John Wiley & Sons Inc (WLYB) 2026 Q1 法說會逐字稿

Good morning and welcome to Wiley's first quarter fiscal 2026 earnings call. As a reminder, this conference is being recorded. After the speaker's remarks, we will conduct a question and answer session. (Operator Instructions)

早安，歡迎參加 Wiley 2026 財年第一季財報電話會議。提醒一下，本次會議正在錄製中。演講者發言後，我們將進行問答環節。（操作員指示）

At this time, I'd like to introduce Wiley's Vice President of Investor Relations, Brian Campbell. Please go ahead.

現在，我想介紹 Wiley 的投資人關係副總裁 Brian Campbell。請繼續。

Hello and thank you all for joining us. On the call with me are Matt Kissner, President and CEO, Craig Albright, Executive Vice President and CFO, and Jay Flynn, Executive Vice President and General Manager of Research and Learning.

大家好，感謝大家加入我們。與我一起參加電話會議的有總裁兼執行長 Matt Kissner、執行副總裁兼財務長克雷格‧奧爾布賴特 (Craig Albright) 和執行副總裁兼研究與學習總經理傑伊‧弗林 (Jay Flynn)。

Note that her 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, widely provides non-gap measures as a supplement to evaluate underlying operating profitability and performance trends.

請注意，她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，也廣泛提供非差距指標作為補充，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. Unless otherwise noted, we'll refer to non-GAAP metrics on the call, and variances on a year to year basis and will exclude the vested assets and the impact of currency.

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。除非另有說明，我們將在電話會議上參考非 GAAP 指標和逐年差異，並將排除既得資產和貨幣的影響。

Additional information is included in our filings of the SEC. A copy of this presentation and transcript will be available on our investor relations website at investors.wiley.com.

我們向美國證券交易委員會提交的文件中還包含更多資訊。本簡報和文字記錄的副本將發佈在我們的投資者關係網站 investors.wiley.com 上。

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)。

Good morning, and welcome to our first quarter earnings update. I hope you had a nice and restful summer.

早安，歡迎收看我們的第一季財報更新。我希望你度過了一個愉快而寧靜的夏天。

Before we discuss our first quarter results, I'd like to reflect on the progress and leadership we are demonstrating in the world of AI. When we completed our first AI licensing project in January 2024, we believed that our active participation in the new emerging AI world would pay dividends by building our expertise and developing strategic relationships with major AI developers. As I will describe later in my remarks, our early work here is opening up growth opportunities across our businesses and in the promising corporate R&D market.

在討論第一季業績之前，我想回顧一下我們在人工智慧領域所取得的進步和領導力。當我們在 2024 年 1 月完成第一個 AI 授權專案時，我們相信，透過建立我們的專業知識並與主要 AI 開發商建立策略關係，我們積極參與新興的 AI 世界將獲得回報。正如我在後面的演講中將要描述的那樣，我們早期的工作正在為我們的業務以及前景廣闊的企業研發市場開闢成長機會。

This quarter, we achieved a significant milestone by including content from other publishers in our latest licensing project, another demonstration of our leadership in this exciting new space. Our authoritative content, data and services are increasingly in demand for the advancement of both AI science and AI learning, and we're moving decisively. After all, our two centuries aren't about age. They're about our proven ability to anticipate and drive transformation.

本季度，我們透過將其他出版商的內容納入我們最新的授權項目，實現了一個重要的里程碑，這再次證明了我們在這個令人興奮的新領域的領導地位。我們權威的內容、數據和服務對於人工智慧科學和人工智慧學習的進步的需求越來越大，我們正在果斷採取行動。畢竟，我們兩個世紀與年齡無關。它們體現了我們預測和推動轉型的成熟能力。

Let's talk about the quarter. Q1 is our seasonally smallest period, and there is noise in our year-over-year comparisons and margin mix, which Craig will discuss. Our overall performance, however, was in line with our expectations. We drove mid-single-digit growth in Research through AI licensing and open access momentum and despite an unfavorable comp versus prior year.

讓我們來談談本季的情況。Q1 是我們季節性最小的時期，我們的年比比較和利潤率組合存在噪音，Craig 將對此進行討論。然而，我們的整體表現符合我們的預期。儘管與去年同期相比業績不佳，但我們仍透過人工智慧授權和開放取用勢頭推動了研究領域的中等個位數成長。

We executed a landmark $20 million AI licensing project this quarter for an existing foundational large language model customer where, for the first time, we included content from our publishing partners. We also announced a key strategic partnership with Anthropic to accelerate AI across scholarly research by integrating institutional library subscriptions into Claude, all part of a pilot program designed to add value to our existing institutional offerings and support student use of safe, authoritative content when using AI.

本季度，我們為現有的基礎大型語言模型客戶執行了一項具有里程碑意義的價值 2000 萬美元的 AI 許可項目，其中我們首次包含了來自出版合作夥伴的內容。我們也宣布與 Anthropic 建立重要的策略合作夥伴關係，透過將機構圖書館訂閱整合到 Claude 中來加速人工智慧在學術研究中的應用，所有這些都是試點計畫的一部分，旨在為我們現有的機構產品增加價值，並支持學生在使用人工智慧時使用安全、權威的內容。

We increased our annual dividend for the 32nd consecutive year. Very few companies of our size or any size can say similar, demonstrating our long-term commitment to return cash to our shareholders. We also increased our spend on share repurchases in the quarter, and the Board approved a $250 million repurchase authorization, a 25% increase over our previous program.

我們連續第32年增加年度股利。與我們規模相當或任何規模的公司中，很少有公司能做出類似表態，這表明我們長期致力於向股東返還現金。本季我們也增加了股票回購支出，董事會批准了 2.5 億美元的回購授權，比我們先前的計畫增加了 25%。

Finally, I want to welcome Craig Albright as our new CFO. Craig brings 30-years of global leadership in finance and strategy, recently serving in multiple senior financial roles at Xerox. His track record of driving high-quality growth, disciplined investment and cost synergies lines up perfectly with our ongoing objectives, and I look forward to closely partnering with him to take Wiley to the next level. Welcome, Craig.

最後，我歡迎 Craig Albright 擔任我們的新任財務長。克雷格擁有 30 年的全球財務和策略領導經驗，最近在施樂公司擔任多個高階財務職位。他在推動高品質成長、嚴謹投資和成本協同效應方面的表現與我們當前的目標完全一致，我期待與他密切合作，將 Wiley 提升到新的水平。歡迎，克雷格。

I also want to express my profound gratitude to Chris Caridi for his exemplary leadership throughout this transition. We are fortunate that Chris remains our Chief Accounting Officer and finance transformation leader.

我還要對克里斯·卡里迪在整個過渡期間所發揮的卓越領導作用表示深深的謝意。我們很榮幸克里斯仍然擔任我們的首席會計官和財務轉型領導者。

Let's talk about our fiscal '26 commitments. As a reminder, these areas reflect how we have driven operational progress over the past 20-months and they remain key focus areas for value creation. The first objective is to lead in research.

讓我們來談談我們 26 財年的承諾。提醒一下，這些領域反映了我們在過去 20 個月中如何推動營運進展，並且它們仍然是創造價值的重點領域。第一個目標是引領研究。

We are driving above-market growth in submissions and output, up 25% and 13%, respectively. Importantly, we're seeing double-digit submissions growth in nearly all key geographies from China and India to the US, UK, and Japan. Germany, where we were the first publisher to strike a nationwide agreement, has returned to growth for the first time since the pandemic.

我們正在推動提交量和產量分別成長 25% 和 13%，高於市場水準。重要的是，我們看到從中國和印度到美國、英國和日本的幾乎所有主要地區的提交量都實現了兩位數的增長。我們是第一家在德國達成全國性協議的出版商，該國自疫情爆發以來首次恢復成長。

Much of this volume growth goes to supporting and increasing the overall value of our recurring revenue models. Submissions growth also drives our gold open access program, where revenue is a function of price and quantity. As a reminder, it takes about 6-months for a submitted article to be published. So these are good indicators for future performance. Remember that about two-third of Research revenue is recurring, and we delivered a strong journal renewal season for calendar year '25, driven by volume and pricing growth.

這一銷售成長很大程度上用於支持和提高我們經常性收入模式的整體價值。提交量的成長也推動了我們的黃金開放取用計劃，該計劃的收入取決於價格和數量。提醒一下，提交的文章大約需要 6 個月才能發表。因此，這些都是未來表現的良好指標。請記住，大約三分之二的研究收入是經常性的，並且受銷量和價格增長的推動，我們在 25 日曆年實現了強勁的期刊續訂季。

We continue to deliver double-digit gold open access growth driven by the enduring draw of our journal brands. Our Open Access flagship journal, Advanced Science, continues to be a great story with revenue growing nearly 50% over prior year.

在我們期刊品牌持久吸引力的推動下，我們繼續實現兩位數的黃金開放獲取成長。我們的開放取用旗艦期刊《先進科學》繼續表現出色，收入比前一年增長了近 50%。

We also had a record month in July for OA submissions, so very good momentum there. Our large catalog of high-quality journals forms our robust competitive moat. This quarter, we continued to build on that position with 17 Wiley journals receiving a top category rank in the Annual Journal Citation Report, which measures the impact of peer-reviewed journals.

7 月我們的 OA 提交量也創下了新高，因此發展勢頭非常好。我們擁有大量高品質的期刊，這構成了我們強大的競爭優勢。本季度，我們繼續鞏固這一地位，17 種 Wiley 期刊在年度期刊引證報告（該報告衡量同行評審期刊的影響力）中獲得了頂級類別排名。

Today, Wiley journals are responsible for over 10% of all citations in the index. Our second commitment is to deliver growth in AI and adjacent markets. I'll talk about this in the next couple of slides, but we're not just participating in the AI revolution. We are defining how our industry approaches knowledge licensing and partnership. We delivered $29 million in AI licensing revenue this quarter alone, up from $17 million in the prior year period, demonstrating the market's recognition of our leadership position.

如今，Wiley 期刊佔了該索引所有引用量的 10% 以上。我們的第二個承諾是推動人工智慧和相關市場的成長。我將在接下來的幾張投影片中討論這個問題，但我們不僅僅是參與人工智慧革命。我們正在定義我們的行業如何處理知識許可和合作。光是本季度，我們的 AI 授權收入就達到 2,900 萬美元，高於去年同期的 1,700 萬美元，這表明市場對我們領導地位的認可。

What sets us apart is our pioneering approach to publisher collaboration. The Wiley Nexus is our unified platform for the AI economy, connecting academic content to AI applications and streamlining licensing processes. Through comprehensive partnerships, the platform enables us to both aggregate scholarly content for AI training and develop cutting-edge research tools using advanced vector database technology.

我們與眾不同之處在於我們與出版商合作的開創性方法。Wiley Nexus 是我們針對 AI 經濟的統一平台，將學術內容與 AI 應用程式連接並簡化授權流程。透過全面的合作，該平台使我們能夠匯總用於人工智慧訓練的學術內容，並使用先進的向量資料庫技術開發尖端研究工具。

By facilitating partnerships with services like Claude for Education while ensuring publishers retain complete content sovereignty and existing business relationships, we leverage our specialized AI and legal expertise to deliver value across the publishing ecosystem from streamlined licensing processes and enhanced institutional subscriptions to AI-powered discovery tools.

透過與 Claude for Education 等服務建立合作夥伴關係，同時確保出版商保留完整的內容主權和現有的業務關係，我們利用我們專業的人工智慧和法律專業知識，為整個出版生態系統提供價值，從簡化的許可流程和增強的機構訂閱到人工智慧驅動的發現工具。

We also continue to advance our AI subscription inference models with potential customers across select industry verticals, setting new standards for how enterprises access and utilize specialized knowledge through AI.

我們也將繼續與特定產業垂直領域的潛在客戶一起推進我們的 AI 訂閱推理模型，為企業如何透過 AI 獲取和利用專業知識設定新標準。

While inference models and strategic partnerships require thoughtful development, we are moving decisively to capture this transformational opportunity. For example, during the quarter, we consolidated multiple corporate sales functions into one unified team dedicated to driving growth in the corporate R&D space.

雖然推理模型和策略夥伴關係需要深思熟慮的發展，但我們正在果斷採取行動，抓住這項轉型機會。例如，在本季度，我們將多個企業銷售職能整合為一個統一的團隊，致力於推動企業研發領域的成長。

Our third commitment is to drive operational excellence and discipline across the organization. This quarter, we reached an important milestone in the scaled migration of our new research publishing platform, the Research Exchange, with 1,000 journals successfully transitioned to the new technology and 350,000 unique users served.

我們的第三個承諾是推動整個組織的卓越運作和紀律。本季度，我們在新研究出版平台 Research Exchange 的大規模遷移中達到了一個重要里程碑，1,000 種期刊成功過渡到新技術，並為 35 萬名獨立用戶提供服務。

To refresh, we've built a best-in-class platform that combines all of our major publishing workflows into one integrated system using AI and machine learning to support authors, referees and editors in managing article submissions, quality and integrity screening and peer review.

值得一提的是，我們建立了一個一流的平台，將我們所有主要的出版工作流程整合到一個整合系統中，使用人工智慧和機器學習來支援作者、審稿人和編輯管理文章提交、品質和完整性篩選以及同行評審。

The advantages of this system include a faster and lower-cost journal production process, a significantly improved author experience and a unified information architecture that facilitates stronger management of the article production process.

該系統的優點包括期刊製作流程更快、成本更低、作者體驗顯著改善以及統一的資訊架構，有助於加強對文章製作流程的管理。

Wiley is also gaining from standardization while customers benefit from leading-edge publishing technology, imperative when it comes to dealing with research integrity and harnessing AI. We've taken a measured approach to its rollout, and 92% of researchers have rated the system as easy to use. This quarter, the platform garnered a key industry award for excellence in research integrity. This is where we've taken a clear leadership position in the industry both in terms of advocacy and product.

Wiley 也從標準化中獲益，而客戶則受益於前沿的出版技術，這對於處理研究誠信和利用人工智慧至關重要。我們採取了一種謹慎的方式來推出該系統，92％的研究人員認為該系統易於使用。本季度，該平台因其在研究誠信方面的卓越表現而獲得了一項重要的行業獎項。無論是在宣傳還是產品方面，我們都已在業界佔據了明顯的領導地位。

Coming out of the quarter, we're increasingly confident in our full year outlook, driven by research trends and AI momentum. We see good growth in our contracted journal revenues for calendar year '25. Strong open access growth is expected to continue, driven by accelerating demand and output worldwide, including in the US. This gives us a publishing backlog of 6-months or more. AI licensing demand remains robust from both existing and prospective customers.

在本季結束後，受研究趨勢和人工智慧勢頭的推動，我們對全年前景越來越有信心。我們看到 25 日曆年的合約期刊收入有良好的成長。預計開放取用的強勁成長將持續下去，這得益於包括美國在內的全球範圍內需求和產出的加速成長。這使得我們的出版積壓量達到 6 個月或更長。現有客戶和潛在客戶對 AI 授權的需求仍然強勁。

The academic market remains steady at this point after two consecutive years of enrollment growth. We're watching full college enrollments but haven't seen any early signals of enrollment challenges. On the Professional Publishing side, we have encountered some market headwinds around consumer spending in the retail channel, which we're watching. That said, we're also delivering above-market growth in publishing output and title signings. We're monitoring corporate spending trends around assessments but moving ahead on pricing and new product launches.

經過連續兩年的入學人數成長，學術市場目前保持穩定。我們正在關注大學入學人數，但尚未看到任何入學挑戰的早期訊號。在專業出版方面，我們在零售通路的消費者支出方面遇到了一些市場阻力，我們正在關注這一點。也就是說，我們的出版產量和簽約量也實現了高於市場的成長。我們正在監控企業在評估方面的支出趨勢，但正在推動定價和新產品的發布。

And finally, our previously executed cost savings will begin to ramp up in Q2. Let me step back and review our current AI licensing models, which will continue to evolve as the AI market develops and matures. We think about the market opportunity in three buckets.

最後，我們先前實施的成本節約將在第二季開始增加。讓我回顧一下我們目前的人工智慧授權模式，隨著人工智慧市場的發展和成熟，該模式將繼續發展。我們從三個角度來思考市場機會。

The first is in training large language models using our own archival content to ensure accuracy and impact. The training market is evolving from a few large pre training engagements to a wider array of smaller, more fine-tuning projects where developers require more specialized content. We continue to meet this demand.

首先是使用我們自己的檔案內容訓練大型語言模型，以確保準確性和影響力。培訓市場正在從一些大型的預培訓活動發展為更廣泛的、規模更小、更精細的項目，開發人員需要更專業的內容。我們將繼續滿足這項需求。

The second model is the Wiley Nexus, where we are combining our content with that of our publisher and society partners and research solutions. Here we help others navigate the complicated AI world by leveraging our relationships and expertise on their behalf. In our first deal this quarter, we generated $16 million of Nexus licensing revenue. Craig will discuss in detail, but margins are a bit lower here than in other AI agreements due to differing royalty rates.

第二種模式是 Wiley Nexus，我們將我們的內容與出版商、社會合作夥伴和研究解決方案的內容結合。在這裡，我們利用我們的關係和專業知識來幫助其他人探索複雜的人工智慧世界。在本季的第一筆交易中，我們獲得了 1,600 萬美元的 Nexus 授權收入。Craig 將詳細討論，但由於特許費率不同，這裡的利潤率比其他 AI 協議低一點。

It's a win-win-win. We are able to maintain our leadership position with our corporate customers, expand our publisher partnerships who can benefit from our know-how and generate new profitable revenue streams in the process. It's also another validation of our distinct competitive advantages. And that is our ability to partner across academic and corporate environments and connect them together. You're now seeing the benefit of this in AI. Both institutions and corporations need a trusted partner like Wiley.

這是一個三贏的局面。我們能夠在企業客戶中保持領導地位，擴大與出版商的合作夥伴關係，他們可以從我們的專業知識中受益，並在此過程中產生新的獲利收入來源。這也是我們獨特競爭優勢的另一個證明。這就是我們跨學術和企業環境合作並將它們聯繫在一起的能力。現在您可以看到它在人工智慧中的好處。機構和企業都需要像 Wiley 這樣值得信賴的合作夥伴。

The third area, AI subscription models, involves licensing and embedding our content into vertical-specific applications that ground models in authoritative content at the time of inference. The most common technique here is retrieval augmented generation, or RAG. AI demand is shifting from article retrieval to structured reasoning, and that means the future of AI is task based, not document based. With this shift, R&D-intensive corporations are increasingly using AI-powered content and tools to speed up product development, identify breakthroughs and reduce turnaround times.

第三個領域是人工智慧訂閱模型，涉及將我們的內容授權並嵌入到垂直特定的應用程式中，這些應用程式在推理時將模型置於權威內容中。這裡最常見的技術是檢索增強生成（RAG）。人工智慧的需求正在從文章檢索轉向結構化推理，這意味著人工智慧的未來是基於任務的，而不是基於文件的。隨著這種轉變，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快產品開發、發現突破並縮短週轉時間。

Our high-value content therefore is critical. We can provide subscription access to a knowledge speed of Wiley content and data catalogs where accuracy, efficacy and recency can all be insured. We're already piloting an array of inference use cases in multiple industry verticals from pharmaceuticals to technology with early-stage recurring revenue totaling $1 million in fiscal '25. Given the number of companies deploying AI applications and the depth and breadth of our content portfolio, the potential opportunity is significant.

因此，我們的高價值內容至關重要。我們可以提供 Wiley 內容和數據目錄的知識速度訂閱訪問，以確保準確性、有效性和新近性。我們已經在從製藥到技術的多個垂直行業試行了一系列推理用例，25 財年的早期經常性收入總計達 100 萬美元。考慮到部署人工智慧應用程式的公司數量以及我們內容組合的深度和廣度，潛在的機會是巨大的。

As I said at the start, we've moved decisively in a nascent market and executed the following: large rights projects for training with three of the world's largest tech companies, strategic development partnerships with three of the world's leading AI innovators including Amazon Web Services, Perplexity and Anthropic, the goal is to advance the researcher and learner experience and we're just getting started, inference pilots with three of the world's leading pharma companies to revolutionize drug discovery as well as with a multinational chemical company for pattern recognition and in support of the European Space Agency for Earth Observation. This market will take time to develop but it is what excites us most.

正如我在開始時所說，我們在一個新興市場中果斷採取行動，並執行了以下事項：與全球三大科技公司合作開展大型培訓權利項目，與亞馬遜網路服務、Perplexity 和 Anthropic等全球三大人工智慧創新者建立策略發展合作夥伴關係，目標是提升研究人員和學習者的體驗，我們才剛起步，與全球三大製藥公司合作進行推理試點，以徹底改變藥物發現，並與一家跨國化學公司合作進行模式識別，並支持歐洲航天局進行地球觀測。這個市場需要時間來發展，但這是最讓我們興奮的。

The corporate market is now a key strategic focus area for us, making up 80% of total US R&D spend but only 10% of our revenue base. Over time, we expect this share to materially expand as we continue to build subscription-based and transactional AI businesses, bring our science analytics capabilities deeper into organizations and expand on our knowledge services capabilities.

企業市場現在是我們重點關注的策略領域，占美國研發總支出的 80%，但僅占我們收入的 10%。隨著時間的推移，隨著我們繼續建立基於訂閱和交易的人工智慧業務，將我們的科學分析能力深入組織並擴展我們的知識服務能力，我們預計這一份額將大幅擴大。

One final affirmation. We believe it is our unique responsibility to engage with AI developers and R&D-centric corporations to ensure scientific integrity and information accuracy, to deliver optimal outcomes across research and learning and power the latest models with only trusted authoritative content like Wiley's. One can think of it as the Wiley seal of approval.

最後再確認一下。我們相信，我們獨特的責任是與人工智慧開發人員和以研發為中心的公司合作，以確保科學的完整性和資訊的準確性，在研究和學習中提供最佳成果，並僅使用像 Wiley 這樣的值得信賴的權威內容為最新模型提供支援。我們可以將其視為 Wiley 的認可印章。

Now let's talk about AI innovation across our platform and product portfolio. Let's start with transforming Publishing. As a reminder, we're rolling out leading-edge research publishing platform in stages. More than half of our journals are now live. As you can see here, we are thinking about AI and its implications for what we do across the entire research value chain and actively incorporating it into our platform from the first touch point with the author to an increasingly expanding set of touch points with the end user consumer of the research.

現在讓我們來談談我們平台和產品組合中的人工智慧創新。讓我們從轉型出版開始。提醒一下，我們正在分階段推出前沿研究出版平台。我們的期刊有一半以上現已上線。正如您在此處看到的，我們正在思考人工智慧及其對我們在整個研究價值鏈中所做工作的影響，並積極將其融入我們的平台，從與作者的第一個接觸點到與研究的最終用戶消費者不斷擴展的接觸點。

Our AI-powered workflows make submission fast and intuitive for researchers through a single, consistent interface that streamlines processes and reduces administrative burden. A more efficient system will allow us to attract and retain more authors.

我們的人工智慧工作流程透過單一、一致的介面簡化流程並減輕管理負擔，使研究人員能夠快速、直觀地提交文件。更有效率的系統將使我們能夠吸引和留住更多的作者。

Scientific integrity remains the industry-wide topic. We now have the latest AI-powered screening tools in place fully integrated into the publishing workflow. These tools conduct 25 comprehensive checks at the initial screening, completing the process in under 10 minutes. Any potential concerns are automatically flagged for further review. This screening stage helps editors by filtering out papers with major scope or integrity issues. Already, we've seen a 70% reduction in published papers citing problematic sources. We consider this another differentiator.

科學誠信仍然是整個產業的話題。現在，我們已將最新的人工智慧篩選工具完全整合到出版工作流程中。這些工具在初步篩選時進行 25 項全面檢查，並在 10 分鐘內完成整個過程。任何潛在問題都會自動標記以供進一步審查。此篩選階段可協助編輯篩選出存在重大範圍或完整性問題的論文。我們已經看到引用有問題來源的已發表論文減少了 70%。我們認為這是另一個區別因素。

We're also revolutionizing reviewer suggestions through sophisticated relationship mapping to find connections between authors, papers and topics, dramatically improving recommendations for quality and relevance. Not only can this platform deliver new content offerings, but we can use AI to match articles to journals, giving a better experience to authors, reviewers and editors alike. It also provides an added benefit of keeping more submitted articles in-house that may have fallen out because of improper fit. In fiscal '25, we saw a 30% improvement in automated transfer referral conversion.

我們也透過複雜的關係映射徹底改變了審查者的建議，以找到作者、論文和主題之間的聯繫，從而顯著改善了品質和相關性的建議。該平台不僅可以提供新的內容，而且我們還可以使用人工智慧將文章與期刊進行匹配，為作者、審查者和編輯提供更好的體驗。它還提供了額外的好處，可以將更多可能由於不合適而丟失的已提交文章保留在內部。在 25 財年，我們的自動轉帳推薦轉換率提高了 30%。

We have AI initiatives going on across our product portfolio. In our Academic business line, we've recently introduced 4 new AI tools for our STEM digital courseware product around tutoring, authoring, assessment and student behavior insights. In Professional, we continue to build out our AI-powered book author portal to improve launch efficiency and design. And of course, we're working with AWS to dramatically improve scientific search and Perplexity to transform how learners interact with educational content.

我們的整個產品組合都在推行人工智慧計畫。在我們的學術業務線中，我們最近為我們的 STEM 數位課件產品引入了 4 種新的 AI 工具，涉及輔導、創作、評估和學生行為洞察。在專業版中，我們繼續建立由人工智慧驅動的圖書作者門戶，以提高發布效率和設計。當然，我們正在與 AWS 合作，大幅改善科學搜尋和 Perplexity，以改變學習者與教育內容的互動方式。

Let me also touch quickly on colleague productivity. Nearly 85% of our employees are actively using the latest AI tools in their daily work, and internal surveys show that AI sentiment in productivity run high across our organization.

我還想簡單談談同事的工作效率。我們近 85% 的員工在日常工作中積極使用最新的 AI 工具，內部調查顯示，整個組織對 AI 在生產力方面的情緒高漲。

I'll now turn the call over to Craig, who will take you through our Q1 results, our financial position and capital allocation and our full year outlook.

現在我將電話轉給 Craig，他將向您介紹我們的第一季業績、財務狀況和資本配置以及全年展望。

Thank you, Matt. Good morning, everyone. I'm honored to join Wiley at this pivotal moment in our transformation and excited to share our Q1 results with you.

謝謝你，馬特。大家早安。我很榮幸能夠在我們轉型的關鍵時刻加入 Wiley，並很高興與您分享我們的第一季業績。

Nine weeks in, three things stand out to me about Wiley. First, our mission matters, advancing science and learning globally. There's a real sense of pride and purpose here that moves us. Second, our momentum is real. Two years of value creation through business simplification and improved cost structure are having an impact.

九週過去了，我對威利的三件事印象深刻。首先，我們的使命很重要，那就是推動全球科學和學習的發展。這裡有一種真正的自豪感和使命感，令我們感動。第二，我們的勢頭是真實的。兩年來透過業務簡化和成本結構改善所創造的價值正在產生影響。

And third, our moment is now. We're at the forefront of defining AI's role in science and learning. We have some early seeds in the ground, and this is just the beginning. Looking ahead, I'm focused on disciplined prioritization to drive organic growth while consistently expanding margins and cash flow. Our best days are ahead of us.

第三，我們的時刻就是現在。我們處於定義人工智慧在科學和學習中的作用的前沿。我們已經種下了一些早期的種子，而這只是個開始。展望未來，我將專注於嚴格的優先排序，以推動有機成長，同時不斷擴大利潤率和現金流。我們最好的日子還在後頭。

Let's turn to Q1 results. Adjusted revenue grew 1% and adjusted EPS rose 2%, while adjusted EBITDA was down 3%. As Matt noted, the first quarter is our smallest from a seasonal perspective. Let me walk through the three key drivers of our EBITDA performance this quarter.

讓我們來看看第一季的業績。調整後營收成長 1%，調整後每股盈餘成長 2%，而調整後 EBITDA 下降 3%。正如馬特所指出的，從季節角度來看，第一季是我們規模最小的季度。讓我來介紹一下本季 EBITDA 業績的三個關鍵驅動因素。

First, strategic margin mix. Our landmark $20 million AI project included $16 million of Nexus partner content. This generated strong incremental revenue at 45% EBITDA margins versus the approximately 75% we've been seeing on deals with our own content due to differences in partner royalties. This opportunity validates our strategy of leveraging our AI relationships to create opportunities for publisher partners while expanding our addressable market. It's important to note that Nexus is not a replacement for licensing our own content, but additive.

第一，策略性利潤組合。我們具有里程碑意義的 2000 萬美元人工智慧專案包括價值 1,600 萬美元的 Nexus 合作夥伴內容。這產生了強勁的增量收入，EBITDA 利潤率達到 45%，而由於合作夥伴版稅差異，我們在處理自有內容交易時看到的利潤率約為 75%。這次機會驗證了我們的策略，即利用我們的人工智慧關係為出版商合作夥伴創造機會，同時擴大我們的潛在市場。值得注意的是，Nexus 並不是我們自己內容授權的替代品，而只是一種附加功能。

Second, timing impacts we expected. We lapped a $5 million journal renewal benefit from Q1 last year, and we had a temporary lift in corporate expenses from an investment in strategic consulting projects that offset restructuring savings this quarter.

第二，我們預期的時間影響。我們從去年第一季獲得了 500 萬美元的期刊續訂收益，並且透過對策略諮詢專案的投資暫時提高了公司支出，抵消了本季的重組節省。

Third, there was some softness in professional publishing, as Matt discussed. However, as Matt noted in his remarks, we have good confidence in quarter 2 and the rest of the year driven by our publishing volume, journal renewals, Open Access growth, expanding AI relationships and cost management. All these factors reinforce why we're confident in affirming our full year guidance, which I'll detail shortly.

第三，正如馬特所討論的，專業出版業存在著一些疲軟現象。然而，正如馬特在演講中指出的那樣，由於我們的出版量、期刊續約、開放取用的成長、不斷擴大的人工智慧關係和成本管理，我們對第二季度和今年剩餘時間充滿信心。所有這些因素都進一步證明了我們為何有信心確認全年業績指引，我將在稍後詳細說明。

Turning to segment performance. Research delivered solid 5% growth driven by AI demand, $16 million compared to $1 million in the prior year period and strong underlying fundamentals. Let me break this down by business line. Research Publishing declined 1% as expected. We lapped a $5 million journal renewal benefit from last year, but this was largely offset by double-digit gold open access growth.

轉向細分市場表現。在人工智慧需求的推動下，研究實現了 5% 的穩健成長，達到 1,600 萬美元，而去年同期為 100 萬美元，且基本面強勁。讓我按業務線來細分一下。研究出版業務如預期下降 1%。我們從去年獲得了 500 萬美元的期刊續約收益，但這筆收益很大程度上被兩位數的黃金開放獲取成長所抵消。

Our Publishing pipeline remains robust and globally diversified with 45% of output from APAC, 30% from EMEA, 20% from North America and 5% from the rest of world. July was a record month for Open Access submissions.

我們的出版管道依然強勁，並在全球範圍內實現多元化，其中 45% 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。七月是開放取用投稿量創紀錄的一個月。

Research Solutions grew 44%, driven by the Nexus AI project. The segment's adjusted EBITDA margin of 28.3% compared to 29.3% in the prior year period, reflecting both the AI mix impact and some timing of costs. We expect Research margins to improve on a full year basis as these mix and timing impacts normalize. Looking ahead, our calendar year 2026 journal renewal season runs from November through April. We remain confident in the accelerating volume of new research and the must-have nature of our portfolio.

在 Nexus AI 計畫的推動下，研究解決方案成長了 44%。該部門調整後的 EBITDA 利潤率為 28.3%，而去年同期為 29.3%，反映了人工智慧組合的影響和一些成本的時間影響。我們預計，隨著這些組合和時間影響的正常化，研究利潤率將在全年基礎上提高。展望未來，我們的 2026 年期刊更新季將從 11 月持續到 4 月。我們對於新研究數量的不斷增長以及我們投資組合的必備性充滿信心。

Learning revenue declined 8% this quarter due to lower AI revenue and market-related softness in professional publishing. On AI, Learning delivered $13 million of revenue in Q1 versus $16 million in the prior year. The $13 million includes $9 million of carryover from the agreement we announced in Q4 plus a $4 million expansion from a repeat LLM customer. This repeat customer demonstrates the stickiness and growth potential in our AI relationships.

由於人工智慧收入下降以及專業出版市場疲軟，本季學習收入下降了 8%。在人工智慧方面，學習在第一季實現了 1,300 萬美元的收入，而去年同期為 1,600 萬美元。這 1300 萬美元包括我們在第四季度宣布的協議中結轉的 900 萬美元，以及來自一位 LLM 回頭客的 400 萬美元擴張款。這位回頭客證明了我們與人工智慧關係的黏性和成長潛力。

We continue to deliver robust growth in new title signings of 27% and title output of 9% across our Professional portfolio, which are expected to contribute to our financial performance in fiscal '26 and beyond. Also of note for the quarter, we signed a key publishing partnership with the International Society of Automation, launched multiple AI tools for our STEM digital courseware product and launched our Work Smart tool in assessments, which combines personality models with training sessions on employee engagement and team development. The segment delivered EBITDA margin expansion of 20 basis points to 27.4%, demonstrating our operational discipline even in a soft revenue environment.

在我們的專業投資組合中，新簽約合約數量持續強勁成長 27%，產出成長 9%，預計這將有助於我們 26 財年及以後的財務表現。本季也值得注意的是，我們與國際自動化學會簽署了重要的出版合作夥伴關係，為我們的 STEM 數位課件產品推出了多種人工智慧工具，並在評估中推出了我們的 Work Smart 工具，該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。該部門的 EBITDA 利潤率擴大了 20 個基點，達到 27.4%，顯示即使在疲軟的收入環境下，我們仍能維持營運紀律。

Let me touch on corporate expenses, which represent shared services not allocated to segments. We saw a temporary $4 million increase this quarter from strategic consulting projects and other onetime items. These projects are now complete and were a deliberate investment in capabilities that position us for a stronger execution going forward. We also had some corporate spending related to our enterprise modernization initiatives. Looking ahead, we expect corporate expenses to decline starting in Q2 as cost savings ramp up, and we expect to finish down for the year.

讓我來談談企業費用，它代表未分配給各部門的共享服務。本季度，我們從策略諮詢專案和其他一次性專案中暫時獲得了 400 萬美元的成長。這些項目現已完成，是對我們能力的深思熟慮的投資，為我們未來更強大的執行力奠定了基礎。我們也進行了一些與企業現代化計畫相關的企業支出。展望未來，我們預計隨著成本節約的增加，企業支出將從第二季開始下降，並且我們預計全年都將下降。

Now let me turn to our strong financial position and capital returns. Cash flow performed as expected. Free cash flow was a use of $100 million, an improvement from a use of $107 million last year. As a reminder, Q1 and Q2 are seasonally negative due to journal subscription timing with annual journal subscription receipts concentrated in Q3 and Q4.

現在讓我來談談我們強勁的財務狀況和資本回報。現金流表現符合預期。自由現金流使用量為 1 億美元，較去年的 1.07 億美元有所改善。提醒一下，由於期刊訂閱時間的原因，第一季和第二季呈現季節性負成長，年度期刊訂閱收入集中在第三季和第四季。

CapEx was $15 million, down $3 million from last year. If you recall, our cloud-based enterprise modernization spend is capitalized and amortized like CapEx, but, unlike CapEx, is reported in the operating cash flow section. When combined, capitalized cloud-based spend and CapEx totaled $20 million for the quarter, up from $18 million prior year.

資本支出為 1500 萬美元，比去年減少 300 萬美元。如果你還記得的話，我們的基於雲端的企業現代化支出是像資本支出一樣資本化和攤銷的，但與資本支出不同的是，它是在經營現金流部分報告的。合併計算，本季基於雲端運算的資本化支出和資本支出總計 2,000 萬美元，高於去年同期的 1,800 萬美元。

Capital allocation remained disciplined this quarter. Share repurchases increased to $14 million. We acquired 332,000 shares at an average price of $42.22. The Board approved a new $250 million repurchase authorization, up 25% from our previous program. We also implemented a 10b5-1 plan for our blackout periods.

本季資本配置依然保持嚴格。股票回購額增加至 1,400 萬美元。我們以平均每股42.22美元的價格回購了33.2萬股。董事會批准了新的2.5億美元回購授權，比先前的計畫高出25%。我們也針對停電期實施了 10b5-1 計畫。

Combined with our 32nd consecutive dividend increase, which gives us a current yield of around 3.5%, we're returning capital while investing in growth.

加上我們連續第 32 次增加股息，目前的股息殖利率約為 3.5%，我們在投資成長的同時也實現了資本回報。

Balance sheet strength continues to improve. Our net debt-to-EBITDA ratio improved to 1.9 at the end of July compared to 2.0 in the prior year period Liquidity remains strong with $551 million in cash and undrawn capacity, including $82 million of cash on hand and $469 million of undrawn debt facilities. Finally, we received the roughly $120 million of cash proceeds for the University Services divestiture this quarter, which we used to reduce our debt. Due to timing, this only had a modest impact on our cash interest payments for the quarter, but we'll see run rate cash interest savings of approximately $6 million from this move.

資產負債表實力持續改善。截至 7 月底，我們的淨負債與 EBITDA 比率改善至 1.9，而去年同期為 2.0。流動性仍然強勁，擁有 5.51 億美元的現金和未提取的容量，其中包括 8,200 萬美元的庫存現金和 4.69 億美元的未提取債務融資。最後，我們本季收到了大學服務剝離的約 1.2 億美元現金收益，我們用這筆錢來減少債務。由於時間原因，此舉僅對我們本季的現金利息支付產生了適度影響，但此舉將帶來約 600 萬美元的運行現金利息節省。

Given all this, we are confidently reaffirming our full year outlook based on the accelerating demand trends and cost actions implemented. Let me walk through our key guidance metrics: revenue growth in the low to mid-single digits; adjusted EBITDA margin of 25.5% to 26.5%, up from 24% last year driven by expected business performance and executed cost savings; adjusted EPS of $3.90 to $4.35, up from $3.64 last year; free cash flow of approximately $200 million driven by EBITDA growth, lower restructuring payments and favorable working capital. CapEx is expected to be comparable to last year's total of $77 million.

有鑑於這一切，我們根據不斷加速的需求趨勢和實施的成本行動，滿懷信心地重申我們的全年展望。讓我來介紹一下我們的關鍵指引指標：營收成長率在低到中位數個位數之間；調整後的 EBITDA 利潤率為 25.5% 至 26.5%，高於去年的 24%，這得益於預期的業務表現和執行的成本節約；調整後的每股收益為 3.90 美元至 4.35 美元，去年的每股收益為 3.90 美元至 4.35 美元，去年的 3.64 美元；成長、較低的重組支付和有利的營運資本推動，自由現金流約 2 億美元。預計資本支出將與去年的 7,700 萬美元總額相當。

On AI specifically, we realized $29 million this quarter compared to $40 million for all of last year. While this revenue has quarterly variability, the underlying demand remains robust. And in the future, we expect to see growing demand for subscription inference opportunities, a market which is still forming.

具體來說，在人工智慧方面，我們本季實現了 2,900 萬美元，而去年全年實現了 4,000 萬美元。儘管該收入存在季度波動，但潛在需求仍然強勁。並且在未來，我們預計對訂閱推理機會的需求將會不斷增長，這個市場仍在形成中。

This guidance reflects our confidence in our fundamentals which are strong journal renewals, accelerating Open Access growth, expanding AI partnerships and our disciplined cost management delivering margin expansion. We will continue working hard to consistently meet and beat expectations and earn your trust and confidence.

該指引反映了我們對基本面的信心，即強勁的期刊更新、加速的開放取用成長、擴大的人工智慧合作夥伴關係以及嚴格的成本管理帶來的利潤率擴大。我們將繼續努力，不斷滿足並超越期望，贏得您的信任和信心。

With that, I'll pass the call back to Matt.

說完這些，我就把電話轉回給馬特。

Thank you, Craig. Let me quickly recap our key takeaways and then open the floor to your questions. Q1 was noisy but in line with our overall expectations. We have strong confidence in Q2 and the rest of the year. AI is a transformative opportunity and we're moving decisively to capitalize.

謝謝你，克雷格。讓我快速回顧一下我們的重點，然後回答大家的提問。Q1 比較混亂，但整體上符合我們的預期。我們對第二季及今年剩餘時間的表現充滿信心。人工智慧是一個變革的機遇，我們正在果斷採取行動來利用它。

We're now a recognized leader executing our own projects with multinational tech companies, but also on behalf of our publishing partners. We are strategically partnering with the world's foremost AI innovators to augment the researcher and learner experience. We are learning from them and them from us.

現在，我們是公認的領導者，不僅與跨國科技公司合作執行我們自己的項目，還代表我們的出版合作夥伴執行項目。我們正在與世界頂尖的人工智慧創新者建立策略合作夥伴關係，以增強研究人員和學習者的體驗。我們向他們學習，他們也向我們學習。

As I've said many times before, continuous improvement is a way of life for us now. We continue to drive operational excellence through publishing transformation, AI innovation, investment discipline and cost reduction. Finally, we are returning more capital to shareholders in the form of increased dividends and share repurchases. Our goal, of course, is to drive continuous value creation in the years to come.

正如我之前多次說過的，持續改進現在已成為我們的生活方式。我們將繼續透過出版轉型、人工智慧創新、投資紀律和降低成本來推動卓越營運。最後，我們透過增加股利和股票回購的形式向股東返還更多資本。當然，我們的目標是在未來幾年持續創造價值。

One final word. You may have seen news on an industry class action settlement involving pirated content and a key AI developer. We can't say much about it at this stage, but we consider it to be a pivotal win for the protection of intellectual property and copyright in a responsible AI world. It's a victory for innovation and the incentive to create and, therefore, a victory for the public at large.

最後說一句。您可能已經看到有關涉及盜版內容和關鍵人工智慧開發人員的行業集體訴訟和解的新聞。目前我們無法透露太多，但我們認為這是負責任的人工智慧世界中保護智慧財產權和版權的關鍵勝利。這是創新和創造激勵的勝利，因此也是廣大民眾的勝利。

I want to thank all of you for joining us. As Craig noted, we will continue to work tirelessly to reward your trust and confidence. As always, I want to thank our 5,000 global colleagues for their pivotal work in making us a leader in both our core markets and in the burgeoning AI economy.

我要感謝大家的參與。正如克雷格所說，我們將繼續不懈努力，以回報您的信任和信心。像往常一樣，我要感謝我們全球 5,000 名同事所做的關鍵工作，使我們成為核心市場和蓬勃發展的人工智慧經濟的領導者。

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. Thanks for taking the questions.

謝謝。早安.感謝您回答這些問題。

Good morning, Dan.

早上好，丹。

Clearly a lot to unpack, Matt. Let me start with Anthropic. Can you just provide a little bit more color regarding the nature in terms of the agreement? Is it primarily providing your content into Claude? Or is it more of a collaboration to bring kind of research-related tools as well as content to market?

顯然有很多事情需要解決，馬特。讓我從 Anthropic 開始。您能否更詳細地說明一下該協議的性質？它主要將您的內容提供給 Claude 嗎？或者這更多的是一種合作，將與研究相關的工具和內容推向市場？

Jay, do you want to comment on that?

傑伊，你想對此發表評論嗎？

Yeah, happy to. Hi Dan, good morning. Yeah, we're excited about the partnership with Anthropic and Claude. One of the things that's really important to us is to make sure that high-quality content gets included in the research tools and learning tools that are being used by students.

是的，很高興。嗨，丹，早安。是的，我們很高興能與 Anthropic 和 Claude 合作。對我們來說真正重要的事情之一是確保學生使用的科研工具和學習工具中包含高品質的內容。

And so we're focusing on an announcement in a couple of weeks that will talk about Claude institutional access and the ways that we're integrating our content with Anthropic's tool set into the student and researcher workflow, primarily in the academic market.

因此，我們將重點關注幾週後的公告，討論 Claude 機構訪問權限以及我們如何將我們的內容與 Anthropic 的工具集整合到學生和研究人員的工作流程中，主要是在學術市場。

Think about it this way. If you have a connector inside of one of your desktop AI tools, you want to be able to point that connector at high-quality information or high-quality services. You might want to connect it to your Gmail, you might want to connect it to Stripe for payments, things like that.

這樣想想吧。如果您的某個桌面 AI 工具中有一個連接器，您希望能夠將該連接器指向高品質的資訊或高品質的服務。您可能希望將其連接到您的 Gmail，您可能希望將其連接到 Stripe 進行支付，諸如此類。

And so what we're doing with Anthropic is allowing end users of the cloud tool to connect right into a Wiley-vectorized database of high-quality information to support AI safety, the use of top-quality research material and to support the student learning journey and the researchers. So it's a very cool first integration with a major tool provider, and we're excited about it.

因此，我們利用 Anthropic 所做的是允許雲端工具的最終用戶直接連接到 Wiley 向量化的高品質資訊資料庫，以支援人工智慧安全、使用高品質的研究材料並支援學生的學習之旅和研究人員。因此，這是與主要工具提供者的首次非常酷的整合，我們對此感到非常興奮。

Anything you can describe from a revenue model perspective?

能從收入模式的角度來描述一下嗎？

We're looking at it as primarily a way to underpin the value of our institutional library subscriptions and as a potential upsell vector.

我們主要將其視為鞏固機構圖書館訂閱價值的一種方式，以及一種潛在的追加銷售載體。

Okay. That's helpful. Does the agreement change the way you plan to invest or pursue AI-related opportunities for growth at all? And do you expect development spending to increase, level off, taper off over the next year or two? Two discrete questions there.

好的。這很有幫助。該協議是否會改變您計劃投資或尋求與人工智慧相關的成長機會的方式？您預計未來一兩年內發展支出會增加、維持穩定還是減少？這裡有兩個獨立的問題。

Well, I'll refer to Craig and Matt on the capital allocation question, but let me just give you a moment on the vision for the space here. So imagine that the demand for top-quality content inside the AI workflow is very strong, and we're seeing that not only in any academic sector but certainly in the corporate R&D markets, as Matt mentioned in the prepared remarks.

好吧，我將參考 Craig 和 Matt 的資本配置問題，但請容許我稍微向你們介紹這裡的空間願景。因此，想像一下，人工智慧工作流程中對高品質內容的需求非常強烈，我們不僅在任何學術領域看到這種情況，而且在企業研發市場中也肯定看到這種情況，正如 Matt 在準備好的評論中提到的那樣。

So our view on this particular program is that it represents the first step of tighter content integration between what Wiley is doing from a content aggregation perspective with our Nexus platform or the provision of our own content, our own IP, and that of our society partners into these tools.

因此，我們對這個特定計劃的看法是，它代表了 Wiley 從內容聚合角度利用我們的 Nexus 平台進行更緊密內容整合的第一步，或者說是將我們自己的內容、我們自己的 IP 以及我們的社會合作夥伴的內容提供到這些工具中。

So I think the way I would characterize your question or maybe build on it is to say that we view the future of AI services as not just being model training, but also inference subscription in the corporate R&D market and integration with end-user tools.

因此，我認為我可以這樣描述你的問題，或者在此基礎上進一步闡述，我們認為人工智慧服務的未來不僅僅是模型訓練，還包括企業研發市場的推理訂閱以及與最終用戶工具的整合。

And so this represents the first of those projects. We have many more in the pipeline. They are comparatively inexpensive to implement. But as we've indicated, we believe that to be an AI forward company and a leader in our segment, we want to be first to market with these things and we want to continue to push the momentum.

這是此類項目中的第一個。我們還有更多計劃正在籌備中。它們的實施成本相對較低。但正如我們所指出的，我們相信，作為一家人工智慧前沿公司和我們領域的領導者，我們希望率先將這些東西推向市場，並希望繼續推動這一發展勢頭。

Yeah, Dan, let me give you a perspective. That's right, what Jay said. And let me build on and give you a perspective of how I think about it. This market is still rapidly evolving. And you saw me in my prepared remarks talk about a number of different opportunities.

是的，丹，讓我給你一個觀點。沒錯，Jay 就是這麼說的。讓我在此基礎上進一步闡述我對此的看法。這個市場仍在快速發展。你們看到我在準備好的發言中談到了許多不同的機會。

But the operating theory is that we believe, in the future, our content is going to be accessed by various AI tools perhaps as frequently as it's accessed by individuals. And so our goal here is to build those connections into those various tools as the market evolves.

但操作理論是，我們相信，未來我們的內容將被各種人工智慧工具訪問，其頻率可能與個人訪問一樣頻繁。因此，我們的目標是隨著市場的發展將這些連結建立到各種工具中。

This is still early days in the formation of this market. And what we're trying to do is play and take advantage of multiple opportunities to learn and make our content as accessible as that can be to these various AI tools. I don't see a lot of internal capital expenditure in this area. But as we look at modernizing our technology stack, which we've talked about in the past as part of our cost reduction work, we are building it in a way that is very accessible. And there's various industry standards we could go into separately that we are complying with to basically make our content easily accessible by these models.

該市場仍處於形成的早期階段。我們正在嘗試做的是利用多種機會進行學習，並使我們的內容盡可能地被各種人工智慧工具所存取。我沒有看到該領域有大量的內部資本支出。但是，當我們考慮實現技術堆疊的現代化時（我們過去曾討論過將其作為降低成本工作的一部分），我們正在以一種非常易於訪問的方式構建它。我們可以分別遵循各種行業標準，以便這些模型可以輕鬆存取我們的內容。

As opposed to I've seen some other companies and other industries kind of building their own AI tools, we're kind of tool agnostic. We want to play with all of the tools because we don't know who the winners are going to be.

與我所見過的其他一些公司和其他行業建立自己的人工智慧工具不同，我們對工具持不可知論的態度。我們想利用所有的工具，因為我們不知道誰會是贏家。

No, that's definitely helpful. Switching gears of the -- I think you said $16 million revenue related to Nexus this quarter. Just help me understand how much of that is Wiley's content versus outside content, if I'm phrasing the question correctly. I'm just trying to understand the nature of the agreements and the margin differential for AI deals when it's your content versus partnering with others.

不，這絕對有幫助。換個話題——我想您說過本季與 Nexus 相關的收入為 1600 萬美元。如果我的問題表達正確的話，請幫助我理解其中有多少是 Wiley 的內容，有多少是外部內容。我只是想了解協議的性質，以及當內容是您自己製作的還是與他人合作製作的時，人工智慧交易的利潤差異。

Yeah. Let me, first of all, I want to reinforce the value of that deal strategically because you know we have our Publishing Solutions business, where we serve an array of other publishers, mostly smaller. And what we've been able to demonstrate here is our ability to leveraging our experience in AI, leveraging our technology, legal expertise and the like is include their content into our AI licensing strategy, which makes the overall package much more attractive to AI developers because it includes a larger percentage of the content. So it is a foundational move.

是的。首先，我想從策略角度強調這筆交易的價值，因為你知道我們有出版解決方案業務，我們為一系列其他出版商提供服務，其中大多數是規模較小的出版商。我們在這裡能夠展示的是，我們能夠利用我們在人工智慧方面的經驗、我們的技術、法律專業知識等，將其內容納入我們的人工智慧授權策略，這使得整個方案對人工智慧開發人員更具吸引力，因為它包含了更大比例的內容。所以這是一個基礎性的舉措。

I'll let Craig -- I'll give Craig a little airtime as the new guy to talk a little bit about the underlying -- answer your question a little more directly. Yeah.

我會讓克雷格——我會給克雷格一點時間，作為新人來談論潛在的問題——更直接地回答你的問題。是的。

Yeah. Thanks, Matt. And thanks, Dan, for the question. We're very excited about this deal. The $16 million that you referenced is the Nexus or partner-driven content within the total deal that we secured there.

是的。謝謝，馬特。謝謝丹提出這個問題。我們對這筆交易感到非常興奮。您提到的 1600 萬美元是我們在那裡達成的總交易中的 Nexus 或合作夥伴驅動的內容。

And the total deal size was in the order of $20 million, which reflects a blend of both Wiley content and Nexus content. And that was a portion of the total AI revenue we did for the quarter, which was in aggregate $29 million.

交易總規模約為 2000 萬美元，涵蓋了 Wiley 內容和 Nexus 內容。這只是本季我們人工智慧總收入的一部分，總計 2,900 萬美元。

What's exciting about this deal is, as Matt said, is that it brings in the partner content in a very robust way which we view as additive, not a substitution for Wiley content, but really a build on what we have been doing previously. So we're excited about how this opens up kind of a market adjacency for us as we'll continue to pursue the original type of Wiley content driven training deals as well as these new types of Nexus and, in this case, how you see they can blend together. So thanks for the question, a very exciting quarter for us in that respect.

正如馬特所說，這筆交易令人興奮的地方在於，它以一種非常強大的方式引入了合作夥伴的內容，我們認為這是一種附加功能，而不是對 Wiley 內容的替代，而是在我們之前所做工作的基礎上進一步發展。因此，我們很高興看到這為我們開闢了一種市場鄰接，因為我們將繼續追求原始類型的 Wiley 內容驅動培訓交易以及這些新類型的 Nexus，並且在這種情況下，您將看到它們如何融合在一起。感謝您的提問，從這個方面來看，這對我們來說是一個非常令人興奮的季度。

Okay. That's helpful. Journal subscriptions, Matt, I think you said they were strong. Where are we for renewals in calendar '25 at this stage?

好的。這很有幫助。期刊訂閱，馬特，我認為你說它們很強大。目前，25 年曆的更新情況如何？

Jay, do you want to take that on?

傑伊，你想接受這個任務嗎？

Yeah, sure. So it's early days. Obviously, the renewal season for us is sort of coincident with back to school. And as the librarians come back on campus, we're beginning those negotiations. The outlook is fine.

是的，當然。所以現在還為時過早。顯然，我們的更新季節與開學季有點重疊。當圖書館員回到校園時，我們就開始進行這些談判。前景很好。

We've reaffirmed guidance and feel confident in the full year outlook. So we'll get into more detail sort of November, January time frame as we get more data on the renewals, but we haven't seen anything so far this year to give us concern for calendar '26.

我們重申了指導方針並對全年前景充滿信心。因此，隨著我們獲得更多有關續約的數據，我們將更詳細地了解 11 月和 1 月的時間範圍，但今年到目前為止，我們還沒有看到任何讓我們對 26 年日曆感到擔憂的事情。

Yeah. And Dan, we had a good strong redoing season at the end of our fiscal '25, that's when it concludes for us. So we're going into the year with a head of steam there.

是的。丹，我們在 25 財年末度過了一個強勁的重建季節，這對我們來說就結束了。因此，我們將以強勁的勢頭迎接新的一年。

Okay. Sticking with Research. Publishing revenue, and you talked about this, but declined 1% in the quarter. I know you had a little bit of a tough comp. But article submissions have been up double digits for multiple quarters and publication volume was up double digits, I think, this quarter. So just help me just understand the decline in revenue and when do we expect all those submissions to translate into a meaningful uptick.

好的。堅持研究。出版收入，您也談到了這一點，但本季下降了 1%。我知道你的比賽有點難。但我認為，文章提交量已連續多個季度保持兩位數增長，而且本季的出版量也增長了兩位數。所以請幫助我了解收入的下降，以及我們何時才能預期所有這些提交能夠轉化為有意義的上升。

Yeah. And I'll begin and then ask Jay to comment. But the first quarter is always a slow quarter for us, and it's really not indicative of how the year is going to turn out. We are looking at a year in which we're seeing our research growth really in line with the market, which is kind of in the 3% to 4% range. So we're confident in that.

是的。我先開始，然後請傑伊發表評論。但第一季對我們來說始終是一個緩慢的季度，而且它實際上並不能預示全年的結果將會如何。我們預計，今年我們的研究成長將與市場同步，增幅介於 3% 至 4% 之間。所以我們對此充滿信心。

And that underlies the re-affirmation of our guidance. But Jay, maybe you can talk a little bit about the seasonality of our business maybe compared to comparatives?

這是我們再次確認指導方針的基礎。但是傑伊，也許你可以稍微談談我們業務的季節性，與同類業務相比如何？

It's primarily the comp in Q1. Q1 is the smallest quarter for the business. And just to reiterate, I'm not seeing anything there that takes us off course from where we see the market performing and where we're guiding to. Submission is up 25% year-on-year and output growth, 13%. Your question is fair.

這主要是第一季的比較。第一季是該業務規模最小的一個季度。再次重申一下，我沒有看到任何讓我們偏離市場表現和指導方向的因素。提交量較去年同期成長25%，產量成長13%。您的問題很合理。

But I just want to reiterate that the two things that we always come back to in here are the majority of our output is captured inside the recurring revenue models, what we call the transitional agreements or our standard library subscription agreements. And that underpins the value of that core engine of Wiley's financial stability. And that recurring revenue is undergirded by strong continued publishing growth.

但我只想重申，我們在這裡始終要強調的兩件事是，我們的大部分產出都包含在經常性收入模式中，即我們所說的過渡協議或標準圖書館訂閱協議。這鞏固了 Wiley 財務穩定核心引擎的價值。而這種經常性收入是由持續強勁的出版業務成長所支撐的。

And then the second piece, we did see double-digit gold open access revenue growth again for the quarter, and we're continuing to be very confident about that in July. We had a record month for Open Access submissions, and our advanced science revenues are up 50% year-on-year, as Matt said in his remarks. So I think all of this just goes to continued confidence in the performance of that sector for us.

第二點，我們確實看到本季黃金開放取用收入再次實現兩位數成長，我們對 7 月的情況仍然充滿信心。正如馬特在演講中所說，我們的開放取用提交量創下了月度紀錄，我們的先進科學收入同比增長了 50％。所以我認為所有這些都讓我們對該行業的表現保持信心。

Yeah. There is -- I mean, the problem with this quarter is the comparables confuse the reality. There was a late billing last year that actually was collected in the first quarter which, when you back out of this, we actually are growing. So it makes -- again, because it's a small quarter, it can be easily distorted by one-time events.

是的。我的意思是，本季的問題在於可比較數據混淆了現實。去年有一筆延遲的帳單，實際上是在第一季收取的，如果你回顧一下這筆帳單，你會發現我們實際上正在成長。因此，由於這是一個很小的季度，它很容易受到一次性事件的扭曲。

That's helpful. I think in the prepared remarks, you mentioned $5 million. Is that the -- or magnitude?

這很有幫助。我想在準備好的演講中您提到了 500 萬美元。那是——或者幅度嗎？

Yeah, that's right. So when we normalize that in terms of our internal work, we are seeing growth. But the key is it is a seasonal business because of the structure of these transformative agreements, they're all different. They all have different billing schemes. So again, you can't project what the year is going to look like just from the first quarter alone.

是的，沒錯。因此，當我們在內部工作方面使其正常化時，我們就看到了成長。但關鍵是，這是一項季節性業務，因為這些轉型協議的結構各不相同。他們都有不同的計費方案。所以，你不能只從第一季的數據來預測全年的情況。

But we're confident that we'll grow as we projected and achieved our numbers for the year.

但我們相信，我們將按照今年的預期和目標實現成長。

Yes. That's helpful. Switching to Learning, and I appreciate you taking all the questions. Beyond the tough AI comp, just maybe talk about what we saw in terms of declines in Professional Publishing and how long that's likely to persist and your confidence in the rest of the year?

是的。這很有幫助。轉到學習，感謝您回答所有問題。除了嚴峻的人工智慧競爭之外，您能否談談我們看到的專業出版業的衰退情況，以及這種情況可能會持續多久，以及您對今年剩餘時間的信心？

Yeah. I mean we got our eye on professional. And it's been a slow summer, it seems to be, for the industry. I don't know if this is a leading indicator of some economic issues. But based on -- because our title output is strong, but our ordering patterns are not what they should be in the quarter.

是的。我的意思是我們關注的是專業。對該行業來說，這個夏天似乎過得比較慢。我不知道這是否是某些經濟議題的領先指標。但基於——因為我們的標題輸出很強勁，但我們的訂購模式並不像本季那樣。

So I wouldn't call it a red alert yet. But we got our eyes on it because it may be an indicator of a broader economic slowdown hitting consumers. That's about the only business we have that's directly exposed to kind of consumer economics, if you think about it.

所以我暫時還不會稱之為紅色警報。但我們對此保持關注，因為它可能是更大範圍經濟放緩對消費者造成衝擊的指標。如果你仔細想想，這就是我們唯一直接受到消費經濟影響的事業。

So we're watching it closely. But it's not just us. It seems to be just slower ordering patterns. The rest of the business is in Professional, and I'll let Jay -- and Learning are holding up pretty well. It's early for obviously the courseware business because that season really is happening now as people go back to school.

因此我們正在密切關注。但這不僅僅是我們。這似乎只是較慢的排序模式。其餘業務屬於專業領域，我會讓傑伊——和學習保持得很好。顯然，對於課程業務來說，現在還為時過早，因為現在正是人們返校的旺季。

But Jay, any color you want to add for Dan?

但是傑伊，你想為丹添加什麼顏色嗎？

On Professional, no, I think you covered it. The retail channels did not meet our expectations in the quarter. And I think that's a thing we're going to keep an eye on, as Matt said. For the rest of the business, in assessments, we saw nice strong growth underpinned by product innovation, as Matt described. We're really excited about Work Smart and really excited about the way that business has come out of the gate in the first quarter.

關於專業，不，我認為你已經涵蓋了它。本季零售通路並未達到我們的預期。正如馬特所說，我認為這是我們要密切關注的事情。對於其餘業務，在評估中，我們看到了由產品創新支撐的強勁成長，正如馬特所描述的。我們對 Work Smart 感到非常興奮，並且對第一季業務的進展感到非常興奮。

Enrollments seem to be holding steady, and we'll have a lot more to say about that as we get through back-to-school season in our Learning business. And the AI potential in the advanced content book list is really strong. And that -- when you talk about licensing revenue in both the inference models and in the training models, we feel really good about that high-quality list of STEM books as being a major source of value for both institutional library customers and corporate R&D customers. So feeling good on those three fronts, for sure.

入學人數似乎保持穩定，隨著我們學習業務的開學季的到來，我們對此還有很多話要說。高級內容書籍清單中的 AI 潛力確實很強。而且 - 當您談論推理模型和訓練模型中的許可收入時，我們對高品質的 STEM 書籍清單感到非常滿意，因為它是機構圖書館客戶和企業研發客戶的主要價值來源。因此，這三個方面肯定感覺良好。

Okay. And on the onetime cost, $4 million, is that in terms of corporate debt sort of nonrecurring as we look into the balance of the year? Did I hear that right?

好的。至於一次性成本 400 萬美元，從我們看今年的餘額來看，這筆錢是否屬於公司債務中的非經常性費用？我沒聽錯吧？

Yes. Craig?

是的。克雷格？

Yeah, Dan, you heard that right. We did see in the quarter kind of a short-term onetime lift in corporate expenses. It was really the completion of several strategic consulting projects that we've been investing in to better position the company for execution and growth going forward. These are now completed. So we don't expect those kind of impacts hitting us going forward.

是的，丹，你沒聽錯。我們確實在本季看到企業支出出現了短期一次性成長。這實際上是我們一直在投資的幾個策略諮詢項目的完成，以便公司在未來的執行和成長中處於更好的位置。這些現已完成。因此，我們預計未來不會再出現此類影響。

We do expect to start to see more of the savings that have been driven from the back part of last year and beginning part of this year's action starting to flow through as we move forward into the second quarter and throughout the rest of the year as well.

我們確實希望看到，隨著我們進入第二季度以及今年剩餘時間，從去年下半年和今年年初採取的行動中產生的更多節省將開始發揮作用。

Great. One or two more. The higher Nexus related revenue, does that have any meaningful impact on your kind of fiscal '26 margin outlook? Or is it relatively de minimis given the size of the overall revenue and cash flow?

偉大的。還有一兩個。Nexus 相關收入增加，對您 26 財年的利潤前景有何重大影響？或者，考慮到整體收入和現金流的規模，這是否相對微不足道？

Yeah. Hey, Dan. It's Craig. I would say probably de minimis impact. We've talked about the size, we've talked about the margin. This was an additive element into our program, but we're still focused on the profitability of the core business and the ongoing margin expansion. And all of that remains on track as we were expecting and planning. So I would think of this as additive in terms of revenue and gross profit but very de minimis in terms of the margin impact.

是的。嘿，丹。是克雷格。我想說的可能是微不足道的影響。我們討論了規模，並討論了利潤。這是我們計劃的一個附加元素，但我們仍然專注於核心業務的獲利能力和持續的利潤率擴張。所有一切都按照我們的預期和計劃順利進行。因此，我認為這對收入和毛利而言是附加的，但對利潤率的影響卻微乎其微。

Okay. And lastly, as we speak, I think the stock is down 6%, 7%, 8%, trading at a little over 6 times EBITDA and less than 10 times free cash. So obviously, you've been buying back stock, and the Board raised the authorization. Just maybe talk about your relative priorities for capital allocation, how aggressive you might be with the buyback.

好的。最後，正如我們所說，我認為該股下跌了 6%、7%、8%，交易價格略高於 EBITDA 的 6 倍，不到自由現金的 10 倍。顯然，您一直在回購股票，並且董事會提高了授權。也許只是談論一下您對資本配置的相對優先順序，以及您在回購方面會採取多大的積極態度。

Thanks, Dan. Yeah, speaking to capital allocation, I think what you'll continue to see from Wiley is just a very disciplined approach to how we think about our capital allocation and return of value to shareholders. We have an ongoing commitment to our dividends, which we've talked about. And we continue to maintain a very high dividend yield as a form of evidencing that.

謝謝，丹。是的，談到資本配置，我認為你會繼續從 Wiley 看到我們對資本配置和股東價值回報的思考方式非常嚴謹。我們對我們的股息有著持續的承諾，這一點我們已經討論過了。我們繼續保持非常高的股息殖利率就是一個證明。

We've also been active in our share buybacks, increasing our share buybacks in the quarter modestly in terms of year-over-year but with a deliberate intention to be active when the prices are attractive. And we have to say we're very happy with the opportunity right now for us to be able to continue that program. And on that note, received a vote of support from the Board in terms of the share authorization program, which was an increase in terms of the prior share authorization program we had as well.

我們也積極進行股票回購，本季的股票回購量與去年同期相比略有增加，但我們有意在價格具有吸引力時積極回購。我們必須說，我們很高興現在有機會繼續執行該計劃。就這一點而言，我們在股份授權計劃方面獲得了董事會的支持，這比我們之前的股份授權計劃有所增加。

So our priorities are really to continue to support shareholder returns through the dividend program, through the buybacks, continue to pay down debt when and where it makes sense to improve the strength of the balance sheet and, obviously, to continue to look for high-value opportunities to drive organic development of Research and Learning solutions, especially when around authoritative content and data-driven insights. So we're balanced in the way that we approach that and we're opportunistic, looking for the highest returns that we can on that use of the capital that we have available to us.

因此，我們的首要任務實際上是繼續透過股息計劃和回購來支持股東回報，在合理的時間和地點繼續償還債務，以改善資產負債表的實力，並且顯然繼續尋找高價值機會來推動研究和學習解決方案的有機發展，特別是圍繞權威內容和數據驅動的洞察力。因此，我們以平衡的方式處理這個問題，我們抓住機會，尋求利用我們可用的資本來獲得最高的回報。

We have no further questions in queue. I'd like to turn the call back over to Mr. Matt Kissner for any closing remarks.

我們沒有其他問題。我想將電話轉回給馬特·基斯納先生，請他做最後發言。

Well, thank you for joining us. We look forward to sharing more on our Q2 earnings call in December. We'll see you then. Have a good fall.

好的，感謝您加入我們。我們期待在 12 月的第二季財報電話會議上分享更多資訊。到時候見。祝你秋天愉快。

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。您現在可以斷開連線。