Chegg Inc (CHGG) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Chegg Inc.'s first quarter 2026 earnings conference call. (Operator Instructions)

各位女士、先生，下午好，歡迎參加 Chegg Inc. 2026 會計年度第一季財報電話會議。(接線員指示)

Please note that this event is being recorded. I will now hand over to Tracy Ford, VP of Investor Relations. Please go ahead.

請注意，本活動將進行錄音。現在我將把電話交給投資人關係副總裁 Tracy Ford。請開始。

Good afternoon.

下午好。

Thank you for joining Chegg's first-quarter 2026 conference call. On today's call are Dan Rosensweig, President and CEO and David Longo, Chief Financial Officer.

感謝各位參加 Chegg 2026 年第一季電話會議。今天與會者包括總裁暨執行長 Dan Rosensweig，以及財務長 David Longo。

A copy of our earnings press release, along with our investor presentation, is available on our investor relations website, investor.chegg.com. A replay of this call will also be available on our website. We routinely post information on our website and intend to make important announcements on our media center website at chegg.com/mediacenter. We encourage you to make use of these resources.

我們的財報新聞稿及投資人簡報可於投資人關係網站 investor.chegg.com 取得。本次電話會議的重播也將於我們網站提供。我們會定期在網站發布資訊，並計畫在 chegg.com/mediacenter 的媒體中心網站發布重要公告。我們鼓勵各位善用這些資源。

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.

在開始之前，我想指出，在本次電話會議過程中，我們將就未來事件發表前瞻性陳述，包括公司未來的財務與營運表現。這些前瞻性陳述受重大風險與不確定性影響，可能導致實際結果與前瞻性陳述所述內容出現重大差異。

We caution you to consider the important factors that could cause actual results to differ materially from those in the forward-looking statements. 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, 2025, filed with the Securities and Exchange Commission, as well as our other filings with the SEC.

我們提醒各位考量可能導致實際結果與前瞻性陳述出現重大差異的重要因素。特別是，請參閱今日財報新聞稿中的警示性用語，以及 Chegg 向美國證券交易委員會（SEC）提交、截至 2025 年 12 月 31 日止年度的 Form 10-K 年報所載風險因素，並一併參考我們向 SEC 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，均基於我們截至本日所認為合理的假設。日期。除因新資訊或未來事件外，我們不承擔更新這些陳述的任何義務。

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 and 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，我們將同時呈現 GAAP 與非 GAAP 財務衡量指標。我們的 GAAP 結果以及 GAAP 與非 GAAP 的調節表，可於財報新聞稿及投資人關係網站 investor.chegg.com 上的投資人投影片簡報中查閱。我們也建議各位查閱同樣發布於投資人關係網站的 Investor Data Sheet（投資人資料表）。

Now, I will turn the call over to Dan.

現在，我把電話交給 Dan。

Thank you, Tracey, and thanks, everyone, for joining Chegg's first-quarter 2026 earnings call. Q1 was a strong quarter. We exceeded our expectations for revenue, profitability, free cash flow, while still significantly reducing debt, and we continue to optimize our cost base and capital expenditure.

謝謝你，Tracey，也謝謝各位參加 Chegg 2026 年第一季財報電話會議。第一季表現強勁。我們在營收、獲利能力與自由現金流方面均超出預期，同時大幅降低負債，並持續優化成本結構與資本支出。

These results reflect the deliberate work we have done to re-architect Chegg. Our financials, our corporate structure, our product experience are all optimized around AI, and the results are showing.

這些成果反映了我們為重新架構 Chegg 所做的審慎工作。我們的財務、公司架構與產品體驗皆以 AI 為核心進行最佳化，成果已逐步顯現。

The business is leaner and better positioned for future growth with high margins. Leveraging artificial intelligence, we provide a differentiated experience as we personalize learning paths, identify where learners are struggling, and trigger targeted interventions from coaches or systems before a learner falls behind.

公司營運更精實，並以高毛利更有利於未來成長。透過運用人工智慧，我們提供差異化體驗：個人化學習路徑、辨識學習者卡關之處，並在學習者落後之前，觸發教練或系統的精準介入。

AI also allows us to create and update curriculum fast enough to keep pace with how quickly skills, especially AI skills, are evolving. All of this allows us to deliver better outcomes without increasing costs.

AI 也讓我們能以足夠快的速度建立並更新課程，以跟上技能（尤其是 AI 技能）快速演進的步伐。這一切使我們能在不增加成本的情況下，交付更好的成果。

We continue to expect double-digit revenue growth in skilling for the full year 2026, with acceleration as the year progresses. We are seeing positive attraction broadly across scaling, including the addition of new enterprise partners and channel partners and momentum in the global category leaders across manufacturing, consulting, and professional services and technology.

我們仍預期 2026 全年在技能培訓（skilling）業務將維持雙位數營收成長，且隨著年度推進將加速。我們看到技能培訓在各面向均呈現正向牽引力，包括新增企業合作夥伴與通路合作夥伴，以及在製造、顧問與專業服務、科技等領域的全球類別領導者中持續累積動能。

Notably, we recently signed a partnership with Cornerstone, a leading learning and talent management platform. This is expected to open up a meaningful enterprise distribution channel for Chegg skills and connect us with customers at scale.

值得注意的是，我們近期與 Cornerstone（領先的學習與人才管理平台）簽署合作夥伴關係。預期這將為 Chegg Skills 開啟具規模且有意義的企業端分銷通路，並讓我們以規模化方式連結客戶。

And for the first time, we are expanding our skilling platforms to accredited offerings. With [Wolf], a partnership we announced last quarter, we are launching our first AI master's program, combining applied learning with recognized credentials.

此外，我們也首次將技能培訓平台擴展至具認證（accredited）的課程。透過 [Wolf]（我們在上一季宣布的合作夥伴關係），我們將推出首個 AI 碩士學程，結合應用式學習與受認可的證書／學歷。

We take the same AI-first approach in our language learning offering, as we are moving beyond structured lessons towards real-time, in-workflow coaching, helping learners apply skills in the moments that matter the most.

在語言學習產品上，我們同樣採取 AI 優先策略，正從結構化課程走向即時、嵌入工作流程的教練式輔導，協助學習者在最關鍵的時刻運用技能。

What differentiates our offering is that AI enables us to serve as skilled performance data that HR and learning and development leaders can act on. Shifting the conversation from reporting on learning activities to demonstrating measurable language capability in the workflow.

我們產品的差異化在於，AI 使我們能提供可作為「技能表現數據」的資訊，讓人資以及學習與發展（L&D）主管得以採取行動。將對話從回報學習活動，轉向在工作流程中展示可衡量的語言能力。

Skilling is a large and growing market, and we believe we are building the most credible outcomes-driven platform in the space.

技能培訓是一個龐大且持續成長的市場，我們相信自己正在打造此領域最具可信度、以成果為導向的平台。

In our 2026 Skills for Business Impact Report, more than two-thirds of graduates surveyed report applying their new skills immediately. 43% say they are working more efficiently, and 41% reported improved quality of work. On AI specifically, 75% of graduates reported increased confidence, and 43% are actively applying those skills on the job.

在我們的《2026 Skills for Business Impact Report》中，超過三分之二的受訪畢業生表示會立即應用新技能。43% 表示工作效率更高，41% 表示工作品質有所提升。就 AI 而言，75% 的畢業生表示信心提升，43% 正在工作中積極運用這些技能。

The impact extends to employers as well. 80% of the graduates we surveyed report a positive career impact, and 92% remain with their employers 6 Cornerstone to 12 months after completing the program, with 62% citing employer-sponsored education as a key reason for staying.

影響也延伸至雇主端。我們調查的畢業生中，80% 表示職涯受到正面影響；92% 在完成課程後 6 個月到 12 個月仍留任原雇主，其中 62% 表示雇主贊助教育是留任的關鍵原因之一。

Our investments in skilling are funded by the strong free cash flow being generated by Chegg Study, which outperformed our expectations in Q1. While search headwinds continue to impact traffic for Chegg Study, retention remains strong, an indicator that students continue to find real value in our product.

我們在技能培訓上的投資，來自 Chegg Study 所產生的強勁自由現金流資助；Chegg Study 在第一季的表現優於我們預期。儘管搜尋端逆風仍持續影響 Chegg Study 的流量，但留存率依然強勁，顯示學生仍在我們的產品中找到實質價值。

The financial foundation we have built is what makes everything we are building possible. And it reflects the kind of focus and discipline this team has. Six months ago, I returned to Chegg because I saw a company with all the ingredients to win, a trusted brand, proven curriculum, outcomes data that demonstrated a real return on investment for our customers, and an expanding global network of enterprise and institutional partners.

我們所建立的財務基礎，讓我們正在打造的一切成為可能。這也反映了團隊的專注與紀律。六個月前我回到 Chegg，因為我看到一家公司具備致勝所需的所有要素：值得信賴的品牌、經驗證的課程內容、能證明客戶投資報酬率的成果數據，以及持續擴張的全球企業與機構合作夥伴網絡。

What we needed was focus and clarity to lean into the opportunities ahead of us. In the last six months, this team has removed approximately 40% of our costs, put us on a path to zero debt, increased our free cash flow, retooled the business to be AI-first, giving us a strong foundation to grow from.

我們需要的是專注與清晰度，以全力把握眼前的機會。在過去六個月，團隊已削減約 40% 的成本，讓我們走在邁向零負債的道路上，提高自由現金流，並將業務重新調整為 AI 優先，為後續成長奠定堅實基礎。

As a result, I am confident about the category we are in, the momentum in our skilling business, and the strength of our balance sheet. I feel confident about the opportunity in front of us and our ability to drive value for our shareholders and our customers, and I look forward to updating you.

因此，我對我們所處的類別、我們技能培訓業務的動能，以及我們資產負債表的強健程度充滿信心。我對眼前的機會以及我們為股東與客戶創造價值的能力感到有信心，並期待向各位更新進展。

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

接下來，我把時間交給 David。

Thank you, Dan, and good afternoon. Today, I will review our financial performance for the first quarter of 2026, along with the company's outlook for the second quarter. Building on the progress outlined in our last earnings call, we delivered a strong first quarter, which exceeded expectations.

謝謝你，Dan，大家下午好。今天我將回顧我們 2026 年第一季的財務表現，以及公司對第二季的展望。在上次財報電話會議所概述的進展基礎上，我們交出強勁的第一季成績，且超出預期。

Our results reflect continued execution on our priorities and increasing momentum in our businesses. Our strategic focus on the large and growing skilling market positions us for long-term sustainable growth with strong margins, while we leverage AI across the organization to improve efficiency and drive meaningful improvements in profitability and cash generation.

我們的結果反映出我們持續落實各項優先事項，且各項業務動能正在提升。我們在龐大且持續成長的技能培訓市場上的策略聚焦，使我們得以在具備強勁毛利率的情況下，實現長期且可持續的成長；同時我們在全組織導入 AI 以提升效率，並推動獲利能力與現金創造的實質改善。

In the quarter, Chegg skilling generated $17.6 million in revenue, representing 9% growth as we continued to invest in the business. We also signed exciting new distributioning deals, which we expect to contribute in the second-half and help drive double-digit Skilling revenue growth for the full year.

本季 Chegg 技能培訓（skilling）營收為 1,760 萬美元，年增 9%，我們也持續對該業務進行投資。我們亦簽下令人振奮的新分銷合作協議，預期將在下半年開始貢獻，並有助於推動全年技能培訓營收達到雙位數成長。

Academic services revenue was $45.7 million. We continue to manage this business with a focus on maximizing cash generation. Which exceeded our expectations this quarter. While traffic remained under pressure, monthly retention rates were very strong in the quarter, further extending the operational runway of the business.

學術服務營收為 4,570 萬美元。我們持續以最大化現金創造為重點來管理這項業務。本季表現超出我們預期。雖然流量仍承受壓力，但本季月度留存率非常強勁，進一步延長了該業務的營運跑道。

Turning to expenses, non-GAAP operating expenses were $36.4 million, reflecting a reduction of $44.1 million or 55% year-over-year. These results reflect our disciplined approach to expense management. We will continue to identify additional opportunities, including enhanced use of AI to drive further efficiency.

接著談費用，非 GAAP 營業費用為 3,640 萬美元，較去年同期減少 4,410 萬美元或 55%。這些結果反映我們在費用管理上的紀律。我們將持續尋找更多機會，包括更強化運用 AI 以進一步提升效率。

Importantly, these actions are generating cash flow that we can invest in our future growth. Adjusted EBITDA for the quarter was $15.5 million, representing a margin of 24%. We also delivered positive net income in the first quarter for the first time in two years.

重要的是，這些措施正在產生現金流，使我們能投資於未來成長。本季調整後 EBITDA 為 1,550 萬美元，代表 24% 的利潤率。我們也在兩年來首次於第一季實現正的淨利。

First quarter CapEx was $1 million, down 88% year-over-year. For 2026, we are targeting a 60% reduction in CapEx, with approximately 90% dedicated to our growing skilling business. Free cash flow in the quarter was $3.1 million, which includes approximately $12.9 million of severance payments related to prior restructuring actions.

第一季資本支出（CapEx）為 100 萬美元，年減 88%。針對 2026 年，我們目標將資本支出降低 60%，其中約 90% 將投入於成長中的技能培訓業務。本季自由現金流為 310 萬美元，其中包含約 1,290 萬美元、與先前重組措施相關的資遣費支付。

We expect an additional $2.1 million of severance payments in the second quarter. Despite these items, we expect to generate meaningful free cash flow in 2026. Looking at the balance sheet. We ended the quarter with $67.9 million in cash and investments and a net cash position of $34.1 million, providing us flexibility as we execute on our priorities.

我們預期第二季還會有額外 210 萬美元的資遣費支付。儘管有這些項目，我們仍預期 2026 年將產生可觀的自由現金流。再看資產負債表。本季末我們持有 6,790 萬美元的現金與投資，淨現金部位為 3,410 萬美元，讓我們在執行各項優先事項時具備彈性。

Looking ahead to Q2 guidance, we expect Chegg skilling revenue of $17.5 million to $18 million, total revenue between $49 million and $50 million. Gross margins in the range of 51% to 52%, and adjusted EBITDA between $5 million and $6 million.

展望第二季指引，我們預期 Chegg 技能培訓營收為 1,750 萬至 1,800 萬美元，總營收介於 4,900 萬至 5,000 萬美元。毛利率約在 51% 至 52% 區間，調整後 EBITDA 介於 500 萬至 600 萬美元。

In 2026, our capital allocation priorities remain focused on maximizing free cash flow, strengthening our balance sheet, and fully repaying our convertible debt by September. Additionally, we will continue to evaluate opportunities to deploy capital, including through our remaining securities repurchase authorization. With a disciplined approach aligned to long-term shareholder value.

在 2026 年，我們的資本配置優先事項仍聚焦於最大化自由現金流、強化資產負債表，並在 9 月前全額償還可轉換債務。此外，我們將持續評估資金運用機會，包括透過剩餘的證券回購授權。並以與長期股東價值一致的紀律方式進行。

In closing, we have taken deliberate actions to position the company for long-term success. We are leaner, more efficient, and well-positioned for double-digit growth in our skilling business and meaningful free cash flow in 2026, putting us on a clear path to sustained growth, profitability, and increased shareholder value.

最後，我們已採取審慎且明確的行動，使公司具備長期成功的定位。我們的組織更精實、更有效率，並已為技能培訓業務的雙位數成長以及 2026 年可觀的自由現金流做好準備，讓我們走在清晰的道路上，以實現持續成長、獲利能力提升與股東價值增加。

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

接下來我把電話會議交給接線員，開始問答。

(Operator Instructions)

（接線員指示）

Ryan McDonald, Needham & Co.

Ryan McDonald，Needham & Co.

Thanks for taking my questions. Dan, maybe on the Chegg skilling business and the trends you're seeing there, can you maybe unpack sort of the sort of two segments a bit in Q1, sort of what were you seeing across sort of B2B language learning versus Chegg Skills.

謝謝讓我提問。Dan，關於 Chegg 技能培訓業務以及你們在那裡看到的趨勢，能否請你拆解一下第一季兩個分項的情況，例如 B2B 語言學習相較於 Chegg Skills 的表現，你們分別看到了什麼？

And then as you think about sort of the back half of the year acceleration and growth and sort of getting to the double-digits, what kind of visibility do you have or do you get from the partners as you add those. And those additional channels throughout the year?

另外，當你們思考下半年加速成長、並達到雙位數成長時，隨著你們新增合作夥伴，從合作夥伴那邊你們能獲得什麼樣的能見度？以及今年內新增的那些額外通路？

Yeah, great question. It's exactly what we look at.

是的，問得很好。這正是我們所關注的。

So the trend in the first quarter was very strong because there were three things that we wanted to accomplish. On the cost side, we reinvented the way we are able to build content utilizing AI and the user experience allowing us to scale at a lower cost with a higher quality using AI versus necessarily only using humans. And we applied that across both what you would call the traditional skilling and the language skilling.

第一季的趨勢非常強勁，因為我們想達成三件事。在成本面，我們重新打造了利用 AI 建置內容與使用者體驗的方式，使我們能以更低成本、在 AI 的協助下提供更高品質並擴大規模，而不必完全只依賴人工。而且我們把這套做法同時應用在你所稱的傳統技能培訓與語言技能培訓上。

We combine those businesses because whether we sell through channels in the US or directly to corporations or businesses or corpus as they call them in Europe they actually buy them both as skills.

我們把這兩項業務合併來看，因為無論我們是在美國透過通路銷售，或是直接銷售給企業或公司，或是在歐洲他們所稱的企業客戶（corpus），他們實際上會把兩者都當作技能來購買。

So we are working to combine packages and offerings to be able to offer both of those things. What you'll see going forward is a pretty exciting capability that AI allows us to have, which is real-time intervention inside the course or inside the use of language, which we think will make them extremely valuable.

因此我們正努力整合套裝與產品方案，以便能同時提供這兩種內容。未來你會看到一項相當令人興奮的能力：AI 讓我們能在課程進行中或語言使用過程中即時介入，我們認為這將使產品極具價值。

And we expect to be able to be increased retention and utilization of those products going forward. They're rolling out now.

我們預期未來這些產品的留存與使用率都能提升。目前正在推出中。

The question over how these accounts build, so before I came back.

至於這些客戶帳戶如何建立的問題，在我回來之前。

Chegg had one channel of distribution, which was [Guild], and we still have Guild and Guild is still a terrific partner. However, we needed to renegotiate the contract with Guild to allow us to work with additional partners, which we didn't have the ability to do before.

Chegg 只有一個分銷通路，也就是 [Guild]，我們現在仍與 Guild 合作，而 Guild 仍是非常出色的夥伴。不過，我們需要與 Guild 重新協商合約，讓我們能與其他合作夥伴合作，因為過去我們沒有這樣的能力。

So what you've heard from us from announcements. Is that since the beginning of the year, we were able to renegotiate that and sign on a number of distribution partners for the combined assets of our skilling. So whether it be the skills and the language, or the language, all of those have yet to launch.

所以你們從我們的公告中聽到的是：自年初以來，我們得以重新談判，並為我們技能培訓合併資產簽下多家分銷合作夥伴。因此，不論是技能與語言，或是語言，這些都尚未上線。

We've signed those agreements and we're building the courses and we expect them to launch somewhere around, some of them somewhere in this quarter. And then to build over the course of the year. So the reason we feel very comfortable at this moment in time is because we expect each of those to build revenue over the course of the year and then really accelerate going into '27.

我們已簽署這些協議，正在建置課程，並預期它們將在大約某個時間點上線，其中一些會在本季內上線。接著在全年逐步擴展。因此，我們此刻感到非常有把握的原因在於，我們預期每一項都會在全年逐步貢獻營收，並在邁入 2027 年時真正加速。

So we're excited about that. So the first step was redesign the products and services to be more AI-centric, lower cost, better quality of outcomes for the student.

所以我們對此感到很興奮。第一步是重新設計產品與服務，使其更以 AI 為核心、成本更低，並為學生帶來更高品質的成果。

Second one was liberate ourselves from a single deal to be able to sign more deals, then sign more deals, which we have. And you heard the cornerstone, which we signed we announced today.

第二步是讓我們不再受限於單一交易，能夠簽更多交易，然後再簽更多交易——而我們也確實做到了。你們也聽到我們今天宣布簽下的基石（cornerstone）合作。

You heard us announce Wolfe on the last call. We have others signed that are not yet announced because our partners would prefer not to announce them until they actually launch because they don't want to confuse the people in their channel.

你們在上一次電話會議也聽到我們宣布 Wolfe。我們還簽了其他合作，但尚未公布，因為合作夥伴希望等到實際上線時再宣布，避免讓他們通路中的人感到混淆。

So we feel good about the fact that we've signed a number of deals that should build over the course of the year. None of them has to build particularly large for us to achieve the 10% year-over-year growth rate target that we desire for this year.

因此，我們對於已簽下多筆交易、且應能在全年逐步成長這件事感到樂觀。其中沒有任何一筆需要成長得特別大，我們就能達成今年所期望的年增 10% 成長率目標。

And we expect that they will roll out shortly and continually over the course of the year. So it's pretty exciting.

我們預期它們將在短期內推出，並在全年持續推進。所以這相當令人振奮。

Really helpful. And then a trend and theme we've been hearing in sort of the enterprise skilling and learning market this year is sort of more commentary about learning and the flow of work. Essentially, the concept of if I'm in my day-to-day role and whether I'm interacting with Salesforce or whatever system I'm in, it's sort of pushing more learning as I'm going through and using those tools.

非常有幫助。另外，今年我們在企業技能培訓與學習市場聽到的一個趨勢與主題，是更多人在談「學習融入工作流程（learning in the flow of work）」。本質上，概念是：如果我在日常工作中，不論是在使用 Salesforce 或任何系統，它會在我使用這些工具的過程中推送更多學習內容。

As you think about your sort of content catalog. Are you shifting or sort of what type of content you're building or the format you're building in to sort of meet this new kind of somatic demand, if you will?

當你思考你們的內容目錄時，你們是否正在調整——或是你們正在建置哪種類型的內容、以什麼形式建置——以滿足這種新的「體感式」需求（如果可以這麼說）？

Yeah, that is exactly correct. You've tapped into, I'm used to three-letter acronyms, but this is the new terminology in terms of what people want to do. What does it really mean?

是的，完全正確。你切中了要點——我習慣用三個字母的縮寫，但這是人們想做的事情所使用的新術語。那它真正代表什麼？

It means that whatever you're teaching them should be able to be used while they're actually using the capability inside their company. And agents allow for that to happen in particular. So I'll give you an example on the language side, which may be easier to understand.

它的意思是：你教他們的內容，應該能在他們實際使用公司內部能力（工具/系統）時就派上用場。而代理（agents）特別能讓這件事發生。我用語言學習這一側舉個例子，可能更容易理解。

Let's say you're using Boostu. To learn a language to be able to negotiate deals because you're in business development or legal or something, business affairs or something of that nature. The capability that we are building in, which goes to exactly what you said, is something that we'll call [POLST].

假設你在使用 Boostu。學一門語言，以便能談判交易，因為你在商務開發、法務或類似的業務法務等職能。我們正在建置的能力，正好呼應你所說的，我們會把它稱為[POLST]。

And so you might be negotiating real time, and POLST will be able to prompt you real time in the flow of work. What language or capabilities or techniques that you might need to do. So it goes beyond just the language, but into actually not only what to say, but how to say it.

因此，你可能正在即時談判，而 POLST 能在工作流程中即時提示你。你可能需要使用哪些語言、能力或技巧。所以它不只是語言本身，而是延伸到不僅告訴你該說什麼，還包括該怎麼說。

So yes, it is all gotta be inside the workflow, and within skills, even within our academic services, we're building some of those capabilities, which we think is some of the reason that we're able to slow down the decline. And extend the length of time, which will generate more cash for us, is because you can go right inside and say, Listen, do you want to learn how to do this right while you're here?

所以是的，一切都必須在工作流程內；在技能培訓方面，甚至在我們的學術服務中，我們也在建置其中一些能力。我們認為，這也是我們能放緩下滑、並延長時間、為我們帶來更多現金的原因之一：因為你可以直接在裡面說：「聽著，你想不想趁你在這裡的時候，就把這件事學會、學對？」

So think of it as just real-time intervention at the moment for what the person needs, where the technology can blend into what you're doing and what it's capable of doing. And yes, that is exactly why we retooled the company.

所以把它想成是在當下、針對使用者所需的即時介入；技術可以融入你正在做的事情，以及它能做到的事情。而是的，這正是我們重新改造公司的原因。

In addition to that, listen, there are a couple of elements that I believe the AI area is ushering in. They all seem pretty common sense, which is speed, how quickly could you do something? So some of our partners are requesting content every few weeks now rather than every quarter or every year.

除此之外，聽著，我認為 AI 領域正在帶來幾個要素。它們看起來都很符合常識：第一是速度——你能多快完成某件事？因此，我們的一些合作夥伴現在每隔幾週就要求新內容，而不是每季或每年一次。

So speed. The other one is reduction of friction, which is what you're talking about, at least partially what you're talking about, which is how do you remove all friction from the experience, from the users of it?

所以是速度。另一個是降低摩擦（reduction of friction），也就是你在談的——至少部分是你在談的——也就是如何把體驗中的所有摩擦移除，對使用者而言要怎麼做到？

As well as the creators of it, as well as the distributors of it, as well as the buyers of it. So every step that you can take out of the way, or you can do for the person while they're in it, is what you do. And then quality, the ability to consistency of quality at scale, which is something difficult for humans to do, less difficult for machines to do.

同樣也包括創作者、分銷者，以及購買者。所以你能從流程中拿掉的每一步，或是你能在使用者身處其中時替他完成的事情，你就去做。然後是品質——在規模化下維持一致品質的能力；這對人類很難，對機器則沒那麼難。

So all of that is at the core of what we're building. We think we're ahead of most people, and at least our partners here, we're ahead of most people, which is why we've been able to sign so many deals so quickly.

所以這些都是我們正在打造的核心。我們認為我們領先大多數人——至少就我們這些合作夥伴而言，我們領先大多數人——這也是為什麼我們能在這麼短的時間內簽下這麼多交易。

Awesome. Appreciate all the color there. Thanks for taking my question.

太棒了。感謝你提供這麼多細節。謝謝你回答我的問題。

You bet. Great question. .

沒問題。問得很好。。

Apologies, sir. Ladies and gentlemen, with no further questions in the queue, we have reached the end of the Q&A.

抱歉，先生。各位女士、先生，由於隊列中沒有其他問題，我們的問答環節到此結束。

This concludes this event. Thank you for attending. Anyway, now I'll disconnect your lines.

本次活動到此結束。感謝各位出席。接下來我將切斷各位的線路。