Good morning and good afternoon everyone on this call. Welcome to Wolters Kluwer's Investor Teach-In on Health & Technology. I'm Meg Geldens, Head of Investor Relations at Wolters Kluwer, and I'll be moderating today's call. The IR team at Wolters Kluwer is delighted to be able to host this teach-in today. Our intention is to stage more of these short virtual events next year. The agenda for today is to set some context and then provide a deep dive into two of our largest products in health, UpToDate and Ovid. For the first time ever, I believe, we will be shining the spotlight on our central product development group, DXG, and how they are supporting the health division. Before I introduce the speakers today, just a word on the plan for asking questions. Following the presentations, there will be a chance for you to ask questions. To ask our panel a question, you have two options. Submit a question via the text box at the bottom of your webcast screen, and I'll read it out on your behalf. Or, two, if you have joined via the Zoom link, you can ask a question on camera, which will be connected into the webcast screen, hoping all technology does what it's supposed to do. In order to do that, you need to click on Reactions and then raise your hand. Before we begin, I would like to ask you to read slide two regarding forward-looking statements that we may make. Wolters Kluwer cautions, as always, that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by these statements. We will not be making any updates on current trading today. Turning to slide three, I'd like to now introduce the speakers for today. We're very pleased to have our CEO, Nancy McKinstry, joining us today. She will set the stage for how the Health Division has been remade over the years and will be very happy to address questions at the end. Next, Stacey Caywood, who is CEO of the Health Division. Stacey has been with Wolters Kluwer for over 25 years, including 10 years at the helm of the Legal & Regulatory Division, where she led the transformation of a declining print-centric and fragmented operation into a now growing, innovative provider of digital solutions and software. Next, Peter Bonis, who is the Chief Medical Officer of Wolters Kluwer Health. Peter has been CMO for our Clinical Effectiveness Business Unit and has recently taken on a broader division-wide role. Peter also conducts medical research and teaches at Tufts University School of Medicine. Next, Vikram Savkar, General Manager of Medicine Markets within Wolters Kluwer Health Learning, Research and Practice. Vikram has been with Wolters Kluwer, I believe, for just over nine years, leading businesses in legal and regulatory and health, and he has prior experience in scientific and educational publishing, with a particular focus on innovation. Last but not least, Alex Tyrrell, Senior VP at DXG, who heads up the Center of Excellence for Artificial Intelligence within that group and is currently dedicated to driving innovation in collaboration with Vikram's group in Health Learning, Research and Practice. Alex has a PhD in Computer Engineering and did his postdoctoral degree at Mass General Hospital and Harvard Medical School. Without further ado, I would like to hand over to Nancy McKinstry to set the stage. Great. Thank you, Meg, and good afternoon, good morning to everyone. I'm delighted to be here today to showcase a couple of our key healthcare products and, most importantly, a few members of our leadership team within Health and DXG, our product development group. Health has undergone a steady but significant transformation over the past 15 years. During the first five years of my tenure as CEO of Wolters Kluwer, Health was a print-centric and somewhat unpredictable business with variable performance on market share. At that time, we embarked on a phase of remaking the health portfolio. The acquisition of UpToDate, which was announced in 2007, was the catalyst to building what is now a global leading position in clinical solutions. We divested non-core assets over the years, creating a greater focus on our stronger businesses. We stepped up organic investment to drive the transformation of our leading medical and nursing content from print to digital. The financial performance has also been transformed. Importantly, in Health today, our market positions are much stronger, our Net Promoter Scores are higher, employee engagement is high, our rate of innovation has accelerated, and the technology supporting our digital products is now very robust and continuously being advanced. The past two years, as you might imagine, has been very busy for our Health colleagues, given that we support key providers of healthcare delivery around the world. The global pandemic has accelerated trends in health, most notably the move to digital delivery of medical care and online nursing education. While some of these trends are likely to abate over the next couple of years, we are focused on pursuing some of the new opportunities that are emerging. Without further ado, I'd like to hand the floor to Stacey Caywood, our CEO of Health. Great. Thanks so much, Nancy. As Meg mentioned, I'm the CEO of the Health Division and transitioned into this role in June 2020, just a few months into the global pandemic. I'm pleased to be here today to talk about Wolters Kluwer Health, a business with worldwide potential and uniquely positioned to improve healthcare outcomes. Before we dive into two of the largest products in the portfolio, UpToDate and Ovid, I would like to give you some context. Moving on to page seven, the Health Division accounts for just over 1/4 of Wolters Kluwer total revenues and has been growing revenues by some 4%-5% in constant currencies over the past five years. This was largely driven by organic development. The Health Division has also been contributing an increasing share of Wolters Kluwer total adjusted operating profits, having produced steady improvements in adjusted operating margin over the past five years. Moving on to slide eight. Our mission in health is to advance best care everywhere by bringing to bear our deep domain expertise with advanced technology to support clinicians from classroom to clinical setting. Our thousands of experts in healthcare education, training, and evidence-based practice make us uniquely qualified to make possible the best care everywhere. This supports safer, more equitable global healthcare that is also less costly and closely aligns us with our customers' and partners' missions. During the pandemic, our team created and quickly made available the latest information and evidence related to COVID-19 and provided a lifeline to clinicians, students, and patients. The health team also donated their time, expertise, and resources to help healthcare systems around the world, many of which were overwhelmed. This past summer, for example, when India was facing a sharp increase in COVID infections, we provided the country with free access to UpToDate for several weeks, and more than 100 hospitals across India took advantage of that support. Turning to slide nine, the COVID pandemic has placed great pressure on healthcare delivery in the past two years, which is accelerating the pace of change, creating new opportunities and challenges for our business. The three most important trends we are seeing are, first, an accelerated shift towards virtual and telemedicine. Second, increased demand for technology and efficiency to alleviate the pressure on hospitals and their staff. Third, a trend towards consumerization of healthcare delivery as the level of competition for patients increases. Our position along the life cycle of a nurse or doctor places us in a unique position to have a positive impact on healthcare. The quality and breadth of our solutions puts us in a strong position to pursue some of the emerging opportunities. Moving on to slide 10. Across both our Learning, Research and Practice business and our Clinical Solutions Group, we have global leading market positions fundamentally underpinned by our deep domain expertise and medical knowledge. Learning, Research and Practice is a leading player in medical and nursing education with traditional textbooks and a growing suite of digital learning solutions for students and their professors. It is one of the world's largest publishers of peer-reviewed medical journals under the Lippincott brand. The largest single product in Learning, Research and Practice is Ovid, a world-leading specialized medical research platform, which you will hear about more from Vikram coming up. Clinical Solutions serves professionals in the clinical setting, providing them with expert solutions at the point of care. Over 2 million physicians use UpToDate around the world to diagnose and treat patients. Our market-leading clinical drug resources are used in thousands of hospitals and pharmacies, mainly in the U.S., but with a growing position outside of the U.S. Clinical Solutions is also an important provider of patient engagement tools and clinical surveillance and data normalization software. Turning to slide 11. Over the past five years, the Health Division has evolved to become more digital and more recurring, as you can see from this chart. In 2020, nearly 90% of revenues were from digital products, and over 90% of the revenues were recurring in nature. This evolution was driven by strong organic growth in Clinical Solutions and the transformation of Learning, Research and Practice from print to digital. Throughout this time, we have retained our very strong foothold in the U.S., which remains the world's largest market for healthcare information technology. Even as U.S. business has grown, we have continued to extend our geographic reach. As you can see on slide 12, our leading products are used around the world in over 190 countries. There are very few medical libraries in the world who do not subscribe to Ovid, and UpToDate also has strong reach globally, today serving customers in 180 countries from Argentina to Zimbabwe. Many of our customers across the health portfolio, subscribing to both our Learning, Research and Practice products as well as multiple Clinical Solutions tools. We see opportunity to drive more cross-selling in international markets for key products. Turning to slide 13. Health has delivered steady organic growth in recent years and proved to be very resilient during the worst of the pandemic, with 3% organic growth in 2020 compared to 2% for Wolters Kluwer overall. Excluding last year's accelerated print decline, digital revenues in health grew 8% organically in 2020. In the first half of this year and through the nine-month period, organic growth has been above normal trend, due in large part to a sharp rebound in print books. We also benefited from the addition of a major new journal contract this year. We expect trends to start to normalize as we head into next year. Margins in Health have been on a steady upward trajectory over many years, driven by the mix shift towards Clinical Solutions and operating efficiencies. In 2020 and in the first half of 2021, the Health operating margin was also boosted by temporary savings, which will unwind as costs related to travel and promotion return and as hiring and wage inflation pick up. Looking ahead, our revenue drivers are to promote more cross-selling and upselling and integration across our product range to drive product innovation and to deepen our global reach. We have started to increase the pace of innovation with over 10 new product launches across Health so far this year, and Peter and Vikram will mention a few examples. We will continue to build on our global reach in coming years. In 2021, we gained some major new customers internationally in Europe and elsewhere. The pandemic demonstrated how vital our products are to our customers around the world. We are confident in our future and aim to build on our strong market position to advance the best care everywhere. I'll now hand over to Peter Bonis, who will provide deeper insights into our clinical solution tool UpToDate. Peter? Thank you, Stacey. It's my pleasure to be here. I spent most of my career at UpToDate in Clinical Effectiveness and have now expanded my role to manage division-wide industry partnerships and to oversee research and development initiatives that support our collaborations with customers and partners. Today I'll provide an overview of one of our largest healthcare solutions, UpToDate. Let's turn to slide 15. For those of you who don't know UpToDate, let me start with a brief overview. Its mission is to improve the quality of healthcare worldwide by providing evidence-based answers to clinical questions at the point of care. Next year, it will be 30 years old. It's grown to become the world's most widely used and the most comprehensive clinical decision support tool for healthcare professionals. Moving on to slide 16. Its primary use is by busy clinicians who need immediate answers to key clinical questions. The volume of literature is too vast and complex for the average clinician to master. Even if they could read everything that they need to practice in their own specialties, the vast majority don't have the time or the skills to understand how to put the results of an individual study into the context of other studies that have been published and to apply them directly to patient care. Furthermore, research has shown that clinicians have 15-20 questions per day, 60% of which go unanswered when they don't have access to a resource such as UpToDate. Answering all those questions can change five to eight management decisions per day and have a substantial impact on the choices made. UpToDate helps clinicians improve their decision-making with original evidence-based content written specifically for UpToDate that's updated regularly, is granular enough to answer most of the detailed questions that arise in clinical care, is trusted, accessible, and actionable. Slide 17, please. An UpToDate topic review is accessed about 1,200 times a minute worldwide. All this use translates into measurable benefits, and more than 100 studies have examined various aspects of UpToDate's impact. These have shown that UpToDate is associated with improved decision-making, leading to important benefits such as enhanced patient safety, improved performance and quality measures, fewer diagnostic errors, reduced mortality, improvement in efficiency such as hospital length of stay, and substantial gains in medical education. Moving to slide 18. It's gratifying that the benefits of UpToDate are seen across varied healthcare settings, not just those in wealthy nations. UpToDate donates copies to individuals and institutions in low- and middle-income countries through its partnership with Harvard Medical School's Better Evidence program. Some examples of the feedback from users in these settings are noted in this slide, underscoring how access to information can directly save lives. Let's go to slide 19, please. UpToDate's core business model has remained unchanged since its inception. Its revenue is subscription-based, with contract lengths typically ranging from one to five years. We offer subscriptions to individual users, but most of our revenue comes from large, often multi-year enterprise customer contracts. While UpToDate is well-established and highly penetrated in some markets, we continue to see opportunities for growth. Core growth areas include driving increased penetration in international markets, optimizing pricing and packaging globally, exploring additional distribution channels and markets, including digital use cases and EMR partners, and extending product capabilities and added functionality. Moving to slide 20. In addition, UpToDate continues to invest in innovation. The following provides some examples, but there are many more underway, both internally and in partnership with other organizations. These three examples, UpToDate Advanced, Digital Health Architect, and Integrated Solutions, are not comprehensive. Turning to slide 21. In UpToDate Advanced, in 2018 we launched a major enhancement to UpToDate called UpToDate Advanced. It provides clinicians with information on interpretation of laboratory values and dynamic algorithms, which we call Pathways, on various clinical areas that could be navigated easily at the point of care. Pathways help clinicians make decisions that are tailored optimally to individual patients. They are designed to guide users through complex decisions that are prone to misjudgment or error, such as the optimal choice of anticoagulants in patients with atrial fibrillation, and they thereby reduce unwanted care variability. The algorithms contain links into UpToDate's core information and provide a log of how decisions were made, which can be memorialized in medical records. UpToDate Advanced has been adopted by over 1,200 enterprise customers, and users note that it leads to better decisions, saves them time, and decreases unnecessary utilization. We are focusing our efforts now on integrating UpToDate Advanced into workflow through electronic medical record systems. On slide 22, we have Digital Health Architect. Digital Health Architect is a platform that enables third parties, such as digital health tech companies, to consume our evidence-based information easily and integrate it in their platforms. One example is integration of UpToDate with Doximity, a leading platform providing news and workflow solutions such as telemedicine to clinicians. Clinicians on the Doximity telemedicine platform have access to UpToDate patient information that can be viewed before, during, or after the visit. In addition, UpToDate itself can be accessed during the visit. Turning to slide 23. Integrated solutions. UpToDate exists as part of a portfolio of products, including drug information assets such as Lexicomp and Medi-Span, and a patient engagement platform, Emmi. We're focusing on ways to combine and extend them to help our customers solve core challenges in healthcare delivery. One example is harmonizing and enriching content across healthcare professionals such as doctors, nurses, physician assistants, pharmacists, and patients so that everyone in the healthcare ecosystem can use the same evidence-based information. This foundational investment is distinct in the market and provides a content platform that can be used to help achieve consistent, high-quality care across the healthcare ecosystem. Moving to slide 24. In summary, after 30 years, UpToDate is established as the leading evidence-based knowledge resource trusted by healthcare professionals throughout the world. Its use is associated with improved care across diverse settings, and it is widely heralded as being indispensable for the practice of contemporary medicine. Its wide adoption and unique trust by providers offers several opportunities to achieve even greater impact on healthcare delivery and to grow the business. I'll now hand over to Vikram, who will provide an overview of our medical research platform, Ovid. Thank you, Peter. Let's turn to slide 26. I'm Vikram Savkar, the General Manager of the Medicine business within the Learning, Research and Practice side of Wolters Kluwer Health. The Medicine business covers what we think of as the classroom to clinic life cycle of the medical world, spanning from medical schools into residency programs and then deep into the needs of practicing clinicians, including continuing medical education, scholarly communication, and medical research. The medical research segment is what I'm going to zoom in on today. Our medical research business has two focal points. Our 300+ market-leading, peer-reviewed Lippincott medical journals and Ovid, our iconic research platform for medical professionals. Ovid is really the crown jewel of our Medicine portfolio and one of our most exciting drivers of future growth and global impact in medicine, which is why today I'm going to focus on Ovid. Now, Ovid is used mainly in hospitals and in academic settings, as you can see from the chart, but also serves customers in the corporate and government arena. Briefly, although I'll cover this in more detail later, Ovid's uniqueness is the combination of precision search tailored to medicine, combined with the fact that Ovid includes not just our own medical information, but also aggregates across a vast and growing body of premium content from most of the other major medical publishers around the world. Let's move to slide 27. Now, before I explain Ovid's key advantages and growth potential to you, I'd like to spend a few moments level setting the world of medical research within which Ovid sits. Now, all of us and our families engage with the healthcare system on a regular basis, but most of our interaction is with the doctors and nurses who operate at the point of care. You've heard Peter speak eloquently about how UpToDate powers global excellence at that point of care. Behind the scenes sits an immense amount of activity that is generally invisible to us lay folks, but is profoundly important to our lives because it is what drives consistent improvement in the techniques and tools that healthcare providers use to keep us healthy and to save our lives. That activity is medical research. The process begins with research conducted in labs or in patient-facing clinics. Clinicians around the world conduct studies that are designed to lead to significant improvements in healthcare outcomes, whether through development of new drugs or therapies, changes to operational procedures, or the creation of nutrition and wellness guidelines. When they conclude these studies, clinicians look to disseminate their findings so that today's new discoveries become tomorrow's standard therapy. This is how medical care continually advances. This is why today's approach to treating diabetes or lung cancer is more effective than 20 years ago. The main way that findings are communicated is through peer-reviewed journals, including our 300+ Lippincott journals. There are roughly 3 million peer-reviewed science and medical articles published every year globally, just to give you a sense of the scale of this activity. That scale is also a challenge. Imagine being an oncologist faced with tens of thousands of new papers in oncology every year. How could you possibly navigate through this to find the research that is most credible, widely accepted, and relevant to your particular patient population? Let's move to slide 28. This is where Ovid comes in and why it's such an essential and iconic tool in the medical research world. Ovid makes it possible for clinicians to find the research that they most need. It does this through a combination of three key assets, which you see outlined on the slide. The first is its library of medical content, which is arguably the most comprehensive body of current and past medical literature in one place in the industry. As I mentioned at the start, Ovid aggregates content from most of the major medical publishers in the world. As a result, Ovid contains the full texts of more than 1,000 journals and tens of thousands of books. It also contains hundreds of databases which themselves contain metadata and abstracts of tens of thousands of more journals. Even though Ovid focuses solely on medicine, it is still difficult to fully convey to you the scale of Ovid's breadth. It delves deep into every discipline of medicine from every corner of the world. There are millions of pieces of research content in Ovid, and the number expands every day as new research is published and aggregated by the Ovid content team. The second key asset is Ovid's Precision Search. Ovid's Expert Search, which was initially created a few decades ago and has been continually updated ever since, is the most precise and powerful search specifically for medical content in the world. To get a sense of its power, I'll mention that serious medical searches can stretch for many, many pages. This is not like searching for consumer goods in Google. A medical search involves hundreds of lines because it is a matter of life or death that it be hyper-precise, clarifying which drugs and which indications, which patient populations and comorbidities, which treatment pathways, and which medical devices you are looking for. Ovid makes hyper-precise searches of this kind possible, fast, and accurate. You can certainly search medical literature on Google, and you'll get decent results for general awareness. If you want to define new clinical pathways that save people's lives, you will use Ovid. Every serious medical researcher does, and this is why Ovid is the iconic North Star for any serious participant in the medical research workflow. The third asset is Ovid's enabling tools, which include millions of auto alerts that help biopharma companies meet their pharmacovigilance obligations to the FDA, collaboration tools that allow globally distributed researchers to work as one team, and much, much more. These assets together are why Ovid is used for more than 250 million searches and 50 million article downloads each year. There are only around 1 million clinicians in the United States. So relative to its global target audience, Ovid really is like the Google of medical research, except much, much more precise. Let's move to slide 29. I mentioned at the start that Ovid is one of the most exciting drivers of future growth for the medicine group of Health Learning, Research and Practice. Because of its unique combination of assets, Ovid has been a steadily growing business with well more than 90% of its revenues from enterprise-level subscriptions. Ovid even grew during the pandemic, despite serious budgetary challenges at our customers that led them to drop several competing services and content bases. We believe that market fundamentals and our own well-founded internal plans give us the potential to sustain or accelerate Ovid's growth trajectory in the coming years. Let me briefly touch on three dynamics that give us confidence in future growth. The first is the rising global adoption of what is called evidence-based practice, which you've heard both Peter and Stacey refer to. Evidence-based practice is a commitment to treating patients on the basis of published peer-reviewed research findings supported by reproducible datasets. Now, as rational data-oriented people, you may ask, how else would one determine patient treatments? Well, in actuality, traditionally, medicine was largely based on experience and other such factors rather than on what clinicians read in journals. The movement to evidence-based practice, or EBP, has been a conscious and structured effort to reposition medical treatment on a data-based foundation. In developed countries, EBP has long since become essentially the only way that professional medicine is practiced. Much of the world is still only moving gradually towards EBP. This movement is accelerating, and that momentum surely is irreversible because the benefits of EBP are clear and immediate. We see increased adoption of EBP throughout the Asia-Pacific region, in Latin America, and elsewhere. As this movement spreads, the global demand for tools that give clinicians and researchers access to medical literature is steadily building. We are well exposed to this macro trend due to our strong global footprint. The second growth driver we see is extending Ovid's reach deeper into the workflow of the core verticals that we already serve. Think back to my saying that a search in Ovid can stretch for several pages. Well, the results of that search could involve several hundreds of papers, and these hundreds of papers may not agree with each other. Researchers, after conducting searches in Ovid, may then spend upwards of a year analyzing this depth of research to determine which avenue is the most compelling to save the largest number of lives. The process of analyzing the research represents a major commitment by the global healthcare industry each year, involving hundreds of millions of dollars of expertise. There is a natural role for Ovid to play in driving efficiency and insight in this phase of the medical research world, building on Ovid's core strengths and leveraging artificial intelligence in a way that was not possible 10 years ago. We have been investing to be able to extend Ovid into this workflow adjacency of the clinical market. The third growth dynamic that we see is to expand our share of the healthcare enterprise budgets that we already tap into. With our combination of assets, we are uniquely positioned to identify and solve problems for customers in the clinical space. Our big competitors from a content aggregation perspective are ProQuest and EBSCO, but both focus very broadly across many academic disciplines well beyond medicine. Our competitors from a medical journals perspective are Elsevier, Wiley, and Springer Nature, but none of those are content aggregators. Our competitors from a search perspective are Google Scholar and PubMed. I've already spoken about how Ovid compares to Google. PubMed is focused on medicine and is good, but is not a commercial enterprise and doesn't therefore have a deep incentive to spin off a consistent new product pipeline. Ovid is essentially unique in terms of its breadth of medical content, exclusive focus on the medical space, and strong commercial incentives. That gives us an opportunity of getting very close to clinical customers through techniques including contextual inquiry to understand their pain points and develop purpose-built products that achieve very high affinity and enable Ovid to grow its wallet share. This is something that Ovid has done well for many years. It's something we are continuing to do today. To give you a recent example, in March of this year, we launched TelemedInsights, a proprietary tool specifically designed to help healthcare providers navigate their transition to telehealth. Following our recent investments in the cloud, we are now in a good position to channel R&D spending into rapid, productive, customer-based innovations. Of course, there are market headwinds as well, but from a broad view, the external and internal fundamentals of Ovid are strong and promising, and we hope to deliver on that inherent potential in the years to come. Thanks very much for listening. Now I hand over to my colleague, Alex. Thanks, Vikram. Slide 31, please. Hello, I'm Alex Tyrrell, and I currently serve as SVP of Advanced Technology and Product Engineering for Learning, Research and Practice. I will be discussing the Digital eXperience Group and our mission within Wolters Kluwer, with particular focus on the health division. The Digital eXperience Group, or DXG, was created over 10 years ago when it was called the Global Platform Organization. Over the past decade, DXG has grown organically to meet the demand for skills and expertise. It has also integrated development teams that were part of a business unit or division. Today, DXG is a cohesive virtual organization spanning the globe. The Digital eXperience Group is focused exclusively on customer innovation. We consist of around 2,000 people, including both full-time employees and flexible resources. Our org structure has four divisional leads, providing support across each division of Wolters Kluwer. Each lead has dedicated product teams, as well as access to specialized talent from our Centers of E xcellence. Within DXG, we currently have three Centers of Excellence. The first two, Customer Experience and Artificial Intelligence, are at the heart of our digital transformation strategy, moving from information products to expert solutions. Third, Advanced Platform Services provides scale and drives pace as we mature and expand our offerings across Wolters Kluwer. Slide 32, please. Thank you. We adopt a customer-driven lean product methodology to accelerate innovation. In short, our lean process is a formalized build, measure, learn approach. Hallmarks of the lean process are fast iterations, early MVPs, and continued testing and validation with the customer. We start with the discover and design phases, where we utilize a process called contextual inquiry to discover and then test problem solution fits with the customer. During the design phase, we rely on DXG's deep expertise in advanced technology to foster and accelerate innovation. This stage is highly iterative. The goal is to move from validated design idea to product MVP within very short development cycles. We then move to deliver and deploy stages. Here, we seek to leverage existing platform capabilities. This allows us to focus on scale while accelerating pace and lowering the cost of innovation. We also extensively beta test with customers prior to the full-scale launch of a product. This customer-first lean approach helps lower risk and makes the innovation process faster and more predictable, ultimately providing more value to our customers. Slide 33, please. Within our technology portfolio, we support a number of software capabilities, two major research platforms, Global Atlas and Ovid, and more than 20 technology tools. These assets help us scale and accelerate delivery of product innovation. Importantly, DXG effectively operates in two modes around the development and deployment of our assets. The first, Asset Development, enhances our global technology portfolio and identifies emerging trends and areas for innovation. This also enables leverage and horizontal reuse of capabilities across the enterprise. Next is Focused Deployment, where DXG shifts to a decentralized model with a vertical alignment to the divisions. Global assets drive scale and pace, while ring-fence and embedded technology teams transform these assets into unique product experiences and new expert solutions. Slide 34, please. In fact, a primary focus of DXG is to foster and promote the use of advanced technologies across Wolters Kluwer. This includes leveraging machine learning as a catalyst for innovation and to deliver new expert solutions. We do this through our AI Center of Excellence. In our AI CoE, we have over 40 technologists operating globally across all four divisions. A majority have advanced degrees. A notable example of innovation is from our Clinical Surveillance Solutions product, Sentri7. The Sentri7 AI+ module uses machine learning to improve patient outcomes. This includes the ability to quickly identify risk of hospital-acquired infections, as well as providing opioid stewardship to reduce the risk of adverse events. Slide 35, please. DXG has been supporting Wolters Kluwer's journey to the cloud for a number of years. In the Health Division, certain UpToDate features are supported by DXG tools, which are hosted and deployed in the public cloud. These tools are an important catalyst for innovation. Within Learning, Research and Practice, DXG finished the complete migration of Ovid to the cloud earlier this year, a process which took 3 years. Now that Ovid is in the cloud, we can more rapidly design, deliver, and deploy new features and innovation going forward. Within the health division, DXG delivers a number of unique and differentiated solutions. Let me give you two examples, starting with UpToDate. Slide 36, please. As Dr. Bonis mentioned earlier, in 2018, UpToDate rolled out a major innovation, UpToDate Advanced module. With UpToDate Advanced, clinicians can enter patient-specific information, for example, a blood test result. The tool then allows them to traverse complex and varied pathways to make a more patient-specific decision at the point of care. In developing UpToDate Advanced, DXG deployed our TaskFlow technology to support the creation of complex clinical pathways. TaskFlow is our in-house developed visual and interactive tool for building expert solutions. It is a modern cloud-based application. TaskFlow features a serverless, no-code, cloud-native architecture and design. TaskFlow has been maturing over the last three years, and it has made a big impact for our customers. It allows subject matter experts to develop many different types of workflow solutions. It does this in a visual way that is intuitive and easy to use, all without writing code. This has provided an immense benefit to our clinical experts whose domain expertise is critical to ensuring improved patient outcomes. The customer benefits are notable as well. This includes improved UX by simplifying workflow and navigation through interactive Pathways, along with enhanced support for tailored and unique patient care. As evidence changes, Pathways can be quickly updated, along with documentation and patient support. Finally, as new content, applications, and capabilities become available, they can be incorporated quickly into the TaskFlow framework. This further improves patient outcomes, for example, through more tailored and personalized medicine. We have also deployed this asset to enhance the Emmi patient engagement solution with an interactive voice tool for patient follow-up. In keeping with the DXG strategy, TaskFlow use cases are being identified and developed across other divisions as well. Slide 37, please. The second example is our collaboration with Vikram and the medical research business. Specifically, now that Ovid is fully in the cloud, we have developed a number of modular and scalable platform services. These services are critical to supporting and enhancing this industry-leading medical research platform. This includes advanced technologies like our Graph Engine and Personalization Services, as well as workflow enablers like single sign-on and improved access control. We have recently delivered a number of new capabilities, as well as differentiated user experience for medical researchers, pharma, and other important customer segments. We have done this through a series of regular updates and releases in 2021. These releases have focused on the user experience and advanced search technology like query analysis and term finders to improve research workflows. In the future, we see increased potential for Ovid research platform APIs and services to drive value. One path would be as part of new products and expert solutions. Another option would be as core capabilities in new ecosystems and integrations. In either capacity, our goal is to innovate and address ever-evolving research use cases. With our current modular, scalable, cloud-based design, we are well-positioned to meet this need. Thank you very much. At this point, I turn it back to Stacey for closing remarks. Great. Thanks so much, Alex. If you could turn to the next slide, please. Hopefully, this session gave you a sense of the unique position Wolters Kluwer Health plays in the world of healthcare. Alongside UpToDate and Ovid, we have many other powerful solutions with international potential. For example, in drug information and data solutions. With our leading market positions, strong customer satisfaction, and increasing adoption of our solutions, along with significant investment in innovation and new product development, we will continue our steady organic growth overall and our growth of expert solutions. Now we're happy to take questions, so I'll hand it back to Meg to moderate. Great. Thank you, Stacey. Everyone, thank you for your presentations. We'll now turn to a Q&A. As a reminder to ask our panel a question, you can either submit a question via the text box at the bottom of your webcast screen, and I'll read it for you. Or if you have joined via the Zoom link, you can ask a question on camera. To do this, click on Reactions and raise your hand. Let's start with the first questions. I have a message here that Matti Littunen from Bernstein has raised his hands and has a couple of questions. Please go ahead, Matti. Hello, good afternoon. Thank you, Meg, and thank you everyone for the presentation. My first question is for Stacey. You mentioned the main growth drivers for the division going forward, doing cross-selling, international expansion and product improvement. Now, I just wanted to check if you had a view of the hierarchy of those growth drivers in terms of materiality. And then finally, whether the like-for-like price increases would also be an element of that growth going forward. And then a quick follow-up on the sort of cross-selling part of that growth picture. Could you give us some practical examples of the kind of cross-selling opportunities you see on a product level? The second set of questions for Vikram on the open access transition. First for Lippincott, do you see the sort of open access publishing revenues as sort of offsetting any potential declines on the readership side as we transition to open access for medical journals? Related to that, for Ovid in its aggregation role, do we see sort of any kind of pressure from more research being sort of freely accessible at the point of readership, in terms of what the value proposition of Ovid is? Thank you very much. Okay, Matti, first, thanks for joining. I'll take the first question. In terms of the growth drivers and the hierarchy, this may not be the exact hierarchy, but just to sort of start in the way I think about the build of our business. First, you know, since our business is so recurring in nature, the first thing that we focus on is efforts to drive usage and adoption that leads to strong retention. To your point about pricing really is a driver for price increases, right? The more adoption we have, the stronger usage, stronger expansion that helps us to drive very strong price increases, which is one of our main focuses. Then sort of the category of cross-selling, and upselling and new logos, obviously very important metrics for us. In terms of cross-selling our existing products, you saw on that global slide that I shared that we have numerous customers that buy across our portfolio, especially the large healthcare institutions, large academic institutions. We see, for example, one of the things I hope you picked up from Peter's session was the buying within Clinical Solutions, for example, where we have customers of UpToDate. We've harmonized the content and the evidence-based information with Lexicomp. There's a natural buy between UpToDate and Lexicomp. We also sell Emmi as a natural cross-sell as well as Medi-Span. All important parts of the way that we go to market now. We do so with what we call a solution selling approach, particularly across the Clinical Solutions group. Having that motion has been over the last several years really shown some nice promise and helped with that cross selling. The other important thing for us is obviously new logos, particularly driving further penetration outside of the U.S. is very important focus for right now. Then innovation. I think, you know, we're really excited about the innovation. We try to highlight examples within both at HLRP in Vikram's team. Also have a lot of innovation happening in nursing as well as in clinical solutions. Peter mentioned a few areas where we're focusing now to take advantage of the trends that we see. I mentioned a few earlier in, you know, the advancement and acceleration of telemedicine and virtual care. You know, the solutions that we talked about both in Vikram's group and in Peter's UpToDate examples, where we're really going after digital health vendors. Very exciting for us to be able to be where our clinicians are, where their patients are in their workflow, which we think is a significant opportunity if we look at that sort of innovation bucket as a growth driver. Hope that answers the question, Matti, and then I can turn over to Vikram on open access. Very helpful. Thanks. Sure. Thanks Stacey, and thanks for the question on open access. It's incredibly interesting dynamic in the space. We think about it a lot, and so happy to be able to speak to it. The first thing I will say is that the dynamics for open access in medicine are quite different from the dynamics in basic science in the broader STM industry. A lot of the dialogue that we hear in the market around open access comes from Springer Nature, Elsevier, Wiley. Those companies are broadly exposed to STM and heavily exposed to basic science. A lot of how they think about open access is contingent on the dynamics of open access in basic science. In a nutshell, those dynamics are incredibly progressive and incredibly aggressive. The basic science community is very aggressive about moving to open access. Open access is growing, but has come to medicine much, much later than to basic science and is progressing in a different way. The key reason is that there's a difference in funding model. A lot of the global R&D spending through the NSF and so on, goes to basic science. The funding model for medicine and clinical research is a little bit different. Now, that said, open access is growing in medicine. We've done substantial research, and at this point, it's clear to us that the total volume of papers published globally in medicine is growing every year. Within that, the subscription piece of papers continues to grow. What that means is that the growth of open access articles is not cannibalizing subscription articles and subscription readership. It's actually accretive to it. Open access is essentially expanding the total market for research papers. With that context, I will say we're excited about open access for our open access journals. We are well exposed to it, growing well, certainly faster than our subscription Ovid business. We plan to put a lot of investment and focus on that area, and it will hopefully lift our growth rate relative to the subscription business. We don't right now see it as fundamentally cannibalizing. We see it as a nice balance and offset. Your second question was about how OA affects Ovid. That is a more interesting dynamic. Ovid traditionally has aggregated subscription content. The volume of OA papers changes that dynamic. I would say it's our ambition for Ovid to be the principal aggregator across all content, subscription and OA in the long run. If we do that well and play our cards right, it should lift the value of Ovid over time. Because as the total volume of OA published research increases in the world, the need to sift through and discriminate between that volume of content for end users should go up and Ovid's value proposition as that sifter and precision search should increase if we play our cards right. Back to you, Meg. Great. Thanks for those questions, Matti. There may be opportunity for you to ask some more later. Now I'd like to go to the next person who's raised their hand on Zoom, which is Sami Kassab from Exane. Please go ahead and ask your question, Sami. Yes. Good afternoon and good morning, everyone. It's Sami Kassab at BNP Paribas Exane. I have a few questions, please. The first one, could you perhaps provide some information on the revenue and possibly margin contribution of UpToDate and Ovid? And perhaps on a combined basis if you don't want to single them out. Secondly, you have referred to 1,200 customers as having adopted UpToDate Advanced. Shall I think that this is out of the 39,000 institutions that you have as clients, or if not, then what is the penetration rate of Advanced within the UpToDate community? And lastly, can you comment on the latest trends in terms of technology, jobs, salary inflation? There seem to be an acceleration in U.S. tech job salary inflation. Do you see that as well? And perhaps comment on how that may impact next year's margin. Thank you. Okay. Sami, I'm going to hand your second question to Peter to talk about how far UpToDate Advanced has spread among our customer base. I'm going to hand the tech jobs to Nancy, who I know is focused quite a bit on recruiting talent, and perhaps also to Alex, if he wants to add. On your first question, we're not going to give the revenue of individual products, but I think you know that UpToDate and Ovid are two large products. Ovid is probably the largest single product within HLRP. UpToDate together with our drug databases and UpToDate Advanced are a very significant part of Clinical Solutions. But we're not going to get too detailed on revenue. I think you know the margin in Clinical Solutions is above the division average, and has been a key driver as we've gone forward with the margin for the division. Perhaps Peter Bonis, you could tell us a bit more about how, to what extent UpToDate Advanced has been rolled out across individual and perhaps enterprise customers. Thanks, Meg. Thanks, Sami. I'll be succinct. The question was whether what percentage of our customers, if it's 39,000 enterprises that we mentioned, actually have accessed UpToDate. We wouldn't consider all of those targets for UpToDate Advanced. Of the ones that we do consider targets, that 1,200 represents, we're hovering around 20% of the penetration that we can anticipate. There's another dimension to this, is that we've included it in with our individual subscribers. UpToDate Advanced becomes part of the individual subscription. That'll be a global rollout and during the renewal cycle. Nancy, do you want to comment on recruiting? Thank you, Meg. In terms of the labor market right now, I'm sure this will come as no surprise to you or others that it's very, very robust and very tight. Recruitment remains a focus for myself and the entire leadership team at Wolters Kluwer. In terms of inflation around all jobs, I would say, you know, what we're finding is you know, we typically when we would hire someone new, try and bring them in sort of at the midpoint of whatever salary range is the position. We're now having to go above that midpoint to attract the talent. I do think there is overall wage pressure particularly in tech, but really across you know, all functions. We're dealing with that, both in terms of how we're thinking about pricing, but also just in terms of managing, you know, the way that we always do our cost base to make sure that we can continue to show progression around our margin in a positive way, but also obviously retain and attract talent. It is a primary focus right now for us is talent management and recruitment. Okay. Thank you. Sorry, Meg. Oh, great. Given that. You've got a follow-on? Yeah. Yeah. Given that the first question was partly answered there, for obvious reasons, may I please ask a follow-on question? It's a little bit on the interplay between UpToDate and Ovid. I'm probably wrong with my understanding, but it feels to me that if all physicians and nurses had access to UpToDate, they would no longer need to do their own medical literature research, so would no longer need Ovid. Why is that wrong, or is it not the case? Interesting question. Who wants to take that? Peter, do you want to give it a go? Yes. Thank you, Sam. Another very thoughtful question. Let me reflect back when UpToDate was first founded, and Bud Rose used to say that the only thing that a clinician should ever need access to was UpToDate, and then at that point, it was MEDLINE, the medical literature. I think the spirit of what he meant by that still exists. UpToDate contains highly synoptic original content that's written by 7,000 world authorities and heavily curated to provide discrete answers at the point of care. It's widely trusted, it's widely adopted, and people take action on the information. It does not specifically address the needs of a research community or community who's interested in sifting through the literature in order to create synoptic content such as guidelines, or in fact go very deep into individual studies or groups of individual studies. To practice contemporary medicine, you need access to both sets of tools. Very clear. Thank you. Okay, great. I see that Nick Dempsey has raised his hand on Zoom. Nick Dempsey from Barclays, do you want to go ahead and ask your questions? Yeah. Can you hear me? Yes. Great. Great. We can see you and hear you. I've got a few questions, please. The first one, I wonder if you can talk about the opportunities in a bit more detail to sell UpToDate outside of the U.S. We saw you sell it to a cluster of U.K. hospitals recently. Can you talk about the complexity of selling into the health systems, I guess, the sort of cluster health systems in the U.K., France, Germany, and whether over time you think that you can surmount those challenges and make that an important part of UpToDate's revenues? The second question is, for the most sophisticated customers who took UpToDate Advanced first, what are they asking for next? When can you start developing a more sophisticated layer on top of that you can then roll out across your customer base? If so, what areas are they asking for more? Where's there more analytics that they want, et cetera? Great. Thanks, Nick. I think both of those are for you, Peter. The European landscape and what comes after UpToDate Advanced for customers. What is it, the next level? Thanks. Thoughtful questions again, and we could spend an entire session on just those questions. The answer to your first question, which is how do we overcome the challenges in selling to varied global markets, and you mentioned specifically the European markets, I can say we've overcome them. UpToDate has been adopted universally. It is trusted. It's used in almost every country, including in some of the most remote areas that really don't have any access to sort of modern equipment and standards. The issues that has become is deploying our sales and marketing efforts that are differentiated to the regions, and we've been effective in doing that. In the European landscape, it's varied. In the Netherlands, we sell to individual clinics and hospitals. As you mentioned, in the U.K., we sell to NHS trusts and private clinics who are the buyers. We've been effective. It's already a meaningful contribution to our revenues, and we expect the international growth to continue for core UpToDate without even needing localization. Okay. What's next beyond the advanced Right innovation? Yeah. Let me answer that with, sort of two dimensions to it. The roadmap for Advanced that's been asked for is integrated more deeply into workflow, which is what we're intending to do, and in fact, we are already doing that. When we talk about workflow there, it's principally injecting UpToDate Advanced thoughtfully into EHR workflow, which we can use using contemporary standards such as CDS Hooks and SMART on FHIR. The other dimension to it is we're beyond that, we're focusing always on solving our customers' challenges directly, and to have information services be part of solving those customer challenges, whether it's helping to advise doctors and other caregivers or patients directly. Creating content assets and information services that can be thoughtfully deployed to solve some of the major problems in healthcare delivery is core to what we do. We have a lot of capabilities there, and we're focusing on it. Great. Thank you. I hope that answered your question, Nick. We've got a couple of questions that we've just received from an investor, which I'd like to ask. The first one is for Alex, I think, and so this is about really a kind of an ESG question. You know, among your team at DXG and, you know, and I think you mentioned you have, you know, around 2,000 and perhaps not all of those are internal. What is the level of diversity like in terms of gender diversity in particular, and how do you foster greater diversity? We've heard from Nancy about the talent challenges on the talent side, but how do you encourage and do you set targets? Great question. As you're likely aware, Wolters Kluwer has a strong record in diversity, equity, and inclusion. However, in contrast to Wolters Kluwer as a whole, particularly our gender diversity in DXG is lower. Fortunately, we have access to resources and best practices that have worked well in other areas of the company, hence our recruiting outreach and visibility to diverse, you know, candidates continues to improve. In particular, you know, we're taking additional actions like partnerships with Anita Borg Institute and participation in the Grace Hopper conferences, with particular focus on gender diversity. Then ultimately, you know, our global technology footprint also provides us with an opportunity to organically improve in all areas of diversity as well. Great. Thanks. The shareholder also has a question, another sort of ESG-oriented question of how do we handle essentially responsible artificial intelligence? Like, do we, you know, do we have a framework? Do we conduct reviews to ensure that the systems we use are not biased? Do we test these things? Are people trained? I don't know. Nancy, do you want to tackle that? Or should we give that one to Alex because I know he spends his days in AI? Mm-hmm. I'll just briefly start and then hand off to Alex. I would say, you know, we certainly take the management of the data very seriously across Wolters Kluwer, not just in health. We of course comply with all the rules around HIPAA for health data, GDPR, et cetera. As in regards specifically to artificial intelligence, we do adopt what they call the artificial intelligence assurance framework, which really lays out some of the standards around how to use AI. We of course apply that across, again, not just in health, but across the enterprise. I would say that, you know, we are very focused on applying AI to specific use cases, and so, you know, we're deeply engaged with customers around that. Again, you know, the concept of ethical kind of behavior, et cetera, as it relates to AI is embedded in our processes. With that, maybe Alex, I don't know if you want to? Sure Elaborate a little more. Yeah. Um... Yeah. Absolutely, yeah. Thanks. Our artificial intelligence assurance framework, which Nancy mentioned, is regularly reviewed and updated. It has extensive numbers of controls, you know, covering AI life cycle and principles. You know, this framework covers the technical domains like feature engineering, model training, stability, data acquisition, things like that, and several ethical AI principles which are emerging, like fairness and non-discrimination, risk of bias, privacy, and even emerging concepts like AI explainability, which is something very interesting but a real challenge. You know, Wolters Kluwer conducts regular reviews and solutions to test that the solution satisfies its intended purpose and the documentation is adequate. Another thing we do in terms of our governance structure, in addition to obviously having, you know, your oversight on all of our regulatory and statutory obligations, but we also work very closely with the business divisions like Health. Within Health, we have ring-fence embedded data science engineering teams that have additional training, additional oversight, and really are aligned, you know, to make sure that group in particular has all the additional training above security, above privacy to really fit the needs of the specific applications. Yeah. Great. Thank you for that comprehensive answer. We have another person who's raised their hand, Rajesh Kumar from HSBC. Please go ahead and ask your question. Hi, good afternoon. Thanks for the presentation. Just when you're thinking about the capital allocation within this division What are your priorities in order, in the sense where would you deploy more capital in terms of developing products, tools, AI? Which are the more capital intensive parts of the business, which are the less intensive parts of the business? Or is the capital allocation more around M&A in this case? Okay. I think that's a combination for Nancy and Stacey. Maybe Nancy, if you could go first. I'll start. One of the focuses that we have, right, is on the allocation of our product development and enhancement reinvestment. Broadly across Wolters Kluwer, we reinvest 8%-10% of our revenues back in enhancements and new products. Within the Health Division, you know, that's been, you know, around the sort of 9%-10% level. It's allocated across where we have the most opportunities. If you think about sort of a bell curve, you know, the nascent products and the high growth products are likely getting, you know, more like 12%-15% reinvestment and then the more mature, and even some of our declining products are going to have less. That's kind of broadly how we think about it. Maybe Stacey, you can, you know, specifically talk about just obviously a lot of it's been around the digital transformation and some of the new innovations in Clinical Solutions, but happy to have you give some additional color. Yeah, absolutely, Nancy. Indeed we do focus and really look at the portfolio to determine what are the areas that have highest potential for growth, where are the areas that we really want to be making more investments. Many of the areas are where both Peter and Vikram talked about today in terms of the opportunities to really where we know there's a match between high demand for improved outcomes, insights, and digital where we're really investing the most. Again, clearly, are investing in areas first to make sure that our strong products continue to get reimagined and shaped so that we can make sure that we continue to build strong growth. Investments in innovation, exactly as Nancy said, where we have the higher opportunities for growth. Great. Stacey. Just quickly, just on disposal side, are there any assets which you would consider non-core within the portfolio or no? Yeah. No, I would say in general, you know, we have divested some things in the past. We constantly through our planning process every year look at the portfolio again across all of Wolters Kluwer, and as you can see, we will make some disposals of non-core or, you know, businesses where we may not have a very strong market position. Then alternatively, we do also make, you know, tuck-in and bolt-on acquisitions. You should expect that to be a continuous process at all of Wolters Kluwer and Health, as well. Great. Thanks. I've got a couple of questions that came through the webcast. I'm going to ask the first two of them from Tom Singlehurst at Citi. I think the first one is for Peter to talk about. Can you describe a bit or talk about the competitive landscape for UpToDate? Who are your competitors really for UpToDate and UpToDate Advanced? And the second one I think is for Vikram. You recently won a significant contract to publish the ASCO journals. How often do these contract opportunities come up of this kind of size? And are there any more big ones like that in the pipeline? Perhaps we could start Peter on competition for UpToDate. Sure. Thanks, Tom, for that question. Let me divide that into two parts. There's competition for core UpToDate, which is kind of the thing that's been around since the beginning, and as a compendium of knowledge. Principally that has been EBSCO with their product DynaMed. EBSCO is very aggressive in their marketing campaigns. We're often pitted against them during our sales processes, but we tend, even though we're a more expensive product, to win most of those competitions. That's been fortunate. And then there's Elsevier with ClinicalKey. Again, ClinicalKey serves a different purpose and while they essentially came up in our sales cycles in past years, they've been sort of less noisy and less direct competition for us in recent years. We are still enjoying the privileged position of being the preferred resource in our global markets. We're not sitting still because the other piece of it is where are we going to be competing in the future. There it becomes more nuanced, and it's a series of workflow solutions and digital health tech, which are vying for the attention of caregivers. That occurs both in our core markets and also in this nascent digital health tech space and in retail health in the United States. I think we're in a very good position there, but in some cases we may be competing for budgets and not necessarily for the same services that we're delivering as customers try to solve their problems. I think we're in an excellent position from the base that we have to continue to win our business and to compete in those arenas. We're mindful that there are many, many companies of different sizes who are attempting to inject their services into the audience that we currently serve. Great, thanks. Vikram, could you talk about potential contract wins like ASCO? Happy to. For those who don't know, ASCO is the American Society of Clinical Oncology. It was indeed a really significant win for us this past year and has lifted our results, given us a one-time lift to our results. The short answer is that contracts of that size are few and far between. We have two or three of that magnitude over the past 15 years. I wouldn't expect a lot more on the market of that size in the coming years. Some of the ones that do come on stream are margin-challenged. I think what you're going to see from us is being judicious about bringing on new society contracts. We will be looking for contracts that are sizable but also that fill a strategic gap. We're going to be very focused on making sure that the content we bring into our organization fills gaps to enable us to better present ourselves to our enterprise customers as comprehensive medical partners. Perhaps in some years, but not anytime soon. Okay. Thank you, Vikram. I think we're down to kind of our last couple of questions. I see Nick Dempsey of Barclays has his hand up, so please go ahead, Nick. Yeah, just, I had a question about ClinicalKey at Elsevier. I think everyone can agree that UpToDate is kind of the market leader in this area. Has ClinicalKey added practice areas, added more sophistication to their product so that it becomes a better competitor to UpToDate in the last few years? Or maybe you could give us an update just on the differences there. Just an add-on to that, when I look at ClinicalKey for Elsevier, they've got a dedicated product for nurses and for practitioners. Is that just a presentational thing? Is UpToDate regularly used by nurses, or is there an opportunity for you to customize UpToDate more for the nursing profession? Okay, Peter, I think that's one for you, ClinicalKey. Yes. Nick, thanks for that question. I won't claim to be an expert on ClinicalKey, although I'm quite familiar with it, and certainly Vikram can weigh in as well since it's been on Ovid's radar for many years. There's a very critical distinction between generally what ClinicalKey has done mainly over the years, which is be an information aggregator, many different resources which are combined under a search engine or can be searched individually, whereas UpToDate is a synthesizer, all original content. The intention for the way UpToDate has been architected is to allow clinicians to access a single point of information. They don't have to read multiple different topic reviews. We very efficiently direct them to a succinct answer to their specific question, so they don't have to decide between reading a journal article or a textbook or some other resource. Now I had to mention that the story over the many years of that product line is nuanced. They did introduce an attempt for a point-of-care product as well that would be directly competitive with UpToDate, but I think they've headed back in a direction of more of being an information aggregator. For a point-of-care application where you want synoptic evidence-based content, we still have a better approach in my view for delivering that service too, and that's what's needed mainly by frontline clinicians for it. On the second point around nurses, we... I've been using the word clinicians who are using it, and principally these are physicians, but we have many, many allied health professionals who are already using core UpToDate. That includes physician assistants and nurse practitioners whose usage patterns are by and large very similar to primary care physicians within UpToDate. I think there's an interesting opportunity that you're alluding to more broadly since we have nursing assets, as you know, across the health portfolio, not specifically in UpToDate, whether or not we can serve more broadly nurses who are not nurse practitioners, but maybe have other responsibilities. It's a very interesting question that we've been thinking deeply about how to service them and to leverage the audiences that we're already selling into to be more effective in serving our customers' needs. Great. Thank you. I think we're going to kind of take two more questions. I've got one from a shareholder who has submitted a question, and then Sami has his hand up. Our shareholder would like to hear a bit more about Emmi. I know, I think we all know it's not performed exactly to the original business plan, but I know it's being used across various initiatives. Perhaps Stacey and Peter, do you want to comment on Emmi and how it's evolved? Sure. I'll start then, Peter. You can add some color commentary to that as well. Emmi, I think, is in a, as Meg noted, has not reached our initial expectations. We do see a strong potential moving forward for Emmi. I mentioned during my earlier discussion that, you know, one of the areas for the trends we see is the consumerization of healthcare. The other trend that we're seeing is the move more into value-based care, and we think Emmi is a great opportunity to be able to help providers and payers take advantage of those trends. Emmi is, you know, a series of solutions that address particular areas of focus, use cases that really allows engagement with patients to better serve their needs, to better take care of their personal situations, and to improve outcomes overall. Peter, maybe you can talk about some of the Newer capabilities and use cases that we've been addressing recently. Sure. Thank you, Stacey. So just to put a fine point on some of the things that Stacey already mentioned, certainly it's been bumpy with Emmi since the acquisition, but we've made tremendous progress. I think some of that turbulence reflects the turbulence that was seen more broadly in the patient engagement space, which as many of you know, has been quite frothy and complex. I think things are evolving and changing right now. Stacey already mentioned some of the evolving market dynamics, which are driving the need for a consumer-friendly set of services that drive down total costs of care and improve outcomes. Certainly that's a trend that is accelerating in the United States and other regions of the world. Emmi is well-positioned from a market dynamics point of view to play into that evolving market dynamic. The other major competitive advantage that we have with Emmi compared to other engagement assets is this point of harmonization. I do want to explain to people at how important that is and how distinctive it is. We have spent many, many years and effort to make sure that the content that appears in front of different stakeholders is the same. It's still a journey, so not complete, but it shouldn't be that if you go to an information resource designed for a pharmacist or an information resource designed for a doctor or a patient, that you get a different answer. That has been the case and certainly exists outside in the industry. We've made an effort to make sure that that same evidence-based content is represented across all of our assets, including in Emmi. In an era of misinformation and an era in which we have increasing need for consumer engagement, both among payers and among healthcare providers, Emmi is in a very good position to prosper. We continue to be excited. We continue to work on new launches with Emmi. Some of you saw the launch of Emmi Educate this year, which is a new asset focusing on patient leaflets and some short-form videos. There's a lot more that we can do with Emmi focusing on patient journeys and other things which are aligned towards total cost of care and quality of care. Great. Thank you, Peter. Then the last question, please, Sami, I think you've got your hand raised. Sami, again from BNP Paribas Exane, please go ahead. Oh, you might be on mute, Sami. Yes. Excuse me for that. Thank you very much, Meg. I have a question for Nancy, if I may. And Nancy, when I first met you, the share price of Wolters Kluwer was at EUR 8. It has crossed EUR 100 recently, and your capital allocation policy has been spot on and has all my admiration. It's with a lot of humility that I would like to ask you the following question. Wolters Kluwer seems to be a top 20, top 25 player in the U.S. healthcare IT and tech segment. It is a top 20 or 30 player in banking IT. It is a larger player in legal and regulatory, and we've seen you sell out of legal assets today. My question is, why don't you think that perhaps being more aggressive with the scope of the group would not be a good way to go from EUR 100-EUR 200 per share? Why not sell one or two of the industries that you're in and refocus capital allocation to becoming a top 10 player in U.S. healthcare IT, for instance? Thank you, Nancy. Yes. Yeah, great question. We are, as you know, one of the things I think we as a management team are proud of is we did get rerated over the course of my tenure from a PE perspective, and that was largely due to the successful digital transformation. You know, we're well over 90% now digital products and services. As we think about the future, we really like the four market segments that we're in. We think there's plenty of organic opportunities as well as some bolt-on acquisitions we can make in those four spaces. Really to get the next kind of rerating as an organization, it's really focused on driving this expert solution strategy. I know, Sami, you've heard me talk about this. Today, 54% of our revenues come from expert solutions. These are highly valued products by customers. UpToDate is a perfect example. You know, high retention characteristics, high margin characteristics. As we rotate the portfolio from, say, 54%-65%, we will have inherently higher organic growth, again, because of the retention characteristics and better margins. We believe that is really the catalyst for the next kind of rerating more than, you know, doubling, you know, selling off parts and doubling down somewhere else. We see opportunities really across our entire portfolio, and it's really around these expert solutions. More and more of those expert solutions are global in nature. Again, we have a broader, you know, kind of market that we're playing in. That's our strategy. You'll hear more about in February. As you know, we're coming out with the next sort of three-year plan. We're really excited about the future. You know, despite COVID, which of course has been a difficult period for everyone, it's really sharpened the market trends around digital transformation, around cloud, and we're really well positioned, not just in health, but across the portfolio to take advantage of those opportunities. I think, you know, despite COVID, the company's never been stronger, in my opinion. I think we're all excited about the future, and I think I want to just thank the health team. They've done remarkable work during this pandemic. You know, I can't tell you the amount of effort that they've put in to make sure that the customers on the front line are getting everything that we—you know, that they need, and we're doing everything we can to work with them to try and, you know, stem the pandemic effect. I want to just commend them because I think it's really been a Herculean effort. Meg, I think we're- Right. Thank you. Just, back to you. Yes. Thank you for that, great closing question, Sami, and, Nancy, your great answer there. Thank you everyone for listening and participating in the Q&A. We hope we provided you with a better understanding of our health business and our product development team. Do get in touch if you have any follow-up questions or feedback. If there's any further questions that come in, we'll try and get back to you in coming days. Thank you again, and we hope to see you again soon. Thank you.