Skillsoft Corp (SKIL) 2025 Q4 法說會逐字稿

Thank you for standing by, and welcome to Skillsoft fourth-quarter and full fiscal year 2025 results conference call. (Operator Instructions) Please note that today's call is being recorded.

感謝您的支持，歡迎參加 Skillsoft 2025 財年第四季和全年業績電話會議。（操作員指示）請注意，今天的通話正在錄音。

I would now like to hand the conference over to your first speaker today, Stephen Poe, Investor Relations. Thank you. Please go ahead.

現在，我想將會議交給今天的第一位發言人，投資者關係部的 Stephen Poe。謝謝。請繼續。

Thank you, operator. Good day, and thank you for joining us to discuss our results for the fourth-quarter and full fiscal year ended January 31, 2025. Before we jump in, I want to remind you that today's call will contain forward-looking statements about the company's business outlook and our expectations, including statements concerning financial and business trends, our expected future business and financial performance, financial condition and market outlook. These forward-looking statements and all statements that are not historical facts reflect management's current beliefs and expectations as of today, and therefore, are subject to risks and uncertainties that could cause actual results to differ materially. For a discussion of the material risks and other important factors that could affect our actual results, we refer you to our most recent Form 10-K filing with the Securities and Exchange Commission.

謝謝您，接線生。大家好，感謝您加入我們討論截至 2025 年 1 月 31 日的第四季度和全年業績。在我們開始之前，我想提醒您，今天的電話會議將包含有關公司業務前景和我們期望的前瞻性陳述，包括有關財務和業務趨勢、我們預期的未來業務和財務表現、財務狀況和市場前景的陳述。這些前瞻性陳述以及所有非歷史事實的陳述都反映了管理層截至今天的當前信念和期望，因此，受可能導致實際結果大不相同的風險和不確定性的影響。有關可能影響我們實際結果的重大風險和其他重要因素的討論，請參閱我們最近向美國證券交易委員會提交的 10-K 表格。

We assume no obligation to update any forward-looking statements or information, which speak as of their respective dates.

我們不承擔更新任何前瞻性聲明或資訊的義務，這些聲明或資訊僅代表其各自日期的觀點。

During the call, unless otherwise noted, all financial metrics we discuss will be non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures included in today's commentary to the most directly comparable GAAP financial measures as well as how we define these metrics is included in our earnings press release, which has been furnished to the SEC and is also available on our website at www.skillsoft.com.

在電話會議中，除非另有說明，我們討論的所有財務指標都將是非 GAAP 財務指標，這些指標並非按照公認會計原則編制。今天的評論中包含的非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對賬，以及我們如何定義這些指標，都包含在我們的收益新聞稿中，該新聞稿已提供給美國證券交易委員會 (SEC)，也可在我們的網站 www.skillsoft.com 上查閱。

Following today's prepared remarks, Ron Hovsepian, Skillsoft's Executive Chair and Chief Executive Officer; and Rich Walker, Skillsoft's Chief Financial Officer, will be available for Q&A.

在今天的準備好的發言之後，Skillsoft 的執行主席兼執行長 Ron Hovsepian； Skillsoft 財務長 Rich Walker 將出席問答環節。

With that, it's my pleasure to turn the call over to Ron.

說完這些，我很高興將電話轉給羅恩。

Thanks, Stephen. Good afternoon, and thank you for joining us. I'm happy to share that we delivered solid fourth-quarter and fiscal-year results with revenue exceeding the high end of our guidance range and adjusted EBITDA at the upper end of the range. We continue to remain on track with the transformation plan we've been articulating with our strong execution over the past six months, positioning us well to return to growth in fiscal 2026. We are closely monitoring the macroeconomic environment, including the potential impacts of evolving government policies, which may be material.

謝謝，史蒂芬。下午好，感謝您加入我們。我很高興地告訴大家，我們第四季和財年業績表現穩健，營收超過了預期範圍的高端，調整後的 EBITDA 也達到了預期範圍的高端。我們將繼續按照過去六個月來一直闡明的轉型計劃進行，並大力執行，這為我們在 2026 財年恢復成長做好了準備。我們正在密切關注宏觀經濟環境，包括不斷變化的政府政策的潛在影響，這些影響可能是重大的。

During our fiscal fourth quarter, we delivered dollar retention rate or DRR of 105%, which drove our last 12 months DRR to 100%, meeting our expectations.

在我們的第四財季，我們實現了 105% 的美元留存率或 DRR，這使得我們過去 12 個月的 DRR 達到 100%，符合我們的預期。

In our Global Knowledge business unit, where we deliver instructor-led training, which can be physical or virtual, we have begun moving our go-to-market resources to a more regionally focused model. This approach is moving us in the direction of stabilization of our GK business unit with a year-over-year decline in revenue improving from 20% in the first half to 11% in the second half of our fiscal '25.

在我們的全球知識業務部門，我們提供由講師指導的培訓，可以是實體的，也可以是虛擬的，我們已經開始將我們的市場資源轉移到更注重區域的模式。這種方法使我們的 GK 業務部門朝著穩定的方向發展，營收年減從 2025 財年上半年的 20% 改善到下半年的 11%。

In our Talent Development Solutions business unit, TDS, which serves the organization and individual learner, we had strong execution in the quarter, driven by solid bookings and DRR performance. As a reminder, 45% to 50% of our annual bookings occur in the fourth quarter. We expect this annual trend to continue, and it is reflected in our revenue guidance for FY26.

在我們的人才發展解決方案業務部門 TDS 中，該部門為組織和個人學習者提供服務，在穩定的預訂量和 DRR 表現的推動下，我們在本季度表現強勁。提醒一下，我們每年 45% 到 50% 的預訂發生在第四季。我們預計這一年度趨勢將持續下去，這反映在我們對 2026 財年的收入預測中。

At our Investor Day, our transformation strategy focused on two key objectives: fix the basics and invest to grow. Fix the basics focuses on improved operational execution to drive growth and improving productivity and margin expansion over time. Invest to grow focuses on a reallocation of our resources with the goal of returning to or above-market growth rates.

在我們的投資者日，我們的轉型策略重點關注兩個關鍵目標：鞏固基礎和投資發展。修復基礎重點在於改善營運執行，以推動成長並隨著時間的推移提高生產力和利潤率。投資成長著重於重新分配我們的資源，目標是恢復或超過市場成長率。

In this first phase of our transformation, we are focusing our efforts on our go-to-market motions and product, the areas we believe can create the fastest business momentum. As we enter FY26, we have targeted to shift up to 20% of our go-to-market and product resources into the enterprise market segment while driving more efficiency in other market segments. We are investing more on acquiring and retaining large enterprise customers while we invest in advanced product capabilities oriented to these customer cohorts. We will cover some examples of this in a moment.

在我們轉型的第一階段，我們將精力集中在市場進入動力和產品上，我們相信這些領域可以創造最快的業務動能。進入 26 財年，我們的目標是將高達 20% 的市場進入和產品資源轉移到企業市場領域，同時提高其他市場的效率。我們在吸引和留住大型企業客戶方面投入了更多資金，同時我們也投資於這些客戶群的先進產品功能。我們稍後會介紹一些這樣的例子。

The market we serve is large and growing, currently estimated at more than $400 billion. We are targeting some of the fastest-growing subsets of this market, and we believe we are well-positioned to lead this market shift by focusing on the talent development life cycle within the enterprise market segment.

我們服務的市場很大且還在持續成長，目前估計價值超過 4000 億美元。我們瞄準的是這個市場中一些成長最快的子集，我們相信，透過關注企業市場領域的人才發展生命週期，我們有能力引領這一市場轉變。

Skillsoft offerings are differentiated. We are the only company that owns and offers global skills development across multiple learning modalities at scale. We deliver interactive learning experiences that enable the learner and organizations to leverage disruptive AI technologies that accelerate workforce transformation and empower talent development management. Over time, our unique capabilities, combined with the market opportunity we see, position us to return Skillsoft to growing at market and eventually, we believe, above-market growth rates.

Skillsoft 的產品具有差異化。我們是唯一一家擁有並提供跨多種學習模式的全球技能發展的公司。我們提供互動式學習體驗，使學習者和組織能夠利用顛覆性的人工智慧技術來加速勞動力轉型並增強人才發展管理。隨著時間的推移，我們獨特的能力加上我們看到的市場機會，將使 Skillsoft 恢復市場成長速度，並且我們相信，最終其成長率將高於市場成長速度。

Shifting gears. I'd also like to remind you of the financial commitments we made at our Investor Day. First, we said we would drive at least $45 million in annualized expense reduction in fiscal 2025 on a run rate basis with 40% to 50% of these savings being invested back into the business. I'm happy to report that we delivered on that. And we are currently reinvesting in the business, and we will continue to do so in fiscal 2026 with reinvestment happening predominantly in the first half of the year to provide the essential tools to grow in the back half of the year.

換擋。我還想提醒大家我們在投資者日所做的財務承諾。首先，我們表示，我們將在 2025 財年實現至少 4,500 萬美元的年度支出削減，其中 40% 至 50% 的節省將重新投資於業務。我很高興地報告，我們實現了這一目標。我們目前正在對業務進行再投資，並將在 2026 財年繼續這樣做，再投資主要在上半年進行，為下半年的成長提供必要的工具。

Secondly, we communicated our intention to return the company to top-line growth with continued margin expansion in FY26 and generating positive free cash flow for FY26. We remain committed to these targets. And as you'll see, when Rich shares our guidance in a few minutes, we're on track to deliver.

其次，我們表達了讓公司恢復營收成長的意圖，在2026財年繼續擴大利潤率，並在2026財年產生正的自由現金流。我們將繼續致力於實現這些目標。正如您所看到的，當 Rich 在幾分鐘內分享我們的指導時，我們就按計劃完成了。

Now, let me share with you more detail on our progress against our transformation commitments as it relates to our product and go-to-market strategy as well as our enhanced corporate capabilities.

現在，讓我與大家分享更多有關我們在轉型承諾方面取得的進展的細節，這與我們的產品和市場進入策略以及增強的企業能力有關。

As it relates to our product strategy, in the last quarter, we continue to build out our enterprise features and integrations available in the Percipio platform. Our award-winning AI-powered coach, Skillsoft CAISY, recently hit a major milestone with over 1 million launches. Skillsoft has a rich library of ready-made scenarios to support both tech and business markets with popular topics like agile development, business planning, managing stakeholders, performance management, and more.

就我們的產品策略而言，在上個季度，我們繼續建立 Percipio 平台中的企業功能和整合。我們屢獲殊榮的人工智慧教練 Skillsoft CAISY 最近達到了一個重要里程碑，其發布次數超過 100 萬次。Skillsoft 擁有豐富的現成場景庫，可支援技術和商業市場，涵蓋敏捷開發、業務規劃、管理利害關係人、績效管理等熱門主題。

We limited our preview program to 100 enterprise organizations, allowing them to participate as design partners providing feedback while testing new functionality that enables our customers to author their own AI simulations with Skillsoft CAISY tool. This feedback was extremely useful and positive, and this functionality will launch later this fiscal year.

我們將預覽計畫限制在 100 家企業組織內，讓他們可以作為設計合作夥伴參與並提供回饋，同時測試新功能，使我們的客戶能夠使用 Skillsoft CAISY 工具編寫自己的 AI 模擬。這個回饋非常有用且積極，此功能將於本財年稍後推出。

Percipio now allows customers to create their own certification paths and manage their own certification programs to measure their rescaling where learners can earn company credentials, complete job training, and enhance their internal career mobility. Some of our most popular Percipio enterprise features for end-to-end certifications are now available with Codecademy's new certification hub for individual learners. These high-value offerings include interactive labs and test prep, which are aimed at the reskilling audience.

Percipio 現在允許客戶創建自己的認證路徑並管理自己的認證計劃，以衡量他們的重新擴展，學習者可以獲得公司證書，完成工作培訓，並提高他們的內部職業流動性。我們最受歡迎的 Percipio 企業端到端認證功能現已在 Codecademy 個人學習者的新認證中心推出。這些高價值服務包括互動實驗室和考試準備，主要針對重新培訓的受眾。

We continue to optimize the experience with our coaching offering and recent user experience enhancements have reduced the time to schedule your first coaching session by 50% from an average of 18 days to 9 days. This increases time to value for clients.

我們不斷優化輔導服務的體驗，最近的使用者體驗增強將安排第一次輔導課程的時間縮短了 50%，從平均 18 天縮短至 9 天。這增加了客戶實現價值的時間。

In terms of integrations that drive an open ecosystem for our customers, Skillsoft released a new integration with SAP Talent Intelligence Hub to help clients manage their skills strategy and apply skills data across their talent development life cycle. Skillsoft Percipio also added Pluralsight and Big Think+ as new content integrations and Oracle as new learning management system integrations, continuing to expand one of the industry's broadest set of enterprise integrations.

在為客戶推動開放生態系統的整合方面，Skillsoft 發布了與 SAP Talent Intelligence Hub 的新集成，以幫助客戶管理他們的技能策略並在整個人才發展生命週期中應用技能資料。Skillsoft Percipio 還添加了 Pluralsight 和 Big Think+ 作為新的內容集成，並添加了 Oracle 作為新的學習管理系統集成，繼續擴展業界最廣泛的企業集成之一。

Moving to our go-to-market strategy. On the commercial sales front, GK's top 10 deals during the quarter represented nearly $6 million in total contract value. These wins were primarily due to the expertise of our trainers, the relationships with key partners like Microsoft and AWS and the use of Net Promoter Score to monitor learner satisfaction. Within our TDS segment, our top 10 deals represented $22 million in total contract value with many multiyear deals focused on skill building, skill measurement, enterprise integrations, and the ability to support our customers' need for choice.

轉向我們的行銷策略。在商業銷售方面，GK 本季的前 10 筆交易合約總價值接近 600 萬美元。這些勝利主要歸功於我們培訓師的專業知識、與微軟和 AWS 等主要合作夥伴的關係以及使用淨推薦值來監控學習者的滿意度。在我們的 TDS 部門中，我們的前 10 筆交易的合約總價值為 2,200 萬美元，其中許多多年期交易專注於技能建設、技能測量、企業整合以及支援客戶選擇需求的能力。

I'd like to share two enterprise examples of talent development management wins that exemplify our strategy in action. One is a current customer and one is a new customer.

我想分享兩個企業人才發展管理成功的案例，以反映我們的策略實際行動。一個是現有客戶，一個是新客戶。

First, Honda is undergoing a major business transformation in both products and services with a strong focus on new electrified business segments. This significant shift is being referred to as the company's second founding. As part of the transformation, Honda is leveraging Skillsoft content, platform, and services to deliver comprehensive digital capability enhancement programs across all of North America. This initiative is a key component of Honda's quest for a digitally enabled workforce, equipping all staff with the essential digital skills to generate new insights, reduce routine work, and create more capacity for work and new service areas.

首先，本田正在產品和服務方面進行重大業務轉型，重點是新的電氣化業務領域。這一重大轉變被稱為公司的第二次創立。作為轉型的一部分，本田正在利用 Skillsoft 的內容、平台和服務在整個北美提供全面的數位能力增強計劃。這項舉措是本田追求數位化勞動力的重要組成部分，旨在讓所有員工掌握必要的數位技能，以產生新的見解，減少日常工作，並為工作和新的服務領域創造更多的能力。

Next, Virgin Media O2 Limited., or VMO2, a UK-based media and telecommunications company, recently partnered with Skillsoft to create a market-leading learning ecosystem and align their roles and skills taxonomy to enable skill building and skill measurement. This partnership will also ensure learning content is engaging, interactive, and relevant for all roles within the organization.

接下來，英國媒體和電信公司 Virgin Media O2 Limited.（簡稱 VMO2）最近與 Skillsoft 合作，創建了一個市場領先的學習生態系統，並調整其角色和技能分類，以實現技能培養和技能衡量。這種合作關係還將確保學習內容具有吸引力、互動性，並且與組織內的所有角色相關。

This program has been made available to VMO2's 16,000 employees and focuses on increasing learning adoption and engagement across the company's diverse archetypes, including retail, knowledge workers, field sales, technicians, engineers, call centers, digital pioneers, and future careers. Skillsoft innovative technologies are leveraged to address upskilling and reskilling challenges, fostering new opportunities for VMO2 people in maintaining their market-leading position.

該計劃已向 VMO2 的 16,000 名員工開放，重點是提高公司不同類型員工的學習採用率和參與度，包括零售、知識工作者、現場銷售、技術人員、工程師、呼叫中心、數位先驅和未來職業。Skillsoft 創新技術被用來解決技能提升和再培訓挑戰，為 VMO2 人員創造新的機會以保持其市場領先地位。

While we still have more work to do, we've made meaningful progress in the last six months to realign our organization and drive improved financial results. Let me recap some of the key areas where we've made progress, which positions us well for the future.

雖然我們還有很多工作要做，但在過去的六個月裡，我們在重組組織和推動財務績效改善方面取得了有意義的進展。讓我回顧一下我們取得進展的一些關鍵領域，這些進展為我們的未來做好了準備。

First, we shifted and focused our resources on the higher end of the market. This includes targeted investments in boosting our enterprise learning subject matter expertise and the continued build-out of our digital strategy. Second, we remain focused on driving product innovation. Our transformation is allowing us to reallocate our resources to drive technical advancements, including the acceleration of our AI road map.

首先，我們將資源轉移並集中到高端市場。這包括有針對性的投資，以提高我們的企業學習主題專業知識和持續建立我們的數位策略。第二，我們持續致力於推動產品創新。我們的轉型使我們能夠重新分配資源來推動技術進步，包括加速我們的人工智慧路線圖。

Looking ahead to fiscal 2026, we have three key priorities: transforming our go-to-market approach, pivoting the company to growth, and generating free cash flow for the full year. We look forward to updating you on our progress through the year.

展望 2026 財年，我們有三個主要優先事項：轉變我們的市場進入方式、推動公司成長以及創造全年自由現金流。我們期待向您通報我們今年的進展。

With that, let me now hand the call over to Rich to cover our financial results in more detail. Rich?

現在，我將把電話交給里奇，讓他更詳細地介紹我們的財務表現。富有的？

Thanks, Ron. Welcome, everyone, and thanks for joining today. As Ron shared earlier, it was another solid quarter for Skillsoft as we continue to execute against the transformation priorities we laid out last July at Investor Day. While we are only part of the way through our multi-quarter transformation journey, I am pleased that we once again delivered revenue ahead of our expectations, improved profitability, and drove positive free cash flow performance.

謝謝，羅恩。歡迎大家，感謝大家今天的參加。正如 Ron 之前分享的那樣，對於 Skillsoft 來說，這又是一個穩健的季度，我們繼續執行去年 7 月在投資者日制定的轉型重點。雖然我們只是經歷了多個季度的轉型之旅的一部分，但我很高興我們再次實現了超出預期的收入，提高了盈利能力，並帶來了積極的自由現金流表現。

Turning now to a detailed review of our financial results, starting with revenue. Talent Development Solutions or TDS revenue was $102.8 million in the fourth quarter, up 1% year over year and $405.5 million for the full year, essentially flat to FY24. We saw a slightly negative impact on revenue from FX in the quarter and the full year for the TDS segment. Our efforts to capitalize on the evolving market shift from traditional learning and skills development towards more comprehensive Talent Development Solutions is aligning well with the needs and demands of our customers.

現在來詳細回顧我們的財務業績，首先從收入開始。人才發展解決方案或 TDS 第四季營收為 1.028 億美元，年增 1%，全年營收為 4.055 億美元，與 24 財年基本持平。我們發現本季和全年 TDS 部門的外匯收入受到了輕微的負面影響。我們努力利用市場從傳統學習和技能發展向更全面的人才發展解決方案的轉變，以滿足客戶的需求。

Our LTM dollar retention rate or DRR for the full year FY25 returned to 100% as a result of a strong Q4 DRR of 105%. This is a 200-basis-point improvement from the 98% LTM DRR we saw in both the second quarter and the third quarter and validates changes we are making with the product and our customer success motions. While we are pleased with the progress we made in the quarter, DRR remains a company-wide priority focus area for us as we move into FY26.

由於第四季度 DRR 強勁達到 105%，我們的 2025 財年全年 LTM 美元留存率或 DRR 恢復到 100%。這比我們在第二季和第三季看到的 98% LTM DRR 提高了 200 個基點，並驗證了我們對產品和客戶成功動議所做的改變。雖然我們對本季的進展感到滿意，但隨著我們進入 26 財年，DRR 仍然是我們全公司的重點領域。

Global Knowledge revenue of $30.9 million in the fourth quarter was down approximately $4.7 million or 13% year over year. Revenue for the full year was $125.4 million, down approximately $23 million or 15% year over year. We saw a more pronounced negative impact to revenue from FX in the fourth quarter, in particular, given the higher mix of non-US dollar-denominated revenue.

第四季全球知識收入為 3,090 萬美元，年減約 470 萬美元，降幅為 13%。全年營收為 1.254 億美元，年減約 2,300 萬美元，降幅為 15%。我們看到第四季外匯收入受到更明顯的負面影響，特別是考慮到非美元計價收入的佔比更高。

As Ron commented earlier, we remain encouraged by our progress in GK, particularly in stemming the revenue declines we saw in the first half of FY25. The sequential improvement in the second half of the year is a key step for this business unit on its transformation journey, and continuing that progress will be an important component of returning the total company to growth.

正如羅恩之前所說，我們對 GK 所取得的進展感到鼓舞，特別是在遏制 25 財年上半年的營收下滑方面。下半年的環比改善是該業務部門轉型的關鍵一步，繼續取得進展將是公司整體恢復成長的重要組成部分。

Total revenue of $133.8 million in the fourth quarter was down approximately $3.8 million or 2.8% year over year. For the full year, total revenue of $531 million was down approximately $22.2 million or 4% year over year.

第四季總營收為 1.338 億美元，年減約 380 萬美元，降幅為 2.8%。全年總收入為 5.31 億美元，年減約 2,220 萬美元，降幅為 4%。

Walking through expenses. Cost of revenue of $33.3 million in the fourth quarter or 25% of revenue was favorably down 12% year over year and $133.8 million for the year or 25% of revenue, down 12% year over year. These decreases were driven primarily by lower variable costs and continued expense discipline on our fixed costs.

了解費用狀況。第四季營收成本為 3,330 萬美元，佔營收的 25%，年減 12%，全年營收成本為 1.338 億美元，佔營收的 25%，年減 12%。這些下降主要是由於變動成本的降低和固定成本的持續開支控制。

Content and software development expenses of $13.5 million in the fourth quarter or 10% of revenue were favorably down 12% year over year and $55.5 million for the full year or 10% of revenue, down 6% year over year. These improvements were part of our planned productivity gains by leveraging AI, which we expect further investment in FY26.

第四季內容和軟體開發費用為 1,350 萬美元，佔營收的 10%，年減 12%，全年內容和軟體開發費用為 5,550 萬美元，佔營收的 10%，年減 6%。這些改進是我們透過利用人工智慧來提高生產力計畫的一部分，我們預計在 2026 財年將進一步投資。

Selling and marketing expenses of $39.8 million in the fourth quarter or 29% of revenue were flat year-over-year. Full-year expenses were $158 million or 30% of revenue, down 5% year over year, primarily due to more targeted advertising spend, enabling additional strategic go-to-market investment.

第四季銷售和行銷費用為 3,980 萬美元，佔營收的 29%，與去年同期持平。全年支出為 1.58 億美元，佔收入的 30%，年減 5%，主要原因是更有針對性的廣告支出，從而實現了額外的策略性市場進入投資。

General and administrative expenses were $17.3 million in the fourth quarter or 13% of revenue, a 4% increase year over year and $74.6 million for the year or 14% of revenue, representing a 5% increase year over year. While we made continued progress on our resource reallocation plan and reducing expenses such as outside services and facilities, these were offset by targeted investment in technology and our short-term incentive award accrual, which was not achieved in the prior-year period.

第四季總務及行政開支為 1,730 萬美元，佔營收的 13%，年增 4%；全年總務及行政開支為 7,460 萬美元，佔營收的 14%，較去年同期成長 5%。雖然我們在資源重新分配計劃和減少外部服務和設施等費用方面繼續取得進展，但這些進展被技術方面的定向投資和短期激勵獎勵累積所抵消，而這在去年同期並未實現。

As I shared with you at Investor Day, improving our management systems is a critical focus area for our leadership team. One of these improvements is aligning our pay-for-performance plans across the entire organization, which drove improvements in both top-line and bottom-line results in the second half of the year and provided funding for our short-term incentive compensation plans.

正如我在投資者日與大家分享的那樣，改進我們的管理系統是我們領導團隊關注的關鍵領域。其中一項改進是在整個組織內協調我們的績效工資計劃，這推動了下半年營收和利潤的改善，並為我們的短期激勵薪酬計劃提供了資金。

Total operating expenses were $103.8 million in the fourth quarter or 78% of revenue and were favorably down $5.5 million or 5% year over year. For the full year, operating expenses were $421.9 million or 79% of revenue and were favorably down $26.3 million or 6% year over year.

第四季總營運費用為 1.038 億美元，佔營收的 78%，年減 550 萬美元，降幅為 5%。全年營運費用為 4.219 億美元，佔營收的 79%，年減 2,630 萬美元，降幅為 6%。

Similar to last quarter, despite a lower revenue base compared to the prior-year period, we delivered higher profitability. Adjusted EBITDA of $29.9 million in the fourth quarter or 22% of revenue was up $1.6 million compared to $28.3 million or 21% of revenue one year ago.

與上一季類似，儘管收入基數與去年同期相比有所下降，但我們實現了更高的獲利能力。第四季調整後的 EBITDA 為 2,990 萬美元，佔營收的 22%，與去年同期的 2,830 萬美元（佔營收的 21%）相比成長了 160 萬美元。

Full-year adjusted EBITDA was $109.1 million or 21% of revenue, up $4 million compared to $105.1 million or 19% of revenue one year ago. Our resource reallocation efforts and continued expense discipline drove further margin improvement in the fourth quarter and full year. We saw a slightly positive impact from FX in the fourth quarter and the full year at the EBITDA line because we are naturally hedged in our foreign markets.

全年調整後 EBITDA 為 1.091 億美元，佔營收的 21%，較去年同期的 1.051 億美元（佔營收的 19%）增加了 400 萬美元。我們的資源重新分配努力和持續的費用控制推動了第四季度和全年利潤率的進一步提高。由於我們在國外市場進行了自然對沖，我們看到外匯對第四季度和全年的 EBITDA 產生了略微積極的影響。

GAAP net loss was $31.1 million in the fourth quarter compared to a GAAP net loss of $245.3 million in the prior year. GAAP net loss per share was $3.75 compared to $30.38 per share in the prior year. For the full year, GAAP net loss was $121.9 million compared to $349.3 million in the prior year. GAAP net loss per share was $14.87 compared to $43.38 per share in the prior year.

第四季 GAAP 淨虧損為 3,110 萬美元，而去年同期 GAAP 淨虧損為 2.453 億美元。以美國通用會計準則計算，每股淨虧損為 3.75 美元，去年同期為每股 30.38 美元。全年 GAAP 淨虧損為 1.219 億美元，而上年度為 3.493 億美元。以美國通用會計準則計算，每股淨虧損為 14.87 美元，去年同期為每股 43.38 美元。

Beginning this quarter, we modified our non-GAAP presentation of adjusted net income. Specifically, we've excluded the noncash impact of amortization expense related to acquired intangible assets. Please refer to our 8-K filing for the full reconciliation of GAAP to non-GAAP measures.

從本季開始，我們修改了非公認會計準則調整後淨收入的呈現方式。具體來說，我們排除了與收購無形資產相關的攤銷費用的非現金影響。請參閱我們的 8-K 文件，以了解 GAAP 與非 GAAP 指標的完整對帳。

Adjusted net income of $17 million in the fourth quarter was flat compared to the prior year and $35 million for the year compared to an adjusted net income of $34 million in the prior year. Adjusted net income per share of $2.11 in the fourth quarter was consistent with $2.09 in the prior year. For the full year, adjusted net income per share of $4.33 improved from $4.25 in the prior year.

第四季調整後淨收入為 1,700 萬美元，與上年持平；全年調整後淨收入為 3,500 萬美元，而上年調整後淨收入為 3,400 萬美元。第四季調整後每股淨收入為 2.11 美元，與去年同期的 2.09 美元持平。全年調整後每股淨收益為 4.33 美元，較上年的 4.25 美元有所改善。

Moving to cash flow and balance sheet highlights. As we highlighted last quarter, one of our key focus areas is improving our free cash flow profile and getting the company to generate consistent positive free cash flow. As a reminder, we had a strong Q3 from a cash flow perspective despite Q3 typically being a weaker cash flow quarter seasonally. We followed that up with another strong cash flow quarter in Q4, supported by further improvement in working capital management and collections efficiency.

轉向現金流和資產負債表重點。正如我們上個季度所強調的那樣，我們的重點關注領域之一是改善我們的自由現金流狀況並讓公司產生持續的正自由現金流。提醒一下，儘管第三季度通常是季節性現金流較弱的季度，但從現金流角度來看，我們的第三季度表現強勁。隨後，在營運資金管理和收款效率的進一步支持下，第四季我們的現金流再次表現強勁。

In Q4, we generated $17.7 million in cash flow from operations and invested $4.5 million in capital expenditures and capitalized internally developed software, resulting in free cash flow of $13.2 million compared to $5.4 million in the prior-year period, an improvement of $7.8 million.

第四季度，我們從營運活動中產生了 1,770 萬美元的現金流，並投資了 450 萬美元的資本支出和資本化內部開發的軟體，導致自由現金流為 1,320 萬美元，而去年同期為 540 萬美元，增加了 780 萬美元。

For the full year FY25, we generated $29.9 million in cash flow from operations and invested $18.3 million in capital expenditures and capitalized internally developed software, resulting in free cash flow of $11.6 million compared to negative $15 million in the prior-year period, an improvement of approximately $27 million. We are pleased with this significant progress and how it positions us going into FY26.

25 財年全年，我們產生了 2,990 萬美元的營運現金流，並投資了 1,830 萬美元的資本支出和資本化內部開發的軟體，導致自由現金流為 1,160 萬美元，而去年同期為負 1,500 萬美元，增加了約 2,700 萬美元。我們對這一重大進展以及它為我們進入 26 財年所做的準備感到高興。

As we have been highlighting over the last couple of quarters, the nonrecurring costs associated with our transformation of the business have had a material impact on the free cash flow of the company but were essential to aligning our cost structures integrating systems and operations and creating the capacity to self-fund our growth investment initiatives. Those costs did decrease in Q4 versus Q3 but still had a meaningful impact on both the quarter and the fiscal year as we implemented our resource reallocation plans.

正如我們在過去幾季中一直強調的那樣，與我們的業務轉型相關的非經常性成本對公司的自由現金流產生了重大影響，但對於調整我們的成本結構、整合系統和營運以及創造自我資助成長投資計畫的能力至關重要。與第三季度相比，第四季度這些成本確實有所下降，但隨著我們實施資源重新分配計劃，仍然對本季和財政年度產生了重大影響。

Accordingly, adjusting for the cash impact of restructuring charges of $21.5 million for the year, we generated positive adjusted free cash flow of $33 million in FY25, an improvement of $30 million compared to the prior year period. Our adjusted EBITDA to adjusted free cash flow conversion was 30% for the year. We will continue to aggressively manage this metric.

因此，在調整當年重組費用 2,150 萬美元的現金影響後，我們在 25 財年產生了 3,300 萬美元的正調整後自由現金流，比去年同期增加了 3,000 萬美元。我們今年的調整後 EBITDA 與調整後自由現金流的轉換率為 30%。我們將繼續積極管理這項指標。

As a result of these actions, we closed the quarter maintaining a healthy balance sheet and a strong cash and liquidity position. Cash, cash equivalents, and restricted cash was $103 million. Total gross debt, which includes borrowings on our term loan and accounts receivable facility, was $581 million at the end of the fourth quarter, down from approximately $591 million at the end of Q3. In FY25, we've lowered our gross debt leverage profile from 6 times to 5.3 times. More specifically, as we saw improved cash flow in the quarter, we lowered borrowings on our accounts receivable facility to the minimum amount of $1 million.

由於採取了這些措施，我們在本季結束時保持了健康的資產負債表以及強勁的現金和流動性狀況。現金、現金等價物及受限現金為 1.03 億美元。總債務（包括定期貸款和應收帳款）在第四季末為 5.81 億美元，低於第三季末的約 5.91 億美元。在25財年，我們將總債務槓桿比率從6倍降低至5.3倍。更具體地說，由於我們看到本季現金流有所改善，我們將應收帳款的借款額度降低至最低 100 萬美元。

Total net debt, which includes borrowings on our term loan and accounts receivable facility, net of cash, cash equivalents, and restricted cash, was approximately $477 million, down from approximately $489 million at the end of the fiscal third quarter.

總淨債務（包括定期貸款和應收帳款貸款的借款，扣除現金、現金等價物和受限現金）約為 4.77 億美元，低於第三財季末的約 4.89 億美元。

Turning to our outlook for the full year FY26. We expect revenue of $530 million to $545 million and adjusted EBITDA of $112 million to $118 million. Our guidance reflects our commitment to returning the company to growth in FY26 on an annual basis. We will continue to monitor current market conditions and policy changes that may potentially materially impact the business.

談到我們對 26 財年全年的展望。我們預計營收為 5.3 億美元至 5.45 億美元，調整後 EBITDA 為 1.12 億美元至 1.18 億美元。我們的指導反映了我們對公司在 2026 財政年度恢復年度成長的承諾。我們將繼續監測可能對業務產生重大影響的當前市場狀況和政策變化。

Given the progress we made on working capital in FY25, we remain confident in our ability to again drive positive free cash flow in FY26. We expect free cash flow of $13 million to $18 million for the full year FY26. Excluding net debt servicing costs, we anticipate unlevered free cash flow of $71 million to $76 million.

鑑於我們在 2025 財年營運資金方面取得的進展，我們仍有信心在 2026 財年再次實現正自由現金流。我們預計 26 財年全年自由現金流為 1,300 萬至 1,800 萬美元。不包括淨債務償還成本，我們預計無槓桿自由現金流為 7,100 萬美元至 7,600 萬美元。

With that, operator, please open up the call to questions.

接線員，請開始回答問題。

(Operator Instructions) Ken Wong, Oppenheimer.

（操作員指示）Ken Wong，Oppenheimer。

Operator, we're not hearing Ken. I don't know if he's on a mute or you still have --

接線員，我們聽不到肯的聲音。我不知道他是否靜音了，或者你仍然有--

Yes, Ken, your line is unmuted. We are unable to hear you.

是的，肯，你的線已取消靜音。我們聽不到您的聲音。

Ron, so you guys are my first earnings post the tariff news. So this is probably a little unfair to you guys, but we'd love a sense of what you're either directly or indirectly seeing, hearing from your customer base. Any context in terms of verticals or regionally that you might be able to call out or help us with in terms of if you're seeing any impact on your business.

羅恩，所以你們是我在關稅新聞發布後的第一個收入來源。所以這對你們來說可能有點不公平，但我們很想了解你們直接或間接地從客戶群看到、聽到什麼。如果您發現任何有關垂直行業或區域性的背景資訊對您的業務產生影響，您可以提出或幫助我們。

Happy to answer that one, Ken. I guess it's lucky to be first, right? I think as we look at it, I think there's probably three things that I'd want to call your attention to. First and foremost, we are actually a federal contractor as a company. And as a federal contractor, we understand everything that is going on, firsthand, and we've been working with the federal government and the agencies that are effective.

很高興回答這個問題，肯。我想，能成為第一名是很幸運的，對吧？我認為，當我們看這個問題時，可能有三件事我想提請你們注意。首先，我們其實是一家聯邦承包商公司。作為聯邦承包商，我們直接了解正在發生的一切，並且一直在與聯邦政府和有效機構合作。

So we've got to go through that experience firsthand. And as Rich said in his comments, we have not seen any real material impact at this point given how well our team prepared and worked with the agencies and to meet the executive orders that were sent out. So we feel very good about that piece of it. That's firsthand experience with it.

所以我們必須親身經歷這種體驗。正如里奇在評論中所說，考慮到我們的團隊準備充分、與各機構合作到位並執行了所發出的行政命令，我們目前尚未看到任何真正的實質影響。因此我們對這部分內容感覺非常好。這是第一手的經驗。

We also then have another group right behind that of federal contractors that actually service the US government, and they have to have all of their pieces in place actually like us and certify that internally that we have the right things in place as we service the US government as part of that journey. That actually is due April 21 for everybody.

我們還有另一個緊隨其後的聯邦承包商，他們實際上為美國政府提供服務，他們必須像我們一樣將所有部件都安裝到位，並在內部證明我們在為美國政府提供服務的過程中已經做好了正確的準備。對每個人來說，截止日期實際上是 4 月 21 日。

And then the third part of your question, I think, was -- or my response to your question was, okay, then what are we seeing across the different vertical industries, and it really ranges. So the geographies and vertical industries, we're hearing two different sets of requests.

然後，我認為你問題的第三部分是 - 或者我對你的問題的回答是，好的，那麼我們在不同的垂直行業中看到了什麼，它的範圍真的很廣。因此，對於地理和垂直行業，我們聽到了兩組不同的請求。

Macro request that I would highlight is we have a group of customers that actually want to continue to receive those materials that are non-US federal government contractors or liaise with the US government in terms of transactions. So request over on that side of the equation that we have to respond to. And that also has a geographic implication as well. So we're seeing it on both pieces, both in some verticals as well as some geographies and some company specific.

我要強調的宏觀要求是，我們有一群客戶實際上希望繼續接收那些非美國聯邦政府承包商的材料或在交易方面與美國政府聯絡。因此，我們必須對等式那邊的請求作出回應。這也具有地理意義。因此，我們在兩個方面都看到了這一點，包括一些垂直領域、一些地區和一些公司特定領域。

We're seeing a lot of people take a more cautious view. If I broke them into three buckets, you've got the group that's asking to continue to receive those materials, you got a group that's saying we're going to comply with those regulations, even though they may not apply to us, and then you've got a group in the middle that's saying, we're just going to kind of wait and see as to how things unfold in the market. So those are kind of the three big buckets.

我們看到很多人採取了更謹慎的看法。如果我把他們分成三類，那麼有一群人要求繼續接收這些材料，有一群人說我們將遵守這些規定，即使這些規定可能不適用於我們，還有一群人處於中間，他們說，我們只是要拭目以待，看看市場如何發展。所以這些就是三大類。

The good news is our platform and our support services were all extremely well prepared for us to handle the complexity of handling those three groups of customers. We're very uniquely positioned because we can go right down, and at the lowest level, the atomic will take out a particular course for a customer and not allow permissioning or even for it to exist as an option.

好消息是，我們的平台和支援服務都為我們處理這三類客戶的複雜情況做好了充分的準備。我們處於非常獨特的地位，因為我們可以直接深入到最低級別，原子將為客戶選擇一個特定的課程，而不允許許可，甚至不允許它作為一種選擇存在。

And those are the things that we did with the federal agencies and we're doing with the federal contractors. So we can manage it in a very unique way.

這些就是我們與聯邦機構合作完成的事情，以及我們正在與聯邦承包商合作完成的事情。因此我們可以用一種非常獨特的方式來管理它。

And I will tell you, I'm really pleased with how the company has performed so far in this area. But at the end of the day, no matter how we do in this piece, we have to realize that this whole situation creates uncertainty. That uncertainty, unfortunately, I can't forecast what that means. And my hypothesis, as Rich and I look at the businesses, each quarter this goes along, it's going to begin to impact how people make decisions.

我要告訴你們，我對公司迄今為止在這一領域的表現感到非常滿意。但最終，無論我們在這件事上做得如何，我們都必須意識到整個情況造成了不確定性。不幸的是，我無法預測這種不確定性意味著什麼。我的假設是，當里奇和我觀察這些企業時，每季的情況都會開始影響人們的決策方式。

So right now, as we put our thoughts together for you, this is how we approached it. Let's run the business as normal, and we'll pay attention to it as close as everybody else as the uncertainty hopefully clears in the market. Does that help?

因此現在，當我們為您整理想法時，這就是我們的處理方式。讓我們正常開展業務，並像其他人一樣密切關注市場不確定性的消散。這樣有幫助嗎？

That helps a lot and way more detail than I was expecting. Really appreciate that, Ron. And Rich, I guess the flip side of the coin, I guess, it sounds like you guys are approaching business as usual. So as I think about the growth in '26, I'm assuming nothing baked in as far as any potential impact. Or please correct me if I'm wrong, if you guys have at least thought through how that could cause some slippage or elongation or any potential headwinds.

這很有幫助，而且比我預期的更詳細。真的很感激，羅恩。里奇，我想，事情的另一面是，聽起來你們的業務一切如常。因此，當我考慮 26 年的成長時，我認為不會有任何潛在影響。或者如果我錯了，請糾正我，如果你們至少考慮過這可能會導致滑移或伸長或任何潛在的阻力。

Yeah. You said it accurately, Ken, and I'll repeat it. Our outlook is reflective of the business we're operating right now. I think we acknowledge that there is a fluid environment that as things play through and develop, it may have an impact going forward. But the impact to this point has already been reflected in this outlook. What we don't know is the duration and the depth of this uncertainty that might develop in the future.

是的。你說得很準確，肯，我會重複一遍。我們的前景反映了我們目前經營的業務。我認為我們承認環境是不斷變化的，隨著事態的發展，它可能會對未來產生影響。但迄今為止的影響已經反映在這一前景中。我們不知道這種不確定性在未來會持續多久以及會發展到何種程度。

Perfectly fair. And then as we think about the other half of guidance, EBITDA guidance, like a nice step-up dollar-wise, decent growth. You guys clearly made progress through the year. I guess when we map it out, it looks like not -- we're not seeing any margin improvement, no margin expansion. Any -- just help us think through some of the moving pieces there in terms of why not see some progress there.

非常公平。然後，當我們考慮指導的另一半，即 EBITDA 指導時，就像美元方面不錯的提升，不錯的增長。你們這一年顯然取得了進步。我想，當我們把它繪製出來時，看起來好像沒有——我們沒有看到任何利潤率的提高，也沒有看到利潤率的擴大。任何——只是幫助我們思考那裡的一些活動部分，為什麼在那裡看不到一些進展。

Yeah. So I take the -- just for this discussion, Ken, I take the midpoint of the guidance range. And when I look at revenue, in particular, that is showing positive growth, which we emphasized in our commentary. Importantly, if you look at that against what we did in FY25, where we were down 4%, we really focus on what we call this pivot to growth. So going from 4 down to up 1, approaching 500 percentage points of growth -- 5 percentage points of growth pivot.

是的。因此，我採取——僅就本次討論而言，肯，我採取指導範圍的中點。當我查看收入時，尤其發現它呈現正成長，我們在評論中強調了這一點。重要的是，如果與我們在 25 財年的表現相比（當時我們下降了 4%），我們真正關注的是所謂的成長支點。因此，從下降 4 到上升 1，接近 500 個百分點的成長——5 個百分點的成長支點。

And at the midpoint of our EBITDA, which is growing at 5% -- just over 5% again based on the reported amount, we're getting nice leverage. So the EBITDA growth rate when you compare that to the revenue growth rate, so we're getting some nice earnings leverage. There is some modest expansion in the margin profile, just under 100 basis points, and then finally, translating that into free cash flow, again, at the midpoint of our guidance, growing almost 34% year over year, good leverage on incremental EBITDA as that's converting into free cash flow as well.

我們的 EBITDA 中點成長率為 5%——根據報告的金額，再次略高於 5%，我們獲得了良好的槓桿率。因此，當您將 EBITDA 成長率與收入成長率進行比較時，我們獲得了一些不錯的獲利槓桿。利潤率略有擴大，略低於 100 個基點，最終將其轉化為自由現金流，同樣處於我們指導的中點，同比增長近 34%，對增量 EBITDA 具有良好的槓桿作用，因為它也轉化為自由現金流。

Got it. Okay. Perfect. Go ahead.

知道了。好的。完美的。前進。

Yeah. And Ron is reminding me, we made the progress important progress on our transformation efforts, which we announced in July at Investor Day. We've already begun reinvesting that in the second half of the year. And most of that reinvestment will happen in the first half of next year as well. We're not going to build the company we want or shareholders want through expense actions. It's pivoting to investing for growth, and we're doing that on the timelines we laid out.

是的。羅恩提醒我，我們在轉型努力方面取得了重要進展，我們在 7 月的投資者日上宣布了這項進展。我們已經在今年下半年開始重新投資。大部分再投資也將在明年上半年進行。我們不會透過花費巨資的行動來建立我們想要的公司或股東想要的公司。它正在轉向投資成長，我們正在按照制定的時間表進行。

Got it. So it sounds like with that reinvestment happening second half, first half, again, not -- I don't want to put words in your mouth, and I realize we're not guiding to kind of quarters. But it does sound like from a profitability perspective, the exit rate should be more attractive than what we see in the first half. Would that be a fair characterization?

知道了。因此，聽起來，再投資發生在下半年，而不是上半年，再次強調，不是——我不想把話塞到你嘴裡，而且我意識到我們並沒有對某種季度進行指導。但從獲利能力的角度來看，退出率應該比上半年更具吸引力。這是一個公平的描述嗎？

Yeah. I think a couple of things come to mind in the contextualization of guidance. We still do -- we commented in the script, we still do 45% to 50% of the annual books in the fourth quarter of the year. That seasonal pattern will continue. And a lot of the investment that we're putting in the business in the first half is to drive really good execution in the second half of the year.

是的。我認為在指導的背景中，有幾件事浮現在腦海中。我們仍然這樣做——我們在劇本中評論道，我們仍然在第四季度完成 45% 到 50% 的年度書籍。這種季節性模式將會持續下去。我們上半年對業務的大量投資是為了推動下半年的良好執行。

The other piece I'd tell you or remind you is the first quarter is always our smallest quarter, Ken, from a quantum of revenue and a quantum of EBITDA. It's just the way the seasonal pattern works. So all of those things, acceleration, early investment in the first half of the year, expected return on that investment in the second half as we execute in our biggest bookings half the year, and the Q1 seasonality is always in place. We don't give you quarterly guidance. We try to give you some of these contextualizations and reminders on what seasonality is still in the business, and that's going to continue in FY26 as well.

我要告訴你或提醒你的另一件事是，肯，從收入和 EBITDA 的數量來看，第一季始終是我們最小的季度。這就是季節模式的運作方式。因此，所有這些因素，加速、上半年的早期投資、下半年的預期投資回報（因為我們在一年中最大的半年執行訂單）以及第一季的季節性始終存在。我們不會給您提供季度指引。我們嘗試向您提供一些背景資訊和提醒，告訴您哪些季節性仍然存在於業務中，而這種趨勢也將在 2026 財年繼續下去。

Got it. Ron, I wanted to circle back to the go-to-market transformation. Clearly, it looks like you're making some progress here with the big deal activity. Would love a sense of kind of where we are as far as any incremental sales force ramp. Is the headcount where you want it to be?

知道了。羅恩，我想回到市場轉型的議題上。顯然，看起來您在大型交易活動方面取得了一些進展。我很想知道就銷售隊伍的成長而言，我們的現狀如何。員工人數符合您的期望嗎？

And then second, again, back to the larger deals. Any color on what you're seeing across your enterprise skills champions? Is that activity -- is that effort progressing as planned?

其次，再次回到更大的交易。您對企業技能冠軍有何看法？這項活動－這項努力是否按計畫進展？

Yeah. I'll start with your last point first, and then I'll build from there. It was really rewarding to see the 10 big deals in TDS specifically drive $22 million of TCV. That really was a great indicator of those larger customers who are going on that talent journey. We're seeing a great set of validation occur by our customers on that as we share with them some of the product strategies.

是的。我將首先從您的最後一點開始，然後再從那裡開始。看到 TDS 的 10 筆大交易具體推動了 2200 萬美元的 TCV，真是令人欣慰。對於正在進行人才之旅的大型客戶來說，這確實是一個很好的指標。當我們與客戶分享一些產品策略時，我們看到客戶對此進行了大量的驗證。

And we also shared with you, we had 100 customers in the preview of our CAISY AI simulator. Got a lot of great feedback and a lot of momentum of what they want out of that product as we got the feedback on that particular piece of it as well as over 1 million downloads we sit at today as part of the overall journey. So I'm seeing a good positive reaction to, let's call it, the product strategy, the go-to-market strategy around marketing and sales.

我們也與大家分享，我們的 CAISY AI 模擬器預覽版有 100 位客戶。我們得到了很多很好的回饋，並且隨著我們獲得有關該產品特定部分的反饋以及今天作為整個旅程的一部分的超過 100 萬次下載量，我們獲得了巨大的動力。因此，我看到了對產品策略、圍繞行銷和銷售的市場進入策略的積極反應。

We've gone out and tested the new value proposition and marketing packaging that we'll do that will start to kick in, in the second quarter. And we're very excited about that. That's gotten good positive market feedback for us.

我們已經對新的價值主張和行銷包裝進行了測試，並將在第二季開始發揮作用。我們對此感到非常興奮。這為我們贏得了良好的正面的市場回饋。

And then on the sales side of it, what we are doing is working through and have done a number of shifts. I wouldn't say even to see a big growth number in the headcount, but where we've deployed them, how we've deployed in the skills training that we've given our team, and the swapping out of skills of skills to get new skills in the company has been part of it.

在銷售方面，我們正在努力並且已經進行了一些轉變。我甚至不敢說員工總數會有大幅成長，但我們將他們部署到哪裡，我們如何為團隊提供技能培訓，以及公司如何透過技能轉換獲得新技能，這些都是其中的一部分。

There's two efforts specifically underway around an enterprise squad, enhancement to get more subject matter experts from the learning industry as part of it and then ultimately moving more into our new acquisition, which we referenced as part of our growth. We saw a good return to that number this past year, which again, we can grow that number more in our opinion.

目前，我們正在圍繞企業團隊進行兩項特別的努力，一項是增強從學習行業中吸收更多主題專家的能力，另一項是最終將更多精力投入到我們的新收購中，我們將其視為我們成長的一部分。去年，我們看到這個數字有了良好的回升，我們認為，這個數字還可以進一步成長。

That's like an example of we won a Disney, as an example, earlier in the year. Those are the kind of big brand wins we want.

這就像我們今年早些時候贏得迪士尼的一個例子。這些都是我們想要的大型品牌勝利。

Perfect. And maybe kind of shifting gears a little. You talked about the 100 CAISY test customers there. What type of engagement are you seeing with that little cohort? Is -- in terms of virtual versus -- or I guess AI-driven versus maybe your more kind of traditional use cases with your customers, like what kind of balance are you seeing?

完美的。或許可以稍微改變一下方向。您談到了那裡的 100 名 CAISY 測試客戶。您看到這個小群體有什麼樣的參與度？就虛擬與——或者我猜是人工智慧驅動與您可能更傳統的客戶用例而言，您看到了什麼樣的平衡？

And then second, as you looked at the engagement of this cohort, what confidence level do you have that this could be a truly monetizable event, whether it's improving cross-sell or upsell? How should we think about how that flows through based on what you're seeing in this current group?

其次，當您觀察這個群體的參與度時，您是否有信心這是一個真正可以盈利的事件，無論是提高交叉銷售還是追加銷售？根據您在當前群體中看到的情況，我們應該如何思考這一進程？

Sure. I think the first and most important thing were we asked them what's your use cases. And it caught a little off guard, I'll admit. The customers actually came at us saying it was mostly what you and I would call customer-facing revenue. And they're putting it to work there first, which, by the way, is what we did. We used our AI -- CAISY AI simulator with our own sales team to help train them, where the advertiser would actually interact with them and train them on how to sell the new way and with the new materials. So it's really quite fascinating.

當然。我認為第一件也是最重要的事情是我們問他們你的用例是什麼。我承認，這確實讓人有點措手不及。事實上，客戶來找我們說，這主要是你和我所說的面向客戶的收入。他們首先在那裡投入使用，順便說一句，這也是我們所做的。我們將我們的人工智慧——CAISY 人工智慧模擬器與我們自己的銷售團隊一起使用來幫助培訓他們，廣告商實際上會與他們互動並培訓他們如何以新的方式和新材料進行銷售。這確實非常有趣。

The second part that was interesting is they went through the different features in the platform, et cetera. What is interesting, and it's not -- it's just early, early indicator, like really early, Ken. But what I found interesting was as the customers came into this -- and by the way, it's a limited time and we limited it to just 100. We had to close it off.

第二部分很有趣，他們介紹了平台的不同功能等等。有趣的是，它不是——它只是早期、早期的指標，真的很早，肯。但我發現有趣的是，當顧客進來時——順便說一下，這是限時活動，我們限制人數只有 100 人。我們不得不將其關閉。

But what was fascinating is some of the customers on the way in hired our professional services group. And then some of them, while they were in, hired our professional services group. About a third of them did, which is pretty interesting to me. That was probably the really little juicy nugget in there that I found fascinating, that they were -- even though this early just showed how engaged they were as part of our overall journey early on.

但令人著迷的是，有些客戶聘請了我們的專業服務團隊。其中一些人在任職期間聘請了我們的專業服務團隊。其中大約有三分之一的人確實這麼做了，這對我來說非常有趣。這可能是我發現的真正有趣的小細節，儘管這很早就表明了他們作為我們整個旅程的一部分的參與程度。

Again, I don't want to get into projecting it at this point. It's really way too early, and we're doing a bunch of packaging and pricing work on all of the stuff now we'll have directionally there. But that's probably the best nugget of indication that I can give you of where the customers' minds are on this particular topic and what they like to do with the tool. We've now ended the preview period because we're now in delivery -- construction and delivery in test mode with that version of the tool.

再說一次，我現在不想深入討論這個問題。現在真的還為時過早，我們正在對所有產品進行大量的包裝和定價工作，現在我們將朝著這個方向發展。但這可能是我能給你的最好的暗示，顯示客戶對這個特定主題的看法以及他們喜歡用這個工具做什麼。我們現在已經結束了預覽期，因為我們現在處於交付階段——使用該版本的工具以測試模式進行建置和交付。

And when you say the hiring of the pro-serve group, is that for training? Is it for potential rollout of these capabilities across the organization more broadly? How should we interpret -- what are the specific needs the customers before --

您說僱用專業服務團隊是為了培訓嗎？是否可能在整個組織內更廣泛地推出這些功能？我們該如何解讀－客戶先前的具體需求是什麼--

At the broadest level is staff augmentation. At the broadest level underneath that, it breaks into a couple of buckets you would normally expect. Some of it is the hands-on piece that you just described around the technical part. But a number of them is around the content of what they want to do to create more simulators as part of it.

最廣泛的層面是人員擴充。從最廣泛的層面來看，它可以分為幾個您通常期望的類別。其中一些是您剛才描述的有關技術部分的實踐部分。但其中許多內容都圍繞著他們想要做的事情，即創建更多的模擬器。

Now, our library is growing very -- yes, it's around 100 right now, simulations that have been produced for our customers, which is fantastic. And the simulators that they're creating their own simulators, which is just what we want. So we're very excited about that. So that's what they're doing. They're literally creating their own for the sales team, just like we did internally.

現在，我們的圖書館正在不斷壯大——是的，現在大約有 100 個為我們的客戶製作的模擬，這太棒了。他們正在創建自己的模擬器，這正是我們想要的。所以我們對此感到非常興奮。這就是他們正在做的事情。他們實際上是在為銷售團隊創建自己的銷售團隊，就像我們內部所做的那樣。

Okay. Perfect. Rich --

好的。完美的。富有的--

The big takeaway there is to -- the big takeaways, they love creating the capabilities and the content as part of it. They love this concept that we're bringing to them. That's what's most exciting. Sorry.

最大的收穫是——最大的收穫是，他們喜歡創造能力和內容作為其中的一部分。他們喜歡我們向他們提出的這個概念。這才是最令人興奮的。對不起。

Makes sense. No, no problem at all. And Rich, back to the big build dynamics. You guys gave some pretty good color in terms of contribution from top 10 customers. Any way to provide some context as to how that might have looked year over year? Would just love a sense of how dramatic the improvement might have been as far as your kind of your large deal, large customer engagement.

有道理。不，完全沒有問題。里奇，讓我們回到大建設動態。你們在前十大客戶的貢獻方面表現得相當出色。能否提供一些背景資訊來說明逐年變化的情況？我很想知道就您的大宗交易和大型客戶參與度而言，改進效果有多顯著。

Yeah. I think with that a thorough kind of compare year over year, we're winning big -- big customers are validating every day, Ken, that our strategy is aligned with where they're going. And you recall 45% to 50% of our bookings get done in the fourth quarter. We executed well to finish the year. And we had some large enterprise customers.

是的。我認為，透過逐年進行徹底的比較，我們會取得巨大的勝利——大客戶每天都在驗證，肯，我們的策略與他們的發展方向是一致的。您還記得嗎，我們 45% 到 50% 的訂單是在第四季完成的。我們出色地完成了今年的任務。我們有一些大型企業客戶。

We gave you a TCV. We do have a greater than one year. So we do, do multiyears. Those are some pretty chunky relationships with customers that have been with us a long time and continue to expand their relationship. But we'll follow up with -- I appreciate the question. And I want to give you a more thoughtful response on where we're winning maybe by industry or others.

我們給了你一份 TCV。我們確實有一年多的時間。所以我們確實這麼做了，做了好幾年。我們與這些客戶建立了非常牢固的關係，他們與我們合作了很長時間，並且繼續擴大他們的關係。但我們會跟進——我很感謝你提出這個問題。我想給你一個更深思熟慮的回答，關於我們在哪些方面取得了勝利，可能是在行業方面，也可能在其他方面。

Okay. Understand. And then one thing we noticed is the Global Knowledge margin contribution margin declined year over year. Just wanted a little context there. How should we think about that margin profile trending forward as well?

好的。理解。然後我們注意到的一件事是全球知識利潤貢獻率逐年下降。我只是想了解一點背景資訊。我們該如何看待利潤率趨勢？

Yeah. Two step, get the business to perform better at the top line, and second step is to improve the margin and profit profile. You would hear us refer to it generally, Ken, as a mix issue. Our margins vary between which tech partner we're training on. Our margins vary when we use inside trainers versus third-party contract trainers.

是的。分為兩個步驟，首先讓企業在營收上表現更好，其次是提高利潤率和利潤狀況。肯，你會聽到我們一般稱之為混合問題。我們的利潤因我們所培訓的技術合作夥伴而異。當我們使用內部培訓師和第三方合約培訓師時，我們的利潤會有所不同。

Another significant push you heard Darren talk a lot about, training on our own Skillsoft, Global Knowledge intellectual property. We made good progress in bringing to market our own courses. Those haven't impacted the financial profile yet but expect they will as we continue in FY26.

您聽到 Darren 多次談論的另一個重要推動力是對我們自己的 Skillsoft、Global Knowledge 智慧財產權的培訓。我們在將我們自己的課程推向市場方面取得了良好的進展。這些尚未對財務狀況產生影響，但預計隨著 26 財年的持續，這些影響將會產生。

And then finally, a mix of resellers, where we're both selling and delivering the course versus simply acting as a reseller kind of have an impact on the margin. So focus for the second half of this -- of last year was in getting the top line stabilized, getting the bookings and revenue progression stabilizing. We will continue to attack the number of initiatives Darren and the team have underway. And I expect that we'll -- over the course of FY26 improve sequentially the margin profile but really make an impact as we get through FY26 into FY27.

最後，經銷商組合（我們既銷售又提供課程，而不是僅僅充當經銷商）對利潤率有影響。因此，去年下半年的重點是穩定營業額、預訂量和收入成長。我們將繼續推進達倫和團隊正在進行的多項計畫。我預計，我們將在 2026 財年逐步改善利潤率狀況，並在 2026 財年進入 2027 財年時真正產生影響。

Understood. And as someone that historically maybe dinged you guys on the DRR number, you guys made pretty drastic improvements there. So we definitely want to call that out. How durable is that? Or was that maybe just a 4Q dynamic where the team really executed? As we look ahead, is that a number that seems that we can stay within that ballpark?

明白了。作為一個曾經在歷史上對你們的 DRR 數字提出批評的人，你們在那裡做出了相當大的改進。所以我們肯定想指出這一點。它有多耐用？或者這可能只是團隊真正執行的 4Q 動態？展望未來，我們是否可以將這個數字保持在大致範圍內？

Yeah, it's a great question. I'm going to jump in for a little color, and then I'll hand it back to Rich. So first of all, as you know, Q4 is our big quarter. So to your point, that amplifies that signal even more. So -- and then two, these contracts, we tend to be in the three-year contract, is where we tend to operate.

是的，這是一個很好的問題。我要跳進去塗點顏色，然後把它交還給里奇。首先，如您所知，第四季度是我們的重要季度。所以就你的觀點而言，這會進一步放大訊號。所以 — 其次，這些合同，我們傾向於簽訂三年合同，這是我們傾向於經營的合同。

We have one year, but most of these are three years. So that, to me, also bodes well for the future of what we're doing in terms of your question around durability. And that's how I look at it. And your question is this durability in the contracts and durability of the process. The process should continue to improve.

我們有一年，但大多數是三年。因此，就您關於耐用性的問題而言，對我來說，這也預示著我們未來所做的事情會很好。這就是我的看法。您的問題是合約的持久性和流程的持久性。該流程應繼續改進。

Now, what we are doing is we are -- as I shared at the beginning of your first question, Ken, we're shifting some of the resources from some of our different market segments up into the enterprise more. So what we're seeing inside of that shift is we've done some planning knowing that we may have some shifts inside of the -- as we ship the resources there may be some breakage along that journey.

現在，我們正在做的是——正如我在你第一個問題開始時所說的那樣，肯，我們正在將一些資源從我們的一些不同細分市場轉移到企業中。因此，我們在這種轉變中看到的是，我們已經做了一些規劃，知道我們可能會在內部發生一些轉變——當我們運送資源時，可能會在旅途中出現一些損壞。

And so right now, as Rich gave them in our overall guidance as to where we're going, it's built into that guidance that we shared with you.

因此現在，正如 Rich 在我們的總體指導中給出的關於我們未來發展方向的內容一樣，它已經融入我們與你們分享的指導中。

Yeah. It was -- we expected to execute better in the fourth quarter, Ken. We had previewed some of our efforts in prior calls that we were on. Where we support and service the smaller customer set where there's typically more volatility, we were just satisfied with that relationship. We brought that in-house and stood up our own capability.

是的。是的——我們預計第四季的表現會更好，肯。我們在之前的電話會議中已經預覽了我們的一些努力。我們支援和服務較小的客戶群，這些客戶群通常波動較大，我們對這種關係感到滿意。我們將其引入公司內部並增強了自己的能力。

We have gotten that cadence, that motion further refined. My comments talked about what we're doing in customer success across every segment is working, and I think it validated some of that progress.

我們已經獲得了那種節奏，那種動作得到了進一步的完善。我的評論談到了我們在各個領域的客戶成功方面所做的努力是有效的，我認為這證實了其中的一些進展。

The other piece we spoke about in our most recent call was some enhancements to our compliance product to make that more durable, more relevant and resonate better with customers. And I think combination of everything we're doing did develop nicely in the quarter, and it remains a company-wide focus. So I appreciate the callout. We're going to keep banging away.

我們在最近的電話會議中談到的另一件事是對我們的合規產品進行一些改進，以使其更持久、更相關、更好地與客戶產生共鳴。我認為我們所做的一切在本季度都取得了良好的進展，並且仍然是全公司關注的重點。我很感謝你的關注。我們會繼續努力。

A final comment would be, certainly, there are cohorts within our customer segmentation. We're actually -- we're well over 110%. We need to focus on every cohort, every segment, and make continued progress as we go on. And our plan and our guidance reflects some continued progress, some modest continued progress, nothing dramatic, but we'll keep plugging away at it.

最後要說的是，我們的客戶區隔當然存在群體。事實上——我們已經遠遠超過 110%了。我們需要關注每一個群體、每一個部分，並在前進的過程中不斷進步。我們的計劃和指導反映了一些持續的進展，一些適度的持續進展，沒有戲劇性的進展，但我們會繼續努力。

That's great. Really appreciate the color there. And then last question for me. I realize, again, you guys don't give kind of quarterly specifics and really appreciate all the color around Q4 or Q1. As we think about the seasonality of your business, any reason to think that, that has shifted much as we compare this year to last year given the macro uncertainty, the improvement in your go-to-market? Anything that we should be aware of as we kind of try to model going forward in '26 and beyond or specifically '26?

那太棒了。真的很欣賞那裡的色彩。這是我的最後一個問題。我再次意識到，你們沒有提供季度具體數據，並且真的很欣賞第四季度或第一季的所有細節。當我們考慮您業務的季節性時，有沒有理由認為，考慮到宏觀不確定性，當我們將今年與去年進行比較時，您的市場進入能力是否有所改善？當我們嘗試模擬 26 年及以後或具體來說是 26 年的發展時，我們應該注意什麼？

I think the big ones worth repeating. When you look at bookings, 45% to 50% of the TDS bookings happen in the fourth quarter. Revenue is obviously more ratable and recognized relatively ratable across each of the four periods. But Q1 is always our smallest quarter and not surprising coming off a big push to finish the year. Those areas of the business where we recognize revenue as the class is delivered or as a coaching session is delivered, Q1 tends to be our smallest quarter in both revenue and EBITDA.

我認為重要的事值得重複。從預訂情況來看，45% 到 50% 的 TDS 預訂發生在第四季。顯然，收入的按比例分配更加合理，並且在四個期間內，收入的確認也相對按比例分配。但第一季始終是我們規模最小的一個季度，而且在我們為結束今年而付出巨大努力之後，這並不奇怪。在那些我們在授課或輔導課程時確認收入的業務領域中，第一季往往是我們收入和 EBITDA 最小的一個季度。

That pattern, that seasonality existed in FY25. And I think you can assume it will continue in FY26. Ron, any thoughts?

這種模式和季節性在 25 財年就已存在。我認為你可以假設它將在 26 財年繼續下去。羅恩，有什麼想法嗎？

Yeah. The only thing I'd add, Ken, would be just, listen, we built in the guidance, our thinking as we were running the business today with the best knowledge that we have of today and decided to execute the way we've been executing. And we can come back if we see that uncertainty grow or start to impact the business, right? We're watching it very closely for the elongation of decision-making, in particular, is the thing we're staring at the most right now.

是的。肯，我唯一要補充的是，聽著，我們在今天經營業務時，根據我們目前掌握的最佳知識，建立了指導方針和想法，並決定按照我們一直以來的方式執行。如果我們發現不確定性增加或開始影響業務，我們可以回來，對嗎？我們正在密切關注，因為決策過程的延長是我們目前最關注的事情。

And you have a couple of transactions here and there. I can see a little slowing down, but we're all watching it very, very closely like the rest of the world. Candidly, there's nothing new there. But that is something we are paying close attention to, but we built them as we're operating these as best we can with the data that we had, and we will stay the course until we get different information.

您在這裡和那裡都有一些交易。我可以看到速度有所放緩，但我們和世界其他地方一樣都在密切關注。坦白說，這並沒有什麼新鮮事。但這是我們密切關注的事情，但我們在建立它們時會盡可能利用我們擁有的數據來操作它們，並且我們會堅持下去，直到獲得不同的資訊。

Got it. One last question just based on that response. And I got to -- won't obviously hold you guys to this, but I'm sure a lot of folks are trying to figure out if there is some elongation, if there is some headwind. Clearly, you guys have made progress towards returning to growth. Would there be a priority to defend EBITDA cash flow, or would the intention be to kind of continue to lean in, move forward on trying to maintain that ['26] growth number?

知道了。根據該回答，我還有最後一個問題。我必須——顯然不會要求你們對此負責，但我相信很多人都在試圖弄清楚是否存在一些延長，是否存在一些逆風。顯然，你們在恢復成長的道路上已經取得了進展。是否會優先保護 EBITDA 現金流，還是會繼續努力維持 ['26] 的成長數字？

Yeah. It's -- we've spent a lot of time ensuring we got to this point where we could make sure we're investing for growth and improving our management systems and our visibility, we have the levers to make those trade-offs. And I'll take either side of the example, Ken. We're not going to grow at all costs. We're going to grow profitably and thoughtfully.

是的。我們花了很多時間確保我們達到這一點，我們可以確保我們為成長而投資，改善我們的管理系統和我們的知名度，我們有能力做出這些權衡。我會選擇這個例子的任何一方，肯。我們不會不惜一切代價去實現成長。我們將實現獲利性成長，並且經過深思熟慮。

Alternatively, we're not going to underinvest in areas of business that we think show the most promising long-term growth, and the work we're doing with our customers are validating that.

或者說，我們不會對那些我們認為最有希望長期成長的業務領域進行投資不足，我們與客戶一起進行的工作也證實了這一點。

I'm very comfortable we've got the balance sheet, the liquidity position to continue to invest for those growth opportunities even in the midst of some near-term disruption or uncertainty we can manage the P&L to find the right balance as we've done to not grow at all costs. I think we'll grow smart and profitably. And we'll manage where we let the investment into the business given our strong balance sheet and liquidity position.

我非常放心，我們有資產負債表和流動性狀況，可以繼續投資於這些成長機會，即使在短期內出現一些混亂或不確定性的情況下，我們也可以管理損益表以找到適當的平衡，就像我們所做的那樣，不惜一切代價地增長。我認為我們會變得更加聰明並且獲利。鑑於我們強大的資產負債表和流動性狀況，我們將管理投資進入業務的方向。

Okay. I think that's about as fair as we can approach it. I appreciate you guys taking a stab at that question. That's it on my end.

好的。我認為這是我們能做到的最公平的做法。我很感謝你們嘗試回答這個問題。我這邊就是這樣。

Great. Operator, I know -- thank you, Ken, very much. Operator, I know we're at the top of the hour. So I'd like to wrap up the call here. And I'll jump right in with some closing remarks, if that's okay.

偉大的。接線員，我知道——非常感謝你，肯。接線員，我知道我們已經到了整點​​。我想就此結束本次通話。如果可以的話，我將立即發表一些結束語。

Of course.

當然。

In my review of things, as Rich and I looked at it, our fiscal second-half performance really was a very good indicator of the progress we've made in our transformation strategy, which allowed us to position ourselves for this growth pivot that Rich just described here in the Q&A, which I think is a very important 5-point swing that you we're talking about inside of the business at the midpoint that Richard pointed out.

在我看來，正如 Rich 和我所看到的，我們的下半年財務表現確實很好地表明了我們在轉型戰略方面所取得的進展，這使我們能夠為 Rich 剛才在問答環節中描述的增長支點做好準備，我認為這是一個非常重要的 5 點轉變，正如 Richard 指出的那樣，我們在業務中期談到了這一點。

We are paying attention, as Ken just asked, and we responded around the macro environment uncertainties, but we have to run the business and stay focused on running the business, and we'll adjust as we go along.

正如肯剛才所問的，我們正在關注宏觀環境的不確定性，並對此作出了回應，但我們必須經營業務並專注於經營業務，我們將在前進的過程中進行調整。

I will say my confidence continues to grow on the overall strategy that we have in place for '26. It will be a very great year for the company in terms of our transformational journey.

我想說的是，我對我們為 26 年制定的整體策略越來越有信心。就我們的轉型歷程而言，這將是公司非常偉大的一年。

Equally as important, the team's confidence in my view of the team and our ability to execute with this has also increased as we've gone along in achieving our goals, and it really ties back to that management system and operational dimensions we have put in place. So I'm feeling stronger about those particular pieces that we put the right approach and priorities in place.

同樣重要的是，隨著我們不斷實現目標，團隊對我對團隊的看法以及我們執行能力的信心也增強了，這與我們建立的管理系統和營運層面息息相關。因此，我對我們採取的正確方法和優先事項的這些特定部分更有信心。

So with that, I look forward to focusing on FY26 with the whole team and giving you updates as we go along the way on this journey. And as Rich shared, we're looking at it on an annual basis when we stay focused on as what we told you last year. We're going to keep that going this year. But feel very good about what happened in '25. Great end with that, and we're very focused on '26 here. Thank you.

因此，我期待與整個團隊一起關注 26 財年，並在這趟旅程中為您提供最新進展。正如里奇所說，我們每年都會關注這個問題，並且會繼續關注去年我們告訴你們的事情。今年我們將繼續這樣做。但對於 25 年發生的事情感覺非常好。這是一個完美的結局，我們現在將重點放在 26 年。謝謝。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。