Chegg Inc (CHGG) 2022 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Chegg, Inc. Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Conference is being recorded. (Operator Instructions) I would now like to turn the conference over to Tracey Ford, Vice President of Investor Relations and ESG. Please go ahead.

謝謝你的支持。這是會議接線員。歡迎參加 Chegg, Inc. 2022 年第二季度收益電話會議。 （操作員說明）正在錄製會議。 （操作員說明）我現在想將會議轉交給投資者關係和 ESG 副總裁 Tracey Ford。請繼續。

Good afternoon. Thank you for joining Chegg's Second Quarter 2022 Conference Call. On today's call are Dan Rosensweig, Co-Chairperson and CEO; and Andy Brown, Chief Financial Officer. A copy of our earnings press release, along with our investor presentation, is available on our Investor Relations website, investor.chegg.com. A replay of this call will also be available on our website. We routinely post information on our website and intend to make important announcements on our media center website at chegg.com/mediacenter.

下午好。感謝您參加 Chegg 的 2022 年第二季度電話會議。今天的電話會議是聯合主席兼首席執行官 Dan Rosensweig；和首席財務官安迪布朗。我們的收益新聞稿的副本以及我們的投資者介紹可在我們的投資者關係網站investor.chegg.com 上找到。該電話的重播也將在我們的網站上提供。我們定期在我們的網站上發布信息，並打算在我們的媒體中心網站 chegg.com/mediacenter 上發布重要公告。

We encourage you to make use of these resources. Before we begin, I would like to point out that during the course of this call, we will make forward-looking statements regarding future events, including the future financial and operating performance of the company. These forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. We caution you to consider the important factors that could cause actual results to differ materially from those in the forward-looking statements. In particular, we refer you to the cautionary language included in today's earnings release and the risk factors described in Chegg's annual report on Form 10-K filed with the Securities and Exchange Commission on February 22, 2022, as well as our other filings with the SEC.

我們鼓勵您利用這些資源。在開始之前，我想指出，在本次電話會議期間，我們將對未來事件做出前瞻性陳述，包括公司未來的財務和經營業績。這些前瞻性陳述受到重大風險和不確定性的影響，可能導致實際結果與前瞻性陳述中的結果存在重大差異。我們提醒您考慮可能導致實際結果與前瞻性陳述中的結果大不相同的重要因素。特別是，我們向您推薦今天的收益發布中包含的警示性語言，以及 Chegg 於 2022 年 2 月 22 日向美國證券交易委員會提交的 10-K 表格年度報告中描述的風險因素，以及我們向美國證券交易委員會提交的其他文件。證券交易委員會。

Any forward-looking statements that we make today are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events. During the call, we will present both GAAP and non-GAAP financial measures. Our GAAP results and GAAP to non-GAAP reconciliations can be found in our earnings press release on the investor slide deck found on our IR website, investor.chegg.com. We also recommend you review the investor data sheet, which is also posted on our IR website. Now I will turn the call over to Dan.

我們今天做出的任何前瞻性陳述均基於我們認為截至該日期是合理的假設。我們不承擔因新信息或未來事件而更新這些聲明的義務。在電話會議期間，我們將介紹 GAAP 和非 GAAP 財務指標。我們的 GAAP 結果和 GAAP 與非 GAAP 對賬可以在我們的收益新聞稿中找到，該新聞稿位於我們的 IR 網站investor.chegg.com 上的投資者幻燈片上。我們還建議您查看投資者數據表，該數據表也發佈在我們的 IR 網站上。現在我將把電話轉給丹。

Thank you, Tracey, and welcome, everyone, to our Q2 2022 earnings call. Chegg had a good second quarter, with Chegg Services revenue growing 9% year-over-year, increasing to 5.3 million subscribers for the quarter.

謝謝你，特蕾西，歡迎大家參加我們的 2022 年第二季度財報電話會議。 Chegg 第二季度表現不錯，Chegg 服務收入同比增長 9%，本季度用戶數增加到 530 萬。

Our team is doing an excellent job of executing on the current opportunities in front of us. And with the impact of constant upgrades to our user experience, we are seeing continued strong conversion rates as well as over a 100 basis points increase in our Chegg Study and Chegg Study Pack retention rate year-over-year.

我們的團隊在執行擺在我們面前的當前機會方面做得非常出色。隨著我們用戶體驗不斷升級的影響，我們看到持續強勁的轉化率以及我們的 Chegg Study 和 Chegg Study Pack 保留率同比增長超過 100 個基點。

We are executing very well on our services strategy, resulting in record high take-rates for our Chegg Study Pack. This bodes very well for future increases in both ARPU and lifetime value of our growing customer base.

我們的服務戰略執行得非常好，為我們的 Chegg Study Pack 帶來了創紀錄的高錄取率。這對於我們不斷增長的客戶群的 ARPU 和生命週期價值的未來增長來說是個好兆頭。

Our newer investments such as Chegg Skills and Busuu, are also starting to scale, which is contributing to improvements to our top and bottom lines now, and we believe even more so in the future. Given these positive trends, we are moderately raising our guidance for the year, which Andy will walk you through.

我們較新的投資，例如 Chegg Skills 和 Busuu，也開始擴大規模，這有助於提高我們現在的收入和利潤，我們相信未來更是如此。鑑於這些積極的趨勢，我們將適度提高今年的指導，安迪將引導您完成。

The last few years have been challenging for higher education ecosystem with impacts on enrollment, course load and the overall mental health of both students and faculty. At Chegg, we have always been focused on solving big student pain points and helping improve learning outcomes. We help students master their subjects and better understand their course material, while increasingly providing them with high-quality skills-based learning opportunities to make them more employable.

過去幾年對高等教育生態系統充滿挑戰，對招生、課程負擔以及學生和教師的整體心理健康都有影響。在 Chegg，我們一直專注於解決大學生的痛點並幫助改善學習成果。我們幫助學生掌握他們的科目並更好地理解他們的課程材料，同時越來越多地為他們提供基於技能的高質量學習機會，使他們更有就業能力。

In doing so, we believe we substantially improved graduation rates and the ROI of their learning journey. The results speak for themselves as 92% of students reported that Chegg helps them learn their coursework better and 94% say they get better grades when they use Chegg to understand their coursework.

通過這樣做，我們相信我們大大提高了畢業率和他們學習之旅的投資回報率。結果不言自明，因為 92% 的學生報告說 Chegg 幫助他們更好地學習課程作業，94% 的學生表示，當他們使用 Chegg 來理解他們的課程作業時，他們獲得了更好的成績。

As a learning leader in higher education, Chegg is constantly monitoring our industry, particularly through the lens of the student. We are seeing some very interesting new trends in our most recent survey as the data suggests a significantly higher number of students are taking summer school this year compared to last year.

作為高等教育的學習領導者，Chegg 一直在監控我們的行業，尤其是通過學生的視角。我們在最近的調查中看到了一些非常有趣的新趨勢，因為數據表明，與去年相比，今年參加暑期學校的學生人數明顯增加。

The reasons are a direct result of the COVID experience and a significant number of them are taking summer school to accelerate the pace of getting their degree and catch up on their courses. Our previous study showed that students were taking fewer and easier courses during the pandemic. So it's no surprise that this summer, they are taking harder classes, specifically subjects in STEM-B.

原因是 COVID 經歷的直接結果，其中很大一部分人正在參加暑期學校以加快獲得學位的步伐並趕上他們的課程。我們之前的研究表明，在大流行期間，學生們學習的課程更少、更容易。所以毫不奇怪，今年夏天，他們正在學習更難的課程，特別是 STEM-B 的科目。

What is also interesting is that we believe students are increasingly thinking about their academic journey as a 12-month endeavor in order to better balance work, course load and family throughout the year. In fact, 38% of students surveyed are extending college so they can make more money now. They can do this because schools are going increasingly online, making summer school more convenient and accessible. In addition, 85% of summer school students surveyed said they plan to attend or have already enrolled in school for the fall. Historically, higher summer attendance has indicated stronger student enrollment in the fall semester.

同樣有趣的是，我們相信學生越來越多地將他們的學術旅程視為 12 個月的努力，以便更好地平衡全年的工作、課程負擔和家庭。事實上，接受調查的學生中有 38% 正在延長大學期限，以便他們現在可以賺更多的錢。他們之所以能做到這一點，是因為學校越來越在線，這使得暑期學校更方便、更容易獲得。此外，接受調查的暑期學校學生中有 85% 表示他們計劃參加或已經在秋季入學。從歷史上看，更高的夏季出勤率表明秋季學期的學生入學率更高。

If these trends continue, it is good for the higher education industry as a whole and Chegg in particular. For the back-to-school season, our priorities in the U.S. are the continued rollout of learn with Chegg, our personalization platform, which we believe will expand our TAM to new users and increase our value to existing customers, both of which should improve conversion and retention over time.

如果這些趨勢繼續下去，這對整個高等教育行業，尤其是 Chegg 有利。對於返校季，我們在美國的首要任務是繼續推出我們的個性化平台 Chegg 學習，我們相信這會將我們的 TAM 擴展到新用戶並增加我們對現有客戶的價值，這兩者都應該有所改善隨著時間的推移轉換和保留。

We are also rolling out the student-facing side of Uversity, significantly expanding the content, courses and learning tools for students this fall. As our value to students increases, so does our pricing power. In mid-July, we initiated a very moderate $1 price increase in our base Chegg Study service going from $14.95 to $15.95 for our monthly subscription. All other pricing in the U.S. remains the same.

我們還將推出面向學生的大學課程，在今年秋季為學生顯著擴展內容、課程和學習工具。隨著我們對學生的價值增加，我們的定價能力也在增加。 7 月中旬，我們開始將 Chegg Study 基礎服務的價格從 14.95 美元提高到 15.95 美元，價格非常溫和，每月訂閱費用為 1 美元。美國的所有其他定價保持不變。

This has been rolled out initially to only new Chegg Study customers, but we will be expanding to include all existing subscribers in October. According to our price tests over the past several months, we expect to see a minimal decrease in conversion while seeing an increased number of students choosing the Chegg Study Pack bundle because the price value relationship is even better. Our ultimate goal is to have all students subscribe to the Chegg Study Pack, which is why we recently added Uversity content into the bundle, making it even more attractive and valuable offering.

這最初僅向 Chegg Study 的新客戶推出，但我們將在 10 月擴展到包括所有現有訂戶。根據我們過去幾個月的價格測試，我們預計轉化率的下降幅度最小，同時看到越來越多的學生選擇 Chegg 學習包捆綁包，因為價格價值關係更好。我們的最終目標是讓所有學生都訂閱 Chegg 學習包，這就是我們最近將大學內容添加到捆綁包中的原因，使其更具吸引力和價值。

Through Uversity, we are adding the content students have specifically been requesting such as practice tests, quizzes and study guides from professors from some of the top universities in the world, and we are providing new content and new formats that we have previously not had on Chegg.

通過 Uversity，我們正在添加學生特別要求的內容，例如來自世界一些頂尖大學的教授的練習測試、測驗和學習指南，我們正在提供我們以前沒有的新內容和新格式切格。

Over time, we believe Uversity will expand our TAM in the U.S. and globally in both STEM and non-STEM subjects. We are very excited about the impact Uversity will have on student outcomes as well as the traction we are already seeing from educators as there are now more than 180,000 pieces of professor developed content on our platform, and we have over 6,000 professors who have already been verified to participate from almost 30% of all higher education institutions in the U.S., and that number continues to increase.

隨著時間的推移，我們相信 Uversity 將在美國和全球的 STEM 和非 STEM 科目中擴大我們的 TAM。我們對大學對學生成績的影響以及我們已經從教育工作者那裡看到的牽引力感到非常興奮，因為我們的平台上現在有超過 180,000 條教授開發的內容，我們有超過 6,000 名教授已經經驗證，有近 30% 的美國高等教育機構參與了該計劃，而且這一數字還在繼續增加。

The student benefits are clear, and we are excited to see how faculty are leveraging Uversity as a new distribution channel to educate even more students around the world. These efforts lead to increased dynamic learning and personalization for our students, and as learning shifts to classes and courses versus textbooks, so does Chegg. The more we personalize the user experience, the more we can program individualized learning pathways around their needs, styles and their preferred learning sources.

學生的好處是顯而易見的，我們很高興看到教師如何利用大學作為新的分銷渠道來教育世界各地的更多學生。這些努力為我們的學生帶來了更多的動態學習和個性化，並且隨著學習轉向課堂和課程而不是教科書，Chegg 也是如此。我們越是個性化用戶體驗，我們就越能圍繞他們的需求、風格和他們喜歡的學習資源製定個性化的學習路徑。

All of this should improve engagement, retention and ultimately, their learning outcomes. Outside North America, our goal is to rapidly increase our subscriber base by finding the optimal price-to-conversion relationship in each country, while also ensuring we have high quality and relevant content that has been localized to serve those needs.

所有這些都應該提高參與度、保留率，並最終提高他們的學習成果。在北美以外，我們的目標是通過在每個國家/地區找到最佳的價格轉換關係來快速增加我們的用戶群，同時確保我們擁有已本地化的高質量和相關內容來滿足這些需求。

Due to our investments in infrastructure, price testing and payments, Chegg is already serving more than 1 million students outside of North America. As we grow, we are increasing our focus on some of the biggest near-term opportunities. which include Australia, Turkey, South Korea, Saudi Arabia, India and Mexico. Students have made it clear that they need more than just academic support which is why we are scaling our efforts in Chegg Skills, both direct-to-consumer and through our partnership with Guild.

由於我們在基礎設施、價格測試和支付方面的投資，Chegg 已經為北美以外的超過 100 萬學生提供服務。隨著我們的成長，我們越來越關註一些最大的近期機會。其中包括澳大利亞、土耳其、韓國、沙特阿拉伯、印度和墨西哥。學生們明確表示，他們需要的不僅僅是學術支持，這就是為什麼我們正在擴大我們在 Chegg Skills 方面的努力，無論是直接面向消費者還是通過我們與 Guild 的合作。

Guild is proving to be an excellent partner, and we are experiencing early positive momentum. We continue to increase our catalog where we see the opportunity to meet more learner demand through our direct-to-student offering and through Guild as they expand their customer list. Our programming strategy is to align our courses with the most in-demand skills in the market, and our most popular courses include Cyber Security, Software Engineering, Data Analytics, and Design/UX with price ranges ranging between $1,250 and $9,500 per course.

Guild 被證明是一個優秀的合作夥伴，我們正在經歷早期的積極勢頭。我們繼續增加我們的目錄，我們看到有機會通過我們直接面向學生的產品和通過 Guild 來滿足更多學習者的需求，因為他們擴大了他們的客戶名單。我們的編程策略是使我們的課程與市場上最需要的技能保持一致，我們最受歡迎的課程包括網絡安全、軟件工程、數據分析和設計/用戶體驗，每門課程的價格範圍在 1,250 美元到 9,500 美元之間。

Students are having a positive experience with our curriculum, resulting in both strong take-rates and course completion. We are very excited to be working with some of the biggest companies in the world through Guild, and we continue to believe that by offering high-quality skills training through employer partnerships and direct-to-students, Chegg skills, including Busuu, will be a significant player in a very large market in the future.

學生對我們的課程有積極的體驗，從而提高了錄取率和課程完成率。我們很高興能通過 Guild 與世界上一些最大的公司合作，我們仍然相信，通過雇主合作夥伴關係和直接面向學生的方式提供高質量的技能培訓，包括 Busuu 在內的 Chegg 技能將未來非常大的市場中的重要參與者。

Like our skills business, language learning is desired by both corporations and students. So our plan is to integrate Busuu into our Skills platform in the coming years. As our audience expands, so do the needs of students. As a result, we have recently launched new high-quality content in the categories of financial literacy, career soft skills and mental health, which you can now find on Chegg and through large distribution channels such as Yahoo! and MSN, helping to extend the Chegg brand.

與我們的技能業務一樣，企業和學生都希望學習語言。因此，我們的計劃是在未來幾年將 Busuu 整合到我們的技能平台中。隨著我們受眾的擴大，學生的需求也在擴大。因此，我們最近在金融知識、職業軟技能和心理健康等類別中推出了新的高質量內容，您現在可以在 Chegg 以及通過 Yahoo! 等大型分銷渠道找到這些內容。和 MSN，幫助擴展 Chegg 品牌。

In addition to content, you can expect to see us partner with leaders in these categories with product offerings to our students starting in 2023. As always, the great work we have accomplished this last quarter would not be possible without our amazing employees.

除了內容之外，您還可以期待看到我們與這些類別的領導者合作，從 2023 年開始為我們的學生提供產品。與往常一樣，如果沒有我們出色的員工，我們在上個季度完成的出色工作是不可能的。

Their tireless work to put students first has once again resulted in continued recognition for our teams. Over the past few months, we are proud to win comparably awards for women, diversity and our entire leadership team as well as being named one of Fortune's Best Place to work for Millennials. So I want to celebrate our incredible employees for this recognition. And with that, I will turn it over to Andy.

他們將學生放在首位的不懈努力再次為我們的團隊帶來了持續的認可。在過去的幾個月裡，我們很自豪能夠在女性、多元化和我們的整個領導團隊方面獲得同等獎項，並被評為《財富》雜誌為千禧一代工作的最佳場所之一。因此，我想慶祝我們令人難以置信的員工獲得這種認可。有了這個，我會把它交給安迪。

Thanks, Dan, and good afternoon, everyone. Q2 was another solid quarter for Chegg, with revenue and adjusted EBITDA coming in above the high end of the range. As summer school was stronger than we have experienced historically for reasons Dan mentioned earlier. While this is an encouraging sign, we believe it is prudent to wait and evaluate the fall semester trends before making any material change to our second half guidance.

謝謝，丹，大家下午好。對於 Chegg 來說，第二季度是另一個穩健的季度，收入和調整後的 EBITDA 高於該範圍的高端。由於丹前面提到的原因，暑期學校比我們歷史上經歷的要強。雖然這是一個令人鼓舞的跡象，但我們認為謹慎的做法是等待並評估秋季學期的趨勢，然後再對我們的下半年指導做出任何重大改變。

With that backdrop, let me walk you through the Q2 results. For Q2, total revenue was $195 million. This was driven by Chegg Services revenue growth of 9% to $189 million, as subscribers grew to 5.3 million during the quarter.

在這種背景下，讓我帶您了解第二季度的結果。第二季度，總收入為 1.95 億美元。這是由 Chegg Services 收入增長 9% 至 1.89 億美元推動的，因為該季度的訂戶增長至 530 萬。

Gross margin also came in at the high end of our expectations at 77%, resulting in adjusted EBITDA margin of 35% or $68 million. Looking at the balance sheet. We ended the quarter with $1.6 billion of cash and investments. Late in the quarter, we announced an increase in our securities buyback authorization by $1 billion, giving us the continued flexibility to buy back either outstanding debt or stock during times of market dislocation at prices favorable to our shareholders.

毛利率也達到了我們預期的高端，為 77%，調整後的 EBITDA 利潤率為 35% 或 6800 萬美元。看著資產負債表。我們在本季度結束時擁有 16 億美元的現金和投資。本季度末，我們宣布將證券回購授權增加 10 億美元，使我們能夠在市場錯位期間以有利於股東的價格回購未償債務或股票。

This is possible as we have a strong balance sheet and have an operating model with one of the strongest free cash flow margins across the education industry.

這是可能的，因為我們擁有強大的資產負債表，並且擁有整個教育行業最強大的自由現金流利潤率之一的運營模式。

Moving on to guidance. Given the strength of our Q2 results, we are increasing the midpoint of our revenue and adjusted EBITDA guidance ranges for the year. As a result, for 2022, we now expect total revenue to be between $745 million and $770 million, with Chegg Services revenue between $715 million and $740 million, gross margin between 73% and 74% and adjusted EBITDA between $225 million and $235 million or 30% adjusted EBITDA margin.

繼續指導。鑑於我們第二季度業績的強勁，我們正在提高我們今年收入的中點和調整後的 EBITDA 指導範圍。因此，我們現在預計 2022 年總收入將在 7.45 億美元至 7.7 億美元之間，Chegg 服務收入在 7.15 億美元至 7.4 億美元之間，毛利率在 73% 至 74% 之間，調整後 EBITDA 將在 2.25 億美元至 2.35 億美元之間或調整後 EBITDA 利潤率為 30%。

For Q3, we expect total revenue to be between $156 million and $160 million, with Chegg Services revenue between $152 million and $155 million, gross margin between 70% and 72% and adjusted EBITDA between $36 million and $38 million.

對於第三季度，我們預計總收入將在 1.56 億美元至 1.6 億美元之間，Chegg 服務收入在 1.52 億美元至 1.55 億美元之間，毛利率在 70% 至 72% 之間，調整後的 EBITDA 在 3600 萬美元至 3800 萬美元之間。

In closing, we are operating very well despite concerns about inflation, the economy and challenges in the education industry. We believe we are positioned to emerge even stronger once these headwinds subside due to our best-in-class offerings, beloved brand, a strong operating model that generates cash and a best-in-class balance sheet. With that, I'll turn the call over to the operator for your questions.

最後，儘管對通貨膨脹、經濟和教育行業的挑戰感到擔憂，但我們的運營非常好。我們相信，由於我們一流的產品、受人喜愛的品牌、產生現金的強大運營模式和一流的資產負債表，一旦這些不利因素消退，我們將變得更加強大。有了這個，我會把電話轉給接線員來回答你的問題。

(Operator Instructions) The first question is from Doug Anmuth from JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Doug Anmuth。

It's Bryan Smilek on for Doug. It's good to see summer enrollment trends are back on track and early fall semester trends seem encouraging. However, just considering the macro backdrop, could you just provide any color of how that's embedded in the guide? Just if any macro risk is in there? And then how do you feel Chegg is positioned in times of an economic downturn?

道格是布萊恩·斯邁克。很高興看到夏季入學趨勢重回正軌，初秋學期趨勢似乎令人鼓舞。但是，僅考慮宏觀背景，您能否提供嵌入指南中的任何顏色？是否存在任何宏觀風險？那麼您如何看待 Chegg 在經濟低迷時期的定位？

Well, historically, if there is a recession, then higher education enrollment goes up. If summer schools are strong, which it definitely is right now then usually that results in a strong fall. But to your question about what the risk and the guide is? We tried very hard not to get enthusiastic about the signs we're seeing too early because we really won't know for 4 to 6 weeks just how strong the fall session is.

嗯，從歷史上看，如果出現經濟衰退，那麼高等教育入學率就會上升。如果暑期學校很強大，現在肯定是這樣，那麼通常會導致強烈的下降。但是對於您關於風險和指南的問題？我們非常努力不要對我們過早看到的跡象感到熱情，因為我們真的不會知道秋季會議的強度有 4 到 6 週。

So we are assuming at the moment that enrollment in the fall is no different than enrollment in the fall was last year. So we're just being -- we're quietly confident, but we're not being aggressive here. We're just going to wait and see what happens. But our ability to take advantage of an upswing would be great. We're obviously well positioned for that, and we like what we're seeing right now.

因此，我們目前假設秋季的入學人數與去年秋季的入學人數沒有什麼不同。所以我們只是——我們安靜地自信，但我們在這裡並沒有咄咄逼人。我們只是等待，看看會發生什麼。但是我們利用上升的能力將是巨大的。我們顯然已經做好了準備，我們喜歡我們現在所看到的。

The next question is from Stephen Sheldon from William Blair.

下一個問題來自威廉布萊爾的斯蒂芬謝爾頓。

It sounds like you're getting great traction with Uversity content. I just wanted to ask about how you're planning to leverage and monetize it? It seems like based upon the commentary, content may only be available in the bundle and maybe essentially serve as another part of the value proposition to drive upselling to Chegg Study Pack. So am I thinking about that right? And how are you thinking about the broader opportunity to attract non-STEM-B students to the platform, I think?

聽起來您對大學內容的吸引力很大。我只是想問一下您打算如何利用它並從中獲利？似乎根據評論，內容可能僅在捆綁包中提供，並且可能本質上作為價值主張的另一部分，以推動 Chegg Study Pack 的追加銷售。那我想對了嗎？我認為，您如何看待吸引非 STEM-B 學生加入該平台的更廣泛機會？

Yes, great question. So yes, to your first question, which is the way we're going to monetize it first, our objective all along has been to get students to take the bundle over the base pack. We're seeing really amazing traction, to be honest with you, which we think reveals itself in '23 and '24.

是的，很好的問題。所以是的，對於你的第一個問題，我們首先要通過哪種方式獲利，我們的目標一直是讓學生接受捆綁包而不是基礎包。老實說，我們看到了非常驚人的牽引力，我們認為這在 23 和 24 年會顯現出來。

The price increase that we took was very moderate in the base, but the goal for that price increase was, of course, to generate that revenue from those customers, but to encourage even a higher percentage of those students to take the study path. All the test indicated that and so far in July and the beginning of August, that's exactly what we're seeing.

我們採取的價格上漲在基礎上非常溫和，但價格上漲的目標當然是從這些客戶那裡獲得收入，但要鼓勵更高比例的學生走上學習之路。所有的測試都表明，到目前為止，在 7 月和 8 月初，這正是我們所看到的。

So we're really bullish on that. Then the next part of that was to add Uversity content into the bundle to make it even more attractive. It makes it each customer worth about 33% more than it would be if they took the base. So it's really a valuable opportunity for us to upgrade existing customers and then ultimately have everybody subscribed to the bundle over time. So that is how we're using it initially.

所以我們真的很看好這一點。然後下一部分是將大學內容添加到捆綁包中，使其更具吸引力。這使得每個客戶的價值比他們佔據基地時的價值高出約 33%。因此，這對我們來說確實是一個寶貴的機會來升級現有客戶，然後隨著時間的推移最終讓每個人都訂閱該捆綁包。這就是我們最初使用它的方式。

Now the second question is we are accumulating content for both STEM and non-STEM. And we are directing our experts to be able to provide solutions, step-by-step solutions for non-STEM subjects, which historically we haven't done. That category, that size of that TAM is equal to the size of the TAM that we're going after with our existing business, which is another 10 million students in the U.S.

現在第二個問題是我們正在為 STEM 和非 STEM 積累內容。我們正在指導我們的專家能夠為非 STEM 科目提供解決方案，逐步解決方案，這在歷史上我們還沒有做過。那個類別，那個 TAM 的規模等於我們現有業務所追求的 TAM 的規模，即美國的另外 1000 萬學生。

So we think we have a tremendous amount of growth ahead of us, first, when students come back and hopefully this summer is a sign of that; and the faster numbers indicate that it's up 4.6% from last year, that's also a good sign, but we don't want to get ahead of ourselves. We think that would be a mistake at this point.

因此，我們認為我們面前有巨大的增長，首先，當學生回來時，希望今年夏天是一個跡象；更快的數字表明它比去年增長了 4.6%，這也是一個好兆頭，但我們不想超越自己。我們認為在這一點上這是一個錯誤。

And then we have this whole another category of 10 million students, of which about 20% of them subscribe to Chegg, but episodic when they're forced to take a STEM class. We want them to stay with us when they're taking their other classes, political science, the other kinds of majors that people are in, history and others.

然後我們有另外一個類別的 1000 萬學生，其中大約 20% 訂閱 Chegg，但在他們被迫參加 STEM 課程時是偶發性的。我們希望他們在學習其他課程、政治學、人們學習的其他類型的專業、歷史和其他專業時留在我們身邊。

So we're very bullish on our future growth in the U.S. and Uversity will start by encouraging people to take the bundle. And then we will be using it and directing our expert Q&A to be able to accumulate content in the non-STEM areas. So both are really a big step forward for us, and this is a good time to take it.

因此，我們非常看好我們在美國的未來增長，而大學將從鼓勵人們接受捆綁包開始。然後我們將使用它並指導我們的專家問答，以便能夠在非 STEM 領域積累內容。所以兩者對我們來說都是向前邁出的一大步，現在是採取它的好時機。

The next question is from Ryan MacDonald from Needham.

下一個問題來自 Needham 的 Ryan MacDonald。

Congrats at nice quarter. I'm just curious what the progress you're making on Busuu underneath the Chegg umbrella thus far? And what efforts perhaps have been made in terms of starting that to drive that cross-sell activity within the core existing Chegg base?

恭喜在美好的季度。我只是好奇到目前為止，您在 Chegg 保護傘下的 Busuu 取得了什麼進展？在啟動現有核心 Chegg 基地內的交叉銷售活動方面，可能已經做出了哪些努力？

Yes, also spot-on question. So we're making very good progress with our strategy, and we'll talk more about that strategy in the fall, but you can start to imagine that the U.S. where they're not particularly penetrated, we have the opportunity to create a much more aggressive freemium model, which we're not prepared to talk about much detail today, but that will be really our first major effort to go after the U.S. market, to be much more competitive in the U.S. market, and we have the resources to do it.

是的，也有針對性的問題。因此，我們的戰略取得了非常好的進展，我們將在秋季更多地討論該戰略，但你可以開始想像，在他們沒有特別滲透的美國，我們有機會創造一個更具侵略性的免費增值模式，我們今天不准備談論太多細節，但這確實是我們進軍美國市場的第一次重大努力，在美國市場上更具競爭力，我們有資源做。

And I imagine that for '23, we'll have a lot more to talk about as it relates to that. So it's exciting. Summer is difficult in Europe, as you can imagine, with everybody traveling and post-COVID. But the fall will be the beginning of those tests, and then we'll talk more about it at the end of the year and in February.

而且我想，對於 23 年，我們將有更多相關的話題要討論。所以這很令人興奮。正如你可以想像的那樣，歐洲的夏天很艱難，因為每個人都在旅行，而且在 COVID 之後。但秋季將是這些測試的開始，然後我們將在年底和二月更多地討論它。

The next question is from Josh Baer from Morgan Stanley.

下一個問題來自摩根士丹利的 Josh Baer。

Just wanted to check on the really positive summer school trends sure had an impact at the end of Q2. Like how should we think about the impact to Q3 kind of thinking about guidance, missing consensus, maybe consensus was just wrong, maybe part of it is the Q3 is into the next academic year and don't want to get ahead of yourself? Just wondering like how the really strong summer school trends fit with expectations around Q3?

只是想看看真正積極的暑期學校趨勢肯定在第二季度末產生了影響。就像我們應該如何考慮對第三季度的影響，那種關於指導的思考，缺少共識，也許共識只是錯誤的，也許部分原因是第三季度進入下一個學年，不想超越自己？只是想知道真正強勁的暑期學校趨勢如何符合第三季度的預期？

Yes. I'll start and then have Andy get into much more detail. But in Andy's prepared remarks, I think he was very clear that we are taking what we see on the top line, but you're seeing even more leverage on the bottom line. So we believe we will continue to get a lot more profitable as we scale, and we're very confident in that.

是的。我將開始，然後讓安迪進入更多細節。但在安迪準備好的評論中，我認為他非常清楚我們正在採取我們在頂線上看到的東西，但你在底線上看到了更多的影響力。因此，我們相信隨著規模的擴大，我們將繼續獲得更多的利潤，我們對此非常有信心。

We're just being very cautious about the fall because we'll know in 5 or 6 weeks. So there's no reason for us at this point to get ahead of it. All the signs are good. And so we're banking the revenue upside that we experienced, but we're not taking any other right now because it's just not prudent at this moment. But if the trends continue, it's an excellent...

我們只是對秋季非常謹慎，因為我們會在 5 或 6 週內知道。因此，在這一點上，我們沒有理由超越它。所有跡像都很好。因此，我們將我們所經歷的收入增長存入銀行，但我們現在沒有採取任何其他措施，因為此時這並不謹慎。但如果趨勢繼續下去，那將是一個極好的...

Yes. I mean Dan just -- Dan nailed it. It's really this simple. We are seeing -- we did see positive trends during the summer. You saw that in our results for Q2. I said in my prepared remarks very clearly that we are not adjusting our expectations for the second half.

是的。我的意思是丹只是——丹成功了。真的就是這麼簡單。我們正在看到——我們確實在夏季看到了積極的趨勢。您在我們第二季度的結果中看到了這一點。我在準備好的發言中非常清楚地表示，我們不會調整對下半年的預期。

You see that in the numbers on the revenue line, at least. We're not about to get ahead of our skis. And as Dan said, we're just a few weeks away from getting a sense for what the fall really looks like. And then we'll make any adjustments that we think are necessary when we come to the next call, which is in early November.

至少，您可以在收入線上的數字中看到這一點。我們不會超越我們的滑雪板。正如丹所說，我們距離真正了解秋天的樣子只有幾週的時間了。然後，當我們進行下一次電話會議時，即 11 月初，我們將進行我們認為必要的任何調整。

But we are absolutely sending a signal about increased profitability because as was in the prepared remarks, as Busuu continues to grow, as Guild continues to build. And as more people take the bundle and our renewals continue to be at record rates, and our conversions remain very high. This is all increased profitability. It's just -- it's a one point in a year where we just have to be cautious because we won't know for sure for the next 4 to 5 weeks.

但我們絕對發出了關於盈利能力提高的信號，因為正如準備好的評論中所說，隨著 Busuu 繼續增長，Guild 繼續建設。隨著越來越多的人使用捆綁包，我們的續訂率繼續創下歷史新高，我們的轉化率仍然很高。這都是提高盈利能力。只是 - 這是一年中的一個時刻，我們必須保持謹慎，因為我們無法確定接下來的 4 到 5 週。

The next question is from Brent Thill from Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

Dan, if you could maybe just share a little bit of the playbook as you go into this year versus past years, how you've made some tweaks on that? And just a quick follow-up, if COVID was kind of the primary reason for the return back to summer school, I guess, when you think about how you're reading that and how confident you are that, that's not just maybe a onetime catch-up. What are the signals that you're seeing that, that may indicate what happen to summer school may actually continue into the fall? Can you give us a little more color what happened this summer and like why that would continue?

丹，如果你能在今年與過去幾年的比賽中分享一點劇本，你是如何對此進行一些調整的？只是一個快速的跟進，如果 COVID 是重返暑期學校的主要原因，我想，當你想到你是如何閱讀它以及你對它有多自信時，這可能不僅僅是一次跟上來。你看到了什麼信號，這可能表明暑期學校發生的事情實際上可能會持續到秋季？你能給我們多介紹一下今年夏天發生的事情，以及為什麼會繼續這樣嗎？

Yes. Again, fair questions and a reason for us to be very optimistic, but very cautious about changing anything until November. So there's a couple of things that I think people should understand that perhaps we haven't done the best job in communicating in the past.

是的。再次，公平的問題和我們非常樂觀的理由，但在 11 月之前對任何改變都非常謹慎。所以有幾件事我認為人們應該明白，也許我們過去在溝通方面做得不夠好。

Last fall, the college market just dropped down. When you really take into consideration the fact that Chegg is growing now, even though 1.5 million students left higher education, the overwhelming majority of which were the Chegg-type customers. The fact that we're back to growth is a really good thing and really positive signs.

去年秋天，大學市場剛剛下跌。當你真正考慮到 Chegg 現在正在增長的事實時，即使有 150 萬學生離開了高等教育，其中絕大多數是 Chegg 類型的客戶。我們恢復增長的事實是一件非常好的事情，也是非常積極的跡象。

Second, about your specific question on summer school. History has shown that strong summer schools equals strong fall. The second thing, and it was in our prepared remarks as well, is we survey students regularly. And we believe our surveys are projectable because we use them to do our own planning and to build out our products and add new things. And we've asked the question what percentage took summer school this year versus last year.

第二，關於你關於暑期學校的具體問題。歷史表明，強大的暑期學校等於強勁的秋季。第二件事，也是在我們準備好的評論中，是我們定期對學生進行調查。而且我們相信我們的調查是可預測的，因為我們使用它們來進行我們自己的規劃並構建我們的產品並添加新事物。我們已經問過這個問題，今年暑期學校與去年相比有多少百分比。

It's substantially up, and we asked them why. And the overall reasons are to accelerate the timing which it takes them to graduate and to catch up, that means that they're going to continue into the fall. Then when asked, 83% of them said that they had already registered or signed or registered for the fall. That's an unusually high number for the last 3 years.

它大大增加了，我們問他們為什麼。總體原因是加快他們畢業和追趕的時間，這意味著他們將持續到秋季。然後當被問到時，83% 的人表示他們已經註冊或簽署或註冊了秋季。在過去的 3 年中，這是一個異常高的數字。

But that -- those are the reasons that we think we're experiencing such a good summer. As to what that means for us? Deeper down in the survey -- and again, we mentioned this in prepared markets, if it holds as a trend, it's an excellent trend for us, which is they're thinking of taking fewer classes during what you and I would consider the traditional semester by taking some classes over the course of the summer. That means an extension of the number of months that we have relationships with. So when we say we're having good summer, it's not just that we're seeing good top of the funnel, it means that people who historically would have either paused or stopped and then come back in the fall are still renewing over the course of the summer.

但這就是我們認為我們正在經歷一個如此美好的夏天的原因。至於這對我們意味著什麼？在調查的更深處——我們再次在準備好的市場中提到了這一點，如果它作為一種趨勢保持下去，這對我們來說是一個極好的趨勢，那就是他們正在考慮在你我認為的傳統課程中少上課在暑假期間參加一些課程。這意味著延長我們與之建立關係的月數。因此，當我們說夏天過得不錯時，不僅僅是我們看到了漏斗頂部，這意味著那些在歷史上會暫停或停止然後在秋天回來的人仍在更新課程的夏天。

So those are all really good signs about the long-term value proposition if college is viewed as fewer classes during the traditional semesters, but the total number of classes in the course of a year, and they spread it over the summer, that's really good for our business, that makes us a 12-month product for a larger subset of students than we've been before. Does that make sense?

因此，如果大學在傳統學期被視為更少的課程，那麼這些都是關於長期價值主張的非常好的跡象，但是一年中的課程總數，並且他們將其分佈在整個夏天，這真的很好對於我們的業務而言，這使我們成為比以往更多的學生群體的 12 個月產品。那有意義嗎？

The next question is from Jason Celino from KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Jason Celino。

One for Dan on international. So the pricing tests that you're doing in those selected geographies, how are those efforts going? And I'm curious if you're looking at toggling the list price in these geos or if you're doing it with discounts, promotions or both, curious on how that's gone?

國際上的丹之一。那麼您在這些選定地區進行的定價測試，這些努力進展如何？而且我很好奇您是否正在考慮在這些地理區域中切換標價，或者您是否正在通過折扣、促銷或兩者兼而有之的方式進行切換，好奇這是怎麼回事？

Yes. Fair question. So there's a lot of learning for us to do. We were the beneficiary of huge international growth all at once when students went out for COVID. And now we're aligning the business in terms of the product, the content, local languages and local pricing.

是的。公平的問題。所以我們有很多學習要做。當學生因 COVID 外出時，我們立即成為了巨大的國際增長的受益者。現在我們正在根據產品、內容、當地語言和當地定價調整業務。

And we built that infrastructure over the course of the last year, which has allowed us to do a lot of price test. The reality though is a lot of those price tests were at the end of the semester and over the summer, so we have a lot more learning to do. We have -- what we said in the prepared remarks, with those 6 places, we have huge top-of-the-funnel interest. And we're not at the conversion level that we feel really is representative of where we can get to.

我們在去年建立了該基礎設施，這使我們能夠進行大量的價格測試。但現實情況是，很多價格測試都是在學期末和整個夏天進行的，所以我們還有很多事情要做。我們有 - 我們在準備好的評論中所說的，對於這 6 個地方，我們有極大的興趣。而且我們還沒有達到我們認為真正代表我們可以達到的轉換水平。

So what we're doing now when we really use the fall and the winter to find out is where is that optimal pricing. And that will be more something that we could talk about in greater detail of what we learned in '23. But remember, we really only were prepared to start testing at the end of last quarter, and that's the summer months. So the summer months are not as nearly as robust as the fall and particularly in Europe where they literally just take off. So we still have a lot more learning to do.

因此，當我們真正利用秋季和冬季來找出最佳定價時，我們現在正在做的是。這將是我們可以更詳細地討論我們在 23 年學到的東西。但請記住，我們實際上只是準備在上個季度末開始測試，那是夏季月份。因此，夏季月份不像秋季那麼強勁，尤其是在歐洲，它們實際上剛剛起飛。所以我們還有很多學習要做。

But what we have learned is those 6 places have very large top of the funnel, really big interest in what we're doing, and we're obviously growing there, but we want to grow a lot faster there. So we're still trying to figure out the right messaging and the right pricing, and that will just take some time, but we're very confident we'll get there.

但我們了解到，這 6 個地方的漏斗頂部非常大，對我們正在做的事情非常感興趣，我們顯然在那裡增長，但我們希望在那裡增長得更快。因此，我們仍在嘗試找出正確的消息傳遞和正確的定價，這將需要一些時間，但我們非常有信心我們會到達那裡。

The next question is from Mike Grondahl from Northland Securities.

下一個問題來自 Northland Securities 的 Mike Grondahl。

Any chance you'll maybe say what the strong summer school added incrementally to revenues or subs? And then maybe secondly, just how are you going to communicate the $1 price increase in October?

您是否有機會說出強大的暑期學校增加了收入或訂閱量？其次，您將如何傳達 10 月份 1 美元的價格上漲？

Andy, you want to take the growth part?

安迪，你想參與增長部分嗎？

Yes, yes, I'll -- Mike, I'll take the first one. I think you see -- when you talk about summer school, a big part of summer school actually is in our Q2 numbers, excuse me, and we had a nice beat even at the top end of the range that we gave you guys just 90 days ago. So I think that's a clear indicator of the type of momentum that we saw in Q2 and summer school. Dan, do you want to handle the next one, second one?

是的，是的，我會——邁克，我會拿第一個。我想你明白了——當你談到暑期學校時，暑期學校的很大一部分實際上是在我們的第二季度數字中，對不起，即使在我們給你們的範圍的頂端，我們也有一個不錯的節拍，我們只給了你們 90幾天前。所以我認為這是我們在第二季度和暑期學校看到的勢頭類型的明確指標。丹，你要處理下一個，第二個嗎？

Yes. So what we've done now is every new customer only sees a new price and there's no messaging. What -- the next step is in October, and we picked October for a very specific reason, which is that's the heart of midterms and the beginning of finals. And so we always have our best renewal percentages there anyway, as you can imagine.

是的。所以我們現在所做的是每個新客戶只看到一個新價格，沒有消息。什麼 - 下一步是在 10 月，我們選擇 10 月是出於一個非常具體的原因，那就是期中考試的核心和決賽的開始。因此，正如您可以想像的那樣，無論如何，我們總是在那裡擁有最好的續訂百分比。

So it's been very thoughtful. We have been [testing], messaging, but we also have to send out a notice in advance, which just notifies them that's going to happen. So all of our testing , all of our messaging suggests it's going to be really positive.

所以考慮得很周到。我們一直在[測試]，消息傳遞，但我們還必須提前發出通知，通知他們即將發生的事情。所以我們所有的測試，我們所有的信息都表明這將是非常積極的。

But again, just being smart and cautious because the world keeps evolving in ways it historically hasn't, we're just going to be patient and wait and see. But the messaging is exactly what you can imagine, it's very short, it's very sweet, it's no different than anybody else, Spotify or others have done.

但同樣，只要保持聰明和謹慎，因為世界一直在以歷史上沒有的方式發展，我們只會耐心等待和觀察。但是消息傳遞正是您可以想像的，它非常簡短，非常甜美，與其他任何人、Spotify 或其他人所做的沒有什麼不同。

And it's a very moderate. It's a $1 increase. And so the messaging is just here's all the value that we've added, here are all the new assets in the product and here's your renewal pricing. If you want to upgrade, here's everything that's now in Chegg Study Pack as well.

這是一個非常溫和的。增加了 1 美元。因此，消息傳遞就是我們添加的所有價值，這是產品中的所有新資產，這是您的續訂定價。如果您想升級，這裡還有 Chegg Study Pack 中的所有內容。

And so we'll get some upgrades. Our forecast assumes again that the college market does not get any bigger, although signs are it could. And that second, that we have some loss in renewals during that period, but the overall revenue uptake of both the increase in the dollar for each one of them, plus the percentage of people all new customers, we're seeing such a higher take-rate of the bundle that this will be very accretive in 2023.

所以我們會得到一些升級。我們的預測再次假設大學市場不會變得更大，儘管有跡象表明它會變得更大。第二，我們在那段時間的續訂方面有一些損失，但是從每個人的美元增長以及所有新客戶的百分比來看，我們看到的整體收入增長如此之高- 捆綁包的比率，這將在 2023 年非常增加。

Yes. I mean Mike, I think just for your information, I think given the fact that we're just starting this with new customers just more recently and to Dan's point, it doesn't affect renewals until October. It's very moderate in the second half of the year, but the big win for us for all the reasons down set is really in 2023.

是的。我的意思是邁克，我想只是為了您的信息，我認為鑑於我們最近才開始與新客戶合作，就丹而言，它不會影響到 10 月份的續訂。下半年的情況非常溫和，但出於各種原因，對我們來說最大的勝利實際上是在 2023 年。

The next question is from Brian Peterson from Raymond James.

下一個問題來自 Raymond James 的 Brian Peterson。

This is [Jessica] on for Brian. I just wanted to ask as we're considering Chegg's upside potential, what would you call out the key drivers to our ARPU growth? Like how should we consider the mix between your subscription plans with bundle, international growth and other offerings and contributing towards ARPU?

這是布賴恩的[傑西卡]。我只是想問一下，在我們考慮 Chegg 的上行潛力時，您認為我們 ARPU 增長的關鍵驅動因素是什麼？比如我們應該如何考慮您的訂閱計劃與捆綁、國際增長和其他產品之間的組合以及對 ARPU 的貢獻？

Yes. Great question. And so we don't usually break that out. So let's just remind people that Chegg Services, which is now the company post textbooks, includes Chegg Study, Chegg Study Pack, our Skills business, as well as ads and writing tools and (inaudible). So if we take out Busuu, that the ARPU increase year-over-year is 8.6% already.

是的。好問題。所以我們通常不會打破它。因此，讓我們提醒人們，Chegg Services（現在是公司發布教科書）包括 Chegg Study、Chegg Study Pack、我們的技能業務，以及廣告和寫作工具和（聽不清）。因此，如果我們剔除博樹，ARPU 同比增長已經達到 8.6%。

So the way to think about it is the core of what drives the business is Chegg Study and Chegg Study Pack that the ARPU on them are going up substantially, that's a result of increased retention and increased percentage of people taking the bundle, which is what we've been saying all along has been our objective.

因此，思考它的方式是推動業務的核心是 Chegg Study 和 Chegg Study Pack，它們的 ARPU 正在大幅上升，這是保留率增加和使用捆綁包的人比例增加的結果，這就是我們一直在說一直是我們的目標。

That's why we invest in content, user experience. That's why we built the bundles. That's why we put writing a [map] in it, and it's working better than we would have expected, particularly at these complicated times. Over time, as more and more and more of our renewals move from $14.95 to $15.95 or $15.95 to now $19.95 with the bundle, you'll see a tremendous amount of addition of profit and free cash flow.

這就是我們投資內容和用戶體驗的原因。這就是我們構建捆綁包的原因。這就是為什麼我們在其中寫了一張[地圖]，它的效果比我們預期的要好，尤其是在這些複雜的時期。隨著時間的推移，隨著我們越來越多的續訂從 14.95 美元到 15.95 美元或 15.95 美元到現在的 19.95 美元，您將看到大量的利潤和自由現金流。

So we already sort of top marks on free cash flow, which I'll have Andy describe to you again about last year, this year and what we expect for next year, not numbers, but just how the model works. So you -- we are seeing internally a nearly 9% increase in ARPU on the core subscription products apps in Busuu. Busuu brings it down because they have annual plans and 2-year plans that are as low as $7 a month. But if you remove that, it's going up quite nicely and very fast, and we'll continue to do so over the next many years. And all of that's incremental profit. So Andy, do you want to sort of add to the cash flow thing?

因此，我們已經在自由現金流方面取得了最高分，我會讓安迪再次向您描述去年，今年以及我們對明年的預期，而不是數字，而是模型的工作原理。所以你——我們在內部看到博樹核心訂閱產品應用程序的 ARPU 增加了近 9%。 Busuu 之所以將其降低，是因為他們有低至每月 7 美元的年度計劃和 2 年計劃。但是如果你去掉它，它會非常好而且非常快地上升，我們將在接下來的很多年裡繼續這樣做。所有這些都是增量利潤。那麼安迪，你想增加現金流嗎？

Yes, it's -- I think we're -- I think truth be told, we're a unique company really in method -- certainly in the education sector, where we have a strong free cash flow. I mean our free cash flow we've said this for many years, is 50% to 60% of our EBITDA and we're strong EBITDA-generating company.

是的，這是 - 我認為我們是 - 我認為說實話，我們是一家在方法上非常獨特的公司 - 當然在教育領域，我們擁有強大的自由現金流。我的意思是，我們多年來一直這麼說的自由現金流是我們 EBITDA 的 50% 到 60%，我們是產生 EBITDA 的強大公司。

I mean last year alone, we were above that range at over $170 million. We're going to be deeply in that range this year. And to Dan's point, without getting into numbers for next year, we believe that there will be actually even further in that range and increase free cash flow fairly significantly, next year.

我的意思是，僅去年一年，我們就超過了 1.7 億美元。今年我們將深入這個範圍。對於丹的觀點，在不涉及明年的數字的情況下，我們相信明年實際上會在這個範圍內進一步增加自由現金流量，並相當顯著地增加。

And just as a reminder here, I mean, one of the things we -- I maybe haven't talked about enough is -- and we talked about Uversity, but Uversity, there was a big jump in CapEx this year with respect to us getting a critical mass of content, right? That's kind of a -- it's not -- the jump is a onetime thing, that will be much more moderated next year.

在這裡提醒一下，我的意思是，我們 - 我可能還沒有談論足夠多的事情是 - 我們談到了大學，但是大學，今年資本支出與我們相比有了很大的飛躍獲得大量內容，對嗎？這有點——不是——跳躍是一次性的，明年會更加溫和。

And as a result, we anticipate that we'll see, like I said, a significant increase in our free cash flow. Once again, I mean, I can't stress this enough. This is -- we're very unique in this -- in the industry where we're, in many cases, generating more free cash flow than companies are generating EBITDA. So...

因此，我們預計我們會看到，就像我說的那樣，我們的自由現金流顯著增加。再一次，我的意思是，我不能強調這一點。這是 - 我們在這方面非常獨特 - 在我們所在的行業中，在許多情況下，我們產生的自由現金流比公司產生的 EBITDA 還要多。所以...

The next question is from Arvind Ramnani from Piper Sandler.

下一個問題來自 Piper Sandler 的 Arvind Ramnani。

Just had a couple of questions. I wanted to ask about Busuu, in particular, what has already been integrated and what's still remaining? And then the second part to the same topic is what are some of the benefits you already seeing with the integration? And what are you looking to kind of see over the next 6 to 12 months or so?

只是有幾個問題。我想問一下博樹，特別是已經整合了什麼，還剩下什麼？然後同一主題的第二部分是您已經看到集成的一些好處？在接下來的 6 到 12 個月左右，您希望看到什麼？

Yes. I'm not sure I fully heard the first part of your question, but you said something about what have we degraded? Is that part of your question?

是的。我不確定我是否完全聽到了你問題的第一部分，但你說的是我們退化了什麼？這是你問題的一部分嗎？

What we integrated?

我們集成了什麼？

No, no, what have we integrated with Busuu and what's remaining? Because I know there are multiple stages to this integration.

不，不，我們與 Busuu 集成了什麼，還剩下什麼？因為我知道這種整合有多個階段。

Yes. So the integration takes time. And remember, we only closed this in mid-January. So -- plus COVID has made traveling very difficult. So the integration is going as we expected because we knew those realities when we acquired the company. What we're going to see in the fall is a lot of integration into learn with Chegg and our personalization systems.

是的。所以整合需要時間。請記住，我們只在 1 月中旬關閉了它。所以——再加上 COVID 使旅行變得非常困難。所以整合正如我們預期的那樣進行，因為我們在收購這家公司時就知道這些現實。我們將在秋季看到大量與 Chegg 和我們的個性化系統學習的集成。

So we already know through our surveys and research that over 50% of all existing U.S. Chegg customers have an interest or need to learn language. So as they return in the fall, we will begin to be able to market to them. Second, and we'll be integrating all of the data as you can imagine. And there are opportunities to add it to the bundle or to add as an upgrade to the bundle.

因此，通過我們的調查和研究，我們已經知道，超過 50% 的現有美國 Chegg 客戶有興趣或需要學習語言。因此，當他們在秋季回歸時，我們將開始能夠向他們推銷。其次，我們將整合您可以想像的所有數據。並且有機會將其添加到捆綁包或作為升級包添加。

And then, of course, as I mentioned earlier, we are looking at a much more aggressive. We have a tremendous amount of volume that comes in that's interested in Busuu, but we have a paywall on day 1, whereas Duolingo has a freemium model. So we expect to be much more competitive in the freemium space in the United States under our ownership than Busuu could do on our own.

然後，當然，正如我之前提到的，我們正在尋找更具侵略性的產品。我們有大量對 Busuu 感興趣的交易量，但我們在第一天就有付費牆，而 Duolingo 有免費增值模式。因此，我們希望在我們擁有的美國免費增值空間中比博樹自己做的更具競爭力。

So we think that's going to be an exciting move, and we'll use our targeting inside of Chegg to notify -- I mean the brand recognition for Busuu, when we acquired it inside of Chegg U.S. was very low, almost 0, whereas Duolingo is very high. We expect to turn those tables over the next couple of years because we have the opportunity to know everybody who's taking the language or studying abroad and who might be interested in the language. And that's part of why we're building such a robust personalization system, which is super exciting because when people do personalize and do it by course rather than textbook, they actually renew better. And engage more. So we've got a lot of good growth, and it's a lot of fun at a very difficult time, and we'll see if the summer trends hold to the fall, and if they do, that's good news for us. .

所以我們認為這將是一個激動人心的舉措，我們將使用 Chegg 內部的定位來通知——我的意思是 Busuu 的品牌認知度，當我們在 Chegg 美國內部收購它時，它的品牌認知度非常低，幾乎為 0，而 Duolingo非常高。我們希望在接下來的幾年中扭轉這些局面，因為我們有機會了解所有正在學習該語言或出國留學以及可能對該語言感興趣的人。這就是我們構建如此強大的個性化系統的部分原因，這非常令人興奮，因為當人們進行個性化並按課程而不是教科書進行時，他們實際上更新得更好。並參與更多。所以我們有很多良好的增長，在非常困難的時期很有趣，我們將看看夏季趨勢是否會持續到秋季，如果他們確實如此，這對我們來說是個好消息。 .

The next question is from Eric Sheridan from Goldman Sachs.

下一個問題來自高盛的 Eric Sheridan。

Number one, we should continue to see spend per customer continuing to move up. Can you just help refresh philosophically how you think about reinvesting back in the business in real time versus sort of harvesting profits as you think out beyond just the '22 environment on a multiyear view? That would be number one. And I was interested with what you said on the call about moving into sort of soft skills, things like financial literacy and mental health. Can you talk a little bit about what investments you need to make there and what you think investing in those sort of skills, what that would do for the platform?

第一，我們應該繼續看到每位客戶的支出繼續上升。您能否在哲學上幫助刷新您對實時再投資業務的看法，而不是從多年的角度考慮到 22 年環境之外的某種收穫利潤？那將是第一名。我對你在電話會議上所說的關於轉向某種軟技能的內容感興趣，比如金融知識和心理健康。您能否談談您需要在那裡進行哪些投資以及您認為對這些技能進行哪些投資，這將為平台帶來什麼？

Yes, phenomenal questions, and nice to meet you. So from our standpoint, I think Andy has made it clear, and he'll correct me if I'm wrong, but in the core products, Chegg study and Chegg Study Pack, the gross margins are extraordinarily high, and the drop down to EBITDA and free cash flow are extraordinarily high. That gives us a luxury that nobody else in the education space has, which is we produce a lot of EBITDA and a lot of cash flow.

是的，非凡的問題，很高興認識你。所以從我們的角度來看，我認為安迪已經說清楚了，如果我錯了他會糾正我，但是在核心產品 Chegg Study 和 Chegg Study Pack 中，毛利率非常高，並且下降到EBITDA 和自由現金流非常高。這給了我們教育領域其他人沒有的奢侈品，那就是我們產生了大量的 EBITDA 和大量的現金流。

I think last year, we produced $170 million worth of free cash flow. So you can imagine, as Andy pointed out, the '23 will be better than this year, and you can imagine better than that year. So we have a lot of cash. We also have $1.6 billion worth of cash on the balance sheet and we're growing.

我認為去年，我們產生了價值 1.7 億美元的自由現金流。所以你可以想像，正如安迪指出的那樣，23 年會比今年更好，你可以想像比那一年更好。所以我們有很多現金。我們的資產負債表上還有價值 16 億美元的現金，而且我們正在增長。

So all of those give us the freedom to make smart investments. What we really don't break out is that our investment in Busuu loses money this year, and we'll lose a lot less money next year, and that's why we put in the prepared remarks that as these businesses get bigger, they lose less and ultimately make money.

因此，所有這些都讓我們可以自由地進行明智的投資。我們真正沒有爆出的是，我們在博樹的投資今年是虧錢的，明年我們虧錢會少很多，所以我們準備好了，這些業務越做越大，虧損越少。並最終賺錢。

Same with skills. So the turn from what [thinkful] was into the partnership with Guild and our own ability to market to our own audience and the ability to market to partners. All of those things are investments that we have made substantially already that we're now willing to -- we plan to get the benefit of those investments.

技能也是一樣。因此，從 [深思熟慮] 轉向與 Guild 的合作以及我們自己向自己的受眾推銷的能力以及向合作夥伴推銷的能力。所有這些都是我們已經進行的大量投資，我們現在願意這樣做——我們計劃從這些投資中獲益。

And then a lot of our investment, as Andy pointed out, this year was in Uversity and in content, and we wanted to get a critical mass of content and believe me, 180,000 pieces of content is a critical mass of content very, very, very quickly since we only started in October. And that will not need to be anywhere near the spend next year to this year because we'll be adding incremental content.

然後我們的很多投資，正如安迪指出的那樣，今年是在大學和內容方面，我們想要獲得大量的內容，相信我，180,000 條內容是非常非常重要的內容，非常快，因為我們只是在 10 月才開始。這不需要接近明年到今年的支出，因為我們將添加增量內容。

We don't have to get the critical mass as we already have it. So we feel like we have the ability to make significant investments, and we are. It's just that even with those investments, the company is going to get more profitable. So we're not holding back investments to be more profitable, which others have to do. We just have a model that is extraordinarily profitable. I'll turn it over to Andy to give you a few more details on that.

我們不必像我們已經擁有的那樣獲得臨界質量。因此，我們覺得我們有能力進行重大投資，而且我們確實如此。只是即使有了這些投資，公司也將獲得更多利潤。因此，我們不會為了獲得更多利潤而阻止投資，而其他人必須這樣做。我們只是有一個非常有利可圖的模型。我會把它交給安迪，給你更多的細節。

No, no, Dan, I think you nailed it. I think the way you need to think about this, Eric, is that as we scale, we're going to do 2 things. We're going to invest in our future growth, and we're going to leverage -- we're going to see leverage on the bottom line. So when you look at our EBITDA margin, we've got a lot of room to get leverage out of that as the top line scales, and we don't have to start future investments. So we're somewhat -- once again, I use the word unique on when we talked about free cash flow, but I think we're unique also in this area where our model inherently of the core part of our business drops a lot of profits and cash flow to the bottom line. And that gives us that optionality to go -- to pull [levers one way] or another, more investment or more profitability, and we believe we can do both over the next several years.

不，不，丹，我認為你成功了。埃里克，我認為你需要考慮的方式是，隨著我們的規模擴大，我們將做兩件事。我們將投資於我們未來的增長，我們將利用槓桿——我們將在底線看到槓桿。因此，當您查看我們的 EBITDA 利潤率時，隨著收入的增長，我們有很大的空間可以從中獲得槓桿作用，而且我們不必開始未來的投資。所以我們有點 - 再一次，當我們談到自由現金流時，我使用了獨特這個詞，但我認為我們在這個領域也是獨一無二的，我們的業務核心部分固有的模型下降了很多利潤和現金流的底線。這給了我們選擇的餘地——拉動[以一種方式]或另一種方式，更多的投資或更多的盈利能力，我們相信我們可以在未來幾年內做到這兩點。

Yes. And just -- because I know you're new to the company now, we're grateful for that. So thank you. We have been making substantial investments in content over many, many years, substantial investment in our technological platform over the last couple of years, which we're now getting the benefit of both in international pricing and presentation and localization and in learn with Chegg, which is our personalization platform. So we have been investing, and now we're going to get the benefit of those investments, and that's really exciting.

是的。只是 - 因為我知道你現在是公司的新手，我們對此表示感謝。所以謝謝。多年來，我們一直在對內容進行大量投資，在過去幾年中對我們的技術平台進行了大量投資，我們現在在國際定價、展示和本地化以及向 Chegg 學習方面都受益匪淺，這是我們的個性化平台。所以我們一直在投資，現在我們將從這些投資中受益，這真的很令人興奮。

This concludes the question-and-answer session. I would like to turn the conference back over to Dan for any closing remarks.

問答環節到此結束。我想把會議轉回給 Dan 做任何閉幕詞。

Yes. Thank you, operator, and thank you, everybody, who joined the call. These are complicated times for everybody and particularly in the higher education industry, but the signs are strong, and we haven't seen them in a while. We're incredibly excited about the investments that we're making in language and in international expansion and then getting people -- more people to take the study pack through Uversity and in our Skills business. And we're seeing momentum in all of them. We are digging out of a big hole of 1.5 million students that left all at once, and yet we're returning to revenue growth, which is very exciting for us, which just shows you the power and the strength of the business. And we're very excited about the second half of the year. So thanks, everybody, for joining. And congratulations to [Gears], who runs Chegg Study and Chegg Study Pack, he had a brand-new baby today named, Laurie. So we're excited about that as well. One more future Chegg customer. Anyway, thank you all. We'll be in touch.

是的。謝謝你，接線員，謝謝大家，誰加入了電話。這對每個人來說都是複雜的時期，尤其是在高等教育行業，但跡像很強烈，我們已經有一段時間沒有看到它們了。我們對我們在語言和國際擴張方面所做的投資感到非常興奮，然後讓人們——更多的人通過大學和我們的技能業務學習包。我們在所有這些方面都看到了勢頭。我們正在挖掘一個有 150 萬學生同時離開的大坑，但我們正在恢復收入增長，這對我們來說非常令人興奮，這向您展示了業務的力量和實力。我們對下半年感到非常興奮。所以，謝謝大家的加入。並祝賀經營 Chegg Study 和 Chegg Study Pack 的 [Gears]，他今天有了一個全新的嬰兒，名叫 Laurie。所以我們也對此感到興奮。 Chegg 未來的另一位客戶。無論如何，謝謝大家。保持聯繫。

This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的電話會議到此結束。你可以斷開你的線路。感謝您的參與，祝您有愉快的一天。