(CHGG) 2023 Q4 法說會逐字稿

Greetings, and welcome to Chegg Inc's fourth quarter 2023 earnings conference call.

您好，歡迎參加 Chegg Inc 的 2023 年第四季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce Tracey Ford, Vice President of Investor Relations and ESG for Chegg.

現在我很高興向您介紹 Chegg 投資者關係和 ESG 副總裁 Tracey Ford。

Thank you.

謝謝。

You may begin.

你可以開始了。

Good afternoon, and thank you for joining Chegg's fourth quarter 2023 conference call.

下午好，感謝您參加 Chegg 2023 年第四季電話會議。

On today's call are Dan Rosensweig, Co-Chairperson and CEO, and Andy Brown, Chief Financial Officer.

聯合董事長兼執行長 Dan Rosensweig 和財務長 Andy Brown 出席了今天的電話會議。

A copy of our earnings press release, along with our investor presentation, is available on our Investor Relations website, investor.chegg.com.

我們的收益新聞稿以及投資者簡報的副本可在我們的投資者關係網站 Investor.chegg.com 上取得。

A replay of this call will also be available on our website.

我們的網站上也將提供本次電話會議的重播。

We routinely post information on our website and intend to make important announcements on our media center website at chegg.com/media center.

我們定期在我們的網站上發布訊息，並打算在我們的媒體中心網站 chegg.com/media center 上發布重要公告。

We encourage you to make use of these resources.

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.

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。

These forward-looking statements are subject to material risks and uncertainties and could cause actual results to differ materially from those in the forward-looking statements.

這些前瞻性陳述存在重大風險和不確定性，可能導致實際結果與前瞻性陳述中的結果有重大差異。

We caution you to consider the important factors that could cause actual results to differ materially from those in the forward-looking statements.

我們提醒您考慮可能導致實際結果與前瞻性聲明中的結果有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 Security and Exchange Commission on February 21, 2023, as well as our other filings with the SEC.

我們特別建議您參閱今天的收益發布中包含的警示性語言以及Chegg 於2023 年2 月21 日向美國證券交易委員會提交的10-K 表格年度報告中所述的風險因素，以及我們向美國證券交易委員會提交的其他文件。美國證券交易委員會。

Any forward-looking statements that we make today are based on assumptions that we believe to be reasonable as of this date.

我們今天所做的任何前瞻性陳述都是基於我們認為截至目前為止合理的假設。

We undertake no obligation to update these statements as a result of new information or future events.

我們不承擔因新資訊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.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

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 dot chegg.com. We also recommend you review the investor data sheet, which is also posted on our website.

我們的 GAAP 業績以及 GAAP 與非 GAAP 調整表可在我們的收益新聞稿中找到，以及在我們的 IR 網站投資者 dot chegg.com 上找到的投資者幻燈片。我們也建議您查看投資者資料表，該資料表也發佈在我們的網站上。

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 our 2023 Q4 earnings call.

謝謝特雷西，歡迎大家參加我們的 2023 年第四季財報電話會議。

To start, I am pleased to announce the appointment of David Longo as our new Chief Financial Officer effective February 21.

首先，我很高興地宣布任命 David Longo 為我們新任財務官，該任命將於 2 月 21 日生效。

As Andy announced on the last call that he will be retiring.

安迪在最後一次電話會議上宣布他將退休。

David has been our Chief Accounting Officer and Corporate Controller since coming to Chegg in 2021.

自 2021 年加入 Chegg 以來，David 一直擔任我們的首席會計官和公司財務總監。

And we look forward to his continued leadership in this new role.

我們期待他在這個新角色中繼續發揮領導作用。

He's joining us on this call today.

他今天將加入我們的電話會議。

So welcome, David.

歡迎，大衛。

Now back to the business at hand, Chegg had a good quarter and exceeded our expectations.

現在回到手頭上的業務，Chegg 的季度表現不錯，超出了我們的預期。

The last few years to have seen real challenges as we navigate the post-COVID world.

過去幾年，我們在新冠疫情後的世界中遇到了真正的挑戰。

Despite those challenges, it's actually an exciting time at Chegg, and I'm proud of the team and how they are navigating the complete reinvention of our company, leveraging the advancements in artificial intelligence and making it core to everything that we do.

儘管面臨這些挑戰，這實際上是Chegg 的一個激動人心的時刻，我為這個團隊以及他們如何徹底重塑我們的公司、利用人工智慧的進步並使人工智慧成為我們所做的一切的核心而感到自豪。

In less than a year, we reduced -- we redesigned our entire user experience developed our own large language models, launched automated, answering built proprietary algorithm and algorithm to optimize the quality and accuracy of our exclusive content.

在不到一年的時間裡，我們重新設計了整個用戶體驗，開發了我們自己的大型語言模型，推出了自動化、應答建構的專有演算法和演算法，以優化我們獨家內容的品質和準確性。

And we began to compete more aggressively for new customers around the world.

我們開始更積極地爭取世界各地的新客戶。

While early, our packaging pricing and product strategy are yielding encouraging results for both students and our business.

雖然還處於起步階段，但我們的包裝定價和產品策略正在為學生和我們的企業帶來令人鼓舞的成果。

The process of embedding AI into every facet of six platform is ongoing and iterative as we build a truly personalized learning assistant, a service that anticipates the student needs, adapt to their strengths and weaknesses and supports them academically professionally.

將人工智慧嵌入六個平台的各個方面的過程是持續和迭代的，因為我們建立了一個真正個性化的學習助手，該服務可以預測學生的需求，適應他們的優勢和劣勢，並在學術專業上為他們提供支援。

And personally, there are numerous ways we intend to aggressively market our new product experience because the data tells us that once the student tries us, they love us internationally, we focused our biggest effort on testing promotional pricing to convert the millions of students who have entered the funnel but did not yet subscribe.

就我個人而言，我們打算透過多種方式積極行銷我們的新產品體驗，因為數據告訴我們，一旦學生嘗試過我們，他們就會在國際上愛上我們，我們將最大的努力集中在測試促銷價格上，將數以百萬計的學生轉化為已進入頻道但尚未訂閱。

Additionally, we are building sharing into our service to increase word of mouth, expanding our presence on TikTok and enhancing our SEO with increased questions from automated answers.

此外，我們正在將共享融入我們的服務中，以提高口碑，擴大我們在 TikTok 上的影響力，並透過自動回答增加問題來增強我們的搜尋引擎優化 (SEO)。

Our business model benefits for more students asking more questions as we index those questions into search and other platforms to drive even more customers.

我們的商業模式有利於更多學生提出更多問題，因為我們將這些問題索引到搜尋和其他平台中以吸引更多客戶。

Let me provide a little context since introducing automated answers.

自從引入自動答案以來，讓我提供一些背景資訊。

In late December, we've seen a significant increase in the number of students asking new questions as well as the number of questions per student.

12 月底，我們發現提出新問題的學生數量以及每位學生提出的問題數量顯著增加。

This is because our new automated services delivering quality and accuracy almost immediately which is a huge benefit to students by building our own language models, along with our algorithms to check for quality students can feel confident in what they are learning on Chegg and get support in real time.

這是因為我們新的自動化服務幾乎立即提供品質和準確性，這對學生來說是一個巨大的好處，透過建立我們自己的語言模型，以及我們檢查品質的演算法，學生可以對他們在Chegg 上學習的內容充滿信心，並獲得支持即時的。

The impact has been immediate and significant.

其影響是立竿見影且顯著的。

In January, Chegg's automated answers, delivered more than 2.2 million solutions to students, which is three times the number of new questions asked and answered at the same time last year.

一月份，Chegg 的自動回答為學生提供了超過 220 萬個解決方案，是去年同期提出和回答的新問題數量的三倍。

Importantly, as we scale to ensure we meet our standards of accuracy and quality, we expect to launch the rest of our proprietary models by the end of Q1.

重要的是，隨著我們擴大規模以確保滿足準確性和品質標準，我們預計將在第一季末推出其餘的專有模型。

These models are being trained on Chegg's data, and we are leveraging our 150,000 subject matter experts to optimize our solutions for learning in education, students cannot afford the illusion of accuracy to learn they needed to be correct, immediate and personalized.

這些模型正在 Chegg 的數據上進行訓練，我們正在利用我們的 150,000 名主題專家來優化我們的教育學習解決方案，學生不能承受正確、即時和個性化學習所需的準確性的錯覺。

We believe this is what Chegg can uniquely do for students, and it's a huge competitive advantage over generic AI models.

我們相信這是 Chegg 可以為學生做的獨特事情，而且與通用人工智慧模型相比，這是一個巨大的競爭優勢。

The overall benefit of our new service to students is enormous, and there's also significant benefits to check as the hype of AI dies down leaders in their verticals like Chegg are taking control of their own destiny by building their own models, which allows for higher quality and lower costs.

我們的新服務為學生帶來的整體好處是巨大的，隨著人工智慧的炒作逐漸消退，像Chegg 這樣的垂直領域的領導者正在透過建立自己的模型來控制自己的命運，這也帶來了顯著的好處，這可以提高品質並降低成本。

As an example, the cost to answer new questions using our own AI models is already more than 75% less expensive, and we believe it will continue to decline over time, this means we'll be able to serve more students at a lower cost per student faster and in more subjects and languages, we are confident in the value of our new product.

舉個例子，使用我們自己的人工智慧模型回答新問題的成本已經便宜了75% 以上，而且我們相信隨著時間的推移它會繼續下降，這意味著我們將能夠以更低的成本為更多的學生服務每個學生速度更快、科目更多、語言更多，我們對新產品的價值充滿信心。

And because of that confidence and to be more competitive, we began testing promotional pricing in international markets in the middle of last year.

出於這種信心並為了更具競爭力，我們從去年年中開始在國際市場上測試促銷定價。

We believe that if we could introduce our offerings to more global learners, they would find the value and benefit of Chegg and continue to choose us and stay with us.

我們相信，如果我們能夠向更多的全球學習者介紹我們的產品，他們會發現 Chegg 的價值和好處，並繼續選擇我們並留在我們身邊。

In Q4, we saw year over year new customer growth outside the US for the first time in two years.

第四季度，我們看到美國以外地區的新客戶兩年來首次成長。

And just as important for our business model, more of these users are taking the Chegg Study Pack, which is our higher priced subscription and remaining paying customers for longer periods of time.

對於我們的商業模式同樣重要的是，更多的用戶正在使用 Chegg Study Pack，這是我們的更高價格的訂閱，並且可以在更長的時間內保留付費客戶。

We developed this pricing and packaging to be revenue neutral this year.

我們今年制定的定價和包裝是為了實現收入中立。

While we expand new account growth substantially.

同時我們大幅擴大新帳戶成長。

While it is still early, we are seeing encouraging results.

雖然現在還為時過早，但我們已經看到了令人鼓舞的結果。

Given the success of what we've seen internationally.

鑑於我們在國際上所看到的成功。

We are now testing promotional pricing for new accounts in the U.S., which began in mid-January.

我們現在正在測試美國新帳戶的促銷價格，從一月中旬開始。

As we have said, online learning support and skills-based learning are a huge market and they are only getting bigger.

正如我們所說，線上學習支援和基於技能的學習是一個巨大的市場，而且只會變得更大。

AI is still in its infancy and our product road map is ambitious and exciting.

人工智慧仍處於起步階段，我們的產品路線圖雄心勃勃且令人興奮。

Throughout 2024, we are reduced.

整個2024年，我們都在減少。

We are introducing more AI-driven capabilities such as conversational chat, which continues to layer in personalization and interactivity for our learners.

我們正在引入更多人工智慧驅動的功能，例如對話聊天，它繼續為我們的學習者提供個人化和互動性。

We also plan to integrate personalized learning tools such as practice questions, flash cards and study guides to our conversational learning experience.

我們也計劃將練習題、快閃記憶體卡和學習指南等個人化學習工具整合到我們的對話式學習體驗中。

Looking beyond 2024, as AI automated translation gets better and cheaper.

展望 2024 年後，人工智慧自動翻譯將變得更好、更便宜。

We plan to expand the localization of our offerings to non-English-speaking users.

我們計劃將我們的產品在地化擴展到非英語用戶。

We also plan to build out more AI capabilities within Chegg's skills and integrate pathways for students with assessments and other tools.

我們還計劃在 Chegg 的技能範圍內建立更多人工智慧功能，並將學生的途徑與評估和其他工具整合起來。

We are already seeing a reduction in the time it takes to launch new skills programs by approximately 40%, which allows us to offer new courses at greater speeds and will significantly reduce our costs.

我們已經看到啟動新技能專案所需的時間減少了約 40%，這使我們能夠以更快的速度提供新課程，並將顯著降低我們的成本。

And the importance of skills-based training has never been more critical.

基於技能的培訓的重要性從未如此重要。

In fact, half of recent graduates are questioning how prepared they are to enter the workforce, given the disruption of artificial intelligence and employers agree as 79% say that workers need more training to work with AI more effectively.

事實上，鑑於人工智慧的顛覆，一半的應屆畢業生都在質疑自己為進入勞動市場做好了多少準備，而 79% 的雇主也同意，員工需要更多培訓才能更有效地使用人工智慧。

So the opportunity for Chegg skills has never been greater or more important.

因此，發揮 Chegg 技能的機會從未如此巨大和重要。

There are a number of exciting opportunities ahead of us in 2024, and we remain focused on the following priorities, returning to new accounts growth globally, maintaining strong margins and cash flow rolling out the next phase of Chegg's enhanced AI services and leveraging our momentum and skills for continued growth.

2024 年，我們將面臨許多令人興奮的機遇，我們將繼續專注於以下優先事項，恢復全球新客戶成長，保持強勁的利潤和現金流，推出下一階段的Chegg 增強型人工智慧服務，並利用我們的勢頭和持續成長的技能。

Every decade or so, the pace of technological innovation accelerates and new growth opportunities open up the history of the Internet has shown us that vertical players who know their customer, have reach proprietary content and can provide a personalized user experience will win and win pay.

每隔十年左右，技術創新的步伐就會加快，新的成長機會就會開闢，互聯網的歷史告訴我們，了解客戶、掌握專有內容並能夠提供個性化用戶體驗的垂直行業參與者將獲勝並贏得報酬。

Given the strength of our brand.

鑑於我們品牌的實力。

With over 90% of our customers reporting they're satisfied with Chegg service.

超過 90% 的客戶表示他們對 Chegg 服務感到滿意。

We believe we are well positioned to do just that in our sector.

我們相信，我們有能力在我們的行業中做到這一點。

Before I turn it over to Andy, I want to again thank him for all he has done for Chegg during his 12.5 year tenure under his guidance, Chegg grew from a physical textbook rental business to a global online learning platform.

在交給 Andy 之前，我想再次感謝他在 12.5 年的任期內為 Chegg 所做的一切，在他的指導下，Chegg 從一家實體教科書租賃公司成長為一個全球線上學習平台。

When Andy took the job, Chegg was in debt, unprofitable, and we had a single business model renting textbooks, and he guided us through our transition to a fully digital business.

當安迪接手這份工作時，切格負債累累，無利可圖，我們只有租用教科書的單一商業模式，他指導我們向完全數位化的業務過渡。

And in doing so grew our digital revenue from zero to over $700 million annually.

透過這樣做，我們的數位收入每年從零增加到超過 7 億美元。

In its final full year as our CFO.

這是擔任我們財務長的最後一個完整年度。

Chegg generated $222 million in adjusted EBITDA and $173 million in free cash flow.

Chegg 調整後 EBITDA 為 2.22 億美元，自由現金流為 1.73 億美元。

Thank you isn't enough to acknowledge the impact to Andy has had on this company and me personally, Andy really quite a legacy of Chegg, and you will truly be missed.

謝謝你還不足以承認安迪對這家公司和我個人的影響，安迪確實是 Chegg 的遺產，我們真的會想念你的。

And with that, I will turn it over to you, Andy?

這樣，我就把它交給你了，安迪？

Thanks, Dan, for those kind words, but more importantly, congratulations David on a well-deserved promotion, and I look forward to working with you as you transition into your new role over the next few weeks.

謝謝丹的善意之言，但更重要的是，祝賀大衛當之無愧的晉升，我期待在接下來的幾週內與您一起過渡到新角色。

Today, I will discuss our financial performance for the fourth quarter and full year 2023, as well as our outlook for the first quarter of 2024.

今天，我將討論我們 2023 年第四季和全年的財務業績，以及我們對 2024 年第一季的展望。

As Dan mentioned, we ended the year on a positive note with total revenue, adjusted EBITDA and free cash flow all coming in above the high end of our expectations.

正如 Dan 所提到的，我們以積極的態度結束了這一年，總收入、調整後的 EBITDA 和自由現金流都高於我們預期的上限。

While the year had its challenges, we executed well on our plan to reinvent the way we help students navigate their living experience by leveraging AI.

儘管這一年面臨挑戰，但我們很好地執行了我們的計劃，即利用人工智慧重塑我們幫助學生駕馭生活體驗的方式。

And we continue to see strong profitability and cash flows.

我們繼續看到強勁的獲利能力和現金流。

This, along with the strength of our balance sheet gave us the confidence to extinguish a significant amount of our debt at a discount and repurchase shares, which we believe have and will continue to enhance shareholder value.

這一點，加上我們資產負債表的實力，使我們有信心以折扣價償還大量債務併回購股票，我們相信這已經並將繼續提高股東價值。

Looking more specifically at our 2023 performance, total revenue was $716 million, with subscription services declining 5% to $641 million.

更具體地說明我們 2023 年的業績，總收入為 7.16 億美元，其中訂閱服務下降 5%，至 6.41 億美元。

Total subscribers was 7.7 million, of which international subscribers were 2 million.

訂閱者總數為 770 萬，其中國際訂閱者為 200 萬。

Since 2021, international has increased from 11% of total revenue to 14% in 2023 or $100 million.

自 2021 年以來，國際業務已從佔總收入的 11% 增加到 2023 年的 14%，即 1 億美元。

And over time, we expect international to be even more significant skills and other revenue of $76 million declined 20% year over year.

隨著時間的推移，我們預計國際技能將變得更加重要，其他收入為 7,600 萬美元，年減 20%。

While skills grew 55%, this was offset by the impact of exiting the textbook business in 2022.

雖然技能成長了 55%，但這被 2022 年退出教科書業務的影響所抵消。

We continued to take a prudent approach with expense management and we were very pleased that we were able to deliver adjusted EBITDA margin of 31% or $222 million and free cash flow margin of 24% or $173 million, which represented 78% of adjusted EBITDA.

我們繼續採取審慎的費用管理方法，我們非常高興能夠實現調整後 EBITDA 利潤率 31%（即 2.22 億美元）和自由現金流利潤率 24%（即 1.73 億美元），佔調整後 EBITDA 的 78%。

We expect interest income to contribute less in 2024 from a combination of lower interest rates and a lower cash balance as a result of the aforementioned repurchases.

我們預計，由於上述回購導致利率下降和現金餘額減少，2024 年利息收入的貢獻將減少。

Looking at Q4, total revenue came in above the high end of our guidance at $188 million, which drove better than expected adjusted EBITDA of $66 million.

從第四季度來看，總收入高於我們指導的上限（1.88 億美元），這帶動了好於預期的 6,600 萬美元的調整後 EBITDA。

Subscription services revenue of $166 million declined 6% year over year, driven by a decline in subscribers, which was partially offset by Chegg Study Pack take rate and a continued increase in retention.

訂閱服務收入為 1.66 億美元，年減 6%，原因是訂戶數量下降，但 Chegg Study Pack 的使用率和保留率的持續成長部分抵消了下降。

Skills and other revenue of $22 million declined 22% as growth in skills was offset by the impact of exiting the textbook business.

技能和其他收入為 2,200 萬美元，下降了 22%，因為技能成長被退出教科書業務的影響所抵消。

Looking at the balance sheet, we ended the year with cash and investments of $580 million and net debt of $20 million.

從資產負債表來看，我們年底的現金和投資為 5.8 億美元，淨債務為 2,000 萬美元。

This is the result of repurchasing $597 million of outstanding convertible notes during the year at a $92 million discount to par and initiated an accelerated share repurchase or ASR in Q4 of $150 million, which reduces our outstanding shares by approximately 12%.

這是由於我們年內以較面值折扣9,200 萬美元的價格回購了5.97 億美元的已發行可轉換票據，並在第四季度啟動了1.5 億美元的加速股票回購或ASR，這使我們的流通股減少了約12%。

We believe this prudent capital management will enhance shareholder value.

我們相信這種審慎的資本管理將提高股東價值。

We exit the year with 103 million shares outstanding, including the majority of benefit from our most recent ASR.

今年結束時，我們擁有 1.03 億股流通股，其中大部分受益於我們最近的 ASR。

This represents a 19% reduction in shares outstanding versus 2022.

這意味著流通股較 2022 年減少了 19%。

We believe our company is undervalued.

我們認為我們公司的價值被低估了。

As such, we will continue to look for opportunities to return value to our shareholders.

因此，我們將繼續尋找機會為股東回報價值。

Our business is somewhat unique given our subscription model and the life cycle of a student.

考慮到我們的訂閱模式和學生的生命週期，我們的業務有些獨特。

While we are seeing encouraging signs in the business, it is too early to predict when we will return to revenue and margin growth.

雖然我們在業務中看到了令人鼓舞的跡象，但現在預測我們何時恢復收入和利潤成長還為時過早。

The green shoots and engagement, acquisitions and retention will take time to build our renewal base before we see a positive impact on total subscribers and revenue.

在我們看到對總訂戶和收入的正面影響之前，我們需要時間來建立我們的續約基礎，並需要時間來萌芽和參與、收購和保留。

In the meantime, we will continue to be prudent with expense management and prioritization while we continue to drive strong profitability and cash flows with respect to Q1 guidance, we expect total revenue to be between $173 million and $175 million, with subscription services revenue between $155 million and $157 million, gross margin to be in the range of 73% and 74%, and adjusted EBITDA between $43 million and $45 million.

同時，我們將繼續謹慎對待費用管理和優先順序，同時根據第一季的指導繼續推動強勁的盈利能力和現金流，我們預計總收入將在1.73 億美元至1.75 億美元之間，訂閱服務營收將在155 美元之間100 萬至 1.57 億美元，毛利率在 73% 至 74% 之間，調整後 EBITDA 在 4,300 萬美元至 4,500 萬美元之間。

In closing, I am proud of what we have accomplished during my 12.5 years at Chegg.

最後，我為我們在 Chegg 的 12.5 年中所取得的成就感到自豪。

This is by a large measure, the best company I've worked for during my career.

在很大程度上，這是我職業生涯中工作過的最好的公司。

The mission, the culture and especially the team are second to none.

使命、文化，尤其是團隊是首屈一指的。

And I want to thank everyone who is with me on this journey.

我要感謝這段旅程中陪伴我的所有人。

In particular, a special thanks to Dan for your leadership, mentorship, and especially the friendship we have developed.

特別感謝 Dan 的領導、指導，尤其是我們所建立的友誼。

It means more than words, concerts.

它的意義不僅僅是言語、音樂會。

Thank you.

謝謝。

I can also say with confidence that the future is bright for Chegg and as a long-term shareholder, I look forward to seeing the many future successes the team accomplishes.

我還可以充滿信心地說，Chegg 的未來是光明的，作為長期股東，我期待看到團隊未來的許多成功。

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

然後，我會將電話轉給接線員詢問您的問題。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Jeff Silber, BMO Capital Markets.

Jeff Silber，BMO 資本市場。

Thanks so much.

非常感謝。

Just wanted to confirm something you said in your remarks about rolling out.

只是想確認您在有關推出的言論中所說的話。

I think it was the new product experience on to other subscribers.

我認為這是為其他訂閱者帶來的新產品體驗。

And forgive me if I misheard you.

如果我聽錯了，請原諒我。

I thought you said Q1 that would happen.

我以為你說 Q1 會發生這種事。

Can you just confirm that and is that included in your guidance and how so?

您能否確認這一點？這是否包含在您的指導中？如何包含在內？

Yeah, this is Dan.

是的，這是丹。

I'm not I'm not.

我不是我不是。

Yes, we are we are constantly rolling out the new capabilities that AI presents.

是的，我們正在不斷推出人工智慧帶來的新功能。

But the big one that we wanted for the quarter.

但這是我們本季想要的大目標。

We did roll out already, which is automated answers.

我們確實已經推出了自動答案。

And what automated answers does is it allows us to in almost immediately answer questions that either we used to have to send to a human at a much higher price or answer questions immediately that students wouldn't ask because they didn't want to have to wait until we actually gave them the answer so we have seen a significant increase in the number of students asking questions and the number of questions per students.

自動答案的作用是，它使我們能夠幾乎立即回答以前必須以高得多的價格發送給人工的問題，或者立即回答學生不會問的問題，因為他們不想這樣做等到我們真正給他們答案時，我們發現提問的學生數量和每個學生的問題數量顯著增加。

So we I think we answered over 2 million additional questions than we other than we got last year at the same time this year.

因此，我認為今年我們比去年同期多回答了超過 200 萬個問題。

So that was the big move for them for this semester.

所以這是他們這學期的重大舉措。

The other ones will roll out over the course of the year.

其他項目將在今年內推出。

But this is the one that we think has the most meaningful impact in the near term because not only will it improve retention, but it will improve traffic and overall conversion and growth rate.

但這是我們認為在短期內具有最有意義影響的一個，因為它不僅會提高保留率，而且會提高流量以及整體轉換率和成長率。

So it's the flywheel, the Chegg built itself on, but this is a dramatic acceleration of that.

Chegg 的基礎是飛輪，但這是一個巨大的加速。

So I think where you may be thinking is when we said we were going to roll out promotional and pricing in Q1 in the US as a test.

因此，我認為您可能會想到當我們說我們將在美國第一季推出促銷和定價作為測試時。

That's probably what I was referring to.

這可能就是我所指的。

And that's actually my second question, can you talk about the order of magnitude of the promotional pricing that you've already rolled out internationally and give us some framework of what we should be expecting in the US?

這實際上是我的第二個問題，您能否談談您已經在國際上推出的促銷價格的數量級，並為我們提供一些我們在美國應該期待的框架？

Yes.

是的。

So internationally, we started testing this last June and our ambition, our belief was that as more students tried check that they would that they would love it and retain because for the first time we're competing against a large named competitor, ChatGPT, which is turned out, is less of a competitor than we were concerned with and that's really good news.

所以在國際上，我們從去年六月開始測試這個，我們的雄心和信念是，隨著越來越多的學生嘗試檢查他們是否會喜歡它並保留它，因為我們第一次與一個大型競爭對手ChatGPT 競爭，事實證明，它不像我們擔心的那樣是一個競爭對手，這確實是個好消息。

And that is because they give an illusion of accuracy, but it's not accurate and students cannot afford inaccurate or incorrect information plus they don't go there to learn, they actually come to Chegg to learn.

這是因為它們給人一種準確性的錯覺，但它並不準確，學生無法承受不準確或不正確的訊息，而且他們不是去那裡學習，他們實際上是來 Chegg 學習。

And in order to actually Matthew subject, you have to learn it.

為了真正掌握馬太福音的主題，你必須學習它。

So we're built specifically for this.

所以我們是專門為此而設計的。

They are not.

他們不是。

And so the more students that came to us and tried us the longer they started to stay.

因此，來找我們並嘗試我們的學生越多，他們停留的時間就越長。

So we rolled out promotional pricing there because we wanted to compete more aggressively for students that have never had a chance to before.

因此，我們在那裡推出了促銷價格，因為我們希望更積極地爭取以前從未有過機會的學生。

And that resulted in substantially higher conversion rate of people that were already in the funnel of which we have to come in.

這導致已經進入我們必須進入的漏斗中的人員的轉換率大大提高。

And register but have yet to convert.

並註冊但尚未轉換。

And so this is beginning to pick up a number of them.

因此，其中一些開始受到影響。

Second, on average, they're staying substantially longer than they did before.

其次，平均而言，他們停留的時間比以前要長得多。

So they're retaining longer.

所以他們保留的時間更長。

So all the things that we wanted to see plus or taking higher take rate of the more expensive product.

因此，我們希望看到的所有東西加上或採取更高的更昂貴的產品。

So for outside the US, we've already returned to new account growth.

因此，對於美國以外的地區，我們已經恢復了新帳戶的成長。

And I and we expect to return to revenue growth much faster there because it just the volume of new accounts that we're able to bring in.

我和我們預計那裡的收入成長速度會更快，因為這只是我們能夠引入的新客戶數量。

So that gave us the confidence in the U.S. to want to test something similar to this.

這讓我們對美國有信心進行類似的測試。

Now the percentage of discounts outside the US are higher than they are in the US.

現在美國境外的折扣百分比高於美國境內。

The US discounts that we're testing or promotional pricing, we'll range they range about 25% to 35% and on and we have the opportunity to raise them back to full price whenever we think it's appropriate if that makes the most sense to do.

我們正在測試的美國折扣或促銷定價，我們的範圍約為 25% 到 35% 等等，只要我們認為合適，如果這對我們來說最有意義，我們就有機會將它們提高到全價。做。

So we're testing that to a percentage of our new customer audience in the US only.

因此，我們僅針對美國的部分新客戶群進行測試。

This does not affect any of the existing business, any of the existing revenue.

這不會影響任何現有業務、任何現有收入。

We have blade ways to block cannibalization.

我們有阻止同類相食的刀片方法。

This is a new customer promotion only.

這只是新客戶促銷活動。

And so the tests ranged from 25% to 35%, and it's only been three weeks.

所以測試範圍從25%到35%不等，而且只花了三週。

But the results so far in terms of what's measurable, which is conversion is up and take rate is, but the next big metric that we want to look at before we determine which of the test makes the most sense because we're running three different prices in five different variants because we'd like to do things and know the answer to it before we roll it out to the full audience.

但到目前為止，就可衡量的結果而言，即轉換率上升了，採用率上升了，但在確定哪個測試最有意義之前，我們要考慮的下一個重要指標是，因為我們正在運行三個不同的測試價格有五種不同的變體，因為我們希望在向全體受眾推出之前先做一些事情並知道答案。

So right now, so far so good.

所以現在，到目前為止一切都很好。

But we have a couple of weeks more to go to see how retention works in month, one month, two, month three.

但我們還有幾週的時間來觀察一個月、一個月、兩個月、第三個月的保留率如何。

And then depending on what that yields we can determine if when and how much we want to roll out in new promotional pricing for the second half of the year.

然後，根據收益，我們可以確定是否要在下半年推出新的促銷價格以及推出多少。

But so far, really good result and outside the US really good results.

但到目前為止，結果確實很好，而且在美國以外的地區也取得了很好的結果。

Thanks so much for the color.

非常感謝你的顏色。

And Andy, again, thanks for all your help and best of luck.

安迪再次感謝您的幫助並祝您好運。

Thanks Jeff.

謝謝傑夫。

[Doug Enmos], JP Morgan.

[道格‧恩莫斯]，摩根大通。

It's Bryan Smilek on for Doug.

布萊恩·斯邁萊克 (Bryan Smilek) 替補道格 (Doug)。

Thanks for taking my questions.

感謝您回答我的問題。

Just to start on international, can you just talk a bit about more what drove the inflection back to growth there and what the next steps in international?

首先從國際方面開始，您能否多談談推動經濟拐點恢復成長的因素以及國際方面的下一步措施是什麼？

And I guess just on a market by market basis, did anything stand out in particular it was it just broad-based recovery?

我想，就各個市場而言，有什麼特別突出的事情嗎？是廣泛的復甦嗎？

Yes, so what drove it?

是的，那麼是什麼推動了它呢？

There was what drove it and what's driving it are going to be a combination of the brand, new product experience.

推動它的因素是品牌和新產品體驗的結合。

So the way our business grew initially and so large, you got remember only a few years ago in 2019, total revenue for our subscription services was in the $200 million range.

因此，我們的業務最初成長的方式如此之大，您還記得幾年前的 2019 年，我們訂閱服務的總收入在 2 億美元左右。

Now it's close to $700 million range.

現在已經接近7億美元了。

So we have grown quite substantially.

所以我們已經有了相當大的成長。

The challenge was we grew so much during COVID.

挑戰在於我們在新冠疫情期間成長了很多。

And now we're coming back down to the realization of where we're the bases that we can grow from.

現在我們要回到認識我們可以成長的基礎在哪裡。

And we believe that that's what we're experiencing this year.

我們相信這就是我們今年所經歷的。

So outside the US, the new pricing promotion allowed people who were nervous about trying Chegg because we're not as well-known there to cross the chasm and then ultimately subscribe.

因此，在美國之外，新的定價促銷讓那些因為我們在美國知名度不高而對嘗試 Chegg 感到緊張的人們能夠跨越鴻溝並最終訂閱。

And because the price is promotional prices lower, they're actually staying on longer, which is exactly what we hoped for on top of that, the long term flywheel is the way Chegg works is the more customers we have and the more new questions that they ask, not ones that are in their existing database of 100 million of ratings, but new ones that they ask.

而且因為價格比促銷價格更低，所以他們實際上停留的時間更長，這正是我們所希望的，除此之外，長期飛輪就是Chegg 的工作方式，我們擁有的客戶越多，新問題就越多。他們詢問的不是他們現有的一億個收視率資料庫中的那些，而是他們詢問的新的。

They then get indexed into search around the world, depending on which country they came from and then other students search and they find them and then they come into check.

然後，根據他們來自哪個國家，他們會被編入世界各地的搜尋索引，然後其他學生搜尋並找到他們，然後他們就會被檢查。

So we're seeing an improvement in traffic, traffic from new questions and then holding our conversion rate so that those two things together, which is promotional pricing and the ability to rebuild the flywheel, those are driving the new growth and they're just driving a faster outside the US because it was a smaller base in which to start from.

因此，我們看到流量有所改善，來自新問題的流量，然後保持我們的轉換率，以便將促銷定價和重建飛輪的能力這兩件事結合在一起，這些正在推動新的增長，它們只是在美國以外的地方駕駛速度較快，因為出發地較小。

But we are anticipating that we'll see the same kind of success inside the US.

但我們預計我們將在美國看到同樣的成功。

The combination of the new products when students are asking last January, a year ago, January, we had about 500,000 new questions that we were able to answer on behalf of students, all of them went out to humans this year.

新產品的組合，當學生去年一月提出問題時，一年前的一月，我們有大約 50 萬個新問題，我們能夠代表學生回答，今年所有這些問題都交給了人類。

We had the same number that went out to humans, but we had another two plus two million that went out that we were able to answer through automated answering, which is our big AI move to start with the high quality, and that's driving more traffic and more conversion to check.

我們有與人類相同的數字，但我們還有另外兩加兩百萬，我們能夠透過自動應答來回答，這是我們從高品質開始的人工智慧大舉措，這推動了更多的流量以及更多的轉換需要檢查。

So that's a bigger hole that we need to fill, but we're on our way to filling.

所以這是一個我們需要填補的更大的洞，但我們正在填補的道路。

Got it.

知道了。

And did any markets stand out in particular?

是否有任何市場特別突出？

Or was it just broad-based recovery?

或只是廣泛的復甦？

Yeah.

是的。

No, it's everybody had done a lot better outside the US, but we're starting on very different bases.

不，美國以外的每個人都做得更好，但我們的起點卻截然不同。

So the larger bases are the English-speaking countries because everything we initially did was in English.

所以更大的基地是英語國家，因為我們最初做的一切都是英語。

But one of the other real benefits of AITAAI. is moving from a headwind two, a tailwind for us because it's allowing us to build a better product allows students to ask more questions to answer and faster index them get more traffic and convert more traffic.

但這是 AITAAI 的其他真正好處之一。對我們來說，正從逆風轉向順風，因為它使我們能夠建立更好的產品，使學生能夠提出更多問題來回答並更快地建立索引，從而獲得更多流量並轉換更多流量。

And because our quality is unique and we work with our own large language models rather than external models, the cost of it is substantially less so as more countries come online and more students can ask in more languages because translation will really be towards the end of the year and into next year because AI will allow for automated translation.

由於我們的品質是獨一無二的，而且我們使用自己的大型語言模型而不是外部模型，因此隨著越來越多的國家上線，更多的學生可以用更多語言提問，因為翻譯實際上將在年底實現，因此成本大大降低。今年和明年，因為人工智慧將允許自動翻譯。

So in terms of growth rates, you see countries like India Finally, taking off for us.

因此，就成長率而言，你會看到像印度這樣的國家最終為我們起飛。

But you see the largest countries that Chegg has historically had like Canada, Australia and the UK.

但你會看到 Chegg 歷史上擁有的最大國家，如加拿大、澳洲和英國。

Those are still our largest countries and they are also growing again.

這些仍然是我們最大的國家，而且它們也在再次成長。

Great.

偉大的。

Thank you.

謝謝。

Yep.

是的。

Kunal Madhukar, UBS.

庫納爾馬杜卡，瑞銀。

Thank you for taking my questions.

感謝您回答我的問題。

One on the on the new product rollout of the new user experience that rolled out in 3Q of last year.

其中之一是關於去年第三季推出的新用戶體驗的新產品推出。

So when you were talking about this new rollout in 1Q of this year, what exactly has changed.

因此，當您談論今年第一季的新推出時，到底發生了什麼變化。

That's one.

這是一個。

And second is in terms of the promotional pricing, how long is the promotional pricing for the 25% to 35% discount, is it just for the initial month, or is it for a few months?

其次是促銷價格方面，25％至35％折扣的促銷價格是多長時間，是僅針對第一個月，還是幾個月？

Thank you.

謝謝。

Yes, good questions.

是的，好問題。

I'll answer the first one.

我來回答第一個。

Let me answer the second first, which is we outside the US, the promotional pricing we expect to continue for the rest of this year and determine whether or not we want to raise the promotional pricing to the normal pricing and when we want to do that.

首先讓我回答第二個問題，即我們在美國以外的地區，我們預計今年剩餘時間將繼續實行促銷價格，並確定我們是否要將促銷價格提高到正常價格以及何時要這樣做。

That's all things that we are testing now.

這就是我們現在正在測試的所有內容。

So right now, it's the promotional pricing, only four new accounts and I and it will go on as long as we determine that it makes sense for it to go on.

所以現在，這是促銷價格，只有四個新帳戶和我，只要我們確定繼續下去是有意義的，它就會繼續下去。

So we don't really have a final answer on that yet.

所以我們還沒有真正的最終答案。

However, outside the US, the combination of the number of new accounts that we're getting versus what we were getting before, the higher take rate of the more expensive package.

然而，在美國以外的地區，我們獲得的新帳戶數量與先前獲得的帳戶數量相結合，更昂貴的套餐的使用率更高。

And the length of time means that we expect revenue to grow despite the fact that we're getting new accounts, this promotional discount inside the US, we are really just at the beginning and of testing it.

時間的長度意味著我們預計收入會成長，儘管我們正在獲得新帳戶，美國境內的促銷折扣，我們實際上才剛開始並正在測試它。

We've got about five weeks of testing, as I said, in five different variants of three different price points and all of them are performing as we would have hoped.

正如我所說，我們對三種不同價位的五種不同變體進行了大約五週的測試，所有這些變體的表現都符合我們的預期。

And so we'll be able to determine if we want to roll it out to the full audience and if so, how long we want it and promotional pricing, those are all testable things where the goal, obviously is to grow as fast as we can from a revenue perspective and new account perspective.

因此，我們將能夠確定是否要向全體受眾推出它，如果是的話，我們需要多長時間和促銷定價，這些都是可測試的事情，目標顯然是與我們一樣快地增長可以從收入角度和新帳戶角度來看。

So we'll look for that balance, but we have time to figure that out and because it's really early on the question over product.

因此，我們將尋求這種平衡，但我們有時間來解決這個問題，因為現在討論產品問題還處於早期階段。

No, the answer is we did not roll anything out of Q2 last year.

不，答案是我們去年第二季沒有推出任何產品。

We rolled out we rolled out in the second half of last year was a very, very small beta test where we tested the new interface and we tested search and the search results and the quality of those search results.

我們在去年下半年推出了一個非常非常小的測試版，我們測試了新介面，測試了搜尋和搜尋結果以及這些搜尋結果的品質。

And then we made the determination to expand that from 1% to 10%, 10% to 25%, 25% to 50%.

然後我們決定把這個比例從1%擴大到10%，10%擴大到25%，25%擴大到50%。

And then at the very beginning of this year, rolled it out to 100% of our audience, the new user interface.

然後在今年年初，向我們 100% 的受眾推出了新的使用者介面。

It was not rolled out in Q2.

它沒有在第二季推出。

We've tested a bunch of things since the inception, you got to remember, we only really made this decision last February.

自成立以來我們已經測試了很多東西，你必須記住，我們只是在去年二月才真正做出了這個決定。

It's only been a year since we did all of this.

我們完成這一切只花了一年的時間。

So we announced things like our relationship with scale that allows us to build our own funds language roles, and we'd move off to OpenEye so that we can build our own and it's a lot cheaper and all those things a lot has happened between now.

因此，我們宣布了諸如我們與規模的關係之類的事情，這使我們能夠建立自己的基金語言角色，並且我們將轉向OpenEye，以便我們可以建立自己的語言角色，而且它便宜得多，而且從現在起所有這些事情都發生了很多。

And then the big move started really in that the testing of automated answers target towards the end of Q4.

然後，重大舉措真正開始，自動答案的測試目標是在第四季末。

And then really rolled out in the first quarter of this year, really just in January now.

然後在今年第一季真正推出，實際上只是在一月。

And it's just been a spectacular success in terms of utilization of the quality of it.

就其品質的利用而言，它取得了巨大的成功。

And we have a lot more to go.

我們還有很多事情要做。

And the hope is that by the end of 2024, the overwhelming majority of questions will go through automated answering rather than humans and that will continue to substantially lower our cost per question and reduce our overall CapEx over time on an annual basis.

希望到 2024 年底，絕大多數問題將透過自動回答而不是人工回答，這將繼續大幅降低我們每個問題的成本，並隨著時間的推移每年減少我們的整體資本支出。

Thank you.

謝謝。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Great.

偉大的。

Thanks for the question.

謝謝你的提問。

And Andy, congrats again on your retirement.

安迪，再次恭喜你退休。

I'm wanted to ask about the trajectory of revenue per subscriber.

我想問一下每個訂閱者的收入軌跡。

I was just hoping you could kind of unpack some of the different of factors.

我只是希望你能解開一些不同的因素。

I mean, we've talked about some of them, but basically, how are you thinking about the trajectory of revenue between the growing mix of international and the promotional pricing broadly, is there still runway for the Study Pack bundle attach?

我的意思是，我們已經討論了其中的一些，但基本上，您如何看待不斷增長的國際組合和廣泛的促銷定價之間的收入軌跡，學習包捆綁附加還有跑道嗎？

And then also just thinking about the amount of time that a student has their subscription turned on in a given year?

然後還要考慮學生在某一年開啟訂閱的時間長度？

Thank you.

謝謝。

Yes, all terrific questions.

是的，都是很棒的問題。

Exactly why we test so that when we're ready to give an actual answer we can.

確切地說，我們進行測試的原因是，當我們準備好給出實際答案時，我們就可以做到。

What I can tell you is outside the US where the test is being done well, not a test now.

我可以告訴你的是，在美國以外的地方，測試做得很好，而不是現在進行的測試。

It's run it's been running now for about seven months from what we look for is first thing we look for is conversion increase, and that happens or doesn't happen right away.

它已經運行了大約七個月，我們首先尋找的是轉換率的增加，而這種情況要么立即發生，要么不會立即發生。

In this case, it happens depending on the rate of discount in the country and where we are price before.

在這種情況下，發生的情況取決於該國家/地區的折扣率以及我們之前的價格。

So different conversion rates, all of them up nicely.

如此不同的轉換率，都很好。

It's very hard to make up their promotional pricing discount just on conversion so that the next variable you look at is take rate, which is also measurable right away.

僅透過轉換來彌補促銷定價折扣是非常困難的，因此您查看的下一個變數是採用率，這也是可以立即測量的。

And yes, there's room to grow on the take rate, particularly as we start to differentiate the capabilities inside of Chegg and Chegg Study Pack more based on AI capabilities and other kinds of things that we can offer in the more expensive one that it's that's had not started yet and probably will not start the rest of this year.

是的，採用率還有成長的空間，特別是當我們開始更多地基於人工智慧功能和我們可以在更昂貴的產品中提供的其他類型的東西來區分 Chegg 和 Chegg Study Pack 內部的功能時尚未開始，今年剩餘時間可能不會開始。

But yes, there is room to move because we still have more than one out of one out of two that don't take it, that the second variable is the third one that has the greatest amount of impact because it starts from your net paying customers, your net subscribers, which have to do with your renewal base.

但是，是的，還有移動的空間，因為我們仍然有超過二分之一的人不接受它，第二個變量是影響最大的第三個變量，因為它從您的淨支付開始客戶，您的淨訂戶，這與您的續訂基礎有關。

We are seeing a very nice uptick in the length of time that students are saying.

我們看到學生所說的時間長度有了很大的成長。

So in a perfect world, we would make up the revenue per customer get as neutral as we could to revenue per customer and over a multiyear period.

因此，在完美的世界中，我們將盡可能將每個客戶的收入中性地彌補為多年期間的每個客戶的收入。

We believe that's exactly what's going to happen but in the short term, particularly outside the US, the volume of new customers and those other variables together will generate revenue growth outside the US, even though on a per customer basis.

我們相信這正是將會發生的情況，但在短期內，特別是在美國以外的地區，新客戶的數量和其他變數將共同帶來美國以外地區的收入成長，即使是以每個客戶為基礎的。

It's still not equal yet, but it's very early.

雖然還沒達到平等，但現在還很早。

We have multiple wind retention periods to go through a number of years to go through.

我們有多個風保持期要經歷很多年。

And so that's what's been going on outside the U.S. has been really positive inside the US.

這就是美國以外正在發生的事情，但在美國國內卻是非常積極的。

The plan.

計劃。

What we are doing is we are testing and the first measurement.

我們正在做的是我們正在測試和第一次測量。

So it's not to 100% of the new accounts.

所以這並不是 100% 的新帳戶。

It's only to a percentage of them, but it's only to new accounts.

這只適用於其中的一部分，而且只適用於新帳戶。

So it doesn't affect any of the existing revenue.

因此，這不會影響任何現有收入。

Then as I said, there's five variants with three different price points.

正如我所說，有五種變體，有三種不同的價位。

And that has to do with presentation of why there's five.

這與解釋為什麼有五個有關。

And then what we do is we narrowed down to the ones where we see the desired conversion, the desired take rate.

然後我們所做的就是縮小範圍，找到我們期望的轉換率和期望的轉換率。

And in a couple of weeks, we'll actually see how it improves retention, depending on how month one retention improves that month to month three and month for all of those, hopefully get us closer and closer and closer to a breakeven on revenue per customer with a lot more customers.

幾週後，我們將真正看到它如何提高保留率，這取決於第一個月的保留率如何提高該月到第三個月以及所有這些月份的保留率，希望讓我們越來越接近每個收入的損益平衡。擁有更多客戶的客戶。

That's the objective.

這就是目標。

So we have lots of room to grow, lots of optimization to do.

所以我們有很大的成長空間，有很多優化要做。

And again, the test is now three weeks old, but the first two hurdles are really good, which is driving increased number of overall customers versus what we would have done had we not done because we believe that in a competitive market we want to go.

再說一遍，測試現在已經進行了三週，但前兩個障礙確實很好，這推動了整體客戶數量的增加，而如果我們沒有這樣做的話，我們會做的事情，因為我們相信，在競爭激烈的市場中，我們想去。

We want to go fight for market share because frankly, nobody else is anywhere near as good as we are and once students realize that they stay on and they use us more.

我們想要爭奪市場份額，因為坦白說，沒有人比我們更好，一旦學生意識到他們留下來，他們就會更多地使用我們。

And then when you launch the new product stuff which we have with automated answers.

然後，當您推出新產品時，我們會提供自動答案。

As an example, this is the highest engagement on a per-customer level we've ever had.

舉例來說，這是我們有史以來每個客戶等級的最高參與度。

And if it works, as we hope which is to regenerate the flywheel, more customers, more new questions, more new questions, go into search, more students that haven't used us go to search, find it or TikTok or wherever we put it and driving customers.

如果它有效，正如我們希望的那樣，這將重新啟動飛輪，更多的客戶，更多的新問題，更多的新問題，進入搜索，更多沒有使用過我們的學生去搜索，找到它或TikTok 或我們放置的任何地方它並帶動客戶。

All of those things so far have been positively impacted, but the overall objective is to be as close as you can to revenue breakeven on a per customer basis because you've got those variables then in year two for whenever we choose to get rid of promotional pricing, we raise the rates on those existing customers.

到目前為止，所有這些事情都受到了積極影響，但總體目標是盡可能接近每個客戶的收入收支平衡，因為在第二年，每當我們選擇擺脫這些變量時，你都會遇到這些變量促銷定價，我們提高現有客戶的價格。

So the revenue on those customers goes way up.

因此，這些客戶的收入大幅增加。

And that will be testing that to determine cancellation rates and all those things.

這將是測試以確定取消率和所有這些事情。

But the business model is very, very sound.

但商業模式非常非常健全。

And but we have to do it one brick at a time.

但我們必須一次一塊地做。

And we've done the first two bricks, which is conversion and take rate.

我們已經完成了前兩個部分，即轉換率和轉換率。

Next one is retention.

下一個是保留。

And then what can you raise it to when you want to comment our promotional pricing for the customers that took it.

然後，當您想為購買它的客戶評論我們的促銷價格時，您可以將其提高到什麼程度。

And how long do you want to keep promotional pricing for new customers, but right now better to fight for market share and make sure people don't come away with the conclusion that ChatGPT. is a better solution than us because it's not.

您希望為新客戶保留促銷價格多久，但現在最好爭取市場份額，並確保人們不會得出 ChatGPT 的結論。是比我們更好的解決方案，因為事實並非如此。

Great, thanks, Dan.

太好了，謝謝，丹。

Okay.

好的。

Ryan MacDonald, Needham & Company.

瑞安麥克唐納，李約瑟公司。

Thanks for taking my questions and best of luck in the future.

感謝您回答我的問題，祝福您未來一切順利。

And David, congrats on the promotion on.

大衛，恭喜你升職了。

Let me just start, and I'm can you talk about sort of it's great.

讓我開始吧，我可以談談這很棒嗎？

It sounds like there's some real benefits here on the automated answers in terms of cost savings and how you're answering questions.

聽起來自動答案在節省成本和回答問題的方式方面有一些真正的好處。

Can you talk about the mix of, I guess, the overall questions that are being answered today by automated answers?

我想您能談談今天透過自動答案回答的整體問題嗎？

And then perhaps what we need to see that get to as a percentage of the total questions for that to start to translate into some margin expansion relative to sort of what the first quarter guidance implies?

然後，也許我們需要看到佔總問題的百分比，才能開始轉化為相對於第一季指引所暗示的某種利潤率擴張？

Yeah, that's exactly what we're looking at.

是的，這正是我們正在考慮的。

So what you should be looking for what we should be talking about and what we will be talking about over the course of the year.

那麼，您應該尋找什麼，我們應該談論什麼，以及我們在這一年中將談論什麼。

We didn't really know where to start talking as we didn't know how popular automated answers would be and how quickly it became this popular.

我們真的不知道從哪裡開始談論，因為我們不知道自動答案有多受歡迎以及它變得如此流行的速度有多快。

But as we articulated in the prepared remarks already, the cost of answering a new question is 75% less simply based on that the tailwind that we're getting from a I think we call it automated answers, but it's a result of us taking our own large language models and developing our own answers.

但正如我們在準備好的評論中已經闡明的那樣，僅僅基於我們從「我認為我們稱之為自動答案」中獲得的順風，回答新問題的成本就降低了75%，但這是我們採取我們的擁有大型語言模型並開發我們自己的答案。

We have a quality algorithm.

我們有一個高品質的演算法。

So right now you won't see much in the way of savings in the first part of the year because we haven't fully rolled out all of the different large language models.

因此，現在您在今年上半年不會看到太多節省，因為我們還沒有完全推出所有不同的大型語言模型。

The expectation is over the course of this year.

預期是在今年。

And by the end of this year, the overwhelming majority of all new questions will go through automated answering and there will be fewer and fewer going through Q matching.

到今年年底，絕大多數新問題將透過自動回答，透過 Q 配對的問題將會越來越少。

So you should begin to see margin expansion towards the end of the year.

因此，到年底你應該會開始看到利潤率的成長。

As a result of that, we really see a CapEx reduction first, right, which is the amount of money that we spend on content has been coming down, but it's going to come down again this year and then substantially in 25.

因此，我們首先確實看到了資本支出的減少，對吧，我們花在內容上的錢一直在下降，但今年將再次下降，然後在 25 年內大幅下降。

So we can answer 10 times as many questions for the cost of one question is the way to think about it.

所以我們可以回答 10 倍的問題，因為一個問題的成本就是這樣的思考方式。

But we just we have to get all the large language models out so that we can end the quality at the level that students expect from check that they don't get from ChatGPT. or Bard or anybody else.

但我們必須把所有大型語言模型都拿出來，這樣我們才能將品質達到學生期望的水平，而他們無法從 ChatGPT 獲得檢查。或吟遊詩人或任何其他人。

And that will take up the rest of this year to do it and done that.

這將佔用今年剩餘的時間來完成這件事。

And we're very excited about it because it will be a meaningful improvement in our ability to pay for content and have super-high quality and as I said, also generate the flywheel.

我們對此感到非常興奮，因為這將是我們支付內容的能力和擁有超高品質的有意義的改進，正如我所說，還會產生飛輪。

The other real benefit is the more questions that get indexed more people find us.

另一個真正的好處是，更多的問題被索引，更多的人找到我們。

We don't have to pay for that traffic and it comes.

我們不需要為這些流量付費，它就來了。

So that's the way Chegg was originally built when we first built QX. for Q&A, and it's just going to be a lot faster now because just the volume of questions that we can answer, I don't think we've ever answer to your questions in a in a month, and that's just the month of January which really doesn't get started until mid-January.

這就是我們第一次建造 QX 時 Chegg 最初建造的方式。對於問答，現在速度會快得多，因為我們可以回答的問題量很大，我認為我們不會在一個月內回答您的問題，而這只是一月份直到一月中旬才真正開始。

Super helpful color.

超有用的顏色。

I appreciate that, Dan.

我很感激，丹。

And then you talked about '24, the growth priorities are one of the priorities is obviously that pathway and returning back to growth, sounds like the promotional pricing is going to obviously help with that.

然後你談到了'24，增長優先事項是優先事項之一，顯然是這條途徑和恢復增​​長，聽起來促銷定價顯然會對此有所幫助。

But as you think about the macro, how important is sort of enrollment within colleges and universities to driving that return to growth algorithm for Chegg?

但當你考慮宏觀時，學院和大學的招生對於推動 Chegg 回歸成長演算法有多重要？

And sort of how do you how are you sort of building that into your sort of assumptions for this year?

您如何將其納入今年的假設中？

Yeah, look, of course, it hasn't.

是的，看，當然，還沒有。

It has an effect.

它有效果。

It's just not the biggest one.

這還不是最大的一個。

And I know people think that it is and I can understand why they do, frankly.

我知道人們這麼認為，坦白說，我也能理解他們為什麼這麼想。

But let me just let me just sort of size to you just US because outside the US, it is just it's wild, right?

但是，讓我簡單介紹一下美國的尺寸，因為在美國之外，它只是很狂野，對嗎？

We jumped during COVID, then sort of stop when things got out of COVID, then Chad CPT. launched ahead of it beginning of an effect, but the new product and the new automated answers and the new indexing of the question to the promotional pricing is reverse that course outside the outside the US.

我們在新冠疫情期間跳了起來，然後在疫情結束後就停止了，然後是查德 CPT。在此之前推出的效果開始顯現，但新產品、新的自動答案以及新的問題對促銷定價的索引與美國以外地區的情況相反。

And so yes, so when you think about enrollments last year or less on average in a given year, Chegg will have over 10 million students in the U.S. that will register for Chegg but not convert.

所以，是的，所以當你考慮去年或特定年份的平均入學人數時，Chegg 將在美國有超過 1000 萬名學生註冊 Chegg 但不會轉換。

And so we have that whole universe to go after that has nothing to do with enrollment.

所以我們要追求的就是整個宇宙，這跟入學無關。

So we think that near term, the goal is to get those people to cross the chasm into becoming loyal tech customers because our retention rate is so high because our quality is so good.

因此，我們認為，短期內的目標是讓這些人跨越鴻溝，成為忠實的科技客戶，因為我們的保留率非常高，因為我們的品質非常好。

And now with the immediacy of the responses at high quality, which no one else can give them, we think that's the key to growth.

現在，由於能夠立即提供高品質的回應，這是其他人無法提供的，我們認為這是成長的關鍵。

So enrollment will matter over time.

因此，隨著時間的推移，入學將變得非常重要。

But right now, there's a big group of people that are right in front of us.

但現在，有一大群人就在我們面前。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

Thanks for taking the question and a well-deserved congrats to Andy and David.

感謝您提出問題，並向安迪和大衛表示當之無愧的祝賀。

So just I want to follow up on Ryan's question.

我想跟進瑞安的問題。

You've done a lot with the platform this year and you've done that with R&D dollars actually being down year over year.

今年你在這個平台上做了很多工作，但研發費用實際上逐年下降。

Actually the opportunity for automation, but also mentioned scaling the different languages and time to roll out the alums.

實際上是自動化的機會，但也提到了擴展不同的語言和推出 alum 的時間。

I'm just curious how we should think about the puts and takes to R&D intensity in 2024, maybe how that arc should look longer term basis?

我只是很好奇我們應該如何考慮 2024 年研發強度的看跌期權和需求，也許從長遠來看，這條弧線該如何看待？

Yeah, really, really good question.

是的，真的，真的很好的問題。

So hopefully, for those people who like you that have been tracking check for a while you see, we tried to be very, very efficient, where's our capital.

所以希望，對於那些喜歡你的人，他們已經跟踪檢查一段時間了，你看，我們試圖非常非常高效，我們的資本在哪裡。

And so if you take a look at OpEx, OpEx has not grown substantially in the last couple of years and it's been relatively flat.

因此，如果你看一下營運支出，你會發現過去幾年營運支出並沒有大幅成長，而且相對持平。

We expect it to be relatively flat again for this year.

我們預計今年將再次相對持平。

And yet we have 250 people now working on AR and that is because we have a history of reallocating resources against the things that have a priority and either stop doing the things that no longer matter as much or where they're at scale and can survive with the number of people that we have on them.

然而，我們現在有 250 名員工從事 AR 工作，這是因為我們有針對優先事項重新分配資源的歷史，要么停止做那些不再那麼重要的事情，要么停止做那些已經規模化並且能夠生存的事情以及我們擁有的人數。

Same thing goes through with our sort of capital expenditure, which is the overwhelming amount of capital that we spent it was on content.

我們的資本支出也經歷了同樣的情況，也就是我們在內容上花費的絕大多數資本。

Of course, we're not like there's I think there's some confusion because we said last April that we have a partnership with OpenEye.

當然，我們並不像我認為的那樣存在一些混亂，因為我們去年四月說過我們與 OpenEye 建立了合作夥伴關係。

And so it's easy to have made.

所以它很容易製作。

The conclusion of is really on us that we have big API costs.

我們的結論是，我們的 API 成本很高。

We don't where we have moved mostly often will almost be completely off OpenEye shortly.

我們不知道我們經常搬家的地方很快就會完全脫離 OpenEye。

Because it's a lot of different alternatives and they're a lot cheaper.

因為有很多不同的選擇，而且價格便宜得多。

But more importantly, since the real cost is sort of GPU costs and other things like that it's not.

但更重要的是，由於真正的成本是 GPU 成本和其他類似的成本，所以它不是。

And so the overwhelming cost that Chegg has And CapEx is always going to be content.

因此，Chegg 的巨大成本和資本支出總是令人滿意的。

And since the cost of content is dropping significantly, it's already down 75% based on automated answers versus human answers to the next big steps to get off the more human answers, which we hope to do closely by the end of the year.

由於內容成本正在大幅下降，基於自動答案與人工答案相比，內容成本已經下降了 75%，因此我們希望在今年年底前能夠密切關注接下來採取的重大步驟，以擺脫更加人工的答案。

So the way to think about it is you can assume our capital this year will be much better, much more efficiently spent because AI is allowing us to spend it a lot cheaper on a per question basis than we ever could before.

因此，你可以假設我們今年的資本會更好、更有效地使用，因為人工智慧使我們能夠在每個問題的基礎上比以前更便宜地花費它。

So we are not holding back investment.

所以我們不會抑制投資。

It's just all we can get a lot more for our money now thanks to AI.

借助人工智慧，我們現在可以用我們的錢得到更多的東西。

It's one of the one of the great benefits of having moved as quickly as we moved.

這是我們快速搬遷的最大好處之一。

Yes, operator had another question.

是的，接線生還有另一個問題。

Alex Fuhrman, Craig-Hallum.

亞歷克斯·福爾曼，克雷格·哈勒姆。

Hey, guys, thanks for taking my question on.

嘿，夥計們，謝謝你回答我的問題。

Can you talk a little bit about your core customer today versus a few years ago.

您能談談您現在的核心客戶與幾年前的狀況嗎？

It sounds like the biggest change on given everything going on with AI.

考慮到人工智慧正在發生的一切，這聽起來像是最大的變化。

Is that maybe some of your more casual users at the margin who might pop in for a month or two around final or midterm exams have kind of maybe looking at other AI powered options.

也許一些邊緣的臨時用戶可能會在期末或期中考期間突然出現一兩個月，他們可能會考慮其他人工智慧驅動的選項。

Can you talk about the types of students who have stuck with Chegg.

您能談談堅持使用 Chegg 的學生類型嗎？

Are there any major call out and you're now versus a few years ago in terms of your core student in terms of either age or full-time or part-time status or field of study or two versus four year schools.

就核心學生的年齡、全日製或非全日制身分、學習領域或兩年制學校與四年制學校而言，您現在與幾年前相比是否有任何重大的變化？

Anything like that that you're focusing on a little bit differently versus a couple of years ago?

與幾年前相比，您所關注的事情有什麼不同嗎？

Yeah, it's an awesome questions.

是的，這是一個很棒的問題。

So for those who having spent as much time as you have on this, the overwhelming percentage of students in the US go to state schools.

因此，對於那些在這方面花了和您一樣多時間的人來說，美國絕大多數學生都去公立學校就讀。

So we hear about that.

所以我們聽說了這一點。

We hear about the schools in ag maybe have lost down their prestige, and that's a couple of hundred thousand people versus 22 million.

我們聽說 ag 的學校可能已經失​​去了威望，而這個數字是幾十萬人，而不是 2,200 萬人。

So they're not a big percentage.

所以他們所佔的比例並不大。

The overwhelming number of students in the school go to state schools and a very large percentage of them go to community colleges.

學校絕大多數學生就讀公立學校，其中很大一部分就讀社區大學。

As an example, 10% of all students in this country go to just one community college system, which is California.

舉個例子，這個國家 10% 的學生只就讀於一個社區大學系統，也就是加州。

So over 2 million students go to community college.

因此，超過 200 萬名學生就讀社區大學。

The average age of a student is about 25 years old and about 25%, 26% of them already have children the biggest growth areas for where students are going.

學生的平均年齡約為25歲，約25%，其中26%已經有孩子，這是學生去向的最大成長領域。

They are they are shifting into three or four very large buckets in very big numbers.

他們正在大量轉移到三到四個非常大的桶子。

So one of them is online.

所以其中之一在線。

And so our focus on making ourselves more visible to online students has been a focus.

因此，我們的重點是讓線上學生更容易看到我們自己。

The last few years and one that we want to accelerate.

過去幾年是我們想要加速的一年。

And we really do believe that automated answers will help us with that because we'll be able to have a lot more things that people can be searching for in search.

我們確實相信自動化答案將幫助我們實現這一點，因為我們將能夠擁有更多人們可以在搜尋中搜尋的內容。

So and we're hoping for a boost to that.

因此，我們希望能對此有所推動。

So I think the largest school in this country that's not for profit is an online school.

所以我認為這個國家最大的非營利學校是線上學校。

I think it's Southern New Hampshire University, which are which Dr. Paul, the bankers on our Board.

我認為是南新罕布夏大學，也就是我們董事會的銀行家保羅博士。

So we know a lot of information about that.

所以我們知道很多這方面的資訊。

So they've actually grown their enrollment substantially year over year because more people are not going to get degrees, they're going to get particular courses.

因此，他們實際上逐年大幅增加了入學人數，因為更多的人不會獲得學位，而是學習特定的課程。

The second big growth area that the country is seeing is a real move to giant state schools with incredible sports programs.

該國看到的第二大成長領域是向擁有令人難以置信的體育項目的大型公立學校的真正轉變。

So students are determining the value of graduating from school A. versus Scooby is not significant in their career path.

因此，學生們正在確定從 A 學校畢業的價值。與史酷比相比，這對他們的職業道路並不重要。

So they rather go to a school where they can enjoy themselves.

所以他們寧願去一所可以享受樂趣的學校。

And that's exactly what they tell us by the way.

順便說一句，這正是他們告訴我們的。

So we're not we're not speculating.

所以我們不是，我們不是在猜測。

I would give the numbers shown as what they have told us.

我會給他們告訴我們的數字。

The third big area is some students of color are gravitating, as you might imagine, to HBCUs.

第三個重要領域是，正如您想像的那樣，一些有色人種學生被 HBCU 所吸引。

And the reason is they finally got funded by the government and those and they're very much developing their programs and they feel more purchase culturally aligned there.

原因是他們最終得到了政府和其他人的資助，他們正在大力發展他們的項目，他們覺得那裡的文化更加一致。

So those are three big areas now where we're spending more of our time trying to figure out how to reach them.

因此，現在我們在這三個主要領域花了更多的時間來試圖找出如何實現這些目標。

The other thing is even though more students every day are taking STEM the classes, one of the other benefit of a eye for us is you can ask a question increasingly so on Chegg that is outside of SMB.

另一件事是，儘管每天都有越來越多的學生參加 STEM 課程，但「眼睛」對我們的另一個好處是，您可以在 SMB 以外的 Chegg 上提出越來越多的問題。

And as we build that out, we'll be able to expand our US TAM even a little bit more.

隨著我們的發展，我們將能夠進一步擴大我們的美國 TAM。

And then, of course, the giant TAM, it's outside the US, which is not what you asked about, but that is it's hard to imagine countries that are sort of bigger growth opportunities in India, the Philippines, Mexico, places like that.

然後，當然，巨大的 TAM，它在美國之外，這不是你問的問題，但很難想像印度、菲律賓、墨西哥等地有更大的成長機會。

And we already are seeing really good results as a result of that promotion in those places.

我們已經看到這些地方的促銷活動取得了非常好的效果。

And we expect over the next several years to really trying to optimize around growing in those countries.

我們預計在接下來的幾年裡，我們將真正努力優化這些國家的成長。

So that that's what we're focusing on in terms of our messaging and where we're putting our messages.

這就是我們在訊息傳遞和放置訊息方面所關注的重點。

Hopefully, that helps answer it.

希望這有助於回答這個問題。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thanks so much for taking the questions.

非常感謝您提出問題。

Maybe two, if I could, on your own LLM., can you talk a little bit about what you're most excited about in terms of how the LLM. will evolve and what it means for product and roadmap on a multiyear view as opposed to just this sort of the one of the LLM and sort of how it might get smarter, how might change out might result in different elements of pricing dynamics on the platform on that would be number one.

也許有兩個，如果可以的話，關於你自己的法學碩士，你能談談你對法學碩士的最興奮的事情嗎？將會發展，從多年的角度來看，這對產品和路線圖意味著什麼，而不是像法學碩士那樣，以及它如何變得更聰明，如何改變可能會導致平台上定價動態的不同要素這將是第一。

And then in terms of generating the flywheel effect that you talked about and referenced in the slides, can you just go into a little more granularity of what we should be watching for of where the incremental investments will be made as you see some of those signals as we look out over the next couple of quarters?

然後，就產生您在幻燈片中談到和引用的飛輪效應而言，當您看到其中一些信號時，您能否更詳細地了解我們應該關注的增量投資將在哪裡進行當我們展望未來幾季時？

Thanks so much.

非常感謝。

Yeah, those are two very substantive questions.

是的，這是兩個非常實質的問題。

Let me take the second first because I can remember that once So what should you be tracking?

讓我先看第二個，因為我記得有一次那麼你該追蹤什麼？

So as I said, our expectation and of course, expectations can change.

正如我所說，我們的期望，當然，期望是可以改變的。

And as we learn more, we always share more.

隨著我們了解的越多，我們總是會分享更多。

Sometimes we share too much like our concern that Open AI, and we take our customers and it has.

有時我們分享了太多的東西，例如我們對開放人工智慧的擔憂，我們接受了我們的客戶，它也做到了。

So but in this case, we have fought back or battling back.

所以，但在這種情況下，我們進行了反擊或反擊。

And we think we've got the things in place to compete quite effectively.

我們認為我們已經做好了有效競爭的準備。

And what we look at is how many students are asking questions and how many and what kinds of questions that they are asking and do those questions resonate with other students that go into search or TikTok?

我們關注的是有多少學生在問問題，他們問了多少問題和什麼類型的問題，這些問題是否與其他進入搜尋或 TikTok 的學生產生了共鳴？

And will they generate more traffic for us at the flywheel.

他們會在飛輪上為我們帶來更多的流量嗎？

It will be hard for you to look at expenses because they're going to be relatively flat in CapEx and relatively flat in OpEx because of the efficiency in which we move people into different roles or move our capital expenditure to things that work better than the things that we're working before.

您將很難查看費用，因為它們在資本支出中相對持平，在營運支出中相對持平，因為我們將人員轉移到不同的角色或將資本支出轉移到比現有工作更好的事情上，從而提高了效率。我們之前正在做的事情。

So it won't be that obvious for there.

所以那裡不會那麼明顯。

But I think you'll hear from us a number of Quest number of students that are asking questions versus the past number of questions per student overall, number of new questions being asked and answered by automated questions and the greater percentage that are answered by automated questions that the better it is for our cost structure on CapEx.

但我想您會從我們這裡聽到一些提問的學生數量與每個學生過去提出的問題數量、通過自動問題提出和回答的新問題數量以及通過自動問題回答的更大百分比問題是我們的資本支出成本結構越好。

And then we expect as we get more comfortable with the certainty around these things that we're learning that we'll be able to put out a longer-term forecast, which we can be measured against more readily.

然後，我們期望，隨著我們對這些事情的確定性越來越滿意，我們將能夠提出長期預測，我們可以更容易地對其進行衡量。

We're not there yet because we because all of these are so new.

我們還沒有做到這一點，因為所有這些都是新的。

But as you saw from the last three quarters, we have beaten the expectations we put out there and that's building more comfort for us, but I think automated answers and the new pricing and packaging will learn a lot more in the first half of this year.

但正如您在過去三個季度中看到的那樣，我們超出了我們提出的預期，這為我們帶來了更多舒適感，但我認為自動化答案以及新的定價和包裝將在今年上半年學到更多。

So you won't you won't be able to see it sort of in where the expenditures are up, but the expenditures over time should be flat to down.

所以你不會在支出增加的地方看到它，但隨著時間的推移支出應該持平或下降。

So the question on LOMs improve over time.

因此，關於 LOM 的問題隨著時間的推移而改善。

Yes, that is that is an amazing question, and I'm not sure even I understood just how much they can evolve and how quickly they can evolve and how useful they are when they evolve.

是的，這是一個令人驚奇的問題，我甚至不確定我是否了解它們可以進化多少、它們可以進化多快以及它們進化時有多大用處。

So the speed in which we can answer your question, the types of questions that we can answer and the cost of doing it, all of those things is the LOM learns more, get better.

因此，我們回答您問題的速度、我們可以回答的問題類型以及回答問題的成本，所有這些都是 LOM 學到的更多、變得更好。

The second thing is the personalization that we can do on a per-student basis.

第二件事是我們可以針對每個學生進行個人化。

So their data beyond just the question and the answer there is data that gets mined, what school you ask, who is your Professor?

因此，他們的數據不只是問題和答案，還有被挖掘的數據，你問的是哪所學校，你的教授是誰？

How does that Professor prepare?

那位教授準備得怎麼樣了？

So we have years of history of when the midterm is when the final is.

所以我們有多年的歷史，期中考就是期末考。

So imagine a scenario on a per student basis is over time.

因此，想像一下隨著時間的推移，每個學生的情況。

This is not this quarter.

這不是本季。

I don't want to confuse anybody, but it is what the LOMs will enable us to do.

我不想讓任何人感到困惑，但這就是 LOM 將使我們能夠做到的。

And what we're working towards will be able to go like a coach and say, to the students say we know your midterms coming up in two weeks.

我們正在努力的目標是能夠像教練一樣對學生說，我們知道你們的期中考將在兩週後進行。

Do you wanted to build you a schedule of how to study you wanted to build you a unique practice test just for you and we can do it not just based on the subject but based on the individual and the professor themselves, because we have all the data of what that Professor does and when they do it, the kinds of things that they ask.

您想為您制定一個如何學習的時間表嗎？您想為您制定一個獨特的模擬測試嗎？我們不僅可以根據主題，還可以根據個人和教授本身來做到這一點，因為我們擁有所有教授所做的事情以及他們何時做的數據，以及他們提出的問題類型。

Because we have all these years of history already in our dataset.

因為我們的資料集中已經有這些年的歷史了。

Those are the kinds of things that are unique to Chegg that can differentiate.

這些是 Chegg 獨有的、可以區分的東西。

We think those things create value in terms of going back at some point to pricing power and second on retention and expand out to the kinds of things that we can do.

我們認為，這些事情在某種程度上創造了價值，首先是定價能力，其次是保留能力，並擴展到我們可以做的事情。

So another example is things like we know you go to this school, you go to University of Arizona, and we know that students that take these classes major in this and we know students that major and this generally tend to work for these 10 companies and these 10 companies are looking for these skills.

另一個例子是，我們知道你去這所學校，你去亞利桑那大學，我們知道參加這些課程的學生主修這個專業，我們知道這個專業的學生通常傾向於為這10 家公司工作，這 10 家公司正在尋找這些技能。

Would you like us to assess you on whether or not where you are on those skills and then we can upsell them to.

您是否希望我們對您的這些技能進行評估，然後我們可以向您追加銷售。

Would you like us to teach you those skills that you can get a certificate that shows that you're actually competent in Asia, things that our own LOMs and datasets will allow us to do that.

您希望我們教您那些技能，您可以獲得證書，證明您在亞洲確實有能力，我們自己的 LOM 和資料集將允許我們做到這一點。

We believe no one else would be able to do.

我們相信沒有人能夠做到這一點。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

Thanks.

謝謝。

It relates to Q1 guide.

它與 Q1 指南有關。

You're guiding EBITDA down 24% year on year, and I think revenues guided to down mid to high single digit.

你們引導 EBITDA 年比下降 24%，我認為收入引導下降到中高個位數。

I think the question we're getting is when do you returned to healthy growth on revenue and EBITDA?

我認為我們面臨的問題是，您的收入和 EBITDA 何時恢復健康成長？

Well, I'll answer the second part of that because I'll be here going forward and Andy is already in retirement, but I think you can answer why the model is what it is in the first quarter.

好吧，我將回答第二部分，因為我將在這裡繼續前進，而安迪已經退休了，但我認為您可以回答為什麼該模型是第一季的樣子。

So we are not prepared today to say when we will return to that, we do feel comfortable in saying we will return to that.

因此，我們今天不准備說什麼時候會回到那個狀態，但我們確實可以放心地說我們會回到那個狀態。

And because of AI going from a potential headwind to a tailwind we think we'll be going to that sooner and than we otherwise would have because of our ability to have more questions ask have them index drive more customers plus promotional pricing so what in the next few quarters, we think we'll be more able to articulate when we think that happens.

由於人工智慧從潛在的逆風變成了順風，我們認為我們會比其他方式更快地實現這一點，因為我們有能力提出更多問題，讓他們索引驅動更多客戶加上促銷定價，所以在在接下來的幾個季度，我們認為當我們認為這種情況發生時，我們將能夠更清楚地表達出來。

But we're absolutely currently on the path to do that.

但我們目前絕對正走在實現這目標的道路上。

And we our margins, we think we can return back to where our historical margins were.

我們的利潤率，我們認為我們可以回到歷史利潤率的水平。

This is a company that should be able to grow and start with the fact that we started with fewer net customers this year than last year because of the people that rolled off in the post COVID and all the other stuff that we were dealing with.

這家公司應該能夠成長，並從以下事實開始：今年我們開始時的淨客戶比去年少，因為在新冠疫情之後以及我們正在處理的所有其他事情中，人員流失了。

So we have about 9% fewer customers starting this year than we did last year.

因此，今年開始我們的客戶數量比去年減少了約 9%。

What you'll be able to track over time because we report on our customers every quarter is you'll see that gap on soon when we do our guidance, you'll see that gap continue to close, and that's how you'll see and be able to estimate when we'll be able to return to growth, but we're on that path.

隨著時間的推移，您將能夠追蹤到，因為我們每季都會報告我們的客戶，當我們進行指導時，您很快就會看到這種差距，您會看到這種差距繼續縮小，這就是您將看到的並能夠估計我們何時能夠恢復成長，但我們正走在這條路上。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc 資本市場。

Great.

偉大的。

This is actually Devin on for Jason today and thanks for taking our question.

這實際上是德文今天為傑森做的，感謝您提出我們的問題。

Just one quick follow-up on Ryan's question also on automated answers.

只是對 Ryan 的問題以及自動答案的一個快速跟進。

I think in terms of the questions being answered by the answers.

我認為就答案所回答的問題而言。

Are these more within the STEM and Business Objects?

這些比較屬於 STEM 和 Business Objects 嗎？

Or have you seen I mean, Andrew also having the ability to provide quality responses to maybe the non-stent subjects that I believe is an area that's a little bit I'm less penetrated for Chegg.

或者你有沒有看到我的意思是，安德魯也有能力為可能沒有支架的受試者提供高品質的反應，我認為這是我對 Chegg 來說不太了解的領域。

Yes, terrific question.

是的，很棒的問題。

So let me start with the initial questions through three parts to that question.

讓我從最初的問題開始，透過三個部分來回答這個問題。

The first one is what are students already asking us.

第一個是學生已經問我們的問題。

Those are because the people that are already with us or SMB students, they're asking deeper questions that AI. allows us to answer in the next phase is going to be conversational nature, which will be really fun and helpful for the students because we'll be able to ask them questions.

這是因為已經和我們在一起的人或中小企業的學生，他們提出了比人工智慧更深層的問題。允許我們在下一階段回答的問題將是對話性質的，這對學生來說非常有趣且有幫助，因為我們將能夠向他們提出問題。

In addition to them asking us questions.

除了他們問我們問題。

So first, wondering if they're going deeper into the categories that that perhaps might have been really cost inefficient for us to tried to answer them because they're deep into subjects.

因此，首先，想知道他們是否會更深入地探討這些類別，這對我們來說可能確實成本低效，因為他們深入研究了主題。

So that's the first thing.

這是第一件事。

The second one is yes, we absolutely are building it to expand beyond DMD as students asset.

第二個是肯定的，我們絕對正在將其建構成超越 DMD 作為學生資產。

Third part, though, is we have to be comfortable that we can answer with the same quality and accuracy that we can answer.

但第三部分是，我們必須感到放心，我們可以以與我們可以回答的相同的品質和準確性來回答。

Other questions.

其他問題。

And that's just going to take the course of this year to get ourselves more comfortable we're focusing now first on the 26 subjects we have in the 52 LLM.s that we're building for each of those subjects, and then we'll move to outside of where we currently are.

今年的課程會讓我們感到更加自在，我們現在首先專注於我們為每個科目建立的 52 個法學碩士課程中的 26 個科目，然後我們將移動到我們目前所在位置之外。

But that is absolutely part of our roadmap.

但這絕對是我們路線圖的一部分。

It's just not part of the roadmap today.

它只是不是今天路線圖的一部分。

There are no further questions in the queue.

隊列中沒有其他問題。

I'd like to hand it back to Dan Rosensweig for closing remarks.

我想把它交還給丹·羅森斯威格（Dan Rosensweig）做結束語。

Thank you, everybody.

謝謝大家。

Just to repeat, it's been a complex last several years with COVID and post-COVID, then with AI and other variables and the company is in extremely strong shape.

再說一遍，過去幾年，新冠疫情和後新冠疫情的影響非常複雜，然後是人工智慧和其他變量，公司的狀況非常強勁。

Despite that, which is we generate a lot of profit.

儘管如此，我們還是創造了大量利潤。

We generate a lot of cash flow and we are we are moving back to net cash positive on our balance sheet.

我們產生了大量的現金流，我們正在將資產負債表上的淨現金恢復為正。

We've been really efficient with our capital and expect to continue to do so.

我們的資金使用效率非常高，並希望繼續如此。

But the real opportunity is rebuilding the flywheel with the new product, new service, new automated answering and a am moving from potential headwind, two absolute tailwind on our growth and um and costs.

但真正的機會是用新產品、新服務、新的自動應答來重建飛輪，並擺脫潛在的逆風，這是我們成長的兩個絕對順風以及成本。

And so it is a very exciting time.

所以這是一個非常令人興奮的時刻。

It's not easy.

這並不容易。

These things are moving very fast and the speed in which we're moving assessing than we've ever done.

這些事情發展得非常快，我們評估的速度比以往任何時候都快。

And so I just I very much look forward to the rest of this year in the future because we've got a lot of good momentum ahead of us.

所以我非常期待今年剩下的時間，因為我們前面有很多良好的勢頭。

It's just going to take time and we have to rebuild the base of net new accounts.

這需要時間，我們必須重建淨新帳戶的基礎。

And like I said, you'll see that every quarter if we execute well on.

就像我說的，如果我們執行得好，每個季度你都會看到這一點。

And of course, I want to welcome David Longo's to the role who brought David in a couple of years ago with the hope and expectation that he would fill Andy's role nobody can replace Andy.

當然，我要歡迎大衛隆戈（David Longo）擔任這個角色，幾年前他帶著大衛的希望和期望他將填補安迪的角色，沒有人可以取代安迪。

And to Andy Brown, I say that I've never had a better partner, a better work trend and Chegg would not be where it is today, had you not joined as you know, I made the decisions that you've made and back to people that we've had and hire the people we have.

對於安迪布朗，我說我從來沒有遇到過更好的合作夥伴，更好的工作趨勢，如果你沒有加入，Chegg 就不會達到今天的水平，正如你所知，我做出了你所做的決定並返迴向我們擁有的人提供幫助並僱用我們擁有的人。

So your mark is indelible and thank you, my friend, and thanks, everybody.

所以你的印記是不可磨滅的，謝謝你，我的朋友，謝謝大家。

Talk to you next quarter.

下個季度再聊。

Ladies and gentlemen, this does conclude today's teleconference.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation and you may disconnect your lines at this time and have a wonderful day.

感謝您的參與，此時您可以斷開線路並祝您度過美好的一天。