Coursera Inc (COUR) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Coursera's Fourth Quarter and Full Year 2022 Earnings Call. (Operator Instructions) And please be advised that this call is being recorded. (Operator Instructions)

女士們，先生們，謝謝你們的支持。歡迎來到 Coursera 的第四季度和 2022 年全年收益電話會議。 （操作員說明）請注意，此通話正在錄音中。 （操作員說明）

And now at this time, I'll turn things over to Cam Carey, Head of Investor Relations. Mr. Carey, you may begin.

現在這個時候，我將把事情交給投資者關係主管 Cam Carey。凱里先生，您可以開始了。

Hi, everyone, and thank you for joining our Q4 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.

大家好，感謝您參加我們的第四季度財報電話會議。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。

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.

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。

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.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。非 GAAP 指標與最直接可比的 GAAP 指標的對賬可以在今天的新聞稿和補充介紹中找到，它們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 related 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，本次電話會議期間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的不確定性、我們的生態系統、平台、內容和合作夥伴關係的潛在影響的陳述。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 welcome, everyone. It's great to be with you all. I've been a CEO for over 25 years. And in that time, I have witnessed many economic cycles, societal challenges and technological leaps that are required individuals and institutions to embrace how to learn, change and grow. The past year has proven to be one of those times.

謝謝，卡姆，歡迎大家。很高興和大家在一起。我擔任 CEO 已超過 25 年。在那段時間裡，我目睹了許多經濟周期、社會挑戰和技術飛躍，這些都要求個人和機構接受如何學習、改變和成長。過去的一年已被證明是其中的一個時期。

Organizations are exercising caution given the macroeconomic uncertainty, students are demanding an education system that is more affordable, accessible and relevant. And as the year came to a close and ChatGPT mesmerized the world, we were all reminded of the transformative power of technology to change the way we teach, learn and work. Despite the dynamic environment, I'm inspired by our team and confident in our ability to deliver on our long-term strategy.

鑑於宏觀經濟的不確定性，各組織正在謹慎行事，學生們要求一個更負擔得起、更容易獲得和相關的教育系統。隨著這一年的結束，ChatGPT 讓世界著迷，我們都意識到技術的變革力量可以改變我們的教學、學習和工作方式。儘管環境充滿活力，但我對我們的團隊感到鼓舞，並對我們實現長期戰略的能力充滿信心。

We grew revenue 26% over the year -- prior year with total revenue of $524 million. We rapidly expanded the Coursera ecosystem, welcoming new learners, educators and institutions around the globe, and we deepen the advantages of our 3-sided platform. The structural trends reshaping our world are not slowing down.

我們的收入比去年增長了 26%——去年總收入為 5.24 億美元。我們迅速擴展了 Coursera 生態系統，歡迎全球新的學習者、教育者和機構，並深化了我們三方平台的優勢。重塑我們世界的結構性趨勢並未放緩。

Let's discuss the latest on each, starting with digital transformation. The forces of technology and globalization have been accelerating the transformation of every institution in our society. And the rise of remote work has led to a globalization of talent that is reshaping the supply and demand for jobs no longer confined to a specific city, state or country. Over the course of my career, I have seen how errors of disruptive technology, be it the Internet, cloud computing, social media or mobile have helped advance the world and create opportunity, but they've not been without consequences, including dislocation and job losses.

讓我們從數字化轉型開始討論每一項的最新進展。技術和全球化的力量一直在加速我們社會中每一個機構的轉型。遠程工作的興起導致人才全球化，正在重塑工作的供求關係，不再局限於特定的城市、州或國家。在我的職業生涯中，我看到了顛覆性技術的錯誤，無論是互聯網、雲計算、社交媒體還是移動技術，如何幫助推動世界發展和創造機會，但它們並非沒有後果，包括混亂和工作損失。

I believe that AI is ushering in the next major inflection point with implications that go beyond the traditional boundaries of automation. It appears that AI will impact the future of learning and the future of work more quickly and more profoundly than many of us had been expecting.

我相信人工智能正在迎來下一個重大轉折點，其影響將超越傳統的自動化界限。人工智能似乎將比我們許多人預期的更快、更深刻地影響未來的學習和工作。

This brings me to my second major trend, which is skills development. Employers are rapidly digitizing work processes and jobs that are repeatable and predictable. The generative AI has the potential to impact an entire new class of knowledge workers unleashing a new wave of reskilling imperatives. We believe that generative AI will require businesses to retool systems, processes and talent while harnessing these new technologies to improve their customer offerings, increase productivity and stay competitive. It will push universities to enhance their curriculums and the learning experience in order to make quality education more affordable, interactive and relevant. It will drive governments to deliver job training programs at the speed and scale needed to keep pace with job dislocation and unemployment challenges. And it will push every individual in every job to keep learning in order to stay relevant.

這讓我想到了我的第二個主要趨勢，即技能發展。雇主正在迅速將可重複和可預測的工作流程和工作數字化。生成式 AI 有可能影響全新的知識工作者類別，從而引發新一輪的技能再培訓。我們相信，生成人工智能將要求企業重組系統、流程和人才，同時利用這些新技術來改善他們的客戶服務、提高生產力並保持競爭力。它將推動大學改進課程和學習體驗，使優質教育更實惠、更具互動性和相關性。它將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。它將推動每項工作中的每個人不斷學習以保持相關性。

This leads me to the third trend that is driving our business, the transformation of higher education and adult learning more broadly. In a world where machines are increasingly capable of producing content at scale we believe that trusted institutions will play an increasingly valuable role in education. The growth in online learning has provided more equitable access to learners around the world. But the design of traditional systems of higher education have not kept pace with the change in skill requirements that have been driven by technology and automation. These higher education institutions must meet this challenge with rapid speed and scale, evolving to better serve the needs of students, graduates and communities in an increasingly digital and disruptive labor market. And this is why I'm glad to share that Coursera has partnered with the University of Texas system. This is a 3-year system-wide initiative. Students and faculty at all 8 UT campuses have access to the Coursera catalog, including our entry-level professional certificates that have been created by some of the world's best-known industry brands. Many of these industry micro credentials come with ACE credit recommendations, and several universities have already begun integrating content on Coursera into their 4 credit curriculum, including UT Arlington, El Paso, San Antonio and Tyler.

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。在一個機器越來越有能力大規模生產內容的世界裡，我們相信值得信賴的機構將在教育中發揮越來越重要的作用。在線學習的發展為世界各地的學習者提供了更公平的機會。但傳統高等教育系統的設計跟不上技術和自動化推動的技能要求的變化。這些高等教育機構必須以快速的速度和規模應對這一挑戰，不斷發展，以在日益數字化和顛覆性的勞動力市場中更好地滿足學生、畢業生和社區的需求。這就是為什麼我很高興分享 Coursera 與德克薩斯大學系統合作的原因。這是一項為期 3 年的全系統舉措。所有 8 個 UT 校區的學生和教師都可以訪問 Coursera 目錄，包括我們由一些世界知名行業品牌創建的入門級專業證書。這些行業微證書中的許多都帶有 ACE 學分建議，並且一些大學已經開始將 Coursera 上的內容整合到他們的 4 學分課程中，包括 UT Arlington、El Paso、San Antonio 和 Tyler。

We believe students will benefit not only from learning skills but also from earning industry micro credentials that complement the degree they earn from their local campus. And the University of Texas system will be preparing the next generation of talent to meet the state's workforce and industry demands.

我們相信學生不僅會從學習技能中受益，還會從獲得行業微型證書中受益，這些證書補充了他們在當地校園獲得的學位。德克薩斯大學系統將培養下一代人才，以滿足該州的勞動力和行業需求。

Historically, collaboration between industry and academia has been slow and piecemeal. By integrating industry expertise in the university curriculum at the scale of entire systems of higher education and government. We are beginning to witness what our platform and our ecosystem can make possible. Coursera is increasingly becoming the platform through which institutions are able to drive powerful collaboration to better meet the needs of our digital world.

從歷史上看，工業界和學術界之間的合作一直緩慢而零散。通過將行業專業知識整合到整個高等教育和政府系統的大學課程中。我們開始見證我們的平台和生態系統可以帶來什麼。 Coursera 正日益成為機構能夠推動強大協作以更好地滿足我們數字世界需求的平台。

We believe our platform has 3 distinct advantages that allow us to compete differently. First, our leading educator partners who've created a broad catalog of branded, high-quality 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 our recent progress for each of these. First, our educator partners. Universities play a prominent role in society, fostering education, research and knowledge, while teaching durable skills like critical thinking, communication and collaboration. And the curriculum can be complemented by practical hands-on learning from industry partners who are better equipped to keep pace with a fast-changing skills landscape and evolving job requirements.

我們相信我們的平台有 3 個明顯的優勢，使我們能夠以不同的方式競爭。首先，我們領先的教育合作夥伴創建了廣泛的品牌、高質量內容和證書目錄。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。讓我們討論一下我們最近在這些方面取得的進展。首先，我們的教育合作夥伴。大學在社會中發揮著重要作用，促進教育、研究和知識，同時傳授批判性思維、溝通和協作等持久技能。課程可以輔之以來自行業合作夥伴的實際動手學習，他們更有能力跟上快速變化的技能格局和不斷變化的工作要求。

Coursera's learning ecosystem includes a powerful combination of 300 university and industry partners, and we welcome many new partners to our platform over the last year. This includes top-tier universities around the globe, like Georgetown University, Indian Institute of Science and King Abdullah University of Science and Technology as well as industry leaders in the fields of technology, business and health. This includes Accenture, Mayo Clinic, Nvidia, PwC India and SAP, and these partners continue to expand the Coursera catalog.

Coursera 的學習生態系統包括 300 家大學和行業合作夥伴的強大組合，去年我們歡迎許多新合作夥伴加入我們的平台。這包括全球一流大學，如喬治敦大學、印度科學研究所和阿卜杜拉國王科技大學，以及技術、商業和健康領域的行業領導者。這包括 Accenture、Mayo Clinic、Nvidia、PwC India 和 SAP，這些合作夥伴繼續擴展 Coursera 目錄。

We announced 14 new degree programs in 2022, including 2 recent additions since our last call. We welcome the first liberal studies degree on Coursera from Georgetown University. This is a Bachelor's completion program that offers an affordable, flexible way for adult learners to finish their degree. Additionally, we announced our first degree from West Virginia University. It's a Master's of science in software engineering and is offered at an affordable price for students around the world.

我們在 2022 年宣布了 14 個新的學位項目，其中包括自我們上次電話會議以來最近增加的 2 個。我們歡迎喬治敦大學在 Coursera 上獲得第一個通識教育學位。這是一個學士完成課程，為成人學習者提供一種負擔得起的靈活方式來完成他們的學位。此外，我們還宣布了西弗吉尼亞大學的第一個學位。它是軟件工程科學碩士學位，以負擔得起的價格提供給世界各地的學生。

Next, we are rapidly expanding our catalog of entry-level professional certificates, adding new partners, job roles and language translations, while creating stronger connections to career and degree pathways. A year ago, we had 18 of these certificate training programs. Today, we have 38 that have been announced, more than doubling the catalog with titles from new and existing partners. Recently, we announced the first entry-level professional certificates from 2 new industry partners, including SAP technology consultant and goodwill, career coach and navigator. We believe that industry micro credentials will be a critical component of the transformation of higher education. They offer learners with no college degree or prior work experience an affordable, flexible way to start or switch into a digital career. They provide a turnkey solution for campuses or entire systems of higher education to upgrade their curriculum with career electives and produce graduates who have the skills and capabilities that employers are looking for. And they enable businesses and governments to deliver workforce and talent development at scale.

接下來，我們正在迅速擴展我們的入門級專業證書目錄，增加新的合作夥伴、工作角色和語言翻譯，同時與職業和學位途徑建立更緊密的聯繫。一年前，我們有 18 個這樣的證書培訓項目。今天，我們已經宣布了 38 個，新合作夥伴和現有合作夥伴的作品目錄增加了一倍多。近日，我們公佈了來自 2 個新行業合作夥伴的首個入門級專業證書，包括 SAP 技術顧問和商譽、職業教練和領航員。我們相信，行業微證書將成為高等教育轉型的重要組成部分。他們為沒有大學學位或之前工作經驗的學習者提供一種經濟實惠、靈活的方式來開始或轉向數字職業。他們為校園或整個高等教育系統提供交鑰匙解決方案，以通過職業選修課升級他們的課程，並培養出具備雇主所需要的技能和能力的畢業生。它們使企業和政府能夠大規模地提供勞動力和人才發展。

Our second major advantage is the global reach of our platform. We have a large growing learner base that attracts educators looking to teach individuals and institutions around the world. Our freemium model, paired with the world-class brands of these universities and industry partners allows us to grow our top-of-funnel, attract learners at low cost and serve them at a range of price points. This year, we added nearly 22 million new registered learners growing our global learner base to 118 million by the end of December. Learner growth continues to be broad-based with double-digit percentage increases in all regions. We also grew the number of paid enterprise customers to more than 1,000, including new business, campus and government customers. As the reach of our ecosystem continues to grow, the data generated by our learner base, including catalog performance, learner assessments and feedback from institutional customers allow us to identify and prioritize sourcing opportunities, deliver SkillSets insights to our enterprise customers, and create products, features and pathways that deliver more value to our learners, educators and 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，吸引了希望為世界各地的個人和機構授課的教育工作者。我們的免費增值模式與這些大學和行業合作夥伴的世界級品牌相結合，使我們能夠發展漏斗頂端，以低成本吸引學習者並以各種價位為他們提供服務。今年，我們增加了近 2200 萬新註冊學習者，到 12 月底，我們的全球學習者人數增加到 1.18 億。學習者的增長繼續具有廣泛的基礎，所有地區都以兩位數的百分比增長。我們還將付費企業客戶的數量增加到 1,000 多個，包括新的企業、校園和政府客戶。隨著我們生態系統的範圍不斷擴大，我們的學習者群體生成的數據，包括目錄表現、學習者評估和來自機構客戶的反饋，使我們能夠識別和優先考慮採購機會，向我們的企業客戶提供 SkillSets 見解，並創造產品，為我們的學習者、教育工作者和客戶提供更多價值的功能和途徑。

And this brings me to our final advantage, the ongoing product innovation on our unified platform. My first update focuses on the learner experience. Coursera is increasingly becoming a global destination for learners seeking job relevant skills and recognized credentials that can unlock the next phase in their education or career. Our team has been focused on creating strong connections between our open content and career and degree pathways. And this begins with the discovery experience. As part of our Career Academy launch last year, we began surfacing credentials to the lens of career pathways, helping learners better understand the job roles, number of openings, median salary information and in-demand skills associated with our entry-level professional certificates. This quarter, we focused on degree pathways and started rolling out enhancements to our catalog search and discovery with credit eligible filtering and badging that allows learners to more easily identify content and credentials that count as credit towards a college degree.

這讓我想到了我們的最終優勢，即在我們的統一平台上不斷進行的產品創新。我的第一個更新側重於學習者的體驗。 Coursera 正日益成為學習者尋求工作相關技能和公認證書的全球目的地，這些證書可以開啟他們教育或職業的下一階段。我們的團隊一直專注於在我們的開放內容與職業和學位途徑之間建立牢固的聯繫。這始於發現體驗。作為我們去年推出的職業學院的一部分，我們開始從職業道路的角度展示證書，幫助學習者更好地了解與我們的入門級專業證書相關的工作角色、職位空缺數量、工資中位數信息和需求技能。本季度，我們專注於學位途徑，並開始通過符合學分條件的過濾和標記對我們的目錄搜索和發現進行改進，使學習者能夠更輕鬆地識別可計入大學學位學分的內容和證書。

This is tied directly to my second update on the American Council on Education, also known as ACE, which offers credit recommendations. From our campus survey in 2022, we learned that more than half of students want to earn a professional certificate that counts as credit towards their degree. And we have continued to pursue credit recommendations across our catalog. These credit recommendations provide learners with the opportunity to earn academic credit towards a degree program typically at a much lower cost and universities consider offering credit for these industry micro credentials, which can complement traditional curriculum with job relevant skills or what we like to refer to as career electives.

這與我對美國教育委員會（也稱為 ACE）的第二次更新直接相關，該委員會提供學分建議。從我們 2022 年的校園調查中，我們了解到超過一半的學生希望獲得可以作為學位學分的專業證書。我們繼續在我們的目錄中尋求信用建議。這些學分建議為學習者提供了通常以低得多的成本獲得學位課程學分的機會，大學考慮為這些行業微證書提供學分，這可以補充傳統課程的工作相關技能或我們喜歡稱之為職業選修課。

This quarter, we secured ACE credit recommendations for 2 additional entry-level professional certificates with a total of 14 now recognized for academic credit. We believe more of our professional certificates have the potential to receive this distinction in the future, and we are pursuing similar credit recommendations from accreditation agencies in additional regions around the globe.

本季度，我們獲得了 2 個額外入門級專業證書的 ACE 學分推薦，現在共有 14 個獲得學分認可。我們相信，未來我們更多的專業證書有可能獲得這種殊榮，並且我們正在尋求全球其他地區的認證機構提供類似的信用建議。

Now my final update is for institutions. Our Academy's product is a complete skill development solution. It offers personalized skills-first approach to enterprise learning for the most critical job roles. Today, we offer 6 academies spanning technical and nontechnical domains. Customers tell us that stronger leadership, change in management and human skills are needed across their organizations, not just at the executive level, particularly with the unique challenges that remote work and hybrid work are presenting. We recently created a new leadership academy with a more targeted, more selective portion of the catalog, including 11,000 clips, 500 courses and 70 guided projects. This has been designed for buyers looking to offer high-quality leadership training at scale for all levels of the organization.

現在我的最後更新是針對機構的。我們學院的產品是一個完整的技能開發解決方案。它為最關鍵的工作角色提供個性化的技能優先的企業學習方法。今天，我們提供 6 個學院，涵蓋技術和非技術領域。客戶告訴我們，他們的組織需要更強大的領導力、管理變革和人員技能，而不僅僅是在執行層面，尤其是在遠程工作和混合工作帶來的獨特挑戰下。我們最近創建了一個新的領導力學院，目錄中更有針對性、更具選擇性的部分，包括 11,000 個剪輯、500 個課程和 70 個指導項目。這是為希望為組織的各個級別提供大規模的高質量領導力培訓的買家而設計的。

As AI accelerates change and puts more jobs at risk, one job appears to be more important and less at risk than ever, the job of a leader. Leaders are responsible for managing people through change, which is more important now but also more difficult now than ever. Leadership requires human skills and an awareness of change and context that AI will likely never replace. We are seeing strong demand for Leadership Academy and believe that tailwinds will increase demand for this kind of workplace training.

隨著 AI 加速變革並使更多工作面臨風險，領導者的工作似乎比以往任何時候都更重要且風險更低。領導者有責任通過變革來管理人員，這在現在比以往任何時候都更加重要，但也更加困難。領導力需要人類技能以及對人工智能可能永遠無法取代的變化和環境的意識。我們看到對領導學院的強勁需求，並相信順風將增加對這種工作場所培訓的需求。

Before I turn the call to Ken for a closer look at our financial performance and outlook, let me remind you of several key priorities we are focusing on in the years ahead. We are focused on growing our enterprise segment across business, government and campus customers seeking to address their needs in this changing environment. We are expanding our portfolio of degree programs, especially those tailors to meet the unique needs of working adults including flexibility, affordability and stronger pathways from open content and industry micro credentials into degrees. We are broadening our entry-level professional certificate catalog, expanding with new roles, new partners, new languages and credit recommendations. We are focused on deepening our advantages while driving more scale and leverage across our platform, and we see exciting possibilities for the use of generative AI across our business model.

在我打電話給 Ken 詳細了解我們的財務業績和前景之前，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，以滿足他們在這個不斷變化的環境中的需求。我們正在擴大我們的學位項目組合，尤其是那些量身定制的項目，以滿足在職成年人的獨特需求，包括靈活性、負擔能力以及從開放內容和行業微證書到學位的更強大途徑。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、新語言和信用推薦。我們專注於深化我們的優勢，同時在我們的平台上推動更大的規模和槓桿作用，我們看到了在我們的業務模型中使用生成人工智能的令人興奮的可能性。

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 are pleased with our fourth quarter results, which reflect the diversification inherent in our business model, including broad exposure to the needs of individuals, businesses, governments and campuses, a global footprint and the ability to serve learners at every stage of their career.

謝謝，傑夫，大家下午好。我們對第四季度的業績感到滿意，這反映了我們商業模式固有的多元化，包括廣泛接觸個人、企業、政府和校園的需求、足跡遍布全球以及為處於職業生涯各個階段的學習者提供服務的能力。

In Q4, we generated total revenue of $142.2 million, which was up 24% from a year ago, driven by strong growth in our Consumer and Enterprise segments. Over the course of 2022, we closely monitored the changing economic environment. This included our partners and customers' priorities as well as the implications for our own business as we navigate lower growth rates in the near term. We implemented a series of actions to pace our investments and resources with our revised growth forecast, most recently, reducing the size of our global workforce and sharpening our focus on key investments.

在第四季度，我們的總收入為 1.422 億美元，同比增長 24%，這主要得益於我們的消費者和企業部門的強勁增長。 2022 年，我們密切關注不斷變化的經濟環境。這包括我們的合作夥伴和客戶的優先事項，以及我們在短期內應對較低增長率時對我們自己業務的影響。我們實施了一系列行動，根據我們修訂後的增長預測來調整我們的投資和資源，最近，我們減少了全球勞動力的規模，並加強了我們對關鍵投資的關注。

Please note that for the remainder of the call, all non-GAAP measures have been adjusted to reflect onetime charges related to our workforce restructuring actions of approximately $10 million which is reconciled in our financial tables and supplemental slides. Gross profit was $88.9 million, up 24% from a year ago, and a 63% gross margin which was in line with the prior year period.

請注意，對於電話會議的其餘部分，所有非 GAAP 措施均已調整，以反映與我們的勞動力重組行動相關的一次性費用約為 1000 萬美元，這些費用已在我們的財務表格和補充幻燈片中進行了核對。毛利潤為 8890 萬美元，同比增長 24%，毛利率為 63%，與上年同期持平。

As a reminder, there are 2 components of cost of services, non-content costs that serve all 3 segments and the content cost paid to our educator partners. Our non-content costs have been largely consistent over time at approximately 10% of total revenue. The second component, our content costs paid to educator partners will vary based on the revenue mix amongst our 3 segments as well as the content margin rate of each segment. Given the strong growth in our entry-level professional certificates, we have seen a large positive variance in our consumer content margin rate associated with the increased consumption of industry partner content, which tends to have lower-than-average content costs depending on the partner's goals.

提醒一下，服務成本有 2 個組成部分，服務於所有 3 個細分市場的非內容成本和支付給我們的教育合作夥伴的內容成本。隨著時間的推移，我們的非內容成本基本保持穩定，大約佔總收入的 10%。第二部分，我們支付給教育合作夥伴的內容成本將根據我們三個部分的收入組合以及每個部分的內容利潤率而有所不同。鑑於我們的入門級專業證書的強勁增長，我們發現與行業合作夥伴內容消費增加相關的消費者內容利潤率存在很大的正向差異，根據合作夥伴的情況，內容成本往往低於平均水平目標。

As we've discussed, some industry partners have prioritized additional spend that is included primarily as part of our operating expense to promote their brands, reach or social impact initiatives as opposed to a higher revenue share. In conjunction with securing a multiyear contract extension of our strategic relationship as we began this new year, our largest industry partner has chosen to receive a more standard revenue share in the future. This will result in higher content costs and lower operating expense going forward, and I will provide more detail in the discussion of our financial outlook.

正如我們所討論的，一些行業合作夥伴已經優先考慮額外支出，這些支出主要作為我們運營費用的一部分，以推廣他們的品牌、影響力或社會影響計劃，而不是更高的收入份額。在新的一年開始之際，我們最大的行業合作夥伴選擇在未來獲得更標準的收入份額，同時確保我們戰略關係的多年合同延期。這將導致未來更高的內容成本和更低的運營費用，我將在討論我們的財務前景時提供更多細節。

Total operating expense for Q4 was $99.7 million or 70% of revenue, compared to 83% in the prior year period. Sales and marketing expense represented 38% of total revenue, down from 44%. Research and development expense was 20% of revenue, down from 24%. And general and administrative expense was 13% of revenue, down from 15%. Net loss was $6.5 million or 4.6% of revenue and adjusted EBITDA was a loss of $5.8 million or 4.1% of revenue. For the full year, our adjusted EBITDA loss as a percentage of revenue was 7.1%, a 150 basis improvement over the prior year.

第四季度的總運營費用為 9970 萬美元，佔收入的 70%，而去年同期為 83%。銷售和營銷費用佔總收入的 38%，低於 44%。研發費用佔收入的 20%，低於 24%。一般和行政費用佔收入的 13%，低於 15%。淨虧損為 650 萬美元或收入的 4.6%，調整後的 EBITDA 為虧損 580 萬美元或收入的 4.1%。全年，我們調整後的 EBITDA 虧損佔收入的百分比為 7.1%，比上一年提高了 150 個基點。

We aim to show ongoing leverage in our operating model while also pursuing growth opportunities in our large and early markets. As a reminder, our annual operating framework with regards to EBITDA margin has been consistent. At the beginning of the year, we set an annual EBITDA margin target, and we work within that plan based on the trajectory of our business. Which we again demonstrated with our reset growth expectations and disciplined expense management in the second half of 2022.

我們的目標是在我們的運營模式中展示持續的影響力，同時也在我們的大型和早期市場中尋求增長機會。提醒一下，我們關於 EBITDA 利潤率的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，並根據我們的業務軌跡在該計劃內開展工作。我們在 2022 年下半年通過重置增長預期和嚴格的費用管理再次證明了這一點。

Now turning to cash performance and the balance sheet. Free cash flow was a use of $7.9 million during the quarter compared to a use of $1.9 million a year ago. This included cash payments of $4.8 million in Q4 related to the restructuring charges with the remainder to be paid out in the first quarter of this year. We ended the year in a strong cash position. As of December 31, we had approximately $780 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 the stability and the strategic flexibility to execute on our long-term strategy.

現在轉向現金表現和資產負債表。本季度自由現金流為 790 萬美元，而一年前為 190 萬美元。這包括第四季度與重組費用相關的 480 萬美元現金支付，其餘部分將在今年第一季度支付。我們以強勁的現金狀況結束了這一年。截至 12 月 31 日，我們擁有大約 7.8 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 each of the business sections in more detail. Consumer revenue was $79.8 million, up 21% from the prior year. Segment gross profit was $58.2 million or 73% of consumer revenue, compared to 69% a year ago. And we added another 5.2 million new registered learners despite Q4 being our historically lightest seasonal quarter for top-of-funnel activity. Our strong consumer performance continues to be driven by our expanding catalog of entry-level professional certificates, along with the growing adoption of our Coursera Plus subscription offering.

接下來，讓我們更詳細地討論每個業務部分。消費者收入為 7980 萬美元，比上年增長 21%。該部門的毛利潤為 5820 萬美元，佔消費者收入的 73%，而一年前這一比例為 69%。儘管第四季度是我們歷史上漏斗頂端活動最淡季，但我們又增加了 520 萬新註冊學習者。我們不斷擴大的入門級專業證書目錄，以及越來越多地採用我們的 Coursera Plus 訂閱產品，繼續推動我們強勁的消費者表現。

As Jeff highlighted, we believe our focus on world-class brands and job relevant credentials has made Coursera a natural destination for learners looking to start or switch careers. Enterprise revenue was $50.5 million, up 41% from a year ago on growth across all 3 of our customer verticals, businesses, campuses and government.

正如 Jeff 強調的那樣，我們相信我們對世界級品牌和工作相關證書的關注使 Coursera 成為希望開始或轉行的學習者的自然目的地。企業收入為 5050 萬美元，比一年前增長 41%，這得益於我們所有 3 個垂直客戶、企業、校園和政府的增長。

Segment gross profit was $33.5 million, or 66% of Enterprise revenue, compared to 68% a year ago. The total number of Paid Enterprise Customers increased to 1,149, up 43% from a year ago. And our net retention rate for Paid Enterprise Customers was 108%. While we benefit from multiple channels of distribution within our Enterprise segment, we are seeing customers, particularly businesses exercise caution in their spending priorities amidst increased macroeconomic uncertainty.

部門毛利潤為 3350 萬美元，佔企業收入的 66%，而一年前為 68%。付費企業客戶總數增至1,149家，同比增長43%。我們付費企業客戶的淨保留率為 108%。雖然我們受益於企業部門的多種分銷渠道，但我們看到客戶，尤其是企業在宏觀經濟不確定性增加的情況下在支出優先事項上保持謹慎。

And finally, our Degrees segment. Degrees revenue, was $11.9 million, down 11% from a year ago on lower student enrollments, consistent with our forward-looking commentary on recent calls as Degrees growth in 2022 was challenged by enrollment headwinds and associated with U.S. Master's degree programs where our revenue is concentrated today. The total number of Degrees students grew 12% from a year ago to 18,103. As a reminder, there is 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。學位收入為 1,190 萬美元，較上年同期下降 11%，原因是學生入學人數減少，這與我們對最近電話會議的前瞻性評論一致，因為 2022 年學位的增長受到入學逆風的挑戰，並且與美國碩士學位課程相關，我們的收入是今天集中。獲得學位的學生總數比一年前增長了 12%，達到 18,103 人。提醒一下，學位部分沒有內容成本。因此學位部門的毛利率是收入的 100%。

Before I turn to our financial outlook, I'd like to provide some additional detail with regards to a recent multiyear contract extension, we secured with our largest industry partner in this new year. As we've discussed previously, in lieu of a higher revenue share, some industry partners prioritize additional spend to promote their brand, global reach and social impact initiatives. Which is included as part of our operating expenses primarily the sales and marketing efforts and content production. The effect of these partners' success has driven large positive variances in our gross margin, most pronounced in our Consumer segment margin while also increasing our operating expenses. In consideration of the long-term strategic relationship as well as the changing economic environment. Our largest industry partner has chosen to receive a more standard revenue share arrangement as part of the recent contract negotiations. We are excited about the opportunities this renewed commitment provides, and I want to be clear about how this change will affect our financial outlook in 2023.

在我談到我們的財務前景之前，我想提供一些關於最近的多年合同延期的額外細節，我們在今年新的一年與我們最大的行業合作夥伴達成了協議。正如我們之前所討論的，為了代替更高的收入份額，一些行業合作夥伴優先考慮額外支出來推廣他們的品牌、全球影響力和社會影響計劃。其中包括我們運營費用的一部分，主要是銷售和營銷工作以及內容製作。這些合作夥伴的成功推動了我們毛利率的巨大正向變化，最明顯的是我們的消費者部門利潤率，同時也增加了我們的運營費用。考慮到長期戰略關係以及不斷變化的經濟環境。作為最近合同談判的一部分，我們最大的行業合作夥伴已選擇接受更標準的收入分成安排。我們對這一新承諾提供的機會感到興奮，我想清楚這一變化將如何影響我們 2023 年的財務前景。

First, the transition to a more standard revenue share will result in a geography shift within our P&L of an estimated 10 percentage points of total revenue, from operating expense to cost of revenue. We now expect both total gross margin and our Consumer segment margin to be approximately 52% this year. Second, we will incur expenses of $25 million in 2023, which will be similar in nature to our historic spend for the program including sales and marketing efforts, content production and product development. These payments will be spread evenly across the coming 4 quarters and will not recur after 2023. As we work through these near-term impacts, we believe the multiyear contract extension is better aligned with our mutual priorities, reaffirms our strategic partnership and allows us to best serve our learners and customers in years to come.

首先，向更標準的收入份額過渡將導致我們的損益在總收入中估計有 10 個百分點的地理變化，從運營費用到收入成本。我們現在預計今年的總毛利率和我們的消費者部門利潤率都將達到 52% 左右。其次，我們將在 2023 年產生 2500 萬美元的支出，這在性質上與我們在該項目上的歷史支出類似，包括銷售和營銷工作、內容製作和產品開發。這些付款將在未來 4 個季度平均分配，並且在 2023 年之後不會再發生。在我們應對這些近期影響的過程中，我們認為，多年期合同延期更符合我們的共同優先事項，重申了我們的戰略夥伴關係，並使我們能夠在未來幾年為我們的學習者和客戶提供最好的服務。

Now on to our financial outlook. For Q1, we're expecting revenue to be in the range of $136 million to $140 million. For adjusted EBITDA, we're expecting a loss in the range of $12.5 million to $15.5 million, inclusive of the $6.25 million related to the industry partner contract change. For full year 2023, we anticipate revenue to be in the range of $595 million to $605 million, representing approximately 15% growth at the midpoint of the range.

現在談談我們的財務前景。對於第一季度，我們預計收入將在 1.36 億美元至 1.4 億美元之間。對於調整後的 EBITDA，我們預計虧損在 1250 萬美元至 1550 萬美元之間，其中包括與行業合作夥伴合同變更相關的 625 萬美元。對於 2023 年全年，我們預計收入將在 5.95 億美元至 6.05 億美元之間，在該範圍的中點增長約 15%。

For adjusted EBITDA, we're expecting a loss of $26 million to $34 million or a negative 5% adjusted EBITDA margin at the midpoint of the revenue and EBITDA guidance ranges inclusive of the $25 million impact related to the industry partner contract change. On a quarterly basis, we expect an adjusted EBITDA loss in the first half of the year and anticipate positive EBITDA by our fourth quarter. Additionally, for the first time, we thought it would be helpful to provide our expectations around free cash flow for the year. We expect the use of $12 million to $18 million compared to a use of $52 million in 2022. Finally, as we enter a new year, we'd like to provide some color on the composition and pace of the business, particularly given the varying impacts of the changing environment across our platform. This includes onetime segment-level annual growth expectations to help you better understand how we plan to deliver on our overall guidance.

對於調整後的 EBITDA，我們預計在收入和 EBITDA 指導範圍的中點出現 2600 萬至 3400 萬美元的虧損或負 5% 的調整後 EBITDA 利潤率，包括與行業合作夥伴合同變更相關的 2500 萬美元影響。按季度計算，我們預計今年上半年調整後的 EBITDA 虧損，並預計到第四季度為正 EBITDA。此外，我們第一次認為提供我們對今年自由現金流的預期會有所幫助。我們預計將使用 1200 萬至 1800 萬美元，而 2022 年將使用 5200 萬美元。最後，在我們進入新的一年之際，我們想提供一些關於業務構成和步伐的顏色，特別是考慮到變化我們平台上不斷變化的環境的影響。這包括一次性細分市場年度增長預期，以幫助您更好地了解我們計劃如何實現我們的總體指導。

For Consumer, we believe that learner demand for our branded industry credentials will continue with our initial outlook anticipating more than 10% growth.

對於消費者，我們相信學習者對我們品牌行業證書的需求將繼續增長，我們的初步展望預計增長超過 10%。

For Enterprise, it is clear that businesses are being more cautious with their spending priorities, and we expect growth of approximately 20% to 25% and as we monitor the environment closely.

對於企業，很明顯，企業在支出優先事項上更加謹慎，我們預計增長約 20% 至 25%，並且我們會密切監控環境。

And for Degrees, we anticipate a return to growth in 2023 of approximately 10%, with modest declines at the start of the year that inflect as we enter the second half. We are confident that structural trends driving our business have not changed and look forward to driving an updated view of our long-term strategy, key initiatives and financial targets at the March Investor Day. We entered 2023 in a position of financial strength and are committed to driving sustainable growth with our outlook reflecting an increased focus on scale and leverage to position us for the future.

對於 Degrees，我們預計 2023 年將恢復約 10% 的增長，年初會出現適度下降，並隨著我們進入下半年而出現變化。我們相信，推動我們業務的結構性趨勢沒有改變，並期待在 3 月的投資者日推動我們對長期戰略、關鍵舉措和財務目標的更新看法。我們以財務實力進入 2023 年，並致力於推動可持續增長，我們的展望反映了對規模和槓桿的日益關注，以使我們為未來做好準備。

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

我現在將電話轉回 Jeff 以徵求結束意見。

Thanks, Ken. Growth in online learning in combination with remote work, digital jobs and broadband connectivity is reshaping the supply and demand for jobs globally. For many companies, human capital is their most important asset, and they now find themselves competing on a global stage for in-demand skills. This presents a challenge, but possibly a larger opportunity. Remote work provides direct access to sources of the best talent in the world, no matter where it resides in the world. And online learning can build the next generation of talent with the SkillSets needed for these future job roles.

謝謝，肯。在線學習的增長與遠程工作、數字工作和寬帶連接相結合，正在重塑全球工作的供求關係。對於許多公司來說，人力資本是他們最重要的資產，他們現在發現自己在全球舞台上競爭搶手技能。這是一個挑戰，但可能是一個更大的機會。遠程工作可以直接訪問世界上最優秀的人才來源，無論他們身在世界何處。在線學習可以培養具有這些未來工作角色所需技能組合的下一代人才。

I want to wrap up today's remarks with the Coursera for Business customer example that is drafting the blueprint for how forward-thinking companies are managing their holistic talent needs. Sanofi, one of the world's largest pharmaceutical and health care companies has been a Coursera customer since 2017. And over the years, our partnership has deepened and scaled. Early on, Sanofi focused on providing high-quality training around the latest data, digital and IT skills. Later, this expanded into a broader talent development solution that reached more of their organization and demonstrated their commitment to employee well-being. And recently, their ambition extended beyond the confines of their organization as they look to make direct investments in marginalized communities and to grow a future pipeline of diverse health care professionals. As part of this effort, our partnership now includes an 8-year initiative to offer 20,000 training licenses for Career Academy.

我想用 Coursera for Business 客戶示例來結束今天的發言，該示例正在為具有前瞻性思維的公司如何管理其整體人才需求起草藍圖。賽諾菲是全球最大的製藥和醫療保健公司之一，自 2017 年以來一直是 Coursera 的客戶。多年來，我們的合作夥伴關係不斷加深和擴大。早期，賽諾菲專注於提供有關最新數據、數字和 IT 技能的高質量培訓。後來，這擴展為更廣泛的人才發展解決方案，覆蓋了他們組織的更多部分，並展示了他們對員工福祉的承諾。最近，他們的雄心壯志超出了組織的範圍，因為他們希望對邊緣化社區進行直接投資，並在未來培養多元化的醫療保健專業人員。作為這項工作的一部分，我們的合作夥伴關係現在包括一項為期 8 年的計劃，旨在為 Career Academy 提供 20,000 個培訓許可證。

By leveraging Coursera as a delivery platform, they are broadening access to job relevant training and enabling new career and Degree Pathways to learners in their company and in their communities as well. This is a complete talent solution. Advancing training for cutting-edge skills, learning as a benefit for broader organizational needs and future talent pipelines with diverse representation and a commitment to the communities in which they live and work. I've said many times that Coursera's mission is what inspires our team members and attracts our partners. But it is also what enables our customers to fuel their human capital needs and improve lives through learning.

通過利用 Coursera 作為交付平台，他們正在擴大獲得與工作相關的培訓的機會，並為公司和社區中的學習者提供新的職業和學位途徑。這是一個完整的人才解決方案。推進尖端技能培訓，將學習作為更廣泛的組織需求和未來人才管道的一種好處，具有多樣化的代表性，並致力於他們生活和工作的社區。我已經說過很多次，Coursera 的使命是激勵我們的團隊成員並吸引我們的合作夥伴。但這也是我們的客戶能夠滿足他們的人力資本需求並通過學習改善生活的原因。

With our Coursera community, encompassing leaders in higher education, government and business, we are working together so that talent and opportunity can rise from anywhere in the world.

通過我們的 Coursera 社區，包括高等教育、政府和商業領域的領導者，我們正在共同努力，以便人才和機會可以從世界任何地方湧現。

Now let's open the call for questions.

現在讓我們開始提問。

(Operator Instructions) We'll take our first question this afternoon from Stephen Sheldon of William Blair.

（操作員說明）今天下午我們將回答威廉·布萊爾的斯蒂芬·謝爾頓提出的第一個問題。

First, I just wanted to ask about Enterprise trends. As you talked about seeing more caution from business customers there. Can you give some more detail on what that looks like? Are you seeing customers reduce the scope of contracts much or just being cautious about expanding? And also curious if you've seen any changes in gross retention, especially for some of your smaller customers.

首先，我只想問一下企業趨勢。正如您所說，那裡的商業客戶更加謹慎。你能提供更多關於它看起來像什麼的細節嗎？您是否看到客戶大大減少了合同範圍，或者只是對擴大合同持謹慎態度？也很好奇您是否看到總保留率有任何變化，尤其是對於一些較小的客戶。

Yes, Steve, this is Jeff. We, obviously, going into Q4, weren't sure exactly how the year was going to finish up. It was pretty solid. We felt pretty good about it. To your point, there's definitely, especially in certain regions, increased sensitivity on budgets certainly budgets have tightened. In some cases, that has led to people saying, "Hey, I want to pull back on the scope of my buy." So that is not a total churn, but we saw pressure among many accounts, and that did put some pressure on the NRRs. But we actually felt pretty good.

是的，史蒂夫，這是傑夫。顯然，進入第四季度時，我們不確定這一年將如何結束。它非常結實。我們對此感覺很好。就你的觀點而言，肯定存在，尤其是在某些地區，對預算的敏感性增加，當然預算已經收緊。在某些情況下，這導致人們說，“嘿，我想縮減我的購買範圍。”所以這不是完全流失，但我們看到許多賬戶之間存在壓力，這確實給 NRR 帶來了一些壓力。但我們實際上感覺很好。

In terms of the NRR, we saw that generally in emerging markets where you have sort of early markets like Coursera for Campus and Coursera for Government, especially of Coursera for Campus, which is still kind of in the early stages of higher education learning how to incorporate these types of services, it was generally lower in more mature markets like Coursera for Business, it was a little bit better. So I would say that we feel pretty good coming into this year, and that doesn't obviously mean that we didn't see some pressure, though.

就 NRR 而言，我們看到，通常在新興市場中，你有一些早期市場，如 Coursera for Campus 和 Coursera for Government，尤其是 Coursera for Campus，它仍處於高等教育的早期階段，學習如何結合這些類型的服務，在 Coursera for Business 等更成熟的市場中，它通常較低，但略好一些。所以我想說今年我們感覺很好，但這顯然並不意味著我們沒有看到一些壓力。

Got it. That's helpful. And then on this -- the kind of the large partner, the extension and kind of the change in the contract there. Just to make sure I understand, does that have any impact on total revenue or how much kind of -- or is it just more about what -- it sounds like it might be a shift in expenses from out of OpEx in the core and into cost of revenue, but then also maybe a total increase. I guess just can you walk through that one more time just to make sure we understand...

知道了。這很有幫助。然後就這一點——大型合作夥伴的類型、合同的擴展和變更類型。只是為了確保我理解，這是否對總收入有任何影響，或者有多少影響——或者只是更多關於什麼——聽起來這可能是支出從核心運營支出轉移到核心運營支出收入成本，但也可能會增加。我想你能不能再講一遍，以確保我們理解......

Yes, sure. We wanted to be very clear about it, Stephen, this is Ken, of course. It was a shift in geography from -- primarily from operating expense to cost of sales affecting the margin, of course. There is also for 2023 only roughly $25 million that will remain in operating expenses, incremental total expense, if you want to think about it that way. So there's a transition period where there's OpEx expense. But the majority of it is simply, as you referenced, a shift in geography from OpEx to cost of sales.

是的，當然。我們想對此非常清楚，斯蒂芬，當然，這是肯。當然，這是地理上的轉變——主要是從運營費用到影響利潤率的銷售成本。到 2023 年，如果你想這樣考慮的話，運營費用中還剩下大約 2500 萬美元，即增量總費用。所以有一個過渡期，其中有 OpEx 費用。但正如您所提到的，其中大部分只是地理上從 OpEx 到銷售成本的轉變。

Okay. Got it. And that will not continue in 2024. So if we kind of look at the -- I guess, if we looked at the guidance and strip that out, then you'd be more or less, I guess, yes.

好的。知道了。這不會在 2024 年繼續下去。因此，如果我們看一下——我想，如果我們看一下指南並將其刪除，那麼我想你或多或少會是的。

Yes. More or less is the answer.

是的。或多或少是答案。

Are you positive about that?

你對此持肯定態度嗎？

Yes. Yes. You understand it perfectly.

是的。是的。你完全理解它。

We go next now to Josh Baer of Morgan Stanley.

接下來我們請摩根士丹利的 Josh Baer 發言。

Jeff, you outlined some of your key priorities for this year coming up. I was hoping we could like fast forward to Q4 2023 earnings where you'll be reviewing 2023. Like what would a great and highly successful year for Coursera look like in your eyes?

傑夫，您概述了今年即將到來的一些關鍵優先事項。我希望我們可以快進到 2023 年第四季度的收益，您將在其中回顧 2023 年。就像在您眼中 Coursera 偉大而成功的一年會是什麼樣子？

Yes. I think it comes down to 2 things. It's obviously like how do we perform in the year? And do we perform well against the expectations that we're setting with you all today. Of course, most of that is the top line growth, but we want to make sure we continue to exhibit leverage. That's part of the obvious part. But I think that a lot of why I feel pretty good is I like where we're sitting right here at the beginning of this year. There's a lot of things that are changing. We believe that a lot of those play right into our advantages and our differentiation. There are some really important things that we're going to do this year that I think are going to capitalize on some of the advantage we have. A lot of focus on quality and brands and institutions, collaboration among institutions. So at the end of the year, if we're bringing on more brands, more branded credentials, especially for gateway, sorry, job starters and career switchers that will be big. These credit pathways that we're talking about, helping people get into either Career Pathways to a job, but also credit pathways to a degree we think, is a really powerful kind of system effect that we can create among institutions like governments, businesses and campuses. So I definitely want to create more of those institutional collaborations.

是的。我認為這歸結為兩件事。這顯然就像我們在這一年中的表現如何？我們的表現是否符合我們今天與大家一起設定的期望？當然，其中大部分是收入增長，但我們希望確保我們繼續展現影響力。這是顯而易見的部分。但我認為我感覺很好的主要原因是我喜歡我們今年年初坐在這裡的地方。有很多事情正在發生變化。我們相信，其中很多都發揮了我們的優勢和差異化優勢。今年我們要做一些非常重要的事情，我認為這些事情將利用我們擁有的一些優勢。很多關注質量和品牌以及機構，機構之間的合作。所以在今年年底，如果我們推出更多品牌，更多品牌證書，特別是對於網關，對不起，工作初學者和職業轉換者，這將是很大的。我們正在談論的這些信用途徑，幫助人們進入工作的職業途徑，也幫助人們進入我們認為一定程度的信用途徑，這是一種非常強大的系統效應，我們可以在政府、企業和校園。所以我絕對想創造更多這樣的機構合作。

On the Career Academy side, we see across all segments. We see a lot of interest in co-mingling combining, these industry certificates with college degrees. And a lot of the people who are really looking for that are also looking to make the switch to a new career. So we think that there's a real opportunity to help learners not only develop skills, but get a better and clearer path to a job. And with this globalization of talent that we talked about in the script, and my travels, I've been traveling a ton around the world, talking the business, governments and campuses. The CHROs that I talked to, especially in markets where there is emerging talent, got kind of affordable skilled talent they're saying, "Wow, it's really getting hard to hold on to my computer scientists and data scientists." Because they're getting really good offers from international employers. And when I go to the campuses and talk to students, they're all saying, "Hey, Jeff, we're going to be studying data science and computer science." Because there's a lot of great jobs from international companies that will hire us with pretty good compensation. So I really think that there are good opportunities to help learners find new job opportunities in such a dynamic and globalizing labor market. So at the end of the year, I hope we have something really interesting to say about that. And then I did mention a bit on AI. I think my sense is, and as we look at it and work with it, we're getting a sense of this technology, this generative language technology is really pretty interesting, especially if you start with high-quality branded expert sources of material. And so we think this could really play to some of our existing strengths. And I hope at the end of the year, we can do something pretty special there.

在職業學院方面，我們看到了所有細分市場。我們看到很多人對將這些行業證書與大學學位混合在一起感興趣。許多真正在尋找的人也在尋求轉向新的職業。因此，我們認為這是一個真正的機會，可以幫助學習者不僅發展技能，而且獲得更好、更清晰的工作途徑。隨著我們在劇本中談到的人才全球化以及我的旅行，我一直在世界各地旅行，談論商業、政府和校園。與我交談過的 CHRO，尤其是在新興人才湧現的市場中，擁有負擔得起的技術人才，他們說，“哇，要留住我的計算機科學家和數據科學家真的越來越難了。”因為他們從國際雇主那裡得到了非常好的報價。當我去校園和學生交談時，他們都說，“嘿，傑夫，我們將學習數據科學和計算機科學。”因為國際公司提供了很多很棒的工作，他們會以相當豐厚的報酬僱用我們。所以我真的認為有很好的機會可以幫助學習者在這樣一個充滿活力和全球化的勞動力市場中找到新的工作機會。所以在今年年底，我希望我們對此有一些非常有趣的說法。然後我確實提到了 AI。我想我的感覺是，當我們觀察並使用它時，我們對這項技術有了一定的了解，這種生成語言技術真的很有趣，特別是如果你從高質量的品牌專家資源開始。所以我們認為這真的可以發揮我們現有的一些優勢。我希望在今年年底，我們可以在那裡做一些非常特別的事情。

And a quick one for Ken on segment margins. I think the strength in Consumer segment margins is pretty clear and understood as far as the drivers. Wondering on Enterprise segment margins, why it was down year-over-year and quarter-over-quarter. Was that mix driven as well? Or is there anything else going on there to consider around pricing or discounting or anything?

對於 Ken 來說，這是一個關於細分市場利潤率的快速報告。我認為就驅動因素而言，消費者部門利潤率的優勢非常明顯和理解。想知道企業部門的利潤率為什麼會同比和環比下降。這種混合也被驅動了嗎？或者是否還有其他關於定價或折扣或其他方面的事情需要考慮？

No, it was nothing more. It was down just a bit. It's a bit of a mix issue, relatively minor in the big scheme of things, but you're correct on the trending.

不，僅此而已。它只是下降了一點。這是一個混合問題，在大計劃中相對較小，但你在趨勢上是正確的。

Josh, there's one thing I want to add on the going down our P&L on the Degree side. At the end of the year, you can probably see by the mix here. We are finding that there are certain kinds of Degrees that seem to appeal pretty well to sort of working adults who are thinking about switching careers, not unlike the folks who are taking these career certificates, these professional certificates in Career Academy. And I would like to be able to say that we have figured out a certain design of degree that really seems to resonate with -- and be more distinctive and different from the general online degrees that are out there and that, that is driving a very clear growth rate based on clearly meeting a need for these working winners for certain kinds of degrees that aren't being met by the current standard and more traditional degree programs that are out there.

喬希，關於我們在學位方面的損益表，我想補充一件事。在年底，您可能可以通過此處的組合看到。我們發現，某些類型的學位似乎對正在考慮轉行的在職成年人很有吸引力，這與那些在職業學院獲得這些職業證書、這些專業證書的人沒有什麼不同。我想說的是，我們已經找到了某種程度的設計，它似乎真的能引起共鳴——並且比現有的一般在線學位更具特色和不同，這正在推動一個非常明確的增長率基於清楚地滿足這些工作獲獎者對某些類型的學位的需求，而當前的標準和更傳統的學位課程並沒有滿足這些需求。

We go next now to Terry Tillman of Truist Securities.

我們接下來請 Truist Securities 的 Terry Tillman 發言。

Hopefully, you all can hear me okay. I guess maybe, Jeff, the first question for you is maybe I'm just kind of slow writing things down or typing things. But I think you said 18 certificates kind of beginning of the year to 36. Did I get that right or 38?

希望你們都能聽到我的聲音。傑夫，我想也許，第一個問題可能是我寫東西或打字的速度有點慢。但我想你說 18 證書有點像年初到 36。我說得對還是 38？

I think the 38 is the announced. Now we've got to get these things rolled out. But we've had a pretty good track record of getting these things rolled out. So yes, we -- among the ones that we have announced, we have more than doubled the 38.

我認為 38 是已宣布的。現在我們必須推出這些東西。但是我們在推出這些東西方面有著良好的記錄。所以是的，我們 - 在我們宣布的那些人中，我們已經增加了一倍以上 38。

Okay. Well, it feels like obligatory now for me on every call to ask about AI, and you talk about it. So I'm curious out of these certificates, what's the exposure to data science and AI amid the mix of your certificates now? And then the second question is -- and whether at an Analyst Day, you could talk about this, would love to get a sense on like the cohort analysis of each of these certificates and as they mature and how the revenue ramps from each of those and would have you learned to help kind of improve the newer ones.

好的。好吧，現在對我來說，每次打電話詢問有關 AI 的問題時，你都在談論它，這對我來說是一種義務。所以我很好奇這些證書，現在在你的證書組合中對數據科學和人工智能的接觸是什麼？然後第二個問題是 - 是否在分析師日，你可以談論這個，希望了解這些證書中的每一個的隊列分析以及它們的成熟以及每個證書的收入如何增加你會不會學會幫助改進新的。

Yes. So on the question of impact of AI on the certificates, I kind of immediately go to 2 different things. One is what is the impact on the jobs that these certificates trained for. That's a tougher one, in my opinion. But clearly, you look at GitHub Copilot that Microsoft put out and some of the amazing things that can be done. I mean, not perfectly, but it's pretty amazing things that could be done even with the GPT-3.5 in terms of writing code in different languages. It's got to change those jobs. So I think that I'm not sure exactly what the impact will be, but the bar will likely be raised in terms of what humans are expected to do. Because the tools are going to be able to do a lot more.

是的。因此，關於 AI 對證書的影響這個問題，我會立即談到 2 個不同的問題。一是這些證書對所培訓的工作有何影響。在我看來，這是一個更艱難的過程。但很明顯，你看看微軟推出的 GitHub Copilot 以及可以完成的一些令人驚奇的事情。我的意思是，雖然不完美，但就用不同語言編寫代碼而言，即使使用 GPT-3.5 也可以完成非常了不起的事情。它必須改變那些工作。所以我認為我不確定具體會產生什麼影響，但就人類的預期行為而言，門檻可能會提高。因為這些工具將能夠做更多的事情。

In terms of the impact that AI will have on the actual content and the demand for the content I mean clearly, like if the jobs all dried up, people feel less likely to take those certificates. But of course, they're going to need some of their job. And so that's one of the reasons why we continue to broaden the portfolio of certificates is in a really dynamic labor market, you don't really necessarily know all the time, which ones are going to be the most -- the jobs with the most upside. So I think that the diversification and the broadening of the portfolio as we started the call is an important part of the strategy so that we can really cover our bases and make sure that whatever those high-demand entry-level jobs are, we could be training for them. I will say, though, that we believe that credentials are going to become more important and credentials from trusted brands will become more important. The ability to just learn a skill is going to be, I think, more straightforward in terms of sort of bite-size upskilling. But I think employers are going to be looking for more than just have you developed a bunch of small skills. I think they're going to be looking for, have you really developed a deeper understanding with the deeper conceptual ability to whatever the current tool is, transfer those skills to the emerging tools, whatever those might be.

就人工智能對實際內容和內容需求的影響而言，我的意思很明確，就像如果工作都枯竭了，人們就不太可能獲得這些證書。但是，當然，他們將需要一些工作。因此，這就是為什麼我們在一個真正充滿活力的勞動力市場中繼續擴大證書組合的原因之一，你不一定總是知道哪些將是最多的 - 最多的工作上行。因此，我認為在我們開始電話會議時多樣化和擴大投資組合是該戰略的重要組成部分，這樣我們才能真正覆蓋我們的基礎，並確保無論那些高需求的入門級工作是什麼，我們都可以對他們進行培訓。不過，我要說的是，我們相信證書將變得更加重要，而來自可信賴品牌的證書將變得更加重要。我認為，就一口大小的技能提升而言，僅學習一項技能的能力將更加直接。但我認為雇主不僅會看重你是否掌握了一些小技能。我認為他們會尋找，你是否真的通過更深入的概念能力對當前工具有了更深入的理解，將這些技能轉移到新興工具上，無論這些工具是什麼。

So I think that there's going to be a bigger premium put on credentials and those credentials are going to be highly associated, I believe, with the kinds of brands that we've been working with. So I think AI, to a large degree, will help more people get into our programs. They'll make those programs more interactive and more personalized. But at the end of the day, the premium will be, I think, remaining on credentials because I think credentials will be an important part of the employment equation.

因此，我認為證書的溢價將會更高，而且我相信，這些證書將與我們一直合作的品牌高度相關。所以我認為人工智能在很大程度上會幫助更多人進入我們的項目。他們將使這些程序更具交互性和個性化。但在一天結束時，我認為溢價將保留在證書上，因為我認為證書將成為就業方程式的重要組成部分。

Yes. That's great. And then Ken, in terms of -- just so I understand it, because I was curious because you all have talked about reductions of expense run rate. And then when I saw the guidance, I was confused, but I think it really is explainable now with this updated partnership with one of your key content providers. But what I'm curious about is because I don't know if I got this in the prepared remarks, so the gross margin in consumer is going to take a large step down, is that right? And did you say what that would be?

是的。那太棒了。然後肯，就我的理解而言，因為我很好奇，因為你們都談到了降低費用運行率。然後當我看到指南時，我感到很困惑，但我認為現在可以通過與您的主要內容提供商之一更新的合作關係來解釋它。但我很好奇的是，因為我不知道我是否在準備好的評論中得到了這一點，所以消費者的毛利率將大幅下降，是嗎？你有沒有說那會是什麼？

We did. The guidance is -- yes, we'll be up roughly 1,000 basis points. The guidance is 52% margin, both overall and for consumers. So we're pretty specific on both those accounts.

我們做到了。指導是——是的，我們將上漲大約 1,000 個基點。該指導是 52% 的利潤率，包括整體利潤率和消費者利潤率。所以我們對這兩個帳戶都非常具體。

Okay. Well, the one -- so I'll end it with this. I'm getting some questions in terms of like the $25 million additional OpEx. I mean partners are 2-way streets like what do you want to get out of the incremental $25 million of OpEx. I mean what does it help you with in your business? And I don't want to sound so excited, but like what could you get out of that?

好的。好吧，那個——所以我將以此結束。我收到了一些關於 2500 萬美元額外運營支出的問題。我的意思是合作夥伴是雙向的，就像您想從 2500 萬美元的 OpEx 中獲得什麼一樣。我的意思是它對您的業務有什麼幫助？我不想听起來那麼興奮，但是你能從中得到什麼？

So there -- firstly, we've extended our most important strategic relationship that we're pretty excited about from a job-ready as you hear thematically what's important to us from a job-ready standpoint. There will be incremental investment in the program overall that we do. We're excited about the growth that's going to drive. And I think we may see some additional opportunity there over the course of the year. Overall, yes, does it slow down the path to EBITDA breakeven that we were moving pretty quickly on. It does, but over the long term, we're still improving 200 basis points, and we're excited to extend this contract for several years. And I think it's going to be an important part of what we're talking about to the previous question, a year from now as we look backwards and some of the growth we think we're going to achieve. But it is a 2-way street exactly to your point, and we're excited about it. It's actually a big positive over the next couple of years.

所以在那裡 - 首先，我們已經擴展了我們最重要的戰略關係，當你從主題上聽到從工作準備的角度來看對我們來說重要的東西時，我們對工作準備非常興奮。我們所做的整個項目將會有增量投資。我們對即將推動的增長感到興奮。我認為我們可能會在這一年中看到一些額外的機會。總的來說，是的，它是否會減緩我們快速前進的 EBITDA 盈虧平衡之路。的確如此，但從長遠來看，我們仍在提高 200 個基點，我們很高興能將這份合同延長幾年。我認為這將是我們在上一個問題中所討論內容的重要組成部分，一年後我們回顧過去，我們認為我們將實現的一些增長。但這是一條完全符合您的觀點的雙向街道，我們對此感到很興奮。在接下來的幾年裡，這實際上是一個很大的積極因素。

We go next now to Jason Celino at KeyBanc.

接下來我們去 KeyBanc 的 Jason Celino。

Just 2 for me. Staying on this EBITDA topic. Ken, you are showing breakeven within rates here, especially in the second half. I think you alluded to your prior philosophy around setting a margin target and then reinvesting upside if there is. Should we think that this philosophy holds here, still?

對我來說只有2個。留在這個 EBITDA 話題上。肯，你在這裡顯示收支平衡，尤其是在下半年。我認為你提到了你之前關於設定利潤率目標然後再投資的哲學，如果有的話。我們是否應該認為這種哲學在這裡仍然成立？

Yes, 100%, Jason. It's just -- it's how we manage the business, how we manage the business before we were public. And it's both upside and downside, right? As things slowed down, in the second half of last year, we pulled back our expenses to hit our targets. We've, in fact, beat a bit in Q4, although that's not our objective is not to beat on it. It's to come in at what we promise. And so we'll manage over the course of the year again, getting to this target we have for this coming year operationally of negative 500 basis points or negative 5%. It's an improvement of a couple of hundred basis points. It would be nice if there were more, but it's steady progress. So we're committed to continued scaling to driving towards EBITDA breakeven and profitability over time. And we aim to do that regardless of the shape of the revenue growth. We won't be silly. This is for the long term. But so far, with some pretty dynamic time, both on the upside and not so, we've navigated to our targets over the course of the year. We have good control of the business, and it's important to us from a business discipline standpoint. So expect the same behavior that it's what we commit to, and I think we plan to fulfill those commitments to you.

是的，100%，傑森。這只是 - 這就是我們管理業務的方式，我們在上市之前管理業務的方式。這既有好處也有壞處，對吧？隨著形勢放緩，去年下半年，我們縮減了開支以實現目標。事實上，我們在第四季度取得了一些成績，儘管我們的目標不是不打敗它。這是按照我們的承諾進來的。因此，我們將在這一年中再次進行管理，實現我們為來年設定的負 500 個基點或負 5% 的運營目標。這是幾百個基點的改進。如果有更多就好了，但這是穩步的進步。因此，我們致力於繼續擴大規模，以隨著時間的推移實現 EBITDA 收支平衡和盈利能力。無論收入增長的形式如何，我們的目標都是做到這一點。我們不會傻的。這是長期的。但到目前為止，有一些非常動態的時間，無論是好的還是壞的，我們已經在一年中導航到我們的目標。我們對業務有很好的控制，從業務紀律的角度來看，這對我們很重要。因此，請期待與我們承諾的相同行為，我認為我們計劃履行對您的承諾。

Okay. Perfect. Excellent. And then one question on the Georgetown Bachelor's completion degree. Interesting to see, both from a quality of institution standpoint and also because it's a bachelor's completion degree. How do -- we think of this as an opportunity with other schools because I imagine there's a lot of folks out there with credits and they might not have finished. And is this an area that we could expect more announcements?

好的。完美的。出色的。然後是關於喬治敦大學學士學位的問題。有趣的是，無論是從機構質量的角度還是因為它是學士學位。怎麼做——我們認為這是與其他學校合作的機會，因為我想那裡有很多人有學分，但他們可能還沒有完成。這是一個我們可以期待更多公告的領域嗎？

Yes. This is Jeff. I think this is really important. I went to a judge high school, so (inaudible) with educational institutions who do have a mission of serving a broad range of people. When you really look at why Georgetown is doing this, especially with their stature, they're really a thought leader, I think, extending that kind of quality education to a much more diverse and broad population. The fact that it's affordable, the fact that it's online, the fact that is the completion degree I think, speaks to and not just in the U.S. but around the world, a lot more societies are realizing we need more flexible ways for people to continue to learn through their lives and to earn important credentials as they do that, credentialize learning through our lives is going to be important. And obviously, we're delighted that an institution with the kind of a steam of Georgetown is really stepping into a leadership role here and saying, look, we can do this. We can make a high-quality and very elite education more available to more people.

是的。這是傑夫。我認為這非常重要。我上的是一所法官高中，所以（聽不清）教育機構的使命是為廣泛的人群服務。當你真正了解喬治城為什麼這樣做時，尤其是考慮到他們的地位，我認為他們確實是思想領袖，將這種優質教育擴展到更加多樣化和廣泛的人群。事實上，它是負擔得起的，它是在線的，我認為它是完成度的事實，不僅在美國而且在世界各地，更多的社會正在意識到我們需要更靈活的方式讓人們繼續通過他們的生活學習並在他們這樣做時獲得重要的證書，通過我們的生活證明學習將很重要。顯然，我們很高興一個像喬治敦大學那樣充滿活力的機構真正在這裡發揮領導作用，並說，看，我們可以做到這一點。我們可以讓更多的人享受到高質量的精英教育。

We go next now to Ryan MacDonald of Needham.

接下來，我們將介紹 Needham 的瑞安·麥克唐納 (Ryan MacDonald)。

Jeff, maybe the first one for you. Obviously, we continue to see layoffs picking up in the news and sort of the unemployment numbers likely to start rising here soon. I'm just curious at sort of as we see that news flow, what you're seeing in terms of a reflection into sort of pipeline or top of the funnel not only in the consumer segment for the professional certifications, but then also on the degrees segment and sort of the application of pipeline for the growing number of programs you have. And then just how that's sort of reflecting into the guidance you're giving for '23 here?

傑夫，也許是第一個給你的。顯然，我們繼續在新聞中看到裁員人數增加，失業人數可能很快就會開始上升。我只是好奇，當我們看到新聞流時，你所看到的反映到某種管道或漏斗的頂部，不僅在消費者領域的專業認證，而且在針對越來越多的程序，對管道應用程序進行學位細分和分類。然後這如何反映到您在這里為 '23 提供的指導中？

Yes. Thanks, Ryan. The world is a pretty dynamic place coming off of COVID and looking at what's happening with expected recession and you're looking at inflation, the secondary effects of that, and then we have this really tight labor market. We felt that Q4 ended up pretty decently with respect to new degree learners. And as I said, we're kind of getting a sense of the kinds of degrees that are in most demand, and affordability, flexibility and relevance to jobs are obviously 3 big parts of it with a big overlay that has got the quality institution. Clearly, well, we believe that if history is any guide, if the labor market gets softer, we expect that, that will improve things. Even if it doesn't, we think better design degrees that really meet more of the key characteristics of what these lifelong owners are looking for. These adult working learners are looking for helps a lot, too. We launched a boulder degree that has really nice characteristics sort of performance-based pathways, very reasonable price, about $15,000 and very high quality and in a high-demand domain like data science. So we think that these sort of degrees that have pathways from open content and even a performance-based admissions process is the kind of a degree that people like. So it's a combination. I think, generally speaking, it's countercyclical. And also if we can put more of our focus on these types of degrees they're well suited for working adults, we feel pretty good about next year's new degree -- or this year's new degree student numbers.

是的。謝謝，瑞安。世界是一個充滿活力的地方，從 COVID 中脫穎而出，看看預期的經濟衰退會發生什麼，你會看到通貨膨脹，以及它的次要影響，然後我們的勞動力市場非常緊張。我們認為，就新學位學習者而言，第四季度的結果相當不錯。正如我所說，我們有點了解最需要的學位類型，負擔能力、靈活性和與工作的相關性顯然是其中的 3 個重要部分，並且有一個很大的覆蓋範圍，已經獲得了高質量的機構。顯然，好吧，我們相信，如果歷史可以作為指導，如果勞動力市場變得更加疲軟，我們預計情況會有所改善。即使沒有，我們認為更好的設計度也能真正滿足這些終身擁有者正在尋找的更多關鍵特徵。這些成年工作學習者也經常尋求幫助。我們推出了一個抱石學位，它具有非常好的特徵，即基於性能的途徑，非常合理的價格，大約 15,000 美元，質量非常高，並且在數據科學等高需求領域。因此，我們認為這些具有開放內容甚至基於績效的錄取過程的途徑的學位是人們喜歡的學位。所以這是一個組合。我認為，一般來說，它是反週期的。而且，如果我們能夠更多地關注這些類型的學位，它們非常適合在職成年人，我們對明年的新學位或今年的新學位學生人數感到非常滿意。

And Ryan, one of the things we did include some hints on timing for our forecast, and as we did last year, we provided segment guidance to start the year to help everybody with their models. But as we've talked about degrees, we did forecast roughly 10% growth with modest declines in the first half. So because of the Degrees revenue model. So we see some real acceleration in the business as throughout this year. Just to point that out, which I think directly addresses your question.

瑞安，我們所做的其中一件事包括一些關於我們預測時間的提示，就像我們去年所做的那樣，我們提供了今年開始的細分指導，以幫助每個人使用他們的模型。但正如我們討論的學位一樣，我們確實預測上半年將增長約 10%，但會適度下降。所以因為學位收入模型。因此，我們看到今年全年業務出現了一些真正的加速。只是指出這一點，我認為這直接解決了你的問題。

No, yes. Super helpful color there. Ken, I really appreciate it. Maybe just my follow-up, a second question. Jeff, on the Coursera for Government opportunity, we're starting to see more and more governments announce initiatives for rescaling and upscaling. And you mentioned you've been traveling quite a bit. Just curious what that demand pipeline is looking like. And we've heard about a number of other vendors in this space also kind of going after the same opportunity. Are these opportunities becoming more competitive or any changes you're seeing in the competitive dynamics there?

不，是的。超級有用的顏色。肯，我真的很感激。也許只是我的後續行動，第二個問題。傑夫，在 Coursera for Government 機會上，我們開始看到越來越多的政府宣布了重新調整和擴大規模的舉措。你提到你經常旅行。只是好奇需求管道是什麼樣子的。我們聽說這個領域的許多其他供應商也在尋求同樣的機會。這些機會是否變得更具競爭力或您在競爭動態中看到的任何變化？

Yes. It definitely looks like there's a growing recognition that reskilling is important. It will continue to get more important over time. The government -- governments have a big role to play. And online is pretty much the way to do it. I mean the online model is really well tuned to the needs of governments. I mean they're largely serving working adults who are trying to manage families and jobs and want to find something that's affordable. So we definitely are seeing more interest.

是的。看起來人們越來越認識到重新學習技能的重要性。隨著時間的推移，它將繼續變得更加重要。政府 - 政府可以發揮重要作用。在線幾乎是做到這一點的方式。我的意思是在線模型確實非常適合政府的需求。我的意思是，他們主要服務於正在努力管理家庭和工作並希望找到負擔得起的東西的工作成年人。所以我們肯定會看到更多的興趣。

On the competitive side, I suppose that there's a little bit more, but I have to say that we find that the attributes that are distinctive about Coursera resonate particularly well among governments. And the attributes include the quality, the credentials, the brands. The how well-known Coursera is by their -- by the citizens and the number of citizens in the country are using Coursera. These institutional collaborations where Coursera can be used in higher education institutions, so up-leveling higher education system of public universities, also being able to do workforce development programs, like with the state of New York, being able to do a workforce development program where the graduates of these professional certificates can become eligible to be graduate of college degrees and linking those 2 things together, Workforce Development with the Ministry of Labor and career elective with the Ministry of Education. So it's not just the content and credentials, it's also the way that we can actually structure relationships and connections between institutions that government seem to think pretty active -- to be pretty compelling. And generally speaking, it's pretty unique for Coursera.

在競爭方面，我想還有一點，但我不得不說，我們發現 Coursera 的獨特屬性在政府中引起了特別好的共鳴。屬性包括質量、證書和品牌。 Coursera 的知名度 - 公民和該國使用 Coursera 的公民人數。這些機構合作可以在高等教育機構中使用 Coursera，從而提升公立大學的高等教育系統，也能夠開展勞動力發展計劃，例如紐約州，能夠開展勞動力發展計劃，其中這些專業證書的畢業生有資格成為大學學位的畢業生，並將這兩件事聯繫在一起，勞動力發展與勞工部和職業選修課與教育部。因此，這不僅僅是內容和證書，它也是我們實際構建政府似乎認為非常活躍的機構之間的關係和聯繫的方式 - 非常引人注目。一般來說，Coursera 非常獨特。

And we'll take our last question today from Rishi Jaluria of RBC.

今天我們將接受來自 RBC 的 Rishi Jaluria 的最後一個問題。

Wonderful. Two that I'd like, if I may. First, going back up to the ChatGPT OpenAI question, I understand there's potential benefits as it becomes another skill that people need to learn. One question I've gotten a lot from investors and would love to hear your perspective is how does ChatGPT itself kind of disrupt the way learning can happen and even ad tech as itself, is there a potential threat that you see? Or is it really the kind of benefits and everything to your business model far outweighed the risk? And then I got a quick follow-up.

精彩的。如果可以的話，我想要兩個。首先，回到 ChatGPT OpenAI 問題，我知道它有潛在的好處，因為它成為人們需要學習的另一項技能。我從投資者那裡得到了很多問題，我很想听聽你的觀點，那就是 ChatGPT 本身是如何破壞學習發生的方式甚至廣告技術本身的，你是否看到了潛在的威脅？或者它真的是那種對你的商業模式的好處和一切都遠遠超過了風險？然後我得到了快速跟進。

Yes. Thanks, Rishi. So in terms of the way the learning experience happens, the way I see it in very simple -- in a very simple view, I sort of say, all right, there was kind of Arrow one of online learning was YouTube, for the most part, it's very passive. You sit back and watch a video. When Coursera came out along with other MLOps providers and it came out of universities where they introduced active learning. You'd watch a video, but then you'd answer questions. So it was more engagement in the content. I think there's a new and next level of learning, which I will call interactive learning, where you are actually interacting. You are watching a video or you're doing an assessment. And not only do you do it, but you get personalized feedback on that and can even have kind of conversations to better understand the concept to get more examples to role play a scenario. So I think that, that interactive personalized learning is really going to be a big unlock with this technology. And so I think the ability to learn is going to go way up. So long as people don't outsource their thinking to GPT. This is a little bit different than a calculator. Calculator is just basically follow instructions as you put into it. This technology can write stuff pretty much from scratch. And so it is possible to outsource a lot of the thinking that would normally accompany writing. And I think that's actually one of the potential downsides or vulnerabilities, risks that comes from this kind of technology. But overall, we're going to really push on how do we unlock more of that personalized interactive learning. We think that in terms of the relative position is, I really like the fact that we have high-quality branded content because that is something that will be, I think, highly desired in a world where people don't always -- aren't always able to finish a fact from fiction. And it will be harder and harder to credentialize things when they're all kind of piecemeal and totally personalized. So I think grounding that kind of the learning experience on branded credential learning, I think, is going to be key.

是的。謝謝，里希。因此，就學習體驗發生的方式而言，我以非常簡單的方式看待它——在一個非常簡單的觀點中，我可以說，好吧，有一種在線學習方式是 YouTube，對於大多數人來說一部分，它是非常被動的。您坐下來觀看視頻。當 Coursera 與其他 MLOps 提供商一起出現時，它來自於他們引入主動學習的大學。你會看視頻，然後你會回答問題。所以它更多地參與了內容。我認為有一個新的和下一個層次的學習，我稱之為交互式學習，你實際上在其中進行交互。您正在觀看視頻或正在進行評估。你不僅會這樣做，還會得到個性化的反饋，甚至可以進行某種對話以更好地理解這個概念，從而獲得更多的角色扮演場景示例。所以我認為，交互式個性化學習真的會成為這項技術的一大突破。因此，我認為學習能力將會提高。只要人們不將他們的想法外包給 GPT。這與計算器有點不同。計算器基本上只是按照您輸入的說明進行操作。這項技術幾乎可以從頭開始寫東西。因此，可以將通常伴隨寫作的大量思考外包出去。而且我認為這實際上是潛在的缺點或漏洞之一，來自這種技術的風險。但總的來說，我們將真正推動如何解鎖更多個性化互動學習。我們認為，就相對位置而言，我真的很喜歡我們擁有高質量品牌內容這一事實，因為我認為，在一個人們並不總是——不是的世界裡，這是非常需要的東西。總能從小說中完成事實。當它們都是零散的、完全個性化的時候，要證明它們會越來越難。因此，我認為將這種學習經驗建立在品牌證書學習的基礎上將是關鍵。

I think the other major thing in terms -- in addition to the kind of learning being different and more interactive is the content generation. I mean, you can generate content far more quickly and productively than you can before. And people would say, "Oh gosh" but it can have a lot of mistakes in it. A human -- at least if you're dealing with quality institutions, a human is always going to look at it before the course gets published. So I think it's just going to sort of super power instructional designers, it's going to super power the people that prepare this kind of content, but the quality stamp of institutions is going to be a big part of this. And so I actually think the cost of production of content will go way down and people will be looking with more, I think, seriousness at whether that the quality is maintained as the cost go down. Overall, if you could say, "Hey, Jeff, do you wish that GPT never existed as it only came out 3 years from now or now." I definitely think now. I'm glad it's here. I think it's going to be exciting. I think it will be great for learners and I think it's going to be relatively advantageous to Coursera.

我認為另一個重要的方面——除了學習的不同和更具互動性之外，還有內容生成。我的意思是，您可以比以前更快、更高效地生成內容。人們會說，“哦，天哪”，但它可能有很多錯誤。一個人——至少如果你在與質量機構打交道，一個人總是會在課程發布之前查看它。所以我認為這只是某種超能力的教學設計師，它會讓準備這類內容的人變得超能力，但機構的質量印章將成為其中的重要組成部分。所以我實際上認為內容製作的成本會下降，我認為人們會更加認真地考慮隨著成本的下降是否能保持質量。總的來說，如果你可以說，“嘿，Jeff，你希望 GPT 永遠不存在嗎，因為它只會在 3 年後或現在出現。”我現在肯定認為。我很高興它在這裡。我認為這將是令人興奮的。我認為這對學習者來說非常好，我認為它對 Coursera 來說相對有利。

Got it. That's really helpful. And then, Ken, just a quick one for you. I really appreciate the kind of granularity in terms of how to think about the segment growth for this year. Drilling on to the Degrees side. Glad to see we're seeing an inflection in the back half of the year. Can you expand a little bit on what is giving you confidence in that? And maybe is there a certain set of macro expectations embedded in that? Or are you making the assumption that the kind of countercyclical forces on degrees don't change relative to what we're seeing today?

知道了。這真的很有幫助。然後，肯，給你一個快速的。在如何考慮今年的細分市場增長方面，我真的很欣賞這種粒度。鑽到 Degrees 一側。很高興看到我們在今年下半年看到了拐點。您能否詳細說明是什麼讓您對此充滿信心？也許其中嵌入了一組特定的宏觀預期？或者你是否假設學位的那種反週期力量相對於我們今天所看到的沒有改變？

Sure, Rishi. Happy to do. Firstly, based on the revenue model, we have amazing visibility, whether it's good or bad, around Degrees. And the vast majority of revenue will come from existing programs with wonderful visibility. It's about filling those student cohorts snacks. We've seen real improvements in our ability to fulfill. We have a number of new degrees rolling out that we will be fulfilling. And so the -- really, any of my segments as far as the ability to look forward with certainty on a forecast degree is, in fact, the best. And so we're not relying on every -- any particular trending. That said, as we look forward to '24 then, some of the programs in the pipeline, we're pretty excited about with the changes that we're seeing. But '23 no matter what the revenue recognition, nothing is in the bag, but our visibility is quite high in degrees so that inflection after the first half, I have a very high level of confidence in.

當然，里希。樂於做。首先，基於收入模型，我們在 Degrees 周圍擁有驚人的知名度，無論是好是壞。絕大部分收入將來自具有出色知名度的現有計劃。這是關於填充那些學生隊列的零食。我們已經看到我們履行能力的真正提高。我們推出了許多新學位，我們將實現這些學位。因此 - 實際上，就預測程度的確定性展望能力而言，我的任何部分實際上都是最好的。因此，我們並不依賴於每一個——任何特定的趨勢。也就是說，當我們期待 24 年的時候，一些正在籌備中的項目，我們對我們所看到的變化感到非常興奮。但是 23 年無論收入如何確認，都不是囊中之物，但我們的知名度相當高，所以上半年後的拐點，我有很高的信心。

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.

問答環節到此結束。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。

Thank you, Mr. Carey. Ladies and gentlemen, again, that does conclude Coursera's Fourth Quarter and Full Year 2022 Earnings Conference Call. I'd like to thank you so much for joining us and wish you all a great remainder of today. Goodbye.

謝謝你，凱里先生。女士們，先生們，Coursera 的第四季度和 2022 年全年收益電話會議結束了。非常感謝您加入我們，祝大家今天過得愉快。再見。