Chegg Inc (CHGG) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Chegg First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tracey Ford. Please go ahead.

問候，歡迎來到 Chegg 2023 年第一季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。現在我很高興向您介紹主持人 Tracey Ford。請繼續。

Good afternoon. Thank you for joining Chegg's First Quarter 2023 Conference Call. On today's call are Dan Rosensweig, Co-Chairperson and CEO; and Andy Brown, Chief Financial Officer.

下午好。感謝您加入 Chegg 的 2023 年第一季度電話會議。參加今天電話會議的有聯席主席兼首席執行官 Dan Rosensweig；和首席財務官 Andy Brown。

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。本次通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。我們鼓勵您使用這些資源。

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.

在我們開始之前，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。這些前瞻性陳述受重大風險和不確定因素的影響，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存在重大差異的重要因素。

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 21, 2023, as well as our other filings with the SEC.

特別是，我們建議您參考今天的收益發布中包含的警示性語言和 Chegg 於 2023 年 2 月 21 日向美國證券交易委員會提交的 10-K 表格年度報告以及我們向美國證券交易委員會提交的其他文件中描述的風險因素秒。

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.

我們今天所做的任何前瞻性陳述均基於我們認為截至該日期合理的假設。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 measures. Our GAAP results and GAAP to non-GAAP reconciliations can be found in our earnings press release and the investor slide deck 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.

在這次電話會議中，我們將介紹 GAAP 和非 GAAP 指標。我們的 GAAP 結果和 GAAP 與非 GAAP 調節表可以在我們的收益新聞稿和我們的 IR 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 2023 Q1 earnings call. Chegg had a solid quarter, ending Q1 above our guidance on total revenue and adjusted EBITDA. As we shared with you during our last call, we believe that generative AI and large language models are going to affect society and business, both positively and negatively, at a faster pace than people are used to. Education is already being impacted. And over time, we believe that this will advantage Chegg.

謝謝 Tracey，歡迎大家參加我們的 2023 年第一季度財報電話會議。 Chegg 有一個穩定的季度，結束第一季度高於我們對總收入和調整後 EBITDA 的指導。正如我們在上次電話會議中與您分享的那樣，我們相信生成式 AI 和大型語言模型將以比人們習慣的更快的速度對社會和商業產生積極和消極的影響。教育已經受到影響。隨著時間的推移，我們相信這將使 Chegg 受益。

In the first part of the year, we saw no noticeable impact from ChatGPT on our new account growth and we were meeting expectations on new sign-ups. However, since March, we saw a significant spike in student interest in ChatGPT. We now believe it's having an impact on our new customer growth rate.

今年上半年，我們沒有發現 ChatGPT 對我們的新賬戶增長有明顯影響，我們的新註冊量達到了預期。然而，自 3 月以來，我們發現學生對 ChatGPT 的興趣大幅上升。我們現在相信它正在對我們的新客戶增長率產生影響。

Fortunately, we continue to see very strong retention rates, suggesting that those students who already understand the value of Chegg continue to choose us and retain us at high rates. We are also expecting a positive recovery in enrollment trends, which historically would be good news for Chegg because it's too early to tell how this will play out, we believe that it's prudent to be more cautious with our forward outlook. Therefore, we intend to provide only the next quarter's guidance at this time, and Andy will walk you through those details shortly.

幸運的是，我們繼續看到非常高的保留率，這表明那些已經了解 Chegg 價值的學生繼續選擇我們並以高比率保留我們。我們還預計入學趨勢將出現積極復甦，從歷史上看，這對 Chegg 來說是個好消息，因為現在判斷這將如何發揮作用還為時過早，我們認為對我們的前瞻性前景更加謹慎是謹慎的。因此，我們目前打算只提供下一季度的指導，安迪將很快向您介紹這些細節。

We can all see that AI technology is evolving at a very rapid pace. And at Chegg, we are embracing it aggressively and immediately. Throughout my career, I've witnessed the most significant technology platform shifts, from the creation of the Internet to the explosion of mobile and the movement of software to the cloud. And we believe that AI is the next big shift.

我們都可以看到人工智能技術正在以非常快的速度發展。在 Chegg，我們正在積極而迅速地接受它。在我的整個職業生涯中，我見證了最重大的技術平台轉變，從互聯網的創建到移動設備的爆炸式增長以及軟件向雲的遷移。我們相信人工智能是下一個重大轉變。

Several months ago, I met with Sam Altman to discuss the future of AI and education. And coming out of those discussions, we quickly reoriented our company to focus and prioritize on the utilization and incorporation of AI into Chegg services.

幾個月前，我與 Sam Altman 會面，討論人工智能和教育的未來。從這些討論中走出來，我們迅速調整了我們公司的方向，將重點放在並優先考慮人工智能的利用和整合到 Chegg 服務中。

The first big step is the introduction of CheggMate, which we recently announced in cooperation with OpenAI. CheggMate will harness the power of ChatGPT, paired with our proprietary data and subject matter experts to make learning more personalized, adaptive, accurate, fast and effective, all in an easy-to-use and conversational manner. The combination of Chegg's experience over the last 13 years of improving student outcomes, and our proprietary learning taxonomy, the 150,000 subject matter experts in our network and the billions of pieces of unique learning content that Chegg owns, when coupled with the real-time conversational nature of ChatGPT will establish CheggMate as a powerful and distinctive learning tool offered exclusively from Chegg.

第一步是推出 CheggMate，我們最近宣布與 OpenAI 合作。 CheggMate 將利用 ChatGPT 的力量，與我們的專有數據和主題專家相結合，使學習更加個性化、自適應、準確、快速和有效，所有這些都以易於使用和對話的方式進行。 Chegg 在過去 13 年提高學生成績方面的經驗與我們專有的學習分類法、我們網絡中的 150,000 名主題專家以及 Chegg 擁有的數十億條獨特學習內容相結合，再加上實時對話ChatGPT 的性質將使 CheggMate 成為 Chegg 獨家提供的強大而獨特的學習工具。

Based on our research, 85% of students would prefer to have human experts involved in their study support, which is why we believe that the future of learning is a blend of AI technology with human-based support to build trust and ensure accuracy and relevancy. Ultimately, we believe the introduction of CheggMate will lead to an increase in the size of the market we serve and strengthen our relationship with our users while reducing content costs.

根據我們的研究，85% 的學生更願意讓人類專家參與他們的學習支持，這就是為什麼我們相信學習的未來是人工智能技術與基於人類的支持相結合，以建立信任並確保准確性和相關性.最終，我們相信 CheggMate 的推出將擴大我們服務的市場規模，加強我們與用戶的關係，同時降低內容成本。

Large language models are currently used horizontally, similar to search. But history suggests that over time, focused and category-leading verticals are where enduring value is created. CheggMate is being designed for learning and tailored to an individual studies -- individual students learning style and needs. It will offer personalized assessments, practice tests and instant feedback along with Chegg's proprietary step-by-step solutions. We are moving very fast with the beta launch of CheggMate later this month. And as we test and iterate, we will expand access throughout the year.

大語言模型目前是橫向使用的，類似於搜索。但歷史表明，隨著時間的推移，專注和類別領先的垂直領域是創造持久價值的地方。 CheggMate 專為學習而設計，並針對個別研究量身定制——個別學生的學習風格和需求。它將提供個性化的評估、實踐測試和即時反饋以及 Chegg 專有的分步解決方案。隨著本月晚些時候 CheggMate 的測試版發布，我們的進展非常迅速。隨著我們的測試和迭代，我們將在全年擴大訪問範圍。

As with all Chegg services, our goal is to deliver improved outcomes and overwhelming value. With our recently introduced partner offerings from DoorDash and Calm, we are seeing the benefits of adding nonacademic content to our subscriptions with improved retention. These value-added partnerships are creating more value for our subscribers and strengthening the Chegg brand and we expect to add more offers in the future.

與所有 Chegg 服務一樣，我們的目標是提供更好的結果和壓倒性的價值。通過我們最近推出的來自 DoorDash 和 Calm 的合作夥伴產品，我們看到了將非學術內容添加到我們的訂閱中並提高保留率的好處。這些增值合作夥伴關係正在為我們的訂戶創造更多價值並加強 Chegg 品牌，我們希望在未來增加更多優惠。

Our partnership with Guild also continues to perform extremely well and we see an even bigger opportunity ahead for us in our Skills business. We are introducing new offerings, including Busuu, our award-winning learning product as we expand the catalog of course offerings through Guild. Other new additions include UX design and frontline leadership programs. While future courses will focus on the latest advancements in artificial intelligence to meet both student and employer demand. To improve learning outcomes even more, we expect to add real-time conversational support to all of our skills-based courses, which we believe will improve completion rates.

我們與 Guild 的合作夥伴關係也繼續表現得非常好，我們在技能業務方面看到了更大的機會。隨著我們通過 Guild 擴展課程產品目錄，我們正在推出新產品，包括我們屢獲殊榮的學習產品 Busuu。其他新增內容包括用戶體驗設計和一線領導力計劃。而未來的課程將側重於人工智能的最新進展，以滿足學生和雇主的需求。為了進一步提高學習成果，我們希望為所有基於技能的課程添加實時對話支持，我們相信這將提高完成率。

While we are talking about Skills, I want to take a moment to acknowledge the recent news that John Fillmore, President of our Skills business will be leaving Chegg after 10 years. John is ready to take another big step in his own career, one which we wholeheartedly support. John served in a variety of key roles at Chegg during his tenure, and I cannot thank him enough for his friendship, counsel, wisdom and leadership over the last decade. I also want to take the opportunity to welcome Colin Coggins who joins us today as our Senior Vice President of Chegg Skills.

在我們談論 Skills 時，我想花點時間承認最近的消息，我們的 Skills 業務總裁 John Fillmore 將在 10 年後離開 Chegg。約翰準備在他自己的職業生涯中邁出又一大步，我們全心全意地支持他。約翰在任職期間在 Chegg 擔任過各種重要職務，我對他在過去十年中的友誼、忠告、智慧和領導力感激不盡。我還想藉此機會歡迎 Colin Coggins，他今天加入我們，擔任我們的 Chegg Skills 高級副總裁。

Our priorities outside of North America are to make our services more personalized and accessible to everyone and to localize content and pricing so we can expand into new geographic markets. To that end, in Q3, we plan to roll out a new payment system for India to capture customers during the peak back-to-school season. And in countries like Turkey, Mexico, India and South Africa, we continue to see our rollout of local subscription pricing or localized content and user experiences as a growth lever.

我們在北美以外的首要任務是讓我們的服務更加個性化，讓每個人都能獲得，並本地化內容和定價，以便我們能夠擴展到新的地理市場。為此，我們計劃在第三季度為印度推出新的支付系統，以在返校旺季吸引客戶。在土耳其、墨西哥、印度和南非等國家，我們繼續將本地訂閱定價或本地化內容和用戶體驗的推出視為增長槓桿。

In fact, Q1 2023 was an all-time high for app acquisitions in Mexico, where we recently rolled out our localized app. We are excited and optimistic about the future and are moving fast to leverage the best of AI to advantage the students. Our unique position in the industry, coupled with our deep expertise in learning enables us to make this future a reality and will enable us to grow our business for the benefit of our customers and our shareholders.

事實上，2023 年第一季度是墨西哥應用收購的歷史新高，我們最近在墨西哥推出了本地化應用。我們對未來感到興奮和樂觀，並正在迅速採取行動，利用最好的人工智能來造福學生。我們在行業中的獨特地位，加上我們在學習方面的深厚專業知識，使我們能夠實現這一未來，並使我們能夠為客戶和股東的利益發展我們的業務。

These transitions don't happen overnight and are rarely smooth at the start. Our position as a category leader and are focused exclusively on the needs of students has led to great brand recognition and incredible customer loyalty for Chegg.

這些轉變不會在一夜之間發生，而且一開始也很少是順利的。我們作為品類領導者的地位，專注於學生的需求，為 Chegg 帶來了巨大的品牌知名度和令人難以置信的客戶忠誠度。

With 13 years of experience educating students, our proprietary improving learning taxonomy, our billions of pieces of unique learning content created by more than 150,000 subject matter experts, combined with exciting benefits of AI will propel Chegg into the future. We are embarking on a new chapter for our industry and certainly for Chegg and we are making the adjustments we need to meet this opportunity head on. We are confident we have the brand, platform, balance sheet, operating model and experience to make the appropriate investments needed for the future and enhance our position as a leader in the industry. And with that, I will turn it over to Andy. Andy?

憑藉 13 年的學生教育經驗、我們專有的改進學習分類法、由超過 150,000 名主題專家創建的數十億條獨特學習內容，再加上 AI 令人興奮的優勢，將推動 Chegg 走向未來。我們正在為我們的行業開啟新的篇章，當然也為 Chegg 開啟新的篇章，我們正在做出必要的調整，迎接這一機遇。我們相信我們擁有品牌、平台、資產負債表、運營模式和經驗，可以進行未來所需的適當投資，並鞏固我們作為行業領導者的地位。有了這個，我會把它交給安迪。安迪？

Thanks, Dan, and good afternoon, everyone. Q1 was a solid quarter as we met or exceeded our revenue and adjusted EBITDA guidance and delivered strong cash flow.

謝謝，丹，大家下午好。第一季度是一個穩定的季度，因為我們達到或超過了我們的收入並調整了 EBITDA 指引並提供了強勁的現金流。

Total revenue was $188 million, driven by Subscription Services revenue of $168 million. During the quarter, we had approximately 5.1 million subscribers on the platform. Skills and Other revenue was $19 million, driven by strong growth in Skills, offset primarily by the change in required materials model, which is now a revenue share.

總收入為 1.88 億美元，受訂閱服務收入 1.68 億美元的推動。本季度，我們在該平台上擁有約 510 萬訂戶。技能和其他收入為 1900 萬美元，受技能強勁增長的推動，主要被所需材料模型的變化所抵消，該模型現在是收入份額。

Gross margin came in slightly higher than expected which contributed to adjusted EBITDA beating guidance, which came in at $58 million or 31% margin and free cash flow was $56 million, the result of a strong operating performance and higher interest rates with interest income contributing $11 million in the quarter, an increase of $10 million from the year ago quarter.

毛利率略高於預期，這導致調整後的 EBITDA 超出預期，達到 5800 萬美元或 31% 的利潤率，自由現金流為 5600 萬美元，這是強勁的經營業績和更高的利率的結果，利息收入貢獻了 11 美元萬美元，比去年同期增加 1000 萬美元。

Looking at the balance sheet. We ended the quarter with $1.2 billion of cash and investments. During the quarter, we entered into an accelerated share repurchase agreement of $150 million, which we expect will reduce outstanding shares by approximately 7% and will be completed during Q2. We continue to believe the combination of our operating model, balance sheet and cash flows are among the strongest in the education industry, which will allow us to continue to drive long-term shareholder value.

看著資產負債表。我們以 12 億美元的現金和投資結束了本季度。在本季度，我們簽訂了 1.5 億美元的加速股票回購協議，我們預計這將使流通股減少約 7%，並將在第二季度完成。我們仍然相信，我們的運營模式、資產負債表和現金流的組合在教育行業中名列前茅，這將使我們能夠繼續推動長期股東價值。

Moving on to guidance. While we continue to have confidence in our ability to forecast the current quarter, given recent industry developments, our visibility beyond that is less certain. As such, we will be guiding to the current quarter only while these conditions exist.

繼續指導。雖然我們繼續對我們預測當前季度的能力充滿信心，但鑑於最近的行業發展，我們在此之後的能見度就不那麼確定了。因此，只有在這些條件存在的情況下，我們才會指導當前季度。

Given this limited visibility, we are also evaluating areas to reduce existing expenses and CapEx to maintain industry-leading margins and cash flow, even as we lean into important investments in AI.

鑑於這種有限的可見性，我們還在評估減少現有費用和資本支出的領域，以保持行業領先的利潤率和現金流，即使我們傾向於對 AI 進行重要投資。

For Q2, we expect total revenue to be between $175 million and $178 million with Subscription Services revenue between $159 million and $162 million, gross margin between 72% and 73% and adjusted EBITDA between $53 million and $55 million.

對於第二季度，我們預計總收入將在 1.75 億美元至 1.78 億美元之間，其中訂閱服務收入將在 1.59 億美元至 1.62 億美元之間，毛利率將在 72% 至 73% 之間，調整後的 EBITDA 將在 5300 萬至 5500 萬美元之間。

In closing, we expect our investments in AI will drive long-term shareholder value as we believe embracing this technology allows us to better serve students. And we believe there is nobody better equipped to meet the current or future needs of students than Chegg. With an industry-leading brand as well as a strong operating model and balance sheet that allows for investments, all while driving best-in-class margins and cash flows. With that, I'll turn the call over to the operator for your questions.

最後，我們預計我們對人工智能的投資將推動長期股東價值，因為我們相信採用這項技術可以讓我們更好地為學生服務。我們相信，沒有人比 Chegg 更能滿足學生當前或未來的需求。憑藉行業領先的品牌以及強大的運營模式和允許投資的資產負債表，同時推動一流的利潤率和現金流。有了這個，我會把電話轉給接線員來回答你的問題。

(Operator Instructions) Your first question comes from Jeff Silber with BMO Capital Markets.

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

I'm just really curious what happened in March? I know on the last call, you really weren't seeing much of an impact. You repeated it today in terms of ChatGPT but what changed in March? What do you think?

我真的很好奇三月份發生了什麼？我知道在上次通話中，您確實沒有看到太大的影響。你今天在 ChatGPT 方面重複了一遍，但三月份發生了什麼變化？你怎麼認為？

As we said in the prepared remarks, we're beginning to see on the margin. It's not substantial yet. It's just on the margin that based on our research that people normally who would have paid for us around midterms or closer to finals that we're reluctant to pay will be longer-term subscribers are now having a new free site to go try and we've defeated all the free sites in the past pretty handily over time, and we expect with CheggMate will have great success going forward.

正如我們在準備好的評論中所說，我們開始看到邊緣。這還不是很重要。根據我們的研究，通常會在期中或接近期末時為我們付費但我們不願付費的人將是長期訂閱者，這只是在邊緣，現在有一個新的免費網站可以嘗試，我們隨著時間的推移，我們已經輕而易舉地擊敗了過去所有的免費網站，我們預計 CheggMate 將在未來取得巨大成功。

But on the margin, these customers matter in subscription businesses and given the fact that -- and as we put in the thing in our prepared remarks that obviously, it's the fastest usage of a product ever to 150 million, fastest-growing product and obviously, students are the first to try these things. So we're just being prudent in the short term as we roll out CheggMate in the long term. We're still bringing in millions of new customers. It's not about that we're not bringing on new customers, shift out the level that we expected or wanted right now. And until we come out with CheggMate and build that product and get it out, we're just being prudent and careful. So what we saw was what you've seen, which is a tremendous uptick in interest ending usage. And the good news for us is that we're still bringing in millions of new customers a year.

但在邊際上，這些客戶在訂閱業務中很重要，而且考慮到這一事實——正如我們在準備好的評論中所說的那樣，很明顯，這是有史以來最快的產品使用量，達到 1.5 億，增長最快的產品，顯然，學生是第一個嘗試這些東西的人。因此，我們在長期推出 CheggMate 時只是在短期內保持謹慎。我們仍在吸引數百萬新客戶。這並不是說我們沒有吸引新客戶，而是改變了我們現在預期或想要的水平。在我們推出 CheggMate 並構建該產品並將其推出之前，我們只是謹慎小心。因此，我們所看到的就是您所看到的，這是利息結束使用量的巨大增長。對我們來說，好消息是我們每年仍在吸引數百萬新客戶。

And our renewals are extraordinarily high, and the take rate for Chegg Study is high. So all those things were good news. But when ChatGPT came out in March, it just had another bump of usage, and we're just being smart because we really won't know anything until the end of August or early September because the summer doesn't really reveal anything. So that's it.

而且我們的續約率非常高，Chegg Study 的接受率也很高。所以所有這些都是好消息。但是，當 ChatGPT 在 3 月份推出時，它的使用量又一次激增，我們只是很聰明，因為我們真的要到 8 月底或 9 月初才能知道任何事情，因為夏天並沒有真正揭示任何東西。就是這樣了。

Okay. Appreciate that. Andy, you talked about evaluating areas to reduce expenses and CapEx, even though you're still going to be spending in AI. Can we talk a little bit about that? I don't know if there's any color, how much are you planning on spending in AI or CheggMate and what are your goals in terms of maintaining margins?

好的。感謝。安迪，你談到了評估領域以減少開支和資本支出，即使你仍將在人工智能方面進行投資。我們能談談嗎？我不知道是否有任何顏色，您計劃在 AI 或 CheggMate 上花費多少，以及您在維持利潤方面的目標是什麼？

Yes. So I mean, our clear goals on maintaining margins is to continue industry-leading margins and cash flows like we have for the past many, many years. As far as areas where we're planning on making changes, I mean there will be -- I'll call it, resource reallocation on AI and making sure we have those resources there. But it's still a little bit early, Dan -- as Dan mentioned the product comes at the initial product. The beta product, I should call it comes out this month. And we'll continue to make incremental investments in -- shift investments to AI. And we do expect over the long term that will have a moderating impact, particularly on our CapEx but once again, it's early, and we'll make the appropriate adjustments over the next several quarters to ensure that we have high margins and strong free cash flow.

是的。所以我的意思是，我們保持利潤率的明確目標是像過去許多年一樣繼續保持行業領先的利潤率和現金流。至於我們計劃進行更改的領域，我的意思是會有——我稱之為 AI 資源重新分配，並確保我們在那裡擁有這些資源。但現在還有點早，Dan——正如 Dan 提到的，產品是在最初的產品中出現的。 Beta 產品，我應該稱之為本月推出。我們將繼續進行增量投資——將投資轉移到 AI 上。我們確實預計從長遠來看，這將產生緩和影響，特別是對我們的資本支出，但再一次，現在還為時過早，我們將在接下來的幾個季度進行適當的調整，以確保我們擁有高利潤率和強勁的自由現金流動。

Next question, Doug Anmuth with JPMorgan.

下一個問題，摩根大通的 Doug Anmuth。

Maybe just a follow-up on AI and some of the investments. I guess just curious what -- not just what kind of cost you might need to incur around CheggMate, but what kind of investments do you need to make just from a hiring perspective or personnel. Do you feel like you have the right team and everything that you need in place to become more of an AI business going forward?

也許只是對人工智能和一些投資的跟進。我想只是好奇什麼——不僅僅是你可能需要在 CheggMate 周圍產生什麼樣的成本，而是你需要從招聘角度或人員方面進行什麼樣的投資。您是否覺得您擁有合適的團隊以及您需要的一切以在未來成為更多的 AI 業務？

And then second, I was hoping just you could talk a little bit about the Skills business with new leaders in place, just more about the strategic vision and product road map and how we should think about some of the guide growth in that business going forward?

其次，我希望你能和新領導談談技能業務，更多地談談戰略願景和產品路線圖，以及我們應該如何考慮該業務未來的一些指導性增長？

Yes. Thanks, Doug. So on the AI side, we've been fortunate that we've been working with AI technology for the last many years. So in terms of skill sets and the core team, we have all that, and that's good. However, we are shifting and have been shifting immediately and aggressively, our team to be faster and more nimble about getting CheggMate out because it's an exciting time for us to be honest with you.

是的。謝謝，道格。所以在 AI 方面，我們很幸運，在過去的很多年裡，我們一直在研究 AI 技術。因此，就技能組合和核心團隊而言，我們擁有所有這些，這很好。然而，我們正在轉變，並且一直在立即和積極地轉變，我們的團隊將更快、更靈活地推出 CheggMate，因為這是一個讓我們對你誠實的激動人心的時刻。

We think the combination of what they can do, our content, our data, our learning taxonomy is the special sauce that will differentiate us. And so we're actually very excited about it and very motivated to move quickly, not just for the competitive reasons but because of the size of the opportunity reasons. So we'll likely be continuing to shift personnel that we have and adding personnel and we'll be refocusing our priorities on AI and Skills, as you mentioned, because those are the big growth areas of the company and we're excited about those.

我們認為他們的能力、我們的內容、我們的數據、我們的學習分類法的結合是讓我們與眾不同的特殊調味料。因此，我們實際上對此感到非常興奮，並且非常有動力迅速採取行動，這不僅是出於競爭原因，還因為機會原因的規模。因此，我們可能會繼續轉移我們現有的人員並增加人員，我們將重新把重點放在人工智能和技能上，正如你提到的，因為這些是公司的大增長領域，我們對這些感到興奮.

In terms of the cost, given our CapEx budget, we believe that for the better part of this year, that our CapEx will actually be similar, if not better than what it's been, even as we invest aggressively in AI, one because the timing of the rollout, but also because this cost of AI for us is a replacement of other content costs. And so this will actually be more efficient, allow us to get the content actually cheaper on a per unit basis and more content overall. So we're very much in control of that. Also, once we start building ChatGPT for -- into CheggMate, that once the content is asked and the (inaudible) asked, we will have those, and we'll only have to pay for the onetime.

就成本而言，考慮到我們的資本支出預算，我們相信在今年的大部分時間裡，我們的資本支出實際上將與過去相似，甚至比以前更好，即使我們在 AI 方面進行了積極投資，這是因為時機的推出，還因為人工智能的這種成本對我們來說是其他內容成本的替代品。所以這實際上會更有效率，讓我們能夠以單位為單位獲得更便宜的內容，並且整體上獲得更多內容。所以我們可以很好地控制它。此外，一旦我們開始將 ChatGPT 構建到 CheggMate 中，一旦內容被詢問並且（聽不清）被詢問，我們就會擁有這些內容，而我們只需支付一次費用。

So we think this is going to be really, really efficient for us and very clarifying and very defining for us. So we think over time, we'll get a lot bigger and even more profitable than we've been despite the fact that we've been the most profitable company or amongst most profitable companies in the space.

所以我們認為這對我們來說真的非常有效，對我們來說非常清晰和非常明確。所以我們認為，隨著時間的推移，儘管我們一直是該領域最賺錢的公司或最賺錢的公司之一，但我們會變得比以往更大，甚至更有利可圖。

As it relates to Skills, it's another area where we're doubling down because it's working. So the relationship with Guild has been very positive. That's a business that we believe can be quite substantial over the next couple of years. As Guild evolved its business with its existing customers like Walmart and [Scott guild], the biggest customers of the business, it's also adding new customers.

由於它與技能相關，這是我們正在加倍努力的另一個領域，因為它正在發揮作用。所以與公會的關係一直非常積極。這是一項我們認為在未來幾年內可能相當可觀的業務。隨著 Guild 與沃爾瑪和 [Scott guild] 等現有客戶（該業務的最大客戶）一起發展業務，它也在增加新客戶。

But most interesting and very much to our advantage is these companies are focusing more now on skilling their employees than they were before. Even though they continue to offer paid college education through Guild, the skills area is much more interesting to these companies now than it's ever been because of the change in technology, because of AI. So we launched those suites over there, and that's having some good traction. And then on top of that, we're building a lot, of course, in [new hire] and design because design and creative is going to be very important to well with AI and on AI itself.

但最有趣且對我們非常有利的是，這些公司現在比以前更注重員工的技能培訓。儘管他們繼續通過 Guild 提供付費大學教育，但由於技術的變化和人工智能，這些公司現在對技能領域比以往任何時候都更感興趣。所以我們在那裡推出了這些套件，並且有一定的吸引力。然後最重要的是，我們當然在 [新員工] 和設計方面進行了很多建設，因為設計和創意對於 AI 和 AI 本身都非常重要。

So what we're offering is shifting, but we're offering more of it and the business is growing quite nicely. And for those people who want to track that, because we break out our business in 2 areas, Other and Chegg Subscription, you have to take into consideration that we plan for ads to be down, but the growth in that business is coming all from Skills. So it's making up for that whole and we're very excited about it.

所以我們提供的東西正在發生變化，但我們提供的更多，而且業務增長得很好。對於那些想要跟踪它的人，因為我們在 2 個領域開展業務，其他和 Chegg 訂閱，你必須考慮到我們計劃減少廣告，但該業務的增長全部來自技巧。所以它彌補了這一點，我們對此感到非常興奮。

Yes. And just for clarity there, all the growth then 100% correct. All the growth is in Skills and the risk headwinds in ads and of course, the change in required materials for being 100% recognizing revenue to revenue.

是的。為了清楚起見，所有的增長都是 100% 正確的。所有的增長都在技能和廣告的風險逆風中，當然，100% 確認收入對收入所需材料的變化。

Yes. So you really can't look at it year-over-year and you just have to look at it quarter-by-quarter. So we're really fired up about what's going on in Skills and the reception has CheggMate is as big as you might think it would be, which is the combination of AI technology, the conversational nature, the real-time nature, the reduction in the content costs that will expand our ability to do all things but one of the reasons that we were able to partner with them and have Sam be part of our announcement and interviews [in front our] stage largest education conference because they recognize that they can't do what we can do. And it's our content, our data, our learning technology. Yes, you can use ChatGPT to get some answers, which is what the customers that didn't come to us they're doing, but to actually learning ,(inaudible) is Chegg. And so we're really excited about the future.

是的。所以你真的不能逐年看，你只需要逐季度看。因此，我們對 Skills 中發生的事情感到非常興奮，CheggMate 的受歡迎程度與您想像的一樣大，它結合了 AI 技術、對話性質、實時性質、減少內容成本將擴大我們做所有事情的能力，但這是我們能夠與他們合作並讓 Sam 參與我們的公告和採訪的原因之一 [在我們] 舞台上最大的教育會議，因為他們認識到他們可以做我們能做的。這是我們的內容、我們的數據、我們的學習技術。是的，您可以使用 ChatGPT 獲得一些答案，這就是沒有來找我們的客戶他們正在做的事情，但要真正學習，（聽不清）是 Chegg。因此，我們對未來感到非常興奮。

But as I said, Doug, in the prepared remarks, when there's a platform shift like there was for the year (inaudible), like there is for mobile or what's for mobile, likewise for cloud, that the first period of time is very lumpy and very bumpy and very uncertain. But in the end, the companies that invest and utilize the technology and are the word in their vertical win bigger in the long run, and that's all we're focused on right now. So the short term is less important than in the long term, but we will continue to make sure we're very profitable and generate a lot of cash because the business model allows us to.

但正如我所說，道格，在準備好的發言中，當平台發生變化時，就像今年（聽不清）一樣，就像移動或移動的東西一樣，雲也一樣，第一段時間非常不穩定非常坎坷，非常不確定。但最終，投資和利用該技術的公司從長遠來看在其垂直領域贏得更大的勝利，這就是我們現在關注的全部。因此，短期不如長期重要，但我們將繼續確保我們非常有利可圖並產生大量現金，因為商業模式允許我們這樣做。

Next question, Eric Sheridan with Goldman Sachs.

下一個問題，來自高盛的 Eric Sheridan。

Maybe 2 questions, if I can. First, not to belabour the ChatGPT point. But would love to get a little more granularity. I know your comments were about March but even looking out to April where you might have some data, just so we better understand, is -- does it act as a gross addition headwind when you see these consumption choices? And/or are you already seeing the potential for change consumption habits among your existing user base? That would be number one.

如果可以的話，也許有 2 個問題。首先，不要重複 ChatGPT 的要點。但是希望獲得更多的粒度。我知道你的評論是關於 3 月的，但即使展望 4 月，你可能會有一些數據，只是為了讓我們更好地理解，當你看到這些消費選擇時，它是否會成為總增加的逆風？和/或您是否已經看到改變現有用戶群消費習慣的潛力？那將是第一。

And then I know CheggMate is in beta. Can you contrast anything you've learned in beta about the behavior or consumption habits of folks who are beta testing CheggMate versus more traditional Chegg users just so we have a bit of a benchmark there.

然後我知道 CheggMate 處於測試階段。您能否將您在 Beta 版中學到的關於正在 Beta 版測試 CheggMate 的人們的行為或消費習慣與更傳統的 Chegg 用戶進行對比，以便我們在那裡有一些基準。

Yes. Excellent question. The second one, the answer is it's too soon because we're not -- it's launching this month. And so on the next call, I think it'd probably be a good idea to contrast what we're learning in terms of our behavior and how they're using it because it's interesting. It's exciting for us, but it's interesting. On the first one, the question was, repeat it, the first question, please?

是的。很好的問題。第二個，答案是太早了，因為我們還沒有——它將於本月推出。因此，在下一次電話會議上，我認為將我們正在學習的內容與我們的行為以及他們如何使用它進行對比可能是個好主意，因為這很有趣。這對我們來說很令人興奮，但也很有趣。關於第一個，問題是，重複一遍，第一個問題，好嗎？

Yes, it's really just elements of what you've seen in March, maybe even a comment of how that's continued into April and gross adds versus consumption?

是的，這實際上只是您在 3 月份看到的內容的要素，甚至可能是對這種情況如何持續到 4 月份以及總增加量與消費量的評論？

It is 100% of gross adds issue. It is not at all a retention issue. Retention, it's not a take rate issue. We're actually seeing record numbers and take rate of people that taking the 1995 take Chegg Study Pack. So that number continues to elevate. I think we said it was over 40% on the last call. It continues to elevate.

這是總添加問題的 100%。這根本不是保留問題。保留率，這不是採用率問題。實際上，我們看到參加 1995 年 Take Chegg Study Pack 的人數和參加率都創下了紀錄。所以這個數字繼續上升。我想我們在上次電話會議上說過超過 40%。它繼續升高。

So we know that we still have pricing power. We know that people really value us. If they know Chegg, that we are still bringing in millions of new customers over the course of the first 6 months. This is -- it's a gross add impact on the margin. But as a subscription business, we need to figure out what that means before we start forecasting longer term. So that's really where it's focused almost exclusively at this point. And we just have to be aware of it because it's so new. So we're very comfortable in forecasting next quarter. We've done that for the last 6 quarters have been right, including the last one.

所以我們知道我們仍然有定價權。我們知道人們真的很重視我們。如果他們知道 Chegg，我們將在前 6 個月內吸引數百萬新客戶。這是 - 這是對利潤率的總增加影響。但作為訂閱業務，我們需要在開始長期預測之前弄清楚這意味著什麼。因此，這實際上是它目前幾乎完全關注的地方。我們只需要注意它，因為它太新了。所以我們對下個季度的預測非常滿意。在過去的 6 個季度中，我們已經做到了這一點，包括最後一個。

But because the summer comes now, and we really won't learn that much until next August or September, we're taking a quarter off just to be able to make sure that we really understand the impact, can answer the other questions as it relates to CheggMate and new behavior, but retention has been phenomenal and take rate wasn't phenomenal. So this is not a sky falling thing. It's just an acknowledgment that there's been a technological shift, and we need to prepare for it and adjust our company and go after it aggressively and adjust our cost structure to do so. And we're doing all of that now.

但是因為現在夏天來了，我們真的要到明年八月或九月才能學到那麼多東西，所以我們休假四分之一隻是為了能夠確保我們真正了解影響，可以回答其他問題與 CheggMate 和新行為有關，但保留率非常驚人，採用率也不是驚人的。所以這不是天上掉下來的事情。這只是對技術轉變的承認，我們需要為此做好準備並調整我們的公司並積極追求它並調整我們的成本結構來做到這一點。我們現在正在做所有這些。

Next question, Ryan MacDonald with Needham & Company.

下一個問題，Needham & Company 的 Ryan MacDonald。

Dan, maybe first off on CheggMate as you're starting to do the beta testing and really grow the awareness of the CheggMate offering.

丹，當你開始進行 Beta 測試並真正提高對 CheggMate 產品的認識時，也許首先使用 CheggMate。

I think one of the things we hear from students is that there are questions around ChatGPT are lack of accuracy today, which Chegg has always been sort of trusted brand from that perspective. But in this market dynamics, how do you sort of rebuild the brand awareness for a new offering like CheggMate that is in sort of building GPT in so that you can ensure that retention and sort of I guess, reacceleration of gross subscriber adoption going into the fall?

我認為我們從學生那裡聽到的一件事是，當今關於 ChatGPT 的問題缺乏準確性，從這個角度來看，Chegg 一直是值得信賴的品牌。但在這種市場動態中，你如何為像 CheggMate 這樣的新產品重建品牌知名度，這種產品在某種程度上構建了 GPT，這樣你就可以確保留存率和我猜想的那樣，重新加速總訂戶採用率進入落下？

It is exactly the correct question and the one that we're working on aggressively. I don't know if you had a chance to see our video launch. That video launch is an example of what we're doing. So offset benefit sitting on the Adobe Board and with Firefly.

這正是正確的問題，也是我們正在積極研究的問題。我不知道您是否有機會看到我們的視頻發布。該視頻發布就是我們正在做的事情的一個例子。因此抵消坐在 Adobe Board 和 Firefly 上的好處。

So I've had a lot of insight into how to think about all of this. So right now, the goal is to make sure that we continue to have extraordinarily high retention and we are and that those that know Chegg for exactly the reason that you said, our accuracy and our learning taxonomy to actually understand the subject, not just copy, which is what you do at ChatGPT, those people, we are very, very solid with, continue to perform extraordinarily well with. And over time, we will be reminding them of the benefits to Chegg inside the product experience itself. That's really essential.

所以我對如何思考這一切有了很多見解。所以現在，我們的目標是確保我們繼續保持非常高的保留率，我們和那些正是因為你所說的原因而了解 Chegg 的人，我們的準確性和我們的學習分類法才能真正理解這個主題，而不僅僅是複制，這就是你在 ChatGPT 所做的，那些人，我們非常非常可靠，繼續表現得非常好。隨著時間的推移，我們將提醒他們產品體驗本身對 Chegg 的好處。這真的很重要。

CheggMate will be an all-new user experience that will point out to the user what part is ChatGPT or any other AI because the brilliance of how we're building this thing is it's not going to be tied to just one AI environment. If one is better, we can shift it. If our own, like we have with Mathway is our own large learning model, we use our own. But we will be showing what the capability of AI is and what the capability of Chegg is so that students know that if they shouldn't use Chegg, this is everything they're going to lose. That is contemplated and built into the learning experience itself so that students will appreciate the value that we bring to the user experience that if they leave Chegg, they won't get.

CheggMate 將是一種全新的用戶體驗，它將向用戶指出哪一部分是 ChatGPT 或任何其他人工智能，因為我們構建這個東西的方式的輝煌之處在於它不會只與一個人工智能環境相關聯。如果一個更好，我們可以轉移它。如果我們自己的，就像 Mathway 一樣，是我們自己的大型學習模型，我們會使用自己的。但我們將展示 AI 的功能是什麼以及 Chegg 的功能是什麼，以便學生知道如果他們不應該使用 Chegg，這就是他們將失去的一切。這是經過深思熟慮的，並融入了學習體驗本身，這樣學生們就會欣賞我們為用戶體驗帶來的價值，如果他們離開 Chegg，他們將無法獲得。

So that is essential in terms of the way we are building the product and the user experience is to make sure students understand the value of each, but it's the value of the combined that you can't get anywhere else and you can't get with getting Chegg anywhere else. So that's an essential part of it. So the marketing is going to be in product, very viral, use of TikTok, I mean, you'd be surprised, you know we have 55 million views on TikTok.

因此，就我們構建產品的方式和用戶體驗而言，這是必不可少的，以確保學生了解每個產品的價值，但這是組合的價值，你無法在其他任何地方獲得，也無法獲得在其他任何地方獲得 Chegg。所以這是它的重要組成部分。所以營銷將在產品上，非常病毒式地使用 TikTok，我的意思是，你會感到驚訝，你知道我們在 TikTok 上有 5500 萬次觀看。

Chegg is a beloved product for the reasons that you understand and appreciate. This is a challenge at the moment that's on the margin, and we want to go aggressively after it. And we think this is an opportunity to expand our market, and we're going aggressively after that. So we're all in and making sure students understand the value of us and the value of the combined together and why it's in their best interest to pay the $15.95 or [99].

由於您理解和欣賞的原因，Chegg 是一款深受喜愛的產品。目前這是一個邊緣挑戰，我們希望積極應對。我們認為這是擴大我們市場的機會，之後我們將積極進取。因此，我們全力以赴，確保學生了解我們的價值和兩者結合起來的價值，以及為什麼支付 15.95 美元或 [99] 符合他們的最佳利益。

Helpful color there. Maybe as a follow-up, I want to touch on the localization efforts. You talked about some good success that you're seeing in 3 countries where you're starting to do localized pricing in the apps here.

那裡有幫助的顏色。也許作為後續行動，我想談談本地化工作。您談到了您在 3 個國家/地區看到的一些成功案例，您在這些國家/地區開始在此處的應用程序中進行本地化定價。

I think on the last quarter, I think you were, I think, testing in maybe 9 or 10 countries, but how should we think about sort of the ramping of the localization efforts and when sort of you should have sort of that localized pricing generally available more broadly across the country that you've been testing in?

我認為在上個季度，我認為你們可能在 9 或 10 個國家/地區進行了測試，但是我們應該如何考慮本地化工作的增加以及你們應該在什麼時候進行本地化定價在您測試過的全國范圍內更廣泛地使用？

There's about 9 that we are focused on. Some of them, I think we mentioned in the prepared remarks. But honestly, for the second half of the year, the focus is on getting a payment system right in India.

我們關注的大約有 9 個。其中一些，我想我們在準備好的評論中提到了。但老實說，下半年的重點是在印度建立正確的支付系統。

The demand in India for Chegg is extraordinarily high, meaningfully high. Our ability to accept their payments is meaningfully low. That was a mistake. We took credit cards because we worked with the partner, they did credit cards rather than the way they like to pay, which is debit cards. And so that will be ready for the fall. So our big focus for the fall internationally is going to be CheggMate and obviously, the U.K., Australia and Canada and India for the biggest growth area of focus.

印度對 Chegg 的需求非常高，非常高。我們接受他們付款的能力非常低。那是個錯誤。我們使用信用卡是因為我們與合作夥伴合作，他們使用信用卡而不是他們喜歡的支付方式，即藉記卡。這樣就可以為秋天做好準備。因此，我們秋季國際的重點將是 CheggMate，顯然，英國、澳大利亞、加拿大和印度是最大的重點增長領域。

But Mexico, Philippines, places like that, it's based on the logic of what you'd imagine. It's based on top of the funnel is really high, conversion is really low. So that's about pricing and then it's about the payment system. One of the really cool things about, by the way, AI is going to allow for instant translation at no cost. These things will play to Chegg's advantages over time. Initially, though, we got to deal with the challenge initially.

但是墨西哥、菲律賓，諸如此類的地方，它是基於你想像的邏輯。它基於漏斗頂部非常高，轉化率非常低。所以這是關於定價，然後是關於支付系統。順便說一下，人工智能將允許免費進行即時翻譯，這是一件非常酷的事情。隨著時間的推移，這些東西將發揮 Chegg 的優勢。不過，最初，我們必須首先應對挑戰。

Next question, Josh Baer with Morgan Stanley.

下一個問題，摩根士丹利的 Josh Baer。

I guess wondering how fast you can go with CheggMate. I think there's a lot of potential there to improve the platform, to obviously, the longer it takes you risk missing out on some of those cohorts of new students in the meantime. And I guess, thinking back to Study Pack bundle or international, describe it as sort of methodical, a lot of testing and in some cases, waiting until the next semester to not disrupt auto renewal, for example. So how fast can you go? How will the rollout of CheggMate compare?

我想知道您使用 CheggMate 的速度有多快。我認為有很大的潛力可以改進這個平台，顯然，你花的時間越長，你就有可能同時錯過一些新生群體。我想，回想 Study Pack bundle 或 international，將其描述為一種有條理的、大量的測試，在某些情況下，例如，等到下學期才不會中斷自動續訂。那麼你能走多快？ CheggMate 的推出將如何比較？

Yes. Again, these are really great questions because they're exactly the questions we're asking internally. So the methodical nature of how we've done things has worked to our advantage.

是的。同樣，這些都是非常好的問題，因為它們正是我們在內部提出的問題。因此，我們做事的有條不紊的本質對我們有利。

In this particular case, speed is going to work to our advantage. And so a lot of the resource reallocation, a lot of our focus -- we're talking about it now much more aggressively, but it really started after the launch of ChatGPT and the chance that I was very fortunate to be able to sit down and talk to Sam for a couple of hours about where they were going and where we are going and how we could work together and the value of each of the components together. So we've been the last couple of months working on this. What you saw at the GSV Conference was sort of visual example of it. And again, I encourage everybody to watch the video to see how special this product can be.

在這種特殊情況下，速度將對我們有利。所以很多資源重新分配，很多我們的重點——我們現在正在更積極地談論它，但它真正開始是在 ChatGPT 推出之後，我很幸運能夠坐下來和 Sam 聊了幾個小時，討論他們要去哪裡，我們要去哪裡，我們如何一起工作，以及每個組成部分在一起的價值。所以我們在過去幾個月一直致力於此。您在 GSV 會議上看到的就是它的一個視覺示例。再一次，我鼓勵大家觀看視頻，看看這款產品有多特別。

So our goal is to ramp it up. This is going to be constant daily iteration. We're going to get the feedback. We're going to train the models. We're going to retrain the models. We're going to rewrite the prompts. I mean we are going as aggressively as we are physically capable of doing. We are holding nothing back from this. So the answer is it will ramp at the speed that is good. And hopefully, that's really fast.

所以我們的目標是提高它。這將是不斷的日常迭代。我們會得到反饋。我們要訓練模型。我們將重新訓練模型。我們將重寫提示。我的意思是，我們將盡我們所能地積極進取。我們對此沒有任何保留。所以答案是它將以良好的速度上升。希望這真的很快。

And another sort of higher-level question for you on competition. Like obviously, there are other vendors out there that ignoring AI and ChatGPT, Chegg performs really well against. But then there are vendors like Quizlet, Brainly, Khan Academy, who have also announced AI tutors or AI solutions built on ChatGPT using the open API.

還有一個關於競爭的更高層次的問題。顯然，還有其他供應商忽略了 AI 和 ChatGPT，Chegg 的表現非常出色。但是還有像 Quizlet、Brainly、Khan Academy 這樣的供應商，他們也宣布了 AI 導師或使用開放 API 基於 ChatGPT 構建的 AI 解決方案。

So is like the competitive dynamic the same in that Chegg has the advantage because of all the data that your models trained on and all those other things? Or does like the competitive environment get more intense because everyone gets to leverage ChatGPT going forward?

那麼，由於您的模型訓練的所有數據和所有其他因素，Chegg 具有優勢，就像競爭動態一樣嗎？還是因為每個人都可以利用 ChatGPT 來推動競爭環境變得更加激烈？

Yes. Not everybody gets to leverage it the same way, though. So let's be clear. The data set matters, the content matters, the learning taxonomy matters.

是的。不過，並不是每個人都能以同樣的方式利用它。所以讓我們說清楚。數據集很重要，內容很重要，學習分類很重要。

This is going to come down to user experience, brand quality, brand reputation and your capital structure, which ours is superior to everybody else's. Every one of those companies that you mentioned -- well, most of the companies you mentioned have tried to defeat us with free and ad models. They have been unsuccessful, dramatically unsuccessful. So they're launching chatbot on top of their content does not change the dynamic in any way, shape or form in their favor. And we think we'll exemplify why what we're doing is far superior to anything they're capable of doing or can afford. So they -- our perspective and we've, of course, torn apart every one of the products that they've launched, as you can imagine. So this is speaking from our own view of what we see in our dynamics in our marketplace.

這將歸結為用戶體驗、品牌質量、品牌聲譽和您的資本結構，我們的資本結構優於其他任何人。你提到的每一家公司——好吧，你提到的大多數公司都試圖用免費和廣告模式打敗我們。他們沒有成功，非常失敗。所以他們在他們的內容之上啟動聊天機器人不會以任何方式、形狀或形式改變動態以對他們有利。我們認為我們將舉例說明為什麼我們正在做的事情遠遠優於他們有能力做或負擔得起的任何事情。所以他們 - 我們的觀點，當然，正如你可以想像的那樣，我們已經拆散了他們推出的每一種產品。所以這是從我們自己的角度來看我們在市場動態中看到的。

The issue for us is going to be students on the margin who just want an answer. And if they can get some version of that, that is the short-term challenge for us. The long-term opportunity is just much bigger.

對我們來說，問題將是那些只想要答案的邊緣學生。如果他們能得到一些版本，那對我們來說就是短期挑戰。長期的機會要大得多。

The ability for Chegg to be in your pocket instantly in any language, in any subject anywhere with our learning taxonomy, simple user experience brand reputation, quality reputation, accuracy reputation is what we're focused on. So we're on our toes, not on our heels. I think the rest of them will be more on their heels because what do you need a flashcard for in a world where ChatGPT can create the flashcard. So that dynamic works in our favor, but in the short term, we got to take it as seriously as anything we've taken seriously. It reminds me of when Amazon entered the text book market. Everybody says Chegg can't beat them, we beat them because this is all we do. This is not all AI sites are going to do. So it's really clarifying, it's really focusing. It's intense. In a lot of ways, it's fun, but we're up for the challenge.

憑藉我們的學習分類法、簡單的用戶體驗品牌聲譽、質量聲譽、準確性聲譽，Chegg 能夠以任何語言、任何主題立即進入您的口袋，這是我們關注的重點。所以我們是在我們的腳趾上，而不是在我們的腳後跟上。我認為其他人會更加緊隨其後，因為在 ChatGPT 可以創建抽認卡的世界裡，你需要抽認卡做什麼。所以這種動態對我們有利，但在短期內，我們必須像對待我們認真對待的任何事情一樣認真對待它。這讓我想起了亞馬遜何時進入教科書市場。每個人都說 Chegg 無法打敗他們，我們打敗了他們，因為這就是我們所做的一切。這並不是所有 AI 站點都會做的。所以它真的很清晰，它真的很專注。這是激烈的。在很多方面，這很有趣，但我們已經準備好迎接挑戰。

Next question, Brent Thill with Jefferies.

下一個問題，Brent Thill 和 Jefferies。

Dan, if you set aside actual team, you look at internal execution and consumer behavior, do you pin any of this to those other issues? Or is this 100% blamed on ChatGPT.

丹，如果你把實際團隊放在一邊，看看內部執行和消費者行為，你是否將其中任何一個歸因於其他問題？或者這 100% 歸咎於 ChatGPT。

We were doing exactly what we were hoping to do until around March. So the variable to change was the launch of 4 because we had taken into consideration to some degree, 3.

直到 3 月左右，我們一直在做我們希望做的事情。所以要改變的變量是 4 的啟動，因為我們在某種程度上考慮了 3。

And the time that with 4 and then you time it around midterms. And so that's when we saw on the margin. Again, this is not a sky-is-falling say. This is just a company who's been around for a long with management that's been around through every economic cycle since '87 and every launch of technology cycles since the PC, believing that this is one of those shifts.

以及 4 的時間，然後你在期中考試前後計時。所以那是我們在邊緣看到的時候。同樣，這不是天塌下來的說法。這只是一家存在了很長時間的公司，自 87 年以來的每一個經濟周期以及自 PC 以來的每一個技術週期的發布都伴隨著管理層，相信這是其中的一個轉變。

We did not fall for -- you never saw us launch well, we'll take Bitcoin payments, right? We're launching our own coin or let's do NFT. This is -- we didn't see those as real or important or as threats. We see this one as a real transformational change where the way people will do work, learn things and access things. We're betting very big on the fact that people are going to need to learn how to use these things and the impact of these things and they're going to have to learn what the output needs. And we're going to be in a world more of greater assessment and that works to Chegg advantage in the long run.

我們並沒有因為——你從來沒有看到我們推出得很好，我們會接受比特幣支付，對吧？我們正在推出我們自己的硬幣，或者讓我們做 NFT。這是——我們不認為這些是真實的、重要的或威脅的。我們將此視為真正的變革，人們將改變工作、學習和訪問事物的方式。我們非常重視這樣一個事實，即人們將需要學習如何使用這些東西以及這些東西的影響，他們將不得不了解輸出需要什麼。我們將進入一個評估更多的世界，從長遠來看，這對 Chegg 有利。

So the rest of the business in terms of renewals, great. Take rate of Chegg Study Pack, record levels. Launch of the app in Mexico, set records for us. This is the thing that we believe is the biggest challenge ahead of us, and we're taking it on from day one head on. And if other companies don't want to do that, that's their business. We just believe, and I've been around long enough to know that there was the Internet, and there was mobility and then there's this. And so we are very excited about the possibilities for the future, but we're going to have to go after it from day one, and that's what we're doing. So nothing else that we saw, it's this and it's on the margin right now.

因此，就續訂而言，其餘業務非常好。使用 Chegg Study Pack 的速度，記錄水平。在墨西哥推出該應用程序，為我們創造了記錄。我們認為這是擺在我們面前的最大挑戰，我們從第一天起就開始迎接它。如果其他公司不想這樣做，那是他們的事。我們只是相信，而且我已經存在了足夠長的時間，知道有互聯網，有移動性，然後就是這個。因此，我們對未來的可能性感到非常興奮，但我們必須從第一天起就去追求它，這就是我們正在做的事情。所以我們沒有看到其他東西，就是這個，它現在處於邊緣。

And on the [Skills] business, when you think about the size of the business today as a percentage of revenue to where you think this could be 3 to 5 years out, how do you frame that things -- if the headwinds continue to move in on Study Pack, can this offset? Or is it still -- is it still about the Study Pack?

在 [Skills] 業務上，當你考慮今天的業務規模佔收入的百分比時，你認為這可能是 3 到 5 年後的情況，你如何構建這些東西 - 如果逆風繼續移動在 Study Pack 中，這個可以抵消嗎？或者它仍然是 - 它仍然是關於學習包的嗎？

Well, they thought about Study Pack setback is doing fine. It's just about the top of the funnel conversion on marginal customers. I'm sorry, did you talk about Skills?

好吧，他們認為 Study Pack 挫折做得很好。它只是邊緣客戶漏斗轉化的頂部。對不起，你說的是技能嗎？

Yes. Just on the Skills business, I think (inaudible) today and then where do you think it could be 3 to 5 years as a percentage of your total revenue?

是的。就技能業務而言，我認為今天（聽不清）然後你認為它可能佔你總收入的百分比是 3 到 5 年？

Everybody is looking like I shouldn't give the number away, but substantial. Look, here's -- the simplest way to do the math is we get, on average, $17 a customer for a subscriber per month on Chegg Study, Chegg Study Pack. On Skills, the average price right now is closer to $5,000. And so when we keep 100% of that revenue and then we give x percentage of that to Guild.

每個人都看起來我不應該洩露這個數字，但數量可觀。看，這裡是——最簡單的計算方法是，我們平均每月從 Chegg Study、Chegg Study Pack 上為每位訂閱者賺取 17 美元。在技能方面，目前的平均價格接近 5,000 美元。因此，當我們保留 100% 的收入時，我們將其中的 x 百分比提供給 Guild。

So we'll have high gross margins. It's really the cost of the content for us. It's not the cost of distribution, it's not the cost of marketing. They take all that and we pay them for that. So for us, the bigger they get and the deeper we get and the more people get excited about learning things like AI and UX design. And the more corporations focused on skills rather than higher education, the better it is for that business. And that business is growing really, really -- it's never grown this fast and it's on top of an increasingly higher base. So without giving the number away, I think it could be pretty substantial as a percentage of our overall revenue.

所以我們會有很高的毛利率。這真的是我們的內容成本。這不是分銷成本，也不是營銷成本。他們拿走了所有這些，我們為此付錢給他們。所以對我們來說，他們變得越大，我們變得越深入，就會有更多的人對學習 AI 和 UX 設計等事物感到興奮。越多的公司關注技能而不是高等教育，對企業來說就越好。而且該業務確實在增長，真的 - 它從未如此快速地增長，而且它處於越來越高的基礎之上。因此，在不透露數字的情況下，我認為它在我們總收入中所佔的比例可能相當可觀。

Yes, Brent, I mean, just to be clear, it's our fastest growing business. So by definition, it's going to be a different percentage of our business over time. We're obviously not going out any further than this current quarter. But yes, we're super excited about Skills, and we think it will continue to grow at a pretty rapid rate.

是的，布倫特，我的意思是，要明確一點，這是我們增長最快的業務。因此，根據定義，隨著時間的推移，它將占我們業務的不同百分比。我們顯然不會比本季度更進一步。但是，是的，我們對技能感到非常興奮，我們認為它會繼續以相當快的速度增長。

Next question, Jason Celino with KeyBanc.

下一個問題，來自 KeyBanc 的 Jason Celino。

Great. Dan, Andy, with CheggMate -- sorry if I missed it, but how much will that cost? And -- or will it be part of the bundle?

偉大的。丹、安迪和 CheggMate——抱歉，如果我錯過了，那要花多少錢？而且——或者它會成為捆綁包的一部分嗎？

Yes. That's something we have yet to announce, and it's something truthfully we get to decide. So there's always several views on this. We believe and we know from all of our testing that we could take prices up and we could charge more for it. And our internal research that we announced initially was that something like 40% of the audience would agreed already to pay more for it.

是的。這是我們尚未宣布的事情，這是我們真正要決定的事情。因此，對此總是有多種看法。我們相信並且我們從我們所有的測試中知道我們可以提高價格並且我們可以為此收取更多費用。我們最初宣布的內部研究表明，大約 40% 的觀眾已經同意為此支付更多費用。

Having said that, we want to return to growth as fast as possible on the new subscriber side. And so this will likely be embedded within Chegg initially, and then we'll determine what the smartest way for getting a higher ARPU is and those range of options are exactly what you think they would be, which is at one point, right now, we have $15.95 and $19.95, we could go on in $19.95 tomorrow, and that would be a substantial increase in revenue and EBITDA.

話雖如此，我們希望在新用戶方面盡快恢復增長。因此，這可能最初會嵌入到 Chegg 中，然後我們將確定獲得更高 ARPU 的最明智的方法是什麼，這些選項範圍正是你認為的那樣，在某一時刻，現在，我們有 15.95 美元和 19.95 美元，明天我們可以在 19.95 美元繼續，這將是收入和 EBITDA 的大幅增長。

We could go to all to $19.95 in the month a version of $24.95. The options are ahead of us, but they've yet to be decided. We just -- right now, it's making the product great, getting the brand awareness out there, getting people addicted to the new product, the way they've been addicted to the whole product. And then those opportunities are all ahead of us.

我們可以在 24.95 美元的版本中將一個月內的所有價格都提高到 19.95 美元。選擇擺在我們面前，但尚未決定。我們只是 - 現在，它正在使產品變得更好，提高品牌知名度，讓人們沉迷於新產品，就像他們沉迷於整個產品一樣。然後這些機會就在我們面前。

Okay. No, that's helpful. And then you've kind of alluded to what it might look like in the beta. I'll be sure to watch the video after this that you keep mentioning. But from a student's perspective, how does CheggMate look, feel and differ than if a student just go to ChatGPT directly?

好的。不，那很有幫助。然後你提到了它在測試版中的樣子。之後我一定會看你一直提到的視頻。但從學生的角度來看，CheggMate 的外觀、感覺與學生直接訪問 ChatGPT 相比有何不同？

Yes. The video will highlight where we're going. But to give you some data points on it. First, it will look a lot cooler. I know that doesn't really matter a lot of people, but for some reasons, the students have done. Two, it will be much more conversational.

是的。該視頻將突出顯示我們要去的地方。但是給你一些數據點就可以了。首先，它看起來會更酷。我知道這對很多人來說並不重要，但出於某些原因，學生們已經做到了。第二，它將更加對話。

So rather than just having to put in a particular question, you can ask it anything. And once you ask it anything, it will know because it knows who you are, and this is what the free chat does not do. Because that's not personalized at all. And every time you go back in, it doesn't remember you unless you want to pay the $20 a month. For us, we already know who you are. We know your class, we know that the textbook you're interested in because we know based on the question that you've asked, we'll also know all the other questions that people have asked around this and we'll be able to write the prompts for you.

因此，您可以提出任何問題，而不是僅僅提出一個特定的問題。一旦你問它什麼，它就會知道，因為它知道你是誰，而這是免費聊天所不能做到的。因為那根本不是個性化的。每次你回去，除非你想每月支付 20 美元，否則它不會記住你。對我們來說，我們已經知道你是誰。我們知道你的班級，我們知道你感興趣的教科書，因為我們知道基於你提出的問題，我們也會知道人們圍繞這個提出的所有其他問題，我們將能夠為您編寫提示。

So we'll also be able to know what particular part of the question you're struggling with. So it's one thing to say you're not doing well on the assessment, which we can automatically now build a relevant assessment for you, which we couldn't do before. But we can actually build an assessment based exclusively on your weaknesses because we understand the way the question was created and the way you've answered the question. These are all things that we'll be able to uniquely and exclusively do inside of Chegg. And you can do it all conversationally in whatever language that you want or however you choose to ask the question. It might say -- you could say, I suck in write before questions just on the parts in (inaudible). We'll be able to do that now, even if you write it that way. So it's literally going to feel like a live tutor that is working on your side.

因此，我們也將能夠知道您正在努力解決問題的哪個特定部分。所以說你在評估中做得不好是一回事，我們現在可以自動為你建立一個相關的評估，這是我們以前做不到的。但我們實際上可以完全根據您的弱點進行評估，因為我們了解問題的創建方式以及您回答問題的方式。這些都是我們將能夠在 Chegg 內部獨特而排他性地做的事情。您可以使用任何您想要的語言或您選擇的提問方式以對話的方式完成這一切。它可能會說——你可能會說，我只是在（聽不清）中的部分問題之前就寫錯了。我們現在就可以做到這一點，即使你那樣寫。因此，從字面上看，它就像一位在您身邊工作的現場導師。

We're also going to play into the gamification and things that Chegg has never had it done before. which is like, hey, you're doing great. Do you want more of this? Or it looks like you're struggling here, would you like us to build you this or you might need to look at this as well. We'll also be able to program in advance what you're likely to have to know based on the things you're knowing now because we have the history of 10 years of that particular class.

我們還將參與遊戲化和 Chegg 以前從未做過的事情。這就像，嘿，你做得很好。你想要更多嗎？或者看起來您在這裡苦苦掙扎，您希望我們為您打造這個，還是您可能也需要看看這個。我們還可以根據您現在所了解的內容，提前編制您可能必須了解的內容，因為我們擁有該特定課程 10 年的歷史。

These are all things uniquely be able to be doing inside of CheggMate, not in ChatGPT. And this is where the real differentiation is in that user experience and certainty around accuracy.

這些都是能夠在 CheggMate 內部而不是在 ChatGPT 中做的所有事情。這就是真正的區別在於用戶體驗和準確性的確定性。

I'm sorry, watch the video because it really does give you an example of just how amazing this thing has the chance to be.

抱歉，請觀看視頻，因為它確實為您提供了一個例子，說明這件事有多麼神奇。

Next question, Alex Fuhrman with Craig Hallum.

下一個問題，Alex Fuhrman 和 Craig Hallum。

Wondering, you mentioned in your prepared remarks there are signs that you could be starting to see improved enrollment later this year. Curious what you -- what are some kind of opportunities or how you plan to go about capitalizing on that? And is there a thinking that you want to have this new product out in some way that could be sellable ahead of the fall semester?

想知道，您在準備好的發言中提到，有跡象表明您可能會在今年晚些時候開始看到入學率有所提高。好奇你 - 什麼是某種機會或你打算如何利用它？有沒有一種想法，你想以某種方式推出這種新產品，以便在秋季學期之前銷售？

Well, not ahead of it. I mean we're going to be testing it aggressively over the summer months. So the indications are always based on what we begin to see in the summer.

好吧，沒有提前。我的意思是我們將在夏季積極測試它。所以這些跡象總是基於我們在夏天開始看到的情況。

If you remember last year, we began to see signs of strong summer school, which led to stop [all] and we're seeing the beginnings of those signs again, plus there's public numbers that talk about enrollment say the same thing. So that should all be good news in mitigating to some degree in the short term.

如果你還記得去年，我們開始看到強大的暑期學校的跡象，這導致 [all] 停止，我們再次看到這些跡象的開始，還有一些關於招生的公眾號說了同樣的話。因此，這應該是短期內在一定程度上緩解的好消息。

But we intend to very aggressively market this through the channels that are very efficient for us. So remember, over 80% of all of our traffic today is organic. So we've been redeveloping the site to make sure people understand there'll be fewer things to do, more focus on AI. The impact on AI, we'll be using all the social channels that we have to make sure that we use all of our -- the people that advocate for Chegg, influencers to explain what it is and what the difference is. So in some ways, it's a very challenging time because it's new technology, and it's coming faster than anybody thought. And you got to jump on it as quickly as you can. And if you don't, you're going to end up losing.

但我們打算通過對我們非常有效的渠道非常積極地推銷它。所以請記住，今天我們所有流量的 80% 以上都是自然流量。因此，我們一直在重新開發該網站，以確保人們了解要做的事情會更少，而更多地關注 AI。對 AI 的影響，我們將使用我們必須使用的所有社交渠道來確保我們使用我們所有的 - 倡導 Chegg 的人，有影響力的人來解釋它是什麼以及有什麼區別。所以在某些方面，這是一個非常具有挑戰性的時期，因為它是新技術，而且它的到來比任何人想像的都要快。你必須盡快跳上它。如果你不這樣做，你最終會失敗。

The flip side is it's really exciting because the dreams that we always have for Chegg to be that companion in your pocket to not only be with you in high school or college. But beyond that, as we build in capabilities to be able to help you code and other things that we couldn't do it quickly or as efficiently as before. So we're going to be very, very aggressive because this is our future. There's no reason it about in the past. It's all about the future right now.

另一方面，這真的很令人興奮，因為我們一直夢想著讓 Chegg 成為你口袋裡的伴侶，而不僅僅是在高中或大學里和你在一起。但除此之外，隨著我們構建能夠幫助您編碼和其他我們無法像以前那樣快速或高效地完成的功能。所以我們會非常非常積極，因為這是我們的未來。過去沒有理由。現在一切都是關於未來的。

Next question, Brian Peterson with Raymond James.

下一個問題，Brian Peterson 和 Raymond James。

This is Jessica Wong over Brian. I just want to ask -- I know you're not guiding by OpEx line items, but I just want to say like give a sense of your asset investment posture given this current changing environment. Have there been any changes to how you're approaching to LTV and CAC especially as you're rolling out CheggMate and other initiatives?

這是 Jessica Wong 對 Brian 的看法。我只想問——我知道你不是以運營支出項目為指導，但我只想說，鑑於當前不斷變化的環境，請了解一下你的資產投資態勢。您接近 LTV 和 CAC 的方式是否有任何變化，尤其是在您推出 CheggMate 和其他計劃時？

Yes. LTV and CAC is really important to many consumer businesses because the cost of customer acquisition is so cheap, it's not been one of the variables that we've had to overly focus on. But resource allocation, reduction in things that are not about CheggMate or growing our new customer base or growing our skills business are things that will become deprioritized in comparison to those things.

是的。 LTV 和 CAC 對許多消費者企業來說真的很重要，因為客戶獲取的成本非常低，它不是我們不得不過分關注的變量之一。但是資源分配，減少與 CheggMate 無關的事情，或者增加我們的新客戶群或發展我們的技能業務，與這些事情相比，這些事情將變得不那麼重要。

So we've already taken a lot of constructive steps on investment choices because we intend to remain very profitable and generate a lot of free cash flow.

所以我們已經在投資選擇上採取了很多建設性的步驟，因為我們打算保持非常有利可圖並產生大量的自由現金流。

On the LTV to CAC really, the areas to think about as it relates to Chegg and that is over what time frame do you want it to return positively. So we can have people -- we can spend money on customers that return profitably 3 years from now, two years now, 1 year for now in year. In the short term, we're focused on in-year and within 12 months. and that is an adjustment down in terms of the spending, but that is because all of our efforts are going to go into CheggMate when we're ready.

在 LTV 到 CAC 上，確實需要考慮與 Chegg 相關的領域，即您希望它在什麼時間範圍內獲得積極回報。所以我們可以擁有人——我們可以把錢花在從現在起 3 年、現在兩年、現在每年 1 年的客戶身上。在短期內，我們專注於年內和 12 個月內。這是支出方面的調整，但那是因為當我們準備好時，我們所有的努力都會投入到 CheggMate 中。

Got it. And just one more quick question. So follow-up earlier, we're talking about the (inaudible) already for summer usage trends. How have you also been seeing the role of your partnerships with like Calm and DoorDash helping with retaining subscribers over to school breaks.

知道了。還有一個簡單的問題。因此，早些時候跟進，我們正在談論夏季使用趨勢的（聽不清）。您還如何看待您與 Calm 和 DoorDash 等合作夥伴關係在幫助留住訂戶到放學期間的作用。

Yes. Well, it's too early to now over the school break. But what we've been focused on there and thank you for asking that question because it's really an important part of our strategy, which is to provide both overwhelming value in Study Pack to the people pay for the $19.95 and we've seen the success in that because that number has been going up. So we can partially attribute that to bundling these 2 things into Study Pack rather than the base.

是的。好吧，現在放學還為時過早。但我們一直專注於此，感謝您提出這個問題，因為它確實是我們戰略的重要組成部分，即為支付 19.95 美元的人們提供 Study Pack 的壓倒性價值，我們已經看到了成功因為這個數字一直在上升。所以我們可以部分地將其歸因於將這兩個東西捆綁到學習包而不是基礎中。

The second thing is we've been positively surprised by the number of existing customers that had already been customers that have signed up, particularly for DoorDash. So as we get more aggressive with that and as that continues to take up, we have seen at least early on, customers that are existing Chegg customers that also sign up for DoorDash, they cancel on a much lower percentage than those they don't.

第二件事是我們對已經註冊的現有客戶數量感到非常驚訝，尤其是 DoorDash。因此，隨著我們在這方面變得更加積極，並且隨著這種情況的繼續發生，我們至少在早期就看到，作為現有 Chegg 客戶的客戶也註冊了 DoorDash，他們取消的百分比比沒有註冊的客戶要低得多.

So the signs are indicating it will be very positive, but we haven't had the summer yet.

所以跡象表明這將是非常積極的，但我們還沒有過夏天。

Okay, operator, I think we have one last question.

好的，接線員，我想我們還有最後一個問題。

Next question, Arvind Ramnani with Piper Sandler.

下一個問題，Arvind Ramnani 和 Piper Sandler。

I just wanted to ask, certainly like a big change, and I appreciate you all kind of recognizing that and taking our head on but as a public company, where you've got to make these investments, how are you thinking about sort of making these investments changes? And some of it will include like pricing models so there's a lot of change that you're going to have in the business and the way you operate, the way you price.

我只是想問，當然喜歡一個大的改變，我很感激你們都認識到這一點並領導我們，但作為一家上市公司，你必須在哪裡進行這些投資，你是如何考慮的這些投資變化？其中一些將包括定價模型，因此您將在業務、運營方式和定價方式中發生很多變化。

Sort of what's some of the kind of measures you have in place that things don't kind of move sideways while you're making that change, which is an important one to make.

您採取了哪些措施，在您進行更改時事情不會發生橫向變化，這是一項重要的措施。

Yes, fair question. We've been through model changes before. And of course, sitting on the Adobe Board, we went through model changes. I don't think there's any doubt. If there's down in anybody's mind that AI is going to be meaningful, and meaningful in the education space, then I don't know how to explain it to you more than the world has already explained to you, which is going to be (inaudible).

是的，公平的問題。我們之前經歷過模型更改。當然，坐在 Adobe Board 上，我們經歷了模型更改。我認為沒有任何疑問。如果有人認為 AI 將有意義，並且在教育領域有意義，那麼我不知道如何向你解釋它比世界已經向你解釋的更多，這將是（聽不清).

So the first thing was to make the commitment to do it. That's what we've done. The second thing was to recognize inside the company that we're going to have to reprioritize our expenses and our personnel to be much more aggressive. Third was to take a look at our capital structure in terms of CapEx and recognize that this is an offset in our content costs and understand the cost of GPUs and CPUs and all of those things and to be able to work structurally within that without discounting our investment in the future of the company. All of those things are things that we have been working on and have already done.

所以第一件事就是做出承諾。這就是我們所做的。第二件事是在公司內部認識到，我們將不得不重新確定我們的開支和我們的人員的優先順序，以更加積極進取。第三是從資本支出的角度審視我們的資本結構，並認識到這是對我們內容成本的抵消，並了解 GPU 和 CPU 以及所有這些東西的成本，並能夠在不打折的情況下在結構上工作對公司未來的投資。所有這些都是我們一直在努力並且已經完成的事情。

We have -- we can monitor our business every 15 minutes and know exactly where we are against new customers and retention rates versus our expectations. We have a lot of guardrails inside the company to know the impact of all the choices we made. As one of the questions that came up earlier is we've been very methodical about the decisions that we've had to make because we have the ability to test a lot of things.

我們有 - 我們可以每 15 分鐘監控一次我們的業務，並確切地知道我們在新客戶和保留率方面與我們的預期相比的位置。我們在公司內部有很多護欄來了解我們所做的所有選擇的影響。作為之前提出的問題之一，我們對必須做出的決定一直非常有條不紊，因為我們有能力測試很多東西。

So I understand as a public company, people want you to move faster and have greater certainty despite the fact that it's probably the biggest technological shift we've seen in the last 20 years. We are going to take it the way that we always succeed, which we believe our brand, our reach, our data, our capability, the user experience, focusing on the needs of the student. And we monitor every aspect of that business that we're capable of monitoring so we don't get surprised by our existing customers.

所以我理解作為一家上市公司，人們希望你行動得更快並且有更大的確定性，儘管這可能是我們在過去 20 年中看到的最大的技術轉變。我們將採取我們始終成功的方式，我們相信我們的品牌、我們的影響力、我們的數據、我們的能力、用戶體驗，專注於學生的需求。我們會監控我們能夠監控的業務的各個方面，這樣我們就不會對現有客戶感到驚訝。

It's the customers on the margin and the new customers that have yet to use us that we're really focused on first. So that model is pretty straightforward. It's not the same complexity that you've articulated. We will, over time, though, be able to track usage and how people change their behavior and how much they use the CheggMate part of the service versus the other part of the service. And those things will inform whatever future pricing increases that we choose to take or pricing models that we choose to take. So we don't -- we try our best not to guess. We try our best to test rather than guess, and that's not going to change in our philosophy because we'd rather take a little bit longer than you'd like, but be right.

我們真正首先關注的是邊緣客戶和尚未使用我們的新客戶。所以這個模型非常簡單。這與您所表達的複雜性不同。不過，隨著時間的推移，我們將能夠跟踪使用情況以及人們如何改變他們的行為，以及他們使用服務的 CheggMate 部分與服務的其他部分的程度。這些事情將告知我們選擇採取的任何未來價格上漲或我們選擇採取的定價模式。所以我們不——我們盡量不去猜測。我們盡最大努力進行測試而不是猜測，這不會改變我們的理念，因為我們寧願花比您想要的時間更長的時間，但要正確。

So when people ask us for years when we're going to take a price increase, when we took it, we lost 7,000 customers out of 8 million. And so we -- those are the things that we know because we monitor and test things. So we'll be very diligent and careful about that. But the goal is always the same, overwhelming value to the student that once they subscribe, they love us and they stay in and they stay longer, and that is still the case. This is really about new customers that have another toy to play with now, and we want to go win that battle.

因此，多年來，當人們問我們何時要提價時，當我們提價時，我們失去了 800 萬客戶中的 7,000 名。所以我們 - 這些是我們知道的事情，因為我們監控和測試事物。所以我們會非常勤奮和謹慎。但目標始終是相同的，對學生來說壓倒性的價值，一旦他們訂閱，他們就會愛我們，他們會留下來，他們會留下更長時間，情況仍然如此。這真的是關於現在有另一個玩具可以玩的新客戶，我們希望贏得這場戰鬥。

That's very helpful. And just one quick follow-up. Kind of investors who are sitting external to the company, and we don't have as much access to sort of the real-time data. Like how should we kind of think of evaluating Chegg during this interim period? I mean first (inaudible) 3 years and you'll have adopted Chegg, I get that scenario, right? But like in a scenario where during the interim, in the next like 6 months, 12 months, 18 months, what's the best way to sort of like track and measure like Chegg in this transition quickly.

這很有幫助。並且只是一個快速跟進。那種坐在公司外部的投資者，我們沒有那麼多的實時數據。比如我們應該如何考慮在這個過渡時期評估 Chegg？我的意思是第一個（聽不清）3 年，你將採用 Chegg，我明白那種情況，對嗎？但是就像在過渡期間的場景中，在接下來的 6 個月、12 個月、18 個月中，在這種過渡中快速跟踪和測量 Chegg 的最佳方式是什麼。

I don't know that you'll be able to track and measure it between now and the end of the year. I think you're going to have to wait to see how CheggMate is. You'll evaluate it for yourself. A lot of the people on this call have done and shared with us, and thank you for that. Your own research that shows that don't clearly prefer Chegg over ChatGPT. So I think there will be an external ways to monitor it.

我不知道從現在到年底您是否能夠跟踪和測量它。我認為您將不得不等待，看看 CheggMate 的表現如何。你會自己評估它。很多參加這次電話會議的人都已經完成並與我們分享了，謝謝你們。您自己的研究表明，與 ChatGPT 相比，Chegg 並沒有明顯的優勢。所以我認為會有一種外部方式來監控它。

Internally, we're going to monitor the only way we do, which is we're going to watch usage. We're going to watch engagement, we're going to watch retention, we're going to look for redemption in cancel rates, length of time that people stay on, willingness to pay more and top of the funnel continuing to stay large and conversion rates staying on. Those are things that we track regularly inside the company. Externally, we don't expect to be in a situation where we'll never have annual guidance again. And what we're just saying now in the short term is because it's summer and because this new giant thing is out there that we could tell you what's going to happen in the second quarter. We had a very good first quarter, but we're really not going to understand the impact of CheggMate or ChatGPT in the fall until the fall.

在內部，我們將監控我們所做的唯一方式，即我們將觀察使用情況。我們將觀察參與度，我們將觀察保留率，我們將尋找取消率的贖回，人們停留的時間長度，支付更多費用的意願以及漏斗頂部繼續保持龐大和轉化率保持不變。這些是我們在公司內部定期跟踪的事情。在外部，我們預計不會再有年度指導。我們現在只是在短期內說的是因為現在是夏天，因為這個新的巨人在那裡我們可以告訴你第二季度會發生什麼。我們第一季度表現非常好，但我們真的要等到秋天才能了解 CheggMate 或 ChatGPT 在秋天的影響。

And so trying to predict it when new technologies come out, it's been a futile effort for us, and so we don't want to do it. So I think we're just going to have to wait until we report what we learn over the next 6 months. And I think we'll all be able to track it a lot better as we go into '24. But the goals that we seek are obviously returned to a higher rate of growth, continued excellent retention, continued take rates, continued willingness to pay more, continued length of time and then having the funnel increase globally faster. Those are the things that we expect this to do for us over time. But if you try to check that in the short term, I'm not sure that will be much healthier.

所以當新技術出現時試圖預測它，這對我們來說是徒勞的，所以我們不想這樣做。所以我認為我們只需要等到我們報告我們在接下來的 6 個月內學到的東西。而且我認為當我們進入 24 世紀時，我們都能夠更好地跟踪它。但我們尋求的目標顯然是回歸到更高的增長率、持續的優秀保留率、持續的採用率、持續的支付更多的意願、持續的時間長度，然後讓漏斗在全球範圍內更快地增長。隨著時間的推移，這些是我們期望它為我們做的事情。但如果你試圖在短期內檢查一下，我不確定那會更健康。

Thank you. There are no further questions. I would like to turn the floor over to Dan for closing remarks.

謝謝。沒有其他問題了。我想請 Dan 發表閉幕詞。

Thank you, everybody. Thanks for the great questions. This is both a very interesting and very exciting time for companies. I had my experience at Ziff Davis , where I was publisher, the largest computer matinee where we saw people go to the Internet first. We see that same similarities now where we see younger people going to adopt Ai before older people do. And so we are moving aggressively and positively and with our eyes wide open and very excited.

謝謝大家。感謝您提出的重要問題。對於公司來說，這既是一個非常有趣又非常激動人心的時刻。我在 Ziff Davis 有過我的經歷，我在那裡擔任出版商，這是我們看到人們首先訪問互聯網的最大的計算機日場。我們現在看到了同樣的相似之處，我們看到年輕人比老年人更早採用人工智能。因此，我們正積極進取，睜大眼睛，非常興奮。

We do think in the long term, this is in our best interest, but we recognize in the short term, we need to meet that challenge head on. We also believe that it's going to be rocky for a while until we're able to answer a lot of those questions. But we have been successful in all the transitions we've done. This one actually opens up a bigger market for us. And so we're just going to keep our head down, execute and report out on what we learn and continue to communicate as aggressively as we have done to date. So we thank everybody for dialing in. Thank you.

我們確實認為從長遠來看，這符合我們的最大利益，但我們認識到在短期內，我們需要直面挑戰。我們還相信，在我們能夠回答其中的很多問題之前，它會經歷一段時間的不穩定。但我們在所有已完成的過渡中都取得了成功。這實際上為我們打開了一個更大的市場。因此，我們將保持低調，執行並報告我們學到的東西，並繼續像我們迄今為止所做的那樣積極交流。所以我們感謝大家的撥入。謝謝。

This concludes today's teleconference. You may disconnect your lines and thank you for your participation.

今天的電話會議到此結束。您可以斷開您的線路，感謝您的參與。