Skillsoft Corp (SKIL) 2027 Q1 法說會逐字稿

Thank you for standing by, and welcome to Skillsoft's first-quarter fiscal 2027 results conference call. (Operator Instructions)

感謝您耐心等候，歡迎參加 Skillsoft 2027 會計年度第一季財報電話會議。(接線員指示)

Please note that today's call is being recorded, and a replay of the call and webcast will be available shortly after the call concludes for a period of 12 months. I would now like to hand the conference over to your first speaker today, Nick Teves, Investor Relations. Thank you. Please go ahead.

請注意，今天的電話會議將被錄音，會議結束後不久將提供電話會議與網路直播的重播，重播期間為 12 個月。現在我想把會議交給今天的第一位講者，投資人關係部 Nick Teves。謝謝。請開始。

Thank you, operator. Good day, and thank you for joining us to discuss our results for the first quarter ended April 30, 2026.

謝謝，接線員。各位好，感謝各位參與我們截至 2026 年 4 月 30 日止第一季的業績討論。

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. 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.

在開始之前，我想提醒各位，今天的電話會議將包含關於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）的定義構成前瞻性陳述，包括有關財務與業務趨勢、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。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，因此存在風險與不確定性，可能導致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 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, the Form 10-Q filed today 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、今日提交的 Form 10-Q，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的義務；該等陳述或資訊僅截至其各自日期有效。

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. 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 a substitute for GAAP financial measures.

在本次電話會議中，除非另有說明，我們討論的所有財務指標（收入除外）將為非 GAAP 財務衡量指標，亦即並非依一般公認會計原則編製。例如，聽眾應注意，提及「調整後 EBITDA」與「自由現金流」等用語，均代表非 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 財務衡量指標的替代。

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 GAAP financial measures are included in our earnings press release, which has been furnished to the SEC on Form 8-K and is available at www.sec.gov and 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的呈列，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 GAAP 財務衡量指標的資訊，均載於我們的財報新聞稿中；該新聞稿已以 Form 8-K 提交至 SEC，可於 www.sec.gov 查閱，亦可於我們網站 www.skillsoft.com 取得。

Note that we do not provide reconciliations for forward-looking non-GAAP financial measures as we are unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. In addition, as of April 30, 2026, Skillsoft's GK segment was classified as discontinued operations, making the TDS segment the only remaining segment. Prior period results have been recast to conform to the current presentation.

請注意，我們不提供前瞻性非 GAAP 財務衡量指標的調節，因為我們無法對調節項目提供具意義或準確的計算或估計，且若不付出不合理的努力便無法取得相關資訊。此外，截至 2026 年 4 月 30 日，Skillsoft 的 GK 部門已被歸類為終止營運，使 TDS 部門成為唯一剩餘部門。前期結果已重新表達（recast），以符合目前的呈列方式。

Adjusted EBITDA from continuing operations is our current segment measure of profit. A reconciliation of this measure to net income loss from continuing operations is included in our earnings press release for the fiscal quarter ended April 30, 2026, as described above as well as Note 13 to the unaudited condensed consolidated financial statements included in Skillsoft's most recent Form 10-Q. Following today's prepared remarks, Ron Hovsepian, Skillsoft's Executive Chair and Chief Executive Officer; and Ron Kisling, Skillsoft's Chief Financial Officer, will be available for Q&A. With that, it's my pleasure to turn the call over to Ron Hovsepian.

持續營運的調整後 EBITDA 是我們目前用於衡量部門獲利的指標。如前所述，截至 2026 年 4 月 30 日止會計季度之該指標與持續營運淨損益之調節，已載於我們的財報新聞稿，以及 Skillsoft 最新 Form 10-Q 中所包含之未經審核簡明合併財務報表附註 13。在今日預先準備的發言之後，Skillsoft 執行董事長兼執行長 Ron Hovsepian，以及 Skillsoft 財務長 Ron Kisling，將開放問答。接下來，我很高興把電話會議交給 Ron Hovsepian。

Thanks, Nick, and good afternoon. Thank you to everyone for joining us today. I want to welcome Ron Kisling to Skillsoft as our new Chief Financial Officer. Ron brings more than 40 years of finance experience, including 15 years as CFO at high-growth technology companies. His work at Fastly and Fitbit gives him a strong foundation for what we are building here.

謝謝你，Nick，大家午安。感謝各位今天加入我們。我想歡迎 Ron Kisling 加入 Skillsoft，擔任我們的新任財務長。Ron 擁有超過 40 年的財務經驗，其中包括在高成長科技公司擔任財務長 15 年。他在 Fastly 與 Fitbit 的經歷，為我們在此打造的事業奠定了堅實基礎。

I am confident his discipline and judgment will be valuable as we enter the next phase of the company's transformation. I also want to thank John Frederick for his contributions and partnership as we advanced our transformation over the past year. For our first quarter results, revenue declined approximately 5% on a year-over-year basis. Two expected factors drove this, booking softness in our government business in the first half of last year and anticipated declines in our consumer business. We expected a portion of these declines to be offset by labor-based offerings with more immediate revenue recognition, such as professional services and coaching.

我相信，當我們進入公司轉型的下一階段時，他的紀律與判斷將帶來重要價值。我也要感謝 John Frederick 在過去一年中，於我們推進轉型過程所做的貢獻與合作。就第一季業績而言，營收年增率約下降 5%。造成此結果的兩項預期因素為：去年上半年政府業務的訂單（booking）疲弱，以及我們消費者業務的預期下滑。我們原本預期其中一部分下滑將由可更即時認列收入的勞務型產品所抵銷，例如專業服務與教練服務。

However, those opportunities shifted to periods later in this fiscal year. The underlying business is performing in line with our plan, and the strategic progress is visible in the numbers. New platform customer agreements grew 67% quarter over quarter from 15 to 25. And our dollar retention in the first quarter reached 105%. These results reflect early returns from our redesigned go-to-market model and platform innovation strategy.

然而，這些機會已轉移至本會計年度較後的期間。基礎業務表現符合我們的計畫，而策略性進展也在數字中清楚可見。新平台客戶合約數季增 67%，由 15 份增加至 25 份。且我們第一季的美元留存率（dollar retention）達到 105%。這些結果反映了我們重新設計的市場進入（go-to-market）模式與平台創新策略所帶來的初步成效。

In Q1, we saw higher year-over-year bookings, strong top-of-funnel engagement, expanding pipeline and increasing average deal size. Today, I want to focus my remarks on four themes.

在第一季，我們看到訂單（bookings）年增、漏斗頂端（top-of-funnel）互動強勁、銷售管線擴大，以及平均交易規模提升。今天，我想將我的發言聚焦在四個主題。

First, the expected closing of the announced agreement for the divestiture of Global Knowledge will sharpen our focus and further simplify the company. Second, our transformation efforts to accelerate our path to enterprise growth through product innovation and go-to-market improvements. Third, AI is increasing the urgency and strategic value of what we deliver.

第一，預期完成已公告之 Global Knowledge 剝離協議，將使我們的聚焦更為明確，並進一步簡化公司。第二，我們透過產品創新與市場進入改善所推動的轉型工作，以加速邁向企業端成長。第三，AI 正在提升我們所提供價值的急迫性與策略重要性。

Fourth, once the GK transaction closes, refinancing our debt will be a top management priority. We believe that combined, these themes reflect a more focused company with clearer operating model and a more direct path to durable growth.

第四，一旦 GK 交易完成，為我們的債務進行再融資將成為管理層的首要任務。我們相信，綜合而言，這些主題反映出一個更聚焦的公司，具備更清晰的營運模式，以及更直接通往可持續成長的路徑。

Let me start with Global Knowledge. As we announced in May, we entered into a definitive agreement to sell the GK business to an affiliate of Enduring Ventures with an expected fiscal Q2 closing. With that expected close of the transaction, we are simplifying how we refer to our remaining business. What had been reported as the TDS segment will simply be referred to as Skillsoft. We believe this is the right direction for Skillsoft.

我先從 Global Knowledge 談起。如我們在 5 月所公告，我們已簽訂具約束力的最終協議，將 GK 業務出售給 Enduring Ventures 的關聯方，預期於會計年度第二季完成交割。隨著該交易預期完成，我們也將簡化對剩餘業務的稱呼方式。先前以 TDS 部門呈報的業務，將直接稱為 Skillsoft。我們相信這是 Skillsoft 正確的方向。

GK served an important purpose, but post close, we will concentrate fully on our AI native skills management platform, where we see the greatest opportunity to help organizations build workforce readiness and prove the impact of skills on business outcomes. This is where we have the biggest opportunity to accelerate growth with the strongest right to win. Upon successful completion of the transaction, we believe overall, the financial impact will be near neutral while maintaining a strategic partnership for our customers.

GK 曾扮演重要角色，但在交割完成後，我們將全力聚焦於我們的 AI 原生技能管理平台；我們認為這是協助組織建立人才就緒度（workforce readiness），並證明技能對業務成果影響的最大機會所在。在此領域，我們擁有最大的機會以最強的致勝優勢（right to win）加速成長。在交易成功完成後，我們相信整體財務影響將接近中性，同時為客戶維持策略性合作夥伴關係。

We expect the transaction to be accretive to growth rates and earnings. It strengthens our recurring revenue profile, improves free cash flow visibility, and puts us in a better position to address our capital structure once the deal closes. That brings me to the second theme.

我們預期此交易將對成長率與獲利具有增益效果。此舉將強化我們的經常性收入結構，提升自由現金流可見度，並使我們在交易完成後能以更有利的姿態處理資本結構。接下來我談第二個主題。

Over the past several quarters, we have significantly redesigned our go-to-market model, aligned sales resources more tightly to enterprise opportunities, and continue to refine our product experience in ways that matter to our customers. Our Skillsoft platform is increasing differentiation by bringing together content, skills intelligence, assessment, and AI-enabled experiences in one system.

在過去幾個季度，我們大幅重新設計了市場進入（go-to-market）模式，將銷售資源更緊密地對準企業級機會，並持續以對客戶真正重要的方式精進產品體驗。我們的 Skillsoft 平台透過在同一系統中整合內容、技能情報、評量與 AI 賦能體驗，提升差異化。

As organizations look for partners who can connect learning activity to workforce capability and business outcomes, we believe that approach is resonating more clearly. As we closely watch the markets evolve, we see customers who are transforming their organizations and preparing to lead in an AI world. A Fortune 500 global energy company left a competing vendor and returned to Skillsoft.

隨著各組織尋找能將學習活動連結到員工能力與業務成果的合作夥伴，我們相信這種做法正更清楚地引起共鳴。在我們密切觀察市場演變之際，我們看到客戶正在推動組織轉型，並為在 AI 世界中領先做準備。一家《財富》500 強的全球能源公司離開競爭對手供應商後，回到 Skillsoft。

They made our platform their enterprise-wide learning and development front door to their HRIS system. They are using Skillsoft to address their three CEO-level workforce priorities, closing critical engineering succession gaps, executing a company-wide AI upskilling program and building the next generation of leadership pipelines.

他們將我們的平台作為全企業的學習與發展入口，連接到其 HRIS 系統。他們使用 Skillsoft 來因應三項 CEO 層級的人才優先事項：彌補關鍵工程職務的接班缺口、推動全公司 AI 技能提升計畫，以及打造下一代領導力人才管道。

This is not a content vendor relationship. This is a strategic partnership at the highest level of business decision-making. A leading US government contractor with over 8,000 professionals whose technical certifications directly determine billing rates replaced their existing vendor with Skillsoft. The result was a 7x return on investment, $2.7 million in business value and 82% of learners improving skill proficiency across 426 benchmarks.

這不是內容供應商的關係。這是在最高層級商業決策上的策略夥伴關係。一家領先的美國政府承包商擁有超過 8,000 名專業人士，其技術認證會直接決定計費費率，該公司以 Skillsoft 取代既有供應商。結果是投資報酬率達 7 倍、創造 270 萬美元的商業價值，且 82% 的學習者在 426 項基準上提升了技能熟練度。

They credit Skillsoft with transforming their learning function from a compliance cost to a driver of revenue and retention. By eliminating the drag from GK on continuing operations, the underlying progress we have made becomes easier to see. We have more work to do, but we are realistic about the pace. But improvements in retention, growth of platform adoption and strong customer engagement support our view that the business is moving forward toward a more sustainable growth trajectory.

他們將學習職能從合規成本轉變為營收與留任的驅動力，歸功於 Skillsoft。透過消除 GK 對持續營運的拖累，我們所取得的根本性進展更容易被看見。我們仍有更多工作要做，但我們對進度保持務實。然而，留任改善、平台採用成長以及強勁的客戶參與度，支持我們的觀點：業務正朝向更可持續的成長軌跡前進。

Now let me turn to AI, why we believe it is increasing the urgency and strategic value of what we do. AI is widening the skills gap faster than most organizations can close it, and that is driving demand for solutions that can translate AI into execution and measurable outcomes.

現在我轉向 AI，說明為何我們相信它正在提高我們所做之事的急迫性與策略價值。AI 正以多數組織難以追上的速度擴大技能落差，進而推動對能將 AI 轉化為落地執行與可衡量成果之解決方案的需求。

Tomorrow, we are releasing our Skillsoft Workforce Readiness report which found that only one in four employees feel AI-ready. Their report surveyed 2,000 employees, managers and executives globally. It uncovered a 53-point gap between how leaders and employees rate AI readiness and found that only 11% of their employees are assessed using formal skills benchmarks.

明天我們將發布《Skillsoft 勞動力就緒度（Workforce Readiness）報告》，其中發現只有四分之一的員工覺得自己已具備 AI 就緒度。該報告在全球調查了 2,000 名員工、經理與高階主管。報告揭示領導者與員工對 AI 就緒度評估之間存在 53 個百分點的落差，並發現僅有 11% 的員工使用正式的技能基準進行評量。

These findings represent more than learning gaps. They are business execution risks, and they underscore why platforms that can measure skills, validate readiness, connect learning to outcomes are becoming more important. This quarter, we released the AI-powered skills visibility dashboard that gives managers real-time intelligence into team capabilities, skilling progress, and readiness gaps. That is a direct response to what the enterprise buyers are telling us they need, better visibility into whether their workforce is actually ready.

這些發現不僅是學習缺口。它們是業務執行風險，並凸顯為何能衡量技能、驗證就緒度、並將學習連結到成果的平台正變得更重要。本季度，我們推出 AI 驅動的技能可視化儀表板，讓管理者能即時掌握團隊能力、技能提升進度與就緒度缺口。這是對企業買方告訴我們其所需內容的直接回應：更清楚地看見其員工隊伍是否真的已準備就緒。

We have spent the last 20 years delivering curated learning to enterprise workforces across many industries. That work has taught us which skills matter for which roles, how skills build on each other, and how skill development connects to business performance. We have codified all of that into our Skillsoft platform. We call this our skills ontology and is not something that can be built quickly.

過去 20 年來，我們為多個產業的企業員工隊伍提供精選式學習內容。這些工作讓我們了解哪些技能對哪些職務最重要、技能如何彼此堆疊，以及技能發展如何連結到業務績效。我們已將這一切編碼整合到 Skillsoft 平台中。我們稱之為技能本體（skills ontology），這不是能在短時間內建成的。

It is the foundation that makes our platform accurate, trusted and governed in ways that matter to enterprise buyers. Offerings like CAISY and LX Design Studio build on that foundation, helping customers move beyond passive consumption of learning content toward practice, simulation, and custom content creation at scale. Customers are looking for trusted partners who can help them securely and responsibly apply AI in ways that drive measurable business outcomes.

這是使我們的平台在企業買方重視的層面上具備準確性、可信度並可治理的基礎。像 CAISY 與 LX Design Studio 等產品建立在此基礎之上，協助客戶從被動消費學習內容，進一步走向練習、模擬，以及可規模化的自訂內容創作。客戶正在尋找可信賴的合作夥伴，協助他們以安全且負責任的方式運用 AI，以推動可衡量的業務成果。

Our combination of curated and blended learning journeys, skills intelligence, assessments, AI-powered simulation and the ability to prove impact is designed to do exactly that. Once the GK divestiture is complete, addressing our upcoming debt maturities will be management's top financial priority. We recognize this is important to all of our stakeholders. We will evaluate all alternatives with discipline and urgency. The actions we are taking to simplify the company, improve leverage and strengthen free cash flow visibility are all designed to give us maximum flexibility as we approach that work.

我們結合精選與混合式學習旅程、技能情報、評量、AI 驅動模擬，以及證明影響力的能力，正是為了達成這一點而設計。一旦 GK 出售完成，處理即將到期的債務將成為管理層最重要的財務優先事項。我們理解這對所有利害關係人都很重要。我們將以紀律與急迫感評估所有替代方案。我們正在採取的行動——簡化公司、改善槓桿並強化自由現金流可見度——都是為了在著手此項工作時提供最大的彈性。

To summarize, we have made meaningful strategic and operational progress. We have a simpler portfolio, a more focused operating model and a platform that enterprise customers are using to transform their businesses. The customers I described today are treating Skillsoft as a strategic partner, and that reflects the market is moving in our direction. Demand for platforms that can deliver these skills visibility, validate capability and business aligned outcomes is growing. We believe Skillsoft is increasingly well positioned to translate that into durable value creation over time.

總結來說，我們在策略與營運上已取得具意義的進展。我們擁有更精簡的產品組合、更聚焦的營運模式，以及一個正被企業客戶用來推動其業務轉型的平台。我今天描述的客戶正將 Skillsoft 視為策略夥伴，這反映市場正朝對我們有利的方向發展。對能提供技能可視化、驗證能力並與業務成果對齊的平台之需求正在成長。我們相信 Skillsoft 的定位正日益有利，能將此轉化為隨時間累積的持久價值創造。

There is still work ahead, and we remain realistic about the environment and the tasks in front of us. But the direction is clear. We are building a stronger company with a clearer strategy and a more compelling long-term profile. With that, let me turn the call over to Ron Kisling to cover our financial results in more detail. Ron?

前方仍有工作要做，我們也對環境與眼前任務保持務實。但方向很清楚。我們正在打造一家更強健的公司，具備更清晰的策略與更具吸引力的長期輪廓。接下來我把電話交給 Ron Kisling，請他更詳細說明我們的財務結果。Ron？

Thank you, Ron, and good afternoon, everyone. Before I move into the financials, I want to start by saying how excited I am to be joining Skillsoft at such an important time for the company. I was drawn to the clarity of the mission, the strength of the leadership team and the opportunity to help advance a business that enables organizations to build the workforce capabilities they need to compete in an AI-driven world. I'm looking forward to partnering with Ron and the Skillsoft team to build on the progress already underway.

謝謝你，Ron，各位下午好。在我進入財務部分之前，我想先說，我很興奮能在公司如此關鍵的時刻加入 Skillsoft。吸引我的是使命的清晰度、領導團隊的實力，以及協助推進一項能讓組織建立在 AI 驅動世界中競爭所需之員工能力的事業機會。我期待與 Ron 及 Skillsoft 團隊合作，在既有進展的基礎上再接再厲。

As a reminder, and as noted at the beginning of the call, consistent with prior quarters, our discussion will focus on non-GAAP measures unless otherwise stated. Additionally, as noted in today's earnings release and as Ron discussed earlier on our call, our Global Knowledge business is now classified as discontinued operations. As a result, unless stated otherwise, the financials discussed today relate to our continuing operations, which are comprised of our Talent Development Solutions business, which, as Ron discussed earlier, will simply be referred to as Skillsoft.

提醒各位，如同在電話會議一開始所提到的，與先前季度一致，除非另有說明，我們的討論將聚焦於非 GAAP 指標。此外，如同今日財報新聞稿所述，且 Ron 先前在本次電話會議中也提到，我們的 Global Knowledge 業務現已分類為終止營運。因此，除非另有說明，今日討論的財務數據皆與持續營運相關；持續營運由我們的人才發展解決方案（Talent Development Solutions）業務所構成，正如 Ron 先前所說，將簡稱為 Skillsoft。

Now turning to the results for the first quarter. Total revenue was $94.5 million, down 4.7% over Q1 '26, and our DRR was 105% in the first quarter, up significantly from 91% in Q1 '26. Our LTM dollar retention rate or DRR, as of the first quarter was 98% compared to 99% in the prior year quarter. Overall, revenue and LTM DRR were impacted by softness in government bookings in the first half of fiscal year '26. Revenue was also impacted by anticipated declines in our consumer business. I'll now turn to our expenses, which continue to see year-over-year improvements.

現在轉到第一季的業績結果。總營收為9,450萬美元，較26會計年度第一季下降4.7%，而我們第一季的DRR為105%，較26會計年度第一季的91%大幅提升。截至第一季，我們的LTM美元留存率（或DRR）為98%，相較於去年同期的99%。整體而言，營收與LTM DRR受到26會計年度上半年政府訂單疲弱的影響。營收也受到我們消費者業務預期下滑的影響。接下來我將談談我們的費用，費用仍持續呈現年對年改善。

Cost of revenue was $15.7 million in the first quarter or 16.7% of revenue, down 3.3% year over year, largely reflecting the variable nature of our delivery model and lower revenue volume in the quarter, partially offset by sales mix and increased technology-related investments. Overall, adjusted total operating expenses were $67.9 million in the first quarter or 71.8% of revenue, down $4.5 million or 6.2% year over year.

第一季營收成本為1,570萬美元，約占營收的16.7%，年對年下降3.3%，主要反映我們交付模式的可變性以及本季營收規模較低，部分被銷售組合與增加的技術相關投資所抵銷。整體而言，第一季調整後總營運費用為6,790萬美元，約占營收的71.8%，年對年減少450萬美元或6.2%。

Turning to the functional areas. Content and software development expenses were $12.7 million in the quarter, up approximately 4.8% year over year at 13.4% of revenue.

接著看各職能領域。本季內容與軟體開發費用為1,270萬美元，年對年增加約4.8%，占營收的13.4%。

Our selling and marketing expenses were $26.3 million in the first quarter, down approximately 8.4% year over year or 27.8% of revenue, reflecting the benefit of lower spending due to the go-to-market redesign.

第一季銷售與行銷費用為2,630萬美元，年對年下降約8.4%，或占營收的27.8%，反映因市場進入策略（go-to-market）重新設計而降低支出的效益。

And general and administrative expenses were $13.2 million in the first quarter, down approximately 13.7% year-over-year or 13.9% of revenue.

第一季一般及行政費用為1,320萬美元，年對年下降約13.7%，或占營收的13.9%。

Our adjusted EBITDA from continuing operations of $26.6 million was essentially flat compared to $26.8 million in the prior year's comparable quarter, with adjusted EBITDA margin as a percentage of revenue for the quarter improving to 28.2% from 27.1% in the prior year.

持續營運的調整後EBITDA為2,660萬美元，與去年同期的2,680萬美元基本持平；本季調整後EBITDA利潤率（占營收百分比）由去年同期的27.1%提升至28.2%。

Our GAAP net loss from continuing operations was $18.7 million in the first quarter compared to a GAAP net loss from continuing operations of $29.6 million in the prior year period. GAAP net loss per share from continuing operations was $2.12 compared to a $3.56 loss per share in the prior period.

第一季持續營運的GAAP淨損為1,870萬美元，相較於去年同期持續營運的GAAP淨損2,960萬美元。持續營運的GAAP每股淨損為2.12美元，相較於前期每股虧損3.56美元。

Our adjusted net income was $10.2 million or $1.16 per share in the first quarter compared to an adjusted net income of $9.5 million or $1.15 per share in the prior year.

第一季調整後淨利為1,020萬美元，或每股1.16美元；相較於去年調整後淨利950萬美元，或每股1.15美元。

Now moving to cash flow and balance sheet highlights. GAAP cash, cash equivalents, and restricted cash were $118.4 million at quarter end and our consolidated free cash flow for the first quarter was $25.4 million compared to $26.2 million in the prior year period.

接下來是現金流與資產負債表重點。季末GAAP口徑的現金、約當現金及受限制現金為1.184億美元；第一季合併自由現金流為2,540萬美元，相較於去年同期的2,620萬美元。

Total gross debt on a GAAP basis, which includes borrowings on our term loan and accounts receivable facility was $576 million at the end of Q1, down slightly from approximately $580 million at the end of the prior year period.

GAAP口徑的總毛負債（包括定期貸款與應收帳款融資工具的借款）在第一季末為5.76億美元，較去年同期末約5.80億美元略為下降。

Total net debt, which includes borrowings on our term loan and accounts receivable facility, net of cash, cash equivalents and restricted cash was approximately $457 million, down from approximately $481 million at the end of the prior year period.

總淨負債（包括定期貸款與應收帳款融資工具的借款，扣除現金、約當現金及受限制現金）約為4.57億美元，較去年同期末約4.81億美元下降。

And lastly, our full year fiscal 2027 guidance remains unchanged. We expect revenue of between $388 million and $406 million and adjusted EBITDA from continuing operations of between $108 million and $116 million or approximately 28% of revenue. We expect free cash flow for our continuing business operations in the range of $14 million to $22 million.

最後，我們對2027會計年度全年指引維持不變。我們預期營收介於3.88億至4.06億美元之間，持續營運的調整後EBITDA介於1.08億至1.16億美元之間，約占營收的28%。我們預期持續營運業務的自由現金流介於1,400萬至2,200萬美元。

While we are encouraged by the strong cash collections in the first quarter, similar to last year and in line with normal seasonality, we expect to consume cash in our continuing operations in the second and third quarters. We then expect to generate free cash flow in the fourth quarter of the year, all of which is reflected in the guidance range we have provided.

雖然我們對第一季強勁的現金回收感到鼓舞，這與去年相似且符合正常季節性，但我們預期在第二與第三季的持續營運中將消耗現金。之後我們預期在第四季產生自由現金流，以上皆已反映在我們提供的指引區間中。

While I'm still only a few weeks into my role at Skillsoft, I'm very excited that we are in the final stages of the process to complete the sale of Global Knowledge. We believe this transaction has tremendous strategic value for our shareholders and customers, allowing us to focus on our key mission and capabilities. The Global Knowledge business has been in decline for many years.

雖然我在Skillsoft的職務才上任幾週，但我非常興奮我們正處於完成出售Global Knowledge流程的最後階段。我們相信此交易對股東與客戶具有巨大的策略價值，使我們能更專注於核心使命與能力。Global Knowledge業務多年來一直在下滑。

Our transformation efforts and specifically our repositioning towards large strategic accounts is having an impact and starting to show in our results with a revenue decline that slowed to 2% in the most recent quarter. We continue to be excited to work with Global Knowledge in the future as a key strategic partner that will allow both companies to grow and meet the evolving needs of our customers.

我們的轉型努力，特別是將定位轉向大型策略性客戶，正在產生影響，並開始反映在業績上，使最近一季的營收下滑幅度放緩至2%。我們仍期待未來與Global Knowledge以關鍵策略夥伴的身分合作，讓兩家公司都能成長並滿足客戶不斷演變的需求。

As a reminder, in recent quarters, we have not provided guidance for the Global Knowledge business and our free cash flow guidance provided last quarter for fiscal year '27 also excluded the impact of Global Knowledge. While there are still uncertainties with respect to the timing and ultimate close of the planned sale, as well as the level of post-closing support that will be required under the transition services agreement, we want to share the estimated impact of the Global Knowledge business and transaction on our free cash flow and liquidity.

提醒一下，近幾季我們未提供Global Knowledge業務的指引，而我們上季提供的27會計年度自由現金流指引也排除了Global Knowledge的影響。儘管計畫出售的時程與最終交割仍存在不確定性，以及在過渡服務協議下交割後所需支援程度的不確定性，我們希望分享Global Knowledge業務與交易對我們自由現金流與流動性的估計影響。

Consistent with recent experience, we expect Global Knowledge to continue to incur adjusted EBITDA losses of between $10 million and $15 million on an annualized basis, which closely mirrors Global Knowledge's free cash flow. Assuming the Global Knowledge transaction closes in the second quarter as expected, once the divestiture of Global Knowledge and the related transitions are complete, we anticipate this negative impact on our profitability and cash flow will be eliminated and will have a favorable impact beginning in fiscal year '28.

依近期經驗一致，我們預期Global Knowledge按年化基礎將持續產生1,000萬至1,500萬美元的調整後EBITDA虧損，這與Global Knowledge的自由現金流幾乎一致。假設Global Knowledge交易如預期於第二季完成交割，一旦Global Knowledge的剝離及相關移轉完成，我們預期對獲利與現金流的負面影響將被消除，並自28會計年度起帶來正面影響。

From a total company liquidity standpoint, as previously disclosed, we expect proceeds net of cash divested and excluding anticipated transaction costs of between $5 million and $8 million over a period of two years following the closing of the Global Knowledge transaction. Currently, we expect transaction-related costs to be approximately $8 million to $10 million. And as a result, we expect the overall transaction impact on long-term liquidity to be neutral to slightly below neutral. Due to the deferred nature of the payments we anticipate receiving under the sale, the impact of Global Knowledge on total liquidity differs in upcoming periods when considering the combined impact of free cash flow, transaction-related costs and transaction proceeds.

就公司整體流動性而言，如先前揭露，我們預期在Global Knowledge交易交割後兩年期間，扣除剝離的現金並排除預期交易成本後的淨收益介於500萬至800萬美元。目前我們預期交易相關成本約為800萬至1,000萬美元。因此，我們預期整體交易對長期流動性的影響為中性至略低於中性。由於我們預期在出售案下收到的款項具有遞延性質，在考量自由現金流、交易相關成本與交易收益的綜合影響時，Global Knowledge對總流動性的影響在未來各期間將有所不同。

For the quarter ended July 31, 2026, assuming the sale closes, we expect a reduction in liquidity of as much as $25 million attributable to Global Knowledge and the related sale driven by a requirement to leave a minimum of $8 million of cash with the business upon sale, the payment of approximately $8 million to $10 million of onetime transaction-related expenses and ongoing operating losses.

截至2026年7月31日止季度，假設該出售交易完成，我們預期流動性最多將減少2,500萬美元，此減少可歸因於Global Knowledge及相關出售交易，主要受以下因素驅動：出售時需在該業務中保留至少800萬美元現金、支付約800萬至1,000萬美元的一次性交易相關費用，以及持續的營運虧損。

For the fiscal year ended January 31, 2027, which includes the first payment due from the buyer, we expect a total reduction in liquidity of between $15 million and $20 million attributable to Global Knowledge. Under the terms of the agreement, we expect to receive an additional $4 million in proceeds in each of fiscal years 2028 and 2029, which is reflected in our estimate of net proceeds from the transaction.

截至2027年1月31日止會計年度（包含買方應支付的第一筆款項），我們預期因Global Knowledge導致的流動性總減少介於1,500萬至2,000萬美元之間。依協議條款，我們預期在2028及2029會計年度各額外收到400萬美元的款項，該等款項已反映於我們對本交易淨收益的估計中。

Before I turn the call back over for questions, I'd like to remind stockholders that our Annual Meeting of Stockholders will be held on June 25. Stockholders of record are encouraged to vote their shares in a timely manner in accordance with our annual meeting procedures. Operator, please open the line for questions.

在我把電話交回去進行提問之前，我想提醒股東，我們的年度股東大會將於6月25日舉行。鼓勵登記在冊的股東依照我們年度股東大會程序及時對其持股進行投票。接線員，請開放提問線路。

(Operator Instructions) Nancy Liu, Oppenheimer.

(接線員指示) Nancy Liu，Oppenheimer。

Great. Thanks for taking the questions and apologies for any background noise here. Just on the GK sale post the divestiture, can you talk about where you plan to focus the extra bandwidth? And if you could provide any additional color on the partnership dynamics or the financial impact with the separation, that would be great.

很好。謝謝讓我提問，也抱歉這裡有些背景噪音。關於GK出售、在剝離之後，你們能談談計畫把額外的管理帶寬聚焦在哪裡嗎？另外，如果你們能就分拆後的合作夥伴關係互動或財務影響提供更多說明，也會很有幫助。

Yes. Hi, Nancy, how are you. Thank you for the question. If I heard you correctly, it was where do we expect to put the extra management bandwidth and two, a little more information on where the partnership is and where that's going, I think, is what I heard correctly. Is that correct, Nancy?

是的。嗨，Nancy，你好嗎。謝謝你的問題。如果我沒聽錯，你的問題是：第一，我們預期把額外的管理帶寬投入在哪裡；第二，想再多了解一些合作夥伴關係目前的狀況以及未來走向——我想我聽到的是這個。對嗎，Nancy？

Yeah, that's correct.

對，沒錯。

Great. On your first part of the question, it's going to go into two pieces. One, the continued transformation and acceleration around growth is where we'll deploy more management focus. That's already begun as part of it. And as we reflected in our comments, we were able to see some of that growth in the bookings in the first quarter that we referenced and solid pipeline. Two, the second area we'll go to from a financial perspective is really focusing on the debt refinancing. Those are the two key priorities of where I would deploy the management energy and focus for the company is what Ron and I have discussed and prioritized.

很好。就你問題的第一部分，會分成兩塊。第一，我們會把更多管理重心放在持續轉型並加速成長上。這其實已經開始了。而且如同我們在評論中提到的，我們在所提及的第一季訂單（bookings）中已看到部分成長，且銷售管線（pipeline）穩健。第二，從財務角度來看，我們會真正聚焦在債務再融資上。這兩項是我會投入公司管理能量與專注的關鍵優先事項，也是我和Ron討論並排定的重點。

In terms of the partnership, we've had a very good working relationship with the Global Knowledge team. And as I look at the pipeline and what we shared with the investors on the call, we did one thing very importantly. We focused on strategic accounts and winning a number of big deals.

就合作夥伴關係而言，我們與Global Knowledge團隊一直維持非常良好的合作關係。而從我對管線的觀察，以及我們在電話會議中與投資人分享的內容，我們做了一件非常重要的事。我們聚焦於策略性客戶，並贏得了多筆大型交易。

'Those big deals have landed. We've landed a very nice pipeline of some $60 million-plus as part of that journey. And what's very exciting there is more coming through the pipeline, and that had a positive impact on their revenue slowing their decline a lot time-wise. It just didn't fit our time horizon.

那些大型交易已經落地。在那段過程中，我們建立了相當不錯、超過6,000萬美元的管線。更令人振奮的是，管線中還有更多案子正在進來，這對他們的營收也帶來正面影響，使其下滑速度在時間上大幅放緩。只是它不符合我們的時間規劃。

So what's exciting about the relationship right now is I know of three deals right now that I've been associated with and the team that are tied to that partnership agreement, which is where we're combining a blended learning experience and bringing that blended learning experience to life at the customer. And there's several bids out there that add up to roughly $8 million to $10 million that I know that we're looking at just on those three alone that we're focused on.

因此，這段關係目前令人興奮之處在於：我目前知道有三筆交易，我本人以及團隊都有參與，且都與該合作夥伴協議相關；也就是我們把混合式學習體驗結合起來，並在客戶端將這種混合式學習體驗落地。此外，外面還有幾個投標案，合計約800萬至1,000萬美元，就我所知，光這三筆我們就正在聚焦推進。

So I'm very excited about what that can bring to revenue jointly. And then we're going to continue to talk about the partnership in other ways. There's content from our side that they can use as well that we've begun to migrate and give them access to license and that's turned into new products for Global Knowledge coming off of our base. So we see the relationship continuing, and I'm excited to continue to be a good distribution partner to them and for them to use and leverage our content because that's what the customers want. They do want that piece of it. It just didn't fit our time horizon and business model.

所以我對這能為雙方共同帶來的營收非常期待。接著，我們也會持續以其他方式討論這段合作夥伴關係。我們這邊也有內容可供他們使用；我們已開始把內容遷移並提供他們授權存取，而這也基於我們的基礎，轉化為Global Knowledge的新產品。因此我們認為這段關係會持續下去，我也很期待繼續成為他們良好的通路合作夥伴，並讓他們使用與運用我們的內容，因為這正是客戶想要的。他們確實需要這一塊。只是它不符合我們的時間規劃與商業模式。

Got it. That makes sense. And were there any strategic actions for the remaining core that required the completion of the GK sale to kind of move forward on?

了解。這很合理。那麼，對於剩餘的核心業務而言，是否有任何策略行動需要先完成GK出售，才能算是往前推進？

Not that I can think of. There's nothing here that's hitting me on your question, Nancy. We're just going to stay very focused on getting that transaction closed and then moving right towards the debt refinancing. I think strategically, everything is in place around that execution effort.

我想不到有。Nancy，你這個問題我這邊沒有想到任何相關事項。我們只會非常專注把這筆交易完成，然後立刻轉向債務再融資。我認為在策略上，與該執行工作相關的一切都已就緒。

And from the company perspective, us continuing to push on two dimensions. One, where we're going with the product and all the AI work we've done to date and what we've delivered. We delivered in Q1 the first version of the LX Studio, the content creation part of the platform. We also are delivering the skills intelligence piece of it. So those two pieces of the platform that are built on foundational labs type componentry off of that same model are well underway as we work on it.

從公司角度來看，我們會持續在兩個面向推進。第一，是我們的產品方向，以及迄今為止所做的所有AI工作與我們已交付的成果。我們在第一季交付了LX Studio的第一個版本，也就是平台的內容創作部分。我們也正在交付其中的技能智慧（skills intelligence）部分。因此，平台的這兩個部分——建立在同一模型之上、以基礎實驗室（foundational labs）類型元件為底層——都在我們推進中且進展順利。

So I think our other strategic initiatives that relate to the company are really well focused and underway as part of it. I don't see anything significant at this point that Ron or I would call out to all of you to pay attention to. It's now just staying more focused on what we're doing and continuing to see what we saw in the backlog and the pipeline that I referenced in my comments.

所以我認為，其他與公司相關的策略性計畫都非常聚焦且正在進行中。目前我看不到任何重大事項是Ron或我需要特別提醒各位注意的。現在就是更專注於我們正在做的事，並持續觀察我們在評論中提到的在手訂單（backlog）與銷售管線所呈現的情況。

Understood. I appreciate that. And then on the quarter, were there any particular dynamics to call out from 1Q around the TDS decline? How much of that was consumer softness and the earlier government booking softness offsetting the better pipeline and deal size dynamics you called out? Or maybe perhaps was there any distraction from the GK sale across the broader sales?

了解。謝謝你的說明。另外就本季而言，第一季TDS下滑是否有任何特別的動態值得提出？其中有多少是消費端疲弱，以及先前政府端訂單疲弱，抵銷了你提到的較佳管線與交易規模動態？或者，GK出售是否在更廣泛的銷售面造成任何分心影響？

Yeah. It's a good question. I think when you look at the decline, it was really driven by the softness we saw in government contracts in the first half of last year as well as the continued decline in our consumer business, which was down 21% year over year, that drove that impact. Particularly in the quarter, the other dynamics that Ron spoke about and I mentioned is that the leading indicators that we are seeing in the quarter that convert into revenue in future quarters looked very healthy and strong.

是的。這是個好問題。我認為當你看這次下滑時，主要是受到去年上半年我們在政府合約上看到的疲軟所驅動，以及我們消費者業務持續下滑的影響；消費者業務年減21%，這些因素共同造成了這個影響。特別是在本季，Ron提到、我也提到的其他動態是：我們在本季看到、並會在未來幾季轉化為營收的領先指標，看起來非常健康且強勁。

We saw DRR of 105% in the quarter and higher bookings on a year-over-year basis that I think reflect the strengthening business. And I think it's fair to say we did not see any distraction in the TDS business from the activities that were taking place on the GK transaction.

我們本季的DRR為105%，而且預訂（bookings）在年對年基礎上更高，我認為這反映了業務正在走強。我也認為可以公平地說，GK交易進行中的相關活動，並沒有對TDS業務造成任何分心或干擾。

Yeah, Nancy, I would just add a little smidge to that on what Ron said, this additional color. When Ron referred to the declines that happened last year in the bookings on the lost contracts, as you know, it's a 12-month to 15-month cycle as we go through it. So we're just feeling that first half impact from the government contract losses and a little bit of the consumer, as Ron said.

是的，Nancy，我只想在Ron所說的基礎上再補充一點點，提供一些額外的背景。當Ron提到去年因為流失合約而導致的預訂下滑時，如你所知，我們走完整個流程通常是12到15個月的週期。所以我們現在只是感受到政府合約流失在上半年帶來的影響，以及如Ron所說，消費者業務的一點影響。

We had expected to make some of that back up with our labor-based businesses, as Ron mentioned in his prepared comments, and I did in mine as well, I believe. Those pieces just got deferred on the calendar a little bit. So we still see those pieces coming as part of it, and that's why Ron maintained the guidance as he went through some of those numbers here.

我們原本預期能透過以勞務為基礎的業務把其中一部分補回來，正如Ron在事先準備的發言中提到的，我在我的發言中也提到了，我想是有的。只是那些部分在時程上稍微往後延了。因此我們仍然看到那些部分會到位，這也是Ron在走過這些數字時仍維持指引的原因。

So other than that, I feel very comfortable where we are. We're right in the range that we said we would be with just that one piece that we overcome. The good news is those bookings that Ron referred to. So obviously, we get the benefit of that happening throughout the full year. So again, maintaining our guidance is the right way to look at the business at this early stage.

除此之外，我對我們目前的狀況非常有信心。我們就在我們先前所說的區間內，只是有那一個部分需要克服。好消息是Ron提到的那些預訂。所以很明顯地，我們會在全年都受惠於這些進展。因此，在這個早期階段，維持我們的指引是看待業務的正確方式。

Got it. Appreciate that. And then as you mentioned, it's nice to see the 105% in the DRR this quarter. And I know you mentioned there's a little bit of that lag effect. I was wondering how should we think about the time line towards the upward trajectory after some of those headwinds impacting the first half of '26 subside?

了解。謝謝你的說明。另外，如你提到的，本季DRR達到105%很令人欣慰。我知道你也提到其中有一些滯後效應。我想請教，在2026年上半年那些逆風逐漸消退之後，我們應該如何看待DRR走向上升軌道的時間線？

Nancy, are you talking about the revenue trajectory?

Nancy，你是在問營收的走勢嗎？

The DRR trajectory.

DRR的走勢。

Yeah, the DRR trajectory.

對，DRR的走勢。

This linked to it's linked.

這是連動的、是相互連結的。

I think when we look at DRR, we want it to be 100% or even better than that when we start to see a return. And over time, we'd like to see consistent DRR, 105% and 107%. So I think from a trajectory perspective, we're seeing progress toward where we ultimately want to be, and the focus is going to be on maintaining and growing that DRR over time. On the quarterly DRR, you're going to see some fluctuations from quarter-to-quarter with the ultimate trend should be flat to up from what we saw in Q1.

我認為當我們看DRR時，我們希望它能達到100%，甚至更高，當我們開始看到回升時更是如此。而隨著時間推進，我們希望看到DRR能穩定維持在105%到107%。所以從走勢的角度來看，我們正在朝著最終想達到的目標前進；重點會放在隨時間維持並提升DRR。就季度DRR而言，你會看到每季之間有些波動，但最終趨勢應該會相較於我們在第一季看到的水準持平到上升。

Yeah. And the programmatic pieces that build on what Ron is saying is we put in place a couple of big changes. We redefined our model in Q3 last year and rolled that out. That has brought a very clear go-to-market model for us with our customers. Behind that, the programs that we put in place are around improving the churn rate while improving the overall growth trajectory.

是的。而在方案層面、延伸Ron所說的，我們已經推動了幾項重大變革。我們在去年第三季重新定義了我們的模式並加以推行。這為我們與客戶建立了非常清晰的市場進入（go-to-market）模式。在此之後，我們所推動的計畫聚焦於在改善流失率（churn rate）的同時，提升整體成長軌跡。

Those are things that are in place, in play right now, and we saw some good performance come out of that in the quarter, which is great, right, as part of the overall journey. So if we can keep that kind of work going throughout the full year, that will put us in line with the plan that we had laid out.

這些措施目前都已到位並正在運作中，而我們在本季也看到一些很好的成果，這很棒，作為整體旅程的一部分。所以如果我們能在全年持續推進這類工作，就能讓我們與先前制定的計畫保持一致。

Got it. Perfect. And you mentioned some of those churn initiatives. Just on the guide, could you talk a little bit more about some of those business dynamics you're baking in kind of at the low end, at the top end and what the progression through the year could look like and that kind of gives you that confidence to maintain outlook with the (inaudible)?

了解。很好。你提到了一些降低流失的措施。就指引而言，你能否再多談一些你們在低端與高端區間所納入的業務動態，以及全年進展可能會是什麼樣子，這些因素如何讓你們有信心在(聽不清楚) 的情況下仍維持展望？

Yeah. So I think we talked a little bit about the dynamics in Q1, particularly some of the leading indicators, which gave us confidence that the guidance outlook on the revenue of $388 million to $406 million that we -- that the company had set at the end of February on the Q4 call is the right way to call.

好的。我想我們在第一季已談到一些動態，特別是一些領先指標，這讓我們有信心：公司在2月底第四季電話會議時所設定的營收指引區間——3.88億美元到4.06億美元——是合適的。

I think a couple of comments I'd make relative to that guidance is that guide does take into account some reflection of some level of variability and risk in the macro economy. I don't know if you want to call that conservatism or basically just looking at what the environment is. So it does reflect that in the business.

相對於這個指引，我想補充幾點：這份指引確實考量了宏觀經濟中一定程度的變動性與風險。你可以稱之為保守，也可以說是基於對環境的觀察。因此它在業務預期中反映了這些因素。

And so that's really kind of the thinking went into maintaining it. I think we're still focused on the AI leverage, both on the revenue and the cost side. But from a given that the leading indicators that we see, we feel that we're very on track to the plan that we had at the beginning of the year.

所以這就是我們維持指引背後的思考。我認為我們仍聚焦於AI槓桿效益，無論是在營收端或成本端。但就我們看到的領先指標而言，我們覺得自己非常符合年初所制定的計畫進度。

Understood. And then shifting to the new Percipio platform, could you speak more about the pace of adoption relative to your internal expectations and how the upgrade rates are trending across the expanded group the 67% growth?

了解。接著談到新的Percipio平台，你能否多談談採用速度相對於你們內部預期的表現，以及在擴大後的客群中（成長67%）升級率的趨勢如何？

Yeah, happy to. We set an internal target for the year, and we're running ahead of that target for the year. I've actually increased the target. So obviously, we're excited about that. And as I shared with you on this call, we're now up to 25 new platform contracts that have been signed with current customers primarily, which is great because we want to make sure we protect that base of business and that's helping drive that DRR in a nice way.

可以，很樂意。我們為今年設定了一個內部目標，而目前的進度已超前該年度目標。我其實也提高了目標。所以很明顯地，我們對此感到興奮。而且如我在這通電話會議中與你分享的，我們目前已與主要是既有客戶簽下25份新平台合約，這很棒，因為我們希望確保能守住這個業務基礎，而這也以很好的方式推動了DRR。

So the reaction in the market has been very positive to the skills management story or the skills supply chain story. And we're fine-tuning how we deliver that distinct need and what that means to the market as it relates to business outcomes for the customer and as it relates to the technology they need to do that.

因此，市場對於技能管理（skills management）的敘事、或技能供應鏈（skills supply chain）的敘事反應非常正面。我們也正在微調我們如何交付這個明確的需求，以及就客戶的業務成果而言、以及就他們為達成該成果所需的技術而言，這對市場意味著什麼。

So we're very pleased with what we're getting for feedback from our customers on the products, as well as what we're seeing in the market and the reaction to it. So I would tell you the numbers and the reaction has been really, really good, and we'll keep you posted on that as the year unfolds here.

因此，我們對客戶就產品所提供的回饋，以及我們在市場上看到的情況與市場反應，都感到非常滿意。所以我會告訴你，數字和反應都非常、非常好，我們也會在今年接下來的進展中持續向各位更新。

Great. Super helpful. And then with the CFO transition, congrats, John, on the upcoming retirement, and welcome, Ron. Wondering what the transition brings in terms of any potential changes to focus priorities or investment philosophy in the upcoming year?

很好。非常有幫助。另外，關於財務長交接，John，恭喜你即將退休，也歡迎 Ron。想請教這次交接在未來一年是否會帶來任何潛在的重點優先順序或投資理念上的變化？

Yeah, I'll let Ron speak to if he sees anything at this early stage and fairness to him. But everything he and I have spoken about to date aligns with the plans that we had mapped out. We're going to maintain our focus to go get that debt refinanced upon closure of this and really focus the business on growth. And I'm appreciative of what John did to help us get to this stage. It was a natural break here as part of it towards his retirement.

是的，我先讓 Ron 談談他在這麼早的階段是否看到任何事情，這樣對他也公平。不過到目前為止，他和我談過的所有內容都與我們已經規劃好的計畫一致。我們會維持重點：在這件事完成交割後把債務再融資做好，並真正把業務重心放在成長上。我也很感謝 John 所做的一切，幫助我們走到這個階段。這也很自然地成為他退休前的一個分界點。

And then moving forward really on that core plan that we had laid out here as really pieces of it. I'm sure Ron will make his adjustments as we get into the game further as he sees things. But this next big lift is around the debt refinancing. And really helping the company get to the next level of operationalization in this simplified model, if I could say it that way. There's a lot of work to be done there that hasn't been identified or I shouldn't say it that way.

接下來，我們會依照先前在這裡擬定的核心計畫繼續推進，這些都是其中的組成部分。我相信 Ron 在更深入參與後，會依他所見做出調整。但下一個最大的重點工作就是債務再融資。以及在這個更簡化的模式下，協助公司把營運推進到下一個層級；如果我可以這樣說的話。那裡還有很多工作要做，尚未被辨識——或者我不該這樣說。

It has been identified, but the plans aren't all in place for all of it, the work we have to do. And we spent time as a leadership team just last week on that as a group.

其實已經被辨識出來了，但我們要做的所有工作，並不是每一項都已把計畫完全到位。而我們上週也以領導團隊的身分，花時間一起討論了這件事。

Yeah. And the only thing I'd add, we talked extensively through ahead of time. And I think from the priorities, I think we're very much aligned. Completing the GK transaction sets us up, I think, for a lot of opportunities to simplify the business and want to really focus and take advantage of that simplification, both in terms of the focus in our business, the focus that we're able to drive across go-to-market, and our product organizations, but also across the efficiencies we can make with a more simplified business and using that to leverage the transformation that we're doing is we're driving toward improving the revenue growth and very much focused on adjusted EBITDA and cash flow.

是的。我唯一想補充的是，我們事前已經做了非常充分的討論。我認為在優先事項上，我們非常一致。完成 GK 交易讓我們具備許多機會去簡化業務，而我們希望真正聚焦並把握這種簡化所帶來的優勢：不僅是在我們業務的聚焦、我們能在 go-to-market 與產品組織上推動的聚焦，也包括在更簡化的業務之下我們可以達成的效率提升；並利用這些來槓桿我們正在推動的轉型，朝向提升營收成長，同時非常聚焦於調整後 EBITDA 與現金流。

Yeah. When Ron talked about that last week at the offsite also, the other thing that struck both of us was the importance of that in the refinancing as well, putting that part of the work that's being done there to highlight that as part of it, Nancy, to your question. But at the very top of the waves, steady as she goes, I should say steady, faster, faster, faster is my constant request from the teams.

是的。Ron 上週在場外會議（offsite）也談到這點時，我們兩個都注意到另一件事：這對再融資也同樣重要，也就是把正在進行的那部分工作納入其中並加以凸顯；Nancy，回到你的問題。但就最高層面而言，基本上就是穩健前行——我應該說穩健，但更快、更快、更快，這是我對團隊一貫的要求。

And Ron is up for that challenge and excited. And I'm really excited to have him here with all the background and experience that he brings to the company, to the team and in each one of these areas because he's very engaged, and we all saw that last week with the leadership team.

Ron 也願意迎接這個挑戰並感到興奮。我也非常高興他加入，憑藉他帶給公司的背景與經驗，對公司、對團隊，以及在這些領域都會很有幫助；因為他非常投入，而我們上週和領導團隊一起時也都看到了。

Yeah. I understand. I think it's a very well thought out transition or timing of completing GK sets us up for the conversations in terms of getting the debt. And I think with those TWO things addressed, really allow us to focus on the transformation, dealing with a simplified business to really drive business outcomes.

是的。我了解。我認為這是一個經過深思熟慮的交接安排，或是說完成 GK 的時點，讓我們在債務相關的對話上具備更好的條件。而我認為把這兩件事都處理好之後，真的能讓我們把重心放在轉型上，在更簡化的業務架構下，真正推動業務成果。

There are no further questions at this time. I'd like to pass the call back over to management for any closing remarks.

目前沒有其他問題。我想把電話交回管理層，請問是否有任何結語。

Yeah. This is Ron Hovsepian. Again, a very nice welcome to Ron for being here with us, excited about what he'll bring in his leadership and what he can do there. As I look at the quarter and the business overall, I would tell you that I am pleased with the leading indicators and what they were pointing to. I would have liked to have made up that expected revenue that slid a little bit on the labor-based parts of our business, the professional services and the coaching aspect of it, but it didn't slide out of the plan.

是的。我是 Ron Hovsepian。再次，非常歡迎 Ron 與我們一起在這裡，我們對他在領導上將帶來的貢獻，以及他能在這方面做到的事情感到興奮。就本季與整體業務而言，我會說我對領先指標以及它們所指向的方向感到滿意。我原本希望能補回在我們以人力為主的業務部分略有下滑的預期營收，包括專業服務與教練（coaching）相關，但它並沒有偏離計畫。

And where the pipeline is right now also, as I spoke to that, was very different than how it's been here in years past in terms of the coverage and where we are. So those pieces to me give me a lot of enthusiasm for where we're going.

而且就目前的管線而言，我也提到過，無論是覆蓋度或我們所處的位置，都與過去幾年相比非常不同。所以對我來說，這些因素讓我對我們的前進方向充滿熱情。

And then getting the GK transaction signed was a gigantic step forward in the simplification of the business and starting to really position us well for the next step of getting the debt refinancing done and then really letting that growth start to shine through here as part of our overall journey. So stay tuned. I look forward to our next update, and thank you for all the help and talk to everybody soon. Thank you.

另外，GK 交易完成簽署，是我們簡化業務的一大步，也開始讓我們在下一步——完成債務再融資——上具備很好的定位，接著也能讓成長在我們整體旅程中真正展現出來。所以敬請期待。我期待下一次更新，也感謝大家所有的協助與交流，我們很快再和各位談。謝謝。

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

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。