Chegg Inc (CHGG) 2022 Q1 法說會逐字稿

Greetings and welcome to Chegg, Inc. First Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

問候並歡迎來到 Chegg, Inc. 2022 年第一季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

I'd now like to turn the conference over to your host, Tracey Ford, Vice President of Investor Relations at [NESG]. Please go ahead.

我現在想將會議轉交給您的主持人，[NESG] 投資者關係副總裁 Tracey Ford。請繼續。

Good afternoon. Thank you for joining Chegg's First Quarter 2022 Conference Call. On today's call are Dan Rosensweig, Co-Chairperson and CEO; and Andy Brown, 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.

下午好。感謝您加入 Chegg 2022 年第一季度電話會議。今天的電話會議是聯合主席兼首席執行官 Dan Rosensweig；和首席財務官安迪布朗。我們的收益新聞稿的副本以及我們的投資者介紹可在我們的投資者關係網站investor.chegg.com 上獲取。該電話的重播也將在我們的網站上提供。我們定期在我們的網站上發布信息，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. 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中的結果存在重大差異。

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 filed with the Securities and Exchange Commission on February 22, 2022, as well as our other filings with the SEC.

我們提醒您考慮可能導致實際結果與前瞻性陳述中的結果大不相同的重要因素。特別是，我們向您推薦今天的收益發布中包含的警示性語言，以及 Chegg 於 2022 年 2 月 22 日向美國證券交易委員會提交的 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。證券交易委員會。

Any forward-looking statements that we make today are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events. 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 on our IR website, investor.chegg.com. We also recommend you review the investor data sheet, which is also posted on our IR website.

我們今天做出的任何前瞻性陳述均基於我們認為截至該日期是合理的假設。我們不承擔因新信息或未來事件而更新這些聲明的義務。在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。我們的 GAAP 結果和 GAAP 與非 GAAP 對賬可以在我們的收益新聞稿和投資者關係網站investor.chegg.com 上的投資者幻燈片中找到。我們還建議您查看投資者數據表，該數據表也發佈在我們的 IR 網站上。

Now I will turn the call over to Dan.

現在我將把電話轉給丹。

Thank you, Tracey, and welcome, everyone, to our Q1 2022 earnings call. We started the year with a solid quarter. Chegg Services grew 14% year-over-year with 5.4 million subscribers. In addition, we are announcing a new partnership with an independent book reseller, enabling us to continue to offer print and e-textbooks to students, while our partner handles inventory and fulfillment. We expect this deal to improve our margins and growth rates over time.

謝謝你，特蕾西，歡迎大家參加我們的 2022 年第一季度財報電話會議。我們以一個穩健的季度開始了這一年。 Chegg Services 同比增長 14%，擁有 540 萬用戶。此外，我們宣布與一家獨立圖書經銷商建立新的合作夥伴關係，使我們能夠繼續為學生提供印刷和電子教科書，而我們的合作夥伴則負責庫存和履行。我們預計這筆交易將隨著時間的推移提高我們的利潤率和增長率。

As noted in our fourth quarter call, we entered the year with momentum. However, this trend has not continued at the level we expected. The issues of enrollment, the economy and now inflation have all impacted our industry. Students continue to take fewer classes, and those they do take are often less rigorous with fewer or more limited assignments.

正如我們在第四季度電話會議中指出的那樣，我們以勢頭進入了這一年。然而，這一趨勢並未以我們預期的水平持續下去。入學、經濟和現在的通貨膨脹問題都影響了我們的行業。學生繼續上更少的課，而他們上的課通常不那麼嚴格，作業更少或更多。

With higher wages and increased cost of living, more people are shifting their priorities towards earning over learning, resulting in lower course load or delaying enrollment in schools at this time. In the U.S. alone, we have seen approximately 1 million students forgo or postpone higher education over the last 2 years.

隨著工資的上漲和生活成本的增加，越來越多的人將他們的優先事項轉向賺錢而不是學習，從而導致課程負擔降低或在此時延遲入學。僅在美國，過去 2 年就有大約 100 萬學生放棄或推遲接受高等教育。

The impact of these factors is evident in the reduced traffic to higher education support services. This is made forecasting at this time challenging. And while we expect many of these trends to be temporary, we are reducing our guidance to better reflect the current market conditions, which Andy will walk you through.

這些因素的影響在高等教育支持服務的流量減少中很明顯。這使得目前的預測具有挑戰性。雖然我們預計其中許多趨勢是暫時的，但我們正在減少我們的指導以更好地反映當前的市場狀況，安迪將引導您完成。

That being said, we are executing well against these current conditions, and indications are that we are outperforming our sector. With approximately 50% of the world's population under the age of 30 and technology impacting what we learn, how we learn, where we learn and when we learn, the global need for affordable, high-quality, dependable academic support and skills-based learning will only grow. Our goal during this time is to gain greater market share and invest in future growth.

話雖如此，我們在當前的情況下表現良好，有跡象表明我們的表現優於我們的行業。世界上大約 50% 的人口年齡在 30 歲以下，技術影響著我們的學習內容、學習方式、學習地點和學習時間，全球需要負擔得起、高質量、可靠的學術支持和基於技能的學習只會增長。我們在此期間的目標是獲得更大的市場份額並投資於未來的增長。

Students who are using paid support services this semester are overwhelmingly choosing Chegg. We are experiencing strong engagement, our highest take rate for the Chegg Study Pack and outstanding retention rates. Along with the increased take rate for the Chegg Study Pack are continued efforts in the expansion, quality, discoverability and personalization of our content drove strong retention, which increased the ARPU of our business. These are powerful endorsements of the critical role Chegg plays in the lives of students.

本學期使用付費支持服務的學生絕大多數都選擇 Chegg。我們正在經歷強大的參與度、Chegg 學習包的最高使用率和出色的保留率。隨著 Chegg Study Pack 使用率的提高，我們在內容的擴展、質量、可發現性和個性化方面的持續努力推動了強大的留存率，從而提高了我們業務的 ARPU。這些都是對 Chegg 在學生生活中所起關鍵作用的有力支持。

We remain bullish on the post-pandemic era so we are staying focused on investments in our future, specifically international expansion, language learning, skills training and supplemental support services like soft skills and financial literacy. Our reach is expanding globally. And we are improving both our content library and technology platform to increase students' ability to discover our more than 100 million pieces of learning material, thereby improving student outcomes.

我們仍然看好大流行後時代，因此我們將繼續專注於對未來的投資，特別是國際擴張、語言學習、技能培訓和補充支持服務，如軟技能和金融知識。我們的影響力正在全球範圍內擴大。我們正在改進我們的內容庫和技術平台，以提高學生髮現我們超過 1 億件學習材料的能力，從而提高學生的學習成果。

Domestically, we continue to be focused on our key priorities, including the student-facing launch of Uversity this fall, which will increase the breadth and quality of our content, deepen our relationships with academic institutions and expand the number of students who can learn from Chegg. To date, professors have uploaded over 140,000 approved pieces of instructional content, and Uversity will soon be rolling out to faculty in the U.K. and Canada.

在國內，我們繼續專注於我們的主要優先事項，包括今年秋季面向學生推出的大學，這將增加我們內容的廣度和質量，加深我們與學術機構的關係，並擴大可以從中學習的學生人數切格。迄今為止，教授們已經上傳了超過 140,000 篇已獲批准的教學內容，大學很快將向英國和加拿大的教師推廣。

Our international expansion continues to perform well, led by the adoption of Chegg Study and Chegg Study Pack and accelerated by the addition of Busuu. We continue to grow our subscribers and take market share, and we are now offering local content and user experiences in key markets. We are currently accepting local currencies in 5 countries and expect to expand to at least 3 new markets by the end of the year.

我們的國際擴張繼續表現良好，這得益於 Chegg Study 和 Chegg Study Pack 的採用，並因加入博樹而加速。我們繼續增加訂戶並佔據市場份額，現在我們在主要市場提供本地內容和用戶體驗。我們目前在 5 個國家/地區接受當地貨幣，預計到今年年底將擴展到至少 3 個新市場。

In addition, we are price testing in 8 countries to determine the optimal price-to-value equation, and we are excited to have recently launched our first fully localized app in Turkey. Our next localized app will be in Spanish, and that will increase our TAM in both the U.S. and other key countries like Mexico as well as emerging Latin America markets.

此外，我們正在 8 個國家/地區進行價格測試，以確定最佳的價格與價值等式，我們很高興最近在土耳其推出了我們的第一個完全本地化的應用程序。我們的下一個本地化應用程序將使用西班牙語，這將增加我們在美國和墨西哥等其他主要國家以及新興拉丁美洲市場的 TAM。

We are also building new B2B channels for both our skills and language services and are pleased with their early success. Busuu has direct relationships with over 500 companies. And our skills distribution partner, Guild, now reaches over 4 million frontline workers, which is an important channel for Chegg. We are proud to have graduated our first Guild cohorts from our new programs and technology fundamentals and advanced programs like cybersecurity.

我們還在為我們的技能和語言服務建立新的 B2B 渠道，並對他們早期的成功感到高興。博樹與 500 多家公司建立了直接關係。而我們的技能分發合作夥伴 Guild 現在接觸到超過 400 萬一線工人，這是 Chegg 的重要渠道。我們很自豪能夠從我們的新項目和技術基礎以及網絡安全等高級項目中畢業我們的第一批公會成員。

With recent research showing that 82% of global workers polled plan to train a new digital skill for the next 5 years, we believe these kinds of programs represent a major opportunity for Chegg.

最近的研究表明，接受調查的全球員工中有 82% 計劃在未來 5 年內培訓新的數字技能，我們相信這類計劃對 Chegg 來說是一個重大機遇。

Beyond the academic and professional needs of students, there is an enormous opportunity to improve student lives beyond the classroom. 83% of U.S. students feel they need to learn more about money and finances, and half are struggling with their mental health. Chegg is investing in serving these vital student needs and will continually work to support them beyond academics and skills.

除了學生的學術和專業需求之外，還有一個巨大的機會可以改善學生在課堂之外的生活。 83% 的美國學生認為他們需要更多地了解金錢和財務方面的知識，其中一半的學生正在為自己的心理健康而苦苦掙扎。 Chegg 正在投資於滿足這些重要的學生需求，並將繼續努力支持他們超越學術和技能。

Given the current environment, we are very proud of how the Chegg team continues to execute. We will manage through the volatility and expect to return to higher and more predictable growth over time. Through all this, we will never lose sight of our mission: to put students first around the world.

鑑於當前的環境，我們為 Chegg 團隊如何繼續執行感到非常自豪。我們將應對波動，並期望隨著時間的推移恢復到更高和更可預測的增長。通過這一切，我們永遠不會忘記我們的使命：在世界各地把學生放在首位。

And with that, I will turn it over to Andy.

有了這個，我會把它交給安迪。

Thanks, Dan, and good afternoon, everyone. Q1 was a solid quarter for Chegg with revenues coming in within the guidance range, while adjusted EBITDA continued to be strong and ahead of our expectations despite the volatility from the pandemic and unfavorable education industry trends. These conditions have made forecasting more challenging in the near term, and as a result, we are reducing our full year expectations. I will walk you through our updated guidance shortly, along with the changes to required materials from our new partnerships.

謝謝，丹，大家下午好。對於 Chegg 來說，第一季度是一個穩健的季度，收入在指導範圍內，而調整後的 EBITDA 繼續強勁並超出我們的預期，儘管大流行和不利的教育行業趨勢造成波動。這些情況使短期內的預測更具挑戰性，因此，我們正在降低全年預期。我將很快向您介紹我們更新的指南，以及我們新合作夥伴對所需材料的更改。

With that backdrop, let me walk you through the Q1 results. For Q1, total revenue grew to $202 million. This was driven by Chegg Services growth of 14% to $185 million as subscribers grew to 5.4 million during the quarter, which included approximately 600,000 subscribers from our newly acquired Busuu service. Gross margin came in slightly higher than expected as we continued to get benefits as we scale. All of this resulted in adjusted EBITDA margin of 31% or $62 million, exceeding our initial estimates even as we made significant investments for future growth.

在這種背景下，讓我帶您了解第一季度的結果。第一季度，總收入增長至 2.02 億美元。這得益於 Chegg Services 增長 14% 至 1.85 億美元，因為該季度的訂戶增長至 540 萬，其中包括來自我們新收購的 Busuu 服務的約 600,000 名訂戶。毛利率略高於預期，因為隨著我們的規模擴大，我們繼續獲得收益。所有這些導致調整後的 EBITDA 利潤率為 31% 或 6200 萬美元，超出了我們最初的估計，儘管我們為未來的增長進行了大量投資。

Looking at the balance sheet. We ended the quarter with $1.6 billion of cash and investments. During the quarter, we used $422 million to purchase Busuu and $300 million for our accelerated share repurchase, which was completed in April. We continue to believe the combination of our operating model, balance sheet and cash flows are among the strongest in the education industry and puts us in an ideal position to grow organically, and should opportunities become available, through acquisition.

看著資產負債表。我們在本季度結束時擁有 16 億美元的現金和投資。在本季度，我們用 4.22 億美元購買了 Busuu，並用 3 億美元進行了加速股票回購，該回購已於 4 月完成。我們仍然相信，我們的運營模式、資產負債表和現金流的組合是教育行業中最強大的，這使我們處於有機增長的理想位置，如果有機會，可以通過收購獲得。

In early April, we entered into an agreement to sell our remaining textbook library and to offer both physical and digital textbooks through a partner, where we will receive a single-digit percentage commission. Being student-first, we have continued to offer textbooks even as it stopped contributing positively to our financials. This new relationship gives us the opportunity to continue to serve students and ultimately grow faster with higher margins. We have provided details in our earnings deck on the Investor Relations website regarding the transition, including the impact to both revenues and costs.

4 月初，我們簽訂了出售剩餘教科書圖書館的協議，並通過合作夥伴提供實體和數字教科書，我們將獲得個位數百分比的佣金。作為學生至上，我們繼續提供教科書，即使它不再對我們的財務做出積極貢獻。這種新的關係使我們有機會繼續為學生服務，並最終以更高的利潤更快地成長。我們在投資者關係網站的收益面板中提供了有關過渡的詳細信息，包括對收入和成本的影響。

Starting in 2023, we expect this partnership will contribute approximately $7 million to $10 million in annual revenue, which given its size will be consolidated into Chegg Services revenue, and as such, we will only report a single revenue line.

從 2023 年開始，我們預計該合作夥伴關係將貢獻約 700 萬至 1000 萬美元的年收入，鑑於其規模將合併到 Chegg 服務收入中，因此，我們將僅報告單一收入線。

Moving on to guidance. As we continued to navigate the evolving impacts of the economy and the pandemic, the historical patterns of our business, including seasonality and the intra-semester student behavior, have changed. While these factors have made forecasting more complicated, we believe over time, it will return to greater predictability.

繼續指導。隨著我們繼續應對經濟和大流行的不斷變化的影響，我們業務的歷史模式，包括季節性和學期內學生的行為，已經發生了變化。儘管這些因素使預測變得更加複雜，但我們相信隨著時間的推移，它將恢復到更大的可預測性。

As a result, for 2022, we now expect total revenue to be between $740 million and $770 million with Chegg Services revenue between $710 million and $740 million, gross margin between 73% and 74%, and adjusted EBITDA between $220 million and $235 million or 30% adjusted EBITDA margin.

因此，我們現在預計 2022 年的總收入將在 7.4 億美元至 7.7 億美元之間，Chegg 服務收入在 7.1 億美元至 7.4 億美元之間，毛利率在 73% 至 74% 之間，調整後 EBITDA 在 2.2 億美元至 2.35 億美元之間或調整後 EBITDA 利潤率為 30%。

For Q2, we now expect total revenue to be between $188 million and $192 million with Chegg Services revenue between $183 million and $187 million, gross margin between 76% and 77%, and adjusted EBITDA between $66 million and $68 million.

對於第二季度，我們現在預計總收入將在 1.88 億美元至 1.92 億美元之間，Chegg 服務收入在 1.83 億美元至 1.87 億美元之間，毛利率在 76% 至 77% 之間，調整後的 EBITDA 在 6600 萬美元至 6800 萬美元之間。

In closing, despite the turbulence in the industry, we continue to invest prudently in growth, such as international expansion, Uversity, personalization, expanding our nonacademic and skills offerings and language learning with Busuu, all while delivering best-in-class margins and generating significant cash flows. Along with the strength of our balance sheet, we believe this puts us in pole position when these industry headwinds subside.

最後，儘管行業動盪，我們仍將繼續謹慎投資於增長，例如國際擴張、大學、個性化、擴大我們的非學術和技能產品以及與 Busuu 的語言學習，同時提供一流的利潤並產生可觀的現金流。隨著我們資產負債表的強大，我們相信當這些行業逆風消退時，這將使我們處於領先地位。

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

有了這個，我會把電話轉給接線員來回答你的問題。

(Operator Instructions) We have a first question from the line of Doug Anmuth with JPMorgan.

（操作員說明）我們有第一個問題來自摩根大通的 Doug Anmuth。

It's Bryan Smilek on for Doug. Just 2 here. So how do you think about business-specific levers that Chegg can pull to help fasten the pace of recovery? And how does this slowdown compare to trends Chegg has seen during times of economic slowdown in inflation in the past?

道格是布萊恩·斯邁克。這裡只有2個。那麼，您如何看待 Chegg 可以拉動以幫助加快復甦步伐的特定業務槓桿？與過去經濟通脹放緩期間 Chegg 所看到的趨勢相比，這種放緩如何？

And then just finally, is the slowdown more broad-based across U.S. and international? Or is it outsized domestically?

最後，經濟放緩是否在美國和國際範圍內更為廣泛？還是國內超大？

Yes. This is Dan. There have been challenges sort of globally for different reasons. Obviously, the war has affected parts of Europe. And COVID, believe it or not, has affected parts of Asia. So those are -- there are different variables there. There's just a lot of variables out of the control of companies right now. And from the U.S. perspective, the best thing to do inside the U.S. is to gain market share, which we believe we're doing; to grow the international business faster, which we are investing in; the acceleration of our skills business.

是的。這是丹。由於不同的原因，全球範圍內都存在挑戰。顯然，戰爭影響了歐洲的部分地區。不管你信不信，新冠病毒已經影響了亞洲部分地區。所以這些是 - 那裡有不同的變量。現在有很多變數超出了公司的控制範圍。從美國的角度來看，在美國國內做的最好的事情就是獲得市場份額，我們相信我們正在這樣做；更快地發展我們正在投資的國際業務；加速我們的技能業務。

So we're investing in a lot of smart things that we think will return the company to much more significant growth as early as next year. But we just have to fight through the realities of all the variables that are affecting ours and other businesses. But in higher education, historically, I mean, look, we haven't seen this kind of inflation in a long time. It's hard to measure it versus anything that's happened in the past.

因此，我們正在投資許多我們認為最早將使公司在明年實現更顯著增長的智能產品。但我們只需要克服影響我們和其他業務的所有變量的現實。但是在高等教育中，我的意思是，從歷史上看，我們已經很長時間沒有看到這種通貨膨脹了。與過去發生的任何事情相比，很難衡量它。

But with wage inflation and people paying a lot for people to switch jobs quickly or to work more hours versus going to school, you just see a lot of that portion of higher education leave. And they will come back. They generally -- education goes up during recessions, and it goes down during strong economic markets.

但隨著工資上漲，人們為快速換工作或工作更多時間而不是上學付出了很多，你只會看到很多高等教育離開。他們會回來的。他們通常——教育在經濟衰退期間上升，在經濟市場強勁時下降。

So this is a temporary situation in the U.S. We just have to fight through it. We're extraordinarily proud of the fact that we still expect to grow this year on the top line. We're profitable. We produce free cash flow. Our guidance, we just thought it was prudent to adjust it by 7%. And we just think that's a smarter decision at this point in time given the fact that every time we turn around, there's a new variable out of our control.

所以這在美國祇是暫時的情況，我們只需要克服它。我們感到非常自豪的是，我們仍然希望今年的收入增長。我們是有利可圖的。我們產生自由現金流。我們的指導，我們只是認為將其調整 7% 是謹慎的。我們只是認為此時這是一個更明智的決定，因為每次我們轉身時，都會有一個新的變量超出我們的控制範圍。

But the overall core business is growing. It's profitable. It produces free cash flow. We see great growth coming from outside the U.S. in the future. The addition of Busuu, we're super excited about. And our skills business is beginning to gain real traction with our partnership with Guild. So we have a lot to look forward to. Just got to get through this moment in time.

但整體核心業務正在增長。這是有利可圖的。它產生自由現金流。我們看到未來來自美國以外的巨大增長。 Busuu 的加入讓我們感到非常興奮。通過與 Guild 的合作，我們的技能業務開始獲得真正的吸引力。所以我們有很多期待。只是要及時度過這一刻。

We have next question from the line of Jeff Silber with BMO Capital Markets.

我們有來自 BMO 資本市場的 Jeff Silber 的下一個問題。

Forgive me, I'm just trying to get a better understanding of what's going on. So if I remember correctly, on your October call, you talked about the issue of fewer students and less rigorous students. On the call in February, most of that, at least the less rigorous parts, seem to be behind you. And here we are 2 months later, and that's back.

原諒我，我只是想更好地了解正在發生的事情。所以，如果我沒記錯的話，在你 10 月份的電話會議上，你談到了學生少、學生不嚴謹的問題。在二月份的電話會議上，其中大部分，至少是不太嚴格的部分，似乎都已經過去了。兩個月後，我們又回來了。

What's changed to make this so volatile over the past 6 months or so? And why do you think this is just a transitory issue?

在過去 6 個月左右的時間裡，發生了什麼變化使得這種情況如此不穩定？為什麼你認為這只是一個暫時的問題？

Well, nobody wants to say transitory now that we've understood the way the Fed's talked about inflation. Look, what's changed is the things that we put in the prepared remarks, which is inflation has really roared at the same time that salary inflation has happened, which has taken a lot of people from the 4-year schools, which people are not likely to graduate from anyway and are taking classes and community college students to choose to shift even more aggressively towards earning right now.

好吧，既然我們已經了解了美聯儲談論通脹的方式，沒有人願意說暫時的。你看，改變的是我們在準備好的評論中寫的東西，就是通貨膨脹真的在咆哮的同時工資膨脹發生了，它把很多四年制學校的人都帶走了，人們不太可能無論如何要畢業，正在上課，社區大學的學生現在選擇更積極地轉向賺錢。

And you really shouldn't blame them, right? It's a smart prudent business decision for them at this moment, which is if their salaries are doubled and tripled, why not take that money and give more hours and take fewer classes or no classes?

你真的不應該責怪他們，對吧？此刻對他們來說這是一個明智的、審慎的商業決策，如果他們的薪水翻了三倍，為什麼不拿那筆錢，多花點時間，少上課或不上課呢？

That is absolutely representative in every data point that you can find in the higher education market and the ones that we shared today as examples. And you can look at all the higher education sites that students go to normally for help. We're actually gaining market share against them, but they're all down. These are sort of macro situations.

在高等教育市場中可以找到的每個數據點以及我們今天作為示例分享的數據點中，這絕對具有代表性。您可以查看學生通常去尋求幫助的所有高等教育網站。我們實際上正在贏得與他們對抗的市場份額，但他們都在下降。這些是某種宏觀情況。

So what's changed is we did see a significant comeback as we got towards midterms and finals. And as we said in the prepared remarks, it didn't sustain itself, meaning when we came back from the new year, it originally started off very strong, and then you saw inflation come in. And then you saw wages even go up further. And you saw the demand of people trying to solve the supply chain issues.

所以改變的是，當我們進入期中和決賽時，我們確實看到了一次重大的回歸。正如我們在準備好的評論中所說，它並沒有持續下去，這意味著當我們從新年回來時，它最初開始非常強勁，然後你看到通貨膨脹進來了。然後你看到工資甚至進一步上漲.你看到了人們試圖解決供應鏈問題的需求。

That's a large portion of Chegg's audience. It's not all of our audience. Obviously, we're still growing. I mean we did grow 14% in the first quarter of the year. So all is not lost. This is simply a moment in time that it's just -- some of the variables are out of our control and very volatile. Every industry has something, whether it's China or supply chain or some other variable. These are ours.

這是 Chegg 的大部分觀眾。這不是我們所有的觀眾。顯然，我們還在成長。我的意思是我們在今年第一季度確實增長了 14%。所以一切都沒有丟失。這只是一個時間點——一些變量超出了我們的控制範圍，而且非常不穩定。每個行業都有一些東西，無論是中國還是供應鍊或其他一些變量。這些是我們的。

Okay. That was really helpful. I really do appreciate that, Dan. And then as my follow-up question, if I look at your subscriber numbers, so if we take out the Busuu numbers, it looks like subscribers were flat on a year-over-year basis.

好的。那真的很有幫助。我真的很感激，丹。然後作為我的後續問題，如果我查看您的訂閱者數量，那麼如果我們取出 Busuu 數量，看起來訂閱者同比持平。

Can we bifurcate that between the U.S. and international? I'm assuming international is growing and the U.S. is falling. Is that correct? And is that something we should expect to continue? And when do you think U.S. subscriber growth will start again?

我們可以在美國和國際之間分道揚鑣嗎？我假設國際正在增長，而美國正在下降。那是對的嗎？這是我們應該期待繼續的事情嗎？您認為美國用戶的增長何時會重新開始？

Yes. I'll start and let Andy finish, which is we sort of looked at it the other way, which is actually subscriber growth in Q1 is up over subscriber growth for Q4, not including Busuu. So we see ourselves rather than at the moment looking at the year-to-year comparisons because of both the COVID era as well as these other variables that we're talking about. What we're trying to do is figure out where that momentum returns at a significant inflection point.

是的。我將開始並讓安迪完成，這是我們以另一種方式看待它，這實際上是第一季度的訂戶增長高於第四季度的訂戶增長，不包括博樹。因此，由於 COVID 時代以及我們正在談論的其他變量，我們看到的是自己，而不是現在查看年度比較。我們正在嘗試做的是找出動量在重要拐點處返回的位置。

We are pleased that Q1 has higher subscribers than Q4. And then, of course, then you'll add on Busuu, and Busuu is growing. So at the moment, if you look at it year-over-year, the U.S. market is the one that declined the most because that's where the million-plus students left the market.

我們很高興第一季度的訂閱人數高於第四季度。然後，當然，然後您將添加 Busuu，並且 Busuu 正在成長。因此，目前，如果您逐年查看，美國市場是跌幅最大的市場，因為那是數百萬學生離開市場的地方。

And Chegg, we have very good penetration. So that's hundreds and hundreds and hundreds of thousands of subscribers that we otherwise would have gotten had they been participating in higher education market. So at the moment, we're just looking at Q1 grew faster -- grew more than Q4, then you add on Busuu.

Chegg，我們有很好的滲透力。因此，如果他們參與高等教育市場，我們本來可以獲得成百上千的訂閱者。所以目前，我們只是看到第一季度增長更快——增長超過第四季度，然後你添加博樹。

Now as to when we expect it, look, clearly, forecasting is not something that is easy to do right now, and that's why 2 of the last 3 quarters, we're having these conversations. And -- but our expectation is, given when you lap COVID and lap all these things that '23 will be a much better year. But I'll let Andy talk through that.

現在至於我們什麼時候期待它，看，很明顯，預測現在不是一件容易的事，這就是為什麼過去 3 個季度中有 2 個，我們正在進行這些對話。而且——但我們的期望是，考慮到當你把 COVID 和所有這些事情都考慮在內時，23 年將是一個更好的一年。但我會讓安迪談談。

No. I think you got it, Dan. And to Dan's point, we were somewhat north of 100,000 more subscribers in Q1 than we were in Q4. And we look at that as good news. And to Dan's point, I think we're -- I think that, hopefully, by the time we get to '23, there's more predictability and higher growth. But we're just at a point in time, as Dan mentioned.

不，我想你明白了，丹。在 Dan 看來，我們在第一季度的訂閱人數比第四季度多出 100,000 多。我們認為這是個好消息。就丹的觀點而言，我認為我們 - 我認為，希望到 23 歲時，會有更多的可預測性和更高的增長。但正如丹所說，我們只是在一個時間點上。

We have next question from the line of Stephen Sheldon with William Blair.

我們有來自斯蒂芬謝爾頓和威廉布萊爾的下一個問題。

Can you just talk some about the competitive environment? I guess, have you seen anything change there as you look back over the last few quarters for your core solutions? And how confident are you that the slowdown you're seeing is due to industry headwinds versus either -- or just competitors gaining traction with higher education students?

你能談談競爭環境嗎？我想，當您回顧過去幾個季度的核心解決方案時，您是否看到那裡發生了任何變化？你有多大信心看到你看到的放緩是由於行業逆風而不是——或者僅僅是競爭對手獲得了高等教育學生的吸引力？

Yes. Look, we're in a unique position, which is despite all this tumult, we're still the only company in our sector that is profitable and has cash and produces free cash flow and, frankly, grew 14% in the first quarter. So we sit at a position that allows us to see a lot of the industry in ways that others can't.

是的。看，我們處於一個獨特的位置，儘管有這麼多動盪，我們仍然是我們行業中唯一一家盈利並擁有現金並產生自由現金流的公司，坦率地說，第一季度增長了 14%。因此，我們所處的位置使我們能夠以其他人無法看到的方式看到很多行業。

We also -- as you can imagine, there's a lot of folks in our industry who are struggling, and you can see that in a few public companies. But we get a chance to get inside the companies of a lot of private companies for reasons that you can imagine as we survey the landscape. There is no competitor that we have seen, and we have seen most of them, that is gaining any traction on us. This is not Chegg losing share. We believe actually Chegg is gaining share.

我們也 - 你可以想像，我們行業中有很多人都在苦苦掙扎，你可以在一些上市公司中看到這一點。但是我們有機會進入許多私營公司的公司，原因您可以在我們調查環境時想像到。我們沒有看到任何競爭對手，而且我們已經看到了大多數競爭對手，這對我們產生了任何吸引力。這並不是 Chegg 失去份額。我們相信實際上 Chegg 正在獲得份額。

And the simplest statistic that you can all look at is just looking at NOB on our website, the traffic site, that shows what our traffic has been during this period to what others have been. And you can see that the others have declined significantly more.

你們都可以看到的最簡單的統計數據就是查看我們網站上的 NOB，即流量網站，它顯示了我們在此期間的流量與其他人的流量。你可以看到其他人的下降幅度更大。

So no, I don't think it's a competitive issue. And of course, it's the first thing we check. We look at our own execution. We look at our own operations. It's a top-of-the-funnel issue in the U.S., and it's a pricing opportunity outside the U.S., all things that we're working on.

所以不，我不認為這是一個競爭問題。當然，這是我們檢查的第一件事。我們看看我們自己的執行。我們審視自己的運營。這是美國的首要問題，也是美國以外的定價機會，這是我們正在努力的所有事情。

So we wish we weren't in this situation. We didn't cause this situation. We have to deal with this situation, and we are. But again, the company grew 14%. And on top of that, we continue to produce profits and profitability and get stronger as an entity. And we'll emerge from this even stronger because we have greater resources than any of our competitors do. And so we have the opportunity to continue to invest in future growth, like skills, like the international business.

所以我們希望我們沒有處於這種情況。這種情況不是我們造成的。我們必須處理這種情況，我們是。但同樣，該公司增長了 14%。最重要的是，我們繼續創造利潤和盈利能力，並作為一個實體變得更強大。我們會因此變得更加強大，因為我們擁有比任何競爭對手都多的資源。所以我們有機會繼續投資於未來的增長，比如技能，比如國際業務。

So again, not a place that we enjoy being, but we're going to leverage the advantages we have and continue to distance ourselves from our competitors, not the other way around.

再說一次，這不是我們喜歡的地方，但我們將利用我們擁有的優勢，繼續與競爭對手保持距離，而不是相反。

We have next question from the line of Ryan MacDonald from Needham.

我們有來自 Needham 的 Ryan MacDonald 的下一個問題。

Dan, sorry to keep harping on the subscriber counts. But as you look at fourth quarter to first quarter, you were up, minus Busuu, about, I think, 132,000 subscribers sequentially. As we think about domestic versus international, you showed pretty strong growth internationally.

丹，很抱歉一直在關注訂閱人數。但從第四季度到第一季度，你的訂閱人數在減去博樹之後增加了大約 132,000 名訂閱者。當我們考慮國內與國際時，您在國際上表現出相當強勁的增長。

Is it safe to say that those rates kept up in first quarter over fourth quarter and that the majority of those losses were domestically? Just curious if you can give us any more color, I guess, on that sequential increase, what the moving parts were there?

可以肯定地說，這些利率在第一季度比第四季度保持不變，而且這些損失大部分是國內損失嗎？只是好奇你能不能給我們更多的顏色，我猜，在連續增加的情況下，那裡有什麼活動部件？

Yes. Look, I think if you were -- we're not going to give out the specific numbers for obvious reasons, but what I would say is that the U.S. market is challenged more than the international market. The international markets are continuing to see really strong growth. The U.S. markets are seeing headwinds as it relates to subscriber growth, but positive growth in terms of revenue and ARPU, which is something that we talked a lot about, which is the acceleration of our audiences taking Chegg Study Pack over Chegg.

是的。聽著，我想如果你是——出於顯而易見的原因，我們不會給出具體數字，但我想說的是，美國市場比國際市場面臨的挑戰更大。國際市場繼續看到真正強勁的增長。美國市場正面臨與訂戶增長相關的逆風，但收入和 ARPU 方面的正增長，這是我們經常討論的問題，即我們的受眾加速接受 Chegg Study Pack 而不是 Chegg。

So in the short term, we're focused on increasing the revenue and the ARPU of the U.S. market until it comes back. Outside the U.S., we're focused on growth, subscriber growth. So I would look at it at all the different angles, including subscriber growth. But for us, it's revenue and ARPU growth in the U.S. is our focus in the short term, while it's subscriber market share growth outside the U.S. So hopefully, that clarifies.

所以在短期內，我們專注於增加美國市場的收入和 ARPU，直到它回來。在美國以外，我們專注於增長，用戶增長。所以我會從所有不同的角度來看待它，包括用戶增長。但對我們來說，美國的收入和 ARPU 增長是我們短期內的關注重點，而美國以外的用戶市場份額增長希望能夠澄清這一點。

Yes. Shifting to Busuu. Obviously, great to see the business sort of fully integrated now, and that's sort of now starting to contribute to the subscriber side of things. as you look at integrating those businesses from a go-to-market perspective or marketing to that existing base, are you changing thoughts at all about how you're focused on sort of increasing sort of Busuu's brand presence or awareness within the core Chegg subscriber base?

是的。轉移到博樹。顯然，很高興看到業務現在完全集成，並且現在開始為用戶方面做出貢獻。當您從進入市場的角度或市場營銷的角度將這些業務整合到現有基礎時，您是否正在改變關於如何專注於增加 Busuu 在核心 Chegg 訂閱者中的品牌存在或知名度的想法根據？

Yes. So we're accelerating our efforts. Look, Busuu is a very good company, and it's growing at a very good rate. It's got a very good management team. And our vision always was to continue to invest in it outside the U.S. and continue on its growth path, which has been very strong, but bring it into the U.S. and bring it into the U.S. through our audience initially.

是的。因此，我們正在加快努力。看，博樹是一家非常好的公司，而且它的發展速度非常快。它有一個非常好的管理團隊。我們的願景一直是繼續在美國以外的地方投資它，並繼續走上非常強勁的增長道路，但首先將其帶入美國並通過我們的受眾將其帶入美國。

So we know that 55% of our U.S. audience wants or needs to take a language. We also know that they don't know the name of Busuu. It's like 3%. So we have very aggressive ambitions for the rest of this year to get the name recognition up because everybody knows the other language companies, which are good companies. But our audience should know Busuu and therefore should buy Busuu.

因此，我們知道 55% 的美國觀眾想要或需要學習一種語言。我們也知道他們不知道博樹的名字。好像是3%。因此，我們在今年餘下的時間裡有非常雄心勃勃的雄心，以提高知名度，因為每個人都知道其他語言公司，它們都是不錯的公司。但是我們的觀眾應該知道博樹，因此應該購買博樹。

And interestingly enough, when our audience is surveyed, the #1 thing that they wanted was actually to speak to local language speakers. And that's the one thing that Busuu has that the other competitors don't have. So we're going to be obviously advocating for Busuu to our audience and the differentiation.

有趣的是，當我們的觀眾接受調查時，他們想要的第一件事實際上是與當地語言的人交談。這是博樹擁有而其他競爭對手所沒有的一件事。因此，我們顯然會向我們的觀眾和差異化宣傳博樹。

And we're seeing early signs of success. But we only closed January 13. It's very early. But we bought it for the -- we believe, for the right reasons. And we think we're going to continue to see really good growth in that company and then profitability from that company next year. So Chegg's going to be even more profitable next year than this year simply through the investments we're making. So I'm pretty excited about that.

我們看到了成功的早期跡象。但我們只在 1 月 13 日關閉。現在還很早。但我們購買它是出於 - 我們相信，出於正確的原因。而且我們認為我們將繼續看到該公司的真正良好增長，然後明年該公司的盈利能力。因此，僅通過我們正在進行的投資，Chegg 明年的利潤將比今年更高。所以我對此感到非常興奮。

We have next question from the line of Brent Thill with Jefferies.

我們有來自 Jefferies 的 Brent Thill 的下一個問題。

Dan, I wanted to see if we could compare/contrast the fall to the spring. And I think in the fall, you had a late start, but it kind of came through. In the spring, did you -- it's kind of -- midterms and finals has now settled in. I just want to compare, if you can, and paint a picture what you're seeing, what the main differences that happened spring versus fall.

丹，我想看看我們是否可以比較/對比秋天和春天。而且我認為在秋天，您起步較晚，但還是挺過來了。在春天，你有沒有 - 有點像 - 期中考試和期末考試現在已經安頓下來了。我只是想比較一下，如果可以的話，畫出你所看到的，春天和秋天發生的主要區別是什麼.

Well, we actually had a very good first quarter. What we're really talking about here is our outlook for the rest of the year. So overall, we're really pleased with the first quarter, and it was pretty close to our expectations, a couple of million dollars off maybe on the Chegg Services side, and some of that was not the subscriber businesses. Some of that was the ad business and some of the other smaller pieces of it.

嗯，我們實際上有一個非常好的第一季度。我們在這裡真正談論的是我們對今年剩餘時間的展望。所以總的來說，我們對第一季度非常滿意，這非常接近我們的預期，可能在 Chegg 服務方面減少了幾百萬美元，其中一些不是訂戶業務。其中一些是廣告業務，還有一些其他較小的部分。

The subscriber business was -- actually really did well in the first quarter. It's really just the play-through expectations of continuing to see muted attendance at college and muted focus on academic rigor right now.

訂戶業務 - 實際上在第一季度確實做得很好。這實際上只是對繼續看到大學出勤率低和現在對學術嚴謹性的關注低的預期。

So we're just trying to be more prudent about the second half of the year based on new information we see, which is the whole purpose of these earnings calls, which is to share the changes we see in the market. So I would say that we saw really good end of Q4 that rolled over really strongly into Q1, which is when we gave our report in February.

因此，我們只是試圖根據我們看到的新信息對下半年更加謹慎，這就是這些財報電話會議的全部目的，即分享我們在市場上看到的變化。所以我想說，我們看到第四季度的結束非常好，並且非常強勁地延續到第一季度，也就是我們在 2 月份提交報告的時候。

Now as we look out and we add things like inflation and then wage inflation, we just think the second half of the year, we just want to be more prudent. So it's a 7% change. It's not a 25% change. So it is -- we think we're in the ballpark of the things that make sense at this point in time.

現在，當我們關注並添加通脹和工資通脹等因素時，我們只是認為今年下半年，我們只想更加謹慎。所以這是一個 7% 的變化。這不是 25% 的變化。所以它是 - 我們認為我們目前處於有意義的事情的範圍內。

We're preparing ourselves to be -- to go back to high growth or much higher growth when the market opportunity presents itself, and we'll even be more profitable as a company then. So I think we're doing the right things at the right time. We just cannot change the macro condition right now in higher education.

我們正在為自己做準備——當市場機會出現時，回到高增長或更高的增長，屆時我們作為一家公司甚至會更有利可圖。所以我認為我們在正確的時間做正確的事情。我們現在無法改變高等教育的宏觀狀況。

And if you look at what's going on with all the conversations about all the different variables and government and all these things, it's complicated time for higher education. We're there to support the students, and the students that are in the system love us and are using us and are using us in extraordinarily high rates, high retention, low cancel, high engagement, higher take rate for Chegg Study Pack, great renewals.

如果你看看所有關於所有不同變量和政府以及所有這些事情的對話都在發生什麼，現在是高等教育的複雜時期。我們在那裡支持學生，系統中的學生愛我們，正在使用我們，並且正在以極高的比率使用我們，高保留率，低取消率，高參與度，Chegg Study Pack 的更高接受率，太好了續訂。

I mean all the things in our control are doing really well. We need the top of the funnel in the U.S. to come back a little bit, and it will. And then outside the U.S., we're seeing great growth.

我的意思是我們控制的所有事情都做得很好。我們需要在美國的漏斗頂端恢復一點，它會的。然後在美國以外，我們看到了巨大的增長。

I think that's maybe what investors are trying to grapple with right now. Are you seeing churn rates go higher? Or you're just making the assumption that the macro is getting harder and you haven't seen it yet and you're just implying in the guide a tougher macro, but you haven't seen it? That's what I think everyone's trying to understand.

我認為這可能是投資者目前正在努力解決的問題。您是否看到客戶流失率更高？或者你只是假設宏變得越來越難，而你還沒有看到它，你只是在指南中暗示一個更難的宏，但你還沒有看到？這就是我認為每個人都試圖理解的。

Yes. No, look, I understand that question. It's fair. We try to approach these things with all the facts that we have at the day we need to report. And we think it's the #2, not #1. So the core strength...

是的。不，你看，我明白這個問題。這是公平的。我們試圖用我們需要報告的那一天掌握的所有事實來處理這些事情。我們認為它是#2，而不是#1。所以核心力量...

Churn has not gone higher?

流失率沒有變高？

Absolutely not. It's the other way around. Absolutely not. It's gone the other way around. Retention is near record rates. Cancels are near -- the reduction of cancels is near record rates. That's -- like I said, the things in our control are performing extraordinarily well. Once you're in the funnel, conversions, all of those things, really, really, really strong. This is a return -- we needed to return to the top of the funnel, not what happens in the funnel.

絕對不。這是相反的方式。絕對不。它已經反過來了。保留率接近創紀錄的水平。取消即將到來——取消的減少接近創紀錄的水平。那就是——就像我說的，我們控制的東西表現得非常好。一旦你進入漏斗，轉換，所有這些事情，真的，真的，真的很強大。這是一個回報——我們需要回到漏斗的頂部，而不是漏斗中發生的事情。

And once students come on to Chegg, they stay on to Chegg. They stay the length of time they've been staying. And again, if you want the single best example of that, it's the take rates of Chegg Study Pack being so far ahead of what we ever imagined that we're in a situation where that just shows the power and the importance of Chegg to the student. They actually want more of us. We just need more U.S. students in while the international business continues to grow. Did that answer it clearly?

一旦學生加入 Chegg，他們就會繼續使用 Chegg。他們停留的時間長短。再說一次，如果你想要一個最好的例子，那就是 Chegg Study Pack 的使用率遠遠超過我們的想像，我們正處於這樣一種情況，即 Chegg 的力量和重要性學生。他們實際上想要更多的我們。在國際業務繼續增長的同時，我們只需要更多的美國學生。這回答清楚了嗎？

That was clear.

那很清楚。

Okay. Thank you for asking the question that way. I appreciate it.

好的。謝謝你這樣問問題。我很感激。

We have next question from the line of Josh Baer with Morgan Stanley.

我們有來自摩根士丹利的 Josh Baer 的下一個問題。

Most of mine were already asked. So I just wanted to clarify a few things that you're seeing and hopefully get a little more context. So on the Chegg Study Pack take rates being well above expectations, any more -- any context that you can provide as far as where they are today and where you'd expect them to go?

我的大部分人已經被問過了。所以我只是想澄清一些你們看到的事情，希望能得到更多的背景信息。因此，在 Chegg Study Pack 上，獲取率遠高於預期——您可以提供的任何背景信息，就它們今天所處的位置以及您期望它們去往的地方而言？

Yes. We are -- the take rate for Chegg Study since we launched it has doubled. So we don't want to give away the exact percentages because things can fluctuate in a given quarter. And as we grow countries internationally, the overall number may change a little bit. And it seems like every little number that is slightly off from what we thought affects things. But it is twice what we thought it would be, and it is holding up at those rates. And it's renewing at really high rates, and it is both U.S. and international. So that is why you're seeing really great increase in ARPU each quarter for Chegg Study.

是的。我們是 - Chegg Study 自推出以來的使用率翻了一番。因此，我們不想透露確切的百分比，因為在給定的季度中情況可能會波動。隨著我們在國際上發展國家，總數可能會發生一些變化。似乎每一個與我們認為的略有不同的小數字都會影響事物。但它是我們認為的兩倍，並且以這些速度保持不變。而且它的更新率非常高，它既是美國的，也是國際的。所以這就是為什麼你看到 Chegg Study 每個季度的 ARPU 都有很大的增長。

Okay. Great. And then on Busuu, just wanted to check in on how it actually performed so far, the contribution from Busuu in the quarter and what you were thinking for the year.

好的。偉大的。然後在博樹上，只想了解它到目前為止的實際表現，博樹在本季度的貢獻以及您對這一年的想法。

Yes. Yes. So yes, Josh, good question. So Busuu is performing exactly as we would -- or at least within the range of what we thought at the beginning of the year. Doing really well. And as you know, their business is a combination of both B2C and B2B. The B2B is clearly growing faster, and we knew that going in that -- but yes, it's performing as we'd expected in Q1, came in right in line with what we expected post the close on January 13.

是的。是的。所以是的，喬希，好問題。因此，博樹的表現與我們完全一樣——或者至少在我們年初的想法範圍內。做的真好。如您所知，他們的業務是 B2C 和 B2B 的結合。 B2B 顯然增長得更快，我們知道這一點——但是，是的，它的表現與我們在第一季度的預期一樣，與我們在 1 月 13 日收盤後的預期一致。

We have next question from the line of Jason Celino with KeyBanc Capital Markets.

我們有來自 KeyBanc Capital Markets 的 Jason Celino 的下一個問題。

I did want to ask about international. So in the prepared remarks, you mentioned that you're currently offering localized content, user experiences in several countries. Any other details on what those countries are? And maybe did those launches coincide with the start of those school years?

我確實想問國際。因此，在準備好的評論中，您提到您目前在多個國家/地區提供本地化內容和用戶體驗。關於這些國家的任何其他細節？也許這些發布與那些學年的開始相吻合？

Well, no. I mean some of them did not coincide with the start of the school year. So they will be more effective. over time. So that's an excellent point. But the countries that we have local pricing in now, for example, are Canada, Australia, U.K., Turkey, Mexico are examples.

嗯，不。我的意思是其中一些與學年開始時不一致。所以他們會更有效。隨著時間的推移。所以這是一個很好的觀點。但是我們現在有本地定價的國家，例如，加拿大、澳大利亞、英國、土耳其、墨西哥就是例子。

We're testing pricing in 8 countries right now. And in those countries, they're a combination of what you'd imagine, which is ones that are very focused on tech and STEM like Hong Kong, and really huge countries in terms of population, where we're seeing very high top of the funnel, but not really good conversion because of the pricing.

我們目前正在 8 個國家/地區測試定價。在那些國家，它們是你想像的組合，這些國家非常專注於科技和 STEM，比如香港，以及人口非常龐大的國家，我們看到這些國家的人口數量非常高漏斗，但由於定價的原因並不是很好的轉化。

And those countries include obvious places, India, Indonesia, Mexico, and places like Philippines and Malaysia, South Africa. These are places where we seem to be attracting a lot of audience and the conversion isn't what we would want it for yet. And that is for obvious reasons, which is charging U.S. prices in those countries is not going to yield a great result. But we've known that, but now we have the technological capability to change it. So we have price testing in those 8 countries, as an example.

這些國家包括明顯的地方，印度、印度尼西亞、墨西哥，以及菲律賓和馬來西亞、南非等地。在這些地方，我們似乎吸引了很多觀眾，而轉換還不是我們想要的。這是出於顯而易見的原因，在這些國家向美國收取價格不會產生很好的結果。但我們已經知道這一點，但現在我們擁有改變它的技術能力。例如，我們在這 8 個國家進行了價格測試。

Also in the prepared remarks, it may have been missed, which was we have our first fully localized app, which is in Turkey. Turkey has been a really great contributor for us. And they've wanted a local app and a local language. And the next one will be in Spanish, which will be relevant in Mexico, Latin America and, believe it or not, the U.S. So those are all really exciting opportunities for us, and we're investing in them now.

同樣在準備好的評論中，它可能被遺漏了，這是我們在土耳其擁有的第一個完全本地化的應用程序。土耳其對我們來說是一個非常偉大的貢獻者。他們想要一個本地應用程序和本地語言。下一個將是西班牙語，這將與墨西哥、拉丁美洲以及美國相關。所以這些對我們來說都是非常令人興奮的機會，我們現在正在投資它們。

Okay. Perfect. No, that's very helpful color. And then, Andy, one quick one on the EBITDA margin guidance. By kind of exiting the textbook business, I would have thought the margin would have gotten a little bit better. Is it just timing-related from when -- related to that or, I guess, other investments you're making?

好的。完美的。不，這是非常有用的顏色。然後，安迪，關於 EBITDA 利潤率指導的快速說明。通過退出教科書業務，我原以為利潤率會好一些。它只是與時間相關——與時間相關，或者，我猜，與你正在進行的其他投資有關嗎？

No. It's timing. I think you'll see the full power of us getting out of textbooks starting in next year. I think you'll see overall revenue growth rates increase and the EBITDA margins increase over time. We're kind of in a transitional period right now, as you can see. And in fact, if you need any more details on what's involved, I think it's Slide 12 on the Investor Relations website for those chiming in so you know where to find it.

不，是時候了。我想你會看到我們從明年開始擺脫教科書的全部力量。我認為你會看到整體收入增長率增加，EBITDA 利潤率隨著時間的推移而增加。如您所見，我們現在處於過渡時期。事實上，如果您需要有關所涉及內容的更多詳細信息，我認為這是投資者關係網站上的幻燈片 12，供那些插話的人使用，這樣您就知道在哪裡可以找到它。

But yes, it's -- but over time, clearly, we'll see higher margins as a result of the exit of -- not the exit of textbooks, but moving to this model on textbooks.

但是，是的，它是 - 但隨著時間的推移，很明顯，我們會看到更高的利潤是退出的結果 - 不是教科書的退出，而是在教科書上轉向這種模式。

I also think it's just important to note that if you remember that we said when we acquired Busuu that Busuu was going to lose about $18 million this year and be approaching breakeven next year, and we're on a path to do that. And our skills business is moving increasingly faster and faster towards profitability.

我還認為重要的是要注意，如果你還記得我們在收購博樹時說過，博樹今年將虧損約 1800 萬美元，明年將接近盈虧平衡，我們正在努力做到這一點。我們的技能業務正以越來越快的速度實現盈利。

So our margins will continue to improve over the next couple of years and add that to textbook. So we're really excited about that. We just have great leverage in the model.

因此，我們的利潤率將在未來幾年繼續提高，並將其添加到教科書中。所以我們對此感到非常興奮。我們只是在模型中有很大的影響力。

We have next question from the line of Alex Fuhrman with Craig-Hallum Capital Group.

我們有來自 Craig-Hallum Capital Group 的 Alex Fuhrman 的下一個問題。

I wanted to ask a little bit about how inflation is impacting your business. Seems to make a lot of sense that if wages are going up, that impacts the learn-versus-earn equation. So not perhaps surprising that more of your students are spending more time in the workforce and not taking as many classes or perhaps not taking any classes.

我想問一下通貨膨脹如何影響您的業務。如果工資上漲，這似乎很有意義，這會影響學習與收入的等式。因此，更多的學生花更多的時間在工作崗位上，而不是上那麼多課，或者可能不上任何課，這也許不足為奇。

But I'm curious if you're seeing any impact from inflation as it relates to just students' budgets and price sensitivity. Has there been any sensitivity to price? I'm curious if perhaps you've seen any of your users maybe trading back down from the Chegg Study Pack to just the regular Chegg Study membership.

但我很好奇你是否看到通貨膨脹的任何影響，因為它與學生的預算和價格敏感性有關。對價格有任何敏感性嗎？我很好奇您是否看到您的任何用戶可能從 Chegg Study Pack 降級為普通 Chegg Study 會員。

Weirdly enough -- look, it's a very fair question. And we are a must-have for students that are taking their academics seriously. You would imagine that, that would be a scenario, and we looked at that scenario, but frankly, it's gone the other way, which is an increasing percentage of people are taking the Chegg Study pack. So they're actually paying $19.95 versus $14.95.

很奇怪——看，這是一個非常公平的問題。我們是認真對待學業的學生的必備品。你會想像，那將是一個場景，我們研究了那個場景，但坦率地說，它已經走向了另一個方向，越來越多的人正在使用 Chegg 研究包。所以他們實際上支付了 19.95 美元而不是 14.95 美元。

So of those that are focusing on their academics this semester, they overwhelmingly, as a paid service, use Chegg. And of those that are doing it, we're seeing extraordinarily high take rates that seem to be sustaining themselves over the period of time.

因此，在本學期專注於學業的人中，絕大多數作為付費服務使用 Chegg。在那些正在這樣做的人中，我們看到非常高的錄取率似乎在一段時間內維持了下來。

So I think what's happening is the first part of your description is what we see: choices to take fewer classes or wait to take classes. That is seen significantly at both community colleges and online schools. And there are 4-year schools where students take courses but don't -- but aren't on a path to graduate in 4 years if they're on a path to graduate. And those are the kinds of folks that are making those choices.

所以我認為正在發生的事情是您描述的第一部分是我們所看到的：選擇減少課程或等待上課。這在社區學院和在線學校都非常明顯。還有一些 4 年制學校的學生參加課程但不參加 - 但如果他們正在畢業，他們不會在 4 年內畢業。那些是做出這些選擇的人。

Within the spending, I do imagine they're making other choices with their money, but they're not cutting Chegg because of that.

在支出範圍內，我確實想像他們正在用他們的錢做出其他選擇，但他們並沒有因此而削減 Chegg。

We have next question from the line of Brian Peterson with Raymond James.

我們有下一個問題來自 Brian Peterson 和 Raymond James。

This is Jessica on for Brian. I just had a quick question about the progress with Uversity. So you've been talking about how it's been doing really great with faculty I'm just curious about how this product has been on this rollout with the student side of the (inaudible) market. And then also a quick follow-up, what kind of feedback have you been receiving from content creators and other early users?

這是布賴恩的傑西卡。我剛剛對大學的進展提出了一個簡短的問題。因此，您一直在談論它在教職員工中的表現如何，我只是好奇該產品如何在（聽不清）市場的學生方面推出。然後快速跟進，您從內容創建者和其他早期用戶那裡收到了什麼樣的反饋？

Yes. No, fair question. You're just a little bit early on the timing because we are still acquiring the content now. We've not rolled it out to the students in a full manner yet or actually in a manner at all except for testing. We are way ahead in terms of the amount of content that professors are offering, way ahead. So there seems to be an incredible desire for professors to support Chegg in helping students learn better through higher-quality content. And so from a professor standpoint, it's been phenomenal.

是的。不，公平的問題。你只是有點早了時間，因為我們現在仍在獲取內容。除了測試之外，我們還沒有完全或實際上以某種方式向學生推出它。就教授提供的內容數量而言，我們遙遙領先。因此，教授們似乎非常渴望支持 Chegg 通過更高質量的內容幫助學生更好地學習。所以從教授的角度來看，這是驚人的。

The expectation is that we will be rolling out the user-facing later on this year. In between those periods of time, what we're doing with students is we're testing the quality of the content from a 0 to 5 scale. And we chose the words carefully there to say that this was the approved content from approved professors.

預計我們將在今年晚些時候推出面向用戶的服務。在這些時間段之間，我們對學生所做的是我們正在測試從 0 到 5 的內容質量。我們仔細選擇了那裡的單詞，說這是來自認可教授的認可內容。

And on average, those are scoring between 4.6 and 4.7 out of a 5. So there seems to be real noticeable quality in the minds of the students that are part of the test groups. But the actual second side of the marketplace hasn't rolled out yet.

平均而言，這些分數在 4.6 到 4.7 分（滿分 5 分）之間。因此，作為測試組成員的學生的頭腦中似乎有真正明顯的品質。但市場的實際第二面尚未推出。

We have next question from the line of Arvind Ramnani with Piper Sandler.

我們有下一個問題來自 Arvind Ramnani 和 Piper Sandler。

I just wanted to go back to a comment you made earlier that kind of -- basically, visibility is kind of not very good, and it's difficult to kind of forecast. And I just want to make -- just clarify if that's what you meant because if it's difficult to forecast for you guys, then how do we forecast sort of sitting externally? But maybe that's not what you meant when you said it.

我只是想回到你之前發表的那種評論——基本上，能見度不是很好，而且很難預測。我只是想澄清一下，如果這就是你的意思，因為如果對你們來說很難預測，那麼我們如何預測坐在外部？但也許你說的不是這個意思。

I'm not sure what -- I might not understand the question. Well, let me tell you what we said or you think we said, and maybe this will clarify it...

我不確定是什麼——我可能不明白這個問題。好吧，讓我告訴你我們說了什麼，或者你認為我們說了什麼，也許這會澄清它......

In one of the earlier Q&A sessions, you said kind of basically forecasting is kind of -- it's difficult to forecast at these -- with kind of the top-of-the-funnel movement. And I just wanted to kind of double-click on what do you mean by that. Like is forecasting really difficult in this -- just with the top-of-the-funnel movement?

在較早的問答環節之一中，您說基本的預測有點——在這些方面很難預測——與漏斗頂部的運動有關。我只是想雙擊一下你的意思。就像在這方面預測真的很困難——僅僅通過漏斗頂部的運動？

Yes. Look, inside the funnel, we are seeing near record numbers, if not record numbers, for all the things that once a student is in. That's easy to forecast. What's hard to forecast is particularly in the U.S. and then when COVID closes down places in Asia and other things like that, it's hard to know those things.

是的。看，在漏斗內部，我們看到了接近創紀錄的數字，如果不是創紀錄的數字，一旦學生進入。這很容易預測。很難預測的情況尤其是在美國，然後當 COVID 關閉亞洲和其他類似地方的地方時，很難知道這些事情。

And then the -- as Andy mentioned in his prepared remarks, the inter-quarter behavior of when schools start and when they offer midterms and when they're doing finals, all those variables are affected by a whole host of things that really have not affected higher education until COVID. And so now we're sort of working through what those changes are. And so that changes a little bit of the timing of when people come in. In some quarters, they're coming in earlier than we thought, which is good news. In other quarters, they're coming in later than we thought. So these are just all variables that affect our ability to forecast.

然後 - 正如安迪在他準備好的講話中提到的那樣，學校何時開始，何時提供期中考試以及何時進行期末考試的季度間行為，所有這些變量都受到一系列真正沒有的事情的影響在 COVID 之前影響高等教育。所以現在我們正在研究這些變化是什麼。所以這改變了人們進來的時間。在某些方面，他們進來的時間比我們想像的要早，這是個好消息。在其他方面，他們進來的時間比我們想像的要晚。所以這些只是影響我們預測能力的所有變量。

And we wanted to give a 2022 guidance, and we did. And we just wanted to put it more in line with things that we're concerned with but have yet to happen in the second half of the year. That was the question I was asked earlier, which is, are we seeing it? The answer is we're not seeing any erosion in any of the things that we can control. We're seeing really great results from those.

我們想給出 2022 年的指導，我們做到了。我們只是想讓它更符合我們關注但在下半年尚未發生的事情。這就是我之前被問到的問題，即我們看到了嗎？答案是我們沒有看到任何我們可以控制的事情受到侵蝕。我們從中看到了非常好的結果。

We're just imagining the second half of the year given every one of these variables and then the election is coming up. There's just -- there's so many things going on that may affect the day-to-day lives of students and the choices they made that are just not in Chegg's control at the moment. That's all.

考慮到這些變量中的每一個，我們只是在想像今年下半年，然後選舉即將到來。只是 - 有很多事情正在發生，可能會影響學生的日常生活以及他們所做的選擇，這些選擇目前不在 Chegg 的控制範圍內。就這樣。

Great. That's a positive. And then just very quickly on the free cash flow guide. I know you've provided free cash flow guidance when you provided guidance. How should we think of free cash flow guidance just given the revised numbers?

偉大的。這是積極的。然後很快就獲得了自由現金流指南。我知道您在提供指導時提供了自由現金流指導。考慮到修訂後的數字，我們應該如何看待自由現金流指導？

Yes. Well, we haven't changed our free cash flow guide. And we've said for many years, quite frankly, it's in that 50% to 60% range. We were a little higher than that last year for a variety of reasons. But yes, we would expect to be in that range.

是的。好吧，我們沒有改變我們的自由現金流指南。我們多年來一直坦率地說，它在 50% 到 60% 的範圍內。由於各種原因，我們比去年略高。但是，是的，我們希望在這個範圍內。

We have next question from the line of Alex Paris with Barrington Research.

我們有來自巴靈頓研究公司 Alex Paris 的下一個問題。

Most have been asked and answered. But I'm looking at Slide 12 for the Required Materials transition. And just so I understand it -- and then looking at the guidance and the implied guidance, Required Materials produced revenue of a little over $17 million in the first quarter. It looks like midpoint of guidance suggests $5 million in the second quarter and less than $8 million in the second half.

大多數人都被問過並回答過。但我正在查看幻燈片 12 以了解所需材料的過渡。正如我所理解的那樣——然後查看指導和暗示指導，所需材料在第一季度產生了略高於 1700 萬美元的收入。看起來指導的中點表明第二季度為 500 萬美元，而下半年則低於 800 萬美元。

So a total of $30 million for the full year. BBA has taken over print textbook first, but eTextbook not until later this year. So what is the $5 million in revenue? Is that single-digit commission percentage in the second quarter?

因此，全年總計 3000 萬美元。 BBA首先接管了印刷教科書，但直到今年晚些時候才接管電子教科書。那麼這500萬美元的收入是多少？第二季度的佣金百分比是個位數嗎？

Yes. Well, it's a couple of things. And it is a little crazy or whackadoodle, as I will call it, with respect to Required Materials this year. It's a combination of things. We still have deferred -- we have some of the deferred revenue from the eTextbooks that rolled through into Q2. We do get a small amount of commission because, as you know, Alex, textbooks aren't very large in Q2.

是的。嗯，這是幾件事。對於今年的必需材料，這有點瘋狂或 whackadoodle，正如我所說的那樣。它是事物的組合。我們仍然推遲了 - 我們從電子教科書中獲得了一些推遲到第二季度的收入。我們確實獲得了少量佣金，因為如您所知，Alex，第二季度的教科書不是很大。

And then as we roll into the second half of the year, all of -- well, actually all of our physical textbooks are now on that percentage and then towards the end -- latter part of the year, the eTextbooks will. So it is a little -- like I said, it's a little whackadoodle, but once we get through to 2023, we expect it to be -- it will be 100% that way, and it will be in that, call it, that $7 million to $10 million range depending upon the volumes of textbooks.

然後隨著我們進入下半年，所有的 - 好吧，實際上我們所有的物理教科書現在都在這個百分比上，然後到年底 - 今年下半年，電子教科書將會。所以它有點——就像我說的那樣，有點亂，但一旦我們到 2023 年，我們預計它會——它將是 100% 那樣，它會在那裡，稱之為700 萬美元到 1000 萬美元不等，具體取決於教科書的數量。

All right. And then my follow-up would be, and then for the full year, $30 million in revenue, down from the previous implied guidance of $60 million, but the transition is here. And then next year, $7 million to $10 million of high-margin revenue as a result of the transition?

好的。然後我的後續行動是，全年收入為 3000 萬美元，低於之前的 6000 萬美元的隱含指導，但過渡就在這裡。然後明年，由於轉型，700 萬至 1000 萬美元的高利潤收入？

Yes. It's very high margin. I mean, if you go to this -- once again, to the Slide 10, it's a very different construct from when we had the last commission business with Ingram, right? We were doing a ton more things during that. We were setting the catalog. We were doing the pricing. We were doing the marketing. We were doing the customer support. We're doing none of that this time, right? That's all being done by our partners. So it's really kind of like an affiliate. High-growth margin, to your point.

是的。這是非常高的利潤。我的意思是，如果你再談一次——再一次，到幻燈片 10，這與我們上次與英格拉姆進行佣金業務時的結構非常不同，對吧？在那期間，我們做了很多事情。我們正在設置目錄。我們在做定價。我們正在做營銷。我們正在做客戶支持。這次我們什麼都不做，對吧？這一切都由我們的合作夥伴完成。所以它真的有點像附屬公司。高增長的利潤，你的觀點。

Yes. Non-model perspective, we want to offer textbook rentals to students because had Chegg not invented it, publishers would still be taking advantage of students in a very significant way. And 25% of tuition when we first started was the cost of textbooks, which is ridiculous and unfair. So we invented that model. And we said way back then that we were going to convert the company from a textbook rental company to a pure digital company, being serious of support services for students on a global basis, and that's what we've done.

是的。從非模型的角度來看，我們希望向學生提供教科書出租，因為如果 Chegg 沒有發明它，出版商仍然會以非常重要的方式利用學生。而我們剛開始的時候，25%的學費是教科書的費用，這既荒謬又不公平。所以我們發明了那個模型。我們當時說過，我們要將公司從教科書租賃公司轉變為純粹的數字公司，在全球範圍內認真地為學生提供支持服務，這就是我們所做的。

And I just -- as we think back through this, when we went public 8 years ago, we had about $20 million in digital revenue. And now we're talking about $0.75 billion in these businesses over the last 8 years. So we're very excited about what we're doing. But the textbook business, we want to continue to make it available to students as a service to them, not as something that represents any real value to us as a company anymore in terms of either revenue or profits. But it will be higher-margin business and none of the issues that we had to deal with in the past.

我只是 - 當我們回想起來，當我們 8 年前上市時，我們有大約 2000 萬美元的數字收入。現在我們談論的是過去 8 年這些業務的 7.5 億美元。所以我們對我們正在做的事情感到非常興奮。但是教科書業務，我們希望繼續向學生提供它作為對他們的服務，而不是在收入或利潤方面對我們公司來說代表任何真正價值的東西。但這將是更高利潤的業務，而不是我們過去必須處理的問題。

So this is sort of our exit strategy from a business that has been declining for the last couple of years. So once it's done, it becomes a fixed number small percentage of our overall revenue, our growth rates go higher. And we're excited about entering that next phase.

因此，這是我們從過去幾年一直在下滑的業務中退出的策略。因此，一旦完成，它將成為我們總收入的一個固定數字，我們的增長率會更高。我們對進入下一階段感到興奮。

Ladies and gentlemen, we have reached the end of the question-and-answer session. And I'd like to turn the call back to Dan Rosensweig, Chairman and CEO, for closing remarks. Over to you, sir.

女士們，先生們，問答環節到此結束。我想把電話轉回給董事長兼首席執行官 Dan Rosensweig 做閉幕詞。交給你了，先生。

Thanks, everybody. It's been a complicated year for people to run companies, for you guys to forecast companies. We appreciate how hard you've been working along with us to figure these things out. The good news about Chegg is the upside is still quite significant. The international growth, the skills growth, the movement from Chegg Study to Chegg Study Pack, an increase in ARPU, that we have a lot of growth vectors ahead of us. This is going to be a difficult transition year versus what we all would have hoped.

謝謝大家。對於人們經營公司，對於你們預測公司來說，這是複雜的一年。我們感謝您與我們一起努力解決這些問題。 Chegg 的好消息是上漲空間仍然很大。國際增長、技能增長、從 Chegg Study 到 Chegg Study Pack 的轉變、ARPU 的增加，我們面前有很多增長向量。與我們所有人所希望的相比，這將是一個艱難的過渡年。

But the good news is our adjustment is simply the macro conditions, not anything that we're seeing at the moment. And it's only a small change in the guidance, and it's us just trying to be prudent with what we see and what we feel going on in the current market. But the future of Chegg is going to be huge, and we're excited, and we just appreciate you all joining us. Thank you.

但好消息是我們的調整隻是宏觀條件，而不是我們目前看到的任何東西。這只是指導方針的一個很小的變化，我們只是想謹慎對待我們在當前市場上的所見所聞。但是 Chegg 的未來將是巨大的，我們很興奮，我們非常感謝大家加入我們。謝謝你。

Oh, and also, I want to congratulate Andy who became a grandfather this morning. So one more future Chegg customer to put into the subscriber base. Thanks, everybody. Talk to you soon.

哦，還有，我要祝賀今天早上成為祖父的安迪。因此，未來的 Chegg 客戶又要加入訂閱者群。謝謝大家。以後再聊。

Thank you very much. Ladies and gentlemen, this concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

非常感謝。女士們，先生們，今天的會議到此結束。此時您可以斷開線路。感謝您的參與。