Pearson PLC (PSO) 2022 Q4 法說會逐字稿

Good morning, everyone, and welcome to Pearson's 2022 full year results. Today, we'll host a presentation followed by a Q&A session. (Operator Instructions) And as a reminder, please, can you put your phones on silent. And with that, I'll hand over to Andy.

大家早上好，歡迎來到 Pearson 的 2022 年全年業績。今天，我們將主持一場演講，然後是問答環節。 （操作員說明）請提醒一下，你能把手機調成靜音嗎？有了這個，我會交給安迪。

Thanks a lot, Jo, and welcome to everyone here in the room and for you joining online, many thanks for joining our full year results and strategy presentation. As usual, I'm here with Sally, and it's great also to have my full leadership team with me here today with the exception of Marykay Wells, who unfortunately had knee surgery last week and was unable to travel. Whilst you'll hear from the divisional presidents in due course, I do want to acknowledge the whole team that you see behind me because what we're building and what you're going to see today is truly a team effort.

非常感謝，喬，歡迎來到這裡的每個人，並歡迎您在線加入，非常感謝您參加我們的全年業績和戰略演示。和往常一樣，我和 Sally 一起來，今天我的整個領導團隊也和我一起來也很棒，但 Marykay Wells 除外，她上週不幸接受了膝蓋手術，無法出差。雖然你會在適當的時候聽到部門總裁的消息，但我確實想感謝你在我身後看到的整個團隊，因為我們正在建設的以及你今天將要看到的是真正的團隊努力。

I also want to take the opportunity to thank Mr. Modesty, Tim Bozik, for over 39 years of service at Pearson. Now Tim was set to retire at the end of last year, but such is his commitment to this company and to what we're building, he's agreed to stay on to help both me and to partner with Lynne in building the next iteration of Pearson+, and you'll be able to see that outside for those of you here in the room after this presentation.

我還想藉此機會感謝 Modesty Tim Bozik 先生在 Pearson 服務超過 39 年。現在 Tim 準備在去年年底退休，但這是他對這家公司和我們正在建設的承諾，他同意留下來幫助我並與 Lynne 合作建設 Pearson+ 的下一個迭代，在本次演示後，您將能夠在房間里為在座的各位看到外面的情況。

Now this morning, you're going to hear about some significant strategic and operational progress we made last year, which has strengthened our foundations for a future of sustainable growth. At the start of 2022, I identified 4 clear priorities for Pearson: firstly, deliver sales and profit growth; secondly, increase our focus on execution, quality and trust. We want to embed customer and consumer insights across the whole company; and finally, scale and grow Pearson+.

今天上午，您將聽到我們去年取得的一些重大戰略和運營進展，這些進展加強了我們未來可持續增長的基礎。在 2022 年初，我為 Pearson 確定了 4 個明確的優先事項：首先，實現銷售和利潤增長；其次，更加註重執行、質量和信任。我們希望將客戶和消費者的洞察力融入整個公司；最後，擴展和發展 Pearson+。

Now the results that we announced today demonstrate the strong momentum that we've been building over the past 24 months. For a second consecutive year, our financial performance was ahead of our expectations, with sales growing by 5% and operating profits increasing by 11% to GBP 456 million. Now this reflects excellent progress across the group, driven by our strategic initiatives. Our strategy centers around a lifetime of learning. A major focus last year was to enhance the interconnectivity between our divisions, making more parts of Pearson more relevant to each other while driving financial and operational benefits.

現在，我們今天宣布的結果證明了我們在過去 24 個月中一直在建立的強勁勢頭。我們的財務業績連續第二年超出預期，銷售額增長 5%，營業利潤增長 11%，達到 4.56 億英鎊。現在，這反映了在我們的戰略舉措的推動下，整個集團取得了出色的進展。我們的戰略以終生學習為中心。去年的一個主要重點是加強我們部門之間的相互聯繫，使 Pearson 的更多部分彼此更加相關，同時推動財務和運營利益。

Our business model is now moving from stand-alone products to connected learning applications centered around the trusted relationships we're creating with consumers. In 2022, we delivered on those priorities and evolved our overall proposition. We've also been adding new capabilities and market opportunities through the acquisitions of Mondly, Credly and the recent decision to acquire PDRI. We saw significant growth in Pearson+ paid subscriptions. And just last month, we received Canadian government approval for our Pearson Test of English.

我們的業務模式現在正從獨立產品轉向以我們與消費者建立的信任關係為中心的互聯學習應用程序。 2022 年，我們兌現了這些優先事項並改進了我們的總體主張。我們還通過收購 Mondly、Credly 以及最近收購 PDRI 的決定增加了新的能力和市場機會。我們看到 Pearson+ 付費訂閱量顯著增長。就在上個月，我們的 Pearson 英語考試獲得了加拿大政府的批准。

We've also been hard at work on our workforce skills talent investment platform and exciting innovations in our English products, and these are just some of the ways we're moving Pearson forward. As we do all of this, we're growing our universe of consumer relationships. Last year, our products and services impacted the lives of around 160 million global users. While we continue to serve the full spectrum of learning institutions, the workplace is now the heart of many people's learning journey.

我們還一直致力於我們的勞動力技能人才投資平台和我們英語產品的激動人心的創新，這些只是我們推動 Pearson 前進的一些方式。當我們做所有這一切時，我們正在擴大我們的消費者關係領域。去年，我們的產品和服務影響了全球約 1.6 億用戶的生活。在我們繼續為各種學習機構提供服務的同時，工作場所現在是許多人學習之旅的中心。

Throughout today's presentation, you'll hear about the central role credentials in a lifetime of learning, be that a college degree or increasingly workplace skilling. Enterprise learning has become foundational to Pearson and is more important than ever to our future. We now have more than 2,000 enterprise learning clients. Increasingly, when employers need trusted workplace learned solutions, they think of Pearson.

在今天的整個演講中，您將了解到在一生的學習中發揮核心作用的證書，無論是大學學位還是越來越多的工作技能。企業學習已成為 Pearson 的基礎，對我們的未來比以往任何時候都更加重要。我們現在擁有 2,000 多家企業學習客戶。當雇主需要可信賴的工作場所學習解決方案時，他們會越來越多地想到 Pearson。

(presentation)

（推介會）

Now this part of our business is and will continue to be subject to strategic investment. As you'll see today, the capabilities of Faethm and Credly are coming together in a product with the potential to accelerate the growth of our workforce skills division. In addition, we continue to expand our Pearson View offerings, and we're capitalizing on the demand for English as a gateway to employment.

現在我們的這部分業務正在並將繼續受到戰略投資。正如您今天將看到的，Faethm 和 Credly 的功能在一個產品中融合在一起，有可能加速我們勞動力技能部門的發展。此外，我們繼續擴大我們的 Pearson View 產品，我們正在利用對英語的需求作為就業的門戶。

Beyond our workforce offerings, the progress of Pearson+ continues to point to an exciting future. In calendar year 2022, our first full year in market, Pearson+ had 600,000 paid subscribers and 4.8 million registered users. As many of you know, while we started Pearson+ with eTextbooks, the additions of channels content covering subjects beyond higher education, you're going to see us start to expand our total addressable market beyond institutional higher education and into enterprise learning on a global basis.

除了我們的勞動力產品之外，Pearson+ 的進步繼續指向一個令人興奮的未來。在 2022 日曆年，即我們進入市場的第一個完整年度，Pearson+ 擁有 60 萬付費用戶和 480 萬註冊用戶。正如你們許多人所知，雖然我們以電子教科書開始 Pearson+，增加了涵蓋高等教育以外學科的頻道內容，但你們將看到我們開始將我們的總體目標市場擴展到機構高等教育之外，並進入全球範圍內的企業學習.

Now I found it really interesting that since launch last August, Pearson+ channels have been viewed by learners in over 170 countries, demonstrated great product market fit and presenting a big opportunity, given that we haven't even actively marketed the offering outside of the United States. So as you can see, 2022 has been a year of extraordinary momentum. The level of activity around the business is unprecedented, but it's also focused and better executed. Pearson is in a strong position to capture the opportunities in front of us. Now shortly, you'll hear from our divisional presidents. Each of them will take you through the significant progress they've made in the last 12 months and explain their plans for the future. But first, I'll hand over to Sally for our financial performance and expectations.

現在我發現非常有趣的是，自去年 8 月推出以來，Pearson+ 頻道已被 170 多個國家/地區的學習者觀看，證明了產品市場契合度很高，並提供了一個巨大的機會，因為我們甚至還沒有在美國以外積極營銷產品狀態。因此，正如您所見，2022 年是勢頭非凡的一年。圍繞業務的活動水平是前所未有的，但它也集中且執行得更好。 Pearson 處於有利地位，可以抓住我們面前的機遇。現在很快，你會聽到我們部門總裁的消息。他們每個人都會向您介紹他們在過去 12 個月中取得的重大進展，並解釋他們對未來的計劃。但首先，我會把我們的財務業績和預期交給莎莉。

Thanks, Andy. Hi, everyone. I'll walk you through the detail in a bit. But in summary, we've had a great 2022 and are on our way to achieving the 2025 commitments that we made last year. We saw continuing momentum in 2022 with 5% sales growth and profit up 11% to GBP 456 million. EPS increased 48% to 51.8p given this increase in operating profit and the changes in tax and interest that I highlighted at Q1 last year as well as lower issued shares because of our share buyback.

謝謝，安迪。大家好。我將向您詳細介紹一下。但總而言之，我們度過了一個美好的 2022 年，並且正在努力實現我們去年做出的 2025 年承諾。我們看到了 2022 年的持續增長勢頭，銷售額增長 5%，利潤增長 11% 至 4.56 億英鎊。考慮到營業利潤的增長以及我在去年第一季度強調的稅收和利息的變化，以及由於我們的股票回購而導致的已發行股票數量減少，每股收益增長了 48% 至 51.8 便士。

Our cash performance was good with cash conversion of 88% despite the impact of disposals, which I've previously flagged. Our free cash flow continues to be an area of strength for the group. Year-end net debt increased to GBP 0.6 billion given our GBP 350 million share buyback and dividend payments. This was partially offset by strong operating cash and net M&A proceeds. Given these strong results and our confidence in the outlook for the group, the Board are proposing a 5% increase to the full year dividend to 21.5p.

我們的現金表現良好，現金轉換率為 88%，儘管我之前曾提到過資產處置的影響。我們的自由現金流仍然是集團的優勢領域。鑑於我們 3.5 億英鎊的股票回購和股息支付，年末淨債務增加到 6 億英鎊。這部分被強勁的運營現金和淨併購收益所抵消。鑑於這些強勁的業績以及我們對集團前景的信心，董事會提議將全年股息增加 5% 至 21.5 便士。

We shared our revenue performance with you in our January trading update, so I'll keep the comments on this slide brief. We saw good underlying sales growth of 5% in 2022, in part helped by a return to a normalized exam pattern and borders reopening following COVID, but also due to continued momentum across the business. Assessments and qualifications grew 8%, partly because of the normalized exam pattern, but also due to clinical assessments, where government funding was strong, and the increased interest in well-being providing a tailwind.

我們在 1 月份的交易更新中與您分享了我們的收入表現，因此我將在這張幻燈片中簡要說明評論。我們看到 2022 年基本銷售額增長了 5%，這在一定程度上得益於恢復正常的考試模式和在 COVID 之後重新開放邊界，但也得益於整個業務的持續發展勢頭。評估和資格增長了 8%，部分原因是標準化的考試模式，但也由於臨床評估，其中政府資金充足，以及人們對幸福感的興趣增加提供了順風。

Pearson View growth returned in Q4 as the DBSA contract change fell out of the year-on-year comp. Virtual Learning grew 4% with growth of 4% for both virtual schools and OPM. Higher education saw an improving trend on 2021 and was down 4%. English grew 24%, following a strong performance in Pearson Test of English, partially as borders reopened, but also driven by market share performance, particularly in India.

Pearson View 增長在第四季度恢復，因為 DBSA 合同變更不在同比比較之列。虛擬學習增長 4%，虛擬學校和 OPM 均增長 4%。高等教育在 2021 年出現了改善趨勢，下降了 4%。英語增長 24%，繼培生英語考試表現強勁後，部分原因是邊境重新開放，但也受到市場份額表現的推動，尤其是在印度。

Workforce skills grew 7% as we saw good growth in BTEC and apprenticeships and GED. In 2023, Faethm and Credly will be part of our underlying growth measures. Group profit grew 11% on an underlying basis to GBP 456 million through operating leverage, partially offset by inflation. We continued to invest for growth, reallocating spend as necessary. At a headline level, we benefited from FX, which was partially offset by the midyear disposal of our international courseware local publishing businesses, which removed approximately GBP 15 million of profit.

由於我們看到 BTEC、學徒制和 GED 的良好增長，勞動力技能增長了 7%。 2023 年，Faethm 和 Credly 將成為我們基礎增長措施的一部分。通過經營槓桿，集團利潤在基本基礎上增長 11% 至 4.56 億英鎊，部分被通貨膨脹所抵消。我們繼續投資以促進增長，並在必要時重新分配支出。在總體層面上，我們受益於外匯，這部分被年中出售我們的國際課件本地出版業務所抵消，這減少了大約 1500 萬英鎊的利潤。

At a divisional level, assessments and qualifications maintained margin at 18%. Profit grew strongly in the year, with operating leverage, partially offset by inflation. Virtual Learning margins improved to 9% through operating leverage as well as efficiencies across virtual schools and OPM. Higher education grew margin to 10% with cost efficiencies and margin improving, offsetting declining revenues.

在部門層面，評估和資格保證利潤率保持在 18%。這一年的利潤增長強勁，經營槓桿部分被通貨膨脹所抵消。通過運營槓桿以及虛擬學校和 OPM 的效率，虛擬學習利潤率提高到 9%。隨著成本效率和利潤率的提高，高等教育的利潤率增長至 10%，抵消了收入下降的影響。

The headline profit for each of these divisions was also impacted by FX, given their weighting to the U.S. and therefore, the dollar. English grew profit through operating leverage, partially offset by increased investment with margins rising to 8%, and workforce profit was broadly breakeven as expected due to investment in the business and in particular, in Faethm, Credly and our new workforce skills talent investment platform. These investments will drive significant future growth with operating leverage, which will support further investment and improved margins.

考慮到它們對美國的權重，因此每個部門的整體利潤也受到外匯影響。 English 通過經營槓桿增加利潤，部分被增加的投資所抵消，利潤率上升至 8%，由於對業務的投資，特別是對 Faethm、Credly 和我們新的勞動力技能人才投資平台的投資，勞動力利潤大致達到盈虧平衡。這些投資將通過運營槓桿推動未來顯著增長，這將支持進一步投資和提高利潤率。

We saw a good cash conversion of 88% despite the impact of the timing of the disposal of our international courseware local publishing businesses. This impacted conversion by approximately 10%, which can be seen predominantly on the other working capital movements line. From a net debt movement of funds perspective, this impact is offset by the standard M&A working capital adjustments. So in short, our operating cash performance remains strong.

儘管我們的國際課件本地出版業務的處置時間受到影響，但我們看到了 88% 的良好現金轉換。這影響了大約 10% 的轉換，這主要在其他營運資金流動線上可以看出。從資金淨債務變動的角度來看，這種影響被標準的併購營運資本調整所抵消。因此，簡而言之，我們的經營現金表現依然強勁。

As expected, our capital investment profile changed in the year with CapEx reducing and the focus shifting to investment in product development. Our free cash flow is also a point of strength, which we plan to maintain, and we've adjusted our incentive plan metrics towards this measure on a go-forward basis. Net debt increased to GBP 0.6 billion, given our GBP 350 million share buyback and dividend payments, partially offset by strong operating cash and positive net M&A proceeds.

正如預期的那樣，我們的資本投資狀況在這一年發生了變化，資本支出減少，重點轉向產品開發投資。我們的自由現金流也是一個優勢點，我們計劃保持這一點，並且我們已經在前進的基礎上針對這一措施調整了我們的激勵計劃指標。鑑於我們 3.5 億英鎊的股票回購和股息支付，淨債務增加到 6 億英鎊，部分被強勁的運營現金和積極的淨併購收益所抵消。

Return on capital increased from 7.9% to 8.7%. We continue to be disciplined in our investments and rigorous about securing required returns.

資本回報率從 7.9% 增加到 8.7%。我們繼續在我們的投資中受到紀律處分，並嚴格確保所需的回報。

Turning to 2023 and beyond. We gave you our expectations out to 2025 this time last year and our expectations of mid-single-digit underlying growth across the '22 to '25 period remain the same. Given that we brought forward our mid-teens margin expectation from 2025 to 2023, we now see upside to this for 2025, predominantly through the operating leverage we expect to achieve from that revenue growth. At a divisional rate level, growth rate expectations remain consistent with those previously outlined with the exception of virtual schools, where we now expect low single-digit growth over the period and English, where we expect high single-digit growth.

轉向 2023 年及以後。去年這個時候我們給了你我們對 2025 年的預期，我們對 22 到 25 年期間中個位數基礎增長的預期保持不變。鑑於我們將 2025 年中期利潤率預期提前到 2023 年，我們現在看到了 2025 年的上行空間，主要是通過我們預計從收入增長中實現的運營槓桿。在部門率水平上，增長率預期與之前概述的那些保持一致，但虛擬學校除外，我們現在預計虛擬學校在此期間的低個位數增長和英語，我們預計虛擬學校的高個位數增長。

Virtual Schools is impacted by the COVID cohort unwind in the '22, '23 school year as well as the loss of a major school in each of '23, '24 and '24, '25. Whilst we had planned the school churn and we can mitigate the impact over time, the size of these particular schools impacts revenue growth over this time period. But we remain confident in the long-term performance of this division, which we expect to demonstrate high single-digit growth over the 2019 to 2025 period, and we plan to invest in career and technical curriculum to drive growth and synergies with workforce.

虛擬學校受到 22、23 學年 COVID 隊列的影響，以及 23、24 和 24、25 年各一所主要學校的損失。雖然我們已經計劃了學校流失，並且我們可以隨著時間的推移減輕影響，但這些特定學校的規模會影響這段時間的收入增長。但我們對該部門的長期表現充滿信心，我們預計該部門將在 2019 年至 2025 年期間實現高個位數增長，我們計劃投資於職業和技術課程，以推動增長和與員工的協同效應。

English expectations have risen to high single digits given the significant revenue synergies Mondly brings to the group. In 2023 specifically, at a group level, excluding OPM, we expect low to mid-single-digit revenue growth with declines in higher education moderating further and virtual schools impacted by factors I've mentioned. There will be growth across all the other divisions with assessments and qualifications growing low to mid-single digit and view returning to growth. English growing high single digit and workforce growing double digits with the launch of the talent investment platform.

鑑於 Mondly 為集團帶來的顯著收入協同效應，English 的預期已上升至高個位數。具體來說，在 2023 年，在不包括 OPM 的集團層面，我們預計收入將實現中低個位數增長，而高等教育的下滑將進一步放緩，而虛擬學校將受到我提到的因素的影響。所有其他部門都將增長，評估和資格從低到中等個位數增長，並有望恢復增長。隨著人才投資平台的推出，英語以個位數增長，勞動力以兩位數增長。

Adjusted operating profit and tax will be in line with market expectations, but the interest charge will be lower at about GBP 35 million. Profit growth will be driven by operating leverage and cost efficiencies, partially offset by higher inflation and the residual impact of our disposal of the international courseware local publishing businesses. Margin in 2023 will be at mid-teens with improvement driven by the efficiency program, which we announced in August '22 and delivered by the end of last year. As a side note, given our profit growth and the increased percentage of profit in U.S. dollars, a $0.01 move in FX from 2023 will equate to GBP 4 million of profit.

調整後的營業利潤和稅收將符合市場預期，但利息費用將降低至約 3500 萬英鎊。利潤增長將受到經營槓桿和成本效率的推動，部分被更高的通貨膨脹和我們處置國際課件本地出版業務的殘餘影響所抵消。在我們於 22 年 8 月宣布並於去年年底交付的效率計劃的推動下，2023 年的利潤率將達到 15% 左右。附帶說明一下，鑑於我們的利潤增長和美元利潤百分比的增加，從 2023 年起 0.01 美元的外匯變動將相當於 400 萬英鎊的利潤。

In terms of quarterly phasing, divisional growth will be relatively consistent across the year with each quarter aligning to the full year expectation, which I've given you, with a few exceptions, which I've outlined on this slide. Obviously, OPM will be included in results at least until we have concluded the strategic review with the impact of the ASU contract loss reflected. As a reminder, the '22 to '23 revenue impact of ASU is GBP 130 million.

就季度階段而言，部門增長將在全年保持相對一致，每個季度都與全年預期保持一致，我已經給你了，除了少數例外，我在這張幻燈片上概述了這一點。顯然，至少在我們完成戰略審查並反映 ASU 合同損失的影響之前，OPM 將包含在結果中。提醒一下，ASU 的 22 到 23 年收入影響為 1.3 億英鎊。

Balance sheet expectations remain the same, with CapEx reducing and investment mix shifting towards product development with cash conversion of 90% plus, and a return on capital improvement in 2023 and a double-digit target in 2025. We continue to have a disciplined approach to capital allocation, building on the track record of recent years. In the short term, we will maintain our balance sheet strength and the optionality that brings should further investment opportunities arrive. But at this point, we have no current material M&A plans beyond the completion of PDRI, which is expected to take place in the first half of 2023. The Board is committed to our progressive and sustainable dividend, and we'll keep capital allocation policy application under continuous review.

資產負債表預期保持不變，資本支出減少，投資組合轉向產品開發，現金轉換率超過 90%，2023 年資本回報率提高，2025 年實現兩位數目標。我們繼續採用紀律嚴明的方法來資本配置，建立在近幾年的記錄之上。短期內，我們將保持資產負債表的實力，並在進一步的投資機會到來時保持可選性。但目前，除了預計將於 2023 年上半年完成的 PDRI 之外，我們目前沒有重大的併購計劃。董事會致力於我們漸進和可持續的股息，我們將保持資本配置政策持續審查中的申請。

So in summary, we exceeded financial expectations in 2022. We're on track to meet expectations in 2023 and remain committed to our targets out to 2025. We will meet mid-teens margin in 2023. We have a strong balance sheet, which provides optionality, and we maintain strong operating cash conversion and attractive free cash flow profile and see improving return on capital. So with that, I will hand over to Gio. He will update you on our English Language Learning business.

因此，總而言之，我們在 2022 年超出了財務預期。我們有望在 2023 年達到預期，並繼續致力於實現我們到 2025 年的目標。我們將在 2023 年達到中等利潤率。我們擁有強大的資產負債表，這提供了可選性，我們保持強勁的經營現金轉換和有吸引力的自由現金流狀況，並看到資本回報率提高。因此，我將交給 Gio。他將為您更新我們的英語學習業務。

Great. Thank you, Sally, and good morning, everyone. I'm Gio, President of English Language Learning. Today, I'm going to remind you of our strategy in ELL, share the progress we made in 2022 and how we intend to continue to drive growth for the division in 2023.

偉大的。謝謝你，莎莉，大家早上好。我是 Gio，英語語言學習部總裁。今天，我將提醒您我們在 ELL 的戰略，分享我們在 2022 年取得的進展以及我們打算如何在 2023 年繼續推動該部門的增長。

Let's start with our strategy. In ELL, we aim to be the world's leading destination for committed learners. These are people looking to learn and to prove their English proficiency in order to make progress in their lives, whether through study, work, opportunities or migration.

讓我們從我們的戰略開始。在 ELL，我們的目標是成為致力於學習者的世界領先目的地。這些人希望學習和證明自己的英語水平，以便在生活中取得進步，無論是通過學習、工作、機會還是移民。

We are building personalized language learning at scale, which allows us to expand our addressable market to increase our market share and to capture more consumer lifetime spend. As a reminder, everything we do in ELL is based on our proprietary global scale of English. It's a simple scale that allows learners to track the progress of the language learning journey.

我們正在大規模構建個性化語言學習，這使我們能夠擴大我們的目標市場，以增加我們的市場份額並獲得更多的消費者終身消費。提醒一下，我們在 ELL 中所做的一切都是基於我們專有的全球英語等級。這是一個簡單的量表，可以讓學習者跟踪語言學習旅程的進度。

Last year, we highlighted 2 areas of focus for the division in 2022. Firstly, we shared our plan to build our direct-to-consumer strategy. As you know, we did this through acquiring Mondly. Secondly, we outlined our aim to win in 2 other segments, high-stakes assessments and institutional learning. In 2022, we gained market share and increased revenue in the Pearson Test of English. We also launched Pearson English Connect, a new digital solution that enhances the learning experience for students and teachers across our institutional customer base.

去年，我們強調了該部門 2022 年的兩個重點領域。首先，我們分享了建立直接面向消費者戰略的計劃。如您所知，我們通過收購 Mondly 做到了這一點。其次，我們概述了我們在其他 2 個部分獲勝的目標，即高風險評估和機構學習。 2022 年，我們在培生英語考試中獲得了市場份額並增加了收入。我們還推出了 Pearson English Connect，這是一種新的數字解決方案，可增強我們機構客戶群中學生和教師的學習體驗。

This work has laid the foundation for growth in ELL in 2023 across our 3 product areas. Firstly, in our institutional English business, we are accelerating the development of digital first flexible products that will deliver personalized pathways for learners.

這項工作為 2023 年 ELL 在我們 3 個產品領域的增長奠定了基礎。首先，在我們的機構英語業務中，我們正在加速開發數字優先的靈活產品，這些產品將為學習者提供個性化的途徑。

Secondly, within high stakes assessment, as Andy mentioned, we recently received approval from the Canadian government to accept PTE for migration, and we'll start delivering tests later in 2023.

其次，在高風險評估中，正如 Andy 提到的，我們最近獲得了加拿大政府的批准，可以接受 PTE 移民，我們將在 2023 年晚些時候開始提供測試。

We are also looking to expand our addressable market outside traditional high-stakes assessment by launching the Pearson English skill certificate later this year. This is a new mid stakes 4 skills English test. Finally, within online self-study language learning, we will continue to invest in monthly integration and product enhancements. This will be critical to driving our direct-to-consumer growth strategy. We will explore an offering for corporate language learning, starting with Mondly Works for enterprises and further develop existing content on platforms such as VR. There is a demo in the breakout area where the team will be ready to answer your questions. We are constantly working on ways to innovate and to expand what we can offer to learners. Here's a look at some of the exciting new features that we're building and testing right now.

我們還希望通過在今年晚些時候推出 Pearson 英語技能證書，將我們的目標市場擴展到傳統的高風險評估之外。這是一個新的 mid-stakes 4 技能英語測試。最後，在在線自學語言學習方面，我們將繼續投資於月度整合和產品增強。這對於推動我們直接面向消費者的增長戰略至關重要。我們將探索企業語言學習產品，從面向企業的 Mondly Works 開始，並進一步開發 VR 等平台上的現有內容。在分組討論區有一個演示，團隊將準備好回答您的問題。我們一直致力於創新和擴展我們可以為學習者提供的內容。以下是我們正在構建和測試的一些令人興奮的新功能。

(presentation)

（推介會）

So alongside our product innovation, we're also supporting Pearson's growth strategy. First, we will bring millions of direct-to-consumer relationships into the broader Pearson ecosystem, and we're working to establish direct relationships with even more of our end users. Second, we have growing interconnectivity with other divisions, such as workforce skills where we are building a joint go-to-market plan and positioning English language proficiency as a key skill for career progression. And let's not forget that in 2022, we successfully integrated Mondly into Pearson+. Third, we bring a truly global team to Pearson with presence and relationships in over 150 countries, creating opportunities for other divisions.

因此，除了我們的產品創新外，我們還支持 Pearson 的發展戰略。首先，我們將把數以百萬計的直接面向消費者的關係帶入更廣泛的 Pearson 生態系統，我們正在努力與更多的最終用戶建立直接關係。其次，我們與其他部門的聯繫越來越緊密，例如我們正在製定聯合上市計劃並將英語語言能力定位為職業發展的關鍵技能的勞動力技能。別忘了，在 2022 年，我們成功地將 Mondly 整合到了 Pearson+ 中。第三，我們為 Pearson 帶來了一支真正的全球團隊，在 150 多個國家/地區開展業務和建立關係，為其他部門創造機會。

Moving to the financials. We foresee high single-digit revenue growth in 2023 and through to 2025, underpinned by share gain. And because of our strong operational leverage, we can expect margin enhancements across ELL. We know that we are tapping into a large growing market, with an exceptional set of capabilities and a clear product road map, supported by an exciting strategy. That is the key to our growth, and we're fully focused on execution. And with that, I'll hand it over to Tom who will update you on the higher ed business. Thank you.

轉向財務。我們預計 2023 年到 2025 年收入將實現高個位數增長，這主要得益於市場份額的增長。由於我們強大的運營槓桿，我們可以預期 ELL 的利潤率會有所提高。我們知道，我們正在進入一個巨大的增長市場，擁有一套卓越的能力和清晰的產品路線圖，並得到令人興奮的戰略的支持。這是我們成長的關鍵，我們完全專注於執行。有了這個，我會把它交給湯姆，他會為您更新高等教育業務。謝謝。

Thanks, Gio. So it's great to be with you all today. I'm Tom Simon, I'm President of Virtual Learning as well as Higher Education, which I took over last September. So today, I'm going to talk a little bit about higher education, talking about some of the changes we've made in 2022. Before moving on to what we're doing now, all of which will make this part of Pearson more competitive and more successful.

謝謝，吉奧。所以很高興今天和大家在一起。我是湯姆西蒙，我是虛擬學習和高等教育的總裁，我於去年 9 月接任。所以今天，我要談談高等教育，談談我們在 2022 年所做的一些改變。在繼續我們現在正在做的事情之前，所有這些都會讓 Pearson 的這一部分變得更加競爭力和更成功。

I want to start off by saying that we've got some really good strengths in higher education, incredible IP, great author relationships, deep expertise in learning technology strong relationships with faculty and, of course, a small little thing called Pearson+. However, we haven't been as commercial from an organizational, sales, service, product and cultural perspective as we need to be.

首先，我想說我們在高等教育方面有一些非常好的優勢，令人難以置信的知識產權，良好的作者關係，在學習技術方面的深厚專業知識與教師的牢固關係，當然還有一個叫做 Pearson+ 的小東西。然而，從組織、銷售、服務、產品和文化的角度來看，我們並沒有像我們需要的那樣商業化。

(technical difficulty) to increase competitiveness bringing in new talent, reducing fixed costs and product investment as we focus on key initiatives, setting up a price-led operating model, investing in sales and transforming our product.

（技術難度）以提高競爭力，引進新人才，減少固定成本和產品投資，因為我們專注於關鍵舉措，建立以價格為主導的運營模式，投資於銷售和改造我們的產品。

Since August 2022, we changed the leadership team with 4 new hires, and we've reduced the number of senior roles by 30% to increase accountability. Alongside our other cost initiatives, we've made major structural efficiency savings and delivered margin expansion in 2022. We should see further operating leverage in the future.

自 2022 年 8 月以來，我們更換了 4 名新員工的領導團隊，並將高級職位的數量減少了 30% 以加強問責制。除了我們的其他成本舉措外，我們還實現了重大的結構性效率節約，並在 2022 年實現了利潤率增長。我們應該會在未來看到更多的運營槓桿。

Alongside the reductions in fixed costs, we've continued to invest in our key growth drivers, in particular, our go-to-market strategy. And as I mentioned, we're implementing a new product-led operating model in the first half of 2023. General managers will now be responsible for revenue growth, product profitability and building successful learning franchises like Campbell's Biology, Tro Chemistry and Triola Statistics. At the same time, we are working on product transformation.

除了減少固定成本外，我們還繼續投資於我們的主要增長動力，特別是我們的上市戰略。正如我提到的，我們將在 2023 年上半年實施一種新的以產品為主導的運營模式。總經理現在將負責收入增長、產品盈利能力和建立成功的學習特許經營權，如 Campbell's Biology、Tro Chemistry 和 Triola Statistics。同時，我們也在進行產品轉型。

Our new go-to-market strategy will be driven by a reorganized and larger sales team, designed to improve the win rate of new adoptions and drive much higher renewal rates in our existing business. Our core team will continue to focus on 5 key disciplines: math, business, science, computer science and engineering, where we already have strong market positions and the potential to win new adoptions.

我們新的上市戰略將由重組和更大的銷售團隊推動，旨在提高新採用的成功率並推動我們現有業務的更高續訂率。我們的核心團隊將繼續專注於 5 個關鍵學科：數學、商業、科學、計算機科學和工程，我們已經在這些領域擁有強大的市場地位並有可能贏得新的採用。

They will be complemented by our customer loyalty team to manage renewals for lower value, high penetration existing business with a focus on retention.

他們將得到我們的客戶忠誠度團隊的補充，以管理低價值、高滲透率的現有業務的續訂，重點是保留。

We will also have a team entirely focused on winning new business in white space, high potential departments, and we are developing our coverage for professional disciplines, teach education with a larger dedicated team, and we are doubling our efforts to cover disciplines such as English, humanities and social sciences. From a product perspective, in 2022, we've migrated Mastering to the Cloud. And this year, we're migrating MyLabs to the Cloud. Through this, we're enhancing stability and performance and driving a better user experience.

我們還將擁有一支完全專注於在空白領域、高潛力部門贏得新業務的團隊，我們正在擴大對專業學科的覆蓋範圍，用更大的專門團隊教授教育，我們正在加倍努力覆蓋英語等學科，人文和社會科學。從產品的角度來看，我們在 2022 年將 Mastering 遷移到了雲端。今年，我們將 MyLabs 遷移到雲端。通過這一點，我們正在增強穩定性和性能，並推動更好的用戶體驗。

And building on these initiatives, we're going to focus on 4 key areas: converging and upgrading our courseware platforms; simplifying, increasing access integration strategies; building out our digital learning experiences and driving improvements in product stability. We are launching 3 interactive MyLab titles in calculus, algebra and statistics this fall. And we're also launching new iLabs in biology and microbiology with anatomy and physiology to follow in 2024. And of course, we now have 18 study channels to grow Pearson+, which helps widen our total addressable market and helps us with secondary market recapture.

在這些舉措的基礎上，我們將專注於 4 個關鍵領域：融合和升級我們的課件平台；簡化、增加訪問集成策略；構建我們的數字學習體驗並推動產品穩定性的改進。今年秋天，我們將在微積分、代數和統計學方面推出 3 個交互式 MyLab 課程。我們還將在 2024 年推出新的生物學和微生物學 iLabs，以及解剖學和生理學。當然，我們現在有 18 個學習渠道來發展 Pearson+，這有助於擴大我們的總潛在市場，並幫助我們重新奪回二級市場。

We are simplifying and reducing the number of inclusive access integration models we have to make our offering more competitive, and that includes the adoption of Pearson+ in IA models for roughly 1/3 of our schools this fall. And we are building out our digital learning experiences to deliver more interactive and personalized learning experiences and to take a digital-first content creation approach. Finally, we're focused on improving the stability of our core learning experiences.

我們正在簡化和減少我們必須使我們的產品更具競爭力的包容性訪問集成模型的數量，這包括今年秋天我們大約 1/3 的學校在 IA 模型中採用 Pearson+。我們正在構建我們的數字學習體驗，以提供更具互動性和個性化的學習體驗，並採用數字優先的內容創建方法。最後，我們專注於提高核心學習體驗的穩定性。

Turning to the financials. We expect revenue declines to moderate further in 2023 to low single digit and additional margin improvements as we benefit from cost efficiencies. We continue to expect revenue growth of low to single mid digit -- sorry, low to mid-single digit for 2022 to 2025, and for margins to further improve driven by operating leverage as the business returns to growth. And we will focus our investment on key product launches as we look to enhance the user experience to drive better performance in the future.

轉向財務。由於我們受益於成本效率，我們預計 2023 年收入下降將進一步放緩至低個位數和額外的利潤率改善。我們繼續預計 2022 年至 2025 年的收入將實現低至中個位數的增長——對不起，低至中個位數，並且隨著業務恢復增長，運營槓桿將進一步提高利潤率。我們將把投資集中在關鍵產品的發布上，因為我們希望增強用戶體驗以推動未來更好的性能。

So to summarize, in 2022, we've put in place a new management team and significantly reduced fixed costs. We started to implement a new operating model with sweeping changes to our sales teams, and we're putting in place plans to transform our product. And we're excited about the developments in Pearson+, which helps address and widen our addressable market and also helps us with secondary market recapture. And over the medium term, I am confident that these initiatives will help us build a higher education organization that can define the future of learning and to realize this vision will take time as it's not a straightforward endeavor, but it represents a huge opportunity for us, one, we are seizing with both hands. And with that, I'll hand you over to Mike, who will update you on our workforce skills business.

總而言之，在 2022 年，我們組建了新的管理團隊並顯著降低了固定成本。我們開始實施新的運營模式，對我們的銷售團隊進行徹底的變革，並且我們正在製定產品轉型計劃。我們對 Pearson+ 的發展感到興奮，它有助於解決和擴大我們的潛在市場，也有助於我們重新奪回二級市場。從中期來看，我相信這些舉措將幫助我們建立一個可以定義學習未來的高等教育組織，實現這一願景需要時間，因為這不是一項簡單的努力，但它對我們來說是一個巨大的機會，一，我們雙手抓住。有了這個，我會把你交給邁克，他會向你介紹我們的勞動力技能業務。

Many thanks, Tom. Good morning, everyone. It's great to be with you all this morning and with my fantastic group of colleagues. I'm Mike Howells, President of our Workforce Skills division. I'm going to spend the next few minutes talking to you about the significant progress that we made during 2022, what we intend to deliver this year and how that underpins our growth outlook.

非常感謝，湯姆。大家，早安。很高興今天早上能和你們以及我出色的同事們在一起。我是我們勞動力技能部門的總裁 Mike Howells。在接下來的幾分鐘裡，我將與您談談我們在 2022 年取得的重大進展、我們打算在今年實現的目標以及這如何支撐我們的增長前景。

2022 has been a year of great progress for us. From a product point of view, we restructured our existing portfolio and build a series of new products and new features. From a technology point of view, we reengineered our product platform and created a single state-of-the-art global marketing and sales tech stack. Organizationally, we integrated what were previously disparate products and engineering teams into 1 global organization, and we've created a single global sales and marketing team. So we have a clear strategy, a unique set of innovative products and a great team to sell them. And we've achieved all of that in 2022, while also delivering solid financial performance. So this is a team that knows how to execute.

2022 年對我們來說是取得長足進步的一年。從產品的角度來看，我們重組了現有的產品組合，並構建了一系列新產品和新功能。從技術的角度來看，我們重新設計了我們的產品平台，並創建了一個單一的最先進的全球營銷和銷售技術堆棧。在組織上，我們將以前分散的產品和工程團隊整合到一個全球組織中，並且我們創建了一個單一的全球銷售和營銷團隊。因此，我們有明確的戰略、一套獨特的創新產品和一支優秀的銷售團隊。我們在 2022 年實現了所有這些目標，同時還實現了穩健的財務業績。所以這是一個知道如何執行的團隊。

To focus on the needs of our different customer segments, we have organized our workforce skills division into 2 parts: vocational qualifications and workforce solutions. Now vocational qualifications is what we previously referred to as our performance zone. And here, we offer globally renowned qualifications and training services that allow learners to build their knowledge, skills and behaviors they need for career success. Now whether that's a higher national deployment in computing, a BTEC in health and social care or training as part of the TQ Construction Academy, we provide the skills and qualifications that our economy needs now and in the future.

為了專注於不同客戶群的需求，我們將勞動力技能部門分為兩部分：職業資格和勞動力解決方案。現在職業資格就是我們以前所說的我們的績效區。在這裡，我們提供享譽全球的資格認證和培訓服務，使學習者能夠積累職業成功所需的知識、技能和行為。現在，無論是更高級別的國家計算部署、健康和社會保健領域的 BTEC 還是作為 TQ 建設學院一部分的培訓，我們都提供我們的經濟現在和未來所需的技能和資格。

The second part of that is this is Workforce Solutions, which we've previously referred to as our transformation zone. This is our enterprise and consumer-focused business. It brings together our 2 recent acquisitions, Credly and Faethm, with our existing portfolio of products and capabilities in TalentLens, GED and Accelerated Pathways. Workforce Solutions portfolio of services is specifically designed to meet the needs of enterprises, but always with a core focus on the needs of individual consumers, the employees upon whom the success of any organization depends. Workforce Solutions will be the growth engine of the division, and we see near-term priority growth opportunities in pre-hire recruitment, talent management and learning as an enterprise employee benefit.

第二部分是勞動力解決方案，我們之前將其稱為轉型區。這是我們以企業和消費者為中心的業務。它匯集了我們最近的兩項收購，Credly 和 Faethm，以及我們在 TalentLens、GED 和 Accelerated Pathways 方面的現有產品和功能組合。 Workforce Solutions 服務組合專為滿足企業需求而設計，但始終以個人消費者的需求為核心，員工是任何組織成功所依賴的。勞動力解決方案將成為該部門的增長引擎，我們將聘用前招聘、人才管理和學習方面的近期優先增長機會視為企業員工福利。

At the heart of our new strategy is our new talent investment platform, and this is available now as an MVP with a full launch coming in 2023. We first told you about our ambition 12 months ago, and now we can show you the product itself. The platform helps enterprises solve their connected challenges in workforce planning, upskilling and recruitment. It connects Faethm skills, AI and data science capabilities with Credly's portable skills profile and credentialed learning for enterprises.

我們新戰略的核心是我們新的人才投資平台，現在作為 MVP 可用，將於 2023 年全面推出。我們在 12 個月前首次告訴您我們的雄心壯志，現在我們可以向您展示產品本身.該平台幫助企業解決他們在勞動力規劃、技能提升和招聘方面的相關挑戰。它將 Faethm 技能、人工智能和數據科學能力與 Credly 的便攜式技能檔案和企業認證學習相結合。

And we developed a platform based on testing and feedback from a number of enterprise customers. And these insights have helped us put the customer and their employees at the heart of this product. They love the unique data and services that we offer, so now we are making those available in a newly connected and above all, actionable way. We designed this product to tackle the fragmentation that enterprises told us was one of their key frustrations with other solutions in the market. And as with all good technology businesses, we will continue to rely heavily on customer feedback and insights to develop the platform over time, and we'll share updates with you as we progress.

我們根據大量企業客戶的測試和反饋開發了一個平台。這些見解幫助我們將客戶及其員工置於該產品的核心位置。他們喜歡我們提供的獨特數據和服務，所以現在我們正在以一種新的連接方式，最重要的是，以可操作的方式提供這些數據和服務。我們設計這款產品是為了解決企業告訴我們的碎片化問題，這是他們對市場上其他解決方案的主要挫折之一。與所有優秀的技術企業一樣，隨著時間的推移，我們將繼續在很大程度上依賴客戶的反饋和見解來開發平台，並且隨著我們的進步，我們將與您分享更新。

So let's go into a bit more detail on functionality. At the most basic level, enterprises using the product can give each employee their own personal and portable skills profile based on a mix of inferred skills from their current role and verified skills from prior credentials and certifications. Employees benefit from personalized recommendations for accredited learning to boost success within their current role as well as a future path to maximize their career potential. Senior executives, HR leaders can see at a glance the real skills they have within their organization and the skills they need in the future to remain competitive.

因此，讓我們更詳細地介紹一下功能。在最基本的層面上，使用該產品的企業可以根據從他們當前角色推斷出的技能和從之前的證書和認證中驗證的技能的組合，為每個員工提供他們自己的個人和便攜式技能檔案。員工受益於針對認可學習的個性化建議，以促進他們在當前角色中取得成功，並在未來的道路上最大限度地發揮他們的職業潛力。高級管理人員、人力資源領導者可以一眼看出他們在組織內擁有的真正技能以及他們在未來保持競爭力所需的技能。

That helps them build training and skills programs that truly maximize the performance and the value of their employees. Now we are selling this as a Software as a Service product, supplemented by additional professional services. And we have a demo available in the breakout area afterwards where the team will be ready to answer any questions that you may have. But here's a short taste of video to set this in.

這有助於他們建立培訓和技能計劃，真正最大限度地提高員工的績效和價值。現在我們將其作為軟件即服務產品銷售，並輔以額外的專業服務。之後我們在分組討論區提供了一個演示，團隊將準備好回答您可能提出的任何問題。但是這裡有一段簡短的視頻來設置它。

(presentation)

（推介會）

In 2022, we grew our enterprise client base by 133% to 1,503. Our clients include Fortune Global 500 companies and many other household names, a selection of which you can see on this slide. And as well as continuing to grow customer reach in this way, we will grow the value we bring to these clients through expanded features within the core platform itself and additional high-value services such as our strategic workforce planning and market data tools.

2022 年，我們的企業客戶群增長了 133%，達到 1,503 個。我們的客戶包括財富全球 500 強公司和許多其他家喻戶曉的公司，您可以在這張幻燈片上看到其中的一部分。除了以這種方式繼續擴大客戶範圍外，我們還將通過核心平臺本身的擴展功能和其他高價值服務（例如我們的戰略勞動力規劃和市場數據工具）來增加我們為這些客戶帶來的價值。

To strengthen the way we go to market, we have created 1 global enterprise sales team with hubs in the U.S., U.K. and Australia, focused on our target industries, including tech, health care, financial services and retail. And I'm sure you can see how workforce skills fits into Pearson's wider strategy with products that can interconnect with others across the Pearson ecosystem, supporting and accelerating Pearson's lifelong learning ambition. For example, English is the globally recognized language of business. So we have added English to Faethm's skills framework as well as offering Credly badges for Pearson's range of English assessment products, as you heard from Gio earlier.

為了加強我們進入市場的方式，我們創建了 1 個全球企業銷售團隊，在美國、英國和澳大利亞設有中心，專注於我們的目標行業，包括科技、醫療保健、金融服務和零售。我相信您會看到勞動力技能如何融入 Pearson 更廣泛的戰略，產品可以與 Pearson 生態系統中的其他產品相互連接，支持和加速 Pearson 的終身學習雄心。例如，英語是全球公認的商業語言。因此，我們已將英語添加到 Faethm 的技能框架中，並為 Pearson 的一系列英語評估產品提供 Credly 徽章，正如您之前從 Gio 那裡聽說的那樣。

This allows consumers to prove their language proficiency to employers. The connection between students and work is an obvious collaboration point with Pearson+. And there are fantastic opportunities to connect our services with Pearson VUE to maximize the value that Pearson can bring to our enterprise customers and our consumers.

這允許消費者向雇主證明他們的語言能力。學生和工作之間的聯繫是與 Pearson+ 的明顯合作點。我們有很多機會將我們的服務與 Pearson VUE 聯繫起來，以最大限度地提高 Pearson 可以為我們的企業客戶和消費者帶來的價值。

Turning to our financials. We expect double-digit revenue growth in 2023. For 2022 to 2025, we expect revenue growth of more than 20% and for margins to increase. So we remain firmly on track with the guidance that we gave you last year. In summary, we've made significant progress over the past year, executing against our plan, building our organization and expanding our value proposition for our customers. And as we enter this next phase, this is an incredibly exciting moment for the division, and I'm confident that we have another year of significant progress ahead of us. Thanks for listening. And with that, I'll hand you over to Art.

轉向我們的財務。我們預計 2023 年收入將實現兩位數增長。2022 年至 2025 年，我們預計收入增長將超過 20%，利潤率將增加。因此，我們仍然堅定地遵循我們去年給你們的指導。總而言之，我們在過去一年取得了重大進展，執行我們的計劃，建立我們的組織並擴大我們對客戶的價值主張。當我們進入下一階段時，這對部門來說是一個令人難以置信的激動人心的時刻，我相信我們還有一年取得重大進展。感謝收聽。有了這個，我會把你交給阿特。

Thanks, Mike, and good morning, everyone. I'm thrilled to be here today to talk about a business that I love, assessment qualifications. Our A&Q business showed great momentum in 2022, and we're poised to deliver revenue growth and continued strong margins in '23 with an excellent longer-term outlook driven by growth initiatives that will help us expand the scope and the reach of our product offerings.

謝謝，邁克，大家早上好。很高興今天能來這裡談談我熱愛的業務，評估資格。我們的 A&Q 業務在 2022 年表現出強勁勢頭，我們準備在 23 年實現收入增長和持續強勁的利潤率，並在增長計劃的推動下實現出色的長期前景，這將幫助我們擴大產品範圍和範圍.

Each of our business units within A&Q, clinical assessments, Pearson VUE, U.S. school assessments and our U.K. Pearson School Qualifications business remains in strong market positions with excellent offerings and a blue-chip customer base. Our offerings help people and enterprises at all stages of learning and career advancement. They make an excellent value proposition for our customers and deliver good business results for us.

我們在 A&Q、臨床評估、Pearson VUE、美國學校評估和我們的英國 Pearson School Qualifications 業務中的每個業務部門都憑藉出色的產品和藍籌客戶群保持強大的市場地位。我們的產品可以幫助處於學習和職業發展各個階段的個人和企業。他們為我們的客戶提出了極好的價值主張，並為我們帶來了良好的業務成果。

Allow me to focus for a moment on our Pearson VUE business. Just as our full A&Q portfolio offers great diversification, so does the sectors that Pearson VUE serves. We have strong market presence, information technology, health care, insurance, professional associations, finance and others across our 550 clients. This breadth gives us exposure to areas of significant growth, like cybersecurity and cloud computing as well as resilience to economic swings via areas such as nursing, pharmaceuticals, emergency medical technicians and other health care professions. We're continuing to invest in the Pearson VUE platform, which, as you heard Andy say earlier, delivers 1 test every 1.6 seconds around the globe.

請允許我集中討論我們的 Pearson VUE 業務。正如我們完整的 A&Q 產品組合提供了極大的多樣化一樣，Pearson VUE 服務的行業也是如此。我們在 550 名客戶中擁有強大的市場影響力、信息技術、醫療保健、保險、專業協會、金融和其他領域。這種廣度使我們能夠接觸到顯著增長的領域，如網絡安全和雲計算，以及通過護理、製藥、緊急醫療技術人員和其他醫療保健專業等領域抵禦經濟波動的能力。我們將繼續投資 Pearson VUE 平台，正如您之前聽到 Andy 所說，該平台在全球範圍內每 1.6 秒提供 1 次測試。

We're steadily expanding the global delivery platforms reach, scalability and features. We've made further investment in targeted growth initiatives. In late 2022, we announced the decision to acquire PDRI, a company that specializes in assessments for human government -- excuse me, for human capital and government. PDRI gives us immediate accretive growth and expands our reach into a key strategic area. The U.S. federal government is one of the largest employers in the world with more than 4 million professionals. We're also investing in an expansion of Pearson VUE's service offering.

我們正在穩步擴大全球交付平台的覆蓋範圍、可擴展性和功能。我們對有針對性的增長計劃進行了進一步投資。 2022 年底，我們宣布了收購 PDRI 的決定，這是一家專門從事人力政府評估的公司——對不起，是人力資本和政府評估。 PDRI 為我們提供了立竿見影的增長，並將我們的影響力擴大到一個關鍵的戰略領域。美國聯邦政府是世界上最大的雇主之一，擁有超過 400 萬名專業人員。我們還在投資擴展 Pearson VUE 的服務範圍。

We'll be moving up the value chain by broadening our offering to provide more support for the Professional learnings journey towards certification. With our partners, we'll expand the core capabilities in select industries to offer tools and guidance to our test takers to help prepare them for their certification exam. We'll be sharing more as we bring these expanded capabilities to market. These growth initiatives are an excellent testimony to the synergies across the entire Pearson portfolio.

我們將通過擴大我們的產品範圍來提升價值鏈，為專業學習之旅提供更多支持以獲得認證。我們將與我們的合作夥伴一起擴展選定行業的核心能力，為我們的應試者提供工具和指導，幫助他們為認證考試做好準備。隨著我們將這些擴展功能推向市場，我們將分享更多內容。這些增長計劃很好地證明了整個 Pearson 產品組合的協同作用。

In particular, the role that Pearson VUE plays in helping global professionals get certified is a perfect complement to our workforce skills business. Pearson VUE is the delivery backbone of our Pearson Test of English, and our higher education business provides content as part of Pearson VUE's work to help professionals prepare for their certification journey.

特別是，Pearson VUE 在幫助全球專業人士獲得認證方面發揮的作用是對我們勞動力技能業務的完美補充。 Pearson VUE 是我們 Pearson 英語考試的交付骨幹，我們的高等教育業務提供內容作為 Pearson VUE 工作的一部分，以幫助專業人士準備他們的認證之旅。

We see growth low to mid-single digits in 2023 and through to '25. We'll continue our strong market position and margins. In summary, our A&Q business continues to be a mainstay of Pearson revenue and profits with dependable results and growth, diversification across numerous economic sectors complement a relationship with the rest of the Pearson products and our reputation for quality adds up to a winning business that we can all count on.

我們預計 2023 年到 25 年的增長率將保持在中低個位數。我們將繼續保持強大的市場地位和利潤率。總而言之，我們的 A&Q 業務繼續成為 Pearson 收入和利潤的支柱，具有可靠的結果和增長，在眾多經濟領域的多元化補充了與 Pearson 其他產品的關係，我們的質量聲譽加起來是一個成功的業務，我們都可以指望。

And with that, I'll turn it over to Lynne.

有了這個，我會把它交給 Lynne。

Thank you, Art, and good morning, everyone. On behalf of Tim and I, it's great to be here with you today to share an update on Pearson+.

謝謝你，阿特，大家早上好。很高興代表 Tim 和我今天與大家分享 Pearson+ 的最新動態。

Here are the key headlines. Pearson+ has quickly gained traction in the market. Our channels offer is expanding both the addressable market and reach with college students, and Pearson+ will increasingly become a key offering to integrate consumers into the Pearson ecosystem. Now as you know, we created Pearson+ to provide students with affordable access to enhanced eTextbooks with the kind of consumer-grade digital experience we all now take for granted. In a relatively short space of time, we've made huge progress in bringing that vision to life.

以下是主要頭條新聞。 Pearson+ 在市場上迅速獲得關注。我們的渠道產品正在擴大可尋址市場和大學生的覆蓋面，Pearson+ 將越來越成為將消費者融入 Pearson 生態系統的關鍵產品。如您所知，我們創建 Pearson+ 的目的是為學生提供經濟實惠的增強型電子教科書，以及我們現在都認為理所當然的消費級數字體驗。在相對較短的時間內，我們在實現這一願景方面取得了巨大進展。

This year, Pearson+ made strong headway. It performed well in the '22 fall semester with 406,000 paid subscriptions, a 3x increase over the same period last year. And in the same period, it reached 2.83 million registered users. Now for calendar year '22, our first full year in market, this translates to 600,000 paid subscriptions and 4.8 million registered users. This progress was driven by a consistent and rigorous focus on 3 areas: product improvements, growing our catalog, which now stands at more than 1,800 titles, and expanding our distribution to include college bookstores alongside our direct-to-consumer channel.

今年，Pearson+ 取得了長足的進步。它在 22 年秋季學期表現良好，付費訂閱量為 406,000，比去年同期增長了 3 倍。同期，註冊用戶達到283萬。現在，對於 22 日曆年，我們在市場上的第一個完整年度，這意味著有 600,000 名付費訂閱者和 480 萬註冊用戶。這一進展是由對 3 個領域的一貫和嚴格關注推動的：產品改進、增加我們的目錄（現在有 1,800 多本圖書）以及擴大我們的發行範圍以包括大學書店以及我們的直接面向消費者的渠道。

We are pleased with the progress of Pearson+, but we have always been clear that this is just the starting point for what will be a far more expansive journey. Now we started out on this path last fall with the launch of a channel's MVP. Channels provides original and curated video content and practice materials to help students learn the most challenging subjects, pass their courses and perform better on their exams. We have already grown channels to -- sorry, we've already grown to 18 channels covering 23 college courses containing over 40,000 video and practice problems. And by year-end, we are planning to add another 6 channels like calculus for business and managerial accounting.

我們對 Pearson+ 的進展感到高興，但我們一直很清楚，這只是一段更廣闊旅程的起點。現在，我們從去年秋天開始走這條路，推出了一個頻道的 MVP。 Channels 提供原創和精選的視頻內容和練習材料，以幫助學生學習最具挑戰性的科目、通過課程並在考試中取得更好的成績。我們已經增加了頻道——抱歉，我們已經增加到 18 個頻道，涵蓋 23 門大學課程，包含超過 40,000 個視頻和練習題。到年底，我們計劃再增加 6 個渠道，例如用於商業和管理會計的微積分。

For a product that's still in its infancy, it's impressive that since August '22, students have engaged in nearly 2 million minutes of video content and more than 1 million practice problems and channels. And channels is relevant to every student studying subjects like chemistry, biology or economics, not just those assigned Pearson course materials. So this meaningfully expands our addressable market and reach with college students, and we're now developing our commercial plans with the goal to be ready for fall this year.

對於仍處於起步階段的產品，令人印象深刻的是，自 22 年 8 月以來，學生參與了近 200 萬分鐘的視頻內容和超過 100 萬個練習題和頻道。渠道與每個學習化學、生物學或經濟學等學科的學生相關，而不僅僅是那些指定的 Pearson 課程材料。因此，這有意義地擴大了我們的目標市場和大學生的影響力，我們現在正在製定我們的商業計劃，目標是為今年秋季做好準備。

But that's not all. We continue to look to other student and consumer learning needs. As they reach the end of their formal education, students need a bridge from academic knowledge and skills to those that will help them thrive in employment. And Pearson+ can offer them more tools and more ways to prepare for entering the workforce. Now we're currently piloting an enhanced content offer in Pearson+ with a focus on in-demand tech skills and essential soft skills, classes such as Intro to Python, JavaScript, Critical Thinking and Emotional Intelligence. This is all part of how Pearson can support people throughout their learning journeys and a great illustration of how we can extend our value proposition, creating strong connections across the different parts of the company and leveraging the wealth of our unique IP.

但這還不是全部。我們繼續關注其他學生和消費者的學習需求。當他們完成正規教育時，學生需要一座從學術知識和技能到那些將幫助他們在就業中茁壯成長的橋樑。 Pearson+ 可以為他們提供更多工具和更多方式來為進入勞動力市場做準備。現在，我們目前正在 Pearson+ 中試行增強的內容提供，重點關注熱門技術技能和基本軟技能，課程包括 Python 入門、JavaScript、批判性思維和情商。這是 Pearson 如何在整個學習旅程中為人們提供支持的全部內容，並很好地說明了我們如何擴展我們的價值主張，在公司的不同部門之間建立牢固的聯繫，並利用我們獨特的 IP 的財富。

To give just 1 tangible example of how this could work. Imagine a college student who comes to Pearson+ for their college textbook and study needs, who can also now learn AWS Cloud foundations, who then goes on to complete their tech certification via Pearson VUE, and ultimately earns a Credly badge. We are very excited about the market response to Pearson+. We see further momentum in subscription numbers this spring semester and we have a clear strategic road map. And to tell you more about how we see this future opportunity for the consumer and for the future of Pearson, I'll hand back to Andy.

僅舉一個具體的例子說明這是如何工作的。想像一下，一名大學生為了他們的大學教科書和學習需要而來到 Pearson+，他現在還可以學習 AWS 雲基礎知識，然後繼續通過 Pearson VUE 完成他們的技術認證，並最終獲得 Credly 徽章。我們對市場對 Pearson+ 的反應感到非常興奮。我們在這個春季學期看到了訂閱數量的進一步增長，並且我們有一個清晰的戰略路線圖。為了告訴你更多關於我們如何看待消費者和 Pearson 未來的未來機會，我將交還給 Andy。

Thank you, Lynne. Now in summary, English language learning is growing strongly and bringing millions of direct-to-consumer relationships into the company. Our higher ed business has undergone strategic organizational changes, and we're investing in our products to get us back to top line growth. Pearson+ continues to grow and serve as a springboard for the future of our Higher Ed business and our ambitions across a lifetime of learning.

謝謝你，琳恩。現在總而言之，英語學習正在強勁增長，並為公司帶來了數以百萬計的直接面向消費者的關係。我們的高等教育業務經歷了戰略性的組織變革，我們正在投資於我們的產品，以使我們恢復收入增長。 Pearson+ 不斷發展壯大，並成為我們未來高等教育業務和我們終生學習抱負的跳板。

In workforce skills, the launch of our talent investment platform represents a significant step forward in this division's strategy and capitalizing on the market demand for reskilling and upskilling. And finally, assessment and qualifications continues as a source of stability and growth for Pearson. We're excited to expand the scope of its offering, and it will play a central role in our lifetime learning strategy. We're delivering on what we promised to do, and we'll continue to do that. The crossover between our businesses is accelerating, creating synergies and forming the foundations of our digital learning ecosystem.

在勞動力技能方面，我們人才投資平台的推出代表了該部門戰略向前邁出的重要一步，並充分利用市場對技能再培訓和技能提升的需求。最後，評估和資格繼續作為 Pearson 穩定和增長的源泉。我們很高興能夠擴大其產品範圍，它將在我們的終身學習戰略中發揮核心作用。我們正在兌現我們承諾要做的事情，我們將繼續這樣做。我們業務之間的交叉正在加速，產生協同效應並形成我們數字學習生態系統的基礎。

Now our focus is on leveraging our progress to make that ecosystem a reality. Our priorities in 2023 will focus on moving us closer to this goal. Specifically, I've identified 3 critical priorities for 2023: drive sustainable and profitable revenue growth; delight our consumers and become obsessed with meeting their expectations; and finally, focus on execution across all of the business. As I've mentioned, we're at a unique moment where we're beginning to combine our capabilities to benefit a vast number of individuals and enterprises.

現在，我們的重點是利用我們的進步使該生態系統成為現實。我們在 2023 年的優先事項將集中於使我們更接近這一目標。具體來說，我確定了 2023 年的 3 個關鍵優先事項：推動可持續和盈利的收入增長；取悅我們的消費者並著迷於滿足他們的期望；最後，專注於所有業務的執行。正如我所提到的，我們正處於一個獨特的時刻，我們開始結合我們的能力來造福廣大個人和企業。

We believe there's enormous power in an ecosystem that brings our products together and that there is significant growth potential when we combine Pearson+, our talent investment platform, Pearson VUE and English into 1 unified platform. As we move into 2023 and beyond, you'll see us push further into a business model that connects the 160 million consumers we reach each year into 1 connected Pearson experience.

我們相信，將我們的產品整合在一起的生態系統具有巨大的力量，並且當我們將 Pearson+、我們的人才投資平台、Pearson VUE 和英語整合到一個統一平台時，將具有巨大的增長潛力。隨著我們進入 2023 年及以後，您會看到我們進一步推進一種商業模式，將我們每年接觸的 1.6 億消費者連接到一種互聯的 Pearson 體驗中。

Even as we turn this concept into reality, we continue to work hard to deliver what consumers demand every day. As we deepen relationships with our consumers, they can move with ease between our products and services as their learning needs evolve. That creates lifetime value for each one of them and for Pearson and for our stakeholders. And with that, we'll be happy, the entire group, including any ESG questions or legal questions to Cinthia, our General Counsel; Strategy, Sue, who recently joined us from Delta; and Ali, since we're in the talent business. We also focus a lot internally on our own talent. And of course, myself, the divisional President. We take questions in the room. Jo, you are monitoring the questions that are coming in online. Jo?

即使我們將這一概念變為現實，我們也會繼續努力滿足消費者每天的需求。隨著我們加深與消費者的關係，他們可以隨著學習需求的發展在我們的產品和服務之間輕鬆切換。這為他們每個人以及 Pearson 和我們的利益相關者創造了終生價值。有了這個，我們會很高興，整個團隊，包括向我們的總法律顧問 Cinthia 提出的任何 ESG 問題或法律問題； Strategy，Sue，最近從 Delta 加入我們；和阿里，因為我們從事人才業務。我們在內部也非常關注我們自己的才能。當然，還有我自己，部門總裁。我們在房間裡回答問題。喬，你正在監控在線提交的問題。喬？

(Operator Instructions) I think I'll start in the room for now. Okay.

（操作員說明）我想我現在先在房間裡開始。好的。

(Operator Instructions) Tom?

（操作員說明）湯姆？

Tom here from Citi. I mean there's too much to talk about, so I'm going to try and bring it down to 3. And at least 2 of them, I think, are going to be on workforce skills because it's obviously a big new development. The first question, when I look at some of the other companies exposed to the sort of enterprise learning environment, they've talked about that lengthening sales cycles and things like that. I'm just wondering whether you could offer some perspectives on just the sort of the broad macro outlook and trying to sort of sell this new product.

花旗銀行的湯姆。我的意思是要談的太多了，所以我會嘗試將其減少到 3 個。我認為，其中至少有 2 個是關於勞動力技能的，因為這顯然是一個重大的新發展。第一個問題，當我看到其他一些接觸到這種企業學習環境的公司時，他們談到了延長銷售週期之類的事情。我只是想知道您是否可以就廣泛的宏觀前景提供一些觀點並嘗試銷售這種新產品。

And then actually 1 follow-on question on your 1,500 enterprises, we obviously don't know the exact number in terms of revenue for Faethm and Credly, but that feels like something like GBP 15,000 or GBP 20,000 straight dollars per client. Can you just talk about how that evolves? I presume a lot of this is land and expand, but if you can just give us a sort of a sense of pathway.

然後實際上是關於您的 1,500 家企業的 1 個後續問題，我們顯然不知道 Faethm 和 Credly 的確切收入數字，但這感覺就像每個客戶 15,000 英鎊或 20,000 英鎊直接美元。你能談談它是如何演變的嗎？我認為其中很多是土地和擴張，但如果你能給我們一種路徑感。

And then maybe the third question on English language learning, another very exciting area. The Canada contract or designation feels very exciting. Can we maybe unpack the opportunity there and also talk about whether there are further big contracts like that, somewhere in the pipeline?

然後可能是關於英語學習的第三個問題，這是另一個非常令人興奮的領域。加拿大的合同或任命感覺非常令人興奮。我們是否可以解開那裡的機會，並討論是否還有其他類似的大合同，在管道中的某個地方？

Great. Mike?

偉大的。麥克風？

Thanks for the question, Tom. So at the macro level, I mean, this continues to be a very exciting opportunity, a very exciting market for Pearson. It's going through a huge amount of change and disruption. Our belief very strongly is that we're still really in the early phases of digital disruption of the HR technology and the learning and development market.

謝謝你的問題，湯姆。所以在宏觀層面上，我的意思是，這仍然是一個非常令人興奮的機會，對 Pearson 來說是一個非常令人興奮的市場。它正在經歷巨大的變化和破壞。我們堅信，我們仍處於人力資源技術和學習與發展市場數字化顛覆的早期階段。

We still see very strong growth signals in spite of the macroeconomic backdrop. And above all, the mega trend we see is that there is a very clear and emerging awareness within organizations of the need to understand the value of their people, particularly of the value of their people as opposed to the value of their technology or in partnership with the value of their technology. So automation and augmentation actually reveal the value of people and then we can talk a bit more about that.

儘管在宏觀經濟背景下，我們仍然看到非常強勁的增長信號。最重要的是，我們看到的大趨勢是，組織內部有一種非常清晰的新興意識，即需要了解員工的價值，尤其是員工的價值相對於技術或合作夥伴的價值與他們的技術價值。所以自動化和增強實際上揭示了人的價值，然後我們可以多談一點。

So we see great growth prospects, great opportunities in the change and disruption that we are solving for with our core platform. Sales cycles about 90 to 120 day typically, sales cycles for the platform, which we've built into our model. You're right, within that very large number of enterprise customers that we have, as you would expect, we have a big variety of the extent to which we serve them. We have some very, very high consumers of the full suite of products that we offer, and we have others that are presently consuming 1 portion, 1 slice. And you are correct, our approach here is a land and expand strategy.

因此，我們看到了巨大的增長前景，以及我們正在通過核心平台解決的變革和顛覆中的巨大機遇。銷售週期通常約為 90 到 120 天，我們已將其構建到我們的模型中。你是對的，正如你所期望的那樣，在我們擁有的大量企業客戶中，我們為他們提供服務的程度各不相同。我們有一些非常非常喜歡我們提供的全套產品的消費者，我們還有其他人目前正在消費 1 份，1 片。你是對的，我們這裡的方法是土地和擴張戰略。

We're trying to bring a very differentiated core set of services that help them make sense of the change that they see in this space, and in particular, to deal with that fragmentation that they're suffering from. And in so doing, we think that gives us great opportunities for further growth with all of those relationships.

我們正試圖帶來一套非常差異化的核心服務，幫助他們理解他們在這個領域看到的變化，特別是處理他們正在遭受的碎片化。通過這樣做，我們認為這為我們提供了進一步發展所有這些關係的絕佳機會。

Thanks for your question, Tom. Canada is the biggest destination for migration and study in the world. It represents approximately 30% of the overall market. Migration, as Andy said, is what we received approval for, we estimate is about GBP 100 million, and we think we can, over time, gain share in that market as we've done in other destination location.

謝謝你的問題，湯姆。加拿大是世界上最大的移民和留學目的地。它約佔整個市場的 30%。正如安迪所說，移民是我們獲得批准的原因，我們估計約為 1 億英鎊，我們認為隨著時間的推移，我們可以像在其他目的地所做的那樣獲得該市場的份額。

We're already accepted by 91% of Canadian universities for study admissions. So to your second point, we believe that we can further grow in the study market, which is slightly bigger than the migration opportunity for Canada. For that, we're also in conversations with the Canadian government to obtain approval for the SDS, the Fast Track approval on that study segment, which would further expedite that because it requires a simpler application for the student perspective.

我們已經被 91% 的加拿大大學錄取。所以對於你的第二點，我們相信我們可以在學習市場上進一步發展，這比加拿大的移民機會略大。為此，我們還在與加拿大政府進行對話，以獲得 SDS 的批准，即該研究部分的快速通道批准，這將進一步加快這一進程，因為它需要更簡單的學生應用程序。

On top of that, as you heard me saying, we believe that there is opportunity in mid stakes assessments. We've had the nursing recognition in the U.S., which is not sizable in terms of revenue, but it's an example of how we can continue to address our addressable market going into specific professional bodies. And then lastly, the important thing to realize is that the assessment opportunity overall is very large and as we unfold that product experience that I described, I think we can capture further growth across our different platforms.

最重要的是，正如你聽到我說的，我們相信中期股權評估存在機會。我們在美國獲得了護理認可，這在收入方面並不可觀，但這是我們如何繼續解決我們進入特定專業機構的潛在市場的一個例子。最後，重要的是要意識到總體評估機會非常大，隨著我們展開我所描述的產品體驗，我認為我們可以在不同平台上實現進一步增長。

Perfect. Where next, Jo?

完美的。下一步，喬？

Can we take the next question from James from Goldman.

我們可以接受來自高盛的詹姆斯的下一個問題嗎？

It's James Tate from Goldman Sachs. I've got 2 questions, please. First, you mentioned a couple of years ago that the secondary market impairs and textbooks in higher ed was around 14 million units. Can you give us an update on the progress since then? And how successful has the recapture the secondary market been? And how much is still to come?

我是高盛的詹姆斯泰特。請教我兩個問題。首先，你幾年前提到二級市場和高等教育教科書大約有 1400 萬冊。你能給我們介紹一下自那時以來的最新進展嗎？奪回二級市場的成功率如何？還有多少呢？

And secondly, just to double check, you mentioned that you don't expect any material future M&A. Does that mean that you now have all the capabilities you want in work for skills? And I guess you slightly changed the wording of your midterm growth guidance for the division to greater than 20% CAGR. But do you still expect revenue in 2025 to be double 2021?

其次，為了仔細檢查，你提到你預計未來不會有任何實質性的併購。這是否意味著您現在擁有所有您想要的技能工作能力？而且我猜你將該部門的中期增長指導的措辭略微更改為大於 20% 的複合年增長率。但您是否仍預計 2025 年的收入會是 2021 年的兩倍？

Sally, do you want to or Tom?

薩莉，你想還是湯姆？

Sure, I'll take the first one on the secondary market. I won't get into the sort of the exact units, yes, in terms of the secondary market today, but the sort of the 2 fundamental strategies on how do we make sure that we're attracting more students upfront in terms of purchasing, and we do that by thinking through the inclusive access model. So if you do that and you get that right, then you've got more students opting in at the start of class as especially relevant for some of the humanities and social sciences, of course, is where you've got lower sell-through. So that's how we think about that in terms of the institutional approach to the secondary market.

當然，我會在二級市場上購買第一個。我不會討論確切的單位，是的，就今天的二級市場而言，但是關於我們如何確保我們在購買方面預先吸引更多學生的兩種基本策略，我們通過考慮包容性訪問模型來做到這一點。因此，如果您這樣做並且做對了，那麼您就會有更多的學生在課程開始時選擇加入，因為與某些人文和社會科學特別相關，當然，這是您的銷售率較低的地方.這就是我們在二級市場的製度方法方面的思考方式。

Then obviously, as we think about Pearson+ and our overall pricing strategies when you're thinking about it from a consumer perspective, clearly, we're being very deliberate and thoughtful from a pricing perspective to make sure that as you look at some of the secondary market options, we're pricing at a more attractive rate than what you might get in a secondhand bookstore so on and so forth. So we're kind of thinking about it from the institutional point of view as well as the consumer point of view, making sure that the pricing works, both institutionally and for the consumer. That's kind of how we're thinking about it.

然後很明顯，當你從消費者的角度考慮 Pearson+ 和我們的整體定價策略時，很明顯，我們從定價的角度非常深思熟慮，以確保當你看到一些二級市場的選擇，我們的定價比你在二手書店等處獲得的價格更具吸引力。因此，我們從機構的角度和消費者的角度考慮它，確保定價在機構和消費者方面都有效。這就是我們的想法。

On capabilities, yes, we have all of the core building blocks that we need going forward, and we will continue to look for new opportunities to accelerate returns for shareholders and to progress our strategy. As we rightly said, we have no plans for any material M&A, but like any good growth-minded company, we keep our eyes open for opportunities reward shareholders. But for now, absolutely no plans because we have what we need. And you're correct, yes, we're retaining our guidance for double revenue by '25.

在能力方面，是的，我們擁有前進所需的所有核心組成部分，我們將繼續尋找新的機會來加速股東回報並推進我們的戰略。正如我們所說的那樣，我們沒有進行任何重大併購的計劃，但與任何具有成長意識的優秀公司一樣，我們會密切關注回報股東的機會。但就目前而言，絕對沒有計劃，因為我們有我們需要的東西。你是對的，是的，我們保留了到 25 年實現雙倍收入的指導。

Can we go to Matt just behind Rachel from Credit Suisse?

我們可以去瑞士信貸瑞秋後面的馬特嗎？

It's Matthew from CS. The first one is on higher ed. So you mentioned you wanted to have a growth CAGR for '22 to '25. I guess this is for Sally. Does that mean that you, therefore, need growth to return in higher ed in '24? Or alternatively, you've got a massive growth rate coming in 2025. So just some color on that, first of all, please.

我是來自 CS 的 Matthew。第一個是高等教育。所以你提到你想要在 22 到 25 年間實現複合年增長率。我想這是給莎莉的。因此，這是否意味著您需要增長才能在 24 年的高等教育中回歸？或者，您將在 2025 年實現巨大的增長率。所以請先說明一下。

The second question is also for Sally, which is on the margin for the group in 2025. What does sort of high mid-teens mean? Does that mean 16, 17, does it mean 17, 18? I know you don't want to define it, but I'm asking anyway because it's a little bit vague. And the last question is, and this is not a criticism because I think the articulation of the strategy is really good. A lot of messages around interaction between the different divisions.

第二個問題也是針對 Sally 的，她在 2025 年處於邊緣位置。十幾歲的高中生是什麼意思？這是否意味著 16、17，是否意味著 17、18？我知道你不想定義它，但我還是要問，因為它有點含糊。最後一個問題是，這不是批評，因為我認為戰略的闡述非常好。很多消息都圍繞著不同部門之間的互動。

But there have been a couple of slip-ups on contracts in the last couple of years. There was now it's virtual schools. What sort of reassurance can you give us on other contracts?

但在過去幾年裡，合同出現了幾次失誤。現在是虛擬學校。在其他合同上你能給我們什麼樣的保證？

Like how are the contracts structured in virtual schools, what's the concentration of contracts? And how do we know that we're not going to be sitting down full year next year, discussing another loss of a school contract that has an impact on numbers.

比如虛擬學校的合同是如何構成的，合同的集中度是多少？我們怎麼知道明年我們不會坐下來討論另一個對數字有影響的學校合同損失。

So in terms of higher ed growth, you'll probably want to hear the same thing from Tom, but absolutely, yes, it means growth in '24 and '25. In terms of margin in 2025, I'm really confident about that margin improvement in 2025. It comes from the operating leverage on revenue as I described. 16, 17 is probably a good way to look at it, but we are really focused on that revenue growth and it dropping through nice and strongly. And as you know, we've got a reputation for being really cost conscious as well, so really confident in delivering that.

因此，就高等教育增長而言，您可能想從湯姆那裡聽到同樣的話，但絕對是，這意味著 24 和 25 年的增長。就 2025 年的利潤率而言，我對 2025 年的利潤率改善充滿信心。正如我所描述的，它來自對收入的運營槓桿。 16 歲、17 歲可能是一個很好的看待它的方式，但我們真正關注的是收入增長，而且收入增長強勁。如您所知，我們也以非常注重成本而著稱，因此非常有信心實現這一目標。

And I guess I'll give an overview on the contracts and maybe Tom will come in as well as leader of that business. It's within the Virtual Schools business, you get this rotation of schools. We see schools coming in, we see schools going out. I think in this particular circumstance, it's about the size of this particular contract, but we're really confident in this business. We know how to manage these contracts. The team are already on making sure that we mitigate this particular circumstance, but we really see good future in this business. And I think the shift into the career and technical space is a real opportunity for us as well that we're already bringing online this year, too. Would you add anything, Tom?

我想我會對合同進行概述，也許湯姆會作為該業務的負責人加入。它在虛擬學校業務中，你可以輪換學校。我們看到學校進來，我們看到學校出去。我認為在這種特殊情況下，這與這份特殊合同的規模有關，但我們對這項業務非常有信心。我們知道如何管理這些合同。該團隊已經在確保我們減輕這種特殊情況，但我們確實看到了這項業務的美好前景。而且我認為向職業和技術領域的轉變對我們來說也是一個真正的機會，我們今年也已經將其上線。湯姆，你能加點什麼嗎？

Yes. I mean, I would just reaffirm exactly what Sally said about higher education as you think about virtual schools, right? This business has grown from about 75,000 kids to 106,000 kids over the last few years. That's huge growth. Against that backdrop, we've seen improvements in NPS. We've seen improvements in retention. We've seen improvements in lifetime value. We're seeing good growth in the business, which is why we feel good about it.

是的。我的意思是，當你想到虛擬學校時，我只想重申莎莉關於高等教育的說法，對吧？在過去幾年裡，這項業務從大約 75,000 名兒童發展到 106,000 名兒童。這是巨大的增長。在這種背景下，我們看到了 NPS 的改進。我們已經看到了保留率的提高。我們已經看到了生命週期價值的提高。我們看到業務增長良好，這就是我們對此感覺良好的原因。

The contracts are typically structured in terms of 3 to 5 years depending on sort of the co-terminus with the length of the charter approval that the school gets. So that's how the contracts work. As Sally mentioned, these are part and parcel of life. We probably lose 1 small to medium-sized school every year. We typically replace them. So this is something that we're working through. We think about mitigation from a virtual schools perspective in key states. We look to have more than 1 school in the state so we can serve students differently.

合同的期限通常為 3 至 5 年，具體取決於共同終點的種類以及學校獲得的特許批准的期限。這就是合同的運作方式。正如莎莉所說，這些都是生活的一部分。我們每年可能會失去一所中小型學校。我們通常會更換它們。所以這是我們正在努力解決的問題。我們從關鍵州的虛擬學校角度考慮緩解措施。我們希望在該州擁有不止一所學校，這樣我們就可以為學生提供不同的服務。

And it was actually a very good example. In the last 6 weeks where a virtual school that left us in 2019, 2020 came back to us in the middle of the school year, which is totally unheard of because they were very disappointed with the provider they've gone to. And so our team did a heroic job of basically taking on a school with 1,000 kids in the middle of the school year to get them back into the fold. So it happens. It's part and parcel of life. We roll with the punches and we continue to mitigate the risk holistically.

這實際上是一個很好的例子。在 2019 年離開我們的虛擬學校的過去 6 周中，2020 年在學年中期又回到了我們身邊，這完全是聞所未聞的，因為他們對他們去過的提供者非常失望。因此，我們的團隊做了一項英勇的工作，基本上是在學年中期接手一所擁有 1,000 名學生的學校，讓他們重返校園。所以它發生了。這是生活的一部分。我們勇往直前，繼續從整體上降低風險。

Can we go to Omar just sitting next to Matt from Morgan Stanley.

我們可以去坐在摩根士丹利馬特旁邊的奧馬爾嗎？

So a couple of questions. First of all, on the talent and investment platform, could you -- maybe just walk us through what the value proposition is for the customer. So why is it that a customer takes the product? Are they trying to drive revenue? Are they trying to save costs? That would give us a little bit of sense of how your go-to-market might play out. And also, can you just maybe walk us through the unit economics. So when you add a customer, how does it drop through, but the revenue dropped through to the bottom line and so on? That's the first question.

所以有幾個問題。首先，在人才和投資平台上，你能不能——也許只是向我們介紹一下對客戶的價值主張是什麼。那麼，為什麼客戶會拿走產品呢？他們是想增加收入嗎？他們是想節省成本嗎？這將使我們對您的上市可能如何發揮作用有所了解。而且，你能不能給我們介紹一下單位經濟學。那麼當你添加一個客戶時，它是如何下降的，但是收入卻下降到了底線等等？這是第一個問題。

And then secondly, again on virtual schools. Sally, could you just kind of just explain whether the guidance that you've given for virtual schools this year assumes that the mitigation strategies will work, you'll get something else to replace it. Are you sort of guiding more conservatively and just a bit more color on that? And then finally, actually, a third question, on OPM, could you update us on the sale process, please, or the strategic review process, please?

其次，再次關於虛擬學校。莎莉，你能不能解釋一下你今年為虛擬學校提供的指導是否假設緩解策略會起作用，你會得到其他東西來代替它。您是否在某種程度上更保守地指導並且在其上增加了一點色彩？最後，實際上，關於 OPM 的第三個問題，請問您能否向我們更新銷售流程或戰略審查流程？

So the first one, yes. So one of the curses I suspect that Ali will understand well for a lot of HR professionals is that people are often seen as a cost center rather than a growth engine. And part of the reason why that is -- has been the case traditionally is companies and individuals and organizational leaders do not have the insights they need about the value creation potential of their people. We all know in theory that our people are our greatest assets and that the ability of our people to be effective individually and together is the differentiator between success of any organization and failure. But companies and individuals have lacked the tools and insights they need in order to understand that and make use of it.

所以第一個，是的。所以我懷疑阿里會為很多 HR 專業人士很好地理解的一個詛咒是，人們經常被視為成本中心而不是增長引擎。部分原因是 - 傳統上一直是這種情況，因為公司和個人以及組織領導者沒有他們需要的關於員工價值創造潛力的洞察力。從理論上講，我們都知道我們的員工是我們最大的資產，我們的員工個人和集體發揮作用的能力是任何組織成功與失敗的區別。但是公司和個人缺乏理解和利用它所需的工具和洞察力。

So we think about this as bringing the same level of insights and predictability and forecasting and above all, the ability to make sound investments so that you understand the returns from those investments, which is why we call it a talent investment platform for people as you would expect in other areas of your supply chain and the other areas of inputs to any commercial strategy for our business. So ultimately, the value creation that we bring here is to help our companies and our individuals understand their value and how that translates through to achieving commercial success. So we will be devising targets in partnership with our customers that are focused on driving productivity improvements that are focused on driving sales team improvements, for example. And we feel that's an area of great differentiation.

因此，我們認為這帶來了相同水平的洞察力、可預測性和預測性，最重要的是，能夠進行合理的投資，以便您了解這些投資的回報，這就是為什麼我們將其稱為人才投資平台，適合像您這樣的人會期望您供應鏈的其他領域和其他領域對我們業務的任何商業戰略的投入。因此，最終，我們在這裡帶來的價值創造是為了幫助我們的公司和個人了解他們的價值，以及如何將其轉化為實現商業成功。因此，我們將與我們的客戶合作制定目標，重點是提高生產力，例如，重點是推動銷售團隊的改進。我們認為這是一個差異化很大的領域。

We're not here to tell you how many hours of learning content your team has consumed. That is an output. We're here to show you the impact that your interventions are having on the productivity and the performance and above all the commercial delivery of your staff. In terms of the drop through from growth to profit, I mean, we -- fundamentally SaaS businesses are very attractive in that regard. Very good operating leverage. Obviously, we are, as you know, at the moment, in a growth phase. So as we guided you towards margins were broadly breakeven this year. We see that increasing through 2023.

我們不會在這裡告訴您您的團隊已經消耗了多少小時的學習內容。那是一個輸出。我們在這裡向您展示您的干預措施對生產力和績效的影響，尤其是對員工商業交付的影響。就從增長到利潤的下降而言，我的意思是，從根本上說，SaaS 業務在這方面非常有吸引力。非常好的經營槓桿。顯然，如您所知，我們目前正處於成長階段。因此，正如我們指導您的那樣，今年的利潤率基本達到收支平衡。我們認為到 2023 年這種情況會增加。

I believe we guided you towards low teens profit in 2025. I think based on where we're at with our plans at the moment, we think we can potentially improve on that.

我相信我們引導您在 2025 年實現低利潤。我認為根據我們目前的計劃，我們認為我們有可能對此進行改進。

And then virtual schools in terms of the guidance, it doesn't assume that we immediately mitigate at, but we are used to mitigating it over a period of time. And then on the OPM strategic review, I've got nothing to tell you today, but it is progressing.

然後虛擬學校在指導方面，它不假設我們立即緩解，但我們習慣於在一段時間內緩解它。然後關於 OPM 戰略審查，我今天沒有什麼可以告訴你的，但它正在取得進展。

Nice try.

不錯的嘗試。

Can we take a question down here -- just in the second row? And then I'll go to Nick after that. Nick, on to you next.

我們可以在這裡提問——就在第二排嗎？之後我會去找尼克。尼克，接下來輪到你了。

Thank you for that presentation. The change that's happened under this new management team has been very evident in everything that you presented today, so thank you for that. But my question is on something else that caught my eye today. There's an article on Bloomberg talking with some comments attributed to Sally about a potential U.S. listing. So could you just clarify thoughts on that, why you would feel your additive would not be easy to sell in the U.K. or why that would even be a consideration or just your thoughts around the matter, please?

謝謝你的介紹。在這個新的管理團隊下發生的變化在您今天介紹的所有內容中都非常明顯，所以謝謝您。但我的問題是關於今天引起我注意的其他事情。彭博社上有一篇文章談到了 Sally 關於潛在美國上市的一些評論。那麼你能否澄清一下你的想法，為什麼你會覺得你的添加劑在英國不容易銷售，或者為什麼這甚至會成為一個考慮因素或只是你對此事的想法，拜託？

A quote without context is sometimes taken out of context and makes a very nice headline, I guess. I was on CNBC myself this morning and was asked the same question and we gave the same answer. We are always, as a Board, looking at opportunities, but have not actively discussed anything other than maintaining our presence on the FTSE. We're very proud and long-standing member of the FTSE. We happen to perform quite well last year as memory recalls. And so if you do deliver on your promises or overdeliver, underpromise, overdeliver, always good.

我猜，沒有上下文的引用有時會被斷章取義，成為一個非常好的標題。今天早上我自己在 CNBC 上，被問到同樣的問題，我們給出了同樣的答案。作為董事會，我們一直在尋找機會，但除了保持我們在 FTSE 的地位之外，沒有積極討論任何事情。我們為富時指數的長期成員感到非常自豪。去年我們恰好表現得很好，因為記憶回憶。因此，如果你確實兌現了你的承諾或超額兌現，承諾不足，超額兌現，總是好的。

And so I would just confidence that reassure or reiterate that there is nothing active in terms of conversations that are going on in terms of whether we should. I know there are many companies that are doing that, and it was on the -- was on the front page of the FT today as well. So the quote or that portion of the quote as it was, was taken a little bit out of context.

因此，我相信可以放心或重申，就我們是否應該進行的對話而言，沒有任何活躍的內容。我知道有很多公司都在這樣做，而且今天也出現在英國《金融時報》的頭版上。因此，引用或引用的那部分內容有點斷章取意。

We take the next question from Nick.

我們接受 Nick 的下一個問題。

It's Nick Dempsey from Barclays. I've got 3 still, please. So just following on from Matt's question on higher ed. I make it that we need 5% growth in '24 and '25 to get to our 3-year CAGR. When we look at '22, the units went down quite a lot and was offset by price. So when we're thinking about achieving that 5% growth, do we think that we can carry on putting through price in those years? Or are we expecting to grow units a lot more than we have in the past?

我是巴克萊銀行的尼克登普西。我還有3個，拜託了。因此，請繼續 Matt 關於高等教育的問題。我認為我們需要在 24 年和 25 年實現 5% 的增長才能達到 3 年的複合年增長率。當我們看 22 年的時候，單位下降了很多，被價格抵消了。因此，當我們考慮實現 5% 的增長時，我們是否認為我們可以在那些年繼續提高價格？或者我們是否期望比過去更多地增加單位？

Second question. When I add together the gap between product development cash and amortization and then the cash restructuring in '22, I get about GBP 100 million. So in other words, the main difference between P&L and cash flow. When I'm thinking about '23, you've got GBP 85 million of cash restructuring. I guess there will be a further gap on product development. Beyond that, can we expect that to come down quite a lot so that we can then start looking at the P&L as more of an indicator for cash flow than it is at the moment?

第二個問題。當我將產品開發現金和攤銷以及 22 年的現金重組之間的差距加在一起時，我得到大約 1 億英鎊。換句話說，損益和現金流量之間的主要區別。當我想到 23 年時，你有 8500 萬英鎊的現金重組。我想在產品開發方面會有進一步的差距。除此之外，我們是否可以預期它會下降很多，以便我們可以開始將損益表視為比目前更多的現金流量指標？

And third question, so you said you don't have anything notable in the M&A pipeline. You're pretty under-geared. Do you expect to stay under geared? Or can we expect that buyback to come back? Or are you just waiting for the kind of the right deal to square that circle?

第三個問題，所以你說你在併購管道中沒有任何值得注意的東西。你裝備太差了。您希望保持低負荷嗎？或者我們可以期待回購回來嗎？或者你只是在等待那種合適的交易來解決這個問題？

Do you want to take the first one, Tom?

湯姆，你想要第一個嗎？

Yes, I'd love to. So as we think about higher education and the sort of guidance out to 2025, a couple of things just to put in context. Firstly, in 2022, we had the access card elimination that weighed on volumes a little bit, which made it a little stocker than otherwise would have been. As you think about '23 to '25, obviously, we're in a price constrained environment. But clearly, we were able to put up pricing predominantly in our print products in 2022 but we're going to be looking at pricing very carefully because, obviously, where we see opportunities to raise pricing, we will be clearly -- we're in an inflationary environment. That makes a lot of sense as we think about pricing. And you're right, clearly, we have to grow units. And then the other thing I would, of course, say is there is the rest of the world. And as we think about growth internationally, that's also a feature of helping us achieve that medium-term number.

是的，我很樂意。因此，當我們考慮高等教育和到 2025 年的指導時，有幾件事只是放在背景中。首先，在 2022 年，我們取消了門禁卡，這對銷量造成了一點影響，這使得它比其他情況下的庫存要少一些。當你想到 23 到 25 年時，很明顯，我們處於價格受限的環境中。但很明顯，我們能夠在 2022 年主要對我們的印刷產品進行定價，但我們將非常仔細地考慮定價，因為很明顯，在我們看到提高定價的機會的地方，我們將明確 - 我們是在通貨膨脹的環境中。當我們考慮定價時，這很有意義。你是對的，很明顯，我們必須增加單位。當然，我要說的另一件事是世界其他地方。當我們考慮國際增長時，這也是幫助我們實現中期數字的一個特點。

And in terms of product development and P&L, yes, you're right, product development and amortization will normalize back. Reorg is a '23 factor not out into the future. And therefore, that 90% plus cash conversion is absolutely achievable. And then from an M&A perspective, no, I'm not suggesting that I'm just sitting waiting for an acquisition. I'm just pointing out that we have nothing near term or material. And the Board keeps the capital allocation policy application under continuous review. And at the right time, there's the opportunity for share buybacks.

在產品開發和損益方面，是的，你是對的，產品開發和攤銷將恢復正常。 Reorg 是一個 23 年的因素，不會出現在未來。因此，90% 以上的現金轉換是絕對可以實現的。然後從併購的角度來看，不，我並不是說我只是坐等收購。我只是指出我們沒有任何近期或材料。董事會不斷審查資本分配政策的應用。在適當的時候，有機會進行股票回購。

Next, Jo?

接下來，喬?

Tom?

湯姆？

I apologize. It's only 1 question, and you're probably not going to answer it anyway. So it's on -- actually on OPM. And just as we look back at Pearson's history, you've got this -- and I'm particularly thinking about Penguin here, track record of taking an asset and injecting it into something else on a sort of nil capital basis and then nil capital invested basis and then running with it. I'm just interested big picture, whether that could be a strategy you employ with OPM or is -- when you're thinking about the strategic review, are we thinking about a clean break?

我道歉。這只有 1 個問題，而且您可能無論如何也不會回答。所以它是——實際上是在 OPM 上。就像我們回顧 Pearson 的歷史一樣，你已經知道了——我在這里特別想到企鵝公司，在零資本基礎上獲取資產並將其註入其他東西的記錄，然後是零資本投資的基礎，然後用它來運行。我只是對大局感興趣，這是否可能是您在 OPM 中採用的策略，或者是 - 當您考慮戰略審查時，我們是否正在考慮徹底中斷？

Great question, Tom. I'm not going to answer it as predicted. We're going through the review and at the appropriate time, everyone will hear what the conclusion of that is.

好問題，湯姆。我不會像預期的那樣回答它。我們正在進行審核，在適當的時候，每個人都會聽到審核的結論。

We'll answer it then.

到時候我們會回答。

Yes. Amana here from The Analyst. Just when you talk about interchangeable or intercommunication between the different platforms in Pearson, what is right now the cross-sell that is happening? And where it could potentially go in the future?

是的。來自 The Analyst 的 Amana。就在您談論 Pearson 不同平台之間的可互換或相互通信時，現在正在發生的交叉銷售是什麼？未來它可能去哪裡？

Yes. I can take that since I've been sort of highly inspiring or architecting some of that. There is a tendency when you have a business and divisional structure or in any line of business or like to kind of compartmentalize individuals, and the last time I looked in the mirror, I wasn't compartmentalized. I was 1 person, and I did different things in my life, both in terms of life journeys and life stages. And that's very much relatable to how you should think about and how we're thinking about this lifetime of learn opportunity.

是的。我可以接受，因為我一直在高度鼓舞人心或設計其中的一些。當你有一個業務和部門結構，或者在任何業務領域，或者喜歡將個人分開時，就會有一種趨勢，而上次我照鏡子時，我並沒有被分開。我是一個人，我在我的生活中做了不同的事情，無論是在人生旅程還是人生階段。這與您應該如何思考以及我們如何思考這一生的學習機會密切相關。

The 1 thing that we all do as humans from the moment we're born until the moment we pass is continually learn. And that learning journey is becoming largely driven by technology, is becoming increasingly diverse.

從我們出生的那一刻到我們去世的那一刻，我們作為人類所做的一件事就是不斷學習。學習之旅在很大程度上由技術驅動，變得越來越多樣化。

It's no longer a straight linear path that certainly my formal education was. And I think today, hopefully, you're getting a sense of is interconnectivity that an individual has as they seek different learning opportunities.

它不再是一條直線路徑，當然我的正規教育是。我想今天，希望你能感受到一個人在尋求不同的學習機會時所擁有的相互聯繫。

Another way of looking at it is, in some ways, Pearson has been in the certification business for decades. The certificate that really mattered was your degree. And so what we did as a company was provide courseware and content to help support you, whether it be an instructor or a student, pass that certificate. And you've got that certificate and you went to university or you went to college because there was a promise of greater job prospects when you graduated. What we see now and what's demonstrated whether it's with credibly workforce skills, with English language learning and, of course, through Pearson VUE, is there is now a proliferation of certificates that carry real value.

另一種看待它的方式是，在某些方面，Pearson 從事認證業務已有數十年。真正重要的證書是你的學位。因此，我們作為一家公司所做的是提供課件和內容來幫助支持您，無論是教師還是學生，通過該證書。你拿到了那張證書，然後你上了大學，或者你上大學是因為你畢業後會有更好的工作前景。我們現在所看到的，無論是通過可靠的勞動力技能、英語語言學習，還是通過 Pearson VUE，所證明的是，現在有大量具有實際價值的證書。

And so if you think about one of the areas that we haven't touched on in Tom's word is how we redefine what higher education is. Tom alluded to it, but you should think going forward that higher education will be beyond institution. Clearly, we have a great strength in parallel within higher institutional learning but we have this opportunity to then provide resources and materials to help people who are taking certification credentials, whether it's through the workforce skills or whether it's coming through Pearson VUE and start to create these different pieces together.

因此，如果你想一想我們在湯姆的話中沒有觸及的領域之一，那就是我們如何重新定義高等教育是什麼。 Tom 提到了這一點，但你應該考慮未來高等教育將超越機構。顯然，我們在高等教育機構學習方面擁有強大的並行能力，但我們有機會提供資源和材料來幫助正在獲得認證證書的人，無論是通過勞動力技能還是通過 Pearson VUE 獲得併開始創造這些不同的部分組合在一起。

One could imagine, and you saw on one of Lynne's slides, that you've got the talent investment platform at the top, you have Pearson+ channels being able to deliver content that enables an individual to then go to Pearson VUE to get that certification or to even do it all within 1 application, and that then gets stored on your profile, which utilizes the technology of Credly.

人們可以想像，並且您在 Lynne 的一張幻燈片上看到，您擁有位於頂部的人才投資平台，您擁有 Pearson+ 渠道能夠提供內容，使個人能夠隨後前往 Pearson VUE 獲得該認證或甚至可以在 1 個應用程序中完成所有操作，然後將其存儲在您的個人資料中，這利用了 Credly 的技術。

So these lines are blurring between thinking about just 1 sector versus another sector, just as our lives have become more blurred as it were, what is the common thread through all of it is our desire and need to learn and to satisfy that curiosity, whether that's to take a job, to migrate. Part of one of the interesting things with Pearson Test of English is, and Jo referenced this, is most people who are taking that test are taking it to migrate either to go to college or to go get a job. So you then start to link the Pearson Test of English with a certification in cloud computing or whatever it happens to be to help that individual.

因此，這些界線在考慮一個部門與另一個部門之間變得模糊，就像我們的生活變得更加模糊一樣，貫穿所有這一切的共同點是我們渴望和需要學習並滿足這種好奇心，無論是那就是找工作，遷移。皮爾遜英語考試的有趣之處之一是，Jo 提到了這一點，大多數參加該考試的人都在參加該考試以遷移去上大學或找工作。因此，您然後開始將 Pearson 英語考試與雲計算認證或任何可以幫助該人的認證聯繫起來。

Now we have relationships with consumers. One of the most important things we've done. That's why we can say we reached 160 million consumers last year. We are now starting these no longer anonymous individuals, and you're going to see the company move from being purely transactional in nature to building relationships. And once we start to build relationships, then we can start to build lifetime value. And you start to create a flywheel effect, depend and you think of the businesses as customer acquisition funnels that are coming in. They may come in through English language learning. They may come in through workforce through your employer or an employee. They may come in and then graduate through higher education or from Pearson VUE or Pearson+. They're all coming in.

現在我們與消費者建立了關係。我們做過的最重要的事情之一。這就是為什麼我們可以說去年我們達到了 1.6 億消費者。我們現在啟動這些不再匿名的個人，您將看到公司從純粹的交易性質轉變為建立關係。一旦我們開始建立關係，我們就可以開始建立終生價值。然後你開始創造一個飛輪效應，依賴並且你將企業視為進來的客戶獲取渠道。他們可能通過英語學習進來。他們可能通過您的雇主或僱員通過勞動力進入。他們可能會進來，然後通過高等教育或 Pearson VUE 或 Pearson+ 畢業。他們都進來了。

The use of one thing we haven't talked about, which is somewhat implied is, of course, the value and the use of data through all of this. We have some very, very, very rich data, and you're going to see, as we talk -- we'll probably talk a bit more about this at interims when we start to expand on this notion. But hopefully, that gives you a sense of when you saw the slides or in your notes of the interconnectivity. That's how you should start to think about how the ecosystem will start to develop.

我們沒有談到的一件事的使用，這在某種程度上暗示了，當然，通過所有這些數據的價值和使用。我們有一些非常、非常、非常豐富的數據，在我們談話時你會看到——當我們開始擴展這個概念時，我們可能會在中間更多地討論這個問題。但希望這能讓您了解何時看到幻燈片或在筆記中看到互連性。這就是你應該開始思考生態系統將如何開始發展的方式。

And one of the interesting things, I know we're focused on '22 to '25, 36 months. What starts to get interesting is '25 and beyond as you start to think of that ecosystem starting to play, but that's for another day.

一件有趣的事情是，我知道我們專注於 22 到 25 年，即 36 個月。開始變得有趣的是 25 歲及以後，當您開始考慮該生態系統開始發揮作用時，但那是另一天的事情。

Got a question here.

在這裡有一個問題。

[Kajal] from HSBC. Thank you for the lovely presentation. It was very helpful. Just a follow-on question from here. You said there are significant operational and financial savings due to interconnectivity that you anticipate. Is there a number that you have in mind which you can share with us today?

[Kajal] 來自匯豐銀行。謝謝你的精彩演講。這很有幫助。只是這裡的後續問題。您說過，由於您預期的互聯性，因此可以節省大量運營和財務費用。您是否想到了今天可以與我們分享的數字？

We just went through the process last year. We identified GBP 120 million of savings through efficiencies. We've just literally finished that. But as you can see, there is the blurring of the lines I referred to and that takes some redundancy, it takes redundancy out of technology. It takes redundancy of consumer acquisition. It allows you to move with the consumers, the consumer moves from division to division more efficiently. And that then allows us -- this is -- that's why this is not necessarily about just saving money for the sake of saving money. This is about becoming more efficient so we can invest behind the real growth engines of the company going forward.

我們去年剛剛經歷了這個過程。我們通過提高效率確定了 1.2 億英鎊的節省。我們剛剛完成了它。但是正如您所看到的，我提到的界限模糊了，這需要一些冗餘，它需要技術中的冗餘。它需要消費者獲取的冗餘。它允許您與消費者一起移動，消費者更有效地從一個部門移動到另一個部門。這讓我們——這就是——這就是為什麼這不一定只是為了省錢而省錢。這是為了提高效率，以便我們可以投資於公司未來的真正增長引擎。

So that's how I would look at that. So we have no specific targets in mind given what we've just done. And I think it was quite precipitous that we did it announced in July of last year. But it was really driven by the actions we've taken in the previous 18 months really that enabled us to do that. And you're going to see us continue to be able to do that as we -- as sort of this new construct matures, and we're constantly looking at better ways of driving efficiency and ultimately driving growth, both top line, bottom line growth throughout the organization.

這就是我的看法。因此，鑑於我們剛剛完成的工作，我們沒有具體的目標。我認為我們在去年 7 月宣布這樣做是非常草率的。但它確實是由我們在過去 18 個月中採取的行動推動的，這些行動確實使我們能夠做到這一點。而且你會看到我們繼續能夠做到這一點，因為我們 - 隨著這種新結構的成熟，我們一直在尋找更好的方法來提高效率並最終推動增長，無論是頂線還是底線整個組織的成長。

And I think I'm going to hand back to you to wrap up.

我想我要交還給你總結。

Okay. Thank you very, very much. Thank you very much for all of your interest and for those of you watching online, really appreciate your support. For those of you that are here, there are a number of stations set up where you can now go and experience the workforce and the talent investment platform. There is a new generation of mastering MyLabs, iLabs that you'll be able to see in terms of where higher education is going and where we go beyond the textbook.

好的。非常非常感謝你。非常感謝您的所有興趣和在線觀看的那些人，非常感謝您的支持。對於在座的各位，這裡設立了多個站點，您現在可以前往這些站點體驗勞動力和人才投資平台。有新一代的掌握 MyLabs，iLabs，你將能夠看到高等教育的發展方向以及我們超越教科書的地方。

And then there is Pearson+ channels. So you're able to experience the channels beyond higher ed and see where that's going. And then in the room next door, you can go meet, you can experience virtual reality as a way of learning languages through modeling and meet an interesting character, shall we say, conversational character that will help you also learn languages.

然後是 Pearson+ 頻道。因此，您能夠體驗高等教育之外的渠道，並了解其發展方向。然後在隔壁的房間裡，你可以去見面，你可以體驗虛擬現實作為通過建模學習語言的一種方式，並遇到一個有趣的角色，容我們說，可以幫助你學習語言的會話角色。

So please enjoy refreshments but more go get your hands dirty as it were and go play and ask lots and lots of questions. And of course, we will all be around to answer any questions that you have. And again, thank you for taking the time and for your interest and support of the company.

所以請享受點心，但更多的是去弄髒你的手，去玩，問很多很多問題。當然，我們都會隨時回答您的任何問題。再次感謝您抽出寶貴時間，感謝您對公司的關注和支持。