<p>Skillsoft Corp ((SKIL)) 举行了第四季度财报电话会议。以下是会议的主要亮点。</p>
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<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Skillsoft 最近的财报电话会议描绘了一个谨慎乐观的前景，管理层强调在以人工智能为主导的转型、严格的成本控制和更强的现金生成方面取得了实质性进展。尽管收入下滑，GAAP 亏损因减值和重组而扩大，但语气更为积极，因为利润率的提升和人工智能参与度的激增表明，尽管面临宏观经济和地缘政治的逆风，转型正在取得成效。</p>
<h2>人工智能原生转型重塑 Skillsoft 核心业务</h2>
<p>Skillsoft 宣布其战略重组基本完成，重新定位为一个以人工智能为核心的技能平台，围绕内容、平台和数据构建。一个核心是新的人工智能原生 Percipio 平台，该平台于九月推出，并将在二月全面上线，管理层视其为未来增长和竞争差异化的基础。</p>
<h2>成本削减推动有针对性的再投资</h2>
<p>公司削减了大约 4500 万美元的总成本，然后故意将其中一半重新投入到市场推广资源和人工智能产品创新中。高管们强调，这反映出一种更为严谨的资本配置方法，削减传统支出，同时仍然为他们认为在新战略中回报最高的领域提供资金。</p>
<h2>新平台显示早期客户吸引力</h2>
<p>在产品方面，Skillsoft 推进了其路线图，包括对 CAISY 人工智能能力的升级和新平台的广泛推出。该产品已经拥有 15 个付费客户，公司正在内部使用该平台来完善功能并加速学习，显示出市场上早期但实质性的吸引力。</p>
<h2>人工智能参与度指标在整个产品组合中激增</h2>
<p>管理层强调人工智能使用量同比大幅增加，表明其新能力的强劲采用。人工智能技能基准完成率跃升 994%，而人工智能内容和人工智能旅程的完成率分别上升 261% 和 222%，CAISY 用户和启动数量也大幅增长，增强了对人工智能作为关键增长驱动力的信心。</p>
<h2>调整后 EBITDA 改善</h2>
<p>本季度调整后 EBITDA 达到 3120 万美元，同比增长约 4%，调整后 EBITDA 利润率从 22.4% 扩大至 23.9%。TDS 部门贡献了大约 3300 万美元的 EBITDA，并推动了大部分改善，突显该部门作为公司利润引擎的角色。</p>
<h2>自由现金流转正，杠杆率降低</h2>
<p>本季度自由现金流同比增长超过一倍，达到 2650 万美元，帮助全年自由现金流略微转正，约为 650 万美元，略高于预期。现金及现金等价物为 1.045 亿美元，而净债务略降至约 4.74 亿美元，显示出资产负债表的逐步改善。</p>
<h2>费用效率支持增长投资</h2>
<p>运营费用显著下降，内容和软件开发、销售和市场营销各下降约 5%，而一般和行政费用同比下降约 13%。总运营费用下降 4.2%，即 430 万美元，使 Skillsoft 能够将节省下来的资金再投资于战略增长领域，而不牺牲盈利能力。</p>
<h2>指引强调 TDS 盈利前景</h2>
<p>展望未来，Skillsoft 指引 TDS 2027 财年收入为 3.88 亿至 4.06 亿美元，调整后 EBITDA 为 1.08 亿至 1.16 亿美元，意味着利润率约为 28%。公司还预测 TDS 自由现金流为 1400 万至 2200 万美元，不包括 Global Knowledge，显示出对该部门现金生成能力的信心，尽管对收入的预期较为温和。</p>
<h2>收入下降和混合的收入趋势</h2>
<p>本季度总收入为 1.307 亿美元，同比下降 2.3%，增长依然乏力。TDS 收入为 1.026 亿美元，基本持平，而 Learner 和 Global Knowledge 业务未能扩展，反映出某些领域持续的需求挑战。</p>
<h2>Global Knowledge 表现不佳，触发战略审查</h2>
<p>Global Knowledge 收入下降约 9.4%，至 2800 万美元，继续低于其他业务的表现。管理层已启动战略审查，并可能剥离该部门，理由是其增长前景较弱，并希望将资本和管理注意力集中在优先级更高的资产上。</p>
<h2>GAAP 亏损扩大，调整后收益下滑</h2>
<p>本季度 GAAP 净亏损加深至 3670 万美元，而去年同期为 3110 万美元，主要由于无形资产减值和更高的重组成本。调整后净收入也回落至 1100 万美元，调整后每股收益从 2.11 美元滑落至 1.26 美元，突显出基础盈利能力与报告结果之间的差距。</p>
<h2>客户留存率稳定，但升级面临压力</h2>
<p>Skillsoft 报告 TDS 最近十二个月的美元留存率为 98%，低于去年同期的 105%，因为升级活动减缓。尽管客户留存率有所改善，但增销的下降反映出更为严峻的比较和谨慎的支出环境，限制了目前的扩展收入。</p>
<h2>更高的利用率提升了收入成本</h2>
<p>收入成本同比增长 2.5%，达到 3420 万美元，占收入的 26%，主要由于与客户利用率增加相关的实验室和认证支出增加。管理层正在调整协议结构，以遏制未来的成本超支，表明部分压力正在通过合同方式得到解决。</p>
<h2>宏观经济和地缘政治影响预订和销售</h2>
<p>高管们提到，行政命令、政府市场干扰以及更广泛的地缘政治不稳定是本季度订单减少的因素。他们还指出，全球知识销售过程受到中东冲突和买家可用性有限的影响，这增加了任何交易的时间和结果的不确定性。</p>
<h2>保守的前景反映持续的消费者疲软</h2>
<p>TDS 指导的中点暗示，收入同比略微下降约 700 万美元，几乎完全由以消费者为中心的学习业务驱动，该业务大约占 TDS 的 9%。管理层表示，该细分市场预计将继续萎缩，并且整体前景故意嵌入保守立场，以应对持续的宏观风险。</p>
<p>总之，Skillsoft 的财报电话会议展示了一家公司正在利用人工智能和效率来抵消收入疲软和宏观不确定性。投资者将关注强劲的人工智能采用、利润扩张和现金生成是否最终能够转化为更持久的收入增长，特别是在管理层重塑投资组合并执行其以 TDS 为中心的战略时。</p>

SKIL

<p>Skillsoft Corp 第四季度的财报电话会议强调了在其以人工智能为主导的转型中谨慎乐观的进展，尽管收入下滑且 GAAP 亏损扩大。该公司已重新定位为一个以人工智能为核心的技能平台，推出了 Percipio 平台。成本削减使得公司能够重新投资于人工智能创新，客户采纳初见成效。调整后的 EBITDA 有所改善，自由现金流转为正值。然而，总收入下降了 2.3%，全球知识部门面临挑战，促使公司进行战略审查。GAAP 亏损加深，客户留存率下降，显示出市场环境的谨慎</p>

<p>Skillsoft Corp ((SKIL)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Skillsoft Corp ((SKIL)) 举行了第四季度财报电话会议。以下是会议的主要亮点。</p>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Skillsoft’s latest earnings call painted a cautiously optimistic picture, with management stressing tangible progress on its AI-led transformation, tighter cost control and stronger cash generation. While revenue slipped and GAAP losses widened on impairments and restructuring, the tone leaned more constructive as margin gains and surging AI engagement suggested the turnaround is taking hold despite macro and geopolitical headwinds.</p>
<div class="lb-trans"><p>Skillsoft 最近的财报电话会议描绘了一个谨慎乐观的前景，管理层强调在以人工智能为主导的转型、严格的成本控制和更强的现金生成方面取得了实质性进展。尽管收入下滑，GAAP 亏损因减值和重组而扩大，但语气更为积极，因为利润率的提升和人工智能参与度的激增表明，尽管面临宏观经济和地缘政治的逆风，转型正在取得成效。</p>
</div><h2>AI-Native Pivot Recasts Skillsoft’s Core Business</h2>
<div class="lb-trans"><h2>人工智能原生转型重塑 Skillsoft 核心业务</h2>
</div><p>Skillsoft declared its strategic overhaul largely complete, repositioning itself as an AI-native skills platform built around content, platform and data. A centerpiece is the new AI-native Percipio platform, unveiled in September and moving to general availability in February, which management views as the foundation for future growth and competitive differentiation.</p>
<div class="lb-trans"><p>Skillsoft 宣布其战略重组基本完成，重新定位为一个以人工智能为核心的技能平台，围绕内容、平台和数据构建。一个核心是新的人工智能原生 Percipio 平台，该平台于九月推出，并将在二月全面上线，管理层视其为未来增长和竞争差异化的基础。</p>
</div><h2>Cost Cuts Fuel Targeted Reinvestment</h2>
<div class="lb-trans"><h2>成本削减推动有针对性的再投资</h2>
</div><p>The company removed roughly $45 million of gross costs, then deliberately recycled about half into go-to-market resources and AI product innovation. Executives emphasized that this reflects a more disciplined capital allocation approach, trimming legacy spending while still funding the areas they see as highest return in the new strategy.</p>
<div class="lb-trans"><p>公司削减了大约 4500 万美元的总成本，然后故意将其中一半重新投入到市场推广资源和人工智能产品创新中。高管们强调，这反映出一种更为严谨的资本配置方法，削减传统支出，同时仍然为他们认为在新战略中回报最高的领域提供资金。</p>
</div><h2>New Platform Shows Early Customer Traction</h2>
<div class="lb-trans"><h2>新平台显示早期客户吸引力</h2>
</div><p>On the product side, Skillsoft advanced its roadmap, including upgrades to its CAISY AI capabilities and the broad rollout of the new platform. The offering already has 15 paying customers, and the company is using the platform internally to refine features and accelerate learning, signaling early but tangible traction in the market.</p>
<div class="lb-trans"><p>在产品方面，Skillsoft 推进了其路线图，包括对 CAISY 人工智能能力的升级和新平台的广泛推出。该产品已经拥有 15 个付费客户，公司正在内部使用该平台来完善功能并加速学习，显示出市场上早期但实质性的吸引力。</p>
</div><h2>AI Engagement Metrics Surge Across the Portfolio</h2>
<div class="lb-trans"><h2>人工智能参与度指标在整个产品组合中激增</h2>
</div><p>Management highlighted sharp year-over-year increases in AI usage, pointing to strong adoption of its newer capabilities. AI skill benchmark completions jumped 994% while AI content and AI Journey completions rose 261% and 222% respectively, and CAISY users and launches climbed triple digits, underpinning confidence in AI as a key growth driver.</p>
<div class="lb-trans"><p>管理层强调人工智能使用量同比大幅增加，表明其新能力的强劲采用。人工智能技能基准完成率跃升 994%，而人工智能内容和人工智能旅程的完成率分别上升 261% 和 222%，CAISY 用户和启动数量也大幅增长，增强了对人工智能作为关键增长驱动力的信心。</p>
</div><h2>Margins Improve on Stronger Adjusted EBITDA</h2>
<div class="lb-trans"><h2>调整后 EBITDA 改善</h2>
</div><p>Adjusted EBITDA in the quarter reached $31.2 million, up about 4% from a year earlier, and the adjusted EBITDA margin widened to 23.9% from 22.4%. The TDS segment contributed roughly $33 million of EBITDA and drove most of the improvement, underscoring the segment’s role as the company’s profit engine.</p>
<div class="lb-trans"><p>本季度调整后 EBITDA 达到 3120 万美元，同比增长约 4%，调整后 EBITDA 利润率从 22.4% 扩大至 23.9%。TDS 部门贡献了大约 3300 万美元的 EBITDA，并推动了大部分改善，突显该部门作为公司利润引擎的角色。</p>
</div><h2>Free Cash Flow Turns Positive and Leverage Eases</h2>
<div class="lb-trans"><h2>自由现金流转正，杠杆率降低</h2>
</div><p>Free cash flow more than doubled year over year in the quarter to $26.5 million, helping full-year free cash flow turn modestly positive at around $6.5 million, slightly above expectations. Cash and equivalents stood at $104.5 million while net debt edged down to roughly $474 million, signaling incremental balance sheet progress.</p>
<div class="lb-trans"><p>本季度自由现金流同比增长超过一倍，达到 2650 万美元，帮助全年自由现金流略微转正，约为 650 万美元，略高于预期。现金及现金等价物为 1.045 亿美元，而净债务略降至约 4.74 亿美元，显示出资产负债表的逐步改善。</p>
</div><h2>Expense Efficiency Supports Growth Investments</h2>
<div class="lb-trans"><h2>费用效率支持增长投资</h2>
</div><p>Operating expenses fell meaningfully, with content and software development and selling and marketing each down around 5% and G&amp;A lower by about 13% year over year. Total operating expenses declined 4.2%, or $4.3 million, enabling Skillsoft to reinvest savings into strategic growth areas without sacrificing profitability.</p>
<div class="lb-trans"><p>运营费用显著下降，内容和软件开发、销售和市场营销各下降约 5%，而一般和行政费用同比下降约 13%。总运营费用下降 4.2%，即 430 万美元，使 Skillsoft 能够将节省下来的资金再投资于战略增长领域，而不牺牲盈利能力。</p>
</div><h2>Guidance Highlights Profitable TDS Outlook</h2>
<div class="lb-trans"><h2>指引强调 TDS 盈利前景</h2>
</div><p>Looking ahead, Skillsoft guided TDS fiscal 2027 revenue to $388 million–$406 million and adjusted EBITDA to $108 million–$116 million, implying margins around 28%. The company also forecast TDS free cash flow of $14 million–$22 million, excluding Global Knowledge, signaling confidence in the segment’s cash generation despite modest top-line expectations.</p>
<div class="lb-trans"><p>展望未来，Skillsoft 指引 TDS 2027 财年收入为 3.88 亿至 4.06 亿美元，调整后 EBITDA 为 1.08 亿至 1.16 亿美元，意味着利润率约为 28%。公司还预测 TDS 自由现金流为 1400 万至 2200 万美元，不包括 Global Knowledge，显示出对该部门现金生成能力的信心，尽管对收入的预期较为温和。</p>
</div><h2>Revenue Declines and Mixed Top-Line Trends</h2>
<div class="lb-trans"><h2>收入下降和混合的收入趋势</h2>
</div><p>Total revenue for the quarter was $130.7 million, down 2.3% year over year, as growth remained elusive. TDS revenue of $102.6 million was essentially flat, while the Learner and Global Knowledge businesses failed to expand, reflecting lingering demand challenges in certain parts of the portfolio.</p>
<div class="lb-trans"><p>本季度总收入为 1.307 亿美元，同比下降 2.3%，增长依然乏力。TDS 收入为 1.026 亿美元，基本持平，而 Learner 和 Global Knowledge 业务未能扩展，反映出某些领域持续的需求挑战。</p>
</div><h2>Global Knowledge Drags, Triggering Strategic Review</h2>
<div class="lb-trans"><h2>Global Knowledge 表现不佳，触发战略审查</h2>
</div><p>Global Knowledge revenue fell about 9.4% to $28 million, continuing its underperformance relative to the rest of the business. Management has launched a strategic review and potential divestiture of the unit, citing its weaker growth profile and a desire to focus capital and management attention on higher-priority assets.</p>
<div class="lb-trans"><p>Global Knowledge 收入下降约 9.4%，至 2800 万美元，继续低于其他业务的表现。管理层已启动战略审查，并可能剥离该部门，理由是其增长前景较弱，并希望将资本和管理注意力集中在优先级更高的资产上。</p>
</div><h2>GAAP Loss Widens as Adjusted Earnings Slip</h2>
<div class="lb-trans"><h2>GAAP 亏损扩大，调整后收益下滑</h2>
</div><p>GAAP net loss deepened to $36.7 million for the quarter, compared with $31.1 million a year ago, largely due to an intangible impairment and higher restructuring costs. Adjusted net income also retreated to $11 million, with adjusted EPS sliding from $2.11 to $1.26, highlighting the gap between underlying profitability and reported results.</p>
<div class="lb-trans"><p>本季度 GAAP 净亏损加深至 3670 万美元，而去年同期为 3110 万美元，主要由于无形资产减值和更高的重组成本。调整后净收入也回落至 1100 万美元，调整后每股收益从 2.11 美元滑落至 1.26 美元，突显出基础盈利能力与报告结果之间的差距。</p>
</div><h2>Retention Solid but Upgrades Under Pressure</h2>
<div class="lb-trans"><h2>客户留存率稳定，但升级面临压力</h2>
</div><p>Skillsoft reported a TDS trailing twelve-month dollar retention rate of 98%, down from 105% in the prior-year period, as upgrade activity cooled. While customer retention improved, the decline in upsell reflected tougher comparisons and a cautious spending environment, limiting expansion revenue for now.</p>
<div class="lb-trans"><p>Skillsoft 报告 TDS 最近十二个月的美元留存率为 98%，低于去年同期的 105%，因为升级活动减缓。尽管客户留存率有所改善，但增销的下降反映出更为严峻的比较和谨慎的支出环境，限制了目前的扩展收入。</p>
</div><h2>Higher Utilization Lifts Costs of Revenue</h2>
<div class="lb-trans"><h2>更高的利用率提升了收入成本</h2>
</div><p>Cost of revenue increased 2.5% year over year to $34.2 million, or 26% of revenue, driven by higher labs and certification spending tied to greater customer utilization. Management is adjusting agreement structures to curb future cost overruns, suggesting some of the pressure is being addressed contractually.</p>
<div class="lb-trans"><p>收入成本同比增长 2.5%，达到 3420 万美元，占收入的 26%，主要由于与客户利用率增加相关的实验室和认证支出增加。管理层正在调整协议结构，以遏制未来的成本超支，表明部分压力正在通过合同方式得到解决。</p>
</div><h2>Macro and Geopolitics Weigh on Bookings and Sales</h2>
<div class="lb-trans"><h2>宏观经济和地缘政治影响预订和销售</h2>
</div><p>Executives cited executive orders, government market disruptions and broader geopolitical instability as factors damping bookings in the quarter. They also noted that the Global Knowledge sale process has been hampered by conflict in the Middle East and limited buyer availability, adding uncertainty around the timing and outcome of any transaction.</p>
<div class="lb-trans"><p>高管们提到，行政命令、政府市场干扰以及更广泛的地缘政治不稳定是本季度订单减少的因素。他们还指出，全球知识销售过程受到中东冲突和买家可用性有限的影响，这增加了任何交易的时间和结果的不确定性。</p>
</div><h2>Conservative Outlook Reflects Ongoing Consumer Weakness</h2>
<div class="lb-trans"><h2>保守的前景反映持续的消费者疲软</h2>
</div><p>The midpoint of TDS guidance implies a slight year-over-year revenue decline of about $7 million, driven almost entirely by the consumer-focused learner business, which represents roughly 9% of TDS. Management signaled that this segment is expected to continue shrinking, and that the overall outlook intentionally embeds a conservative stance amid persistent macro risks.</p>
<div class="lb-trans"><p>TDS 指导的中点暗示，收入同比略微下降约 700 万美元，几乎完全由以消费者为中心的学习业务驱动，该业务大约占 TDS 的 9%。管理层表示，该细分市场预计将继续萎缩，并且整体前景故意嵌入保守立场，以应对持续的宏观风险。</p>
</div><p>In sum, Skillsoft’s earnings call showcased a company leaning into AI and efficiency to offset revenue softness and macro uncertainty. Investors will be watching to see whether strong AI adoption, margin expansion and cash generation can eventually translate into more durable top-line growth, especially as management reshapes the portfolio and executes on its TDS-focused strategy.</p>
<div class="lb-trans"><p>总之，Skillsoft 的财报电话会议展示了一家公司正在利用人工智能和效率来抵消收入疲软和宏观不确定性。投资者将关注强劲的人工智能采用、利润扩张和现金生成是否最终能够转化为更持久的收入增长，特别是在管理层重塑投资组合并执行其以 TDS 为中心的战略时。</p>
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Skillsoft 财报电话会议：人工智能转型提升了利润率