Coursera Inc (COUR) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Coursera's Second Quarter 2022 Earnings Call. (Operator Instructions) Please be advised, this call is being recorded. (Operator Instructions) I'd like to turn the call over to Cam Carey, Head of Investor Relations. Mr. Carey, you may begin.

女士們，先生們，感謝你們的支持，歡迎參加 Coursera 的 2022 年第二季度財報電話會議。 （操作員說明）請注意，此電話正在錄音。 （操作員說明）我想將電話轉給投資者關係主管 Cam Carey。凱里先生，你可以開始了。

Hi, everyone, and thank you for joining our Q2 earnings conference call. With me today is Jeff Maggioncalda, Coursera's Chief Executive Officer; and Ken Hahn, our Chief Financial Officer. Following their prepared remarks, we will open the call for questions. Our press release, including financial tables, was issued after market close and is posted on our Investor Relations website located at investor.coursera.com where this call is being simultaneously webcast and where versions of our prepared remarks and supplemental slides are available.

大家好，感謝您參加我們的第二季度財報電話會議。今天和我在一起的是 Coursera 的首席執行官 Jeff Maggioncalda。和我們的首席財務官 Ken Hahn。在他們準備好的發言之後，我們將開始提問。我們的新聞稿（包括財務表格）在收市後發布，並發佈在我們的投資者關係網站investor.coursera.com 上，該電話同時進行網絡直播，並提供我們準備好的評論和補充幻燈片的版本。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP measures to the most directly comparable GAAP measure can be found in today's press release and supplemental presentation, which are distributed and available to the public through our Investor Relations website. Please note that all growth percentages refer to year-over-year change unless otherwise specified. Additionally, all statements made during this call relating to future results and events are forward-looking statements based on current expectations. These forward-looking statements include, but are not limited to, statements regarding trends and their potential impact on our industry and our business; our ecosystem, platform, content and partner relationships; our strategy and priorities; and our business model, mission, opportunities, outlook and long-term financial framework.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。可以在今天的新聞稿和補充演示文稿中找到非 GAAP 措施與最直接可比的 GAAP 措施的對賬，這些新聞稿和補充演示文稿通過我們的投資者關係網站向公眾分發和提供。請注意，除非另有說明，否則所有增長百分比均指同比變化。此外，本次電話會議期間與未來結果和事件相關的所有陳述都是基於當前預期的前瞻性陳述。這些前瞻性陳述包括但不限於關於趨勢及其對我們行業和業務的潛在影響的陳述；我們的生態系統、平台、內容和合作夥伴關係；我們的戰略和優先事項；以及我們的商業模式、使命、機遇、前景和長期財務框架。

Actual results and events could differ materially from projections due to a number of risks and uncertainties discussed in our press release, SEC filings and supplemental materials. These forward-looking statements are not guarantees of future performance or plans, and investors should not place undue reliance on them. We assume no obligation to update our forward-looking statements.

由於我們的新聞稿、SEC 文件和補充材料中討論的許多風險和不確定性，實際結果和事件可能與預測存在重大差異。這些前瞻性陳述不是對未來業績或計劃的保證，投資者不應過分依賴它們。我們不承擔更新我們的前瞻性陳述的義務。

And with that, I'd like to turn it over to Jeff.

有了這個，我想把它交給傑夫。

Thanks, Cam, and good afternoon, everyone. Several days after our first quarter call, we held our 10th Annual Coursera Conference. Over 3,000 live attendees from nearly 150 countries, including leaders from higher education, business and government, came together to discuss, debate and most importantly, collaborate on the most pressing issues facing the future of learning and work. We believe that cross-sector collaboration between businesses, governments and academic institutions will be critical to addressing the scale of the skills gap crisis and lay the foundation for the future of higher education amid rapid transformation.

謝謝，Cam，大家下午好。在第一季度電話會議後幾天，我們舉行了第 10 屆 Coursera 年度會議。來自近 150 個國家的 3,000 多名現場與會者，包括來自高等教育、企業和政府的領導人，齊聚一堂，就未來學習和工作面臨的最緊迫問題進行討論、辯論，最重要的是就最緊迫的問題進行合作。我們認為，企業、政府和學術機構之間的跨部門合作對於解決技能差距危機的規模至關重要，並為高等教育在快速轉型中的未來奠定基礎。

We shared concrete examples of the innovation and collaboration that is occurring amongst institutions in the Coursera community, demonstrating incredible progress towards creating more equal access to education. And I was personally excited to introduce new offerings like Career Academy for institutions. This career training academy leverages our entry-level Professional Certificates and Guided Projects created by the world's leading companies and experts to deliver the skills and credentials that prepare learners for in-demand digital jobs, even those with no college degree or prior work experience. It's one of the ways that we are focused on creating greater access to high-quality education that can be delivered through institutions at accelerated speed and scale to unlock economic opportunities for learners around the world.

我們分享了 Coursera 社區機構之間正在發生的創新和合作的具體例子，展示了在創造更平等的教育機會方面取得的令人難以置信的進步。我個人很高興能夠為機構介紹職業學院等新產品。這家職業培訓學院利用我們由世界領先的公司和專家創建的入門級專業證書和指導項目來提供技能和證書，讓學習者為急需的數字工作做好準備，即使是那些沒有大學學位或之前工作經驗的人。這是我們專注於創造更多獲得高質量教育的方式之一，這些教育可以通過機構以更快的速度和規模提供，從而為世界各地的學習者釋放經濟機會。

And now turning to our results. In Q2, we grew total revenue 22% to $125 million. Our Enterprise segment delivered strong revenue growth across business, campus and in particular, government customers. And our growing catalog of entry-level Professional Certificates continue to see strong demand from both individuals and institutions. Nonetheless, our overall revenue growth was lower than anticipated, particularly the performance in our Consumer and Degrees segments.

現在轉向我們的結果。在第二季度，我們的總收入增長了 22%，達到 1.25 億美元。我們的企業部門在企業、校園，尤其是政府客戶中實現了強勁的收入增長。我們不斷增長的入門級專業證書目錄繼續受到個人和機構的強勁需求。儘管如此，我們的整體收入增長低於預期，尤其是我們的消費者和學位部門的表現。

In Consumer, we saw somewhat weaker conversion rates in several markets outside of the U.S. with a more pronounced impact in EMEA, along with a negative impact from several pricing and payment-related tests that we ran. In Degrees, we are seeing lower-than-expected student enrollments, particularly in mature U.S. and European degree programs where our revenue is concentrated today. Ken will cover each in more detail during the discussion of our financial results and our outlook for the remainder of the year.

在消費者方面，我們看到美國以外的幾個市場的轉化率有所下降，而在歐洲、中東和非洲地區的影響更為顯著，同時我們進行的幾項定價和支付相關測試也產生了負面影響。在學位方面，我們看到學生入學率低於預期，特別是在成熟的美國和歐洲學位課程中，我們今天的收入集中在這些課程中。在討論我們的財務業績和今年剩餘時間的展望時，肯將更詳細地介紹每一項。

But in this dynamic environment, it is advantageous that we have a differentiated business model given our 3-sided platform. Our diverse offerings, unique assets and global distribution provide us with multiple opportunities for growth and allow us to navigate the long-term trends shaping higher education and adult learning more broadly. Let's briefly discuss the latest on the 3 key trends that we see at play.

但在這種動態環境中，鑑於我們的 3 面平台，我們擁有差異化的業務模式是有利的。我們多樣化的產品、獨特的資產和全球分佈為我們提供了多種增長機會，並使我們能夠更廣泛地駕馭塑造高等教育和成人學習的長期趨勢。讓我們簡要討論一下我們看到的 3 個主要趨勢的最新情況。

The first trend is digital transformation. The forces of technology, globalization and increasingly, remote and hybrid work, are transforming industry after industry. The impact of these forces has amplified the criticality of technology and digital tools; has caused businesses, governments and campuses to redefine the way that they operate; and has reshaped both the supply and demand for jobs globally. At its core, this ongoing transformation has created an accelerated rate of change that we believe will be a permanent feature of our increasingly digital world and a long-term driving force of Coursera's growth.

第一個趨勢是數字化轉型。技術、全球化以及越來越多的遠程和混合工作的力量正在改變一個又一個行業。這些力量的影響放大了技術和數字工具的重要性；已導致企業、政府和校園重新定義其運營方式；並重塑了全球就業的供求關係。從本質上講，這種持續的轉型創造了更快的變化速度，我們相信這將成為我們日益數字化世界的永久特徵，也是 Coursera 增長的長期驅動力。

The requirement for all of us to keep pace with this accelerating change leads to my second major trend, skill development. In the past, we've discussed the ways in which institutions are adapting to a changing skills landscape. But this quarter, I want to share the most prevalent feedback I was able to hear directly from our Coursera for Business, Government and Campus customers around the world.

我們所有人都必須跟上這種加速變化的步伐，這導致了我的第二個主要趨勢，技能發展。過去，我們討論了機構適應不斷變化的技能環境的方式。但本季度，我想分享我從 Coursera for Business、政府和校園客戶那裡直接聽到的最普遍的反饋。

Businesses are investing to upskill and reskill their talent, but they want to be able to drive and measure the ROI of skill programs and to better understand the skill proficiencies of their workforce. Additionally, as automation reduces the need for jobs that are repeatable and predictable, businesses are focusing on reskilling existing employees into new roles that better align with their future business needs. Governments told us that reducing unemployment and underemployment especially among young people was a key priority, and they are looking to higher education to create more employable graduates. And campuses or higher academic institutions, they told us that they need to bridge the gap between employer needs and the skills that students graduate with while finding ways to attract and retain new students.

企業正在投資以提升和重新培養他們的人才，但他們希望能夠推動和衡量技能計劃的投資回報率，並更好地了解員工的技能熟練程度。此外，隨著自動化減少了對可重複和可預測的工作的需求，企業正專注於將現有員工重新培養成新的角色，以更好地滿足他們未來的業務需求。各國政府告訴我們，減少失業和就業不足，尤其是在年輕人中是一個關鍵優先事項，他們希望通過高等教育來培養更多有就業能力的畢業生。在校園或高等學術機構中，他們告訴我們，他們需要彌合雇主需求與學生畢業時所具備的技能之間的差距，同時尋找吸引和留住新學生的方法。

Each of these use cases will require a flexible, affordable and responsive system of higher education that can keep pace with skill requirements as they evolve. We believe that Coursera's offerings really are suited to these needs.

這些用例中的每一個都需要一個靈活、負擔得起且響應迅速的高等教育系統，該系統可以跟上技能要求的發展步伐。我們相信 Coursera 的產品確實適合這些需求。

This leads me to the third trend driving our business, the transformation of higher education and adult learning more broadly. As technology and automation accelerate a changing skills landscape, a new and inclusive lifelong learning model must meet this challenge with rapid speed and scale. Adapting to this change will require institutional collaboration between academic institutions, industry leaders and government to meet the needs and pace of this new digital world.

這讓我想到了推動我們業務的第三個趨勢，即更廣泛地高等教育和成人學習的轉型。隨著技術和自動化加速不斷變化的技能環境，一種新的、包容性的終身學習模式必須以快速和規模化的方式應對這一挑戰。適應這種變化需要學術機構、行業領導者和政府之間的機構合作，以滿足這個新數字世界的需求和步伐。

One example of this is the recent Coursera for Campus partnership. Louisiana Tech University, along with the University of Louisiana System, is launching a system-wide, for-credit initiative in partnership with Coursera and Google. Beginning with a summer programming series open to faculty, the Louisiana Tech University Office of Professional Education Outreach is offering Google's entry-level Professional Certificates on the Coursera platform as a complement to their regularly scheduled professional development. Later this year, they plan to expand this initiative to other universities in the University of Louisiana System to reach faculty via their Bridging the Divide program and more broadly to students who are interested in gaining the in-demand skills for high-growth jobs like data analyst and UX designer.

這方面的一個例子是最近的 Coursera for Campus 合作夥伴關係。路易斯安那理工大學與路易斯安那大學系統一起，正在與 Coursera 和谷歌合作推出一項全系統的學分計劃。路易斯安那理工大學職業教育外展辦公室從向教師開放的夏季編程系列開始，在 Coursera 平台上提供谷歌的入門級專業證書，作為他們定期安排的專業發展的補充。今年晚些時候，他們計劃將這一計劃擴展到路易斯安那大學系統的其他大學，通過他們的彌合鴻溝計劃接觸教師，並更廣泛地接觸那些有興趣獲得數據等高增長工作所需技能的學生分析師和用戶體驗設計師。

We believe that innovative programs like these from forward-thinking institutions demonstrate the future of higher education. The future is not universities or industry. It is the collaboration between universities and industry. Critical thinking, coaching and community are all hallmarks of the university experience that higher education institutions do exceptionally well. But at the pace of digital transformation, many universities and colleges lack a connection to industry, the fast-changing skills landscape and evolving employer demands. This is the power of Coursera's 3-sided platform and innovations like Career Academy, connecting learners, educators and institutions in a global learning ecosystem designed to keep pace with our rapidly changing world.

我們相信，這些來自具有前瞻性思維的機構的創新項目展示了高等教育的未來。未來不是大學或工業。這是大學和工業界的合作。批判性思維、指導和社區都是高等教育機構做得非常好的大學體驗的標誌。但在數字化轉型的步伐中，許多大學和學院缺乏與行業、快速變化的技能環境和不斷變化的雇主需求的聯繫。這就是 Coursera 的 3 面平台和職業學院等創新的力量，它將學習者、教育者和機構連接到一個全球學習生態系統中，旨在跟上我們快速變化的世界的步伐。

Our platform has 3 distinct advantages that we continue to reinforce: first are the leading educator partners who've created a broad catalog of branded content and credentials; second is the global reach of Coursera; and the third is the data technology and ongoing product innovation that powers our unified platform. Let's discuss recent highlights for each of these.

我們的平台有 3 個明顯的優勢，我們將繼續加強：首先是領先的教育合作夥伴，他們創建了廣泛的品牌內容和證書目錄；其次是 Coursera 的全球影響力；第三是為我們的統一平台提供動力的數據技術和持續的產品創新。讓我們討論一下最近的亮點。

First, our educator partners. We now have more than 275 educator partners on Coursera, including world-class universities and globally recognized industry leaders. Recently, we welcomed 4 premier Indian university partners, including the Indian Institute of Management Ahmedabad, the Indian Institute of Management Indore, the Indian Institute of Science and the International Institute of Information Technology, or IIIT, Bangalore. Additionally, we announced 11 new industry partners at Coursera Conference that will continue to expand our catalog of high-quality, job-relevant content. These industry partners include Accenture, ADP, Coinbase, Genentech, Goodwill, Hero Mindmine, PwC India, SAP and Tally Education.

首先，我們的教育合作夥伴。現在，我們在 Coursera 上擁有超過 275 個教育合作夥伴，包括世界一流的大學和全球公認的行業領導者。最近，我們迎來了 4 家印度一流大學合作夥伴，包括印度艾哈邁達巴德管理學院、印多爾印度管理學院、印度科學研究所和班加羅爾國際信息技術學院（IIIT）。此外，我們在 Coursera 大會上宣布了 11 個新的行業合作夥伴，他們將繼續擴大我們的高質量、與工作相關的內容目錄。這些行業合作夥伴包括 Accenture、ADP、Coinbase、Genentech、Goodwill、Hero Mindmine、PwC India、SAP 和 Tally Education。

Our broad catalog of content and credentials created by these educator partners continues to grow. We announced 10 new university certificates from the Indian Institute of Technology Guwahati, the Indian Institute of Technology Roorkee and the University of Colorado Boulder. These programs generally take 6 months or less to complete and help learners develop expertise in cutting-edge fields like machine learning for finance, supply chain management with AI and natural language processing.

我們由這些教育合作夥伴創建的內容和證書的廣泛目錄繼續增長。我們宣布了來自印度古瓦哈蒂理工學院、印度理工學院魯爾基分校和科羅拉多大學博爾德分校的 10 份新大學證書。這些課程通常需要 6 個月或更短的時間才能完成，並幫助學習者在金融機器學習、人工智能供應鏈管理和自然語言處理等前沿領域發展專業知識。

Additionally, we unveiled 3 new Master's degree programs expected to start their first student cohorts later this year. They include a Master in Data Science from the International Institute of Information Technology Bangalore, an executive MBA from the Indian Institute of Technology Roorkee and our first-ever university and industry collaborative degree on Coursera with the Master in Management in Digital Healthcare Transformation from Northeastern University and Mayo Clinic. This new program combines a top academic research institution with the expertise of one of the world's best hospitals. We believe that this type of partnership demonstrates the promise of cross-sector collaboration. Students benefit from the cutting-edge skills of Northeastern’s faculty along with the real-world expertise, case studies and hands-on projects drawn directly from Mayo Clinic.

此外，我們還公佈了 3 個新的碩士學位課程，預計將在今年晚些時候開始他們的第一批學生。其中包括班加羅爾國際信息技術研究所的數據科學碩士學位、印度理工學院 Roorkee 的行政 MBA 學位以及我們在 Coursera 上的第一個大學和行業合作學位以及東北大學的數字醫療轉型管理碩士學位和梅奧診所。這個新項目將頂級學術研究機構與世界上最好的醫院之一的專業知識相結合。我們相信，這種類型的伙伴關係展示了跨部門合作的前景。學生受益於東北大學教師的前沿技能以及直接從梅奧診所汲取的現實世界專業知識、案例研究和實踐項目。

Finally, we announced a significant expansion of our entry-level Professional Certificate catalog. For existing partners, these new certificates include Google's fifth certificate designed to prepare learners for a career in digital marketing and e-commerce; 5 new certificates from Meta for in-demand careers in the field of software engineering, including front end, back end, Android and iOS developers as well as database engineer; and 3 new certificates from IBM in technical support, supply chain and operations.

最後，我們宣布大幅擴展我們的入門級專業證書目錄。對於現有合作夥伴，這些新證書包括 Google 的第五個證書，旨在幫助學習者為數字營銷和電子商務領域的職業做好準備； Meta 頒發的 5 個新證書，用於軟件工程領域的熱門職業，包括前端、後端、Android 和 iOS 開發人員以及數據庫工程師；以及 3 個來自 IBM 的技術支持、供應鍊和運營方面的新證書。

We also previewed the first entry-level Professional Certificates expected from several new partners, including Akamai, HR Certification Institute and Microsoft. In total, we have announced 32 entry-level Professional Certificates across 9 industry partners. 23 of these certificates are live on the platform today, and 12 of those have secured American Council on Education, or ACE, credit recommendation, which enables more universities to accept the certificates for credit toward a degree program.

我們還預覽了一些新合作夥伴（包括 Akamai、HR Certification Institute 和 Microsoft）所期望的第一個入門級專業證書。我們總共宣布了 9 個行業合作夥伴的 32 個入門級專業證書。這些證書中的 23 個今天在平台上上線，其中 12 個獲得了美國教育委員會 (ACE) 的學分推薦，這使更多的大學能夠接受學位課程的學分證書。

These entry-level professional certificates provide online job training for high-demand, entry-level digital jobs that don't require a college degree or any prior work experience. They are well suited for the millions of career starters and career switchers looking to land a high-paying digital job.

這些入門級專業證書為不需要大學學位或任何先前工作經驗的高需求入門級數字工作提供在線工作培訓。它們非常適合數百萬希望獲得高薪數字工作的職業起步者和職業轉換者。

The second major advantage is the global reach of our platform. Our large, growing learner base attracts educator partners looking to teach both individuals and institutions around the world. Once again this quarter, we added approximately 5 million new registered learners, growing our global learner base to 107 million by the end of June. Learner growth continues to be broad-based with double-digit increases in all regions and the fastest growth coming in the Asia Pacific region. Additionally, we've grown the number of paid enterprise customers by 64% this quarter to 958, with the majority of new additions coming from Coursera for Business customers.

第二個主要優勢是我們平台的全球影響力。我們龐大且不斷增長的學習者基礎吸引了希望在世界各地教授個人和機構的教育合作夥伴。本季度，我們再次增加了大約 500 萬新註冊學習者，到 6 月底，我們的全球學習者基礎增加到 1.07 億。學習者的增長繼續廣泛，所有地區都實現了兩位數的增長，其中亞太地區增長最快。此外，我們本季度的付費企業客戶數量增長了 64%，達到 958 個，其中大部分新增客戶來自 Coursera for Business 客戶。

Our final advantage is the ongoing product innovation on our unified platform. Our product team continues to introduce a number of new capabilities to better serve our learners, educators and institutions. As I mentioned earlier, I was thrilled to announce Career Academy for institutions at the Coursera Conference in May, and we're excited about the early feedback that we're getting from our enterprise customers.

我們的最後一個優勢是我們統一平台上的持續產品創新。我們的產品團隊繼續推出許多新功能，以更好地為我們的學習者、教育者和機構服務。正如我之前提到的，我很高興在 5 月的 Coursera 會議上宣布面向機構的職業學院，我們對從企業客戶那裡獲得的早期反饋感到興奮。

Career Academy enables higher education institutions, governments and businesses to offer a co-branded, turnkey solution to upskill and reskill entire populations of students, workers and employees for new economy careers at rapid speed and scale. Campuses can help attract and retain students by offering industry-recognized certifications and micro-credentials along with skills development that helps graduates enter in-demand careers. Governments can provide job seekers a path to a better career and help them gain the skills they need to achieve it. And businesses can become a career destination to attract frontline workers and expand their talent pools while reskilling and redeploying their current workforce.

職業學院使高等教育機構、政府和企業能夠提供一個聯合品牌的交鑰匙解決方案，以快速、大規模地為新經濟職業的整個學生、工人和員工群體提陞技能和重新技能。校園可以通過提供行業認可的證書和微型證書以及幫助畢業生進入緊缺職業的技能發展來幫助吸引和留住學生。政府可以為求職者提供一條通往更好職業的道路，並幫助他們獲得實現目標所需的技能。企業可以成為吸引一線工人和擴大人才庫的職業目的地，同時重新培訓和重新部署現有勞動力。

Career Academy leverages our entry-level Professional Certificates and Guided Projects, which equip learners, particularly those with no college degree or prior work experience, with 2 critical elements designed to help them in landing a good job. First is a branded credential created and endorsed by an industry leader that provides employer signaling value; and second is the ability to build a portfolio of hands-on projects using the software, applications and tools of the trade to demonstrate their skills proficiency.

職業學院利用我們的入門級專業證書和指導項目，為學習者，特別是沒有大學學位或以前工作經驗的學習者提供 2 個關鍵要素，旨在幫助他們找到一份好工作。首先是由行業領導者創建和認可的品牌證書，可提供雇主信號價值；其次是使用行業的軟件、應用程序和工具構建實踐項目組合的能力，以展示他們的技能熟練程度。

For example, an aspiring data analyst can practice SQL, Python and Tableau, while UX designers can build projects using Figma and Adobe Creative Cloud. And they can do this in a cloud-based desktop browser without the need for a license or local installation on their device. As we continue to expand our catalog with the announcements I highlighted earlier, institutions will be able to offer learners a more diverse selection of roles from a wider range of industries, brands and languages.

例如，有抱負的數據分析師可以練習 SQL、Python 和 Tableau，而 UX 設計師可以使用 Figma 和 Adobe Creative Cloud 構建項目。他們可以在基於雲的桌面瀏覽器中執行此操作，而無需許可證或在其設備上進行本地安裝。隨著我們繼續通過我之前強調的公告擴展我們的目錄，機構將能夠為學習者提供來自更廣泛行業、品牌和語言的更多樣化的角色選擇。

Next, we introduced Clips for Coursera for Business customers starting in May. Clips allows companies to make the most valuable, in-demand skill development content more easily accessible to their employees. Leveraging existing Coursera content, Clips delivers short 5- to 10-minute videos and lessons that address in-the-moment learning needs. Videos and lessons are surfaced within the context of our longer courses, providing a clear path to deeper skills development when the learner is ready to enroll in the full course. We launched with over 10,000 Clips that we expect to scale to more than 200,000 Clips by the end of the year using our existing catalog of content and credentials.

接下來，我們從 5 月開始為 Coursera for Business 客戶推出 Clips。 Clips 使公司能夠讓員工更容易獲得最有價值、最熱門的技能開發內容。 Clips 利用現有的 Coursera 內容，提供 5 到 10 分鐘的簡短視頻和課程，以滿足即時學習需求。視頻和課程出現在我們較長課程的背景下，當學習者準備好參加完整課程時，為更深入的技能發展提供了一條清晰的途徑。我們推出了超過 10,000 個 Clips，我們預計使用我們現有的內容和憑證目錄到今年年底將擴展到超過 200,000 個 Clips。

Finally, innovation for learners. Our team has been focused on creating a more personalized, engaging learning experience to better serve the unique needs of each individual learner. At Coursera Conference, we introduced a number of new tools and features focused on the motivation and support of learners. These include: the ability to input a personalized schedule into a course and receive data-driven deadlines for each item based on the real experiences of prior completers; AI-powered nudges and in-course coaching with features like highlighting key lectures and content that other learners reviewed prior to an assessment; and machine learning-generated summaries of key lecture videos, providing learners with an easy way to review prior course material, gain a quick understanding of the topic and progress more quickly through their studies.

最後，對學習者的創新。我們的團隊一直致力於打造更加個性化、引人入勝的學習體驗，以更好地滿足每個學習者的獨特需求。在 Coursera 大會上，我們推出了許多新工具和新功能，重點關注學習者的動機和支持。其中包括：將個性化的時間表輸入課程並根據先前完成者的真實經驗接收每個項目的數據驅動的截止日期的能力；人工智能驅動的助推和課程輔導，具有突出關鍵講座和其他學習者在評估前查看的內容等功能；和機器學習生成的關鍵講座視頻摘要，為學習者提供了一種簡單的方法來查看以前的課程材料，快速了解主題並通過學習更快地進步。

Before I turn the call over to Ken for a closer discussion of the financial results, let me remind you of several of the key priorities that we are focused on to grow in the years ahead. First, we will continue to invest in our fast-growing Enterprise segment, focusing on both new customer acquisitions and expanding existing relationships. Second, we are still in the early stages of our Degrees segment and are focused on expanding our program catalog, including the types of degrees offered and a greater variety of subject matters and languages from new and existing partners.

在我將電話轉給肯以更深入地討論財務結果之前，讓我提醒您一些我們在未來幾年專注於發展的關鍵優先事項。首先，我們將繼續投資於我們快速增長的企業部門，專注於新客戶的獲取和擴大現有關係。其次，我們仍處於學位部分的早期階段，並專注於擴大我們的課程目錄，包括提供的學位類型以及來自新的和現有合作夥伴的更多種類的主題和語言。

Third, we will broaden our entry-level Professional Certificate catalog, sourcing new partners, expanding with existing leaders and offering learners a greater variety of job roles, industries and languages to choose from. And finally, we will continue to scale the Coursera platform, investing in growing our registered learner base, increasing our network of educator partners and their content and credentials and expanding our reach into more countries, more institutions and to more learners around the world.

第三，我們將擴大我們的入門級專業證書目錄，尋找新的合作夥伴，與現有領導者一起擴展，並為學習者提供更多種類的工作角色、行業和語言可供選擇。最後，我們將繼續擴展 Coursera 平台，投資於擴大我們的註冊學習者基礎，增加我們的教育合作夥伴網絡及其內容和證書，並將我們的影響力擴展到更多國家、更多機構和世界各地的更多學習者。

And now I'd like to turn it over to Ken. Ken, please?

現在我想把它交給肯。肯，好嗎？

Thanks, Jeff, and good afternoon, everyone. We continue to demonstrate strong progress across our platform, expanding our number of educator partners and their catalog of job-relevant content and credentials, growing our global reach with individuals and institutions and delivering new innovations for learners, educators and our enterprise customers.

謝謝，傑夫，大家下午好。我們繼續在我們的平台上展示出強勁的進步，擴大我們的教育合作夥伴數量及其與工作相關的內容和證書目錄，擴大我們與個人和機構的全球影響力，並為學習者、教育工作者和我們的企業客戶提供新的創新。

In Q2, we generated total revenue of $124.8 million, which was up 22% from a year ago on strong demand for entry-level Professional Certificates and sustained momentum across our Enterprise segment. As Jeff mentioned, our revenue performance was mixed this quarter with strength in Enterprise, offset by lower-than-expected growth in Consumer and Degrees, which I'll cover in more detail shortly during the discussion of our segment results. Nonetheless, the long-term structural trends driving our business have not changed.

在第二季度，我們的總收入為 1.248 億美元，比一年前增長了 22%，原因是對入門級專業證書的強勁需求以及我們企業部門的持續發展勢頭。正如 Jeff 所提到的，我們本季度的收入表現與企業業務的強勁表現混合在一起，但被消費者和學位的增長低於預期所抵消，我將在討論我們的細分市場結果時更詳細地介紹這一點。儘管如此，推動我們業務發展的長期結構性趨勢並未改變。

First, individuals and institutions are increasingly turning to online learning to supply the digital skills required in today's economy. Second, we have a powerful combination of university and industry content that delivers the in-demand skills and branded, recognized credentials required by learners no matter the stage of their career. And third, our 3-sided platform provides us with global reach and the ability to leverage our strategic assets across our segments to compete differently.

首先，個人和機構越來越多地轉向在線學習，以提供當今經濟所需的數字技能。其次，我們擁有強大的大學和行業內容組合，可提供學習者所需的技能和品牌認可的證書，無論他們處於職業生涯的哪個階段。第三，我們的 3 面平台為我們提供了全球影響力以及利用我們在各個細分市場中的戰略資產以不同方式競爭的能力。

Please note that for the remainder of the call, as I review our business performance and outlook, I'll discuss our non-GAAP financial measures, unless otherwise noted. Our non-GAAP adjustments remove only stock-based compensation and related payroll tax, nothing else.

請注意，在接下來的電話會議中，當我回顧我們的業務表現和前景時，我將討論我們的非公認會計原則財務指標，除非另有說明。我們的非公認會計原則調整僅刪除了基於股票的薪酬和相關的工資稅，沒有其他內容。

Gross profit was $79.2 million, a 63.5% gross margin, up 28% from a year ago. This margin was approximately 3 percentage points higher than the prior year period due to the ongoing drivers we've discussed the past several quarters, particularly the positive changes in our segment content margin for both Consumer and Enterprise. Our Consumer segment content margin rate increased from 66% in the prior period -- prior year period to 73% this quarter, and our Enterprise segment's content margin rate increased from 67% in the prior year period to 71% this quarter. This expansion continues to be driven by learners consuming a larger proportion of industry partner content, which tends to have a lower-than-average content cost.

毛利潤為 7920 萬美元，毛利率為 63.5%，同比增長 28%。由於我們在過去幾個季度中討論的持續驅動因素，特別是我們在消費者和企業領域的細分內容利潤率的積極變化，這一利潤率比去年同期高出約 3 個百分點。我們的消費者細分市場內容利潤率從去年同期的 66% 增加到本季度的 73%，我們的企業細分市場的內容利潤率從去年同期的 67% 增加到本季度的 71%。這種擴張繼續受到學習者消費更大比例的行業合作夥伴內容的推動，而這些內容的成本往往低於平均水平。

Total operating expense was $99.3 million or 80% of revenue compared to 67% in Q2 of last year. The increase was partially driven by onetime impairment expenses associated with the subleasing of a portion of our Mountain View office. As a reminder, during our outlook last quarter, we discussed our expectations around a likely partial sublease of our Mountain View headquarters, which was consummated in a lease during Q2. This resulted in $3.2 million of additional costs this quarter, which are included in the departmental expenses and account for a portion of the OpEx increase as we did not pull the cost out as pro forma. As discussed previously, we expect a net benefit to accrue over the coming quarters and years, with much of the savings expected to be redeployed to fuel our talent strategy.

總運營費用為 9930 萬美元，佔收入的 80%，而去年第二季度為 67%。增長的部分原因是與我們的山景城辦公室部分轉租相關的一次性減值費用。提醒一下，在我們上個季度的展望中，我們討論了我們對可能部分轉租山景城總部的預期，該總部在第二季度完成了租約。這導致本季度增加了 320 萬美元的額外成本，這些成本包含在部門開支中，並佔運營支出增長的一部分，因為我們沒有將成本作為備考。如前所述，我們預計未來幾個季度和幾年將產生淨收益，預計大部分節省的資金將用於推動我們的人才戰略。

Now moving to the expense details. Sales and marketing expense represented 38% of total revenue, up from 32% in the prior year period as we expanded the capacity of our enterprise sales force and invested in the marketing programs related to higher-margin content and credentials. Research and development expense was 26% of revenue, up from 22% in the prior year period, driven by content development investments associated with our entry-level Professional Certificates. And general and administrative expense was 16% of revenue, up from 13% in the prior year period. Our net loss was $21.6 million or 17.3% of revenue, and our adjusted EBITDA loss was $15.6 million or 12.5% of revenue.

現在轉到費用詳細信息。銷售和營銷費用佔總收入的 38%，高於去年同期的 32%，原因是我們擴大了企業銷售隊伍的能力並投資於與更高利潤內容和憑證相關的營銷計劃。在與我們的入門級專業證書相關的內容開發投資的推動下，研發費用佔收入的 26%，高於去年同期的 22%。一般和行政費用佔收入的 16%，高於去年同期的 13%。我們的淨虧損為 2160 萬美元，佔收入的 17.3%，調整後的 EBITDA 虧損為 1560 萬美元，佔收入的 12.5%。

Now turning to cash performance and the balance sheet. As of June 30, we had approximately $783 million of unrestricted cash, cash equivalents and marketable securities with no debt. Our free cash flow was a use of $3.2 million compared to $8.5 million in the prior year. The strength of our balance sheet, in combination with the modest cash requirements for operating needs, provides us with a strong financial base, positions us well in any environment and allows us to invest confidently in our long-term strategy.

現在轉向現金業績和資產負債表。截至 6 月 30 日，我們擁有約 7.83 億美元的無限制現金、現金等價物和有價證券，沒有債務。我們的自由現金流使用了 320 萬美元，而上一年為 850 萬美元。我們資產負債表的實力，加上運營需要的適度現金需求，為我們提供了強大的財務基礎，使我們在任何環境中都處於有利地位，並使我們能夠自信地投資於我們的長期戰略。

Now let's discuss the segments in more detail. Consumer revenue was $69.7 million, up 12% from the prior year. At the start of this year, we communicated that we expected Q2 to be a seasonally light quarter for learners, reflecting the traditional education cycle. With that being said, our Consumer growth was lower than anticipated. First, we saw softness in several markets outside the U.S., particularly in EMEA, with new payer conversion rates that were below our seasonal expectations and may reflect ongoing macroeconomic challenges in the region. Second, we conducted several pricing and payment-related tests in markets around the globe that resulted in a negative impact on consumer revenue. To be clear, we continue to see increased demand for our job-relevant portfolio of entry-level Professional Certificates, particularly in North America, and we expect to rapidly expand this category with new and existing industry partners as Jeff highlighted.

現在讓我們更詳細地討論這些細分市場。消費者收入為 6970 萬美元，比上年增長 12%。今年年初，我們曾表示，我們預計第二季度對學習者來說是一個季節性淡季，反映了傳統的教育週期。話雖如此，我們的消費者增長低於預期。首先，我們看到美國以外的幾個市場疲軟，特別是在歐洲、中東和非洲，新的付款人轉換率低於我們的季節性預期，可能反映了該地區持續的宏觀經濟挑戰。其次，我們在全球市場進行了多項定價和支付相關測試，這些測試對消費者收入產生了負面影響。需要明確的是，我們繼續看到對我們與工作相關的入門級專業證書組合的需求增加，特別是在北美，正如 Jeff 強調的那樣，我們希望與新的和現有的行業合作夥伴迅速擴大這一類別。

Segment gross profit was $50.7 million or 73% of Consumer revenue, up from 66% in the prior year. The expansion in our Consumer segment margin demonstrates the ongoing benefit we see from a lower content cost rate associated with higher consumption of industry partner content. And we added another 5 million new registered learners for a total base of 107 million.

分部毛利潤為 5070 萬美元，佔消費者收入的 73%，高於去年的 66%。我們消費者部門利潤率的擴大表明，我們從較低的內容成本率中看到了與行業合作夥伴內容的較高消費相關的持續收益。我們又增加了 500 萬新註冊學習者，總人數達到 1.07 億。

Next is Enterprise. Enterprise revenue was $43.7 million, up 55% from a year ago, on strong growth across business, government and campus customers. The total number of paid enterprise customers increased to 958, up 64% from a year ago, and our net retention rate for paid enterprise customers was 111%. Segment gross profit was $31.1 million or 71% of Enterprise revenue, up from 67% in the prior year driven by a higher consumption of industry content that similarly benefited our Consumer segment, although less pronounced.

接下來是企業。企業收入為 4370 萬美元，比一年前增長 55%，這得益於企業、政府和校園客戶的強勁增長。付費企業客戶總數增至958家，同比增長64%，付費企業客戶淨留存率為111%。部門毛利潤為 3110 萬美元，佔企業收入的 71%，高於上一年的 67%，這是由於行業內容消費量增加，這同樣有利於我們的消費者部門，儘管不那麼明顯。

And finally, our Degrees segment. Degrees revenue was $11.4 million, down 4% from a year ago on lower-than-anticipated student enrollments in our mature programs and lower overall student activity. The total number of Degrees students grew 19% from a year ago to 17,460. Our Degrees performance reflects what we believe to be broader macroeconomic trends at play, particularly with U.S. and European enrollments and Master's degree programs, which is where our revenue is concentrated today. As we've discussed, our Degrees segment is still in its very early stages. We have a small base of fully mature existing programs, which is where we experienced decreased [new] student enrollments.

最後，我們的學位部分。學位收入為 1140 萬美元，比一年前下降 4%，原因是我們的成熟課程的學生入學率低於預期以及整體學生活動減少。學位學生總數比一年前增長了 19%，達到 17,460 人。我們的學位表現反映了我們認為更廣泛的宏觀經濟趨勢，特別是美國和歐洲的入學人數和碩士學位課程，這是我們今天的收入集中的地方。正如我們所討論的，我們的學位部分仍處於早期階段。我們有一小部分完全成熟的現有項目，這就是我們經歷[新]學生入學人數減少的地方。

While we remain excited about the momentum in new program announcements that will diversify our Degrees revenue base, it will take time to see their contribution given the extended ramp cycle we've discussed and the lower range of international tuition price points. As a reminder, there's no content cost attributable to the Degrees segment, so Degrees segment gross margin was 100% of revenue.

雖然我們仍然對新項目公告的勢頭感到興奮，這將使我們的學位收入基礎多樣化，但鑑於我們已經討論過的延長的斜坡週期和較低的國際學費價格點範圍，需要時間才能看到它們的貢獻。提醒一下，學位部門沒有內容成本，因此學位部門的毛利率是收入的 100%。

Now on to our updated financial outlook. For Q3, we are expecting revenue to be in the range of $126 million to $130 million or 16% growth at the midpoint of the range. For adjusted EBITDA, we're expecting a loss in the range of $10.5 million to $13.5 million. For full year 2022, we anticipate revenue to be in the range of $509 million to $515 million or 23% growth at the midpoint of the range. With a 3-sided platform, our business has exposure to the needs of learners, educators and institutions that affect our 3 operating segments in different ways.

現在來看看我們最新的財務展望。對於第三季度，我們預計收入將在 1.26 億美元至 1.3 億美元之間，或在該範圍的中點增長 16%。對於調整後的 EBITDA，我們預計虧損在 1050 萬美元至 1350 萬美元之間。對於 2022 年全年，我們預計收入將在 5.09 億美元至 5.15 億美元之間，或在該範圍的中點增長 23%。借助 3 面平台，我們的業務可以滿足學習者、教育者和機構的需求，這些需求以不同的方式影響我們的 3 個運營部門。

Given the revised full year outlook, we thought it would be helpful to provide new growth expectations by segment for 2022 to reflect our latest view. For Consumer, we expect to grow in the high teens for full year 2022, which is slightly lower than our prior expectations given the softer conversion rates seen in Q2. For Enterprise, we expect our broad momentum to continue with full year percentage growth in the mid-40s, inclusive of the macroeconomic headwind related to EMEA Coursera for Business customers. And for Degrees, we anticipate a mid-single-digit decline on an annual basis given the enrollment challenges witnessed in the first half and forecasted for this fall in our most mature programs.

鑑於修訂後的全年展望，我們認為按細分市場提供 2022 年的新增長預期以反映我們的最新觀點會有所幫助。對於消費者，我們預計 2022 年全年將在十幾歲以下增長，鑑於第二季度的轉化率較低，這略低於我們之前的預期。對於企業，我們預計我們的整體勢頭將在 40 年代中期繼續保持全年百分比增長，包括與 EMEA Coursera for Business 客戶相關的宏觀經濟逆風。而對於學位，鑑於上半年見證的入學挑戰以及今年秋季我們最成熟的課程的預測，我們預計每年會出現中個位數的下降。

For full year 2022 adjusted EBITDA, we're expecting a loss of $42.5 million to $48.5 million or a negative 8.9% adjusted EBITDA margin at the midpoint of revenue and EBITDA guidance ranges. Our messaging and annual operating framework with regards to EBITDA margin has been consistent over the past 2 years. At the beginning of the year, we set an annual EBITDA margin target and work within that plan to maximize our growth opportunities across the business. With our reset revenue expectations for the second half of 2022, we have adjusted the pacing of our investments to align with the annual EBITDA margin target. Continuing to maintain the same margin target results in a lower adjusted EBITDA loss in dollar terms, for a midpoint of $45.5 million, down from the previous $48.5 million loss. This, along with our strong cash position and minimal cash burn, allows us to prioritize near-term growth opportunities while strategically positioning Coursera for the long term.

對於 2022 年全年調整後 EBITDA，我們預計在收入和 EBITDA 指導範圍的中點處虧損 4250 萬美元至 4850 萬美元或調整後 EBITDA 利潤率為負 8.9%。在過去 2 年中，我們關於 EBITDA 利潤率的信息和年度運營框架一直保持一致。今年年初，我們設定了年度 EBITDA 利潤率目標，並在該計劃內開展工作，以最大限度地提高我們在整個業務中的增長機會。隨著我們對 2022 年下半年的收入預期重新設定，我們調整了投資節奏，以符合年度 EBITDA 利潤率目標。繼續保持相同的利潤率目標導致按美元計算的調整後 EBITDA 損失較低，中點為 4550 萬美元，低於之前的 4850 萬美元損失。這一點，再加上我們強大的現金狀況和最小的現金消耗，使我們能夠優先考慮近期的增長機會，同時對 Coursera 進行長期戰略定位。

I'll now turn the call back to Jeff for final comments.

我現在將電話轉回 Jeff 以徵求最終意見。

Thanks, Ken. We've entered a new and ever-evolving era of work that consistently requires new skills. Technology is creating new career opportunities, but students and workers need access to flexible, affordable and fast-tracked learning and career pathways to transition into well-paying jobs of the future. This is particularly true for women and other underrepresented groups who have been disproportionately impacted by the pandemic and automation. With many of our learners based in emerging markets, we partnered with the International Finance Corporation and the European Commission to publish a global study seeking to better understand how these learners, particularly women, have been learning online since the pandemic onset.

謝謝，肯。我們已經進入了一個新的、不斷發展的工作時代，不斷需要新的技能。技術正在創造新的職業機會，但學生和工人需要獲得靈活、負擔得起和快速跟踪的學習和職業途徑，才能過渡到未來的高薪工作。對於受到大流行和自動化影響不成比例的女性和其他代表性不足的群體來說尤其如此。我們的許多學習者都位於新興市場，因此我們與國際金融公司和歐盟委員會合作發布了一項全球研究，旨在更好地了解這些學習者，尤其是女性，自疫情爆發以來是如何進行在線學習的。

During the fourth quarter of 2021, we surveyed nearly 10,000 learners on Coursera in 4 focus countries: Egypt, India, Mexico and Nigeria, targeting learners that had completed at least one graded item between January 2019 to the end of June 2021. And nearly half of the respondents reported earning in their country's bottom 50th percentile of income.

2021 年第四季度，我們在 Coursera 上對 4 個重點國家（埃及、印度、墨西哥和尼日利亞）的近 10,000 名學習者進行了調查，目標是在 2019 年 1 月至 2021 年 6 月底期間至少完成一項評分項目的學習者。近一半的受訪者報告說他們的收入在他們國家收入最低的 50%。

Our research found that women and other underserved populations view online learning as more accessible than in-person education. In fact, 45% of women and 60% of women caregivers said that they would have had to postpone or stop study if online learning weren't an option, citing mobility, safety and family obligations as their top deciding factors. Women also said that they faced more restrictions that limited how and where they learn, but that online learning have provided an opportunity for them to achieve their goals.

我們的研究發現，女性和其他服務不足的人群認為在線學習比面對面教育更容易獲得。事實上，45% 的女性和 60% 的女性看護者表示，如果不能選擇在線學習，她們將不得不推遲或停止學習，他們認為流動性、安全和家庭義務是他們的首要決定因素。女性還表示，她們面臨更多限制，限制了她們學習的方式和地點，但在線學習為她們提供了實現目標的機會。

The study also confirmed between online learning and career outcomes in emerging markets. The IFC research found that online learning produces gains in the broader economy through direct and indirect effects with 1 new job created for every 30 people trained on Coursera in our 4 focus countries. About 1/3 of the women surveyed said that they found a new job, set up a business or improved their job or business performance after taking online courses. And 22% of women saw an increase in their income with nearly 40% reporting an increase of 10% or more. Finally, 99% of respondents said that they plan to continue learning either online or in a blended format after the pandemic.

該研究還證實了新興市場的在線學習與職業成果之間的關係。 IFC 的研究發現，在線學習通過直接和間接的影響在更廣泛的經濟中產生收益，在我們的 4 個重點國家中，每 30 名接受 Coursera 培訓的人創造 1 個新工作崗位。大約 1/3 的受訪女性表示，她們在參加在線課程後找到了新工作、創辦了企業或提高了工作或業務績效。 22% 的女性收入增加，近 40% 的女性收入增加 10% 或更多。最後，99% 的受訪者表示，他們計劃在大流行之後繼續在線學習或以混合形式學習。

These results demonstrate why increasing access to online learning in combination with broadband connectivity and remote work have the power to advance equal opportunity in the post-pandemic economy. However, it will require significant collaboration from both the public and private sectors to address the scale of the crisis and build competitive, equitable and sustainable workforces. People often say, talent is equally distributed but opportunity is not. With our Coursera community, encompassing leaders in higher education, business and government, we are working together to expand access to economic opportunities for learners around the world.

這些結果證明了為什麼增加在線學習的機會以及寬帶連接和遠程工作有能力在大流行後經濟中促進平等機會。然而，這將需要公共和私營部門的大力合作，以應對危機的規模並建立具有競爭力、公平和可持續的勞動力。人們常說，人才是平均分配的，但機會不是。通過我們的 Coursera 社區，包括高等教育、商業和政府領域的領導者，我們正在共同努力，為世界各地的學習者擴大獲得經濟機會的機會。

Now let's open up the call to questions.

現在讓我們打開問題的電話。

(Operator Instructions) We'll now take our first question from the line of Stephen Sheldon with William Blair.

（操作員說明）我們現在從斯蒂芬謝爾頓和威廉布萊爾的台詞中提出第一個問題。

First one here, just on the revenue guidance for the rest of the year. It seems like it assumes a year-over-year deceleration in the third quarter and then some reacceleration in the fourth quarter. So can you talk about that? And I know you gave some segment-level expectations for the full year, but are there underlying segment-level dynamics that you're kind of factoring in, in the second half that are kind of in play there?

這裡的第一個，只是關於今年剩餘時間的收入指導。似乎它假設第三季度同比減速，然後在第四季度重新加速。那你能談談嗎？而且我知道您對全年給出了一些細分市場的期望，但是您是否考慮到了下半年的潛在細分市場動態？

Ken?

肯?

Yes, Stephen, so no, it was -- it's simply based on the accountings that we're forecasting, what we're seeing in the pipeline and the usual ratios that we use to determine our forecast. There's nothing unusual in that. We're ensuring or wanting to ensure that we're careful to hit our numbers this coming quarter. But there's nothing unusual in there from a seasonality standpoint.

是的，斯蒂芬，所以不，它只是基於我們預測的會計，我們在管道中看到的內容以及我們用來確定預測的通常比率。這沒有什麼不尋常的。我們正在確保或希望確保我們在下個季度謹慎地達到我們的數字。但從季節性的角度來看，那裡並沒有什麼不尋常的地方。

Got it. And then on the -- I think you previously talked about 50% growth, I think, this year for Enterprise. I think now you're talking mid-40s. And I think you called out some headwinds in EMEA. Can you just give some more detail on, I guess, what those headwinds look like in EMEA and just generally, what's kind of changing there? Is it the slower new client wins? Is it churn picking up maybe a touch? I mean just what's driving the slowdown there?

知道了。然後 - 我認為您之前談到了今年企業的 50% 增長。我想現在你說的是 40 多歲。而且我認為您在歐洲、中東和非洲地區遇到了一些不利因素。我想，您能否詳細說明一下這些逆風在歐洲、中東和非洲地區是什麼樣的？總的來說，那裡發生了什麼變化？是較慢的新客戶獲勝嗎？是不是攪動起來了？我的意思是是什麼導致了那裡的放緩？

Yes, Steve, it's a combination of things. I mean when we look at Enterprise, we've got Coursera for Business, we've got Coursera for Government and we've got Coursera for Campus. And then we've got the different regions. What we're seeing in EMEA is more of a Coursera for Business challenge relative to what we were expecting. North America actually has been pretty solid on the enterprise side across all 3 segments. And globally, the Coursera for Government has been quite positive. So it really is kind of Europe Coursera for Business, and most of that is really more in the pipeline development process as opposed to the churn rates. But that -- it is kind of Coursera for Business in Europe where we're seeing the biggest sensitivity, and we suspect that, that is kind of due to macroeconomic factors of what's going on in Europe right now. But that seems to be where we're seeing the localized weakness.

是的，史蒂夫，這是多種因素的結合。我的意思是，當我們看企業版時，我們有面向企業的 Coursera，面向政府的 Coursera，面向校園的 Coursera。然後我們有不同的地區。相對於我們的預期，我們在 EMEA 看到的更像是 Coursera for Business 的挑戰。實際上，北美在所有 3 個細分市場的企業方面都相當穩固。在全球範圍內，面向政府的 Coursera 一直非常積極。所以它確實是一種歐洲商業課程，其中大部分實際上更多的是在管道開發過程中，而不是流失率。但是那 - 這是歐洲商業課程的一種，我們看到最大的敏感性，我們懷疑這在某種程度上是由於歐洲目前正在發生的宏觀經濟因素。但這似乎是我們看到局部弱點的地方。

And of course, Stephen, your question was Enterprise, but we saw similar weakness in EMEA in Consumer on conversion rates. So we suspect that's part of the same trend, the general pressures on the economies there.

當然，斯蒂芬，你的問題是企業，但我們看到歐洲、中東和非洲消費者在轉化率方面存在類似的弱點。所以我們懷疑這是同一趨勢的一部分，那裡的經濟普遍面臨壓力。

Your next question comes from the line of Taylor McGinnis with UBS.

您的下一個問題來自瑞銀的 Taylor McGinnis。

Maybe just to touch on what you were just referring to on the last question about some of the macro weakness and how that's materializing and what you guys are seeing in the pipeline and with consumers. So can you talk, I guess, one on like the Enterprise side, is that more a function of deals being delayed and pushed out? Or what -- I guess, how are you guys thinking about that in terms of the second half to half guide there? And then as a second part, on the Consumer side, maybe you can talk about activity levels on the platform, what you're seeing there and how that macro impact is materializing.

也許只是為了談談你剛才提到的關於一些宏觀弱點的最後一個問題，以及它們是如何實現的，以及你們在管道中和消費者中看到的內容。所以你能談談，我猜，像企業方面的，更多的是交易被延遲和推遲的功能嗎？或者什麼——我猜，你們是如何考慮下半場指導的？然後作為第二部分，在消費者方面，也許您可以談論平台上的活動水平，您在那裡看到的內容以及宏觀影響是如何實現的。

Yes, Taylor, this is Jeff. So on the Enterprise side, it's not a whole lot to add beyond what we mentioned to Stephen. I think it is -- it appears to be a little bit of tightness on budget in terms of how much do people spend, how quickly do they spend it. I feel like we kind of saw the opposite that when COVID first happened, it just seemed like people are opening their wallets maybe with government money in Europe kind of moving pretty quickly. It almost feels like the opposite has happened now. People seem to be a little bit more careful with their spend. I would guess that's probably timing as well as kind of purchase size, but not totally clear on exactly distinction there.

是的，泰勒，這是傑夫。因此，在企業方面，除了我們向斯蒂芬提到的內容之外，添加的內容並不多。我認為是——就人們花費多少、花費多快而言，預算似乎有點緊張。我覺得我們看到了相反的情況，當 COVID 第一次發生時，似乎人們正在打開錢包，也許歐洲的政府資金流動得很快。現在幾乎感覺相反的事情發生了。人們似乎對自己的支出更加謹慎。我猜這可能是時間和購買規模，但並不完全清楚那裡的確切區別。

On the Consumer side, it's interesting because the professional search are still performing really well, particularly in North America. In Europe, it's kind of more of a conversion rate challenge. And so like Ken said, maybe it's the same kinds of effects. You asked about activity levels. I don't think that we're seeing any notable difference in activity levels. It seems to be -- and even [a lot of] top of the funnel seems to be similar between Europe and other regions.

在消費者方面，這很有趣，因為專業搜索的表現仍然非常好，尤其是在北美。在歐洲，這更像是一個轉換率的挑戰。就像肯說的那樣，也許是同一種效果。您詢問了活動水平。我認為我們在活動水平上沒有看到任何顯著差異。它似乎是——甚至[很多]漏斗頂部似乎在歐洲和其他地區之間是相似的。

I will say that generally speaking, search volume for online courses and online degrees, this is not just on Coursera but just general search volume, is down. I think there's sort of a bit of a -- the economy is reopening and people doing things outside of their house that we kind of see globally, and that probably is happening in Europe as well. But a lot of it is sort of conversion rates on the Consumer segment in EMEA, in particular, Europe that we're seeing.

我會說，一般來說，在線課程和在線學位的搜索量，不僅在 Coursera 上，而且只是一般搜索量，下降了。我認為有一點——經濟正在重新開放，人們在外面做我們在全球範圍內看到的事情，這可能也在歐洲發生。但其中很大一部分是歐洲、中東和非洲消費者細分市場的轉化率，特別是我們所看到的歐洲。

Got it. And then my next question is just on the Enterprise piece. I think it looks like your net retention ticked up a little bit, but it looks like at least like the net logo adds in the quarter maybe were the area that was a little bit weak relative to what we've seen in the past. So can you talk about that, like the new versus existing and expansion activity, and when you think about the guide, like where you're seeing more of the impact and how that influenced it?

知道了。然後我的下一個問題是關於企業版的。我認為您的淨留存率看起來有點上升，但看起來至少像本季度增加的淨徽標可能是相對於我們過去看到的情況有點弱的區域。所以你能談談這個，比如新的與現有的和擴展活動，當你考慮指南時，比如你在哪裡看到了更多的影響以及它是如何影響它的？

Yes. On this one, it is really a mixture of different sized companies that we sell. We've got mid-market. We do some small/medium business. And then, of course, we have bigger accounts as well. Also, when we look at deal sizes, they're different between a campus, a government and a business. So part of this is variability within the segment. Part of it is variability in average deal size across some segments, if you will, of Enterprise. I would say that as we -- and we've seen governments growing faster than business in terms of revenue growth, and those are generally bigger ticket sizes. So I wouldn't be surprised if what we end up seeing is -- I guess what I'd say is general continued sort of variability depending on the mix of what's growing fastest.

是的。在這一點上，它實際上是我們銷售的不同規模公司的混合體。我們有中端市場。我們做一些中小型業務。然後，當然，我們也有更大的賬戶。此外，當我們查看交易規模時，校園、政府和企業之間的交易規模是不同的。因此，部分原因是該細分市場內的可變性。部分原因是企業的某些細分市場的平均交易規模的可變性。我會這麼說，因為我們 - 我們已經看到政府在收入增長方面的增長速度快於企業，而且這些通常是更大的門票規模。因此，如果我們最終看到的是——我想我想說的是一般持續的可變性，這取決於增長最快的組合。

On the campus side, and we're seeing pretty good uptake of Career Academy, these are more narrow, simple focused SKU that might sell faster than the typical ones. We might have higher numbers with lower average ticket sizes. But it's really sort of a combination of mix across segments, I think, that we're seeing most. Ken, I don't know if you want to add anything to that.

在校園方面，我們看到職業學院的吸收率很高，這些是更狹窄、更簡單的重點 SKU，可能比典型的銷售速度更快。我們可能有更高的數字，但平均票數更低。但我認為，這實際上是我們看到最多的跨細分市場的混合組合。肯，我不知道你是否想添加任何東西。

Just a little bit on the data side, looking at the number of paid, the net increase, which is essentially what you're referring to of 41 versus 100-ish like generalized over the previous 4 quarters was definitely slower on the Enterprise side, which is reflected in the lower forecast for the rest of the year. So it's part of the same, but there's absolutely a mix, as Jeff said, between smaller and larger customers. But it's fewer conversions once again.

只是在數據方面一點點，看看付費人數，淨增長，這基本上是你所指的 41 與 100-ish 相比，在過去 4 個季度中普遍化，在企業方面肯定較慢，這反映在對今年剩餘時間的較低預測中。所以這是相同的一部分，但正如傑夫所說，小客戶和大客戶之間絕對是混合的。但它再次減少了轉換。

Your next question comes from the line of Brian Peterson with Raymond James.

您的下一個問題來自 Brian Peterson 和 Raymond James 的台詞。

So I wanted to hit on the Degrees business for a second. And I understand some of the programs can have different enrollment times. But I was curious, what drove the enrollment change particularly in the second quarter for some of these programs? I guess in the traditional cycle, maybe that's not the case. And then maybe looking ahead, how do we think about that potentially getting better? It doesn't sound like maybe that's the case in the outlook. But is there a possibility for those enrollment trends to change as we're looking ahead to maybe the fall semester of 2022?

所以我想暫時接觸一下學位業務。而且我了解某些課程可能有不同的入學時間。但我很好奇，是什麼推動了其中一些課程的招生變化，特別是在第二季度？我想在傳統的周期中，也許不是這樣。然後也許展望未來，我們如何看待這可能會變得更好？這聽起來不像前景中的情況。但是，當我們展望 2022 年秋季學期時，這些入學趨勢是否有可能發生變化？

Yes, Brian, so when we look at the Degrees segment, I mean, clearly, minus 4% in Q2, it is lower than expected. A lot of that is lower-than-anticipated student enrollments. Part of it is also lower overall student activity. So the tuition paid depends on how many credit hours students are learning. Partly probably because of working, maybe because of vacation, whatever, students have pulled back in the activity level. So if you look at where the Degrees segment revenue comes from currently with our current portfolio of degrees, our 4 largest, most mature Degrees programs, they saw limited to negative revenue growth year-over-year. And 3 of these 4 are in the U.S.

是的，布賴恩，所以當我們查看學位部分時，我的意思是，很明顯，第二季度負 4%，低於預期。其中很多是低於預期的學生入學率。部分原因還在於整體學生活動較低。因此，支付的學費取決於學生學習了多少學分。部分可能是因為工作，也可能是因為假期，等等，學生們的活動水平有所下降。因此，如果您查看我們當前的學位組合（我們的 4 個最大、最成熟的學位課程）目前的學位部分收入來自哪裡，他們看到的收入同比增長有限。這 4 個中有 3 個在美國。

We think that what's going on when we look at our funnel and also sort of outside information of what's happening with other degrees providers in the U.S. market, we think that there are economic trends, particularly in the U.S., associated with the strong labor market. And the stronger labor market historically has led to lower enrollments. If you look countrywide at sort of national data on graduate enrollment rates, it's down 1% in spring of 2022 compared to plus 4.6% spring 2021. So we do think that there's an impact in the U.S. because of that, and that's where the concentrated and more mature programs are.

我們認為，當我們查看我們的渠道以及美國市場上其他學位提供者正在發生的事情的外部信息時，我們認為正在發生的事情，我們認為存在與強勁的勞動力市場相關的經濟趨勢，特別是在美國。從歷史上看，更強勁的勞動力市場導致入學率下降。如果你看一下全國范圍內的研究生入學率數據，2022 年春季它下降了 1%，而 2021 年春季則增加了 4.6%。所以我們確實認為美國會因此而受到影響，這就是集中的地方而且比較成熟的方案是。

I would also say that some people are like, yes, but there's a recession. This should be countercyclical, right? It's a funny recession right now. People are talking about a recession, but the unemployment rate is really low. And generally speaking, degrees are countercyclical with mostly unemployment. And so if unemployment goes up and a recession happens, that's where you get the most. We're kind of looking at a potential recession but with really low unemployment. So I don't think that we're seeing yet any sort of countercyclicality because it's more associated with unemployment rate.

我還要說，有些人會說，是的，但是經濟衰退。這應該是逆週期的吧？現在是一個有趣的衰退。人們在談論經濟衰退，但失業率真的很低。一般來說，學位是反週期的，主要是失業。因此，如果失業率上升並且發生衰退，那是你得到最多的地方。我們正在考慮潛在的衰退，但失業率非常低。所以我認為我們還沒有看到任何形式的反週期，因為它與失業率更相關。

The other thing I'll add and then I'll turn it over to Ken, but when we look at the revenue sort of year-on-year, part of it, as I mentioned, is the student enrollments, and then part of it is the average revenue per student. And so the more intensely that students are learning, the higher their tuition in a given period. The average revenue per student was lighter in Q2 because of lighter kind of learning loads, if you will, that students have been taking. And so that was another difference from what we were expecting. Ken, I don't know if there's anything you want to add to that.

我要補充的另一件事然後交給肯這是每個學生的平均收入。因此，學生學習的強度越高，特定時期的學費就越高。第二季度每個學生的平均收入較輕，因為學生所承受的學習負擔較輕（如果你願意的話）。所以這與我們預期的另一個不同。肯，我不知道你是否有什麼要補充的。

Not a lot. I'd just reemphasize that our revenue is quite concentrated in a few large U.S. and European Master's degree programs, which is why you referred to graduate programs. Again, it's the large majority of our business today. So the effect on those markets affect us disproportionately in that business. And also that -- everybody understands, I think, our Degrees model. It takes a long time to build revenue from new programs. We've recently had the last few quarters some great new program announcements. Those are still building and don't show in revenue (inaudible). So we're excited about that trajectory over time, but we don't see any near-term impact. What we're seeing now is specifically what's happening in the U.S. and Europe for Master's degree programs.

不是很多。我想再次強調一下，我們的收入相當集中在美國和歐洲的幾個大型碩士學位課程中，這就是您提到研究生課程的原因。同樣，這是我們今天的大部分業務。因此，對這些市場的影響對我們在該業務中的影響不成比例。還有——我認為，每個人都理解我們的 Degrees 模型。從新項目中獲得收入需要很長時間。最近幾個季度，我們發布了一些很棒的新計劃公告。這些仍在建設中，並沒有顯示在收入中（聽不清）。因此，隨著時間的推移，我們對這一軌跡感到興奮，但我們沒有看到任何近期影響。我們現在看到的具體是美國和歐洲的碩士學位課程正在發生的事情。

You asked, by the way, Brian, like when is it going to get better? My best guess would be it will be related to unemployment. That's my best guess based on historical patterns.

順便問一下，Brian，你問什麼時候會好起來？我最好的猜測是這將與失業有關。這是我基於歷史模式的最佳猜測。

Understood. No, I appreciate all the context there. And maybe a follow-up for you, Ken, just in terms of the growth environment. Obviously, an uncertain macro. We've referenced some cyclicality. How do you think about that balance maybe beyond 2022 in terms of the growth versus the margin? Appreciate you're not giving guidance for '23 yet, but has anything changed in terms of the thought process on how you're looking at some of the investment posture?

明白了。不，我很欣賞那裡的所有背景。肯，也許是你的後續行動，就增長環境而言。顯然，一個不確定的宏觀。我們已經提到了一些週期性。您如何看待可能在 2022 年之後的增長與利潤率之間的平衡？感謝您還沒有為 '23 提供指導，但是在您如何看待某些投資姿勢的思考過程方面有什麼變化嗎？

Sure. No, that's an incredibly important question as to how we run the business. The environment has changed and the outlook has changed somewhat in the near term. But philosophically, we're not changing our approach. We want to continue to scale the business. We want to build leverage into the business. So we expect to see improving EBITDA margin. So this last quarter, we just reduced, of course, the forward look on revenue. And so we're reducing our rate of growth for the year, our rate of investment. We still want to fund growth, so we're not changing anything. We're in a great financial position from a cash standpoint. We're stable. We're burning $3 million a quarter. That should continue at roughly that rate going forward.

當然。不，這是關於我們如何經營業務的一個非常重要的問題。環境發生了變化，前景在短期內發生了一些變化。但從哲學上講，我們並沒有改變我們的方法。我們希望繼續擴大業務。我們希望在業務中建立影響力。因此，我們預計 EBITDA 利潤率會有所提高。因此，在上個季度，我們當然只是降低了對收入的前瞻性。所以我們正在降低我們今年的增長率，我們的投資率。我們仍然想為增長提供資金，所以我們沒有改變任何東西。從現金的角度來看，我們的財務狀況很好。我們很穩定。我們每季度要燒掉 300 萬美元。這應該會以大致的速度繼續下去。

So we control our own destiny with $783 million in cash and cash equivalents. But we do want to have the model start to scale. We plan to continue to do that regardless of the revenue rate. And so you'll see us continue to adjust our investments on a go-forward basis. So I think next year, what we'll say, depending on the growth environment. At the end of the day, we need to win in this market. We need to own these markets, and we need to have long-term growth. We are not going to be confused about that. This is a growth company. But at the same time, we need to see leverage. And so going forward, we don't have guidance yet, but you'll expect our EBITDA margin to be better next year. We've committed to that early on as we went public, and we continue to uphold the same philosophy.

因此，我們用 7.83 億美元的現金和現金等價物控制著自己的命運。但我們確實希望模型開始擴展。無論收入水平如何，我們都計劃繼續這樣做。所以你會看到我們繼續調整我們的投資。所以我認為明年，我們會說什麼，取決於增長環境。歸根結底，我們需要在這個市場上取勝。我們需要擁有這些市場，我們需要長期增長。我們不會對此感到困惑。這是一家成長型公司。但與此同時，我們需要看到槓桿作用。所以展望未來，我們還沒有指導，但你會期望我們明年的 EBITDA 利潤率會更好。我們在上市之初就承諾了這一點，並且我們將繼續堅持同樣的理念。

And Ken, I'll just sort of continue on that a little bit about sort of where are we continuing to invest. I mean we did pull back on the pace of expense growth to try to match the lower-than-expected revenue growth to try to kind of hold adjusted EBITDA margin roughly the same. Where we're still leaning in heavily is building direct sales force to land and expand in enterprise, growing top of funnel, the distribution, providing more localized learner experiences around the world. Some of the product innovations that we talked about, notably, the Career Academy, those Professional Certificates, the Clips, which is sort of a shorter, more accessible learning, these are all things that we're continuing to invest in because it seems like there's good demand for this and they're pretty differentiated. And so we don't really want to pull back on that.

肯，我將繼續討論我們在哪裡繼續投資。我的意思是，我們確實放緩了支出增長的步伐，以試圖與低於預期的收入增長相匹配，以試圖將調整後的 EBITDA 利潤率保持在大致相同的水平。我們仍在大力發展的地方是建立直銷隊伍，以在企業中登陸和擴展，在渠道、分銷中發展，在全球範圍內提供更多本地化的學習體驗。我們談到的一些產品創新，特別是職業學院，那些專業證書，剪輯，這是一種更短，更容易學習的東西，這些都是我們繼續投資的東西，因為它看起來像對此有很好的需求，而且差異很大。所以我們真的不想退縮。

Your next question comes from the line of Josh Baer with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Josh Baer。

I wanted to ask a couple of follow-ups on the Enterprise and the step down in the net new account additions quarter-over-quarter from that 100 level to 41. Like is that all in the EMEA region? Or was there impact in other geographies in North America?

我想問一些關於企業的後續行動，以及淨新賬戶增加的季度環比從 100 個水平下降到 41 個。就像歐洲、中東和非洲地區的所有情況一樣嗎？或者對北美其他地區有影響嗎？

Yes, our North America Enterprise was pretty consistent with what we were expecting. And I'm not sure exactly the number of deals. Maybe, Ken, you can grab that. But when you look at overall [new] bookings, like that was pretty solid. Assuming the ASPs weren't changing a whole lot, I know that our new and expansion -- well, the new logos in Europe was where it was really the lightest. I don't know if that accounts for the full amount of it. Certainly, on the revenue expectations, that's where we're seeing the weakness for the rest of the year. Ken, any additional color that you'd provide in terms of the net logo adds and kind of where those showed up?

是的，我們的北美企業與我們的預期非常一致。而且我不確定交易的確切數量。也許，肯，你可以抓住它。但是，當您查看整體 [新] 預訂時，這樣的情況非常可靠。假設 ASP 沒有太大變化，我知道我們的新和擴展——嗯，歐洲的新標識是它真正最輕的地方。我不知道這是否佔了全部金額。當然，就收入預期而言，這就是我們看到今年剩餘時間疲軟的地方。肯，您會根據網絡徽標添加的任何其他顏色以及出現的位置提供任何其他顏色？

As you referenced, the focus is on ACV, on contract value. It's how we measure the sales force and measure our success over time. So we were lighter in EMEA, as Jeff said. The performance in North America was fine. It's an ACV total contract value focus that we look at as opposed to number of new adds. I have to look that up, but it's not something we necessarily forecast, to be fair. We run the business on contract value.

正如您所提到的，重點是 ACV，合同價值。這是我們衡量銷售人員和衡量我們成功的方式。因此，正如 Jeff 所說，我們在歐洲、中東和非洲地區更輕。在北美的表現還不錯。我們關注的是 ACV 總合同價值，而不是新增數量。我必須查一下，但公平地說，這不是我們必須預測的事情。我們以合同價值經營業務。

Okay. Got it. And with Enterprise in mind and the guidance, I guess, just wondering if you're seeing some of these -- if you're seeing deals that are pushed out. Or are you -- or is there a change in -- I guess, again, for like the new account additions, is there a change to win rates? Essentially, like are you -- is this just a little shift in macro and -- in EMEA and demand that's getting pushed out? Or is there any other changes to note in the competitive landscape or anything else to note there?

好的。知道了。考慮到企業和指導，我想，只是想知道你是否看到了其中的一些——如果你看到了被推出的交易。或者您是否 - 或者是否有變化 - 我想，再次，就像新帳戶的添加一樣，贏率是否有變化？從本質上講，就像你一樣——這只是宏觀上的一個小轉變，而且——在歐洲、中東和非洲以及被推出的需求？或者在競爭格局中是否有任何其他需要注意的變化或其他需要注意的地方？

Yes, Josh, we didn't mention competition in the script, but we're -- I'm feeling pretty good about our competitive position, especially in Coursera for Campus and Coursera for Government and with this Career Academy, these professional -- these long-form job training certificates. We are growing that portfolio quite quickly. And that is just really resonating with governments are trying to get people trained for jobs and are looking for an affordable way to do that with good quality and good brands, and then frankly, academic institutions who are seeing competition from others and saying, "If I'm going to attract students, I've got to provide something that will make them more job ready when they graduate."

是的，喬希，我們沒有在劇本中提到競爭，但是我們——我對我們的競爭地位感覺很好，尤其是在 Coursera for Campus 和 Coursera for Government 以及這個職業學院，這些專業——這些長篇職業培訓證書。我們正在迅速擴大該投資組合。這真的引起了政府的共鳴，政府正試圖讓人們接受工作培訓，並正在尋找一種負擔得起的方式來做到這一點，質量好，品牌好，坦率地說，那些看到來自其他人的競爭的學術機構說，“如果我要吸引學生，我必須提供一些東西，讓他們在畢業時為工作做好準備。”

Industry micro-credentials is becoming kind of buzzword around the higher -- the academic space. And it's not because there's no competition, but we really feel good about our competitive position in both the campus environment and the government environment. C for B, honestly, not really much change that we have seen. And so nothing stands out as being more exceptional than these macroeconomic factors that we're talking about.

行業微證書正在成為一種流行語，圍繞著更高的學術領域。這並不是因為沒有競爭，而是我們對我們在校園環境和政府環境中的競爭地位感到非常滿意。 C 換 B，老實說，我們看到的變化並不大。因此，沒有什麼比我們正在談論的這些宏觀經濟因素更突出的了。

So Josh, just to add on briefly, confirm one piece. So it would be more pushing out, a lack of closure, particularly in Europe, is what we've seen, not that we're losing to competition. [My mind] is a little hesitant to say it's pushed out and it's delayed because a deal that doesn't happen might not ever happen, just being realistic. So we're not losing. It's just we're not closing immediately. And again, that affects primarily in Europe.

所以喬希，只是簡單地補充一下，確認一件。因此，我們所看到的，尤其是在歐洲，缺乏封閉性，而不是我們正在輸給競爭。 [我的想法] 有點猶豫說它被推遲了，因為沒有發生的交易可能永遠不會發生，只是現實。所以我們不會輸。只是我們不會立即關閉。同樣，這主要影響歐洲。

Your next question comes from the line of Ryan MacDonald with Needham.

您的下一個問題來自 Ryan MacDonald 和 Needham 的台詞。

I had a question on the Consumer segment. You talked about some pricing experiments during the quarter that perhaps had a bit of a negative impact or not the impact you're expecting. Can you provide a bit more color on what you were doing there? And perhaps corrective actions you're taking that gives you more confidence in sort of a back half step-up in the Consumer revenues like you're implying in the guidance?

我有一個關於消費者部分的問題。您談到了本季度的一些定價實驗，這些實驗可能產生了一些負面影響，或者沒有您預期的影響。你能提供更多關於你在那裡所做的事情的顏色嗎？也許你正在採取的糾正措施讓你更有信心像你在指導中暗示的那樣對消費者收入的後半部分提高信心？

Sure. No problem. Yes, there was a number of pricing and packaging experiments that we ran, some of them which came from some work we did in India with some shifts in how we handle subscriptions, put some certain credit card rules there where we saw some promise, actually some improvement, in some of our metrics related to revenue. And so we ran experiments in other parts of the world, primarily Europe, and instead, we saw a decline. And as a result, we changed those back to what we were doing. So yes, so [I think] this quarter on an ongoing basis we've factored any ongoing effect from them, although we corrected it, and we did take some steps.

當然。沒問題。是的，我們進行了許多定價和包裝實驗，其中一些來自我們在印度所做的一些工作，我們處理訂閱的方式發生了一些變化，在我們看到一些承諾的地方設置了一些信用卡規則，實際上在我們與收入相關的一些指標中有所改進。因此，我們在世界其他地區（主要是歐洲）進行了實驗，結果卻出現了下降。結果，我們將它們改回了我們正在做的事情。所以是的，所以[我認為]本季度我們一直在考慮它們的任何持續影響，儘管我們糾正了它，我們確實採取了一些措施。

It's a young company. We're growing. We try to be as aggressive as we can in figuring out where there's opportunity for growth. But we're ensuring a few new sign-offs as we look at future experiments. So cheers for the team for looking for more growth, and we've upped the operational game a little bit in that group. So that will not have a recurring effect beyond our forecast.

這是一家年輕的公司。我們正在成長。我們試圖盡可能積極地找出有增長機會的地方。但是，當我們著眼於未來的實驗時，我們會確保一些新的簽收。因此，為尋求更多增長的團隊歡呼，我們已經在該組中提升了一點運營遊戲。因此，這不會產生超出我們預測的反复影響。

And Ryan, this is something we actually saw in Q1 -- we ran some tests in Q1. We're like, hey, this was pretty interesting. It might be a way to stimulate new paying learners with albeit potentially a risk on the retention side. And the team said, we should run these a little bit more broadly. So basically, we took some of that work in Q1. We ran a little bit more broadly in Q2. Basically, in May, we said, oh, we don't like the back end of this on the retention side. We should pull this back. But to Ken's point, there'll be some persistent but diminishing effect over the rest of the year, and so we factored that in.

Ryan，這是我們在第一季度實際看到的——我們在第一季度進行了一些測試。我們就像，嘿，這很有趣。這可能是一種刺激新付費學習者的方法，儘管在保留方面可能存在風險。團隊說，我們應該更廣泛地運行這些。所以基本上，我們在第一季度做了一些工作。我們在第二季度運行得更廣泛一些。基本上，在 5 月，我們說，哦，我們不喜歡保留方面的後端。我們應該把它拉回來。但就肯的觀點而言，在今年餘下的時間裡會有一些持續但逐漸減弱的影響，因此我們將其考慮在內。

Excellent. And maybe just a follow-up on Enterprise. Obviously, you talked ad nauseam about Europe and sort of delay of deals. I'm just curious when you talk with your customers what you're seeing in terms of headcount and retention there. Obviously, we've seen in sort of May and June, start to see some tech layoffs en masse in the U.S. and some hiring freezes. Just curious what you're hearing in terms of potential expansion opportunities from a pure headcount perspective at your existing customers.

出色的。也許只是企業的後續行動。顯然，您對歐洲和交易的延遲發表了令人作嘔的言論。當您與客戶交談時，我只是好奇您所看到的員工人數和留存率。顯然，我們在 5 月和 6 月已經看到，美國開始出現一些科技行業的大規模裁員和一些招聘凍結。從現有客戶的純粹員工人數的角度來看，只是好奇您聽到的潛在擴張機會。

Yes. Sure, Ryan. Now this is one, I think, that is a little bit more specific to Coursera. Generally speaking, when we sell in the companies, it's a higher price tag than the competition. It is usually not an enterprise license agreement that covers all heads based on the number of heads. People usually buy seat licenses at a higher price for a target population, but that's generally a small portion of the overall company. Often what they're doing is they're upskilling people in very high-demand roles like data science and tech and like digital marketing and things.

是的。當然，瑞恩。現在這是一個，我認為，它對 Coursera 更具體一點。一般來說，當我們在公司銷售時，價格比競爭對手高。它通常不是基於磁頭數量涵蓋所有磁頭的企業許可協議。人們通常以更高的價格為目標人群購買席位許可證，但這通常只佔整個公司的一小部分。通常，他們正在做的是提高人們在數據科學和技術等高需求職位以及數字營銷等方面的技能。

So I think with respect to overall layoffs, I don't think that that's going to impact our sort of revenue retention, if you will, of enterprise accounts because we don't typically have those broader enterprise license agreements. I mean it might certainly have caused a pullback and maybe you might be seeing some of that in terms of new spend or sort of cross-selling into other organizations. But anecdotally, we are certainly seeing customers have their organizations restructured, downsized. In some cases, the point of contact that we've had are being moved around. So it looks like -- and again, in Europe, there are changes that companies are making seemingly in response to the environment. That's really pretty anecdotal. I mean I couldn't give an exact count on that.

因此，我認為就整體裁員而言，我認為這不會影響我們對企業賬戶的收入保留，如果你願意的話，因為我們通常沒有那些更廣泛的企業許可協議。我的意思是它肯定會導致回調，也許你可能會看到其中的一些新支出或交叉銷售到其他組織。但有趣的是，我們肯定會看到客戶的組織進行了重組，縮小了規模。在某些情況下，我們的聯絡點正在四處移動。所以看起來 - 再一次，在歐洲，公司正在做出一些改變，似乎是為了應對環境。這真的很有趣。我的意思是我無法準確計算。

Your next question comes from the line of Jason Celino with KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Jason Celino。

Can you just talk a little bit about the linearity of the headwinds that you saw by segment, how they kind of developed in the quarter? Did these materialize very early on or towards the end? Just trying to understand kind of how it played out.

您能否簡單談談您按細分市場看到的逆風的線性度，它們在本季度的發展情況如何？這些是在早期還是接近尾聲時實現的？只是想了解它是如何發揮作用的。

Yes, I think that this is going to be different by segment. One of the things about Enterprise is it's typically very back-end loaded. That's kind of when the deals get done, so you don't get a lot of visibility until the last usually few weeks. On Consumer, it's a little bit more continuous. And then Degrees, frankly, is based on when are the close dates for the application process. And so across each segment, the dates are a little bit different. But generally, it's back-end loaded on Enterprise towards the end of the quarter.

是的，我認為這將因細分市場而有所不同。關於 Enterprise 的一件事是它通常是非常後端加載的。那是交易完成的時候，所以直到最後幾週你才能獲得很多可見性。在消費者上，它有點連續。然後，坦率地說，學位是基於申請流程的截止日期。因此，在每個細分市場中，日期都有些不同。但一般來說，它會在本季度末加載到 Enterprise 上。

So I think, as I mentioned, on the Consumer side, it was sort of a gradual sort of recognition of the conversion rates in Europe and then these pricing cuts, which are kind of midway through the quarter. On Enterprise, we didn't really see anything until more the later part of the quarter because we just don't get a lot of visibility. It's not an equal and linear process. And on Degrees, it was more sort of the cohorts and seeing are they filling up or not when the close dates come. Ken, anything you'd add to that?

所以我認為，正如我所提到的，在消費者方面，這是一種對歐洲轉化率的逐漸認可，然後是這些降價，這在本季度的中期進行。在企業方面，直到本季度後期我們才真正看到任何東西，因為我們只是沒有得到很多可見性。這不是一個平等和線性的過程。而在學位上，它更像是一群人，看看他們是否在截止日期到來時填滿。肯，你有什麼要補充的嗎？

No, I think that captures that exactly.

不，我認為這正是這一點。

Okay. And then just to clarify the third quarter guidance, I imagine it assumes for these trends to kind of remain consistent or get worse? Or any thoughts there?

好的。然後只是為了澄清第三季度的指導，我想它假設這些趨勢保持一致或變得更糟？或者那裡有什麼想法？

Yes, sure. No. So of course, we did forecast with all available information where we think the trends are going. It also depends on segment, as Jeff referred to, the same as visibility. So it depends how we do each of those existing, but we assume -- we made assumptions on all of the key factors, the conversion rates and certainly did not factor improvement on any of them. We -- it's important for us to hit our numbers, so this quarter is a little bit painful. But we took into consideration everything we know and did not assume anything in an optimistic fashion.

是的，當然。沒有。當然，我們確實根據我們認為趨勢走向的所有可用信息進行了預測。正如 Jeff 所說，它還取決於段，與可見性相同。因此，這取決於我們如何處理現有的每一項，但我們假設——我們對所有關鍵因素、轉化率做出了假設，當然沒有對其中任何一個因素進行改進。我們——對我們來說，達到我們的數字很重要，所以這個季度有點痛苦。但我們考慮了我們所知道的一切，並沒有以樂觀的方式假設任何事情。

Your next question comes from the line of Terry Tillman with Truist Securities.

您的下一個問題來自 Truist Securities 的 Terry Tillman。

I had a couple of quick questions, and I'll try to make it brief. So we've got about a 10 percentage point downtick in Enterprise revenue. And I'm not trying to harp on that, but you're talking about Enterprise sales capacity expansion and quota-carrying headcount expanding. So it's kind of interesting that those are happening at the same time. Is that Enterprise sales capacity levered to the European market where there seems like a softness? Or is it in other markets where it's more resilient? And how quickly could that provide some offset in terms of assuming they become productive? And then I had a follow-up.

我有幾個簡單的問題，我會盡量簡短。因此，我們的企業收入下降了大約 10 個百分點。我並不是要強調這一點，而是你在談論企業銷售能力的擴大和配額持有人數的擴大。所以有趣的是，這些都是同時發生的。企業銷售能力是否被用於似乎疲軟的歐洲市場？還是在其他更具彈性的市場？在假設它們變得富有成效方面，這能多快提供一些補償？然後我進行了跟進。

Yes, it's a great question, Terry. So we -- so the answer is, yes, the performance by the reps has varied by region and -- by reps and by product, as Jeff mentioned before. C for C, which we're very excited about, has been slower in Europe. And so as we look, we'll reallocate quotas. We have not pulled back on the number of reps. We're, on an overall basis, happy with the performance of the reps. But any time you have a slower quarter, of course, you have lower productivity.

是的，這是一個很好的問題，特里。所以我們 - 所以答案是，是的，代表的表現因地區和 - 代表和產品而異，正如 Jeff 之前提到的。我們非常興奮的 C for C 在歐洲的速度較慢。正如我們所看到的，我們將重新分配配額。我們沒有減少代表的數量。總的來說，我們對代表的表現感到滿意。但是，任何時候，當你的季度放緩時，當然，你的生產力就會降低。

But it's the one thing. We're not cutting capacity because we have any doubts of productivity going forward. We certainly did see variance by region, but that's typical. And so performance in Europe was weaker, as one would naturally expect, with results that weren't as good. But that's what we've seen. We've seen a bit of variability by product reps as the reps are [striped] by product in a little bit high region.

但這是一回事。我們不會削減產能，因為我們對未來的生產力有任何疑問。我們確實看到了不同地區的差異，但這是典型的。因此，正如人們自然預期的那樣，歐洲的表現較弱，結果也不盡如人意。但這就是我們所看到的。我們已經看到產品代表的一些可變性，因為代表在稍微高的區域中按產品[條紋]。

Okay. And final question and thinking about kind of positive opportunities for your Career Academy, maybe you could talk a little bit more about the actual pipeline, how many are signed up in terms of kind of referenceable customers and the ticket size for Career Academy.

好的。最後一個問題和思考你的職業學院的積極機會，也許你可以多談談實際的管道，在可參考的客戶類型和職業學院的門票規模方面註冊了多少。

Yes. Sure, Terry. So Career Academy, we launched it on May 5 at conference. So it was really pretty much 2/3 of the quarter, maybe 1/2 of the quarter that was out there. We were pretty happy with the progress kind of right out of the gate. It is a sort of narrowly specified product. It's kind of -- the [basic claim] is add industry micro-credentials for your students so they can get jobs when they graduate.

是的。當然，特里。所以職業學院，我們在 5 月 5 日的會議上推出了它。所以這實際上是該季度的 2/3，也許是該季度的 1/2。我們對一開始就取得的進展感到非常滿意。它是一種狹義的產品。有點——[基本主張] 是為你的學生添加行業微證書，這樣他們畢業後就可以找到工作。

On the average ticket size, so I'd say it's a relatively limited number of pieces of content. Their long forms, usually 50 to 75 hours for these Professional Certificates. But it's about 22 Professional Certificates out of a catalog of 5,000. So it's a much more focused part of the catalog, and it is a much more sort of simple and standardized offering. The average ticket price is lower than a standard one because it's a more focused offering. And we are expecting, and so far the evidence suggests that this is the case, that the ability to move deals through the pipeline for Career Academy will be a little bit quicker because it's just simpler, it's easier, it's a little bit less expensive. And there seems to be a resonance of this idea of, "I got to add industry micro-credentials to help my students," to compete for students and then, "help my students get jobs when they graduate."

就平均門票規模而言，我認為這是相對有限數量的內容。他們的長表格，這些專業證書通常需要 50 到 75 小時。但在 5,000 個目錄中，大約有 22 個專業證書。所以它是目錄中更加集中的部分，它是一種更加簡單和標準化的產品。平均票價低於標準票價，因為它是一種更有針對性的產品。我們正在期待，到目前為止，證據表明情況確實如此，通過職業學院的渠道進行交易的能力會更快一些，因為它更簡單，更容易，更便宜。 “我必須添加行業微證書來幫助我的學生”來競爭學生，然後“幫助我的學生畢業後找到工作”，這種想法似乎引起了共鳴。

So I think we're looking at some favorable characteristics. Although, to your point, and what I was kind of trying to allude to in one of the earlier calls, if the average ticket price comes down, we could see an increase in the number of deals [that's one] client. But that might grow faster than the overall revenue if the average size of the ticket is lower. And it's likely going to be with Career Academy at least in Coursera for Campus.

所以我認為我們正在尋找一些有利的特徵。儘管就您的觀點而言，以及我在較早的一次電話會議中試圖暗示的內容，但如果平均票價下降，我們可能會看到 [that's one] 客戶的交易數量增加。但如果門票的平均規模較小，這可能會比整體收入增長得更快。至少在 Coursera for Campus 中，它可能會與職業學院一起使用。

Your next question comes from the line of Brett Knoblauch with Cantor Fitzgerald.

您的下一個問題來自 Brett Knoblauch 和 Cantor Fitzgerald 的台詞。

First one on the Enterprise side. I don't think you guys have added less than $3 million in Enterprise revenue in the quarter since 4Q '20. If you add $3 million in both 3Q and 4Q, you had, call it, 49% growth for the year. So I guess what is with the mid-40% guidance? Is that a result of conservatism? Do you expect to increase churn? And to that point, we've seen a lot of companies flagged deal cycles lengthening. Have you seen that across Coursera for Business, Campus or Government?

企業方面的第一個。自 20 年第四季度以來，我認為你們在本季度增加的企業收入不低於 300 萬美元。如果你在第三季度和第四季度都增加了 300 萬美元，那麼今年的增長率就是 49%。所以我猜40%的指導是什麼？這是保守主義的結果嗎？您希望增加流失率嗎？到那時，我們已經看到很多公司標記交易週期延長。您是否在 Coursera for Business、校園或政府部門看到過這種情況？

Yes, again, it's not -- it hasn't been renewals. It's been new bookings where it's been slower on the revenue side, again, primarily Europe, the -- with a little bit across the board. We've seen the effect more in C for C than C for B, but both are doing well. It was a deceleration versus historically. We still are confident in the Enterprise business. I want to be clear about that. We feel very good about where we are in the additional products we're introducing. So I wouldn't read into this a broad weakness in our Enterprise business. That's not what we believe we're seeing. We think we've seen some slowdown in region. And again, we're continuing to -- it's the one area we've chosen to continue to invest particularly as we rightsize some of our investments going forward. Does that answer your question? Or is there anything more specific? Anything else?

是的，再一次，它不是——它不是續訂。這是新的預訂，在收入方面它的速度較慢，再次，主要是歐洲， - 有一點點全面。我們在 C 中看到 C 的效果比 C 中的 B 更多，但兩者都做得很好。與歷史相比，這是一個減速。我們仍然對企業業務充滿信心。我想清楚這一點。我們對我們在推出的其他產品中所處的位置感覺非常好。因此，我不會認為這是我們企業業務的廣泛弱點。這不是我們相信我們所看到的。我們認為我們已經看到該地區的一些放緩。再一次，我們將繼續——這是我們選擇繼續投資的一個領域，特別是在我們對未來的一些投資進行調整時。這是否回答你的問題？或者有什麼更具體的嗎？還要別的嗎？

Yes, that helps. And then maybe another question on just the segment margins. I think the Consumer segment margin has kind of continuously maybe outperformed your guys' expectations, definitely mine. It seems like that mix is really staying at the industry side from a content perspective. I guess, is that something you expect to persist especially as you seem to ramp more of your business towards the entry-level Professional Certificates? And do you think if maybe unemployment picks up, you'll see the university content, maybe see that uptake a bit more? How should we think about that dynamic?

是的，這有幫助。然後也許是關於細分市場邊緣的另一個問題。我認為消費者細分市場的利潤率可能一直超出你們的預期，絕對是我的預期。從內容的角度來看，這種組合似乎真的停留在行業方面。我想，這是您希望堅持下去的東西，尤其是當您似乎將更多業務轉向入門級專業證書時？你認為如果失業率上升，你會看到大學的內容，也許會看到更多的吸收嗎？我們應該如何看待這種動態？

Yes, I'd generally say on the Consumer segment, it's kind of just what kind of contents are individuals around the world looking for these days. It seems like what we're seeing is people are coming because they wanted to get a new job. A lot of people want to become data analysts and computer scientists and people who make money and have more flexibility in their job. So a lot of that kind of content does skew towards industry. I think that if we can continue to see growth in Consumer because of people looking to start and switch careers, which is what we've been seeing and that has not abated and there's not an obvious reason why it would abate, the kinds of content that they would be looking for is this sort of career switchers, professional certificate content.

是的，我通常會在消費者領域說，這就是當今世界各地的人們正在尋找什麼樣的內容。我們所看到的似乎是人們來這裡是因為他們想找一份新工作。很多人想成為數據分析師和計算機科學家，以及賺錢並在工作中擁有更多靈活性的人。所以很多這樣的內容確實偏向於行業。我認為，如果我們能夠繼續看到消費者的增長，因為人們希望開始和轉換職業，這是我們一直看到的，並且沒有減弱，並且沒有明顯的原因會減弱，內容的種類他們要找的是這種職業轉換者，專業證書的內容。

And so, yes, I remember when we first started talking about this as we started seeing it showing up in maybe Q2 of '21, it has continued to not just persist but grow a bit. Unless consumers switch away to a different kind of content, I think it will persist. I also -- I do want to say that we are reinvesting a lot of the money into supporting and promoting these programs. And so we're trying to build up the best, fastest -- well, the best set of entry-level Professional Certificates as possible. We're marketing them pretty heavily.

所以，是的，我記得當我們第一次開始談論這個時，當我們開始看到它出現在 21 年第二季度時，它不僅持續存在，而且還在增長。除非消費者轉向不同類型的內容，否則我認為它會持續存在。我還 - 我確實想說，我們正在將大量資金再投資於支持和推廣這些計劃。因此，我們正在努力建立最好、最快的——嗯，盡可能最好的入門級專業證書。我們正在大力推廣它們。

And so what's not showing up on some of the content [fee], cost of sales line is showing up a bit on sales and marketing where we're promoting these and also some on R&D where we're capitalizing some of the cost of the content development. So it's not that it all would just naturally be falling to the bottom of the line. We are reinvesting some of this in building up more content and making sure that we really promote this because we just think that this is a time when a lot of people are looking for this kind of content. And frankly, the content is pretty unique to Coursera, I mean, generally speaking.

所以有些內容[費用]上沒有出現，銷售線的成本在我們推廣這些內容的銷售和營銷上出現了一點，還有一些在我們正在利用部分成本的研發上內容開發。所以這並不是說這一切都會自然而然地落到底線。我們正在重新投資其中的一部分來構建更多內容並確保我們真正推廣它，因為我們只是認為這是很多人都在尋找這種內容的時候。坦率地說，我的意思是，一般來說，Coursera 的內容非常獨特。

No, agree. And maybe just quickly, one last question on Coursera Plus. I think last quarter you said that was 30% -- or north of 30% of the Consumer revenue. Was there any weakness related to Coursera Plus? And I guess, any update on how -- or that metric as a percentage of Consumer revenue?

不，同意。也許很快，關於 Coursera Plus 的最後一個問題。我認為上個季度你說這是消費者收入的 30% 或 30% 以上。 Coursera Plus 有什麼弱點嗎？我想，關於如何 - 或該指標佔消費者收入百分比的任何更新？

So there was no specific weakness in Coursera Plus. Coursera Plus has grown throughout this year. It's still north of 30%. We're not looking to give specific guidance on the Coursera Plus composition as a total on an ongoing basis, but general color is what we like to provide. I'll confirm we're north of 30%, and it's grown throughout the year. So we feel great. It continues to be adopted. Where does it cap out? We don't know. It's great revenue. It's nice to have recurring revenue. It makes it easier for the Consumer team to continue to grow their revenue. So that's been great. But yes, so all is well in Coursera Plus.

所以 Coursera Plus 沒有特別的弱點。 Coursera Plus 在今年全年都在增長。它仍然在30％以北。我們不希望持續提供關於 Coursera Plus 組合的具體指導，但我們希望提供一般顏色。我會確認我們在 30% 以上，並且全年都在增長。所以我們感覺很棒。它繼續被採用。它的上限在哪裡？我們不知道。這是一筆可觀的收入。有經常性收入真是太好了。它使消費者團隊更容易繼續增加收入。所以這很棒。但是，是的，所以 Coursera Plus 一切正常。

Great. Thanks, Brett. That wraps the Q&A. A replay of this webcast will be available on our Investor Relations website along with the transcript in the next 24 hours. We appreciate you joining us today.

偉大的。謝謝，布雷特。問答環節就這樣結束了。在接下來的 24 小時內，我們的投資者關係網站將提供該網絡廣播的重播以及文字記錄。感謝您今天加入我們。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。