0001764046-26-000058
SEC filingQ1 营收微降但扭亏为盈，Adjusted EBITDA 利润率提升，LS&H 出售推进中。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $585.5M | $593.7M | -1.4% |
| Gross Profit | $393.4M | $386.7M | +1.7% |
| Gross Margin | 67.2% | 65.1% | +210bps |
| Operating Income | $30.2M | -$20.8M | +$51.0M |
| Operating Margin | 5.2% | -3.5% | +870bps |
| Net Income | -$40.2M | -$103.9M | +$63.7M |
| Diluted EPS | -$0.06 | -$0.15 | +$0.09 |
| Adjusted EBITDA | $241.2M | $233.2M | +3.4% |
| Adjusted EBITDA Margin | 41.2% | 39.3% | +190bps |
| Operating Cash Flow | $134.7M | $171.2M | -21% |
| Free Cash Flow | $78.9M | $110.3M | -28% |
营收同比 -1.4% 至 $585.5M，主要受产品线关停（Disposals -4.2%）拖累，但有机增长 +0.6% 和 FX +2.2% 部分抵消。Recurring revenue（Subscription + Re-occurring）增长 +2.3%，其中 Subscription 有机增长 +1.7%，得益于新销售和定价；Transactional 收入大幅下滑 -20.0%，主要因 A&G 和 LS&H 产品关停及 A&G 活动减少。
毛利率提升 210bps 至 67.2%，主要受益于产品关停和成本管理改善。Adjusted EBITDA 利润率提升 190bps 至 41.2%，反映成本控制成效。GAAP 净利润亏损收窄至 -$40.2M，主要因重组费用减少（$12.0M vs $24.7M）和外汇净收益（$12.6M vs 亏损 $20.7M）。剔除一次性项目后，经营利润率改善显著。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Academia & Government | $295.0M | -2.5% | $126.6M | 42.9% | 订阅有机增长被产品关停抵消 |
| Intellectual Property | $197.2M | +2.3% | $85.4M | 43.3% | FX 提振，re-occurring 量下降 |
| Life Sciences & Healthcare | $93.3M | -5.1% | $29.2M | 31.3% | 产品关停，出售推进中 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $242.2M | -$87.0M |
| Total Debt | $4,326.8M | -$143.1M |
| Operating Cash Flow | $134.7M | -$36.5M |
| Capex | $55.8M | -$5.1M |
| Free Cash Flow | $78.9M | -$31.4M |
Net Debt = $4,326.8M - $242.2M = $4,084.6M（基于披露数据计算）。Q1 偿还债务 $138.5M，包括赎回 Senior Secured Notes 2026 和回购部分 2028/2029 债券。