John Wiley & Sons Inc (WLY) 2023 Q3 法說會逐字稿

Good morning, and welcome to Wiley's Third Quarter Fiscal 2023 Earnings Call. As a reminder, this conference is being recorded. At this time, I'd like to introduce Wiley's Vice President of Investor Relations, Brian Campbell. Please go ahead.

早上好，歡迎來到 Wiley 的 2023 財年第三季度收益電話會議。提醒一下，這次會議正在錄製中。在這個時候，我想介紹一下 Wiley 的投資者關係副總裁 Brian Campbell。請繼續。

Thank you, and welcome, everyone. Joining me today are: Brian Napack, Wiley's President and CEO; and Christina Van Tassell, Executive Vice President, and CFO.

謝謝大家，歡迎大家。今天加入我的是：Wiley 總裁兼首席執行官 Brian Napack；執行副總裁兼首席財務官 Christina Van Tassell。

A few notes to start. Our comments and responses to your questions reflect management's views as of today and will include forward-looking statements. Actual results may differ materially from those statements. The company does not undertake any obligation to update them to reflect subsequent events or circumstances. Also, Wiley provides non-GAAP measures as a supplement to evaluate underlying operating profitability and performance trends. These measures do not have standardized meanings prescribed by U.S. GAAP and therefore may not be comparable to similar measures used by other companies, nor should they be viewed as alternatives to measures under GAAP. Unless otherwise noted, we will refer to non-GAAP metrics on the call, and variances are on a year-over-year basis and will exclude the impact of currency. Additional information is included in our filings with the SEC. A copy of this presentation and transcript will be available on our Investor Relations web page at investors.wiley.com.

一些注意事項開始。我們對您問題的評論和答復反映了管理層截至今天的觀點，並將包括前瞻性陳述。實際結果可能與這些陳述存在重大差異。公司不承擔更新它們以反映後續事件或情況的任何義務。此外，Wiley 還提供非 GAAP 指標作為評估潛在運營盈利能力和績效趨勢的補充。這些措施沒有美國公認會計原則規定的標準化含義，因此可能無法與其他公司使用的類似措施相比較，也不應將它們視為 GAAP 措施的替代方案。除非另有說明，否則我們將在電話會議上參考非 GAAP 指標，並且差異是按年計算的，並且不包括貨幣的影響。更多信息包含在我們提交給美國證券交易委員會的文件中。可在我們的投資者關係網頁 investors.wiley.com 上獲取此演示文稿和文字記錄的副本。

I'll now turn the call over to Brian Napack.

我現在將電話轉給 Brian Napack。

Hello, everyone, and thanks for joining us. First, I'll state the obvious. Wiley's Q3 results and revised full year outlook are simply not what we expect to deliver to our shareholders. As you know, we've been navigating a mix of unpredictable macro and market-specific headwinds. High inflation, low consumer confidence, a tight job market and ongoing geopolitical disruption have all taken a toll. And in our markets, we've seen demand pressure in education, driven by lower consumer spending in university enrollment.

大家好，感謝您加入我們。首先，我要說明的是顯而易見的。 Wiley 的第三季度業績和修訂後的全年展望根本不是我們期望向股東提供的。如您所知，我們一直在應對不可預測的宏觀和特定市場的不利因素。高通脹、低迷的消費者信心、緊張的就業市場和持續的地緣政治動盪都造成了損失。在我們的市場中，我們看到了教育方面的需求壓力，這是由於大學入學的消費者支出減少所致。

Our results in Research were challenged unexpectedly this quarter by our decision to pause Publishing in a high-growth part of Hindawi, which I'll talk about later. All of these dynamics contributed to our revenue and earnings underperformance.

本季度，我們決定暫停 Hindawi 高增長部分的 Publishing，我們在研究方面的成果出人意料地受到挑戰，我稍後會談到這一點。所有這些動態都導致我們的收入和收益表現不佳。

Absent the pause in Hindawi, Wiley's core growth engines of Research and Talent remains strong. For the quarter, Research revenue, excluding Hindawi, was up 2.4%. Our strategies remain tightly aligned with the trends driving the knowledge economy, and we're making good progress in executing them.

沒有 Hindawi 的停頓，Wiley 的研究和人才核心增長引擎仍然強勁。本季度，不包括 Hindawi 在內的研究收入增長了 2.4%。我們的戰略與驅動知識經濟的趨勢保持緊密一致，並且我們在執行這些戰略方面取得了良好進展。

We continue to see good demand for our transformational publishing models and each quarter, we're adding dozens of corporate partners to our research solutions network. We're also seeing strong upsell demand from our existing solutions partners, validating the overall Research strategy. We will see this revenue opportunity begin to materialize in fiscal '24.

我們繼續看到對我們的轉型出版模式的良好需求，每個季度，我們都會將數十家企業合作夥伴添加到我們的研究解決方案網絡中。我們還看到現有解決方案合作夥伴的強勁追加銷售需求，驗證了整體研究戰略。我們將看到這個收入機會在 24 財年開始實現。

Looking ahead, we're targeting substantial improvement in our performance and profit by reducing the drag of our own complexity and by improving our cost structure. We've made steady progress on simplification and optimization, including realigning our segments, restructuring parts of the organization, streamlining key processes and reducing real estate. The actions we've taken already this year will yield run rate savings of over $60 million annually and we're accelerating these efforts.

展望未來，我們的目標是通過減少自身複雜性的拖累和改善成本結構，大幅提高我們的業績和利潤。我們在簡化和優化方面取得了穩步進展，包括重新調整我們的部門、重組部分組織、精簡關鍵流程和減少房地產。我們今年已經採取的行動每年將產生超過 6000 萬美元的運行率節省，我們正在加速這些努力。

We've talked in past calls about how a simpler Wiley is a better Wiley. And today, Christina will talk about some of the things we're doing to address this. Notably, we've just divested the test prep business. It was nonstrategic for Wiley and subscale, so we made the choice to exit. This was a small transaction. But it was a key step in our ongoing work to simplify the portfolio and focus our attention on our strategic growth areas.

在過去的電話會議中，我們曾討論過更簡單的 Wiley 如何成為更好的 Wiley。今天，克里斯蒂娜將談論我們正在做的一些事情來解決這個問題。值得注意的是，我們剛剛剝離了備考業務。這對 Wiley 和 subscale 來說是非戰略性的，所以我們選擇退出。這是一筆小交易。但這是我們正在進行的簡化產品組合併將注意力集中在戰略增長領域的工作中的關鍵一步。

There's no sugar-coating it, Q3 was a disappointing quarter in a challenging and unpredictable year. We need to deliver better results and accelerate the operational improvement work already underway. I'm fully confident in our future and why we will continue to make the moves needed to drive consistent performance and increasing profitability.

沒有糖衣，第三季度在充滿挑戰和不可預測的一年中是一個令人失望的季度。我們需要提供更好的結果並加快已經在進行的運營改進工作。我對我們的未來以及為什麼我們將繼續採取必要的措施來推動穩定的業績和提高盈利能力充滿信心。

As we reported last quarter, we've now realigned our education segments around the customer. The new segments, Academic and Talent replaced the former Academic and Professional Learning and Education Services segments. The goal of this realignment is to better serve the customer and to do so more efficiently by aligning product development, go-to-market and infrastructure. This will help us to unlock synergy while eliminating overlap and redundancy in our processes and in our systems.

正如我們上個季度報告的那樣，我們現在已經圍繞客戶重新調整了我們的教育部門。新的學術和人才部門取代了以前的學術和專業學習與教育服務部門。此次調整的目標是通過調整產品開發、上市和基礎設施，更好地為客戶服務並更高效地服務客戶。這將幫助我們發揮協同作用，同時消除流程和系統中的重疊和冗餘。

Our new Academic segment consists of two business lines: Academic Publishing and University Services. Overall, Academic is focused on helping universities succeed by leveraging Wiley's full suite of content, platforms and services. Academic generated an 18% EBITDA margin year-to-date, which is down from last year's 23% due to the effect of market headwinds on revenue. Also, Academic derived 62% of its revenue year-to-date from digital products and tech-enabled services.

我們新的學術部門包括兩條業務線：學術出版和大學服務。總體而言，Academic 專注於通過利用 Wiley 的全套內容、平台和服務幫助大學取得成功。 Academic 今年迄今的 EBITDA 利潤率為 18%，低於去年的 23%，原因是市場逆風對收入的影響。此外，Academic 今年迄今 62% 的收入來自數字產品和技術支持服務。

The Talent segment includes our talent development and corporate training areas. In Talent, Wiley is focused on helping employers succeed by delivering all of Wiley's training, sourcing and upskilling solutions. Year-to-date, Talent's EBITDA margin was 21% and 97% of its revenue came from digital products and services.

人才部分包括我們的人才發展和企業培訓領域。在人才方面，Wiley 專注於通過提供 Wiley 的所有培訓、採購和技能提升解決方案來幫助雇主取得成功。年初至今，Talent 的 EBITDA 利潤率為 21%，其收入的 97% 來自數字產品和服務。

Our Research segment is unchanged. In Research, we were already aligned with the customers, serving researchers and universities with research publishing and serving corporations and players in the research ecosystem with Research Solutions. Overall, Research reported a 34% EBITDA margin year-to-date and 95% of its revenue came from digital products and services.

我們的研究部門沒有變化。在研究方面，我們已經與客戶保持一致，通過研究出版為研究人員和大學提供服務，並通過研究解決方案為研究生態系統中的公司和參與者提供服務。總體而言，Research 報告年初至今的 EBITDA 利潤率為 34%，其 95% 的收入來自數字產品和服務。

Okay. So let's turn to the detail of our third quarter performance, which was affected by two significant issues that we will talk about in detail. These are the continuing headwinds in Academic and the pause of the Hindawi publishing program known as special issues. The publishing delays caused by this pause significantly impacted Q3 results and our Q4 growth expectations. As we review our financials, please note that as always, variances exclude currency impact.

好的。那麼讓我們來看看我們第三季度業績的細節，這受到我們將詳細討論的兩個重大問題的影響。這些是學術界持續的不利因素以及被稱為特刊的 Hindawi 出版計劃的暫停。這次暫停導致的發布延遲嚴重影響了第三季度的業績和我們第四季度的增長預期。在我們審查財務數據時，請注意，與往常一樣，差異不包括貨幣影響。

Wiley's revenue for the quarter decreased by 2% due to the declines in our Academic Publishing, University Services and Research Publishing lines for the reasons discussed earlier. Christina will provide further details on our segment level performance. Our GAAP EPS was a loss of $1.29, mainly due to a noncash goodwill impairment to our former Education Services segment and current University Services line totaling $100 million. This is $1.69 per share. This charge reflects continued enrollment headwinds we're seeing in higher ed, rising interest rates and lower market multiples. The GAAP loss also reflected restructuring charges related to the closure of our tech center in Russia.

Wiley 本季度的收入下降了 2%，原因是我們的學術出版、大學服務和研究出版業務因前面討論的原因而下降。克里斯蒂娜 (Christina) 將提供有關我們細分市場績效的更多詳細信息。我們的 GAAP 每股收益虧損 1.29 美元，主要是由於我們之前的教育服務部門和當前大學服務部門的非現金商譽減值總額為 1 億美元。這是每股 1.69 美元。這筆費用反映了我們在高等教育、利率上升和市場倍數下降方面看到的持續招生逆風。 GAAP 虧損還反映了與我們在俄羅斯的技術中心關閉相關的重組費用。

Adjusted EBITDA declined 3%, mainly due to revenue performance, offsetting corporate expense savings of $14 million. Our adjusted EBITDA margin for the quarter was 19.9% compared to 19.3% in the prior year. Adjusted EPS declined 9% primarily due to revenue performance and $7 million of additional interest expense compared to prior year.

調整後的 EBITDA 下降了 3%，主要是由於收入表現，抵消了 1400 萬美元的公司費用節省。我們本季度調整後的 EBITDA 利潤率為 19.9%，而去年同期為 19.3%。調整後的每股收益下降了 9%，這主要是由於收入表現以及與上一年相比增加 700 萬美元的利息支出。

Let me speak to the year-to-date headwinds in the academic market, which has been a struggle to predict this year. There are several components. First, Academic Publishing has been challenged all year by the pullback in discretionary consumer spending, notably affecting demand for our professional publishing, but also affecting academic content and courseware. Within Academic, Professional Publishing was particularly challenged in Q3. It is our most consumer-dependent line of business.

讓我談談今年以來學術市場的逆風，今年很難預測。有幾個組成部分。首先，學術出版全年都受到可支配消費支出回落的挑戰，這顯著影響了對我們專業出版的需求，同時也影響了學術內容和課件。在學術界，專業出版在第三季度尤其受到挑戰。這是我們最依賴消費者的業務線。

Second, we've continued to see key online retailers adjusting their inventory practices, abruptly lowering their inventory levels at different times during the year. This is a typical, albeit unpredictable response by retailers in challenging economic moments.

其次，我們繼續看到主要的在線零售商調整他們的庫存做法，在一年中的不同時間突然降低他們的庫存水平。這是零售商在充滿挑戰的經濟時期做出的一種典型的、但不可預測的反應。

Third, higher education enrollment continues to be challenged by the continuing strength of the labor market as would be students gravitate directly to jobs rather than going to school for a degree. This factor has been persistent through the year, affecting both our University Services and Academic Publishing lines. As the economy slows, much of this should reverse, but there is historically a 12- to 18-month lag between the start of a recession and a material increase in university enrollment.

第三，高等教育入學繼續受到勞動力市場持續強勁的挑戰，因為學生會直接被工作吸引而不是去學校攻讀學位。這一因素在這一年中一直存在，影響了我們的大學服務和學術出版業務。隨著經濟放緩，其中大部分應該會逆轉，但從歷史上看，經濟衰退開始與大學入學人數大幅增加之間有 12 到 18 個月的滯後時間。

Finally, you may know that universities are now under significant financial stress due to issues with enrollment and funding. This has put pressure on the pricing of revenue share agreements and the demand for fee-for-service work. We continue to work with our long-term partners to solve for their challenges. And internally, we're tailoring our offerings and rightsizing our cost structure to ensure healthy returns. Nonetheless, these pressures have impacted our year-over-year performance. We are confident that most of these headwinds are cyclical and thus temporary.

最後，您可能知道由於招生和資金問題，大學現在承受著巨大的財務壓力。這給收入分成協議的定價和對按服務收費的工作的需求帶來了壓力。我們繼續與我們的長期合作夥伴合作，解決他們的挑戰。在內部，我們正在調整我們的產品並合理調整我們的成本結構，以確保健康的回報。儘管如此，這些壓力影響了我們的年度業績。我們相信，這些逆風中的大多數都是周期性的，因此是暫時的。

Now, let's talk about the unexpected event at Hindawi, the open research publisher we acquired in January of 2021. In Q3, we temporarily suspended a fast-growing publishing program at Hindawi known as special issues. Special issues are topic-specific issues of research journals. At Hindawi, these special issues are assembled and edited by external guest editors who are from the field and chosen for their specific expertise and position. In this case, we noticed misconduct in certain special issues under certain editors in which compromised papers were being submitted and accepted. To be clear, this was being done by non-Wiley editors and reviewers.

現在，讓我們來談談我們在 2021 年 1 月收購的開放研究出版商 Hindawi 發生的意外事件。在第三季度，我們暫時停止了 Hindawi 快速發展的出版計劃，即特刊。特刊是研究期刊的特定主題問題。在 Hindawi，這些特刊由來自該領域的外部客座編輯整理和編輯，這些編輯根據其特定的專業知識和職位而被選中。在這種情況下，我們注意到某些編輯在某些特刊中的不當行為，在這些特刊中提交並接受了受損的論文。需要明確的是，這是由非 Wiley 編輯和審稿人完成的。

Upon discovery, the Wiley team responded quickly, suspending the Hindawi special issues program and fixing the source of the problem by purging the external bad actors and by implementing measures to prevent this from happening again. To date, these actions include increasing editorial controls and introducing new AI-based screening tools into the editorial process. We've also been scrubbing the archive and publicly retracting any compromised articles.

發現後，Wiley 團隊迅速做出反應，暫停了 Hindawi 特刊計劃，並通過清除外部不良行為者並採取措施防止這種情況再次發生來解決問題的根源。迄今為止，這些行動包括增加編輯控制和在編輯過程中引入新的基於 AI 的篩選工具。我們也一直在清理檔案並公開撤回任何受損的文章。

This situation is disappointing to say the least, and it is consequential for the year. The current projected impact to our full year outlook is up to $30 million in revenue and up to $25 million in adjusted EBITDA.

這種情況至少可以說是令人失望的，這對今年來說是很重要的。目前預計對我們全年前景的影響是高達 3000 萬美元的收入和高達 2500 萬美元的調整後 EBITDA。

Looking ahead, we expect this issue to have some impact on Hindawi submissions and publications in fiscal '24 due to the article backlog that has accumulated and the potential impact on the affected Hindawi journal brands.

展望未來，由於積累的文章積壓以及對受影響的 Hindawi 期刊品牌的潛在影響，我們預計該問題將對 24 財年的 Hindawi 提交和出版物產生一些影響。

To state the obvious, we take this issue and all issues like it very seriously, and Wiley will do whatever is needed to protect the -- of our brands and the integrity of the scholarly record. This includes proactively sharing our findings and best practices with the rest of the industry, and working together to stop anyone from undermining the value of published scientific research.

顯而易見的是，我們非常重視這個問題和所有類似的問題，Wiley 將盡一切努力保護我們的品牌和學術記錄的完整性。這包括主動與業內其他人分享我們的發現和最佳實踐，並共同努力阻止任何人破壞已發表科學研究的價值。

Continuing with Research, let's talk about how we're doing on our strategic and operational commitments for fiscal year '23. Our first commitment in Research is to publish more to meet global demand and drive revenue. Unfortunately, the interruption of the Hindawi special issues drove lower volumes this quarter with article submissions and publishing output both down 7%. Year-to-date, overall submissions were up 2% with output down 4%. Notably, if we set aside the Hindawi publishing pause, OA submissions and output were up 10% and 4% year-to-date. So demand to publish with Wiley as always, remains solid.

繼續研究，讓我們談談我們如何履行 23 財年的戰略和運營承諾。我們在研究方面的首要承諾是發布更多內容以滿足全球需求並增加收入。不幸的是，Hindawi 特刊的中斷導致本季度的文章提交量和出版量均下降了 7%。年初至今，總體提交量增加了 2%，產量下降了 4%。值得注意的是，如果我們擱置 Hindawi 出版暫停，OA 提交和產出今年迄今分別增長了 10% 和 4%。因此，一如既往地與 Wiley 合作發表論文的需求依然強勁。

Beyond this, we're making very good progress on our publishing productivity goals such as the referral rate of rejected articles from one Wiley journal to another. This is key since there was always pent-up demand to publish in Wiley journals. 70% of submitted articles are rejected by Wiley mostly due to improper fit, not article quality. Increasingly, we're finding homes for these articles within our expansive journal portfolio. Year-to-date, 63% of rejected authors were offered another Wiley option to publish, up from 49% the prior year period. This is a great low-cost driver of consistent volume and revenue growth.

除此之外，我們在出版生產力目標方面取得了很好的進展，例如將被拒絕的文章從一本 Wiley 期刊轉介到另一本期刊的率。這是關鍵，因為在 Wiley 期刊上發表文章的需求總是被壓抑。 70% 的提交文章被 Wiley 拒絕主要是因為不合適，而不是文章質量。我們越來越多地在我們龐大的期刊組合中為這些文章尋找歸宿。今年迄今，63% 的被拒作者獲得了 Wiley 的另一種發表選擇，高於去年同期的 49%。這是持續銷量和收入增長的重要低成本驅動力。

We continue to make very good progress on transformational agreements, signing initial multiyear agreements in India, the Czech Republic, Hong Kong and our first countrywide agreement in Canada. In the U.S., we signed new deals with Princeton, NYU and Texas A&M. We also signed an important multiyear renewal in Japan, expanding it from 4 to 18 institutions. To date, Wiley has signed over 60 of these agreements, representing thousands of institutions in 23 countries. Looking ahead, the pipeline remains strong, and this is foundational to our research strategy.

我們繼續在轉型協議方面取得很好的進展，在印度、捷克共和國、香港簽署了初步的多年期協議，並在加拿大簽署了第一份全國性協議。在美國，我們與普林斯頓大學、紐約大學和德州農工大學簽署了新協議。我們還在日本簽署了一項重要的多年續約協議，將其從 4 個機構擴大到 18 個。迄今為止，Wiley 已經簽署了 60 多項此類協議，代表了 23 個國家/地區的數千家機構。展望未來，管道依然強勁，這是我們研究戰略的基礎。

In Research Solutions, we signed 20 new partners in the quarter. This group includes leading academic societies, not-for-profits and corporations. We also signed another major publishing peer and they now subscribe to multiple Wiley services.

在研究解決方案方面，我們在本季度簽署了 20 個新合作夥伴。該團體包括領先的學術團體、非營利組織和公司。我們還與另一家主要出版商簽約，他們現在訂閱了多項 Wiley 服務。

To refresh, Wiley Research Solutions delivers the critical platforms and tech-enabled services that publishers, companies and institutions need to succeed in the open research economy. Notably, upsells continue to accelerate across our Wiley network of over 900 partners, validating the scalability of our solution strategy. We signed 18 upsell deals this quarter. Notable wins include a career center partnership with a prominent scientific organization, a platform partnerships with the world's largest technical society and an education hub partnership for a major national medical association. The partner solutions strategy has material revenue and profit potential, and we're very excited about the way that it is developing.

Wiley Research Solutions 提供出版商、公司和機構在開放研究經濟中取得成功所需的關鍵平台和技術支持服務。值得注意的是，在我們由 900 多個合作夥伴組成的 Wiley 網絡中，追加銷售繼續加速，驗證了我們解決方案戰略的可擴展性。本季度我們簽署了 18 筆追加銷售交易。值得注意的勝利包括與著名科學組織的職業中心合作夥伴關係、與世界上最大的技術協會的平台合作夥伴關係以及與主要國家醫學協會的教育中心合作夥伴關係。合作夥伴解決方案戰略具有巨大的收入和利潤潛力，我們對其發展方式感到非常興奮。

So we're working through some unusual challenges in Research this year, but our strategy continues to be supported by favorable long-term trends and a very strong competitive position. Wiley has one of the world's leading journal portfolio brands, the industry's leading content distribution platform and a large network of partners supporting our strategic direction.

因此，我們今年在研究方面正在努力應對一些不尋常的挑戰，但我們的戰略繼續得到有利的長期趨勢和非常強大的競爭地位的支持。 Wiley 擁有世界領先的期刊組合品牌之一、行業領先的內容分發平台和支持我們戰略方向的龐大合作夥伴網絡。

Let's turn to how we're doing with our key initiatives in career-connected education. As a reminder, we said we would expand our corporate and university client bases, and we are. We're making especially good progress in growing our corporate partner network. This quarter, we signed another five clients for Wiley Edge, our talent development brand. This included major multinationals in energy, consumer goods, information and financial services, and the client pipeline remains very healthy. For our existing clients, we saw continued double-digit growth in employee placements through Wiley Edge.

讓我們談談我們在與職業相關的教育方面的關鍵舉措。提醒一下，我們說過我們會擴大我們的企業和大學客戶群，我們確實在這樣做。我們在發展企業合作夥伴網絡方面取得了特別好的進展。本季度，我們為我們的人才發展品牌 Wiley Edge 簽下了另外五個客戶。這包括能源、消費品、信息和金融服務領域的主要跨國公司，客戶渠道仍然非常健康。對於我們現有的客戶，我們通過 Wiley Edge 看到了員工安置的持續兩位數增長。

While demand has been strong through Q3, we continue to watch for hiring slowdowns, given the challenging economic climate and the reported pullback in tech hiring. That said, there remains a long-term shortage of technology and digital business professionals in nearly every industry. And a recent survey shows that 80% of managers say they plan to increase their technology talent budget in 2023 to meet increasing digital demands. So the big long-term opportunity for Wiley is solid.

儘管整個第三季度的需求一直強勁，但鑑於充滿挑戰的經濟環境和據報導的技術招聘回落，我們繼續關注招聘放緩。也就是說，幾乎每個行業都長期缺乏技術和數字業務專業人員。最近的一項調查顯示，80% 的管理人員表示，他們計劃在 2023 年增加技術人才預算，以滿足日益增長的數字化需求。因此，威利的長期大好機會是可靠的。

Wiley continues to be an important strategic partner to universities. We recently signed a partnership with Columbia University School of Engineering and Applied Science to deliver engineering certificates to all Wiley Edge graduates. This is an exciting example of Wiley using its unique position in both academic and corporate education to bridge the talent gap and drive growth. We are very proud to be in partnership with Colombia, one of the world's preeminent academic institutions.

Wiley 一直是大學的重要戰略合作夥伴。我們最近與哥倫比亞大學工程與應用科學學院簽署了合作夥伴關係，為所有 Wiley Edge 畢業生提供工程證書。這是 Wiley 利用其在學術和企業教育中的獨特地位來彌合人才差距和推動增長的一個令人興奮的例子。我們很自豪能與世界上最傑出的學術機構之一哥倫比亞合作。

Within our existing partner base, we added four new degree programs for a total of 60 new programs year-to-date. After the quarter closed, we added three new schools at Ohio University. This included 16 new degree programs and nine new certifications. While market-related enrollment issues remain, we continue to see demand from institutions for our gold standard university services.

在我們現有的合作夥伴基礎上，我們增加了四個新的學位項目，年初至今總共有 60 個新項目。本季度結束後，我們在俄亥俄大學增加了三所新學校。這包括 16 個新學位課程和九個新認證。雖然與市場相關的招生問題仍然存在，但我們繼續看到機構對我們黃金標準大學服務的需求。

Turning to digital courseware. We continue to see good momentum even in a challenging market environment. Our zyBooks courseware saw growth of 31% this quarter with strong institutional demand, especially from some of the most innovative and fastest-growing universities. We launched new courseware solutions in information technology and in quantitative reasoning and we signed large courses in STEM disciplines with national and regional institutions. ZyBooks is a good example of Wiley finding success through focus and differentiation.

轉向數字課件。即使在充滿挑戰的市場環境中，我們也繼續看到良好的勢頭。我們的 zyBooks 課件本季度增長了 31%，機構需求強勁，尤其是來自一些最具創新性和發展最快的大學。我們在信息技術和定量推理方面推出了新的課件解決方案，並與國家和地區機構簽署了 STEM 學科的大型課程。 ZyBooks 是 Wiley 通過專注和差異化獲得成功的一個很好的例子。

In summary, despite the macroeconomic and market headwinds, we continue to execute well on our commitments.

總而言之，儘管宏觀經濟和市場逆風，我們繼續履行我們的承諾。

I'm now going to pass the call over to Christina to talk about our results, our outlook and how we're accelerating our pan-Wiley simplification and optimization efforts, which we will outline in more detail in June.

我現在要將電話轉給 Christina，談談我們的結果、我們的展望以及我們如何加速泛 Wiley 簡化和優化工作，我們將在 6 月更詳細地概述這些工作。

Thank you, Brian. We are obviously disappointed by our results this quarter and our revised outlook. It has been a highly unusual and unpredictable time for Wiley on several fronts, but we have a path forward, and we are moving with urgency and focus.

謝謝你，布萊恩。我們顯然對本季度的業績和修改後的前景感到失望。對於威利來說，在幾個方面來說，這是一個非常不尋常和不可預測的時期，但我們有一條前進的道路，我們正在緊迫和專注地前進。

Let's begin with our segment performance, starting with Research. Research Publishing revenue declined 3% this quarter, primarily due to the Hindawi special issues pause. As Brian noted, we continue to execute on our strategy to convert legacy read-only models to our transformational read and published models while building on our cascade strategy of finding rejected articles another more appropriate home within the Wiley portfolio. Research Solutions revenue rose 6% or 4% organically, driven by our platform services and science databases.

讓我們從我們的細分市場表現開始，從研究開始。 Research Publishing 收入本季度下降了 3%，這主要是由於 Hindawi 特刊暫停發行。正如 Brian 指出的那樣，我們繼續執行我們的策略，將遺留的只讀模型轉換為我們的轉換閱讀和發布模型，同時建立我們的級聯策略，在 Wiley 產品組合中找到另一個更合適的家被拒絕的文章。在我們的平台服務和科學數據庫的推動下，研究解決方案收入有機增長 6% 或 4%。

We continue to make great progress here in expanding our partnership network, signing 77 society and corporate partners for services ranging from research consulting and production to delivery platforms, corporate events and education. An important note here, it does take time to onboard these partners. So in many cases, the revenue from these signings will not materialize until fiscal year '24.

我們在擴大合作夥伴網絡方面繼續取得重大進展，與 77 個社會和企業合作夥伴簽約，提供從研究諮詢和生產到交付平台、企業活動和教育的服務。這裡有一個重要說明，加入這些合作夥伴確實需要時間。因此，在許多情況下，這些簽約的收入要到 24 財年才能實現。

Solutions is a growth driver for us. And so in Q2, we increased our investment in the space.

解決方案是我們的增長動力。因此在第二季度，我們增加了對該領域的投資。

Adjusted EBITDA in Research declined 7%, primarily due to Hindawi revenue decline and investments to expand our editorial capabilities and scale our solutions offerings to meet partner demand. A quick note, the unusually strong currency fluctuations this year brought to light that our adjusted EBITDA in Research was being adversely impacted by royalty expenses denominated in British pounds, but derived from U.S. dollar revenue. We normalize for this FX impact, resulting in an adjusted EBITDA benefit of $2 million for this quarter. We also amended Q1 and Q2 adjusted EBITDA by $3 million each quarter. The currency impact was insignificant in prior year. We believe this change more adequately reflects our true operating performance.

調整後的研究 EBITDA 下降了 7%，這主要是由於 Hindawi 收入下降以及為擴大我們的編輯能力和擴展我們的解決方案產品以滿足合作夥伴需求而進行的投資。快速說明一下，今年異常強勁的貨幣波動表明，我們調整後的研究 EBITDA 受到以英鎊計價但來自美元收入的特許權使用費的不利影響。我們將這種外匯影響標準化，導致本季度調整後的 EBITDA 收益為 200 萬美元。我們還每個季度將第一季度和第二季度調整後的 EBITDA 修正了 300 萬美元。貨幣影響在上一年是微不足道的。我們相信這一變化更充分地反映了我們的真實經營業績。

Year-to-date, Research revenue was up 2%, while adjusted EBITDA was down 5%. Our adjusted EBITDA margin was 33.9% through 9 months versus 35.6% in the prior period. This is primarily due to the in-year investment to scale Research Solutions.

今年迄今為止，研究收入增長了 2%，而調整後的 EBITDA 下降了 5%。截至 9 個月，我們調整後的 EBITDA 利潤率為 33.9%，而上一期間為 35.6%。這主要是由於年內投資擴大研究解決方案。

Let's turn to Academic. The current environment remains challenging. Academic Publishing revenue was down 8%, driven by declines in both print and e-books. Digital courseware remains a bright spot with zyBooks revenue growing over 30%, with strong institutional demand and large course wins in STEM and business disciplines. University Services revenue declined 11%, driven by ongoing enrollment headwinds and lower revenue share in our long-term renewals. Spring enrollment in our programs was lower than anticipated, down 6%. We recorded a material impairment for University Services this quarter due to the market-related challenges we've been discussing.

讓我們轉向學術。當前的環境仍然充滿挑戰。學術出版收入下降了 8%，主要受紙質書和電子書銷量下滑的影響。數字課件仍然是一個亮點，zyBooks 的收入增長超過 30%，機構需求強勁，並且在 STEM 和商業學科中贏得了大量課程。大學服務收入下降了 11%，這是由於持續的招生不利因素和我們長期續約的收入份額下降所致。我們計劃的春季入學率低於預期，下降了 6%。由於我們一直在討論的與市場相關的挑戰，本季度我們記錄了大學服務的重大減值。

Adjusted EBITDA was down 20%, mainly due to the revenue decline. Year-to-date, Academic revenue was down 9% and adjusted EBITDA was down 27%. Our adjusted EBITDA margin was 18.3% through 9 months versus 22.9% in the prior year period. While margins are down mainly due to the revenue performance and mix, we have made good progress this year in reducing our expense base. And as Brian noted, we divested our test prep business and we'll continue to identify additional cost savings and operational improvements.

調整後的 EBITDA 下降了 20%，主要是由於收入下降。今年迄今為止，學術收入下降了 9%，調整後的 EBITDA 下降了 27%。過去 9 個月，我們調整後的 EBITDA 利潤率為 18.3%，而去年同期為 22.9%。雖然利潤率下降主要是由於收入表現和組合，但我們今年在減少費用基礎方面取得了良好進展。正如 Brian 指出的那樣，我們剝離了我們的考試準備業務，我們將繼續確定額外的成本節約和運營改進。

Let's turn to Talent, where we saw good growth in talent development and corporate training. Revenue for the quarter was up 18%, driven by strong placement and robust volume in our assessment and learning solutions. As mentioned, Wiley Edge added five new multinational corporate clients this quarter and grew placements by 38% over prior year.

讓我們轉向人才，我們在人才發展和企業培訓方面看到了良好的增長。本季度的收入增長了 18%，這得益於我們的評估和學習解決方案的強勁安置和強勁銷量。如前所述，Wiley Edge 本季度增加了 5 家新的跨國公司客戶，與去年同期相比增長了 38%。

Let me say a few words on our corporate training line. This has been a consistent performer and contributor to Wiley. Before COVID, our training was largely done in person. COVID forced it online and now is even more compelling as a hybrid solution. Here, we're providing high-demand soft skills training and workplace assessment tools. They are delivered to employees through digital platforms and through an authorized distributor network of independent consultants, trainers and coaches. Our brands include Everything DiSC, The Five Behaviors, Leadership Practices Inventory as well as pre-hire assessment tool called PXG Select. These solutions help organizations hire and develop highly effective managers, leaders and teams. Companies continuously invest in team development, so it remains a strong growth engine with very attractive margins.

我就我們企業培訓專線說幾句吧。這一直是 Wiley 的穩定執行者和貢獻者。在 COVID 之前，我們的培訓主要是親自完成的。 COVID 迫使它在線，現在作為混合解決方案更具吸引力。在這裡，我們提供高需求的軟技能培訓和工作場所評估工具。它們通過數字平台和由獨立顧問、培訓師和教練組成的授權分銷商網絡交付給員工。我們的品牌包括 Everything DiSC、五種行為、領導力實踐清單以及稱為 PXG Select 的聘用前評估工具。這些解決方案可幫助組織聘用和培養高效的經理、領導者和團隊。公司不斷投資於團隊發展，因此它仍然是一個強勁的增長引擎，利潤率非常誘人。

Back to our results in talent. Adjusted EBITDA for the quarter was 2% due to investments to scale talent development and some inflationary pressure on placement costs. Year-to-date, talent revenue rose 28% and adjusted EBITDA 21%. Our adjusted EBITDA margin was 21.2% through 9 months versus 22% in the prior year period.

回到我們在人才方面的成果。本季度調整後的 EBITDA 為 2%，這是由於擴大人才發展的投資和安置成本的一些通貨膨脹壓力。年初至今，人才收入增長了 28%，調整後的 EBITDA 增長了 21%。過去 9 個月，我們調整後的 EBITDA 利潤率為 21.2%，而去年同期為 22%。

Now let's review our financial position. Free cash flow year-to-date was a use of $22 million versus a prior year source of $77 million. The large variance reflects quarter-to-quarter working capital fluctuation, lower cash earnings and restructuring payments. The latter is related to targeted workforce reductions and real estate optimization. Importantly, we expect the working capital issues to resolve in Q4.

現在讓我們回顧一下我們的財務狀況。年初至今的自由現金流為 2200 萬美元，而上一年為 7700 萬美元。巨大的差異反映了營運資金的季度波動、較低的現金收益和重組付款。後者與有針對性的裁員和房地產優化有關。重要的是，我們預計營運資金問題將在第四季度得到解決。

We'll talk about our cash flow outlook on the next slide. CapEx was $75 million through 9 months, $6 million lower than prior year, and there were no material acquisitions. We remain active but patient on the acquisition front, primarily focused on adding scale and capabilities in Research. As of January, we had $126 million of cash on hand, an undrawn revolving credit of $553 million. As a reminder, we amended our revolving credit agreement in Q2 to extend more than $1.3 billion in credit capacity through November of 2027 with approximately $200 million in existing credit commitments to remain through the current maturity date of May 2024. Our total credit facility size remains at $1.5 billion. Net debt-to-EBITDA ratio was 2.1 at the end of January compared to 1.9 in the prior year. Finally, we allocated $58 million year-to-date to dividends and $24 million to share repurchases on par with prior year. Our current dividend yield is over 3%, and we've acquired 540,000 shares at an average cost of $44.47 per share.

我們將在下一張幻燈片中討論我們的現金流前景。 9 個月的資本支出為 7500 萬美元，比上年減少 600 萬美元，並且沒有重大收購。我們在收購方面保持積極但耐心，主要側重於增加研究的規模和能力。截至 1 月，我們手頭有 1.26 億美元現金，未提取的循環信貸為 5.53 億美元。提醒一下，我們在第二季度修訂了我們的循環信貸協議，將超過 13 億美元的信貸能力延長至 2027 年 11 月，現有的約 2 億美元信貸承諾將保持到 2024 年 5 月的當前到期日。我們的信貸額度總額保持不變15億美元。 1 月底淨債務與 EBITDA 的比率為 2.1，而去年同期為 1.9。最後，我們今年迄今分配了 5800 萬美元用於股息和 2400 萬美元用於股票回購，與去年持平。我們目前的股息收益率超過 3%，我們以每股 44.47 美元的平均成本收購了 540,000 股股票。

On to our outlook. In Q2, we began to see material headwinds in Academic, namely enrollment and consumer spending. As a reminder, we revised our revenue guidance downward in December, given what we knew then. At that time, we also reaffirmed adjusted EBITDA and free cash flow and guided towards the lower end of the range for adjusted EPS.

關於我們的前景。在第二季度，我們開始看到學術領域的不利因素，即入學率和消費者支出。提醒一下，我們在 12 月下調了我們的收入指引，這是我們當時所知道的。當時，我們還重申了調整後的 EBITDA 和自由現金流，並指導調整後的 EPS 範圍的下限。

In Q3, Academic headwinds were worse than expected, driven by the combination of macroeconomic challenges and the strong labor markets impact on enrollment. In addition, the Q3 emergence of the Hindawi publishing interruption has pulled down our full year expectation by up to $30 million in revenue and up to $25 million in EBITDA.

在第三季度，受宏觀經濟挑戰和勞動力市場對入學的強大影響共同推動，學術逆風比預期更糟。此外，第三季度出現的 Hindawi 出版中斷使我們全年的收入預期降低了 3000 萬美元，EBITDA 降低了 2500 萬美元。

With these unexpected challenges in Q3 and Q4, we are taking our revenue outlook down by an additional $45 million to $60 million. This leads us to reduce our adjusted EBITDA guidance by $30 million to $40 million to a range of $395 million to $410 million. We're lowering our adjusted EPS outlook by $0.40 to $0.50 to a range of $3.30 to $3.55. This reflects lower projected EBITDA and higher interest expense. Finally, we're lowering our free cash flow outlook to a range of $160 million to $185 million. The primary drivers are lower projected cash earnings and higher payments for restructuring, particularly the closing of our tech development center in Russia. Our CapEx range remains $110 million to $120 million.

由於第三季度和第四季度出現這些意想不到的挑戰，我們將收入預期再下調 4500 萬至 6000 萬美元。這導致我們將調整後的 EBITDA 指引減少 3000 萬至 4000 萬美元，降至 3.95 億至 4.1 億美元的範圍。我們將調整後的每股收益預期下調 0.40 美元至 0.50 美元至 3.30 美元至 3.55 美元的範圍。這反映了較低的預計 EBITDA 和較高的利息支出。最後，我們將自由現金流前景下調至 1.6 億美元至 1.85 億美元的範圍。主要驅動因素是較低的預計現金收入和較高的重組付款，尤其是我們在俄羅斯的技術開發中心的關閉。我們的資本支出範圍仍為 1.1 億至 1.2 億美元。

In terms of FX impact on our outlook, currency is a $60 million headwind at the revenue line. Since most of our global business is denominated in U.S. dollars and given our large expense base in Europe, we remain largely self-hedged from an earnings and cash flow standpoint.

就外匯對我們前景的影響而言，貨幣對收入線造成 6000 萬美元的阻力。由於我們的大部分全球業務都以美元計價，並且考慮到我們在歐洲的龐大支出基礎，從收益和現金流的角度來看，我們在很大程度上仍然進行了自我對沖。

On to our critical simplification and business optimization work. We are well underway in our multifaceted multiyear plans. Our objective is to drive both performance and profitability, and our plans are built on the ongoing review and active rapid rationalization of our business portfolio. Our commitment is to focus Wiley on its core growth and profit engines while improving the economics of our product portfolios.

關於我們關鍵的簡化和業務優化工作。我們的多方面多年計劃正在順利進行。我們的目標是推動業績和盈利能力，我們的計劃建立在對我們的業務組合進行持續審查和積極快速合理化的基礎上。我們的承諾是讓 Wiley 專注於其核心增長和利潤引擎，同時提高我們產品組合的經濟性。

Beyond just realigning our segments, we continue to reallocate investment to our best growth and profit opportunities such as those in Research and Talent and prune our portfolio where it makes the most sense. We recently restructured parts of education, rightsizing them to reflect the market realities and generating important savings. As noted, we recently sold our test prep business with further reviews underway.

除了重新調整我們的部門外，我們還繼續將投資重新分配給我們最好的增長和利潤機會，例如研究和人才領域的機會，並在最有意義的地方修剪我們的投資組合。我們最近對部分教育進行了重組，調整它們以反映市場現實並產生重要的節省。如前所述，我們最近出售了我們的備考業務，並正在進行進一步審查。

Organizationally, the alignment of our segments is improving both the speed and execution while eliminating redundancy and waste. Around the company, we are streamlining our core processes and workflows with tech-enabled solutions. One example of this is the reengineering of our highly strategic but costly area of research content development and publication. This initiative is enhancing our publication process end-to-end by driving automation and intelligence from submission to publication. As a result, we can significantly reduce the cost and labor intensity of the whole process while increasing quality, data, capacity, speed and customer engagement. It's early days here, but we are encouraged by our progress to date, and we're already starting to share these advances as solutions to our clients.

在組織上，我們部門的一致性正在提高速度和執行力，同時消除冗餘和浪費。在整個公司，我們正在通過技術支持的解決方案簡化我們的核心流程和工作流程。這方面的一個例子是重新設計我們具有高度戰略性但成本高昂的研究內容開發和出版領域。該計劃通過推動從提交到發布的自動化和智能化，增強了我們端到端的發布流程。因此，我們可以顯著降低整個過程的成本和勞動強度，同時提高質量、數據、容量、速度和客戶參與度。現在還處於早期階段，但我們對迄今為止取得的進展感到鼓舞，並且我們已經開始將這些進步作為解決方案分享給我們的客戶。

On the restructuring front, we recorded a $9 million charge in Q3, stemming from the official closure of our Russia tech development center. Our year-to-date restructuring charges totaled $45 million.

在重組方面，由於我們的俄羅斯技術開發中心正式關閉，我們在第三季度記錄了 900 萬美元的費用。我們年初至今的重組費用總計 4500 萬美元。

Elsewhere, we've continued to reduce our global office footprint by 22% this year and 1/3 since 2020. Combined, these actions are expected to yield a run rate savings of approximately $60 million, $30 million of that is expected this fiscal year and is reflected in our current outlook. We will continue to identify permanent cost savings as we relentlessly focus on operational excellence. All of this is freeing up capital to support both improved profit and growth.

在其他地方，我們今年繼續將全球辦公室足跡減少 22%，自 2020 年以來減少 1/3。這些行動預計將產生約 6000 萬美元的運行率節省，預計本財年將節省 3000 萬美元並反映在我們目前的展望中。隨著我們不懈地專注於卓越運營，我們將繼續確定永久性成本節約。所有這些都在釋放資本以支持提高利潤和增長。

While our margins have declined this year due to revenue shortfalls and investments in Research Solutions and Talent, we've also made steady progress in our optimization efforts. We see many opportunities to expand this program and then engage outside advisers to help identify additional improvements that will drive future performance and materially increase our operating margin over time. We'll update you further on our progress in June.

由於收入不足以及對研究解決方案和人才的投資，今年我們的利潤率有所下降，但我們在優化工作方面也取得了穩步進展。我們看到了很多擴展該計劃的機會，然後聘請外部顧問來幫助確定其他改進措施，這些改進措施將推動未來的業績並隨著時間的推移顯著提高我們的營業利潤率。我們將在 6 月進一步向您通報我們的進展情況。

And with that, I'll pass the call back to Brian.

有了這個，我會把電話轉回給布賴恩。

Thanks, Christina. Let me quickly summarize the key takeaways for the quarter before we go on to Q&A. Above all, our Q3 results and full year outlook were below expectations and simply not good enough. Like many, we're facing strong and unusual market headwinds this year, and these unexpectedly increased in the quarter, especially in education. Add to this, the publishing pause in a high-growth program in Research and the result is a surprising and unsatisfactory quarter and lower expectations for the year.

謝謝，克里斯蒂娜。在我們繼續問答之前，讓我快速總結一下本季度的主要收穫。最重要的是，我們的第三季度業績和全年展望低於預期，而且還不夠好。與許多人一樣，我們今年面臨著強大而不同尋常的市場逆風，而且這些逆風在本季度意外增加，尤其是在教育領域。此外，研究部門的一個高增長計劃的發布暫停，結果是一個令人驚訝且不盡如人意的季度，並降低了對今年的預期。

We're committed to meaningfully improving Wiley's performance and profitability and are both executing and accelerating our simplification and optimization plans. We'll provide more detail on this in June. And as always, Wiley's strong balance sheet and annual cash flow continue to allow us to reinvest in profitable growth while also rewarding long-term shareholders with dividends and share repurchases.

我們致力於顯著提高 Wiley 的績效和盈利能力，並且正在執行和加速我們的簡化和優化計劃。我們將在 6 月提供更多詳細信息。與往常一樣，Wiley 強勁的資產負債表和年度現金流繼續使我們能夠對盈利增長進行再投資，同時還通過股息和股票回購獎勵長期股東。

All that said, we are very confident in Wiley's future. Our core growth engines are strong, our strategies remain well aligned with the long-term positive market trends and we continue to execute our strategic commitments.

儘管如此，我們對 Wiley 的未來充滿信心。我們的核心增長引擎強勁，我們的戰略與長期積極的市場趨勢保持一致，我們將繼續執行我們的戰略承諾。

Today's unusual environment demands that we act decisively to fuel our best opportunities while also driving structural and operational improvements that ensure we grow more profitably. We expect to share meaningful progress in the quarters to come as we make our way to our October Investor Day.

當今不尋常的環境要求我們果斷地採取行動以抓住最好的機會，同時推動結構和運營改進，以確保我們實現更高的盈利增長。隨著我們進入 10 月的投資者日，我們希望在未來幾個季度分享有意義的進展。

As always, I want to thank our colleagues around the world for their exceptional efforts and continued execution through this very challenging period. This global team's steadfast commitment to our mission, our customers and our colleagues is simply remarkable. This community is special, and I'm thankful to be part of it.

一如既往，我要感謝我們在世界各地的同事，感謝他們在這個充滿挑戰的時期所做的非凡努力和持續執行。這個全球團隊對我們的使命、我們的客戶和我們的同事的堅定承諾簡直是非凡的。這個社區很特別，我很高興能成為其中的一員。

With that, I'll now open the floor to any comments and questions.

說到這裡，我現在開始接受大家的意見和問題。

(Operator Instructions) We'll take our questions from Daniel Moore with CJS Securities.

（操作員說明）我們將從 CJS 證券公司的 Daniel Moore 那裡回答我們的問題。

A lot to unpack. I'm going to focus on Hindawi, one, and some of the cost restructuring and how that might drive a rebound in profitability, two.

很多東西要打開。我將重點關注 Hindawi，其一，以及一些成本重組，以及這將如何推動盈利能力的反彈，其二。

Starting with Hindawi, the $30 million revenue impact for fiscal '23, $25 million in EBITDA is very helpful. What would Hindawi revenue have been without the impact for the full year? In other words, what are special issue programs kind of as a percentage of Hindawi on a run rate basis today?

從 Hindawi 開始，23 財年 3000 萬美元的收入影響，2500 萬美元的 EBITDA 非常有幫助。如果沒有影響，Hindawi 全年的收入會是多少？換句話說，特刊節目在今天的運行率基礎上佔 Hindawi 的百分比是多少？

Yes. We were on track to achieve about $85 million in revenue with Hindawi. The special issue program is a significant part of the Hindawi program. It's been very successful for us and that represents over half of Hindawi's revenue for the year. So it's important to know that when we shut this down, which we did because we had to protect the integrity of our brands and need to get ahead of it, we were also putting the pause on a significant part of the program. Of course, only a small part of that was actually affected of the Hindawi program, but we needed to clamp down.

是的。我們有望通過 Hindawi 實現約 8500 萬美元的收入。特刊計劃是 Hindawi 計劃的重要組成部分。這對我們來說非常成功，佔 Hindawi 今年收入的一半以上。因此，重要的是要知道當我們關閉它時，我們這樣做是因為我們必須保護我們品牌的完整性並且需要領先於它，我們也暫停了該計劃的重要部分。當然，其中只有一小部分實際上受到了 Hindawi 計劃的影響，但我們需要加以遏制。

Makes sense. And then just of the $30 million and $25 million, maybe you gave it, I apologize, just trying to cut it up between Q3 and Q4. What was the impact on revenue and EBITDA in Q3? And then that can imply the remainder for Q4.

說得通。然後只是在 3000 萬美元和 2500 萬美元中，我道歉，也許你給了它，只是想在第三季度和第四季度之間削減它。對第三季度的收入和 EBITDA 有何影響？然後這可能意味著第四季度的剩餘部分。

I can take that. The impact on Q3 was approximately $15 million. Yes.

我可以接受。對第三季度的影響約為 1500 萬美元。是的。

$15 million revenue?

1500萬美元的收入？

Yes, about half and half. Yes.

是的，大約一半一半。是的。

Got it. And about half and half the same for EBITDA?

知道了。 EBITDA 大約一半一半？

Yes. Yes.

是的。是的。

Perfect. Okay. So just talk, Brian, to the 2- to 3-year -- I guess, is there a time frame or a pathway to backfilling that, recognize that it might spill into '24. But has the 2- to 3-year revenue and EBITDA outlook for Hindawi been impaired in your view?

完美的。好的。所以，Brian，談談 2 到 3 年——我想，是否有時間框架或途徑來回填它，認識到它可能會蔓延到 24 年。但您認為 Hindawi 的 2 至 3 年收入和 EBITDA 前景是否受到損害？

Well, I mean, look, the answer is we're still unpacking. And I'm not going to provide forward projections for Hindawi for the business overall. We'll be very happy to talk about all that in June. But this issue relates to the specific program. We put the fixes in place. We feel very good about what we've done. We are reopening the programs. And we are moving forward to clear the backlog and drive forward with our publishing program.

好吧，我的意思是，看，答案是我們還在拆包。而且我不會為 Hindawi 提供整體業務的前瞻性預測。我們很樂意在 6 月份討論所有這些。但是這個問題涉及到具體的程序。我們進行了修復。我們對自己所做的感到非常滿意。我們正在重新開放這些項目。我們正在努力清理積壓的工作並推進我們的出版計劃。

As you know, the underlying trends in Open Access and in Research Publishing remained really strong due to consistent funding levels as we always say, and also due to the continuing growth in output in Research. There is no reason to believe that, that consistent demand will not translate into growth rates in Open Access consistent with what we've seen before. And as you know, Wiley continues to gain more than its share of -- due to our strong brands and are really successful and aggressive posture toward Open Access.

如您所知，開放獲取和研究出版的潛在趨勢仍然非常強勁，這要歸功於我們一直說的穩定的資金水平，以及研究產出的持續增長。沒有理由相信，持續的需求不會轉化為與我們之前看到的一致的開放獲取增長率。正如你所知，由於我們強大的品牌以及在開放獲取方面真正成功和積極的姿態，Wiley 繼續獲得超過其份額的收益。

So we expect to get back to that trajectory. But right now, I'm not going to talk about exactly the timing thereof, we happy to. But again, just to be clear, we've -- we stanch the problem. We shut down the program. We're now reopening again. So you can look at this as a temporary speed bump rather than anything that affects our long-term trajectory.

所以我們希望回到那個軌跡。但現在，我不打算談論確切的時間，我們很樂意。但再次聲明，我們已經——我們解決了這個問題。我們關閉了程序。我們現在又重新開張了。所以你可以把這看作是一個臨時的減速帶，而不是任何影響我們長期軌蹟的東西。

Very helpful. And then maybe, can you provide as it relates to -- I think last quarter was $50 million. In run rate cost savings, up to $60 million. Any more specificity in terms of the biggest buckets of those cost savings in personnel versus platforms? Just kind of how we break those up. And I'm assuming about half of the $60 million falls in '23 with the remainder in '24. Is that -- the '24 is that earmarked for profitability? You can see some of that being reinvested. Just trying to get a sense for how quickly we can rebound in terms of margins and profitability.

很有幫助。然後也許，你能提供與它相關的嗎——我認為上個季度是 5000 萬美元。運行成本節省高達 6000 萬美元。就人員與平台節省的最大成本而言，是否更具體？就像我們如何分解它們一樣。我假設 6000 萬美元中的大約一半落在 23 年，其餘的落在 24 年。那是——'24 是專門用於盈利的嗎？你可以看到其中一些被重新投資。只是想了解我們在利潤率和盈利能力方面能夠多快反彈。

Sure. I'll take that one, Dan. Thanks. Yes, about approximately half of that restructuring is people-related costs, and the other half are things like real estate and other measures. And yes, for next year, $60 million run rate. We have $30 million this year. You're $30 million in the future. And we are in the process of -- in our planning and our guidance and all of that, looking at how much of that we do want to reinvest and how much we want to -- and obviously, when we're reinvesting, we're looking to -- we're looking to invest towards long-term margin accretion and also how much you want to actually drop in the short term.

當然。我要那個，丹。謝謝。是的，大約一半的重組是與人員相關的成本，另一半是房地產和其他措施。是的，明年的運行率為 6000 萬美元。我們今年有 3000 萬美元。你的未來是 3000 萬美元。我們正在 - 在我們的計劃和指導以及所有這些過程中，看看我們確實想要再投資多少以及我們想要多少 - 顯然，當我們進行再投資時，我們'我們正在尋求 - 我們正在尋求投資於長期利潤率增長以及您希望在短期內實際下降多少。

Yes. And on top of that, I'll give a little bit more broad color. I did this pretty well in my prepared comments, but we are leaning in and accelerating our programs in both simplification and optimizations. We feel very confident and are seeing the evidence of the effectiveness of our strategies, and we're executing against them like we always said, but we're not comfortable with the way yet that we are converting that into cash and profitability.

是的。最重要的是，我會給出更廣泛的顏色。我在準備好的評論中做得很好，但我們在簡化和優化方面都傾向於並加速我們的程序。我們感到非常有信心，並且看到了我們戰略有效性的證據，我們正在按照我們一直說的那樣執行這些戰略，但我們對將其轉化為現金和盈利能力的方式還不滿意。

And so these programs are right now being accelerated, and we're looking forward to talking to you more about that in June as we flesh out those plans and lock in those, what's going to come in terms of savings and when, some of which, of course, will be in '24, but a lot of it will be in the longer term as we move forward.

因此，這些計劃現在正在加速，我們期待在 6 月與您更多地討論這個問題，因為我們會充實這些計劃並鎖定這些計劃，在儲蓄方面會發生什麼，以及何時發生，其中一些，當然，將在 24 年，但隨著我們前進，其中很多將在更長期。

(Operator Instructions) And there are no further questions. I would like to turn the call back over to Mr. Napack.

（操作員說明）並且沒有進一步的問題。我想將電話轉回給 Napack 先生。

All right. Look, thanks for joining the call today. I think it was a good call. We look forward to sharing Q4 and full year results in June and having a good, rich and robust discussion then. Until then, again, thank you very much for attending.

好的。看，感謝您今天加入電話會議。我認為這是一個很好的決定。我們期待在 6 月分享第四季度和全年業績，並在那時進行良好、豐富和有力的討論。在此之前，再次感謝您的出席。

And that does conclude today's presentation. Thank you for your participation, and you may now disconnect.

這確實結束了今天的演講。感謝您的參與，您現在可以斷開連接。