John Wiley & Sons Inc (WLY) 2023 Q4 法說會逐字稿

Good morning, and welcome to Wiley's Q4 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，歡迎參加 Wiley 2023 年第四季度財報電話會議。提醒一下，本次會議正在錄製中。這次，我想介紹一下Wiley 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. Note that 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.

謝謝大家，也歡迎大家。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克里斯蒂娜·範·塔塞爾 (Christina Van Tassell)。請注意，我們對您問題的評論和答復反映了管理層截至目前的觀點，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。公司不承擔任何更新它們以反映後續事件或情況的義務。

Also, Wiley provides non-GAAP measures as a supplement to evaluate underlying operating profitability and performance trends. These measures do not have standardized meanings described 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.

此外，Wiley 還提供非 GAAP 指標作為補充，以評估基本運營盈利能力和業績趨勢。這些措施沒有美國公認會計準則描述的標準化含義，因此可能無法與其他公司使用的類似措施進行比較，也不應將它們視為公認會計準則下措施的替代品。除非另有說明，我們將在電話會議中參考非公認會計原則指標，差異是按年計算的，並且不包括貨幣的影響。

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.

更多信息包含在我們向 SEC 提交的文件中。本演示文稿和文字記錄的副本將在我們的投資者關係網頁 Investors.wiley.com 上提供。

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

我現在將把電話轉給 Brian Napack。

Hello, everyone, and thanks for joining. We have a lot to talk about. As you saw in our press release, we're announcing today a set of actions that will unlock significant value for our shareholders. These actions will focus Wiley on its greatest strength, its best opportunities and its most profitable business lines. They will significantly simplify Wiley and, in doing so, increase both our competitive advantage and our financial performance. Today, Wiley leans into its strength as a global knowledge company, a leader in research and the creation of new knowledge and in the application of this knowledge to solve real-world problems. We are very excited about the next phase of Wiley's journey, and we're looking forward to sharing this vision with you.

大家好，感謝您的加入。我們有很多話要談。正如您在我們的新聞稿中看到的，我們今天宣布了一系列行動，將為我們的股東釋放巨大的價值。這些行動將使 Wiley 集中發揮其最大的優勢、最佳的機會和最有利可圖的業務線。它們將顯著簡化 Wiley，從而提高我們的競爭優勢和財務業績。如今，Wiley 充分發揮其作為全球知識公司的優勢，成為研究和創造新知識以及應用這些知識解決現實問題的領導者。我們對 Wiley 旅程的下一階段感到非常興奮，並期待與您分享這一願景。

Before we dive all the way in, let me give you a top of the waves view of today's main messages. First, regarding performance, fiscal '23 did not play out as we expected. As discussed through the year, macro and market headwinds drove lower spending in our education markets. In addition to this, we proactively decided to temporarily suspend a fast-growing publishing program due to a content integrity issue that we have now resolved. For these reasons, Wiley's revenue performed significantly under delivered. We moved aggressively and mitigated the impact on profitability, but we were nonetheless disappointed in our results.

在我們深入探討之前，讓我先向您簡要介紹一下今天的主要信息。首先，就業績而言，23 財年的表現並未達到我們的預期。正如今年所討論的那樣，宏觀和市場逆風導致我們教育市場的支出下降。除此之外，由於我們現已解決的內容完整性問題，我們主動決定暫時暫停快速增長的發布計劃。由於這些原因，Wiley 的收入表現明顯低於預期。我們積極採取行動，減輕了對盈利能力的影響，但我們對結果仍然感到失望。

Second, we are taking decisive action to unlock value by sharpening Wiley's focus. You've heard me say before that a simpler Wiley is a better Wiley, and we are now acting to achieve this goal. We are focusing Wiley on our strong and highly profitable core and our best opportunities in Research and Learning, where we are a global leader. As we focus Wiley, we are divesting certain nonstrategic assets and we are restructuring and rightsizing the company to drive sustained performance improvement.

其次，我們正在採取果斷行動，通過強化 Wiley 的關注點來釋放價值。您之前曾聽我說過，更簡單的 Wiley 就是更好的 Wiley，我們現在正在採取行動來實現這一目標。我們將 Wiley 的重點放在我們強大且高利潤的核心以及我們在研究和學習方面的最佳機會，我們在這方面處於全球領先地位。當我們專注於 Wiley 時，我們正在剝離某些非戰略資產，並對公司進行重組和精簡，以推動業績的持續改善。

It will take some time to work through these changes and also to shake off the unusual market events in 2023. As we do, we'll continue to invest actively in our future. So fiscal '24 will be a transition year for Wiley. We expect to begin realizing benefits from all these actions later in fiscal '24, building toward their full realization in fiscal '25 and '26 and beyond.

需要一些時間來應對這些變化，並擺脫 2023 年不尋常的市場事件。正如我們所做的那樣，我們將繼續積極投資於我們的未來。因此，24 財年將是 Wiley 的過渡年。我們預計將在 24 財年晚些時候開始實現所有這些行動的效益，並爭取在 25 財年和 26 財年及以後全面實現。

Wiley is a special company with a rich legacy and extraordinary team and a bright future. We are financially strong and we are leaders in the market for new knowledge. We have many large opportunities in front of us, and we are now focusing the company to deliver the results that our stakeholders deserve.

Wiley 是一家特殊的公司，擁有豐富的傳統、非凡的團隊和光明的未來。我們經濟實力雄厚，是新知識市場的領導者。我們面前有許多巨大的機會，我們現在正專注於公司交付利益相關者應得的成果。

Now I'll talk about full year performance. As I said, fiscal year 2023 was a challenging and unpredictable year in our markets, and Wiley's results were simply not good enough. We ended the year with revenue flat on a constant currency basis due to soft demand in education and lower-than-expected publishing volume in Research, most notably from the Hindawi special issues publishing pause.

現在我將談談全年的表現。正如我所說，2023 財年對我們的市場來說是充滿挑戰且不可預測的一年，Wiley 的業績根本不夠好。由於教育需求疲軟以及研究領域的出版量低於預期，尤其是 Hindawi 特刊出版暫停，導致我們年底的收入按固定匯率計算持平。

Our GAAP EPS was $0.31 compared to $2.62 in the prior year. This large variance was due to $1.77 per share noncash goodwill impairment to University Services and $0.66 of restructuring charges related to targeted workforce reductions and real estate consolidation. Adjusted EBITDA declined 2% to $422 million with increased investment in Research, offsetting expense management and lower incentive compensation driven by underperformance. That said, our adjusted EBITDA margin of 21% was modestly ahead of prior year. Our adjusted EPS declined 8% to $3.84 with higher interest expense as the primary contributor.

我們的 GAAP 每股收益為 0.31 美元，而上一年為 2.62 美元。這一巨大差異是由於大學服務部每股 1.77 美元的非現金商譽減值以及與目標勞動力裁員和房地產整合相關的 0.66 美元重組費用造成的。由於研究投資增加，調整後的 EBITDA 下降 2%，至 4.22 億美元，抵消了因業績不佳導致的費用管理和激勵薪酬下降的影響。也就是說，我們調整後的 EBITDA 利潤率為 21%，略高於去年。我們調整後的每股收益下降 8% 至 3.84 美元，利息支出增加是主要貢獻者。

As I mentioned, the revenue shortfall against expectations was substantial, but reacted quickly and effectively. We actioned significant cost savings in the year, and these actions largely mitigated the impact on profitability. EPS landed in our original guidance range and EBITDA landed slightly below the range. Free cash flow of $173 million was down by $50 million. The difference between earnings and cash flow was largely a result of restructuring payments and higher interest expense. Christina will talk about all this in more detail.

正如我所提到的，收入與預期的差距很大，但反應迅速而有效。今年我們採取了重大成本節約措施，這些措施在很大程度上減輕了對盈利能力的影響。每股收益落在我們最初的指導範圍內，而 EBITDA 略低於該範圍。自由現金流為 1.73 億美元，減少了 5,000 萬美元。收益和現金流之間的差異主要是由於重組付款和利息支出增加造成的。克里斯蒂娜將更詳細地談論這一切。

I want to give you some context about Research's performance this past year, which was atypical. There were 3 primary short-term drivers of the shortfall, and they do not alter our confidence in the trajectory of the business. The most significant was our special issues publishing pause at Hindawi, which we discussed in depth last quarter. The second driver was article volume, which was lower than expected. A third was the cyclical downturn in spending on advertising and other marketing services, which led to lower corporate solutions revenue.

我想向您介紹一下研究部去年的表現，這是非典型的。造成短缺的三個主要短期驅動因素，它們不會改變我們對業務發展軌蹟的信心。最重要的是我們在 Hindawi 暫停出版特刊，我們在上個季度對此進行了深入討論。第二個驅動因素是文章數量，低於預期。第三個是廣告和其他營銷服務支出的周期性下滑，導致企業解決方案收入下降。

I'll now talk about the first 2. Throughout fiscal '23, both submissions and publishing output lagged both our expectations and historical norms. This was true across the industry. Industry-article volume declined in 18 of the top 20 geographic markets in calendar '22. This unusual softness is attributed to 2 separate but related shorter-term issues. The first is the unwinding of the well-documented COVID bump up in research article submissions that occurred during the COVID years of 2020 and 2021. And the second is the material loss in researcher productivity during those same years, which inevitably led to reduced output.

我現在將討論第一個 2。整個 23 財年，提交內容和出版產出均落後於我們的預期和歷史標準。整個行業都是如此。 2022 年，前 20 個地理市場中有 18 個的行業文章數量有所下降。這種不尋常的疲軟歸因於兩個獨立但相關的短期問題。第一個是 2020 年和 2021 年新冠疫情期間研究論文提交量大幅增加的情況。第二個是同一年研究人員生產力的實質性損失，這不可避免地導致產出減少。

Essentially, many researchers were unable to conduct new research during the lockdown so they spent their time writing papers. At the same time, the world was urgently pushing to get new COVID research out, so there was an explosion of health science papers spurred on by the pandemic. The net result was that our article growth was 15% in '21 and 7% in '22. The flip side of this pandemic benefit, however, was that new research projects were largely on hold in '20 and '21 due to lockdowns and lab closures. So we saw the number of new research projects drop off precipitously, and this led to the decline in papers produced in 2022.

從本質上講，許多研究人員在封鎖期間無法進行新的研究，因此他們把時間花在寫論文上。與此同時，全世界都在迫切推動新冠病毒研究的開展，因此，這場大流行引發了健康科學論文的爆炸式增長。最終結果是，我們的文章在 21 年增長了 15%，在 22 年增長了 7%。然而，這種大流行帶來的好處的另一面是，由於封鎖和實驗室關閉，新的研究項目在 20 世紀和 21 世紀基本上被擱置。所以我們看到新研究項目的數量急劇下降，這導致 2022 年發表的論文數量下降。

We are now seeing all of this unwind and expect to see more normalized output growth in the mid-single-digit range in fiscal '24. Notably, global R&D spending, our underlying leading indicator, remains strong, and this inevitably leads to greater research article volume.

我們現在看到所有這些都在緩解，並預計 24 財年產出增長將達到中個位數的正常化水平。值得注意的是，我們的基本領先指標全球研發支出仍然強勁，這不可避免地導致研究文章數量增加。

The publishing pause at Hindawi was also a drag on performance in fiscal '23. As discussed in Q3, we suspended the fast-growing special issues program after identifying a research integrity issue. This issue was the result of external misconduct by non-Wiley editors and reviewers. Essentially, Wiley decided to take a short-term hit to preserve the integrity of our journals and the value of our highly respected Wiley brand. This industry-wide issue has been widely reported on, and we believe that we now have it fully remediated in Wiley.

Hindawi 的出版暫停也拖累了 23 財年的業績。正如第三季度所討論的，在發現研究誠信問題後，我們暫停了快速增長的特殊問題計劃。該問題是非 Wiley 編輯和審稿人的外部不當行為造成的。從本質上講，Wiley 決定採取短期打擊來維護我們期刊的完整性以及我們備受推崇的 Wiley 品牌的價值。這個全行業範圍的問題已被廣泛報導，我們相信我們現在已經在 Wiley 中完全解決了這個問題。

Nonetheless, in Q4, we retracted 1,200 articles for a total of 1,700 and we closed 4 impacted journals. We also learned that 19 Hindawi journals would be removed from the annual Clarivate Web of Science Index. These journals were among more than 80 delisted from publishers across the industry. Wiley has one of the highest-ranked journal portfolios in the world, so we were obviously disappointed in this development. The disruption at Hindawi was consequential in fiscal '23, reducing our revenue growth expectations by $30 million. And this will spill over into fiscal '24, reducing our projected revenue by $30 million to $35 million. This was a second half event in fiscal '23, so most of the year-on-year comparative impact will be seen in H1 of fiscal '24.

儘管如此，在第四季度，我們撤回了 1,200 篇文章，總數達到 1,700 篇，並關閉了 4 種受影響的期刊。我們還了解到，19 種 Hindawi 期刊將從年度 Clarivate Web of Science Index 中刪除。這些期刊是整個行業 80 多種出版商除名的期刊之一。 Wiley 擁有世界上排名最高的期刊組合之一，因此我們顯然對這一發展感到失望。 Hindawi 的中斷在 23 財年造成了嚴重後果，使我們的收入增長預期減少了 3000 萬美元。這將蔓延到 24 財年，使我們的預計收入減少 3000 萬美元至 3500 萬美元。這是 23 財年下半年的事件，因此大部分同比影響將在 24 財年上半年看到。

Fiscal '24 will be a year of revitalization for Hindawi with positive signs already emerging. We've now named a new leader of Hindawi, a talented Wiley veteran with deep expertise in the area. We've restarted the special issues program and we will be ramping it up throughout the year. We're working through the large article backlog, and we are executing our journal growth plans. Happily, we expect a very strong showing for Hindawi and Wiley overall when this year's journal impact factors are released in Q2. It will take some time to see all the benefits, but the outlook beyond this year looks very good.

24 財年將是 Hindawi 振興的一年，積極跡像已經顯現。我們現在任命了 Hindawi 的新領導者，他是一位才華橫溢的 Wiley 資深人士，在該領域擁有深厚的專業知識。我們已經重新啟動了特刊計劃，並將在全年加大力度。我們正在處理大量積壓的文章，並且正在執行我們的期刊增長計劃。令人高興的是，當今年的期刊影響因子在第二季度發佈時，我們預計 Hindawi 和 Wiley 的總體表現非常強勁。需要一段時間才能看到所有好處，但今年以後的前景看起來非常好。

I said at the top that we are now taking decisive action to unlock value by focusing Wiley, and I want to say a few words about exactly what we are focusing on. It's actually quite simple. At its core, Wiley is a knowledge company. Our core strength is in the development of new knowledge and the delivery of solutions that help the world take full advantage of that new knowledge. And this is what we will focus on going forward.

我在頂部說過，我們現在正在採取果斷行動，通過關注 Wiley 來釋放價值，我想簡單說一下我們所關注的具體內容。其實很簡單。從本質上講，Wiley 是一家知識公司。我們的核心優勢在於開發新知識和提供解決方案，幫助世界充分利用新知識。這就是我們未來將重點關注的事情。

This means 3 things for Wiley. One, we will focus on Research and Publishing, where Wiley is one of the world's leading sources of new knowledge in the form of science, scholarship and thought leadership. Two, we will focus on our digital platforms and solutions, which deliver powerful capabilities that help people to use new knowledge to innovate and solve problems. And three, we will focus on critical in-demand vertical markets such as health sciences, material science, technology and business, where Wiley is a global leader. So Wiley is all about knowledge creation and knowledge application in critical vertical markets.

這對 Wiley 來說意味著三件事。第一，我們將重點關注研究和出版，Wiley 是世界領先的科學、學術和思想領導新知識來源之一。第二，我們將專注於我們的數字平台和解決方案，它們提供強大的功能，幫助人們利用新知識進行創新和解決問題。第三，我們將重點關注健康科學、材料科學、技術和商業等關鍵需求垂直市場，而 Wiley 是這些市場的全球領導者。因此，Wiley 致力於關鍵垂直市場中的知識創造和知識應用。

This is a very large opportunity that I'm talking about, and it's underpinned by strong durable market trends. Moreover, Wiley has sustainable, defensible competitive advantage that will drive consistent growth and increasing profitability. These advantages start with our branded content, most notably in the strong draw of our globally respected journal brands. Wiley's 2,000 peer-reviewed journals connect us deeply and defensively into the world's knowledge network.

我所說的是一個非常大的機會，並且它得到了強勁持久的市場趨勢的支撐。此外，Wiley 擁有可持續、穩固的競爭優勢，將推動持續增長並提高盈利能力。這些優勢始於我們的品牌內容，最顯著的是我們全球知名期刊品牌的強大吸引力。 Wiley 的 2,000 種同行評審期刊將我們深入且防禦性地連接到世界知識網絡中。

Wiley's industry-leading knowledge platforms include the world's #1 research content delivery platform, which enjoys billions of user sessions a year. Other examples include our research knowledge hubs, our zyBooks courseware and our Catalyst team effectiveness platform.

Wiley 行業領先的知識平台包括世界排名第一的研究內容交付平台，該平台每年擁有數十億次用戶會話。其他示例包括我們的研究知識中心、zyBooks 課件和 Catalyst 團隊效能平台。

Together, our content and platform businesses form a virtuous circle of knowledge creation and knowledge application. Our critical mass in key science verticals such as climate science, oncology and chemistry further accelerate our advantage. For example, as we publish more top-quality oncology research, our brands grow stronger and we attract more oncology authors and practitioners. As the volume grows, our health science offerings grow stronger.

我們的內容和平台業務共同形成了知識創造和知識應用的良性循環。我們在氣候科學、腫瘤學和化學等關鍵科學垂直領域的臨界質量進一步增強了我們的優勢。例如，隨著我們發表更多高質量的腫瘤學研究，我們的品牌就會變得更強大，並吸引更多的腫瘤學作者和從業者。隨著數量的增加，我們的健康科學產品也變得越來越強大。

A further network effect is created by Wiley's global roster of research academic and corporate partnerships. We've rallied this network over the past few years to create new ways to generate value from and for the research ecosystem. Wiley's market position gives us direct access to one of the more valuable audiences in the world, the global community of 15 million researchers and many millions of problem solvers that leverage their work. As a central player in the ecosystem, we provide access to this network and accelerate the work of its participants. We're moving swiftly to realize this powerful vision for Wiley, and this will result in a more focused company with unique defensible assets, sustainable untapped opportunity and significantly better financial characteristics.

Wiley 的全球研究學術和企業合作夥伴關係產生了進一步的網絡效應。在過去的幾年裡，我們聚集了這個網絡，創造新的方式來從研究生態系統中創造價值並為研究生態系統創造價值。 Wiley 的市場地位使我們能夠直接接觸到世界上最有價值的受眾之一，即由 1500 萬研究人員和數百萬利用他們的工作成果解決問題的全球社區。作為生態系統的核心參與者，我們提供對該網絡的訪問並加速其參與者的工作。我們正在迅速採取行動，以實現 Wiley 的這一強大願景，這將導致公司更加專注，擁有獨特的防禦性資產、可持續的未開發機會以及顯著更好的財務特徵。

We've now taken a very hard look at our portfolio and have now made some important choices about what is core to our future growth and profitability and what no longer fits with our long-term strategy. Specifically, on the left side of this page, you'll see that we will be divesting 3 substantial non-core businesses: University Services, Wiley Edge and CrossKnowledge. Going forward, these assets will be classified as held for sale. Combined, these assets held for sale generated $393 million or 19% of Wiley's FY '23 revenue but only 10% of our adjusted EBITDA. The collective EBITDA margin of these assets was 10.9%.

我們現在非常仔細地審視了我們的投資組合，並就什麼是我們未來增長和盈利能力的核心以及什麼不再適合我們的長期戰略做出了一些重要的選擇。具體來說，在本頁左側，您會看到我們將剝離 3 項實質性非核心業務：University Services、Wiley Edge 和 CrossKnowledge。展望未來，這些資產將被歸類為持有待售資產。這些待售資產加起來產生了 3.93 億美元，佔 Wiley '23 財年收入的 19%，但僅占我們調整後 EBITDA 的 10%。這些資產的合計 EBITDA 利潤率為 10.9%。

As a reminder, University Services, or OPM, helps leading universities manage their online degree programs. Wiley Edge, also known as Talent Development, works with global corporations to find, train and place hard-to-find digital talent. And CrossKnowledge provides digital professional development content platforms to major multinational corporations. These businesses have wonderful colleagues, strong client lists and good long-term potential. Nonetheless, we've determined that they are nonstrategic to Wiley's knowledge company direction and that each of them will need more attention and investment than we are able to deliver. Note that we also completed the divestiture of test prep and Advancement Courses in the fourth quarter so they are listed here as well.

提醒一下，大學服務（OPM）可以幫助領先的大學管理他們的在線學位課程。 Wiley Edge，也稱為人才開發，與全球企業合作尋找、培訓和安置難以找到的數字人才。 CrossKnowledge 為大型跨國公司提供數字化專業發展內容平台。這些企業擁有優秀的同事、強大的客戶名單和良好的長期潛力。儘管如此，我們已經確定它們對於 Wiley 的知識公司方向來說不具有戰略意義，並且它們中的每一個都需要比我們能夠提供的更多的關注和投資。請注意，我們還在第四季度完成了考試準備和進階課程的剝離，因此它們也列在這裡。

Now when you peel those pieces away, you can see on the right side of the page that the assets that make up the new Wiley generated $1.6 billion of revenue. You'll notice that focusing Wiley is greatly improving our margin profile. These assets represented 81% of our reported fiscal '23 revenue but they generated 90% of our reported EBITDA. New Wiley's EBITDA margin in fiscal '23 would have been 23.3% compared to 20.9% for Wiley before our portfolio moves, and this is before we rightsize our cost base and eliminate stranded costs. This work has begun and the benefits will begin to show up later in the year.

現在，當你把這些碎片剝開時，你可以在頁面右側看到構成新 Wiley 的資產創造了 16 億美元的收入。您會注意到，關注 Wiley 極大地改善了我們的利潤狀況。這些資產占我們報告的 23 財年收入的 81%，但它們產生了我們報告的 EBITDA 的 90%。 New Wiley 在 23 財年的 EBITDA 利潤率為 23.3%，而在我們的投資組合變動之前，Wiley 的利潤率為 20.9%，而且這是在我們調整成本基礎並消除擱淺成本之前。這項工作已經開始，其效益將在今年晚些時候開始顯現。

Going forward, Research will continue to be the primary driver of our growth, profit and cash flow. In fiscal '23, Research represented 2/3 of new Wiley's ongoing revenue and it delivered a 35% EBITDA margin. Its revenue is over 95% digital and it is largely recurring. Going forward, our current reporting lines of Research Publishing and Research Solutions will remain unchanged.

展望未來，研究將繼續成為我們增長、利潤和現金流的主要驅動力。在 23 財年，研究業務佔 new Wiley 持續收入的 2/3，並且 EBITDA 利潤率為 35%。它的收入超過 95% 是數字化的，而且大部分是經常性的。展望未來，我們當前的研究出版和研究解決方案的報告範圍將保持不變。

Our new Learning segment includes our gold standard education and professional content, courseware and platforms. About 1/3 of new Wiley's fiscal '23 revenue excluding the businesses held for sale was generated by these learning lines. Going forward, the 2 reporting lines for Learning will be Academic, which is Education Publishing; and Professional, which includes professional publishing and our team development or assessment business. Collectively, learning generates a strong EBITDA margin. We will begin reporting on this segment in Q1.

我們新的學習部分包括我們的黃金標準教育和專業內容、課件和平台。新 Wiley '23 財年收入（不包括待售業務）的大約 1/3 是由這些學習線產生的。展望未來，學習的兩條報告線將是學術，即教育出版；專業，包括專業出版和我們的團隊發展或評估業務。總的來說，學習可以帶來強勁的 EBITDA 利潤。我們將在第一季度開始報告該細分市場。

The new Research and Learning segments complement each other strategically and operationally. Both develop and deliver high-value content and content platforms in similar in-demand verticals, and we anticipate capturing cost and revenue synergies as we move forward. In fact, a portion of our academic titles are already authored by leading researchers from our research network.

新的研究和學習部門在戰略和運營上相互補充。兩者都在類似的需求垂直領域開發和提供高價值內容和內容平台，我們預計在前進過程中將獲得成本和收入協同效應。事實上，我們的部分學術著作已經由我們研究網絡的領先研究人員撰寫。

To summarize, we are deep in implementation of a 3-part program to unlock value for our shareholders. One, we are focusing Wiley on the large sustainable opportunities in research, publishing and the delivery of knowledge solutions. In fiscal '24, we will be driving article volume, improving our publishing operations and driving scale and solutions. Two, we're divesting several assets that we've determined are noncore and that distract from our ability to win in our core focus areas. We're not able to provide a precise time line right now, but we're progressing at a promising pace. And three, we're streamlining our organization to support our new strategy and rightsizing our cost base to reflect these changes. We'll see related restructuring charges in fiscal '24.

總而言之，我們正在深入實施由三部分組成的計劃，為股東釋放價值。第一，我們將 Wiley 的重點放在研究、出版和知識解決方案交付方面的巨大可持續機遇上。在 24 財年，我們將提高文章數量、改善我們的出版業務並推動規模和解決方案。第二，我們正在剝離一些我們確定為非核心的資產，這些資產會分散我們在核心重點領域獲勝的能力。我們目前無法提供準確的時間表，但我們正在以令人鼓舞的速度取得進展。第三，我們正在精簡我們的組織以支持我們的新戰略，並調整我們的成本基礎以反映這些變化。我們將在 24 財年看到相關的重組費用。

Fiscal '24 will be a transition year as we move rapidly to implement this plan, and we will update you on our progress as we make our way through the year. I'll now turn it over to Christina to discuss more details about our fiscal year '23 performance and our outlook for '24.

24 財年將是一個過渡年，我們將迅速實施這一計劃，我們將在這一年中向您通報我們的進展情況。現在我將把它交給克里斯蒂娜，討論有關我們 23 財年業績和 24 財年前景的更多細節。

Thank you, Brian. Yes, we are embarking on a clear and decisive plan to simplify our portfolio. This will enable us to focus on our most competitively advantaged businesses in order to drive consistent growth while streamlining the organization, expanding profit margins and deploying our capital more efficiently. We have execution teams managing on multiple fronts and we're moving swiftly and with care. We look forward to updating you on our progress to create significant value for our shareholders.

謝謝你，布萊恩。是的，我們正在製定一項明確而果斷的計劃來簡化我們的投資組合。這將使我們能夠專注於最具競爭優勢的業務，以推動持續增長，同時精簡組織、擴大利潤率並更有效地部署我們的資本。我們擁有在多個方面進行管理的執行團隊，並且我們正在迅速而謹慎地採取行動。我們期待向您通報我們為股東創造重大價值的最新進展。

Let's turn now to our performance. Brian walked you through our full year results. I'll talk to the fourth quarter. Revenue was down 2%, mainly due to a $30 million hit related to Hindawi disruption. On the earnings front, adjusted EPS and adjusted EBITDA were up 32% and 23%, respectively, driven by committed restructuring savings and prudent expense management. As a reminder, the actions we took this year generated $35 million of in-year savings, $18 million of it in the fourth quarter alone. Our adjusted EBITDA margin for the quarter was 26% compared to 20.3% in the prior year.

現在讓我們轉向我們的表演。布萊恩向您介紹了我們的全年業績。我會談談第四季度。收入下降 2%，主要是由於 Hindawi 中斷造成 3000 萬美元的損失。在盈利方面，在致力於重組節省和審慎費用管理的推動下，調整後每股收益和調整後息稅折舊攤銷前利潤分別增長了 32% 和 23%。提醒一下，我們今年採取的行動節省了 3500 萬美元的年內成本，其中僅第四季度就節省了 1800 萬美元。本季度調整後 EBITDA 利潤率為 26%，而上年同期為 20.3%。

Let's move now to our segments, where I'll touch on both the quarter and full year results. Research Publishing revenue declined 5% this quarter and 1% for the year. Results were impacted by the Hindawi disruption and lower article volume, as Brian discussed. Absent Hindawi, Publishing revenue for the quarter was essentially flat and up modestly for the year. As a reminder, we expect the Hindawi pause to continue to weigh on our results in fiscal '24 but largely recover in fiscal '25.

現在讓我們進入我們的細分市場，我將在這裡談談季度和全年的業績。研究出版收入本季度下降 5%，全年下降 1%。正如布萊恩所討論的，結果受到了 Hindawi 中斷和文章數量減少的影響。由於辛達維缺席，該季度的出版收入基本持平，但全年略有增長。提醒一下，我們預計 Hindawi 暫停將繼續影響我們 24 財年的業績，但會在 25 財年基本恢復。

We are executing well on our strategy to convert legacy read-only subscriptions to our multiyear transformational read and publish models. We closed the year with 35 new transformational agreements for a total of 79, representing nearly 3,000 institutions. In the fourth quarter alone, we signed the University of California, Big Ten Academic Alliance and national or regional agreements in India, Turkey and Thailand.

我們正在很好地執行我們的戰略，將傳統的只讀訂閱轉換為我們的多年轉型閱讀和發布模型。今年結束時，我們簽署了 35 項新的轉型協議，總數達 79 項，代表近 3,000 家機構。僅在第四季度，我們就簽署了加州大學、十大學術聯盟以及印度、土耳其和泰國的國家或地區協議。

We continue to build out our Cascade strategy of finding initially rejected articles another more appropriate home within Wiley's portfolio. Wiley doesn't publish 70% of the articles it receives mostly due to improper fit with the first submitted manuscript in the first journal to which it was submitted. We work to find a match that we can transfer these quality articles to another journal within Wiley's portfolio. And we do this using intelligent process that leverages AI-enabled document classification. One in 5 authors are now accepting our transfer offers, and we expect to make steady progress here in fiscal '24 and beyond.

我們繼續制定級聯策略，在 Wiley 的投資組合中尋找最初被拒絕的文章另一個更合適的家。 Wiley 收到的文章中有 70% 沒有發表，主要是因為與第一份提交的期刊中的第一篇提交的手稿不匹配。我們努力尋找匹配的對象，以便將這些優質文章轉移到 Wiley 投資組合中的另一本期刊。我們使用智能流程來實現這一點，該流程利用了人工智能支持的文檔分類。五分之一的作者現在正在接受我們的轉讓邀請，我們預計在 24 財年及以後將取得穩步進展。

Research Solutions revenue declined 2% this quarter due to market headwinds, notably lower corporate spend on marketing, advertising and career centers. This offset continued growth in platforms. We recently announced an important new partnership with the Society of Automotive Engineers, or SAE, to build and manage a career center for professionals pursuing a career involving electric and alternative fuel vehicles. The partnership will offer 128,000 professionals career advice and research tools and job matching powered by innovative AI technology. The transition to electric vehicles is a big area for research, and we're having a strong presence throughout.

由於市場逆風，尤其是企業在營銷、廣告和職業中心方面的支出減少，本季度研究解決方案收入下降了 2%。這抵消了平台的持續增長。我們最近宣布與汽車工程師協會 (SAE) 建立重要的新合作夥伴關係，為從事電動和替代燃料汽車職業的專業人士建立和管理一個職業中心。此次合作將為 128,000 名專業人士提供由創新人工智能技術支持的職業建議、研究工具和工作匹配。向電動汽車的過渡是一個重要的研究領域，我們在整個過程中都有很強的影響力。

For the year, Research Solutions revenue was up 7% or 1% organically due to lower corporate spending. We continue to make good progress in expanding our solutions partner network, signing 112 society and corporate partners this year for services ranging from open research consulting production to content platform and corporate education. Our upsell and cross-sell momentum also remains strong. 80% of our solutions partner now subscribe to more than 1 Wiley product or service, 5% subscribe to more than 3. This is up, respectively, from 16% and 1% in the prior year. Research Solutions is well positioned for future growth.

今年，由於企業支出減少，研究解決方案收入有機增長了 7% 或 1%。我們在擴大解決方案合作夥伴網絡方面繼續取得良好進展，今年簽署了 112 個社會和企業合作夥伴，提供從開放研究諮詢生產到內容平台和企業教育等服務。我們的追加銷售和交叉銷售勢頭也依然強勁。我們 80% 的解決方案合作夥伴現在訂閱了 1 種以上 Wiley 產品或服務，5% 訂閱了 3 種以上。這一數字分別高於上一年的 16% 和 1%。研究解決方案為未來的增長做好了充分準備。

Adjusted EBITDA in Research this quarter rose 4% due to expense management and lower incentive compensation. Full year adjusted EBITDA declined 2%. Our full year adjusted EBITDA margin of 34.9% was in line with prior year.

由於費用管理和較低的激勵薪酬，本季度研究調整後 EBITDA 增長了 4%。全年調整後 EBITDA 下降 2%。我們全年調整後 EBITDA 利潤率為 34.9%，與上年持平。

Now on to Academic. Publishing revenue in the quarter was down slightly, driven by declines in print course material, offsetting modestly higher revenue in Professional Publishing. Revenue was down 7% for the year. Academic Publishing continued to be impacted by the slowdown in consumer spending and unusually sharp inventory reductions at a key online retailer, impacting both Education and Professional lines. We believe this '23 inventory correction is now behind us.

現在談談學術。由於印刷課程材料的減少，本季度的出版收入略有下降，抵消了專業出版收入的小幅增長。全年收入下降 7%。學術出版繼續受到消費者支出放緩和主要在線零售商庫存異常大幅削減的影響，教育和專業產品線均受到影響。我們相信 23 年的庫存調整現已成為過去。

University Services revenue declined 4% in the quarter and 8% for the year, driven by ongoing enrollment headwinds and lower revenue share in our long-term renewals. Enrollment remains a challenge throughout the industry. This quarter, we added Brandeis University in Massachusetts as a new partner and did not renew 3 others due to either university or leadership changes or because we determined the potential is limited.

由於持續的招生不利因素和長期續訂收入份額的下降，大學服務收入本季度下降了 4%，全年下降了 8%。招生仍然是整個行業的一個挑戰。本季度，我們增加了馬薩諸塞州布蘭代斯大學作為新合作夥伴，但由於大學或領導層變動或我們認為潛力有限，因此沒有與其他 3 所大學續約。

Adjusted EBITDA for Academic this quarter was up 30%, mainly due to restructuring savings and expense management. For the year, it was down 13%. Our fiscal '23 adjusted EBITDA margin was 21.4%, down from 22.8% in the prior year period. As discussed, we are divesting University Services and recently closing the sale of test prep and Advancement Courses for teacher credentialing. We will continue with our Publishing businesses under the Learning segment, and we see the long-term potential in our unique competitive position for in-demand categories like business and STEM, our strong brand reputation for publishing excellence and our overall margin profile.

本季度學術部門調整後 EBITDA 增長了 30%，主要歸功於重組儲蓄和費用管理。今年下降了 13%。我們 23 財年調整後的 EBITDA 利潤率為 21.4%，低於上年同期的 22.8%。正如所討論的，我們正在剝離大學服務，並最近結束了教師資格認證考試準備和進階課程的銷售。我們將繼續在學習領域開展出版業務，我們看到了我們在商業和 STEM 等需求類別中的獨特競爭地位、我們在出版卓越方面的強大品牌聲譽以及我們的整體利潤狀況所帶來的長期潛力。

Let's turn now to Talent. As a reminder, this reporting segment will be discontinued after this quarter with 2 of the 3 businesses now held for sale, including Talent Development and CrossKnowledge. We are retaining our Assessments line and it will fall under our Learning segment. Assessments generated $73 million of revenue in fiscal '23 and has been a consistent performer for us. The business provides team development tools that are delivered to employees through digital platforms and an authorized distributor network of independent trainers. Companies continuously invest in team development, and our assessment group is a gold standard provider with solid growth at attractive margins.

現在讓我們轉向人才。提醒一下，該報告部門將在本季度後終止，目前 3 項業務中的 2 項待出售，包括人才發展和 CrossKnowledge。我們將保留我們的評估系列，它將屬於我們的學習部分。評估在 23 財年創造了 7300 萬美元的收入，並且對我們來說一直表現良好。該公司提供團隊發展工具，通過數字平台和獨立培訓師的授權經銷商網絡向員工提供這些工具。公司不斷投資於團隊發展，我們的評估小組是黃金標準提供商，以有吸引力的利潤實現穩健增長。

Talent revenue for the quarter was at 12%, driven by placement growth and robust volume assessments. We added one new multinational corporate client this quarter, a large global bank for a total of 15 new clients for the year. After the quarter closed, we landed 2 large U.S.-based companies, a health care provider and a media company. For the year, talent revenue was up 24%, although we are beginning to see lower placements due to a tech hiring contraction. Adjusted EBITDA for the quarter was up 10% from higher revenue offset by inflationary pressure on placement costs. Full year adjusted EBITDA rose 18%. Our adjusted EBITDA margin was 21.1% versus 21.6% in the prior period.

在安置增長和強勁的數量評估的推動下，本季度的人才收入增長了 12%。本季度我們新增了 1 家跨國企業客戶，這是一家大型全球銀行，全年新增客戶總數為 15 家。本季度結束後，我們收購了兩家美國大型公司，一家醫療保健提供商和一家媒體公司。今年，人才收入增長了 24%，儘管我們開始看到由於技術招聘收縮而導致職位減少。本季度調整後 EBITDA 增長了 10%，收入增加被安置成本的通脹壓力所抵消。全年調整後 EBITDA 增長 18%。我們調整後的 EBITDA 利潤率為 21.1%，而上一期為 21.6%。

Let's turn to cash flow and our continued solid financial position. Free cash flow for the year was $173 million versus $223 million in the prior year, with the variance driven by planned restructuring payments of $21 million, higher interest payments of $18 million and lower cash earnings. On capital allocation, CapEx was $104 million, $12 million lower than prior year, and there were no material acquisitions this year. We noted 2 small divestitures in Q4. In the near term, our priority is executing on our substantial change program, including working through the divestitures and structural improvements. During this transition period, we will be very patient and thoughtful regarding acquisitions.

讓我們轉向現金流和我們持續穩健的財務狀況。本年度自由現金流為 1.73 億美元，上一年為 2.23 億美元，差異是由於計劃重組付款 2,100 萬美元、利息支付增加 1,800 萬美元以及現金收益減少造成的。在資本配置方面，資本支出為 1.04 億美元，比上年減少 1200 萬美元，並且今年沒有重大收購。我們注意到第四季度發生了兩起小規模資產剝離。短期內，我們的首要任務是執行重大變革計劃，包括進行資產剝離和結構改進。在這個過渡時期，我們對於收購將會非常耐心和周到。

We spent $77 million on dividends and $35 million on share repurchases this year, modestly higher than last year. We purchased 832,000 shares this year compared to 544,000 in '22. Our current dividend yield is over 3.5%. As a reminder, last June, we raised our annual dividend for the 29th consecutive year, something we're very proud of. I will provide an update on our near- and long-term capital allocation strategy when we get to October.

今年我們在股息上花費了 7700 萬美元，在股票回購上花費了 3500 萬美元，略高於去年。我們今年購買了 832,000 股股票，而 20 年購買了 544,000 股。我們目前的股息收益率超過3.5%。提醒一下，去年 6 月，我們連續 29 年提高了年度股息，對此我們感到非常自豪。到 10 月份時，我將提供有關我們近期和長期資本配置策略的最新信息。

At year-end, we had $107 million of cash on hand and undrawn revolving credit of $749 million. Our total credit facility size remains at $1.5 billion. Finally, net debt-to-EBITDA ratio was 1.5 at the end of April compared to 1.6 in the prior year. I feel very good about our financial position, and we'll continue to actively manage our debt profile.

截至年底，我們手頭現金為 1.07 億美元，未提取的循環信貸為 7.49 億美元。我們的信貸額度總額仍保持在 15 億美元。最後，4 月底的淨債務與 EBITDA 比率為 1.5，而去年同期為 1.6。我對我們的財務狀況感覺非常好，我們將繼續積極管理我們的債務狀況。

Now on to our transition year outlook. As you can imagine, our visibility is temporarily limited as we process our substantial strategic and structural improvements. We have the divestitures, stranded costs and related corporate efficiencies to work through. That said, we feel it important to provide guidance based on what we know today. We will provide updates as we gain visibility into the full impact of our changes. This guidance will cover the new Wiley, meaning Research and our newly defined Learning segment. It excludes the businesses held for sale. Starting in Q1, these assets will be excluded from our adjusted results.

現在談談我們的過渡年展望。正如您可以想像的那樣，在我們進行重大戰略和結構改進時，我們的知名度暫時受到限制。我們需要解決資產剝離、擱置成本和相關的企業效率問題。也就是說，我們認為根據我們今天所了解的情況提供指導非常重要。當我們了解變更的全部影響時，我們將提供更新。本指南將涵蓋新的 Wiley，即研究和我們新定義的學習部分。它不包括待售的業務。從第一季度開始，這些資產將被排除在我們調整後的業績之外。

In fiscal '24, Research revenue is expected to be flat. Backing out the Hindawi special issues publishing pause, our base business is anticipated to grow 3% driven by Open Access and Solutions. We look forward to putting the special issues disruption behind us and getting back to overall Research segment growth in fiscal '25. In Learning, we expect steadier market conditions in Professional Publishing than we saw in fiscal '23, but enrollment and print demand remain constrained near term in higher education, offsetting a modest growth expectation in our Professional line. Therefore, we're anticipating a low single-digit decline for the Learning segment.

24 財年，研究收入預計將持平。取消 Hindawi 特刊出版暫停後，在開放獲取和解決方案的推動下，我們的基礎業務預計將增長 3%。我們期待著將特殊問題的干擾拋在腦後，並在 25 財年恢復研究部門的整體增長。在學習方面，我們預計專業出版的市場狀況將比 23 財年更加穩定，但短期內高等教育的入學率和印刷需求仍然受到限制，抵消了我們專業出版業務的溫和增長預期。因此，我們預計學習領域將出現低個位數的下降。

Adjusted EBITDA excluding the divestitures is anticipated to be in the range of $305 million to $330 million, down from $379 million in fiscal '23. Our EBITDA margin for our go-forward businesses is projected to be 19% to 20%, down from 23.3% in fiscal '23. This is a short-term dip in this transition year. We had the revenue issues I just discussed, and our employment costs have risen significantly year-on-year due to the combination of an incentive compensation reset and wage inflation. Wiley's compensation structure heavily utilizes variable incentive awards. And since we did not meet most expectations this year, our bonus accrual was down significantly. It has been restored to target in fiscal '24, as is customary, and this is responsible for $30 million of EBITDA impact.

不包括資產剝離的調整後 EBITDA 預計將在 3.05 億美元至 3.3 億美元之間，低於 23 財年的 3.79 億美元。我們未來業務的 EBITDA 利潤率預計為 19% 至 20%，低於 23 財年的 23.3%。這是這個過渡年的短期下降。我們有我剛才討論的收入問題，由於激勵性薪酬重置和工資上漲，我們的用工成本同比大幅上升。 Wiley 的薪酬結構大量採用可變激勵獎勵。由於今年我們沒有達到大多數預期，我們的獎金應計額大幅下降。按照慣例，它已在 24 財年恢復到目標，這對 EBITDA 產生了 3000 萬美元的影響。

Finally, we are implementing the business optimization program we told you about last quarter and expanding its scope as we look towards a smaller portfolio. The goal of the program is to drive operating efficiency and modernization while reducing corporate overhead. From this work, we estimate a run rate savings of at least $100 million over the next 3 years. We will further detail the scale and scope of this program at our October Investor Day. I also want to emphasize that we expect to more than recover our fiscal '23 margin of 23.3% as we exit fiscal '24 and progress from there. Here, too, we will have more to share in October.

最後，我們正在實施上季度向您介紹的業務優化計劃，並在我們尋求更小的投資組合時擴大其範圍。該計劃的目標是提高運營效率和現代化，同時減少公司管理費用。根據這項工作，我們估計未來 3 年內至少可節省 1 億美元的運行率。我們將在十月投資者日進一步詳細說明該計劃的規模和範圍。我還想強調，隨著我們退出 24 財年並在此基礎上取得進展，我們預計將不僅僅恢復 23 財年 23.3% 的利潤率。十月份我們也將在這里分享更多內容。

For now, we're working through a very eventful fiscal '24. On adjusted EPS, we're anticipating a range of $2.05 to $2.40, down from $3.48 this year. In addition to lower projected EBITDA, we have $0.42 of nonoperational items weighing on EPS. They include $0.21 of tax impact related to a higher tax rate, $0.11 of higher pension expense and $0.10 of higher interest expense. Note that Wiley's adjusted effective tax rate is expected to rise from 17.9% this year to approximately 25% in fiscal '24. This is primarily due to a less favorable mix of earnings by country and an increase in the U.K. statutory rate. In terms of pension expense, it's important to note that our largest pension plans are in the U.K. and the U.S. and have been frozen since 2015 and are approximately 90% funded.

目前，我們正在經歷一個非常多事的 24 財年。對於調整後每股收益，我們預計範圍為 2.05 美元至 2.40 美元，低於今年的 3.48 美元。除了預計 EBITDA 較低之外，我們還有 0.42 美元的非運營項目拖累每股收益。其中包括與較高稅率相關的 0.21 美元稅收影響、0.11 美元較高養老金費用和 0.10 美元較高利息費用。請注意，Wiley 調整後的有效稅率預計將從今年的 17.9% 升至 24 財年的約 25%。這主要是由於各國的收入組合不太有利以及英國法定稅率的提高。在養老金支出方面，值得注意的是，我們最大的養老金計劃位於英國和美國，自 2015 年以來一直被凍結，大約 90% 的資金到位。

In terms of quarterly phasing this transition year for new Wiley, we anticipate being down on adjusted revenue and materially down on adjusted EBITDA for Q1 and Q2, largely due to the Hindawi year-over-year impact. We expect significant improvement in the second half as comparables improve and as cost savings begin to materialize. We are not providing a free cash flow outlook at this time. First, as you know, we don't provide an adjusted free cash flow metric. And second, given the uncertainty around timing as it relates to the divestitures and the amount of restructuring payments, there is no clear weighted guide that would be useful at this stage.

就新 Wiley 過渡年的季度階段而言，我們預計第一季度和第二季度調整後收入和調整後 EBITDA 都會大幅下降，這主要是由於 Hindawi 的同比影響。我們預計，隨著可比性的改善和成本節約的開始實現，下半年會有顯著的改善。我們目前不提供自由現金流前景。首先，如您所知，我們不提供調整後的自由現金流量指標。其次，考慮到與資產剝離和重組付款金額相關的時間安排的不確定性，現階段沒有明確的有用的加權指南。

Before I hand it back to Brian, let me quickly summarize. We're divesting businesses that will allow us to focus on a more profitable and competitive core and drive margin expansion in fiscal '25 and '26 and beyond. We're rightsizing our cost base and freeing ourselves of the efforts and costs attached to the held-for-sale businesses, which will result in material cost savings over the multiyear period. And finally, we're driving operational excellence, speed, efficiency and cost synergies across Research and Learning.

在我把它交還給布萊恩之前，讓我快速總結一下。我們正在剝離業務，這將使我們能夠專注於利潤更高、更具競爭力的核心業務，並推動 25 財年和 26 財年及以後的利潤率擴張。我們正在調整我們的成本基礎，並擺脫與持有待售業務相關的精力和成本，這將在多年期間節省材料成本。最後，我們正在推動研究和學習的卓越運營、速度、效率和成本協同效應。

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

然後，我會將電話轉回給布萊恩。

Thanks, Christina. Let's now talk a bit about our growth outlook. As Christina noted, we're growth constrained in fiscal '24 due to the special issue situation and the continued cyclical softness in print publishing. Despite these short-term issues, we're quite optimistic about growth as our core revenue drivers resume their more normal trajectories.

謝謝，克里斯蒂娜。現在讓我們談談我們的增長前景。正如克里斯蒂娜指出的那樣，由於特殊問題的情況和印刷出版業持續的周期性疲軟，我們在 24 財年的增長受到限制。儘管存在這些短期問題，但隨著我們的核心收入驅動因素恢復到更正常的軌道，我們對增長非常樂觀。

The research market remains consistently strong due to the ever-increasing global R&D spend that drives demand for Research Publishing. As such, article volumes are now resuming their normal mid-single-digit growth patterns, and as they do, Wiley will get at least our share. We will benefit from Hindawi's return to strong growth as we ramp up its publishing program.

由於全球研發支出不斷增加，推動了研究出版的需求，研究市場始終保持強勁。因此，文章數量現在正在恢復正常的中個位數增長模式，而 Wiley 至少將獲得我們的份額。隨著我們加強其出版計劃，我們將從 Hindawi 恢復強勁增長中受益。

Our growing list of solutions partners will be another source of renewed growth. We see them requiring more Wiley services as the OA transition continues, and we have a deep pipeline of upsell opportunities. The growing Wiley network also bodes well for audience monetization. It will benefit as corporate marketing spend bounces back and as our audience monetization offerings grow.

我們不斷增長的解決方案合作夥伴名單將成為新增長的另一個源泉。我們看到，隨著 OA 轉型的繼續，他們需要更多的 Wiley 服務，而且我們擁有大量的追加銷售機會。不斷發展的 Wiley 網絡也預示著觀眾貨幣化的好兆頭。隨著企業營銷支出的反彈以及我們的受眾貨幣化產品的增長，它將受益。

We continue to see increased corporate spending on professional development as workforces adapt to hybrid work models and changing skill sets. We also expect our learning publishing lines to benefit from a recovery in consumer spending and enrollment after a rough 2023. In short, we feel very good about the growth profile of Wiley as we move through fiscal '24 to fiscal '25 and '26.

隨著員工適應混合工作模式和不斷變化的技能組合，我們繼續看到企業在專業發展方面的支出增加。我們還預計，在經歷了艱難的 2023 年之後，我們的學習出版業務將受益於消費者支出和入學人數的複蘇。簡而言之，隨著我們從 24 財年到 25 財年和 26 財年，我們對 Wiley 的增長狀況感到非常滿意。

Before I close, I want to say just a few words about generative AI, a topic that I know is on everybody's minds. Not surprisingly, we've been keeping our eye on G-AI for a while, and in short, we believe that these technologies present far more opportunity than risk. In all of its knowledge businesses, Wiley plays at the top of the quality pyramid. The world relies on us for our topic-specific journals, titles and platforms that deliver reliable up-to-date, high-impact information. Yes, generative AI can certainly create large volumes of derivative pretty good content, but that will just make Wiley's brands more valuable and our fresh impactful content even more essential.

在結束之前，我想簡單談談生成式人工智能，我知道這是每個人都關心的話題。毫不奇怪，我們關注 G-AI 一段時間了，簡而言之，我們相信這些技術帶來的機會遠大於風險。在所有知識業務中，Wiley 都處於質量金字塔的頂端。世界依賴我們提供特定主題的期刊、標題和平台來提供可靠的最新、高影響力的信息。是的，生成式人工智能當然可以創造大量衍生的優質內容，但這只會使 Wiley 的品牌更有價值，讓我們新鮮且有影響力的內容變得更加重要。

Moreover, we believe these technologies provide real opportunities to enhance both our competitive position and our profitability and we're working hard to enlist these powerful tools to improve content creation, our platforms and our production processes. In one case, we're starting to use G-AI to draft homework content for our courseware titles. This will significantly reduce cost in a very expensive part of the publishing process. In another area, we're using AI-based tools to screen for fraudulent GI created content. This is very timely given today's concerns about research integrity.

此外，我們相信這些技術為增強我們的競爭地位和盈利能力提供了真正的機會，我們正在努力利用這些強大的工具來改進內容創作、我們的平台和生產流程。在一種情況下，我們開始使用 G-AI 為我們的課件起草作業內容。這將顯著降低出版過程中非常昂貴的部分的成本。在另一個領域，我們正在使用基於人工智能的工具來篩查由地理標誌創建的欺詐性內容。考慮到當今人們對研究誠信的擔憂，這是非常及時的。

As with any new technology, we must be both visionary and vigilant. We must defend our IP against unauthorized use while ensuring our value proposition speaks for itself. We must also watch for potential ethical issues, such as ensuring learning equity and academic integrity. Even as we capitalize on its potential, we will closely monitor the evolution of AI and plan for its impact.

與任何新技術一樣，我們必須既富有遠見又保持警惕。我們必須保護我們的知識產權免遭未經授權的使用，同時確保我們的價值主張不言而喻。我們還必須關注潛在的道德問題，例如確保學習公平和學術誠信。即使我們充分利用人工智能的潛力，我們也會密切關注人工智能的發展並為其影響制定計劃。

We covered a lot of ground today, so let me quickly summarize the key messages before we open it up for Q&A. We are taking significant strategic actions to sharpen Wiley's focus and unlock value. We are leaning into our core strength as a global leader in knowledge creation. In doing so, we'll focus more fully on the large opportunities in Research, Publishing and Knowledge Solutions, leveraging our sustained competitive advantages. We will now divest non-core assets in education, making it stronger, faster, more focused and more profitable.

今天我們討論了很多內容，所以在我們開始問答之前，讓我快速總結一下關鍵信息。我們正在採取重大戰略行動來強化 Wiley 的重點並釋放價值。我們正在發揮作為知識創造領域全球領導者的核心優勢。在此過程中，我們將更加充分地關注研究、出版和知識解決方案領域的巨大機遇，利用我們持續的競爭優勢。我們現在將剝離教育領域的非核心資產，使其變得更強、更快、更專注、更盈利。

Through fiscal '24, we will be streamlining our organization and rightsizing our cost structure to align with our more focused mandate. Fiscal '24 will be a transition year as we work through these actions and as Wiley's core revenue drivers rebound. Wiley will exit 2024 more focused and more profitable, and we expect material performance gains and margin acceleration in fiscal '25 and fiscal '26. As always, Wiley's strong balance sheet and cash flow will allow us to reinvest in the company while rewarding long-term shareholders with dividends and share repurchases.

在 24 財年，我們將精簡我們的組織並調整我們的成本結構，以符合我們更有針對性的任務。隨著我們採取這些行動以及 Wiley 核心收入驅動力的反彈，24 財年將是過渡年。 Wiley 將在 2024 年結束時更加專注、盈利能力更強，我們預計 25 財年和 26 財年將實現實質性業績增長和利潤加速。一如既往，Wiley 強勁的資產負債表和現金流將使我們能夠對公司進行再投資，同時通過股息和股票回購來回報長期股東。

We'll be working through the changes throughout the year and look forward to sharing updates with you as we go along the way. At our October Investor Day, we'll share more detail on our new Wiley strategy and on our multiyear business optimization program. We will also deliver 3-year financial targets. This is a big moment for Wiley, and we are very excited about what's ahead.

我們將全年努力完成這些變化，並期待與您分享最新進展。在 10 月投資者日，我們將分享有關新 Wiley 戰略和多年業務優化計劃的更多細節。我們還將實現三年財務目標。對於 Wiley 來說，這是一個重要時刻，我們對未來感到非常興奮。

As always, I want to thank our colleagues for their passion and their support and for all they do to drive impact for researchers and learners worldwide. I also want to thank all of you for joining us on the next phase of Wiley's journey, which begins today. We've been at this for over 2 centuries, and our next phase looks very promising.

一如既往，我要感謝我們的同事的熱情和支持，以及他們為推動全球研究人員和學習者的影響所做的一切。我還要感謝大家從今天開始與我們一起踏上 Wiley 旅程的下一階段。我們已經在這方面投入了兩個多世紀，我們的下一階段看起來非常有希望。

I will now open the floor to comments and questions.

我現在請大家發表評論和提問。

(Operator Instructions) Your first question is from Daniel Moore of CJS Securities.

（操作員指令） 您的第一個問題來自 CJS 證券的 Daniel Moore。

As you said at the outset, lots will unpack, so I've got a number of questions. We'll start with Hindawi. Just if you could give the specific revenue and EBITDA contribution or loss embedded in your fiscal '24 guide. How much of the year-over-year decline in EBITDA on an adjusted basis is Hindawi-driven?

正如你一開始所說的，很多事情都會解開，所以我有很多問題。我們將從辛達維開始。只要您能提供 24 財年指南中包含的具體收入和 EBITDA 貢獻或損失即可。調整後的 EBITDA 同比下降有多少是 Hindawi 造成的？

Dan, it's Christina. I'll take that one. So for fiscal year '24, we were expected to decline year-on-year about $30 million to $35 million in revenue, which drops about $20 million to $25 million of EBITDA.

丹，是克里斯蒂娜。我會接受那個。因此，對於 24 財年，我們預計收入將同比下降約 3000 萬至 3500 萬美元，其中 EBITDA 下降約 2000 萬至 2500 萬美元。

The EBITDA lower $20 million to $25 million versus fiscal '23, correct?

與 23 財年相比，EBITDA 減少了 2000 萬至 2500 萬美元，對嗎？

Yes.

是的。

Got it, very helpful. More important there, talk a little bit about the revenue opportunity and margin profile, longer term relative to your initial expectations for that business, and just help us understand your confidence why the issues experienced year-to-date won't recur.

明白了，非常有幫助。更重要的是，談談收入機會和利潤狀況，以及相對於您對該業務的最初預期的長期預期，並幫助我們了解您對為什麼今年迄今為止遇到的問題不會再次發生的信心。

Yes. It's a seminal question, Dan, and thanks for it. So our position was certainly affected last year. Our financial performance was certainly affected significantly. We unpacked -- if we unpack the issue, it's very easy to see that this is a onetime short-term issue. Bad actors got involved, it's Wiley left to the fore, and we publicly took control of the situation, teaching the industry what to do based upon it. It had a significant impact on our revenue, and we are slowly ramping up the program again to make sure that we do it prudently because at the end of the day, we are our brands We're the Wiley brand and we're our journal brands. And we must make sure that we always do what is necessary to ensure that both the knowledge creators and the knowledge consumers have trust in those brands. So that's a little rhetoric, but it is really what we believe.

是的。這是一個開創性的問題，丹，謝謝你。所以去年我們的地位肯定受到了影響。我們的財務業績無疑受到了重大影響。我們解開——如果我們解開這個問題，很容易看出這是一個一次性的短期問題。不良行為者捲入其中，威利脫穎而出，我們公開控制了局勢，教導行業據此該怎麼做。它對我們的收入產生了重大影響，我們正在慢慢地再次加強該計劃，以確保我們謹慎行事，因為歸根結底，我們是我們的品牌，我們是 Wiley 品牌，我們是我們的期刊品牌。我們必須確保始終採取必要措施，以確保知識創造者和知識消費者都信任這些品牌。這雖然有點誇張，但確實是我們所相信的。

Now as we look forward, there -- our Open Access businesses are -- have been growing very quickly. They're growing very quickly now. And they are accelerating through the year. When we look into last year, we know about -- because I discussed earlier about these short-term declines we saw in article volumes that were due to the COVID thing unwinding. And as we've come out of that, what we've seen throughout the year is an acceleration in our OA output. So for example, across last year, our OA output across the company was, I think, at 6%. And it grew by the fourth quarter to 11%, and we expect it to go up from there. Our pure gold output is growing even faster. So we're seeing that acceleration. We're seeing the signs that we are on the right track. As you know, we've committed very heavily to the Open Access movement. We're leading it and we're going to benefit from it across Wiley.

現在，正如我們所期待的那樣，我們的開放獲取業務正在快速增長。他們現在成長得非常快。而且這一數字在全年中都在加速增長。當我們回顧去年時，我們知道——因為我之前討論過我們在文章數量上看到的這些短期下降是由於新冠疫情的解除。當我們走出困境時，我們在這一年中看到的是我們的 OA 產出在加速增長。例如，我認為去年我們整個公司的 OA 產出為 6%。第四季度增長至 11%，我們預計這一數字還會繼續上升。我們的純金產量增長得更快。所以我們看到了這種加速。我們看到的跡象表明我們正走在正確的軌道上。如您所知，我們非常致力於開放獲取運動。我們正在引領它，我們將從整個 Wiley 中受益。

Our expectation for Hindawi was a couple-fold. One, it would accelerate our position in that market, which it has; and that it would provide significant growth, which it has, and it will provide the ability to provide significant cascade across our portfolio that we could find homes for the many hundreds of thousands of articles that we get every year that are not published. Our expectations are the same going forward. We expect that over the next 12 to 18 months, we will be fully ramping back up. So by '25, we're back on course with our volume growth and it should drop to the bottom line at/or we're close to the margin -- very healthy margin that it always has in our -- across all of our Open Access, but certainly across the Hindawi asset. So the -- relative to our initial expectations, this acquisition has outperformed if you just can look aside for a minute against a very short-term thing that happened to us. But we're going to lead our way -- lead the industry out of it, and we feel very, very good about the future of our overall Open Access program.

我們對 Hindawi 的期望是原來的幾倍。第一，它將加速我們在該市場的地位；它將提供顯著的增長，它已經實現了，並且它將提供在我們的投資組合中提供顯著級聯的能力，我們可以為我們每年收到的數十萬篇未發表的文章找到家。我們對未來的期望是一樣的。我們預計在未來 12 至 18 個月內，我們將全面恢復增長。因此，到 25 年，我們的銷量增長將回到正軌，並且應該會下降到底線/或者我們接近利潤率 - 非常健康的利潤率，它一直在我們的所有業務中都具有。開放獲取，但肯定是整個 Hindawi 資產。因此，相對於我們最初的預期，如果你能把目光放在我們身上發生的一件非常短期的事情上，那麼這次收購的表現就已經超出了我們的預期。但我們將引領我們的道路——帶領整個行業走出困境，我們對整個開放獲取計劃的未來感到非常非常好。

And Dan, I just want to jump back in. I just want to correct myself on the EBITDA year-on-year. It is $25 million to $30 million between '23 and '24.

丹，我只想重新開始。我只想糾正自己的 EBITDA 同比情況。 23 年至 24 年間，這一數字為 2500 萬至 3000 萬美元。

And what is the EBITDA loss then implied for fiscal '24?

那麼 24 財年的 EBITDA 損失是多少？

The EBITDA loss for...

EBITDA 損失...

Not the delta, but the actual impact, the negative impact of EBITDA and the overall for Hindawi in '24?

不是增量，而是實際影響、EBITDA 的負面影響以及 24 年 Hindawi 的總體影響？

We'll get back to you on the details behind that. But for now, you could just -- you could summarize it by saying that our revenue will be down and just (inaudible).

我們將就其背後的詳細信息與您聯繫。但現在，你可以——你可以總結一下，我們的收入將會下降，而且只是下降（聽不清）。

Got it. Sticking with Research, just pretty healthy growth, obviously, 3% projected ex-Hindawi. In terms of the P times Q model, is there any way as OA and mix model become a bigger piece, how to think about the relative mix of P times Q embedded in that guidance?

知道了。堅持研究，顯然，欣達維預計增長相當健康，為 3%。就 P × Q 模型而言，隨著 OA 和混合模型成為一個更大的部分，有沒有什麼辦法，如何考慮該指南中嵌入的 P × Q 的相對混合？

Yes. As you know, we've been discussing for a while, as we move through these transformative agreements or transitional agreements, we stopped discussing them as individual items. I will say that OA, if you were to separate it out now, is around 33%, 34%, maybe a little bit less than that. But it's growing significantly. We made a bet on the P times Q model, that has played out. So as we've moved from more traditional subscription or remodels to the P times Q model, we've certainly seen a direct correlation and the math play out about our assumptions there. So how should we -- I'm not sure I'm 100% getting at your question, Dan, if you want to clarify if I missed something.

是的。如您所知，我們已經討論了一段時間，當我們通過這些變革性協議或過渡性協議時，我們不再將它們作為單獨的項目進行討論。我想說的是，如果你現在把它分開的話，OA大約是33%、34%，可能比這個少一點。但它正在顯著增長。我們對 P 乘 Q 模型下了注，結果已經實現。因此，當我們從更傳統的訂閱或改造轉向 P 乘 Q 模型時，我們肯定看到了直接相關性，並且數學結果與我們的假設有關。那麼我們應該如何——丹，如果你想澄清我是否遺漏了什麼，我不確定我是否 100% 理解了你的問題。

Yes. That's -- it's obviously a volume-driven model to some extent and just kind of getting a sense of pricing relative to the volume growth.

是的。這在某種程度上顯然是一個銷量驅動的模型，只是獲得了相對於銷量增長的定價感。

So relative -- yes, relative to both parts of it. So if you simplify the world into a binary between subscription and OA or P times Q, you would -- I would say a couple of things. One is, it's all driven by volume ultimately because the value of our subscription model is about the volume of product we put in there and the quality of our brands, that's sort of the equation. And the same is true on the other side, on the P times Q side. If we have the brands, we have the pricing power. If we have the brands, we get the volume. If we get the volume and we have pricing power, the future is bright. Because I will say that we -- as you would expect, we modeled this out at the beginning with multiple scenarios to see whether we could be bold enough to make the commitment we have to OA, and we have been at or above our expected case all the way through since we began this 4 years ago. So good pricing power on the side of OA. And I'll say -- yes, I'll just leave it Dan.

所以是相對的——是的，相對於它的兩個部分。因此，如果你將世界簡化為訂閱和 OA 或 P 乘以 Q 之間的二元關係，你會——我會說幾件事。一是，這一切最終都是由數量驅動的，因為我們的訂閱模式的價值取決於我們投入的產品數量和我們品牌的質量，這就是等式。另一側也是如此，即 P 乘 Q 側。如果我們有品牌，我們就有定價權。如果我們有品牌，我們就能獲得銷量。如果我們獲得了銷量並且擁有了定價能力，那麼未來是光明的。因為我要說的是，正如您所期望的那樣，我們一開始就用多種場景進行了建模，看看我們是否有足夠的勇氣做出對 OA 的承諾，並且我們已經達到或超過了我們的預期情況自從我們四年前開始以來一直如此。 OA 方面具有如此強大的定價能力。我會說——是的，我會把它留下，丹。

Makes perfect sense. Switching gears. In terms of the divestments, I understand timing is very much out of your control, and hopefully, there'll be patience there. But are the expectations that these would be sold as a package or individually? And any way to sort of put maybe even large guardrails around what your expectations would look like from a proceeds perspective?

很有道理。切換齒輪。就撤資而言，我知道時機非常難以控制，希望大家有耐心。但這些產品的預期是打包出售還是單獨出售？從收益的角度來看，有什麼方法可以為你的期望設置一個巨大的護欄嗎？

Yes. We won't be commenting on proceeds today. We're making a strategic decision here, not a financial one. And we're not -- so as we look forward, what I will say is we are proceeding as rapidly as the markets will allow, and in some cases, we're proceeding very rapidly. These are very high-quality assets with lots of potential in parts of the market that should do very well in the long run. And we, in each of them, have assets that are considered gold standard. So we expect a very healthy market for them. Having said that, it's a very odd time to be coming to market. And so we have to be patient in how we look at it. The valuations in the space are not what they once were, and we have to be reasonable in our expectation. So I don't want to set expectations too high. Having said that, to repeat what I said a minute ago, these are great assets and we expect significant interest. And in fact, we've already seen significant interest in them, not just in the past years, but actually we've got plenty of -- we've had plenty of inbound even without this call. And I expect we'll get more from here on in.

是的。我們今天不會對收益發表評論。我們在這裡做出戰略決策，而不是財務決策。但我們並沒有——所以當我們展望未來時，我要說的是，我們正在市場允許的範圍內盡快推進，在某些情況下，我們的進展非常迅速。這些都是非常優質的資產，在部分市場中具有很大的潛力，從長遠來看應該表現得很好。我們在每個項目中都擁有被視為黃金標準的資產。因此，我們預計它們的市場將非常健康。話雖如此，現在進入市場的時機非常奇怪。因此，我們必須耐心地看待它。該領域的估值已不再是以前的水平，我們的預期必須合理。所以我不想設定太高的期望。話雖如此，重複我剛才所說的話，這些都是巨大的資產，我們預計會有很大的興趣。事實上，我們已經看到了人們對它們的濃厚興趣，不僅是在過去幾年，而且實際上我們已經有很多——即使沒有這個電話，我們也有很多入站者。我希望從現在開始我們會得到更多。

Makes sense. The...

說得通。這...

Yes, you also asked another question -- Dan, you also asked another question, which was package or individual. The answer is, if I were (inaudible), I would say we're selling it individually, but they are fantastic assets. And for investors who understand -- deeply understand this space, they'll recognize that these are terrific assets and there could be a package sale. But I'm not going to ask to make it at this point in time.

是的，你還問了另一個問題——Dan，你還問了另一個問題，是集體的還是個人的。答案是，如果我（聽不清），我會說我們是單獨出售它，但它們是很棒的資產。對於深入了解這個領域的投資者來說，他們會認識到這些都是很棒的資產，並且可能會打包出售。但我不會要求在這個時間點做到這一點。

Sure, sure. Shifting back to the core -- or the remaining businesses, the Learning business. Academic and Professional Publishing have been under some pressure, obviously cyclical here, but some longer-term pressures on print. The shift to digital is well documented. Looking out beyond this year, is there inflection to -- and I understand the synergies between that and the Research business, obviously. But is there an inflection to positive growth kind of over the next 1, 2, 3 years that you see? And what would drive that?

一定一定。回到核心業務——或者說剩下的業務，即學習業務。學術和專業出版業一直面臨著一些壓力，顯然是周期性的，但印刷業也面臨著一些長期壓力。向數字化的轉變是有據可查的。展望今年之後，是否會出現變化——顯然，我理解這與研究業務之間的協同效應。但您認為未來 1 年、2 年、3 年是否會出現積極增長的拐點？是什麼推動了這一點？

Yes. So specifically with regard to the last question, I don't want to set outsized expectations regarding those businesses. What I'll say is that there are significant pockets of growth within our Academic -- excuse me, within our Learning business. We've seen our platform -- our digital and platform businesses such as zyBooks grow at an extremely fast rate. The digital products do very well. And as we look to the Professional lines, the traditional publishing part of it, what we always call our trade business, tends to go up and down based upon the trends in publishing, which are consumer demand driven. But a very solid business. I don't expect lots of growth out of it for sure, but it's a very solid business. And on the Professional, on the assessment or team development business, it's a terrific business with lots of growth and great profitability characteristics.

是的。因此，特別是關於最後一個問題，我不想對這些業務設定過高的期望。我要說的是，我們的學術領域——對不起，我們的學習業務領域——有很大的增長空間。我們已經看到我們的平台——我們的數字和平台業務（例如 zyBooks）以極快的速度增長。數碼產品做得很好。當我們關注專業產品線時，其中的傳統出版部分，即我們通常所說的貿易業務，往往會根據消費者需求驅動的出版趨勢而上下波動。但生意非常紮實。我並不期望它能有很大的增長，但它是一項非常穩固的業務。對於專業人士、評估或團隊發展業務來說，這是一項非常棒的業務，具有大量的增長和巨大的盈利能力。

We -- the only thing that I would say in addition about growth itself, is that print is -- has continued to be an issue. It will continue to be issue. But overall, it contributes to a very solid base that is very profitable and very compatible with the rest of the businesses. The choices we're making today are about aligning businesses where we are strong, we have proven assets and brands where we have compatibility and can drive synergies to reduce redundancy and duplication, where we can win and where they can benefit Wiley financially. So while we're not looking at that overall segment as a profound growth driver, it has very attractive financial characteristics from a profitability perspective. And so as such, with its compatibility and synergy, it fits very well with the overall portfolio. And I think you'll see increasing synergies over time.

關於增長本身，我唯一要說的是印刷品仍然是一個問題。它將繼續成為問題。但總的來說，它奠定了一個非常堅實的基礎，利潤豐厚，並且與其他業務非常兼容。我們今天做出的選擇是為了在我們實力雄厚的地方調整業務，我們擁有經過驗證的資產和品牌，我們在這些地方具有兼容性，可以推動協同效應以減少冗餘和重複，在這些地方我們可以獲勝，並且他們可以在財務上使 Wiley 受益。因此，雖然我們並沒有將整個細分市場視為深刻的增長動力，但從盈利角度來看，它具有非常有吸引力的財務特徵。因此，憑藉其兼容性和協同作用，它非常適合整個產品組合。我認為隨著時間的推移，你會看到協同效應不斷增強。

Indeed, no doubt. Christina, just to...

確實如此，毫無疑問。克里斯蒂娜，只是為了...

Dan, I also want to stress that what we saw last year was were market-related headwinds related more to consumer demand than to structural changes in the business. We've continued to see unit volumes hold up. The issue is -- has been inventory channel over time. But we saw consumer demand issues, we saw some enrollment issues. And we all know consumer demand ebbs and flows, we all know enrollment has ebbed in the last couple of years. We expected to return to growth. So some of the things, just as we talked about on the Research side, some of the things that were going on demand-wise weren't really about profound structural changes in the market. They were just about the ebbs and flows of demand.

丹，我還想強調，我們去年看到的市場相關阻力更多地與消費者需求相關，而不是與業務結構性變化相關。我們繼續看到單位銷量保持不變。問題是——隨著時間的推移，庫存渠道一直存在。但我們看到了消費者需求問題，我們看到了一些入學問題。我們都知道消費者需求的起伏，我們都知道過去幾年入學人數有所下降。我們預計將恢復增長。因此，正如我們在研究方面討論的那樣，一些在需求方面發生的事情並不是真正涉及市場的深刻結構性變化。它們只是關於需求的潮起潮落。

Understood. Christina, I just want to clarify 1 or 2 things that I heard. I think I heard 23% plus EBITDA margin kind of entering fiscal '25, expect to get back to that level on a run rate basis. Did I hear that correctly?

明白了。克里斯蒂娜，我只想澄清我聽到的一兩件事。我想我聽說 25 財年的 EBITDA 利潤率將達到 23%，預計在運行率的基礎上會回到這個水平。我沒聽錯嗎？

Yes. Yes, correct.

是的。是，對的。

And the $ 100 million...

還有那一億美元……

As we exit ' 23 to '24, yes, yes.

當我們從 23 號退出到 24 號時，是的，是的。

Yes, as we exit '23 and '24.

是的，當我們退出'23 和'24 時。

'24 and '25, yes.

'24 和 '25，是的。

We're going to be gaining steam...

我們將獲得動力...

'24 to '25, yes, that makes sense. And you mentioned $100 million in cost savings over a 3-year period, I believe. Is that incremental to the 60-plus that we've been talking about? Or is that included in that?

'24 到 '25，是的，這是有道理的。我相信您提到在 3 年內節省了 1 億美元的成本。這是否是我們一直在談論的 60 歲以上的增量？或者說這也包含在其中？

It is incremental to the 60 that we've talked about previously. And that is our best thinking as we sit today. And it's over -- we're doing our best to operationalize as much as we can. But as you know, with divestitures, you can't really predict the timing. But we are going aggressively against our infrastructure, and we're going to give you some updates as we get them next quarter and into Investor Day.

它是我們之前討論過的 60 的增量。這是我們今天坐著的最佳想法。一切都結束了——我們正在盡最大努力盡可能地實施。但如您所知，對於資產剝離，您無法真正預測具體時間。但我們正在積極反對我們的基礎設施，我們將在下個季度和投資者日向您提供一些最新信息。

Yes, Dan, we have a broad program outlined to identify the opportunities that will result from the new focusing, the alignment and the slimming down of the organization. We -- it will take us a little bit of time for us to work through it. But as we work toward our October Investor Day, we will get significant clarity on it and expect to be given much more clarity, not just on the program at the time, but on our growth and profit trajectories in the future. I misspoke a minute ago so I want to clarify it. I jumped into clarify, but I said the wrong thing. As we go through fiscal '24, we will be gaining steam as we go on our way to fiscal '25. I said '23, and that was just a miss.

是的，丹，我們制定了一項廣泛的計劃，旨在確定組織的新重點、調整和精簡所帶來的機會。我們——我們需要一點時間來解決這個問題。但當我們努力迎接十月投資者日時，我們將對此有更清晰的認識，並期望得到更多的清晰度，不僅是當時的計劃，而且是我們未來的增長和利潤軌跡。我一分鐘前說錯了，所以我想澄清一下。我急忙澄清，但我說錯了。當我們經歷 24 財年時，我們將在進入 25 財年時獲得動力。我說‘23’，那隻是一個失誤。

Yes. No worries. That's great. Last one for me. I appreciate the patience. And I understand this year is a very challenging year from a cash flow perspective or at least from a clarity perspective given all the moving pieces. But just thinking about the algorithm or the core. If the new base of adjusted net income is $130 million this year, backing into that based on your EPS guide, and hopefully growing significantly thereafter as you just described, how do we think about free cash flow conversion kind of beyond '24 and looking beyond divestments, your priorities for capital allocation? Is M&A still part of the mix? Or is it more likely to be internal investments and more aggressively returning cash to shareholders? I know there is a lot for the last question, but I appreciate it.

是的。不用擔心。那太棒了。最後一張給我。我很欣賞你的耐心。我知道，從現金流的角度來看，或者至少從清晰的角度來看，考慮到所有的變化，今年是非常具有挑戰性的一年。但只是思考算法或者核心。如果今年調整後淨利潤的新基數為 1.3 億美元，根據您的 EPS 指南進行支持，並希望此後如您剛才所描述的那樣顯著增長，那麼我們如何考慮 24 年後的自由現金流轉換並展望未來撤資，您的資本配置優先事項？併購仍然是其中的一部分嗎？或者更可能是內部投資並更積極地向股東返還現金？我知道最後一個問題有很多內容，但我很感激。

You want to jump on...

你想跳上...

No. I'm going to turn that to you.

不，我要把這個轉給你。

Yes. So look, our business, as we have decided to focus and prune will, has -- and you can see it, Dan, already, with just what we've shared. Our cash flow characteristics will be increasing, not decreasing. The business that we are in are more profitable. You can see it in our EBITDA, even though we're not providing cash flow characteristics. So on a go-forward basis, our conversion should be significantly good in proportion to our -- proportional to our revenue growth as we go forward. So I feel very good about it. We will most certainly -- we most certainly be gaining steam as we go through this year and into next year.

是的。所以看，我們的業務，正如我們決定集中和修剪的那樣，已經——丹，你已經可以通過我們分享的內容看到它了。我們的現金流特徵將會增加，而不是減少。我們從事的業務利潤更高。即使我們沒有提供現金流量特徵，您也可以在我們的 EBITDA 中看到它。因此，從長遠來看，隨著我們的發展，我們的轉化率應該與我們的收入增長成正比。所以我對此感覺非常好。我們肯定會——在今年和明年的過程中，我們肯定會獲得動力。

So as we think about capital and capital allocation, our priorities are clear. We're focusing on our Research and Publishing businesses and in the Knowledge Solutions business, our platform businesses that support and extend those businesses and our market position. In addition, we're focusing on the vertical markets where we have strength, and we'll continue to invest in those. So with those as our priorities, we don't expect to be particularly active this year. In fact, we'll be extremely conscious this year from an acquisition perspective. But we will keep our eyes out and we would align our investments against those priorities as we go forward.

因此，當我們考慮資本和資本配置時，我們的優先事項是明確的。我們專注於我們的研究和出版業務以及知識解決方案業務，以及支持和擴展這些業務和我們的市場地位的平台業務。此外，我們專注於我們有實力的垂直市場，我們將繼續在這些市場進行投資。因此，以這些為我們的優先事項，我們預計今年不會特別活躍。事實上，從收購的角度來看，今年我們將非常有意識。但我們將密切關注，並在前進過程中根據這些優先事項調整我們的投資。

And just to add to that, Dan, we just made some really important decisions as we talked about today. So it takes some time to work through the details and also our use of proceeds. But we are going to evaluate all our options, including what Brian just mentioned. Also, we're also keeping eye out for our debt structure in light of the macro environment, we also always look at our share repurchases, all those things. And as a reminder, about half of our cash flow is dedicated to dividends and buybacks.

丹，補充一點，我們剛剛做出了一些非常重要的決定，正如我們今天討論的那樣。因此，我們需要一些時間來處理細節以及我們對收益的使用。但我們將評估所有的選擇，包括布萊恩剛才提到的。此外，我們還根據宏觀環境密切關注我們的債務結構，我們也始終關注我們的股票回購，所有這些事情。提醒一下，我們大約一半的現金流用於股息和回購。

Great. Well, look, I want to thank you all -- are there any other questions?

偉大的。好吧，我想感謝大家——還有其他問題嗎？

There are no further questions at this time.

目前沒有其他問題。

Okay. With none, I want to thank everybody for joining today. It's been a big call for us. We're looking forward to the year to come as we gain more clarity and more momentum around our new strategy. I definitely want to rethank our colleagues worldwide for their continued support and passion in this journey. We are committed to unlocking the potential. And now we have a more clear, focused aligned strategy that would go forward into the future and generate -- unlock value for our shareholders and all of our stakeholders.

好的。沒有人，我要感謝大家今天的加入。這對我們來說是一個重大呼籲。我們期待新的一年，我們的新戰略將變得更加清晰、動力更加強勁。我絕對要再次感謝我們世界各地的同事在這段旅程中給予我們的持續支持和熱情。我們致力於釋放潛力。現在，我們有了一個更清晰、更有針對性的一致戰略，該戰略將面向未來，為我們的股東和所有利益相關者創造並釋放價值。

So thanks very much. We look forward to sharing results in Q1 and updates in September. Look forward to seeing you all at our Investor Day in October.

非常感謝。我們期待分享第一季度的結果和九月份的更新。期待在十月份的投資者日見到大家。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。