Chegg Inc (CHGG) 2024 Q4 法說會逐字稿

Greetings and welcome to the Chegg Incorporated fourth-quarter 2024 earnings conference call.

問候並歡迎參加 Chegg Incorporated 2024 年第四季財報電話會議。

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

（操作員指示）提醒一下，本次電話會議正在錄音。

It is now my pleasure to introduce Tracey Ford with Investor Relations.

現在我很高興向大家介紹投資者關係部的 Tracey Ford。

Thank you.

謝謝。

You may begin.

你可以開始了。

Good afternoon.

午安.

Thank you for joining Chegg's fourth quarter 2024 conference call.

感謝您參加 Chegg 2024 年第四季電話會議。

On today's call are Nathan Schultz, President and CEO and David Longo, Chief Financial Officer.

參加今天電話會議的有總裁兼執行長 Nathan Schultz 和財務長 David Longo。

A copy of our earnings press release along with our investor presentation is available on our investor relations website investor.chg.com. A replay of this call will also be available on our website.

我們的收益新聞稿以及投資者介紹的副本可在我們投資者關係網站 investor.chg.com 上查閱。本次通話的重播也將在我們的網站上提供。

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.

我們會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/mediacenter 上發布重要公告。我們鼓勵您利用這些資源。

Before we begin, I would like to point out that during the course of this call, we will make forward-looking statements regarding future events including the future financial and operating performance of the company.

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營運績效。

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.

這些前瞻性陳述受重大風險和不確定性的影響，可能導致實際結果與前瞻性陳述的結果有重大差異。

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陳述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 for the year ended December 31, 2024, to be filed with the Securities and Exchange Commission, as well as our other filings with the SEC.

特別是，我們請您參閱今天的收益報告中包含的警告性語言和 Chegg 向美國證券交易委員會提交的截至 2024 年 12 月 31 日的 10-K 表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。

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 on our earnings press release in the investor slide deck found on our IR website, investor.chegg.com. We also recommend you review the investor data sheet, which is also posted on our IR website.

我們的 GAAP 結果以及 GAAP 與非 GAAP 的對帳可以在我們 IR 網站 investor.chegg.com 上的投資者幻燈片中的收益新聞稿中找到。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 IR 網站上。

Now I will turn the call over to Nathan.

現在我將電話轉給 Nathan。

Thank you, Tracy.

謝謝你，特蕾西。

Hello, everyone and thank you for joining's fourth quarter earnings call.

大家好，感謝您參加第四季財報電話會議。

Before I cover our 2024 accomplishments and 2025 focus, I want to make sure the two announcements we are making are clear.

在介紹我們 2024 年的成就和 2025 年的重點之前，我想確保我們發布的兩個公告是明確的。

First, we announce we are undertaking a strategic review process, exploring a range of alternatives to maximize our shareholder value, including being acquired, undertaking a go-private transaction or remaining as a public standalone company.

首先，我們宣布我們正在進行一項策略審查流程，探索一系列最大化股東價值的替代方案，包括被收購、進行私有化交易或繼續作為一家獨立的上市公司。

Second, we announced the filing of a complaint against Google LLC and Alphabet Inc. These two axes are connected, as we would not need to review strategic alternatives if Google hadn't launched AIO reviews or AIO training retaining traffic that has historically had come to Chegg, materially impacting our acquisitions, revenue, and employees.

其次，我們宣布對 Google LLC 和 Alphabet Inc. 提起訴訟。

Chegg has a superior product for education as evident by our brand awareness, engagement and retention.

從我們的品牌知名度、參與度和留任率就可以看出，Chegg 擁有卓越的教育產品。

Unfortunately, traffic is being blocked from ever coming to Chegg because of Google's AIO and their use of Chegg's content to keep visitors on their own platform.

不幸的是，由於 Google 的 AIO 以及他們使用 Chegg 的內容來將訪客留在自己的平台上，流量被阻止進入 Chegg。

We retained Goldman Sachs as a financial advisor in connection with strategic review and Soman Godfrey with respect to her complaint against Google.

我們聘請了高盛作為策略審查的財務顧問，並聘請了索曼·戈弗雷負責她對谷歌的投訴。

As the education industry at large continues to transform, Chegg has strengthened its commitment to serving students with a clear focus on those seeking to build knowledge and achieve success along their academic journey.

隨著整個教育產業的持續轉型，Chegg 加強了為學生服務的承諾，明確地專注於那些尋求在學術旅程中累積知識並取得成功的學生。

Through focused investment over the past year in the integration of cutting-edge technologies, we have advanced the Chegg product offerings to deliver a comprehensive, personalized, and verticalized learning experience for higher education.

透過過去一年對尖端技術整合的重點投資，我們改進了 Chegg 產品，為高等教育提供全面、個人化和垂直化的學習體驗。

The Chegg of today provides precisely what learners need and ensures that Chegg main maintains a strong reputation for quality and cost.

如今的 Chegg 提供的正是學習者所需要的，並確保 Chegg 主要在品質和成本方面保持良好的聲譽。

On technology in 2024, we integrated AI and machine learning into our product stack.

在 2024 年的技術方面，我們將人工智慧和機器學習整合到我們的產品堆疊中。

We blended third party AI models with our proprietary student-focused data and high-quality content, delivering more value to the learner.

我們將第三方人工智慧模型與我們專有的以學生為中心的數據和高品質內容相結合，為學習者提供更多價值。

We are AI model agnostic, seamlessly incorporating new frontier models like Llama, Anthropic, Mistral, GPT, and new models as they become available.

我們不拘泥於 AI 模型，能夠無縫整合 Llama、Anthropic、Mistral、GPT 等新前沿模型以及新推出的模型。

We use techniques like A/B testing, multi-shot prompting, and retrieval augmented generation to improve how our AI learns, retrieves information in real time, and delivers consistent results.

我們使用 A/B 測試、多重提示和檢索增強生成等技術來改進我們的 AI 學習、即時檢索資訊和提供一致結果的方式。

With this work complete, we are now building verbalized applications for education at a fraction of the time and cost while also increasing our level of personalization.

完成這項工作後，我們現在可以以極少的時間和成本建立用於教育的語言化應用程序，同時提高我們的個人化水平。

As we've mentioned before, our implementation of machine learning in multiple AI models has significantly reduced the cost of creating content by more than 70% while keeping our quality at the high standard students expect.

正如我們之前提到的，我們在多個人工智慧模型中實施的機器學習已顯著降低了 70% 以上的內容創建成本，同時保持了我們的品質達到學生期望的高標準。

We stand by our quality of our content so much that in Q3 we implemented a satisfaction guarantee.

我們對內容的品質十分保證，因此在第三季我們實施了滿意度保證。

On brand and marketing last fall, we launched an innovative brand marketing campaign, an activation program that reinvigorated top of funnel traffic, creating strong consideration, bringing in new users, and ultimately driving conversion.

去年秋天，在品牌和行銷方面，我們推出了一項創新的品牌行銷活動，這是一項激活計劃，旨在重振管道流量，引起強烈的關注，吸引新用戶，並最終推動轉換。

As a result of our full funnel program, we've seen year over year improvements in click through and conversion rates, leading us to double down on this commitment in 2025.

由於我們實施了完整的漏斗計劃，我們看到點擊率和轉換率逐年提高，這促使我們在 2025 年加倍履行這項承諾。

With regard to TikTok specifically, we were able to capture a 16% increase in awareness among underclassmen.

具體到 TikTok，我們發現低年級學生對該應用的認知度提高了 16%。

On the product, we have significantly advanced and differentiated rig's AI powered question and answer experience.

在產品上，我們顯著提升並差異化了rig的AI問答體驗。

At the front end, we have simplified the question submission process and allowed for more natural inputs and interactions.

在前端，我們簡化了問題提交流程，允許更自然的輸入和互動。

Learners now instantly receive step by step explanation and reinforcement, adaptive and personalized based on their individual strengths and weaknesses.

學習者現在可以立即獲得逐步的解釋和強化，並根據他們個人的優勢和劣勢進行調整和個性化。

Finally, at conclusion, Chegg's proactively offers students a variety of unique recommendations called next best actions to reinforce and further their learning.

最後，總結一下，Chegg 主動為學生提供各種獨特的建議，稱為下一步最佳行動，以鞏固和進一步學習。

These product upgrades resulted in 66% more questions being asked in 2024 versus 2023, adding nearly 26 million additional solutions to our archive and contributing to the 15-basis-point increase in subscriber retention over the course of the year.

這些產品升級導致 2024 年提出的問題比 2023 年增加了 66%，為我們的檔案增加了近 2,600 萬個額外的解決方案，並促使全年用戶保留率提高了 15 個基點。

Finally, I want to touch on Busuu, our language learning service, which has done a tremendous job transitioning to a premium business model and integrating AI as a key product feature with the introduction of speaking practice.

最後，我想談談我們的語言學習服務 Busuu，它在過渡到高端商業模式、將人工智慧作為關鍵產品功能以及引入口語練習方面取得了巨大進步。

The strategic refocus increased the first 30-day conversion rate to paying customers by 31% and led to a 9% year-over-year revenue growth for 2024, a trend we expect to continue in 2025.

策略重新聚焦將前 30 天付費客戶轉換率提高了 31%，並帶來了 2024 年年增 9% 的收入，我們預計這一趨勢將持續到 2025 年。

The enterprise part of this business is performing very well with revenue up 46% in 2024 as we added an impressive set of Enterprise customers including Total Energy and Carrefour.

由於我們增加了一批令人印象深刻的企業客戶，包括道達爾能源和家樂福，該業務的企業部分錶現非常出色，2024 年的收入將增長 46%。

The Enterprise business will continue to expand with additional organizations, reseller relationships, and our successful partnership with Gild, specifically within their English language learning category.

企業業務將繼續擴大，包括增加組織機構、建立經銷商關係以及與 Gild 建立成功的合作夥伴關係，特別是在英語學習類別中。

While we have made significant headway on our technology, products, and marketing programs, 2024 came with a series of challenges, including the rapid evolution of the content landscape, particularly the rise of Google AIO, which is, which, as I previously mentioned, has had a profound impact on Chegg's traffic, revenue, and workforce.

雖然我們在技術、產品和行銷計劃方面取得了重大進展，但 2024 年面臨一系列挑戰，包括內容格局的快速發展，特別是 Google AIO 的興起，正如我之前提到的，它對 Chegg 的流量、收入和員工產生了深遠的影響。

As already mentioned, we are filing a complaint against Google LLC and Alphabet Inc. In the US District Court for the District of Columbia, making three main arguments.

如同前面所提到的，我們正在向美國哥倫比亞特區地方法院對 Google LLC 和 Alphabet Inc. 提起訴訟，提出了三個主要論點。

First is reciprocal dealing, meaning that Google forces companies like JG to supply our proprietary content in order to be included in Google's search function.

首先是互惠交易，這意味著谷歌強迫像 JG 這樣的公司提供我們的專有內容，以便被納入谷歌的搜尋功能。

Second is monopoly maintenance, or that Google unfairly exercises its monopoly power within search and other anti-competitive conduct to muscle up companies like CE.

第二是維護壟斷，或者說Google不公平地行使其在搜尋領域的壟斷權以及其他反競爭行為，以增強 CE 等公司的實力。

And third is unjust enrichment, meaning Google is reaping the financial benefits of Chegg's content without having to spend a dime.

第三是不當得利，這意味著谷歌無需花一分錢就可以從 Chegg 的內容中獲益。

As we alleged in our complaint, Google's AIO has transformed Google from a search engine into an answer engine, displaying AI generated content sourced from third party sites like Check.

正如我們在投訴中所指控的那樣，Google的 AIO 將Google從搜尋引擎轉變為答案引擎，顯示來自 Check 等第三方網站的 AI 生成的內容。

Google's expansion of AIO forces traffic to remain on Google, eliminating the need to go to third party content source sites.

Google 對 AIO 的擴充功能迫使流量保留在 Google 上，而無需前往第三方內容來源網站。

The impact on tech's business is clear.

這對科技業務的影響是顯而易見的。

Our non-subscriber traffic plummeted to 49% in January 2025, down significantly from the modest 8% decline we reported in Q2 of 2024.

2025 年 1 月，我們的非訂閱流量暴跌至 49%，與 2024 年第二季報告的 8% 的小幅降幅相比大幅下降。

We believe this isn't just about check.

我們相信這不僅僅只是檢查。

It's about students losing access to quality, step by step learning in favor of low quality, unverified AI summaries.

這意味著學生將無法獲得高品質的、循序漸進的學習，而只能依靠低品質、未經驗證的人工智慧摘要。

It's about the digital publishing industry.

這是關於數位出版行業的。

It's about the future of internet search.

這是關於互聯網搜尋的未來。

In summary, our complaint challenges Google's unfair competition, which is unjust, harmful, and unsustainable.

總之，我們的投訴質疑谷歌的不公平競爭，這種競爭是不公正的、有害的和不可持續的。

While these proceedings are just starting, we believe bringing this lawsuit is both necessary and well founded.

雖然這些訴訟才剛開始，但我們認為提起訴訟是必要的，也是有理有據的。

Well, the challenges we outlined will persist, we are focused on the clear goal of stabilizing the business through the course of 2025.

嗯，我們概述的挑戰將持續存在，我們專注於在 2025 年期間穩定業務的明確目標。

We are driven by the core belief that the relevancy and need for comprehensive student success platforms, offering an adaptive personalized experience to support learning will only increase over the coming years.

我們堅信，在未來幾年，全面的學生成功平台的相關性和需求只會增加，提供自適應的個人化體驗以支持學習。

Administrators and faculty are acknowledging the need to change their teaching and teaching models and assessments to better reflect the AI normalized environment we are now in.

管理人員和教師認識到需要改變他們的教學、教學模式和評估方式，以更好地反映我們現在所處的人工智慧標準化環境。

The dramatic disruption that came with the launch of generative AI platforms has started to stabilize as schools now understand the significant risk, an impact of students GPTing their way through their educational journey.

隨著生成式人工智慧平台的推出，帶來的巨大混亂已經開始趨於穩定，因為學校現在認識到了學生在教育歷程中進行 GPT 所帶來的重大風險。

This view is widely supported by some recent studies.

這一觀點得到了近期一些研究的廣泛支持。

First, a study from the American Association of Colleges and Universities and Elon University explored the impact of generative AI on academic integrity, with 92% of faculty worried about AI undermining deep learning by overreliance on AI tools, and 95% of these leaders saying the teaching models at the after school will be affected significantly or to some degree by general AI.

首先，美國大學協會和伊隆大學的一項研究探討了生成式人工智慧對學術誠信的影響，其中92%的教師擔心過度依賴人工智慧工具會破壞深度學習，95%的領導者表示，課後教學模式將受到通用人工智慧的重大或一定程度的影響。

Second, the latest edition of Chegg's global student survey measured the insights of nearly 12,000 undergraduate students in 15 countries. 53% of undergraduate students who have used generative AI voiced concerns about receiving incorrect or inaccurate information.

其次，Chegg最新一期的全球學生調查測量了15個國家近12,000名大學部學生的見解。 53% 使用過生成式人工智慧的本科生表示擔心收到不​​正確或不準確的資訊。

Third, we conducted proprietary research on student personas and learned that at least 82% of the US college students wants more than what GPT offers.

第三，我們對學生角色進行了專有研究，了解到至少 82% 的美國大學生想要的不僅僅是 GPT 所提供的。

These students need to develop knowledge, not just get grab-and-go answers.

這些學生需要發展知識，而不是只獲得現成的答案。

So as 2025 gets underway, here's we're leaning in.

因此，隨著 2025 年的到來，我們正邁向這一天。

In 2025 on brand and marketing, we're continuing to raise brand awareness and improve conversion rates.

2025年在品牌和行銷方面，我們將繼續提高品牌知名度並提高轉換率。

In January, we debuted our get a grip brand campaign featuring our new amazing mascot, ace the octopus, a physical representation of Chegg allows us to connect with our audience in a fun way, clearly conveying how we are on and by student side throughout the semester.

今年 1 月，我們首次推出了「get a grip」品牌活動，以我們令人驚嘆的新吉祥物——章魚王牌為特色，這是 Chegg 的實體代表，讓我們能夠以有趣的方式與觀眾建立聯繫，清楚地傳達我們在整個學期如何與學生站在一起。

In addition, we are continuing our expansion into new media channels, including streaming platforms like Hulu and YouTube and social channels like Discord and Twitch.

此外，我們也持續擴展新媒體管道，包括 Hulu 和 YouTube 等串流平台以及 Discord 和 Twitch 等社群管道。

We also launched live office hours on social media channels to provide students with instant live course.

我們也在社群媒體管道上推出了現場辦公時間，為學生提供即時直播課程。

Construction, we aim to provide an interactive community-based learning opportunity while introducing our brand and value to new users.

建設，我們的目標是提供一個基於社區的互動學習機會，同時向新用戶介紹我們的品牌和價值。

Our goal is to have more than 1.5 million students attend our live programming this year.

我們的目標是今年讓超過 150 萬名學生參加我們的現場節目。

Diversification is key to final resiliency and taking a full final approach is necessary to making sure we bring in the right traffic and regrow our customer acquisitions.

多樣化是最終復原力的關鍵，採取全面的最終方法是必要的，以確保我們帶來正確的流量並重新增加客戶獲取量。

In 2025 on products, we are building experience is worthy of virality and acquisition growth and retention and making these experiences as universally available as possible.

在 2025 年的產品上，我們正​​在建立值得病毒式傳播、收購、成長和保留的體驗，並盡可能使這些體驗普遍可用。

First is Solution Scout, a new product we launched earlier this month.

首先是Solution Scout，這是我們在本月初推出的新產品。

As I mentioned earlier, students lack trust in generative of AI, and they, and they've told us that they, they're spending too much time triangulating comparing and verifying solutions across multiple platforms.

正如我之前提到的，學生對產生人工智慧缺乏信任，他們告訴我們，他們花了太多時間在多個平台上進行三角測量、比較和驗證解決方案。

This results in an incredible amount of wasted time that could be spent learning.

這導致了大量本來可以用來學習的時間被浪費。

Solution Scout allows students to seek side by side answers from multiple LLMs along Chegg Solution, but what's most important is that Chegg through our proprietary technology can compare and contrast the solutions, providing students a massive time save and value, and our early indications are very positive.

Solution Scout 讓學生可以沿著 Chegg Solution 並排尋找多個 LLM 的答案，但最重要的是，Chegg 可以透過我們的專有技術比較和對比這些解決方案，為學生節省大量時間並創造價值，我們的早期跡象非常積極。

We're also excited to launch an updated future set for practice and exam preparation personalized to each student. 71% of students report that they do not have adequate practice resources when preparing for exams.

我們也很高興推出針對每個學生個人化的練習和考試準備的更新版未來套裝。 71%的學生表示，他們在準備考試時沒有足夠的練習資源。

Chen can help coach each student to confidence.

陳可以幫助指導每個學生建立自信。

Monthly, our platform collects more than 3 billion data interaction points, which enables us to customize and personalize this experience.

我們的平台每月收集超過 30 億個數據互動點，這使我們能夠客製化和個人化這種體驗。

Along with our personalization, students can change the difficulty and format of questions whether they want to learn via flashcards, multiple choice, or word problems.

透過個人化設置，學生可以改變問題的難度和格式，無論他們想透過抽認卡、多項選擇題還是文字題來學習。

Students need to gain competency in their studies and practice tailored specifically to their individual strengths and weaknesses is how they will do it.

學生需要在學習中獲得能力，並根據自己的優勢和劣勢進行量身定制練習。

This is a tech that exists right now.

這是目前存在的技術。

Our goal with our platform is simple.

我們建立平台的目標很簡單。

We want students to thrive.

我們希望學生茁壯成長。

We want students to have a wow moment with Chang.

我們希望學生們能夠與 Chang 一起度過一段驚喜的時光。

While Chegg is not just a grab-and-go answer, while Chegg is not just gene generative AI.

雖然 Chegg 不僅僅是一個隨時可用的答案，但 Chegg 也不僅僅是基因生成的人工智慧。

That wow moment is when a student realizes Chegg understands me and my specific needs and there's a platform I can use every day to succeed in my education, educational journey.

當學生意識到 Chegg 了解我和我的特定需求，並且我可以每天使用這個平台來完成我的教育和教育之旅時，我會感到驚喜。

This wild moment is what will unlock our ability to stabilize our business.

這瘋狂的時刻將釋放我們穩定業務的能力。

Finally, on the expansion of our business model in 2025, I want to touch on our enterprise strategy which enables us to diversify and generate recurring revenue streams.

最後，關於 2025 年我們商業模式的擴展，我想談談我們的企業策略，該策略使我們能夠實現多元化並產生經常性收入來源。

We're continuing to expand our business institution pilot program which began in late 2024.

我們將繼續擴大 2024 年底啟動的商業機構試點計畫。

With five pilot programs active, we hope to work with approximately 35 additional institutions by the end of the year.

隨著五個試點計畫陸續啟動，我們希望在今年年底前與另外約 35 家機構合作。

There's a tremendous opportunity to support a broader range of students in achieving their academic goals and increase persistence in graduation rates, which is a major issue in higher education today.

這是一個巨大的機會，可以支持更廣泛的學生實現他們的學術目標並提高畢業率的持久性，這是當今高等教育的一個主要問題。

We've seen early receptivity and positive feedback back on how these pilots are already helping students and hope to move a number of them into full campus-wide implementations by the end of the year.

這些試點計畫已經幫助了學生，我們已經看到了早期的接受度和積極的回饋，並希望在今年年底前將其中一些計畫在整個校園內全面實施。

Before I hand it over to David, I want to summarize what's most important from today's call.

在將其交給大衛之前，我想總結一下今天電話會議中最重要的內容。

We announced that we are undertaking a process to review strategic alternatives, and we filed a complaint against Google.

我們宣布我們正在進行一項審查戰略替代方案的流程，並且我們已經對谷歌提起了投訴。

In addition to this, here are the keys to our 2025 strategy to stabilize our business.

除此之外，以下是我們 2025 年策略穩定業務的關鍵。

Key number one, build brand awareness, drive more qualified traffic, and increase conversion rates.

關鍵第一，建立品牌知名度，吸引更多合格流量，並提高轉換率。

Key number two, expand our product set to offer unique solutions for students that increases the frequency of use and creates clear and differentiated value for check.

關鍵之二，擴展我們的產品組合，為學生提供獨特的解決方案，增加使用頻率並為檢查創造清晰、差異化的價值。

Key number 3, diversify our revenue streams with business to institutional programs and other enterprise offerings.

關鍵三，利用企業對機構項目和其他企業產品來實現我們的收入來源多樣化。

We continue to have a strong and trusted brand, customer base of millions of global subscribers, a large market opportunity, and amazing employees to get the job done.

我們繼續擁有強大且值得信賴的品牌、數百萬全球用戶的客戶群、巨大的市場機會以及出色的員工來完成工作。

We believe 2025 will mark a turning point for Chegg.

我們相信 2025 年將成為 Chegg 的一個轉捩點。

With that, I'll turn it over to David.

說完這些，我會把話題交給大衛。

Thank you, Nathan, and good afternoon.

謝謝你，內森，下午好。

Today, I will be presenting our financial performance for the fourth quarter of 2024, along with the company's outlook for the first quarter of 2025.

今天，我將介紹我們 2024 年第四季的財務表現以及公司對 2025 年第一季的展望。

We delivered a solid fourth quarter, surpassing our Q4 guidance for both revenue and adjusted EBITDA.

我們第四季業績表現穩健，營收和調整後 EBITDA 均超出第四季度預期。

While navigating industry challenges, we remained laser focused on executing our strategic plan, enhancing our product market fit, and continuing to prudently manage our expenses.

在應對產業挑戰的同時，我們始終專注於執行我們的策略計劃，增強我們的產品市場契合度，並繼續審慎管理我們的費用。

We remain on track to achieve 2025 non-GAAP savings of $100 million to $120 million from our previously announced restructuring activities.

我們仍有望透過先前宣布的重組活動，在 2025 年實現 1 億至 1.2 億美元的非 GAAP 節約。

Additionally, we strengthened our balance sheet by repurchasing $117 million of our 2026 convertible notes at a significant discount.

此外，我們也以大幅折扣回購了 1.17 億美元的 2026 年可轉換票據，從而增強了我們的資產負債表。

In the fourth quarter, total revenue was $143.5 million a decrease of 24% year over year.

第四季度，總營收為1.435億美元，年減24%。

This includes subscription services revenue of $128.5 million, down 23% year over year.

其中包括1.285億美元的訂閱服務收入，較去年同期下降23%。

We had 3.6 million subscribers during the quarter, representing a decline of 21%.

本季度，我們的訂閱用戶數為 360 萬，下降了 21%。

Subscription services ARPU decreased by 3% year over year, primarily driven by a temporary dip in our monthly retention rate in November and December, which has since returned to historical norms.

訂閱服務 ARPU 年減 3%，主要原因是 11 月和 12 月月留存率暫時下降，但此後已恢復到歷史正常水準。

Skills and other revenue was $14.9 million, down 31% year over year due to the market shift away from traditional boot camps to lower cost short form programs and a decline in advertising revenue from reduced traffic and sessions across our platform.

技能和其他收入為 1,490 萬美元，年減 31%，因為市場從傳統訓練營轉向成本較低的短期課程，以及平台流量和會話減少導致廣告收入下降。

We delivered adjusted EBITDA of $37 million representing a margin of 25%.

我們實現的調整後 EBITDA 為 3,700 萬美元，利潤率為 25%。

As mentioned earlier, in the fourth quarter, we opportunistically repurchased $116.6 million in aggregate principal amount of our 2026 convertible notes at a $20 million discount to par.

如前所述，在第四季度，我們趁機以低於票面價值 2,000 萬美元的價格回購了總本金金額為 1.166 億美元的 2026 年可轉換票據。

Free cash flow for the fourth quarter was $4.8 million despite incurring approximately $25 million in cash outlays related to employee severance from our two restructuring in which we laid off more than 700 employees, as well as the Pearson legal settlement.

第四季的自由現金流為 480 萬美元，儘管我們在兩次重組中裁掉了 700 多名員工，以及與 Pearson 的法律和解產生了約 2500 萬美元的員工遣散費現金支出。

As anticipated, we expect another $11 million in cash restructuring payments, with a significant portion to be incurred in Q1.

正如預期的那樣，我們預計將再支付 1,100 萬美元的現金重組費用，其中很大一部分將在第一季支付。

Capital expenditures for the quarter were $13 million down 52% year over year, of which $8.7 million were content costs.

本季資本支出為 1,300 萬美元，年減 52%，其中 870 萬美元為內容成本。

Leveraging the power of AI, CapEx content costs have decreased 56% year over year while the number of questions asked increased 2%.

利用人工智慧的力量，資本支出內容成本較去年同期下降了 56%，而提出的問題數量增加了 2%。

Looking at the balance sheet, we concluded the quarter with cash and investments of $528 million and a net cash balance of $42 million.

從資產負債表來看，本季末我們的現金和投資為 5.28 億美元，淨現金餘額為 4,200 萬美元。

Looking ahead, as Nathan detailed earlier, we have an exciting and ambitious agenda for product and marketing in 2025.

展望未來，正如 Nathan 之前所詳述的那樣，我們對 2025 年的產品和行銷有一個令人興奮且雄心勃勃的計劃。

However, as we work towards realizing the benefits of these initiatives, industry challenges are causing a notable decline in traffic and subscriber acquisitions.

然而，在我們努力實現這些措施的效益的同時，產業挑戰導致流量和用戶獲取量大幅下降。

These factors are putting pressure on our business and impacting our financial outlook.

這些因素對我們的業務造成壓力並影響我們的財務前景。

For Q1 guidance, we expect total revenue between $114 million and $116 million with subscription services revenue between $104 million and $106 million.

對於第一季的指引，我們預計總收入在 1.14 億美元至 1.16 億美元之間，訂閱服務收入在 1.04 億美元至 1.06 億美元之間。

Gross margin to be in the range of 66% to 67%, and adjusted EBITDA between $13 million and 14 million.

毛利率在 66% 至 67% 之間，調整後 EBITDA 在 1,300 萬美元至 1,400 萬美元之間。

In closing, despite the ongoing industry challenges that are putting pressure on our financial performance, we made significant progress in 2024 by building technology, integrating AI, and enhancing products, all while prudently managing expenses.

最後，儘管持續的產業挑戰給我們的財務表現帶來壓力，但我們在 2024 年透過建構技術、整合人工智慧和增強產品，同時審慎管理費用，取得了重大進展。

We entered 2025 with a solid foundation and are focused on stabilizing business trends.

我們以堅實的基礎邁入2025年，並致力於穩定業務趨勢。

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

說完這些，我將把電話轉給接線員來回答您的問題。

We respectfully advise that we will not be taking questions related to the company's strategic review process.

我們謹此告知，我們不會接受與公司策略審查流程相關的問題。

(Operator Instructions)

（操作員指令）

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克‧謝裡丹 (Eric Sheridan)。

With respect to the Q1 2025 guidance, just want to understand if you can unpack a little bit the incremental, operating leverage in the business and how we should be thinking about dollar revenue growth and what it can translate.

關於 2025 年第一季的指引，我只是想了解您是否可以稍微解釋一下業務中的增量、營運槓桿，以及我們應該如何考慮美元收入成長及其可以轉化什麼。

In in terms of incremental adjusted EBITDA when you measure against fixed versus variable cost in the business and or some of the key investment initiatives either brand, traffic or product that you see is pretty critical to make in 2025.

就增量調整後 EBITDA 而言，當您衡量業務中的固定成本與變動成本，或一些關鍵投資計畫（無論是品牌、流量或產品）時，您認為在 2025 年做出這些投資都至關重要。

Thanks so much.

非常感謝。

Yeah, thanks so this is David.

是的，謝謝，我是大衛。

Thanks for your question and yeah, our model ends up being super efficient in terms of the gross margin and falling, directly to the bottom line.

感謝您的提問，是的，我們的模型最終在毛利率方面變得非常高效，並且直接下降到底線。

So our overall excuse me.

因此我們總體上感到抱歉。

The, if we added an incremental $1 million worth of sales, I think we're dropping, $900,000 of that to the bottom line it's super efficient, in that sense.

如果我們增加了價值 100 萬美元的增量銷售額，我想我們會將其中的 90 萬美元減少到底線，從這個意義上來說，這是非常有效率的。

And then, on the investment side for the all the product initiatives that we have, in the first half of the year, we're rolling out the comparison tool and also the Excuse me, the next best actions on tests and practice, we're optimistic that that's going to drive more engagement, more, higher retention, marketing, we're increasing our funnels to bring traffic back to the site, which will lead to acquisitions and growth.

然後，就我們所有產品計劃的投資方面而言，在今年上半年，我們將推出比較工具，另外，對不起，下一步的最佳行動是進行測試和實踐，我們樂觀地認為這將推動更多的參與度、更高的保留率和營銷，我們正在增加渠道以將流量帶回網站，這將帶來收購和增長。

So, thank you.

所以，謝謝你。

Ryan MacDonald, Needham and Company.

瑞安·麥克唐納 (Ryan MacDonald)，尼德漢姆公司。

Maybe to start, I'm curious to hear a bit more about this sort of shift into new revenue streams and sort of the enterprise offerings and business to institution programs.

首先，我很好奇想多了解一些有關轉向新收入來源以及企業產品和企業對機構計劃的情況。

Maybe we just with the pilot programs you have with the institutions right now.

或許我們目前只是與各機構合作進行試點計畫。

Can you talk about how what the pricing model looks like that is it sort of, the institutions sort of paying for access to Chegg and then sort of like including it or rolling it into tuition or how should we think about how you know these pilot programs kind of create monetization opportunities.

您能否談談定價模式是怎樣的？

I appreciate the question on Nathan.

我很感謝關於 Nathan 的問題。

Let me start back up a bit on the business institution side just remind everyone that the program we started last year.

讓我從商業機構方面稍微回顧一下，只是提醒大家我們去年啟動的這個計畫。

Really throw some inbound interest from schools.

真正引起學校的一些興趣。

The key solution they're looking for is around the areas of persistence and graduation because we all understand the demographics in the US.

他們尋求的關鍵解決方案圍繞著堅持和畢業兩個方面，因為我們都了解美國的人口統計。

We're going to have around 19 million students in the system.

我們的系統中將有大約1900萬名學生。

The freshman class is going to be about equal size coming in year after year.

每年新生的人數都會大致相同。

We're dealing with graduation rates that are only in the 60% range and so.

我們的畢業率僅 60% 左右。

Students that are falling out of the system and that's really a significant issue, particularly when you look at some of the government policy that we're looking at, particularly around the College Costs Reduction Act or CCRA that we're watching.

脫離教育體系的學生確實是個重大問題，特別是當你看看我們正在關注的一些政府政策時，特別是我們正在關注的《大學費用減免法案》（CCRA）。

So schools are schools are very interested in how do we serve students as a customer, how do we provide them with the right tools and the right services to help them.

因此，學校非常感興趣我們如何為學生提供客戶服務，如何為他們提供正確的工具和服務來幫助他們。

Not only conquer their academic journey but also start to acquire skills that they're going to need as they leave college to get a job.

他們不僅能完成學業，還能開始獲得大學畢業後找工作所需的技能。

So very excited about the program.

我對這個項目感到非常興奮。

We've got a number of pilots under their belt right now looking to have potentially 35 more pilots throughout the course of this year and more interesting looking to then take those pilots into full campus-wide implementation.

目前，我們已進行了大量試點，希望今年內再進行 35 次試點，更有趣的是，希望將這些試點在整個校園內全面實施。

The goal of the pricing model it's pretty simple.

定價模型的目標非常簡單。

It's a seat-based pricing program, we're trying to make sure that we can get every student into the platform and provide tools for every student.

這是一個基於座位的定價方案，我們試圖確保能夠讓每個學生進入平台並為每個學生提供工具。

So excited about the early traction we've got there, excited about some of the early partnerships we've got going on, and we'll look to tell you more in future quarters.

我們對早期的進展感到非常興奮，對我們正在進行的一些早期合作感到非常興奮，我們將在未來幾季告訴大家更多。

Bryan Smilek, JP Morgan.

摩根大通的布萊恩‧斯邁利克 (Bryan Smilek)。

Great, thanks for taking the questions.

太好了，感謝您回答這些問題。

I guess just to start, can you talk about churn throughout the quarter?

首先，您能談談整個季度的客戶流失情況嗎？

I think you had mentioned, a slight dip in Apu as well too in November and December.

我想您提到過，11 月和 12 月 Apu 也略有下降。

So just curious, in between RU trends and retention trends and how that may differ versus a subscriber that perhaps could be engaging with the Gen AI feature versus a non-GenAI user.

所以只是好奇，在 RU 趨勢和保留趨勢之間，以及與可能使用 Gen AI 功能的訂閱者和非 GenAI 用戶相比，這可能有何不同。

Thanks.

謝謝。

Yeah, sure, thanks, Brian.

是的，當然，謝謝，布萊恩。

This is David.

這是大衛。

I guess I'll start with the retention.

我想我應該從保留開始。

We had a lot going on in the quarter as we rolled out our pricing, sorry, our satisfaction guarantee, and we were dealing with the traffic issues that we talked about earlier on the call.

我們在本季度有很多事情要做，例如推出定價、抱歉，還有我們的滿意度保證，並且我們正在處理早些時候在電話會議上談到的流量問題。

So we did see retention dip in November and early December.

因此我們確實看到 11 月和 12 月初的留存率下降。

We're still dissecting a bit on what happened, it did return to its historical levels in the back half of December and it has flattened out in January and February so far.

我們仍在分析發生的事情，它確實在 12 月下半月回到了歷史水平，並且到目前為止在 1 月和 2 月已經趨於平穩。

So we're happy that it's kind of leveled that it has leveled off to our historical levels.

因此，我們很高興看到它已經穩定在歷史水平。

It just was a funky time.

這真是一段有趣的時光。

We were looking at it really closely.

我們正在仔細觀察它。

We never got an exact, answer on it, but it could have been, I think.

我們從未得到確切的答案，但我認為，這可能是可能的。

Suggesting there as users were playing with other tools and types of things they could have, popped in for a shorter period of time or left, but it was only for five- or six-week period.

建議使用者在使用其他工具和類型的東西時，可以短暫停留或離開，但只能停留五到六週。

There was some [wockiness] with the calendar for when the finals came in versus, the prior year because Thanksgiving fell, trying to remember it now, it was a few months back.

與前一年相比，期末考的日曆有些奇怪，因為感恩節正值，現在回想起來，已經是幾個月前了。

Thanksgiving was later this year than it had been in the year before.

今年的感恩節比去年晚了一些。

So it's, there's a lot going on and we're trying to learn as we go, but we're happy that it's back to the levels we were looking for this year.

所以，有很多事情要做，我們也在努力邊做邊學，但我們很高興今年一切又回到了我們所期望的水平。

So thanks, Brian.

所以謝謝你，布萊恩。

Josh Baer, Morgan Stanley.

摩根士丹利的喬許貝爾 (Josh Baer)。

Great thank you I have a couple on the solution scout, just wondering is the is the strategy behind that to sort of showcase thatCheggsolutions are superior from the other LLMs or is it more about giving students, choice and a bunch of different options?

非常感謝，我在解決方案偵察員上有幾個，只是想知道這背後的策略是否是為了展示 Cheggsolutions 優於其他 LLM，還是更多地是為了給學生提供選擇和一系列不同的選項？

Hey Josh, nice to hear from you guys, Nathan.

嘿，喬希，很高興收到你的來信，內森。

To be honest with you, it's a little bit of both, at the heart of it.

老實說，從本質上來說，兩者都有一點。

One is we want to make sure we've always been kind of around this, making sure we save students time, and we give them a tremendous amount of value when we talk to students.

一是我們要確保我們始終圍繞這一點，確保我們節省學生的時間，並在與學生交談時為他們提供巨大的價值。

We see that they're triangulating a bunch of a bunch, triangulating through a number of different sources, trying to figure out what the answers are, what the solutions are, what they're trying to learn from that.

我們看到他們正在對大量數據進行三角測量，透過多個不同的來源進行三角測量，試圖找出答案是什麼，解決方案是什麼，以及他們試圖從中了解什麼。

It's a terrible time waste and on top of that, as you heard from the prepared remarks, about 53% of the college students that we have surveyed through our global student survey, which covers about, 12,000 students in 15 countries, over one majority of them are questioning the accuracy of generative AI.

這非常浪費時間，最重要的是，正如您從準備好的發言中所聽到的，透過我們的全球學生調查，大約有 53％ 的大學生（該調查涵蓋 15 個國家的約 12,000 名學生）表示，他們中的大多數人都質疑生成式人工智慧的準確性。

And so we wanted to one save students time and bring these, as we talked a little bit about our 2020.

因此，我們希望節省學生的時間並將這些帶到課堂上，正如我們談論 2020 年時所說的那樣。

For technology investments we've built a really unique AI infrastructure that is kind of using multiple language models we're model agnostics so we're able to take a question, understand it against how Chegg answers it, understand it against the other frontier models that are out there.

對於技術投資，我們建立了一個真正獨特的人工智慧基礎設施，它使用多種語言模型，我們是模型不可知論者，因此我們能夠提出一個問題，根據 Chegg 的回答來理解它，根據現有的其他前沿模型來理解它。

So we think that's a really valuable tool for students.

所以我們認為這對學生來說是一個非常有價值的工具。

But what's most important is then we're able to kind of do some extrapolation on top of that of our results.

但最重要的是我們能夠根據我們的結果進行一些推論。

Versus someone else's results and start to pinpoint for students what the differences are, what the similarities are, and really what should, what could you be doing next with that question and that's where our like our next action start to come into play and we start to drive more and more engagement through that.

與其他人的結果相比，開始為學生指出哪些是不同點，哪些是相似點，以及針對這個問題你真正應該做什麼、下一步可以做什麼，這就是我們的下一步行動開始發揮作用的地方，我們開始通過這種方式來推動越來越多的參與。

So we're trying to mirror what we're seeing college students doing already and naturally saving them time, being a value for them, but also showcasing some of the really proprietary and cool tech that we have and learning science we have.

因此，我們試圖反映大學生已經在做的事情，自然而然地為他們節省時間，為他們創造價值，同時也展示我們擁有的一些真正專有的、很酷的技術以及我們所學習的科學。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Hey, this is Jessica on for Brian.

嘿，我是潔西卡，為布萊恩代言。

I just want to follow up on prior comment or question about the institutional initiative you have.

我只是想跟進一下您之前關於機構舉措的評論或問題。

When these schools are coming to inbound, what are some of the key factors that are also considering for a partnership with Chegg?

當這些學校開始招生時，他們考慮與 Chegg 合作的關鍵因素有哪些？

And I'm also kind of curious, are these institutions helping you build student awareness of Chegg full by your proposition?

我也有點好奇，這些機構是否透過你的主張幫助你提高學生對 Chegg full 的認識？

So it's not just about personalized homework help, it's also about your partnerships that you have that address a full student life.

因此，這不僅涉及個人化的家庭作業幫助，還與您建立的合作夥伴關係有關，以解決完整的學生生活問題。

Thanks.

謝謝。

Yeah, absolutely.

是的，絕對是如此。

I mean, so the primary reason they said if I think I heard the question correctly and apologize if I didn't, these students, these organizations are coming is around the area of persistence and ultimate graduation, right?

我的意思是，他們說如果我認為我聽對了問題並且沒有聽清，那麼請原諒，這些學生、這些組織來這裡的主要原因是為了堅持和最終畢業，對嗎？

Schools need students to persist in order for students to continue on and help me get to that graduation point.

學校需要學生的堅持，才能讓學生繼續前行，幫助我到達畢業點。

So schools are recognizing that students are already using a host of services and.

因此，學校認識到學生已經在使用大量的服務。

We could be doing a lot more, a lot better of a job to service the students if we bring those services closer to the course.

如果我們將服務帶到課程更貼近學生的地方，我們就能為學生提供更多、更好的服務。

And so what I mean is when Chang and the school are partnering together, we're working together to make sure that our services are kind of tuned for that for that institution and for the courses they're teaching and for the and for the student body that is engaging with it.

所以我的意思是，當張和學校合作時，我們會共同努力，確保我們的服務能夠適應該機構、他們所教授的課程以及參與其中的學生群體。

So yes, there's a partnership in there that the school is going is.

是的，學校正在建立合作關係。

Is making sure the students are aware of the service, making sure that our services are aligned with it, and we're also working very hard to make sure that we're upholding the academic standards and honor codes of those schools, which is so important to the pathway, I think, of making sure that the assessments in America are authentic and students are really learning the content versus just passing off a grab and go answer that they can get off the internet.

確保學生了解這項服務，確保我們的服務與之保持一致，我們也在努力確保我們維護這些學校的學術標準和榮譽準則，我認為這對確保美國的評估是真實的、學生真正學習內容而不是僅僅傳遞他們可以從互聯網上獲得的答案非常重要。

Brent Thill, Jefferies.

傑富瑞的布倫特‧蒂爾 (Brent Thill)。

Q1 on the guide is in vetting further deceleration in the business.

指南中的 Q1 正在審查業務的進一步減速。

I'm just curious if you could help us understand what what you're vetting, what are the assumptions underneath the guide for Q1.

我只是好奇您是否可以幫助我們了解您正在審查的內容，以及 Q1 指南下的假設是什麼。

Yeah, hi Brent, it's David.

是的，你好，布倫特，我是大衛。

So it's basically the continuation of the trends that we saw in the end of December, the retention flattening back out to the levels that we wanted and then baking in.

因此，這基本上是我們在 12 月底看到的趨勢的延續，保留率逐漸回落至我們想要的水平，然後逐漸穩定下來。

The traffic and acquisitions that we've been able to achieve through the -- basically two-thirds of the way through the quarter already.

我們已經能夠實現的流量和收購——基本上已經過去了本季的三分之二。

So you know we have good visibility into the students right now that are in current semester, how they've been retaining historically and in the current environment.

所以你知道，我們現在對當前學期的學生有很好的了解，知道他們過去和現在的學習環境下的學習情況。

It really goes back to the overall decline in the traffic that we saw, which is continuing to eat into our acquisitions, hence the guide down.

這實際上歸因於我們看到的流量整體下降，這繼續侵蝕我們的收購，因此指引下降。

Even more in Q1 over versus the Q4 on the year over year, but you know those numbers are pretty well baked at this at this period of time, so we're just, plugging away and pushing the new product initiatives, pushing the new marketing initiatives that we have so that we can, eventually call the bottom here and see the improvements in the back half of the year.

與去年同期相比，第一季的增幅甚至更大，但您知道，這些數字在當前時期已經相當準確，因此，我們只是努力推動新的產品計劃，推動新的營銷計劃，以便我們最終能夠觸底，並看到今年下半年的改善。

Devin Au, Key Bank Capital Markets.

Devin Au，Key Bank 資本市場部。

Great, thank you.

太好了，謝謝。

Two quick questions if I may first one to follow up on the temporary retention impact that you called out.

我可以問兩個快速問題嗎？

Any numbers you can share on, how material that impact was to fourth quarter results.

您可以分享任何數字嗎？

And secondly, just curious if you can talk about more about your promotional pricing strategy there in international, if we could see any sort of moderation in headwind to ARPU there in the near term.

其次，我很好奇您能否詳細介紹您在國際上的促銷定價策略，我們是否可以看到短期內 ARPU 的逆風有所緩和。

Thank you.

謝謝。

Yeah, hi Devin, it's David again.

是的，嗨，德文，我又是大衛。

So I, on the, on that temporary dip, I don't have a number to pinpoint here, in the moment, but you know we're talking a couple percentage points of retention, so if you kind of extrapolated that over, the revenue in the quarter, you're, putting myself on the spot here, we're probably talking a couple $3 million worth of impact and the big.

因此，關於這種暫時的下降，我目前還沒有具體的數字，但你知道我們談論的是幾個百分點的保留率，所以如果你根據這個數字推斷本季度的收入，你就會知道，我們可能談論的是價值 300 萬美元的影響和重大影響。

There was that that continued over time in addition to customer acquisition leakage year over year, it would be a double whammy for us, whereas we've been very consistent and pleased with our retention rates historically, and we believe that that's because the students who do eventually get to us and try us and pay for us, they find the value in that and they'll keep paying, but we're very happy that it's gone, come back to its historical levels.

隨著時間的推移，這種情況持續存在，此外，客戶獲取量也逐年流失，這對我們來說是雙重打擊，而從歷史上看，我們的保留率一直非常穩定，並且讓我們感到滿意，我們相信，那是因為最終找到我們、嘗試我們並為我們付費的學生，他們發現了其中的價值，並會繼續付費，但我們很高興這種情況已經消失，回到了歷史水平。

The promotion, promotional pricing on international, yeah, we, promotional pricing leverage, pricing points, whatever we want to call it, those are things that, frankly we're playing with, playing around with all the time.

促銷，國際促銷定價，是的，我們，促銷定價槓桿，定價點，無論我們想怎麼稱呼它，這些都是坦率地說我們一直在玩的東西。

We, at this time last year we've been doing a ton of promotional pricing.

去年這個時候，我們就已經推出了大量的促銷價格。

Recognizing that internationally you could bring in more folks, keep them for longer periods of time, and then we sort of started walking back from that a little bit earlier or in the middle of last year just because we were seeing that that totality of the total LTVs just wasn't there to make up for the lower prices.

我們認識到，在國際上，你可以招募更多的員工，並讓他們留任更長時間，然後我們在去年年初或年中開始改變這種策略，因為我們發現總 LTV 總量不足以彌補較低的價格。

So we have rolled back a lot of that promotional pricing, through the back half of last year, but that said, like we're now.

因此，我們在去年下半年已經取消了許多促銷價格，但話雖如此，就像我們現在的情況一樣。

Because we're always experimenting, we did kick back some of that promotional pricing in early February as we were looking to jumpstart the total international sub number.

因為我們一直在進行嘗試，所以我們在 2 月初確實取消了部分促銷價格，因為我們希望快速提高國際訂閱總量。

So long way of saying we're constantly playing with it.

說了這麼多，其實我們一直在玩這個遊戲。

We haven't, it isn't that we've landed on one.

我們還沒有，並不是說我們已經找到答案了。

Lower prices all the time strategy, we just, we are adjusting as we go in terms of where we sit in the calendar year, the student calendar year especially, so, I know that makes it hard to model (laughter) I apologize for that but we're just trying to -- the best we can to optimize that LTV for each student.

一直降低價格的策略，我們只是根據日曆年、特別是學生日曆年的情況不斷進行調整，所以我知道這使得建模變得困難（笑聲）我對此表示歉意，但我們只是想盡最大努力優化每個學生的 LTV。

This does conclude today's teleconference and our question-and-answer session.

今天的電話會議和問答環節到此結束。

We thank you for your participation.

我們感謝您的參與。

You may disconnect your lines at this time.

現在您可以斷開您的線路。