John Wiley & Sons Inc (WLYB) 2022 Q4 法說會逐字稿

Good morning, and welcome to Wiley's Fourth Quarter and Fiscal 2022 Earnings Call. As a reminder, this conference is being recorded. At this time, I'd like to introduce Wiley's Vice President of Investor Relations, Brian Campbell. Please go ahead.

早安，歡迎參加 Wiley 2022 財年第四季和財報電話會議。提醒一下，本次會議正在錄音。現在，我想介紹 Wiley 的投資人關係副總裁 Brian Campbell。請繼續。

Hello, everyone. Just a few reminders to start. The call is being recorded and may include forward-looking statements. You shouldn't rely on these statements as actual results may differ materially and are subject to factors discussed in our SEC filings. The company does not undertake any obligations to update or revise forward-looking statements to reflect subsequent events or circumstances. Also, Wiley provides non-GAAP measures as a supplement to evaluate underlying operating profitability and performance trends.

大家好。只需幾個提醒即可開始。此次通話正在錄音，可能包含前瞻性陳述。您不應依賴這些聲明，因為實際結果可能存在重大差異，並受我們向美國證券交易委員會提交的文件中討論的因素的影響。本公司不承擔更新或修改前瞻性陳述以反映後續事件或情況的任何義務。此外，Wiley 還提供非 GAAP 指標作為補充，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 U.S. GAAP. And therefore, may not be comparable to similar measures used by other companies, nor should they be viewed as alternatives to measures under GAAP. Unless otherwise noted, we will refer to non-GAAP metrics on the call, and variances are on a year-over-year basis and will exclude the impact of currency. After the call, a copy of the presentation and a playback of the webcast will be available on our Investor Relations web page at investors.wiley.com. I'll now turn the call over to Wiley's President and CEO, Brian Napack.

這些指標沒有美國公認會計準則規定的標準意義。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 GAAP 指標的替代方案。除非另有說明，我們將在電話會議上參考非 GAAP 指標，差異以同比為基礎，且不包括貨幣的影響。電話會議結束後，簡報的副本和網路直播的回放將在我們的投資者關係網頁 investors.wiley.com 上提供。現在我將把電話轉給 Wiley 總裁兼執行長 Brian Napack。

Good morning, and thanks for joining us. I'm pleased to report that in fiscal year '22, the Wiley team delivered another year of revenue and earnings growth with continuing strong free cash flow. As a reminder, this year marked Wiley's 215th anniversary. And to mark the occasion, we surpassed $2 billion in annual revenue for the first time. What began in 1807 as a print shop in Lower Manhattan is now one of America's oldest public companies, standing out as a global leader in scientific research and career-connected education.

早安，感謝您加入我們。我很高興地報告，在 22 財年，Wiley 團隊又實現了一年的收入和盈利增長，並且繼續保持強勁的自由現金流。值得提醒的是，今年是威利創立 215 週年。為了紀念這一刻，我們的年收入首次超過 20 億美元。該公司創立於 1807 年，當時只是曼哈頓下城的一家印刷店，如今已成為美國歷史最悠久的上市公司之一，並在科學研究和職業教育領域處於全球領先地位。

Our legacy is more than just a narrative. The Wiley brand is respected worldwide, and our reputation is a unique advantage that helps us to win and retain customers partners, authors and great talent across all of our lines of business. Wiley has been unlocking human potential by advancing knowledge for over 2 centuries, and it is (inaudible) show through many economic cycles and periods of disruption. In good times and bad, Wiley delivers consistent financial performance by serving the world's researchers and learners.

我們的遺產不只是一種敘事。 Wiley 品牌在全世界享有盛譽，我們的聲譽是一種獨特的優勢，可以幫助我們贏得並留住所有業務領域的客戶、合作夥伴、作家和優秀人才。兩個多世紀以來，威利一直致力於透過推進知識釋放人類潛能，這一點在許多經濟週期和動盪時期都得到了體現。無論在順境或逆境，Wiley 都透過為全球研究人員和學習者提供服務來維持穩定的財務表現。

Today, we are growing well based upon our strong competitive position, must-have products, a strong balance sheet and consistent cash flow. Wiley's revenue is now 83% digital and tech-enabled, and 58% of our revenue is recurring. We have delivered 28 consecutive years of dividend increases. And we've recently been named the most trusted company in media according to a survey by Newsweek. All of this underscores the fact that Wiley is a strong and special company, and I'm proud to be part of it, especially now.

今天，憑藉強大的競爭地位、必備的產品、強勁的資產負債表和穩定的現金流，我們實現了良好的成長。現在，Wiley 的收入 83% 來自數位和技術，其中 58% 為經常性收入。我們已經連續28年增加股利。根據《新聞週刊》的一項調查，我們最近被評為媒體界最值得信賴的公司。所有這些都強調了 Wiley 是一家強大而特殊的公司，我很自豪能夠成為其中的一員，尤其是現在。

As you know, Wiley is a critical player in the global knowledge ecosystem, performing essential roles in scientific research and education. Our strategy remains to lead the market by addressing 2 very strong trends. The first is the rapid growth of open scientific research, which is creating significant demand for our branded research content and our cutting-edge research platforms and services. The second trend is the global drive to make education more career connected and vastly more accessible. This economic imperative is increasing demand for our learning programs and our talent development services that directly connect education with employment and that helped to fill the global talent gap.

眾所周知，Wiley是全​​球知識生態系統中的重要參與者，在科學研究和教育領域中發揮重要作用。我們的策略仍然是透過解決兩個非常強勁的趨勢來引領市場。首先是開放科學研究的快速成長，這對我們的品牌研究內容和尖端研究平台和服務產生了巨大的需求。第二個趨勢是全球都在努力使教育與職業更加緊密地聯繫在一起，並且更加易於普及。這一經濟需要增加了對我們的學習計劃和人才發展服務的需求，這些服務將教育與就業直接聯繫起來，並有助於填補全球人才缺口。

In Research, Wiley is both a leading publisher with 1,900 valuable, respected journal brands and a leading provider of essential platforms and services that help societies, publishers and corporations to thrive in the complex, open knowledge ecosystem. In Education, Wiley delivers both powerful learning products in the form of digital content and courseware and tech-enabled services in the form of degree programs, certifications and on-the-job training. These products and services help universities to deliver career-connected degrees and drive enrollment, help corporations to build the workforces they need to win and ultimately helps learners and professionals to build the skills they need to achieve long-term career success.

在研究領域，威利既是一家擁有 1,900 個有價值且受人尊敬的期刊品牌的領先出版商，也是領先的重要平台和服務提供商，幫助社會、出版商和企業在複雜的開放知識生態系統中蓬勃發展。在教育領域，Wiley 既提供數位內容和課件形式的強大學習產品，也提供學位課程、認證和在職培訓形式的技術支援服務。這些產品和服務可幫助大學提供與職業相關的學位並推動招生，幫助企業建立成功所需的勞動力，並最終幫助學習者和專業人士培養長期職業成功所需的技能。

In fiscal '22, the complex global environment delivered us some unusual challenges. Most significantly, we saw post lockdown enrollment softness in universities affect demand for our Education programs. We also saw an unusually tight labor market and rising inflation, put some pressure on compensation levels. And we saw some geopolitical issues introduce instability into global markets. But despite all this, the Wiley team was able to deliver on our outlook for both revenue and earnings and exceed our outlook for cash flow.

22財年，複雜的全球環境為我們帶來了一些不尋常的挑戰。最重要的是，我們發現封鎖結束後大學入學人數的疲軟影響了我們教育計畫的需求。我們也看到勞動市場異常緊張，通貨膨脹不斷上升，給薪資水準帶來了一些壓力。我們看到一些地緣政治問題為全球市場帶來了不穩定。但儘管如此，Wiley 團隊仍然能夠實現我們對收入和收益的預期，並超越我們對現金流的預期。

We saw an acceleration of organic revenue growth in fiscal '22 into the mid-single digits. All 3 Wiley segments were up over prior year. As noted, we did run into some challenges stemming from some unusual lower university enrollment patterns. But while our university services and education publishing lines were slowed by this, we still delivered on our financial targets, thanks to strong organic growth across Research and in corporate talent development and Professional Learning.

我們看到22財年的有機收入成長加速至中個位數。 Wiley 的所有三個部門都比去年同期有所成長。如上所述，我們確實遇到了一些挑戰，這些挑戰源自於一些不尋常的較低的大學入學率模式。不過，雖然我們的大學服務和教育出版業務因此放緩，但由於研究、企業人才發展和專業學習方面的強勁有機成長，我們仍然實現了財務目標。

On the profit side, adjusted EBITDA and adjusted EPS rose 3% and 4%, with revenue performance partially offset by investments in growth and optimization initiatives. Notably, since fiscal '20, Wiley has executed its strategic plans very effectively, allowing us to succeed through the COVID lockdown period. The net result is 2-year CAGRs for revenue, EPS and free cash flow of 7%, 12% and 14%. That said, as we know, the macroeconomic environment is presenting uncertainty. Wiley and its markets tend to hold up well in economic downturns, thanks to the essential nature of research and our role in it.

在利潤方面，調整後的 EBITDA 和調整後的 EPS 分別成長 3% 和 4%，營收表現部分被成長和最佳化計畫的投資所抵銷。值得注意的是，自20財年以來，Wiley非常有效地執行了其策略計劃，使我們能夠成功度過COVID封鎖期。淨結果是收入、每股盈餘和自由現金流的兩年複合年增長率分別為 7%、12% 和 14%。儘管如此，我們也知道，宏觀經濟環境存在不確定性。由於研究的重要性以及我們在其中所發揮的作用，Wiley 及其市場往往在經濟低迷時期表現良好。

And thanks to the countercyclical nature of higher education enrollment. Nonetheless, we are watching conditions very closely, carefully managing risk and keeping our powder dry to ensure that we can adapt to events as they unfold. Let's take a look at how we executed on our stated plans this past year. At this time last year, we laid out 4 commitments for Research. We said we would publish more, a simple statement, but that's what the world wants, and that's what drives our success. We said we would integrate and drive synergies from Hindawi, the leading OA publisher, we acquired in fiscal '21.

這要歸功於高等教育入學的逆週期特性。儘管如此，我們仍在密切關注情勢發展，謹慎管理風險，並做好充分準備，確保能夠適應情勢發展。讓我們來看看過去一年我們是如何執行既定的計劃。去年此時，我們為研究制定了 4 項承諾。我們說過我們會發表更多內容，這是一個簡單的聲明，但這正是世界想要的，也是我們成功的動力。我們表示，我們將整合並推動與我們在 21 財年收購的領先 OA 出版商 Hindawi 的協同效應。

We said we would scale the platform and service offerings for our partners in the research ecosystem. And finally, we said we would increase the productivity and efficiency of our publishing operations. I'm pleased to report that we executed each of these 4 imperatives well, and the results speak for themselves. We published more growing article output by 7%, while organic output was down from last year's 15% COVID-induced surge, the 2-year trend line was positive compounding at 6%. We expect year-over-year organic output growth to resume in fiscal '23.

我們表示，我們將為研究生態系統中的合作夥伴擴展平台和服務範圍。最後，我們說我們將提高出版業務的生產力和效率。我很高興地報告，我們很好地執行了這四項要務，結果不言而喻。我們發表的文章數量增加了 7%，雖然有機產量低於去年因新冠疫情引發的 15% 的增幅，但兩年趨勢線為正複合成長率為 6%。我們預計23財年有機產出將恢復年增。

Hindawi performed at a very high level this year, delivering strong double-digit organic revenue growth and 36% article output growth on a pro forma basis and has achieved this with exceptional margins. We have now completed the integration, and we are benefiting significantly from Hindawi's industry-leading open publishing practices and its highly efficient systems. As planned, we scaled our Research Solutions business. We signed up 36 new partners, bringing us to over 450 society and corporate customers taking advantage of our broad range of essential research platforms and services.

今年，Hindawi 的表現非常出色，實現了強勁的兩位數有機收入成長和 36% 的文章產出成長（按預測計算），並獲得了豐厚的利潤。我們現在已經完成整合，並從 Hindawi 業界領先的開放出版實踐和高效系統中受益匪淺。按照計劃，我們擴大了研究解決方案業務。我們簽了 36 家新合作夥伴，使我們的社會和企業客戶超過 450 家，充分利用我們廣泛的重要研究平台和服務。

We see lots of opportunity for upselling and cross-selling to increase lifetime customer value. Critically, 16% of our solutions customers now subscribe to more than one of our services and 4% to subscribe to more than 2. We are now seeing increasing LTV as we continue to expand our long-standing client relationships. Finally, we entered fiscal '22 with the intention of driving automation, intelligence and efficiency across the research publishing process. We're making good progress across our most critical productivity metrics, such as the referral rate of rejected articles from one Wiley journal to another and the reduction of the article cycle time from acceptance to publication, both of which benefit our researchers while delivering more revenue and profit to Wiley.

我們看到了許多透過追加銷售和交叉銷售來提高終身客戶價值的機會。至關重要的是，現在有 16％ 的解決方案客戶訂閱了我們的一項以上的服務，有 4％ 的客戶訂閱了兩項以上的服務。隨著我們繼續擴大長期客戶關係，我們現在看到 LTV 不斷增加。最後，我們進入22財年，致力於推動整個研究出版流程的自動化、智慧化和效率。我們在最關鍵的生產力指標方面取得了良好進展，例如從一本 Wiley 期刊到另一本期刊的被拒絕文章的推薦率，以及從接受到發表的文章週期時間的縮短，這兩項指標都使我們的研究人員受益，同時也為 Wiley 帶來了更多的收入和利潤。

Notably, over 50% of our rejected authors are now offered another Wiley option to publish. This is up from 33% in fiscal '21. This is facilitated by a highly automated intelligent process. As you know, Wiley does not publish 70% of the articles we receive, much of it due to improper fit with the journal to which it is first submitted. Capitalizing on this opportunity across our full 1,900 journal portfolio will take time, but we're making very good progress. So we are executing our plans in research and performing very well.

值得注意的是，超過 50% 被我們拒絕的作者現在可以選擇另一種 Wiley 出版方式。這一數字高於21財年的33%。這是透過高度自動化的智慧過程來實現的。如您所知，Wiley 不會發表我們收到的 70% 的文章，其中大部分是因為與首次提交的期刊不符。在我們的全部 1,900 種期刊組合中充分利用這一機會需要時間，但我們正在取得非常好的進展。因此，我們正在執行我們的研究計劃，並且表現得非常出色。

Despite the world's uncertainties, Wiley Research remains a very strong business with a good growth trajectory, strategic momentum and a recession-tolerant profile. Scientific and technical research is driven by an ever-increasing global R&D spend. Since 2000, through multiple recessions global R&D has more than tripled to $2.4 trillion. Now to the achievement of our fiscal '22 commitments in Education. As a reminder, demand for online education and digital courseware was significantly amplified in fiscal '21 as COVID drove record numbers of students into digital settings.

儘管世界充滿不確定性，威利研究仍然是一家非常強大的企業，擁有良好的成長軌跡、戰略勢頭和抗經濟衰退的能力。不斷增加的全球研發支出推動了科學和技術研究。自2000年以來，儘管經歷了多次經濟衰退，全球研發支出仍增加了兩倍多，達到2.4兆美元。現在我們要實現22財年在教育上的承諾。提醒一下，由於新冠疫情推動創紀錄數量的學生進入數位化環境，21財年對線上教育和數位課件的需求顯著增加。

In fiscal '22, there was a natural reversion in online enrollment. This snapback was accompanied by unusually strong labor market that enticed many students to forgo school for opportunities in the workforce. The net result was a challenging enrollment cycle across higher education. A recent report showed that total university enrollment was down over 4% this spring after declining 3% in the fall. This variability weighed on our university services and education publishing lines, which saw declined this year of 1% and 4%.

在22財年，線上註冊出現了自然回歸。這一復甦伴隨著異常強勁的勞動市場，吸引了許多學生放棄學業，尋求就業機會。最終的結果是整個高等教育的招生週期充滿挑戰。最近的一份報告顯示，繼秋季下降 3% 之後，今年春季大學入學總人數又下降了 4% 以上。這種波動對我們的大學服務和教育出版業務造成了壓力，今年這兩個業務分別下降了 1% 和 4%。

Despite the challenge of this moment, our mid- to long-term outlook for higher education and digital education, in particular, remains very positive. We study this market very closely, and we see long-term underlying growth in demand for online higher education, digital curriculum and importantly, corporate talent development, where we are expanding and where enduring skill and talent gaps will continue to drive growth. Wiley is well prepared to capitalize on these significant opportunities due to the consistent execution of our strategic plans.

儘管目前面臨挑戰，但我們對高等教育、尤其是數位教育的中長期前景仍然非常樂觀。我們對這個市場進行了非常仔細的研究，我們發現線上高等教育、數位課程以及重要的企業人才發展的需求將長期保持成長，我們正在這些領域擴張，而持久的技能和人才缺口將繼續推動成長。由於我們始終如一地執行戰略計劃，Wiley 已做好充分準備來利用這些重大機會。

To that end, we made a set of commitments a year ago in Education. These were to expand online programs and drive online enrollment, to expand student acquisition capabilities, to scale digital content and courseware and to expand our corporate talent development relationship. In University Services, we signed up 5 full service partners in fiscal '22, offsetting 3 nonrenewing partners for a total partner count of 68. We also added 81 new degree and certification programs in high-demand fields such as business, health care, computer science and engineering.

為此，我們一年前在教育領域做出了一系列承諾。這些是為了擴大線上課程、推動線上招生、擴大學生獲取能力、擴大數位內容和課件以及擴大我們的企業人才發展關係。在大學服務方面，我們在 22 財年簽了 5 個全方位服務合作夥伴，抵銷了 3 個未續約的合作夥伴，合作夥伴總數達到 68 個。我們還在商業、醫療保健、電腦科學和工程等高需求領域增加了 81 個新的學位和認證課程。

This is far ahead of the 40-plus programs we signed up in fiscal '21 and is well aligned with our disciplined approach to focusing on high-demand careers and disciplines. And while enrollment slowed across the market, Wiley improved our ability to compete in the market for students by significantly expanding our proprietary student acquisition capabilities. In short, the ability to efficiently attract and enroll students is the defining capability that drives university success. And this is their single biggest challenge.

這遠遠超過我們在21財年簽約的40多個項目，並且與我們專注於高需求職業和學科的嚴謹方法相一致。儘管整個市場的入學人數都在放緩，但 Wiley 透過大幅擴展我們專有的學生獲取能力，提高了我們在學生市場上的競爭力。簡而言之，有效吸引和招收學生的能力是推動大學成功的決定性能力。這是他們面臨的最大挑戰。

The acquisition of XYZ Media, a clear leader in student marketing made Wiley a leader in what matters most, driving enrollment. And this proprietary capability is now allowing us to do so at a lower cost per student thus driving both growth and profitability. In Education content and courseware, we saw a healthy growth in digital content and zyBooks courseware, although these gains were offset by declines in print course material, and of course, we're on legacy platforms. ZyBooks continues to be a very good story for us with adoptions now in over 900 institutions, revenue growth of 15%.

透過收購學生行銷領域的領先者 XYZ Media，Wiley 成為了推動招生這一最重要領域的領導者。這種專有能力現在使我們能夠以更低的每位學生的成本實現這一目標，從而推動成長和獲利。在教育內容和課件方面，我們看到數位內容和 zyBooks 課件的健康增長，雖然這些增長被印刷課程材料的下降所抵消，當然，我們是在傳統平台上。 ZyBooks 對我們來說繼續是一個非常好的故事，目前已被超過 900 家機構採用，收入成長了 15%。

Wiley's corporate talent development line had a huge year in fiscal '22 with record placements and over 70% revenue growth. We signed 19 new global clients, expanding into new industry verticals such as technology and consumer goods and launched an upskilling program that will significantly increase the lifetime value of our clients. Corporate talent development has become a major growth driver for Wiley. Note that we recently branded our talent development platform from mthree to Wiley Edge. The name not only leverages the strong Wiley brand, it also says what we do for our partners and for emerging talent everywhere.

22 財年，Wiley 的企業人才發展線表現十分出色，招募人數創下了歷史新高，營收成長超過 70%。我們簽約了 19 家新的全球客戶，將業務擴展到技術和消費品等新的垂直行業，並啟動了一項技能提升計劃，這將大幅提高客戶的終身價值。企業人才發展已成為Wiley的主要成長動力。請注意，我們最近將我們的人才發展平台從 mthree 品牌更名為 Wiley Edge。這個名字不僅充分利用了強大的 Wiley 品牌，還表明了我們為合作夥伴和各地新興人才所做的努力。

We give them a meaningful edge in a hypercompetitive world. Wiley continues to drive real-world impact through our core business activities in Research and Education, and we're always focused on increasing this impact. In January '21, we signed the UN Global Compact, a pledge to drive business action in support of achieving 17 UN Sustainable Development goals. We continue to pursue these critical goals by simply doing what we do best, enabling discovery, powering education and shaping workforces. Through our leadership in open research, Wiley is delivering more brand-new knowledge to the world faster, fulfilling many UN sustainable development goals, including good health and well-being and climate action.

我們為他們在激烈競爭的世界中提供有意義的優勢。 Wiley 繼續透過我們在研究和教育領域的核心業務活動推動現實世界的影響，並且我們始終致力於增強這種影響力。 21年1月，我們簽署了《聯合國全球契約》，承諾推動企業行動，支持實現17項聯合國永續發展目標。我們將繼續追求這些關鍵目標，做我們最擅長的事情，推動發現，推動教育和塑造勞動力。憑藉著在開放研究領域的領導地位，Wiley 正在更快地向世界提供更多全新的知識，實現了許多聯合國永續發展目標，包括良好的健康福祉和氣候行動。

In career-connected education, we are actively improving access to high-impact learning and good jobs. In fact, over 50% of our IT placement candidates in Canada, U.S. and U.K. now come from underrepresented populations. In India, for example, we are delivering impact to at-risk groups such as those from households earning less than $500 a month. Nearly half of our career credential candidates in India are women. In this way, Wiley is working to fulfill UN sustainable development goals for both quality education and reduced inequalities.

在與職業相關的教育方面，我們正在積極提高獲得高效學習和良好工作的機會。事實上，目前我們在加拿大、美國和英國的 IT 實習生中有超過 50% 都來自弱勢族群。例如在印度，我們正在為高風險群體（例如家庭月收入低於 500 美元的人）提供援助。在印度，我們職業證書候選人中近一半是女性。透過這種方式，威利正在努力實現聯合國關於優質教育和減少不平等的永續發展目標。

We continue to make material progress in our corporate ESG efforts. We set out to be a carbon-neutral certified company across our global operations again this year, and we achieved it. More importantly, we are rapidly advancing towards science-based targets, which will provide us with a clear route to reduce greenhouse gas emissions and our carbon footprint. All of this is to say that at Wiley, we take our commitment to positive impact very seriously and that we are making very good progress. With that, I'll pass the call over to Christina to take you through our Q4 results, our segment performance, our financial position and our outlook for fiscal '23.

我們在企業ESG工作方面持續取得實質進展。今年，我們再次立志成為一家在全球營運中獲得碳中和認證的公司，並且我們實現了這一目標。更重要的是，我們正在迅速向科學目標邁進，這將為我們提供減少溫室氣體排放和碳足跡的明確途徑。所有這些都表明，在 Wiley，我們非常重視對正面影響的承諾，並且我們正在取得非常好的進展。說完這些，我將把電話轉給克里斯蒂娜，讓她向您介紹我們的第四季度業績、分部表現、財務狀況以及 23 財年的展望。

Thank you, Brian, and good morning, everyone. I want to start by acknowledging the Wiley team for delivering another solid year overall. First, let's talk about Q4. Note that all variances exclude currency impact. For the quarter, Wiley delivered revenue growth of 4% or 2% organic, with continued momentum in Research and corporate talent development. This offset market-driven declines in University Services, Education Publishing and Professional Publishing.

謝謝你，布萊恩，大家早安。首先我要感謝 Wiley 團隊，他們整體來說又取得了豐碩的成果。首先，我們來談談Q4。請注意，所有差異均不包括貨幣影響。本季度，Wiley 的營收成長了 4%，有機成長了 2%，研究和企業人才發展持續保持強勁勢頭。這抵消了大學服務、教育出版和專業出版領域因市場原因而導致的下滑。

Adjusted EBITDA was flat to prior year, and adjusted EPS was down 6%, mainly due to the revenue decline in Academic & Professional Learning, or APL and planned second half investments in key growth areas. Before I dive into our market performance, I want to comment on our current macroeconomic conditions and geopolitical uncertainties and how they relate to Wiley. As a reminder, both Russia and Ukraine are very small markets for us, so we do not expect any material revenue impact from the crisis.

調整後的 EBITDA 與上年持平，調整後的 EPS 下降 6%，主要原因是學術與專業學習（APL）的收入下降以及計劃下半年在關鍵成長領域進行投資。在深入了解我們的市場表現之前，我想先評論一下我們當前的宏觀經濟狀況和地緣政治不確定性以及它們與威利的關係。提醒一下，俄羅斯和烏克蘭對我們來說都是非常小的市場，因此我們預期這場危機不會對收入產生任何重大影響。

Wiley does have a technology development center in Russia, one of several around the world, and we've exercised contingency plans to ensure business continuity. With regard to inflation, I would expect wage pressure in fiscal year '23 and some inflationary pressure on print publishing costs, both of which are reflected in our outlook. In terms of other supply chain issues, none have yet to be material and are largely digital in nature and limits any significant impact. As a reminder, physical products make up only about 17% of revenue.

威利在俄羅斯確實有一個技術開發中心，這是全球幾個技術開發中心之一，我們已經制定了應急計劃以確保業務連續性。至於通貨膨脹，我預計23財年將出現薪資壓力，印刷出版成本也將面臨一定的通膨壓力，這兩者都反映在我們的展望中。就其他供應鏈問題而言，目前尚未出現重大問題，而且問題大多是數位化的，不會產生任何重大影響。需要提醒的是，實體產品僅佔收入的 17% 左右。

We are also closely monitoring inflationary impacts on consumer spending, which would impact more discretionary parts of our business such as professional books. As Brian noted, historically speaking, Wiley has held up well through difficult economic periods. This is because we're at the center of the global research ecosystem, delivering must-have content and platforms. And while we're currently working through enrollment challenges, in general, the education sector is countercyclical in times of market contraction.

我們也密切關注通膨對消費者支出的影響，這將影響我們業務中更多可自由支配的部分，例如專業書籍。正如 Brian 所說，從歷史上看，Wiley 在困難的經濟時期表現良好。這是因為我們處於全球研究生態系統的中心，提供必備的內容和平台。雖然我們目前正在努力解決招生難題，但總體而言，在市場萎縮時期，教育產業是逆週期的。

Nonetheless, in this period of economic uncertainty, we will be nimble, prudent and highly disciplined to maximize our resiliency. Now on to our segments. Note that beginning in Q1, we will be changing our Research segment reporting to reflect both Research Publishing, which will account for 85% of the segment and Research Solutions, which will account for 15%. Research Solutions will include platforms, corporate solutions and services for societies and other publishers. It will replace the current platform's reporting line. For the year, Research continued to deliver consistent revenue and profit growth, with revenue up 9% or 5% organic and adjusted EBITDA up 10%.

儘管如此，在當前經濟不確定時期，我們將靈活、審慎、嚴守紀律，最大限度地提高我們的彈性。現在開始我們的環節。請注意，從第一季開始，我們將更改我們的研究部門報告，以反映研究出版（佔該部門的 85%）和研究解決方案（佔 15%）。研究解決方案將包括平台、企業解決方案以及面向協會和其他出版商的服務。它將取代目前平台的報告線路。本年度，研究部門持續實現穩定的營收和利潤成長，營收成長 9% 或有機成長 5%，調整後 EBITDA 成長 10%。

Our EBITDA margin was 35% and is in line with prior year. Performance was driven by solid growth in both Publishing and Solutions. For the quarter, revenue rose 8% or 6% organic and adjusted EBITDA was up 12%. In fiscal '22, strong momentum continued for our transformational read and published models, with 27 major signings with large university consortia around the world. As a reminder, these multiyear agreements will continue to replace our legacy read-only subscription deals, which were limited from a growth perspective.

我們的 EBITDA 利潤率為 35%，與前一年持平。業績表現主要得益於出版和解決方案業務的穩健成長。本季度，營收成長 8% 或有機成長 6%，調整後 EBITDA 成長 12%。在22財年，我們的轉型閱讀和出版模式持續保持強勁勢頭，與全球各地的大型大學聯盟簽訂了27份重要簽約協議。提醒一下，這些多年協議將繼續取代我們傳統的唯讀訂閱協議，因為從成長角度來看，這些協議受到限制。

Brian discussed article output, so I won't repeat it here, except to highlight that we expect to resume our historical trend line of steady overall output growth in fiscal '23. Finally, Research Solutions continues to see strong demand with platform revenues up 27% for the year or 8% organic and Corporate Solutions up 17%. On the corporate side, advertising, career centers and spectral databases were all up 20% for the year. In summary, we continue to see strong momentum across Research. This is reflected in our consistent operating performance and in the continued success of our profitable growth strategies.

布萊恩討論了文章產出，所以我就不再重複了，只是要強調一下，我們預計在 23 財年將恢復總體產出穩步增長的歷史趨勢線。最後，研究解決方案持續保持強勁需求，平台收入今年成長 27% 或有機成長 8%，企業解決方案成長 17%。在企業方面，廣告、職業中心和光譜資料庫今年均成長了 20%。總而言之，我們繼續看到研究領域的強勁勢頭。這體現在我們穩定的經營業績和持續成功的獲利成長策略。

On to APL. Revenue in the segment was up 1% this year with growth in professional learning offsetting a decline in Education Publishing. Adjusted EBITDA was up 10% due to revenue mix and lower employee costs for a full year EBITDA margin of 28%. That's up from 26% in the prior year. For the quarter, revenue and adjusted EBITDA were down 5% and 3%, mainly due to difficult market conditions. Within this segment, as discussed, Ed Publishing performance continued to be hindered by lower U.S. enrollment and unfavorable comparison to last year's digital content and courseware surge due to COVID.

轉到 APL。今年該部門的收入成長了 1%，專業學習的成長抵消了教育出版的下滑。由於收入結構和員工成本降低，調整後 EBITDA 上漲 10%，全年 EBITDA 利潤率為 28%。這一數字比上年的 26% 有所上升。本季度，營收和調整後 EBITDA 分別下降 5% 和 3%，主要原因是市場條件艱難。正如所討論的，在這一領域，教育出版公司的業績繼續受到美國入學人數下降以及與去年因疫情導致的數位內容和課件激增相比不利的因素的阻礙。

The end result was a 4% decline in Ed Publishing revenue. Professional Learning revenue was up 6% for the year, driven by growth in corporate training and Professional Publishing. I'm happy to report that corporate training has now fully recovered to pre-COVID levels and continue to show strong momentum in both virtual and in-person delivery, resulting in double-digit growth for the year and in the quarter. This Q4 growth for corporate training was offset by a professional publishing decline mainly due to an unfavorable comparison to prior year.

最終結果是教育出版收入下降了4%。受企業培訓和專業出版業務成長的推動，專業學習收入全年成長了 6%。我很高興地報告，企業培訓現已完全恢復到疫情之前的水平，並在虛擬和麵對面授課方面繼續呈現強勁勢頭，從而實現全年和本季度的兩位數增長。企業培訓第四季度的成長被專業出版業務的下滑所抵消，這主要由於與上年同期相比業績不佳。

In summary, APL was up slightly for the year with growth in professional learning, particularly corporate training, offsetting market-related challenges in Education Publishing. In Education Services, we saw revenue growth of 14% for the year, driven by a 72% growth in talent development. This offset a modest decline for university services, mainly due to the cyclical enrollment downswing. As expected, our investments to win new corporate clients and scale operations and talent development resulted in continued strong momentum, but also an adjusted EBITDA decline of 26%.

總體而言，由於專業學習（尤其是企業培訓）的成長，APL 今年略有上升，抵消了教育出版領域的市場相關挑戰。在教育服務方面，我們全年營收成長了 14%，這得益於人才發展成長了 72%。這抵消了大學服務費用的輕微下降，這主要是由於週期性入學人數下降造成的。正如預期，我們為贏得新企業客戶、擴大營運和人才發展而進行的投資持續保持強勁勢頭，但調整後的 EBITDA 也下降了 26%。

For the year, our adjusted EBITDA margin was 12% compared to 18% in the prior period. We have actively managed margins in University Services to be in line with our long-term 15% goal, but continued investment in our fast-growing talent development line has lowered segment profit over the near term. We have a solid plan to materially improve segment margins as we scale beyond fiscal year '23. On the corporate side, the 19 multinational clients we signed this year included top financial technology and consumer companies, and I am pleased with the continued strength of our pipeline.

本年度，我們的調整後 EBITDA 利潤率為 12%，而上期為 18%。我們積極管理大學服務業務的利潤率，以符合我們 15% 的長期目標，但對快速成長的人才發展業務的持續投資在短期內降低了該部門的利潤。我們有一個完善的計劃，以便在 23 財年以後擴大規模時大幅提高分部利潤率。在企業方面，我們今年簽約的 19 家跨國客戶包括頂級金融科技和消費品公司，我對客戶通路的持續強勁成長感到滿意。

We grew tech placements 112% inside a key global client for our tech upscaling program involving hundreds of employees. For the quarter, talent development revenue was up 78%. There is a lot of great momentum here. On the University Services side, online enrollment in our program was up 1% for the year, but down 5% in Q4. An early read on our partner summer semester enrollment shows continued softness. While we have confidence in the long-term outlook of our digital higher education, it will take some time for enrollment to return to a more normal growth trajectory.

我們在一家重要的全球客戶內部的技術升級計畫中，技術人員的人數增加了 112%，該計畫涉及數百名員工。本季度，人才發展收入成長了 78%。這裡有巨大的發展勢頭。在大學服務方面，我們計畫的線上註冊人數今年成長了 1%，但第四季下降了 5%。我們合作夥伴夏季學期入學情況的早期數據顯示，入學情況持續疲軟。雖然我們對數位化高等教育的長期前景充滿信心，但入學人數恢復到更正常的成長軌跡仍需要一段時間。

For the quarter, University Services revenue declined 9%. On a brighter note, we are seeing an improved business development pipeline of late with 4 new full service partners added in Q4, including Ohio University, Florida A&M, Butler University in Indiana and Arcadia University in Pennsylvania. In the quarter, we also signed University of Virginia as a fee-for-service partner. We renewed American University, and we added 23 online degree programs. In summary, growth continues to accelerate via corporate services as we sign major clients and deliver record placements.

本季度，大學服務收入下降了 9%。值得慶幸的是，我們最近看到業務發展管道有所改善，第四季度增加了 4 個新的全方位服務合作夥伴，包括俄亥俄大學、佛羅裡達農工大學、印第安納州巴特勒大學和賓州阿卡迪亞大學。本季度，我們也與維吉尼亞大學簽約作為收費服務合作夥伴。我們更新了美國大學，並增加了 23 個線上學位課程。總而言之，隨著我們簽約主要客戶並提供創紀錄的配售，企業服務的成長繼續加速。

In University Services, we have cyclical enrollment challenges to work through, but remain confident in the market and in our long-term ability to deliver career-connected education and credential programs that the market is demanding. Steady cash generation remains a foundational strength for Wiley. For the year, free cash flow of $223 million exceeded our guidance, although it was down $34 million from the prior year. This is largely due to onetime items, including a $21 million tax refund and higher annual compensation payments for fiscal year '21 outperformance.

在大學服務方面，我們面臨著週期性招生的挑戰，但我們對市場以及我們長期提供市場所需的職業相關教育和證書課程的能力充滿信心。穩定的現金創造仍然是 Wiley 的基礎優勢。就全年而言，2.23 億美元的自由現金流超出了我們的預期，儘管比前一年下降了 3,400 萬美元。這主要歸功於一次性項目，包括 2,100 萬美元的退稅和 21 財年的優異表現的更高年度薪酬支付。

Also contributing to the unfavorable variance was unusually low CapEx in fiscal year '21 due to COVID. Cash from operations of $339 million was down $21 million from the prior year. With regard to our balance sheet, our net debt-to-EBITDA ratio was 1.6 at the end of April compared to 1.7 at the same time last year. Liquidity continues to be steady with $100 million of cash on hand and undrawn credit capacity of more than $685 million. With our consistent cash generation, we feel comfortable at these levels. And absent acquisitions, we would expect to apply free cash flow after dividends and share repurchases to debt repayments.

由於疫情影響，21財年的資本支出異常低，也是造成不利差異的原因之一。經營活動現金流為 3.39 億美元，較前一年減少 2,100 萬美元。就我們的資產負債表而言，截至 4 月底，我們的淨負債與 EBITDA 比率為 1.6，而去年同期為 1.7。流動性持續保持穩定，庫存現金為 1 億美元，未提取信貸額度超過 6.85 億美元。由於我們持續產生現金，我們對這些水平感到滿意。在沒有收購的情況下，我們預期股利和股票回購後的自由現金流將用於償還債務。

Given the rising interest rate environment, maintaining a modest level of leverage continues to be a focus for us. Note that we manage our exposure to fluctuations in interest rates using swaps with $500 million of debt at fixed interest rates as of year-end. The weighted average interest rate on total debt outstanding in fiscal '22 was a little over 2%, and we expect the weighted average interest rate on total debt to rise to a little over 3% in fiscal year '23.

鑑於利率上升的環境，維持適度的槓桿率仍然是我們關注的重點。請注意，我們利用截至年底的固定利率 5 億美元債務掉期來管理我們的利率波動風險。 22 財年未償還債務總額的加權平均利率略高於 2%，我們預期 23 財年總債務的加權平均利率將上升至略高於 3%。

Turning to capital allocation. We continue to balance reinvestment in profitable growth drivers with targeted acquisitions in key growth areas and return to shareholders. CapEx for the year was $13 million higher than in prior year, which saw lower spend due to COVID. In fiscal '22, we invested in products and platforms in Research, talent development and digital courseware. M&A total spend was materially lower this year than in fiscal '21. That said, we did add critical capabilities in Research Solutions and University Services. Going forward, you can expect us to remain active, but very targeted in our M&A strategy, focusing mainly on expanding our research journal portfolio, Research Solutions offerings and corporate talent development capabilities.

轉向資本配置。我們繼續在對獲利成長動力的再投資與關鍵成長領域的有針對性的收購以及對股東的回報之間取得平衡。本年度的資本支出比前一年高出 1,300 萬美元，但因新冠疫情導致支出減少。在22財年，我們投資了研究、人才開發和數位課件的產品和平台。今年的併購總支出大幅低於21財年。也就是說，我們確實在研究解決方案和大學服務方面增加了關鍵功能。展望未來，您可以期待我們繼續保持活躍，但我們的併購策略將非常有針對性，主要專注於擴大我們的研究期刊組合、研究解決方案產品和企業人才發展能力。

On average, about half of our free cash flow is returned to shareholders in the form of dividends and repurchases. We are immensely proud of our 28-year record of consecutive dividend increases, and our current yield is approximately 2.6%. Also, in fiscal '22, we devoted $30 million to share repurchases, up from $16 million in the prior year. We will continue to be opportunistic on this front with nearly $200 million remaining in current repurchase authorizations. On to operational excellence. Brian and I, as well as the rest of the leadership team, are relentlessly focused on streamlining and simplifying our operations to improve efficiency and our cost structure.

平均而言，我們的自由現金流約有一半以股利和回購的形式返還給股東。我們為28年來連續增加股息的記錄感到無比自豪，目前的股息殖利率約為2.6%。此外，在22財年，我們投入了3,000萬美元用於股票回購，高於前一年的1,600萬美元。我們將繼續在這方面抓住機會，目前回購授權餘額接近 2 億美元。追求卓越營運。布萊恩和我，以及領導團隊的其他成員，都堅持不懈地致力於精簡和簡化我們的運營，以提高效率和成本結構。

To that end, we have already kicked off a targeted restructuring in fiscal '23. And that, combined with real estate optimization, will result in a Q1 charge of approximately $19 million to $21 million. Thus far, the program has identified approximately $30 million to $35 million of run rate savings, with $20 million to $25 million of it to be realized in fiscal '23. These statements are reflected in our '23 outlook, and we will continue to identify additional opportunities throughout the year. Also, as I mentioned, we continue to rationalize our real estate footprint, closing additional offices this quarter as we move to a more permanent hybrid work model.

為此，我們已經在23財年啟動了有針對性的重組。再加上房地產優化，第一季的費用將達到約 1,900 萬至 2,100 萬美元。到目前為止，該計劃已確定約 3,000 萬至 3,500 萬美元的運行率節約，其中 2,000 萬至 2,500 萬美元將在 23 財年實現。這些聲明反映在我們的23年展望中，我們將全年繼續尋找更多機會。另外，正如我所提到的，我們繼續合理化我們的房地產足跡，本季關閉更多辦事處，轉向更永久的混合工作模式。

Since spring of '20, we have reduced our existing office footprint by 18%. Also, let me say that I believe there's further opportunity to improve our effectiveness through active portfolio management, process reengineering and workflow automation. It's too early to comment on these initiatives, but nonetheless, critical to understand that we're firmly focused on: one, prioritizing investment in our most advantageous growth opportunities; two, driving operational excellence to the organization to remain resilient and nimble in an uncertain economy; and three, driving future margin expansion through simplification and cost reduction.

自2020年春季以來，我們已將現有辦公室面積減少了18%。此外，我相信透過積極的投資組合管理、流程再造和工作流程自動化，我們可以進一步提高效率。現在對這些措施發表評論還為時過早，但儘管如此，我們必須了解我們堅定地關注以下幾點：第一，優先投資於我們最有利的成長機會；二、推動卓越運營，使組織在不確定的經濟環境中保持彈性和靈活性；三是透過簡化和降低成本來推動未來利潤率的擴大。

Turning now to our fiscal '23 outlook. I want to first comment on foreign exchange given the unusual variance between our average fiscal '22 rates, which is our base for constant currency and the current spot rates as of June 10. As you know, about half of Wiley's revenue was generated outside the United States, and therefore, our results are adversely impacted by the strengthening U.S. dollar particularly in relation to the euro and the British pound.

現在來談談我們的23財年展望。首先我想對外匯問題發表評論，因為我們的平均 22 財年匯率（這是我們的固定匯率基礎）與 6 月 10 日的即期匯率之間存在異常差異。如您所知，Wiley 約一半的收入來自美國以外，因此，我們的業績受到美元走強的不利影響，尤其是相對於歐元和英鎊的走強。

Given the recent surge in the dollar, the exchange rate for the euro, for example, has gone from EUR 1.15 for fiscal '22 average to a current rate of EUR 1.06. Similarly, the British pound has gone from GBP 1.36 to GBP 1.24. This has resulted in a negative FX impact to our fiscal '22 outlook for revenue, EBITDA, EPS and free cash flow of $75 million, $25 million, $0.30 and $25 million, respectively. In the table, we highlight this impact and provide both our outlook at constant currency and our outlook at the current spot rates to improve transparency.

鑑於美元近期飆升，歐元匯率已從 22 財年平均 1.15 歐元升至目前的 1.06 歐元。同樣，英鎊也從 1.36 英鎊跌至 1.24 英鎊。這對我們 22 財年的營收、EBITDA、EPS 和自由現金流預期產生了負面影響，分別為 7,500 萬美元、2,500 萬美元、0.30 美元和 2,500 萬美元。在表格中，我們強調了這種影響，並提供了我們按固定匯率計算的展望和以當前即期匯率計算的展望，以提高透明度。

Here, I'll be speaking more to constant currency. For revenue, Wiley anticipates mid-single-digit growth at constant currency, driven by continued strong performance in Research and corporate talent development as well as $19 million of organic revenue from fiscal '22 acquisitions. Adjusted EBITDA at constant currency is expected to be in the range of $425 million to $450 million compared to $433 million in fiscal '22. Solid organic revenue growth will be partially offset by higher employee costs due to inflation and targeted investments in Research Publishing, Research Solutions and corporate talent development.

在這裡，我將更多地談論恆定貨幣。在營收方面，Wiley 預計以固定匯率計算將實現中等個位數成長，這得益於研究和企業人才發展的持續強勁表現，以及 22 財年收購帶來的 1,900 萬美元的有機收入。以固定匯率計算的調整後 EBITDA 預計在 4.25 億美元至 4.5 億美元之間，而 22 財年為 4.33 億美元。穩健的有機收入成長將被通貨膨脹導致的更高員工成本以及對研究出版、研究解決方案和企業人才發展的有針對性的投資部分抵消。

Adjusted EPS at constant currency is expected to be in the range of $3.70 to $4.05, down from $4.16 this year. In addition to wage inflation and targeted investments, we are seeing higher interest expense, higher tax expense and lower pension income. These 3 items are expected to account for $0.35 of additional adverse impact in fiscal '23. Note that Wiley's adjusted effective tax rate is expected to rise from 20% this year between 22% and 23% in fiscal '23. This is primarily due to a less favorable mix of earnings by country and an increase in the U.K. statutory rate.

以固定匯率計算的調整後每股收益預計在 3.70 美元至 4.05 美元之間，低於今年的 4.16 美元。除了薪資通膨和有針對性的投資外，我們還看到利息支出增加、稅收支出增加和退休金收入減少。預計這 3 項將對 23 財年造成 0.35 美元的額外不利影響。請注意，Wiley 的調整後有效稅率預計將從今年的 20% 上升至 23 財年的 22% 至 23%。這主要是由於各國收入結構較不有利以及英國法定稅率增加。

Also note that fiscal '22 benefited from certain nonrecurring tax benefits. In terms of the lower pension income, it's important to note that our U.S. and U.K. pensions have been frozen since 2014 and 2015, and we are above 90% funded. Wiley's cash generation remains strong. Free cash flow at constant currency is expected to be in the range of $210 million and $235 million versus $223 million in fiscal '22. Positive cash earnings and lower incentive payouts are expected to be offset by higher cash taxes, interest and CapEx.

也請注意，22財年受益於某些非經常性稅收優惠。就退休金收入較低的問題而言，值得注意的是，我們的美國和英國退休金自2014年和2015年以來一直處於凍結狀態，我們的資金已達到90%以上。威利的現金創造能力依然強勁。以固定匯率計算的自由現金流預計在 2.1 億美元至 2.35 億美元之間，而 22 財年為 2.23 億美元。預計正現金收益和較低的激勵支出將被更高的現金稅、利息和資本支出所抵消。

CapEx of $115 million to $125 million compares to $116 million this year. Capital investment will be focused on platform and product development in Research and corporate talent development, continued build-out of our digital commerce platforms and additional back-office modernization. Before I hand it back to Brian, I want to remind everyone that we changed our ticker symbol in April to WLY and WLYB, which is more closely aligned with our global Wiley brand. Back to you, Brian.

資本支出為 1.15 億美元至 1.25 億美元，而今年的資本支出為 1.16 億美元。資本投資將集中在研究和企業人才發展的平台和產品開發、我們的數位商務平台的持續建設以及額外的後台現代化。在我將代碼交還給 Brian 之前，我想提醒大家，我們在 4 月將股票代碼更改為 WLY 和 WLYB，這與我們的全球 Wiley 品牌更加一致。回到你這裡，布萊恩。

Thanks, Christina. Let me briefly summarize where we're headed in FY '23. First, we expect Wiley's solid revenue growth to continue, driven mainly by strong market fundamentals and the tight fit of our business with the core demand trends in Research and Education. We have transformed the Research business over the past few years, achieving growth while driving strong margins and cash generation, we expect this to continue. We also expect rapid growth to continuing corporate talent development, driven by our ability to solve some of the corporate world's biggest skill and talent gaps.

謝謝，克里斯蒂娜。讓我簡單總結一下我們23財年的發展方向。首先，我們預期 Wiley 的穩健收入成長將持續，這主要得益於強勁的市場基本面以及我們的業務與研究和教育領域的核心需求趨勢的緊密契合。過去幾年來，我們對研究業務進行了轉型，在實現成長的同時推動了強勁的利潤率和現金創造，我們預計這種勢頭將繼續下去。我們也期望，由於我們解決企業界最大的一些技能和人才缺口的能力，企業人才發展也將持續快速成長。

In Academic Education, we'll navigate the current cyclical enrollment challenges while watching for any slowdown in consumer spending, which could impact some of our publishing lines. We will continue to invest in both organic growth and seek strategic acquisitions, but we'll narrowly direct capital allocation toward our proven opportunities in areas such as our Research Publishing, Research Solutions and corporate talent development lines. As Christina mentioned, we are significantly emphasizing operational excellence throughout Wiley in FY '23.

在學術教育方面，我們將應對當前週期性的招生挑戰，同時專注於消費者支出的放緩，這可能會影響我們的一些出版業務。我們將繼續投資於有機成長並尋求策略性收購，但我們將嚴格控制資本配置，重點關注我們在研究出版、研究解決方案和企業人才發展等領域的成熟機會。正如克里斯蒂娜所提到的，我們將在 23 財年大力強調整個 Wiley 的卓越營運。

The clear goal is to increase profitability and expand margins while powering our growth strategy. While always a focus, the current economic environment dictates that we elevate our productivity and efficiency. To repeat, our go-forward objective is to invest in our proven strategies while simplifying and streamlining Wiley. By doing so, we expect to continue our growth trajectory while growing profitability beyond fiscal '23. Building on this, let me walk through our most critical priorities for fiscal '23.

明確的目標是提高獲利能力和擴大利潤率，同時推動我們的成長策略。儘管我們始終關注這一點，但當前的經濟環境要求我們提高生產力和效率。重申一下，我們未來的目標是投資我們行之有效的策略，同時簡化和精簡 Wiley。透過這樣做，我們預計我們的成長軌跡將繼續下去，同時在23財年以後提高獲利能力。在此基礎上，讓我介紹一下我們23財年最關鍵的優先事項。

In Research, we will continue to drive publishing [APL] growth to meet growing global demand. We will transition more customers to our transformational read and publishing agreements. We will continue to expand Research Solutions, actively signing new society and corporate partnerships and cross-selling our full offering to the growing Wiley network. And we will further optimize our Research Publishing operations, lowering cost per article while increasing article conversion rates.

在研究方面，我們將繼續推動出版 [APL] 的成長，以滿足日益增長的全球需求。我們將讓更多的客戶轉向我們的轉型閱讀和出版協議。我們將繼續擴大研究解決方案，積極簽署新的協會和企業合作夥伴關係，並向不斷成長的 Wiley 網路交叉銷售我們的全套產品。我們將進一步優化我們的研究出版業務，降低每篇文章的成本，同時提高文章轉換率。

In Education, we will continue to add to our corporate client base in talent development, while expanding into new verticals and regions. We will continue to drive new partnerships and degree program growth. We will continue to scale our differentiated digital courseware offerings such as zyBooks, and we will continue to drive efficiency in areas such as student acquisition and content development. Across Wiley, as discussed, we will be working hard to simplify and streamline our operations to continue to enhance both focus and profitability.

在教育領域，我們將繼續擴大人才發展的企業客戶群，同時擴展到新的垂直市場和地區。我們將繼續推動新的合作夥伴關係和學位課程的發展。我們將繼續擴大zyBooks等差異化數位課件產品的規模，並持續提高學生獲取和內容開發等領域的效率。正如所討論的，在 Wiley 內部，我們將努力簡化和精簡我們的運營，以繼續提高專注度和盈利能力。

On the ESG and impact front, we have committed to setting and achieving near and long-term company-wide emissions targets in line with science-based net 0 targets. So in sum, the key takeaways for today are that our fourth quarter results were mixed. Strong performance in Research and corporate education were offset by cyclical challenges in Education. We delivered on our fiscal '22 outlook for revenue and earnings and exceeded it for free cash flow.

在 ESG 和影響力方面，我們致力於根據基於科學的淨零目標制定並實現全公司的近期和長期排放目標。總而言之，今天的關鍵點是我們的第四季業績好壞參半。研究和企業教育方面的強勁表現被教育方面的周期性挑戰所抵消。我們實現了 22 財年的營收和收益預期，並超越了自由現金流預期。

In fiscal '22, we managed well through challenging geopolitical, economic and labor market dynamics. We do expect to see pressure in fiscal '23, and this is reflected in our budget. We expect Wiley's solid revenue growth to continue in FY '23, driven by strong market fundamentals and the execution of our market aligned strategies. We are making moves to simplify Wiley and improve our operational effectiveness, which will expand our margins beyond fiscal '23. Our balance sheet and cash generation remain fundamental Wiley's strength, enabling us to reinvest, strategically acquire and reward long-term shareholders.

在22財年，我們很好地應對了地緣政治、經濟和勞動市場的嚴峻挑戰。我們確實預計23財年將面臨壓力，這反映在我們的預算上。我們預計，在強勁的市場基本面和我們市場一致策略的實施的推動下，Wiley 的穩健收入成長將在 23 財年繼續保持。我們正在採取措施簡化 Wiley 並提高我們的營運效率，這將使我們的利潤率在 23 財年後擴大。我們的資產負債表和現金創造仍然是 Wiley 的基本優勢，使我們能夠再投資、策略性收購和獎勵長期股東。

I want to let you know that we plan to host an Investor Day later in the fiscal year with the date to be determined. At that meeting, we will be providing long-range targets. As always, I want to thank our wonderful colleagues around the world for their commitment to our mission, their continuous innovation and their tireless work in these challenging times. Wiley's enduring success is the direct result of the outstanding work of this great team. Before I open it up to questions, I do want to say that our thoughts continue to be with those affected by the terrible situation in Ukraine. Wiley continues to support humanitarian efforts in that region as we hope and pray for a path to peace. I want to thank all of you for joining us. I will now open the floor to any comments and any questions.

我想讓你們知道，我們計劃在本財政年度稍後舉辦投資者日，具體日期待定。在那次會議上，我們將提出長期目標。像往常一樣，我要感謝我們在世界各地的優秀同事，感謝他們對我們使命的承諾、他們的不斷創新以及在這充滿挑戰的時刻的不懈工作。威利的持久成功是這個偉大團隊出色工作的直接結果。在開始提問之前，我想說，我們的心始終與那些受到烏克蘭可怕局勢影響的人同在。我們希望並祈禱該地區能夠走向和平，威利將繼續支持該地區的人道主義努力。我要感謝大家的加入我們。我現在願意接受任何評論和提問。

(Operator Instructions). Your question comes from the line of Daniel Moore with CJS Securities.

（操作員指令）。您的問題來自 CJS Securities 的 Daniel Moore。

Apologize in advance, as I've got -- I'm going to ask a few different routes here, but appreciate patience and the color. First, on a constant currency basis, what are the implied EBITDA margins for fiscal '23 across segments, if not exact terms, then at least directionally? What do we expect for Research APL and services before currency?

提前致歉，因為我已經——我將在這裡詢問幾條不同的路線，但請耐心等待並理解。首先，以固定匯率計算，2023 財政年度各部門的隱含 EBITDA 利潤率為何？如果不是確切的數字，至少是方向上的嗎？我們對貨幣之前的研究 APL 和服務有何期望？

I appreciate the question, Dan, and I always appreciate your smart incisive approach. I will say that at this point in time, we are not providing particular segment information. You can see that currency has had a significant impact on our projections due to the large swings. We're feeling that because over 50% of our business is outside the U.S. But for now, we're going to hold tight on the specific margin projections within the individual segments.

丹，我很欣賞這個問題，而且我也一直很欣賞你聰明而敏銳的方法。我想說的是，目前我們還沒有提供特定的細分資訊。您可以看到，由於波動幅度較大，貨幣對我們的預測產生了重大影響。我們之所以有這種感覺，是因為我們 50% 以上的業務都在美國以外。但目前，我們將嚴格控制各部門的具體利潤率預測。

Okay. The -- in terms of spending, you obviously have been spending aggressively for some time on growth initiatives. And certainly, in research, you've seen a really significant benefit, higher organic growth. What are some of the specific investments that you're making or areas of spend that are increasing as it relates to Research and talent development as we look to fiscal '23?

好的。在支出方面，顯然你們一段時間以來一直在成長計畫上投入大量資金。當然，在研究中，你已經看到了真正顯著的好處，更高的有機成長。展望23財年，在研究和人才發展方面，您正在進行哪些具體投資或增加支出的領域？

Yes. Well, as you know, the approach that we've taken over time is to identify where we think the growth and profit opportunities are across our business and to focus our time and our investment in those areas. And I think you've seen over the past few years that this is bearing fruit. We are -- we've narrowed our focus significantly to areas that are clearly both strengths and big market opportunities. Those areas are Research Publishing, the overall partner solutions in research.

是的。如您所知，我們一直以來採取的方法是確定我們認為業務的成長和獲利機會所在，並將我們的時間和投資集中在這些領域。我想大家在過去幾年已經看到這項努力已取得成果。我們已將重點大幅縮小到明顯具有優勢且具有巨大市場機會的領域。這些領域包括研究出版、研究領域的整體合作夥伴解決方案。

And then on the Education side, the areas that focus on career-connected education specifically with respect to the fast-growing opportunities in the market, and here, of course, I'm talking about our growing talent development initiatives across the company, and we're seeing those bear fruit. Specifically, in the area of Publishing, we continue to invest at a steady rate in this proven, profitable and now after the repositioning growing business. In Research Solutions, we are continuing to invest in the areas that are demanded by our corporate clients, our partners in our associations and our society partners and as well as our publishing partners, where, as you know, we're powering the ecosystem.

在教育方面，我們專注於與職業相關的教育，特別是針對市場上快速增長的機會，當然，我在這裡談論的是我們整個公司日益增長的人才發展計劃，我們看到這些計劃正在取得成果。具體來說，在出版領域，我們繼續以穩定的速度投資於這個經過驗證的、有利可圖的、並且經過重新定位後不斷成長的業務。在研究解決方案方面，我們將繼續投資於我們的企業客戶、協會合作夥伴、社會合作夥伴以及出版合作夥伴所要求的領域，正如您所知，我們正在為生態系統提供動力。

So that's where we're investing from a market-facing perspective. Internally, we're continuing to work on the simplification, automation, streamlining of all our processes and systems so that we can continue to maintain the great margins that we have in publishing and also the great margins we have in partner solutions as this business becomes more of a significant resource to clients. In talent development, it's very clear where we need to focus. We need to focus on expanding the incredibly successful offerings we have for the marketplace and getting it to more segments of the marketplace, more geographies and ultimately, to broaden it to even more of the key areas where the corporate world is demanding talent.

這就是我們從面向市場的角度進行投資的地方。在內部，我們正繼續致力於簡化、自動化和精簡所有流程和系統，以便我們能夠繼續保持在出版領域的巨大利潤，以及隨著這項業務對客戶來說越來越重要的資源，我們在合作夥伴解決方案領域的巨大利潤。在人才發展方面，我們需要關注的重點非常明確。我們需要集中精力擴大我們為市場提供的極為成功的產品，並將其推向更多的細分市場、更多的地區，並最終將其拓展到企業界對人才有需求的更多關鍵領域。

You'll even see this, of course, in our businesses where we're not expanding investment, but we're continuing investment in areas like edge services, where we are focused on standing up and delivering the degree programs, the certifications that people need to succeed in this economy. I use that as an example because even in the businesses that we're not identifying as significant growth investments, any capital that we do allocate is focused on the same areas of concrete opportunity and proven strength. And I will say across the business, we continue to modernize and optimize, Dan, our systems and to make sure that we are less labor intensive, more automated, quicker in our cycle times. Ultimately delivering better products faster, more repeatable, more reusable content. And of course, all of that would be more profitable at the end of the day.

當然，您甚至會看到這一點，在我們的業務中，我們沒有擴大投資，但我們仍在邊緣服務等領域進行投資，我們專注於建立和提供學位課程以及人們在經濟中取得成功所需的證書。我以此為例，因為即使在我們沒有認定為重大成長投資的業務中，我們分配的任何資本都集中在相同的具體機會和已證明的優勢領域。我要說的是，在整個業務範圍內，我們將繼續對我們的系統進行現代化和優化，丹，並確保我們減少勞動密集、提高自動化程度、縮短週期時間。最終以更快的速度提供更好的產品、更可重複、更可重複使用的內容。當然，最終所有這一切都將帶來更大的利潤。

Very helpful. And recognizing not giving specific segment or subsegment guide, but in talent development, just remind me or remind us, as you accelerate, you mentioned multiple new partnerships and client signings. Does that typically come with an upfront spend for a quarter or 2 or 3 in addition to the increased just general investment for growth? Just the cadence of as we've kind of run faster, is that a little bit dilutive initially? Just kind of thinking about the cadence over multiple quarters.

非常有幫助。並且認識到沒有給出特定的細分市場或子細分市場指南，但在人才發展方面，只是提醒我或提醒我們，隨著您的加速，您提到了多個新的合作夥伴關係和客戶簽約。除了增加的一般成長投資外，這是否通常需要一個或兩個或三個季度的前期支出？隨著我們跑得更快，節奏一開始會不會有點稀釋？只是思考多個季度的節奏。

Absolutely, good question -- not absolutely, actually no, Dan. These businesses are -- these opportunities that we're pursuing, the addition of new clients, they're expanding to new geographies, there may be a little bit of go-to-market because we are of course, pursuing those clients aggressively in the places in the world where they exist. But there is no -- unlike certain other businesses, there is no significant upfront development investment. We have the product. We can develop what we don't have quickly, and we -- based upon the cash dynamics of that business when we get paid, how we get paid, there isn't a big upfront investment. A little bit, but not a lot. We basically see these as very nicely cash-generative businesses, very close to the point of transaction.

當然，這是個好問題──但也不完全是，事實上不是，丹。這些業務是——我們正在追求的機遇，增加新的客戶，他們正在向新的地理擴張，可能會有一點進入市場的趨勢，因為我們當然會在世界各地積極地追逐這些客戶。但與其他某些企業不同，我們不需要大量的前期開發投資。我們有產品。我們可以快速開發我們所沒有的東西，而且我們——基於我們獲得報酬時的業務現金動態，我們獲得報酬的方式，不需要大量的前期投資。有一點，但不是很多。我們基本上認為這些是現金創造能力極強的業務，非常接近交易點。

Got it. And probably a question for your upcoming Analyst Day, but you obviously -- in your prepared remarks, you're still very committed to the [old OPM PE Server] or the Ed Services -- piece of Ed Services. Mid-teens margins still achievable in your mind and given the kind of near-term macro challenges, is there a time frame that we have in mind?

知道了。這可能是您即將在分析師日討論的問題，但顯然，在您準備好的發言中，您仍然非常致力於 [舊的 OPM PE 伺服器] 或 Ed 服務 - Ed 服務的一部分。在您看來，中等程度的利潤率仍然可以實現，考慮到近期的宏觀挑戰，我們心中是否有一個時間框架？

Yes. Well, the answer is they are at mid-teens now. We -- well and Christina mentioned this in her remarks, while the overall segment revenue -- EBITDA margin, I think, was 12% and we're actually still operating at 15% or above in the services or OPM part of that business. What happened, of course, is we have invested in the growth of talent development, and that has weighed down a little bit the overall profitability of that group in the short term as we race to capitalize on that opportunity.

是的。嗯，答案是他們現在已經十五六歲了。我們 - 克里斯蒂娜在她的評論中提到了這一點，雖然整體分部收入 - EBITDA 利潤率我認為是 12％，但實際上我們在該業務的服務或 OPM 部分仍以 15％ 或更高的速度運營。當然，我們在人才培育方面進行了投資，但由於我們競相利用這一機會，這在短期內稍微拖累了該集團的整體盈利能力。

But yes, of course, when we see a cyclical enrollment challenges like the challenges we face, it most certainly has an effect on both revenue and profit, but we are committed and have proven that we can operate our Education Services business, particularly our University Services business at a healthy profit. We don't see a need a need to refocus because we've always focused on that, and we believe it's a good consistent business from that perspective.

但是的，當然，當我們看到像我們所面臨的挑戰這樣的周期性招生挑戰時，它肯定會對收入和利潤產生影響，但我們致力於並已證明我們可以運營我們的教育服務業務，特別是我們的大學服務業務並獲得健康的利潤。我們認為沒有必要重新關注，因為我們一直專注於此，而且我們相信從這個角度來看這是一項良好的一致業務。

Great. Last for me is, I think you gave great color around capital allocation, leverage ticking lower down to 1.6x. Is that still a focus continuing to drive that down lower or likely to be more aggressive in terms of returning capital to shareholders, absent larger M&A, especially kind of where the stock being around current levels?

偉大的。最後，我認為你在資本配置方面給出了很好的解釋，槓桿率已降至 1.6 倍。在沒有更大規模的併購的情況下，尤其是在股票價格處於當前水平的情況下，這是否仍然是繼續壓低股價的重點，還是可能在向股東返還資本方面更加積極？

Yes. Thanks, Dan, and thanks always for the great questions. I'll just make a comment or 2 and then pass it to Christina on this important topic. So we've taken the perspective of a consistent approach to capital allocation for a long time that balances internal investments and return of capital to our shareholders. And we continue to do so. Our debt levels are an important part of that equation, and we are comfortable where we are. We are not looking to increase or decrease it. We view our -- this is really important point from the perspective of our investors.

是的。謝謝，丹，也謝謝你一直以來提出的精彩問題。我只想就這個重要主題發表一兩條評論，然後將其傳遞給克里斯蒂娜。因此，我們長期以來一直採取一致的資本配置方法，平衡內部投資和股東資本回報。我們將繼續這樣做。我們的債務水平是這個等式的重要組成部分，我們對目前的狀況感到滿意。我們並不打算增加或減少它。我們認為——從投資人的角度來看，這是非常重要的一點。

We view that we've been on a journey for a long time. That journey was a journey that required us or that asked us to find the opportunities of growth and the massive opportunities in the marketplace of Research and Education. We've now identified those areas of opportunity. Those areas of opportunity we've outlined specifically in our script, and I won't repeat them now, but they're paying off. And so Wiley over the last 4 or 5 years, has transformed itself from a company where we didn't know where the growth was going to come from, to a company that has clear and identified opportunities for growth.

我們認為我們已經踏上了漫長的旅程。那段旅程需要我們或要求我們在研究和教育市場中尋找成長機會和大量機會。我們現在已經確定了這些機會領域。我們在劇本中已經明確概述了這些機會領域，我現在就不再重複，但它們正在帶來回報。因此，Wiley 在過去的四、五年裡，從一家我們不知道成長來源的公司，轉變為一家擁有明確成長機會的公司。

And we have invested in those opportunities. Those opportunities are paying off. You've seen our growth tick up. And over the last couple of years, as per the metrics that Christina had outlined, we've been growing our top line and our bottom line. Now we are at the point in this journey when we need to start to return margin to our investors. We have to start to convert that growth into free cash flow. And that is an increasing volumes and increasing percentages. And we are definitively committed to that.

我們已經對這些機會進行了投資。這些機會正在帶來回報。你已經看到我們的成長速度加快。過去幾年裡，按照克里斯蒂娜列出的指標，我們的營業收入和淨利潤都在成長。現在我們正處於這一旅程的節點，需要開始向我們的投資者返還保證金。我們必須開始將這種成長轉化為自由現金流。而且數量和百分比都在增加。我們絕對致力於此。

Now why am I going on about this in response to your question? Well, the answer is that -- my answer is a foundation for everything we're doing right now. We have a debt level that is completely acceptable right now to us. We have -- we exist in recession tolerant businesses. Research is a must-have product and the players that are in that segment that we service through our partner solutions business, also are part of that recession-tolerant ecosystem.

現在，為什麼我要繼續討論這個問題來回答你的問題呢？嗯，答案是──我的答案是我們現在所做的一切的基礎。目前我們的債務水準是完全可以接受的。我們有—我們存在於能夠容忍經濟衰退的企業中。研究是一種必備產品，我們透過合作夥伴解決方案業務提供服務的該領域的參與者也是抗衰退生態系統的一部分。

On the Education side, we tend to benefit from recessions, albeit at somewhat of a lag. But these are good businesses for us to be in. There are growth opportunities where we've identified, and we intend to continue to invest in those growth opportunities. We did not allocate a lot of capital for acquisitions last year. We continue to be strategic in our focus about acquisitions -- on acquisitions to fund those strategies. Should we find those and we will continue to do so at levels like the levels you've seen over the last few years? Should we need to, of course, we can use the headroom we have in order to pursue those really good growth strategies.

在教育方面，我們往往會從經濟衰退中受益，儘管有些落後。但對我們來說，這些都是很好的業務。我們已經發現了成長機會，並打算繼續投資這些成長機會。去年我們沒有撥出大量資金用於收購。我們將繼續策略性地關注收購——透過收購來資助這些策略。我們是否應該找到這些，並且我們將繼續以過去幾年所見的水平去尋找？當然，如果需要的話，我們可以利用現有的空間來追求那些真正好的成長策略。

But for now, we're pretty comfortable with where we stand and we like the idea that in these uncertain times, in these uncertain times, we have dry powder to invest. We have the ability to pay it down. I'll let Christina talk about her perspectives on this topic because it's important for you to hear from her. But on all of these issues, we are staying the course. We've identified our opportunities. We have dry powder to attack those opportunities. We're committed to returning capital and increase our operating leverage on behalf of our investors. And we like where we sit, Dan. So it's a long-winded question, but a couple of things I wanted to lay down as foundation for this important question about debt.

但就目前而言，我們對自己的立場非常滿意，我們喜歡這樣的想法：在這些不確定的時期，在這些不確定的時期，我們有足夠的資金進行投資。我們有能力償還。我讓克里斯蒂娜談談她對這個主題的看法，因為聽聽她的意見對你來說很重要。但對於所有這些問題，我們都會堅持到底。我們已經確定了我們的機會。我們有充足的彈藥來抓住這些機會。我們致力於為投資者返還資本並提高經營槓桿。而且我們喜歡我們所坐的位置，丹。這是一個很長的問題，但我想先闡明幾點，作為回答這個有關債務的重要問題的基礎。

Thanks, Brian. I think it's very well said. Just to reiterate, we are comfortable with where we are at 1.6%, down from 1.7% last year. We've got room to go higher over 2%, but there's no plan to do that. It's really going to be -- we're going to be very mindful of interest expense, our macro environment and really the opportunities in front of us. So we feel very good. We have a good buyback program, and we continue to say the course there as well, and we will adjust as necessary, but very good shape.

謝謝，布萊恩。我覺得說得很好。需要重申的是，我們對目前的 1.6% 感到滿意，低於去年的 1.7%。我們還有超過 2% 的上漲空間，但目前還沒有計劃這麼做。我們確實會非常關注利息支出、宏觀環境以及我們面前的機會。因此我們感覺非常好。我們有一個很好的回購計劃，我們也會繼續在那裡說課程，我們會根據需要進行調整，但情況非常好。

(Operator Instructions). There are no further questions at this time. I will turn the call back over to Mr. Napack for closing remarks.

（操作員指令）。目前沒有其他問題。我將把電話轉回給納帕克先生，請他作最後發言。

Yes. So I'll make a few closing remarks before I move on -- to looking toward the future. So while we haven't provided any long-term guidance, we do expect to provide long-term guidance at our Investor Day that is coming up, which I hope you will all attend. We're very excited about the future of this company. We look forward to talking to you. At that time, we're going to be talking about this trajectory we're on to turn our growth, which we're confident in, into increasing operating leverage.

是的。因此，在展望未來之前，我想再說幾句結束語。因此，雖然我們沒有提供任何長期指導，但我們確實希望在即將舉行的投資者日上提供長期指導，我希望大家能夠參加。我們對這家公司的未來感到非常興奮。我們期待與您交談。那時，我們將會談論我們所走的軌跡，將我們有信心的成長轉化為不斷增加的經營槓桿。

And as you look across our segments, what you will see is that we have increasing -- we have consistent confidence in our ability to maintain our margins, our EBITDA margins and our operating income margins in the Research Publishing business. We've proven that we can do that as we move through the transformation. We've found growth. We have found it at consistent margins. We like the look of the partner solutions business and where that's going.

當你觀察我們的各個部門時，你會發現我們不斷成長——我們始終對我們在研究出版業務中維持利潤率、EBITDA 利潤率和營業收入利潤率的能力充滿信心。我們已經證明，在轉型過程中我們可以做到這一點。我們找到了成長。我們發現其利潤率始終一致。我們喜歡合作夥伴解決方案業務的前景和其發展方向。

These are businesses that are software and tech-enabled services where we expect to generate very good operating return. And at our Investor Day, we'll talk more about that. As we look across our other segments on our -- on the APL side, we have businesses that tend to return over time, very good, consistent earnings back to the company, they've dipped a little as we have gone through some of these cyclical trends with regard to enrollment and even longer as we've gone through transformations of those businesses.

這些業務是軟體和技術支援服務，我們預計它們將產生非常好的營業回報。在我們的投資者日，我們將會進一步討論這個問題。當我們回顧我們其他部門時——在 APL 方面，我們的業務往往會隨著時間的推移而回報，為公司帶來非常好的、持續的收益，隨著我們經歷了與入學有關的一些週期性趨勢，這些業務的收益有所下降，甚至隨著我們經歷這些業務的轉型而下降的時間更長。

And while we're not providing outlook on the future of, say, our Ed Pub business, what I am saying is we like the way that business fits into our portfolio, and we like the fact we are confident in the fact that we can continue to generate very solid earnings off of the revenue there. So while not a growth engine for us, it's an important component of our actively managed portfolio, which are the words Christina used in her remarks earlier. So we're very confident in the future of that business, and that business is doing its pivot as well.

雖然我們沒有提供對 Ed Pub 業務未來前景的展望，但我想說的是，我們喜歡該業務融入我們投資組合的方式，而且我們有信心能夠繼續從該業務的收入中獲得非常可觀的收益。因此，雖然它不是我們的成長引擎，但它是我們主動管理投資組合的重要組成部分，這是克里斯蒂娜之前在評論中所說的話。因此，我們對該業務的未來非常有信心，而且該業務也正在轉型。

And as it pivots towards these career-connected opportunities, again, you look at zyBooks, very career connected, very good margins. We will be increasingly in businesses that we can not only generate a little bit of growth out of but also generate good margins. And I've already made comments on the margins with respect to our Education Services business. And so I won't underline those, but all that does -- all of that should give confidence that now we are at a stage where Wiley, with its intense focus that Christina mentioned earlier on operational excellence, can start to generate the operating leverage that our investors seek and that they deserve.

當它轉向這些與職業相關的機會時，你再看看 zyBooks，它與職業非常相關，利潤率非常好。我們將越來越多地涉足那些不僅可以帶來一點成長而且還可以帶來良好利潤的業務。我已經對我們的教育服務業務的利潤率發表了評論。因此，我不會強調這些，但所有這些都應該讓我們有信心，現在我們正處於這樣一個階段：正如克里斯蒂娜之前提到的，威利高度重視卓越運營，可以開始產生我們的投資者所尋求的、也是他們應得的經營槓桿。

So with that, I will thank you for attending. I look forward to talking to you at our next conference call. And then look forward to hoping to see you all at Investor Day as we get that set up. Thanks very much.

因此，我感謝你們的參加。我期待在下次電話會議上與您交談。我們期待在投資者日見到大家。非常感謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。