RELX PLC (RELX) 2024 Q2 法說會逐字稿

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Good morning, everybody. Thank you for taking the time to join us today. You may have seen from our press release this morning, we delivered strong financial results in the first half and we made further operational and strategic progress. Underlying revenue growth was 7%. Underlying adjusted operating profit growth was 10%. Adjusted earnings per share growth was 10% at constant currency. And we have announced the 7% increase in the pound sterling interim dividend.

大家早安。感謝您今天抽空加入我們。您可能已經從我們今天早上的新聞稿中看到，我們在上半年取得了強勁的財務業績，並且在營運和策略方面取得了進一步的進展。基本收入成長率為 7%。調整後的基本營業利潤成長率為 10%。以固定匯率計算，調整後每股盈餘成長 10%。我們也宣布將英鎊中期股利增加7%。

All four business areas have continued to perform well. And on this chart, you can also see the relative sizes of the segments within each business area. Risk, underlying revenue growth was 8% and underlying adjusted operating profit growth was 9%.

所有四個業務領域均繼續表現良好。在此圖表上，您還可以看到每個業務領域內細分市場的相對規模。風險方面，基本收入成長率為 8%，基本調整後營業利潤成長率為 9%。

Strong growth continues to be driven across segments by our deeply embedded AI-enabled analytics and decision tools, with 90% of divisional revenue now coming from machine to machine interactions. Business services, which represents around 45% of divisional revenue, growth continued to be driven by financial crime compliance and digital fraud and identity solutions, with new sales strengthening further.

我們深度嵌入的人工智慧分析和決策工具持續推動各細分市場的強勁成長，目前 90% 的部門收入來自機器與機器的互動。商業服務約佔部門收入的 45%，其成長繼續受到金融犯罪合規以及數位詐欺和身分解決方案的推動，新銷售進一步加強。

Insurance, which represents just under 40% of divisional revenue, growth was driven by further expansion of solution set across markets, continued positive market factors, and new sales. Specialized industry data services, which represents just over 10% of divisional revenue, growth was led by commodity intelligence and aviation. Going forward, we expect continued strong underlying revenue growth with underlying adjusted operating profit growth slightly exceeding underlying revenue growth.

保險業務佔部門收入的近 40%，其成長是由跨市場解決方案的進一步擴展、持續的積極市場因素和新銷售推動的。專業行業數據服務佔部門收入的 10% 多一點，成長主要由商品情報和航空業帶動。展望未來，我們預期基本收入將持續強勁成長，基本調整後營業利潤成長將略高於基本收入成長。

STM, underlying revenue growth was 4%. Development of analytics continue to drive the ongoing shift in business mix towards higher growth segments. Business mix shifts accelerated in the first half. A further improvement in the electronic revenue growth rate was offset by the remaining revenue shrinking roughly twice as fast as usual.

STM，基本收入成長為 4%。分析的發展繼續推動業務組合向更高成長領域的持續轉變。上半年業務結構加速轉變。電子收入成長率的進一步提高被剩餘收入收縮速度約為平時兩倍的情況所抵消。

Databases, tools, electronic reference and corporate primary research, which together represent around 45% of divisional revenue, growth was driven by further development and rollout of higher value-add analytics and decision tools.

資料庫、工具、電子參考和企業初級研究合計佔部門收入的 45% 左右，成長是由更高附加價值分析和決策工具的進一步開發和推出所推動的。

Primary research academic and government segments, which also represent around 45% of divisional revenue, continue to be driven by volume growth. The number of articles admitted grew very strongly by over 20% across the portfolio so far this year, and the number of articles published grew by 15%. Going forward, we expect continued good underlying revenue growth with underlying adjusted operating profit growth. slightly exceeding underlying revenue growth.

初級研究學術和政府部門也佔部門收入的 45% 左右，並繼續受到銷售成長的推動。今年迄今為止，整個組合中被錄取的文章數量強勁增長了 20% 以上，發表的文章數量增長了 15%。展望未來，我們預期基本收入將持續維持良好成長，調整後營業利潤將持續成長。略高於基本收入成長。

Legal, underlying revenue growth improved further to 7%, up from 6% last year, driven by continued shifting business mix towards higher value legal analytics. Underlying adjusted operating profit growth was ahead of underlying revenue growth at 9% as we continue to manage cost growth below revenue growth. Law firm and corporate markets, which account for over 60% of divisional revenue, Lexis+, our integrated analytics offering leveraging extracted AI. continues to perform well.

在業務組合不斷轉向更高價值的法律分析的推動下，法律基礎收入成長從去年的 6% 進一步提高至 7%。由於我們繼續將成本成長控制在低於收入成長的水平，調整後的基本營業利潤成長領先於基本收入成長 9%。律師事務所和企業市場佔部門收入的 60% 以上，Lexis+ 是我們利用提取的人工智慧的整合分析產品。繼續表現良好。

The rollout of Lexis+ AI, our new platform leveraging generative AI, is making good progress. During the first half, we have continued to update and extend functionality in the US and launched in international markets. Going forward, we expect continued strong underlying revenue growth with underlying adjusted operating profit growth exceeding underlying revenue growth.

我們利用生成式人工智慧的新平台 Lexis+ AI 的推出正在取得良好進展。上半年，我們繼續在美國更新和擴展功能，並在國際市場推出。展望未來，我們預期基本收入將持續強勁成長，基本調整後營業利潤成長將超過基本收入成長。

Exhibitions delivered underlying revenue growth of 16%, reflecting the improved growth profile of our events portfolio and the favorable comparison with the early part of the prior year. We have continued to make good progress with our growing range of value enhancing digital tools, and the improvement in profitability reflects the structurally lower cost base. Going forward, we expect strong underlying revenue growth with an improvement in adjusted operating margin over the prior full year.

展覽業務的基本收入成長了 16%，反映出我們的活動組合成長狀況有所改善，並且與去年同期相比表現良好。我們透過不斷擴大價值提升數位工具繼續取得良好進展，獲利能力的提高反映了結構性較低的成本基礎。展望未來，我們預計基礎收入將強勁成長，調整後的營業利潤率將比上一全年有所改善。

Our strategic direction is unchanged. Improving long-term growth trajectory continues to be driven by the ongoing shift in business mix towards higher growth analytics and decision tools that deliver enhanced value to our customers.

我們的策略方向沒有改變。業務組合不斷轉向更高成長的分析和決策工具，為客戶提供更高的價值，從而繼續推動長期成長軌蹟的改善。

We develop and deploy these tools across the company by leveraging deep customer understanding, the combined leading content and data set with powerful artificial intelligence and other technologies. It has been a key driver of the evolution of our business for well over a decade and will remain a key driver of customer value and growth in our business for many years to come.

我們利用深入的客戶理解、領先的內容和資料集與強大的人工智慧和其他技術相結合，在整個公司開發和部署這些工具。十多年來，它一直是我們業務發展的關鍵驅動力，並將在未來許多年仍然是客戶價值和我們業務成長的關鍵驅動力。

Our growth objectives are: for risk, to sustain strong long-term growth in the current range; for both STM and legal, to continue on the improving growth trajectory; and for exhibitions, to continue on the improved long-term growth profile. Combined with our strategy of driving continuous process innovation to manage cost growth below revenue growth, the result is continued strong earnings growth with improving returns.

我們的成長目標是：針對風險，在目前範圍內維持強勁的長期成長；對於STM和法律來說，繼續保持改善的成長軌跡；對於展覽而言，持續改善長期成長狀況。結合我們推動持續流程創新以將成本成長控制在收入成長以下的策略，結果是持續強勁的獲利成長和不斷改善的回報。

I will now hand over to Nick Luff, our CFO, who will talk you through our results in more detail. I will be back afterwards for a quick wrap-up and Q-and-A.

現在我將把工作交給我們的財務長尼克·拉夫 (Nick Luff)，他將更詳細地向您介紹我們的結果。之後我會回來進行快速總結和問答。

Thank you, Erik, and good morning, everyone. Let me start by providing in more detail on the group financials. As Erik said, underlying revenue growth was 7%, with underlying adjusted operating profit growth ahead of that at 10%. As a result, the adjusted operating margin improved by just over one percentage point to 34.1%.

謝謝你，艾瑞克，大家早安。首先讓我更詳細地介紹集團的財務狀況。正如艾瑞克所說，基本收入成長率為 7%，基本調整後營業利潤成長率為 10%。因此，調整後的營業利潤率提高了略多一個百分點，達到 34.1%。

The improved operating results flow through to adjusted earnings per share, which the constant currency also increased by 10%. Cash conversion was again strong at 95% and leverage was 2.0x, unchanged from the year end. Given the strong overall performance, we have been able to increase the interim dividend by 7% to 18.2p per share. We spent GBP61 million on two acquisitions in the first half, and we deployed GBP700 million out of the planned GBP1 billion for the share buyback this year.

經營業績的改善體現在調整後的每股盈餘上，以固定匯率計算，每股盈餘也成長了 10%。現金轉換率再次強勁，達到 95%，槓桿率為 2.0 倍，與年底持平。鑑於整體表現強勁，我們得以將中期股息增加 7% 至每股 18.2 便士。上半年我們花了6,100萬英鎊進行了兩次收購，今年計劃的10億英鎊中我們部署了7億英鎊用於股票回購。

Looking at revenue, you can see here the drivers of the overall 7% underlying growth. Continued strong growth in risk, sustained growth in STM, another pickup in growth in legal, and strong growth in exhibitions. Electronic revenue, representing 84% of the group total, saw 7% underlying growth, with the strong growth in face-to-face activity offsetting the higher-than-usual print decline.

從收入來看，您可以在這裡看到整體 7% 基本成長的驅動因素。風險持續強勁成長，STM持續成長，合法成長再次回升，展覽強勁成長。電子收入佔集團總收入的 84%，基本上增長了 7%，面對面活動的強勁增長抵消了高於平常的印刷下降。

Further, revenue growth at constant currencies for the group was also 7%, up to some portfolio effects in risk, STM, and legal, and after cycling and timing as well as portfolio effects in exhibitions.

此外，以固定貨幣計算，該集團的收入成長也為 7%，這取決於風險、STM 和法律方面的一些投資組合效應，以及循環和時間安排以及展覽中的投資組合效應。

In sterling, total revenue growth was 3% impact the comparative strength of sterling relative to H1 last year. You could see the 10% underlying growth in group adjusted operating profit. We continue to manage costs to keep cost growth below revenue growth in each business area. As a result, risk, STM, and legal, each delivered underlying growth in AOP ahead of underlying revenue growth. Exhibitions underlying AOP growth was more than double its revenue growth.

以英鎊計算，總收入成長了 3%，影響了英鎊相對於去年上半年的相對強勢。您可以看到集團調整後的營業利潤有 10% 的潛在成長。我們繼續管理成本，使每個業務領域的成本成長低於收入成長。因此，風險、STM 和法律均在基本收入成長之前實現了 AOP 的基本成長。展覽推動 AOP 成長是其收入成長的兩倍多。

Overall, portfolio effects were net neutral, beating total AOP growth in constant currency, also over 10%. There was a similar currency effect on profit, as there was on revenue, giving AOP growth in sterling of 7%. With profit growth ahead of revenue growth, margins improved across the board, driving the overall improvement of 1.1% to 34.1%.

整體而言，投資組合的影響是淨中性的，超過了以固定匯率計算的 AOP 總成長，也超過 10%。貨幣對利潤的影響與對收入的影響類似，以英鎊計算的 AOP 增加了 7%。由於利潤成長領先營收成長，利潤率全面提高，推動整體提高 1.1% 至 34.1%。

Margins were up by 30 basis points and 40 basis points, respectively, in STM and legal, and up by 60 basis points in risk, where there's some additional help from portfolio changes. Exhibitions margins now well ahead of the levels from 2018 and 2019, with a 37.1% for this period, reflecting the normal historical bias to higher margins in the first half of the year.

STM 和法律業務的利潤率分別上升了 30 個基點和 40 個基點，風險業務的利潤率上升了 60 個基點，其中投資組合變化帶來了一些額外的幫助。展覽利潤率目前遠高於 2018 年和 2019 年的水平，同期為 37.1%，反映了上半年利潤率較高的正常歷史偏差。

Turning to the group adjusted income statement, you can see the underlying growth of 7% in revenue and 10% in operating profit. The interest expense was largely unchanged with higher average debt offset by a structurally lower effective interest rate of profit before tax of 11% at constant currency and up 7% in sterling. The effective tax rate in the first half was 23% up from the prior year, which have the benefit of some nonrecurring tax credits.

翻閱集團調整後損益表，您可以看到收入成長了 7%，營業利潤成長了 10%。利息支出基本上沒有變化，較高的平均債務被結構性較低的稅前利潤實際利率（以固定匯率計算為 11%，以英鎊計算為上升 7%）所抵銷。上半年的有效稅率比上年提高了 23%，這得益於一些非經常性稅收抵免。

Net profit was up 8% at constant currency and up 4% in sterling to just over GBP1.1 billion. Lower share count as a result of the share buyback program, adjusted earnings per share were up 10% at constant currency and up 6% in sterling to 59.5p. Turning to the cash flow, cash conversion was 95% in line with the same period last year. EBITDA was over GBP1.8 billion in CapEx was GBP233 million, equating to 5% of revenue. After interest and tax, total free cash flow for the first half was just over GBP1 billion.

以固定匯率計算淨利潤成長 8%，以英鎊計算淨利潤成長 4%，達到略高於 11 億英鎊。由於股票回購計劃，股票數量減少，調整後每股收益按固定匯率計算增長 10%，以英鎊計算增長 6% 至 59.5 便士。現金流方面，現金轉換率為95%，與去年同期持平。EBITDA 超過 18 億英鎊，資本支出為 2.33 億英鎊，相當於收入的 5%。扣除利息和稅項後，上半年自由現金流量總額略高於 10 億英鎊。

Here's how we deployed that free cash flow. In the first half, we completed two small acquisitions, a total consideration of GBP61 million with reasonable disposals for similar aggregate amount. Last week, meaning it was in the second half of course, we completed the acquisition of Henchman.

以下是我們如何部署自由現金流。上半年，我們完成了兩項小規模收購，總代價為6,100萬英鎊，並在類似總額的情況下進行了合理處置。上週，當然是在下半年，我們完成了對 Henchman 的收購。

Henchman is a legal technology business, which will give us a leading capability to integrate our generative AI solutions for law firms' internal document management systems. Dividend payments in the first half was GBP782 million, same with last year's final dividend. As I said earlier, we completed GBP700 million, the 2024 share buyback program in the first half. We have deployed a further GBP50 million on the buyback already in July, with at least GBP250 million program to be completed in the remainder of the year.

Henchman 是一家法律科技公司，這將使我們擁有領先的能力，將我們的生成式人工智慧解決方案整合到律師事務所的內部文件管理系統中。上半年股利為7.82億英鎊，與去年末期股利相同。正如我之前所說，我們在上半年完成了 7 億英鎊的 2024 年股票回購計畫。我們已經在 7 月進一步部署了 5000 萬英鎊的回購計劃，今年剩餘時間將完成至少 2.5 億英鎊的計劃。

Net debt at 30 June 2024 was just under GBP7 billion, including pensions, the ratio of net debt to EBITDA calculated US dollars was 2.0x the same as last year end and down from 2.2x 12 months before.

截至 2024 年 6 月 30 日，淨負債略低於 70 億英鎊，其中包括退休金，以美元計算的淨負債與 EBITDA 的比率為去年底的 2.0 倍，低於 12 個月前的 2.2 倍。

With that, I will hand you back to Erik.

這樣，我會把你交還給艾瑞克。

Thank you, Nick. Just to summarize what we have covered this morning. In the first half of 2024, we delivered strong financial results and we made further operational and strategic progress. Improving long-term growth trajectory continues to be driven by the ongoing shift in our business mix towards higher growth, higher value analytics and decision tools.

謝謝你，尼克。只是總結一下我們今天早上所討論的內容。2024 年上半年，我們取得了強勁的財務業績，並在營運和策略方面取得了進一步進展。我們的業務組合不斷轉向更高的成長、更高價值的分析和決策工具，持續推動長期成長軌跡的改善。

Going forward, we continue to see positive momentum across the group, and we expect another year of strong underlying revenue growth in revenue and adjusted operating profit as well as strong growth in adjusted earnings per share on a constant currency basis. With that, I think we're ready to go to questions.

展望未來，我們繼續看到整個集團的積極勢頭，我們預計又一年收入和調整後營業利潤的基本收入增長強勁，以及按固定匯率計算的調整後每股收益強勁增長。至此，我想我們已經準備好要提問了。

Thank you. We will now begin the question-and-answer session.

謝謝。我們現在開始問答環節。

(Operator instructions)

（操作員說明）

George Webb, Morgan Stanley.

喬治‧韋伯，摩根士丹利。

Hi. Good morning, Erik and Nick. I'd like to give off with a few questions, please. First thing, no surprise, there continues to be a lot of investor focus on the legal segments. So around the pace of rollouts of Lexis+ AI, can you give any sense on the kind of proportion of customers that have taken it up so far, maybe in the US market or maybe in short, and maybe you won't be dragged into this, but if you're at 7% underlying now, do you feel this gives you a platform to actually potentially accelerate further as the rollout continues through this year and next?

你好。早上好，埃里克和尼克。我想問幾個問題。首先，毫不奇怪，許多投資者仍然關注法律領域。因此，圍繞著 Lexis+ AI 的推出速度，您能否說明到目前為止已經採用該技術的客戶比例，也許是在美國市場，或者也許簡而言之，也許您不會被拖入其中，但如果您現在的基礎利率為7%，您是否認為這為您提供了一個平台，隨著今年和明年的推出繼續，實際上有可能進一步加速？

Secondly, and a little bit tied to that question, can you help fill in what you think is happening with legal firms' budgets around tech? Are these AI tools in any way cannibalizing the budget allocation that might have gone into areas like legal analytics? Or are their tech wallets just expanding in more of a step change way?

其次，與這個問題有點相關的是，您能否幫助填寫您認為律師事務所在技術方面的預算正在發生的情況？這些人工智慧工具是否會以任何方式蠶食可能進入法律分析等領域的預算分配？或者他們的科技錢包只是以一種階梯式改變的方式擴張？

And then lastly, on the STM business, you talked about strong growth on the article side and on the commission side. Given some of the disruption we've seen at the pure open access publishers over the past year or two, and I'm curious as to whether you think that's pushing some of the submission share in your direction. Thank you.

最後，關於 STM 業務，您談到了文章方面和佣金方面的強勁增長。考慮到過去一兩年我們在純開放取用出版商身上看到的一些破壞，我很好奇您是否認為這會推動一些提交份額朝著您的方向發展。謝謝。

Let me cover those in order here. On Lexis+ AI, as you know we started to launch this commercially late last year, and it's starting to have a bit of an impact during year. But as you know, the main driver of improvement in the growth rates in legal over the last few years has been the rollout of Lexis+ leveraging extracted AI as that has been the integrated platform that integrates the leading analytics.

讓我在這裡按順序介紹這些內容。關於 Lexis+ AI，如您所知，我們從去年年底開始將其商業化，並在今年開始產生一些影響。但如您所知，過去幾年法律成長率提高的主要驅動力是利用提取的人工智慧的 Lexis+ 的推出，因為它是整合領先分析的整合平台。

That has enhanced the value to customers that use those tools more. They see more value. They buy more of them, and their total spend has gone up. And that with increased penetration of Lexis+ has been the main driver. In the last nine months now, that has also been now supported by the rollout of Lexis+ AI, and we have now gradually gotten to a point where, on new sales, the majority of our new sales revenue is coming from Lexis+ AI sale. And we've also gotten to a point where our renewal revenues, in our renewal revenues, the majority of renewal revenues is now also coming from Lexis+ AI sale.

這提高了更多使用這些工具的客戶的價值。他們看到了更多的價值。他們購買了更多商品，總支出也增加了。Lexis+ 滲透率的提高是主要推動力。在過去的九個月裡，這也得到了 Lexis+ AI 推出的支持，我們現在已經逐漸達到這樣的程度：在新銷售中，我們的大部分新銷售收入都來自 Lexis+ AI 銷售。我們也達到了這樣的程度：我們的續約收入，在我們的續約收入中，大部分續約收入現在也來自 Lexis+ AI 銷售。

Now on the legal firm budget, I think this is a very important evolution for the legal industry and for law firms. And I think many of them are looking at how they're going to grapple with the technology evolution, what tools are available and how they can improve the value they get from the tools. It's too early for us to reach any conclusion about how they will behave going forward. But we get a lot of attention on our new tools. We have a lot of conversation, and it's clear that this is something that is important to them, not just to us.

現在就律師事務所的預算而言，我認為這對法律行業和律師事務所來說是一個非常重要的演變。我認為他們中的許多人都在考慮如何應對技術發展、可用的工具以及如何提高從工具中獲得的價值。我們現在就他們未來的表現做出任何結論還為時過早。但我們的新工具引起了許多關注。我們進行了很多對話，很明顯，這對他們來說很重要，而不僅僅是對我們來說。

On the STM article side, you asked specifically about what I think the industry's research integrity issues that came up during last year, during 2023, that got more attention than it had for a while. And, in particular, some of the companies that are primarily focused on the patient population model instead of the page that we'd modeled.

在 STM 文章方面，您具體詢問了我認為去年 2023 年期間出現的行業研究誠信問題，這些問題比一段時間以來受到了更多關注。特別是一些主要關注患者群體模型而不是我們建模的頁面的公司。

This is an issue for the whole industry, and it's an issue for us. It's one that we are working on. We're working on trying to tackle both by ourselves and with others, but it has been a much smaller issue for us than for many of the other players that you mentioned. And I think the reason for that is, of course, that we have been in this business for a very long time.

這是整個產業的問題，也是我們的問題。這是我們正在研究的一個。我們正在努力解決自己和其他人的問題，但與你提到的許多其他玩家相比，這對我們來說是一個小得多的問題。我認為原因當然是我們從事這個行業已經很久了。

We have a very high quality portfolio of journal brand. We had a rigorous review process to identify fraudulent articles, and have a lot of manual as well as technology tools to check that. No process is perfect, but we have had a smaller exposure to this and many others. And therefore, I'm not actually surprised that we have probably seen a higher increase in article submissions to us than perhaps the others have seen over the last six to 12 months.

我們擁有非常高品質的期刊品牌組合。我們有嚴格的審查流程來識別欺詐性文章，並有大量的手冊和技術工具來檢查。沒有哪個流程是完美的，但我們對此和許多其他流程的接觸較少。因此，在過去 6 到 12 個月中，我們收到的文章提交數量可能比其他人所看到的增長要高，對此我並不感到驚訝。

That's really helpful. Thank you.

這真的很有幫助。謝謝。

(Inaudible), UBS.

（聽不清楚），瑞銀。

Sorry, it's Adam Berlin from UBS. A couple of questions. On STM, you talked about the print impact being twice as fast as usual. Do you expect that to continue in the second half? And if that what's normalized in the second half, could we see an acceleration in STM organic growth given the -- you said there was an acceleration in the other parts of the electronic revenues within that business? That's the first question?

抱歉，我是瑞銀的亞當柏林。有幾個問題。在 STM 上，您談到列印影響速度是平常的兩倍。您預計下半年這種情況會持續嗎？如果這在下半年正常化，那麼考慮到您所說的該業務中其他電子收入的成長，我們是否可以看到 STM 有機成長的加速？這是第一個問題？

Second question is, can you give us some indication about the tax rate for the full year? I know it's 23% in the first half. And then maybe on the risk side, can you just give us a bit more detail on what kind of the better-performing and worse-performing businesses within risk?

第二個問題，能否介紹一下全年的稅率？我知道上半年是23%。然後，也許在風險方面，您能否給我們更多詳細信息，說明哪些業務在風險範圍內表現較好和表現較差？

You've talked about risk being in the 7% to 9% range. Is there any particular reason that it went at the top of that range given kind of very positive KPI.s we're seeing in the market overall?

您談到風險在 7% 到 9% 的範圍內。鑑於我們在整個市場上看到的非常積極的 KPI，是否有任何特殊原因使其達到該範圍的頂部？

I'm going to ask Nick to answer the second, but let me start with the first one, STM and print. We typically have seen print declines over the last few years. The average in the mid to high single digits for the print portion and print is now -- last year the print space was 10% roughly of the division, of course it's shrinking every year. But typically the decline has been in the mid to high single digits.

我要請尼克回答第二個問題，但讓我從第一個問題開始，STM 和印刷。在過去的幾年裡，我們通常會看到印刷品的下降。印刷部分和現在印刷的平均值為中高個位數——去年印刷空間大約為該部門的 10%，當然每年都在縮小。但通常下降幅度為中高個位數。

So far this year, we're running at basically double that rate, and it's in several different pockets of print. Overall, we believe this is a good thing. This is the business mix shifts we're trying to drive. That's what we want. But when it's happening, of course it increases the print drag during that time period. Historically, it's relatively hard to predict. But we have not often seen complete reversal during the year.

今年到目前為止，我們的運行速度基本上是這個速度的兩倍，而且它出現在幾個不同的印刷品中。總的來說，我們認為這是一件好事。這就是我們正在努力推動的業務組合轉變。這就是我們想要的。但當它發生時，當然會增加該時間段內的列印阻力。從歷史上看，預測相對困難。但這一年我們並不常看到完全逆轉的情況。

So I would say it's probably unlikely that you see a complete reversal within this year. But it's hard to predict exactly what happens in any one time period. But in the long run, medium to long run, we know what is happening. This will continue to decline, and the print portion will become a smaller and smaller part of this division. And therefore, the print drag will reduce. But I think unlikely you'll see it this year.

所以我想說，今年內不太可能看到完全逆轉。但很難準確預測任一時間內會發生什麼事。但從長遠來看，中長期來看，我們知道正在發生什麼事。這將繼續下降，印刷部分將成為這個部門越來越小的部分。因此，列印阻力將會減少。但我認為今年你不太可能看到它。

Adam, on the tax rate, the 23% you see in the first half is a very good starting point for the full year. You can always get some noise, of course, some credits and debits and things, but that's a very good starting point if you're looking for the full year number.

Adam，就稅率而言，上半年的 23% 對於全年來說是一個非常好的起點。當然，您總是可以獲得一些噪音，一些貸項和借項之類的東西，但如果您正在尋找完整的年份數字，那麼這是一個非常好的起點。

And then to the different segments of risk. As you might recall, we've had a period of time where -- we had a period of time during the pandemic when the business services segment was doing very, very rapidly for lots of different reasons and the insurance slowed a little bit based on people driving less and lack of availability of new cars and other things. Then we went through a period when the economy reversed a little bit, business services slowed down a little bit, and insurance started to pick up. And insurance grew very strongly last year.

然後是不同的風險部分。您可能還記得，我們​​曾經有一段時間——在大流行期間，由於許多不同的原因，商業服務部門的表現非常非常快，而保險業務則略有放緩人們開車減少，缺乏新車和其他東西。然後我們經歷了一個時期，經濟稍微逆轉，商業服務稍微放緩，保險開始回升。去年保險業成長非常強勁。

Now we're getting to a point where the new sales and business services have continued to strengthen and moving up. So business services are coming back up and insurance has continued to run strongly, both in terms of our product rollouts and uptakes as well as the marketplace. But there we start to last, they're very strong here. So that's gonna gradually come down to historical averages again. So I think we're seeing exactly what you'd expect to see at this point in the cycle, and they're normalizing towards their averages at the point that we're seeing now.

現在我們正處於新的銷售和商業服務持續加強和提升的階段。因此，無論是在我們的產品推出和使用以及市場方面，商業服務正在恢復，保險也持續強勁運作。但我們從這裡開始堅持下去，他們在這裡非常強大。因此，這將逐漸再次降至歷史平均值。因此，我認為我們正在看到您所期望在周期的這一點上看到的情況，並且他們正在朝著我們現在看到的平均水平正常化。

Sami Kassab, BNP Paribas.

薩米·卡薩布，法國巴黎銀行。

Thank you and good morning, everyone. In exhibitions, H1 margin is expanded by over five percentage points. Shall we think that full year margin can expand by as much? Secondly, historically in STM the print revenues were sensitive to timing factors of big orders coming in June rather than July or July rather than June. Was part of the accelerated decline in STM print driven by the timing of large orders moving from H1 into H2?

謝謝大家，早安。展覽方面，上半年利潤率擴大了五個百分點以上。我們是否認為全年利潤率可以擴大同樣多？其次，從歷史上看，STM 的印刷收入對 6 月而不是 7 月或 7 月而不是 6 月的大訂單的時間因素很敏感。STM 印刷加速下降的部分原因是大訂單從上半年轉移到下半年嗎？

And lastly, given average article turnaround times in the journal publishing business, is it fair to expect primary research revenue growth to accelerate in H2 given the acceleration in submission growth in H1? Thank you, Erik.

最後，考慮到期刊出版業務的平均文章週轉時間，考慮到上半年提交量增長的加速，預計下半年初級研究收入增長是否公平？謝謝你，埃里克。

I'll ask Nick to cover the first one, and I'll take the next two.

我會請尼克負責第一個，我會負責接下來的兩個。

Sami, obviously the margin movement was very strong in exhibitions in the first half. That reflects that strong underlying revenue growth that you saw as 16%, which is partly covered by the favorable comparison with the early part of last year, which has still had a bit of disruption in it. And obviously that has flowed through to the very strong profit growth in the first half and therefore the margin step up.

薩米，顯然上半場的表演賽利潤率走勢非常強勁。這反映了您所看到的 16% 的強勁基礎收入增長，這在一定程度上是由與去年年初的有利比較所抵消的，去年上半年仍然受到了一些幹擾。顯然，這導致了上半年利潤的強勁增長，因此利潤率也隨之上升。

So as we say in the outlook, we are expecting an improvement in the margin full year over last year's prior year, but obviously you won't necessarily have that benefit of the comparison against the disruptive period.

因此，正如我們在展望中所說，我們預計全年利潤率將比去年有所改善，但顯然你不一定能從與破壞性時期的比較中受益。

On the print revenues, as this business has continued to evolve, the importance of the bigger orders in certain types of book segments has gradually been reducing, as you probably know. And therefore, the relative timing of specific orders has become less of a factor, and it was not a material factor this year. So we have seen print declines a little higher in most pockets this year, again as we shift the business mix in the direction we would like to go strategically. So I don't think it's a material issue in terms of first half, second half print declines this year.

在印刷收入方面，正如您可能知道的那樣，隨著該業務的不斷發展，某些類型的圖書細分市場中較大訂單的重要性逐漸降低。因此，具體訂單的相對時間已經不再是一個因素，而且今年也不是一個重要因素。因此，隨著我們將業務組合轉向我們希望策略性發展的方向，我們今年大多數地區的印刷業務下降幅度略高。因此，我認為就今年上半年和下半年的印刷量下降而言，這不是一個重大問題。

The STM article submissions, these started to pick up, the submission rates started to pick up materially actually in the second half of last year when many of these research integrity issues started to have a real impact on the market. And the submission growth of over 20% has now almost been running for a year. So I think that already has started to have an impact coming through, and I don't see it picking up further in the second half, and we're starting to [love that].

STM 文章提交量開始回升，提交率實際上在去年下半年開始大幅回升，當時許多研究誠信問題開始對市場產生真正的影響。而超過20%的提交量成長現在已經快持續一年了。所以我認為這已經開始產生影響，而且我認為它不會在下半年進一步增強，我們開始[喜歡那個]。

But It's also important to remember that we have a mixture of payment models in these article submissions and what we publish. Some are under pay to read traditional publishing payment models where the actual article volume doesn't have a direct impact on the revenue at that time. Some are pay to publish where it does have an impact directly when you actually publish the article. But some of those are now also under subscription models where you have agreed the payment model and the total amount for the year.

但同樣重要的是要記住，我們在這些提交的文章和發布的內容中混合了付款模式。有些人接受傳統出版付費模式的付費閱讀，其中實際文章量對當時的收入沒有直接影響。有些是付費發布的，當您實際發布文章時確實會產生直接影響。但其中一些現在也採用訂閱模式，您已同意付款模式和當年的總金額。

So the impact is less on any one time period than the actual volume growth would indicate in that time period. But over time, the main driver of revenue growth in the primary research business over time is the volume growth of number articles submitted to us and that we've published. The direction of travel there is very positive for us as a publisher and for us as our position in the market.

因此，對任何一個時間段的影響都小於該時間段內實際數量增長所顯示的影響。但隨著時間的推移，主要研究業務收入成長的主要驅動力是提交給我們和我們發表的文章數量的成長。那裡的發展方向對於我們作為出版商以及我們在市場中的地位來說都是非常積極的。

Nick Dempsey, Barclays.

尼克鄧普西，巴克萊銀行。

Good morning, guys. We've got two questions left. First of all, just maybe to ask the article submissions question the other way around. If we're seeing historically high article volume submissions now, more than I remember ever in the past, we aren't really seeing that much of a change in organic growth on the positive side. Is there a risk as that starts to normalize a little bit over 18 months to slightly lower levels, that we have to worry about that as a bit of a drag on future STM organic growth?

早安，夥計們。我們還有兩個問題。首先，也許可以反過來問一下文章提交問題。如果我們現在看到的文章提交量達到歷史最高水平，比我記憶中的過去還要多，那麼我們並沒有真正看到有機增長的積極變化。隨著 18 個月內開始正常化至略低的水平，是否存在我們必須擔心這會拖累未來 STM 有機成長的風險？

Second question, for many, many years now there's been almost no change in share, I think, between Lexis and Westlaw in legal in the US. Do you think that the AI products could change that, could break that pattern, could change the stickiness of the two with lawyers and, therefore, you have some potential options to gain share versus the much larger Westlaw?

第二個問題，我認為，多年來，Lexis 和 Westlaw 在美國法律領域的份額幾乎沒有變化。您是否認為人工智慧產品可以改變這一點，可以打破這種模式，可以改變兩者與律師的黏性，因此，您有一些潛在的選擇來贏得與規模大得多的 Westlaw 相比的份額？

On STM and article submissions, in the long run, we have seen article submission growth to us in the high single digits on average now for the last couple of decades probably. And if you look at industry trends, we would expect that we'll continue to see article growth on an annual basis in the high single digits for many years to come.

在 STM 和文章提交方面，從長遠來看，我們看到在過去幾十年裡，文章提交量的平均成長率可能是高個位數。如果你觀察一下行業趨勢，我們預計在未來的許多年裡，我們將繼續看到每年的文章數量以高個位數成長。

In the last 12 months, we've seen a higher rate of increase to us based on, I think, many different factors, including the quality of our journals, the technology platform we have, and the longer focus we have had on research integrity issues. Just like I said before, that the growth in article submissions does not have a material short-term impact on our revenue growth in this year, that normalization of that growth rate, if that is what we believe will happen or you believe will happen over the next few years, therefore should not have a material impact in the other direction.

在過去 12 個月中，我們看到了更高的成長率，我認為這是基於許多不同的因素，包括我們期刊的品質、我們擁有的技術平台以及我們對研究誠信的長期關注問題。正如我之前所說，文章提交量的成長不會對我們今年的收入成長產生重大的短期影響，如果我們相信會發生這種情況，或者您認為這種情況會發生，那麼成長率的正常化不會產生重大的短期影響。

In the long term, the main driver is the long-term average growth rate in the high single digits, which I still believe in. On Lexis versus our competitors in the US, as you know, we always say that -- we have respect for our competitors. They're our competitors in our marketplaces that have been around for a very long time and have large positions. I am sure that they will come up with ways to serve their customers well.

從長期來看，主要驅動力是高個位數的長期平均成長率，我仍然相信這一點。如你所知，關於 Lexis 與我們在美國的競爭對手相比，我們總是說——我們尊重我們的競爭對手。他們是我們市場上的競爭對手，已經存在很長時間並且擁有很大的地位。我相信他們會想出辦法來為客戶提供良好的服務。

We remain focused 100% on improving our own value proposition to our customers. And we believe that if we can increase the value that our tools can provide, we can increase the number of our tools that our customers want to use, we can increase the usage of those tools if they see value in it, and therefore they will spend more value with us.

我們仍然 100% 專注於改善我們對客戶的價值主張。我們相信，如果我們能夠增加我們的工具可以提供的價值，我們就可以增加客戶想要使用的工具的數量，如果他們看到這些工具的價值，我們就可以增加這些工具的使用，因此他們會與我們一起花費更多價值。

They'll spend more money and they'll see more -- they'll spend more money with us and they'll see more value from us. How they're spending the wealth with others is not clear, but we focused on our value equation.

他們會花更多的錢，他們會看到更多——他們會在我們身上花更多的錢，他們會從我們身上看到更多的價值。他們如何與他人一起消費財富尚不清楚，但我們專注於我們的價值方程式。

Tom Singlehurst, Citi.

湯姆辛格赫斯特，花旗銀行。

Good morning. Yes, Tom here from Citi. Thank you very much for taking the questions. Thank you for the presentation. I've got three, if that's okay. Slide 11, growth objectives, continue on improved growth trajectory. I'm just wondering whether you're explicitly signaling that growth can continue to improve from the 7% that you're doing, which is already obviously a material improvement on history. I can see why STM might continue tracking up, but I mean, it would be exciting to hear whether seven can become eight or nine in your view. And that's the first question.

早安.是的，湯姆來自花旗銀行。非常感謝您接受提問。謝謝您的介紹。如果可以的話我已經有3個了投影片 11，成長目標，持續改善成長軌跡。我只是想知道您是否明確表示經濟成長可以從目前的 7% 繼續提高，這顯然已經是歷史上的重大進步。我可以理解為什麼 STM 可能會繼續上漲，但我的意思是，聽到您認為七是否可以變成八或九，那將是令人興奮的。這是第一個問題。

Second question linked to that. I mean, for many years, legal was an area that was sort of plodding along, if I can put it that way, sort of low single digit growth with relatively low margins versus peers. And I can see why, in that context, the industry of legal analytics may not have attracted a huge amount of investment capital. By contrast, you know, with the growth of law tech, and your very, very strong growth and improving margins, I wonder whether you are already seeing a sort of change in the competitive landscape with smaller startups and how ultimately you can sort of navigate that without necessarily losing share to smaller players.

第二個問題與此相關。我的意思是，多年來，法律是一個緩慢發展的領域，如果我可以這樣說的話，與同行相比，成長率較低，利潤率相對較低。我可以理解為什麼在這種情況下，法律分析行業可能沒有吸引大量的投資資本。相比之下，你知道，隨著法律科技的發展，以及非常非常強勁的成長和不斷提高的利潤率，我想知道你是否已經看到小型新創公司的競爭格局發生了某種變化，以及最終你如何應對不一定會失去份額給較小的參與者。

And then the final question, which I presume is for Nick, is on exhibitions. Obviously an incredibly strong growth and margin performance. I suppose the question is, if we go back to sort of pre-COVID, I think the way I would characterize RLEX was always as being, you know, willing to accept lower margins in return for better growth. You're more willing to invest.

最後一個問題，我想是問尼克的，是關於展覽的。顯然，成長和利潤表現非常強勁。我想問題是，如果我們回到新冠疫情之前，我認為我對 RLEX 的描述方式始終是，你知道，願意接受較低的利潤率以換取更好的成長。你更願意投資。

I'm just interested whether now that you've got a much, much higher margin and you've talked about taking structural costs out, we should once sort of recovery has calmed down, we should also expect lower revenue growth and trend or whether there is genuinely a new paradigm where faster growth and higher margins are both possible. Thank you.

我只是感興趣的是，現在你的利潤率已經高得多，而且你已經談到了消除結構性成本，一旦復甦平靜下來，我們是否應該預期收入增長和趨勢會降低，或者是否確實存在一種新的範式，可以實現更快的成長和更高的利潤。謝謝。

In legal, our objective is to continue to improve the growth trajectory of this division. That's what I say. That's what we've said for a few years. That's what our division head would continue to say. However, we do have to remember that this is an 80% subscription business and that the average contract subscription length is three years, which means that any improvement in the long-term growth rate is likely to come through very gradually.

在法律方面，我們的目標是繼續改善該部門的成長軌跡。我就是這麼說的。這就是我們多年來所說的。這就是我們部門負責人會繼續說的話。然而，我們必須記住，這是一項80%的認購業務，平均認購合約期限為三年，這意味著長期成長率的任何改善都可能是非常漸進的。

Now, we have slightly outperformed that expectation, I would argue for the last two, three years in terms of moving up that growth rate a little faster, and it would naturally imply in an 80% subscription business with average contract length of three years. But our objective is to continue to improve. But I think it's harder and harder to do it at this rate that we've done in the last two to three years where it keeps improving on almost an annual basis. But our objective is clear. We would like to continue to move it up a little bit more if we can.

現在，我們的表現稍微超出了這一預期，我認為在過去的兩三年裡，我們的成長率會更快一些，這自然意味著 80% 的訂閱業務，平均合約期限為三年。但我們的目標是繼續改進。但我認為，按照過去兩三年我們幾乎每年都在不斷改進的速度，要做到這一點越來越難。但我們的目標很明確。如果可以的話，我們希望繼續將其提高一點。

On legal, investment in law tech or legal tech. This has been actually a relatively active investment area for many years. We have been very active in that area ourselves. We've spent a lot of time meeting with startups in legal analytics for over a decade. We have focused on organic buildup or higher value add legal analytics tools. And we have made some small partnerships, licensing deals. And we've bought a handful of small legal analytics companies that would benefit from being in partnership or owned by a large global like what we have under the LexisNexis umbrella. So that's something we have been working on for a long time.

關於法律，對法律科技或法律科技的投資。這實際上多年來一直是一個相對活躍的投資領域。我們自己在該領域一直非常活躍。十多年來，我們花了很多時間與法律分析領域的新創公司會面。我們專注於有機累積或更高附加價值的法律分析工具。我們已經建立了一些小型合作夥伴關係、授權協議。我們也收購了一些小型法律分析公司，這些公司將受益於與大型跨國公司的合作或擁有，就像我們在律商聯訊 (LexisNexis) 旗下擁有的那樣。這就是我們長期以來一直在努力的事情。

Now going forward, as you said, I think this area has gotten a lot more attention and people talk about it more, given the improvement we've seen and given the sort of the deployment of generative AI. But I think the principle remains the same, that we're very actively involved in that startup scene and talking to companies and we're there licensing content or comparing our tools, we remain focused on the absolute value add that we can give.

現在，正如您所說，考慮到我們所看到的改進以及生成式人工智慧的部署，我認為這個領域已經得到了更多的關注，人們也更多地談論它。但我認為原則仍然是一樣的，我們非常積極地參與創業場景並與公司交談，我們在那裡許可內容或比較我們的工具，我們仍然專注於我們可以提供的絕對附加價值。

And our strategy, we talk about all the time, is to leverage our really deep, deep customer understanding inside of this marketplace by combining the unparalleled or, if you want to call it that, contents and data sets that we've had in the legal industry, and combining those with the powerful new technologies that come out, whether that's previous extractive artificial intelligence or now generative artificial intelligence technologies.

我們一直在談論的策略是，透過結合我們在這個市場中擁有的無與倫比的內容和數據集，來利用我們對這個市場真正深入的客戶了解。無論是以前的提取式人工智慧還是現在的生成式人工智慧技術。

I believe we're positioned in a way that very few other players are because we have the combination of the three components, which is number one, deep customer understanding and deep pipes already installed with a very large number of customers, as well as the deep content sets, the broad content sets. And we have the ability to spend the money and evolve our technology spend that's already very significant to focus it on the new technologies and the value that's added by the new technologies.

我相信我們的定位是其他參與者很少有的，因為我們擁有三個組成部分的組合，這是第一，深入的客戶理解和已經與大量客戶安裝的深入管道，以及深層內容集、廣泛內容集。我們有能力花錢並發展我們的技術支出，這已經非常重要，可以將其重點放在新技術和新技術所增加的價值上。

So has the competitive landscape changed over the last 10, 20 years? It has changed. Will it continue to change? Yes, it will continue to change. Do I believe that it will have a significant impact on our strategy? No, because we believe that this is what we have been trying to do now with our focus on AI-supported legal analytics for over a decade, and we're now using a slightly different toolkit that includes generative AI.

那麼過去10年、20年競爭格局發生了變化嗎？它已經改變了。還會繼續改變嗎？是的，它將繼續改變。我相信這會對我們的策略產生重大影響嗎？不，因為我們相信，這就是十多年來我們一直在努力做的事情，我們專注於人工智慧支援的法律分析，而我們現在使用的工具包略有不同，其中包括生成人工智慧。

On Exhibitions, we are now 100% focused on the growth opportunity and the value of what we can get from running this business differently and, in particular, the introduction of data-driven digital tools. And it's becoming clear to us that this business is on track to become a higher value add, higher growth and higher market business than it was before the pandemic.

在展覽方面，我們現在 100% 專注於成長機會以及透過以不同方式經營這項業務所能獲得的價值，特別是引入數據驅動的數位工具。我們越來越清楚，與疫情大流行之前相比，這項業務有望成為更高附加價值、更高成長和更高市場的業務。

We do not believe that there's necessarily a trade-off between us having now higher margin, lower growth business, but rather we believe that we can be higher value add based on these new digital tools and faster pace of innovation in the business. And that we can be higher growth based on our ability to commercialize our higher value add and higher margin based on the structurally lower cost base.

我們認為，我們現在擁有更高的利潤率和更低的成長業務之間不一定存在權衡，但我們相信，基於這些新的數位工具和更快的業務創新步伐，我們可以獲得更高的附加價值。基於我們將更高附加價值和更高利潤商業化的能力，我們可以在結構性較低的成本基礎上實現更高的成長。

That's great to hear. One final question on that. As a group, would you consider allocating more capital towards exhibitions or are you happy to pursue that organically?

很高興聽到這個消息。最後一個問題。作為一個團隊，您會考慮為展覽分配更多資金，還是願意有機地追求這個目標？

Across the business, our primary focus is on organic development, organic development and deployment of higher value add tools. That's what we do in all our divisions, and that's what we will do in exhibitions. That's what we will continue to do. That can be supported by a small additional tuck in adjacent acquisitions when we're the natural owner and we can see that we can help that small business grow faster or that it can support an existing organic growth strategy, but I do not believe it's going to be a material part of our growth strategy.

在整個業務中，我們的主要重點是有機開發、有機開發和更高附加價值工具的部署。這就是我們在所有部門所做的事情，這也是我們將在展覽中所做的事情。這就是我們將繼續做的事情。當我們是自然所有者時，可以透過在相鄰收購中進行少量額外的收購來支持這一點，並且我們可以看到我們可以幫助小型企業更快地成長，或者它可以支持現有的有機成長策略，但我不認為它會持續下去成為我們成長策略的重要組成部分。

That's very clear. Thank you very much.

這非常清楚。非常感謝。

(Operator instructions)

（操作員說明）

Steve Liechti, Deutsche Bank.

史蒂夫‧利希蒂，德意志銀行。

Good morning. Thanks for taking the questions. Just three, if I can. So first of all, can you break out on the submission growth of 20% OA and other. I don't know whether you can put OA and hybrid together or whatever in any way, just to get a feel for OA submissions relative to others. That's the first question.

早安.感謝您提出問題。如果可以的話，就三個。那麼首先，您能否突破一下20% OA 的提交成長以及其他情況。我不知道你是否可以將 OA 和混合放在一起或以任何方式結合在一起，只是為了了解 OA 提交相對於其他人的感覺。這是第一個問題。

Second question, just in terms of like for like growth in events in the second half, given the first half's strength, is it fair to assume a sort of very, very strong performance there? Momentum continues in the second half, any kind of feel for what we should be thinking there?

第二個問題，就下半年事件的成長而言，考慮到上半場的實力，假設那裡有一個非常非常強勁的表現是否公平？下半場的勢頭仍在繼續，我們有什麼感覺嗎？

And then thirdly, you talked about when you're signing up new clients and bringing on people for contracts and renewals in Lexis legal, are you managing to -- can you give us any feel at all for ability to charge extra for when you switch someone from a Lexis+ platform to Lexis AI plus platform offering? Thanks.

第三，您談到，當您在 Lexis legal 中簽約新客戶並聘請人員簽訂合約和續約時，您是否能夠——您能否給我們任何感覺，當您轉換時能夠收取額外費用？平台轉向Lexis AI plus 平台產品嗎？謝謝。

I'm going to ask Nick to cover the second, but let me take the first one here. On the submission growth, we have seen very strong submission growth and increase in that rate over the last six to 12 months across the board, across the entire journal portfolio, both for pay to publish, open access and pay to read, if you want to call them that hybrid or traditional journals because we have submissions that come to the subscription of hybrid journals where then the person submitting can select later which payment model they want to pursue.

我將請尼克介紹第二個，但讓我來介紹第一個。在提交量增長方面，我們看到了過去 6 到 12 個月內整個期刊組合的提交量增長非常強勁，並且該比率全面上升，無論是付費出版、開放獲取還是付費閱讀（如果您願意的話）稱它們為混合或傳統期刊，因為我們有提交的內容進入混合期刊的訂閱，然後提交的人可以稍後選擇他們想要採用的付款模式。

It is not as black and white a description as you might think, but we are continuing to see very strong submission growth across the portfolio. There's no difference between the two in terms of the trend line, but as we have seen over the last several years, our growth rate in the pure standalone pay to publish open access or gold open access journals, if you want to call them that, that has been higher than the overall for several years, and continues to be a bit higher than the overall number. But it's over 20% overall and that's across the board. On exhibitions, Nick?

它並不像您想像的那樣黑白分明，但我們繼續看到整個投資組合的提交量增長非常強勁。就趨勢線而言，兩者之間沒有區別，但正如我們在過去幾年中看到的那樣，我們在純獨立付費出版開放獲取或黃金開放獲取期刊（如果你想這樣稱呼它們）方面的增長率，這個數字多年來一直高於總體數字，並且繼續略高於總體數字。但總體而言，這一比例超過了 20%，而且是全面的。關於展覽，尼克？

As Erik was saying, we believe we have a higher growth profile business than we have historically. And you can see that in our outlook statement clearly the second half won't have the benefit the first half had of comparing to a slightly disrupted period in the early part of 2023. But nonetheless, we are looking for strong growth in that business through the year.

正如艾瑞克所說，我們相信我們的業務成長速度比歷史上更高。您可以在我們的展望聲明中看到，與 2023 年初略有混亂的時期相比，下半年顯然不會獲得上半年的好處。但儘管如此，我們仍希望該業務全年實現強勁成長。

On the last question here about the spend uplift when people switch, when people were switching from the old Lexis Advanced platform, as it was used to be called, to Lexus+, we saw an increase in spend because they were moving to an integrated legal analytics platform which enabled them to buy analytical tools and broader content sets that were then easier to use so they could use more of them. And therefore they wanted to own more of them. They used them more and they spent more with us.

關於最後一個關於人們轉換時支出增加的問題，當人們從舊的 Lexis Advanced 平台（過去被稱為 Lexus+）轉換到 Lexus+ 時，我們看到支出增加，因為他們正在轉向整合的法律分析平台使他們能夠購買分析工具和更廣泛的內容集，這些工具和內容隨後更易於使用，因此他們可以使用更多這些工具。因此他們想擁有更多。他們使用更多，並與我們一起花費更多。

There was a meaningful spend uplift when you switched from Lexis Advanced to Lexis+. We continue to see a meaningful spend uplift when people switch from Lexis+ to Lexis+ AI. And it slightly different because this is here a platform functionality set that's offered a sort of a premium tier to the existing Lexis+ offering, reflecting that it has a higher value add functionality that we've seen with our customers being confirmed with our customers across the usage space and across the different functionality sets.

當您從 Lexis Advanced 切換到 Lexis+ 時，支出顯著增加。當人們從 Lexis+ 轉向 Lexis+ AI 時，我們繼續看到支出顯著增加。它略有不同，因為這是一個平台功能集，為現有的Lexis+ 產品提供了某種高級層，反映出它具有更高的增值功能，我們已經看到我們的客戶與我們的客戶確認了這一點使用空間和不同的功能集。

But the actual spend uplift from a customer that switches actually depends quite a bit on which content sets and which tools the customers subscribe to before the upgrade and which they're adding or switching to after the upgrade. So it varies quite a bit between different customers, customer types, and different types of subscriptions, but it's another meaningful increase in the total spend that we're seeing so far from our customers. So it's another step up in spend from those who are converting.

但轉換後的客戶的實際支出成長實際上在很大程度上取決於客戶在升級前訂閱的內容集和工具以及升級後他們添加或切換到的內容集和工具。因此，不同客戶、客戶類型和不同訂閱類型之間的差異很大，但這是迄今為止我們從客戶那裡看到的總支出的另一個有意義的成長。因此，這是那些正在轉變的人的支出又增加了一步。

Thank you. This concludes our question-and-answer session. I would now like to turn the conference back over to Erik for any closing remarks.

謝謝。我們的問答環節到此結束。現在我想把會議轉回給艾瑞克做總結發言。

All I just wanted to say thank you all for joining us on our call today, and I look forward to talking to you again soon.

我只想說，感謝大家今天加入我們的電話會議，我期待很快能再次與你們交談。