Dun & Bradstreet Holdings Inc (DNB) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Dun & Bradstreet fourth quarter 2024 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加鄧白氏2024年第四季財報電話會議。（操作說明）

Please be advised that today's conference is being recorded. I would now like to hand the comments over to your speaker today. Sean Anthony, Vice President of FPNA and Investor Relations, please go ahead.

請注意，今天的會議正在錄影。現在我想把發言權交給今天的發言人。FPNA及投資者關係副總裁肖恩·安東尼，請開始吧。

Thank you. Good morning, everyone, and thank you for joining us for Dun & Bradstreet's financial results conference call for the fourth quarter and full year ending December 31, 2024. On the call today, we have Dun & Bradstreet CEO, Anthony Jabbour and CFO, Bryan Hipsher.

謝謝。各位早安，感謝各位參加鄧白氏公司截至 2024 年 12 月 31 日的第四季和全年財務業績電話會議。今天參加電話會議的有鄧白氏執行長安東尼·賈布爾和財務長布萊恩·希普舍爾。

Before we begin, allow me to provide a disclaimer regarding forward-looking statements. This call, including the Q&A portion of the call, may include forward-looking statements related to the expected future results for our company and are therefore forward-looking statements. Our actual results may differ materially from our projections due to a number of risks and uncertainties. These risk and uncertainties, the forward-looking statements are subject to are described in our earnings release and other SEC filings.

在開始之前，請容許我先聲明一下關於前瞻性陳述的免責聲明。本次電話會議（包括問答環節）可能包含與公司未來預期績效相關的預測性陳述，因此屬於預測性陳述。由於許多風險和不確定因素，我們的實際結果可能與我們的預測有重大差異。這些風險和不確定性，以及前瞻性陳述所受到的影響，已在我們的獲利報告和其他提交給美國證券交易委員會的文件中進行了描述。

Today's remarks will also include references to non-GAAP financial measures. Additional information, including the reconciliation between non-GAAP financial information to the GAAP financial information is provided in the press release and supplemental slide presentation. This conference call will be available for replay via webcast through Dun & Bradstreet's investor relations website at investor.d&b.com.

今天的演講也將提及非GAAP財務指標。新聞稿和補充幻燈片簡報中提供了更多信息，包括非GAAP財務資訊與GAAP財務資訊之間的調節表。本次電話會議將透過鄧白氏投資人關係網站 investor.d&b.com 提供網路直播回放。

With that, I'll now turn the call over to Anthony.

接下來，我將把電話交給安東尼。

Thank you, Sean. Good morning, everyone, and thank you for joining us for our fourth quarter and full year 2024 earnings call.

謝謝你，肖恩。各位早安，感謝各位參加我們2024年第四季及全年財報電話會議。

On today's call, I'll hit on four key topics. The first, a brief update on the ongoing process. The second, an update on their fourth quarter and full year results. The third, a review of the significant accomplishments in 2024. And the fourth, our focus areas for 2025. After that, I'll pass the call over to Brian for an in-depth review of our results and to discuss our guidance expectations for 2025. We'll then open up the call for Q&A and finish up with a few closing comments.

在今天的電話會議上，我將重點放在四個關鍵主題上。首先，簡要介紹一下正在進行的工作。第二部分是對其第四季和全年業績的最新匯報。第三部分，回顧 2024 年的重大成就。第四點，我們2025年的重點領域。之後，我會把電話轉給布萊恩，讓他對我們的業績進行深入分析，並討論我們對 2025 年的業績預期。接下來我們將開放問答環節，最後作一些總結發言。

Let's get started with an update on the inbound interest we received in 2024 and the resulting process that ensued. I'm going to keep my comments very brief, as you can imagine.

讓我們先來了解一下我們在 2024 年收到的諮詢以及隨後的流程。正如你所料，我的發言會非常簡短。

Activity ramped up in late November and has carried on through the beginning of 2025, and our team has done their best to balance managing their day-to-day responsibilities with being responsive to the inquiries from interested parties. The team's dedication and hard work to both causes have been commendable, and based on the latest activities, we currently expect to share the outcome of the process in the first quarter.

活動在 11 月下旬加速進行，並持續到 2025 年初，我們的團隊盡最大努力在履行日常職責的同時，回應相關各方的詢問。團隊對這兩項事業的奉獻和努力值得稱讚，根據最近的進展，我們目前預計將在第一季度公佈該過程的結果。

With that being said, let's move on to an overview of our full year and fourth quarter results.

接下來，讓我們概覽一下全年和第四季的業績。

2024 was another year of meaningful improvement. We achieved 3% organic revenue growth, expanded EBITDA margins by 30 basis points, and made substantial strides in our product, technology, and data transformations. Additionally, we improved our capital structure by reducing net leverage to 3.6 times at year end.

2024年又是個有顯著進步的一年。我們實現了 3% 的有機收入成長，EBITDA 利潤率提高了 30 個基點，並在產品、技術和數據轉型方面取得了實質進展。此外，我們透過將淨槓桿率降低至年底的 3.6 倍，改善了資本結構。

As we headed into October, we had a year-to-date organic revenue growth rate of 4% and the path to deliver a similar growth rate in the fourth quarter, but we ultimately fell short due to three anomalies.

進入 10 月時，我們今年的有機收入成長率為 4%，並且預計在第四季度實現類似的成長率，但由於三個異常情況，我們最終未能達到目標。

The first and most significant factor was the delay of certain deals expected to close in the quarter, impacted by distractions from our ongoing process. These distractions intensified in November and December, shifting significant pipeline deals into early 2025 and impacting Q4 revenues by $9 million.

第一個也是最重要的因素是，由於我們正在進行的工作受到干擾，導致一些原定於本季完成的交易被推遲。這些幹擾因素在 11 月和 12 月加劇，導致重要的管道交易推遲到 2025 年初，並使第四季度收入減少了 900 萬美元。

Secondly, we chose to exit two partnerships that were coming off multi-year agreements that were not mutually advantageous. Our expectation was that we would come to a favorable agreement, but ultimately, that was not the case. This impacted revenues in the fourth quarter of 2024 by $6 million and full year '25 by $14 million. With offsetting expenses that will net a positive EBITDA outcome for our business.

其次，我們選擇終止兩項即將到期的多年合作關係，這兩項合作對雙方都沒有好處。我們原本期望能達成一項對我們有利的協議，但最終事與願違。這將導致 2024 年第四季營收減少 600 萬美元，2025 年全年營收減少 1,400 萬美元。抵銷相關費用後，我們的業務將實現正的 EBITDA 結果。

And finally, we experience timing related delays in expected usage and deliveries of $3 million and $4 million dollars respectively, of which the majority of these revenues are contractually obligated and are expected to flow into the first half of 2025. As I've said before, this is a business that continues to grow through a significant amount of transformation, change, and improvements.

最後，由於時間因素，我們預計的使用和交付將分別延遲 300 萬美元和 400 萬美元，其中大部分收入是合約約定的，預計將在 2025 年上半年到帳。正如我之前所說，這是一個透過大量的轉型、變革和改進而不斷發展的企業。

Looking back at the last 16 quarters, we have taken the business from essentially no growth to 3% to 4% growth, and we do not believe a quarter of slight growth is indicative of the significant improvements we've made to date and the upside potential we believe is to come.

回顧過去 16 個季度，我們已經將業務從幾乎沒有成長提升到 3% 到 4% 的成長，我們認為一個季度的微弱成長並不能反映我們迄今為止的重大進步以及我們相信的未來成長潛力。

And third, looking back at 2024, I'm proud to share the significant accomplishments we achieved and the amount of progress we've made in strengthening the foundational elements of D&B. Going through a public transformation has been difficult, and I'm proud of our team's efforts.

第三，展望 2024 年，我很自豪地與大家分享我們所取得的重大成就，以及我們在加強 D&B 基礎要素方面取得的進展。經歷公共轉型並非易事，我為我們團隊的努力感到自豪。

The initial step for us was to stabilize our technology, then rearchitect our technology, and then build modern solutions in the cloud. Following these core foundational elements was the time-consuming and laborious efforts to migrate our clients to those new solutions, sunsetting legacy products and optimizing our client contracts.

我們首先要做的就是穩定我們的技術，然後重新架構我們的技術，最後在雲端建立現代化的解決方案。在這些核心基礎要素之後，我們投入了大量時間和精力，將客戶遷移到這些新解決方案，淘汰舊產品，並優化客戶合約。

In 2024, we completed our migrations and optimized client contracts in North America, finance and risk. Similarly to what we did with the international business earlier in the transformation, we have seen the positive impact that these changes made on our international segment, and we anticipate seeing a similar acceleration and growth in North America. We pushed hard to complete the migration of our flagship platforms, finance analytics, and direct plus API and the sunsetting of our legacy solutions, which was our most significant initiative.

2024 年，我們完成了北美地區的遷移工作，並優化了客戶合約、金融和風險管理。與我們在轉型初期對國際業務所做的類似，我們已經看到了這些變化對我們的國際業務部門的正面影響，我們預計在北美也會看到類似的加速成長。我們全力推動旗艦平台、財務分析和直接增強 API 的遷移，並逐步淘汰了我們的傳統解決方案，這是我們最重要的舉措。

I'm happy to report that as of Q4 2024 we have successfully migrated tens of thousands of clients in North America. The migration has taken a huge amount of client attention and sales effort. And as I've said many times, while the revenue benefit in the short term is minimal, we believe the long-term strategic value is substantial. These moves create even more stickiness while providing our clients with greater flexibility and scalable solutions.

我很高興地報告，截至 2024 年第四季度，我們已成功遷移了北美數萬名客戶。此次遷移耗費了客戶大量的關注和銷售精力。正如我多次說過的那樣，雖然短期內的收入收益微乎其微，但我們相信其長期戰略價值是巨大的。這些措施進一步增強了客戶黏性，同時為我們的客戶提供了更大的靈活性和可擴展的解決方案。

The second most significant migration was a shift of our clients to our risk analytics platform, which is now complete. The move to risk analytics has enabled us to deliver risk assessment capabilities across our nearly 600 million [Dun's] entities in a single platform. This solution is especially relevant considering the evolving economic and regulatory landscape, ensuring our clients have access to the insights necessary to make informed decisions.

第二大遷移是將我們的客戶遷移到我們的風險分析平台，目前該遷移已完成。轉向風險分析使我們能夠在一個平台上為近 6 億個鄧白氏實體提供風險評估功能。考慮到不斷變化的經濟和監管環境，這個解決方案尤其重要，它能確保我們的客戶獲得做出明智決策所需的資訊。

We also continue to introduce new localized offerings, meeting diverse regulatory requirements and market needs. For example, our risk analytics compliance intelligence solution generated significant new sales with hundreds of customers and a strong pipeline for 2025.

我們也會持續推出新的在地化產品和服務，以滿足不同的法規要求和市場需求。例如，我們的風險分析合規智慧解決方案為數百家客戶帶來了顯著的新銷售額，並為 2025 年奠定了強勁的發展基礎。

And while we've been moving our clients to our latest and greatest solutions, we've also been refining and optimizing our client contracts. The new contract structure more closely aligns our pricing with the value provided to our clients, ensuring a fair and transparent relationship, and protecting our cost structure to the creation of more clearly defined contractual usage rights. These changes have benefited our clients with more comprehensive and richer datasets, more versatile user interfaces, and the addition of flexible modular functionality to enhance their overall experience.

在我們將客戶遷移到我們最新、最好的解決方案的同時，我們也一直在改進和優化我們的客戶合約。新的合約結構使我們的定價與為客戶提供的價值更加緊密地結合起來，確保公平透明的關係，並透過創建更明確的合約使用權來保護我們的成本結構。這些變化為我們的客戶帶來了更全面、更豐富的資料集、更多樣化的使用者介面，以及靈活的模組化功能，從而提升了他們的整體體驗。

In summary, I'm optimistic for the future given the progress of our transformation. From modernizing our tech environment to delivering high performance cloud-based solutions, and then to migrate our clients to these solutions through the optimization of our client contracts, we believe we are positioned for growth. With a strong foundation, our focus in 2025 and the last step of any transformational journey is to go to market.

總而言之，鑑於我們轉型取得的進展，我對未來持樂觀態度。從技術環境現代化到提供高效能的雲端解決方案，再到透過優化客戶合約將客戶遷移到這些解決方案，我們相信我們已經做好了發展的準備。有了堅實的基礎，我們在 2025 年的重點，也是任何轉型之旅的最後一步，就是進入市場。

As I mentioned previously, we are introducing a vertical approach to deepen client relationships and launch vertical specific solutions. I will highlight some of those today, and we look forward to sharing more this year.

正如我之前提到的，我們正在引入垂直整合模式，以加深客戶關係並推出垂直行業特定的解決方案。今天我將重點介紹其中的一些內容，我們期待今年能與大家分享更多。

Now let's turn to some client wins in the quarter. First up, in North America, we are excited to add one of the nation's leading sales and marketing software companies to our client portfolio. They now leverage our latest sales and marketing solutions, including D&B Connect, Data Blocks API, and our new Gen AI solution, ChatD&B. These solutions allow them to leverage our data to power their territory structuring and go to market strategies for growth.

現在讓我們來看看本季取得的一些客戶成果。首先，在北美，我們很高興將全國領先的銷售和行銷軟體公司之一納入我們的客戶組合。他們現在利用我們最新的銷售和行銷解決方案，包括 D&B Connect、Data Blocks API 和我們新的 Gen AI 解決方案 ChatD&B。這些解決方案使他們能夠利用我們的數據來支援其區域結構和市場拓展策略，從而實現成長。

Another global fintech leader in payments and banking turned to our trusted master data management capabilities, firmographic data, and linkage data to improve and enrich their company data. They are also leveraging our data to perform merchant onboarding and verification, as well as fraud detection capabilities. They will also use the firmographic data to create new derivative works. This is a win for our client and for us as we are becoming the repository for merchant data with a unique data asset in the industry.

另一家全球領先的支付和銀行業金融科技公司也利用我們值得信賴的主資料管理功能、公司概況資料和關聯資料來改善和豐富其公司資料。他們也利用我們的資料進行商家入駐和驗證，以及詐欺偵測。他們也將利用公司概況數據創作新的衍生作品。這對我們的客戶和我們來說都是雙贏，因為我們正在成為擁有業內獨特資料資產的商家資料儲存庫。

Next, we expanded our relationship with the large insurance brokerage that has used our master data services for many years. This new multi-year renewal deal extended our master data services to all of its subsidiaries. This growth and long-term commitment highlight the value of our solutions and our ability to build and nurture client relationships.

接下來，我們擴大了與這家多年來一直使用我們主數據服務的大型保險經紀公司的合作關係。這項新的多年續約協議將我們的主資料服務擴展到了其所有子公司。這種成長和長期承諾凸顯了我們解決方案的價值以及我們建立和維護客戶關係的能力。

A top 3 management consulting firm expanded their relationship with us by adding 3 new use cases. [TAM] analysis, prioritization of high value opportunities, and to strengthen the identification of cross sell upsell opportunities, new logos, and reduced churn. One of the big differentiators was our global footprint, and as they tested our data, we're highly impressed with our match rate and coverage.

一家排名前三的管理顧問公司透過新增 3 個用例擴大了與我們的合作關係。 [TAM] 分析、高價值機會的優先排序，以及加強對交叉銷售和追加銷售機會、新客戶和降低客戶流失率的識別。我們的一大優勢在於我們的全球影響力，當他們測試我們的數據時，我們的匹配率和覆蓋範圍都給我們留下了深刻的印象。

And another example of where our global coverage was instrumental in winning a seven figure 2-year deal with the multinational company specializing in workplace solutions and digital printing technologies. They chose Dun & Bradstreet for a risk analytics compliance intelligence solution which allowed them to consolidate screening for the unique lines of business through multiple workspaces.

另一個例子也證明了我們的全球覆蓋範圍在贏得與專門從事辦公場所解決方案和數位印刷技術的跨國公司簽訂的七位數兩年期合約中發揮了重要作用。他們選擇鄧白氏作為風險分析合規智慧解決方案提供商，該解決方案使他們能夠透過多個工作區整合針對不同業務線的篩選工作。

And shifting to international, our team successfully executed its strategy throughout the year.

轉向國際市場後，我們的團隊在全年成功地執行了策略。

One notable achievement was a 3-year renewal and upsale of data blocks, finance solutions with Db Schenker, a global logistics and supply chain management provider. We supported their finance transformation by leveraging our modern API platform for automated credit decisioning and risk assessments.

其中一項值得一提的成就是與全球物流和供應鏈管理供應商 Db Schenker 續約並追加銷售了 3 年的資料區塊和金融解決方案。我們利用我們現代化的 API 平台進行自動化信貸決策和風險評估，從而支持了他們的財務轉型。

Another key win was with one of the UK's largest banking and payment service providers. We executed a new multi-million dollar deal expanding our data blocks to include supply chain and compliance packets, aiding their market expansion and navigating supply chain complexities.

另一項重要的勝利是與英國最大的銀行和支付服務提供者之一達成了合作。我們達成了一項價值數百萬美元的新交易，擴展了我們的資料區塊，使其包含供應鏈和合規性資料包，從而幫助他們拓展市場並應對供應鏈的複雜性。

Finally, we signed a five-year renewal and upsell with a leading Scandinavian payments provider to organize and master their data. This demonstrated our ability to create efficiencies across multiple use cases through our master data management capabilities.

最後，我們與一家領先的北歐支付服務提供者簽署了一份為期五年的續約和增值協議，以整理和管理他們的數據。這證明了我們能夠透過主資料管理能力，在多個用例中提高效率。

And lastly, as we focus on 2025, we'll be delivering a more verticalized go to market approach. Enabling our generative AI solutions through API and native integrations. Capitalizing on our modernized technology and platforms. Leveraging our unique financial, payment and trade data to access high growth areas such as capital market and private markets. And doubling down in high market demand solutions including supply chain, risk, and master data management. We are more prepared than ever to meet a business's accelerated need for trusted global data and analytics, and we look forward to attacking these new opportunities with focus and determination.

最後，展望 2025 年，我們將採取更垂直化的市場進入策略。透過 API 和原生整合實現我們的生成式 AI 解決方案。充分利用我們現代化的技術和平台。利用我們獨特的金融、支付和貿易數據，進入資本市場和私募市場等高成長領域。並加倍投入市場需求高的解決方案，包括供應鏈、風險和主資料管理。我們比以往任何時候都更有準備，以滿足企業對值得信賴的全球數據和分析日益增長的需求，我們期待著以專注和決心抓住這些新機會。

So overall, we are excited about what's to come in 2025 and certainly believe that 2024 was a year of significant improvement for our company. I'm proud of our team's efforts and the strong foundation we are building for sustainable growth and profitability.

總的來說，我們對 2025 年充滿期待，並且堅信 2024 年是我們公司取得重大進步的一年。我為我們團隊的努力以及我們為可持續增長和盈利能力所奠定的堅實基礎感到自豪。

With that, I'd now like to turn the call over to Brian to discuss our financial results for 2024 and Outlook for 2025.

接下來，我想把電話交給布萊恩，讓他來討論我們 2024 年的財務表現和 2025 年的展望。

Thank you, Anthony, and good morning everyone. Today, I will discuss our fourth quarter in full year 2024 results and then our outlook for 2025.

謝謝你，安東尼，大家早安。今天，我將討論我們 2024 年第四季及全年業績，以及我們對 2025 年的展望。

Turning to slide 1, on a GAAP basis, fourth quarter revenues were $632 million or less than 1% growth compared to the prior year quarter, both after and before the effect of foreign exchange. Net income for the fourth quarter was $8 million or a diluted earnings per share of $0.02 compared to a net income of $2 million for the prior year quarter. The $6 million dollar increase in net income compared to the prior year quarter was primarily driven by lower net personnel costs, partially offset by a higher tax rate provision in the current year quarter.

翻到第 1 張投影片，以 GAAP 計算，第四季營收為 6.32 億美元，與上年同期相比成長不到 1%，無論是否考慮匯率影響。第四季淨利為 800 萬美元，稀釋後每股收益為 0.02 美元，而去年同期淨利為 200 萬美元。與去年同期相比，淨收入增加了 600 萬美元，這主要是由於淨人員成本降低，但部分被本季較高的稅率準備金所抵消。

For full year 2024, revenues were $2,382 million, an increase of 3% both after and before the effect of foreign exchange. On a full year basis, net loss was $29 million or a diluted loss per share of $0.07, compared to a net loss of $47 million for the prior year.

2024 年全年營收為 23.82 億美元，無論是否考慮匯率影響，均成長了 3%。以全年計算，淨虧損為 2,900 萬美元，即每股攤薄虧損 0.07 美元，而前一年淨虧損為 4,700 萬美元。

Turning the slide 2, I'll now discuss our adjuster results for the fourth quarter.

接下來，我將翻到第二張投影片，討論我們第四季的調整結果。

Fourth quarter adjusted revenues for the total company were $632 million or less than 1% growth compared to the prior year quarter, both after and before the effect of foreign exchange. The increase in revenues were attributable to growth in the underlying business, partially offset by the impact of a divestiture of a business to consumer business in Finland in the fourth quarter of 2023. Revenues on an organic constant currency basis were up 0.3%.

該公司第四季調整後總營收為 6.32 億美元，與去年同期相比成長不到 1%，無論是否考慮匯率影響。營收成長主要歸功於基礎業務的成長，但部分被 2023 年第四季在芬蘭剝離一家面向消費者的企業業務所抵銷。以固定匯率計算，有機收入成長了0.3%。

Fourth quarter adjusted EBITDA for the total company was $260 million a decrease of $600,000 or less than 1%, primarily due to the higher cloud infrastructure costs, partially upset by lower personnel costs. Fourth quarter adjusted EBITDA margin was 41%, a decrease of 10 basis points compared to the prior year quarter.

該公司第四季調整後 EBITDA 為 2.6 億美元，減少了 60 萬美元，降幅不到 1%，主要原因是雲端基礎設施成本較高，但部分被較低的人員成本所抵銷。第四季調整後 EBITDA 利潤率為 41%，較上年同期下降 10 個基點。

Fourth quarter adjustment to the income was $129 billion or adjusted earnings per share of $0.30 compared to $140 million or $0.32 in the prior year quarter. This was primarily due to higher tax expenses related to the impact of the introduction of Pillar 2 and higher depreciation and amortization expenses, partially offset by lower interest expense and lower foreign exchange losses in the current year quarter.

第四季營收調整為 1,290 億美元，或調整後每股收益 0.30 美元，而去年同期為 1.4 億美元，或每股收益 0.32 美元。這主要是由於引入第二支柱的影響導致稅收支出增加，以及折舊和攤銷費用增加，部分被本季度利息支出減少和外匯損失減少所抵消。

Full year revenues for the total company were $2,382 million, an increase of 3% both after and before the effect of foreign exchange compared to prior year. This increase was attributable to growth in the underlying business, partially offset by the impact of a divestiture of a business to consumer business in Finland in the fourth quarter of 2023. Revenues on an organic constant currency basis were up 3%.

該公司全年總收入為 23.82 億美元，與去年相比，無論是否考慮匯率影響，均成長了 3%。這一成長歸因於基礎業務的成長，但部分被 2023 年第四季在芬蘭剝離一家面向消費者的企業業務的影響所抵消。以固定匯率計算，有機收入成長了 3%。

Full year adjusted EBITDA for the total company was $927 million an increase of $34.4 million or 4%. Higher adjusted EBITDA was primarily due to revenue growth, partially offset by higher costs driven by cloud infrastructure and net personnel costs. Full year adjusted EBITDA margin was 39%, an increase of 30 basis points compared to the prior year. Full year adjusted net income was $429 million or adjusted diluted earnings per share of $0.98 compared to 2023 adjusted net income of $432 million or $1 per share.

該公司全年調整後 EBITDA 為 9.27 億美元，比上年增長 3,440 萬美元，增幅為 4%。調整後 EBITDA 成長主要歸功於收入成長，但部分被雲端基礎設施和淨人員成本增加所抵消。全年調整後 EBITDA 利潤率為 39%，較上年成長 30 個基點。全年調整後淨利潤為 4.29 億美元，或調整後稀釋每股收益為 0.98 美元，而 2023 年調整後淨利潤為 4.32 億美元，或每股收益為 1 美元。

Turning now to slide 3. I will now discuss the results for our two segments, North America and international.

現在請看第三張投影片。接下來我將討論我們兩個業務板塊（北美和國際市場）的表現。

In North America, revenues for the fourth quarter were $449 million, a decrease of 1.8% from prior year quarter, both after and before the effect of foreign exchange. In finance and risk, revenues were $229 million a decrease of 5% due to decreased revenue from timing throughout 2024 and our finance solutions and risk solutions coupled with the deal and delivery timing Anthony mentioned earlier, partially also set by an increase in revenue from our credibility solutions.

在北美，第四季營收為 4.49 億美元，與去年同期相比下降了 1.8%，無論是否考慮匯率影響。在金融和風險領域，收入為 2.29 億美元，下降了 5%，原因是 2024 年全年的時間安排導致收入減少，以及我們的金融解決方案和風險解決方案，再加上 Anthony 之前提到的交易和交付時間，部分原因也是由於我們的信譽解決方案的收入增加。

For sales and marketing, revenues were $219 million, an increase of 2% both after and before the effect of foreign exchange. Sales and marketing growth was primarily due to higher revenue from our master data management solutions, offsetting the impact of the exit of non-strategic partnerships that Anthony also mentioned earlier.

銷售和行銷收入為 2.19 億美元，無論是否考慮匯率影響，均成長了 2%。銷售和行銷的成長主要歸功於我們主資料管理解決方案帶來的更高收入，抵消了安東尼之前提到的退出非策略合作夥伴關係的影響。

North America fourth quarter adjusted EBITDA was $208 million, a decrease of $16 million or 7%, primarily due to lower revenues and higher cloud infrastructure costs, partially offset by lower selling and marketing expenses. Adjusted EBITDA margin for North America was 46%.

北美第四季調整後 EBITDA 為 2.08 億美元，減少了 1,600 萬美元，降幅為 7%，主要原因是收入下降和雲端基礎設施成本上升，但部分被銷售和行銷費用下降所抵消。北美地區調整後 EBITDA 利潤率為 46%。

Turning now to slide 4, I will now discuss the full year results for North America.

現在請看第 4 張投影片，我將討論北美地區的全年表現。

In North America, full year 2024 revenues were $1,672 million or 2% higher from prior year, both after and before the effect of foreign exchange. North America finance and risk for year revenues were $891 billion an increase of less than 1% both after and before the effect of foreign exchange. This was primarily due to an increase in revenue from our third party risk solutions partially offset by a net decrease of approximately 1% in revenues from our finance, government, and credibility solutions combined.

在北美，2024 年全年營收為 16.72 億美元，比上一年增長 2%，無論是否考慮匯率影響。北美金融和風險部門年度營收為 8,910 億美元，無論是否考慮匯率影響，增幅均不到 1%。這主要是由於第三方風險解決方案的收入增加，但金融、政府和信譽解決方案的收入合計淨下降約 1%，部分抵消了這一增長。

North America sales and marketing full year revenues were $781 million, an increase of 3% both after and before the effect of foreign exchange. This was primarily driven by growth from our master data management solutions, partially offset by decreased revenue from our digital marketing solutions in the exit of non-strategic partnerships.

北美銷售和行銷全年營收為 7.81 億美元，無論是否考慮匯率影響，均成長了 3%。這主要得益於我們主資料管理解決方案的成長，但部分被我們因退出非策略合作夥伴關係而導致的數位行銷解決方案收入下降所抵消。

Full year adjusted EBITDA for North America increased $3 million or less than 1% to $746 million. The increase is primarily due to revenue growth, partially offset by higher costs driven by cloud infrastructure and net personnel expenses. Full year adjusted EBITDA margin for North America was 45%, a decrease of 60 basis points to prior year.

北美全年調整後 EBITDA 成長 300 萬美元，增幅不到 1%，達到 7.46 億美元。成長主要歸功於收入成長，但部分被雲端基礎設施和人員淨支出帶來的成本上升所抵消。北美地區全年調整後 EBITDA 利潤率為 45%，較上年下降 60 個基點。

Turning to slide 5 in our international segment.

接下來請看國際部分的第五張投影片。

Fourth quarter revenues were $183 million, an increase of 6% or 5% before the effect of foreign exchange. Organic revenues on a constant currency basis increased 5.8%. Finance risk revenues were $126 million, an increase of 9% or an increase of 8% before the effect of foreign exchange. This was attributable to growth across all markets.

第四季營收為 1.83 億美元，成長 6%，未計入匯率影響則成長 5%。以固定匯率計算，有機收入成長了5.8%。金融風險收入為 1.26 億美元，成長 9%，不計外匯影響則成長 8%。這主要歸功於所有市場的成長。

Higher revenue from Europe was primarily attributable to growth and third party risk and compliance solutions in modern API solutions. Increased revenue from worldwide network alliances was primarily attributable to higher product loyalties and growth from our Asian markets, driven by growth in API solutions and local market solutions.

歐洲收入的成長主要歸功於現代 API 解決方案中的成長以及第三方風險和合規解決方案。全球網路聯盟收入的成長主要歸功於更高的產品忠誠度和亞洲市場的成長，而亞洲市場的成長又得益於 API 解決方案和本地市場解決方案的成長。

Sales and marketing revenues were $57 million are flat both after and before the effect of foreign exchange. Organic revenues increased approximately 1% due to higher revenue from worldwide network alliances driven by higher product royalties.

銷售和行銷收入為 5700 萬美元，與受匯率影響前後的收入持平。由於產品特許權使用費提高，全球網路聯盟的收入增加，有機收入增加了約 1%。

Fourth quarter international adjusted EBITDA of $58 million increased $3 million or 5%. The increase was primarily due to revenue growth from the underlying business, partially offset by higher costs driven by net personnel expenses. Adjusted EBITDA margin was 32%.

第四季國際調整後 EBITDA 為 5,800 萬美元，成長 300 萬美元，成長 5%。此成長主要歸功於基礎業務收入的成長，但部分被淨人員費用導致的成本上升所抵消。調整後 EBITDA 利潤率為 32%。

Now, turning to slide 6.

現在，請看第6張投影片。

In our international segment, full year 2024 revenues increased 6% to $709 million, both after and before the effect of foreign exchange. Organic revenues on a constant currency basis came in at 6%. International finance and risk full year revenues of $484 million, increased 8% both after and before the effect of foreign exchange. All markets contributed to growth with strong demand for API solutions and finance analytics across all regions, robust growth from third-party risk and compliance in Europe, and increased revenues from worldwide network alliances primarily through higher cross-border activity and product loyalties.

在我們的國際業務板塊，2024 年全年營收成長 6%，達到 7.09 億美元，無論是否計入匯率影響。以固定匯率計算，有機收入佔比為 6%。國際金融和風險業務全年營收為 4.84 億美元，無論是否考慮匯率影響，均成長 8%。所有市場都為成長做出了貢獻，各地區對 API 解決方案和金融分析的需求強勁，歐洲第三方風險和合規業務實現了強勁增長，全球網路聯盟的收入主要透過更高的跨境活動和產品忠誠度而增加。

International sales and marketing full year revenues of $225 million, increased 2% both after and before the effect of foreign exchange. On an organic basis, revenues grew 2.7%, primarily due to higher revenues from the UK, driven by growth in API solutions and higher revenue from worldwide network alliances driven by higher product royalties.

國際銷售和行銷全年營收為 2.25 億美元，無論是否考慮匯率影響，均成長 2%。從有機成長來看，收入成長了 2.7%，主要原因是英國的收入增加，這得益於 API 解決方案的成長；此外，全球網路聯盟的收入增加，這得益於產品特許權使用費的提高。

Full year 2024 international adjusted EBITDA was $235 million, an increase of $20 million or 9%. The increase in adjusted EBITDA was primarily due to revenue growth from the underlying business, partially offset by higher net personnel costs and higher costs related to data fees and cloud infrastructure. Adjusted EBITDA margin was 33%, an increase of 100 basis points.

2024 年全年國際調整後 EBITDA 為 2.35 億美元，成長 2,000 萬美元，成長 9%。調整後 EBITDA 的成長主要歸功於基礎業務的收入成長，但部分被更高的淨人員成本以及與資料費用和雲端基礎設施相關的更高成本所抵消。調整後 EBITDA 利潤率為 33%，成長了 100 個基點。

Adjusted EBITDA for the corporate segment in the fourth quarter was a loss of $5.9 million, an improvement of $12.4 million. The improvement in adjusted EBITDA was primarily attributable to lower net personnel costs.

第四季公司業務部門的調整後 EBITDA 虧損 590 萬美元，較上年同期改善 1,240 萬美元。調整後 EBITDA 的改善主要歸功於淨人員成本的降低。

Turn in to slide 7. Slide 7 contains the details of our capital structure as of quarter end.

翻到第7頁。第 7 頁包含截至季末的資本結構詳情。

At the end of December 31, 2024, we had cash and cash equivalents of $206 million in total principal amount of debt of $3,550 million with a weighted average interest rate of 5.8%. Currently, 90% of our debt is either fixed or hedged, and as of December 31, 2024, we have $840 million available on our $850 million revolving credit facility. Our leverage ratio was down to 3.6 times on a net basis, and the credit facility senior secured net leverage ratio was 3.1 times.

截至 2024 年 12 月 31 日，我們擁有現金及現金等價物 2.06 億美元，債務本金總額為 35.5 億美元，加權平均利率為 5.8%。目前，我們90%的債務要不是固定的，就是已對沖的。截至2024年12月31日，我們在8.5億美元的循環信貸額度中還有8.4億美元的可用額度。我們的淨槓桿比率降至 3.6 倍，信貸安排優先擔保淨槓桿率為 3.1 倍。

Moving into 2025, we expect to continue to migrate towards a target of around 3.25 times by the end of 2025. As previously communicated, we executed various interest rate swap transactions during the third quarter to manage our floating rate exposure. In the fourth quarter, we reduced the interest rate on our term loan by 50 basis points with the successful repricing. These transactions provide valuable savings and continued protection amidst the ongoing economic uncertainties.

展望 2025 年，我們預計到 2025 年底，將繼續朝著約 3.25 倍的目標邁進。正如之前所溝通的，我們在第三季執行了各種利率互換交易，以管理我們的浮動利率風險敞口。第四季度，我們透過成功的重新定價，將定期貸款利率降低了 50 個基點。在當前經濟情勢不明朗的情況下，這些交易能夠提供寶貴的節省和持續的保障。

In regard to our share repurchase program, we did not execute any share repurchases in the fourth quarter due to ongoing interest. Year-to-date, we repurchase 961,360 shares of Dun & Bradstreet common stock for $9.3 million. Net have accrued excise tax at an average of $9.71 per share. We currently have over 9 million shares remaining under our existing buyback authorization.

關於我們的股票回購計劃，由於持續的興趣，我們在第四季度沒有執行任何股票回購。今年迄今，我們已回購鄧白氏公司961,360股普通股，金額達930萬美元。Net 平均每股應計消費稅為 9.71 美元。目前，我們根據現有的回購授權，仍有超過900萬股股票剩餘。

And now turning to side 8, our outlook for 2025 is as follows.

現在翻到第 8 頁，我們對 2025 年的展望如下。

Total revenues after the effect of foreign currency are expected to be in the range of $2,440 million to $2,500 million or an increase of approximately 2.5% to 5%. This includes an assumption of a modest headwind in the first half of the year due to the effect of foreign currency related to the expected variances between the USD, EUR, GBP, and SEK.

扣除外匯影響後，總收入預計在 24.4 億美元至 25 億美元之間，或成長約 2.5% 至 5%。這包括假設今年上半年會受到外匯波動的影響，因為美元、歐元、英鎊和瑞典克朗之間預期會出現差異，帶來輕微的不利影響。

Revenues on an organic constant currency basis are expected to be in the range of 3% to 5% for the full year. Adjusted EBITDA is expected to be in the range of $955 million to $985 million. An adjusted EPS is expected to be in the range of $1.01 to $1.07.

預計全年有機收入（以固定匯率計算）將成長 3% 至 5%。調整後 EBITDA 預計在 9.55 億美元至 9.85 億美元之間。調整後的每股盈餘預計在 1.01 美元至 1.07 美元之間。

Additional modeling details underlying our outlook are as follows. We expect adjusted interest expense to be around $200 million. Depreciation in the amortization expense is expected to be in the range of $160 million to $170 million. An adjusted effective tax rate of approximately 22% to 23%. Weighted average diluted shares outstanding of approximately 438 million shares. And for CapEx, we expect approximately $145 million to $155 million of internally developed software and around $45 million of property plant equipment and purchase software.

以下是支撐我們預測的其他模型細節。我們預計調整後的利息支出約為2億美元。預計攤銷費用中的折舊額將在 1.6 億美元至 1.7 億美元之間。調整後的實際稅率約為 22% 至 23%。加權平均稀釋後流通股數約 4.38 億股。至於資本支出，我們預計內部開發的軟體支出約為 1.45 億美元至 1.55 億美元，購置固定資產和軟體支出約為 4,500 萬美元。

And while we don't give quarterly guidance, I did want to provide some color on how we expect the year to progress. As Anthony mentioned earlier, we anticipate the ongoing process to conclude in the first quarter, and while that is ongoing, expect the first quarter to be closer to the low end of our range. second and third quarter to be around the midpoint and fourth to be around the higher end of the range. We are also anticipating the deal and delivery timing shifts for Q4 '24 are offset by the 2025 revenue impact of the non-renewals of some of the non-strategic partnerships we discussed prior in the call.

雖然我們不提供季度業績指引，但我確實想就我們對今年業績發展的預期做一些說明。正如安東尼之前提到的，我們預計目前的流程將在第一季完成。在流程進行期間，預計第一季的業績將接近我們預期範圍的下限，第二季和第三季將接近中點，第四季將接近預期範圍的上限。我們也預計，2024 年第四季的交易和交付時間調整將被 2025 年收入受到的影響所抵消，這些影響是由於我們之前在電話會議中討論的一些非戰略合作夥伴關係不再續簽造成的。

We expect free cash flow conversion as a percentage of adjusted net income. Excluding the impact of the AR securitization to improve versus 2024, and a plan for capital expenditures and the cash impact of transition costs come down in 2025, allowing us to make progress towards our target of 80% conversion over the medium term.

我們預期自由現金流轉換率佔調整後淨收入的百分比。排除 2024 年 AR 證券化帶來的改善影響，以及 2025 年資本支出計畫和過渡成本的現金影響下降，使我們能夠在中期內朝著 80% 的轉換目標取得進展。

Overall, in 2025, we expect to deliver accelerated growth in organic revenues, EBITDA, net earnings, free cash flow, and a net leverage metric of around 3.25 times by year end. The team is focused on delivering against our operational and financial objectives, and we look forward to updating you on all the progress in our upcoming calls.

整體而言，我們預計到 2025 年，有機收入、EBITDA、淨利潤、自由現金流將實現加速成長，到年底淨槓桿率將達到 3.25 倍左右。團隊正專注於實現我們的營運和財務目標，我們期待在接下來的電話會議中向您報告所有進展。

With that, we're now happy to open the call for questions. Operator, will you please open up the line for Q&A?

接下來，我們很高興地向大家徵求問題。接線員，請開問答線好嗎？

(Operator Instructions)

（操作說明）

Kyle Peterson, Needham.

凱爾彼得森，尼德姆。

Wanted to start off on, I know you guys mentioned some of the distractions and certain kind of revenue pushouts due to the ongoing strategic review. How should we think about, obviously some seems like some of that's going to come in early '25, but I guess in so far have some of these distractions continued and I guess like what have you guys built into the guide based on some of with the pipeline uncertainties and and such given the ongoing process.

首先我想說的是，我知道你們提到了一些幹擾因素以及由於正在進行的策略審查而導致的某些收入減少的情況。我們該如何看待這個問題呢？顯然，有些事情似乎會在 2025 年初發生，但我想到目前為止，這些幹擾因素是否仍在持續？我想，鑑於目前的進展，你們根據管道的不確定性等因素，在指南中加入了哪些內容？

I'll start and I'll let Bryan add on to it. In terms of the distractions, certainly, some of the deals I pushed out, we've signed some, so some took longer. We have others wanting to see who could potentially acquire us. Could it be a competitor, for example, and so, they're still hanging and waiting to see.

我先開始，然後讓布萊恩補充。至於幹擾因素，當然，我推動的一些交易，我們已經簽署了一些，所以有些交易耗時更長。還有其他公司也想看看誰有可能收購我們。例如，會不會是競爭對手？所以，他們還在觀望。

I think on some of the delivery items which are more contractual, those were not as much tied at all to the process as they were, I think, to individual client budgets, and they could take a delivery in Q4 or take it in Q1 and it affected 2025 budget versus a '24 budget. So I think those, the majority of those will hit us earlier in the quarter. And so -- and the offsetting, obviously, are the partnerships that we walked away from where there's revenue impact, but obviously, EBITDA benefit.

我認為，對於一些更具合約約束的交付項目，這些項目與流程的關聯性並不強，而更多地取決於個別客戶的預算。他們可以選擇在第四季度交付，也可以選擇在第一季交付，這會影響 2025 年的預算，而不是 2024 年的預算。所以我認為，其中大部分問題會在本季初就對我們造成影響。因此——顯然，我們放棄的合作關係會對收入產生影響，但顯然也會對 EBITDA 產生影響，從而抵消了這些影響。

Yeah, Kyle, I think that's right. And what I mentioned, in my prepared remarks was, as we expect to come to conclusion with some of these concepts around the process in the first quarter, we want to be mindful of that as we built up the year and built the guide ranges that we did from that perspective.

是的，凱爾，我想你說得對。我在事先準備好的演講稿中提到，由於我們預計在第一季將對流程中的一些概念得出結論，因此我們希望在製定全年計劃和製定指導範圍時，能夠牢記這一點。

And then, I guess, just a follow up on demand for some of your current products. I know when we had supply chain issues and Russia sanctions and stuff, you guys definitely had some good demand for supply chain. One to pick your brain and see have you guys seen any uptick of as people are trying to piece together things with whether it's tariffs and that type of stuff would kind of think that you guys could be kind of the quote-unquote antidote for some tariff moving pieces and such. But yeah, how should we think about demand and any solutions that you guys have come up with in response to some of these geopolitical shifts.

然後，我想問一下關於你們現有產品的需求情況。我知道，當我們遇到供應鏈問題和俄羅斯制裁等情況時，你們對供應鏈的需求肯定很大。我想請教一下各位，你們有沒有註意到，隨著人們試圖將各種因素（例如關稅等）拼湊起來，是否有任何增長，因為大家可能會認為你們可以成為應對某些關稅變動因素的「解藥」。但是，我們應該如何看待需求，以及你們針對這些地緣政治變化所提出的任何解決方案呢？

It's a great question, Kyle. And I think the demand environment is strong for those. Certainly, the assets that we have are very much in line to address a lot of those issues and if there's tariffs with the supplier going to alternative suppliers, we're very confident with the capabilities that we have in that regard and feel good about it.

凱爾，你問得好。我認為這些產品的需求環境非常強大。當然，我們擁有的資產完全有能力解決許多這類問題。如果供應商轉向其他供應商，導致關稅問題，我們對此非常有信心，也感到非常滿意。

When you look at the actual numbers in the fourth quarter and you see the finance and risk revenues down, it's not due to demand. There's other factors that drive it. So, we have shifts from our clients so as we've done a lot of this migration, clients have migrated to our modern products and many times to our APIs, which is outstanding for us, right? There are more wired in secure, it's exactly what you want, but also the revenues become more radable. So, where they'll push out from a fourth quarter into following years.

當你查看第四季度的實際數據時，你會發現金融和風險收入下降了，這並不是由於需求下降造成的。還有其他因素在驅動它。所以，我們的客戶也發生了轉變，因為我們已經進行了很多遷移工作，客戶已經遷移到我們的現代產品，很多時候還遷移到我們的 API，這對我們來說是非常棒的，對吧？有線連線更安全，這正是你想要的，而且收入也更容易被竊取。所以，他們將從第四季開始，逐步推進到未來幾年。

Also, we had some enterprise clients that pulled forward some revenue from that segment into sales and marketing so some are very large clients that had enterprise licenses shifted it. So, that's what you're seeing in there. It's not a lack of demand, certainly in the in the risk analytics business for us. The team's excited. We've got our point of arrival products in place with finance analytics and risk analytics. Migration has done all the work with the clients on contracts and the effort to get them onto these platforms is behind us. And so, teams are very excited. I met with our sales team about really pushing forward and meeting the demand.

此外，我們還有一些企業客戶將該部分收入提前轉移到銷售和行銷部門，因此一些擁有企業許可證的大客戶也進行了轉移。所以，這就是你在那裡看到的東西。對我們來說，風險分析業務絕對不是缺乏需求的問題。團隊很興奮。我們已經部署了包含財務分析和風險分析的終端產品。遷移團隊已經與客戶完成了所有合約相關工作，讓他們遷移到這些平台上的工作也已經完成。因此，各隊都非常興奮。我與銷售團隊開會討論如何真正推動業務發展並滿足市場需求。

And Kyle, I think some of those dynamics you talked about, right, the global situation, there is a lot of uncertainty out there, and that's where we're driving our data and analytics from that perspective, our investments, as we think about private markets, as we think about capital markets, as we think about where we want to spend that CapEx which is coming down on a year-to-year basis. But a lot of that is some of transformation effort that Anthony talked about being completed so we're very bullish, I would say, in the third-party risk compliance and in a lot of master data management, both domestically and internationally and so you know, definitely an area that we're focused on.

凱爾，我認為你剛才提到的一些動態因素，例如全球局勢，確實存在許多不確定性，而這正是我們從這個角度出發，推動數據和分析、投資以及對私募市場和資本市場的思考，同時也是我們考慮如何分配逐年下降的資本支出時所關注的。但安東尼提到的許多轉型工作已經完成，所以我們對第三方風險合規和國內國際主資料管理都非常樂觀，這絕對是我們關注的領域。

George Tong, Goldman Sachs.

喬治唐，高盛集團。

Yeah, just to dive further into the timing of revenue growth, you mentioned growth in the first quarter should be closer to the low end of the range, fourth quarter should be close to the high end. Can you elaborate on some of the additional assumptions that went into that in terms of giving the shift of revenues from one year to the next and how customers may be watching D&B for any potential change of control or any other dynamics that are underpinning these assumptions.

是的，為了更深入探討營收成長的時間安排，您提到第一季的成長應該接近區間的下限，第四季的成長應該接近區間的上限。您能否詳細說明一下在考慮收入從一年到下一年的變化時，還有哪些額外的假設，以及客戶可能會如何關注鄧白氏的任何潛在控制權變更或其他支撐這些假設的動態？

Yeah, George, absolutely. When we thought about it and we spoke a little bit about it with Kyle there, as the process is ongoing and we're thinking about the timing of that right now concluding in the first quarter. We want to be mindful of that sale impact right in the timing of those closed deals because as we continue to push more and more of the radable, more and more to that durable consistent growth from that side. And so ,when we think about the flow through of sale to revenue, that's how we thought about the build up. Certainly as we head into the fourth quarter, you're going to have a comp because of some of that shift and so that was really how we were balancing out the year right from a quarterly cadence perspective.

是的，喬治，絕對的。我們仔細考慮了一下，也和凱爾稍微談了一下，因為這個過程還在進行中，我們目前正在考慮在第一季完成的時間安排。我們希望在完成交易的時機上註意到銷售的影響，因為隨著我們不斷推出越來越多的可銷售產品，這將帶來持續穩定的成長。所以，當我們考慮銷售額轉化為收入的過程時，我們就是這樣考慮成長過程的。當然，隨著我們進入第四季度，由於一些變化，你會有一個比較，所以這就是我們從季度節奏的角度來平衡全年業績的方式。

And you mentioned the exit of certain non-strategic partnerships. At this point, are the exits pretty much done and behind you, or are there additional exits you contemplate making, and can you remind me what the financial impact of these exits are and what the phasing or timing would look like over the next couple quarters?

您也提到了某些非策略性合作夥伴關係的退出。目前，退出計畫是否基本完成？或者您正在考慮進行其他退出？您能否提醒我這些退出的財務影響，以及在接下來的幾個季度中，這些退出的階段或時間安排會是什麼樣的？

Yeah, George, for the most part, I mean, I'd say we're done with these partnerships. It's not say in the future if someone wanted something unreasonable, we wouldn't have a similar conversation. Our focus here, like I say over and over, it's about making the right decisions, not the easy decisions, and certainly, not renewing, these partnerships. We try to get them to a spot that made financial sense.

是的，喬治，我的意思是，基本上，我認為我們已經結束了這些合作關係。這並不意味著將來如果有人提出不合理的要求，我們就不會進行類似的對話。正如我一再強調的，我們這裡的重點是做出正確的決定，而不是容易的決定，當然，更不是續簽這些合作關係。我們努力讓他們達到一個經濟上合理的目標。

But again, one of the factors with the process hanging over us, others know that as well, and they thought by pressing and holding the line that it would change, but like I said, we're committed to doing the right things for this business for the long term and consistent growth of it. So, I'd say to answer your question specifically, we don't see other partnerships we're looking to exit. And the revenue impact was $6 million in the fourth quarter and $14 million in 2025, but again, a positive EBITDA in '25.

但話說回來，流程問題一直懸在我們頭上，其他人也知道這一點，他們認為透過施壓和堅持立場就能改變現狀，但就像我說的，我們致力於為這家企業的長期和持續增長做正確的事情。所以，具體回答你的問題，我們目前沒有其他想要退出的合作關係。第四季營收影響為 600 萬美元，2025 年營收影響為 1,400 萬美元，但 2025 年 EBITDA 仍為正值。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

I wanted to follow up on the partnership exits. Can you give us a bit more color around what type of partnerships these were, sort of specific to what type of products were being used, and maybe like was there a competitive dynamic here sort of just what led to the exit.

我想跟進一下合作關係的退出情況。您能否更詳細地介紹這些合作關係的類型，特別是所使用的產品類型，以及是否存在競爭關係，以及最終導致退出的原因？

Yeah, Faiza, that's right. As we went into the partnership, we looked at the overall royalties right and the opportunity from that perspective. Obviously, the potential for what we could be doing from that side too, really, as we thought about the original intent, we were building out almost like a client zero right to go after more and more going forward.

是的，法伊扎，沒錯。在合作時，我們從整體版稅權利和這個角度考慮了機會。顯然，從那方面來看，我們也有很大的潛力。實際上，當我們思考最初的意圖時，我們幾乎是在建立一個客戶零基礎，以便在未來追求更多。

And so again, it didn't play out from the relationship perspective, but certainly, think that there's an opportunity to continue to pursue it from our perspective, a go forward basis. But with the bespoke costs and just the overall cost of servicing, that's where we evaluate it from that perspective and ultimately came to the conclusion that it wasn't going to work without adjusting renewal time. And while we believed that we could get that renewal done and adjusted, again, to Anthony's point, it did not come to that conclusion and so, we walked away from the deal.

所以，從關係角度來看，這件事並沒有成功，但從我們的角度來看，我們認為仍然有機會繼續朝著這個方向發展。但考慮到客製化費用和整體服務成本，我們從這個角度進行評估，最終得出結論：如果不調整續約時間，這是行不通的。雖然我們相信能夠完成續約並進行調整，但正如安東尼所說，最終並沒有達成一致，因此我們放棄了這筆交易。

And then you know, you mentioned the vertical approach to deepening client relationships and you talked about launching sort of vertical specific solutions, maybe talk a bit more about that and you know, just bring to life for us sort of how things are changing.

然後，您提到了透過垂直方式加深客戶關係，也談到了推出一些垂直領域的特定解決方案，也許可以再多談談這方面，讓我們更直觀地了解事情正在發生的變化。

Sure, it's like I said, the last step in any transformation is to go to market, right? So and I talked coming in had to stabilize the business rearchitect to build modern solutions, migrate clients and optimize their contracts, a lot of hard work to get to the spot, right? Now, we've got a number of clients who we're on like if if I think of finance analytics that replaced 1,2, 3, 4 other products that we had built in 1999, 2007, 2016, 2004 as well, right?

當然，就像我說的，任何轉型的最後一步都是進入市場，對吧？所以，我跟他們談過，我們來這裡是為了穩定業務，重新架構以構建現代化的解決方案，遷移客戶並優化他們的合同，為了達到這個目標，我們做了很多艱苦的工作，對吧？現在，我們有很多客戶，例如，如果我想到金融分析，它取代了我們在 1999 年、2007 年、2016 年、2004 年開發的 1、2、3、4 個其他產品，對吧？

So classically, I'd say what the old D&B did it have a product, it launched another product but not completely be able to sunset the previous one and then launch another, not be able to sunset the previous two. What I'm really proud of our team is that we finish things and with these other products are being sunset and our clients are now on these modern go forward platforms.

所以，傳統上，我會說以前的鄧白氏公司是這樣的：它有一個產品，然後推出另一個產品，但無法完全淘汰前一個產品，然後再推出另一個產品，卻無法淘汰前兩個產品。我真正引以為傲的是，我們的團隊完成了工作，隨著其他產品的淘汰，我們的客戶現在都使用這些現代化的未來平台。

I know that was the essence of your question, but it's so important for us like from an account management perspective, a client perspective, to get them into these spots where they're now on our point of arrival systems, more hardwired into our APIs, which is really great for the future. The verticalization is really around our ability to talk to our clients in their own language for us to bring in experts by industry so that where we had been selling before, I'd say, was more around just the quality of our data.

我知道這就是你問題的本質，但從帳戶管理、客戶的角度來看，這對我們來說非常重要，讓他們進入我們的入口系統，更深入地接入我們的 API，這對未來真的很有好處。垂直化真正體現在我們能夠用客戶自己的語言與他們溝通，並按行業引入專家，而我們先前銷售的重點，我認為，更多在於我們數據的品質。

So if I exaggerated the point, I'd say, let me show up and just test my data against anyone else's data and it's the best data you use it however you want to use it versus us walking into a bank saying, hey, I know I can lower your risk. If I lower your risk, you can lower your capital reserves and there's real savings for you. And talking at that level of expertise and then repeating it over and over again to other financial institutions, banks, insurance companies, manufacturers, TMT, etc. So, that's where we're really excited about it.

所以，如果我誇大其詞的話，我會說，讓我到場，把我的數據與任何其他人的數據進行對比，這才是最好的數據，你可以隨意使用，而不是我們走進銀行說，嘿，我知道我可以降低你們的風險。如果我降低您的風險，您就可以降低您的資本儲備，這樣您就能真正節省開支。以這種專業水平進行交流，然後一遍又一遍地向其他金融機構、銀行、保險公司、製造商、TMT（科技、媒體和電信）行業等重複這些內容。所以，這就是我們真正感到興奮的地方。

In the fourth quarter in terms of specific solutions, we worked at a national healthcare company in terms of getting more data for us to have a healthcare vertical for us to go after in the sales and marketing space as well. So those are the types of things where as we continue to shift our sales force, it's really around doing that to be more expert and to face off better with our clients around all the ways that we can help them.

在第四季度，就具體解決方案而言，我們與一家全國性醫療保健公司合作，以獲取更多數據，以便我們能夠在銷售和行銷領域開拓醫療保健垂直市場。所以，隨著我們不斷調整銷售團隊，我們真正想要做的就是變得更專業，更好地與客戶溝通，幫助他們解決各種問題。

Ashish Sabadra, RBC.

阿什什·薩巴德拉，RBC。

I was just wondering if you could provide any color on the strategic review process with their, what options are on the table? Would you also consider divesting individual businesses, or is it mostly around taking it private? And also, if possible to comment on a recent Bloomberg article?

我只是想了解一下您能否就他們的戰略審查流程提供一些信息，目前有哪些方案可供選擇？您是否也會考慮剝離個別業務，還是主要以私有化為主？另外，能否就彭博社最近的一篇文章發表一些評論？

Obviously, I need to keep my comments limited here. What I will share with you is that there's -- we're not pigeonholed into one structure or idea in this process. There are a number, we've met with a number of different organizations, I'd say consistently, impressed with the dramatic improvements that we've made in the business, the quality of the assets here. I'd say the consistency of the delivery, the strength of the team and of the decision making. So I feel those would be some of the more general comments I can think of off the top of my head from the companies that we've met with.

顯然，我在這裡需要盡量少發表評論。我想和大家分享的是，在這個過程中，我們不會被侷限在單一的結構或理念中。我們已經與許多不同的組織會面，可以說，他們都對我們業務的巨大進步以及我們這裡的資產品質印象深刻。我認為關鍵在於交付的穩定性、團隊的實力和決策能力。所以我覺得這些是我能立刻想到的，與我們會面過的公司的一些比較普遍的評價。

But it's not -- and obviously, I can't comment on the Bloomberg article. But what I'd say is there are --our Board is open to creating the most shareholder value and whatever that looks like is, it is certainly on the table.

但事實並非如此——顯然，我無法對彭博社的文章發表評論。但我想說的是——我們的董事會願意創造最大的股東價值，無論這具體意味著什麼，我們都在考慮範圍內。

And Ashish, while some of the businesses that we spoke about before, sorry to interrupt you there, credibility actually had a good quarter. We continue to monitor that asset and the same with digital marketing start to see it turn around and turn slightly positive in the quarter too.

阿什什，雖然我們之前談到的一些企業（抱歉打斷一下）的信譽實際上在本季度表現不錯。我們持續關注該資產，數位行銷方面也開始出現好轉，並在本季略有好轉。

That being said, we're looking at the portfolio and you know, so you have a bigger process as Anthony mentioned, ongoing, but you know, we have been engaged in dialogue looking at and and continuing to have the strategic discussion around which assets fit in and and which ones would be good to best your candidates from that perspective. That's just always how we think about the business and continue to operate from that side of she.

話雖如此，我們正在審視投資組合，正如安東尼所提到的，這是一個更大的過程，仍在進行中。我們一直在進行對話，研究並繼續就哪些資產適合以及從這個角度來看哪些資產最適合您的候選資產進行策略性討論。我們一直以來都是這樣看待業務的，並且會繼續從這個角度出發進行營運。

Maybe just on the business itself, I was just wondering if you could discuss the pipeline and the demand environment. How is the sales pipeline compared to last year and any comment on the sales cycle? Have you seen any changes in the sales cycle process?

或許就業務本身而言，我只是想請您談談產品線和需求環境。與去年相比，銷售通路情況如何？對銷售週期有何看法？銷售週期流程中是否出現任何變化？

Sure. I'd say from a pipeline perspective and demand perspective, I'd say it's been consistent. But like I said, really what we saw in Q4 and we still see something in Q1 is some impact from the process, right? And just some client hesitation, and look, candidly, I'd say employee concern as well, right? Let's no imagine that all the employees in our company are just 100% at work every day.

當然。從管道供應和需求角度來看，我認為情況一直很穩定。但就像我說的，我們在第四季度看到的，以及我們在第一季仍然看到的，都是這個過程帶來的一些影響，對吧？還有一些客戶猶豫不決，坦白說，我認為員工也有所擔憂，對吧？我們不能假設公司所有員工每天都百分之百投入工作。

What I would say is they are probably more than average of other companies in this place. It's a remarkable, talented group of colleagues I have here. But there is an impact and there is some hesitation. There is, I'd say, some distraction from it, but make no mistake about it, the assets that we have, the capabilities that we have resonate in the market, and like I said, we hope to get to announce in Q1, the output from the process and get on to running the business.

我想說的是，他們可能比本地其他公司的平均水平要高。我這裡有一群非常優秀、有才華的同事。但確實產生了一定影響，也存在一些猶豫。我認為，這其中確實存在一些幹擾因素，但毫無疑問，我們擁有的資產和能力在市場上引起了共鳴，正如我所說，我們希望在第一季度公佈該流程的成果，並繼續開展業務。

But I'd also say on the AI side, even more specifically, that's something, I think of two tailwinds, being over the hump of this tremendous transformational effort, the client impacting side, which is very difficult for anyone that's been through these before and been through a number of them. It's a tailwind to have that behind us and just have to go forward.

但就人工智慧方面而言，更具體地說，我認為有兩個有利因素：一是克服了這場巨大變革努力的難關，二是影響客戶方面，這對任何經歷過此類變革，尤其是多次變革的人來說，都是非常困難的。有了這些優勢在身後，我們就像順風一樣，只需要勇往直前。

The other big tailwind, I think, is AI. We've sold around 25 of our ChatD&B already. The team's just launched it. There's excitement from our clients on it. The demand is very strong. Clients want to, like I said, deliver their first party data to us to combine it with ours and for our chat to be to leverage the combination of it. But again, for anyone that really understands the space, the quality and the accuracy of the data matters a significant amount for the types of outcomes that you're looking for from these AI models, and that's where we have extreme confidence in terms of what we've built here and how we're positioned for that world.

我認為另一個巨大的利多因素是人工智慧。我們的 ChatD&B 已經售出了大約 25 台。團隊剛剛發布了它。我們的客戶對此感到非常興奮。需求非常強勁。正如我所說，客戶希望將他們的第一方數據提供給我們，以便我們將其與我們的數據結合起來，並利用這些組合數據進行聊天。但話說回來，對於真正了解這個領域的人來說，數據的品質和準確性對於你希望從這些人工智慧模型中獲得的結果類型至關重要，而這正是我們對我們所構建的東西以及我們在這個領域所佔據的位置充滿信心的地方。

Patrick O'Shaughnessy, Raymond James.

Patrick O'Shaughnessy，Raymond James。

What percentage of your revenue comes from contract structures tied to deliveries and usage, and can you quantify how you're progressing and moving away from that model?

您的收入中有多少百分比來自與交付和使用相關的合約結構？您能否量化您在擺脫這種模式方面取得的進展？

So if you think about just the daily radical revenues, they've traditionally been about 75% of the business, about 15% of the businesses on delivery, and then really that last 10% is more, I would say usage-based. Some of that usage based, Patrick, as Anthony mentioned, is still guaranteed within a 12-month period. Some of it is more variable as we've discussed right around the digital marketing side.

所以，如果你只考慮每日的直接收入，它們傳統上佔業務的 75% 左右，配送業務佔業務的 15% 左右，而剩下的 10% 則更多地是基於使用情況的。正如安東尼所提到的，帕特里克，其中一些基於使用情況的優惠仍然在 12 個月內得到保證。正如我們剛才在數位行銷方面討論的那樣，其中一些因素更具可變性。

And so as we progress right through these migrations, as we're getting more on to FA on to RA, we're also seeing is more uptake on the direct plus and in the API side of that equation. So we had a customer, for instance, in the fourth quarter, that shifted right from what was a I think either a semiannual or annual delivery to an API that literally you know pushed their entire agreement into the 2025, right? And so you know from from that side, I think what we're seeing is more that delivery side, that usage side where it's you know roughly 25%.

因此，隨著我們逐步完成這些遷移，隨著我們更多地轉向 FA 和 RA，我們也看到直接購買和 API 的採用率也不斷提高。例如，我們在第四季度有一位客戶，他們從之前的半年或年度交付方式，直接轉變為 API 交付方式，這使得他們的整個協議期限推遲到了 2025 年，對吧？所以從這個角度來看，我認為我們看到的更多是交付方面，也就是使用方面，大約佔 25%。

Again, while it's guaranteed, it causes a lot of choppiness quarter to quarter because every contract doesn't start January 1 and ends December 31. So, as we're migrating more through, I think you'll start to see that shifts more from, call it 25, 75, initially maybe in the more 80, 20. And over time, we'll look to push that even further up, to obviously, a target would be more in the 85% to 90% range.

雖然這是有保障的，但由於並非每份合約都從 1 月 1 日開始，到 12 月 31 日結束，因此每季都會出現很大的波動。所以，隨著我們遷移的深入，我認為你會開始看到這種轉變，比如說從 25、75 開始，最初可能是 80、20 左右。隨著時間的推移，我們會努力將這個數字進一步提高，顯然，目標會在 85% 到 90% 的範圍內。

And then your North America adjusted EBITDA margin 44.6% in 2024, down 60 basis points year over year and down about 300 basis points from the peak in 2021. How are you thinking about margins in North America going forward?

然後，預計2024年北美調整後EBITDA利潤率為44.6%，年減60個基點，比2021年的峰值下降約300個基點。您如何看待北美市場未來的利潤率？

Yeah, Patrick, this is always an interesting one because I think we've discussed it too, when we invest in data, when we're investing in the data supply chain and some of the cloud, efforts we're making from that perspective when we're innovating new solutions, a lot of that comes out of North America and is burdened into that North America P&L. So you know from our overall management right of the expense space, we first looked at holistic Dun & Bradstreet. And then, of course, look at the direct costs into each of North America in international and then you know try to allocate from from that side.

是的，帕特里克，這始終是一個有趣的話題，因為我認為我們也討論過這個問題。當我們投資數據、投資數據供應鏈和一些雲端技術時，我們從這個角度出發，在創新解決方案時所做的努力，很多都來自北美，併計入了北美的損益表。所以，從我們對費用領域的整體管理角度來看，我們先檢視了鄧白氏的整體情況。當然，接下來也要查看北美和國際市場的直接成本，然後試著從這方面進行分配。

So you know as we think about North America, the migrations are largely complete. As Anthony discussed, we're through a lot of the cloud migration effort and so, now it's really scaling up and continuing to drive sales off the back of that. So I think overall, for the company you see this year, 30 to 50 basis points of margin expansion from that side, potentially a little bit north of there. And you know we've made, I think, the right level of investment into North America into the business overall where we can start to see the scale in the flow through those revenues on a go forward basis.

所以你知道，當我們想到北美時，人口遷徙基本上已經完成了。正如 Anthony 所說，我們已經完成了大部分雲端遷移工作，現在正在真正擴大規模，並在此基礎上繼續推動銷售。所以我認為總體而言，對於該公司今年而言，利潤率可能會比之前提高 30 到 50 個基點，甚至可能更高一些。我認為，我們已經對北美市場進行了適當的投資，對整個業務而言，我們已經開始看到這些收入在未來持續成長的規模。

Andrew Steinerman, J.P. Morgan.

Andrew Steinerman，摩根大通。

Going back to a prior error, the software alliances were important challenges for D&B sales and marketing data. After these two partnership exits, which software partnerships remain kind of priority channels for D&B software, I mean for sales and marketing solutions. Because it does seem to me, maybe you'll let me know if D&B is really just taking a much more go to direct clients approach and not as reliant on software partners.

回到先前的錯誤，軟體聯盟對鄧白氏的銷售和行銷數據來說是一個重要的挑戰。在結束這兩項合作關係之後，哪些軟體合作關係仍然是鄧白氏軟體（即銷售和行銷解決方案）的優先管道？因為在我看來確實如此，或許您可以告訴我，鄧白氏是否真的採取了更直接面對客戶的方式，而不再那麼依賴軟體合作夥伴。

We are in fact doing that and if you think about stepping back from it all, we had this worldwide network concept as well and relying on them. Well, we acquired the one of the largest with Bisnode and doing more ourselves. And obviously, in every aspect of what we do, we're seeing the ability for us to do more ourselves where an alliance works and is complementary and helpful.

事實上，我們正​​在這樣做。如果你退後一步思考，我們也有這樣的全球網路概念，並且依靠他們。我們收購了 Bisnode，這是業內最大的公司之一，而且我們自己也在做更多的事情。顯然，在我們所做的每一件事中，我們都看到了自己能夠做更多事情的能力，而聯盟則能起到互補和幫助的作用。

Look, we're -- we want to get help from everybody, right? And where it makes financial sense, obviously, it's in our best interest to do that. But certainly, our own capability to go to market is strong. We've seen master data management continue to perform well as we've engaged with clients directly. We've seen the quarter, our sales acceleration was up, with the highest it's been in many quarters, just over 3%. So yes, I'd say we're very open to alliances with the ones that are very complimentary and make financial sense, but also, we're seeing more and more of a capability for us to go direct and to leverage our direct relationships that we have.

你看，我們——我們想得到所有人的幫助，對吧？顯然，如果這樣做在經濟上是合理的，那將符合我們的最佳利益。但可以肯定的是，我們自身的市場拓展能力非常強。我們與客戶直接溝通後發現，主資料管理持續表現良好。我們已經看到本季度銷售額加速成長，達到了近幾個季度以來的最高水平，略高於 3%。所以，是的，我認為我們非常樂意與那些與我們互補且在財務上合理的伙伴結盟，但同時，我們也越來越傾向於直接合作，並利用我們現有的直接關係。

Yeah, Andrew, I think that's been important, right, is the investments that we've made, right, in making sure that we're taking advantage of our full capabilities and opportunities and then garnering those economics more to D&B than otherwise.

是的，安德魯，我認為這一點很重要，對吧，那就是我們所做的投資，確保我們充分利用自身的能力和機遇，然後讓鄧白氏比其他公司獲得更多的經濟效益。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Hey, this is Brendon on for Manav. I just want to ask just to clarify the distraction point you were talking about, is that how much of it was just clients who they won't sign or start new contracts until the process is done versus how much is the internal dynamic you were talking about. And then, just any thoughts on any incremental potential risk there and in Q1.

大家好，我是 Brendon，為您報道 Manav。我只是想問一下，澄清一下你提到的干擾點，是指有多少是因為客戶在流程完成之前不願簽署或開始新合同，還是指你提到的內部動態。然後，對於第一季可能出現的任何新增風險，您有什麼想法嗎？

The $9 million that we called out was really big. Clients are net new in the prospects were we're looking to sign on that are holding off waiting to either get more information and wait and see. Like I said, we've signed some in the first quarter already, some that just needed a lot more handholding and confirmation, and others that really do want to see who could the potential competitors own us and obviously, they want to wait and see that. I don't have the breakdown of how to describe that.

我們提到的900萬美元確實是一筆巨款。我們正在尋求簽約的新客戶目前仍在觀望，等待更多資訊並觀望。正如我所說，我們在第一季已經簽了一些合同，其中一些需要更多的指導和確認，而另一些則真的想看看潛在的競爭對手是誰，顯然，他們想等等看。我不知道該如何具體描述。

But also in the first part of your question, that's kind of what we factored into the guidance that we've provided, there is some risks still. For those that have been through something like this, there's a lot that's going on. It's not -- the reason I put my prepared remarks, obviously, since we are full years of being public, our quarters have all been 3% to 4%. Even with the inherited headwinds that we took on, it was always like 3 or 4%, and it had been the first three quarters of this year. This fourth quarter was was disruptive. And I imagine you'd understand that the disruption that causes, client base causes with us, obviously, and our colleagues here, but we factored to what we thought the accurate distraction factor would be in the Q1.

但就你問題的第一部分而言，這正是我們在提供的指導中考慮到的，仍然存在一些風險。對於那些經歷過類似事情的人來說，有很多事情正在發生。顯然，我之所以發表事先準備好的發言稿，是因為我們已經上市多年，每季的業績都只有 3% 到 4%。即使考慮到我們面臨的既有不利因素，成長率始終只有 3% 或 4%，而且這種情況已經持續了今年的前三個季度。第四季情勢動盪不安。我想您應該能理解，這會給我們的客戶群以及我們的同事帶來怎樣的干擾，但我們已經考慮到了我們認為第一季準確的干擾因素。

Craig Huber, Huber Research Partners.

Craig Huber，Huber Research Partners。

You've said in the past you think you can get this business to 5% to 7% organic growth. I think more recently earlier last year before this process started, you thought eventually you could get it to over 7% and stuff. Do you still think that's the case and and how long do you think it might take?

你之前說過，你認為你可以讓這家企業達到 5% 到 7% 的自然成長率。我認為就在去年年初，在這個過程開始之前，你還認為最終可以把它提升到 7% 以上等等。你仍然認為情況就是這樣嗎？你覺得可能需要多久？

I do believe that we can do that, and I say our team believes that we can grow in the 5% to 7% range, ourselves. And what I'd say is, let us live in that range for a while before we talk about going above that range.

我相信我們能做到這一點，而且我認為我們團隊相信我們自己能夠達到 5% 到 7% 的成長。我的建議是，讓我們在這個範圍內維持一段時間，然後再討論突破這個範圍的問題。

But certainly, if you can imagine the amount of transformative work that was done here and work with our clients getting to a spot where you know we had 4 products, now we have 1. So imagine as you get a new data set and the work to put that into 4 different products versus putting it into one, right? The effort's been significant and so now with that effort that we can put towards just moving things forward, do we think we can get to 5% to 7%? Yeah, we absolutely do.

但當然，如果你能想像我們在這裡所做的變革性工作，以及與客戶的合作，使我們從最初的 4 種產品，變成了現在的 1 種產品，你就會明白我們所做的工作有多麼巨大。想像一下，如果你得到一個新的資料集，將其轉化為 4 個不同的產品，而不是將其轉化為一個產品，那會是怎樣一番景象？我們已經付出了巨大的努力，現在我們可以把這些努力投入到推動事情向前發展中，我們認為我們能達到 5% 到 7% 嗎？是的，我們絕對有。

And from issues that we've seen in the business, right, we talked about credibility, talked about digital marketing, the market you know, come back with digital marketing, which is great. The team's done a great job on the credibility side. They had a great quarter, the work that they're doing, with the money back guarantee offer that we had mentioned before is really resonating. The team's got a lot of momentum selling hard, so we're on a nice journey.

從我們在業務中看到的問題來看，我們談到了信譽，談到了數位行銷，你知道，市場又回到了數位行銷，這很棒。團隊在提升信譽度方面做得非常出色。他們本季業績非常出色，他們所做的工作，以及我們之前提到的退款保證，都引起了強烈的迴響。團隊銷售勢頭強勁，所以我們正走在一條不錯的道路上。

Like I said, the process, stuck a stick in our wheels and impacted us a bit here, right? And so long term, yeah, we do believe that and it's obviously not going to be this year, where we guided, right. Unless, we get to the high end of the range, which would be the low end of this range you're asking about, but certainly, that's what our expectation is.

正如我所說，這個過程給我們造成了一些阻礙，對我們產生了一些影響，對吧？所以從長遠來看，是的，我們確實相信這一點，但顯然今年不會像我們之前預測的那樣，對吧。除非我們達到這個範圍的高端，也就是你問的這個範圍的低端，但當然，這正是我們的預期。

I mean, on that front though, how I know it's been a long turnaround. For many years and you guys have done a very admirable job here what you've done here since 2019, but you don't think it's going to happen this upcoming year here. You do think eventually, we get to the 5% to 7% and then, we potentially talk about higher than 7% down the road there. But how long more do you think it has it's going to take here? I mean how much more effort do you need to change as you have to make it the company the go to market strategy, etc. And how many more years do you honestly think it could take you? We're talking 3+ years from now?

我的意思是，就這一點而言，我知道這已經是一個漫長的轉變過程了。多年來，你們在這裡的工作非常出色，自 2019 年以來你們在這裡所做的一切都令人欽佩，但你們認為明年不會再發生了。你認為最終我們會達到 5% 到 7%，然後，我們或許會在未來的某個時候討論高於 7% 的比例。但你認為還要多久才能結束？我的意思是，為了將公司納入市場策略等等，你還需要付出多少努力才能做出改變？你真的認為還需要幾年才能實現？我們說的是三年以後嗎？

Yeah, obviously, not looking to the 2026 guidance here, but it's certainly -- we certainly don't believe it'll take 3 years, Craig, and from the amount of effort and transformation. But what we saw in our international markets was we started there first with the migrations and had the team all focused on those clients, getting the products ready, migrating the clients to it. And we picked international first with with Bisnode where we had migrations to do regardless where we focused on that first, got it working from there, moved the FA migrations to North America. And what we saw was, as we moved them, as they're all on our nextgen products, the growth rate accelerated internationally, and that's what we expect to happen in North America with finance and analytics.

是的，顯然，我們這裡不是指 2026 年的指導意見，但可以肯定的是——我們當然不認為這需要 3 年時間，克雷格，而且從所需的努力和變革來看，這肯定不需要 3 年。但我們在國際市場上發現，我們先從遷移入手，讓整個團隊專注於這些客戶，準備好產品，並將客戶遷移到新產品。我們首先選擇了 Bisnode 的國際遷移服務，因為我們需要進行遷移，無論我們首先關注的是什麼，我們都先從那裡入手，讓它運行起來，然後將 FA 遷移轉移到北美。我們看到，隨著我們將它們遷移到我們的下一代產品中，國際成長速度加快了，我們預計這種情況也會在北美的金融和分析領域發生。

While we were migrating internationally to finance analytics, we're doing North America with risk analytics. We saw we moved them off of supplier risk manager to risk analytics. We saw an acceleration of growth in the risk business. So naturally, we do believe that we will get to the 5% to 7% range, it won't be 3, and it won't take 3 years.

在我們向國際金融分析領域轉型的同時，我們正在北美開展風險分析業務。我們發現，我們已將他們從供應商風險管理部門轉移到風險分析部門。我們看到風險業務的成長速度加快。所以，我們自然相信我們會達到 5% 到 7% 的水平，不會是 3%，也不會需要 3 年。

Obviously, your stock and other stocks in the sector and other sectors as well, I mean, organic growth in the day to just drives the stock and stocks and so forth. If you really do truly believe you're going to get the 5% to 7%, it be less than 3 years from now, why are you entertaining selling the company now? Why is it taking so long rather than just conclude this months ago and just go forward here to get where you think you're going to get 5% to 7% because the stock will take care of itself.

顯然，你的股票以及該行業和其他行業的股票，我的意思是，日常的自然成長會推動股票價格上漲等等。如果你真的相信你能在不到 3 年的時間內獲得 5% 到 7% 的收益，為什麼現在就要考慮出售公司？為什麼花了這麼長時間，而不是幾個月前就結束這件事，然後繼續推進，達到你認為的 5% 到 7% 的收益目標，因為股票本身就會保持良好的表現。

In theory, if you can get the 5% to 7%, let alone if you get higher than that, so particularly for multiple years and so forth, why are you entertaining this process now? Why didn't you just -- if the price wasn't agreeable from your perspective, that your Board of Directors thought right up front the first month or two, and I realized this press release came out August 5. I don't know how long you guys were dealing with this before that and so forth, but why is this going on for so long?

理論上講，如果你能達到 5% 到 7% 的收益率，更不用說更高了，尤其是連續多年如此，你現在為什麼要考慮這個過程？如果價格從你的角度來看不合適，為什麼你不直接——你的董事會在前一兩個月就這麼認為了，而且我意識到這份新聞稿是在 8 月 5 日發布的。我不知道你們之前處理這個問題有多久了，等等，但是為什麼這個問題會持續這麼久？

Why did you let it go on for so long, you and your Board, rather than just if you want anything, you get the 5% to 7%, there's the disconnect here. I know you have major shareholders perhaps that wanted to move on with their lives and stuff, maybe you guys do as well, but I'm just trying to figure out here. I know we're in a public domain here, but I'd be remiss if I didn't ask you these questions right now.

為什麼你和你的董事會讓這種情況持續了這麼久？為什麼不直接說“如果你們想要什麼，就給5%到7%”，這就是問題所在。我知道你們可能有一些主要股東想要繼續他們的生活等等，也許你們也是這樣，但我只是想弄清楚這件事。我知道我們現在是在公共場合，但我現在如果不問你這些問題，那就太失職了。

I'll share with you what I can. We never put a for sale sign on. Other companies approached us, and again, our Board felt its fiduciary responsibility to listen to those conversations. And as we did, others have come forward and there's some interesting ones and interesting combinations and that's why, like I said, we've been entertaining them. So obviously, I can't speak much more on the subject, but what I would say is, this began as us responding to inquiries, and we've had obviously a number of very interesting conversations with a lot of different organizations and types of organizations.

我會盡我所能與你分享。我們從不掛出售牌。其他公司也曾與我們接洽，而我們的董事會再次感到有義務傾聽這些洽談。就像我們所做的那樣，其他人也紛紛站了出來，其中有一些很有趣的想法和組合，所以，就像我說的，我們一直在考慮這些想法。顯然，我不能就此話題多說，但我想說的是，這一切始於我們對各種詢問的回應，而且我們顯然已經與許多不同的組織和各種類型的組織進行了許多非常有趣的對話。

And I'm not showing any further questions at this time. I turn on the call back over to Anthony Jabbour for closing comments.

我目前不會再提出其他問題。我把電話轉回給 Anthony Jabbour，請他做總結發言。

All right, thank you. As always, I'd like to thank my Dun & Bradstreet colleagues for their exceptional efforts and to our great clients for their partnership and guidance. Thank you for your interest in Dun & Bradstreet. Hope you have a great day.

好的，謝謝。一如既往，我要感謝鄧白氏的同事們付出的卓越努力，以及我們偉大的客戶的合作與指導。感謝您對鄧白氏的關注。祝你今天過得愉快。

Ladies and gentlemen, that conclude today's presentation. You may now disconnect and have a wonderful day.

女士們、先生們，今天的演講到此結束。現在您可以斷開連接，祝您度過美好的一天。