<p>学乐集团（SCHL）已召开第二季度财报电话会议。请继续阅读以了解会议的主要亮点。</p>
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<p>学乐集团最新的财报电话会议描绘了一幅公司成功利用其在儿童出版领域核心优势的图景，同时应对教育和娱乐领域的部分疲软。管理层整体上保持乐观的语气，强调了稳健的调整后 EBITDA 增长、强劲的书展和贸易出版势头，以及严格的资本配置，尽管他们承认教育资金延迟和娱乐内容交付缓慢带来的压力。</p>
<h2>13% 的调整后 EBITDA 增长凸显运营势头</h2>
<p>学乐集团在第二季度实现了 13% 的调整后 EBITDA 增长，展示了其业务的盈利能力和运营杠杆的改善。管理层还重申了其 2026 财年的盈利指引，表明尽管某些细分市场面临压力，但当前的利润率和收入结构的轨迹可以持续。这种短期业绩与长期指引的结合帮助将本季度框定为公司多年计划中的一步。</p>
<h2>售后回租解锁超过 4 亿美元并推动回购</h2>
<p>公司完成了两项重要的售后回租交易，解锁了超过 4 亿美元的净收益，并强化了对资产负债表优化的严格管理。对投资者而言，一个关键亮点是决定将部分资金用于扩大股票回购授权，增加了 1.5 亿美元。这一举措表明管理层认为股票仍具吸引力，并强调了在保持战略灵活性的同时向股东返还资本的承诺。</p>
<h2>儿童图书出版和分销推动收入增长</h2>
<p>学乐集团的核心儿童图书出版和分销部门再次引领增长，第二季度收入增长 4%，达到 3.809 亿美元。增长得益于学校书展和贸易出版的强劲表现，强化了公司在学校阅读活动中的持久优势及其吸引年轻读者的能力。该部门继续作为增长和盈利的主要引擎，抵消了其他部分的疲软。</p>
<h2>书展收入增长，单场活动收入提升</h2>
<p>在儿童部门，书展依然表现突出，收入同比增长 5%。管理层指出，书展数量增加和每场书展的收入提升，表明学乐不仅在学校扩大了影响力，还从每个活动中提取了更多价值。强劲的返校季表明，尽管消费者行为发生了更广泛的变化，但对面对面阅读体验和精心策划的图书产品的需求依然强劲。</p>
<h2>贸易出版因热门书籍和强大书单而表现出色</h2>
<p>贸易出版在本季度实现了 7% 的收入增长，得益于强大的出版计划和学乐关键系列的持久吸引力。一个显著的推动因素是戴夫·皮尔基（Dave Pilkey）在《狗狗人》系列中的最新作品《大吉姆相信》，这帮助贸易销售提升至 1.104 亿美元。这一表现突显了学乐在热门儿童作品上的资本化能力，并强调了以系列驱动的出版在维持增长中的重要性。</p>
<h2>国际部门实现稳健的收入增长</h2>
<p>学乐集团的国际部门也为本季度的积极叙述做出了贡献，收入从 8670 万美元上升至 8950 万美元。增长得益于在关键市场中领先系列的强劲表现，展示了公司品牌的全球共鸣。尽管国际业务相较于美国业务仍然较小，但它为收入提供了有价值的多样化，并为全球范围内成功系列的扩展提供了平台。</p>
<h2>教育部门因资金延迟和决策缓慢而受挫</h2>
<p>与贸易和书展的强劲表现形成对比，教育部门面临重大挑战，收入从 7120 万美元下降至 6220 万美元。管理层将下降主要归因于联邦拨款的延迟和学区决策周期的放缓，这对近期销售造成了压力。尽管这些问题似乎更具周期性而非结构性，但它们突显了业务对公共资金时间表和采购流程的敏感性，并且仍然是需要关注的关键风险领域。</p>
<h2>娱乐收入因交付集数减少而下降</h2>
<p>娱乐部门的收入下降了 170 万美元，降至 1510 万美元，反映了本季度交付集数的减少。这一下滑说明了媒体相关业务中生产和交付时间表的固有不稳定性。尽管管理层对娱乐在延续知识产权方面的战略重要性持积极态度，但季度收入的波动突显了为什么出版和书展仍然是公司的财务支柱。</p>
<h2>书籍俱乐部因教师赞助减少而承压</h2>
<p>书籍俱乐部继续是一个较为疲软的领域，收入从 3320 万美元下降至 2850 万美元，主要是由于教师赞助的减少。随着课堂动态的演变和教育工作者面临的时间要求增加，学乐必须调整其书籍俱乐部模式，以保持相关性和便利性。该部门的下降与书展的强劲表现形成对比，表明基于学校的阅读项目正在分化，一些形式的表现优于其他形式。</p>
<h2>指引与展望：尽管各部门表现不一，但对增长充满信心</h2>
<p>展望未来，学乐集团重申了其 2026 财年的盈利指引，得益于 13% 的调整后 EBITDA 增长和强劲的返校季，使季度收入达到 5.511 亿美元，同比增长 1%。净收入从 5200 万美元攀升至 6630 万美元，调整后每股摊薄收益从 1.82 美元上升至 2.57 美元。管理层预计学校阅读活动和娱乐部门将继续实现收入增长，同时在贸易和国际收入方面则可能出现适度下降，原因是与特别强劲的去年同期相比。公司还计划继续利用其出售回租的资本，包括扩大至 1.5 亿美元的股票回购授权，以提升股东回报，同时投资于增长计划。</p>
<p>总之，学乐集团的财报电话会议展示了一家依靠其核心优势——儿童出版、书展和强大的品牌——的公司，同时应对教育领域的资金压力和娱乐领域的时机相关波动。重申的长期指引、强劲的盈利指标和以股东为中心的资本配置支撑了整体积极的前景，尽管投资者仍需关注教育和书籍俱乐部业务能多快稳定并重新加速。</p>

学乐集团

<p>学乐集团第二季度的财报电话会议强调了调整后 EBITDA 增长了 13%，这得益于儿童图书出版和分销的强劲表现，特别是在学校书展和贸易出版方面。公司完成了售后回租交易，解锁了超过 4 亿美元的资金，并将其股票回购授权扩大了 1.5 亿美元。由于资金延迟和交付集数减少，教育和娱乐板块面临挑战。总体而言，学乐集团对其 2026 财年的盈利指引和战略增长计划保持乐观</p>

<p>Scholastic ((SCHL)) has held its Q2 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>学乐集团（SCHL）已召开第二季度财报电话会议。请继续阅读以了解会议的主要亮点。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
<div class="lb-trans"><h3>享受 TipRanks Premium 50% 折扣，自信投资</h3>
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<li>通过最新的新闻和分析保持市场领先，使您的投资组合始终处于最大潜力的状态</li>
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</div><p>Scholastic’s latest earnings call painted a picture of a company successfully leveraging its core strengths in children’s publishing while navigating pockets of softness in education and entertainment. Management struck an overall optimistic tone, underscoring solid adjusted EBITDA growth, strong book fairs and trade publishing momentum, and disciplined capital allocation, even as they acknowledged pressure from delayed education funding and slower content delivery in entertainment.</p>
<div class="lb-trans"><p>学乐集团最新的财报电话会议描绘了一幅公司成功利用其在儿童出版领域核心优势的图景，同时应对教育和娱乐领域的部分疲软。管理层整体上保持乐观的语气，强调了稳健的调整后 EBITDA 增长、强劲的书展和贸易出版势头，以及严格的资本配置，尽管他们承认教育资金延迟和娱乐内容交付缓慢带来的压力。</p>
</div><h2>13% Adjusted EBITDA Growth Underscores Operating Momentum</h2>
<div class="lb-trans"><h2>13% 的调整后 EBITDA 增长凸显运营势头</h2>
</div><p>Scholastic delivered a 13% increase in adjusted EBITDA in the second quarter, demonstrating improving profitability and operating leverage across its business. Management also reaffirmed its fiscal 2026 earnings guidance, signaling confidence that the current trajectory in margins and revenue mix can be sustained despite some segment-level headwinds. This combination of near-term performance and longer-term guidance helped frame the quarter as a step forward in the company’s multi-year plan.</p>
<div class="lb-trans"><p>学乐集团在第二季度实现了 13% 的调整后 EBITDA 增长，展示了其业务的盈利能力和运营杠杆的改善。管理层还重申了其 2026 财年的盈利指引，表明尽管某些细分市场面临压力，但当前的利润率和收入结构的轨迹可以持续。这种短期业绩与长期指引的结合帮助将本季度框定为公司多年计划中的一步。</p>
</div><h2>Sale-Leasebacks Unlock Over $400 Million and Fuel Buybacks</h2>
<div class="lb-trans"><h2>售后回租解锁超过 4 亿美元并推动回购</h2>
</div><p>The company closed two significant sale leaseback transactions, unlocking more than $400 million in net proceeds and reinforcing a disciplined approach to balance sheet optimization. A key highlight for investors was the decision to channel part of this capital into an expanded share repurchase authorization, which was raised by $150 million. This move signals management’s belief that the stock remains attractive and underscores a commitment to returning capital to shareholders while maintaining strategic flexibility.</p>
<div class="lb-trans"><p>公司完成了两项重要的售后回租交易，解锁了超过 4 亿美元的净收益，并强化了对资产负债表优化的严格管理。对投资者而言，一个关键亮点是决定将部分资金用于扩大股票回购授权，增加了 1.5 亿美元。这一举措表明管理层认为股票仍具吸引力，并强调了在保持战略灵活性的同时向股东返还资本的承诺。</p>
</div><h2>Children’s Book Publishing and Distribution Drives Top-Line Growth</h2>
<div class="lb-trans"><h2>儿童图书出版和分销推动收入增长</h2>
</div><p>Scholastic’s core Children’s Book Publishing and Distribution segment once again led the way, with second-quarter revenues rising 4% to $380.9 million. The growth was powered by robust performance in school book fairs and trade publishing, reinforcing the company’s enduring strength in school-based reading events and its ability to engage young readers. This segment continues to serve as the primary engine of both growth and profitability, offsetting softness in other parts of the portfolio.</p>
<div class="lb-trans"><p>学乐集团的核心儿童图书出版和分销部门再次引领增长，第二季度收入增长 4%，达到 3.809 亿美元。增长得益于学校书展和贸易出版的强劲表现，强化了公司在学校阅读活动中的持久优势及其吸引年轻读者的能力。该部门继续作为增长和盈利的主要引擎，抵消了其他部分的疲软。</p>
</div><h2>Book Fairs Power Ahead With Higher Revenue per Event</h2>
<div class="lb-trans"><h2>书展收入增长，单场活动收入提升</h2>
</div><p>Within the children’s segment, book fairs remained a standout performer, with revenue climbing 5% year over year. Management pointed to both higher fair counts and increased revenue per fair, indicating that Scholastic is not only expanding its footprint in schools but also extracting more value from each event. The strong back-to-school season suggests that demand for in-person reading experiences and curated book offerings remains resilient despite broader shifts in consumer behavior.</p>
<div class="lb-trans"><p>在儿童部门，书展依然表现突出，收入同比增长 5%。管理层指出，书展数量增加和每场书展的收入提升，表明学乐不仅在学校扩大了影响力，还从每个活动中提取了更多价值。强劲的返校季表明，尽管消费者行为发生了更广泛的变化，但对面对面阅读体验和精心策划的图书产品的需求依然强劲。</p>
</div><h2>Trade Publishing Shines on Hit Titles and Strong List</h2>
<div class="lb-trans"><h2>贸易出版因热门书籍和强大书单而表现出色</h2>
</div><p>Trade publishing delivered a 7% revenue increase in the quarter, supported by a strong release slate and the enduring appeal of Scholastic’s key franchises. A notable driver was Dave Pilkey’s latest installment in the Dog Man series, “Big Jim believes,” which helped lift trade sales to $110.4 million. The performance highlights Scholastic’s ability to capitalize on blockbuster children’s properties and underscores the importance of franchise-driven publishing in maintaining growth.</p>
<div class="lb-trans"><p>贸易出版在本季度实现了 7% 的收入增长，得益于强大的出版计划和学乐关键系列的持久吸引力。一个显著的推动因素是戴夫·皮尔基（Dave Pilkey）在《狗狗人》系列中的最新作品《大吉姆相信》，这帮助贸易销售提升至 1.104 亿美元。这一表现突显了学乐在热门儿童作品上的资本化能力，并强调了以系列驱动的出版在维持增长中的重要性。</p>
</div><h2>International Segment Posts Solid Revenue Growth</h2>
<div class="lb-trans"><h2>国际部门实现稳健的收入增长</h2>
</div><p>Scholastic’s international segment also contributed to the quarter’s positive narrative, with revenues rising to $89.5 million from $86.7 million. Growth was driven by strong performance from leading franchises across key markets, demonstrating the global resonance of the company’s brands. While international remains a smaller contributor relative to the U.S. business, it provides a valuable diversification of revenue and a platform for scaling successful series worldwide.</p>
<div class="lb-trans"><p>学乐集团的国际部门也为本季度的积极叙述做出了贡献，收入从 8670 万美元上升至 8950 万美元。增长得益于在关键市场中领先系列的强劲表现，展示了公司品牌的全球共鸣。尽管国际业务相较于美国业务仍然较小，但它为收入提供了有价值的多样化，并为全球范围内成功系列的扩展提供了平台。</p>
</div><h2>Education Segment Hit by Delayed Funding and Slower Decisions</h2>
<div class="lb-trans"><h2>教育部门因资金延迟和决策缓慢而受挫</h2>
</div><p>In contrast to the strength in trade and fairs, the Education segment faced meaningful challenges, with revenues falling to $62.2 million from $71.2 million. Management attributed the decline primarily to delayed federal disbursements and slower decision cycles at school districts, which weighed on near-term sales. While these issues appear more cyclical than structural, they highlight the business’s sensitivity to public funding timelines and procurement processes, and they remain a key risk area to monitor.</p>
<div class="lb-trans"><p>与贸易和书展的强劲表现形成对比，教育部门面临重大挑战，收入从 7120 万美元下降至 6220 万美元。管理层将下降主要归因于联邦拨款的延迟和学区决策周期的放缓，这对近期销售造成了压力。尽管这些问题似乎更具周期性而非结构性，但它们突显了业务对公共资金时间表和采购流程的敏感性，并且仍然是需要关注的关键风险领域。</p>
</div><h2>Entertainment Revenue Declines on Fewer Episode Deliveries</h2>
<div class="lb-trans"><h2>娱乐收入因交付集数减少而下降</h2>
</div><p>The Entertainment segment saw revenues slip by $1.7 million to $15.1 million, reflecting fewer episode deliveries in the quarter. The downturn illustrates the inherent lumpiness of production and delivery schedules in media-related businesses. Although management remains positive on the strategic importance of entertainment for extending intellectual property, the quarterly revenue volatility underscores why publishing and fairs remain the company’s financial backbone.</p>
<div class="lb-trans"><p>娱乐部门的收入下降了 170 万美元，降至 1510 万美元，反映了本季度交付集数的减少。这一下滑说明了媒体相关业务中生产和交付时间表的固有不稳定性。尽管管理层对娱乐在延续知识产权方面的战略重要性持积极态度，但季度收入的波动突显了为什么出版和书展仍然是公司的财务支柱。</p>
</div><h2>Book Clubs Feel Pressure from Fewer Teacher Sponsors</h2>
<div class="lb-trans"><h2>书籍俱乐部因教师赞助减少而承压</h2>
</div><p>Book Clubs continued to be a softer spot, with revenues declining to $28.5 million from $33.2 million, largely due to a reduction in teacher sponsors. As classroom dynamics evolve and educators face increased demands on their time, Scholastic must adapt its Book Clubs model to stay relevant and convenient. The segment’s decline contrasts with the strength in book fairs, suggesting that school-based reading programs are fragmenting, with some formats faring better than others.</p>
<div class="lb-trans"><p>书籍俱乐部继续是一个较为疲软的领域，收入从 3320 万美元下降至 2850 万美元，主要是由于教师赞助的减少。随着课堂动态的演变和教育工作者面临的时间要求增加，学乐必须调整其书籍俱乐部模式，以保持相关性和便利性。该部门的下降与书展的强劲表现形成对比，表明基于学校的阅读项目正在分化，一些形式的表现优于其他形式。</p>
</div><h2>Guidance and Outlook: Confident on Growth Despite Mixed Segments</h2>
<div class="lb-trans"><h2>指引与展望：尽管各部门表现不一，但对增长充满信心</h2>
</div><p>Looking ahead, Scholastic reaffirmed its FY 2026 earnings guidance, supported by the 13% adjusted EBITDA growth and a solid back-to-school season that pushed quarterly revenues to $551.1 million, up 1% from last year. Net income climbed to $66.3 million from $52 million, with adjusted earnings per diluted share rising to $2.57 from $1.82. Management expects continued revenue growth in school reading events and the entertainment division, while signaling modest declines in trade and international revenues against a particularly strong prior-year comparison. The company also plans to continue using capital from its sale leasebacks, including an expanded $150 million share repurchase authorization, to enhance shareholder returns while investing in growth initiatives.</p>
<div class="lb-trans"><p>展望未来，学乐集团重申了其 2026 财年的盈利指引，得益于 13% 的调整后 EBITDA 增长和强劲的返校季，使季度收入达到 5.511 亿美元，同比增长 1%。净收入从 5200 万美元攀升至 6630 万美元，调整后每股摊薄收益从 1.82 美元上升至 2.57 美元。管理层预计学校阅读活动和娱乐部门将继续实现收入增长，同时在贸易和国际收入方面则可能出现适度下降，原因是与特别强劲的去年同期相比。公司还计划继续利用其出售回租的资本，包括扩大至 1.5 亿美元的股票回购授权，以提升股东回报，同时投资于增长计划。</p>
</div><p>In sum, Scholastic’s earnings call showcased a company leaning on its core strengths—children’s publishing, book fairs, and powerful franchises—while working through funding-driven pressure in education and timing-related volatility in entertainment. The reaffirmed long-term guidance, strong profitability metrics, and shareholder-friendly capital allocation underpin a broadly positive outlook, even as investors will need to watch how quickly the education and Book Clubs businesses can stabilize and re-accelerate.</p>
<div class="lb-trans"><p>总之，学乐集团的财报电话会议展示了一家依靠其核心优势——儿童出版、书展和强大的品牌——的公司，同时应对教育领域的资金压力和娱乐领域的时机相关波动。重申的长期指引、强劲的盈利指标和以股东为中心的资本配置支撑了整体积极的前景，尽管投资者仍需关注教育和书籍俱乐部业务能多快稳定并重新加速。</p>
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学乐集团的财报电话会议突显出核心业务的强劲增长