Chegg Inc (CHGG) 2021 Q3 法說會逐字稿

Greetings. Welcome to the Chegg, Inc. Third Quarter 2021 Earnings Conference Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Chegg, Inc. 2021 年第三季度收益電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Tracey Ford, Vice President of Investor Relations and ESG for Chegg. Thank you. You may begin.

我現在將把會議轉交給您的主持人，Chegg 投資者關係和 ESG 副總裁 Tracey Ford。謝謝你。你可以開始了。

Good afternoon. Thank you for joining Chegg's Third Quarter 2021 Conference Call. On today's call are Dan Rosensweig, Co-Chairperson and CEO; and Andy Brown, Chief Financial Officer.

下午好。感謝您參加 Chegg 的 2021 年第三季度電話會議。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。

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. We encourage you to make use of these resources.

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 上獲取。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。我們鼓勵您利用這些資源。

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, 2021, as well as our other filings with the SEC. 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.

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 2021 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。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。

During this 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 and 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.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。我們的 GAAP 結果和 GAAP 與非 GAAP 對賬可在我們的收益新聞稿和投資者關係網站investor.chegg.com 上的投資者幻燈片中找到。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。

Now I will turn the call over to Dan.

現在我將把電話轉給丹。

Thank you, Tracey, and welcome, everyone, to Chegg's Q3 2021 Earnings Call.

謝謝你，特蕾西，歡迎大家參加 Chegg 的 2021 年第三季度財報電話會議。

Over the last 1.5 years, we experienced extraordinary growth and in the midst of a strong year, had a solid third quarter. However, in late September, it became clear to us that the education industry is experiencing a slowdown that we believe is temporary. This industry-wide dynamic was unanticipated and is a direct result of the COVID-19 pandemic. A combination of variants, increased employment opportunities and compensation, along with fatigue, have all led to significantly fewer enrollments than expected this semester. And those students who have enrolled are taking fewer and less rigorous classes and are receiving less graded assignments.

在過去的 1.5 年中，我們經歷了非凡的增長，在強勁的一年中，第三季度表現穩健。然而，在 9 月下旬，我們清楚地看到，教育行業正在經歷我們認為是暫時的放緩。這種全行業的動態是出乎意料的，是 COVID-19 大流行的直接結果。各種變體、增加的就業機會和薪酬以及疲勞，都導致本學期的入學人數明顯少於預期。而那些已經註冊的學生所參加的課程越來越少，作業的評分也越來越低。

We believe this is a post-pandemic impact that will affect this school year but is not sustainable for higher education long term. Learning sites and apps, both free and paid in the U.S. and Canada, have experienced significantly reduced traffic since the fall semester began. Despite these trends, our team continues to execute at a very high level. In fact, Chegg has experienced year-over-year increases in retention and adoption of Chegg Study Pack, which has positively impacted our ARPU by 5% in Q3.

我們認為，這是大流行後的影響，將影響本學年，但對於高等教育的長期而言是不可持續的。自秋季學期開始以來，美國和加拿大的免費和付費學習網站和應用程序的流量顯著減少。儘管有這些趨勢，我們的團隊仍繼續保持高水平的執行力。事實上，Chegg 的 Chegg Study Pack 保留率和採用率逐年增加，這對我們的 ARPU 在第三季度產生了 5% 的積極影響。

In the rest of the world, we continue to see very robust subscription and revenue growth. While still early, international is clearly becoming a meaningful part of our business, and we have already exceeded our target of 1 million international subscribers. We believe that, in time, international will be larger for us than the U.S.

在世界其他地區，我們繼續看到非常強勁的訂閱和收入增長。雖然還為時尚早，但國際顯然正在成為我們業務的重要組成部分，我們已經超過了 100 萬國際訂戶的目標。我們相信，隨著時間的推移，國際化對我們來說將比美國更大。

This is why we are investing in key areas such as localization of content and language as well as our e-commerce and pricing platform. These infrastructure investments will allow us to take local currency and offer both variable and local pricing, and we believe these capabilities will help increase penetration in large untapped markets where pricing is a major variable for success. We should be ready to leverage these investments by the fall of 2022.

這就是我們在內容和語言本地化以及我們的電子商務和定價平台等關鍵領域進行投資的原因。這些基礎設施投資將使我們能夠採用當地貨幣並提供可變和當地定價，我們相信這些能力將有助於提高在定價是成功的主要變量的大型未開發市場的滲透率。我們應該準備好在 2022 年秋季之前利用這些投資。

At a global level, students are increasingly turning to the Internet and Chegg to improve their learning and outcomes. Domestically, personalization, expanding beyond the textbook to courses and supporting additional non-STEM subjects remain our focus to increase our domestic TAM. Chegg is uniquely positioned to personalize each student's learning journey and bring them additional services because we have so many subscribers, so much data and such relevant content. Therefore, we have the ability to personalize and expand the value we offer to existing customers and create new value for our new customers.

在全球範圍內，學生越來越多地轉向互聯網和 Chegg 來改善他們的學習和成果。在國內，個性化、從教科書擴展到課程和支持額外的非 STEM 科目仍然是我們增加國內 TAM 的重點。 Chegg 具有獨特的優勢，可以個性化每個學生的學習旅程並為他們帶來額外的服務，因為我們擁有如此多的訂閱者、如此多的數據和如此相關的內容。因此，我們有能力個性化和擴展我們為現有客戶提供的價值，並為我們的新客戶創造新價值。

A great example of this is our investment in Uversity, which is off to a very strong start. Although early and not yet live for students, we have already received over 20,000 pieces of content in STEM and non-STEM subjects from faculty at over 700 schools, including many of the most prestigious schools in the world who will help students learn while earning more for themselves. This offering has been so popular with faculty that we have already paid over $4 million to educators.

這方面的一個很好的例子是我們對大學的投資，這是一個非常好的開端。雖然還很早，還沒有為學生服務，但我們已經從 700 多所學校的教師那裡收到了超過 20,000 篇關於 STEM 和非 STEM 科目的內容，其中包括世界上許多最負盛名的學校，他們將幫助學生在學習的同時賺取更多收入為自己。該產品深受教師們的歡迎，我們已經向教育工作者支付了超過 400 萬美元。

We are excited for the future of Uversity, which is building stronger relationships with institutions and professors, and we are grateful for the passion these educators from around the world are showing to furthering education and support for students through Chegg.

我們對大學的未來感到興奮，它正在與機構和教授建立更牢固的關係，我們感謝來自世界各地的這些教育工作者對通過 Chegg 進一步教育和支持學生所表現出的熱情。

The degree-based pathway will continue to be very large in the United States, and we expect that it will grow again after the pandemic. But one of the lessons we see is just how much technology influences and empowers the world. Therefore, we are increasing our investment in digital skills training, which is important to an increasing percentage of the population around the world.

在美國，基於學位的途徑將繼續非常大，我們預計它會在大流行之後再次增長。但我們看到的教訓之一是技術對世界的影響和賦能有多大。因此，我們正在增加對數字技能培訓的投資，這對全球越來越多的人口來說非常重要。

Within this space, one of the key trends is more employers providing skilling, reskilling and upskilling to their current employee base and using this benefit to attract new employees. That is why we are excited to announce our new partnership with Guild, which we'll launch next year. Guild is a leader in serving large corporations where the employer is offering to pay for the employees' undergraduate degrees as well as provide skilling and upskilling curriculum. Thinkful courses will be offered to employees at relevant companies through the Guild platform, creating a new opportunity for domestic growth.

在這個領域內，主要趨勢之一是更多的雇主為其當前的員工群提供技能、再培訓和技能提升，並利用這種福利來吸引新員工。這就是為什麼我們很高興地宣布與 Guild 建立新的合作夥伴關係，我們將於明年推出。 Guild 是為大公司提供服務的領導者，在這些大公司中，雇主提供支付員工本科學位的費用，並提供技能和技能提升課程。將通過公會平台為相關企業的員工開設有思想的課程，為國內發展創造新的機遇。

As we look ahead, we remain strong believers in the growth of online education support and skill services around the world. As we manage through this moment in time, we will remain focused on building long-term value for both learners and our shareholders. The last 2 years have created a situation nobody could have anticipated and have clearly temporarily affected the higher education industry.

展望未來，我們仍然堅信全球在線教育支持和技能服務的增長。在我們度過這一刻的過程中，我們將繼續專注於為學習者和股東創造長期價值。過去 2 年創造了一種沒人能預料到的局面，並且明顯暫時影響了高等教育行業。

But what is also clear is that more people are going to learn more things, especially online, and that will only create more opportunity for Chegg. We remain the market leader with a beloved brand, a strong moat and our services continue to help millions of learners all around the world as students rely on us to learn their course material and better understand concepts, which improves their outcomes.

但同樣清楚的是，更多的人將學習更多的東西，尤其是在網上，這只會為 Chegg 創造更多的機會。我們憑藉深受喜愛的品牌和強大的護城河繼續保持市場領先地位，我們的服務繼續幫助全球數百萬學習者，因為學生依靠我們來學習他們的課程材料並更好地理解概念，從而提高他們的學習成果。

We are in a great position to come out of this temporary slowdown stronger than ever and take advantage of the opportunities before us. And through it all, we remain focused on our long-term mission of putting students first in everything that we do.

我們處於一個很好的位置，可以比以往任何時候都更強大地擺脫這種暫時的放緩，並利用我們面前的機會。通過這一切，我們仍然專注於我們所做的一切將學生放在首位的長期使命。

And with that, I'll turn it over to Andy. Andy?

有了這個，我會把它交給安迪。安迪？

Thanks, Dan, and good afternoon, everyone.

謝謝，丹，大家下午好。

As Dan mentioned earlier, we had a good Q3. Most of our financial and business metrics came in at or above our expected ranges despite industry headwinds in our North American markets that emerged late in the quarter. As a result, we are reducing our guidance for Q4 and full year 2021. In addition, given the timing and nature of these uncertainties and the fact that the school year is seasonal, we will provide our initial full year 2022 guidance in February when we will have additional data to better inform our forecast.

正如丹之前提到的，我們有一個很好的第三季度。儘管我們的北美市場在本季度末出現了行業逆風，但我們的大多數財務和業務指標都達到或高於我們的預期範圍。因此，我們正在減少對第 4 季度和 2021 年全年的指導。此外，鑑於這些不確定性的時間和性質以及學年是季節性的，我們將在 2 月提供我們最初的 2022 年全年指導將有更多數據來更好地為我們的預測提供信息。

We believe in the long-term opportunity. And as such, we will continue to invest in our tech and engineering capabilities, the personalization of our platform and the breadth, depth and delivery of our content. As the leader in the category that continues to grow, we believe these investments will put us in an even stronger position.

我們相信長期機會。因此，我們將繼續投資於我們的技術和工程能力、我們平台的個性化以及我們內容的廣度、深度和交付。作為持續增長的類別中的領導者，我們相信這些投資將使我們處於更強大的地位。

Looking specifically at the third quarter, total revenue came in at $172 million driven by a 23% year-over-year increase in Chegg Services. This was offset by a decrease in Required Materials, which was impacted by low enrollment and the nationwide worker shortages that created longer lead times. Gross margin came in at the high end of our forecast at 61% as our higher-margin Chegg Services revenue contributed more to total revenue than we expected, resulting in an adjusted EBITDA of $46 million, increasing 45% year-over-year.

具體來看第三季度，Chegg Services 同比增長 23%，總收入達到 1.72 億美元。這被所需材料的減少所抵消，這是由於入學率低和全國范圍內的工人短缺造成了更長的交貨時間。毛利率處於我們預測的高端，為 61%，因為我們利潤率較高的 Chegg 服務收入對總收入的貢獻比我們預期的要大，調整後的 EBITDA 為 4600 萬美元，同比增長 45%。

We ended the quarter with approximately $2.6 billion of cash and investments. And as such, we are navigating the current environment from a position of strength. We will use our balance sheet to create shareholder value, which includes buying back securities during times of value dislocation. And to that end, we announced today that we have increased our securities buyback program by $500 million. In addition, we believe the combination of our balance sheet and cash flows put us in the pole position to acquire assets should they become available at the right price.

我們在本季度結束時擁有大約 26 億美元的現金和投資。因此，我們正以強勢的姿態駕馭當前的環境。我們將利用我們的資產負債表來創造股東價值，其中包括在價值錯位期間回購證券。為此，我們今天宣布將我們的證券回購計劃增加了 5 億美元。此外，我們相信我們的資產負債表和現金流的結合使我們能夠以合適的價格收購資產。

Moving on to guidance. For Q4, we now expect total revenue between $194 million and $196 million, with Chegg Services revenue between $175 million and $177 million, gross margin between 70% and 71% and adjusted EBITDA between $67 million and $69 million. As a result, for full year 2021, we now expect total revenue between $762 million and $764 million, with Chegg Services revenue between $657 million and $659 million, gross margin between 65% and 66% and adjusted EBITDA between $255 million and $257 million.

繼續指導。對於第四季度，我們現在預計總收入在 1.94 億美元至 1.96 億美元之間，Chegg 服務收入在 1.75 億美元至 1.77 億美元之間，毛利率在 70% 至 71% 之間，調整後的 EBITDA 在 6700 萬美元至 6900 萬美元之間。因此，我們現在預計 2021 年全年總收入在 7.62 億美元至 7.64 億美元之間，Chegg 服務收入在 6.57 億美元至 6.59 億美元之間，毛利率在 65% 至 66% 之間，調整後的 EBITDA 在 2.55 億美元至 2.57 億美元之間。

In closing, we had a solid third quarter. And while we are navigating this temporary industry slowdown, we are more excited than ever about the opportunities ahead of us and the future of our business. We have a great brand with students, an incredible business model with a strong balance sheet. We are executing well, and we are increasing investments to expand our services and capture growth opportunities.

最後，我們有一個穩健的第三季度。雖然我們正在應對這種暫時的行業放緩，但我們對我們面前的機遇和我們業務的未來感到比以往任何時候都更加興奮。我們在學生中擁有一個偉大的品牌，一個令人難以置信的商業模式和強大的資產負債表。我們執行良好，我們正在增加投資以擴大我們的服務並抓住增長機會。

With that, I'll turn the call over to the operator for your questions.

有了這個，我會把電話轉給接線員來回答你的問題。

(Operator Instructions) Our first question is from Jeff Silber of BMO Capital Markets.

（操作員說明）我們的第一個問題來自 BMO Capital Markets 的 Jeff Silber。

I appreciate the color you gave in the prepared remarks. But if you can just give us a little bit more color, what exactly happened between the last time we heard from you and when we're hearing from you today to cause such a shortfall?

我很欣賞你在準備好的評論中給出的顏色。但是，如果您可以給我們更多的色彩，那麼在我們上次收到您的來信到我們今天收到您的來信之間到底發生了什麼導致了這樣的短缺？

Yes. So kids/students didn't go back to school. So you're seeing people not go back to their workforce. And you're seeing community colleges -- look, if you look at Pearson and many of the other companies that have reported, they have been saying that enrollment is significantly down. The reality is when you look at it, it's down 3 years in a row. Normally, during a recession, which was last year, enrollment goes up. But because it was COVID, it didn't.

是的。所以孩子/學生沒有回到學校。所以你看到人們沒有回到他們的工作崗位。你看到的是社區大學——看，如果你看看 Pearson 和許多其他報告的公司，他們一直在說入學率顯著下降。現實情況是，當您查看它時，它已連續 3 年下降。通常，在去年的經濟衰退期間，入學率會上升。但因為是新冠病毒，所以沒有。

Students didn't go physically to schools. Schools weren't ready. Online schools weren't prepared. So enrollment went down last year. Nobody could have anticipated just the robust nature of the low-end economy where our kind of students, community college students, 4-year students and schools that most of you don't know about, chose to go earn an income or stay home with their child versus go back to school this semester. And it was completely unanticipated, and it will come back.

學生沒有親自去學校。學校還沒有準備好。在線學校沒有準備好。所以去年入學率下降了。沒有人能預料到低端經濟的強勁本質，我們這種學生、社區大學生、四年制學生和你們大多數人都不知道的學校，選擇去賺錢或呆在家裡他們的孩子與本學期重返學校。這是完全出乎意料的，它會回來的。

But the reality is that's a large part of our student base or students that need the most help. And they just didn't come back to school. It became clear to us in mid-September towards the end of September that they just weren't going. And then our research shows that of those that did go, 16% of them are taking pass/fail. Significant percentages of them are not taking their required classes; they're taking easier classes. Professors are assigning less. And on average, they're taking fewer courses.

但現實情況是，這是我們學生群中的很大一部分或最需要幫助的學生。他們只是沒有回到學校。在 9 月中旬到 9 月底的時候，我們很清楚他們只是不去。然後我們的研究表明，在那些確實通過的人中，16% 的人正在通過/失敗。他們中的很大一部分人沒有參加他們要求的課程；他們正在上更輕鬆的課程。教授們分配的更少。平均而言，他們參加的課程更少。

Obviously, this is not sustainable. This is a post-COVID hangover of mental exhaustion, an opportunity to earn more money, a reassessing of their lives, not unlike what you hear going on in the corporate workplace. It just all came together at one time. We didn't see it happening, and it happened.

顯然，這是不可持續的。這是 COVID 後精神疲憊的宿醉，是賺取更多錢的機會，是對他們生活的重新評估，與您在公司工作場所聽到的情況不同。這一切都在同一時間聚集在一起。我們沒有看到它發生，它發生了。

And the good news is through that, we've been executing really, really well. So the numbers that we're in control over like renewal rates are improving; cancellation rates, declining; conversion rates, up; take rates of Chegg Study Pack of $19.95 versus $14.95, up; the renewal numbers there, up. Outside of North America, which is Canada and the U.S., subscription growth is up and great.

好消息是，我們執行得非常非常好。因此，我們可以控制的數字（例如續訂率）正在提高；取消率，下降；轉化率，向上； Chegg Study Pack 的價格為 19.95 美元，而價格為 14.95 美元；那裡的續訂號碼，向上。在北美（即加拿大和美國）之外，訂閱量增長強勁。

So this is really something that happened in Canada and the U.S., and they're acting identically. And if you look at any of the external traffic numbers and reports that you could from any free or paid sites, you'll see they're even all down more than we are. So weirdly enough, we're gaining market share. This is a situation that we did not anticipate. It is what it is, and we're dealing with it, but at least we're executing within it really, really well.

所以這確實是在加拿大和美國發生的事情，而且他們的行為相同。如果您查看任何可以從任何免費或付費網站獲得的外部流量數字和報告，您會發現它們的下降幅度甚至比我們還多。奇怪的是，我們正在獲得市場份額。這是我們沒有預料到的情況。它就是這樣，我們正在處理它，但至少我們在其中執行得非常非常好。

I mean this is a company who sees growth, has great profit, has great EBITDA, has great cash flow, has growth vectors outside the U.S. The deal with Guild is strong. This is just something that came and we didn't see it and didn't really notice it until not -- we noticed it, we wouldn't have known it until end of September.

我的意思是，這是一家看到增長、利潤豐厚、EBITDA 高、現金流量大、在美國以外有增長載體的公司。與 Guild 的交易很強勁。這只是發生的事情，我們沒有看到它，也沒有真正注意到它，直到沒有 - 我們注意到它，直到 9 月底我們才知道它。

Okay. That's fair, and I do understand it. Let me play devil's advocate here and look out longer term. Demographics continue to decline. Students and parents are asking why they should pay this much for college education. We're not getting the funding from the federal government that you might have thought. Why don't you think this would continue for the next year or so?

好的。這很公平，我也理解。讓我在這裡扮演魔鬼的擁護者並著眼長遠。人口繼續下降。學生和家長都在問他們為什麼要為大學教育支付這麼多錢。我們沒有從聯邦政府那裡得到你可能想像的資金。你為什麼不認為這種情況會持續到明年左右？

Well, I don't think this -- I think what's happening -- what you've described, I think, is accurate. But that's not what's happening now. What's happening now is just millions of students just didn't go back. I mean just even in community colleges alone. The bigger issue and the bigger opportunity, frankly, for Chegg, is we've said all along that we're building a very large platform for high school, college and near graduates that we see growth vectors outside the U.S. on the businesses that we have. The deal with Guild is a really great growth opportunity over the next several years to use their sales force and to reposition our skills business into that space and some of the biggest employers in the world like Walmart and Target and Chipotle.

嗯，我不認為這——我認為正在發生的事情——你所描述的，我認為，是準確的。但這不是現在發生的事情。現在發生的事情只是數以百萬計的學生沒有回去。我的意思是即使僅在社區大學。坦率地說，對於 Chegg 來說，更大的問題和更大的機會是我們一直在說，我們正在為高中、大學和準畢業生建立一個非常大的平台，我們看到美國以外的業務增長向量有。與 Guild 的交易在未來幾年內是一個非常好的增長機會，可以利用他們的銷售人員並將我們的技能業務重新定位到該領域以及世界上一些最大的雇主，如沃爾瑪、Target 和 Chipotle。

In the U.S., the plan has always been that we are going to expand the amount of content that we have to expand the TAM to non-STEM users and expand the number of services outside of academic support to the audiences that we have. So this just happened probably 2 years earlier than our plan anticipated, and we do think it's going to come back. My guess is it won't come back in the earliest until next fall because remember, the school year is not the calendar year. So we'll have a January similar to what we're seeing now in terms of enrollment. But we have so much to grow and so much to do that I think if you're seeing us simply as academic support to the current U.S. college market, then we haven't done the right job of articulating just how big we think the opportunity is to bring more and different things to students.

在美國，我們的計劃一直是擴大我們必須將 TAM 擴展到非 STEM 用戶的內容數量，並將學術支持之外的服務數量擴大到我們擁有的受眾。所以這可能比我們的計劃預期早了 2 年，我們確實認為它會回來。我的猜測是它最早要到明年秋天才會回來，因為記住，學年不是日曆年。因此，就入學而言，我們將有一月份與我們現在看到的類似。但是我們有很多要成長，還有很多事情要做就是給學生帶來更多不同的東西。

Our next question is from Stephen Sheldon of William Blair.

我們的下一個問題來自威廉布萊爾的斯蒂芬謝爾頓。

I guess I just wanted to ask if you think -- kind of thinking about the biggest unknowns that you see as we think about the setup for 2022 that's keeping you from providing guidance at this point. Would it be more about the second half of the year enrollment trends for next fall? Or how big of a range of outcome do you think there could be as we think about the upcoming spring semester?

我想我只是想問一下你是否認為——在我們考慮 2022 年的設置時你看到的最大的未知數讓你無法在這一點上提供指導。是否會更多關於明年秋季的下半年招生趨勢？或者，當我們考慮即將到來的春季學期時，您認為會有多大的結果？

Yes. I'll let Andy give more color on that in a second. But we debated it. It's -- there really just -- we don't know what's going to happen next August and September. And just the opportunity to wait so -- I mean, we were the weird company that gave full year guidance when no one else gave even quarterly guidance during COVID because we could see what the trends were then.

是的。我會讓安迪在一秒鐘內給出更多的顏色。但我們對此進行了辯論。這是 - 真的只是 - 我們不知道明年八月和九月會發生什麼。只是有機會等待——我的意思是，我們是一家奇怪的公司，在 COVID 期間沒有其他人甚至提供季度指導時給出全年指導，因為我們可以看到當時的趨勢。

Here, this is a trend that really didn't become visible to us until about 30 days ago. And even though things are getting stronger as the quarter gets on, we just don't know how it plays out in the second half of next year. And so we think we have time to listen and learn and research and do surveys and being better positioned to give numbers that we feel comfortable in giving. We just feel like there's no reason to give them now when it's just too big of an unknown. We don't know what happens to the economy after the Christmas season and supply chain issues get resolved. Just too many things out of our control. If they were in our control, we give it.

在這裡，這種趨勢直到大約 30 天前我們才真正看到。儘管隨著本季度的進展情況變得越來越好，但我們只是不知道明年下半年會如何發展。因此，我們認為我們有時間去傾聽、學習、研究和進行調查，並且能夠更好地提供我們願意提供的數字。當未知數太大時，我們只是覺得現在沒有理由提供它們。我們不知道聖誕節後經濟會發生什麼，供應鏈問題得到解決。太多的事情超出了我們的控制。如果他們在我們的控制之下，我們就會給予。

Got it. And then maybe just a follow-up. I guess what types of trends have you seen in international markets? I would assume you're still seeing strong growth there. And I know you're not providing guidance, but could international become a big-enough growth driver in 2022 to maybe offset some of the weakness or continued uncertainty that you're seeing on the U.S. side?

知道了。然後也許只是一個後續行動。我猜您在國際市場上看到了哪些類型的趨勢？我假設你仍然看到那裡的強勁增長。而且我知道你沒有提供指導，但國際市場能否在 2022 年成為足夠大的增長動力，以抵消你在美國方面看到的一些疲軟或持續的不確定性？

Well, over time, the answer is 100% yes. It's hard to know in '22 because we really don't know what the U.S. trends and Canada trends are going to be. If you took the international subscriber growth, so international subscriber growth, not Canada and the U.S., been great. Take rate of the bundle, been great. Conversion, renewal increases, all have been super strong. So we know what we have is very valuable.

好吧，隨著時間的推移，答案是 100% 是的。在 22 年很難知道，因為我們真的不知道美國的趨勢和加拿大的趨勢會是什麼。如果您考慮國際訂戶增長，那麼國際訂戶增長（而不是加拿大和美國）非常好。採取捆綁的速度，很棒。轉換，更新增加，都非常強大。所以我們知道我們擁有的東西是非常寶貴的。

As we've said on previous calls, but it's worth reminding, so I really appreciate the question, there's a lot of technology that we've been working on to build. We did not expect our international business to be this big this soon. We just announced in this call that we've beaten our goal of $1 million through Q3 instead of waiting for the year.

正如我們在之前的電話會議中所說，但值得提醒的是，我非常感謝這個問題，我們一直在努力構建很多技術。我們沒想到我們的國際業務這麼快就這麼大了。我們剛剛在這次電話會議中宣布，我們已經在第三季度完成了 100 萬美元的目標，而不是等待這一年。

And so we -- what we're building now is the ability to price differently in large countries. We see tremendous traffic in some of the biggest countries in the world outside of China where we don't intend to be, where our conversion isn't what we'd like it to be, and that's because the local pricing isn't good enough. So we have a lot of things to build. So I don't know that '22 is the year that, that -- certainly, it's offsetting it, but how much it offsets it, I don't know. But I do imagine '23, '24, '25 that international will just be a -- it's meaningful now, it will be very meaningful then.

所以我們 - 我們現在正在建立的是在大國中以不同方式定價的能力。我們在中國以外的一些最大的國家看到了巨大的流量，我們不打算去這些國家，我們的轉換不是我們想要的，那是因為當地的定價不好足夠。所以我們有很多東西要建造。所以我不知道 22 年是那一年——當然，它正在抵消它，但它抵消了多少，我不知道。但我確實想像'23，'24，'25國際將只是 - 現在很有意義，那時會非常有意義。

Our next question is from Doug Anmuth of JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

Dan, I know you talked a little bit about this, but just in terms of trying to understand, I guess, where you thought expectations were kind of what you were thinking for enrollment as you're heading into the semester and where you think they've actually come in for the fall semester. And then how does that impacts your thinking about duration of this effect? I mean it sounds like January semester looks similar because you're kind of pointing to August, September of '22 a little bit and saying kind of not know exactly what would happen then. And then just separately, any updated thoughts around the Pearson situation and any potential time line or anything else to point out there?

丹，我知道你談了一點，但就試圖理解，我猜，你認為期望是你在進入學期時對入學的想法，以及你認為他們在哪裡'實際上已經進入秋季學期。那麼這對你對這種效應持續時間的思考有何影響？我的意思是聽起來 1 月的學期看起來很相似，因為你有點指向 22 年 8 月、9 月，並說有點不知道那時會發生什麼。然後單獨地，關於 Pearson 情況的任何更新想法以及任何潛在的時間線或其他需要指出的內容？

Yes. No, great questions, Doug. Thank you. I would say the duration is -- we just frankly don't know. We're 30 days into seeing this, and it's not that it's 30 days to 60 days or 90 days. It's just this semester. It could be limited to this semester. We could see a whole bunch of people come back in January that just took all the money that they could for their Christmas holidays because Starbucks is tripling their salaries.

是的。不，很好的問題，道格。謝謝你。我會說持續時間是——坦率地說，我們不知道。我們看到這個已經 30 天了，並不是說它是 30 天到 60 天或 90 天。就在這個學期。可能僅限於本學期。我們可以看到一大群人在一月份回來，因為星巴克的薪水翻了三倍，所以他們把所有的錢都拿走了。

And even though, again, we don't have enough people in the workforce, the kinds of people that come to Chegg are self-starters, self-motivators. That's why they go to school. That's why they get Chegg. So they're obviously, in hindsight, the kinds of people that would go capitalize on the income because most of them are working 30 hours a week or more, anyway, so good for them. And I'm happy for them, to be honest with you, not so happy for us today.

即使再一次，我們在勞動力中沒有足夠的人，來到 Chegg 的人都是自我激勵者，自我激勵者。這就是他們上學的原因。這就是他們得到 Chegg 的原因。因此，事後看來，他們顯然是那種會利用收入的人，因為他們中的大多數人每週工作 30 小時或更長時間，無論如何，這對他們來說非常好。老實說，我為他們感到高興，但今天對我們來說並不那麼高興。

So who knows what will happen in January because community colleges are not like 4-year schools that start on the semesters. Community colleges, you can go whenever you want to go. The semester starts whenever you go. So we could see an uptick in January. We just don't know enough to predict that because we really don't know what's going to happen with the economy, supply chain, government stimulus, all the things out of our control.

所以誰知道 1 月份會發生什麼，因為社區大學不像 4 年制學校那樣每學期開學。社區學院，你想去什麼時候去都可以。每當你去的時候，這個學期就開始了。所以我們可以看到一月份的上升。我們只是沒有足夠的了解來預測這一點，因為我們真的不知道經濟、供應鏈、政府刺激措施以及所有我們無法控制的事情會發生什麼。

So what we're focused on right now, Doug, is just executing at a very high level against the opportunity that has presented itself. For the long term, we feel really good. We feel really good about international subscriber growth. We feel really good about the deal we just announced with Guild. We feel really good about the personalization efforts that we launched this fall.

因此，道格，我們現在關注的只是針對已經出現的機會在非常高的水平上執行。從長遠來看，我們感覺非常好。我們對國際用戶的增長感覺非常好。我們對剛剛宣布的與 Guild 達成的交易感覺非常好。我們對今年秋天推出的個性化工作感覺非常好。

The take rate has been very high. We already see of those that are using it that they engage more. The goal of the personalization efforts is to help those that are already using us to find more things we have that they haven't used that would help them, but also to become a channel, a conduit to things that we don't yet have that we will be adding to the Chegg network so that they can find that as well. That should keep them longer and allow us to create more value and have different prices over time and attract new people.

錄取率一直很高。我們已經看到那些使用它的人參與得更多。個性化工作的目標是幫助那些已經在使用我們的人找到更多我們擁有但他們沒有使用過的東西來幫助他們，同時也成為一個渠道，一個通往我們還沒有的東西的渠道我們將添加到 Chegg 網絡中，以便他們也可以找到它。這應該讓他們更長時間，讓我們創造更多的價值，隨著時間的推移有不同的價格並吸引新的人。

These are all things that we still firmly absolutely believe in. And this is just an enrollment issue. So I just -- I can't pick the timing, and we don't want to be wrong more than once, right? This was already a big surprise to us. And -- so we're not in a hurry to make a bigger mistake. And so we just decided the business will execute. We're doing really well within our expectations, and we will just know more by the time we come out in February.

這些都是我們仍然堅信的事情。這只是一個招生問題。所以我只是——我不能選擇時機，我們不想犯錯不止一次，對吧？這對我們來說已經是一個很大的驚喜。而且——所以我們不急於犯更大的錯誤。所以我們剛剛決定業務將執行。我們在我們的預期內做得非常好，到二月份我們會知道更多。

As to the question over Pearson, it's a very straightforward copyright infringement case. We feel extraordinarily good about our position. We have yet to respond. We'll respond by the date. For those people who are not as familiar with it as you are, Doug, in terms of what it is, the issue for us with this particular publisher is it's -- like I said, it's a straightforward copyright infringement case. But the parts that should worry investors don't really affect the Pearson case as much, which is we don't have a deal with them. We haven't had a deal with them since May, that what we had in May was half of what it was a year ago.

至於培生的問題，這是一個非常直接的版權侵權案件。我們對自己的位置感覺非常好。我們尚未作出回應。我們會在日期前回复。 Doug，對於那些不像你那麼熟悉它的人，就它是什麼而言，我們與這個特定出版商的問題是——就像我說的那樣，這是一個簡單的版權侵權案件。但投資者應該擔心的部分並沒有真正影響培生案，因為我們沒有與他們達成協議。自 5 月以來，我們沒有與他們達成任何交易，我們在 5 月份的交易量是一年前的一半。

And that was really just for the questions that were in their textbooks. But I think you're seeing textbooks are becoming much less an important part of higher education. They're becoming -- they've been insignificant for Chegg's business. In fact, our sort of "within the range guidance" here is because textbooks are down. Chegg Services actually did extraordinarily well during the quarter. And that is really the core of our business.

這實際上只是針對他們教科書中的問題。但我認為你看到教科書在高等教育中的重要性越來越低。他們正在成為——他們對 Chegg 的業務來說已經微不足道了。事實上，我們這裡的“範圍內指導”是因為教科書已經下降。 Chegg Services 在本季度實際上表現非常出色。這確實是我們業務的核心。

And then we have something like nearly 70 million questions in our database, of which Pearson is a pea percentage, maybe 2%. So it's not significant to us. We can't predict the outcome, but we feel very good about our position, and we'll be responding shortly and you'll all see it. So it's unrelated to what we're seeing now.

然後我們的數據庫中有近 7000 萬個問題，其中 Pearson 是一個豌豆百分比，可能是 2%。所以對我們來說意義不大。我們無法預測結果，但我們對自己的立場感到非常滿意，我們會盡快做出回應，你們都會看到的。所以它與我們現在看到的無關。

Our next question is from Brian Peterson of Raymond James.

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

So Dan, I wanted to follow up on maybe a prior question, but just the idea of enrollment kind of being down over the last few years. And look, more broadly, like in-person, everything, is kind of down. So I'm just curious, as you think about your content and your partnerships and thinking about maybe hybrid education models, are there new partnerships or areas that you need to work on to kind of see how this new kind of hybrid learning model evolves over time? Just curious to get your thoughts on that.

所以丹，我想跟進一個可能之前的問題，但只是過去幾年招生的想法有所下降。從更廣泛的角度來看，就像面對面一樣，一切都有些低落。所以我很好奇，當您考慮您的內容和合作夥伴關係並考慮混合教育模式時，是否有新的合作夥伴關係或領域需要您開展工作，以了解這種新型混合學習模式如何演變時間？只是想知道你對此的看法。

Yes. It's a really excellent question. Students have told us -- 75% or more students told us they would prefer a hybrid environment. That's up from like 25% a year ago. So I think the same way employees would tell us they like a hybrid environment, which is management comes to the office but they don't.

是的。這是一個非常好的問題。學生告訴我們——75% 或更多的學生告訴我們他們更喜歡混合環境。這比一年前的 25% 有所上升。因此，我認為員工會以同樣的方式告訴我們他們喜歡混合環境，即管理層來到辦公室，但他們不喜歡。

In the case of students, I think that they -- most students want the benefit of both. Some students can't afford to do both. They just want to do online. They have families. They -- remember the average age of a college student is 25 years old. And so it's a real situation for them where access really depends on whether or not they have to come in-person or not. So I absolutely do believe that, that is the trend. We have been building towards that trend. It's why we've said in the past that we're focused on support services for community colleges and for online universities.

就學生而言，我認為他們——大多數學生都希望兩者都受益。有些學生不能同時做這兩件事。他們只想在網上做。他們有家人。他們——記住一個大學生的平均年齡是25歲。因此，對於他們來說，這是一個真實的情況，訪問權限實際上取決於他們是否必須親自前來。所以我絕對相信，這就是趨勢。我們一直在朝著這一趨勢發展。這就是為什麼我們過去說過我們專注於為社區大學和在線大學提供支持服務。

And actually, it was doing incredibly well, which is one of the reasons we were hit so badly right now because it's community colleges and people who are either taking online or going to the 4-year schools that you haven't heard of that are working that were affected the most. Those are really the kind of new customers that Chegg has been working aggressively on getting. And I think that's one of the reasons that we were hit. Now we were hit less than other people in our space. But nonetheless, it's pretty significant.

實際上，它做得非常好，這也是我們現在受到如此嚴重打擊的原因之一，因為社區大學和人們要么上網，要么上你沒聽說過的 4 年制學校受影響最大的工作。這些確實是 Chegg 一直在積極爭取的新客戶。我認為這是我們受到打擊的原因之一。現在我們受到的打擊比我們所在領域的其他人要少。但儘管如此，它還是相當重要的。

So yes, in terms of partnerships, if you take a look at the relationship with example with Guild, our relationship right now is with Thinkful and skills-based classes and boot camps and other things that corporations are doing. But most of the things like Guild and InStride and companies like that, they are helping corporations pay for undergrad education. So these are also conduits for us to get to know these companies to be able to have these companies supply things like Chegg Study and Chegg Study Pack and Mathway and Writing to their employees. So I do think that there are new partnerships that will develop out of this. I think those are the kind of ones that we are currently looking at now.

所以，是的，就合作夥伴關係而言，如果你看一下與 Guild 的關係，我們現在的關係是與 Thinkful 和基於技能的課程、新兵訓練營以及公司正在做的其他事情。但大多數像 Guild 和 InStride 這樣的公司，他們正在幫助公司支付本科教育費用。因此，這些也是我們了解這些公司的渠道，以便能夠讓這些公司向他們的員工提供 Chegg Study 和 Chegg Study Pack 和 Mathway 和寫作之類的東西。所以我確實認為會有新的合作夥伴關係會由此發展。我認為這些是我們目前正在研究的那種。

Our next question is from Ryan MacDonald of Needham & Company.

我們的下一個問題來自 Needham & Company 的 Ryan MacDonald。

I know, obviously, this is an enrollment issue, but would love to hear some color on maybe the impact that account sharing could have played or even growing competition in this space. Obviously, earlier this year, Quizlet buying Slader. Of course, you're getting aggressive in expanding your platform by acquisition. Are you seeing any difference in sort of trends, whether it's around usage going to other platforms or maybe pricing pressure from some of the lower-cost offerings? Would love to hear about that.

我知道，很明顯，這是一個註冊問題，但我很想听聽一些關於帳戶共享可能產生的影響，甚至在這個領域加劇競爭的看法。顯然，今年早些時候，Quizlet 收購了 Slader。當然，您正在積極通過收購來擴展您的平台。您是否看到趨勢類型上的任何差異，無論是圍繞其他平台的使用，還是來自一些低成本產品的定價壓力？很想听聽。

Yes. Also great questions. And as you can imagine, when this started to reveal itself late in September, we took a look at all of that. So let me tell you what we have learned. What we have learned is that free sites or ones with freemiums are not taking our traffic at all. So they are, in fact, down more than we are, and our audience is not leaving us to go to them. So I can tell you from our own internal research, we asked that question, as you imagine, we should, just like you asked it, and we're very satisfied with the answer that we're not losing customers to anybody else at this point in time. So I would say that just isn't the case.

是的。還有很好的問題。正如你可以想像的那樣，當這在 9 月底開始顯現時，我們對所有這些進行了研究。那麼讓我告訴你我們學到了什麼。我們了解到，免費網站或具有免費增值服務的網站根本不會佔用我們的流量。所以事實上，他們比我們跌得更厲害，我們的觀眾不會離開我們去找他們。所以我可以從我們自己的內部研究中告訴你，我們問了這個問題，正如你想像的那樣，我們應該，就像你問的那樣，我們對這個答案非常滿意，我們沒有將客戶流失給其他任何人時間點。所以我會說事實並非如此。

In terms of others getting more aggressive, they're all trying to copy our model. And as it's been explained to me when Chegg catches a cold, they're going to get pneumonia. So they're going to be in a more challenging situation than we're in, we believe, over this next period of time.

就其他人變得更加激進而言，他們都在試圖複製我們的模式。正如我向我解釋的那樣，當 Chegg 感冒時，他們會得肺炎。因此，我們相信，在接下來的一段時間裡，他們將處於比我們更具挑戰性的境地。

And this was -- this kind of thing is inevitable. It happens in every industry, not for these reasons. I've never seen these reasons -- this combination of reasons before. But from a competitive standpoint, I think, as Andy mentioned in his prepared remarks, even though we're doing an aggressive stock or...

這是 - 這種事情是不可避免的。它發生在每個行業，不是因為這些原因。我以前從未見過這些原因——這些原因的組合。但從競爭的角度來看，我認為，正如安迪在他準備好的講話中提到的那樣，即使我們正在做一個激進的股票或......

Securities buyback.

證券回購。

Securities buyback, that's because we have debt, too, and the lawyers are on the call, and they make me say it the right way. We still believe that Chegg is the single best buy in the education space by far and look forward to owning more of it. Having said that, we still have an additional $2 billion on our balance sheet to be able to go grab some of these assets as their prices become much more in line with what they should be.

證券回購，那是因為我們也有債務，律師隨時待命，他們讓我說得對。我們仍然相信 Chegg 是迄今為止教育領域的最佳購買，並期待擁有更多。話雖如此，我們的資產負債表上仍有額外的 20 億美元，以便能夠抓住其中一些資產，因為它們的價格變得更加符合它們應有的水平。

So we're not thrilled about this situation for obvious reasons, but we're executing really well. The opportunity outside the U.S. is what we would be hoping and expected to be. And we're executing well against what's currently available in the U.S., and we expect it to come back. But we're also in a stronger position from balance sheet, EBITDA, free cash flow. So we'll just continue to execute and look for these opportunities when they present themselves.

因此，出於顯而易見的原因，我們對這種情況並不感到興奮，但我們執行得非常好。美國以外的機會是我們希望和期望的。我們在美國目前可用的東西上表現良好，我們希望它會回來。但我們在資產負債表、EBITDA、自由現金流方面也處於更有利的地位。因此，我們將繼續執行並在這些機會出現時尋找它們。

Great. And just as a quick follow-up, you mentioned executing well internationally. As you -- you talked about stepping up your localization efforts, but how should we think about maybe pace of country extension as you think about international versus, I think, (inaudible) that you're focused on today?

偉大的。作為一個快速跟進，你提到在國際上表現良好。正如您 - 您談到加強本地化工作，但是當您考慮國際與您今天關注的（聽不清）時，我們應該如何考慮國家擴展的步伐？

Yes. You're breaking up a little bit, but I think I heard the question about how should we think about focusing on international and what should you see from us. So what do we mean by localization? In the case of localization, every one of these things, we think, will expand the TAM and our growth rate for years to come, in some ways, similar to what it did in the U.S., which is think of international as 3 concentric circles.

是的。你有點分手了，但我想我聽到了一個問題，關於我們應該如何考慮專注於國際化以及你應該從我們那裡看到什麼。那麼我們所說的本地化是什麼意思呢？在本地化的情況下，我們認為，這些事情中的每一個都會在未來幾年擴大 TAM 和我們的增長率，在某些方面，類似於它在美國所做的，將國際視為 3 個同心圓.

There's English-speaking STEM students, that's where all our growth is coming from now. And it doesn't matter what country you're in. If that's what you're doing, you're coming to Chegg.

有講英語的 STEM 學生，這就是我們現在所有成長的來源。你在哪個國家並不重要。如果這就是你正在做的事情，你就會來到 Chegg。

The second one are not as good of English-speaking students but also taking STEM. So from there, localization is by putting the content in local language, which is translation. Second, it's allowing them to ask questions, not just in English, but in their local dialect; and then answering it, not just in that dialect, but in every dialect, so that every new question over time gets answered in multiple languages, so we don't have to redo it more than once.

第二個不擅長說英語的學生，但也參加了STEM。因此，從那裡開始，本地化就是將內容放在本地語言中，也就是翻譯。其次，它允許他們提問，不僅可以用英語，還可以用當地方言；然後回答它，不僅僅是用那個方言，而是用每一種方言，這樣隨著時間的推移，每一個新問題都會用多種語言回答，所以我們不必重複一遍。

And then the third category, which Uversity is a big part of in the U.S., but it's also global, is expanding beyond STEM, which is into other subjects where we're getting professor-provided content. And that also, again, is just a huge, fun, interesting opportunity, which is the creator economy. We've already paid out over $4 million. We're in over 700 schools, which is pretty huge, considering there's only 4,500 in the U.S., and we have over 20,000 pieces of content.

然後是第三類，這是大學在美國的重要組成部分，但它也是全球性的，正在擴展到 STEM 之外，這是我們獲得教授提供內容的其他學科。這也是一個巨大的、有趣的、有趣的機會，這就是創造者經濟。我們已經支付了超過 400 萬美元。考慮到美國祇有 4,500 所學校，我們有 700 多所學校，而且我們擁有超過 20,000 條內容。

So localization, the last part of localization is being able to present in the local currency, which we're only able to do in, I think, 2 countries right now, and then actually localize the price. So somebody on the last call asked a really good question to say, could you lower the prices in other countries? The answer is we will. We can't yet. And all of those things are things that we are aggressively working on now, which should be ready for the fall -- sometime in the fall of next year.

所以本地化，本地化的最後一部分是能夠以當地貨幣呈現，我認為我們現在只能在 2 個國家/地區進行，然後實際本地化價格。所以最後一個電話裡有人問了一個很好的問題，你能降低其他國家的價格嗎？答案是我們會的。我們還不能。所有這些都是我們現在正在積極努力的事情，應該為秋天做好準備——明年秋天的某個時候。

And so you can just imagine we're getting huge volumes of traffic from places like India, Mexico and Indonesia and other places that have large populations but really can't afford the price we're at. And so we're harnessing what's available to us in those countries at these price points, but we expect to get a lot more and a lot faster growth once we're able to do that. So that's what we mean by localization.

所以你可以想像我們正在從印度、墨西哥和印度尼西亞等地以及其他人口眾多但真的負擔不起我們現在的價格的地方獲得大量流量。因此，我們正在利用這些國家在這些價格點上可用的東西，但一旦我們能夠做到這一點，我們希望獲得更多更快的增長。這就是我們所說的本地化。

Our next question is from Brent Thill of Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Dan, if you can just bring us back to September, was everything tracking kind of to what you had normally seen in normal seasonality and then it just didn't come through in the last couple of weeks? And I would assume, given the guide, and obviously, October hasn't come back, can you comment, has there been any rebound in October?

丹，如果你能讓我們回到 9 月，一切是否都與你在正常季節中通常看到的情況相似，然後在過去幾週內沒有出現？我會假設，鑑於指南，很明顯，10 月份還沒有回來，你能評論一下，10 月份有沒有反彈？

Well, yes, I mean, we've obviously completed October, so it's November 1, and I think Andy would kill me if I gave out numbers. But here's what I will tell you, that for July and the first part of August, we were ahead of our plan. So we had an aggressive plan. We felt very comfortable about taking guidance up. The interesting thing is we're actually going to end up somewhere around the original guidance we put out last November after all is said and done. So I just found that curious.

嗯，是的，我的意思是，我們顯然已經完成了 10 月，所以現在是 11 月 1 日，我認為如果我給出數字，安迪會殺了我。但我要告訴你的是，在 7 月和 8 月上旬，我們提前完成了計劃。所以我們有一個激進的計劃。我們對接受指導感到非常自在。有趣的是，我們實際上將在我們去年 11 月發布的原始指南附近結束，畢竟說了又做了。所以我只是覺得很好奇。

But what generally happens is textbooks start earlier than Homework Help because people get the textbooks. We have never been smart about the timing of textbooks. We've always been a week or 2 behind, and we always say it's timing. So we really didn't think much of it early in -- late in August and early September when textbook season starts. And then it didn't come back. And that was the first canary in the coal mine that maybe this is a different kind of semester.

但通常發生的情況是教科書比 Homework Help 更早開始，因為人們得到了教科書。對於教科書的時間安排，我們從來都不聰明。我們總是落後一兩個星期，我們總是說這是時機。所以我們真的沒有在早期考慮太多——在 8 月底和 9 月初教科書季節開始的時候。然後它沒有回來。那是煤礦裡的第一隻金絲雀，也許這是一個不同的學期。

So we started to look at all the trends of competitors, traffic trends. Ourselves, we started looking at our funnels, internal funnels, and we were asking ourselves, is this timing? Is this something that we did wrong? Is there something wrong with the systems? And the answer was no, we're actually executing. And if you just look at -- traffic alone was probably 25% down in the month of September versus what our internal plan was.

所以我們開始關注競爭對手的所有趨勢，流量趨勢。我們自己，我們開始審視我們的漏斗，內部漏斗，我們問自己，現在是時候了嗎？這是我們做錯了什麼嗎？系統有問題嗎？答案是否定的，我們實際上是在執行。如果您只看一下 - 僅 9 月份的流量就可能與我們的內部計劃相比下降了 25%。

So that's what we saw. And that, of course, changed our perspective on the quarter. And as soon as we knew that, we, at the end of September, early October, communicated with the Board, let them know. The good news is we had a -- for Chegg Services, we had a really good Q3. We beat on every metric there.

這就是我們所看到的。當然，這改變了我們對該季度的看法。一旦我們知道了這一點，我們就在 9 月底、10 月初與董事會進行了溝通，讓他們知道。好消息是我們有一個 - 對於 Chegg Services，我們有一個非常好的第三季度。我們在那裡擊敗了每一個指標。

But textbooks is a zero-calorie business for us, which means it does not matter in our earnings. It does not matter in our numbers. We have predicted for years that textbooks were going to go away. They will continue to get smaller. We offer it literally as a service to the industry because we're certain if we got rid of it, publishers would raise their prices again.

但是教科書對我們來說是零卡路里的生意，這意味著它對我們的收入沒有影響。這在我們的人數中並不重要。多年來，我們一直預測教科書將會消失。它們將繼續變小。我們將它作為一種服務提供給行業，因為我們確信如果我們擺脫它，出版商會再次提高價格。

And that's not fair to the students. So we continue to offer it. But it should not be considered anything in terms of value that we're able to produce in terms of earnings or anything like that. And we said that years ago when we switched the model. So nothing has changed there, except there's just fewer of them this semester because there's fewer students.

這對學生來說是不公平的。所以我們繼續提供它。但它不應被視為我們能夠在收益或類似方面產生的任何價值。我們在幾年前切換模型時說過。所以那裡什麼都沒有改變，除了這個學期他們的人數減少了，因為學生少了。

That was the first sign. Then it really was just it never bounced to the numbers that we thought it was going to bounce to in September. October is stronger, but we still have November and December. And so it's difficult to know, but we just didn't -- the guidance we put out is what our expectations are. And that's based on all the information we have right up until last week.

那是第一個跡象。然後它真的只是它從未反彈到我們認為它會在 9 月反彈到的數字。 10 月更強，但我們還有 11 月和 12 月。所以很難知道，但我們只是沒有——我們提供的指導就是我們的期望。這是基於我們直到上週所掌握的所有信息。

Okay. That's super helpful. So you're just, it's just this is not really competitive. This is more an industry headwind that everyone's facing, and it's tough to dock underneath that wind that you're seeing in the industry right now.

好的。這非常有幫助。所以你只是，只是這並不是真正的競爭力。這更像是每個人都面臨的行業逆風，並且很難在您現在在行業中看到的這種風下停靠。

I think that's exactly right. The first -- we're full of people who normally assume when something doesn't go well, we have to have done something wrong. That's the kind of personalities we have. We're paranoid that way. So we look at every single number, every -- everything in the funnel, every competitor, called frankly every competitor. We're looking at a number of companies that we always look at. We saw the exact same trends but worse. And so this is what it is for the moment. It is unsustainable unless you're betting against their students ever going back to higher education. But it's 3 semesters in a row -- go ahead. I'm just going to finish by saying...

我認為這是完全正確的。第一個——我們有很多人通常認為當事情不順利時，我們必須做錯事。這就是我們所擁有的個性。我們就是這樣偏執的。因此，我們查看每個數字，每個 - 漏斗中的所有內容，每個競爭對手，坦率地說每個競爭對手。我們正在關註一些我們一直關注的公司。我們看到了完全相同的趨勢，但更糟。這就是目前的情況。這是不可持續的，除非你打賭他們的學生永遠不會回到高等教育。但這是連續三個學期——繼續吧。我只想說完...

A quick follow-up, Dan, on that is if -- just assuming that engine stays off in the short term, some of these new initiatives that you've been leaning into, are you going to lean harder into that? Or is your belief we're going to weigh them evenly? When you think about skills-based learning, Uversity and the current onboarding, there's a lot of other initiatives you have underway. Everyone's asking, is there something you're going to do differently in terms of how you weigh into those?

快速跟進一下，丹，如果 - 只是假設引擎在短期內保持關閉，你一直傾向於這些新舉措中的一些，你會更加努力嗎？還是您認為我們會均勻稱量它們？當您考慮基於技能的學習、大學和當前的入職培訓時，您正在進行許多其他計劃。每個人都在問，就你如何衡量這些方面而言，你會做一些不同的事情嗎？

I think that we are -- again, a very fair question. We are leaning in very hard to all of them. We have been. We are. The core business is extraordinarily profitable. We are investing a great deal of money and personalization in Uversity in the international e-commerce platforms, localization content, all those platform issues, the relationship with Guild, expanding and tripling the amount of content that we offer.

我認為我們是 - 再次，一個非常公平的問題。我們非常努力地向他們所有人傾斜。我們已經。我們是。核心業務利潤豐厚。我們在國際電子商務平台、本地化內容、所有這些平台問題、與 Guild 的關係、將我們提供的內容數量擴大和三倍方面投入了大量資金和個性化。

The work has been going on and is going on. The timing of the results takes time because we live in a world by semesters. We don't live in it by you offer at that day, and it's relevant that day. We really just got a plan by the semester. So we are leaning in hard like we've been leaning in hard in international, and it's paying off. There's a lot that we're doing that is going to pay off. And the domestic market will come back stronger at some point.

這項工作一直在進行，並且仍在繼續。結果的時間安排需要時間，因為我們生活在一個學期的世界。那天我們不是靠你提供的，而且那天是相關的。我們真的只是在學期前製定了計劃。所以我們正在努力，就像我們在國際比賽中一直在努力一樣，而且它正在得到回報。我們正在做的很多事情都會得到回報。國內市場將在某個時候強勢回歸。

And so we're -- for us, it is -- it's not business as usual because we've never seen anything like this, but it is the usual business of expanding our TAM, adding more content, creating greater value for the students, finding new channels of distribution and creating overwhelming value and seeing growth as a result of it.

所以我們 - 對我們來說，它是 - 這不是像往常一樣的業務，因為我們從未見過這樣的事情，但這是擴展我們的 TAM、添加更多內容、為學生創造更大價值的常規業務，尋找新的分銷渠道，創造壓倒性的價值，並由此實現增長。

I mean the things that we just love about the business is conversion is up. Renewals are better. Take rate is really high. International growth is really high outside of North America, and their take rate for the bundle is really high. So the business will be a growth business as soon as we sort of clear this moment in time.

我的意思是我們只是喜歡這個業務的事情是轉化率上升。續訂更好。錄取率真的很高。北美以外的國際增長真的很高，他們對捆綁的接受率真的很高。因此，一旦我們及時明確這一點，該業務將成為一項增長業務。

You also have to remember, we grew 100% over 2 years. So combine that with this, and this is what we see. But it's absolutely not a competitive situation. You can look at the exact same numbers that we're looking at.

您還必須記住，我們在 2 年內增長了 100%。所以把它和這個結合起來，這就是我們所看到的。但這絕對不是一個競爭的局面。您可以查看我們正在查看的完全相同的數字。

Our next question is from Mike Grondahl of Northland Securities.

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

Dan, have you broken out your subscribers from 2-year colleges and 4-year colleges lately, just so we could get a sense of that mix?

丹，你最近有沒有把你的訂閱者從 2 年制大學和 4 年制大學中分出來，這樣我們才能了解這種組合？

We break them out. We don't share them. But yes, we know 4-year colleges, 2-year colleges, online universities, U.S. college, we actually know it by college, by university. And as our personalization efforts roll out, Mike, we now know it by courses. That's part of how we know that and surveys that people are not taking the more demanding courses right now; they're taking the easier courses. They're easing their way back into going to school. They are mentally exhausted.

我們把它們分開。我們不分享它們。但是，是的，我們知道 4 年制大學、2 年制大學、在線大學、美國大學，我們實際上是通過大學、大學來了解的。隨著我們的個性化工作的展開，邁克，我們現在通過課程了解它。這是我們知道這一點的一部分，並調查了人們現在沒有參加要求更高的課程；他們正在學習更簡單的課程。他們正在輕鬆地回到學校。他們精神疲憊。

You've seen an increase in all the negative things, and everybody flies, but particularly students, right? Mental health issues are just huge right now. So -- but if you look at any external thing, anybody that's reported in the education space, any external numbers, there's a great article that was out this weekend that just talked about the fact that enrollment, particularly in community colleges and certain online schools, not all of them, and then 4-year colleges that are sort of on the fringe, that sort of service community colleges and their communities just are massively down, and they just -- nobody expected it.

你已經看到所有負面的東西都在增加，每個人都在飛，尤其是學生，對吧？心理健康問題現在非常嚴重。所以——但是如果你看看任何外部的東西，任何在教育領域報導的任何外部數字，本週末發表的一篇很棒的文章剛剛談到了入學率這一事實，特別是在社區大學和某些在線學校，不是所有的，然後是邊緣的 4 年制大學，那種服務社區大學和他們的社區只是大規模倒閉，他們只是 - 沒有人預料到。

Got it. Got it. I think I understand where more of the pressure is coming from sort of a 2-year in online and then more localized 4-year school.

知道了。知道了。我想我明白更多的壓力來自於在線 2 年制學校和更本地化的 4 年制學校。

Yes. And I think that's exactly right. And so if you look at all the colleges that you all know by name, they're really small. Like the top 25 or 50 colleges make up a couple of hundred thousand people out of 20 million. 10% of all students in this country go to just one singular community college system, the State of California. And you can imagine how far down that is. So this is -- it's a localized problem. It will end. It just didn't end now.

是的。我認為這是完全正確的。因此，如果您查看您所知道的所有大學，它們真的很小。就像排名前 25 或 50 的大學在 2000 萬人口中佔了幾十萬人。這個國家 10% 的學生只進入一個單一的社區大學系統，即加利福尼亞州。你可以想像那有多遠。所以這是 - 這是一個局部問題。它會結束。只是現在還沒有結束。

Our next question is from Josh Baer of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Josh Baer。

I guess, Dan, could you expand a little bit on the types of services and solutions outside of the academic study that you could provide to your students? Sort of mentioned it a couple of times just thinking about what types of solutions you could sell to your existing customer base over the years.

我想，Dan，您能否擴展一下您可以為學生提供的學術研究之外的服務和解決方案的類型？有點提到它幾次，只是考慮多年來您可以向現有客戶群出售哪些類型的解決方案。

Yes. Also a great question. So I don't want to be too specific for -- obviously, for competitive reasons and other things. But we've said many times, and it's one of the reasons we've launched Chegg Life, is there are areas that students depend on. So if we wanted to support the student, not the 180-degree that's just in academics, but the rest of the student, what do they need? They need adulting as they call it. They need financial help and information. They need mental health and information. They need soft skills. They need hard skills.

是的。也是一個很好的問題。所以我不想太具體——顯然，出於競爭原因和其他原因。但是我們已經說過很多次了，這也是我們推出 Chegg Life 的原因之一，是學生依賴的領域。因此，如果我們想支持學生，而不是僅僅在學術上的 180 度，而是其他學生，他們需要什麼？正如他們所說，他們需要成人。他們需要經濟幫助和信息。他們需要心理健康和信息。他們需要軟技能。他們需要硬技能。

They are getting none of this through the existing free education system called K-12 or free community college or 4-year schools. These are all things with our massive reach that we have the ability. And that's, again, part of the reason we're building the platform to be personalized, so the right student can find the right thing for them at the right moment.

他們沒有通過現有的稱為 K-12 或免費社區學院或 4 年制學校的免費教育系統獲得這些。這些都是我們有能力的、具有巨大影響力的事情。這也是我們構建個性化平台的部分原因，因此合適的學生可以在合適的時間為他們找到合適的東西。

Over time, we'll know -- we'll obviously know what classes you're in. We'll know what majors you're in. We'll know the industry that you're likely to go into. We'll know whether or not you have a loan, whether you filled out a faster form. You could just imagine all the benefits that we can bring to students. And so we'll have the opportunity to do 2 things: bring them more things and charge them for it; and create Chegg into much more of a membership service rather than a subscription service, which is really based around the semesters, where we've done an extraordinarily excellent job of optimizing around that, and we continue to do so.

隨著時間的推移，我們會知道——我們顯然會知道你在什麼課程。我們會知道你在什麼專業。我們會知道你可能進入的行業。我們會知道您是否有貸款，是否填寫了更快的表格。您可以想像我們可以為學生帶來的所有好處。所以我們將有機會做兩件事：給他們帶來更多的東西並為此收費；並將 Chegg 創建為更多的會員服務，而不是訂閱服務，這實際上是基於學期的，我們在優化方面做得非常出色，我們將繼續這樣做。

But we see a reason for Chegg to be with you younger, with you older and with you longer over the course of the year than we see now. And so there's a lot of overwhelming value that we can bring from partners in terms of access to things, discount something, all things that you'll see over the next several years that Chegg will likely be bringing to the students.

但我們看到 Chegg 與您在一起的理由比我們現在看到的更年輕、更老、更久。因此，我們可以從合作夥伴那裡帶來很多壓倒性的價值，比如獲取東西、打折，以及在接下來的幾年裡，Chegg 可能會帶給學生的所有東西。

And so we just see the opportunity for Chegg is getting bigger. Had this moment in time not happen, we wouldn't have had to talk about all these additional things because the core business is so strong. And even with the situation we're in, the core business profitability, EBITDA, EBITDA margins, free cash flow, all extraordinarily strong as is the balance sheet. So this is not something that we expected or that we're enjoying for obvious reasons, but it is going to be us focusing on what we've been focusing on.

所以我們只是看到 Chegg 的機會越來越大。如果這個時刻沒有發生，我們就不必談論所有這些額外的事情，因為核心業務是如此強大。即使在我們所處的情況下，核心業務盈利能力、EBITDA、EBITDA 利潤率、自由現金流都非常強勁，資產負債表也是如此。因此，這不是我們所期望的，也不是我們因為顯而易見的原因而享受的事情，但這將是我們專注於我們一直關注的事情。

Our next question is from Jason Celino of KeyBanc Capital Markets.

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

Maybe I'll be the person to ask about the Q4 guidance here. It looks like services growth is roughly flat year-over-year. With the Q4 guidance, does it assume we see any change in trends from the September trends that you've been referencing?

也許我會在這裡詢問第四季度的指導。看起來服務增長與去年同期大致持平。對於第四季度的指導，是否假設我們看到與您一直參考的 9 月份趨勢相比有任何變化？

Yes, Jason, this is Andy. I think Dan needs a little bit of a break here. But no, it -- we saw the trends, as Dan mentioned, in the middle of September through the end. And then, obviously, we've gotten through October. The trends haven't materially changed, plus or minus. So we've incorporated those into our guidance. Yes, so that's what -- that's basically what we're expecting through the end of the year.

是的，傑森，這是安迪。我認為丹在這裡需要休息一下。但不，它 - 正如丹所說，我們看到了從 9 月中旬到年底的趨勢。然後，顯然，我們已經度過了十月。趨勢並沒有發生重大變化，無論是正負。因此，我們已將這些納入我們的指導。是的，就是這樣——這基本上就是我們對今年年底的預期。

And as you can imagine, really, the vast majority of our revenue comes from subscribers -- at the end of September through October, the vast majority of the subscribers are already onboard. And it's much -- the next couple of months is more about renewals than it is new acquisitions.

正如你可以想像的那樣，實際上，我們的絕大多數收入來自訂閱者——在 9 月底到 10 月，絕大多數訂閱者已經加入。而且很多——接下來的幾個月更多的是關於續約而不是新的收購。

Okay. And then if I could, maybe I'll sneak in a quick capital allocation strategy question. It sounds like you're leaning into the buyback. How should we think about capital allocation?

好的。然後，如果可以的話，也許我會偷偷回答一個快速的資本配置策略問題。聽起來你傾向於回購。我們應該如何看待資本配置？

Well, I mean, you nailed it. We're leaning into the buyback. Dan mentioned it earlier. If we're going to use capital to buy companies, why not buy ourselves? We think we're an extraordinary value. So we're going to do both. One is the buyback, the securities buyback. The second thing, as I mentioned in the prepared remarks, we're always looking at opportunities to add to our portfolio, whether it be content, whether it be new services, whatever it may be. And we want to make sure we've got sufficient capital to be able to execute on those if they become available. And so it will be most likely a combination of both.

嗯，我的意思是，你搞定了。我們傾向於回購。丹之前提到過。如果我們要用資本買公司，為什麼不買我們自己呢？我們認為我們是一個非凡的價值。所以我們要兩者都做。一種是回購，證券回購。第二件事，正如我在準備好的評論中提到的那樣，我們一直在尋找機會添加到我們的產品組合中，無論是內容，還是新服務，無論是什麼。我們希望確保我們有足夠的資金來執行這些如果它們可用。所以它很可能是兩者的結合。

Our next question is from Alex Fuhrman of Craig-Hallum.

我們的下一個問題來自 Craig-Hallum 的 Alex Fuhrman。

Just to ask further on the enrollment declines that you're seeing this year. Is there anything materially different about the declines you're seeing this year compared to the declines you're seeing that we all saw nationwide last year? You mentioned your students, in particular, might be ones that really gravitate towards some of the employment opportunities that are coming out with that. Obviously, that wasn't the case last year when enrollments were declining. But are you seeing anything in particular about anything we could kind of keep our eyes on in terms of whether it's 2-year or 4-year or state or private schools, anything about the makeup of the enrollment for this academic year that is materially different from what we saw last back of end year?

只是想進一步詢問您今年看到的入學人數下降情況。與去年我們在全國范圍內看到的下降相比，你今年看到的下降有什麼實質性不同嗎？你特別提到了你的學生，他們可能真的很喜歡隨之而來的一些就業機會。顯然，去年入學人數下降時情況並非如此。但是你有沒有看到任何我們可以關注的東西，無論是 2 年制還是 4 年制，公立還是私立學校，本學年的招生構成有什麼實質性的不同從我們去年年底看到的情況來看？

Yes. It's -- I don't know that I could articulate it in terms of last year. I can tell you what we see happening this year. I will say that last year, people didn't -- enrollment was down, but a lot of that had to do with international students because they weren't allowed back in the country. And so you have that, plus, overwhelmingly, this is 2-year colleges and 4-year schools that act similar to 2-year colleges, which is people take a lot of classes there and -- because they're local.

是的。這是——我不知道我能否用去年的方式來表達它。我可以告訴你我們今年看到的情況。我會說，去年，人們沒有——入學率下降了，但這很大程度上與國際學生有關，因為他們不被允許回到這個國家。所以你有這個，另外，絕大多數情況下，這是 2 年制大學和 4 年制學校，它們的作用類似於 2 年制大學，人們在那裡上很多課，而且——因為它們是本地的。

As we've said in the past, the average age of a student is 25. 26% of them already have a child. That 40% of them are working 30 hours a week or more. That's the group that we think is most dramatically affected. Of course, there's going to be issues with people who are going to the wealthy schools and the 4-year schools, all those kinds of schools or even the big football schools where we see all those people in the stand.

正如我們過去所說，學生的平均年齡是 25 歲。其中 26% 的人已經有了孩子。其中 40% 的人每週工作 30 小時或更長時間。這是我們認為受影響最大的群體。當然，去富裕的學校和四年制學校的人會有問題，所有這些學校，甚至是我們在看台上看到所有這些人的大型足球學校。

But these are people that are of lower income, that are working, that don't have much support, highly immigrant-oriented 2-year schools and are hopefully and expectedly, based on our surveys, capitalizing on the income that is available for them. These are not people that are taking sort of subsidies and doing nothing. That's a whole different conversation. These are people that are self-motivated but have been working and going to school and have chosen to capitalize on the income. And then there's a subset that are going just taking fewer classes either because they're working or just absolute fatigue.

但這些人是收入較低、在工作、沒有太多支持、以移民為導向的 2 年制學校的人，根據我們的調查，他們希望和預期能夠利用他們可獲得的收入.這些人不是接受某種補貼卻什麼都不做的人。那是完全不同的對話。這些人自我激勵，但一直在工作和上學，並選擇利用收入。然後有一個子集只是因為他們正在工作或只是因為極度疲勞而只參加更少的課程。

And by the way, we've researched these things. We've surveyed these things. We've looked at competitive data. We've spoken to competitive CEOs. We spent a lot of time preparing for this call, as you can imagine, because we knew you wouldn't have expected it because we didn't expect it. And -- but through it all, we are executing against the opportunity that is available domestically at this moment, and we're building lots of really big fun things for future growth, both domestically and outside the U.S., and our non-North American numbers are growing as fast as we would have hoped.

順便說一句，我們研究過這些東西。我們已經調查了這些事情。我們查看了競爭數據。我們已經與有競爭力的 CEO 進行了交談。正如您可以想像的那樣，我們花了很多時間準備這次電話會議，因為我們知道您不會預料到它，因為我們沒有預料到它。而且 - 但通過這一切，我們正在利用目前國內可用的機會，我們正在為未來的增長構建許多非常有趣的東西，無論是在美國國內還是在美國以外，以及我們的非北美地區數字的增長速度與我們希望的一樣快。

We have reached the end of the question-and-answer session. I will now turn the call back over to Dan Rosensweig for closing remarks.

我們已經到了問答環節的尾聲。我現在將把電話轉回給 Dan Rosensweig 做結束語。

Well, we appreciate everybody dialing in. Obviously, there's a lot of work to be done here, and we will do that work. I couldn't be more proud of our team for executing through COVID. We experienced massive growth at the beginning of COVID, over 100% for 2 years. And so we were going to lap big numbers anyway. But on top of that, just the fact that so much has happened in the economy that is out of Chegg's control and higher education's control right now that we're being affected by it temporarily.

好吧，我們感謝大家撥入。顯然，這裡有很多工作要做，我們會做的。我為我們的團隊通過 COVID 執行工作感到無比自豪。我們在 COVID 開始時經歷了巨大的增長，2 年超過 100%。所以無論如何我們都會跑大數字。但最重要的是，現在經濟中發生了太多超出 Chegg 控制和高等教育控制的事實，我們暫時受到了它的影響。

We are in the best position with the best balance sheet. We feel like whatever we're experiencing, others are experiencing at work and worse, worse, and we're still in a really great position for revenue growth and subscriber growth outside the U.S. and EBITDA growth and cash flow growth, and we have $2 billion on the balance sheet. So we're in a really good position to deal with this situation. We just don't know how long it's going to be. And we will update you all in February.

我們處於最佳位置，擁有最佳資產負債表。我們覺得無論我們正在經歷什麼，其他人在工作中都在經歷，更糟糕的是，我們在美國以外的收入增長和訂戶增長以及 EBITDA 增長和現金流增長方面仍然處於非常有利的位置，我們有 2 美元億美元在資產負債表上。所以我們處於一個非常好的位置來處理這種情況。我們只是不知道它會持續多久。我們將在 2 月份為大家更新。

But I really appreciate you joining the call and asking all the questions, so we get a chance to sort of articulate what we've seen. Thanks, everybody.

但我非常感謝您加入電話會議並提出所有問題，因此我們有機會闡明我們所看到的。謝謝大家。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。