Coursera Inc (COUR) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Coursera's Third Quarter 2022 Earnings Call.

女士們，先生們，感謝你們的支持，歡迎來到 Coursera 的 2022 年第三季度財報電話會議。

(Operator Instructions) And please be advised that this call is being recorded. (Operator Instructions)

（操作員說明）請注意，此通話正在錄音中。 （操作員說明）

I'd like to turn the call over to Cam Carey, Head of Investor Relations.

我想把電話轉給投資者關係主管 Cam Carey。

Mr. Carey, you may begin.

凱里先生，您可以開始了。

Hi, everyone, and thank you for joining our Q3 earnings conference call.

大家好，感謝您參加我們的第三季度財報電話會議。

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.

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。

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. 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 all growth percentages refer to year-over-year change unless otherwise specified.

我們的新聞稿（包括財務表格）是在收市後發布的，並發佈在我們的投資者關係網站 investor.coursera.com 上，該電話會議同時進行網絡直播，並提供我們準備好的評論和補充幻燈片的版本。在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。在今天的新聞稿和補充介紹中可以找到非 GAAP 衡量指標與最直接可比的 GAAP 衡量指標的對賬，這些新聞稿和補充介紹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。

Additionally, all statements made during this call relating to future results and events are forward-looking statements based on current expectations and beliefs. These forward-looking statements include but are not limited to statements regarding the potential impacts of trends affecting our industry and uncertainties in the current economic and educational environment; our ecosystem, platform, content and partner relationships; our anticipated plans and the anticipated benefits thereof; our strategy and priorities; and our business model, mission, opportunities, outlook and future intentions. 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.

此外，在本次電話會議期間做出的與未來結果和事件相關的所有聲明都是基於當前預期和信念的前瞻性聲明。這些前瞻性陳述包括但不限於關於影響我們行業的趨勢和當前經濟和教育環境中的不確定性的潛在影響的陳述；我們的生態系統、平台、內容和合作夥伴關係；我們的預期計劃及其預期收益；我們的戰略和優先事項；以及我們的商業模式、使命、機會、前景和未來意圖。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。我們沒有義務更新我們的前瞻性陳述。

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. We appreciate you joining us.

謝謝，卡姆。大家下午好。感謝您加入我們。

I'm pleased to report solid third quarter performance with revenue growth of 24% to $136 million, reflecting our growing prominence among both individual learners and institutions. Learners are coming to Coursera from around the world, seeking job-relevant skills and branded credentials that can unlock the next stage of their careers. We added more than 6 million registered learners in Q3. We also grew our paid enterprise customers, including businesses, campuses and governments, who are looking to drive powerful cross-sector collaboration to better meet the needs of an increasingly digital economy.

我很高興地報告第三季度業績穩健，收入增長 24% 至 1.36 億美元，反映出我們在個人學習者和機構中的知名度不斷提高。來自世界各地的學習者來到 Coursera，尋求與工作相關的技能和品牌證書，以開啟他們職業生涯的下一階段。我們在第三季度增加了超過 600 萬註冊學員。我們還增加了付費企業客戶，包括企業、校園和政府，他們希望推動強大的跨部門合作，以更好地滿足日益數字化經濟的需求。

One of the critical components of our recent success has been the growing relevance of industry micro-credentials across our business. In 2018, we had initial success with the launch of our first 2 entry-level Professional Certificates. And in the time since, we've grown this category in both breadth and depth, adding new partners and job roles while creating stronger connections with career and degree pathways. This year, our catalog's expanded scope became the foundation for Career Academy, an institutional offering that brings together our Professional Certificates and Guided Projects into a solution that businesses, governments and campuses can deliver at scale to help individuals with no college degree or prior work experience start a new career or switch careers into an entry-level digital job. As we navigate the trends shaping higher education, we believe that industry micro-credentials provide a turnkey way for higher education systems to upgrade their curriculum and produce graduates who have the skills and abilities that employers are looking for.

我們最近取得成功的關鍵因素之一是行業微證書在我們業務中的相關性越來越高。 2018 年，我們推出了前 2 個入門級專業證書，取得了初步成功。從那以後，我們在廣度和深度上發展了這一類別，增加了新的合作夥伴和工作角色，同時與職業和學位途徑建立了更牢固的聯繫。今年，我們目錄的擴展範圍成為職業學院的基礎，這是一個機構提供的服務，將我們的專業證書和指導項目匯集到一個解決方案中，企業、政府和校園可以大規模提供該解決方案，以幫助沒有大學學位或以前工作經驗的個人開始新的職業或將職業轉為入門級數字工作。在我們駕馭塑造高等教育的趨勢時，我們相信行業微證書為高等教育系統提供了一種統包方式，可以升級他們的課程並培養出具備雇主所需要的技能和能力的畢業生。

Let's discuss our latest views on the trends at play and their potential impacts on the reinvention of higher education and adult learning. The first trend is digital transformation. The forces of technology and globalization have been accelerating the transformation of every institution in our society, requiring businesses to retool the systems, processes and talent required to stay competitive; pushing campuses to modernize their curriculum and make quality education more accessible; and driving governments to deliver job training programs at the speed and scale needed to keep pace with job dislocation and unemployment challenges.

讓我們討論一下我們對正在發生的趨勢及其對高等教育和成人學習再造的潛在影響的最新看法。第一個趨勢是數字化轉型。技術和全球化的力量一直在加速我們社會中每個機構的轉型，要求企業重組系統、流程和人才以保持競爭力；推動校園實現課程現代化，讓優質教育更容易獲得；並推動政府以跟上工作錯位和失業挑戰所需的速度和規模提供職業培訓計劃。

The pandemic served to fast forward these trends, but we believe its lasting impact may be defined in how it has reshaped both the supply and demand for jobs globally. The expansion of online learning has enabled more equal access to higher-quality education for millions of learners around the globe. And with remote and hybrid work, learners that acquire the knowledge, skills and credentials to unlock these job opportunities are met with a supply of digital careers no longer confined to a specific city, state or even country. Simply put, we believe that the rise of remote work, digital jobs and broadband connectivity have increased the ROI of education. And this benefit extends beyond individual learners. Forward-thinking institutions, including businesses, governments and campuses, are harnessing the opportunity to adapt to the fast-changing skills landscape and to build workforces and economies of the future.

大流行病加速了這些趨勢，但我們認為其持久影響可能取決於它如何重塑全球就業的供求關係。在線學習的擴展使全球數百萬學習者能夠更平等地獲得更高質量的教育。通過遠程和混合工作，獲得知識、技能和證書以釋放這些工作機會的學習者將獲得數字職業的供應，而不再局限於特定的城市、州甚至國家。簡而言之，我們認為遠程工作、數字工作和寬帶連接的興起提高了教育的投資回報率。而且這種好處超出了個別學習者的範圍。包括企業、政府和校園在內的具有前瞻性思維的機構正在利用這個機會來適應快速變化的技能格局，並建設未來的勞動力和經濟。

This leads me to my second major trend, skills development. In times of rapid change, I find it critical to stay close to the needs of our learners, customers and partners, understanding how their needs are evolving and how we need to evolve to better serve them. That's why, over the past several weeks, I've spent time with Coursera for Business, Government and Campus customers across the U.S., Europe, the Middle East and Central and Southeast Asia, hearing how these institutions are adapting to a changing skills landscape.

這引出了我的第二個主要趨勢，技能發展。在瞬息萬變的時代，我發現密切關注我們的學習者、客戶和合作夥伴的需求，了解他們的需求如何演變，以及我們需要如何發展才能更好地為他們服務，這一點至關重要。這就是為什麼在過去幾周里，我花時間與美國、歐洲、中東以及中亞和東南亞的 Coursera for Business、Government 和 Campus 客戶交流，了解這些機構如何適應不斷變化的技能環境。

This is what I'm hearing: Businesses are investing in their human capital to address a diverse set of needs, using online learning to deliver measurable role-based skill development programs to support strategic transformation initiatives. And they're increasingly positioning learning programs as a career development benefit in order to attract and retain talent in a competitive labor market. Governments said that reducing unemployment and underemployment and building a more resilient workforce were key priorities and that they are looking to help higher education systems create more employable graduates. And campuses are telling us that they need to bridge the gap between evolving employer needs and student skill sets upon graduation, recognizing the value of offering industry micro-credentials alongside their core academic curriculum. Each of these use cases will require a flexible, affordable and scalable system of higher education and workforce development designed to keep pace with changing skill requirements as they evolve.

這就是我所聽到的：企業正在投資於人力資本以滿足各種需求，使用在線學習來提供可衡量的基於角色的技能開發計劃以支持戰略轉型計劃。他們越來越多地將學習計劃定位為職業發展福利，以便在競爭激烈的勞動力市場上吸引和留住人才。各國政府表示，減少失業和就業不足以及建設更具彈性的勞動力是關鍵優先事項，他們正在尋求幫助高等教育系統培養更多可就業的畢業生。校園告訴我們，他們需要彌合不斷變化的雇主需求和畢業後學生技能之間的差距，認識到在提供核心學術課程的同時提供行業微證書的價值。這些用例中的每一個都需要一個靈活、負擔得起且可擴展的高等教育和勞動力發展系統，旨在跟上不斷變化的技能需求。

And this leads me to the third trend that's driving our business, the transformation of higher education and adult learning more broadly. As technology and automation accelerate, we believe a new and inclusive lifelong learning model is required to meet this challenge with rapid speed and scale. In the past quarter, we conducted a third-party survey of over 2,400 students and recent graduates as well as 1,200 employers across 8 countries including Australia, India, France, Germany, Mexico, Turkey, the U.K. and the U.S. We learned that students, like their parents, are thinking more critically about the ROI of traditional 3- and 4-year degree programs. 89% of students and recent graduates agree or strongly agree that earning an entry-level professional certificate alongside their diploma will help them stand out to employers and secure jobs when they graduate. And 88% said that including industry micro-credentials in an academic program would make them more likely to enroll in that program.

這讓我想到了推動我們業務發展的第三個趨勢，即更廣泛的高等教育和成人學習的轉型。隨著技術和自動化的加速發展，我們認為需要一種新的包容性終身學習模式來快速和大規模地應對這一挑戰。在上個季度，我們對澳大利亞、印度、法國、德國、墨西哥、土耳其、英國和美國等 8 個國家的 2,400 多名學生和應屆畢業生以及 1,200 名雇主進行了第三方調查。我們了解到，學生，像他們的父母一樣，正在更加批判性地考慮傳統的 3 年和 4 年學位課程的投資回報率。 89% 的學生和應屆畢業生同意或強烈同意，在獲得文憑的同時獲得入門級專業證書將有助於他們在雇主面前脫穎而出，並在畢業時找到工作。 88% 的人表示，將行業微證書納入學術課程將使他們更有可能參加該課程。

From employers, we heard that industry micro-credentials help hiring decision-makers solve their top 2 challenges: identifying and validating applicants' skills. 92% of employers agree or strongly agreed that a professional certificate strengthens a candidate's application for an entry-level job role. And on average, 3/4 are more likely to hire a candidate who has earned a professional certificate. Platforms like Coursera are able to address both of these challenges side by side by linking skills-based learning to skills-based hiring. Our ecosystem was designed to foster institutional collaboration between academic institutions, industry leaders and governments that is required by students and employers in an increasingly digital world.

從雇主那裡，我們聽說行業微證書有助於招聘決策者解決他們面臨的兩大挑戰：識別和驗證申請人的技能。 92% 的雇主同意或強烈同意專業證書可以加強候選人對入門級職位的申請。平均而言，3/4 的人更有可能僱用獲得專業證書的候選人。通過將基於技能的學習與基於技能的招聘聯繫起來，像 Coursera 這樣的平台能夠同時應對這兩個挑戰。我們的生態系統旨在促進學術機構、行業領導者和政府之間的機構合作，這是學生和雇主在日益數字化的世界中所需要的。

We believe that the Coursera platform has 3 distinct advantages that we continue to reinforce. First are our leading educator partners, who have created a broad catalog of branded content and credentials. Second is our global reach and distribution, and third is the data and technology that powers our unified platform. Let's discuss recent highlights for each of these.

我們相信 Coursera 平台有 3 個明顯的優勢，我們將繼續加強這些優勢。首先是我們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。其次是我們的全球影響力和分佈，第三是為我們的統一平台提供支持的數據和技術。讓我們討論其中每一個的近期亮點。

First, our educator partners. Coursera's global learning ecosystem includes the powerful combination of both university and industry partners. Universities play an integral role in durable skills. Critical thinking, collaboration and community are all hallmarks of the campus experience, but with the pace of digital transformation, industry partners can often complement traditional learning with practical hands-on learning aligned with specific job roles. Today, more than 175 world-class universities and more than 100 industry leaders continue to expand our catalog of content and credentials.

首先，我們的教育合作夥伴。 Coursera 的全球學習生態系統包括大學和行業合作夥伴的強大組合。大學在培養持久技能方面發揮著不可或缺的作用。批判性思維、協作和社區都是校園體驗的標誌，但隨著數字化轉型的步伐，行業合作夥伴通常可以通過與特定工作角色相匹配的實際動手學習來補充傳統學習。今天，超過 175 所世界一流大學和 100 多家行業領導者繼續擴大我們的內容和證書目錄。

In September, we announced our first bachelor's degree program from an Indian university. The Birla Institute of Technology and Science or BITS Pilani is a premier engineering institution that is reimagining their highly sought-after computer science program to expand access for Indian and international students. This includes broad learner eligibility with no entrance exam or background in science or mathematics; a job-relevant curriculum that's designed with inputs from industry experts; and a flexible, affordable structure that allows students to pursue the program while they're working. We continue to see demand among working adults for degrees that are affordable, have convenient admissions and flexible schedules and to develop knowledge and skills that are in high demand from employers.

9 月，我們宣布了印度大學的第一個學士學位課程。 Birla Institute of Technology and Science 或 BITS Pilani 是一流的工程機構，正在重新構想其備受追捧的計算機科學課程，以擴大印度和國際學生的入學機會。這包括沒有入學考試或沒有科學或數學背景的廣泛學習者資格；根據行業專家的意見設計的與工作相關的課程；以及靈活、負擔得起的結構，使學生可以在工作的同時繼續學習該課程。我們繼續看到在職成年人對負擔得起的學位、入學方便和靈活的時間表的需求，以及發展雇主急需的知識和技能的需求。

Next, I continue to be impressed by the progress and pace at which our partners are expanding our catalog of entry-level Professional Certificates. Since launching the category in 2018, we've announced 35 of these certificate training programs, including nearly 20 new titles so far this year from new and existing partners. Recently we announced our first entry-level Professional Certificates from industry partners in India, who are excited to serve learners in our second largest market. The 3 job roles include PwC India goods and services tax executive, PwC India direct tax executive and tally bookkeeper. Additionally, we continue to enhance some of our most popular certificates with new language translations, launching versions in Arabic and Spanish.

接下來，我繼續對我們的合作夥伴擴展我們的入門級專業證書目錄的進展和速度印象深刻。自 2018 年推出該類別以來，我們已經宣布了 35 個此類證書培訓項目，其中包括今年迄今為止來自新老合作夥伴的近 20 個新項目。最近，我們宣布了來自印度行業合作夥伴的首個入門級專業證書，他們很高興為我們第二大市場的學習者提供服務。這 3 個職位包括普華永道印度商品和服務稅務主管、普華永道印度直接稅務主管和理貨簿記員。此外，我們繼續通過新的語言翻譯增強一些最受歡迎的證書，推出阿拉伯語和西班牙語版本。

Finally, in partnership with Google, we announced an exciting new offering that brings the benefits of university and industry collaboration to our entry-level Professional Certificates. Google has collaborated with 5 of our university partners to pair several of their most popular certificates with specializations from leading academic institutions in high-growth industries, including data analytics in finance from the University of Illinois, data analytics in the public sector from the University of Michigan, project management in construction from Columbia University, project management in sustainability from Arizona State University and health care IT from Johns Hopkins University.

最後，我們與 Google 合作推出了一項激動人心的新產品，它將大學和行業合作的優勢帶入我們的入門級專業證書。 Google 已與我們的 5 所大學合作夥伴合作，將他們最受歡迎的幾項證書與高增長行業領先學術機構的專業化相結合，包括伊利諾伊大學的金融數據分析、伊利諾伊大學的公共部門數據分析密歇根，哥倫比亞大學的建築項目管理，亞利桑那州立大學的可持續發展項目管理和約翰霍普金斯大學的醫療保健 IT。

Historically, collaborations between industry and academia have been slow and piecemeal, but by integrating industry expertise into university curriculum, we are beginning to witness what our ecosystem can make possible. The future is not universities or industry. It is the collaboration between universities and industry, which is increasingly taking place on Coursera's platform in multiple forms. This includes entry-level Professional Certificates that stack into degree programs, especially with ACE credit recommendations. It includes degree programs, like BITS or Northeastern and Mayo Clinic, that incorporate training and expertise from industry leaders into college degrees; and Career Academy delivered through the Coursera for Campus program, where industry micro-credentials are offered alongside and incorporated into core university curriculum.

從歷史上看，工業界和學術界之間的合作緩慢而零散，但通過將行業專業知識整合到大學課程中，我們開始見證我們的生態系統可以帶來什麼。未來不是大學或工業。它是大學與行業之間的合作，越來越多地以多種形式發生在 Coursera 的平台上。這包括疊加到學位課程中的入門級專業證書，尤其是帶有 ACE 學分建議的證書。它包括學位課程，如 BITS 或東北大學和梅奧診所，將行業領導者的培訓和專業知識納入大學學位；和職業學院通過 Coursera for Campus 計劃提供，其中提供行業微證書，並將其納入核心大學課程。

Our second major advantage is the global reach of our platform. We have a large, growing learner base that attracts educator partners looking to teach both individuals and institutions around the world. We added more than 6 million new registered learners, growing our global learner base to 113 million by the end of September. 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 53% this quarter to 1,086, which includes new additions across Coursera for Business, Coursera for Campus and Coursera for Government customers.

我們的第二個主要優勢是我們平台的全球影響力。我們擁有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。我們增加了超過 600 萬新註冊學習者，到 9 月底，我們的全球學習者人數增加到 1.13 億。學習者的增長仍然是廣泛的，所有地區都以兩位數的速度增長，其中增長最快的是亞太地區。此外，本季度我們的付費企業客戶數量增加了 53%，達到 1,086 個，其中包括 Coursera for Business、Coursera for Campus 和 Coursera for Government 客戶的新增用戶。

The final advantage is the ongoing product innovation on our unified platform. And I'd like to provide updates on 2 recently announced offerings. The first is Clips. There are more than 5,400 courses on Coursera today. And these courses are comprised of more than 200,000 individual video clips which are typically 5 to 10 minutes long. Our new Clips feature enables enterprise learners to directly access clips in a course without having to take the entire course. The videos and lessons are surfaced in the context of our longer courses, so learners can quickly access clips and then continue to the full course for deeper skills development. Our initial data show that over 1/3 of learners that viewed clips for immediate needs have gone on to enroll in at least 1 course.

最後一個優勢是我們統一平台上的持續產品創新。我想提供 2 個最近宣布的產品的更新。第一個是剪輯。今天，Coursera 上有超過 5,400 門課程。這些課程由超過 200,000 個單獨的視頻剪輯組成，通常時長為 5 到 10 分鐘。我們新的剪輯功能使企業學習者能夠直接訪問課程中的剪輯，而無需學習整個課程。這些視頻和課程在我們較長的課程中出現，因此學習者可以快速訪問剪輯，然後繼續學習完整課程以進行更深入的技能開發。我們的初始數據顯示，超過 1/3 的學習者在出於即時需求觀看了剪輯後，已經繼續註冊至少一門課程。

We launched in May with over 10,000 clips primarily focused in business, technology and data. In September, we expanded the offering with a more comprehensive library of content, including nearly 200,000 short videos and lessons. Customers like Google, Bosch and the New York State Department of Labor were early adopters. And we look forward to bringing our expanded Clips offering to more enterprise customers.

我們在 5 月份推出了 10,000 多個主要關注業務、技術和數據的剪輯。 9 月，我們通過更全面的內容庫擴展了產品，包括近 200,000 個短視頻和課程。谷歌、博世和紐約州勞工部等客戶是早期採用者。我們期待將我們擴展的 Clips 產品帶給更多的企業客戶。

I'd like to also provide an update on Career Academy. We announced Career Academy at our annual conference earlier this year and continue to see promising signals from our early customers. Career Academy leverages our entry-level Professional Certificates, benefiting when our industry partners create and launch new job roles. For example, in Q3, we launched 5 new certificates from Meta, allowing us to expand the scope of roles offered with new additions in software engineering. These roles include front-end developer, back-end developer, database application developer, iOS mobile developer and Android mobile developer Professional Certificates. Additionally, we are bringing the new career discovery benefits to our learners to help them better understand the prospects and ROI of their education decisions. For example, individual learners in the U.S. using Career Academy see key economic data alongside the career choices, including the median entry-level salary, the number of job openings and the recommended Professional Certificates that are aligned with specific careers.

我還想提供有關職業學院的最新信息。我們在今年早些時候的年度會議上宣布了職業學院，並繼續從我們的早期客戶那裡看到有希望的信號。職業學院利用我們的入門級專業證書，在我們的行業合作夥伴創建和啟動新的工作角色時受益。例如，在第 3 季度，我們從 Meta 推出了 5 個新證書，使我們能夠通過軟件工程中新增的內容來擴大提供的角色範圍。這些角色包括前端開發人員、後端開發人員、數據庫應用程序開發人員、iOS 移動開發人員和 Android 移動開發人員專業證書。此外，我們正在為我們的學習者帶來新的職業發現優勢，以幫助他們更好地了解他們的教育決策的前景和投資回報率。例如，美國的個人學習者使用 Career Academy 可以看到關鍵的經濟數據以及職業選擇，包括入門級工資中位數、職位空缺數量以及與特定職業相匹配的推薦專業證書。

Before I turn the call over to Ken, let me remind you of several key priorities we're focusing on in the coming years. We're focused on growing our Enterprise segment across business, government and campus customers, including new customer acquisitions and expanding existing relationships. We're focused on expanding our portfolio of degree programs, especially those tailored to meet the particular needs of working adults. We are broadening our entry-level professional certificate catalog, expanding with new roles, new partners and additional languages. And finally, we are deepening our advantages, including expanding our educator partners and their content and credentials and improving and broadening our global scale and reach and the technology and data that underpins our platform.

在我將電話轉給 Ken 之前，讓我提醒您我們在未來幾年關注的幾個關鍵優先事項。我們專注於在企業、政府和校園客戶中發展我們的企業部門，包括新客戶收購和擴大現有關係。我們專注於擴展我們的學位課程組合，尤其是那些為滿足在職成年人的特殊需求而量身定制的課程。我們正在擴大我們的入門級專業證書目錄，增加新角色、新合作夥伴和其他語言。最後，我們正在深化我們的優勢，包括擴大我們的教育合作夥伴及其內容和證書，以及改善和擴大我們的全球規模和影響力以及支撐我們平台的技術和數據。

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

現在我想把它交給肯。肯，請繼續。

Thanks, Jeff. And good afternoon, everyone.

謝謝，傑夫。大家下午好。

We are pleased with our third quarter results, which continued to reflect a diversified business model that benefits from its exposure to multiple levers of growth. In Q3, we generated total revenue of $136.4 million, which was up 24% from a year ago, with strong performance in our Enterprise and Consumer segments. For our enterprise consumers, including businesses, governments and campuses, we are helping their learners adapt to a fast-changing skills landscape and evolve with employer needs as well as producing job-ready graduates. And for consumers, we are increasingly becoming a global destination where learners can secure the digital skills that allow them to remain relevant in the workforce and acquire the branded credentials that can unlock their next career opportunities.

我們對第三季度的業績感到滿意，該業績繼續反映出多元化的商業模式，這種模式受益於多種增長槓桿。在第三季度，我們的總收入為 1.364 億美元，比去年同期增長 24%，在我們的企業和消費者領域表現強勁。對於我們的企業消費者，包括企業、政府和校園，我們正在幫助他們的學習者適應快速變化的技能環境，並隨著雇主的需求而發展，同時培養就業準備好的畢業生。對於消費者而言，我們正日益成為一個全球目的地，學習者可以在這裡獲得數字技能，使他們能夠在勞動力中保持相關性，並獲得可以開啟他們下一個職業機會的品牌證書。

Please note that, for the remainder of the call, as I review our business performance and outlook, I will discuss our non-GAAP financial measures unless otherwise noted.

請注意，在接下來的電話會議中，在我審查我們的業務績效和前景時，我將討論我們的非 GAAP 財務指標，除非另有說明。

Gross profit was $88.3 million, a 64.7% gross margin, up 29% from a year ago. This margin was approximately 3 percentage points higher than the prior year period due to the positive changes in our segment content margin rates. Our Consumer segment's content margin rate increased from 68% in the prior year period to 73% this quarter. And our Enterprise segment's content margin rate increased from 67% from the prior year period to 71% this quarter. The margin expansion we experienced was driven by learners consuming a larger proportion of industry partner content, which on average can have lower content costs depending on the partner's goals, sometimes with associated additional spend in promoting partner brands as part of our sales and marketing efforts.

毛利潤為 8830 萬美元，毛利率為 64.7%，同比增長 29%。由於我們的細分內容利潤率發生積極變化，該利潤率比去年同期高出約 3 個百分點。我們消費者部門的內容利潤率從去年同期的 68% 上升到本季度的 73%。我們企業部門的內容利潤率從去年同期的 67% 上升到本季度的 71%。我們經歷的利潤增長是由學習者消費更大比例的行業合作夥伴內容所推動的，根據合作夥伴的目標，這些內容平均可以降低內容成本，有時作為我們銷售和營銷工作的一部分，在推廣合作夥伴品牌方面會產生相關的額外支出。

Total operating expense was $98.1 million or 72% of revenue compared to 69% in Q3 of last year. Sales and marketing expense represented 37% of total revenue, up from 35% in the prior year period due to investments in sales force capacity and marketing programs associated with the higher-margin content. Research and development expense was 20% of revenue, and general and administrative expense was 14% of revenue. Both were generally in line with the prior year period.

總運營費用為 9810 萬美元，佔收入的 72%，而去年第三季度為 69%。銷售和營銷費用佔總收入的 37%，高於去年同期的 35%，這是由於對銷售人員能力和與高利潤內容相關的營銷計劃的投資。研發費用佔收入的 20%，一般和行政費用佔收入的 14%。兩者總體上與去年同期一致。

Our net loss was $9.5 million or 7% of revenue. And our adjusted EBITDA loss was $4.9 million or 3.6% of revenue.

我們的淨虧損為 950 萬美元，佔收入的 7%。我們調整後的 EBITDA 虧損為 490 萬美元，佔收入的 3.6%。

Now turning to cash performance and the balance sheet. This quarter, we had a positive free cash flow of $1.3 million compared to $7.1 million in the prior year; and we ended Q3 in a strong cash position. As of September 30, we had approximately $786 million of unrestricted cash, cash equivalents and marketable securities, with no debt. We believe the strength of our balance sheet, in combination with the modest cash requirements for operating needs, is an asset that provides us stability and strategic flexibility to execute against our long-term strategy.

現在轉向現金表現和資產負債表。本季度，我們的自由現金流為 130 萬美元，而去年同期為 710 萬美元；我們以強勁的現金狀況結束了第三季度。截至 9 月 30 日，我們擁有大約 7.86 億美元的不受限制的現金、現金等價物和有價證券，沒有債務。我們相信，我們資產負債表的實力，加上運營需求的適度現金需求，是一項資產，可以為我們提供穩定性和戰略靈活性，以執行我們的長期戰略。

Next, let's discuss our segments in more detail. Consumer revenue was $78 million, up 17% from the prior year. We continue to see strong demand for our portfolio of entry-level Professional Certificates, particularly in North America, which we continue to expand with new partners and job roles at a rapid pace. Segment gross profit was $57.1 million or 73% of Consumer revenue, up from 68% in the prior year given the higher consumption of industry partner content. Finally, we added 6 million new registered learners, for a total base of 113 million. Our learner growth continues to be broad-based, with double-digit year-over-year growth across all regions.

接下來，讓我們更詳細地討論我們的細分市場。消費者收入為 7800 萬美元，比上年增長 17%。我們繼續看到對我們的入門級專業證書組合的強勁需求，特別是在北美，我們繼續快速擴展新的合作夥伴和工作角色。由於行業合作夥伴內容的消費量增加，該部門的毛利潤為 5710 萬美元，佔消費者收入的 73%，高於上一年的 68%。最後，我們增加了 600 萬新註冊學員，總人數達到 1.13 億。我們的學習者增長基礎廣泛，所有地區的年增長率都達到兩位數。

Now turning to Enterprise. Enterprise revenue was $48 million, up 51% from a year ago on growth across business, government and campus customers. In particular, we continue to see strong momentum within Coursera for Government, where our catalog of world-class brands and job-relevant credentials are well suited for workforce development use cases. The total number of paid enterprise customers increased to 1,086, up 53% from a year ago, with the majority of additions coming from Coursera for Business customers. And our net retention rate for paid enterprise customers was 111%. Segment gross profit was $34 million or 71% of Enterprise revenue, up from 67% in the prior period due to the content consumption mix similar to our Consumer segment.

現在轉向企業。由於企業、政府和校園客戶的增長，企業收入為 4800 萬美元，比一年前增長 51%。特別是，我們繼續看到 Coursera for Government 的強勁勢頭，我們的世界級品牌目錄和與工作相關的證書非常適合勞動力發展用例。付費企業客戶總數增加到 1,086，比一年前增長 53%，其中大部分新增客戶來自 Coursera for Business 客戶。我們對付費企業客戶的淨保留率為 111%。由於內容消費組合與我們的消費者部門相似，該部門的毛利潤為 3400 萬美元，佔企業收入的 71%，高於上一時期的 67%。

And finally, our Degrees segment. Degrees revenue was $10.3 million, down 11% from a year ago on lower student enrollments, which we anticipated in our forward-looking commentary provided on the Q2 call. We believe these enrollment headwinds, primarily in our mature U.S. degree programs where our revenue is concentrated today, are associated with broader macroeconomic trends at play. The total number of Degrees students grew 10% from a year ago to 17,723. As a reminder: There's no content cost attributable to the Degrees segment, so Degrees segment gross margin was 100% of revenue.

最後，我們的學位部分。由於學生入學率較低，學位收入為 1030 萬美元，比一年前下降 11%，這是我們在第二季度電話會議上提供的前瞻性評論中所預期的。我們認為，這些招生逆風，主要是在我們今天收入集中的成熟美國學位課程中，與更廣泛的宏觀經濟趨勢有關。學位學生總數比一年前增長了 10%，達到 17,723 人。提醒一下：學位部分沒有內容成本，因此學位部分的毛利率是收入的 100%。

Now on to our updated financial outlook.

現在談談我們最新的財務展望。

For Q4, we are expecting revenue to be in the range of $135.5 million to $139.5 million or 20% growth at the midpoint of the range. For adjusted EBITDA, we're expecting loss in the range of $13.5 million to $16.5 million.

對於第四季度，我們預計收入將在 1.355 億美元至 1.395 億美元之間，或在該範圍的中點增長 20%。對於調整後的 EBITDA，我們預計虧損在 1350 萬美元至 1650 萬美元之間。

For full year 2022, we anticipate revenue to be in the range of $517 million to $521 million or 25% growth at the midpoint of the range. For adjusted EBITDA, we're expecting a loss of $44.5 million to $47.5 million or a negative 8.9% adjusted EBITDA margin at the midpoint of revenue and EBITDA guidance ranges.

對於 2022 年全年，我們預計收入將在 5.17 億美元至 5.21 億美元之間，或在該範圍的中點增長 25%。對於調整後的 EBITDA，我們預計虧損 4,450 萬美元至 4,750 萬美元，或者在收入和 EBITDA 指導範圍的中點，調整後的 EBITDA 利潤率為負 8.9%。

As a reminder: Our messaging and annual operating framework with regard to EBITDA margin has been consistent. At the beginning of the year, we set an annual EBITDA margin target. And we manage within that plan based on the trajectory of our business, which we demonstrated last quarter with our revised outlook. Following our annual planning cycle, we intend to share our 2023 expectations on our Q4 call.

提醒一下：我們關於 EBITDA 利潤率的消息傳遞和年度運營框架是一致的。年初，我們設定了年度 EBITDA 利潤率目標。我們根據業務軌跡在該計劃內進行管理，我們在上個季度通過修改後的展望證明了這一點。在我們的年度規劃週期之後，我們打算在我們的第四季度電話會議上分享我們對 2023 年的期望。

We remain committed to building a viable long-term business and demonstrating leverage over time. We intend to continue pacing our investments appropriately, increasing our focus and aligning our cost structure, including our consideration of current economic trends and uncertainties. Importantly, we operate from a position of financial strength, and the long-term structural trends driving our business have not changed. Individuals and institutions are increasingly turning to online learning to supply digital skills. 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 our 3-sided platform provides us with global reach and the ability to leverage our strategic assets across our segments to compete differently.

我們仍然致力於建立一個可行的長期業務，並隨著時間的推移展示影響力。我們打算繼續適當地調整我們的投資節奏，增加我們的重點並調整我們的成本結構，包括我們對當前經濟趨勢和不確定性的考慮。重要的是，我們在財務實力的基礎上運營，推動我們業務發展的長期結構性趨勢沒有改變。個人和機構越來越多地轉向在線學習來提供數字技能。我們擁有大學和行業內容的強大組合，可以提供所需的技能；以及無論處於職業生涯的哪個階段的學習者都需要的品牌認可證書。我們的 3 邊平台為我們提供了全球影響力和利用我們跨部門的戰略資產以不同方式競爭的能力。

Now I'll turn the call back to Jeff for closing remarks.

現在，我將把電話轉回 Jeff 以作結束語。

Thanks, Ken.

謝謝，肯。

Before we open the call for questions, I'd like to expand on an example I shared last quarter, as it demonstrates the progress, speed and scale of what is possible on Coursera's platform with system-wide collaboration. In July, I highlighted a recent partnership with Louisiana Tech University and the University of Louisiana System.

在我們開始提問之前，我想擴展一下我在上個季度分享的一個例子，因為它展示了 Coursera 平台上全系統協作的進展、速度和規模。 7 月，我強調了最近與路易斯安那理工大學和路易斯安那大學系統的合作關係。

Our initial partnership with Louisiana Tech started as a social impact initiative with the office of student financial assistance via the Louisiana Board of Regents. It was designed to provide low-income high school students and graduates access to Coursera's entry-level Professional Certificates from Google in order to prepare them for college or to begin a digital career. This was followed by a Louisiana Tech summer programming series open to faculty and staff that has expanded to include professional development opportunities for employees across all campuses within the University of Louisiana System. Now the Louisiana Workforce Commission, a state agency responsible for enhancing workforce growth and well-paying jobs for Louisiana residents, is partnering with Coursera to launch Tech Ready Louisiana, a statewide workforce development initiative providing training to thousands of Louisianans.

我們與路易斯安那理工大學的最初合作夥伴關係最初是一項社會影響倡議，通過路易斯安那州董事會與學生資助辦公室合作。它旨在為低收入的高中生和畢業生提供從谷歌獲得 Coursera 入門級專業證書的機會，以便為他們上大學或開始數字職業做好準備。隨後是路易斯安那理工學院向教職員工開放的暑期課程系列，該課程已擴展到包括為路易斯安那大學系統內所有校區的員工提供的專業發展機會。現在，路易斯安那州勞動力委員會是一個負責促進勞動力增長和為路易斯安那州居民提供高薪工作的州機構，它正在與 Coursera 合作推出 Tech Ready Louisiana，這是一項全州範圍的勞動力發展計劃，為成千上萬的路易斯安那人提供培訓。

The centerpiece of the program is Career Academy, as our entry-level Professional Certificates were specifically designed to prepare workers without a college degree or prior work experience. Using Career Academy, Louisianans can explore careers, develop key skills and competencies, build a portfolio of hands-on projects using actual workplace tools and earn industry-recognized credentials. And many of these credentials have ACE credit recommendations, which make it easier for learners to earn credit towards a local or online degree program when they're ready to continue their education. Finally, in recognition of the connectivity challenges that present a real barrier today, the workforce commission is making reliable Internet access at nearly 60 sites across the state for learners to complete their Coursera courses.

該計劃的核心是職業學院，因為我們的入門級專業證書是專門為沒有大學學位或沒有工作經驗的工人準備的。通過職業學院，路易斯安那人可以探索職業、發展關鍵技能和能力、使用實際工作場所工具構建實踐項目組合併獲得行業認可的證書。其中許多證書都有 ACE 學分建議，這使學習者在準備好繼續接受教育時更容易獲得本地或在線學位課程的學分。最後，認識到連接挑戰成為當今真正的障礙，勞動力委員會正在全州近 60 個站點提供可靠的互聯網訪問，以便學習者完成他們的 Coursera 課程。

Traditional university degree programs and workforce development initiatives often lack a solid connection to today's in-demand jobs and are often not equipped to adapt to the fast-changing skills landscape and evolving employer expectations. By leveraging Coursera, an entire system of higher education, in coordination with government institutions, can foster stronger collaboration with industry by unlocking new development opportunities for students, faculty and staff; by diversifying and expanding talent pipelines for employers; and by building a more competitive workforce. This is the vision of Coursera's 3-sided platform at scale, connecting learners, educators and institutions in a global learning ecosystem designed to keep pace with our rapidly changing world.

傳統的大學學位課程和勞動力發展計劃往往缺乏與當今需求工作的牢固聯繫，而且往往無法適應快速變化的技能格局和不斷變化的雇主期望。通過利用 Coursera，整個高等教育系統與政府機構合作，可以通過為學生、教職員工釋放新的發展機會，促進與行業的更緊密合作；通過多樣化和擴大雇主的人才管道；並通過建立更具競爭力的員工隊伍。這是 Coursera 的大規模 3 邊平台的願景，它將學習者、教育者和機構連接在一個旨在跟上我們瞬息萬變的世界步伐的全球學習生態系統中。

Now let's open up the call for questions.

現在讓我們開始提問。

(Operator Instructions) Your first question today comes from Brian Peterson with Raymond James.

（操作員說明）您今天的第一個問題來自 Brian Peterson 和 Raymond James。

So I wanted to start on the Enterprise segment, and I'm just curious kind of how the linearity played out through the quarter. And it sounds like you called out some strength in multiple areas. I'm curious if there's any 1 or 2 that kind of outperformed versus some other areas of that segment.

所以我想從企業部門開始，我只是好奇整個季度的線性表現如何。聽起來你在多個領域發揮了一些作用。我很好奇是否有任何 1 或 2 種表現優於該細分市場的其他一些領域。

Brian, this is Jeff. Yes, generally speaking, I would say that we are seeing what some of the other companies who have announced early in the quarter have also been seeing, which is a bit of cyclicality on enterprise spend, especially in more developed markets like Europe and to some degree in North America. What we're seeing thus, as I kind of mentioned in a couple of the examples there, we're seeing the government sector continue to go pretty strongly. I think that there's some countercyclicality there. And we're seeing a lot of interest as well from educational institutions who are just kind of realizing there might be some countercyclicality there. And they're thinking about, "How can we upgrade our curriculum for better graduate placement rates?" so it's nice to have some diversification there. We are definitely seeing a lot of the same macroeconomic things that others are seeing, but I think our diversified model is helping us a bit.

布賴恩，這是傑夫。是的，總的來說，我想說的是，我們看到了本季度初宣布的其他一些公司也看到的情況，即企業支出的周期性，尤其是在歐洲等較發達的市場和一些北美學位。因此，正如我在其中的幾個例子中提到的那樣，我們看到的是，我們看到政府部門繼續表現強勁。我認為那裡有一些反週期性。我們也看到了教育機構的濃厚興趣，他們只是意識到那裡可能存在一些反週期性。他們正在思考，“我們如何才能升級我們的課程以提高畢業生就業率？”所以很高興在那裡有一些多元化。我們肯定看到了很多與其他人看到的相同的宏觀經濟事物，但我認為我們的多元化模式對我們有所幫助。

Understood. And just maybe a longer-term question on Degrees: I appreciate the macro sensitivity here, but in terms of a lot of your university partners looking at different ways to do this, are we having the conversations now and we should start to see significantly more programs come in the next few years? I'm just -- how should we think about maybe the longer-term growth rate in that business? [Maybe] it's hard to say, but I'm just curious to think about the longer-term lens there.

明白了。也許還有一個關於學位的長期問題：我很欣賞這裡的宏觀敏感性，但就你們的許多大學合作夥伴而言，他們正在尋找不同的方法來做到這一點，我們現在是否正在進行對話，我們應該開始看到更多計劃在未來幾年內推出？我只是 - 我們應該如何考慮該業務的長期增長率？ [也許] 很難說，但我只是好奇地想一想那裡的長期鏡頭。

Yes. I -- my sense of this one is there's an overall question about the relative value and demand for the college degree as a credential. I suspect it will be different by region. We're definitely seeing it's different by region. I'm in Bangalore right now and I spent the last 10 days here in India. There is a demand. The government is trying to shoot gross enrollment ratio up to 50% by 2035. They need 3.3 million more professors to serve 35 million more students. And so a lot of the demographics that folks are seeing in the U.S. is not consistent with what some of the demographic trends are in other parts of the world. And we are seeing college degrees globally be as revered as they have been historically, so when we look at this on a global basis, I think a lot of it is going to be driven by demographic trends. I think that, especially when you have rising middle classes put a real premium on education, you're going to see, we're going to see a lot of demand for this, so we're very bullish on the future value of a college degree. Another thing is college degrees are not sitting still. I don't know. There might have been 5 or 6 examples in the scripts about universities putting Career Academy literally into their curriculum so that, when someone graduates, they don't just have a degree. They've got a degree and an industry certificate. I think a lot of people think of college degrees as this static thing that's not going to change, but really the competition among job seekers is going to be those who have maybe micro-credentials and those who have college degree and micro-credentials. And so I think it's going to almost always be worth it.

是的。我——我對這個的感覺是，大學學位作為證書的相對價值和需求存在一個總體問題。我懷疑它會因地區而異。我們肯定會看到它因地區而異。我現在在班加羅爾，過去 10 天我在印度度過。有需求。政府力爭到 2035 年將毛入學率提高到 50%。他們需要增加 330 萬名教授來為 3500 萬名學生提供服務。因此，人們在美國看到的許多人口統計數據與世界其他地區的一些人口趨勢不一致。我們看到全球的大學學位一如既往地受到尊重，所以當我們在全球範圍內審視這一點時，我認為其中很大一部分將受到人口趨勢的推動。我認為，尤其是當你的中產階級越來越多，真正重視教育時，你會看到，我們會看到對此有很多需求，所以我們非常看好未來的價值大專學歷。另一件事是大學學位並沒有停滯不前。我不知道。劇本中可能有 5 或 6 個關於大學將職業學院真正納入課程的例子，這樣，當有人畢業時，他們不僅僅是獲得學位。他們有學位和行業證書。我認為很多人認為大學學位是一種不會改變的靜態事物，但實際上求職者之間的競爭將是那些可能擁有微證書的人以及那些擁有大學學位和微證書的人。所以我認為這幾乎總是值得的。

And on the affordability side. We see affordability really being driven by technology and, frankly, competition, so I think degrees are going to come down in price. They're going to be a lot more job relevant. They'll be much more broadly available; and especially because they're online, open up to the working adult population, which is a much, much bigger market than just young people who are between the ages of 18 and 24. So we're still very bullish on the long-term opportunity for Degrees. Today, we do have a concentration in North America, where the labor market continues to be tight. It's a few programs, but over time and as you've seen us announce more and more degrees, there's a broadening catalog that's coming online.

在負擔能力方面。我們看到負擔能力確實是由技術驅動的，坦率地說，是競爭，所以我認為學位的價格會下降。他們將與工作相關得多。它們將更廣泛地可用；特別是因為他們在線，向工作的成年人開放，這是一個比 18 至 24 歲的年輕人大得多的市場。所以我們仍然非常看好長期獲得學位的機會。今天，我們的注意力確實集中在北美，那裡的勞動力市場繼續吃緊。這是幾個項目，但隨著時間的推移，正如你看到我們宣布越來越多的學位，一個不斷擴大的目錄正在上線。

One final thing. Sorry. The answer is so long, but it's obviously an important question. In terms of what model will universities use to put degrees online -- I mean clearly universities are putting degrees online. That's definitely the case because they want to serve working populations and growing populations of people who need degrees. Will they do it themselves with no real help from third parties? Will they use a traditional model, a sort of an OPM model where 70% of the revenue goes to the provider, the OPM? Or will it be some kind of a blend? I think to some degree that depends on regionally where we are in the world. I think North America right now is certainly seeing a trend towards universities who have the resources, at least, say, "Let's try to do this ourselves." When we look more globally, we see a lot less of that, and so it's going to be a mix by region as well. And I think, by playing in multiple regions, we get a pretty good sense of where the opportunities are to help universities who are going to be bringing their degrees online and want a scalable platform to help them do that.

最後一件事。對不起。答案很長，但這顯然是一個重要的問題。就大學將使用何種模式將學位放到網上而言——我的意思是很明顯，大學正在將學位放到網上。情況確實如此，因為他們希望為工作人口和不斷增長的需要學位的人口提供服務。他們會在沒有第三方真正幫助的情況下自己做嗎？他們會使用傳統模型，一種 OPM 模型，其中 70% 的收入流向提供商 OPM 嗎？或者它會是某種混合物？我認為這在某種程度上取決於我們在世界上所處的區域。我認為北美現在肯定會看到一種趨勢，即大學擁有資源，至少可以說，“讓我們自己嘗試做這件事。”當我們放眼全球時，我們看到的會少得多，因此它也將是按地區劃分的。而且我認為，通過在多個地區開展活動，我們可以很好地了解哪些機會可以幫助那些將把學位帶到網上並希望有一個可擴展的平台來幫助他們做到這一點的大學。

Your next question comes from the line of Stephen Sheldon with William Blair.

你的下一個問題來自 Stephen Sheldon 和 William Blair 的台詞。

Nice results here. On the fourth quarter, it looks like your guidance hasn't changed much for revenue relative to the midpoint of prior guidance. And it also assumes a bigger loss, so is that mainly conservatism and maybe factoring in some increased uncertainty? And then have your investment plans changed at all where you're maybe ramping investments more than you had previously forecast at the end of the year?

這裡的結果不錯。在第四季度，相對於先前指導的中點，您的收入指導似乎沒有太大變化。而且它還假設了更大的損失，那麼這主要是保守主義還是考慮了一些增加的不確定性？然後你的投資計劃是否發生了根本性的變化，你可能會在今年年底增加比你之前預測的更多的投資？

Thanks, Stephen. Firstly, we were happy with the results. As we look to Q4 versus the implied guidance last time, it's consistent, as you said, with our implied guidance. It's so we haven't forecast anything above that. As you know, we've generally done a good job of hitting our guidance, so we're thoughtful in that selection. From an EBITDA and profitability standpoint, we target an annual number, as we always remind people. And we spend more at the end of a particular year. Now we're mindful of costs and especially the operating structure and fixed costs as we enter the new year because we're setting up for the new year always, but where we have opportunities to do things and enhance revenue for the future, we tend to keep investing. So if you will, when we have a beat 1 quarter, you should expect us to guide lower to the same annual target. And that's been something we've done consistently, but as a public company, this is, I know you understand this, Stephen, but for everybody on the call, something we've done consistently since we've been public as well as pre public. We've been doing this for a long time. It's the way we [happen to run] the company operationally to try to maximize growth. And so -- and to grow and win our markets for the long term, so that's what you're seeing there, that mechanical action between the current quarter and then still keeping the same annual guidance for the year. We'll, of course, update that for '23 this coming quarter. And once again, one of the very important things to understand is the way we manage our fixed costs so that we're set to spend appropriately and have flexibility for the following year. That's something that's near and dear to our processes internally.

謝謝，斯蒂芬。首先，我們對結果感到滿意。當我們將第四季度與上次的隱含指導進行對比時，正如您所說，它與我們的隱含指導是一致的。所以我們沒有預測任何高於此的內容。如您所知，我們通常在達到我們的指導方面做得很好，因此我們在選擇時考慮周到。從 EBITDA 和盈利能力的角度來看，我們的目標是年度數字，正如我們一直提醒人們的那樣。我們在特定年份的年底花費更多。現在，我們在進入新的一年時會注意成本，尤其是運營結構和固定成本，因為我們一直在為新的一年做準備，但在我們有機會為未來做事和增加收入的地方，我們傾向於繼續投資。因此，如果您願意，當我們有一個節拍 1 季度時，您應該期望我們將指導下調至相同的年度目標。這是我們一直在做的事情，但作為一家上市公司，我知道你明白這一點，斯蒂芬，但對於所有參加電話會議的人來說，這是我們自上市以來一直在做的事情上市。我們已經這樣做了很長時間。這是我們[碰巧經營]公司的運營方式，試圖實現增長最大化。因此——為了長期發展並贏得我們的市場，這就是你在那裡看到的，當前季度之間的機械動作，然後仍然保持今年相同的年度指導。當然，我們會在下個季度更新 '23。再一次，要了解的非常重要的事情之一是我們管理固定成本的方式，以便我們能夠適當地支出並為來年提供靈活性。這對我們的內部流程來說是非常接近和寶貴的。

Got it, yes. That's helpful. And then it sounds like you're pretty optimistic about the opportunity with Career Academy, so just curious what engagement has looked like so far with them, although I mean clearly it's early since you just launched it this year? And have you seen stronger traction with certain types of institutions relative to others?

明白了，是的。這很有幫助。然後聽起來你對職業學院的機會非常樂觀，所以很好奇到目前為止他們的參與情況如何，儘管我的意思是很明顯，自從你今年剛剛推出它以來還為時過早？您是否看到某些類型的機構相對於其他機構具有更強的吸引力？

Yes. Stephen, this is Jeff. We're pretty excited about it. We are certainly seeing different levels of traction across different types of institutions. For the last -- since we've been public, we've seen the Professional Certificates themselves drive a lot of the growth in the Consumer segment. I think it just speaks to the basic learner demand for this type of learning product. And then when we think about institutions, we think about, well, they're kind of conduits to deliver that kind of learning experience and credential to learners through a channel. When we think about what types of institutional channels have the kind of learner audience that's looking to start a career or switch a career, it kind of goes governments, for sure. They're really helping workforce development programs. They're trying to help people get a bridge to all the incredible job and career opportunities that are being created by digital technology even as that technology is automating jobs and creating dislocation. So I think it's kind of a governments saying, "Well, look. We're going to have more dislocation than we thought because of technology, but maybe with these types of industry credentials we can help more of our people take advantage of and get a share of the kind of opportunity that's coming from that technological change." The second I would say is campuses, where maybe for years, maybe decades, employers have been saying to educational institutions and systems, frankly, "Hey. It'd be really nice if your graduates have some more job-relevant skills when they graduated," but effecting the change, helping these educational institutions have the agility to figure out how might we create curriculum that can help produce those types of graduates, I mean, to some degree, Career Academy provides a pretty turnkey mechanism to do it, so we're seeing a lot of interest.

是的。斯蒂芬，這是傑夫。我們對此感到非常興奮。我們當然看到不同類型的機構受到不同程度的關注。最後——自從我們公開以來，我們已經看到專業證書本身推動了消費者領域的大量增長。我認為這恰恰說明了學習者對這類學習產品的基本需求。然後，當我們考慮機構時，我們會想到，嗯，它們是通過某種渠道向學習者提供那種學習體驗和證書的渠道。當我們考慮哪些類型的機構渠道有什麼樣的學習者受眾希望開始職業或轉換職業時，肯定是政府。他們確實在幫助勞動力發展計劃。他們正在努力幫助人們架起一座通往數字技術正在創造的所有令人難以置信的工作和職業機會的橋樑，即使該技術正在使工作自動化並造成混亂。所以我認為這有點像是政府在說，“好吧，看。由於技術的原因，我們將有比我們想像的更多的錯位，但也許有了這些類型的行業證書，我們可以幫助更多的人利用並獲得分享技術變革帶來的那種機會。”第二個我要說的是校園，也許多年來，也許幾十年來，雇主一直在對教育機構和系統說，坦率地說，“嘿。如果你的畢業生在畢業時擁有更多與工作相關的技能，那就太好了”，但影響變革，幫助這些教育機構靈活地弄清楚我們如何創建可以幫助培養這些類型的畢業生的課程，我的意思是，在某種程度上，職業學院提供了一個非常統包的機制來做到這一點，所以我們看到了很多興趣。

It's still early days and we're kind of creating a market, so it will probably take a little bit of time, but it seems to be a pretty effective way to help educational institutions bridge that gap between what graduates have and what employers are looking for them to have. And then I think on the Coursera for Business side it's still earlier days, but what we're seeing in the U.S. is a number of employers who are saying, "I want to attract more frontline workers. And they're looking for a career development benefit. They're looking for some signal that we're going to invest in them and we're going to create a career that's beyond just that frontline retail job or being a barista in the coffee shop. We want to provide something to attract and retain our frontline talent." And in Europe, frankly, we're hearing a little bit around the need to re-skill and redeploy people where it's harder to exit employees just -- [in] some of the regulatory environments there. So they're thinking we're going to have to re-skill and redeploy people. What's the way to take someone from job A and freeing them up and get them productive in a "higher value added role" job B? And it feels like Career Academy is starting to resonate with that too. So that's kind of the order that I would go.

現在還處於早期階段，我們正在創造一個市場，所以這可能需要一點時間，但這似乎是幫助教育機構彌合畢業生所擁有的與雇主所期待的之間差距的一種非常有效的方法讓他們擁有。然後我認為在 Coursera for Business 方面還處於早期階段，但我們在美國看到的是一些雇主說，“我想吸引更多的一線員工。他們正在尋找一份職業發展利益。他們正在尋找一些信號，表明我們將投資於他們，我們將創造一個不僅僅是一線零售工作或成為咖啡店咖啡師的職業。我們想提供一些東西給吸引並留住我們的一線人才。”在歐洲，坦率地說，我們聽到一些關於重新培訓和重新部署人員的需求，因為那裡的一些監管環境更難讓員工離職。所以他們認為我們將不得不重新培訓和重新部署人員。將某人從工作 A 中解救出來並讓他們在“更高附加值的角色”工作 B 中發揮生產力的方法是什麼？感覺職業學院也開始對此產生共鳴。這就是我要執行的順序。

Your next question comes from the line of Tom Singlehurst with Citi.

你的下一個問題來自花旗銀行的 Tom Singlehurst。

It's Tom here from Citi. Congrats on the results. One question and then a follow-up. Actually I'm going to start with Consumer. Obviously it just keeps on getting better and better, and micro-credentials and professional qualifications is the main driver of that. I'm just interested in what's happening sort of behind this with more plain vanilla university partner content. Is this still performing how you'd expect? Is there any sort of obvious cyclicality or any sort of changes in how the content is consumed and sort of some purchase rates and things like that? That's the first question, if that's okay.

我是花旗銀行的湯姆。祝賀結果。一個問題，然後跟進。實際上我將從消費者開始。顯然，它只會變得越來越好，而微證書和專業資格是其中的主要驅動力。我只是對這背後發生的事情以及更普通的大學合作夥伴內容感興趣。這仍然按照您的預期執行嗎？內容的消費方式以及某些購買率等方面是否存在任何明顯的周期性或任何類型的變化？這是第一個問題，如果可以的話。

Yes. Tom, this is Jeff. I'll take this one, yes. I think it sort of depends on the segment. In the Consumer channel, we clearly still have a lot of people who are coming and taking university courses, but often those are not as career-relevant courses and more often taking without paying for it. So you just sort of get the videos, but you don't actually get the -- don't get the credential. Most of the consumers, I think, are more career focused. And they're looking for that job training, and so disproportionately what they're paying for in the Consumer channel is the industry content. When you look at other channels, though, and notably the Coursera for Business channel, there are a lot more advanced topics in business, technology and data science from universities. They're a bit more cutting edge and they are doing pretty well, so I would say that what universities are generally doing well at is some of the more advanced content in business and technology and data science in Coursera for Business. And frankly, in the Coursera for Campus channel, some of those advanced courses are being used as stand-alone electives where maybe a university doesn't have a large data science staff. I mean imagine a university, say, in Indonesia; and they haven't really hired up a really big -- a data science staff. And maybe there's nobody on faculty who understands the intricacies or doesn't offer a course on deep learning. Well, the university courses on Coursera often touch on these sort of advanced courses. And they could be pretty handy to offer stand-alone electives as part of the university curriculum because they come from a notable university and they're in a cutting-edge field that's not currently part of the course offerings of that university.

是的。湯姆，這是傑夫。我要這個，是的。我認為這在某種程度上取決於細分市場。在消費者渠道，我們顯然還有很多人來參加大學課程，但這些課程通常與職業無關，而且更多的是免費參加。所以你只是得到了視頻，但你實際上並沒有得到 - 不要得到證書。我認為，大多數消費者更注重職業。他們正在尋找工作培訓，因此他們在消費者渠道中支付的費用不成比例地是行業內容。但是，當您查看其他渠道時，尤其是 Coursera for Business 渠道，您會發現大學在商業、技術和數據科學方面有很多更高級的主題。他們更前沿一些，而且做得很好，所以我想說大學通常做得好的是 Coursera for Business 中商業和技術以及數據科學方面的一些更高級的內容。坦率地說，在 Coursera for Campus 頻道中，其中一些高級課程被用作獨立的選修課，而大學可能沒有大量的數據科學人員。我的意思是想像一所大學，比如說，在印度尼西亞；而且他們還沒有真正聘請到真正的大數據科學人員。也許教職員工中沒有人了解其中的複雜性，或者不開設深度學習課程。好吧，Coursera 上的大學課程經常涉及這類高級課程。而且他們可以非常方便地提供獨立的選修課作為大學課程的一部分，因為他們來自一所著名的大學，而且他們處於前沿領域，目前該大學的課程不屬於該領域。

That makes a lot of sense. And I guess that possibly explains why the gross margins for Consumer tickled above Enterprise. Maybe that's one of the factors...

這很有意義。我想這可能解釋了為什麼消費者的毛利率高於企業。或許這也是原因之一吧……

I think that's fair, Tom, yes, yes.

我認為這很公平，湯姆，是的，是的。

Second question, on Degrees. I mean I suppose the obvious implication is that the sort of relative weakness in Degrees is the other side to the coin of super strong growth in industry market credentials, especially in -- or at least in the U.S. I -- the question is really this. You made a very eloquent point about the opportunities internationally, which I totally agree with, but in the U.S., I mean, is there any need to sort of pause the rollout of degree programs? I'm just interested in whether it's taking up kind of disproportionate amounts of capital that -- in terms of to put your shoulders to the wheel on the Degrees side? Or is that something that can sort of be developed without necessarily [in the vertical] sort of sucking in too much capital?

第二個問題，關於學位。我的意思是，我認為明顯的暗示是學位的那種相對弱點是行業市場證書超強增長的另一面，尤其是在——或者至少在美國——問題真的是這個.你就國際機會提出了非常雄辯的觀點，我完全同意，但在美國，我的意思是，是否有必要暫停學位課程的推出？我只是想知道它是否佔用了某種不成比例的資本——就把你的肩膀放在學位方面的方向盤上而言？還是可以開發某種東西而不必 [在垂直領域] 吸收太多資本？

Yes. Tom, I think, since the time that we have gone public, obviously through COVID, there's -- there were a lot of atypical phenomenon and signals being sent. It's often hard to parse out what's going to be more enduring and what's going to be more temporary. During that time, unprecedented time, we brought a lot of degrees on platform. And we are learning about, well, which ones resonate with learners and which ones don't resonate so much. And what features of degrees are resonating with learners? And frankly, which features of degrees are not? I don't think that it's so much about slowing the pace of bringing degrees on platform, but I do think that there are certain types of degrees and certain types of features that we are understanding are very attractive, especially to working adults. And in the script, we mentioned BITS Pilani. And that -- the features that we described there are the kinds of features that universities are looking for -- that working adults are looking for. And a lot of that has to do with affordability, in-demand skills, integration of industry content, a convenient ability to start the degree so you can start at any time online. The way that you have to go through the application process, can it be more performance-based? That's what we're finding is degrees that have those features are performing better than degrees that don't.

是的。湯姆，我認為，自從我們公開上市以來，顯然是通過 COVID，發出了很多非典型現象和信號。通常很難分析出什麼會更持久，什麼會更短暫。那段時間，前所未有的時間，我們在平台上帶來了很多學位。我們正在學習，嗯，哪些能引起學習者的共鳴，哪些不會引起太多共鳴。學位的哪些特徵引起了學習者的共鳴？坦率地說，學位的哪些特徵不是？我不認為放慢平台上學位的步伐有什麼大不了的，但我確實認為某些類型的學位和我們理解的某些類型的功能非常有吸引力，尤其是對工作的成年人。在劇本中，我們提到了 BITS Pilani。而且——我們描述的特徵是大學正在尋找的特徵——工作的成年人正在尋找的特徵。這在很大程度上與負擔能力、按需技能、行業內容的整合、開始學位的便利能力有關，這樣你就可以隨時在線開始。您必須通過申請流程的方式，它可以更基於性能嗎？這就是我們發現的，具有這些特徵的學位比沒有這些特徵的學位表現更好。

And so what we're really doing is focusing more of our attention on degrees that have those features currently on platform, on changing degrees that are on platform to adopt more of those features and then sourcing new degrees that have those features because we're hearing learners tell us -- we've done quite a bit of research on this in the last 6 months or so. And working adults are looking for something a bit different than the traditional on-campus degree. And I think what we're going to see is that Phase 1 of online degrees is let's kind of just take what was on campus and put it online. And I think Phase 2 is going to be add some additional features that really work better for working adults. And as those types of degrees come online, I think they're going to better meet the need of a large portion of working adults who want to get a degree but the degree has go to really kind of work for them. Ken, I don't know if you want to add anything to that.

因此，我們真正在做的是將更多注意力集中在平台上當前具有這些功能的學位上，關注改變平台上的學位以採用更多這些功能，然後採購具有這些功能的新學位，因為我們聽力學習者告訴我們——在過去 6 個月左右的時間裡，我們對此進行了大量研究。在職成年人正在尋找與傳統校園學位有所不同的東西。我認為我們將看到的是在線學位的第一階段是讓我們把校園裡的東西放到網上。而且我認為第 2 階段將添加一些更適合在職成年人的附加功能。隨著這些類型的學位上線，我認為它們將更好地滿足大部分想要獲得學位但學位對他們來說確實是一種工作的在職成年人的需求。肯，我不知道你是否想補充什麼。

Yes, I would just a little bit. Yours is the more interesting part, but to get to the capital part of the equation, which is very important and a differentiator on our approach to the business, which is that, yes, while we're investing in go-to-market on Degrees, it's not that expensive, we believe, in the long-term outlook, to say the least, as Jeff was talking about, but very importantly, in the near term, there's not a huge capital burden. And there's a misconception out there due to the OPM, the traditional OPM industry historically, that would have huge capital commitments before implementing these various programs, the programs, the degree programs. From a marketing cost standpoint, we are much lower priced because we generate our own users, 75% of which are free, as we've talked about ad nauseam almost since the IPO but super important to understand that differentiation. And secondly, the servicing costs for us are much lower because we act as a platform. We're not doing the production. And that's what's enabled us to compete the way we do. It also keeps -- it keeps the degrees program from sucking up a lot of working capital and net capital, so we don't share the problems that some of the traditional OPMs did earlier in their existence and perhaps to some degree today.

是的，我會一點點。你的是更有趣的部分，但是要達到等式的資本部分，這是非常重要的，也是我們業務方法的差異化因素，也就是說，是的，當我們投資於進入市場時學位，我們相信，從長遠來看，至少可以說，正如傑夫所說，學位並沒有那麼貴，但非常重要的是，在短期內，沒有巨大的資本負擔。由於 OPM，歷史上傳統的 OPM 行業，存在一種誤解，在實施這些不同的項目、項目、學位項目之前，會有大量的資本承諾。從營銷成本的角度來看，我們的定價要低得多，因為我們產生了自己的用戶，其中 75% 是免費的，因為我們幾乎自 IPO 以來就一直在談論令人作嘔的廣告，但了解這種差異化非常重要。其次，由於我們充當平台，因此我們的服務成本要低得多。我們不做生產。這就是使我們能夠以我們的方式競爭的原因。它還可以防止學位課程吸收大量營運資金和淨資本，因此我們不會分享一些傳統 OPM 在其存在早期以及今天可能在某種程度上所做的問題。

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

你的下一個問題來自 Ryan MacDonald 與 Needham 的對話。

Congrats on a great quarter. Jeff, perhaps to start with you. On Coursera for Business, it was interesting, the comment you made about North America, really the platform being focused as a career development benefit, whereas versus Europe being more of a sort of a re-skilling tool. I'm curious how that's evolved over the last 6 months. And as you think about those use cases, when you speak to CHROs, what sort of level of prioritization are they putting on those types of initiatives, especially given they're in their budget planning process for next year? And given the macro, we tend to see some budget cuts on the L&D side of things, but would really like to know sort of from your viewpoint and from your conversations. Where does the prioritization lie in terms of investing in expansion of those types of initiatives going into next year? And how do you feel position-wise if we start to see some consolidations or some tighter budgets?

祝賀一個偉大的季度。傑夫，也許從你開始。在 Coursera for Business 上，您對北美的評論很有趣，實際上該平台專注於職業發展福利，而歐洲則更像是一種再培訓工具。我很好奇這在過去 6 個月中是如何演變的。當您考慮這些用例時，當您與 CHRO 交談時，他們對這些類型的計劃有什麼樣的優先級，特別是考慮到他們正在製定明年的預算計劃流程？鑑於宏觀，我們傾向於在 L&D 方面看到一些預算削減，但真的很想從您的角度和談話中了解一些情況。在明年投資於擴大這些類型的舉措方面，優先次序在哪裡？如果我們開始看到一些合併或一些更緊的預算，你對位置有何看法？

Ryan, great questions. And it's evolving. It's evolving. The Career Academy offering is fairly recent for us and so it's pretty new. And we're only getting some, I'd say, early indications of how this offering will fit into the greater agenda for learning and development departments. I think you're right, though. I mean L&D budgets are tightening. Generally speaking historically, it's been a fairly discretionary spend. Generally speaking, I think it's -- continues to be more discretionary and cyclical than other parts of our business, some of the other segments. And at least that's what we're seeing. In terms of where their priorities are going to be, it feels to me -- and I do take -- talk to a lot of CHROs. [And again, Europe] is really holding onto their purse strings, it seems. And they -- which is interesting because, during COVID, I think there was a lot of emphasis on just generally putting a lot of online learning and development programs out there to support workforces who were going through the whole shutdown process, at least office closures in Europe. I think that what's happening in Europe now is causing a contraction of the L&D spend. When we think about, well, when they take those extra -- when they take those dollars that they're going to spend, what are they doing with them, I do feel like they're going to -- they're focusing on consolidating to fewer players. I think it's going to be harder for smaller players and more niche players to be as successful. And there is computing demand. I think there's a lot of things that L&D folks have to figure out or try to put their spend against. One is continuing to build tech talent and data science talent. I mean that's really important, and I think that's some of the least-discretionary money that needs to be spent.

瑞安，很好的問題。它在不斷發展。它在進化。職業學院課程對我們來說是最近才推出的，因此非常新。我想說，我們只是得到了一些早期跡象，表明該產品將如何適應學習和發展部門的更大議程。不過我認為你是對的。我的意思是 L&D 預算正在收緊。一般來說，從歷史上看，這是一筆相當可自由支配的支出。一般來說，我認為它 - 繼續比我們業務的其他部分，其他一些部分更具自由裁量權和周期性。至少這就是我們所看到的。就他們的優先事項而言，我覺得——我確實接受了——與很多首席人力資源官交談。 [再一次，歐洲] 似乎真的緊緊抓住了他們的錢袋子。他們——這很有趣，因為在 COVID 期間，我認為人們非常重視一般性地開展大量在線學習和發展計劃，以支持正在經歷整個停工過程的員工，至少是辦公室關閉在歐洲。我認為歐洲現在正在發生的事情正在導致 L&D 支出的收縮。當我們想到，嗯，當他們拿走這些額外的錢時——當他們拿走那些他們要花的錢時，他們用這些錢做什麼，我確實覺得他們會——他們專注於合併到更少的玩家。我認為較小的玩家和更多的利基玩家將更難取得同樣的成功。還有計算需求。我認為 L&D 人員必須弄清楚很多事情，或者試圖將他們的支出用於反對。一是繼續培養技術人才和數據科學人才。我的意思是這真的很重要，我認為這是需要花費的最少的可自由支配的錢。

And so I don't see that really going away as much. I think that -- general, broad-based learning programs that aren't really role specific and don't really dial into critical job roles that need critical skills, I think those are on the more discretionary side. So I think L&D is kind of putting the money against what job roles need which skills to drive the business agenda that the CEO and the C-suite execs are talking about. I think that's generally data science, technology and also some of these workforce re-skilling programs. And that re-skilling is I think they're just starting to see how they might do that at greater scale.

因此，我認為這並沒有真正消失。我認為——一般的、基礎廣泛的學習計劃並不是真正針對特定角色的，也沒有真正撥入需要關鍵技能的關鍵工作角色，我認為這些是更自由的一面。因此，我認為 L&D 是在某種程度上將資金投入到哪些工作角色需要哪些技能來推動 CEO 和 C-suite 高管正在談論的業務議程。我認為這通常是數據科學、技術以及其中一些勞動力再培訓計劃。我認為這種再培訓是他們才剛剛開始看到他們如何在更大範圍內做到這一點。

That's really helpful. Maybe as a follow-up and just more focused on the collaborations you talked about between the industry and university partners: What is the strategy there in terms of is it -- is this really a goal of trying to drive sort of more of the professional certification-type learners into degree programs over time? And if so, how do you think you bridge that gap or sort of shift that learner into sort of that more longer-duration program over time? And then if it works, what sort of efficiency could this create in terms of your sales and marketing line item?

這真的很有幫助。也許作為後續行動，只是更關注你談到的行業和大學合作夥伴之間的合作：那裡的戰略是什麼——這真的是一個試圖推動更多專業人士的目標嗎？隨著時間的推移，認證型學習者進入學位課程？如果是這樣，您認為您如何彌合這種差距或隨著時間的推移將學習者轉變為那種持續時間更長的課程？然後，如果它有效，這會在您的銷售和營銷訂單項方面創造什麼樣的效率？

Yes. I think this is the answer that I'll provide is a bit of a continuation to an answer that I provided earlier to, I think it was, Brian when he asked. When Coursera started 10 years ago, it was all about MOOCs, massively open online courses. And I think that what people saw was, "Oh, my gosh. These MOOCs are going to threaten degrees. Maybe they'll replace degrees." And even today, boot camps and all these other types of micro-credentials, people often think, "Oh, these might replace degrees." We've always had the opinion, perhaps because we were started by 2 university professors, that there was going to be a much more nuanced portfolio of credentials out there. The way that people learn and the credentials that matter to employers is going to broaden. It's not like one credential is going to beat all the other ones. And that's what we're seeing. We're seeing not only a portfolio of credentials, some very quick and cheap and have less employability signal and some that are longer and more robust and have more employability signal. And so not only are there more credentials out there, but I would also say that -- the way that those credentials stack into each other; how one credential, say, from an industry can count towards another credential from the university.

是的。我認為這是我將提供的答案，是我之前提供的答案的延續，我認為是，Brian 在他提問時提供的。 10 年前，當 Coursera 剛剛起步時，一切都是關於 MOOCs 的，大規模開放的在線課程。我認為人們看到的是，“哦，天哪。這些 MOOC 將威脅到學位。也許它們會取代學位。”即使在今天，新兵訓練營和所有這些其他類型的微證書，人們也常常認為，“哦，這些可能會取代學位。”我們一直認為，也許是因為我們是由 2 位大學教授創立的，所以那裡會有更加細緻入微的證書組合。人們學習的方式和對雇主很重要的資歷將會擴大。這不像是一種憑證會擊敗所有其他憑證。這就是我們所看到的。我們不僅看到了證書組合，有些證書非常快速和便宜並且具有較少的就業信號，而有些證書時間更長，更強大並且具有更多的就業信號。因此，不僅有更多的憑據，而且我還要說——這些憑據相互疊加的方式；例如，一個行業的證書如何計入大學的另一個證書。

So I think that really it's been quite some time really, I think, since we launched our first degree with University of Illinois. This idea that you can go from a MOOC to a degree has been something we've been working on quite a bit. I think that what's happening in the last year or 2 is that we're just formalizing and building out that capability, so it's not just a MOOC to a degree. It's a credential which is a professional certificate that can be integrated with degrees for credit. I mean right now 12 of the Professional Certificates in the Career Academy have ACE credit recommendations. This is the American Council on Education, where the ACE is recommending to every college and university in the United States that any learner who finishes this professional certificate could be, should be awarded credit and this many credit hours towards a degree. A lot of universities are starting to pick up on this and say, "Wow. This is not only a way to improve the employability of my graduates, but it's actually a funnel where I can get some leads into my degree program. If I can reach out to all those learners earning the industry micro-credentials and say, 'Hey. You're already on the way towards earning your degree from my institution.' I can improve my curriculum and get a source of new learners, namely working adults."

所以我認為自從我們在伊利諾伊大學開設第一個學位以來，真的已經過去了一段時間。您可以從 MOOC 到學位的想法是我們一直在努力的事情。我認為過去一兩年發生的事情是我們只是在正規化和構建這種能力，所以它在某種程度上不僅僅是一個 MOOC。這是一種證書，是一種可以與學分相結合的專業證書。我的意思是，現在職業學院的 12 個專業證書都有 ACE 信用推薦。這是美國教育委員會，ACE 向美國的每一所學院和大學建議，任何完成此專業證書的學習者都應該獲得學分，並獲得學位的這些學分。許多大學開始意識到這一點並說：“哇。這不僅是提高畢業生就業能力的一種方式，而且實際上是一個漏斗，我可以從中獲得一些線索進入我的學位課程。如果我能接觸所有獲得行業微證書的學習者並說，“嘿。你已經在我的機構獲得學位的路上了。”我可以改進我的課程並獲得新學習者的來源，即在職成年人。”

And when you look at the demographics in the U.S. The 18-year-old population is getting smaller post millennials. Universities need to go after working adults. Well, if you can get working adults to start with an industry micro-credential and then have that be the on-ramp to an online degree that people can take while they're working, that's a system that benefits departments of labor because they could help retrain their working adults and universities so that they can recruit and serve a population of learners who traditionally they just didn't serve before.

當您查看美國的人口統計數據時，18 歲的人口在後千禧一代中變得越來越少。大學需要追求有工作的成年人。好吧，如果你能讓工作的成年人從一個行業微證書開始，然後讓它成為人們在工作時可以獲得的在線學位的入口，那將是一個有利於勞工部門的系統，因為他們可以幫助重新培訓他們的工作成年人和大學，以便他們可以招募和服務傳統上他們以前沒有服務過的學習者群體。

Your next question comes from the line of Matt Saltzman with Morgan Stanley.

你的下一個問題來自摩根士丹利的 Matt Saltzman。

So my question is around Coursera for Business and just kind of the go-to-market motion. I'm curious if there's anything that you all can share on how big the web-enabled sales component is today and if you expect kind of the mix of leads to change over time and also just anything you can share on how that performance has differed from the direct sales effort.

所以我的問題是關於 Coursera for Business 和上市動議。我很好奇你們是否可以分享關於今天支持網絡的銷售組件有多大的任何東西，以及你們是否希望銷售線索的組合隨著時間的推移而改變，以及你們可以分享關於績效有何不同的任何東西從直接銷售努力。

Sure, Matt. You've been close to the model [to test] WES. WES has not been a big area of emphasis. It's a different way to serve smaller purchases, departmental, so just to eliminate PO, the hassles often of dealing with bigger companies. And so WES is something that's kind of a natural offshoot of what we do, anyway. We have the platform because of Consumer and then we capture WES independently. WES has been steady for some quarters and years. It's not a huge part of the business. It's a part of the business that's still important to us, so we continue to serve it. There's still ongoing investment to allow that infrastructure, but we keep it to minimum. And the -- it serves as a gateway and an ability to upgrade, so it can be part of a land-and-expand strategy but not something that we hit directly as an investment. So we enable it, but it's a smaller part of the business and serves the broader needs.

當然，馬特。您已經接近[測試] WES 模型。 WES 一直不是重點領域。這是一種不同的方式來服務較小的採購，部門，所以只是為了消除 PO，與大公司打交道的麻煩。因此，無論如何，WES 是我們所做工作的自然分支。我們有 Consumer 的平台，然後我們獨立捕獲 WES。 WES 在幾個季度和幾年裡一直保持穩定。這不是業務的很大一部分。這是業務的一部分，對我們來說仍然很重要，所以我們會繼續為它服務。仍在繼續投資以允許該基礎設施，但我們將其保持在最低限度。而且——它作為一個網關和升級的能力，所以它可以成為土地和擴張戰略的一部分，但不是我們直接作為投資打擊的東西。所以我們啟用它，但它只是業務的一小部分，服務於更廣泛的需求。

Got it. So just to make sure I'm understanding it correctly: Direct sales, you guys are typically going more at kind of the higher level -- I don't want to necessarily say C-suite but higher level of the organization. And then at the more departmental, call it, HR level that might manage a separate learning and development budget, that's kind of where web-enabled sales can come into play more often.

知道了。因此，為了確保我理解正確：直銷，你們通常會在更高級別進行更多——我不想一定要說 C-suite，而是組織的更高級別。然後在更多的部門，稱之為 HR 級別，可能管理單獨的學習和發展預算，這是網絡銷售可以更頻繁地發揮作用的地方。

Yes, there could be a couple of different possibilities. It's really just smaller departmental. When you're doing something for the whole entity, that tends to be [over an] enterprise sale, right? The vast majority of deals are multi-hundred thousands. They're 6-figure deals, sometimes 7 figure. WES tends to be a much smaller price point. So it could be a head of engineering ordering for his group of 12 people, or departmental engineer. It could be someone in L&D, but the L&D deals tend to be bigger deals or corporate-wide. So really more departmental and operational. And sometimes they're trials. They're samples they're looking at evaluating.

是的，可能有幾種不同的可能性。它實際上只是較小的部門。當您為整個實體做某事時，往往是 [over an] 企業銷售，對嗎？絕大多數交易都是數十萬筆。他們是 6 位數的交易，有時甚至是 7 位數。 WES 的價格往往要低得多。因此，它可能是他的 12 人團隊的工程訂購主管，或部門工程師。它可能是 L&D 的某個人，但 L&D 交易往往是更大的交易或公司範圍內的交易。所以真的更具部門性和操作性。有時它們是試驗。他們是他們正在評估的樣本。

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

您的下一個問題來自 Brett Knoblauch 與 Cantor 的對話。

Just on the industry content that is higher from a content or segment margin perspective, but it also sounds like you guys then have to invest more on the marketing front to drive demand for the industry content. I guess, if you account for that incremental marketing investment, what is the margin differential between the industry and the -- I guess, the university content?

只是從內容或細分市場利潤率的角度來看，行業內容更高，但聽起來你們必須在營銷方面投入更多，以推動對行業內容的需求。我想，如果你考慮到增量營銷投資，那麼行業和大學內容之間的利潤差異是多少？

Brett, it's an important question actually because it's something we're very focused on. The industry credentials have been great for us across all the different parts of the business. It's part of what Jeff talked about even as it relates to degrees. It's the stackable portion, so it's something we're focused on. It's also been very successful, so the margin profile matters. As we've discussed regularly, they tend to have a higher-gross-margin profile because the objective of the industry partners is often for their publicity purposes, for pushing for their platforms. Their business, how they make money, that's what they care about. They're not as focused on revenue dollars from learning, right? It's not what they do. It's not their primary business. That said, the numbers are a little bit across the board, but it tends to even out not far from where they do for the standard media, right? They'll want us to invest at a reasonably heavy level where we're using their brand and to market and promote what they do. That's why they're doing it. And so the overall economics, when you drop it down to, say, an [EBIT] line, are relatively similar. That's very broad brush, to be clear. It varies quite a bit depending on the partner, but in generalities you can expect we're investing a fair amount below the line as well.

布雷特，這實際上是一個重要的問題，因為這是我們非常關注的事情。行業證書對我們業務的所有不同部分都非常有用。這是 Jeff 談到的一部分，即使它與學位有關。這是可堆疊的部分，所以這是我們關注的重點。它也非常成功，因此利潤率很重要。正如我們經常討論的那樣，他們往往具有更高的毛利率，因為行業合作夥伴的目標通常是為了他們的宣傳目的，推動他們的平台。他們的生意，他們如何賺錢，這才是他們關心的。他們並沒有那麼專注於學習帶來的收入，對吧？這不是他們所做的。這不是他們的主要業務。也就是說，這些數字有點全面，但它往往與標準媒體的數字相差不遠，對吧？他們會希望我們在使用他們品牌的地方進行相當大的投資，並營銷和推廣他們所做的事情。這就是他們這樣做的原因。因此，當您將其降低到 [EBIT] 線時，整體經濟狀況相對相似。很清楚，這是非常廣泛的刷子。它因合作夥伴而異，但總的來說，您可以預期我們也在線下投資了相當多的金額。

Perfect, understood. And I guess, what would be the pathway to generate leverage there if there's a constant need for additional marketing spend to drive demand for either the academia or the industry content? I guess broader question is can you just give some longer-term thoughts on how we should be thinking about your guys' path to profitability.

完美，明白了。我想，如果持續需要額外的營銷支出來推動對學術界或行業內容的需求，那麼在那裡產生影響力的途徑是什麼？我想更廣泛的問題是你能不能就我們應該如何考慮你們的盈利之路給出一些長期的想法。

Sure. Well, path to profitability is something we think about, and it's pretty complicated. We look at how we're scaling, which is part of your question here. You do get more scale over time. It's hard to answer your question discretely just because of the way the expenses do flow. So we invest in the different programs for the industry partners and sometimes for the university partners. We also invest even when there isn't a mandate, if we're just being paid as a rev share, to maximize and grow those revenues, so it's looking for continued areas where we get leverage over time. As we grow the company, as our brand grows, it helps. We don't have to, we won't have to invest at the same rate going forward. And I expect you're going to start to see some of that scaling relatively soon. As we've said, we focus on EBITDA and we focus on leverage. And I think you're going to start to see some more leverage. We're not providing guidance for '23 yet, but consistent with how we've been thinking about it, we're getting closer to a point where we really start to show some leverage. And profitability matters to us. It's -- if you will, it's in vogue right now with Wall Street, with interest rates. And so it's not how we run our company quarter to quarter, but we're also paying attention. We're also naturally at a point with the company where I think you're going to see some more drop down towards the bottom line.

當然。好吧，盈利之路是我們考慮的事情，而且非常複雜。我們看看我們是如何擴展的，這是你的問題的一部分。隨著時間的推移，你確實會獲得更大的規模。由於費用的流動方式，很難謹慎地回答您的問題。因此，我們為行業合作夥伴投資不同的項目，有時也為大學合作夥伴投資。即使沒有授權，我們也會進行投資，如果我們只是作為收入份額獲得報酬，以最大化和增加這些收入，所以它正在尋找我們隨著時間的推移獲得影響力的持續領域。隨著我們公司的發展，隨著我們品牌的發展，它會有所幫助。我們不必，我們將不必以相同的速度進行投資。而且我希望您很快就會開始看到其中的一些擴展。正如我們所說，我們專注於 EBITDA，我們專注於槓桿。而且我認為你會開始看到更多的影響力。我們還沒有為 '23 提供指導，但與我們一直在思考的方式一致，我們越來越接近我們真正開始顯示一些影響力的地步。盈利能力對我們很重要。它是——如果你願意的話，它現在在華爾街和利率方面很流行。因此，這不是我們每個季度運營公司的方式，但我們也在關注。我們也很自然地與公司合作，我認為你會看到更多的利潤下降。

And that wraps the Q&A for today. 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. Take care.

今天的問答到此結束。在接下來的 24 小時內，將在我們的投資者關係網站上提供該網絡廣播的重播以及文字記錄。感謝您加入我們。小心。

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。