John Wiley & Sons Inc (WLYB) 2025 Q4 法說會逐字稿

Good morning, and welcome to Wiley's fourth-quarter and fiscal 2025 earnings call. As a reminder, this conference is being recorded. (Operator Instructions) Thank you. At this time, I'd like to introduce Wiley's Vice President of Investor Relations, Brian Campbell, please go ahead.

早安，歡迎參加 Wiley 第四季和 2025 財年財報電話會議。提醒一下，本次會議正在錄製中。（操作員指示）謝謝。現在，我想介紹 Wiley 的投資者關係副總裁 Brian Campbell，請開始。

Thank you all for joining us. On the call with me are Matt Kissner, Wiley's President and CEO; Christopher Caridi, Interim CFO; and Jay Flynn, Executive Vice President and General Manager of Research and Learning.

感謝大家的參與。與我一起參加電話會議的還有 Wiley 總裁兼執行長 Matt Kissner、臨時財務長 Christopher Caridi 以及執行副總裁兼研究與學習總經理 Jay Flynn。

Note that our comments and responses 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. Also, Wiley provides non-GAAP measures as a supplement to evaluate underlying operating profitability and performance trends.

請注意，我們的評論和回應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有重大差異。本公司不承擔更新它們以反映後續事件的任何義務。此外，Wiley 還提供非 GAAP 指標作為補充，以評估潛在的營運獲利能力和績效趨勢。

These measures do not have standardized meanings prescribed by US 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.

這些指標沒有美國公認會計準則規定的標準化意義，因此可能無法與其他公司使用的類似指標進行比較，也不應被視為公認會計準則下指標的替代品。

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 divested assets and 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 website at investors.wiley.com.

除非另有說明，我們將在電話會議上參考非公認會計準則指標，差異以同比計算，並將不包括剝離資產和貨幣的影響。我們向美國證券交易委員會提交的文件中含有更多資訊。本簡報和文字記錄的副本可在我們的投資者關係網站 investors.wiley.com 上查閱。

I'll now turn the call over to Matt Kissner.

現在我將把電話轉給馬特‧基斯納 (Matt Kissner)。

Thank you, Brian, and good morning, everyone. Welcome to our fourth-quarter and full-year earnings review. 18 months ago, we set out on a multi-year journey to become a stronger and more profitable Wiley, to move decisively on our cost structure and unlock growth in our core businesses.

謝謝你，布萊恩，大家早安。歡迎閱讀我們的第四季和全年收益回顧。 18 個月前，我們踏上了多年的旅程，致力於成為更強大、更有利可圖的 Wiley，果斷改變我們的成本結構，釋放核心業務的成長潛力。

Today, I'm pleased to report another year of meaningful progress. We've met or exceeded our financial commitments, drove growth in our core while delivering material margin expansion and capitalized on emerging market opportunities in the corporate sector through AI licensing, data analytics, and knowledge services.

今天，我很高興地報告我們又取得了有意義的進展的一年。我們已達到或超越了我們的財務承諾，推動了核心業務的成長，同時實現了實質的利潤擴張，並透過人工智慧授權、數據分析和知識服務利用了企業領域的新興市場機會。

It's really quite a story. One of America's great legacy companies now standing at the forefront of scientific advancement and responsible AI development. Wiley began in 1807 as a print shop in Lower Manhattan. Today, we're a global company supporting the development of the European Space Agency's AI model for [Earth] observation. We're partnering with the American Cancer Society to disseminate cancer breakthroughs, multinational pharma companies to revolutionize drug discovery, and the world's largest tech companies to help train and develop AI models and interfaces.

這真是一個精彩的故事。美國最偉大的傳統公司之一，目前站在科學進步和負責任的人工智慧發展的前沿。威利公司於 1807 年在曼哈頓下城成立，當時是一家印刷店。如今，我們是一家全球性公司，支援歐洲太空總署開發用於 [地球] 觀測的人工智慧模型。我們正在與美國癌症協會合作傳播癌症突破成果，與跨國製藥公司合作革新藥物研發，並與世界上最大的科技公司合作協助訓練和開發人工智慧模型和介面。

All to say we have commenced another exciting chapter in our 218-year history. What makes Wiley compelling over the long term? Market demand has remained consistent over time as it correlates with ever-increasing global R&D spend. At the same time, publishing remains essential for career enablement and acclaim. Wiley is recognized as a wide moat business with a leading market position and must have content and brands.

可以說，我們已經開啟了 218 年歷史上另一個令人興奮的篇章。是什麼讓 Wiley 具有長期的吸引力？由於與不斷增加的全球研發支出相關，市場需求一直保持一致。同時，出版對於職業發展和獲得讚譽仍然至關重要。Wiley被公認為擁有寬護城河的企業，具有領先的市場地位，必須擁有內容和品牌。

We deliver resilient compounding growth in global markets that have remained stable through economic downturns, around half of our revenue is recurring and over 80% is from digital products and services.

我們在全球市場實現了有韌性的複合成長，在經濟低迷時期依然保持穩定，約一半的收入是經常性收入，超過 80% 來自數位產品和服務。

We are an AI beneficiary with content that is well suited for both training and inference. This gives us an expanding avenue into the massive corporate market. And finally, our financial characteristics remain strong, with healthy margins and cash generation, low leverage, and ample liquidity. Let's recap the main headlines for fiscal '25.

我們是人工智慧的受益者，我們的內容非常適合訓練和推理。這為我們進入龐大的企業市場提供了一條不斷擴展的途徑。最後，我們的財務特徵依然強勁，利潤率和現金產生能力健康，槓桿率低，流動性充足。讓我們回顧一下25財年的主要新聞。

We delivered revenue growth and margin improvement in both segments. We drove steady growth in our recurring revenue models and strong growth in Open Access driven by the global demand to publish. We secured a third major customer for LLM model training and see demand accelerating for vertical specific subscription models. We delivered total AI licensing revenue of $40 million this year.

我們在兩個部門都實現了收入成長和利潤率提高。在全球出版需求的推動下，我們的經常性收入模式實現了穩定成長，開放取用也實現了強勁成長。我們獲得了第三個主要 LLM 模型培訓客戶，並且看到對垂直特定訂閱模型的需求正在加速成長。今年，我們的 AI 授權總收入達到 4,000 萬美元。

We drove a 300 basis point improvement in our adjusted operating margin and 120 basis point improvement in our adjusted EBITDA margin. Margin expansion remains a multi-year strategic focus for us. Free cash flow is up 10% to $126 million and we've reaffirmed our $200 million target for fiscal '26. In addition to allocating capital to high return growth opportunities, we increased share repurchases by 34% to $60 million and are currently paying a 3.5% dividend.

我們的調整後營業利潤率提高了 300 個基點，調整後的 EBITDA 利潤率提高了 120 個基點。提高利潤率仍然是我們多年的策略重點。自由現金流成長 10% 至 1.26 億美元，我們重申了 26 財年 2 億美元的目標。除了將資本分配給高回報成長機會外，我們還將股票回購增加了 34%，達到 6,000 萬美元，目前支付 3.5% 的股息。

Finally, after the year closed, we secured cash proceeds of $120 million related to our University Services divestiture, which will be used to further reduce debt and interest expense. Chris will walk through our numbers in more detail, but I want to quickly showcase our performance this year. We delivered meaningful growth across all key metrics and we expect to do the same in fiscal '26.

最後，在年底結束後，我們獲得了與大學服務剝離相關的 1.2 億美元現金收益，這筆資金將用於進一步減少債務和利息支出。克里斯將更詳細地介紹我們的數據，但我想快速展示我們今年的表現。我們在所有關鍵指標上都實現了有意義的成長，我們預計在 26 財年也將取得相同的成長。

It's a simple refrain. Do what you say. As with last year, we made several commitments for you to hold us to. The first was to meet our stated financial goals, and we did that. For the second year in a row, we exceeded our EPS guidance range. We finished at the top end for EBITDA margin, achieved on revenue and cash flow, and reaffirmed or lifted our fiscal '26 targets, which we first set down in January of 2024.

這是一個簡單的副歌。按照你說的做。與去年一樣，我們向你們做出了幾項承諾，希望你們能夠遵守。首先是實現我們既定的財務目標，我們做到了。連續第二年，我們的每股盈餘超出預期。我們的 EBITDA 利潤率、收入和現金流均位居榜首，並重申或提高了我們在 2024 年 1 月首次製定的 26 財年目標。

The second goal was to expand our margins and cash flow. As noted, the team continues to execute and deliver on this overarching objective. Third was to drive recovery and growth in research, and we accomplished that across all key areas including publishing, licensing, and solutions.

第二個目標是擴大我們的利潤和現金流。如上所述，該團隊將繼續執行並實現這一總體目標。第三是推動研究的復甦和成長，我們在出版、授權和解決方案等所有關鍵領域都實現了這一目標。

For example, we achieved a 19% submissions growth rate and 8% output growth in fiscal '25. Research also delivered margin growth this year. Finally, we made a commitment to move decisively on AI opportunities. It's been a remarkable year of progress in this area as the market continues to rapidly evolve. A year ago, we were trying to understand the opportunity. Today, we count some of the largest companies in the world as AI customers and are partnering on an array of use cases and applications.

例如，我們在 25 財年實現了 19% 的提交成長率和 8% 的產出成長率。今年，研究也帶來了利潤成長。最後，我們承諾果斷抓住人工智慧機會。隨著市場繼續快速發展，這是該領域取得顯著進步的一年。一年前，我們試著去了解這個機會。今天，我們將世界上一些最大的公司視為人工智慧客戶，並在一系列用例和應用上進行合作。

Let me briefly recap the year in research. Our recurring revenue models saw solid growth driven by increased output and the enduring strength of our brands. Remember that much of our volume growth goes to supporting and increasing the value of our multi-year agreements. We had a very good renewal season across all regions, which gives us visibility through calendar year '25. As a reminder, around two-third of research revenue is recurring.

讓我簡單回顧一下這一年的研究。我們的經常性收入模式實現了穩健成長，這得益於產量的增加和品牌的持久實力。請記住，我們的銷售成長很大一部分用於支持和增加我們的多年期協議的價值。我們在所有地區都度過了一個非常好的更新季節，這為我們在 25 日曆年帶來了可見性。需要提醒的是，大約三分之二的研究收入是經常性的。

Open Access continues to see double digit growth. Our advanced journal franchise continues to be especially noteworthy. We made a concerted effort to invest in its expansion and it's paying off, particularly for our multidiscipline Open Access only journal advanced science. Its growth has been spectacular, driven by a rising impact factor and broad and expanding leadership.

開放存取繼續保持兩位數的成長。我們的先進期刊特許經營權繼續特別引人注目。我們齊心協力地投資於它的擴展，並且取得了成效，特別是對於我們的多學科開放獲取期刊《先進科學》。在影響因子不斷上升和領導力廣泛且不斷擴大的推動下，它的發展令人矚目。

We continue to see strong demand to publish across key markets. As a reminder, Wiley research is geographically very well distributed and powered by many different funding sources. Submissions were up in both emerging and well established markets with strong double-digit growth in India and China, double digit growth in the UK, France, Italy, Brazil, and Canada. And high-single-digit growth in Japan and the US.

我們持續看到各主要市場對出版的強勁需求。提醒一下，Wiley 的研究在地理上分佈非常廣泛，並受到許多不同的資金來源的支持。新興市場和成熟市場的提交量均有所增加，其中印度和中國實現了強勁的兩位數成長，英國、法國、義大利、巴西和加拿大也實現了兩位數成長。日本和美國則實現了高個位數成長。

High growth markets continue to show strong momentum. This year, we executed landmark multi-year agreements in India and Brazil that expand access to thousands of institutions and millions of researchers. Both of these country-wide agreements serve strategic purposes that go beyond near-term financial benefits. They stand to increase the global supply of quality research.

高成長市場持續呈現強勁勢頭。今年，我們在印度和巴西簽署了具有里程碑意義的多年協議，擴大了數千家機構和數百萬研究人員的訪問權限。這兩項全國性協議都具有超越短期財務利益的策略目的。它們致力於增加全球優質研究的供應。

China continues to be a very strong growth market for us, and the number one source of published research worldwide. Investment in R&D, innovation and publishing is a way for countries to compete and rise in the global economy, and these national governments continue to ramp up their efforts.

中國仍然是我們非常強勁的成長市場，也是全球最大的出版研究來源。對研發、創新和出版的投資是各國在全球經濟中競爭和崛起的方式，這些國家的政府也不斷加強。

As noted, we're excited by all the work we're doing in the corporate R&D and AI space. I'll talk more about this in a bit. And finally, Wiley has become a thought leader in everything from responsible AI development and research integrity to accessibility in underserved regions.

如上所述，我們對企業研發和人工智慧領域所做的所有工作感到非常興奮。我稍後會詳細談論這一點。最後，Wiley 已成為各領域的思想領袖，從負責任的人工智慧開發和研究誠信到服務不足地區的可及性。

On the topic of responsible AI, we recently released new offer guidelines on how to utilize AI tools in manuscript development while preserving authentic voice and safeguarding intellectual property. While they also announced the release of explanations, a landmark study of 5,000 researchers that explores AI use and applications across the research process.

關於負責任的人工智慧主題，我們最近發布了新的優惠指南，指導如何在手稿開發中利用人工智慧工具，同時保留真實聲音並保護智慧財產權。他們還宣布發布解釋，這是一項具有里程碑意義的研究，涉及 5,000 名研究人員，探索人工智慧在整個研究過程中的使用和應用。

We've become a primary voice on research integrity and now sponsor a PhD position at Leiden University to study research fraud and produce insights for the research community. On accessibility, we launched a pilot program that supports authors across 33 countries in Latin America to publish research in Wiley's gold Open Access portfolio. Discounts are applied in direct relationship to the purchasing power of each participating country. It's all designed to cultivate the research community in underserved areas and bring new cutting edge research into the global community.

我們已成為研究誠信的主要代言人，目前在萊頓大學贊助博士職位，研究研究詐欺並為研究界提供見解。在可近性方面，我們啟動了一項試點計劃，支持拉丁美洲 33 個國家的作者在 Wiley 的黃金開放獲取組合中發表研究成果。折扣與每個參與國的購買力直接相關。這一切旨在培養服務不足地區的研究社區，並為全球社會帶來新的前沿研究。

Let's shift to learning, where we delivered another year of revenue and margin growth. AI licensing generated [$29 million] in learning revenue compared to $23 million in the prior year, driven by demand for academic and professional blacklisted content. Our inclusive access model where the cost of digital course content is added to the students tuition and fees and our STEM courseware product remain growth engines.

讓我們轉向學習，我們又實現了一年的收入和利潤成長。受學術和專業黑名單內容需求的推動，人工智慧授權產生了[2,900 萬美元]的學習收入，而前一年為 2,300 萬美元。我們的包容性存取模式將數位課程內容的成本添加到學生的學費和雜費中，而我們的 STEM 課件產品仍然是成長引擎。

In professional and reference, book title signings were up 16% in areas like business, leadership, and nursing, which will drive financial benefit in fiscal '26 and beyond. We renewed our prestigious book publishing partnership with the IEEE, the world's largest technical society. Finally, assessments benefited from strong pricing power in a soft market environment.

在專業和參考方面，商業、領導和護理等領域的書籍簽名量增加了 16%，這將為 26 財年及以後帶來財務效益。我們與世界上最大的技術協會 IEEE 續簽了享有盛譽的圖書出版合作夥伴關係。最後，評估受益於疲軟的市場環境下強大的定價能力。

The team has recently launched our Worksmart tool that combines personality models with training sessions on employee engagement and team development. Both research and learning demonstrated organic growth and marginal improvement even as we continue to invest in high return initiatives. Chris will walk through our financial performance in more detail.

團隊最近推出了我們的 Worksmart 工具，將個性模型與員工敬業度和團隊發展培訓課程相結合。即使我們繼續投資高回報計劃，研究和學習也表現出有機成長和邊際改善。克里斯將更詳細地介紹我們的財務表現。

We're proud of our multi-year journey, and we're working toward accelerating our progress. I stepped into the role in October of 2023, and I found an exceptionally talented and connected group of colleagues that were eager to put the past behind them. Collectively we set out to simplify our goals and weld them to financial outcomes.

我們為多年的歷程感到自豪，並正在努力加快我們的進步。我於 2023 年 10 月上任，發現我的同事都非常有才華，而且關係密切，他們都渴望忘記過去。我們共同努力，簡化我們的目標，並將其與財務結果結合。

Our aim was to act decisively, get leaner, and strategically reallocate resources to where we have a unique right to win. 1.5 year later, our work is paying off both in our financial performance and our employee engagement scores.

我們的目標是果斷行動，精簡流程，並策略性地重新分配資源，將資源投入到我們最有獲勝優勢的領域。一年半後，我們的工作在財務表現和員工敬業度得分方面都獲得了回報。

We met or exceeded guidance in both fiscal '24 and '25. We raised our fiscal '26, adjusted EBITDA margin target range by 150 basis points and reaffirmed our free cash flow target of $200 million, up from $114 million in fiscal 2024.

我們在 24 財年和 25 財年都達到或超越了預期。我們將 26 財年的調整後 EBITDA 利潤率目標範圍提高了 150 個基點，並重申我們的自由現金流目標為 2 億美元，高於 2024 財年的 1.14 億美元。

We've since recorded over $60 million in AI licensing revenue and executed multiple vertical specific projects with corporate partners. We completed all divestitures and recently secured cash proceeds for university services. We drove significant cost savings with additional opportunities identified. In fact, we returned a combined $259 million in dividends and share repurchases in fiscal '24 and '25.

我們已經獲得了超過 6000 萬美元的 AI 授權收入，並與企業合作夥伴執行了多個垂直特定專案。我們完成了所有資產剝離，並最近獲得了大學服務的現金收益。我們透過發現更多機會實現了大幅成本節約。事實上，我們在 24 財年和 25 財年共返還了 2.59 億美元的股利和股票回購。

And finally we saw a marked elevation in employee engagement and satisfaction scores. Hats off, to the people that continue to make it all happen, our global colleagues. We are not slowing down. One of the more interesting developments over the past year is the acceleration of the corporate opportunity.

最後，我們看到員工敬業度和滿意度得分明顯提高。向我們全球的同事致敬，感謝他們為實現這一目標不斷努力。我們並沒有放慢腳步。過去一年中最有趣的發展之一是企業機會的加速成長。

Corporate makes up about 10% of our revenue base, notably journal subscriptions, databases, and services. Over time, we expect this to materially expand as we extend further into the corporate R&D value chain. The big trend, of course, is AI. AI revenue totaled about $40 million for the year.

企業收入約占我們收入基礎的 10%，尤其是期刊訂閱、資料庫和服務。隨著時間的推移，隨著我們進一步延伸到企業研發價值鏈，我們預計這一數字將大幅擴大。當然，大趨勢是人工智慧。全年人工智慧收入總計約 4000 萬美元。

During the quarter, we executed an $18 million licensing agreement with a new multinational tech customer for our learning content. With $9 million realized in this most recent quarter at $9 million expected in Q1. That said, the trading market is rapidly evolving from a few substantial pre-training engagements to a broader array of smaller fine-tuning projects where AI developers require more specialized content.

本季度，我們與一家新的跨國科技客戶簽訂了一份價值 1800 萬美元的學習內容授權協議。本季實現了 900 萬美元，預計第一季實現 900 萬美元。也就是說，交易市場正在從少數實質的預訓練活動迅速發展為更廣泛的小型微調項目，其中人工智慧開發人員需要更多專業內容。

We also saw a second half acceleration in the broader vertical specific market. R&D intensive corporations are increasingly using AI powered content and tools to speed up product development, identify breakthroughs, and reduce cycle times. This is where Wiley comes in. Our expansive content and data catalogs can be embedded into vertical specific AI models and applications in technology, healthcare, information services, industrials, and others to improve efficacy and impact.

我們也看到更廣泛的垂直特定市場在下半年加速發展。研發密集型企業越來越多地使用人工智慧內容和工具來加速產品開發、發現突破並縮短週期時間。這正是威利發揮作用的地方。我們廣泛的內容和數據目錄可以嵌入到技術、醫療保健、資訊服務、工業等領域的垂直特定人工智慧模型和應用中，以提高功效和影響力。

In addition, we're partnering with AI developers to advance the researcher and learner experience. In the past few months, we've executed partnerships with Amazon Web Services on scientific research, perplexity on AI answer engines and learning, multiple pharmaceutical companies for drug discovery, a multinational chemical company for pattern recognition, and in support of a space agency's AI tool for Earth observation.

此外，我們正在與人工智慧開發人員合作，以提升研究人員和學習者的體驗。在過去的幾個月裡，我們與亞馬遜網路服務公司在科學研究、人工智慧問答引擎和學習方面建立了合作夥伴關係，與多家製藥公司合作進行藥物研發，與一家跨國化學公司合作進行模式識別，並支援一家航太局的地球觀測人工智慧工具。

Revenue for vertical specific applications totaled $1 million in this first year, all of it recurring, but it's early days, and some of these are more like pilots. Long term, you can start to imagine the number of potential use cases and customers around the world. Organizations leveraging AI to conduct high-value R&D need to ground their solutions in the high-quality trusted knowledge that Wiley provides. As a first mover, we continue to learn from these partners and them from us.

第一年，垂直特定應用的收入總計 100 萬美元，全部都是經常性收入，但現在還處於早期階段，其中一些更像是試點。從長遠來看，您可以開始想像全球潛在用例和客戶的數量。利用人工智慧進行高價值研發的組織需要以 Wiley 提供的高品質可信賴知識為基礎來提供解決方案。身為先行者，我們不斷向這些合作夥伴學習，合作夥伴也不斷向我們學習。

In the case of perplexity, Wiley is collaborating with this innovator on the latest AI development and gaining valuable insights on how learners interact with our content in this form while enabling us to test new business models. In addition to AI, we are bringing our capabilities deeper into organizations with science analytics. Of particular note is our spectral data program, which continues to grow by double digits.

在困惑的情況下，Wiley 正在與這位創新者合作開發最新的人工智慧，並獲得關於學習者如何以這種形式與我們的內容互動的寶貴見解，同時使我們能夠測試新的商業模式。除了人工智慧之外，我們還透過科學分析將我們的能力深入組織。特別值得注意的是我們的光譜數據程序，它繼續以兩位數的速度增長。

Wiley has one of the most comprehensive spectral database collections in the world, allowing chemists and other researchers to identify molecular compounds to reach better conclusions faster. Wiley also continues to provide knowledge hubs, advertising, and recruiting services for R&D centric-companies, particularly in healthcare. Corporate is a burgeoning market for us, and we're going to capitalize.

Wiley 擁有世界上最全面的光譜資料庫集合之一，使化學家和其他研究人員能夠識別分子化合物，從而更快地得出更好的結論。Wiley 也持續為以研發為中心的公司（尤其是醫療保健領域的公司）提供知識中心、廣告和招聘服務。企業市場對我們來說是一個新興市場，我們將充分利用它。

Of course, we need to acknowledge the uncertainty out there, be it policy swings, tariffs, and uncertain economic climate and other unknowns. But from what we know today, we remain confident in our continued resilience and growth. To refresh, our content is must have for institutions. Researchers must be published for career advancement and publishing remains essential to assess research outcomes.

當然，我們需要承認存在不確定性，無論是政策波動、關稅、不確定的經濟環境或其他未知因素。但從我們今天所了解的情況來看，我們仍然對自己持續的韌性和成長充滿信心。需要更新的是，我們的內容對機構來說是必須的。研究人員必須發表論文才能獲得職業發展，發表論文對於評估研究成果仍然至關重要。

Research is truly a global ecosystem enjoying strong geographic and funding diversity. It is not dependent on any one market. While there may be some noise in the US, other key markets are investing heavily in R&D innovation and publishing output. We have a large recurring revenue base, as noted. We've talked about the ongoing demand to publish and our strong pipeline of submissions. Our content and data are in demand for AI development.

研究確實是一個全球性的生態系統，具有強大的地理和資金多樣性。它不依賴任何一個市場。儘管美國可能存在一些噪音，但其他主要市場正在大力投資研發創新和出版產出。如上所述，我們擁有龐大的經常性收入基礎。我們討論了持續的出版需求以及我們強大的提交管道。我們的內容和數據是人工智慧開發所需要的。

The academic side of our business is steady and countercyclical over time. Professional title signings were up over the past two years, and we continue to aggressively tackle our cost structure while keeping a tight lid on our expenses. Perhaps most importantly, being relevant for 218 years demonstrates that Wiley plays the long game, that's what we're doing right now. We will not be distracted from delivering on our strategic objectives.

我們的學術業務長期來看是穩定的，並且具有反週期性。過去兩年，專業頭銜簽約數量增加，我們持續積極解決成本結構問題，同時嚴格控制開支。或許最重要的是，218 年來一直保持相關性表明 Wiley 著眼於長遠發展，這也是我們現在正在做的事情。我們不會因實現戰略目標而分心。

I'll now pass the call to Chris.

我現在將電話轉給克里斯。

Thank you, Matt, and good morning everyone. I want to commend all my Wiley colleagues for our performance and profitability improvements over the past 18 months. As Matt noted, we still have work to do, but the team has made important material strides. As always, we are passionate about meeting our commitments and earning your trust to shareholders. Margin expansion has been a focal point for us. We took certain actions across the company in Q4, which led to a restructuring charge of $12 million.

謝謝你，馬特，大家早安。我要讚揚所有 Wiley 同事在過去 18 個月中為我們的業績和獲利能力所做的貢獻。正如馬特所說，我們仍有工作要做，但團隊已經取得了重要的實質進展。一如既往，我們熱衷於履行承諾並贏得股東的信任。擴大利潤率一直是我們關注的重點。我們在第四季在全公司範圍內採取了一些行動，導致重組費用達到 1200 萬美元。

Our current efficiency programs are focused on our corporate line, notably technology. We continue to make good headway there and are ramping up our efforts in fiscal '26, even as we deliver improvements to our enterprise systems and roll out our new research publishing platform.

我們目前的效率計劃主要集中在我們的企業線，特別是技術。我們在該領域繼續取得良好進展，並在 26 財年加大努力，同時對企業系統進行改進並推出新的研究發布平台。

We are targeting a substantial reduction in our technology costs over time by streamlining the tech organization with a focus on our location footprint and partnerships with external providers, rationalizing our application landscape, and capitalizing on emerging AI-driven software development tools.

我們的目標是透過精簡技術組織，重點關注我們的位置足跡和與外部供應商的合作夥伴關係，合理化我們的應用程式環境，並利用新興的人工智慧驅動的軟體開發工具，大幅降低我們的技術成本。

We are confident that our technology transformation program will lead to improved delivery and innovation at lower cost. We are also focused on other corporate services, including operations, finance, human resources, and legal.

我們相信，我們的技術轉型計劃將以更低的成本帶來更好的交付和創新。我們也專注於其他公司服務，包括營運、財務、人力資源和法律。

We continue to evaluate the efficiency of our corporate processes and look for ways to drive further improvements. Our corporate expenses were down 10% in Q4 and 4% in fiscal year '25, although, as expected, the unallocated portion rose modestly this year, mainly due to enterprise modernization. We expect corporate expenses to come down in fiscal '26.

我們持續評估公司流程的效率並尋找推動進一步改進的方法。我們的企業支出在第四季度下降了 10%，在 25 財年下降了 4%，不過，正如預期的那樣，今年未分配部分略有增加，這主要歸因於企業現代化。我們預計26財年企業支出將會下降。

While we're rationalizing certain areas of spend, we continue to invest in our journal portfolio expansion, research publishing platform, and AI opportunities. We're also evaluating product profitability across our portfolio and we'll take action as necessary.

在我們合理化某些支出領域的同時，我們繼續投資於期刊組合擴展、研究出版平台和人工智慧機會。我們也正在評估我們整個產品組合的獲利能力，並將根據需要採取行動。

Our multi-stage research platform launch continues with over 1400 journals now, on our new submission system and over 700 on our peer review system. Our work will continue in earnest through the calendar year, but will be an ongoing initiative as we add new functionality and features. As discussed, the platform will improve publishing cycle times, expand capacity, and reduce our cost per article.

我們的多階段研究平台正在持續推出，目前我們的新提交系統上有超過 1400 種期刊，同行評審系統上有超過 700 種期刊。我們的工作將在整個日曆年中繼續認真進行，但隨著我們添加新的功能和特性，這將是一項持續的計劃。如所討論的，該平台將縮短出版週期、擴大容量並降低每篇文章的成本。

Finally, we are implementing prudent expense measures near term as we navigate this period of uncertainty. Given all this work, we expect to deliver significant adjusted EBITDA margin improvement over time, in addition to the progress we've made to date. Let me touch on our Q4 results.

最後，為了度過這段不確定的時期，我們將在近期內實施審慎的支出措施。考慮到所有這些工作，除了迄今為止的進展之外，我們預計隨著時間的推移，調整後的 EBITDA 利潤率還將顯著提高。讓我談談我們的第四季業績。

Adjusted revenue was essentially flat with research growth and AI licensing offset by a $23 million rights project in the prior year. As noted, the most current AI licensing agreement and learning is valued at $18 million, with $9 million recognized this quarter and $9 million next quarter. If you back out AI revenue from both years, learning would be up 4%. We continue to drive improvements in adjusted operating income, up 15% and EPS up 14%.

調整後的收入基本上持平，研究成長和人工智慧授權被上一年 2,300 萬美元的權利項目所抵銷。如上所述，最新的人工智慧授權協議和學習價值為 1,800 萬美元，本季確認 900 萬美元，下季確認 900 萬美元。如果扣除這兩年的人工智慧收入，學習收入將成長 4%。我們持續推動調整後營業收入的成長，成長 15%，每股收益成長 14%。

Adjusted EBITDA was flat due to revenue performance, although our margin rose slightly to 28.4%. For the full year, adjusted revenue was up 3% driven by research and academic growth and AI licensing, offsetting some pressure on professional due to retail channel softness.

由於營收表現，調整後的 EBITDA 持平，儘管我們的利潤率小幅上升至 28.4%。全年調整後收入成長 3%，受研究和學術成長以及人工智慧授權的推動，抵消了零售通路疲軟給專業業務帶來的一些壓力。

Adjusted operating income, adjusted EPS, and adjusted EBITDA were up 29%, 31%, and 8%. As noted, we delivered a 24% adjusted EBITDA margin for the year. Turning to our research segment, fourth quarter and full year revenue increased 3% from growth in both our recurring revenue models and Open Access programs and new AI licensing revenue.

調整後的營業收入、調整後的每股盈餘和調整後的息稅折舊攤提前利潤分別成長 29%、31% 和 8%。如上所述，我們今年的調整後 EBITDA 利潤率為 24%。談到我們的研究部門，第四季和全年收入成長了 3%，這得益於我們的經常性收入模式和開放取用計畫以及新的 AI 授權收入的成長。

We saw some softness in ancillary and print products, including back files and digital archives. These are more discretionary in nature. As of April, we've completed 99% of our calendar year '25 journal renewals and are seeing good growth overall. We will commence our calendar year '26 renewal discussions in the late fall time frame.

我們發現輔助產品和印刷產品（包括後期文件和數位檔案）有所疲軟。這些本質上是更加自由裁量的。截至 4 月份，我們已完成 25 日曆年 99% 的期刊續訂，並且整體呈現良好的成長動能。我們將在深秋開始討論 26 日曆年的續約事宜。

Importantly, our publishing pipeline remains robust and well dispersed with 45% of global output from APAC, 30% of EMEA, 20% North America, and 5% from the rest of the world. Research solutions returned to growth this year, up 2%, driven by databases and content solutions for corporations, offset by softness and recruitment.

重要的是，我們的出版管道仍然強勁且分佈良好，全球 45% 的產出來自亞太地區，30% 來自歐洲、中東和非洲地區，20% 來自北美，5% 來自世界其他地區。研究解決方案今年恢復成長，成長 2%，這主要得益於企業資料庫和內容解決方案的推動，但受到市場疲軟和招聘的抵消。

Adjusted EBITDA for research increased 4% for the quarter and 5% for the year, reflecting revenue growth and cost savings partially offset by investments in growth and productivity initiatives. Our full year margin improved by 30 basis points to 32.1%. In summary for research, we are pleased with our fiscal '25 performance, operating improvements, and investments.

調整後的研究 EBITDA 本季成長 4%，全年成長 5%，反映出營收成長和成本節約被成長和生產力計畫的投資部分抵銷。我們的全年利潤率提高了 30 個基點，達到 32.1%。總結研究，我們對 25 財年的業績、營運改善和投資感到滿意。

Onto our learning segment. Q4 revenue declined 5% due to the large AI agreement in the prior year and retail channels softness in professional publishing. For the year, revenue rose 2%, driven by AI licensing and steady market conditions in academic, notably student enrollment, the shift to inclusive access, and growth in digital content and courseware.

進入我們的學習環節。由於去年簽訂的大型人工智慧協議以及專業出版零售管道疲軟，第四季度營收下降了 5%。今年，收入成長了 2%，這得益於人工智慧授權和學術市場狀況的穩定，尤其是學生入學率、向包容性存取的轉變以及數位內容和課件的成長。

We continue to deliver robust growth and new title signings across the science, technology, medicine, and professional fields, which are expected to contribute to our financial performance in '26 and beyond. Adjusted EBITDA for the learning segment declined 6% this quarter, reflecting revenue performance, but rose 9% for the year.

我們繼續在科學、技術、醫學和專業領域實現強勁成長並簽署新協議，預計這將為我們 26 年及以後的財務業績做出貢獻。本季度，學習部門的調整後 EBITDA 下降了 6%，反映了收入表現，但全年增長了 9%。

Our margin expansion initiatives and learning deliver 250 basis points of improvement in fiscal '25, resulting in an adjusted EBITDA margin of 37.4%. Since fiscal '23, we have improved our EBITDA margin in learning by an astounding 850 basis points, all without sacrificing growth.

我們的利潤率擴大措施和學習使 25 財年的利潤率提高了 250 個基點，調整後的 EBITDA 利潤率達到 37.4%。自 23 財年以來，我們在學習方面的 EBITDA 利潤率提高了驚人的 850 個基點，而這一切都沒有犧牲成長。

In summary, we continue to be pleased with the growth, profit contribution, and cash generation of this business and continue to invest where we see specific opportunities. Let's discuss our current financial position and return to shareholders.

總而言之，我們繼續對業務的成長、利潤貢獻和現金產生感到滿意，並將繼續在我們看到的特定機會上進行投資。讓我們討論一下我們目前的財務狀況和股東回報。

Cash from operations was down modestly in fiscal '25. This decline reflects spend on cloud-based solutions related to our targeted enterprise monetization work, which largely occurred in the second half of the fiscal year.

25財年經營現金流略有下降。這一下降反映了我們針對企業貨幣化工作相關的基於雲端的解決方案的支出，這主要發生在財政年度的下半年。

This spend is capitalized and amortized like CapEx, but reported in this section of the cash flow statement. Without this shift, cash from operations would have been higher due to adjusted EBITDA and favorable working capital movements. Free cash flow rose 10% to $126 million due to lower CapEx.

該支出像資本支出一樣資本化和攤銷，但在現金流量表的此部分中報告。如果沒有這種轉變，由於調整後的 EBITDA 和有利的營運資本變動，經營現金流將會更高。由於資本支出降低，自由現金流成長 10% 至 1.26 億美元。

Note, combining CapEx and cloud-based solution spend, we outlaid comparable amounts in fiscal '25 and fiscal '24. We remain confident in achieving our free cash flow target of $200 million in fiscal '26. Dividends and share repurchases totaled $137 million, up from $122 million in the prior year, approximately $60 million was used to acquire nearly 1.4 million shares.

請注意，結合資本支出和基於雲端的解決方案支出，我們在 25 財年和 24 財年的支出金額相當。我們仍有信心在 26 財年實現 2 億美元的自由現金流目標。股利和股票回購總額為 1.37 億美元，高於上年的 1.22 億美元，其中約 6,000 萬美元用於收購近 140 萬股股票。

Our current dividend yield is around 3.5%. After the year closed, we received $120 million of cash proceeds for the university services business, which we will use to further reduce our debt. This will save us approximately $5 million in cash interest payments per year. Finally, our net-debt-to-EBITDA ratio was 1.8 at the end of April compared to 1.7 in the prior year period. This is before we deployed the divestiture proceeds.

我們目前的股息殖利率約為3.5%。年底結束後，我們收到了 1.2 億美元的大學服務業務現金收益，我們將利用這筆資金進一步減少債務。這將使我們每年節省約 500 萬美元的現金利息支付。最後，我們 4 月底的淨負債與 EBITDA 比率為 1.8，而去年同期為 1.7。這是在我們部署資產剝離收益之前。

Let me turn to growth drivers behind our outlook. As a reminder, our calendar year '25 renewal season was favorable. Our publishing pipeline remains strong, and the higher education market is steady. We continue to do good work on the professional side with new title signings and publishing and product improvements and assessments. Our commitments for this year are simple.

讓我來談談我們前景背後的成長動力。提醒一下，我們的 25 日曆年的更新季節是有利的。我們的出版管道依然強勁，高等教育市場穩定。我們繼續在專業方面做好工作，包括新書簽約和出版以及產品改進和評估。我們今年的承諾很簡單。

First, deliver profitable revenue growth in an uncertain economy. Second, materially expand margins and cash flow. Third, drive continued momentum in the corporate market through AI analytics and services.

首先，在不確定的經濟環境下實現獲利性收入成長。第二，大幅擴大利潤率和現金流。第三，透過人工智慧分析和服務推動企業市場持續成長。

Turning to our fiscal year outlook. Revenue growth is expected to be in a range of low-to-mid-single digits. Our growth outlook includes the adverse year-over-year impact of $40 million of AI licensing revenue and fiscal '25. We do anticipate additional AI revenue this year.

談談我們的財政年度展望。預計收入成長率將處於低至中等個位數範圍內。我們的成長前景包括 4000 萬美元的 AI 授權收入和 25 財年的年比不利影響。我們確實預計今年人工智慧收入會增加。

But not enough to be comparable to the prior year at this stage. We're raising our adjusted EBITDA margin outlook again to a range of 25.5% to 26.5%. This is up from our initial target of 24% to 25%, and up from our fiscal '24 actual of 22.8%. Adjusted EPS is expected to be in a range of $3.90 to $4.35, up from $3.64 in fiscal '25, and $2.78 in fiscal '24.

但目前還不足以與去年相比。我們再次將調整後的 EBITDA 利潤率預期上調至 25.5% 至 26.5% 的範圍。這高於我們最初 24% 至 25% 的目標，也高於我們 24 財年的實際成長率 22.8%。調整後的每股盈餘預計在 3.90 美元至 4.35 美元之間，高於 25 財年的 3.64 美元和 24 財年的 2.78 美元。

This is driven by expected growth in adjusted operating income from revenue growth and cost savings. Finally, free cash flow is expected to be approximately $200 million driven by expected EBITDA growth, lower restructuring payments, and favorable working capital. CapEx is expected to be comparable to this year's total of $77 million.

這是由收入成長和成本節約帶來的調整後營業收入的預期成長所推動的。最後，受預期 EBITDA 成長、較低的重組支出以及有利的營運資本推動，自由現金流預計約為 2 億美元。預計資本支出將與今年的 7,700 萬美元總額相當。

One comment on quarterly phasing. In Q1, we will have an unfavorable year-over-year comparison of $17 million related to prior year AI projects. We do expect some offset from new AI revenue, namely $9 million related to the agreement signed in Q4.

關於季度分階段的一則評論。在第一季度，我們與去年同期相比，人工智慧專案的支出為 1,700 萬美元，處於不利地位。我們確實預計新的 AI 收入將帶來一些抵消，即與第四季度簽署的協議相關的 900 萬美元。

But Q1 reported revenue is still expected to be down modestly, reflecting this comparison issue. As always, it's far more relevant to look at us on a full year basis.

但第一季報告的收入預計仍將小幅下降，反映出這個比較問題。像往常一樣，從全年的角度來看待我們更為重要。

I'll pass the call back to Matt.

我會把電話轉回給馬特。

Thank you, Chris. Let me recap our key takeaways before opening the floor to questions. Wiley has consistently served as a safe haven, delivering resilient compounding growth across economic cycles. This is due to our must have content and data, recurring business models, good geographic diversity, and strong financials.

謝謝你，克里斯。在開始提問之前，讓我先回顧一下我們的重點內容。威利一直扮演著避風港的角色，在整個經濟週期中實現了有彈性的複合成長。這是因為我們必須擁有內容和數據、重複的商業模式、良好的地理多樣性以及強大的財務狀況。

In addition, we are well ahead in tackling our cost structure and continuously improving our fundamentals. We are now a clear beneficiary in AI development across multiple sectors. AI licensing and partnership is another avenue for us into the ever expanding corporate opportunity.

此外，我們在解決成本結構和不斷改善基本面方面也處於領先地位。我們現在是多個領域人工智慧發展的明顯受益者。人工智慧授權和合作是我們進入不斷擴大的企業機會的另一條途徑。

Execution and discipline are now core strengths of ours, as is evident in our continuously expanding margins and cash flow. We remain balanced on capital allocation as we invest in high return initiatives and research and return cash to shareholders through dividends and repurchases. And based on what we know today and the momentum we're seeing in our leading indicators, we feel confident in our stated fiscal '26 growth outlook for revenue margins and cash flow. I want to thank all of you for joining us today.

執行力和紀律現在是我們的核心優勢，這從我們不斷擴大的利潤率和現金流中可見一斑。我們在資本配置上保持平衡，因為我們投資於高回報計劃和研究，並透過股息和回購向股東返還現金。根據我們今天所了解的情況以及我們在領先指標中看到的勢頭，我們對所述的 26 財年收入利潤率和現金流增長前景充滿信心。我要感謝大家今天的出席。

We will continue to work hard to reward your trust and confidence. Thank you to our wonderful colleagues for their drive and determination to generate lasting value for our customers, partners, and shareholders. As I said a year ago, nothing unites us more than being on a winning team.

我們將繼續努力，回報您的信任和信心。感謝我們優秀的同事為我們的客戶、合作夥伴和股東創造持久價值的動力和決心。正如我一年前所說，沒有什麼比加入一支獲勝的隊伍更能讓我們團結一致。

And that is what we are, and what we will continue to be.

這就是我們現在的樣子，我們將繼續保持這種樣子。

I'll open the floor to questions.

我現在開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Daniel Moore, CJS Securities.

丹尼爾·摩爾（Daniel Moore），CJS 證券。

Thank you. Good morning, Matt. Good morning, Chris. Congrats on the strong progress in and appreciate the comments on phasing. Maybe start with obviously the '26 revenue guidance low-to-mid-single digit growth, including the tough AI comp $40 million licensing, yeah, I guess it sounds like you expect, some additional AI revenue including the $9 million but a little bit lower.

謝謝。早安，馬特。早上好，克里斯。恭喜您取得的巨大進展並感謝您對分階段的評論。也許顯然從 26 年收入指導的低到中等個位數增長開始，包括艱難的 AI 補償 4000 萬美元許可，是的，我想這聽起來像你所期望的，一些額外的 AI 收入包括 900 萬美元，但略低一些。

Just talk about the outlook for sort of organic growth ex AI, and the likely -- I guess the what would cause you to get a little bit closer to the higher end of the range mid-single digit, what would be, the impact the factors that might cause it to come in toward the lower end?

只談論人工智慧以外的有機成長前景，以及可能的——我想什麼會導致你稍微接近中等個位數的高端，什麼因素可能會導致它走向低端？

Any risks relative risks upside downside would be super helpful.

任何相對風險的上行下行風險都會非常有幫助。

Thanks, Dan. First of all, quick comment, AI is still a very rapidly evolving market. So it's certainly not as predictable as we'd like to see. So that's why we don't really bake it into our numbers, but let me ask Chris to talk about our thinking around organic growth.

謝謝，丹。首先，快速評論一下，人工智慧仍然是一個發展非常迅速的市場。因此，它肯定不像我們希望看到的那樣可預測。這就是為什麼我們沒有將其納入我們的數字中，但請允許我請克里斯談談我們對有機增長的想法。

Yes, thanks. Thanks, Dan. The drivers that we saw this year we largely see continuing next year. Open Access revenues have been strong throughout fiscal '25, and the submissions and acceptances that we're yielding are continuing in the fashion that we saw in '25. So we expect '26 to benefit from that as well. Additionally, as we've mentioned, our TA and subs revenue, we have some line of sight relative to the calendar '25 renewals, which were good, and we expect to realize that as well.

是的，謝謝。謝謝，丹。我們今年看到的驅動因素在很大程度上預計明年仍將持續存在。在整個 25 財年，開放取用收入一直很強勁，我們收到的投稿和接受數量也延續了 25 年的水準。因此我們預計 26 年也將從中受益。此外，正如我們所提到的，我們的 TA 和訂閱收入與 25 年日曆續約情況有一定的關聯，這很好，我們也希望實現這一點。

On the learning side, we have seen in fiscal '25, strong growth in our inclusive access as well as, courseware, and we see that continuing into fiscal '26 as well.

在學習方面，我們看到在 25 財年，我們的包容性訪問和課件都實現了強勁增長，並且我們認為這種增長勢頭也將持續到 26 財年。

Jay, do you want to quickly comment on the visibility you have into '25 revenue, particularly in research? I mean -- sorry, '26 revenue, not '25 calendar year '25.

傑伊，你想快速評論一下你對 25 年收入的了解，特別是在研究方面嗎？我的意思是——抱歉，是 26 年的收入，而不是 25 日曆年的收入。

Of course. There you go. So yeah, Dan, we have a calendar year subscription model that splits over two fiscals, so I have really good visibility into CY25. We had a great renewal year this year, for calendar '25, and. As Matt indicated in our prepared remarks, our submissions were up 19% in the year. So that gives us a sense of what the journal article pipeline looks like, and it gives us a great deal of confidence in the sort of May to December period of our current fiscal year '26.

當然。就這樣。是的，丹，我們有一個日曆年訂閱模式，分為兩個財政年度，所以我對 CY25 有很好的了解。今年，也就是日曆的 25 年，是我們偉大的復興年。正如馬特在我們準備好的發言中指出的那樣，今年我們的提交量增加了 19%。這讓我們了解了期刊文章流程的狀況，也讓我們對 2026 財年 5 月至 12 月期間的表現充滿信心。

The outlook for calendar '26 renewal is something that we're very dialed into and we're -- our sales team, I just met with them this past week in Texas, met with the institutional sales teams and leaders, and they're raring to go for calendar '26 as well. So we have decent visibility and are feeling optimistic to guide to the numbers that Chris and Matt have already shared.

我們非常關注 26 年日曆更新的前景，我們的銷售團隊，我上週剛在德克薩斯州與他們會面，會見了機構銷售團隊和領導，他們也渴望迎接 26 年日曆。因此，我們擁有良好的知名度，並且對 Chris 和 Matt 已經分享的數字感到樂觀。

Very helpful. And the recurring revenue, you mentioned several partnerships that are developing mostly sort of beta testing at this point. Just confirming, I think you said it was around $1 million this year. Any sense for what that contribution might look like, either '26 or beyond -- or beyond at this stage?

非常有幫助。至於經常性收入，您提到了幾個合作關係，目前它們主要處於 beta 測試階段。只是確認一下，我認為您說的是今年大約是 100 萬美元。您知道這種貢獻會是什麼樣子嗎，是 26 年還是以後——或者在這個階段以後？

Yeah, let me comment and then Jay can give you a little more color. It's a kind of a really nascent emerging market where corporations are fine-tuning their proprietary AI models with our data, and they want the most current, most accurate data. So we're really running a series of pilots, but getting a lot of interest as to how rapidly that's going to develop, again, it's very, very early days, but we are I do think kind of that's the future of where the puck is going with AI, at least relative to our business. Jay, do you want to maybe fill in some color on that?

是的，讓我發表評論，然後傑伊可以給你更多細節。這是一個真正新興的市場，企業正在利用我們的數據對其專有的人工智慧模型進行微調，他們想要獲得最新、最準確的數據。因此，我們實際上正在進行一系列試點，但人們對其發展速度非常感興趣，再次強調，現在還處於非常早期的階段，但我確實認為這就是人工智慧的未來發展方向，至少就我們的業務而言。傑伊，你想在上面填上一些顏色嗎？

Yeah, I absolutely, first, let's just lead with the headline that the $1 million isn't a ceiling. It's the start of a shift towards AI monetization models that look a lot more like traditional SaaS or subscription. They're high margin, they're recurring. They're deeply embedded, as Matt said, into the R&D workflow.

是的，首先，讓我們先來談談這個標題：100 萬美元並不是一個上限。這是向 AI 貨幣化模式轉變的開始，這種模式看起來更像傳統的 SaaS 或訂閱。它們的利潤很高，而且是經常性的。正如馬特所說，它們深深融入研發工作流程中。

So it's an early stage figure based on these new utility-based licensing models. The key features there, Dan, has to do with access to APIs and the need for, as Matt said, corporate -- or sorry, R&D-intensive corporates to get access to the most current high-quality content to help them achieve their business goals. So we announced a number of partnerships this year, both with tech companies and AI native companies like AWS Perplexity.

因此，這是基於這些新的基於實用程式的授權模式的早期數據。丹，那裡的關鍵功能與訪問 API 有關，正如馬特所說，企業——或者抱歉，研發密集型企業需要獲取最新的高品質內容，以幫助他們實現業務目標。因此，我們今年宣布了多項合作夥伴關係，包括與科技公司以及 AWS Perplexity 等 AI 原生公司建立合作關係。

And we've gone to our existing corporate customers and essentially upsold them on AI friendly packages that will play in their new AI research environment. So feeling really good about what we've learned, I just want to re-emphasize Matt's point. We started doing these deals, we gave ourselves a goal of not only trying to maximize the value of our backlit, but also trying to learn where as Matt put it, the puck was going in AI, and I couldn't be proud of the work the team's done. It's, we've learned a lot and I think it's going to be an exciting '26.

我們已經面向現有的企業客戶，向他們推銷可以在他們的新 AI 研究環境中使用的 AI 友善軟體包。因此，對於我們所學到的知識，我感到非常高興，我只是想再次強調馬特的觀點。我們開始做這些交易，我們為自己設定了一個目標，不僅要努力最大化背光的價值，還要努力了解馬特所說的人工智慧的發展方向，我為團隊所做的工作感到自豪。我們學到了很多東西，我認為 2026 年將會是令人興奮的一年。

Super helpful. We've touched on this before, but article submissions, continue to be exceptionally strong, up 19% while output is up 8%. I know there's not a direct formula between the two or relationship, but maybe just talk about whether or not those would expect those growth rates would expect to converge at all over time from your perspective.

超有幫助。我們之前已經談到過這一點，但文章提交量繼續保持強勁增長，增長了 19%，而產出量增長了 8%。我知道這兩者之間沒有直接的公式或關係，但也許只是從你的角度來看，這些成長率是否會隨著時間的推移而趨於一致。

Sure. So as we've talked about before, a lot of the growth in submissions continues to prop up the value of the subscription revenue. And so, when we look at submission growth, you look at it by geography and you map that to the various business models that are in place in each geography. The Open Access landscape that the what Wiley used to refer to as the P times Q landscape, represents about half our output and the other half is still published under a traditional subscription license.

當然。正如我們之前所討論的，提交量的大量成長繼續支撐著訂閱收入的價值。因此，當我們查看提交增長情況時，您可以按地理位置進行查看，並將其對應到每個地理位置所採用的各種業務模型。開放取用格局，即 Wiley 過去所說的 P 乘以 Q 格局，代表了我們約一半的產出，而另一半仍根據傳統的訂閱許可出版。

And so you know what happens over time is that both revenue and conversion from submissions to acceptances will smooth, but we like to keep driving submission volume because that's the thing that is going to continue to provide an ongoing stream of value both to our subscribers, of course to our authors who publish with us, but also for those stakeholders who want to see us continuing to publish every paper in their country Open Access.

因此，您知道隨著時間的推移，收入和從提交到接受的轉換都會變得平穩，但我們希望繼續推動提交量，因為這將繼續為我們的訂閱者提供持續的價值流，當然也為與我們一起出版的作者提供價值流，也為那些希望看到我們繼續在他們國家開放獲取出版每篇論文的利益相關者提供價值流。

So there's always about a six to eight month lag time between submissions and publications and there's never a great correlation between submissions and output in any given calendar year, but we love to see those trends all continuing to climb, and hats off to the marketing team and the publishing teams who drove those submission results this year as well as drove the article APA results.

因此，提交和出版之間總是有大約六到八個月的滯後時間，並且在任何給定的日曆年中，提交和產出之間從來沒有很大的相關性，但我們很高興看到這些趨勢都在繼續攀升，並向營銷團隊和出版團隊致敬，他們推動了今年的提交結果以及文章 APA 結果。

Super helpful. You alluded to this, clearly, this is an extraordinary time and it's kind of the general macro and funding environment. Just talk about planning and budgeting. Obviously, calendar '25 in really great shape. Just talk about what planning and budgeting looks like right now, your visibility and confidence in being able to kind of forecast compared to maybe prior periods of disruption would it be GFC or any others that you can think of that might be a corollary.

超有幫助。您提到了這一點，顯然，這是一個非常時期，這是一個整體宏觀和融資環境。只談計劃和預算。顯然，25 年的日曆狀況非常好。只需談論當前的規劃和預算情況，與之前的混亂時期相比，您的可見性和預測能力的信心可能是全球金融危機或您能想到的任何其他可能成為必然結果的因素。

Yeah, let me, comment, Dan, and then ask Jay again to add some color. Obviously, we're watching the external environment carefully in the US of course. But one is our internal indicators still are very strong. And the other is Jay, and I had a focus group with a number of our leading sales folks at the meeting he talked about last week, we had our global sales force together.

是的，讓我評論一下，丹，然後再請傑伊添加一些顏色。顯然，我們正在密切關注美國的外部環境。但首先我們的內部指標仍然非常強勁。另一位是傑伊，上週他談到的會議上，我和我們的一些主要銷售人員組成了一個焦點小組，我們的全球銷售團隊聚集在一起。

And we just wanted to get their read on the market, the US sales folks. And what we're hearing back is there's a lot of confusion and uncertainty. But nothing yet that would cause us undue concern. That being said, we're obviously watching it very carefully. And Jay is organizing, a number of actions to be prepared, and maybe even take advantage of some volatility in the environment. So, Jay, maybe you want to add a little color.

我們只是想了解美國銷售人員對市場的看法。我們聽到的回饋是，存在著許多困惑和不確定性。但目前還沒有任何事值得我們過度擔心。話雖如此，我們顯然正在非常仔細地觀察它。傑伊正在組織一系列的準備行動，甚至可能利用環境中的一些波動。所以，傑伊，也許你想添加一點顏色。

Sure, absolutely. I mean, given the uncertain environment, especially what we see in terms of science funding in the US but also just the general state of affairs these days, it makes sense for us to approach '26 I think with a balanced mix of discipline and flexibility. And so our guidance reflects that. A measured view of the macro environment, headwinds from geopolitical risk, we've baked that in policy volatility, global funding trends.

當然，絕對是如此。我的意思是，考慮到不確定的環境，特別是我們看到的美國科學資助的情況，以及目前的總體狀況，我認為我們以紀律性和靈活性的平衡組合來迎接26年是有意義的。我們的指導也反映了這一點。我們對宏觀環境、地緣政治風險的不利因素進行了慎重的審視，並將其納入政策波動和全球融資趨勢中。

It's all baked in, in education and in research. And that said, our business is globally diversified. Half of revenue comes from outside the United States. So much of the portfolio is digital and recurring with multiyear contracts. It gives us a really strong base to plan from -- and so we've made a lot of progress on the cost alignment, the margin expansion, simplification of the platform, the operations that gives us more levers to pull if the environment shifts.

這一切都融入了教育和研究中。儘管如此，我們的業務是全球多元化的。一半的收入來自美國以外。大部分投資組合都是數位化的，並且簽訂了多年合約。它為我們制定計劃提供了堅實的基礎——因此，我們在成本調整、利潤率擴大、平台簡化和運營方面取得了很大進展，當環境發生變化時，這些運營為我們提供了更多的槓桿。

And I think we're preparing for that. And as Matt and Chris have already indicated, the discipline around margin expansion remains constant. It remains a robust strategy no matter what in the face of any kind of uncertainty on the revenue side. So we're actively modeling this stuff. We're looking at R&D budget scenarios, as Matt talked about, we're planning with the sales teams to try to where our customers are support them if they're in need of support.

我認為我們正在為此做準備。正如馬特和克里斯已經指出的那樣，圍繞利潤率擴張的紀律保持不變。無論收入方面存在何種不確定性，這仍然是一個強而有力的策略。所以我們正在積極地對這些東西進行建模。我們正在研究研發預算方案，正如馬特所說，我們正在與銷售團隊一起規劃，如果客戶需要支持，我們將盡力為他們提供支援。

We're looking at corporate R&D spending trajectories, too as a way of providing new avenues for growth. AI is obviously a new avenue for growth. And clearly, on the learning side, monitoring things like enrollment. So across the board, I think we're going into this eyes wide open, prepared. And I think you'll get updates from us regularly throughout the year on how we're viewing things.

我們也關注企業研發支出軌跡，以尋找新的成長途徑。人工智慧顯然是一條新的成長途徑。顯然，在學習方面，要監控入學等事情。所以，我認為，從整體來看，我們都要做好準備。我認為您將在全年定期收到我們關於如何看待事物的最新消息。

Alright, super helpful. Last for me, obviously congrats on the $120 million collection from University Services divestment, a big deal that shouldn't go unnoticed. Proforma leverage down to about 1.5 turns, at least based on the '26 outlook and another $200 million of free cash coming this year.

好的，非常有幫助。最後，我要祝賀大學服務部門撤資 1.2 億美元，這是一件不容忽視的大事。至少根據 26 年的前景和今年即將到來 2 億美元的自由現金，預測槓桿率將下降至約 1.5 倍。

You've been more aggressive returning cash to shareholders. Is that the game plan going forward? Would you delever further from here or more likely to be more aggressive with buybacks, especially where the stock is trading today? And thanks for all the color.

您更積極地向股東返還現金。這就是未來的比賽計畫嗎？您是否會從現在開始進一步去槓桿，還是更有可能採取更積極的回購措施，尤其是在今天的股票交易情況下？感謝所有的色彩。

Yeah, thanks, Dan. We as you noted, we returned pretty much our entire free cash flow this year to shareholders between dividends and share buybacks, that's not a formula that we would see going forward. We will return to what we would view as a more mixed approach where we still maintain the ability to invest in the business, and take advantage of opportunities as we see them.

是的，謝謝，丹。正如您所說，我們今年幾乎將全部自由現金流透過股息和股票回購返還給了股東，這不是我們未來會看到的公式。我們將回歸到一種更加混合的方式，我們仍然保持對業務進行投資的能力，並抓住我們所看到的機會。

But having said that, returning to shareholders is a key component of what we look to do with our free cash flow, and we will continue to have a measured approach, $60 million, I would not say is a benchmark that we would necessarily look to meet. It's opportunistic, but we would do it again if we saw prices in the ranges that they were previously.

但話雖如此，回報股東是我們希望利用自由現金流的關鍵組成部分，我們將繼續採取審慎的態度，6000 萬美元，我不認為是我們必須達到的基準。這是機會主義的，但如果我們看到價格處於以前的範圍內，我們就會再次這樣做。

Alright, I'll circle back, and then they follow up. Thank you again.

好的，我會回頭，然後他們會跟進。再次感謝您。

Thank you, Dan.

謝謝你，丹。

(Operator Instructions)

（操作員指示）

I will turn the call back over to Mr. Kissner for closing remarks.

我將把電話轉回給基斯納先生，請他作最後發言。

Well, thanks, everyone, for joining us. We look forward to sharing more on our next earnings call, which will be in September. Have a great summer. Thank you.

好吧，謝謝大家加入我們。我們期待在 9 月的下次收益電話會議上分享更多資訊。祝你有個愉快的夏天。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。