Coursera Inc (COUR) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Coursera's First Quarter 2023 Earnings Call. (Operator Instructions), and please be advised that this call is being recorded. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎來到 Coursera 的 2023 年第一季度財報電話會議。 （操作員說明），請注意，此通話正在錄音中。 （操作員說明）

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

我想把電話轉給投資者關係主管 Cam Carey。凱里先生，您可以開始了。

Hi, everyone, and thank you for joining our Q1 earnings conference call. With me today is Jeff Maggioncalda, Coursera's Chief Executive Officer; and Ken Hahn, our Chief Financial Officer. Following their prepared remarks, we will open the call for questions. Our press release, including financial tables was issued after market close and is posted on our Investor Relations website located at investor.coursera.com, where this call is being simultaneously webcast and where versions of our prepared remarks and supplemental slides are available.

大家好，感謝您參加我們的第一季度收益電話會議。今天和我在一起的是 Coursera 的首席執行官 Jeff Maggioncalda；和我們的首席財務官 Ken Hahn。在他們準備好的發言之後，我們將開始提問。我們的新聞稿（包括財務表格）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, which are 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. Additionally, all statements made during this call relating to future results and events are forward-looking statements based on current expectations and beliefs.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。非 GAAP 指標是最直接可比的 GAAP 指標，可在今天的新聞稿和補充演示文稿中找到，它們已通過我們的投資者關係網站向公眾分發和提供。請注意，除非另有說明，否則所有增長百分比均指同比變化。此外，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。

These forward-looking statements include, but are not limited to, statements regarding the potential impact 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.

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、我們的預期計劃和預期收益的潛在影響的陳述其中，我們的戰略和優先事項以及我們的商業模式任務機會、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. It's great to meet with you all. Last month, we had the opportunity to see and speak with many of you at our first Investor Day. It provided an excellent opportunity to reflect on the amount of progress that we've made, executing on our vision, expanding our ecosystem and deepening our platform's advantages. And it reinforced my confidence in our strategy, including our vision for the future of higher education. This vision includes a globally connected ecosystem of learners, educators and institutions that is redefining the future of learning and work.

謝謝，卡姆，大家下午好。很高興見到大家。上個月，我們有機會在我們的第一個投資者日與你們中的許多人見面並交談。它提供了一個很好的機會來反思我們所取得的進展、執行我們的願景、擴展我們的生態系統並深化我們平台的優勢。它增強了我對我們戰略的信心，包括我們對高等教育未來的願景。這一願景包括一個由學習者、教育者和機構組成的全球互聯生態系統，它正在重新定義學習和工作的未來。

And 2 weeks ago, I had the privilege of bringing together thousands in the Coursera community at our annual conference to discuss what we believe this future will look like: a highly personalized and more engaging learning experience with technologies like generative AI and virtual reality; a stronger link between college degrees and industry micro-credentials; and the globalization of the world's workforce that allows employers to expand and diversify access to skilled talent around the world.

兩週前，我有幸在我們的年度會議上召集了 Coursera 社區的數千人，討論了我們認為未來會是什麼樣子：通過生成人工智能和虛擬現實等技術提供高度個性化和更具吸引力的學習體驗；大學學位與行業微證書之間的聯繫更加緊密；世界勞動力的全球化使雇主能夠擴大和多樣化地獲得世界各地的熟練人才。

As we make progress on our long-term opportunities, we are also delivering on our near-term results. In Q1, we grew revenues 23% over the prior year to $148 million, which was driven by our consumer, enterprise and degree segments. Ken will cover each in more detail during the discussion of our financial results, so I'd like to spend my time today briefly discussing the structural trends driving our business along with the slate of announcements we recently made to better serve the changing needs of individuals, institutions and our educator partners.

隨著我們在長期機遇方面取得進展，我們也在實現近期成果。在第一季度，我們的收入比上年增長了 23% 至 1.48 億美元，這是由我們的消費者、企業和學位部門推動的。肯將在討論我們的財務業績時更詳細地介紹每一項，所以我今天想花時間簡要討論推動我們業務的結構性趨勢以及我們最近發布的一系列公告，以更好地滿足個人不斷變化的需求、機構和我們的教育合作夥伴。

Let's start with our first major trend, which is Digital Transformation. The forces of technology and globalization have been accelerating the transformation of every institution in our society. In recent decades, the microprocessor, the Internet, cloud computing, mobile computing and social media have profoundly reshaped businesses and society. We believe that AI represents the next major technological disruption that will dramatically change how we work and how we live, and this impact will go far beyond the traditional boundaries of automation.

讓我們從第一個主要趨勢開始，即數字化轉型。技術和全球化的力量一直在加速我們社會中每一個機構的轉型。近幾十年來，微處理器、互聯網、雲計算、移動計算和社交媒體深刻地重塑了企業和社會。我們相信人工智能代表著下一個重大的技術顛覆，它將極大地改變我們的工作方式和生活方式，而且這種影響將遠遠超出自動化的傳統界限。

Coursera's founder, Andrew Ng, has said, AI is the new electricity. Just as electricity was quickly and widely integrated into homes and factories, we believe that generative AI will be integrated into applications, software and platforms that employees are already familiar with. This integration is happening quickly, and we believe it will increase the importance of digital transformation and talent reskilling in businesses.

Coursera 的創始人 Andrew Ng 曾說過，AI 是新的電力。正如電力迅速廣泛地融入家庭和工廠一樣，我們相信生成人工智能將融入員工已經熟悉的應用程序、軟件和平台。這種整合正在迅速發生，我們相信它將增加企業數字化轉型和人才再培訓的重要性。

And this brings us to our second trend, which is skills development. For years, employers have been rapidly digitizing work processes and jobs that are repeatable and predictable. And generative AI has the potential to impact an entirely new class of knowledge workers unleashing a new wave of reskilling and upskilling imperatives. AI will amplify and accelerate the change already facing universities, pushing them to enhance curriculums and the learning experience to make trusted education more accessible, personalized and relevant. AI will amplify and accelerate the change already facing governments, driving them to deliver job training programs at the speed and scale needed to keep pace with job dislocation and unemployment challenges. And AI will amplify and accelerate the change being felt by individuals, pushing every one of us in every job to keep learning in order to stay relevant.

這將我們帶到了第二個趨勢，即技能發展。多年來，雇主一直在快速數字化可重複和可預測的工作流程和工作。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和技能提升浪潮。人工智能將放大並加速大學已經面臨的變革，推動它們改進課程和學習體驗，使受信任的教育更容易獲得、個性化和相關。人工智能將擴大和加速政府已經面臨的變革，促使他們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。人工智能將放大和加速個人感受到的變化，推動我們每個人在每項工作中不斷學習以保持相關性。

And this leads me to the third trend driving our business, the transformation of higher education. The traditional higher education system has not kept pace with the changing skill requirements driven by technology and automation. Academic institutions must evolve more quickly to better serve the needs of students, governments and businesses in an increasingly digital and distributed labor market.

這讓我想到了推動我們業務發展的第三個趨勢，即高等教育的轉型。傳統的高等教育系統跟不上技術和自動化驅動的不斷變化的技能要求。學術機構必須更快地發展，以在日益數字化和分散的勞動力市場中更好地滿足學生、政府和企業的需求。

Let's discuss a recent example. The Republic of Kazakhstan is facing a skills gap crisis and rapid population growth, and we are expanding our partnership with a new nationwide scope that encompasses both Coursera for Government and Coursera for Campus. Our partnership began with the success of our workforce recovery program back in 2020. Now the Ministry of Higher Education and Science is using Coursera to up-level its public higher education system to empower students and faculty nationwide with the skills and credentials needed to thrive in the digital economy.

讓我們討論一個最近的例子。哈薩克斯坦共和國正面臨技能差距危機和人口快速增長，我們正在將我們的合作夥伴關係擴大到新的全國范圍，包括 Coursera for Government 和 Coursera for Campus。我們的合作夥伴關係始於 2020 年勞動力恢復計劃的成功。現在，高等教育和科學部正在使用 Coursera 提升其公立高等教育系統的水平，使全國學生和教職員工具備在數字經濟。

The MOE is integrating over 650 courses on Coursera into 25 universities for credit in their degree programs. We are able to pursue partnerships like these largely because of the world-class brands of our educators and the breadth of our content, especially the job-relevant professional certificates that prepare learners for digital careers.

教育部正在將 Coursera 上的 650 多門課程整合到 25 所大學的學位課程中以獲得學分。我們之所以能夠建立這樣的合作夥伴關係，很大程度上是因為我們的教育工作者擁有世界一流的品牌以及我們內容的廣度，尤其是與工作相關的專業證書，可以幫助學習者為數字職業做好準備。

Collaboration between government and universities enabled implementation across entire education systems at unprecedented speed and scale. This is the kind of forward-thinking approach required to ensure that higher education is more accessible to over 1 billion young adults between the ages of 15 and 24 who need to be skilled for this new era.

政府和大學之間的合作以前所未有的速度和規模在整個教育系統中實施。這是一種前瞻性的方法，可確保超過 10 億年齡在 15 至 24 歲之間的年輕人更容易接受高等教育，他們需要掌握新時代的技能。

So those are some of the key tailwinds that are driving the opportunity we see in front of us. Now let's talk about 3 key advantages that allow us to compete differently to seize this opportunity. First, our leading educator partners who created a broad catalog of trusted and branded content and credentials; second, our global reach to individuals and institutions; and third is the data, technology and innovation that we leverage across our platform. Let's cover each of these categories and the recent progress that we've had in each of them.

因此，這些是推動我們在我們面前看到的機會的一些關鍵順風。現在讓我們談談 3 個關鍵優勢，這些優勢使我們能夠以不同的方式競爭以抓住這個機會。首先，我們領先的教育合作夥伴創建了廣泛的可信品牌內容和證書目錄；第二，我們對個人和機構的全球影響力；第三是我們在整個平台上利用的數據、技術和創新。讓我們涵蓋這些類別中的每一個以及我們在每個類別中取得的最新進展。

First, our educator partners. Coursera's catalog of content and credentials is created by more than 300 of the world's trusted universities and industry leaders. And we're proud to have welcomed 15 new partners. These include universities located in the U.S. and around the globe, such as Anahuac University in Mexico, London Business School and SP Jain Institute of Management and Research in India. We're also broadening our set of industry partners in fields like health care, consumer goods and real estate with new partners like Epic Games, Keller Williams, Moderna, Novartis, Unilever and more.

首先，我們的教育合作夥伴。 Coursera 的內容和證書目錄由全球 300 多所值得信賴的大學和行業領導者創建。我們很自豪地迎來了 15 個新合作夥伴。其中包括位於美國和全球各地的大學，例如墨西哥的 Anahuac 大學、倫敦商學院和印度的 SP Jain 管理與研究學院。我們還通過 Epic Games、Keller Williams、Moderna、Novartis、Unilever 等新合作夥伴擴大了我們在醫療保健、消費品和房地產等領域的行業合作夥伴組合。

These universities and industry partners continue to rapidly expand Coursera's catalog of branded credentials that are sought by learners looking to unlock career opportunities. And I want to provide updates on 2 categories that create value for learners, entry-level professional certificates and college degrees.

這些大學和行業合作夥伴繼續快速擴展 Coursera 的品牌證書目錄，這些證書是希望釋放職業機會的學習者所尋求的。我想提供 2 個為學習者創造價值的類別的更新，入門級專業證書和大學學位。

The entry-level professional certificates on Coursera create new pathways to secure well-paying digital jobs and also earn credit toward a college degree. We believe that industry micro-credentials will play an increasingly prominent role in the transformation of higher education, which is why we continue to pursue rapid expansion of this catalog with new partners, new job roles, additional languages and credit recommendations.

Coursera 上的入門級專業證書開闢了獲得高薪數字工作並獲得大學學位學分的新途徑。我們相信，行業微證書將在高等教育轉型中發揮越來越重要的作用，這就是為什麼我們繼續尋求通過新合作夥伴、新工作角色、更多語言和學分推薦來快速擴展該目錄的原因。

At our recent Investor Day, I shared that we expect 50 certificates on the platform by the end of the year. To date, we have announced more than 40, including 6 new certificates unveiled at our Coursera Conference 2 weeks ago, including solution architect from Akamai, data science specialists from Fractal Analytics, real estate agent from Keller Williams, and 3 additional certificates from IBM in IT project management, mobile app developer and front-end development. And we are excited about our pipeline of partners and job roles that we'll continue to announce as the year continues.

在我們最近的投資者日，我分享了我們預計到今年年底該平台上的 50 個證書。迄今為止，我們已經宣布了 40 多個證書，其中包括 2 週前在我們的 Coursera 會議上公佈的 6 個新證書，包括來自 Akamai 的解決方案架構師、來自 Fractal Analytics 的數據科學專家、來自 Keller Williams 的房地產經紀人，以及來自 IBM 的 3 個額外證書IT 項目管理、移動應用程序開發人員和前端開發。我們對我們將在今年繼續宣布的合作夥伴和工作角色的管道感到興奮。

Now let's take a look at the most valuable and recognized credential in the world, the college degree. We believe that higher education, and in particular the college degree, needs to be more accessible, affordable and relevant to students and employers alike. And innovative universities are adopting the best capabilities of Coursera to provide degrees that are designed especially to meet the needs of working adults. At our Investor Day, we demonstrated our early success with the University of Colorado Boulder's Masters in Data Science, and outline the attributes of this degree program that are resonating with learners, including: first, the ability to start the degree at any time by taking open courses for $49 a month; second, affordable pricing with tuition at $15,750 for the full master's degree; third, no application during admission. Students earn admissions based on their performance in the open courses. And fourth, integrated industry content that counts as credit towards the degree.

現在讓我們來看看世界上最有價值和最受認可的證書——大學學位。我們認為，高等教育，尤其是大學學位，需要更容易獲得、負擔得起並且與學生和雇主都相關。創新型大學正在採用 Coursera 的最佳功能來提供專為滿足在職成年人的需求而設計的學位。在我們的投資者日，我們展示了我們在科羅拉多大學博爾德分校的數據科學碩士學位方面的早期成功，並概述了該學位課程引起學習者共鳴的屬性，包括：首先，能夠隨時通過參加每月 49 美元的開放課程；第二，價格實惠，完整碩士學位的學費為 15,750 美元；第三，入學期間不申請。學生根據他們在公開課程中的表現獲得錄取。第四，綜合行業內容，計入學位學分。

We spent much of the last year better understanding what our learners want from an online degree and the types of transformational partners who are willing to help us unlock this opportunity. I'm excited to share that we added 10-degree programs in Q1, which is twice the number that we announced in any prior quarter. And many of these programs expect to take full advantage of the capabilities that Coursera offers to make these degrees particularly well-suited for working adults.

去年的大部分時間，我們都在更好地了解我們的學習者想要從在線學位中獲得什麼，以及願意幫助我們釋放這一機會的轉型合作夥伴的類型。我很高興與大家分享，我們在第一季度增加了 10 個學位項目，這是我們在上一季度宣布的數量的兩倍。其中許多項目都希望充分利用 Coursera 提供的功能，使這些學位特別適合在職成年人。

The newly announced degree programs include a masters of computer science from the University of Colorado Boulder, 4 degrees from the Illinois Institute of Technology, including 3 masters and 1 Bachelor's program, 2 degrees from Ball State University and 3 international programs from universities in the U.K., India and Peru. To date, we have announced more than 50-degree programs on Coursera, and we look forward to building on our early momentum as the year continues.

新公佈的學位項目包括科羅拉多大學博爾德分校的計算機科學碩士、伊利諾伊理工學院的4個學位，包括3個碩士和1個學士學位、鮑爾州立大學的2個學位和英國大學的3個國際項目。 、印度和秘魯。迄今為止，我們已經在 Coursera 上宣布了 50 多個學位課程，我們期待在今年繼續保持我們早期的勢頭。

So that's a bit of an update on our educator partners. Now let's shift to our second major advantage, which 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. In Q1, we added 5.5 million new registered learners growing our global learner base to 124 million by the end of March. Learner growth continues to be broad-based with double-digit percentage increases across the majority of our largest countries like the U.S. India, the U.K. and others. We also grew the number of paid enterprise customers to more than 1,250 with the additions across all of our enterprise verticals, including new business, campus and government customers.

所以這是我們的教育合作夥伴的一些更新。現在讓我們轉向我們的第二個主要優勢，即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。在第一季度，我們增加了 550 萬新註冊學習者，到 3 月底，我們的全球學習者人數增加到 1.24 億。在美國、印度、英國和其他國家等我們大多數最大的國家中，學習者的增長繼續具有廣泛的基礎，增長率達到兩位數。我們還將付費企業客戶的數量增加到 1,250 多個，並增加了我們所有企業垂直領域的客戶，包括新的企業、校園和政府客戶。

This brings me to our third advantage that I'd like to talk about, which is the ongoing product innovation that we leverage across our platform. And I'd like to start with our efforts in generative AI. At Coursera Conference, we unveiled 2 new AI-powered innovations, including one for learners and one for educators.

這讓我想到了我想談的第三個優勢，即我們在整個平台上利用的持續產品創新。我想從我們在生成人工智能方面的努力開始。在 Coursera 大會上，我們推出了 2 項由 AI 驅動的新創新，其中一項面向學習者，另一項面向教育工作者。

First is Coursera Coach for Learners. Coach is a virtual learning partner powered by generative AI that allows learners to ask questions and receive personalized valuable role in education as learners look for quality. And to support our educator partners, we are piloting AI-assisted course building. This new set of AI-powered features can auto-generate course content including an overall course structure, readings, assignments and glossaries based on a few simple inputs from an author. It can also recommend relevant video and modules from the broader Coursera catalog to consider including in the course. And it will enable enterprise customers to upload internal videos that can be automatically transformed into smaller clips and integrated into well-structured private courses.

首先是面向學習者的 Coursera Coach。 Coach 是一個由生成式 AI 提供支持的虛擬學習夥伴，它允許學習者提出問題，並在學習者尋求質量時在教育中扮演個性化的寶貴角色。為了支持我們的教育合作夥伴，我們正在試行人工智能輔助課程建設。這套新的人工智能功能可以根據作者的一些簡單輸入自動生成課程內容，包括整體課程結構、閱讀材料、作業和詞彙表。它還可以從更廣泛的 Coursera 目錄中推薦相關視頻和模塊，以考慮將其包含在課程中。它還將使企業客戶能夠上傳內部視頻，這些視頻可以自動轉換為更小的剪輯並集成到結構良好的私人課程中。

Our goal is to use technology to dramatically reduce the time and cost of producing high-quality trusted content at scale. This strategy also underpins our approach to localization, which we discussed at our Investor Day last month.

我們的目標是利用技術大幅減少大規模製作高質量可信內容的時間和成本。這一戰略也鞏固了我們在上個月的投資者日討論的本地化方法。

Historically, one of the challenges with producing content at scale was language dependencies. Educators tend to produce in their local language while learners come from all around the world speaking many languages. We believe that high-quality education from the world's leading experts should be accessible to learners anywhere in the world no matter what language they speak. And recent advancements in the quality of machine learning translations can now translate courses at a fraction of the cost of using conventional human translation.

從歷史上看，大規模製作內容的挑戰之一是語言依賴性。教育工作者傾向於使用當地語言進行教學，而學習者則來自世界各地，講多種語言。我們相信，世界各地的學習者都應該能夠獲得來自世界領先專家的高質量教育，無論他們說什麼語言。機器學習翻譯質量的最新進步現在可以以使用傳統人工翻譯的一小部分成本來翻譯課程。

Our team has been focused on building a scalable translation framework for the Coursera catalog. In the coming months, we intend to translate more than 2,000 full courses into 7 key languages, benefiting more than 35 million registered learners who speak Spanish, Arabic, Portuguese, French, German, Indonesian and Thai.

我們的團隊一直專注於為 Coursera 目錄構建可擴展的翻譯框架。在接下來的幾個月裡，我們打算將 2,000 多門完整課程翻譯成 7 種主要語言，使超過 3500 萬講西班牙語、阿拉伯語、葡萄牙語、法語、德語、印度尼西亞語和泰語的註冊學習者受益。

Next, we continue to expand our efforts in immersive learning with new virtual reality-enabled course experiences. In collaboration with Duke University, Peking University, University of Washington and University of Michigan, we recently launched courses that allow for a deeper level of engagement. For example, the public speaking course from the University of Washington allows learners to immerse themselves in a simulated auditorium or conference room to practice their presentation and delivery skills in a realistic setting. We also announced 2 new credentials from Meta, including a professional certificate and specialization in augmented reality for learners considering careers focused on these exciting new technologies.

接下來，我們將繼續通過新的支持虛擬現實的課程體驗來擴大我們在沉浸式學習方面的努力。與杜克大學、北京大學、華盛頓大學和密歇根大學合作，我們最近推出了允許更深層次參與的課程。例如，華盛頓大學的公共演講課程讓學習者沉浸在模擬的禮堂或會議室中，在真實的環境中練習他們的演講和演講技巧。我們還宣布了 Meta 的 2 個新證書，包括專業證書和增強現實專業化，面向考慮從事這些激動人心的新技術的學習者。

Finally, we launched in Q1 a product that we've been working on for quite some time, Coursera Hiring Solutions to connect learners to jobs. Rapid technological shifts have created a shortage of qualified talent causing employers to look beyond traditional talent pools to fulfill open roles. In the recent Coursera survey of more than 1,500 employers across 11 countries, more than 97% said that they are using or considering adopting skills-based hiring approaches to expand their talent pools. This includes eliminating the college degree requirement for many positions in order to attract candidates from wider, more global pools of emerging talent.

最後，我們在第一季度推出了我們已經開發了很長時間的產品 Coursera Hiring Solutions，將學習者與工作聯繫起來。快速的技術變革導致合格人才短缺，導致雇主將目光投向傳統人才庫之外，以履行空缺職位。在 Coursera 最近對 11 個國家的 1,500 多家雇主進行的調查中，超過 97% 的人表示他們正在使用或考慮採用基於技能的招聘方法來擴大他們的人才庫。這包括取消許多職位的大學學位要求，以便從更廣泛、更全球化的新興人才庫中吸引候選人。

And while more employers are considering skills-based hiring to address talent shortages, verifying a candidate's skills is difficult, especially for entry-level roles where a career starter or switcher may lack a college degree or relevant prior work experience. This challenge has coincided with growth in online learning, which, in combination with remote work, digital jobs and broadband connectivity 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.

雖然越來越多的雇主正在考慮以技能為基礎的招聘來解決人才短缺問題，但驗證候選人的技能很困難，尤其是對於入門級職位而言，職業初學者或轉行者可能缺乏大學學位或相關的先前工作經驗。這一挑戰與在線學習的增長同時發生，在線學習與遠程工作、數字工作和寬帶連接相結合，導致人才全球化，正在重塑工作的供需，不再局限於特定的城市、州或國家。

Coursera Hiring Solutions is how we plan to use our 3 sided platform to bridge learning opportunity and economic opportunity by connecting learners to employers, even if they lack a college degree or relevant prior work experience. Job seekers come into Coursera, can develop in-demand skills and earn branded credentials that they need to be considered for entry-level digital jobs. They can also build hands-on projects with the digital tools used by professionals in the field. These projects not only develop skills but also lead to a portfolio that demonstrates these skills to an employer. And learners can showcase their job readiness with the skills profile that includes credentials, assessments and their project portfolio.

Coursera 招聘解決方案是我們計劃如何使用我們的 3 邊平台通過將學習者與雇主聯繫起來來彌合學習機會和經濟機會，即使他們沒有大學學位或相關的先前工作經驗。求職者進入 Coursera，可以培養需求技能並獲得品牌證書，他們需要考慮這些證書來從事入門級數字工作。他們還可以使用該領域專業人士使用的數字工具構建實踐項目。這些項目不僅可以培養技能，還可以生成向雇主展示這些技能的作品集。學習者可以通過包括證書、評估和項目組合在內的技能簡介來展示他們的工作準備情況。

From the employer's perspective, they can expand and diversify their candidate pool by gaining access to industry-trained job-relevant talent. Recruiters can use a talent dashboard from Coursera to identify a prequalified talent and filter candidates that meet their unique sourcing requirements, including skill proficiency levels based on Coursera's assessments. Hiring Solutions is currently in beta with thousands of learners and a selected number of employers in India, and we are excited to start testing with U.S. customers in the coming months.

從雇主的角度來看，他們可以通過獲得受過行業培訓的與工作相關的人才來擴大和多樣化他們的候選人庫。招聘人員可以使用 Coursera 的人才儀表板來識別通過資格預審的人才，並篩選滿足其獨特採購要求的候選人，包括基於 Coursera 評估的技能熟練程度。 Hiring Solutions 目前處於測試階段，印度有數千名學習者和部分雇主，我們很高興在未來幾個月開始與美國客戶進行測試。

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 that we're focusing on in the years ahead. First, we are broadening our catalog of entry-level professional certificates with world-class industry brands, expanding with new roles, new partners, new languages and credit recommendations. And we are working with accrediting bodies around the world so that learners can receive academic credit for college degrees for the learning that they complete in these professional certificates on Coursera.

在我打電話給肯仔細研究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。首先，我們正在通過世界級行業品牌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。我們正在與世界各地的認證機構合作，以便學習者可以通過在 Coursera 上完成這些專業證書的學習而獲得大學學位的學分。

Second, we're expanding our portfolio of degree programs, especially those tailored to meet the unique needs of working adults, including flexibility, affordability and stronger pathways from our open content and industry micro-credentials into college degrees.

其次，我們正在擴大我們的學位項目組合，尤其是那些為滿足在職成年人的獨特需求而量身定制的項目，包括靈活性、負擔能力以及從我們的開放內容和行業微證書到大學學位的更強大途徑。

Third, we are focused on growing our enterprise segment across business, government and campus customers seeking to address their needs in this fast-changing environment. And we are focused on deepening our advantages while driving more scale and leverage over time.

第三，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，以滿足他們在這個瞬息萬變的環境中的需求。我們專注於深化我們的優勢，同時隨著時間的推移推動更大的規模和影響力。

We are especially excited by the opportunity to use generative AI to make learning more personalized and interactive for learners and to make content production faster and cheaper for our educator partners.

我們特別興奮有機會使用生成 AI 讓學習者的學習更加個性化和互動，並讓我們的教育合作夥伴更快、更便宜地製作內容。

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. I'm pleased to report on our solid first quarter. In Q1, we generated total revenue of $147.6 million, which was up 23% from a year ago driven by strong growth in our consumer and enterprise segments. Additionally, our degrees segment returned to growth, demonstrating nice progress to start this new year. It was a modest increase at 1%, but critical for a growth company, most importantly, in a market as large as degrees.

謝謝，傑夫，大家下午好。我很高興報告我們穩健的第一季度。在第一季度，我們的總收入為 1.476 億美元，同比增長 23%，這得益於我們的消費者和企業部門的強勁增長。此外，我們的學位部分恢復增長，展示了新的一年開始的良好進展。這是 1% 的適度增長，但對於一家成長型公司來說至關重要，最重要的是，在像學位這樣大的市場中。

As we discussed at our Investor Day last month, we believe we are resuming progress on our strategy to fundamentally transform access to degrees. Please note that for the remainder of the call, as I review our business performance and outlook, I'll discuss our non-GAAP financial measures unless otherwise noted. Additionally, as a reminder of our prior communication on last quarter's call, the changes associated with a multiyear contract extension with our largest industry partner were in line with our expectations.

正如我們在上個月的投資者日討論的那樣，我們相信我們正在恢復從根本上改變學位獲取方式的戰略進展。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。此外，作為我們在上一季度電話會議上的先前溝通的提醒，與我們最大的行業合作夥伴的多年合同延期相關的變化符合我們的預期。

Specifically, this shifted expense from operating expense to cost of revenue, as this partner chose to receive a more standard revenue share going forward, which we remain excited about given more closely aligned incentives around growth, reach and opportunity for learners around the globe.

具體來說，這將費用從運營費用轉移到收入成本，因為該合作夥伴選擇在未來獲得更標準的收入份額，我們仍然對此感到興奮，因為在全球學習者的增長、覆蓋範圍和機會方面提供了更緊密一致的激勵措施。

Gross profit was $79.6 million, slightly up on a dollar basis from a year ago and the 54% gross margin, which was down 12 points in the prior year period. Total operating expense was $91.4 million or 62% of revenue, down 15 points from 77% in the prior year period. Sales and marketing expenses represented 30% of total revenue, down 8 points from 38%. Research and development expense was 20% of revenue, down 3 points from 23%. And general and administrative expense was 12% of revenue, down 4 points from 16%. Net loss was $5.2 million or 3.5% of revenue and adjusted EBITDA was a loss of $7.5 million or 5.1% of revenue.

毛利潤為 7960 萬美元，按美元計算比一年前略有上升，毛利率為 54%，比上年同期下降 12 個百分點。總運營費用為 9140 萬美元，佔收入的 62%，比去年同期的 77% 下降了 15 個百分點。銷售和營銷費用佔總收入的 30%，比 38% 下降了 8 個百分點。研發費用佔收入的 20%，比 23% 下降了 3 個百分點。一般和行政費用佔收入的 12%，比 16% 下降了 4 個百分點。淨虧損為 520 萬美元或收入的 3.5%，調整後的 EBITDA 為虧損 750 萬美元或收入的 5.1%。

Now turning to cash performance and the balance sheet. Free cash flow was $1.5 million during the quarter compared to a use of $42.2 million a year ago. This included the remaining cash payments of $4.8 million related to the restructuring charges we incurred in late 2022. And we ended the quarter with approximately $780 million of unrestricted cash, cash equivalents and marketable securities with no debt. We believe the strength of our balance sheet is a considerable asset that provides us the stability and strategic optionality to execute on our long-term vision.

現在轉向現金表現和資產負債表。本季度自由現金流為 150 萬美元，而去年同期為 4220 萬美元。這包括與我們在 2022 年底發生的重組費用相關的剩餘現金支付 480 萬美元。本季度末，我們擁有約 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是一筆可觀的資產，它為我們提供了執行長期願景的穩定性和戰略選擇權。

As we outlined at our Investor Day, our approach to capital allocation has primarily emphasized investments in our organic growth opportunities. We believe that the education technology industry is changing rapidly and having the flexibility to pursue additions to our platform will provide opportunities to accelerate our leadership position and enhance our business model advantages. Our strong views on that have not changed.

正如我們在投資者日概述的那樣，我們的資本配置方法主要強調對有機增長機會的投資。我們相信，教育技術行業瞬息萬變，能夠靈活地向我們的平台添加內容，將為我們加速領先地位和增強我們的商業模式優勢提供機會。我們對此的強烈看法沒有改變。

But given the size of our balance sheet and the modest cash requirements for operating needs, we are pleased to announce our Board has authorized a share repurchase program of up to $95 million. Our program is a direct reflection of our confidence in the business as well as the value we place on shareholder equity. The authorization amount is specifically designed to offset dilution above the benchmark gross dilution rate of companies in the first year after an IPO based on a market analysis performed by an independent third-party adviser.

但鑑於我們的資產負債表規模和運營需求的適度現金需求，我們很高興地宣布董事會已批准一項高達 9500 萬美元的股票回購計劃。我們的計劃直接反映了我們對業務的信心以及我們對股東權益的重視。根據獨立第三方顧問進行的市場分析，授權金額專門用於抵消首次公開募股後第一年公司基準總稀釋率以上的稀釋。

Our higher dilution in 2022, our first year after going public, was associated with onetime equity employee grants made to attract, motivate and retain key talent while providing long-term incentives aligned with shareholder value creation in future years. And we thought it important that investors understand that we consider 2022 an anomaly. And we are confident we can pursue a repurchase program at this level while continuing to prioritize cash for strategic opportunities that increase the likelihood of us leading our large, early and dynamic markets.

我們在 2022 年（上市後的第一年）的更高稀釋度與一次性股權員工贈款有關，該贈款旨在吸引、激勵和留住關鍵人才，同時提供與未來幾年股東價值創造相一致的長期激勵。我們認為讓投資者明白我們認為 2022 年是一個反常現像很重要。我們有信心我們可以在這個層面上推行回購計劃，同時繼續優先考慮現金以獲得戰略機會，這些機會增加了我們領導我們龐大、早期和充滿活力的市場的可能性。

Next, let's discuss each of our segments in more detail. Consumer revenue was $82 million, up 20% from the prior year on strong performance in our entry-level professional certificates. We believe our strategic focus on job relevant credentials created by world-class brands is resonating with learners around the world looking to start or switch careers.

接下來，讓我們更詳細地討論我們的每個細分市場。由於我們的入門級專業證書表現強勁，消費者收入為 8200 萬美元，比上一年增長 20%。我們相信，我們的戰略重點是世界一流品牌創建的與工作相關的證書，這引起了世界各地希望開始或轉行的學習者的共鳴。

Segment gross profit was $44.6 million or 54% of consumer revenue compared to 71% a year ago. As discussed last quarter, the impacts of the contract extension with our largest industry partner were expected to be most pronounced in our consumer segment margin with a higher cost of revenue, meaning lower segment margin offset by lower operating expense.

分部毛利為 4460 萬美元，佔消費者收入的 54%，而一年前為 71%。正如上個季度所討論的那樣，與我們最大的行業合作夥伴延長合同的影響預計將在我們的消費者部門利潤率中最為明顯，收入成本較高，這意味著較低的部門利潤率被較低的運營費用所抵消。

Finally, top-of-funnel activity remains strong with another 5.5 million new registered learners coming to Coursera.

最後，Top-of-funnel 活動依然強勁，又有 550 萬新註冊學習者來到 Coursera。

Enterprise revenue was $52.2 million, up 34% from a year ago on growth in all 3 of our segment verticals. Segment gross profit was $35 million or 67% of enterprise revenue compared to 72% a year ago. The total number of paid enterprise customers increased to 1,253, up 37% from a year ago. And our net retention rate for paid enterprise customers was 104%.

企業收入為 5220 萬美元，比一年前增長 34%，這得益於我們所有 3 個垂直細分市場的增長。部門毛利潤為 3500 萬美元，佔企業收入的 67%，而一年前為 72%。付費企業客戶總數增至1253家，同比增長37%。我們對付費企業客戶的淨保留率為 104%。

Consistent with our outlook at the start of the year, we are seeing business customers exercise caution in their spending priorities amidst increased macroeconomic uncertainty.

與我們年初的展望一致，我們看到企業客戶在宏觀經濟不確定性增加的情況下對他們的支出優先事項持謹慎態度。

And finally, our Degrees segment. Degrees revenue was $13.4 million, up 1% from a year ago and increased student enrollments and scaling of new program launches. The total number of Degrees students grew 10% from a year ago to 18,095. As a reminder, there's no content costs attributable to 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 1340 萬美元，比一年前增長 1%，學生入學人數增加，新項目啟動規模擴大。獲得學位的學生總數比一年前增長了 10%，達到 18,095 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%。

We are encouraged by our early progress in Degrees, including our ability to accelerate growth as the year proceeds as well as our recent sourcing successes, highlighted by the 10 new programs Jeff mentioned earlier.

我們對我們在學位方面的早期進展感到鼓舞，包括我們隨著時間的推移加速增長的能力以及我們最近的採購成功，傑夫前面提到的 10 個新項目突出了這一點。

By sourcing the types of high-value programs that resonate with our learners, with partners that leverage our platform's unique assets and scale, we are able to compete uniquely and execute on our long-term vision in more accessible, affordable and relevant model for higher education that transforms one of the world's largest industries.

通過尋找與我們的學習者產生共鳴的高價值項目類型，以及利用我們平台獨特資產和規模的合作夥伴，我們能夠以更易於訪問、負擔得起和相關的模式進行獨特的競爭並實現我們的長期願景更高改變世界上最大的行業之一的教育。

Now on to our financial outlook. For Q2, we're expecting revenue to be in the range of $143 million to $147 million. For adjusted EBITDA, we're expecting a loss in the range of $13 million to $16 million.

現在談談我們的財務前景。對於第二季度，我們預計收入將在 1.43 億美元至 1.47 億美元之間。對於調整後的 EBITDA，我們預計虧損在 1300 萬至 1600 萬美元之間。

For full-year 2023, we now anticipate revenue to be in the range of $600 million to $610 million, representing approximately 16% growth at the midpoint of the range. 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.

對於 2023 年全年，我們現在預計收入將在 6 億美元至 6.1 億美元之間，在該範圍的中點增長約 16%。對於調整後的 EBITDA，我們預計在收入和 EBITDA 指導範圍的中點處虧損 2600 萬至 3400 萬美元或調整後的 EBITDA 利潤率為負 5%。

As a reminder of our operating framework, we set an annual EBITDA margin target at the beginning of the year and work within that plan based on the trajectory of our business to maximize our growth opportunities. We do not optimize the business for any single quarter, and we'll strategically invest to position Coursera for the long term while demonstrating scale and leverage over time, including our outlook to be adjusted EBITDA positive in 2024.

作為對我們運營框架的提醒，我們在年初設定了年度 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，以最大限度地提高我們的增長機會。我們不會針對任何一個季度優化業務，我們將進行戰略投資以長期定位 Coursera，同時隨著時間的推移展示規模和槓桿作用，包括我們在 2024 年調整後的 EBITDA 前景為正。

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. Our mission is deeply rooted in our business. It is what inspires our team members, attracts our partners and enables our customers to make access to high-quality education a growing reality for millions of learners around the world. To that end, I was excited to introduce our first environmental, social and governance report last month. It showcases our progress on several key initiatives like talent development, workforce representation and data privacy, as well as our learning platform's role in promoting literacy in ESG topics, including more than 200 courses in sustainability and over 100 addressing social justice.

謝謝，肯。我們的使命深深植根於我們的業務。它激勵我們的團隊成員，吸引我們的合作夥伴，並使我們的客戶能夠讓全球數百萬學習者獲得高質量的教育成為現實。為此，我很高興在上個月介紹我們的第一份環境、社會和治理報告。它展示了我們在人才發展、勞動力代表和數據隱私等幾個關鍵舉措方面取得的進展，以及我們的學習平台在促進 ESG 主題素養方面的作用，包括 200 多門可持續發展課程和 100 多門解決社會正義的課程。

Additionally, we expect to publish our 2023 learner outcome report in the coming weeks, which was conducted in partnership with a respected third-party firm. Learning for knowledge's sake is valuable, but learning that unlocks opportunity can be transformative. That's why we were excited to hear from more than 55,000 learners in more than 190 countries about how their online learning experiences on Coursera are driving impactful career and personal benefits.

此外，我們預計將在未來幾週內發布我們的 2023 年學習者成果報告，該報告是與一家受人尊敬的第三方公司合作進行的。為知識而學習是有價值的，但釋放機會的學習可以帶來變革。這就是為什麼我們很高興聽到 190 多個國家/地區的 55,000 多名學習者講述他們在 Coursera 上的在線學習體驗如何推動有影響力的職業和個人利益。

This is what they told us. 77% of learners seeking career advancements say learning on Coursera benefited their career. 28% of approximately 4,000 entry-level professional certificate learners got a new job. And 30% of a smaller subset of unemployed learners were employed after learning. It is an inspiring validation of our platform and community's ability to change lives as Coursera increasingly becomes a global destination for learners seeking job-relevant skills and recognized credentials that can unlock the next phase in their education or career.

這是他們告訴我們的。 77% 尋求職業發展的學習者表示，在 Coursera 上學習對他們的職業生涯有益。大約 4,000 名入門級專業證書學習者中有 28% 找到了新工作。一小部分失業學習者中有 30% 在學習後找到了工作。這是對我們平台和社區改變生活能力的鼓舞人心的驗證，因為 Coursera 越來越成為學習者尋求工作相關技能和公認證書的全球目的地，可以開啟他們教育或職業的下一階段。

In collaboration with the Coursera community, we are focused on fulfilling our mission so that talent and opportunity can rise from anywhere in the world.

我們與 Coursera 社區合作，專注於完成我們的使命，讓人才和機會可以從世界任何地方湧現。

Now let's open up the call for questions. Thank you.

現在讓我們開始提問。謝謝。

(Operator Instructions) Your first question comes from the line of Rishi Jaluria with RBC.

（操作員說明）您的第一個問題來自 RBC 的 Rishi Jaluria 系列。

It's nice to see continued strength in the business and Degree return back to growth. One question on generative AI and a quick follow-up on Degrees. On generative AI, Jeff, I think it's pretty clear to all of us generative AI could be a huge tailwind for your business given the societal implications and you've laid out a road map for productizing it. I wanted to understand from your own perspective, how do you think you as Coursera to internally use generative AI to drive greater efficiency or iterate on products or functionality better? Anything like that, that would be really helpful. And I've got a quick follow-up.

很高興看到業務持續強勁，Degree 恢復增長。一個關於生成人工智能的問題和一個關於學位的快速跟進。關於生成式人工智能，傑夫，我認為我們所有人都非常清楚，考慮到社會影響，生成式人工智能可能對您的業務產生巨大的推動作用，並且您已經制定了將其產品化的路線圖。我想從您自己的角度了解，作為 Coursera，您如何看待您在內部使用生成式 AI 來提高效率或更好地迭代產品或功能？任何類似的事情，那都會非常有幫助。我有一個快速的跟進。

Yes, Rishi, that's great. So we're kind of going crazy on this these days. And I think that the impact on the business will be not unique just to Coursera, the way we run the business. I think there's a few things. most of the productivity that we expect to get at Coursera. This is separate for helping learners get more value and helping our educator partners get more value. But internal to the company, a lot of our costs are headcount and a lot of our headcount costs are in R&D. And what I'm hearing from our engineers is that the productivity improvements that you can get as a software coder, especially at more entry-level software coding jobs is considerable. So I think software coding productivity is going to go way up. All the marketers who are doing language. Most of our performance consumer marketing teams have been using earlier versions, not ChatGPT, but like GPT-3 is I think when it started picking up steam. They've been using this to help write articles, write marketing messages, write e-mails, et cetera. Their productivity and quality has gone up quite a bit. So engineering, marketing.

是的，Rishi，那太好了。所以這些天我們有點發瘋了。而且我認為，對業務的影響並不僅僅是 Coursera 所獨有，也不僅僅是我們經營業務的方式。我認為有幾件事。我們期望在 Coursera 上獲得的大部分生產力。這與幫助學習者獲得更多價值和幫助我們的教育合作夥伴獲得更多價值是分開的。但在公司內部，我們的很多成本都是人手成本，而且我們的很多人手成本都在研發方面。我從我們的工程師那裡聽到的是，作為一名軟件編碼員，您可以獲得相當大的生產力提升，尤其是在更多入門級軟件編碼工作中。所以我認為軟件編碼生產力將會上升。所有做語言的營銷人員。我們的大多數性能消費者營銷團隊一直在使用早期版本，而不是 ChatGPT，但我認為就像 GPT-3 一樣，它開始流行起來。他們一直在使用它來幫助撰寫文章、撰寫營銷信息、撰寫電子郵件等。他們的生產力和質量提高了很多。所以工程，營銷。

On the design side and product side, I've seen designers -- we do this -- you don't know this, but like every couple of weeks, we do this show and tell, which is like, let's show everyone in the company how you're using generative AI to change your -- change the way you do your job task. We had a designer put together sort of a learner journey vision. It was like a like a 15-minute video with video, scripts, audio, screenshots, et cetera. And he did this all.

在設計方面和產品方面，我見過設計師——我們這樣做——你不知道這一點，但就像每隔幾週，我們就會做這個節目並告訴大家，就像，讓我們向所有人展示公司如何使用生成人工智能來改變你的 - 改變你完成工作任務的方式。我們有一位設計師將學習者的旅程願景放在一起。這就像一個 15 分鐘的視頻，包含視頻、腳本、音頻、屏幕截圖等。他做到了這一切。

He time bound it, it was only -- he did the holding in 8 hours. He said he did in 8 hours, what would have taken about a week for him to do and involve a lot more people. So I think on the design and creative side, the marketing side, the software program side is going to be huge. And then for all the other positions in the company, like anybody who uses the software tool, whether that's Salesforce or whether that's Google Docs or any tool, all these tools are not getting electrified with AI. They're just becoming more productive. And I'm pretty sure by the way, not to mention services, which can provide -- there was just an article from MIT suggesting that services productivity really goes up dramatically when you started using generative AI.

他限制了時間，只是——他在 8 小時內完成了控股。他說他只用了 8 個小時就完成了，而他要花大約一周的時間才能完成，而且需要更多的人參與。所以我認為在設計和創意方面，營銷方面，軟件程序方面將是巨大的。然後對於公司的所有其他職位，就像使用軟件工具的任何人一樣，無論是 Salesforce 還是 Google Docs 或任何工具，所有這些工具都沒有通過 AI 實現電氣化。他們只是變得更有生產力。順便說一句，我很確定，更不用說服務了，它可以提供——麻省理工學院的一篇文章表明，當你開始使用生成人工智能時，服務生產力真的會大幅提高。

So I think it's going to be across the board. Certain positions more than others, but I would not be surprised if most CEOs are not rethinking, probably not work structure, but certainly productivity expectations for how the company runs and what can be done by talented people in the company.

所以我認為這將是全面的。某些職位比其他職位更多，但如果大多數 CEO 不重新思考，我不會感到驚訝，可能不是工作結構，但肯定是對公司運營方式的生產力預期以及公司人才可以做什麼。

Quick follow-up just on the Degrees segment. So at the Analyst Day, you talked about 25% growth next year. And that was assuming no new degrees. You since then announced 10 new degrees. And I know there's a ramp up time and all that. But was that all contemplated in that? Or how should we be thinking about how the new Degrees announcement impacts that next year?

僅在學位部分進行快速跟進。所以在分析師日，你談到了明年 25% 的增長。那是假設沒有新的學位。從那時起，您宣布了 10 個新學位。而且我知道有一個加速時間等等。但這一切都在考慮之中嗎？或者我們應該如何考慮新學位公告對明年的影響？

Yes. I don't know that we could -- that we could tease them apart exactly. Obviously, although these reprograms are multiyear and you can kind of see the revenue coming in with a bit of lead time. I don't think we've really parsed out exactly how much of that growth would come from existing corporate versus new. I wouldn't write a whole lot into the combination of those 2 points, the 25% and then this 10. Ken, would you see anything different on that?

是的。我不知道我們是否可以——我們是否可以準確地將它們分開。顯然，儘管這些重新計劃是多年的，但你可以看到收入隨著一些提前期而到來。我認為我們還沒有真正準確地分析出這種增長中有多少來自現有公司與新公司。我不會對這 2 點的組合寫太多，25%，然後是 10%。Ken，你認為這有什麼不同嗎？

No, I'd say exactly what you said. I guess it was softer guide. The newer -- again, you referred to, Rishi, the newer programs contribute very little. We didn't factor in nothing, but it's not a huge driver. It takes a good year to start to see any real input from the new degree. So if we over perform on that over the next couple -- it'll have very little impact...

不，我會準確地說出你所說的。我想這是更柔和的指南。較新的——你再次提到，Rishi，較新的程序貢獻很小。我們沒有考慮任何因素，但這不是一個巨大的驅動因素。需要好一年才能開始看到新學位的任何實際投入。因此，如果我們在接下來的幾對中表現過度——它的影響將非常小……

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。

First one here on the revenue guidance. You just grew 23% year-over-year in the first quarter. I think the midpoint of guidance has been 16% growth in 2Q. And I think the full year guide would then imply closer to 12% growth at the midpoint in the second half of the year. So is that conservatism? Or are there some factors that could be potentially driving a slowdown in the second half relative to the first half? Because from what we can see, it seems like trends in the business remain pretty strong at this point overall.

第一個關於收入指導。你在第一季度同比增長了 23%。我認為指導的中點是第二季度增長 16%。而且我認為全年指南將意味著下半年的中點增長接近 12%。那是保守主義嗎？還是有一些因素可能導致下半年相對於上半年放緩？因為從我們所看到的情況來看，總體而言，業務趨勢似乎仍然非常強勁。

Stephen, this is Ken. I'd agree that the trends are looking pretty good. It's not conservative. You keep saying it's conservative, it's part of our view. But to be fair, it's early in the year. And we just -- we want to be careful in an uncertain macro environment is maybe what you're hearing a little bit of caution there. But the business is performing. I would not look at it as any lack of confidence in the business whatsoever.

斯蒂芬，這是肯。我同意趨勢看起來不錯。這不是保守的。你一直說這是保守的，這是我們觀點的一部分。但公平地說，這是今年年初。我們只是 - 我們希望在不確定的宏觀環境中保持謹慎，這可能是您在那裡聽到的一點點謹慎。但業務表現良好。我不會將其視為對業務缺乏信心。

And then just as a follow-up on Coursera Hiring Solutions. It seems like a really interesting opportunity given your position with employers universities, but there's also some established competition there. It's early and in beta, but how do you think about potentially differentiating your capabilities versus competitive solutions? And Also, what could the monetization structure look like at a high level?

然後作為 Coursera 招聘解決方案的後續行動。考慮到你在雇主大學的職位，這似乎是一個非常有趣的機會，但那裡也存在一些既定的競爭。它處於早期階段且處於測試階段，但您如何考慮將您的功能與競爭解決方案區分開來？此外，貨幣化結構在高層次上會是什麼樣子？

Stephen, this is Jeff. So great question. I'd say mostly, we are trying to create learner value. So the biggest thing that we're trying to do is get learners a way to keep track of and to showcase what they're achieving on Coursera, so that they could show that with a private personal URL that they can share with any employer or friends or whoever they want actually. So I'd say that the first piece of it, you could think of as this learner skill profile that is just learner value. When it will allow employers to find them and allow them to connect, we do think it will be quite a number of years before a network really grows on both sides of the talent supply and the talent demand.

斯蒂芬，這是傑夫。這麼好的問題。我想說的主要是，我們正在努力創造學習者價值。因此，我們正在嘗試做的最重要的事情是讓學習者有一種方式來跟踪和展示他們在 Coursera 上取得的成就，這樣他們就可以通過可以與任何雇主或雇主共享的私人個人 URL 來展示這些成果朋友或他們真正想要的任何人。所以我想說的是，第一部分，你可以認為這是學習者技能概況，它只是學習者價值。當它允許雇主找到他們並允許他們聯繫時，我們確實認為需要很多年才能真正在人才供應和人才需求兩邊發展網絡。

But your question around the competitive space, it is pretty competitive out there for sure. We are not actually monetizing. We're not planning in any monetization at this stage of the game, certainly not '23. I doubt that there'll be anything in our '24 models either. It's just not what we're focused on right now because it's going to be a longer-term play. And it also gets to how we want to really differentiate this. We talk a lot of that emerging talent, emerging talent. And this can certainly be young people who are just graduated from college from all around the world. I spent a lot of time in the Middle East, in Latin America, Southeast Asia, Europe, et cetera. With remote work and digital jobs, there's an ability for employers to really go global with the kind of talent out there. And I've seen firsthand when I visited the campuses, whether that's in Bogota or in Riyadh. I talked to students, and they were really smart students all over the world who are utilizing this online learning, and will be great employees at companies anywhere in the world.

但是你關於競爭空間的問題，肯定是非常有競爭力的。我們實際上並沒有貨幣化。我們不打算在遊戲的這個階段進行任何貨幣化，當然不是'23。我懷疑我們的 24 年型號中是否會有任何東西。這不是我們現在關注的重點，因為這將是一個長期的遊戲。這也涉及到我們想要如何真正區分這一點。我們談論了很多新興人才，新興人才。這當然可以是來自世界各地的剛從大學畢業的年輕人。我在中東、拉丁美洲、東南亞、歐洲等地呆了很長時間。通過遠程工作和數字化工作，雇主有能力真正將人才推向全球。當我參觀校園時，我親眼看到了，無論是在波哥大還是在利雅得。我與學生交談過，他們都是世界各地正在利用這種在線學習的真正聰明的學生，並將成為世界各地公司的優秀員工。

And so what we're really going to be focused on is how do you help someone who doesn't have a long job experience history, say on LinkedIn? And sometimes they don't even have a college degree. They're switching from a career in one field that maybe doesn't pay as well or is going to get automated and they're trying to switch careers. If you don't have a good degree, you don't have a LinkedIn profile, how does an employer know what you're really capable of? And so we are really trying to help those career switchers and career starters and emerging talent pools, not only developed talent but showcase their talent and connect to employment. That will be kind of the niche, if you will, that we go after, but there's like 1 billion people between 14 and 25 years old. That's going to be a pretty big niche. Getting started in a new career is what we're going to focus on.

所以我們真正要關注的是你如何幫助那些沒有長期工作經驗的人，比如在 LinkedIn 上？有時他們甚至沒有大學學位。他們正在從一個可能收入不高或將要自動化的領域轉行，他們正在嘗試轉行。如果你沒有良好的學位，沒有 LinkedIn 個人資料，雇主怎麼知道你的真正能力？因此，我們真的在努力幫助那些職業轉換者、職業初學者和新興人才庫，不僅培養人才，而且展示他們的才能並與就業聯繫起來。如果你願意的話，這將是我們追求的利基市場，但 14 至 25 歲之間的人口大約有 10 億。這將是一個相當大的利基市場。開始新的職業是我們要關注的重點。

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

你的下一個問題來自瑞銀集團的 Taylor McGinnis。

Maybe a follow-up to the question on the full-year guide. So -- now on the back of the 1Q performance, when we look at the full-year guide, I guess, how should we think about the growth assumptions baked in for each segment? Because, for instance, you can see the enterprise NRR weakening, which I would imagine would have an impact going forward, but at the same time, you would have to assume a significant detail, I think, in consumer in order to get to that full-year guide. So are there certain areas that you're being more prudent than others? And maybe you could just elaborate on that and how that might compare to what you're seeing in 2Q so far.

也許是對全年指南問題的跟進。所以 - 現在在第一季度業績的支持下，當我們查看全年指南時，我想，我們應該如何考慮每個細分市場的增長假設？因為，例如，你可以看到企業 NRR 減弱，我認為這會對未來產生影響，但與此同時，我認為，你必須假設消費者中的一個重要細節才能實現這一點全年指南。那麼在某些方面你比其他方面更謹慎嗎？也許你可以詳細說明這一點，以及它與你目前在第二季度看到的情況相比如何。

Hi, Taylor, this is Ken. So your numbers are correct, of course, as you look at it. Again, as we discussed a response to Stephen, we're early in the year, so starting to increase the overall target is something. Given the uncertainty of the macro, you're correct, of course, as you look at NRR and the implications there. We only provide to be perfectly blunt about it, we don't like providing input or guidance on each of them because people end up missing in individual segments and then it creates problems whereas we're really looking at the overall mix of the business, especially given the way the business model works at the different verticals help each other. So yes, we haven't given any update on the buyer segment.

嗨，泰勒，我是肯。所以你的數字當然是正確的，正如你所看到的那樣。同樣，當我們討論對 Stephen 的回應時，我們還處於今年年初，因此開始提高總體目標是一件好事。考慮到宏觀的不確定性，當您查看 NRR 及其影響時，您當然是正確的。我們只提供完全直截了當的說法，我們不喜歡為每個人提供意見或指導，因為人們最終會在各個細分市場中失踪，然後會產生問題，而我們真正關注的是業務的整體組合，特別是考慮到商業模式在不同垂直領域的運作方式相互幫助。所以是的，我們還沒有提供有關買家細分市場的任何更新。

And then maybe just to like ask that, I guess, in a different way. Just looking at like the 1Q performance, I guess, it was outsized relative to what we've seen in some of the past quarters. So was there any -- one of the segments outside of the degrees like rebound that you would point to that may be like outperform your expectations or influence how you guys think about the rest of the year.

然後也許只是喜歡問這個問題，我想，以不同的方式。我猜，僅看第一季度的表現，相對於我們在過去幾個季度看到的情況而言，它是過大的。那麼有沒有 - 學位之外的部分之一，比如你會指出的反彈，可能會超出你的預期或影響你們對今年剩餘時間的看法。

Yes, well, as we said in the prepared remarks, we've been very happy with the consumer. But we think perhaps seeing a little bit of counter-cyclicality there. It's just been a very strong performance over there for some time, and the consumer business tends to be particularly durable, I think, during some tough economic times...

是的，正如我們在準備好的評論中所說，我們對消費者非常滿意。但我們認為可能會看到一些反週期性。一段時間以來，那裡的表現非常強勁，而且我認為，在經濟不景氣時期，消費者業務往往特別持久……

I would add to that, Taylor. A lot of what we're seeing growth in, it doesn't quite show up exactly the same in every segment. But these industry micro-credentials, it seems like a lot of people want them, the professional certificates. And part of it -- the content is skills you can learn. But I think increasingly, as people think about like how do we get a job, having a credential from a trusted institution that says this person knows these things to do this job, I think it's a pretty attractive asset that we have on platform.

我要補充一點，泰勒。我們看到的很多增長，在每個細分市場中的表現並不完全相同。但是這些行業微證書，似乎很多人都想要它們，專業證書。其中一部分——內容是您可以學習的技能。但我認為，隨著人們越來越多地考慮我們如何找到一份工作，擁有來自一家值得信賴的機構的證書，證明這個人知道這些事情來做這份工作，我認為這是我們在平台上擁有的一項非常有吸引力的資產。

And you saw from the script. What we're really trying to do is not only have that the portfolio of professional certificates, which we call Career Academy, but to create pathways from that, get the ACE accreditation, which now is 14 of those professional certificates have ACE credit recommendations to make it easier for universities to integrate those certificates into their college degree programs -- so creating pathway from those professional certificates into degrees and now with the hiring solutions, creating pathways from the certificates to employers who are specifically looking for entry-level talent in the job that you've earned that certificate, we think is going to enhance the distinctiveness and the value of those professional certificates. And that we expect will provide good leverage and good value across all segments of our business.

你從劇本中看到了。我們真正想做的不僅是擁有專業證書組合，我們稱之為職業學院，而且要從中創造途徑，獲得 ACE 認證，現在這些專業證書中有 14 個具有 ACE 信用推薦使大學更容易將這些證書整合到他們的大學學位課程中——因此創建了從這些專業證書到學位的途徑，現在有了招聘解決方案，創建了從證書到專門尋找入門級人才的雇主的途徑您獲得該證書的工作，我們認為將提高這些專業證書的獨特性和價值。我們期望這將為我們業務的所有部門提供良好的影響力和良好的價值。

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

你的下一個問題來自摩根士丹利的 Josh Baer。

Congrats on the quarter. I wanted to ask on enterprise. I was hoping you could provide some more context on that step down in net retention rate. Just thinking through churn, how that's trended versus seat expansion, SMB versus enterprise, and then business versus government versus campus.

祝賀這個季度。我想問企業。我希望您能提供更多有關淨保留率下降的背景信息。只是想一想客戶流失，這是趨勢與席位擴展，SMB 與企業，然後是企業與政府與校園。

Yes, thanks, Josh. I'll give you sort of a high level. We -- I won't give sort of good specific numbers for specific cell. But generally speaking, it's a combination of the denominator and the numerator. I mean there's certainly more pricing pressure as L&D departments want to reduce their budget. It seems to us like companies increasing, they are saying, I got to have some online learning benefits, like it's becoming like a pretty standard benefit that you have to offer. But if you could cut your costs down, a lot of L&D teams are getting cut in terms of number of heads, they're cutting their budgets down, et cetera. So there's more cost sensitivity and price sensitivity on the revenue retention rate. And I think that they're a little bit less likely if they check the box to write a big ticket to expand as well. So it's both pieces of that.

是的，謝謝，喬希。我會給你一個高水平的。我們 - 我不會為特定單元格提供一些好的具體數字。但一般來說，它是分母和分子的組合。我的意思是，隨著 L&D 部門想要減少預算，定價壓力肯定會更大。在我們看來，公司越來越多，他們說，我必須享受一些在線學習福利，就像你必須提供的非常標準的福利一樣。但如果你能降低成本，很多 L&D 團隊的負責人數量就會減少，他們會削減預算，等等。因此，收入保留率具有更高的成本敏感性和價格敏感性。而且我認為，如果他們選中復選框來寫一張大票以進行擴展，那麼他們的可能性就會降低一點。所以這是兩個部分。

If you look across regions, there seems to be -- if you look at the NRRs, across all the verticals of businesses, governments, campuses, particularly weakness in EMEA, Europe, Middle East, that's where we've seen the biggest weakness, although it is pretty broad-based, too. And then if you look at it by what we call verticals, which is the business versus government versus campus, business -- EMEA business is sort of where we've seen more of the weakness. We're using this as an opportunity to keep on improving the offering, keep on with the skills profile with more certificates, better degrees, et cetera, just -- and all the AI, building more value in so that when budgets come back a bit and people are more open on the spending, we'll have the best solution there. But it is pretty broad-based. I mean that's 1 -- I think, Ken, to your point on the guidance, it's one of the reasons we don't want to get too far ahead of ourselves because on the enterprise side, especially with businesses, it's pretty uncertain out there, and there's a lot of pressure to watch costs.

如果你跨地區看，似乎有——如果你看 NRR，在企業、政府、校園的所有垂直領域，尤其是 EMEA、歐洲、中東的弱點，這是我們看到的最大弱點，儘管它的基礎也很廣泛。然後，如果你通過我們所謂的垂直領域來看待它，即企業與政府與校園、企業——歐洲、中東和非洲業務是我們看到更多弱點的地方。我們正在以此為契機，不斷改進產品，通過更多證書、更好的學位等繼續提陞技能檔案，以及所有人工智能，創造更多價值，以便當預算回歸時位和人們對支出更加開放，我們將在那裡找到最好的解決方案。但它的基礎非常廣泛。我的意思是那是 1——我認為，Ken，就你在指南中的觀點而言，這是我們不想過於超前的原因之一，因為在企業方面，尤其是企業方面，它非常不確定，而且看成本壓力很大。

And then just like a quick follow-up on that. I mean how should we think about the bottom? Are we there yet? Should we expect that to trend lower throughout the rest of this year? Any context for how to think about the future of that?

然後就像對此進行快速跟進一樣。我的意思是我們應該如何看待底部？我們到了嗎？我們是否應該預計今年餘下時間會出現走低趨勢？關於如何思考它的未來的任何背景？

It's always hard to call a bottom, but it feels like things are getting better from a booking standpoint going forward. But there's still a lot of uncertainty broadly, right, in the enterprise spend market. So I think I'd look to how do you feel about the economies broadly in enterprise market spending that affects us. But again, we're starting to see some upticks in the right places. And so we're not completely negative on it. We just -- we want to be cautious in this macro environment.

總是很難說觸底，但從預訂的角度來看，感覺事情正在好轉。但是，在企業支出市場中，總體上仍然存在很多不確定性。所以我想我會看看你對影響我們的企業市場支出的經濟有何看法。但同樣，我們開始在正確的地方看到一些上漲。所以我們並不完全否定它。我們只是 - 我們希望在這個宏觀環境中保持謹慎。

One of the things I would add, Josh, is there is a difference between campuses and businesses. I mean, on the one hand, you see businesses, if you look across most software, SaaS software, they're seeing similar kind of budget pressures. It's not like campuses are swimming in money. But in the U.S., they're definitely dealing with demographic and declining enrollments, especially like the community colleges and the non-elite universities out there. There seems to be a recognition that offering industry micro-credentials that are going to attract more suits than help those students get placed into jobs, like that seems to be resonating pretty well. It's still very, very early in this new market. I mean that market doesn't really exist today. We're sort of creating that market.

Josh，我要補充的一件事是校園和企業之間存在差異。我的意思是，一方面，你看到企業，如果你查看大多數軟件，SaaS 軟件，他們會看到類似的預算壓力。這不像校園在賺錢。但在美國，他們肯定在處理人口和入學率下降的問題，尤其是社區學院和那裡的非精英大學。人們似乎認識到，提供行業微證書會吸引更多的訴訟，而不是幫助這些學生找到工作，這似乎引起了很好的共鳴。在這個新市場中還處於非常、非常早的階段。我的意思是這個市場今天並不存在。我們正在創造那個市場。

We're seeing some positive indicators, but it's still pretty early, it's still pretty small. So it's not really moving the overall NRR a ton. But I think this whole idea that industry is going to help reinvent higher education. I'm pretty sure that's going to happen. It's going to happen through the integration of content and credentials from industry into these more traditional degree programs. I'm pretty sure that's certainly the indication that we're seeing.

我們看到了一些積極的指標，但還為時過早，規模仍然很小。因此，它並沒有真正將整體 NRR 移動一噸。但我認為整個行業將幫助重塑高等教育。我很確定那會發生。這將通過將行業的內容和證書整合到這些更傳統的學位課程中來實現。我很確定這肯定是我們看到的跡象。

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

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

I'll keep it to one. So I just wanted to talk about Coursera hiring. How do we think about the go-to-market effort needed for that? Any details you can provide there? And as you kind of stack rank some of the long-term growth vectors, because there's a lot, how do you kind of stack rank hiring in that right quarter?

我會把它留給一個。所以我只想談談 Coursera 的招聘。我們如何考慮為此所需的上市努力？您可以在那裡提供任何詳細信息嗎？當你對一些長期增長向量進行堆疊排名時，因為有很多，你如何在正確的季度對招聘進行堆疊排名？

Yes. Sure, Brian. I would say think of it out there a little bit further. And obviously, it's a huge market. I mean, anyone who can play materially or in some impact in the way the talent gets placed. I mean there's just a lot of economic there. The way we're thinking about though, certainly in the near term, like being in the next year, couple of years, it's going to enhance quality, it's going to create a better experience for our learners. It will be a nice value proposition. It already has been a nice value proposition for colleges looking at career category like, oh my students can not only learn the skills and get credit towards a degree and integrate industry and build all these projects. They can now have something that really is a companion to the transcript. I got a transcript from my professor's courses, and we have a skills profile from Coursera. One shows a more traditional course of study and the grades they got, the other shows the hands-on skills and the tools that they've learned and the credentials that they're from industry. And together, that are pretty compelling graduates.

是的。當然，布賴恩。我會說想得更遠一點。顯然，這是一個巨大的市場。我的意思是，任何可以發揮實質性作用或對人才安置方式產生某種影響的人。我的意思是那裡有很多經濟。不過，我們考慮的方式肯定是在短期內，比如在明年、幾年內，它將提高質量，為我們的學習者創造更好的體驗。這將是一個很好的價值主張。對於大學來說，這已經是一個很好的價值主張，比如，哦，我的學生不僅可以學習技能並獲得學位學分，還可以整合行業並建立所有這些項目。他們現在可以擁有真正與成績單相伴的東西。我從教授的課程中獲得了一份成績單，我們從 Coursera 獲得了一份技能簡介。一個展示了更傳統的學習課程和他們獲得的成績，另一個展示了他們所學的實踐技能和工具以及他們來自行業的證書。這些都是非常引人注目的畢業生。

I don't -- I do expect monetization to come early. If we really -- this is probably obvious, but if we really crack into this emerging talent market and find an effective way to connect talent with employers in a way that's not really being connected today, we think there's a lot of upside there. But honestly, we're not really putting pencil and paper and calculators to the -- or spreadsheets for the numbers because it's really big, but it's kind of out there and we're not going to count on it right now.

我不——我確實希望貨幣化能早點到來。如果我們真的 - 這可能是顯而易見的，但如果我們真的打入這個新興的人才市場並找到一種有效的方式將人才與雇主聯繫起來，而這種方式今天還沒有真正聯繫起來，我們認為那裡有很多好處。但老實說，我們並沒有真正把鉛筆、紙和計算器放在——或電子表格中來計算數字，因為它真的很大，但它就在那裡，我們現在不會指望它。

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。

Jeff, obviously, Degrees is coming along quite nicely and seeing strong demand trends in terms of customer adoption or new degree program announcements. But to the extent that maybe some of the Q1 wins were already late in the pipeline when the Department of Education situation came up with the new guidance. I'm just curious and maybe some of your earlier-stage conversations or conversations with existing university partners, are you seeing any impact in the conversations because of this sort of uncertain situation with the department?

傑夫，顯然，學位進展順利，並且在客戶採用或新學位計劃公告方面看到了強勁的需求趨勢。但是，當教育部提出新的指導意見時，第一季度的一些勝利可能已經晚了。我只是好奇，也許你的一些早期對話或與現有大學合作夥伴的對話，你是否看到由於與部門的這種不確定情況而對對話產生任何影響？

We're really not, Ryan. At least not that we've seen. And I think part of it, though, is -- well, first of all, the Department of Education, they got the 2011 year college letter, there's no change at this point on that. There's this third-party services, a new Dear Colleague letter that they put out with -- they got more than 1,000 comments back. A lot of those comments were not positive, they were negative. They pulled back from their original position. The DOE has pulled back in the position. They suspended the effect of the Dear Colleague Letter. It's kind of pending with an indefinite suspension at this point. So there is uncertainty there, but it's not fast on that front. And when we think about what we're hearing certainly in North America, where those regulations would have an impact. I mean, internationally, it doesn't matter. I mean that really -- most of the companies kind of look to the policy. But for the most part, this is a North America thing.

我們真的不是，瑞安。至少不是我們所看到的。不過，我認為部分原因是——好吧，首先，教育部，他們收到了 2011 年的大學信函，目前沒有任何變化。有第三方服務，他們發布了一封新的親愛的同事信——他們收到了 1,000 多條評論。很多評論都不是正面的，而是負面的。他們從原來的位置撤了回來。美國能源部已經撤回了立場。他們暫停了“親愛的同事信”的效力。在這一點上，它有點懸而未決，無限期暫停。所以那裡存在不確定性，但在這方面並不快。當我們考慮我們在北美肯定聽到的內容時，這些法規會產生影響。我的意思是，在國際上，這並不重要。我的意思是真的——大多數公司都在關注這項政策。但在大多數情況下，這是北美的事情。

In North America, there is just a lot of colleges and universities who need to serve new populations of students. And that's really imperative to say there are not as many younger people coming to my campus. I've got to find a population to serve. And this at the same time the governors are saying we've got to upskill and reskill our symptoms to make them employable. We got The Chips Act, we've got the Infrastructure Bill, we've got the Inflation Reduction Act. There's a lot of money going into infrastructure and reskilling. There's a lot more talk about apprenticeships. So there's a lot of emphasis on colleges and education. You've got to serve working adults.

在北美，只有很多學院和大學需要為新的學生群體提供服務。確實有必要說沒有那麼多年輕人來到我的校園。我必須找到一群人來服務。與此同時，州長們說我們必須提高和重新訓練我們的症狀，使他們能夠就業。我們有芯片法案，我們有基礎設施法案，我們有通貨膨脹減少法案。有很多錢用於基礎設施和再培訓。關於學徒制的討論更多。因此，人們非常重視大學和教育。你必須為工作的成年人服務。

And the degree design, I pointed out University Colorado Boulder, that program where you can start a degree for (inaudible) really appeal to working adults. So when you see what's coming on the supply side of Degrees, there seems to be a lot of interest in those kinds of tailored for working adults degrees. And we haven't really seen, as far as we can tell, a major friction or headwind on that sourcing from North American universities looking at Department of Education potential policy changes.

學位設計，我指出科羅拉多大學博爾德分校，你可以在其中開始學位的課程（聽不清）真正吸引了工作的成年人。因此，當您看到學位供應方面的情況時，似乎對那些為在職成年人量身定制的學位很感興趣。據我們所知，我們還沒有真正看到北美大學在尋找教育部潛在政策變化的採購方面存在重大摩擦或逆風。

And before I follow up with Ken, Jeff, sorry for making you go through the quick background and all that mess. I will call that you summarized it well. Ken, on the adjusted EBITDA for second quarter, I apologize if I missed it, but are there -- given the strong performance in Q1, we're obviously taking a slight step back in second quarter. Were there any investments that you held off on in the first quarter that are falling into Q2? Or can you just walk us through maybe why...

在我跟進 Ken、Jeff 之前，很抱歉讓您瀏覽了快速背景和所有那些混亂的內容。我會說你總結得很好。肯，關於第二季度調整後的 EBITDA，如果我錯過了，我深表歉意，但是——鑑於第一季度的強勁表現，我們顯然在第二季度略有後退。是否有任何您在第一季度推遲的投資進入第二季度？或者你能告訴我們為什麼……

Yes, there's a little bit of a shift, Ryan. Most importantly, though, is we don't focus on particular quarters. It's always how do we get to the annual number, right? And we were negative 7% last year, as you know, the guidance is negative 500 basis points or 5% in this year and then positive in '24 as well. Positive in Q4 of this year. But it's really -- it's an annual basis, and we shift our spending around to maximize growth and future growth within that year, within that budget. It's our operating cadence. It has been for years since well before we were public. And so it's really the 5%. We always point people to focus on for the year as opposed to any individual quarter. So yes, this quarter ended up being better. But as we look at it, again, we manage the whole business to the year. The quarters are too short, and a lot of what we're pursuing has longer-term paybacks. So we're scaling regularly, but we're not trying to do it on a quarter-by-quarter basis.

是的，有一點點轉變，瑞安。不過，最重要的是，我們並不專注於特定的領域。我們總是如何獲得年度數字，對嗎？去年我們是負 7%，如你所知，今年的指導是負 500 個基點或 5%，然後在 24 年也是正的。今年第四季度積極。但它確實 - 它是年度基礎，我們會在該預算範圍內調整我們的支出以最大化當年的增長和未來增長。這是我們的運營節奏。在我們公開之前已經有很多年了。所以它真的是 5%。我們總是讓人們關注全年而不是任何一個季度。所以是的，這個季度最終變得更好了。但是，當我們再次審視它時，我們管理整個業務到一年。季度太短，我們追求的很多東西都有更長期的回報。所以我們會定期擴展，但我們不會嘗試按季度進行。

Thanks for the clarification. Congrats again.

感謝您的澄清。再次恭喜。

Your last question today comes from the line of Jason Celino with KeyBanc.

您今天的最後一個問題來自 Jason Celino 與 KeyBanc 的合作。

Jeff, Ken, sorry, I've got more enterprise questions. It appears the better-than-expected strength that you saw this quarter is coming from new land. Is this a reflection of consolidation benefits? I guess what is enabling you to drive these lands, especially as enterprises try to bring down those budgets like you mentioned?

傑夫、肯，抱歉，我有更多企業問題。您在本季度看到的好於預期的實力似乎來自新土地。這是合併收益的反映嗎？我想是什麼讓你能夠駕馭這些土地，尤其是當企業像你提到的那樣試圖降低這些預算時？

Yes, I would say that you're picking up on something that we sort of see in the numbers, which is there seems to be more weakness. And I'll kind of focus on the weakness part of it because 1 of 4 is not at all the NRR that we aspire to achieve. I mean it's lousy. So but when you think about the -- where there's more weakness, it does feel to us like companies are saying, I got to have this benefit, like online learning is here to stay. Everybody knows that you're going to have to train up your people on more automations coming. There's a World Economic Forum report that's coming out, and it was in a podcast, which is what I can say this because I don't think the report is actually out yet. But when the World Economic Forum interviewed businesses and asked what's the most important thing that governments can do to support your business, more than tax policy, more than regulation, they said, train people. I need people to be trained.

是的，我會說你正在接受我們在數字中看到的一些東西，這似乎有更多的弱點。我將重點關注它的弱點部分，因為 4 個中的 1 個根本不是我們渴望實現的 NRR。我的意思是它很糟糕。所以，但是當你想到——那裡有更多的弱點時，我們確實感覺就像公司在說，我必須有這種好處，就像在線學習會一直存在一樣。每個人都知道你將不得不對你的員工進行培訓，以應對即將到來的更多自動化。有一份世界經濟論壇報告即將發布，它是在一個播客中，我可以這麼說，因為我認為該報告實際上還沒有發布。但是，當世界經濟論壇採訪企業並詢問政府可以做的最重要的事情是什麼時，除了稅收政策和監管之外，他們說，培訓人員。我需要人們接受培訓。

So I do think that there is value in companies just recognizing that they've got to be doing this. It's really a structural trend for learning despite an environment where people are trying to really cut their spend, like if you do have the benefit, you don't want to spend as much on it, you want to try to bang down your suppliers. So there's that, one, price sensitivity and at the same time, a recognition that this is going to be an important benefit that I think most companies are going to need. So I wouldn't call it super strong, but I think you kind of picked up on something which is most of the weakness we've seen in the NRR.

所以我確實認為，公司只要認識到他們必須這樣做是有價值的。這確實是一種學習的結構性趨勢，儘管人們正試圖真正削減開支，就像如果你確實有好處，你不想在上面花那麼多錢，你想試著打擊你的供應商。所以有一個，價格敏感性，同時，認識到這將是我認為大多數公司都需要的一個重要好處。所以我不會稱之為超強，但我認為你有點發現了我們在 NRR 中看到的大部分弱點。

And then maybe just to quickly follow up on this. So if you -- I know it's still pretty early in the year, but if you were going to think about your enterprise pipeline, how does it compare today versus maybe 3 months ago?

然後可能只是為了快速跟進。因此，如果您 - 我知道今年還很早，但如果您要考慮您的企業管道，今天與 3 個月前相比如何？

Three months ago, Ken, I mean, I don't know if you want to give any thoughts on that...

三個月前，肯，我的意思是，我不知道你是否想對此發表任何看法......

I don't know, it's hard to characterize. It's -- again, there's this overall constraint on spending in the corporate markets. We're in pipeline, always the question on pipeline is how (inaudible) and it's hard to tell early stage. What I would say is there's been no deterioration in the pipeline. There is some stability there. We're not -- I want to make sure we're not being overly negative on it. We're just -- we're really being conservative in this environment, which I think is wise.

我不知道，很難描述。再次，企業市場的支出存在這種總體限制。我們正在籌備中，關於籌備的問題總是如何（聽不清）並且很難說出早期階段。我要說的是管道沒有惡化。那裡有一些穩定性。我們不是——我想確保我們不會對此過於消極。我們只是 - 我們在這種環境中真的很保守，我認為這是明智的。

And partly, we're being conservative because the environment looks pretty -- doesn't look great.

在某種程度上，我們之所以保守，是因為環境看起來很漂亮——看起來不太好。

Yes, tough enterprise spend environment.

是的，艱難的企業支出環境。

Great. Well, 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.

偉大的。好了，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。

This concludes today's conference call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝您的出席。您現在可以斷開連接。