Chegg Inc (CHGG) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Chegg first-quarter 2025 earnings call. (Operator instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Chegg 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I'd now like to turn the conference over to your host, Tracey Ford, Vice President, Investor Relations for Chegg. Thank you. You may begin.

現在，我想將會議交給主持人、Chegg 投資者關係副總裁 Tracey Ford。謝謝。你可以開始了。

Good morning. Thank you for joining Chegg's first-quarter 2025 conference call. On today's call are Nathan Schultz, President and CEO; and David Longo, Chief Financial Officer. A copy of our earnings release, along with our investor presentation is available on our Investor Relations website, investor.chegg.com. A replay of this call will also be available on our website.

早安.感謝您參加 Chegg 2025 年第一季電話會議。參加今天電話會議的有總裁兼執行長 Nathan Schultz 和財務長 David Longo。我們的收益報告以及投資者簡報可在投資者關係網站 investor.chegg.com 上取得。本次電話會議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. 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.

我們會定期在網站上發布訊息，並計劃在媒體中心網站 chegg.com/mediacenter 發布重要公告。我們鼓勵您利用這些資源。在我們開始之前，我想指出，在本次電話會議期間，我們將對未來事件做出前瞻性陳述，包括公司未來的財務和經營業績。

These forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. We caution you to consider the important factors that could cause actual results to differ materially from those in the forward-looking statements.

這些前瞻性陳述受到重大風險和不確定性的影響，可能導致實際結果與前瞻性陳述的結果有重大差異。我們提醒您考慮可能導致實際結果與前瞻性陳述的結果大不相同的重要因素。

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, filed with the Securities and Exchange Commission on February 24, 2025, as well as our other filings with the SEC.

具體來說，我們請您參閱今天的收益報告中包含的警示性語言，以及 Chegg 於 2025 年 2 月 24 日向美國證券交易委員會提交的截至 2024 年 12 月 31 日的 10-K 表格年度報告中描述的風險因素，以及我們向美國證券交易委員會提交的其他文件。

Any forward-looking statements that we make today are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

我們今天所做的任何前瞻性陳述都是基於我們認為截至目前為止合理的假設。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. Our GAAP results and GAAP to non-GAAP reconciliations can be found in our earnings press release on the investor slide deck found on our IR website, investor.chegg.com. We also recommend you review the investor data sheet, which is also posted on our IR website.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。您可以在我們的投資者關係網站 investor.chegg.com 上的投資者幻燈片中查看我們的收益新聞稿，其中包含我們的 GAAP 業績以及 GAAP 與非 GAAP 的對帳表。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.

現在我會把電話轉給 Nathan。

Thank you, Tracey. Hello, everyone, and thank you for joining Chegg's first-quarter 2025 earnings call. Q1 was a good quarter for Chegg. We surpassed our revenue and adjusted EBITDA guidance, generated approximately $16 million in free cash flow and diversified our revenue in two key ways.

謝謝你，特蕾西。大家好，感謝您參加 Chegg 2025 年第一季財報電話會議。對於 Chegg 來說，第一季表現不錯。我們的收入超過了調整後的 EBITDA 指導，產生了約 1600 萬美元的自由現金流，並透過兩種主要方式實現了收入多元化。

First, the expansion of our business institution effort, which has expanded from 5 pilots to 15 pilots from Q4 to Q1 and is well on track to reach our goal of 40 by the end of the year.

首先，我們擴大了商業機構試點工作，從第四季度到第一季度，試點已從 5 個擴展到 15 個，並預計在年底前達到 40 個的目標。

Second, licensing our question and answer pairs to language model companies. We've signed two agreements and believe that this is just the tip of the iceberg for this program. David will address the financial details of these deals.

第二，將我們的問答對授權給語言模型公司。我們已經簽署了兩項協議，並相信這只是該計劃的冰山一角。大衛將介紹這些交易的財務細節。

Concerning our strategic review process, we've made significant progress. As a reminder, we undertook this effort last quarter with Goldman Sachs, to explore the range of outcomes to maximize shareholder value, including being acquired, undertaking a go-private transaction, or remaining a public stand-alone company and continue to believe this is the right step to maximize shareholder value.

關於我們的策略審查過程，我們已經取得了重大進展。提醒一下，上個季度我們與高盛一起進行了這項工作，探索實現股東價值最大化的各種結果，包括被收購、進行私有化交易或保持獨立上市，並繼續相信這是實現股東價值最大化的正確舉措。

To date, we've had dozens of meetings with interested parties ranging from strategic tech and education companies to private equity firms. Early indications are positive, and we are encouraged by the conversations and the value these organizations see in our business. Here's what's capturing potential acquirers retention.

到目前為止，我們已經與從策略科技和教育公司到私募股權公司的相關方舉行了數十次會議。早期跡像是積極的，這些組織在我們業務中看到的對話和價值令我們感到鼓舞。以下是吸引潛在收購者留存的因素。

First is our core product, Chegg Study, a verticalized and personalized student support platform. As you may have seen, we keep innovating on the behalf of students with the recently released Solution Scout, which allows students to compare multiple language models against Chegg's proprietary content, and our Practice service now has a new AI-powered feature called Create, that empowers students to generate customized content directly from their own class materials, delivering a highly customized and personalized study experience.

首先是我們的核心產品Chegg Study，一個垂直化、個人化的學生支援平台。正如您可能已經看到的，我們透過最近發布的 Solution Scout 不斷為學生進行創新，它允許學生將多種語言模型與 Chegg 的專有內容進行比較，我們的練習服務現在有一個名為 Create 的新的人工智能功能，使學生能夠直接從他們自己的課堂材料中生成定制內容，提供高度定制和個性化的學習體驗。

Next is Busuu, our language learning service, which continues to perform very well. Q1 revenue increased 7% year-over-year, driven by growth in both the B2C and B2B businesses. The B2C business is seeing the benefits of AI-driven product enhancements such as Speaking Practice, which is driving deep engagement and strong performance in customer acquisition and retention.

接下來是我們的語言學習服務 Busuu，它的表現仍然非常出色。第一季營收年增 7%，這得益於 B2C 和 B2B 業務的成長。B2C 業務正在見證人工智慧驅動的產品增強功能（例如「口語練習」）的好處，該產品正在推動深度參與並在客戶獲取和保留方面表現出色。

The B2B business maintained strong double-digit growth in Q1, achieving 29% year-over-year revenue increase, driven by a strategic focus on retaining and growing large enterprise clients. We expect Busuu to achieve approximately $48 million in revenue in 2025 and to be adjusted EBITDA positive by the first quarter of 2026.

受保留和發展大型企業客戶的策略重點推動，B2B 業務在第一季度保持了強勁的兩位數成長，營收年增 29%。我們預計 Busuu 將在 2025 年實現約 4,800 萬美元的收入，並在 2026 年第一季實現調整後 EBITDA 為正。

Our reinvented skills product is set up for what I believe will be a breakout year in 2025. Chegg Skills provides skill building for the modern workforce, including foundational digital skilling and broad-based AI training and is trending toward the highest outcomes we've seen to date.

我相信，我們重新設計的技能產品將在 2025 年取得突破。Chegg Skills 為現代勞動力提供技能建設，包括基礎數位技能和廣泛的人工智慧培訓，並且正朝著我們迄今為止所看到的最高成果邁進。

In Q1, we entered into a pilot program with EdifyOnline and Noodle to provide AI programs that support a higher education initiative in India. In Q2 and Q3, we expect to further expand our Guild business and add additional partners. We believe Skills is on a path to profitability and positive revenue growth in 2026.

在第一季度，我們與 EdifyOnline 和 Noodle 合作開展了一項試點計劃，提供支援印度高等教育計劃的人工智慧項目。在第二季和第三季度，我們預計將進一步擴大我們的公會業務並增加更多合作夥伴。我們相信，Skills 將在 2026 年獲利和收入正成長。

And finally, there is significant value in our library of proprietary and high-quality questions and answer pairs and our network of subject matter experts. We've continued to make improvements in our content operations with a new quality control rubric, as we prepare for the content licensing opportunity I mentioned earlier.

最後，我們的專有和高品質問答庫以及我們的主題專家網絡具有重要價值。我們不斷透過新的品質控制標準來改善我們的內容運營，為先前提到的內容授權機會做準備。

As we have said many times, Content is the heart and soul of our Chegg Study business, and these improvements in our QC rubric will serve both students and our new content licensing initiative. While we exceeded expectations in Q1 and see great value in the areas of the business I just went through, we believe the macroeconomic trends will continue to put pressure on our company and business trends will worsen before they get better. Google and their expansion of AI Overviews continues to keep traffic captive in the Google search experience and migrate search to Gemini.

正如我們多次所說的，內容是我們 Chegg Study 業務的核心和靈魂，我們 QC 評分標準的這些改進將服務於學生和我們的新內容許可計劃。雖然我們在第一季的業績超出了預期，並且看到了我剛剛經歷的業務領域的巨大價值，但我們認為宏觀經濟趨勢將繼續給我們公司帶來壓力，業務趨勢在好轉之前會先惡化。Google 及其 AI Overviews 的擴充功能繼續將流量集中在 Google 搜尋體驗中，並將搜尋遷移到 Gemini。

Additionally, language model companies are turning to academia for validation with OpenAI recently giving college students free access to GPT Plus, and Anthropic launching a free education offering. As a result, we are once again taking proactive measures to align costs with our business outlook. We executed two restructurings in 2024, and today, we are announcing further cost reduction plans.

此外，語言模式公司正在轉向學術界進行驗證，OpenAI 最近向大學生免費提供 GPT Plus，而 Anthropic 也推出了免費教育服務。因此，我們再次採取積極措施，使成本與我們的業務前景保持一致。我們在 2024 年進行了兩次重組，今天，我們宣布了進一步的成本削減計劃。

This restructuring will include expense reductions across our business, including closing physical offices in the US and Canada by the end of the year, limiting our upper funnel marketing, reducing new product development efforts, and finally cutting our general and administrative expenses.

此次重組將包括削減我們整個業務的費用，包括在年底前關閉美國和加拿大的實體辦事處，限制我們的上層漏斗行銷，減少新產品開發力度，並最終削減我們的一般和行政費用。

Chegg Skills and Busuu are not affected as we are encouraged by the progress these businesses have made and we are investing in their growth. As a part of this, we regrettably will be parting ways with approximately 22% or 248 of our talented team members, which is a challenging decision and one I'm saddened by.

Chegg Skills 和 Busuu 並未受到影響，因為我們對這些業務所取得的進步感到鼓舞，並且我們正在為它們的發展進行投資。作為其中的一部分，我們很遺憾地將與大約 22% 或 248 名才華橫溢的團隊成員分道揚鑣，這是一個具有挑戰性的決定，我對此感到難過。

The impact is concentrated in the US and Canada and predominantly affects Chegg Study and corporate services, which will result in a 66% reduction in these areas of our business. The actions today will drive $45 million to $55 million in savings in 2025, with full year savings of $100 million to $110 million in 2026.

影響集中在美國和加拿大，主要影響 Chegg Study 和企業服務，這將導致我們這些領域的業務減少 66%。今天的行動將在 2025 年節省 4,500 萬至 5,500 萬美元，2026 年全年節省 1 億至 1.1 億美元。

This is on top of the $120 million of 2025 savings we are on track to fully realize from our two 2024 restructuring initiatives. These decisions continue to be challenging, and we do not make them lightly. I want to personally thank each talented team member for their contributions to Chegg.

這是在我們預計透過 2024 年兩項重組計畫完全實現的 2025 年 1.2 億美元節省目標的基礎上實現的。這些決定仍然具有挑戰性，我們不會輕易做出這些決定。我要親自感謝每一位才華洋溢的團隊成員對 Chegg 做出的貢獻。

To conclude, I want to reinforce the key points from what I shared today. Our strategic alternatives process is going well and is the best way to maximize shareholder value and keep Chegg's student-first Mission thriving.

最後，我想強調一下我今天分享的要點。我們的策略替代流程進展順利，這是最大化股東價值和保持 Chegg 以學生為先的使命蓬勃發展的最佳方式。

We believe the strategy for Chegg Study providing true learning outcomes for students is enduring, and while our direct-to-student penetration normalizes, we're diversifying our revenue through two key opportunities in question-and-answer pair licensing and institutional direct contracts. We're continuing to make the hard decisions to align our revenue decline in Chegg Study with our operating expenses as challenging as they are.

我們相信，Chegg Study 為學生提供真正學習成果的策略是持久的，在我們直接面向學生的滲透率正常化的同時，我們正在透過問答配對許可和機構直接合約這兩個關鍵機會來實現收入多元化。我們將繼續做出艱難的決定，將 Chegg Study 的收入下降與我們的營運費用保持一致，儘管這很具有挑戰性。

And finally, we are excited about the performance of Busuu and the opportunity for Skills, both of which are primed for a breakout year and expected to be adjusted EBITDA positive in 2026.

最後，我們對 Busuu 的表現和 Skills 的機會感到興奮，這兩者都為突破性的一年做好了準備，預計 2026 年調整後的 EBITDA 將為正值。

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

說完這些，我就把麥克風交給大衛。

Thank you, Nathan, and good afternoon. Today, I will be presenting our financial performance for the first quarter of 2025, along with the company's outlook for the second quarter. We delivered a good first quarter, surpassing our guidance on both revenue and adjusted EBITDA, and generated $16 million in free cash flow.

謝謝你，內森，下午好。今天，我將介紹我們 2025 年第一季的財務表現以及公司對第二季的展望。我們第一季的業績表現良好，營收和調整後 EBITDA 都超出預期，並產生了 1,600 萬美元的自由現金流。

Despite ongoing industry headwinds, we remain committed to our student-first strategy and prudent cost management in line with our business outlook. As part of this commitment, we announced the restructuring today, which I will elaborate on shortly.

儘管業界持續面臨阻力，我們仍堅持以學生為先的策略，並根據業務前景進行審慎的成本管理。作為這項承諾的一部分，我們今天宣布了重組，我將很快詳細說明。

Additionally, during the quarter, we took further steps to enhance our capital structure by repurchasing $65 million of our 2026 convertible notes at a discount. In the first quarter, total revenue was $121 million, a decrease of 30% year-over-year. This includes Subscription Services revenue of $108 million. We had 3.2 million subscribers during the quarter, representing a year-over-year decline of 31%. Skills and Other revenue was $14 million in the quarter, which includes our new revenue stream from content licensing.

此外，在本季度，我們採取了進一步措施，透過折扣價回購了 6,500 萬美元的 2026 年可轉換票據，以增強我們的資本結構。第一季總營收為1.21億美元，年減30%。其中包括 1.08 億美元的訂閱服務收入。本季我們的訂閱用戶數為 320 萬，年減 31%。本季技能和其他收入為 1400 萬美元，其中包括來自內容授權的新收入來源。

So far, we have executed two content licensing deals with two of the top 10 technology companies in the world, generating $4 million of revenue in Q1, and we expect an additional $7 million in Q2. These deals represent less than 5% of our content library and are nonexclusive, allowing us the opportunity to license the content to other companies.

到目前為止，我們已經與全球十大科技公司中的兩家達成了兩項內容授權協議，在第一季創造了 400 萬美元的收入，我們預計在第二季還將創造 700 萬美元的收入。這些交易占我們內容庫的不到 5%，而且是非獨家的，使我們有機會將內容授權給其他公司。

We are in discussion with other companies to expand licensing efforts even further. In the first quarter, gross margin was 56%. During the quarter, we streamlined our product offerings and discontinued certain content and internally used software assets, resulting in a onetime charge of $16.2 million of accelerated depreciation recorded in cost of revenues.

我們正在與其他公司討論進一步擴大許可工作。第一季毛利率為56%。在本季度，我們精簡了產品供應，並停止了某些內容和內部使用的軟體資產，導致在收入成本中記錄了 1,620 萬美元的一次性加速折舊費用。

This negatively impacted gross margin by 13 percentage points. Non-GAAP operating expenses were $80.5 million in the quarter, a reduction of approximately $20 million or 20% year-over-year, driven by the execution of the restructurings we announced last year. We are on track to achieve the full year savings of $120 million from these actions. The complete savings will be realized throughout this year.

這對毛利率產生了13個百分點的負面影響。本季非公認會計準則營運費用為 8,050 萬美元，年減約 2,000 萬美元或 20%，這得益於我們去年宣布的重組的實施。透過這些行動，我們有望實現全年 1.2 億美元的節省。全部節省將在今年全年實現。

Our first quarter adjusted EBITDA was $19 million, representing a margin of 16%. Free cash flow for the quarter was $15.8 million despite incurring approximately $8 million in cash outlays related to employee severance from our restructurings. Capital expenditures for the quarter were $9 million, down 69% year-over-year as we are now fully realizing the benefits of our investments in AI.

我們第一季的調整後 EBITDA 為 1,900 萬美元，利潤率為 16%。儘管因重組而產生的員工遣散費現金支出約為 800 萬美元，但本季的自由現金流仍為 1,580 萬美元。本季的資本支出為 900 萬美元，年減 69%，因為我們現在充分認識到對人工智慧的投資所帶來的好處。

As mentioned earlier, in the first quarter, we opportunistically repurchased $65.2 million in aggregate principal amount of our 2026 convertible notes at a $7.8 million discount to par. Our 2025 convertible notes matured in March, and we repaid the full principal amount of $358.9 million.

如前所述，在第一季度，我們抓住機會以低於票面價值 780 萬美元的價格回購了總本金金額為 6,520 萬美元的 2026 年可轉換票據。我們的 2025 年可轉換票據於 3 月到期，我們償還了全部本金 3.589 億美元。

Looking at the balance sheet. We concluded the quarter with cash and investments of $126 million and a net cash balance of $64 million. As Nathan outlined earlier, we are executing an additional restructuring plan to continue to align our cost structure with our revenue as we navigate the continued industry challenges and a negative impact on our business.

查看資產負債表。本季末，我們的現金和投資為 1.26 億美元，淨現金餘額為 6,400 萬美元。正如 Nathan 之前所概述的，我們正在執行一項額外的重組計劃，以便在應對持續的行業挑戰和對我們業務的負面影響的同時，繼續使我們的成本結構與收入保持一致。

This restructuring will impact 248 employees or approximately 22% of the company. This restructuring will result in non-GAAP expense savings of $45 million to $55 million in 2025 and $100 million to $110 million in 2026, stemming from employee departures, cost rationalizations and real estate savings. We have negotiated a penalty-free agreement with our landlord to exit our Santa Clara lease prior to the expiration date, as we seek a smaller office workspace.

此次重組將影響248名員工，約占公司員工總數的22%。此次重組將導致非公認會計準則費用在 2025 年節省 4,500 萬至 5,500 萬美元，在 2026 年節省 1 億至 1.1 億美元，這源於員工離職、成本合理化和房地產節省。由於我們尋求更小的辦公空間，我們已與房東達成免罰金協議，並同意在租約到期前退出聖克拉拉租約。

We expect to incur charges of approximately $34 million to $38 million related to this restructuring, representing mostly severance payments. Of this charge, we expect $31 million to $35 million will be incurred in cash with the remaining amount representing noncash charges. We expect that a substantial portion of the cash and noncash charges will be incurred in the second and third quarters.

我們預計此次重組將產生約 3,400 萬至 3,800 萬美元的費用，其中大部分為遣散費。我們預計在這筆費用中，有 3,100 萬至 3,500 萬美元將以現金形式發生，其餘金額為非現金費用。我們預計，很大一部分現金和非現金費用將在第二季和第三季產生。

We anticipate completing these activities and substantially all charges by December 31, 2025. The cost savings from the two fully implemented restructurings announced in 2024, coupled with the restructuring announced today will result in a combined non-GAAP savings of $165 million to $175 million in 2025.

我們預計將在 2025 年 12 月 31 日之前完成這些活動和幾乎所有費用。2024 年宣布的兩次全面實施的重組所帶來的成本節省，加上今天宣布的重組，將導致 2025 年非 GAAP 成本節省總額達到 1.65 億美元至 1.75 億美元。

Looking ahead, industry challenges continue to cause a notable decline in traffic and subscriber acquisitions. These conditions are a source of continued pressure on our business and are impacting our financial outlook.

展望未來，產業挑戰將持續導致流量和用戶獲取量顯著下降。這些情況對我們的業務造成持續壓力，並影響我們的財務前景。

For Q2 guidance, we expect total revenue between $100 million and $102 million with the subscription services revenue between $85 million and $87 million, gross margin to be in the range of 64% to 65%, and adjusted EBITDA between $16 million and $17 million.

對於第二季的指引，我們預計總營收在 1 億美元至 1.02 億美元之間，其中訂閱服務收入在 8,500 萬美元至 8,700 萬美元之間，毛利率在 64% 至 65% 之間，調整後的 EBITDA 在 1,600 萬美元至 1,700 萬美元之間。

In closing, while ongoing industry challenges impacting Chegg Study continue to affect our financial performance, the opportunity to support and serve students remains. We are taking the right steps to align the cost structure.

最後，雖然持續影響 Chegg Study 的行業挑戰繼續影響我們的財務業績，但支持和服務學生的機會仍然存在。我們正在採取正確的措施來調整成本結構。

At the same time, we continue to evaluate a range of strategic alternatives to ensure we are maximizing value for our shareholders and are encouraged by the interest we have received.

同時，我們繼續評估一系列策略替代方案，以確保為股東實現價值最大化，並為我們獲得的利益感到鼓舞。

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。

(Operator instructions)

（操作員指示）

Ryan MacDonald, Needham & Company.

麥克唐納（Ryan MacDonald），Needham & Company。

Hi, thanks for taking my questions. Nathan, maybe to start, I wanted to get a little bit more color on the licensing deals that you were able to sign during the quarter. Obviously, generating some nice incremental revenue in first and second quarter here. But can you give us a sense of sort of the terms in terms of time frame of how long these licensing agreements are typically lasting?

你好，謝謝你回答我的問題。內森，首先，我想進一步了解您在本季簽署的授權協議。顯然，第一季和第二季產生了一些不錯的增量收入。但是您能否讓我們了解這些授權協議通常持續多久？

And then how are you thinking about the total size of this licensing opportunity when you look at across all of the sort of large model companies out there that you could license this to? Thanks.

那麼，當您考慮所有可以向其授予許可的大型模型公司時，您如何看待這個許可機會的整體規模？謝謝。

Ryan, thanks very much for the question. I appreciate it. Let's start off by just reminding everyone what we're licensing. So what we're talking about here is the question and answer pairs. The $125 million question and answer pairs within the Chegg archive and obviously constantly growing.

Ryan，非常感謝您的提問。我很感激。首先讓我們提醒大家我們所授權的內容。所以我們在這裡討論的是問題和答案對。Chegg 檔案中的問答對價值 1.25 億美元，顯然還在不斷增長。

These are questions that are being created, obviously, through both our Human and our Agentic systems. They are then verified by humans, which comes back to the question, why this content so interesting. As we've already talked about, we have -- we sit on some of the highest quality created by qualified experts and trusted by millions of students data, that is very valuable to language model companies as they seek to continue to train their models.

顯然，這些問題是透過我們的人類和代理系統產生的。然後由人工進行驗證，這又回到了這個問題：為什麼這個內容如此有趣。正如我們已經討論過的，我們擁有由合格專家創建並受到數百萬學生信賴的最高品質的數據，這對於語言模型公司尋求繼續訓練他們的模型非常有價值。

We're -- as David pointed out, I pointed out in my prepared remarks, we are really early days in this. We've licensed very, very, very small set of our content at the moment as we kind of just pilot, I would call pilot these agreements into some of the biggest tech companies in the world. I do think that there's a nice business model here, and we're really just getting started with this program

正如大衛指出的那樣，我在準備好的演講中也指出，我們在這方面還處於早期階段。目前，我們只授權了非常非常小一部分內容，我們只是在進行試點，我稱之為將這些協議試點到世界上一些最大的科技公司。我確實認為這是一個不錯的商業模式，我們才剛開始這個項目

Got it. And then maybe as a follow-up. Great to see that the pilots with the universities are continuing to grow, and you've got or expected to have 40 by year-end. Can you just talk about sort of what the feedback you're getting from university partners thus far and then sort of the willingness to pay and purchase the content library as a point of access for students? Thanks.

知道了。然後也許作為後續行動。很高興看到與大學合作的試點計畫不斷增加，預計到年底將達到 40 個。您能否談談迄今為止您從大學合作夥伴那裡得到的回饋，以及學生願意付費購買內容庫作為存取點的意願？謝謝。

Yes, absolutely. We're very encouraged. A lot of growth, obviously, from Q4 last year to Q1 this year, getting up to 15 pilots and just having the momentum where we can see 40 for this year. It's good to remind everyone that what this is, is about institutions delivering our experience directly to the student, which we think is really great, obviously, for Chegg, but even better for students. It's done through a seat-based license model.

是的，絕對是。我們非常受鼓舞。顯然，從去年第四季到今年第一季度，成長了很多，試點數量已達 15 名，並且預計今年將達到 40 名。值得提醒大家的是，這是為了機構將我們的經驗直接傳遞給學生，我們認為這對 Chegg 來說顯然非常棒，但對學生來說則更好。它是透過基於座位的許可證模型完成的。

So obviously, the schools are buying a number of seats. Honestly, this is one of those areas where we just -- we see the inevitable, which is schools having to spend more time think about persistence. I think you probably all know this, almost 40% of students don't graduate college. That causes kind of a massive hole in tuition.

顯然，學校正在購買一些座位。老實說，這是我們看到的不可避免的領域之一，即學校必須花更多的時間思考堅持。我想大家可能都知道這一點，幾乎40%的學生都沒有大學畢業。這導致學費出現巨大缺口。

So we see this as a significant opportunity as colleges simply to zero in on student success as a means of really financial necessity. So very encouraged with what we see so far and getting very positive feedback from the schools looking to take some of those pilots, which will run for the next few months and then turn them into full contracts.

因此，我們認為這是一個重要的機會，因為大學只需將學生的成功視為真正經濟需求的手段。我們對目前看到的情況感到非常鼓舞，並從希望參與其中的一些試點學校獲得了非常積極的反饋，這些試點將在接下來的幾個月內運行，然後轉化為正式合約。

Thanks for the color.

謝謝你的顏色。

(Operator instructions) Thank you. We've come to the end of our question and answer session. And this concludes our call today. We'd like to thank you for your interest and participation. You may now disconnect your lines.

（操作員指示）謝謝。我們的問答環節已經結束。今天的通話到此結束。我們感謝您的關注與參與。現在您可以斷開線路了。

Goodbye.

再見。