Chegg Inc (CHGG) 2025 Q2 法說會逐字稿

Thank you. Greetings, and welcome to Chegg Inc.'s second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

謝謝。您好，歡迎參加 Chegg Inc. 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Tracey Ford. Thank you. You may begin.

現在我很高興介紹您的主持人 Tracey Ford。謝謝。你可以開始了。

Good afternoon. Thank you for joining Chegg's second-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 press release, along with our investor presentation, is available on our Investor Relations website, investor.chegg.com. A replay of this call will also be available on our website. We routinely post information on our website and intend to make important announcements on our Media Center website at chegg.com/mediacenter. We encourage you to make use of these resources.

午安.感謝您參加 Chegg 2025 年第二季電話會議。參加今天電話會議的有總裁兼執行長 Nathan Schultz 和財務長 David Longo。我們的收益新聞稿以及投資者簡報可在投資者關係網站 investor.chegg.com 上查閱。本次電話會議的重播也將在我們的網站上提供。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。

Before we begin, I would like to point out that during the course of this call, we will make forward-looking statements regarding future events, including the future financial and operating performance of the company. These forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. We caution you to consider the important factors that could cause actual results to differ materially from those in the forward-looking statements.

在我們開始之前，我想指出，在本次電話會議期間，我們將對未來事件做出前瞻性陳述，包括公司未來的財務和經營業績。這些前瞻性陳述受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聲明中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 under 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. Any forward-looking statements 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.

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。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 on our IR website, investor.chegg.com. We also recommend you review the investor data sheet, which is also posted in 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 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關係網站上發布的投資者資料表。

Now I will turn the call over to Nathan.

現在我將把電話轉給內森。

Thank you, Tracey. Hello, and thank you for joining Chegg's second-quarter 2025 earnings call. Today's call will be structured in two areas. First, an update on the strategic review process; and second, detail and depth on our transformation to profitable growth, specifically within Skills and Busuu, which we believe will be the growth engines for Chegg going forward.

謝謝你，特蕾西。您好，感謝您參加 Chegg 2025 年第二季財報電話會議。今天的電話會議將圍繞兩個方面。首先，更新策略審查流程；其次，詳細深入介紹我們向獲利成長的轉型，特別是在 Skills 和 Busuu 領域，我們相信它們將成為 Chegg 未來的成長引擎。

As part of the strategic review process, in conjunction with our advisors, we have undertaken a comprehensive evaluation of both our internal operations in the broad market landscape to drive the best possible outcome for our stockholders and maximize long-term shareholder value. As a reminder, we are exploring a range of outcomes, including being acquired, undertaking a go-private transaction, or remaining a public standalone company. We continue to engage with a select group of parties.

作為策略審查過程的一部分，我們與顧問一起，對廣闊的市場環境中的內部營運進行了全面評估，以推動股東獲得最佳結果並最大化長期股東價值。提醒一下，我們正在探索一系列結果，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。我們將繼續與一些特定團體接觸。

Q2 is a good quarter for Chegg. We surpassed their guidance and delivered $105 million in revenue and $23 million in adjusted EBITDA. I'm pleased by our continued focus on disciplined expense management, having identified an additional $17 million in CapEx and expense savings that will be realized in 2026. Additionally, I'm encouraged by the revenue growth in Busuu and the reinvention of Chegg Study into a personalized learning assistant and continues to get less expensive to run, thanks to AI.

對於 Chegg 來說，第二季是一個不錯的季度。我們超越了他們的預期，實現了 1.05 億美元的營收和 2,300 萬美元的調整後 EBITDA。我很高興我們繼續專注於嚴格的費用管理，並確定將在 2026 年實現額外的 1700 萬美元資本支出和費用節省。此外，Busuu 的收入成長和 Chegg Study 重新設計為個人化學習助手也讓我感到鼓舞，而且由於人工智慧的緣故，運作成本不斷降低。

We remain firmly on track to achieve the targets outlined in our previously announced restructuring efforts, reduce our non-GAAP expense by $165 million to $175 million in 2025, and now expect the total non-GAAP expense savings in 2026 to be between $110 million and $120 million. As we look towards 2026, Chegg is evolving into a skills-focused organization investing in two large growth areas, language learning and workplace readiness and upskilling.

我們仍堅定地朝著實現先前宣布的重組計劃中列出的目標邁進，到 2025 年將非公認會計準則費用減少 1.65 億美元至 1.75 億美元，目前預計 2026 年非公認會計準則費用總節省額將在 1.1 億美元至 1.2 億美元之間。展望 2026 年，Chegg 將發展成為一個以技能為中心的組織，投資於兩個主要成長領域：語言學習和工作準備及技能提升。

These businesses, Busuu and Skills respectively, represent the future of our company and will serve as the primary growth engines; while our core academic product, Chegg Study, will remain a valuable service for millions of students and generate meaningful cash that will support our investments in Busuu and Skills.

這些業務，Busuu 和 Skills，代表了我們公司的未來，並將成為主要的成長引擎；而我們的核心學術產品 Chegg Study 將繼續為數百萬學生提供有價值的服務，並產生可觀的現金，以支持我們對 Busuu 和 Skills 的投資。

Busuu is our language learning business that caters to adults who need to learn a new language to better their life or career. This is an enormous market of 78 million success-seeking learners with a $3.2 billion market opportunity. Our recent investments are paying off. And if you haven't tried Busuu yet, now's a great time. We encourage you to explore the new AI-powered features, including our new speaking bites product.

Busuu 是我們的語言學習業務，旨在滿足需要學習新語言以改善生活或事業的成年人的需求。這是一個擁有 7,800 萬追求成功的學習者的巨大市場，市場潛力達 32 億美元。我們最近的投資正在獲得回報。如果你還沒有嘗試過 Busuu，現在正是時候。我們鼓勵您探索新的人工智慧功能，包括我們的新語音產品。

Busuu continues on a strong path, achieving a 15% year-over-year revenue increase in Q2 with good performance in both the B2C and B2B segments. Busuu's B2C revenue increased 6% year over year. And in the second half of the year, B2C focus will be on product innovation with continued emphasis on AI as a driver for personalization.

Busuu 持續保持強勁發展勢頭，第二季營收年增 15%，在 B2C 和 B2B 領域均表現良好。Busuu 的 B2C 營收年增 6%。下半年，B2C 的重點將放在產品創新上，並繼續強調人工智慧作為個人化的驅動力。

Busuu's B2B business achieved an even more impressive 39% year-over-year revenue growth, continuing a robust double-digit growth trajectory, including retention improving by 22 percentage points year over year. Throughout H2, we will continue our rollout with Guild into the English Language learning vertical and expand our offering with Learning Pathways, which offers personalized courses focused on key language and professional skills for specific roles and industries. We've had significant B2B traction in the DACH region with new partners such as HSF Fenster & Turen and Hubert Burda Media

Busuu 的 B2B 業務實現了更令人印象深刻的 39% 的年收入成長，繼續保持強勁的兩位數成長軌跡，其中留存率同比提高了 22 個百分點。在下半年，我們將繼續與 Guild 合作，進軍英語語言學習垂直領域，並透過學習路徑擴展我們的服務，該路徑提供針對特定角色和行業的關鍵語言和專業技能的個人化課程。我們在 DACH 地區的 B2B 業務取得了顯著進展，新合作夥伴包括 HSF Fenster & Turen 和 Hubert Burda Media

We remain confident that Busuu will achieve $48 million in revenue in 2025 and will be adjusted EBITDA positive in the first quarter of 2026. Our Skills business focuses on the $40 billion market-serving workplace readiness and upskilling for professional adults looking to move ahead in their careers. We have spent the last 12 months modernizing our product offering and prioritizing three growth areas, AI programs, career fundamentals, and professional upskilling.

我們仍有信心，Busuu 將在 2025 年實現 4,800 萬美元的收入，並在 2026 年第一季實現調整後 EBITDA 為正。我們的技能業務專注於價值 400 億美元的市場，為希望在職業生涯中取得進步的職業成年人提供職場準備和技能提升服務。在過去的 12 個月裡，我們一直在更新我們的產品，並優先考慮三個成長領域：人工智慧程式、職業基礎和專業技能提升。

We're really excited to see exactly what we want. Enrollments have increased 16% quarter over quarter and an 11% increase in monthly active users across our new programs quarter over quarter. Looking ahead to Q3, we'll continue to invest and expand our go-to-market strategies for Skills, so here are the priorities.

我們非常高興能夠看到我們想要的東西。我們新專案的註冊人數比上一季增加了 16%，每月活躍用戶數比上一季增加了 11%。展望第三季度，我們將繼續投資並擴大我們的技能市場策略，以下是優先事項。

We're focusing on growing our direct B2B presence as well as deepening our relationship with distribution partners such as Guild. We are also pursuing ACE Credit recommendations for several of our Skills programs to count for college credits, helping to support those seeking degrees and creating a bridge for us to monetize students as they transition from our academic services to our career services.

我們致力於擴大我們的直接 B2B 業務，並深化與 Guild 等分銷合作夥伴的關係。我們也正在尋求 ACE 學分建議，以便我們的幾個技能項目可以計入大學學分，幫助支持那些尋求學位的人，並為我們建立一座橋樑，讓學生在從我們的學術服務過渡到我們的職業服務時實現貨幣化。

Finally, we are continuing to strengthen and broaden our programs, expanding our reach into the enormous upskilling market opportunity. For a complete view of our Skills catalog, please reference our investor deck. We're optimistic about the potential for our Skills business and believe it is on a path to profitability and positive double-digit growth in 2026.

最後，我們將繼續加強和擴大我們的項目，擴大我們在巨大的技能提升市場機會中的影響力。要完整了解我們的技能目錄，請參考我們的投資者資料。我們對技能業務的潛力持樂觀態度，並相信它將在 2026 年實現盈利和兩位數的正增長。

Chegg Study continues to serve millions of students, and our investments in AI have transformed Chegg Study into a personalized learning coach that helps students succeed and improve their opportunity to graduate. Earlier this year, we launched Solution Scout and AI-powered practice and flashcard generators. We're getting really positive feedback with students reporting a 23% lift in the statement, Chegg helped me learn today, and a 17% lift in students who intend to use Chegg in the next 30 days. Most importantly, our monthly retention rate is up 117 basis points in Q2.

Chegg Study 繼續為數百萬學生提供服務，我們對人工智慧的投資已將 Chegg Study 轉變為個人化學習教練，幫助學生取得成功並提高畢業機會。今年早些時候，我們推出了 Solution Scout 和人工智慧練習和抽認卡產生器。我們得到了非常正面的回饋，學生表示「Chegg 幫助我今天學習」的人數增加了 23%，而打算在未來 30 天內使用 Chegg 的學生人數增加了 17%。最重要的是，我們第二季的月留存率上升了 117 個基點。

For the rest of 2025, we'll continue to push the differentiated and personalized nature of our product. Research from the Pew Center confirms that the freshman class of 2025 is expected to be the biggest, most diverse ever. This September, we'll introduce two new core capabilities into the existing user interface, pushing Chegg Study into a personalized learning approach for the modern learner.

在 2025 年剩餘的時間裡，我們將繼續推動產品的差異化和個人化。皮尤中心的研究證實，2025 年的新生人數預計將是有史以來最多、最多元化的。今年 9 月，我們將在現有使用者介面中引入兩項新的核心功能，將 Chegg Study 推向適合現代學習者的個人化學習方式。

First, we are building a smart planning tool to help students set learning goals, organize their work, and stay on track with personalized step-by-step guidance. Second, we are introducing a voice interface when combined with visual aids, and a thoughtful AI agent will deepen learning across topics and disciplines. Voice matters for learning because it improves comprehension and memory, clarifies thinking, and increases engagement.

首先，我們正在建立一個智慧規劃工具，幫助學生設定學習目標、組織學習工作，並透過個人化的逐步指導來維持學習進度。其次，我們引入了與視覺輔助相結合的語音介面，而深思熟慮的人工智慧代理將深化跨主題和學科的學習。聲音對於學習很重要，因為它可以提高理解和記憶力，澄清思維，並提高參與度。

Finally, our business institution pilot program continues to expand, moving from five active pilot programs at the start of the year to now 23. With many pilots in place, we are now focusing on efficacy studies validating what we have always known. Students who use Chegg perform better academically. We believe there is a tremendous opportunity to support a broad range of students in achieving their academic goals while increasing persistence in graduation rates.

最後，我們的商業機構試點計畫繼續擴大，從年初的 5 個活躍試點計畫增加到現在的 23 個。隨著許多試點的開展，我們現在專注於驗證我們已知的知識的功效研究。使用 Chegg 的學生學業成績較好。我們相信，這是一個巨大的機會，可以幫助廣大學生實現他們的學術目標，同時提高畢業率的堅持率。

To wrap us up, we continue to make progress towards the strategic alternatives process and are pleased with the positive trends we are seeing in Busuu and Skills, and the technology investments we've made in Chegg Study to allow the business to run efficiently and be the investment vehicle for the company in 2026.

總而言之，我們在策略替代方案流程方面繼續取得進展，並對 Busuu 和 Skills 中看到的積極趨勢以及我們在 Chegg Study 中進行的技術投資感到滿意，這使業務能夠高效運行並成為公司 2026 年的投資工具。

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 second quarter of 2025 along with the company's outlook for the third quarter. We delivered a good second quarter, exceeding our guidance on both revenue and adjusted EBITDA. We continue to prioritize disciplined cost management in line with our business outlook. We are on target to fully realize the non-GAAP expense savings objectives we previously announced of $165 million to $175 million in 2025 and $100 million to $110 million in 2026.

謝謝你，內森，下午好。今天，我將介紹我們 2025 年第二季的財務表現以及公司對第三季的展望。我們第二季的業績表現良好，營收和調整後 EBITDA 都超出了我們的預期。我們將繼續根據業務前景優先考慮嚴格的成本管理。我們預計將全面實現先前宣布的非 GAAP 費用節省目標，即 2025 年節省 1.65 億至 1.75 億美元，2026 年節省 1 億至 1.1 億美元。

As Nathan highlighted earlier, we are not stopping there. We have identified an additional $10 million of operating expense savings and $7 million in CapEx savings in 2026. Expense discipline is now in our DNA, and we are committed to unlocking each and every opportunity to strengthen cash flow and create shareholder value.

正如 Nathan 之前強調的那樣，我們不會就此止步。我們已確定 2026 年將額外節省 1,000 萬美元的營運費用和 700 萬美元的資本支出。費用紀律現已融入我們的 DNA，我們致力於發掘每一個機會來加強現金流並創造股東價值。

In the second quarter, total revenue was $105 million, a decrease of 36% year over year. This includes subscription services revenue of $90 million. We had 2.6 million subscribers during the quarter, representing a year-over-year decline of 40% as we continue to feel the impact of lower traffic largely due to Google AI Overviews. Despite the traffic trends, retention in ARPU increased year over year, demonstrating that when students find Chegg, they value the service and are retaining as well as ever.

第二季總營收為1.05億美元，年減36%。其中包括 9,000 萬美元的訂閱服務收入。本季我們的訂閱用戶數量為 260 萬，年減 40%，因為我們持續感受到流量下降的影響，這主要歸因於 Google AI Overviews。儘管流量趨勢如此，但 ARPU 的保留率卻逐年增加，這表明當學生發現 Chegg 時，他們會重視這項服務，保留率也和以往一樣高。

Skills and Other revenue was $15 million in the quarter, which includes approximately $7 million of revenue from content licensing. As we outlined last quarter, these content licensing agreements are non-exclusive and for a small percentage of our content. Non-GAAP operating expenses were $64 million in the quarter, a reduction of approximately $31 million, or 33% year over year, driven by the execution of our multiple restructurings.

本季技能和其他收入為 1500 萬美元，其中包括約 700 萬美元的內容授權收入。正如我們上個季度所概述的，這些內容授權協議是非排他性的，並且只針對我們一小部分的內容。本季非公認會計準則營運費用為 6,400 萬美元，年減約 3,100 萬美元，降幅為 33%，得益於我們實施了多項重組。

Our second-quarter adjusted EBITDA was $23 million, representing a margin of 22%. Capital expenditures for the quarter was $7 million, a decrease of 60% year over year. We anticipate full-year 2025 CapEx of approximately $30 million, with a targeted further reduction of approximately 50% in 2026. Through innovative use of AI, we are on track to reduce content and software development CapEx by over $50 million in 2026 versus 2024, while still delivering a high-quality experience that our students expect from us.

我們第二季的調整後 EBITDA 為 2,300 萬美元，利潤率為 22%。本季資本支出為 700 萬美元，年減 60%。我們預計 2025 年全年資本支出約為 3,000 萬美元，並計劃在 2026 年進一步減少約 50%。透過創新使用人工智慧，我們預計在 2026 年將內容和軟體開發資本支出比 2024 年減少 5,000 多萬美元，同時仍提供學生期望的高品質體驗。

Free cash flow for the second quarter was negative $12 million, which was impacted by severance payments of $12.5 million related to our restructuring as well as our annual prepayment for hosting expenses. Looking at the balance sheet, we concluded the quarter with cash and investments of $114.1 million and a net cash balance of $52 million.

第二季的自由現金流為負 1,200 萬美元，這受到與重組相關的 1,250 萬美元遣散費以及年度託管費用預付款的影響。從資產負債表來看，本季末我們的現金和投資為 1.141 億美元，淨現金餘額為 5,200 萬美元。

Looking ahead for Q3 guidance, we expect total revenue between $75 million and $77 million, with subscription services revenue between $67 million and $69 million, gross margin to be in the range of 56% to 57%, and adjusted EBITDA between $7 million and $8 million. In closing, we have adapted our business in response to evolving consumer expectations and ongoing market turbulence. We are especially encouraged by the momentum we are seeing in Busuu as well as the strong potential of Skills and for both to be significant growth drivers in our portfolio.

展望第三季業績指引，我們預計總收入在 7,500 萬美元至 7,700 萬美元之間，訂閱服務收入在 6,700 萬美元至 6,900 萬美元之間，毛利率在 56% 至 57% 之間，調整後 EBITDA 在 700 萬美元至 800 萬美元之間。最後，我們根據不斷變化的消費者期望和持續的市場動盪調整了我們的業務。我們尤其對 Busuu 的發展勢頭以及 Skills 的巨大潛力感到鼓舞，認為兩者都將成為我們投資組合中重要的成長動力。

We are investing in these platforms to accelerate growth and ensure they remain key drivers of long-term shareholder value. At the same time, we continue to align our cost structure to support our priorities of generating cash flow and maximizing value for shareholders. Finally, I am pleased to announce that we have successfully cured our stock price deficiency during the quarter and regained compliance with the NYSE's price listing requirements.

我們正在投資這些平台以加速成長並確保它們仍然是長期股東價值的關鍵驅動力。同時，我們繼續調整成本結構，以支持我們創造現金流量和最大化股東價值的優先事項。最後，我很高興地宣布，我們在本季成功解決了股價缺陷問題，並重新符合紐約證券交易所的上市價格要求。

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) Ryan MacDonald, Needham.

（操作員指示）瑞安·麥克唐納，尼德姆。

Hey, thanks for taking the questions. This is Matt Shea on for Ryan. Maybe starting with Busuu, nice to see the strong growth there, particularly in the B2B segment. As we think about the durability of the B2B segment within Busuu, it seems like partners are key to driving further growth. Do you guys think you can continue to grow at this rate with your current set of channel partners? Or how do you think about adding incremental partners versus going deeper with existing as you put together that growth algorithm?

嘿，謝謝你回答這些問題。這是 Matt Shea 代替 Ryan 上場的節目。也許從 Busuu 開始，很高興看到那裡的強勁成長，特別是在 B2B 領域。當我們思考 Busuu 內部 B2B 部門的持久性時，合作夥伴似乎是推動進一步成長的關鍵。你們認為你們目前的通路夥伴能夠繼續以這種速度成長嗎？或者，在製定成長演算法時，您如何考慮增加增量合作夥伴而不是深入現有合作夥伴？

Hey, Matt. Thanks for the question. Missing Ryan's voice, but nice to answer the question. Around the B2B side, I want to clarify a couple things on this. Our efforts around B2B and why we continue to grow is definitely a two-sided element there. There is our own direct and our sales force, which we've been really proud of over the last 12 months, really growing that, getting that, I think, coming -- getting the metrics going, getting the sales team cranking. So that's really driving a lot of that.

嘿，馬特。謝謝你的提問。想念瑞安的聲音，但很高興回答這個問題。從 B2B 方面來說，我想澄清幾件事。我們在 B2B 方面的努力以及我們持續成長的原因無疑是雙向的。我們有自己的直銷和銷售隊伍，在過去的 12 個月裡，我們對此感到非常自豪，他們的業務真正得到了發展，我認為，他們的業績得到了提升，銷售指標也得到了提高，銷售團隊也開始蓬勃發展。所以這確實推動了很多事情。

And then it's also the great relationship that we have with Guild at the moment, growing from the foreign language category and now into the English language category. So we're not beholden to a reseller market to grow. We own a lot of our own destiny within our own sales structure. So really proud of what the team has done over there, and we're going to continue to see that grow.

目前我們與 Guild 的關係也十分良好，從外語類別發展到現在的英語類別。因此，我們的成長並不依賴經銷商市場。我們自己的銷售結構在很大程度上決定了我們的命運。我們對團隊在那裡所取得的成就感到非常自豪，我們將繼續看到他們的成長。

Do we think this growth is going to continue? Absolutely. The lever really is continuing to dive into the traditional kind of enterprise sales metrics, making sure those sales reps continue to drive in new leads and continue to convert those leads and continuing to convert renewals at a higher rate. So we own a lot of our own destiny in that. We're really excited to see what the future does there.

我們認為這種成長將會持續下去嗎？絕對地。槓桿實際上繼續深入傳統的企業銷售指標中，確保那些銷售代表繼續吸引新的銷售線索並繼續轉換這些銷售線索，並繼續以更高的速度轉換續約。因此，我們的命運很大程度上掌握在自己手中。我們非常期待看到那裡的未來。

Okay, great. Yes, it sounds like a lot of optimism there. And then maybe on the Chegg Study side, nice to see the traction in the business to institution pilots increasing from that five to 23 programs now. As you look to the fall, is there potential for incremental partners to join before the fallback to school season? Or how do you think about incremental ads ahead of that? And then longer term, how do you anticipate these pilots evolving into more meaningful relationships? And what might a timeline for something like that look like?

好的，太好了。是的，聽起來有很多樂觀情緒。然後也許在 Chegg Study 方面，很高興看到企業對機構試點的吸引力從當時的 5 個項目增加到現在的 23 個項目。展望秋季，是否有可能在開學季之前有更多的合作夥伴加入？或您如何看待在此之前增量廣告？那麼從長遠來看，您如何預期這些飛行員之間會發展出更有意義的關係？那麼這樣的事情的時間表是什麼樣的呢？

Yes, we're real pleased with the success of growing from five to 23. The secret to unlocking the institutional market is to prove your value. So with the 23 we have now, yes, we're going to continue to add some logos as we go throughout the rest of the year. But the focus really is proving out what we believe we've always known, that students that use Chegg perform better in school. And the more we get schools behind us, the more that wave builds and builds and builds.

是的，我們真的很高興看到從 5 人增加到 23 人。打開機構市場的秘訣是證明你的價值。所以，我們現在有 23 個標誌，是的，我們將在今年剩餘時間繼續添加一些標誌。但重點實際上是要證明我們一直相信的事實，即使用 Chegg 的學生在學校的表現更好。我們得到的學校支持越多，這股浪潮就越強大。

And so, turning this into a business that drives significant revenue in '26 and '27 really depends on us working with these schools. So we've focused on getting these ethics reports, which we plan on doing throughout the second half of this year. And so by the time we get into 26, we've got really verified and viable statistics around our performance and helping students stay connected to the classroom and ultimately perform better from a persistence to graduation rate. And so that's the key to unlocking more predictable growth within the B2B market.

因此，要將其轉變為能夠在 26 年和 27 年帶來可觀收入的業務，實際上取決於我們與這些學校的合作。因此，我們專注於獲取這些道德報告，並計劃在今年下半年完成。因此，當我們進入 26 年級時，我們已經獲得了有關我們的表現的真正經過驗證且可行的統計數據，並幫助學生與課堂保持聯繫，並最終在堅持率和畢業率方面取得更好的表現。這就是在 B2B 市場中實現更可預測的成長的關鍵。

Got it. Thanks for all the comments.

知道了。感謝大家的評論。

Appreciate it.

非常感謝。

Devin Au, KeyBanc Capital Markets.

Devin Au，KeyBanc 資本市場。

Hi, Nathan. Hi, David. Thanks for taking my questions. I also want to ask about Busuu as well, maybe on the B2C portion of the business. It seems like that's been kind of holding up nicely. Could you just talk about what's been driving that steady performance? Have you seen perhaps broad consumer sentiment improve quarter over quarter, or was the strength mainly driven by some of the new features you've been launching in the past couple quarters?

你好，內森。你好，大衛。感謝您回答我的問題。我也想問一下 Busuu，也許是關於業務的 B2C 部分。看起來情況一直都很好。您能否談談推動這種穩定表現的因素是什麼？您是否看到整體消費者信心逐季改善，或者這種改善主要受到過去幾季推出的一些新功能的推動？

Yes, it's two things I'll talk about. One is focusing on the right persona. We've talked about this a couple times, I believe, in some past calls around this persona we call a success seeker. These are people who need to learn a language, not are just dabbling and interested in a language. They need to learn a language for their job, for their life. And by focusing on who should really be buying our products versus trying to go out after everyone in the general market in language learning has allowed us to identify the right people, drive them into the right conversion funnels, and convert, frankly. So that's a big driver.

是的，我要談兩件事。一是注重正確的角色。我相信，在過去的一些電話會議中，我們已經多次討論過這個問題，我們稱之為成功追求者。這些人是需要學習語言的人，而不僅僅是涉獵或對一門語言感興趣。他們需要為了工作、為了生活而學習語言。透過專注於誰真正應該購買我們的產品，而不是試圖在語言學習的一般市場中追逐每個人，我們能夠識別合適的人，將他們引導到正確的轉換管道，坦率地說，實現轉換。所以這是一個很大的驅動力。

The second is our product enhancements. We've really focused on integrating AI to take away some of the fear that people have about speaking a language, because the best way to learn a language is to actually practice and to engage with speaking that language. AI gives us a great ability to do that in a non-threatening environment versus having to talk to another person who is a native speaker in that tongue. AI allows people to practice, make it very interactive, and it has been a great kind of driver.

第二是我們的產品增強。我們真正專注於整合人工智慧，以消除人們對說某種語言的一些恐懼，因為學習語言的最佳方法就是實際練習並參與說這種語言。人工智慧讓我們能夠在無威脅的環境中做到這一點，而不必與另一個以該語言為母語的人交談。人工智慧讓人們能夠實踐，使其具有強大的互動性，它是一種很好的驅動力。

We call that the speaking bites and speaking practice within the product. We actually encourage everyone to go try it because we're really proud of it. And so it's those two categories -- it's those two factors really driving in on who should be buying our product and identifying them, and then going and tracking them and getting into the right conversion funnels, and the innovation that the team has produced, leveraging AI to make the product a lot stickier and get people into the -- again, to get to a point of knowing why they should buy the product.

我們稱之為產品內的口語片段和口語練習。我們實際上鼓勵每個人都去嘗試，因為我們真的為此感到自豪。因此，這兩個類別——這兩個因素真正決定了誰應該購買我們的產品，並識別他們，然後追蹤他們，進入正確的轉換管道，以及團隊所做的創新，利用人工智慧使產品更具黏性，讓人們——再次了解他們為什麼應該購買產品。

Got it. I appreciate the context. Seems like it's doing well for sure. I want to switch gears a little bit and ask about Skills just because there's news of some of the big tech and hyperscalers kind of stepping up their initiatives around AI education. I know it's still kind of early efforts by these large corporations, but curious to hear how do you view your Skills business kind of position in that marketplace to maybe capture some of the spend coming down in the future. Thank you.

知道了。我很欣賞這個背景。看起來它確實做得很好。我想稍微轉換一下話題，問一下技能問題，因為有消息稱，一些大型科技公司和超大規模企業正在加強人工智慧教育方面的舉措。我知道這些大公司仍在進行早期嘗試，但我很好奇您如何看待您的技能業務在該市場中的地位，以便在未來抓住一些支出機會。謝謝。

Yes, great follow up. As you saw in some of our prepared remarks, we're very optimistic about the Skills business. We took a 12-month period of time to really think about what the Skills business should be for us and transition it from traditional boot camps. If you recall, that market was red hot at one moment. It isn't so red hot these days, and now we're into the world of upskilling or reskilling that we're doing.

是的，很好的後續行動。正如您在我們準備好的一些演講中所看到的，我們對技能業務非常樂觀。我們花了 12 個月的時間來認真思考技能業務對我們來說應該是什麼樣子，並將其從傳統的訓練營中轉變出來。如果你還記得的話，那個市場曾經非常火爆。如今，它不再那麼熱門，現在我們正進入我們正在進行的技能提升或再培訓的世界。

We took that time to really transition the platform from one that was, I would call it long form in nature, really long hours, really long courses, to one that is more aligned to what people want today, which is kind of these micro-learning moments.

我們花了一些時間來真正將平台從本質上講很長的平台（我稱之為長形式、很長的時間、很長的課程）轉變為更符合當今人們需求的平台，也就是這些微學習時刻。

And so whether that is the AI fundamentals that we're working on or any of the other categories that we're building out, we really feel the package that we've built and the container that we've built for our courses is something that's very modern and something that very much meets the demand that's going to be in the market. So we're very excited to see where this is going to go in '26 and beyond.

因此，無論是我們正在研究的人工智慧基礎知識，還是我們正在建立的任何其他類別，我們確實認為我們為課程構建的軟體包和容器非常現代化，並且非常符合市場的需求。因此，我們非常興奮地看到 26 年及以後的發展。

Great. Thank you.

偉大的。謝謝。

Thank you. We have no further questions at this time. And with that, this concludes today's conference. Thank you for joining us. You may now disconnect your lines.

謝謝。目前我們沒有其他問題。今天的會議到此結束。感謝您加入我們。現在您可以斷開線路了。