal cost efficiencies is AI. So as with internal cost efficiencies, our opportunities in go-to-market customer support, sales operations, there are opportunities in technology to help us innovate and develop products faster with support of AI. There are also opportunities around the corporate to rationalize some of our corporate costs, whether it's going to be financed a general legal. So there's a lot of opportunities internally.

接著，我們也正在把重心轉向以 AI 提升內部成本效率。就內部成本效率而言，我們在市場推廣（go-to-market）、客戶支援、銷售營運等方面都有機會；在技術端也有機會透過 AI 支援，讓我們更快創新並加速產品開發。公司層面也有機會精簡部分企業成本，不論是財務、一般法務等。因此內部有很多機會。

Externally, the product and this is from a patient, is delivering innovation to our customer what it really matter. So three buckets of product innovation that we have on AI. One is the first wave of product that we have improved or AI assistant. So product by product, many of our products, we have implemented -- we have implemented a research assistant. We have implemented in different products in ANG and then in life science, and we are doing the same with IP. That was Wave 1.

對外而言，產品端——從病患的角度——是在真正重要之處為客戶帶來創新。我們在 AI 方面的產品創新可分為三個面向。第一個是第一波產品，也就是我們強化的 AI 助理。就各項產品而言，我們在許多產品中已導入——我們已導入研究助理。我們在 ANG 的不同產品中已導入，在生命科學也已導入，IP 也正在做同樣的事。這是第一波。

Wave 2 was agent. We are implementing AI agent capabilities across our product where it matters. And then just coming back from some of the feedback we get from some measurement that we've done in implementing agentic AI within our Alma Prime lab reporter. So basically, we have managed to reduce the manpower or to quadruple the throughput of some of our customers using agentic AI capability and it's just a start.

第二波是代理（agent）。我們正在於關鍵之處，跨產品導入 AI 代理能力。再回到我們收到的一些回饋與我們做過的衡量：在我們的 Alma Prime lab reporter 中導入代理式 AI（agentic AI）後，基本上我們已能降低人力需求，或讓部分客戶的產出吞吐量提升到四倍，而這只是開始。

And the third wave is ecosystem implementation. Ecosystem implementation. We all know that this generation, especially student researchers, but also life science scientists and IT professionals are consuming AI through the major LLM providers. So we have started the journey. We announced about a month ago that we are collaborating with Anthropic to provide AI capabilities within Anthropic Enterprise Customers.

第三波是生態系導入。生態系導入。我們都知道這一代人，特別是學生研究者，但也包括生命科學科學家與 IT 專業人士，都是透過主要的 LLM 供應商來使用 AI。因此我們已開始這段旅程。大約一個月前我們宣布，正與 Anthropic 合作，為 Anthropic 的企業客戶提供 AI 能力。

Taking the CRI proprietary products that we have or CRI proprietary data that we have in collaboration with Anthropic, we are enabling the consumption of this data in Anthropic environment in a way, we are turning the LLM to our sales agent, meaning our customers where they are.

透過與 Anthropic 的合作，把我們的 CRI 專有產品或 CRI 專有資料帶入其中，我們讓這些資料能在 Anthropic 的環境中被使用；某種程度上，我們把 LLM 變成我們的銷售代理，也就是在客戶所在的平台觸達客戶。

On top of this, we as -- yesterday, we have announced another product from the ANG called Nexus Connect, if you think about universities, they subscribe to a lot of different content. And again, students, researchers are consuming this content through different type of LLM and Nexus Connect is our new offering from ANG that brings the data into ChatGPT, copilot whatever you designated LLM using our technology will bring the content -- our content but also other people content very close to our customers.

此外，我們——就在昨天——也宣布 ANG 的另一項產品，名為 Nexus Connect。若以大學為例，他們訂閱了許多不同內容。而同樣地，學生與研究人員正透過不同類型的 LLM 來消費這些內容；Nexus Connect 是我們 ANG 的新產品，能把資料帶入 ChatGPT、Copilot 或任何你指定的 LLM。我們的技術會把內容——我們的內容，也包括其他人的內容——帶到更貼近客戶的地方。

So overall, a lot of energy going into and a lot of resources going into AI innovation. And you know that we've just been awarded from outside recognition that we are the fund leader in terms of AI innovation in the academic ecosystem.

總體而言，我們在 AI 創新上投入了大量能量與資源。而且你們也知道，我們剛獲得外部認可，認定我們是在學術生態系中 AI 創新方面的領先者。

There's been a long answer for that, but I'll move it over to Jonathan to talk a little bit about the financials.

這個回答有點長，我把時間交給 Jonathan，請他談談財務面。

Yes. I appreciate the part of the question, Toni, with respect to the opportunity size in the AI efficiency internally. We outlined the areas that we're focusing on there. And at this point, we are confident that the opportunity set here gives us a really good opportunity to continue to expand our margins and grow our cash flows. I think we're likely going to look to further dimension this probably later this year.

好的。Toni，我很感謝你問題中提到內部 AI 效率的機會規模。我們已概述目前聚焦的領域。而在此階段，我們有信心，這一組機會能讓我們持續擴大利潤率並增加現金流。我想我們可能會在今年稍晚進一步量化與說明。

Manav Patnaik, Barclays.

Manav Patnaik，Barclays。

Matti, I was hoping you could just give us an update on how you see the competitive environment out there? Presumably they are using AI and enhancing their products as well -- and just curious if you've seen any change or way to compare your initiatives versus what you're seeing in the market?

Matti，我想請你更新一下你對目前競爭環境的看法？推測競爭對手也在使用 AI 並強化他們的產品——我也好奇你是否看到任何變化，或你如何比較你們的計畫與你在市場上看到的情況？

I think I've just mentioned that outside this recognize us as AI innovator, we see a great adoption for our AI product across the three different segments. We mentioned this. We have -- in ANG, we have more than institution using academic KI solution, I mentioned Nexus Connect, Lab Science over 10,000 researchers and users are using some of our -- some of our AI product innovation, including -- I mean, recently announced the Claude Anthropic collaboration. We're doing well with IT as well with the recent brand image that we have introduced. So we look -- we always look forward.

我想我剛才提到，外部已認可我們是 AI 創新者；我們也看到我們的 AI 產品在三個不同事業部門都有很好的採用度。我們提過這點。在 ANG 方面，已有超過（若干）機構在使用學術 KI 解決方案；我也提到 Nexus Connect。生命科學方面，超過 10,000 名研究人員與使用者正在使用我們的一些 AI 產品創新，包括——我的意思是——最近宣布的與 Claude／Anthropic 的合作。IT 方面我們也表現不錯，近期我們也導入了新的品牌形象。因此我們——我們總是向前看。

We're trying to set the scene as opposed to look at our competition, but we feel good about our product innovation. We come from a background of products and engineering, many of us, and I say we see a lot of improvement and created from our customers across the different segments.

我們試著去設定情境，而不是盯著競爭對手，但我們對自身的產品創新感到樂觀。我們許多人都有產品與工程背景；我想說的是，我們看到客戶在不同事業部門對我們的改善與創新給予很多正面回饋。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

Matti, I think in your prepared remarks, you talked about sort of the China opportunity and expanding there. I'm wondering if you can maybe just talk about that China sort of ANG space more broadly in the port that presents to you guys?

Matti，我記得你在事先準備的發言中提到中國的機會以及在那裡擴張。我想請你更廣泛談談中國在 ANG 領域的情況，以及這對你們而言所帶來的機會？

Yes. China is a great contributor to our AI -- to our ANG capabilities and performance has been the -- we just came back from the meeting with some of our Chinese top sales executive. We have sold 15 new web science deals in China last year. So there's a lot of great momentum going for ANG in China, specifically in web science and more recently, also in (inaudible) science research intelligence, some development and collaboration, we do. We feel very good about our ANG prospect in China, not only ANG also Life Science and IP. We have different ideas that we are currently contemplating, we see more than one we have, but we feel good about both the China market.

好的。中國對我們的 AI——對我們的 ANG 能力與表現——是很重要的貢獻者。我們剛與一些中國頂尖銷售主管開完會回來。去年我們在中國售出了 15 筆新的 Web of Science 交易。因此 ANG 在中國有很強的動能，特別是在 Web of Science；而更近期也包括（聽不清）科學研究情報方面的一些發展與合作。我們對 ANG 在中國的前景感到非常樂觀，不僅是 ANG，生命科學與 IP 也是如此。我們目前正在思考一些不同的想法；我們看到不只一個機會，但我們對中國市場整體感到樂觀。

(Operator Instructions) Ashish Sabadra, RBC Capital Markets.

（接線員指示）Ashish Sabadra，RBC Capital Markets。

This is [Phil Chi] on for Ashish Sabadra. Great to see kind of the continued sequential improvements on the organic sales metrics. I think IP kind of continues to execute in a bit of a more muted environment. I think you guys have noted in the past that there are some expectations for that to improve maybe in the back half of '26 into early '27 as some of those historical batch renewal cycles come back -- is that the general kind of trend that you expect for that segment? And you guys have had kind of great wins as well. How do you kind of combine all those together?

我是代 Ashish Sabadra 提問的 [Phil Chi]。很高興看到有機銷售指標持續逐季改善。我認為在較為低迷的環境下，IP 仍持續執行到位。你們過去曾提到，隨著一些歷史批次的續約週期回歸，可能在 '26 年下半年到 '27 年初會有所改善——這是否就是你們對該事業部門所預期的一般趨勢？另外你們也有一些很好的勝出案例。你們如何把這些因素整合起來看？

I'll start and then I'll ask Jonathan to add. So just a reminder that we are the market leader in IP. We tend to forget this. And we are the only company -- and this has been a lot of my focus and a lot of my discussion has been around. We are the only company that have all the three or four sub offering that we have in IP.

我先開始，然後我會請 Jonathan 補充。提醒一下，我們在 IP 方面是市場領導者。我們往往會忘記這一點。而且我們是唯一一家公司——這也是我投入很多心力、討論很多的重點——我們是唯一一家在 IP 領域擁有我們所提供的三到四個子產品／子方案的公司。

We are very big in on OT. We have great IPMS products, and we have great intelligence products, both for the trademark and for the patent as well. We brought in a new management team (inaudible) new manager, and we have an enhanced focused, very strong focus in two things. sales execution.

我們在 OT 方面規模很大。我們有很棒的 IPMS 產品，也有很棒的情報產品，商標與專利兩方面都有。我們引進了新的管理團隊（聽不清），新的經理，並且強化聚焦，在兩件事上有非常強的專注：銷售執行。

We've gone through some kind of changes or some changes into our sales organization, renewals, territory alignment and other things that we've done. -- in the self-execution is much stronger and much better focus and then AI innovation, very strong AI innovation momentum that we are building with the management of -- with the management team of IP, risk Mark, was one product we mentioned. We're now talking about brand image search, as I mentioned as well, we are confident in the return for IP back to future growth.

我們對銷售組織做了一些調整或變更，包括續約、區域劃分（territory alignment）以及其他我們做的事情。——在銷售執行上更強、更聚焦；另外是 AI 創新，我們正在建立非常強的 AI 創新動能，在——在 IP 的管理團隊管理之下，Risk Mark 是我們提到的一個產品。我們現在也在談品牌圖像搜尋（brand image search），如我剛才也提到。我們有信心讓 IP 回到未來的成長軌道。

And, Jonathan, if you can give some more color here?

Jonathan，你能否在這裡再補充一些細節？

Yes. As Matti highlighted, the continued investment in AI, we helped -- we expect to help accelerate growth in our subscription products there. So we noted that we've made some steady progress. We saw slight improvement in renewal rates in the first quarter, and we've got an organic ACV that it's getting pretty close to flat after a few years of decline. So steady progress based on the investments that we're making there.

好的。如 Matti 所強調的，持續投資 AI，我們預期將有助於加速我們那裡的訂閱型產品成長。所以我們提到，我們已經取得一些穩健進展。我們在第一季看到續約率略有改善，而我們的有機 ACV 也在經過幾年的下滑後，已經相當接近持平。這些都是基於我們正在進行的投資所帶來的穩健進展。

The biggest part of the IP business, the reoccurring revenue stream, which is our patent renewal business, that's a business that two years ago, declined a few percent last year was flat. First half of this year due to the comps and some timing from the first half of last year will be down slightly. We do expect that business to return to growth in the second half of this year and a good trajectory heading into next year. Market conditions there, the patent stock growth has improved over the last few years, which is a good leading indicator.

IP 業務中最大的一塊、也就是經常性收入來源，是我們的專利續費（patent renewal）業務。兩年前，這個業務下滑了幾個百分點；去年持平。今年上半年因為比較基期以及去年上半年部分時點因素，會略為下滑。我們確實預期該業務會在今年下半年恢復成長，並在進入明年時呈現良好走勢。那裡的市場狀況方面，專利存量（patent stock）成長在過去幾年有所改善，這是一個很好的領先指標。

And the team, as Matti said, has done a very good job on sales execution, improving our competitive position in that part of the market. So continued progress, and we look forward to a better performance from IP in the coming quarters and into next year. Thanks for the question, Will.

而且如 Matti 所說，團隊在銷售執行上做得非常好，提升了我們在該市場區塊的競爭地位。因此我們持續取得進展，也期待 IP 在接下來幾季以及進入明年會有更好的表現。謝謝你的問題，Will。

George Tong, Goldman Sachs.

George Tong，高盛。

Transactional revenues were down this quarter because of lower A&G activity. Can you talk a little bit more about what you're seeing there and what would need to happen for A&G activity to rebound?

本季交易型收入因 A&G 活動較低而下滑。你能否多談一些你們在那裡看到的情況，以及 A&G 活動要反彈需要發生什麼？

Yes. Thanks for the question, George. Look, our transaction revenues were down a couple of percent in Q1. As you noted, ANG was the primary driver in the quarter. I will start by saying we do expect on a full-year basis, our guidance does contemplate that the transactional business will be down slightly compared to the prior year. So it was as expected. In the quarter, some of that in AMG was due to the timing of software implementations. That can be a little lumpy quarter to quarter.

好的。謝謝你的問題，George。你看，我們第一季的交易型收入下滑了幾個百分點。如你所指出，A&G 是本季的主要驅動因素。我先說明，我們在全年基礎上的指引確實已經納入交易型業務相較前一年會略為下滑的假設。所以這是符合預期的。本季在 A&G 的部分下滑，部分是因為軟體導入（implementations）的時點所致；這在季度之間可能會有些波動。

And then on a full-year basis, as we continue to have success in Life Sciences, with the migrations to subscription, we will expect to see a little bit of a headwind there on the transactional side. But Q1's slight decline was in line with what we expected. -- and is in line with what we expect for the full year. As we move into next year, continue to build that sales pipeline -- on the software products, there's some opportunity to improve that heading into next year. But that was the primary driver in Q1.

另外在全年層面，隨著我們在生命科學領域持續成功推動轉向訂閱制，我們預期交易型收入端會面臨一些逆風。但第一季的小幅下滑與我們的預期一致——也與我們對全年的預期一致。展望明年，持續建立軟體產品的銷售管線——在進入明年時有一些改善機會。但第一季的主要驅動因素就是這些。

Andrew Nicholas, William Blair.

Andrew Nicholas，William Blair。

I was hoping to hone in a little bit more on AMG growth -- that's been a segment that's hung in there pretty well over the past handful of quarters. Within that 2% organic growth and the expectation for improvement in -- are there -- is research analytics and content aggregation kind of leading the way there, or is it a software-led growth, or are they all kind of around that 2% number? Just curious if there's an underlying kind of subsegment there, where you have more expectation for growth acceleration.

我希望更聚焦在 A&G 的成長——這個部門在過去幾個季度表現相當穩健。在那 2% 的有機成長，以及對改善的預期之中——是研究分析與內容彙整（content aggregation）在帶頭，還是由軟體帶動的成長，或是它們大致都在 2% 左右？我只是好奇是否有某個底層子領域，你們對其成長加速有更高的期待。

Yes. Thanks for the question, Andrew. I think the bright spot for us as of late in A&G from an organic growth contribution standpoint, has been the success in our research and analytics category, which is led by our flagship product, (inaudible). As Matti touched on in his comments around AI innovation. This is where we've seen a lot of the new innovation come into the product.

好的。謝謝你的問題，Andrew。我認為近期 A&G 在有機成長貢獻方面的亮點，是我們在研究與分析（research and analytics）類別的成功，這主要由我們的旗艦產品（聽不清）所帶動。如 Matti 在談到 AI 創新時提到的，這也是我們看到許多新創新導入產品的地方。

So very encouraged by the adoption of the research assistant last year, some of the agents that we've deployed that we're getting great feedback on such as the literature review agent.

因此，我們對去年研究助理（research assistant）的採用情況感到非常鼓舞；我們部署的一些代理（agents）也獲得很好的回饋，例如文獻回顧代理（literature review agent）。

And then we're also very thrilled about this year's growth that will help to be driven from the web science research intelligence platform. So that's the new AI native multi-agent platform that helps to measure research success across the university ecosystem. So really encouraged by what we've seen there. The content business is held in that usually grows at or slightly below the average for AMG. And then the software business is doing well, very high renewal rates.

另外，我們也對今年的成長感到非常振奮，這將有助於由 Web of Science 研究情報平台所帶動。那是一個新的 AI 原生（AI native）多代理平台，協助衡量整個大學生態系中的研究成果。因此我們對那裡看到的情況非常鼓舞。內容業務表現穩健，通常其成長率與 A&G 平均相當或略低一些。而軟體業務表現良好，續約率非常高。

We've got some new product innovation happening there that can help to catalyze further growth there. But those are the three main areas and really the strong performance has been in our research and analytics category. Thanks for the question, Andrew.

我們也在那裡推進一些新的產品創新，有助於催化進一步成長。但這三個是主要領域，而真正強勁的表現來自我們的研究與分析類別。謝謝你的問題，Andrew。

Adam Parrington, Stifel.

Adam Parrington，Stifel。

Hi, calling on personal (inaudible). I apologize if I missed this, but in the slide deck, life sciences, and health care, progressing ahead of schedule and the ship subscription, what is the current subscription mix of the business? And how should this shift move organic move organic growth through the year?

嗨，我代表個人（聽不清）來提問。如果我漏聽了先說抱歉，但在簡報中提到生命科學與醫療保健的進度超前，並且轉向訂閱制，目前該業務的訂閱占比是多少？而這個轉變在今年內會如何影響有機成長？

Yes, Adam, thanks for the question. This is our segment that has the highest proportion of transactional revenue. So just as a reminder, our consulting practice for commercialization, which sits in the Life Sciences business. is an important part of the go-to-market motion for this, but it creates a lower organic recurring revenue mix within Life Sciences.

好的，Adam，謝謝你的問題。這是我們交易型收入占比最高的部門。提醒一下，我們的商業化顧問服務（consulting practice for commercialization）隸屬於生命科學業務，是該業務上市策略（go-to-market motion）的重要一環，但也使生命科學的有機經常性收入占比較低。

What Matti touched on slide 10 is that we have continued to invest in product innovation to migrate some of these solutions to a subscription. We started to see progress on that last year that continues into this year, and we expect to continue to make steady progress, making that business more predictable with a higher renewal base every year to help accelerate and return it to growth. So it's a combination of the commercial motion, where we're focused in the marketplace and the product innovation that's helping to lead that. So we expect to see continued traction there.

Matti 在第 10 頁投影片提到的是，我們持續投資產品創新，將其中一些解決方案轉為訂閱制。我們去年開始看到進展，今年仍在延續，並且我們預期會持續穩步推進，讓該業務更可預測、每年擁有更高的續約基礎，以協助加速並使其回到成長。因此這是商業推進方式（commercial motion）——也就是我們在市場上的聚焦——以及產品創新共同帶動的結果。我們預期會持續看到那裡的動能。

And as Matti touched on before, over time, we think we can see the recurring revenue mix get into the low 90s and life science will be a leader there. Thanks for the question, Adam.

而且如 Matti 先前提到，隨著時間推進，我們認為經常性收入占比可以提升到 90% 出頭，而生命科學將會是其中的領先者。謝謝你的問題，Adam。

Maybe just the last few words of wrap up, just as I mentioned over the call the BCP plan is working. This is the fifth quarter of improvement. Our subscription mix has gone to 89%. We have better execution on sales execution, and we are industry innovator in terms of. We're very pleased to be here today, and thank you for your time.

最後再用幾句話做個總結：如我在電話會議中提到，BCP 計畫正在發揮作用。這是改善的第五個季度。我們的訂閱占比已提升到 89%。我們在銷售執行上做得更好，而我們在創新方面也是產業的創新者。我們很高興今天能在這裡，謝謝各位撥冗。

Thank you all for your time today. That concludes our call, and we look forward to speaking to you with any follow-up questions in the coming days. Thank you.

謝謝各位今天的時間。今天的電話會議到此結束，未來幾天如有任何後續問題，我們也期待與各位交流。謝謝。

This does conclude today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位參與。現在您可以掛斷電話線。