Skillsoft Corp (SKIL) 2026 Q4 法說會逐字稿

Thank you for standing by. Welcome to Skillsoft's fourth-quarter fiscal 2026 results conference call.

感謝您稍候。歡迎參加 Skillsoft 2026 會計年度第四季財報電話會議。

(Operator Instructions)

（接線員指示）

Please note that today's call is being recorded. A replay of the call and webcast will be available shortly after the call concludes for a period of 12 months.

請注意，今天的電話會議將被錄音。電話會議與網路直播的重播將於會議結束後不久提供，並可供回放 12 個月。

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

現在我想把電話會議交給今天的第一位講者，投資人關係的 Nick Teves。謝謝。請開始。

Thank you, operator. Good day and thank you for joining us to discuss our results for the fourth quarter ended January 31, 2026.

謝謝，接線員。各位好，感謝各位加入我們，一同討論截至 2026 年 1 月 31 日止第四季的業績。

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 that constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995, including statements concerning financial and business trends; our expected future business and financial performance; financial condition; and market outlook.

在我們開始之前，我想提醒各位，今天的電話會議將包含有關公司業務展望與我們預期的前瞻性陳述；該等陳述依據 1995 年《美國私人證券訴訟改革法》（US Private Securities Litigation Reform Act of 1995）之定義構成前瞻性陳述，包括關於財務與業務趨勢；我們預期未來的業務與財務表現；財務狀況；以及市場展望的陳述。

These forward-looking statements and all statements that are not historical facts reflect management's current beliefs, expectations, and assumptions; and, therefore, are subject to risks and uncertainties that could cause actual results to differ materially from the conclusions, forecasts, estimates, or projections in the forward-looking statements made today.

這些前瞻性陳述，以及所有非歷史事實的陳述，反映管理層目前的信念、預期與假設；因此，可能受到風險與不確定性影響，致使實際結果與今日所作前瞻性陳述中的結論、預測、估計或推算出現重大差異。

For discussion on the material risks and other important factors that could affect our actual results, we refer you to our most recent Form 10-K and other documents that we file with the Securities and Exchange Commission. We assume no obligation to update any forward-looking statements or information which speak as of their respective dates.

關於可能影響我們實際結果的重大風險及其他重要因素之討論，請參閱我們最新的 Form 10-K 以及我們向美國證券交易委員會（SEC）提交的其他文件。我們不承擔更新任何前瞻性陳述或資訊之義務；該等陳述或資訊僅截至其各自日期為準。

During the call, unless otherwise noted, all financial metrics we discuss, other than revenue, will be non-GAAP financial measures, which are not prepared in accordance with Generally Accepted Accounting Principles.

在本次電話會議中，除非另有說明，我們所討論的所有財務指標（收入除外）將為非 GAAP 財務衡量指標，該等指標並非依據一般公認會計原則（GAAP）編製。

For example, listeners should be cautioned that references to phrases such as adjusted EBITDA and free cash flow denote non-GAAP financial measures. Non-GAAP financial measures should not be considered in isolation or as substitute for GAAP financial measures.

例如，聽眾應注意，提及「調整後 EBITDA」與「自由現金流」等用語，均指非 GAAP 財務衡量指標。非 GAAP 財務衡量指標不應被單獨考量，亦不應作為 GAAP 財務衡量指標之替代。

Presentation of the most directly comparable financial measures determined in accordance with GAAP, as well as the definitions, uses, and reconciliations of non-GAAP financial measures included in today's commentary to the most directly comparable GAAP financial measures, is included in our earnings press release, which has been furnished to the SEC on Form 8-K and is available at www.sec.gov. It is also available on our website at www.skillsoft.com.

依 GAAP 所決定之最直接可比財務衡量指標之呈列，以及今日評論中所包含之非 GAAP 財務衡量指標的定義、用途與調節（reconciliation）至最直接可比 GAAP 財務衡量指標，均載於我們的財報新聞稿中；該新聞稿已以 Form 8-K 形式提供給 SEC，並可於 www.sec.gov 查閱；亦可於我們網站 www.skillsoft.com 取得。

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

在今天的預先準備發言之後，Skillsoft 執行董事長兼執行長 Ron Hovsepian，以及 Skillsoft 財務長 John Frederick，將出席問答環節。

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

接下來，我很高興把電話會議交給 Ron。

Thanks, Nick. Good afternoon. Thank you to everyone for joining us today.

謝謝，Nick。各位下午好。感謝各位今天加入我們。

Over the past 18 months, we have worked through two important and related efforts at Skillsoft:

在過去 18 個月裡，我們在 Skillsoft 推動並完成了兩項重要且相互關聯的工作：

First, we undertook a strategic transformation to reposition the company for where the market is going.

第一，我們進行了策略轉型，以重新定位公司，因應市場的發展方向。

Second, during FY 2026, we made meaningful operational progress against that strategy, while navigating a very challenging external environment.

第二，在 2026 會計年度期間，我們在面對極具挑戰的外部環境下，仍針對該策略取得了具實質意義的營運進展。

Let me start with the strategic transformation. We began with a comprehensive assessment of the market: where the customer demand was heading and where Skillsoft could differentiate in a durable way.

我先從策略轉型談起。我們首先對市場進行全面評估：客戶需求的走向，以及 Skillsoft 能以何種方式建立可長期維持的差異化。

That work confirmed three foundational assets in the business: our content, our platform, and our data. Those assets give us a credible foundation to evolve from a traditional learning company into an AI-native skills platform built for the enterprise needs.

這項工作確認了業務中的三項基礎資產：我們的內容、我們的平台，以及我們的數據。這些資產為我們提供了可信的基礎，使我們能從傳統學習公司，演進為一個為企業需求打造的 AI 原生（AI-native）技能平台。

From there, we put in place a clear transformation plan and applied sharper prioritization with greater discipline to capital allocation. Using that same discipline, we reduced gross costs by approximately $45 million and reinvested roughly half of that into areas that we believed would matter most for long-term value creation; primarily, go-to-market capabilities and AI-driven product innovation.

在此基礎上，我們制定了清晰的轉型計畫，並以更高的紀律在資本配置上採取更明確的優先順序。同樣以此紀律，我們將總成本降低約 4,500 萬美元，並將其中約一半再投資於我們認為對長期價值創造最重要的領域；主要是市場進入（go-to-market）能力與 AI 驅動的產品創新。

FY 2026 was about turning that strategy into execution. I want to be clear on the context: We made progress while operating against a backdrop of significant macro and geopolitical uncertainty.

2026 會計年度的重點在於把該策略落實為執行。我想清楚說明背景：我們是在顯著的總體經濟與地緣政治不確定性之下推進並取得進展。

Earlier in this year, bookings were affected by executive orders, DOGE-related actions, and broader disruption in parts of the government market. As the year progressed, that uncertainty was compounded by additional global geopolitical instability and a more cautious enterprise spending environment.

在今年稍早，訂單（bookings）受到行政命令、與 DOGE 相關的行動，以及政府市場部分領域更廣泛的擾動所影響。隨著年度推進，這種不確定性又因額外的全球地緣政治動盪，以及企業支出環境更趨審慎而加劇。

Despite that, we made substantial operational progress. We advanced our product roadmap, including the release of an upgraded version of CAISY, our AI simulation offering. We announced our new AI-native platform in September. We brought it to general availability in February.

儘管如此，我們仍取得了顯著的營運進展。我們推進了產品藍圖（roadmap），包括發布升級版的 CAISY（我們的 AI 模擬產品）。我們在 9 月宣布了全新的 AI 原生平台。並於 2 月正式全面上市（general availability）。

Since launch, we've secured 15 paying customers. We are also using the platform internally in our own operations, which is helping us refine the experience and accelerate learning from the market, while becoming more efficient as a company.

自推出以來，我們已取得 15 家付費客戶。我們也在自身營運中內部使用該平台，這有助於我們精進使用體驗並加速從市場學習，同時提升公司整體效率。

At the same time, we continue to simplify and focus on the business. We further streamlined the cost structure; improved efficiency; and maintained prioritization and disciplined capital allocation, with the outcome of generating positive free cash flow.

同時，我們持續簡化並聚焦業務。我們進一步精簡成本結構、提升效率，並維持優先順序與有紀律的資本配置，最終實現正向自由現金流。

Just as important: FY 2026 demonstrated the financial durability of the business, as we operated with discipline and continued to fund our transformation in a highly uncertain environment. That same discipline also led us to initiate a strategic review of Global Knowledge, which remains underway, as we continue to focus capital and management attention on the areas of the portfolio with the strongest growth, margin, and cash flow characteristics; particularly, TDS.

同樣重要的是：2026 會計年度展現了本業務的財務韌性；我們在高度不確定的環境中以紀律營運，並持續為轉型提供資金。同樣的紀律也促使我們啟動對 Global Knowledge 的策略檢視，目前仍在進行中；我們將持續把資本與管理層注意力聚焦於投資組合中具備最強成長、利潤率與現金流特性的領域；尤其是 TDS。

As we sit here today, I think there are three things that matter most:

就我們目前所處的狀況而言，我認為最重要的有三件事：

First, the strategic transformation was necessary with the AI disruption. That transformation is well underway, as we reposition the company around AI-native and AI-enabled skills platform model. That positioning is increasingly resonating with customers.

第一，面對 AI 帶來的顛覆，策略轉型是必要的。隨著我們將公司重新定位為以 AI 原生與 AI 賦能（AI-enabled）的技能平台模式為核心，這項轉型已在穩步推進中。這樣的定位正日益引起客戶共鳴。

Second, FY 2026, we represented substantial operational progress. We improved focus; advanced the platform; made the cost base leaner and more directed; strengthened execution discipline; and delivered positive free cash flow, all while continuing to manage through a meaningful market disruption.

第二，在 2026 會計年度，我們展現了顯著的營運進展。我們提升聚焦、推進平台、使成本基礎更精實且更具指向性、強化執行紀律，並交出正向自由現金流；同時仍持續管理一場重大的市場擾動。

Third, we're beginning to see evidence that this work is gaining traction. Our platform is winning customers. Our AI capabilities are seeing strong engagement. We believe our TDS enterprise business has reached a revenue inflection point.

第三，我們開始看到這些工作正在取得成效的證據。我們的平台正在贏得客戶。我們的 AI 能力獲得強勁的使用參與度。我們相信，我們的 TDS 企業業務已到達營收拐點。

When we look at the market, many companies are talking about skills. Many of them are talking about AI. What we believe differentiates Skillsoft is our ability to bring together content, platform, data, and AI in a way that is usable, governed, and scalable for the enterprise.

當我們觀察市場時，許多公司都在談技能。也有許多公司在談 AI。我們認為 Skillsoft 的差異化在於：我們能將內容、平台、數據與 AI 整合在一起，並以企業可用、可治理、可擴展的方式交付。

Our differentiation comes down to three things:

我們的差異化可歸結為三點：

First, our skills intelligence. We have a deep and structured body of enterprise learning data, mapped to roles, domains, and job-relevant use cases, which gives us a meaningful foundation for skills-based development.

首先，我們的技能智慧。我們擁有深厚且結構化的企業學習資料庫，並映射至角色、領域與與工作相關的使用情境，這為以技能為基礎的人才發展提供了有意義的基礎。

Second, the integration of content, platform, and data. We are not offering a narrow-point solution. We are delivering an integrated system that can help customers move from learning activity to workforce capability and measurable outcomes.

第二，內容、平台與資料的整合。我們提供的不是狹隘的單點解決方案。我們交付的是一套整合式系統，能協助客戶從學習活動走向人力能力與可衡量的成果。

Third, our ability to operationalize AI in the enterprise environments. Customers are not looking for AI as a feature by itself. They are looking for trusted partners that can help them apply AI securely, responsibly, and in ways that improve workforce readiness in a measurable way.

第三，我們在企業環境中將 AI 落地營運的能力。客戶尋求的不是把 AI 當作單一功能。他們在尋找值得信賴的合作夥伴，能協助他們以安全、負責任的方式應用 AI，並以可衡量的方式提升員工就緒度。

All of this is delivered through our AI-native Skillsoft Percipio platform, which brings together learning content, skills data, and measurement into a unified system. It could serve as the front end of a learner relationship or as the back end of the skills-management process, giving customers flexibility in how they deploy it in their enterprise environments.That is exactly how we are seeing it in the market.

以上一切皆透過我們 AI 原生的 Skillsoft Percipio 平台交付，該平台將學習內容、技能資料與衡量機制整合於同一套系統中。它既可作為學習者關係的前端，也可作為技能管理流程的後端，讓客戶能彈性地在其企業環境中部署。這正是我們在市場上所看到的情況。

One concern we sometimes hear is whether AI could reduce the relevance of categories like ours. What we are seeing suggests the opposite. AI is increasing the urgency of workforce readiness. It is widening the skills gap faster than many organizations can close it and driving demand for solutions that can translate into AI-true role-based execution.

我們有時會聽到的一個疑慮是，AI 是否會降低像我們這類別的相關性。我們所看到的情況顯示恰恰相反。AI 正在提高員工就緒度的急迫性。它正以許多組織難以及時彌補的速度擴大技能落差，並推動對能轉化為真正以角色為基礎、可執行的 AI 解決方案之需求。

This is not just conceptual. It is showing up in customer behavior, in platform usage, and in buying decisions. For example, one of Singapore's largest telecommunications providers selected Skillsoft through a competitive RFP process to support an AI-led workforce-transformation mandate, not simply to extend a content relationship.

這不只是概念層面。它已反映在客戶行為、平台使用情況與採購決策上。例如，新加坡最大的電信業者之一透過競爭性 RFP 流程選擇 Skillsoft，以支持一項由 AI 驅動的員工轉型任務，而不僅僅是延伸內容合作關係。

Across the organization's entire user base, Skillsoft is helping support role redesign, develop AI capabilities, and embed learning into the flow of work. Early activation includes persona-based learning for an internal AI academy and pilots around AI-augmented job redesign.

在該組織的整體使用者基礎上，Skillsoft 正協助支持角色重新設計、培養 AI 能力，並將學習嵌入工作流程之中。早期啟用內容包括：為內部 AI 學院提供以人物誌（persona）為基礎的學習，以及圍繞 AI 強化的職務重新設計所進行的試點。

We saw something similar with a large global healthcare organization, which entered into a multi-year partnership with Skillsoft to help operationalize an AI-first operating model. They are using Skillsoft to translate AI advancements into role-specific capabilities and move from fragmented learning approaches toward a more centralized and business-aligned skills model.

我們也在一家大型全球醫療保健組織看到類似情況；該組織與 Skillsoft 簽訂多年期合作夥伴關係，以協助將 AI 優先（AI-first）的營運模式落地。他們使用 Skillsoft 將 AI 進展轉化為特定角色所需的能力，並從零散的學習方式轉向更集中、且與業務更一致的技能模型。

We're also seeing strong signals in our own engagement data. AI skill benchmark completions increased 994%, year over year. AI content completions increased 261%, year over year. AI journey completions increased 222%, year over year. CAISY learners increased 146%, year over year. CAISY launches or engagement increased by 341%, year over year.

我們也在自身的互動數據中看到強烈訊號。AI 技能基準測評完成次數年增 994%。AI 內容完成次數年增 261%。AI 學習旅程完成次數年增 222%。CAISY 學習者人數年增 146%。CAISY 啟動次數或互動度年增 341%。

To us, that matters because it reflects active, scaled behavior, tied directly to workforce transformation. It suggests that AI is not displacing the need for skills development. It is increasing it.

對我們而言，這很重要，因為它反映的是與員工轉型直接相關、且已規模化的主動行為。這表明 AI 並未取代技能發展的需求。它正在增加這項需求。

As enterprises move faster on AI, they're also becoming more aware of the risks of moving without verified workforce capability. AI without demonstrable skills can create a real business risk, including poor decision-making, compliance exposure, and lower productivity. That is the one reason buyers are becoming more focused on ROI, measurable outcomes, and trusted platforms that can support enterprise execution at scale.

隨著企業在 AI 上加速推進，他們也更意識到：若在未經驗證的員工能力下貿然前進，將帶來風險。缺乏可證明技能的 AI 可能造成實質的商業風險，包括決策不佳、合規風險暴露以及生產力下降。這也是買方愈發聚焦於投資報酬率（ROI）、可衡量成果，以及能在企業規模上支持落地執行之可信賴平台的原因之一。

When I step back, I would frame FY 2026 this way: It was a year of significant strategic and operational progress in a highly uncertain environment.

退一步來看，我會這樣定義 2026 財年：在高度不確定的環境中，我們在策略與營運上取得了顯著進展的一年。

We continued transforming the company. We advanced our AI-native platform and broader AI capabilities. We sharpened the operating model. We demonstrated financial durability. We improved execution discipline. We began to see clearer evidence of the traction in the market.

我們持續推動公司轉型。我們推進了 AI 原生平台與更廣泛的 AI 能力。我們精進了營運模式。我們展現了財務韌性。我們提升了執行紀律。我們開始看到市場牽引力更清晰的證據。

There's still work ahead. But the direction is increasingly clear. We are building a more focused company, a more differentiated AI-native platform, in a market where the need for skills-based workforce transformation is growing. That demand continues to build.

前方仍有工作要做。但方向愈來愈清楚。我們正在打造一家更聚焦的公司、一個更具差異化的 AI 原生平台；而在這個市場中，以技能為基礎的員工轉型需求正在成長。這股需求仍在持續累積。

We believe Skillsoft is increasingly well-positioned to translate that market shift into durable growth.

我們相信 Skillsoft 的定位正愈來愈有利，能將這項市場轉變轉化為可持續的成長。

With that, let me turn the call over to John to cover our financial results in more detail. John?

接下來，讓我把電話會議交給 John，由他更詳細說明我們的財務結果。John？

Thank you, Ron. Good afternoon, everyone.

謝謝你，Ron。各位下午好。

As a reminder and as noted at the opening of the call, consistent with prior quarters, this section covers non-GAAP measures, unless otherwise stated.

提醒各位，如同在電話會議開場時所提到的，與前幾季一致，除非另有說明，本段將涵蓋非 GAAP 指標。

During mid-fiscal '25, we presented our strategic and financial roadmap to the street. For fiscal '25 through fiscal '26, our stated financial objectives were:

在 2025 財年年中，我們向市場提出了我們的策略與財務路線圖。針對 2025 財年至 2026 財年，我們所宣示的財務目標為：

First, $45 million of annualized expense reduction in fiscal '25. This was achieved.

第一，於 2025 財年達成年化 4,500 萬美元的費用削減。此目標已達成。

Second, margin expansion in fiscal 25' and fiscal '26. This was also achieved.

第二，於 2025 財年與 2026 財年實現利潤率擴張。此目標亦已達成。

Third, return to top-line growth in fiscal '26. This was achieved for TDS enterprise but not for [learner] or for GK, which informed decisions around the latter two businesses.

第三，於 2026 財年恢復營收成長。此目標在 TDS 企業業務上已達成，但在 [learner] 或 GK 上未達成，這也促成了我們對後兩項業務所做的決策。

Finally, fourth, positive free cash flow generation in fiscal '26. This was achieved for fiscal 2'5 and for fiscal '26.

最後，第四，於 2026 財年實現正向自由現金流。此目標在 2025 財年以及 2026 財年均已達成。

While macroeconomic disruption and minor operational time delays impacted bookings and revenue during fiscal '26, the company delivered on its structural objectives of cost reduction, margin expansion, and cash generation, validating that this transformation strategy presented at Investor Day is indeed on track.

儘管宏觀經濟擾動與些許營運時程延遲影響了 2026 財年的訂單與營收，公司仍達成其結構性目標：成本降低、利潤率擴張與現金創造，驗證了我們在投資人日所提出的轉型策略確實按計畫推進。

Now, turning to the results:

現在，回到業績結果：

Revenue for TDS was $102.6 million for the fourth quarter, nearly flat year over year, with growth in our enterprise solutions business offsetting a continued drag from our B2C learner product.

TDS 第四季營收為 1.026 億美元，年增率幾乎持平；我們企業解決方案業務的成長抵銷了 B2C learner 產品持續帶來的拖累。

Global Knowledge revenue of $28 million in the quarter was down approximately $2.9 million or 9.4%, year over year. The trends we've seen earlier in the year for demand and instructor-led training have continued.

本季 Global Knowledge 營收為 2,800 萬美元，年減約 290 萬美元或 9.4%。我們在年初所看到的需求與講師授課（ILT）訓練趨勢仍在延續。

Total revenue of $130.7 million in the fourth quarter was down $3.1 million or 2.3%, year over year.

第四季總營收為 1.307 億美元，年減 310 萬美元或 2.3%。

Our TDS LTM dollar retention rate, or DRR, as of the fourth quarter, was 98% compared to 105% in the prior year quarter.

截至第四季，我們的 TDS 過去十二個月（LTM）美元留存率（DRR）為 98%，相較於去年同期的 105%。

Customer retention improved year over year, while customer upgrade rates declined more, reflecting a challenging year-over-year comparable period.

客戶留存率較去年同期改善，但客戶升級率下滑幅度更大，反映出去年同期基期較具挑戰性。

Going forward, we believe that the release of the new platform should enable us to move back to historical upgrade rates and beyond.

展望未來，我們相信新平台的發布應能使我們回到歷史升級率，並進一步超越。

Now, I'll walk you through our expense measures, which, taken as a whole, continue to see year-over-year improvements:

接下來，我將帶各位檢視我們的費用指標；整體而言，這些指標持續呈現年對年改善：

Cost of revenue was $34.2 million in the fourth quarter or 26% of revenue, up 2.5%, year over year, reflecting higher labs and certification spending resulting from higher customer utilization. We have changed the way we structure some of these agreements to avoid these over-runs in the future.

營收成本在第四季為3,420萬美元，約占營收的26%，年增2.5%，反映因客戶使用量提高而帶動實驗室與認證相關支出增加。我們已改變部分協議的架構方式，以避免未來再發生此類超支。

Content and software development expenses of $12.8 million in the quarter or 10% of revenue were down approximately 5%, year over year. These improvements largely reflected productivity gains from leveraging AI and sharper focus.

本季內容與軟體開發費用為1,280萬美元，約占營收的10%，年減約5%。這些改善主要反映透過運用AI帶來的生產力提升，以及更聚焦的投入。

Selling and marketing expenses of $37.5 million in the fourth quarter or 29% of revenue were down approximately 5.6% year over year, resulting, largely, from lower program spending, reflecting our drive for capital-allocation discipline.

第四季銷售與行銷費用為3,750萬美元，約占營收的29%，年減約5.6%，主要由於方案支出降低，反映我們對資本配置紀律的推動。

General and administrative expenses were $15 million in the fourth quarter or 11% of revenue, down approximately 13% year over year, reflecting lower headcount and vendor spending, continuing our drive for a leaner, more efficient cost structure.

第四季一般及行政費用為1,500萬美元，約占營收的11%，年減約13%，反映人力與供應商支出降低，持續推動更精實、更有效率的成本結構。

Once we complete the GK strategic assessment process, we believe we can streamline the cost structure further.

一旦我們完成GK策略評估流程，我們相信可以進一步精簡成本結構。

Total operating expenses were at $99.5 million in the fourth quarter or 76% of revenue and were down $4.3 million or 4.2%, year over year.

第四季總營運費用為9,950萬美元，約占營收的76%，較去年同期減少430萬美元或4.2%。

Adjusted EBITDA of $31.2 million was up approximately 4% compared to $29.9 million last year, with adjusted EBITDA margin as a percentage of revenue for the quarter at 23.9% compared to 22.4% last year.

調整後EBITDA為3,120萬美元，較去年的2,990萬美元約成長4%；本季調整後EBITDA利潤率為23.9%，去年同期為22.4%。

We estimate that TDS contributed approximately $33 million to EBITDA, driving most of the improvement in both EBITDA dollars and EBITDA margin.

我們估計TDS對EBITDA的貢獻約為3,300萬美元，推動了EBITDA金額與EBITDA利潤率的大部分改善。

GAAP net loss was $36.7 million in the fourth quarter compared to a GAAP net loss of $31.1 million in the prior year period. The increase in GAAP net loss resulted primarily from an intangible impairment charge and higher restructuring expenses, offset somewhat by lower expenses.

第四季GAAP淨損為3,670萬美元，去年同期GAAP淨損為3,110萬美元。GAAP淨損增加主要源於無形資產減損費用與較高的重整費用，部分被較低的費用所抵銷。

GAAP net loss per share was $4.19 compared to $3.75 loss per share in the prior year period.

第四季GAAP每股淨損為4.19美元，去年同期每股淨損為3.75美元。

Adjusted net income of $11 million in the fourth quarter compared to adjusted net income of $17.5 million in the prior year. Adjusted net income per share of $1.26 in the fouth quarter compared to adjusted net income per share of $2.11 in the prior year.

第四季調整後淨利為1,100萬美元，去年同期調整後淨利為1,750萬美元。第四季調整後每股淨利為1.26美元，去年同期調整後每股淨利為2.11美元。

Now, moving to cash flow and the balance sheet highlights:

接著來看現金流與資產負債表重點：

Free cash flow for the quarter was $26.5 million compared to $13.2 million in the prior year period.

本季自由現金流為2,650萬美元，去年同期為1,320萬美元。

As a reminder: Last quarter, we highlighted delayed collections in the third quarter would be recaptured in the Q4, which, in fact, happened, driving a portion of the improvement.

提醒一下：上季我們提到第三季延遲回收的款項將在第四季收回，而實際上確實如此，推動了部分改善。

GAAP cash, cash equivalents, and restricted cash was $104.5 million at quarter end.

季末GAAP口徑的現金、約當現金及受限制現金為1億0,450萬美元。

Total gross debt on a GAAP basis, which includes borrowings under our term loan and accounts receivable facility, was $578 million at the end of Q4, down slightly from approximately $501 million at the end of fiscal '25, reflecting normal amortization.

GAAP口徑的總毛負債（包含定期貸款與應收帳款融資額度下的借款）在第四季末為5億7,800萬美元，較會計年度'25年末約5億100萬美元略為下降，反映正常攤還。

Total net debt, which includes borrowings under our term loan and accounts receivable facility, net of cash equivalents, and restricted cash, was approximately $474 million, down from approximately $477 million at the end of fiscal '25, reflecting our positive free cash flow for the year, which came in just above the high end of our expectations at $6.5 million.

總淨負債（包含定期貸款與應收帳款融資額度下的借款，扣除約當現金及受限制現金）約為4億7,400萬美元，較會計年度'25年末約4億7,700萬美元下降，反映我們全年為正的自由現金流；全年自由現金流為650萬美元，略高於我們預期區間的上緣。

We continue to make progress on our strategic assessment of GK that we announced in our Q3 earnings call. We're in active discussions with multiple parties, having completed a recent bid date.

我們持續推進在第三季財報電話會議中宣布的GK策略評估。我們正與多方進行積極討論，並已完成近期的投標截止日。

However, the conflict in the Middle East has had meaningful impacts on our process, given GK's direct exposure to the Middle East, fears of global economic issues, and some potential buyers being physically located in the market.

然而，中東衝突對我們的流程造成了顯著影響，原因在於GK對中東市場有直接曝險、對全球經濟問題的擔憂，以及部分潛在買方實際位於該市場。

We will keep our stakeholders updated on this. We are working quickly with speed and certainty as key guardrails in our assessment. That said, there can be no absolute assurance of a successful transaction.

我們將持續向利害關係人更新進展。在本次評估中，我們以速度與確定性作為關鍵護欄，快速推進。但即便如此，仍無法對交易成功提供任何絕對保證。

Looking to fiscal '27 guidance:

接著看會計年度'27的財測指引：

For TDS, we expect revenue for the full fiscal '27 year of between $388 million to $406 million; and adjusted EBITDA, between $108 million to $116 million or around 28% of revenue.

就TDS而言，我們預期會計年度'27全年營收介於3億8,800萬至4億600萬美元；調整後EBITDA介於1億800萬至1億1,600萬美元，約占營收的28%。

Putting aside GK, we expect free cash flow in the range of $14 million to $22 million for TDS.

先不考慮GK，我們預期TDS的自由現金流介於1,400萬至2,200萬美元。

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

以上，接線員，請開放電話會議進入提問。

With that, we will now be conducting a question-and-answer session.

接下來我們將進行問答環節。

(Operator Instructions)

(接線員指示)

Ken Wong, Oppenheimer & Company.

Ken Wong，Oppenheimer & Company。

Fantastic. Thanks for taking my question. Great to see a solid close to the year, guys.

太棒了。謝謝讓我提問。很高興看到你們在年底交出穩健的收官表現。

Ron, maybe starting with you: When I look at the TDS guidance, it does show a slight decline. Can you talk through some of the business dynamics that you're seeing; maybe how that progression could look through the year?

Ron，或許先從你開始：我看TDS的指引，確實顯示會有些微下滑。你能談談你們觀察到的一些業務動態嗎？以及這樣的走勢在全年可能會如何演進？

John, to the extent that you can maybe comment on the levels of conservatism or some of the assumptions that are baked into that guidance so we have a sense of how qualified that number could eventually settle out at.

John，如果你方便的話，也請談談這份指引中保守程度的拿捏，或其中納入了哪些假設，讓我們能理解這個數字最終可能落在什麼樣的區間。

Thanks, Ken. Great to hear your voice.

謝謝你，Ken。很高興聽到你的聲音。

The key business dynamics that you're asking about that are influencing are some historical pieces that I'm looking at my teammate, John -- and he'll walk you through them so you can bridge them as part of it.

你問到的、正在影響指引的關鍵業務動態，包含一些歷史因素；我這邊看向我的同事John——他會帶你逐一說明，讓你能把這些因素串起來理解。

We've got some historical pieces with the normal things you're seeing. I'll just remind everybody: When we came into the year, we were driving our strategic transformation and that operational turnaround. We made really good progress against that, as part of it.

我們確實有一些歷史因素，以及你現在看到的那些常見情況。我先提醒大家：我們在年初進入這一年時，正推動策略轉型與營運翻轉。在這方面，我們取得了非常好的進展。

Now, we're shifting to the phase here where we're going to start to focus on growth. That will show up, actually, first in bookings before it shows up inside of the revenue number. The revenue had some headwinds in other dimensions that I'm looking to John to cover with you so we can bridge those numbers to you to make it clearer where we're going.

現在，我們正轉向下一個階段，開始把重心放在成長上。這會先反映在訂單（bookings）上，之後才會反映到營收數字裡。營收在其他面向也有一些逆風；我請John向你說明，協助你把這些數字串接起來，讓你更清楚我們要往哪裡走。

But the market is definitely slowed and focused on it, right now. Customers are thinking. That plays right to our core strategy of that learning-unified platform -- the Skillsoft Percipio platform -- unifying all their skills management needs.

但市場確實正在放緩，大家也都在關注這點。客戶正在思考。這正好契合我們的核心策略：以學習統一平台——Skillsoft Percipio平台——整合他們所有的技能管理需求。

That's definitely been the conversation. As we said, we've now signed up 15 customers onto that strategy and that journey with us; all paying customers, which is great.

這確實一直是我們對話的重點。如同我們所說，我們目前已讓15家客戶加入這項策略與旅程；而且全部都是付費客戶，這點非常好。

I'll flip it over to John to fill in the rest of that guidance dimension for you. And then, we can come back to it more, Ken.

我把時間交給John，請他補充其餘與指引相關的面向。之後我們也可以再回到這題多談一些，Ken。

Hey, Ken. How you doing? Thanks for asking the question.

嗨，Ken。你最近怎麼樣？謝謝你提出這個問題。

If you break down TDS, we have two components of it: We have a consumer business. We have an enterprise business or an enterprise solution, if you will.

如果把 TDS 拆開來看，我們有兩個組成部分：我們有消費者業務。我們也有企業業務，或者你也可以稱之為企業解決方案。

When you think about the relative size of those two components, consumer is about 9% of the total and enterprise is the rest, just to contextualize it.

就這兩個組成部分的相對規模而言，消費者業務約占總體的 9%，其餘則是企業業務，提供一個背景脈絡。

When you look at the midpoint of our guidance, we're down about $7 million year over year at the midpoint. Nearly all of that is as a result of our consumer business. The enterprise business has actually been performing reasonably well. It hit the inflection point. We've talked about that. We're pretty happy with that.

如果看我們指引的中位數，以中位數來看，我們年對年大約下降了 700 萬美元。其中幾乎全部都是消費者業務所致。企業業務其實表現得相當不錯。它已經到達拐點。我們也談過這點。我們對此相當滿意。

Some of the headwinds that we saw earlier in the year -- namely, some of the churn in some of our government, federal clients -- put a bit of a bookings headwind going into fiscal '27, as Ron was commenting on the fact that you really have to get the growth out of bookings first before you get it in revenue.

我們在年初看到的一些逆風——也就是我們部分政府、聯邦客戶的一些流失——使得在進入 27 財年時，預訂（bookings）面臨一些逆風；正如 Ron 所評論的，你必須先在預訂上取得成長，之後才會在營收上反映出來。

We had a bit of a headwind from that. We think that we can overcome most, if not all of that, and perhaps grow from a revenue basis in enterprise. We're planning for a continued decline in the consumer business.

我們因此受到一些逆風影響。我們認為我們可以克服其中大部分、甚至全部，並且或許在企業端以營收基礎實現成長。我們的規劃是假設消費者業務將持續下滑。

Got it. Okay. That's fantastic. Appreciate that.

了解。好。這太棒了。感謝你的說明。

Maybe just continuing down that thread, like, you guys highlighted some macro geopolitical uncertainty. Obviously, you've got a new platform out there that probably takes a little time to ramp.

也許沿著這個脈絡繼續問一下，你們提到了一些宏觀的地緣政治不確定性。顯然，你們也推出了一個新平台，可能需要一些時間爬坡。

Should we assume that you have an elevated level of conservatism in that guide, relative to how you guys typically approach it? What's the right framing of the set-up on numbers here?

我們是否應該假設，相較於你們通常的做法，這次指引帶有較高程度的保守性？在這裡看數字時，正確的解讀框架是什麼？

Yeah. I think the range that we put out, I think, is pretty reflective of what we're seeing in the market, right now, which is really a couple of components:

是的。我認為我們給出的區間，基本上相當反映我們目前在市場上看到的情況，也就是主要有幾個組成部分：

At the low end of the range, we're thinking about things like pressure from the Middle East, most notably, at the low end of guidance. At the high end of guidance, we're assuming that we can temper the decline in the consumer business and that we have a well-performing Middle East business.

在區間的低端，我們會考量像是來自中東的壓力，尤其是在指引低端最為明顯。在指引高端，我們假設我們能夠緩和消費者業務的下滑，並且中東業務表現良好。

Just to think about the two ends of the spectrum, that informs where we could end up. It actually gives you a way to track how we're doing through the year.

把它想成光譜的兩端，這些因素決定了我們可能落在什麼位置。這也確實提供你一個方式，去追蹤我們在一年當中的執行情況。

Got it. Okay. Fantastic.

了解。好。太棒了。

Ron, you touched earlier on some of the customer engagement on the AI side. It's north of 200% on a few of your key KPIs there.

Ron，你先前提到在 AI 方面的一些客戶互動。在你們幾個關鍵 KPI 上，增幅超過 200%。

Any thoughts on how the timeline might look when you move from activity to workforce transformation and then, hopefully, workforce transformation leads to monetization? What's the path forward on that particular timeline?

你對時間軸有什麼看法：從活動（activity）走向勞動力轉型（workforce transformation），然後希望勞動力轉型能帶來變現？在那條特定時間軸上，接下來的路徑是什麼？

Yeah. It's a multi-dimensional timeline.

是的。這是一條多維度的時間軸。

To your first part of the timeline, we're already collecting from those customers. Those numbers, I just gave you, right? We're already getting some of that revenue as part of that journey.

就你提到的時間軸第一部分而言，我們已經在向那些客戶收費了。就是我剛剛給你的那些數字，對吧？在這段旅程中，我們已經取得了部分營收。

Two, the way we structured it was we wanted the customers to really begin to use it. We were more open about the usage of how they were approaching it versus trying to hit them with all usage fees. We were driving adoption as part of it at these early customers that we had as part of our journey.

第二，我們的設計方式是希望客戶真正開始使用它。相較於一開始就對他們收取所有使用費，我們在他們的使用方式上更開放。在我們旅程中的這些早期客戶，我們把推動採用（adoption）作為其中一部分。

As I think about that part of the roadmap, we structured our pricing and packaging to make sure that we got the customers adopting and going. We're in the early days of that.

當我思考這部分的路線圖時，我們在定價與方案組合（packaging）上做了設計，以確保客戶能採用並啟動。我們目前仍在早期階段。

Those pieces associated with it after these early parts of what we're talking about then get into the full migration, where the customer can then sell. I'm jumping all the way to the end of the journey, which, for a customer, could really range from anywhere from six months to two years as a large customer, who's going on one of those large migrations.

在我們所談的這些早期階段之後，相關的部分會進入完整遷移（full migration），屆時客戶就能進一步對外銷售。我直接跳到旅程的終點：對一個客戶而言，若是大型客戶進行這類大型遷移，時間可能從 6 個月到 2 年不等。

But the correlation would be, they move from multiple hundreds of thousands of dollars-type customers to multiple-millions-of-that-size customers, as we go on our journey.

但其關聯性在於：隨著旅程推進，他們會從「數十萬美元等級」的客戶，轉變為「數百萬美元等級」的客戶。

As you know, each leg of the adoption gathers more impact and more holding power for us with the customer.

如你所知，採用的每一個階段都會帶來更大的影響力，也讓我們在客戶那裡擁有更強的黏著度與留存力。

What I'm more excited about in some of the numbers as we go forward, when we start showing some of those, will be around how they adopt our strategy around our custom content, their content, and building that. That's still the early days on that piece.

我對未來一些數字更感到興奮的是：當我們開始展示那些數字時，會聚焦在他們如何採用我們圍繞自訂內容（custom content）的策略——包括他們的內容，以及如何建立這些內容。那一塊目前仍在早期階段。

Everything else was really driving engagement on the products that we got out last year. And then, we'll continue to report back to you these pieces and put it together in a broader mosaic.

其他部分主要是在推動我們去年推出產品的互動度。接下來我們也會持續向你回報這些面向，並把它們整合成更廣泛的全貌。

The ultimate life cycle that I look forward to packaging up here, once we get more data, will be that life cycle journey. Where do I have the customers at this stage? Then, going to the next stage, to the next stage, to the next stage.

我最期待之後能夠整理並打包呈現的，是那個完整的生命週期。在取得更多資料後：客戶目前處於哪個階段？接著進入下一階段、再下一階段、再下一階段。

We think of those stages in four big chunks. We can walk you through what those are after on that one, Ken. But happy to.

我們把這些階段分成四大塊。Ken，之後我們可以帶你逐一說明那四塊是什麼。很樂意。

I'm focused on the enterprise. Larger enterprises, I see those turning into multi-million-dollar contracts per year with our customers in terms of upside.

我聚焦在企業端。對於較大型的企業，我看到的上行空間是：它們會轉化為與我們客戶之間每年數百萬美元的合約。

Understood.

了解。

Which I think is where you're saying, hey, Ron, how fast can you get there? And then, how much is it worth at the end?

我想這也就是你在問的：Ron，你能多快到達那裡？以及最後的價值有多大？

Understood. Perfect. I appreciate the context there, Ron.

了解。很好。Ron，感謝你提供這些背景。

I think one piece of the guidance that I thought was particularly attractive, because you're still projecting for increased EBITDA, free cash flow despite a slight downtick in TDS, as we think about the spend numbers there, do you feel there is sufficient investment to revive growth?

我認為這份指引中有一點特別吸引人：即使 TDS 略有下滑，你們仍預期 EBITDA 與自由現金流會增加。當我們看你們的支出數字時，你覺得目前的投資是否足以重振成長？

I think, John, you mentioned that, once you guys potentially clear GK off the deck, there's maybe room for further improvement.

John，我想你提到，一旦你們可能把 GK 從待辦事項中清掉，或許還有進一步改善的空間。

Maybe dive into those two pieces, if you could.

如果可以的話，請深入談談這兩個部分。

Sure. Happy to.

當然。很樂意。

One of the interesting things that isn't completely visible in the numbers is we have been fairly successful in reducing costs on a year-over-year basis. We have that grow under, year over year, where (technical difficulty) you get the rest of the costs that you reduced in the prior year. We have a little bit of a tailwind from that.

有一件在數字上不完全看得出來、但很有意思的事是：我們在年對年的基礎上，已相當成功地降低成本。我們有那種年對年的「grow under」，其中（技術問題）你會看到前一年已降低的其餘成本在本年度持續反映。我們因此有一點順風。

We're taking those benefits. We're investing in growth. We're investing in things like marketing programs. We're investing in the platform.

我們正在取得那些效益。我們正在投資於成長。我們正在投資於像是行銷方案這類的事項。我們正在投資於平台。

Everything that we're doing, at this point, is reorienting our spend towards the areas of the business that we think will grow the fastest.

我們目前所做的一切，都是在將支出重新導向到我們認為成長最快的業務領域。

When you think about what's possible on the other side of a GK, there's really two big components:

當你思考 GK 另一端可能發生的事情時，主要有兩大組成部分：

One is the trapped costs that are in the business. We believe that, by the end of the Q4, we can get those out of our run rate, assuming we can get to a satisfactory transaction between now and then.

其一是業務中被困住的成本。我們相信，在第四季末之前，我們可以把這些從我們的經常性成本水準（run rate）中移除，前提是我們在此期間能達成一筆令人滿意的交易。

And then, as you simplify the business, it gives us the ability to refine the rest of the cost structure, over time, because it's just a simpler business to run.

接著，當你把業務簡化後，隨著時間推進，這也讓我們有能力去精煉其餘的成本結構，因為這就是一個更容易營運的簡化業務。

Got it. Okay. Very helpful.

了解。好。非常有幫助。

I realize we're not focused as much on GK anymore with you guys looking to exit that business. While it declined, it does appear that maybe we found some footing at the $28 million revenue run-rate level.

我知道，因為你們打算退出那項業務，所以我們不再那麼聚焦 GK。雖然它下滑了，但看起來我們或許在 2,800 萬美元營收的經常性水準（run-rate）附近站穩了腳步。

Is that a fair assumption? Again, just to the extent that you guys can talk on how GK tracked, relative to expectations, we'd just love to get a sense of whether or not that business has stabilized.

這樣的假設合理嗎？同樣地，就你們能談的範圍，關於 GK 的表現相對於預期的追蹤情況，我們很想了解那項業務是否已經穩定下來。

I think, as you know, we're giving guidance on TDS. With respect to the historicals, I think we would have liked to have seen a little bit more progress in the fourth quarter.

我想，如你所知，我們提供的是 TDS 的指引。就歷史表現而言，我想我們原本希望在第四季能看到多一點進展。

One of the challenges for that business, though, is the process itself. That process, along with 20% of our business being in the Middle East, the combination of those two things put some pretty intense pressure on the business.

不過，那項業務的其中一個挑戰在於流程本身。該流程，再加上我們有 20% 的業務在中東，這兩件事的組合對該業務造成了相當大的壓力。

Now, having said that, I think the team did a good job of absorbing those fundamental challenges. Thanks for the observation. For sure, I think they'll appreciate that.

話雖如此，我認為團隊在吸收這些根本性挑戰方面做得很好。謝謝你的觀察。我確定他們會很感激。

I think that the business has the ability to grow. I think if we had more time -- and this was on the same pace of performance as TDS -- we'd have a demonstrable reason to keep the company or keep the business in the company because we do like that learning modality.

我認為這項業務具備成長的能力。我認為如果我們有更多時間——而且它的表現步調與 TDS 相同——我們就會有明確的理由把公司或把這項業務留在公司裡，因為我們確實喜歡那種學習模式（learning modality）。

But I think we've also concluded that, from a learning modalities perspective, we can partner and get that piece, including GK being a partner on the other side of what happens.

但我想我們也已經得出結論：從學習模式的角度來看，我們可以透過合作夥伴來取得那一塊；包括在事情塵埃落定之後，GK 也可以成為另一端的合作夥伴。

If I drill down into the individual pieces of GK, the EMEA business is really starting to look like a good performer. We're very excited about that. In the Middle East, notwithstanding what's going on in the world, we're seeing some solid progress there.

如果我深入拆解 GK 的各個部分，EMEA 業務確實開始看起來像是一個表現良好的業務。我們對此非常興奮。在中東，儘管世界局勢如此，我們仍看到一些扎實的進展。

In North America, that's the place where we have a bit of work to do to repair the business.

在北美，那是我們需要做一些工作來修復業務的地方。

Got it. Okay. Perfect.

了解。好。完美。

Shifting back to the core TDS side, you touched on the DRR, slight downtick, sequentially; down, year over year; not an area where you guys expect to live forever. There's a path upwards.

把話題拉回核心的 TDS 端，你提到了 DRR，連續季度略有下滑；年對年也下滑；這不是你們預期會長期停留的區間。是有一條往上走的路徑。

Ron, do you feel you guys have the appropriate product set; the appropriate go-to-market that we can see DRR return to that [105] level? Again, maybe not this year but down the line.

Ron，你覺得你們是否具備合適的產品組合、合適的上市策略（go-to-market），讓我們看到 DRR 回到 [105] 的水準？同樣地，也許不是今年，但在未來某個時間點。

And then, for you, John, how should we think about that trajectory? Again, not a specific quantification of what that number could be. But should we assume that the path forward will hopefully be at least a little bit of an upward trajectory?

然後對你來說，John，我們應該如何看待那個走勢？同樣地，不是要你具體量化那個數字可能是多少。但我們是否可以假設，往前的路徑希望至少會是一個略為向上的趨勢？

Yes. As John pointed out in his prepared remarks, there was a headwind from the prior year comparison that was there. And then, there was some of the headwinds that happened as part of the year that we had pointed out as part of that overall journey.

是的。如 John 在事先準備的發言中指出的，來自前一年比較基期的逆風確實存在。此外，年內也出現了一些逆風，我們在那段整體旅程中也曾指出過。

When I look forward, we combine that -- and I look forward to where we can go. Absolutely, I do see us have the ability to recover to those historical patterns that we were operating in, as I look ahead.

當我往前看，把這些因素綜合起來——並思考我們能走到哪裡——我絕對看到我們有能力回復到我們過去運作的那些歷史型態，展望未來確實如此。

To me, as we layer more of the bricks down in this big foundation that we poured last year, those pieces will just continue to build our story. That should directly tie to DRR, from my perspective, with these customers.

對我而言，當我們在去年澆築的這個大型基礎上，逐步再把更多「磚塊」一層層疊上去，這些要素就會持續建構我們的故事。從我的角度看，這應該會直接連結到這些客戶的 DRR。

Especially, as we've shared with you, we've got a good group of customers that are very loyal. We've got a good group of customers that are very engaged. Those 15 customers -- paying customers -- who have signed up for the new platform journey, in the very early days, here, is a real good testament to that opportunity to improve that DRR, as we go on that journey, as the first green shoot, let's call it, Ken.

尤其是，如同我們與你分享的，我們有一群非常忠誠的優質客戶。我們也有一群參與度很高的客戶。那 15 位客戶——付費客戶——在非常早期就已經報名加入新平台旅程，這非常能證明我們在這段旅程中提升 DRR 的機會；把它稱作第一個「綠芽」（green shoot）也不為過，Ken。

Fantastic. All right.

太棒了。好。

Yeah.

是的。

Go into it. Yeah.

繼續說。是的。

I'll just say to John: do you want to add to that?

我只想問 John：你要補充一下嗎？

Yeah. Let me come in over the top on that on a couple of things:

是的。我從更高層面補充幾點：

As you drill into DRR, see, you look at the fiscal '25 period, the fourth quater of fiscal '25, we had an outstanding quarter, from a DRR perspective. That was on the strength of some very large upgrade deals that we had at the end of that quarter.

當你深入看 DRR，你會看到在 2025 財年的期間、也就是 2025 財年第四季，我們在 DRR 方面有一個非常出色的季度。那主要是因為我們在該季末完成了幾筆非常大型的升級交易。

As we proceeded through the year, we had the challenges from some of our federal customers -- and just some of our larger customers really screwing down on expenses because of economic uncertainty. That drove much of what we saw in our upgrade performance.

隨著我們在年度中推進，我們面臨一些聯邦客戶的挑戰——以及一些較大型客戶因經濟不確定性而大幅緊縮支出。這驅動了我們在升級表現上所看到的大部分情況。

Interestingly, the thing that I liked about the fourth quarter of this year was we actually saw some strengthening in our retention rates -- our customer retention rates. That part with lower churn was very exciting for us.

有趣的是，我喜歡今年第四季的一點是：我們其實看到留存率——客戶留存率——有所走強。那部分伴隨較低的流失率（churn）讓我們非常振奮。

The much lower upgrade rates, I think, as we get past -- we lapped the federal business comps. As we go into the year, it'll be a little bit easier for us to get back to those levels; to get back to the 100% and above, as we proceed.

至於大幅較低的升級率，我認為當我們度過——也就是我們已經跨過聯邦業務的比較基期（lapped the federal business comps）之後，進入新的一年，我們要回到那些水準會稍微容易一些；隨著我們推進，有機會回到 100% 及以上。

But we really needed two elements:

但我們確實需要兩個要素：

One is for the new product to be in market and showing well. I think we're seeing that with 15 customers, who are paying for the platform.

其一是新產品要進入市場並且表現良好。我認為我們從那 15 位正在為平台付費的客戶身上看到了這點。

We needed, really, the marketing to wrap around that so people knew we had a new product. It was demonstrably different in the marketplace.

我們也確實需要行銷來配合，讓大家知道我們有一個新產品。而且它在市場上是明顯不同的。

I think the combination of those two things, along with lapping some of the churn that we had in fiscal '26, should really help our DRR in the upcoming year.

我認為這兩件事的結合，再加上我們在 26 財年出現的一些流失在 26 財年被「對比基期消化」（lapping），應該會在接下來一年對我們的 DRR 帶來很大幫助。

Got it. Last one from me.

了解。我這邊最後一個問題。

Just, when you look out at the competition, both old and new, how would you say you guys are stacking up? Any concern that, again, some of the prior softness that, hopefully, we're going to lap -- like, what's the confidence that that is not driven by competition and it's more a dynamic of macro?

就是，當你放眼競爭態勢，不論是老對手還是新進者，你會怎麼說你們目前的相對位置？會不會擔心，還有一些先前的疲軟（希望我們即將能夠「對比基期消化」）——比如說，你們有多大信心那不是競爭造成的，而更多是總體環境的動態所致？

Yeah. From my perspective, as I look at the market, in total, customers are going to make some big shifts these next five years. Some of them are going to come sooner than later.

是的。以我的角度來看，當我觀察整體市場時，客戶在接下來五年會做出一些重大的轉變。其中有些會比預期更早發生。

When I look at the competition from that perspective, AI will be that catalyst. It'll come in both the agentic workflow; the way people consume content and learning experiences. That will all tie together.

從這個角度看競爭，AI 會是那個催化劑。它會同時出現在代理式（agentic）工作流程，以及人們消費內容與學習體驗的方式上。這些都會串在一起。

At the end of the day, skills management for the companies is going to be the new high order for what customers have to get done. That requires a unified platform system that allows the customer to manage that full life cycle at the learning level, right? Not at the system of record down at the HRIS level. They can complement each other. But it's, really, how do I take my company on that learning journey?

歸根結底，對企業而言，技能管理將成為客戶必須完成的新高優先事項。這需要一個統一的平台系統，讓客戶能在學習層級管理完整的生命週期，對吧？而不是在更底層、HRIS 的記錄系統（system of record）層級。兩者可以互補。但真正的問題是：我如何帶著公司走上這段學習旅程？

What I see in the market today is a series of point solutions in the market. I see some people, after our announcement last September, scrambling to try to fill in some of the cracks around that on their platform stories because their platforms are narrow. They're point solutions.

我今天在市場上看到的是一系列的點狀解決方案（point solutions）。我也看到一些人在我們去年九月宣布之後，因為他們的平台敘事很狹窄、平台本身也很窄，於是手忙腳亂地想把平台故事中的一些裂縫補起來。它們就是點狀解決方案。

I'm an LMS. Now, I want to be a talent management system.

「我是一個 LMS。現在，我想成為一個人才管理系統。」

What I'm seeing, right now, is the normal repackaging of the marketing and the materials around it.

我現在看到的，就是把行銷與相關素材做一般性的重新包裝。

In general, I'm actually more comfortable that there's more point solutions that the customers will want to learn to, over time, migrate into a full skills life-cycle management, which our skills management positioning will be excellent, as we progress on that journey, as I look at it.

整體而言，我其實更放心的是：市場上有更多點狀解決方案，而客戶會希望隨著時間推移，遷移到完整的技能生命週期管理；而我們的技能管理定位，隨著我們在這段旅程中持續推進，會非常出色——以我的觀察是如此。

I remain very optimistic that this piece of it is going to move with great velocity for us. Let's just get these early wins as part of the overall journey.

我仍然非常樂觀，這一塊會以很快的速度推動我們前進。我們就先把這些早期勝利拿下，作為整體旅程的一部分。

To me, it's a logical aggregation opportunity for the customer to then make that migration from point solutions.

對我來說，這是一個合乎邏輯的整合機會，讓客戶得以從點狀解決方案遷移過來。

My life experience has been point solutions to suites to platforms as part of the journey. Again, I'm in the learning space. I'm not taking on anything with HRISs or anything like that.

我的經驗是：從點狀解決方案到套件（suites），再到平台（platforms），這就是旅程的一部分。再次強調，我是在學習領域。我不會去挑戰 HRIS 或類似的東西。

In that learning space, you have to train humans and AI now. You have to manage humans and AI now. You have to bring all those pieces together.

在那個學習領域裡，你現在必須同時訓練人類與 AI。你現在也必須同時管理人類與 AI。你必須把所有這些部分整合在一起。

We've got a skills ontology of 20 years around content and learning. We've got the skills ontology of how to do roles assessment. That's how we're winning these deals. That's our data.

我們在內容與學習方面，累積了 20 年的技能本體（skills ontology）。我們也有關於如何做職務（roles）評估的技能本體。這就是我們贏下這些案子的方式。那就是我們的資料。

That's why I made the comment around our platform; the data that we have, along with the platform, along with the content -- is actually the winning hand, right? Much like the media market, right?

這也是為什麼我會提到我們的平台：我們擁有的資料，加上平台，再加上內容——其實就是致勝的王牌，對吧？很像媒體市場一樣，對吧？

Oh, it's all content. It's all content. No. No. No. It's all platform. No. No. no. It's actually both. We have streaming, right?

「喔，都是內容。都是內容。」不。不。不。「都是平台。」不。不，不。其實兩者都要。我們有串流，對吧？

Putting all three together, to me, is going to be the key in this market. That's what we have.

把這三者放在一起，對我來說，將會是這個市場的關鍵。而這正是我們所擁有的。

Got it. Really appreciate the thoughtful response there.

了解。非常感謝你剛才那段深思熟慮的回覆。

That's it on my end. Thanks a lot, guys.

我這邊就到這裡。非常感謝，各位。

All right. Thanks, Ken.

好的。謝謝你，Ken。

Thank you, everyone.

謝謝大家。

Thank you. With that, there are no further questions at this time.

謝謝。那麼，目前沒有其他問題。

I'd like to turn the call back over to Ron Hovsepian for any closing remarks.

我想把電話會議交回給 Ron Hovsepian，請他做結語。

Thank you.

謝謝。

As I look back at the -- 18 months ago, when we started the journey, from our overall reporting perspective, at Investor Day, we've made a ton of progress on the strategic transformation. Still more work to be done.

回顧大約 18 個月前，當我們開始這段旅程時，從整體對外揭露的角度來看，在投資人日（Investor Day）上，我們在策略轉型方面已經取得了大量進展。當然，仍有更多工作要做。

But, as I look forward, where we've positioned ourselves with AI and how we think about AI as part of the customer's journey -- as I just said, the journey for the AI human part of it and the agent part of it is going to play a key role for us and a key role with the customer.

但展望未來，看看我們在 AI 上的布局，以及我們如何把 AI 視為客戶旅程的一部分——正如我剛才所說，AI 與人類這一部分的旅程，以及代理（agent）那一部分的旅程，將對我們、也將對客戶扮演關鍵角色。

We're as well-positioned as anybody with what we're doing with our skills intelligence; what we're doing with our content; what we're doing with our platform -- and ultimately bringing all that together with the data that we have here over many, many years.

就我們在技能智慧（skills intelligence）所做的、在內容所做的、在平台所做的——以及最終把這一切與我們多年累積的資料整合在一起——我們的布局不輸任何人。

As I look at 2027, it's a year of growth. We're going to try to prove ourselves (inaudible) growth in the revenue.

展望 2027 年，那將是成長的一年。我們會努力證明自己（聽不清）營收成長。

And then, as we hit the end of the year, we'll start to really begin to look at what that backlog growth looks like because we're seasonally loaded to the back end. It'll show up in that backlog number, as we look into the end of the year.

接著，當我們走到年底時，我們會開始更認真地看積壓訂單（backlog）的成長會是什麼樣子，因為我們的季節性使得業績更多集中在下半年。當我們接近年底時，這會反映在那個 backlog 數字上。

With that, I say thank you. Stay tuned.

最後，我想說謝謝。敬請期待。

I look forward to reporting more about our growth and where we're going, as we move forward.

隨著我們持續向前，我期待能進一步報告我們的成長，以及我們將前往的方向。

Thank you. With that, ladies and gentlemen, this does conclude today's teleconference.

謝謝。各位女士、先生，今天的電話會議到此結束。

We thank you for your participation. You may disconnect your lines at this time.

感謝各位的參與。您現在可以掛斷電話。

Have a wonderful rest of your day.

祝各位今天剩下的時間愉快。