Ziff Davis Inc (ZD) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Ziff Davis fourth quarter and year-end 2025 earnings conference call. My name is Tom, and I will be the operator assisting you today.

女士、先生們，大家好，歡迎參加 Ziff Davis 2025 年第四季及全年財報電話會議。我叫湯姆，今天將由我來為您服務。

(Operator Instructions) On this call will be Vivek Shah, CEO of Ziff Davis; and Bret Richter, Chief Financial Officer of Ziff Davis.

（操作員說明）本次電話會議將由 Ziff Davis 執行長 Vivek Shah 和 Ziff Davis 財務長 Bret Richter 主持。

I will now turn the call over to Bret Richter, Chief Financial Officer of Ziff Davis. Thank you. You may begin.

現在我將把電話轉交給 Ziff Davis 的財務長 Bret Richter。謝謝。你可以開始了。

Thank you. Good morning, everyone, and welcome to the Ziff Davis investor conference call for Q4 and fiscal year 2025. As the operator mentioned, I am Bret Richter, Chief Financial Officer of Ziff Davis, and I am joined by our Chief Executive Officer, Vivek Shah.

謝謝。各位早安，歡迎參加 Ziff Davis 2025 財年第四季及全年投資者電話會議。正如接線員所說，我是 Ziff Davis 的財務長 Bret Richter，與我一同出席的還有我們的執行長 Vivek Shah。

A presentation is available for today's call. A copy of this presentation and our earnings release is available on our website, www.ziffdavis.com. You can also access the webcast from this site. When you launch the webcast, there is a button on the viewer on the right-hand side, which will allow you to expand the slides. After completing the presentation, we'll be conducting a Q&A. The operator will provide instructions regarding the procedures for asking questions. In addition, you can e-mail questions to investor@ziffdavis.com.

今天的電話會議有簡報。本次簡報和獲利報告的副本可在我們的網站 www.ziffdavis.com 上取得。您也可以透過該網站存取網路直播。啟動網路直播後，右側檢視器上有一個按鈕，點擊即可展開投影片。演講結束後，我們將進行問答環節。操作員將提供有關提問程序的說明。此外，您也可以將問題透過電子郵件發送至 investor@ziffdavis.com。

Before we begin our prepared remarks, allow me to read the Safe Harbor language. As you know, this call and the webcast will include forward-looking statements. Such statements may involve risks and uncertainties that could cause actual results to differ materially from the anticipated results.

在我們開始發言之前，請容許我宣讀一下「安全港」條款。如您所知，本次電話會議和網路直播將包含前瞻性陳述。此類聲明可能涉及風險和不確定性，導致實際結果與預期結果有重大差異。

Some of those risks and uncertainties include, but are not limited to, the risk factors that we have disclosed in our SEC filings, including our 10-K filings, recent 10-Q filings, various proxy statements and 8-K filings as well as additional risks and uncertainties that we have included as part of the slide show for this webcast.

這些風險和不確定性包括但不限於我們在提交給美國證券交易委員會的文件中披露的風險因素，包括我們的 10-K 文件、最近的 10-Q 文件、各種委託書和 8-K 文件，以及我們在本次網路研討會的幻燈片演示中包含的其他風險和不確定性。

We refer you to discussions in those documents regarding Safe Harbor language and forward-looking statements. In addition, following our business outlook slides are our supplemental materials, including reconciliation statements for non-GAAP measures to their nearest GAAP equivalent.

有關安全港條款和前瞻性聲明的討論，請參閱相關文件中的相關內容。此外，在我們的業務展望幻燈片之後是我們的補充資料，包括非 GAAP 指標與其最接近的 GAAP 等效指標的調整表。

Now let me turn the call over to Vivek for his remarks.

現在我把電話交給維韋克，請他發言。

Thank you, Bret, and good morning, everyone. For the full year 2025, Ziff Davis grew revenues 3.5%, adjusted EBITDA grew slightly, and the company generated almost $290 million in free cash flow. Given the headwinds that some of our businesses experienced, we're glad to have produced a year of growth, however, modest. We deployed $174 million, about 60% of our free cash flow in share repurchases throughout the year as we continue to view our own stock as a highly attractive investment.

謝謝你，布雷特，大家早安。2025 年全年，Ziff Davis 的營收成長了 3.5%，調整後的 EBITDA 略有成長，公司產生了近 2.9 億美元的自由現金流。考慮到我們部分業務所面臨的不利因素，我們很高興能夠實現成長，儘管成長幅度不大。我們全年投入了 1.74 億美元（約佔自由現金流的 60%）用於股票回購，因為我們仍然認為我們自己的股票是一項極具吸引力的投資。

In the fourth quarter, we experienced a 1.5% drop in revenues and a 5% decline in adjusted EBITDA due to an 18% decline in our Tech & Shopping segment, offset by growth of over 6% in our four other segments. Tech & Shopping's revenues declined largely due to a drop in web search traffic, which had a meaningful impact on our affiliate commerce revenues.

第四季度，由於科技與購物業務板塊下降 18%，我們的營收下降了 1.5%，調整後 EBITDA 下降了 5%，但其他四個業務板塊增長超過 6%，抵消了上述下降的影響。科技與購物業務的收入下降主要是由於網路搜尋流量下降，這對我們的聯盟行銷收入產生了重大影響。

As a reminder, we earn affiliate commissions when a user clicks from one of our sites to a partner merchant site and makes a purchase. The highest quality referral traffic for an affiliate commerce business comes from search engines, which are generating lower referrals for us.

再次提醒，當用戶從我們的網站點擊進入合作商家的網站並進行購買時，我們將獲得聯盟佣金。對於聯盟行銷企業而言，最高品質的推薦流量來自搜尋引擎，但搜尋引擎為我們帶來的推薦流量卻較低。

We believe we can contain the damage through alternative sources of engagement over time as well as growing our video advertising and licensing businesses. In fact, the CNET Group saw video and social views grow 100% in Q4 and over 80% for full year 2025 to 1 billion views.

我們相信，隨著時間的推移，透過其他互動方式以及發展我們的影片廣告和授權業務，我們可以控制損失。事實上，CNET 集團的數據顯示，第四季影片和社群媒體觀看量成長了 100%，預計到 2025 年全年將成長超過 80%，達到 10 億次觀看。

Gaming & Entertainment revenues grew 1.5% in the fourth quarter, consistent with its full year growth rate. Humble Bundle Storefront had its best revenue quarter in five years. Humble Bundle achieved a huge milestone in Q4, celebrating its 15-year anniversary and over $275 million raised for charity to date.

第四季遊戲及娛樂業務營收成長1.5%，與全年成長率一致。Humble Bundle Storefront 創下了五年來最佳季度營收紀錄。Humble Bundle 在第四季度取得了巨大的里程碑式成就，慶祝成立 15 週年，迄今為止已為慈善事業籌集了超過 2.75 億美元。

IGN Entertainment social growth and engagement continued in Q4 with Facebook views up 22% to 300 million and views on X up 19% to $45 million. IGN Store, which sells collectibles and gaming-related products, saw its total sales tripling. Between the store and Humble Bundle, our direct-to-consumer revenues reached almost $90 million in 2025.

IGN娛樂的社群媒體成長和互動在第四季持續，Facebook瀏覽量成長22%至3億，X平台瀏覽量成長19%至4500萬美元。這家銷售收藏品和遊戲相關產品的商店總銷售額增長了兩倍。到 2025 年，我們的商店和 Humble Bundle 直接面向消費者的收入將達到近 9,000 萬美元。

The Health & Wellness segment finished a year of record revenue and adjusted EBITDA with a strong Q4, growing year-over-year revenues 8.6%. Our AI-powered data activation tool, Halo, has now become a standard part of all of our pharma RFPs. Halo audience insights are used to inform campaign design to better engage target audiences, which leads to improved campaign performance.

健康與保健業務部門在第四季度表現強勁，實現了創紀錄的收入和調整後 EBITDA，年增 8.6%。我們基於人工智慧的資料啟動工具 Halo 現已成為我們所有醫藥招標書的標準組成部分。Halo 受眾洞察用於指導廣告系列設計，以更好地吸引目標受眾，從而提高廣告系列成效。

And it's all accomplished in a privacy safe way. Our Consumer Health business grew due to increased ad spend from core pharma clients, including new GLP-1 campaigns and growth in subscriptions for our Lose It! weight loss app. We believe that our Lose It! business is benefiting from the rapid market penetration of GLP-1 prescriptions as it's seen as an adjunct therapy to promote healthy eating.

而這一切都是在保障隱私的前提下完成的。由於核心製藥客戶增加了廣告支出，包括新的 GLP-1 活動以及我們的 Lose It! 訂閱量的成長，我們的消費者健康業務實現了成長。減肥應用。我們相信我們的《Lose It!》由於 GLP-1 處方藥被視為促進健康飲食的輔助療法，其市場滲透率迅速提高，企業也因此受益。

Our Professional business also had a strong quarter, driven by growth in the prime continuing medical education business.

我們的專業業務在本季也表現強勁，主要得益於繼續醫學教育業務的成長。

Connectivity also had a record fourth quarter with revenues up 11%. Speedtest, Downdetector and RootMetrics all experienced strong year-over-year growth in Q4, driven by new customers and increased service adoption by existing customers. Ekahau also produced solid year-over-year growth in Q4 with both enterprise and broadband service providers. Connectivity rolled out a major new product, Speedtest Pulse in the fourth quarter.

互聯互通業務第四季也創下歷史新高，營收成長 11%。Speedtest、Downdetector 和 RootMetrics 在第四季度均實現了強勁的同比增長，這主要得益於新客戶的加入以及現有客戶對服務的日益增長的採用。Ekahau 在第四季度也實現了穩健的同比增長，企業和寬頻服務供應商都是如此。Connectivity 在第四季度推出了一個重要的新產品 Speedtest Pulse。

Pulse is a handheld diagnostic device that empowers field technicians to instantly validate network installations and troubleshoot complex WiFi issues on the first visit, driving operational efficiency and reducing costs. This launch follows the introduction of Speedtest Certified, an independent network verification program that awards a globally recognized badge of excellence to commercial venues, allowing them to monetize their superior connectivity performance as a marketing asset to attract high-value guests and tenants. Both products are expected to contribute to meaningful growth in 2026.

Pulse 是一款手持式診斷設備，使現場技術人員能夠在第一次訪問時立即驗證網路安裝並排除複雜的 WiFi 問題，從而提高營運效率並降低成本。此次發布緊隨 Speedtest Certified 之後，Speedtest Certified 是一項獨立的網路驗證計劃，它為商業場所頒發全球認可的卓越徽章，使它們能夠利用其卓越的連接性能作為行銷資產來吸引高價值的顧客和租戶。預計這兩款產品將在 2026 年為該公司帶來顯著成長。

Cybersecurity & Martech revenues grew 2.7% in Q4. Growth was driven primarily by the cybersecurity vertical with strong organic performance from consumer VPN and cloud backup. Our momentum in cybersecurity reflects product enhancements, including the addition of threat protection and secure browsing to the IPVanish VPN and the launch of VIPRE integrated e-mail security, which is powered by an AI engine that detects threats such as e-mail compromise. Within the Martech vertical, we see opportunities to help brands profitably acquire and engage customers.

網路安全和行銷技術收入在第四季度增長了 2.7%。成長主要由網路安全垂直領域推動，其中消費者 VPN 和雲端備份業務的自然成長尤為強勁。我們在網路安全領域的進展體現在產品改進上，包括為 IPVanish VPN 增加威脅防護和安全瀏覽功能，以及推出 VIPRE 整合電子郵件安全功能，該功能由人工智慧引擎驅動，可偵測電子郵件入侵等威脅。在行銷科技領域，我們看到了幫助品牌以獲利方式獲取和吸引客戶的機會。

Our e-mail business with its focus on first-party data and e-mail and SMS communication and Semantic Labs with its focus on efficient customer acquisition from paid traffic are both working to deliver on this value proposition.

我們專注於第一方數據、電子郵件和簡訊通訊的電子郵件業務，以及專注於透過付費流量高效獲取客戶的語義實驗室，都在努力實現這一價值主張。

As we disclosed in our last earnings call, we have engaged outside advisers to assist us in assessing how certain potential transactions could unlock greater shareholder value. Our evaluation of potential strategic opportunities remains ongoing.

正如我們在上次財報電話會議上所揭露的那樣，我們已聘請外部顧問協助我們評估某些潛在交易如何釋放更大的股東價值。我們對潛在戰略機會的評估仍在進行中。

As a result of that process, we have decided to defer issuing formal guidance at this time. But I do want to share some high-level thoughts about the outlook for our businesses in 2026. First and foremost, we are intently focused on delivering profitable growth and strong free cash flow generation in 2026, building on two consecutive years of great cash generation.

經過上述程序，我們決定暫時發布正式指導。但我確實想分享一些關於我們業務在 2026 年前景的高層次想法。首先，我們正全力以赴，力爭在 2026 年實現盈利增長和強勁的自由現金流，在此基礎上，連續兩年實現良好的現金流。

While we expect Tech & Shopping revenues to continue the trend of double-digit revenue decline in the first half of 2026, we are forecasting improvements in the second half of the year via a combination of favorable year-over-year comps and benefits from increased off-platform engagement and growth in our licensing activities. For the year, we are expecting Tech & Shopping to be down mid-single digits in revenue. While we work to turn Tech & Shopping around, we're confident in our ability to continue to generate growth in our 4 other segments.

雖然我們預計科技與購物業務的收入在 2026 年上半年將繼續出現兩位數的下滑趨勢，但我們預測，在下半年，由於同比數據有利，以及平台外參與度提高和授權業務增長帶來的收益，情況將會有所改善。今年，我們預計科技與購物業務的收入將出現中等個位數的下滑。在我們努力扭轉科技與購物業務頹勢的同時，我們有信心在其他 4 個業務部門繼續成長。

In Gaming & Entertainment, Health & Wellness and Cybersecurity & Martech, we expect revenue growth of low to mid-single digits for full year 2026, and we anticipate continued double-digit revenue growth at Connectivity. Adjusted EBITDA margins for the Company should continue to hover around 34%. I know there's a great interest in updates regarding AI content licensing, and I wanted to share some observations.

在遊戲與娛樂、健康與保健以及網路安全與行銷技術領域，我們預計 2026 年全年收入將達到低至中個位數成長，而我們預期互聯互通領域的收入將持續保持兩位數成長。公司調整後的 EBITDA 利潤率應繼續在 34% 左右徘徊。我知道大家對人工智慧內容授權的最新消息非常感興趣，我想分享一些看法。

We are actively engaged in discussions with key players and the nature of these dialogues reinforces our confidence in the future revenue opportunities for content licensing. However, we are taking a deliberate principled approach to execution. The market is still defining the framework for appropriate compensation, specifically distinguishing between content used for model training versus content used for retrieval augmented generation or RAG. Our position is consistent.

我們正積極與主要參與者進行討論，這些對話的性質增強了我們對內容授權未來收入機會的信心。然而，我們在執行過程中採取的是一種審慎而有原則的方法。市場仍在製定適當的補償框架，特別是區分用於模型訓練的內容與用於檢索增強生成或 RAG 的內容。我們的立場始終如一。

Both use cases require proper licensing. We will not enter into RAG-focused agreements that compromise our rights to fair compensation for foundational training. These are separate use cases with distinct value propositions, and our authoritative content must be valued accordingly in both contexts.

這兩種使用場景都需要獲得相應的許可。我們不會簽訂以 RAG 為重點的協議，因為這種協議會損害我們獲得基礎培訓公平報酬的權利。這些是不同的使用場景，具有不同的價值主張，我們的權威內容在這兩種情況下都必須得到相應的重視。

We anticipate greater clarity on these fundamental licensing questions following the resolution of our ongoing litigation. Once established, we believe this clarity will unlock licensing opportunities and allow us to move forward with agreements that appropriately reflect the full value of our content across all AI applications.

我們預計，隨著正在進行的訴訟的解決，這些基本的許可問題將更加明朗。我們相信，一旦明確了這一點，這種清晰度將帶來授權機會，並使我們能夠推進相關協議，從而適當地反映我們內容在所有人工智慧應用中的全部價值。

With that, let me hand the call back to Bret.

那麼，我把電話交還給布雷特吧。

Thank you, Vivek. Let's discuss our financial results. Our earnings release reflects both our GAAP and adjusted financial results for Q4 and fiscal year 2025. My commentary will primarily relate to our Q4 2025 adjusted financial results and the comparison to prior periods.

謝謝你，維韋克。我們來討論一下財務表現。我們的獲利報告反映了我們 2025 年第四季和全年的 GAAP 和調整後財務表現。我的評論將主要涉及我們 2025 年第四季的調整後財務表現以及與前期績效的比較。

Let's turn to Slide 5 for the summary of our Q4 2025 financial results. Fourth quarter 2025 revenue was $406.7 million as compared with revenue of $412.8 million for the prior year period, a decline of 1.5%. Fourth quarter 2025 adjusted EBITDA was $163.2 million as compared with $171.8 million for the prior year period, reflecting a 5% decline. Our adjusted EBITDA margin for the quarter was 40.1%. We reported fourth quarter adjusted diluted EPS of $2.56. This figure reflects the impact of our active share repurchase program.

讓我們翻到第 5 張投影片，查看我們 2025 年第四季財務表現的總結。2025 年第四季營收為 4.067 億美元，而去年同期營收為 4.128 億美元，下降了 1.5%。2025 年第四季調整後 EBITDA 為 1.632 億美元，去年同期為 1.718 億美元，年減 5%。本季調整後的 EBITDA 利潤率為 40.1%。我們公佈的第四季調整後攤薄每股收益為 2.56 美元。該數字反映了我們積極的股票回購計劃的影響。

Turning to Slide 6. Let's review our fiscal year 2025 results. Fiscal year 2025 total revenue increased 3.5% to $1,451.3 billion as compared with the prior year. Fiscal year 2025 adjusted EBITDA increased year-over-year to $495.1 million. Our adjusted EBITDA margin for fiscal year 2025 was 34.1%. Adjusted diluted EPS was $6.63, up slightly as compared with fiscal year 2024. During a number of our recent quarterly calls, we have discussed how our Games Publishing business has negatively impacted our recent financial results.

翻到第6張投影片。讓我們回顧一下2025財年的業績。2025 財年總營收比上年成長 3.5%，達 14,513 億美元。2025 財年調整後 EBITDA 年成長至 4.951 億美元。我們 2025 財年的調整後 EBITDA 利潤率為 34.1%。經調整後的稀釋每股收益為 6.63 美元，與 2024 財年相比略有成長。在最近幾季電話會議上，我們討論了遊戲發行業務對我們近期財務表現的負面影響。

This was true again in the fourth quarter of 2025 as Game Publishing contributed negative net revenue of $2.5 million. However, during the fourth quarter, we took action and sold our Game Publishing business in a transaction that allowed us to recognize a book and cash tax savings associated with the loss related to the sale of the business while maintaining the right to certain future payments tied to the performance of the assets under their new management.

2025 年第四季度，遊戲出版業務再次出現負淨收入 250 萬美元的情況。然而，在第四季度，我們採取了行動，出售了我們的遊戲出版業務。此交易使我們能夠確認與出售該業務相關的損失所帶來的帳面和現金稅收節省，同時保留了與新管理下資產的業績相關的某些未來付款的權利。

We did not attribute a value to these payments at closing. And as a result, we will recognize them as investment gains if and when we receive them in the future. Our exit from Games Publishing achieved multiple benefits, including the elimination of the distractions associated with this noncore business line, which has also caused significant volatility in the quarterly results of our Tech & Shopping segment. Please note that this exit has no impact on the Humble Bundle Storefront in our Gaming & Entertainment segment.

我們在交易結束時沒有對這些款項進行估值。因此，如果我們將來收到這些款項，我們將將其視為投資收益。我們退出遊戲出版業務帶來了多項好處，包括消除了與這項非核心業務相關的干擾，這也導致了我們科技與購物部門季度業績的顯著波動。請注意，此退出不會對我們遊戲與娛樂板塊的 Humble Bundle 商店造成任何影響。

Slide 7 reflects performance summaries for our two primary sources of revenue, advertising and performance marketing and subscription and licensing. Q4 2025 advertising and performance marketing revenue declined 4.4% as compared with the prior year period, while fiscal year 2025 advertising and performance marketing revenue increased 5.9% as compared with 2024.

第 7 張投影片反映了我們兩大主要收入來源（廣告和成效行銷以及訂閱和授權）的業績總結。2025 年第四季廣告和成效行銷收入較上年同期下降 4.4%，而 2025 財年廣告和成效行銷收入較 2024 年成長 5.9%。

Q4 2025 subscription and licensing revenue increased 4% as compared with the prior year period and fiscal year 2025 subscription and licensing revenues increased 2.2% year-over-year. Q4 2025 other revenues declined by $600,000 year-over-year, and fiscal year 2025 other revenues declined by $9.2 million. These changes both primarily reflect the impact of the Games Publishing business.

2025 年第四季訂閱和授權收入比上年同期成長 4%，2025 財年訂閱和授權收入年增 2.2%。2025 年第四季其他營收年減 60 萬美元，2025 財年其他營收年減 920 萬美元。這些變化主要反映了遊戲出版業務的影響。

Slides 8 through 12 reflect the quarterly and full year financial results for each of our reportable segments, which Vivek has already discussed in some detail. I will note a few additional items. three of our five segments grew full year revenues in 2025 and four of our five segments grew revenues in the fourth quarter.

第 8 至 12 頁反映了我們每個可報告部門的季度和全年財務業績，Vivek 已經對此進行了詳細的討論。我還要補充幾點。我們五個業務部門中有三個在2025年實現了全年營收成長，四個業務部門在第四季度實現了營收成長。

The now exited Games Publishing business reduced Tech & Shopping segment revenues by $2.5 million in the fourth quarter and by $4.9 million in full year 2025. However, the 2025 year-over-year revenue decline associated with the Games Publishing business was approximately $14 million, reflecting an approximately 1% drag on consolidated revenue growth. This revenue decline also had a high negative flow-through impact to adjusted EBITDA.

現已退出的遊戲出版業務導致科技與購物部門第四季度收入減少了 250 萬美元，2025 年全年收入減少了 490 萬美元。然而，2025 年遊戲出版業務的年收入下降約 1,400 萬美元，對合併收入成長造成了約 1% 的拖累。收入下降也對調整後的 EBITDA 產生了較大的負面影響。

Please refer to Slide 13 to review our balance sheet. As of the end of 2025, we had $607 million of cash and cash equivalents and $93 million of long-term investments. We also have significant leverage capacity on both a gross and net leverage basis. At year-end, gross leverage was 1.8 times trailing 12 months adjusted EBITDA, and our net leverage was 0.5 times and 0.3 times, including the value of our financial investments. During the fourth quarter, we bought back 1.75 million shares for $60.6 million. In fiscal year 2025, we deployed nearly $174 million to repurchase approximately 4.8 million shares. And during the course of 2025, we reduced the number of shares outstanding by more than 10%.

請參考第 13 頁投影片查看我們的資產負債表。截至 2025 年底，我們擁有 6.07 億美元的現金及現金等價物和 9,300 萬美元的長期投資。我們在總槓桿率和淨槓桿率方面都擁有相當大的槓桿能力。截至年末，總槓桿率為過去 12 個月調整後 EBITDA 的 1.8 倍，淨槓桿率為 0.5 倍，包括金融投資價值在內，淨槓桿率為 0.3 倍。第四季度，我們以 6,060 萬美元的價格回購了 175 萬股股票。在 2025 財年，我們投入了近 1.74 億美元回購了約 480 萬股股票。在 2025 年期間，我們將流通股數量減少了 10% 以上。

Since January 1, 2026, we repurchased approximately 740,000 additional shares, and we believe that at the current valuation level of Ziff Davis' stock, share repurchases continue to offer an attractive use of our investable capital. Our recent share repurchase activity nearly exhausted our existing stock repurchase authorization.

自 2026 年 1 月 1 日以來，我們回購了約 74 萬股額外股票，我們認為，以 Ziff Davis 股票目前的估值水平來看，股票回購仍然是我們可投資資本的一種有吸引力的用途。我們近期的股票回購活動幾乎用完了現有的股票回購授權額度。

However, this week, our Board of Directors increased our stock repurchase authorization by 10 million shares, bringing the total amount currently available for repurchase to 10.7 million shares. This authorization is valid until February of 2036. Please note that given our current active review of potential value-creating opportunities, there may be periods of time when we are not able to repurchase shares under this authorization.

然而，本週，我們的董事會將股票回購授權增加了 1,000 萬股，使目前可供回購的股票總數達到 1,070 萬股。該授權有效期至2036年2月。請注意，鑑於我們目前正在積極審查潛在的價值創造機會，可能會出現一些時期我們無法根據此授權回購股份的情況。

During 2025, we closed a total of seven acquisitions across our businesses, investing a total of $68.7 million net of cash received to support our M&A program. We anticipate we will continue to be an active and disciplined acquirer in 2026 as opportunities arise to add capabilities to our businesses in an accretive manner.

2025 年，我們在旗下各業務部門共完成了七項收購，淨投資額為 6,870 萬美元（扣除收到的現金），用於支持我們的併購計畫。我們預計，在 2026 年，我們將繼續保持積極和有紀律的收購策略，抓住機會以增值的方式為我們的業務增加能力。

Looking ahead to the balance of 2026, we are intently focused on delivering profitable growth, robust adjusted EBITDA margins and strong free cash flow generation. As Vivek discussed, due to our current review process, we are not providing formal full year 2026 guidance at the present time. However, I'd like to offer some insight related to our expectations for the first quarter of 2026.

展望 2026 年剩餘時間，我們將全力以赴實現盈利成長、穩健的調整後 EBITDA 利潤率和強勁的自由現金流。正如 Vivek 所討論的，由於我們目前的審查流程，我們目前不提供 2026 年全年的正式業績指引。不過，我想就我們對 2026 年第一季的預期提供一些見解。

We expect first quarter 2026 consolidated year-over-year revenue growth to be relatively flat or slightly negative. as the continued headwinds in the affiliate commerce revenues in our Tech & Shopping division that Vivek noted earlier are expected to largely offset the growth in the balance of our businesses.

我們預計2026年第一季合併年比營收成長將相對持平或略有下降，因為正如Vivek先前所提到的，我們科技與購物部門的聯盟電商收入持續面臨不利因素，預計將在很大程度上抵消我們其他業務的成長。

Given seasonality, our Q1 adjusted EBITDA margins are typically lower than our fiscal year margins and Q1 2026 margins are expected to be about 3 points lower year-over-year, primarily reflecting an anticipated year-over-year decline in Tech & Shopping revenue, a lower margin revenue mix at Health & Wellness and the continued investment in growth at Connectivity.

考慮到季節性因素，我們第一季的調整後 EBITDA 利潤率通常低於我們財年的利潤率，預計 2026 年第一季的利潤率將同比下降約 3 個百分點，這主要反映了科技與購物收入預計同比下降、健康與保健收入利潤率降低以及對互聯互通增長的持續投資。

However, Q1 adjusted diluted EPS will benefit from year-over-year drop in our shares outstanding due to our active buyback program. Our supplemental materials include reconciliation statements for our non-GAAP measures to their nearest GAAP equivalents.

然而，由於我們積極的股票回購計劃，流通股數量同比下降，這將有利於第一季調整後的稀釋每股收益。我們的補充資料包括非GAAP指標與其最接近的GAAP等效指標的調節表。

Please see Slide 25, which includes a reconciliation of free cash flow to net cash provided by operating activities. Our businesses continue to produce robust free cash flow. 2025 free cash flow was $287.9 million, up $4.2 million as compared with 2024. Q4 2025 free cash flow of $157.8 million was up significantly from $131.1 million in Q4 2024. And fiscal year 2025 free cash flow reflects 58.1% of our 2025 fiscal year adjusted EBITDA of $495.1 million.

請參閱第 25 頁投影片，其中包含自由現金流與經營活動產生的現金流量淨額的調節表。我們的業務持續產生強勁的自由現金流。 2025年自由現金流為2.879億美元，比2024年增加420萬美元。2025 年第四季自由現金流為 1.578 億美元，較 2024 年第四季的 1.311 億美元大幅成長。2025 財年自由現金流佔 2025 財年調整後 EBITDA 4.951 億美元的 58.1%。

Stepping back a bit, Ziff Davis has made considerable financial progress over the last few years despite a challenging operating environment. Since the end of 2022, the first full year after the Consensus spin-off, we have grown free cash flow by 25%, reduced our gross debt levels by nearly 14% and lowered our year-end shares outstanding by more than 18%.

稍微回顧一下，儘管經營環境充滿挑戰，但 Ziff Davis 在過去幾年中取得了相當大的財務進展。自 2022 年底（Consensus 分拆後的第一個完整年度）以來，我們的自由現金流增加了 25%，總債務水準降低了近 14%，年末流通股數量減少了 18% 以上。

During this time, we also deployed more than $300 million for 13 acquisitions, adding capabilities across all of our operating segments. And as Vivek noted earlier, we are actively working to pursue opportunities that we believe offer strong prospects to realize additional shareholder value. Although there is no assurance of any future transactions, we continue to believe that our current trading levels do not fully appreciate the intrinsic value of our businesses. We will seek to provide timely updates as appropriate.

在此期間，我們也投入超過 3 億美元用於 13 項收購，從而增強了我們所有營運部門的能力。正如維韋克之前提到的那樣，我們正在積極尋求我們認為有較大前景實現額外股東價值的機會。儘管無法保證未來會有任何交易，但我們仍然認為，我們目前的交易水準並沒有充分反映我們業務的內在價值。我們將視情況及時提供最新資訊。

With that, I will now ask the operator to rejoin us to host our Q&A.

接下來，我將請接線生重新加入我們，主持問答環節。

(Operator Instructions)

（操作說明）

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Wonderful maybe just one for me to keep it. But Vivek, I wanted to expand a little bit on some of the AI search tailwinds that you talked about on Tech & Shopping. Maybe can you expand a little bit in terms of how that's progressed? This is obviously a trend we've been discussing for a while.

太好了，也許我會留著這一張。但 Vivek，我想就你在「科技與購物」節目中提到的 AI 搜尋利好因素再展開談談。可否詳細介紹一下這方面的進展？這顯然是我們討論已久的趨勢。

Some of the investments that you can make to maybe capitalize on the AI search opportunity and take that kind of segment back to a better growth trajectory. And then if we think about AI search throughout the rest of your businesses, are there other parts that have proven to maybe be a little bit more resilient, whether it's health care or gaming or whatever? Maybe any color you could give as it pertains to that would be helpful.

你可以進行一些投資，以抓住人工智慧搜尋的機遇，並將這類細分市場帶回更好的成長軌道。那麼，如果我們考慮一下人工智慧搜尋在您其他業務中的應用，是否有其他領域，例如醫療保健、遊戲或其他領域，已經證明自己更具韌性？或許您可以提供一些與此相關的顏色訊息，這將很有幫助。

Thanks, Rishi, for the question. And so yes, look, what I would say is generally speaking, a lot of traffic is fungible, meaning that lost search traffic can be and has been made up with other sources of engagement, apps, social traffic, video, programmatic traffic and e-mail. So the degree to which in any of our segments in the Gaming & Entertainment and Health & Wellness segments, in particular, we're able to offset search traffic declines.

謝謝Rishi的提問。所以，是的，你看，總的來說，很多流量是可以替代的，這意味著失去的搜尋流量可以而且已經透過其他互動來源來彌補，例如應用程式、社交流量、影片、程式化流量和電子郵件。因此，我們特別需要在遊戲娛樂和健康保健等各個細分市場，在多大程度上抵消搜尋流量的下降。

Where that has become really hard is within Tech & Shopping because the one type of traffic that really is hard to replace as high-intent consumers who arrive via search looking for a product or a service and then clicking through to make a purchase. That's the affiliate commerce and affiliate commission business. And so that particular traffic is harder to replace, though I'll talk about things that we're doing to offset.

在科技和購物領域，這種情況變得特別困難，因為有一種流量類型很難被替代，那就是透過搜尋尋找產品或服務並點擊購買的高意圖消費者。這就是聯盟行銷和聯盟佣金業務。因此，這種特定的交通流量更難替代，不過我會談談我們正在採取哪些措施來彌補。

But that is harder to replace, and that is very much concentrated in our Tech & Shopping segment. In fact, just to dimensionalize it a little bit. So we did in 2025, roughly $90 million in affiliate commerce commissions related to organic traffic. That was down about $25 million year-over-year, and half of that $25 million was in Q4. So it gives you a sense of kind of the impact and what's going on within Tech & Shopping.

但這種需求更難被取代，而且這種需求主要集中在我們的科技和購物領域。事實上，只是為了稍微具體化一下它。因此，到 2025 年，我們透過與自然流量相關的聯盟行銷佣金實現了約 9,000 萬美元的收入。與去年同期相比下降了約 2500 萬美元，其中一半的下降發生在第四季。所以它能讓你感受到科技和購物領域正在發生的影響和現狀。

From an offset point of view, and as I said, look, I think this is something that will start to materialize in the second half of this year, app traffic, browser extension traffic and then other forms of monetization outside of affiliate commerce around video, licensing, events and broader display. So a variety of things that mix. But the high level is where we're seeing search challenges show up, we're really seeing it within this Tech & Shopping segment.

從抵銷的角度來看，正如我所說，我認為這將在今年下半年開始成為現實，包括應用程式流量、瀏覽器擴充功能流量，以及聯盟行銷之外的其他獲利形式，例如影片、授權、活動和更廣泛的展示廣告。所以，各種因素混合在一起。但我們看到搜尋挑戰主要出現在高層層面，尤其是在科技和購物領域。

Very helpful, thank you.

非常有用，謝謝。

Ross Sandler, Barclays

羅斯桑德勒，巴克萊銀行

Yeah, that was really helpful on that $90 million. So that's about 25% of that segment's revenue in 2025. Can you just talk maybe about like the percent of traffic like and when we see -- it sounds like from your guidance, the kind of unwind of SEO traffic is peaking right now. And by the second half of '26, it should be less of a headwind. Is that the right way to think about it?

是的，那對籌集那9000萬美元真的很有幫助。所以，這大約佔該細分市場 2025 年收入的 25%。您能否談談流量百分比之類的問題，以及我們看到的情況——根據您的指導，目前 SEO 流量的下滑似乎正處於高峰期。到 2026 年下半年，這種阻力應該會減少。這種思考方式正確嗎？

And then the second question is just on the 300 bps of margin contraction in the first quarter. I guess just how do we think about in light of the declining kind of high-margin SEO-related traffic, how do we think about your ability to kind of contain the cost structure and these margins kind of moving forward? Thanks a lot guys.

第二個問題是關於第一季利潤率收縮 300 個基點的問題。我想，鑑於高利潤的 SEO 相關流量不斷下降，我們該如何看待你們在未來控製成本結構和利潤率的能力呢？非常感謝各位。

Yeah, Thanks, Ross. I'll answer your first one and then ask Bret to share some comments on the second one. But -- so just taking a step back, Tech & Shopping, obviously, is the challenge, was the challenge in Q4, will continue to be the challenge in 2026.

謝謝你，羅斯。我先回答你的第一個問題，然後請布雷特對第二個問題發表一些看法。但是——所以退一步來看，科技和購物顯然是挑戰，是第四季度的挑戰，並將在 2026 年繼續成為挑戰。

Don't want to lose sight of the fact that the other four segments grew nicely in Q4 of 2025, and we believe will continue to grow in 2026. Within Tech & Shopping, the affiliate commerce piece is one of what I would refer to as three challenges within the business and worth describing and talking about the other two for a moment.

我們不能忽視其他四個細分市場在 2025 年第四季也實現了良好的成長，我們相信它們將在 2026 年繼續成長。在科技與購物領域，聯盟行銷是我所說的該業務的三大挑戰之一，值得花點時間描述另外兩個挑戰。

So remember, we have the B2B business that's inside of the Tech & Shopping segment. You'll recall that our strategy in 2025 was to intentionally contract revenue at a rate that would be less than the contraction of expenses. In other words, we would cut more expenses than revenues, and we did that.

所以請記住，我們的 B2B 業務屬於科技與購物領域。您應該還記得，我們​​2025年的策略是故意以低於支出縮減速度的速度縮減收入。換句話說，我們削減的開支比削減的收入還要多，而我們也確實這麼做了。

So in 2025, the B2B revenues were down $11 million year-over-year, but the EBITDA was up close to $6 million and positive. So that strategy of shrinking the footprint of that business, cutting out certain products and service lines has worked, but shows up as a revenue drag. I just want to point that piece out.

因此，到 2025 年，B2B 營收年減了 1,100 萬美元，但 EBITDA 成長了近 600 萬美元，為正值。因此，縮小業務規模、削減某些產品和服務線的策略雖然奏效了，但卻造成了收入下滑。我只是想指出這一點。

The last one is the published -- the Game Publishing business that's still a residual business that stayed within Tech & Shopping, which Bret pointed out, we sold, we're out of. That was like a $14 million, $15 million -- $14 million year-over-year bad guy in 2025 as well. So those are just two things to just point out as we think about '26 versus '25 that as we lap these things are going to be beneficial.

最後一個是已出版的遊戲出版業務，它仍然是科技與購物領域的剩餘業務，正如 Bret 指出的那樣，我們已經出售了這項業務，我們已經退出了。那就像一個年收入 1,400 萬美元、1,500 萬美元的壞人——到 2025 年，他的年收入也達到了 1,400 萬美元。所以，在考慮 2026 年與 2025 年的對比時，需要指出這兩點，隨著我們不斷進步，這些因素將會帶來好處。

But then yes, look, I think the belief that the pain that we're seeing on the affiliate commerce side in Tech & Shopping will start to improve in the second half, both because of comps as well as other initiatives, again, video monetization, licensing, building out traffic in both the RetailMeNot app and browser extension. And that collection brings the overall challenge of Tech & Shopping to being sort of more of a -- from a full year point of view, kind of a low single-digit decliner, but still a decliner.

但是，是的，我認為我們在科技和購物領域的聯盟行銷方面所看到的困境將在下半年開始好轉，這既是因為競品銷售，也是因為其他舉措，例如視訊貨幣化、授權、在 RetailMeNot 應用和瀏覽器擴充功能中增加流量。而這一系列數據使得科技與購物板塊的整體挑戰——從全年來看，跌幅可能略低於個位數，但仍是下跌趨勢。

And Ross, I think on margins, I think what I'd say is almost widen the lens for a moment. If you look back over the last several years, despite various puts and takes in the business, we've been able to largely maintain margin. It's been a deliberate effort across the company, looking at the way we do business as business dynamics change.

羅斯，我認為在邊緣問題上，我想說的是，我們不妨暫時把目光放寬一些。回顧過去幾年，儘管業務經歷了各種起伏，但我們基本上保持了利潤率。這是公司上下有意識地做出的努力，旨在隨著商業動態的變化，重新審視我們的業務開展方式。

I think as Vivek pointed out, within Tech & Shopping, we've recently shown one, our ability to do that in B2B, which has been a consistent source of revenue pressure for the last several years and taking action to look at how we run the business and maintain margin and produce margin, taking some actions on some drags like Humble Games.

我認為正如 Vivek 指出的那樣，在科技和購物領域，我們最近已經展現了我們在 B2B 領域的能力，這在過去幾年一直是持續的收入壓力來源，我們正在採取行動審視我們經營業務的方式，並維持和創造利潤，同時對一些拖累因素（例如 Humble Games）採取了一些措施。

And then in the first quarter, I think what we're largely looking at is just the flow-through impact of some of that revenue softness, coupled with a little bit of mix change in some of the other businesses. And then as we look at -- I'm sorry, as we look at the company overall for fiscal year '26, as Vivek noted, in our view, it's kind of a little bit of a first half, second half story. And overall, if we progress as sort of anticipated, we think we'll be in the range of delivering upon what we said.

然後，我認為在第一季度，我們主要看到的只是部分營收疲軟帶來的連鎖反應，再加上其他一些業務組合的些許變化。然後，當我們審視——抱歉，當我們審視公司 2026 財年的整體情況時，正如 Vivek 指出的那樣，在我們看來，這有點像是一個上半年和下半年的故事。總的來說，如果我們能如預期發展，我們認為我們就能實現我們所做的承諾。

(Operator Instructions)

（操作說明）

Shyam Patil.

沙姆·帕蒂爾。

Hey guys, thanks for all the color on the segments. I had one on Tech & Shopping and one on M&A. Just on Tech & Shopping, Vivek, I know you guys have talked about there being a lot of moving parts in that business for this year.

嘿，夥計們，感謝你們為各個部分增添色彩。我寫過一篇關於科技與購物的文章，還有一篇關於併購的文章。關於科技與購物方面，Vivek，我知道你們討論過今年這個行業有很多變數。

But how do you think about kind of what's the right growth rate or growth range for that business going forward, not just in '26, but just from a high-level perspective, what kind of growth rate do you think that business should have margin profile as well?

但是，您認為該業務未來合適的成長率或成長範圍是多少？不僅是 2026 年，而是從宏觀角度來看，您認為該業務的成長率和利潤率應該達到什麼樣的水平？

And then on M&A, where do you see opportunities this year for M&A? Just kind of curious which segments, which pockets? Thank you.

那麼，在併購方面，您認為今年有哪些併購機會？我只是有點好奇是哪些部分，哪些口袋？謝謝。

Yeah, No, great question, Shyam. So I'll start on the long-term outlook on Tech & Shopping. And I don't believe it should be very different than our other Digital Media segments, principally Gaming & Entertainment and Health & Wellness. And so I think it should be a mid-single-digit grower.

是的，Shyam，問得好。那麼，我將從科技與購物的長期前景開始談起。我不認為它與我們的其他數位媒體板塊（主要是遊戲與娛樂以及健康與保健）會有太大的不同。所以我認為它的漲幅應該在個位數中等。

But again, I think we have to get through this phase where the search challenges within the affiliate commerce business that, by the way, was a business we created from scratch when we first bought the assets that make up a lot of this segment. And so look, we were very successful in creating a new form of monetization when we initially acquired a lot of the assets in this category.

但我認為我們必須度過這個階段，即聯盟電商業務中的搜尋挑戰。順便說一句，這個業務是我們當初收購構成該領域大部分資產時從零開始創建的。所以你看，當我們最初收購這一類別的大量資產時，我們成功地創造了一種新的獲利模式。

And I think we're very confident that we will find new forms of monetization within these brands. And by the way, when we talk about Tech & Shopping, we're talking about market-leading brands. CNET Group and RetailMeNot Group are leaders in their respective categories of Technology & Shopping.

而且我認為我們非常有信心，我們將在這些品牌中找到新的獲利方式。順便說一句，當我們談論科技與購物時，我們指的是市場領先的品牌。CNET集團和RetailMeNot集團分別是科技和購物領域的領導者。

With respect to M&A, look, we believe that the market fear in digital media is actually presents us with a pretty unique opportunity to be an active buyer in this space. Look, the valuations are compelling. You see our own, and we're an at-scale diversified entity. You can imagine what businesses that don't have our scale of diversification, they ultimately trade for.

就併購而言，我們認為數位媒體市場的恐慌實際上為我們提供了一個非常獨特的機會，讓我們成為該領域的積極買家。你看，這些估值很有吸引力。您可以看到我們自己的公司，我們是一家規模龐大的多元化企業。你可以想像，那些沒有像我們這樣多元化規模的企業，最終會用什麼來交換。

And I think there's -- I think the fear is overly pronounced. And while there are certainly headwinds and we're experiencing those within our business, we've shown a fair amount of resilience in the face of these pressures and believe we've got a pretty good track record in business transformation and managing these really high-quality brands. And that's the key is going to -- our focus from an M&A point of view are really high-quality brands in high-value categories.

我認為──我認為這種恐懼被誇大了。雖然我們確實面臨著一些不利因素，而且我們的業務也正在經歷這些不利因素，但我們在面對這些壓力時表現出了相當強的韌性，並且相信我們在業務轉型和管理這些真正高質量的品牌方面有著相當不錯的業績記錄。關鍵在於——從併購的角度來看，我們的重點是高價值類別中的高品質品牌。

So look, we've got the cash. We certainly have the free cash flow generation. And so we're going to continue to look for attractive opportunities. And so I think both things can be true, by the way, that we can be very focused on opportunities within the M&A landscape while we continue in the strategic review process to unlock value for shareholders.

你看，我們有錢。我們當然有足夠的自由現金流。因此，我們將繼續尋找有吸引力的機會。因此，我認為這兩件事都可以是真的，也就是說，我們可以非常專注於併購領域的機會，同時繼續進行策略審查，為股東釋放價值。

Danny Pfeiffer, JPMorgan.

丹尼普費弗，摩根大通。

Hey, thanks for the questions. For the first, as you have discussions with outside advisers on the sale of businesses, can you provide any color on what divisions prospective buyers have been looking at the most?

嘿，謝謝你的提問。首先，當您與外部顧問討論企業出售事宜時，您能否透露一下潛在買家最關注哪些部門？

And then for the second, putting the AI headwinds aside, can you provide us with an update on the broader trends you're seeing in the ad market today? Thanks.

其次，拋開人工智慧帶來的不利因素，您能否為我們介紹您目前在廣告市場中觀察到的更廣泛的趨勢？謝謝。

Yeah. So listen, look, we wish we could share more. But look, as we said in our prepared remarks, it's an active process. We promise and we're going to provide updates as and when we're able to. But right now, that's all I can really say at this point.

是的。所以，聽著，我們真希望能夠分享更多。但是，正如我們在準備好的演講稿中所說，這是一個積極的過程。我們承諾，一旦有最新消息，我們將及時提供更新。但現在，我只能說這麼多了。

On your question about the ad market, and I often say, look, for us, at least the ad market is not one market, it's three. And I would say that if you unpack each of those, so we take Gaming & Entertainment last year, roughly 5% ad revenue growth. I think that will be consistent going into 2026.

關於你提出的廣告市場問題，我常說，你看，至少對我們來說，廣告市場不是一個市場，而是三個市場。我想說，如果我們逐一分析這些數據，例如去年的遊戲和娛樂產業，廣告收入成長了約 5%。我認為這種情況會持續到2026年。

Health & Wellness had a very strong double-digit advertising growth rate in 2025. I think that will moderate a bit, be more sort of mid-single-digit range. Remember, in 2025 for us, within the Health & Wellness business, we had some acquisitions that accelerated some of that revenue growth. So the organic, I think, is mid-single digits. So I think both Gaming & Entertainment and Health & Wellness, which is largely pharma, is good.

2025年，健康與保健領域的廣告成長率非常強勁，達到兩位數。我認為這個數字會稍微緩和一些，大概會降到個位數的中等程度。請記住，到 2025 年，在健康與保健業務方面，我們進行了一些收購，加速了部分收入成長。所以，我認為有機產品的比例在個位數中段。所以我認為遊戲娛樂和健康保健（主要涉及醫藥）都是好行業。

And I think we're happy with where we are there. It's the Tech & Shopping experience, which, again, I would bifurcate kind of the affiliate commerce from the non-affiliate commerce. I think the non-affiliate commerce, we feel pretty good about. It's the -- and the non-B2B, I should point out. But it's the affiliate commerce piece that we're going to have to work through a couple of quarters of challenges before we get to kind of the other side of that.

我認為我們對目前所處的位置感到滿意。這是科技與購物體驗，我再次強調，我將聯盟行銷與非聯盟行銷區分開來。我認為我們對非聯盟行銷的情況相當滿意。我應該指出，這是——而且是非B2B業務。但是，在聯盟行銷方面，我們需要克服幾個季度的挑戰才能最終克服這些挑戰。

(Operator Instructions)

（操作說明）

Robert Coolbrith, Evercore ISI.

Robert Coolbrith，Evercore ISI。

Hey, good morning, and thanks for the, opportunity to ask a question can you speak more directly to both the traffic and the value at risk in Health & Wellness from search in general as well as some -- there's some concerns, I think, in the market around AI-based competition on the clinician side. So if you can maybe talk a little bit about that as well.

嘿，早上好，感謝您給我這個提問的機會。您能否更直接地談談搜尋在健康與保健領域的流量和風險價值，以及一些其他方面——我認為，在臨床醫生方面，市場對基於人工智慧的競爭存在一些擔憂。所以，如果您也能稍微談談這方面的話。

And then finally, just to go back to M&A as both a buyer and seller, just given the level of AI-related uncertainty as well as the embedded call option on AI licensing, do you see that sort of freezing up the market? Or are you and potential counterparties able to sort of see through that, work through that? Thank you.

最後，回到併購領域，作為買方和賣方，考慮到人工智慧相關的不確定性以及人工智慧授權中存在的隱性選擇權，您認為這會導致市場凍結嗎？或者，你和潛在的交易對手是否能夠看穿這一點，並解決這個問題？謝謝。

Great questions, Rob. So with respect to the search dynamics within Health & Wellness, that's not an area that I'm really concerned. Much of the inventory within that segment is not search based. So we have our partnership, our hospital ad network, Mayo Clinic and Cleveland Clinic and hopefully soon adding some more to that network. We do these custom condition centers, which really don't rely on search engine traffic. We have our direct-to-provider business, which is largely e-mail and other forms of physician engagement.

羅布，問得好。所以就健康與保健領域的搜尋動態而言，這並不是我真正關心的領域。該細分市場中的許多庫存並非基於搜尋。所以我們有了合作關係，我們的醫院廣告網絡，包括梅奧診所和克利夫蘭診所，希望很快能將更多診所加入這個網絡。我們做這些客製化的條件中心，它們其實並不依賴搜尋引擎流量。我們有直接面向醫療服務提供者的業務，主要透過電子郵件和其他形式的醫生互動。

So with respect to H&W, Health & Wellness, I'm not concerned about whatever the search dynamics are. And so what I would say is that it's more of a pharma commercialization business where we work with pharma to commercialize their drugs and to drive patient adherence as well as helping influence doctors' understandings of the prescription opportunities that are available to them.

所以就 H&W（健康與保健）而言，我並不關心搜尋動態如何。因此，我認為它更像是一個醫藥商業化業務，我們與製藥公司合作，實現其藥物的商業化，提高患者的用藥依從性，並幫助影響醫生對他們可獲得的處方機會的理解。

I think with respect to your question on AI and M&A, look, I think that deals can be done, and I understand your point, which is some folks may be holding out just given that there could be a potential windfall on the AI licensing front and so may not be willing to transact right now.

關於你提出的人工智慧和併購問題，我認為交易是可以達成的，我也理解你的觀點，即有些人可能因為人工智慧授權方面可能存在潛在的意外之財而持觀望態度，因此可能不願意現在進行交易。

And I think it's a balance. Look, that's certainly a question that's out there that until we really understand what the revenue framework and potential is around licensed content for LLMs, you may have certain owners of content assets skittish about transacting. That's certainly out there.

我認為這是一種平衡。你看，這確實是一個值得探討的問題。在我們真正了解LLM授權內容的收入框架和潛力之前，某些內容資產所有者可能會對交易感到猶豫不決。這當然是存在的。

On the other hand, I think there are folks who just sit there and say, look, it's a difficult market, might be time for them to concede or to capitulate or they find it difficult to sort of bridge where they are to where they want to go, and that will be an opportunity for us.

另一方面，我認為有些人會坐在那裡說，你看，這是一個艱難的市場，也許是時候讓他們讓步或屈服了，或者他們發現很難從現狀過渡到他們想要達到的目標，而這將是我們的機會。

So look, I think it depends. I don't think there's one answer. That's certainly come up because people view it as a free option on AI licensing revenues in the future, but we'll see. And look, I think more broadly, I do think that there aren't as many buyers positioned the way we are positioned in terms of balance sheet capabilities, skill set, platforms and frankly, interest in these assets.

所以，我覺得這要看情況。我認為這個問題沒有唯一的答案。這確實被提及過，因為人們將其視為未來人工智慧授權收入的一個免費選項，但我們拭目以待。而且，從更廣泛的角度來看，我認為，在資產負債表能力、技能組合、平台以及坦白說，對這些資產的興趣方面，像我們這樣處於有利地位的買家並不多。

Got it. And just if we could go back to the growing AI footprint or the footprint of AI tools on the clinician side. Are you seeing any impact there or no real impact?

知道了。如果我們能回到人工智慧在臨床醫生領域日益增長的應用範圍，或者說人工智慧工具的應用範圍，那就好了。你覺得那裡有什麼影響嗎？還是根本沒有影響？

It's a good question. I mean I certainly believe that physicians like pretty much everyone else are using these AI tools in their day-to-day. And look, I think that obviously is something that will present, I imagine, marketing opportunities, et cetera.

這是個好問題。我的意思是，我當然相信醫生和幾乎所有人一樣，都在日常工作中使用這些人工智慧工具。而且，我認為這顯然會帶來行銷機會等等。

And so look, yes, look, I think that any and all tools that attract physician attention are valuable tools. And so we think we have valuable news, information, continuing medical education. The advantage of continuing medical education is providers need to get their CME credits. So we feel pretty good about a physician engagement platform that is tied to the need to get CME credits.

所以，是的，我認為任何能夠吸引醫生注意力的工具都是有價值的工具。因此，我們認為我們擁有有價值的新聞、資訊和繼續醫學教育資源。持續醫學教育的優點在於，醫療服務提供者需要獲得繼續醫學教育學分。因此，我們對與獲得繼續醫學教育學分掛鉤的醫生互動平台感到非常滿意。

Very helpful, thank you.

非常有用，謝謝。

Thank you and there are no further questions in queue at this time. I would now like to hand the call back to Bret Richter for any closing remarks.

謝謝，目前沒有其他問題需要提問了。現在我謹將電話交還給布雷特·里希特，請他作總結發言。

Thanks, Tom, and thanks, everyone, for joining us today. We appreciate your ongoing investment and time, and we look forward to speaking with you in the next couple of months and in our upcoming Q1 earnings call.

謝謝湯姆，也謝謝各位今天收看我們的節目。我們感謝您一直以來的投入和時間，期待在接下來的幾個月以及即將到來的第一季財報電話會議上與您交流。

Thank you. This does conclude today's conference call. You can disconnect your phone lines at this time, and have a wonderful day. Thank you once again for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開電話線了，祝您有美好的一天。再次感謝您的參與。