Coursera Inc (COUR) 2023 Q2 法說會逐字稿

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

女士們、先生們，感謝你們的支持，並歡迎參加 Coursera 的 2023 年第二季度財報電話會議。 （操作員說明）請注意，此通話正在錄音。 （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.

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

大家好，感謝您參加我們的第二季度收益電話會議。今天和我在一起的是 Coursera 首席執行官 Jeff Maggioncalda；以及我們的首席財務官 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）是在收盤後發布的，並發佈在我們的投資者關係網站 Investor.corsera.com 上，該電話會議同時進行網絡直播，並提供了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. 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。非公認會計準則衡量標準與最直接可比的公認會計準則衡量標準的調節可以在今天的新聞稿和補充演示文稿中找到，這些新聞稿和補充演示文稿通過我們的投資者關係網站向公眾分發和提供。請注意，除非另有說明，所有增長百分比均指同比變化。此外，本次電話會議期間做出的所有有關未來結果和事件的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 impacts of trends affecting our industry and uncertainties in the current economic and educational environments, our ecosystem, platform, content and partner relationships, our anticipated plans and the anticipated advantages and benefits thereof, our strategy and priorities, our share repurchase program and capital and cash allocation and our business model, mission, opportunities, outlook and future intentions.

這些前瞻性陳述包括但不限於有關影響我們行業的趨勢的潛在影響以及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優勢的陳述及其好處、我們的戰略和優先事項、我們的股票回購計劃以及資本和現金分配以及我們的業務模式、使命、機會、前景和未來意圖。

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

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

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

說到這裡，我想把它交給傑夫。

Thanks, Cam, and good afternoon, everyone. We appreciate you joining us today. I'm pleased to share that Coursera had a strong second quarter with momentum in several key growth initiatives that provide us with confidence as we enter the second half of the year. We grew revenue 23% over the prior year. We delivered double-digit growth in each of our segments. We welcomed 5.7 million new learners to our platform. And today, we're raising our outlook on revenue and adjusted EBITDA for the year.

謝謝卡姆，大家下午好。我們感謝您今天加入我們。我很高興與大家分享，Coursera 第二季度表現強勁，幾項關鍵增長舉措的勢頭強勁，為我們進入下半年提供了信心。我們的收入比上一年增長了 23%。我們在每個細分市場都實現了兩位數的增長。我們歡迎 570 萬新學習者加入我們的平台。今天，我們上調了對今年收入和調整後 EBITDA 的預期。

The macro environment remains dynamic, but one thing that has not changed is our ability to navigate given our diversified platform. Of course, there is prominence as a global destination for individuals looking to start, switch or advance their careers continues to grow. Learners are coming to Coursera around the world, seeing the skills, branded credentials and pathways that can transform their lives. In particular, we continue to see strong demand for our entry-level professional certificates, a strategic asset that has been created in collaboration with the world's best-known companies.

宏觀環境仍然充滿活力，但沒有改變的一件事是，鑑於我們多元化的平台，我們的導航能力。當然，對於那些希望開始、轉換或提升職業生涯的個人來說，作為全球目的地的重要性持續增長。世界各地的學習者來到 Coursera，了解可以改變他們生活的技能、品牌證書和途徑。特別是，我們繼續看到對入門級專業證書的強勁需求，這是與世界上最知名的公司合作創建的戰略資產。

And despite challenges in the corporate spending environment, institutions are looking to provide their employees, citizens and students with job relevant skills and training that make them more relevant in a rapidly changing workforce. We believe the long-term structural trends driving our business are proving sustainable.

儘管企業支出環境面臨挑戰，各機構仍希望為其員工、公民和學生提供與工作相關的技能和培訓，使他們在快速變化的勞動力隊伍中更具相關性。我們相信，推動我們業務發展的長期結構性趨勢被證明是可持續的。

For today's call, I'd have discuss our latest views on these trends, digital transformation, skill development and the transformation of higher education. I'd like to share several key findings from our recent World Economic Forum report as well. In June, the World Economic Forum, or WEF, published the latest addition of their future of jobs report. The report brings together the perspective of more than 800 companies employing more than 11 million individuals across 45 global economies. The analysis focuses on the impact of current labor market disruptions and reveals the outlook for technology adoption, jobs and skills over the next 5 years. Coursera was a key data contributor alongside companies like Indeed and LinkedIn due to the scale of our global learner base and skilling data.

在今天的電話會議中，我將討論我們對這些趨勢、數字化轉型、技能發展和高等教育轉型的最新看法。我還想分享我們最近的世界經濟論壇報告中的幾項重要發現。六月，世界經濟論壇（WEF）發布了最新的未來就業報告。該報告匯集了全球 45 個經濟體中 800 多家僱用超過 1100 萬名員工的公司的觀點。該分析重點關注當前勞動力市場混亂的影響，並揭示了未來 5 年技術採用、就業和技能的前景。由於我們全球學習者基礎和技能數據的規模，Coursera 與 Indeed 和 LinkedIn 等公司一樣是關鍵的數據貢獻者。

Let's start with our first trend, digital transformation. The forces of technology, globalization and automation have been accelerating the transformation of every institution in our society. But compared to the historical adoption of general-purpose technologies, it's clear that what we're experiencing now is an unprecedented rate of change. For example, it took decades for innovations like the telephone, electricity and the automobile to reach 100 million global users.

讓我們從第一個趨勢開始：數字化轉型。技術、全球化和自動化的力量正在加速我們社會中每個機構的轉型。但與歷史上通用技術的採用相比，很明顯，我們現在正在經歷前所未有的變化速度。例如，電話、電力和汽車等創新花了幾十年時間才覆蓋全球一億用戶。

Today, we're witnessing this time horizon compressed dramatically from several years with the Internet and mobile computing to a matter of just months with ChatGPT. We believe that AI will be a general-purpose technology, representing the next major technological shift that will profoundly change how we live, learn and work. Not surprisingly, the web report reinforces technology adoption as a key driver of business transformation, and it also highlights an increased urgency amongst companies looking to address the gap between workers' skills and the future needs of their businesses.

今天，我們目睹這一時間範圍從互聯網和移動計算的幾年時間急劇壓縮到 ChatGPT 的短短幾個月。我們相信人工智能將成為一種通用技術，代表著下一個重大技術變革，將深刻改變我們的生活、學習和工作方式。毫不奇怪，該網絡報告強調了技術採用作為業務轉型的關鍵驅動力，並且還強調了尋求解決工人技能與其業務未來需求之間差距的公司越來越緊迫。

And this leads me to the second major trend skills development. Several key findings in the report express the skilling challenges faced by companies and governments globally. Employers estimate that 44% of worker skills will be disrupted over the next 5 years. Six and 10 workers will require training before 2027. And the skill sets that companies see increasing importance the fastest are not always reflected in corporate upscale and strategies or in the skills that individual learners commonly associated with in-demand careers. For example, cognitive skills, like analytical thinking and creative thinking as well as leadership and social influence are seen as equally important as technical skills in AI and big data. And I hear these challenges directly from our customers.

這讓我想到了技能發展的第二個主要趨勢。報告中的幾項重要發現反映了全球公司和政府面臨的技能挑戰。雇主估計，未來 5 年內，44% 的工人技能將被擾亂。到 2027 年，將有 6 到 10 名工人需要培訓。公司認為重要性增長最快的技能組合併不總是反映在公司的規模和戰略中，也並不總是反映在個人學習者通常與熱門職業相關的技能中。例如，分析思維和創造性思維等認知技能以及領導力和社會影響力被認為與人工智能和大數據領域的技術技能同等重要。我直接從我們的客戶那裡聽到了這些挑戰。

Over the past 9 months, I visited more than 45 cities in more than 25 countries, hearing from business leaders, government officials and campus presidents. As institutions struggle to navigate change and disruption and take advantage of the opportunities that they create, there is a greater emphasis on building organizational agility into the existing and future workforce. It requires a combination of technical and human skills in order to harness the capabilities of these new technologies. And this leads me to the third trend driving our business, the transformation of higher education. We believe the future of education is the collaboration between universities and industry. Critical thinking, coaching and community are all hallmarks of the university experience that higher education institutions do exceptionally well.

在過去的 9 個月裡，我訪問了超過 25 個國家的超過 45 個城市，聽取了商界領袖、政府官員和校園校長的意見。隨著機構努力應對變革和顛覆並利用它們創造的機會，人們更加重視在現有和未來的員工隊伍中建立組織敏捷性。它需要技術和人力技能的結合，才能利用這些新技術的能力。這讓我想到了推動我們業務的第三個趨勢，即高等教育的轉型。我們相信教育的未來是大學與工業界的合作。批判性思維、輔導和社區都是高等教育機構在大學經歷中表現出色的標誌。

But at the pace of digital transformation, many universities and colleges lack a connection to industry, the fast-changing skills landscape and evolving employer and demands. Adapting this accelerated pace of change will require institutional collaboration between academic institutions, industry leaders and government to meet the needs and pace of this new digital world. And the West findings report that 45% of businesses see funding for skills as an effective intervention available to governments seeking to connect talent to employment. This rents ahead of traditional methods like flexibility on hiring and firing practices, tax and other incentives and changes to immigration loss.

但隨著數字化轉型的步伐，許多大學和學院缺乏與行業、快速變化的技能格局以及不斷變化的雇主和需求的聯繫。適應這種加速的變革步伐需要學術機構、行業領導者和政府之間的機構合作，以滿足這個新數字世界的需求和步伐。西方國家的調查結果表明，45% 的企業將技能資助視為政府尋求將人才與就業聯繫起來的有效干預措施。這種租金領先於傳統方法，例如僱傭和解僱做法的靈活性、稅收和其他激勵措施以及移民流失的變化。

Last quarter, we highlighted our partnership with Republic of Kazakhstan, where the Ministry of Higher Education and Science is using Coursera to up-level its public higher education system. And I wanted to provide an update on the speed and scale of what national implementation can drive when these institutions are working together. Since launching in March, 20,000 students in faculty have signed up, spending nearly 100,000 hours learning, amassing 40,000 enrollments and completing more than 25,000 courses. And the most popular courses include a combination of technical and human skills like programming and physics as well as entrepreneurship, leadership and communication.

上季度，我們強調了與哈薩克斯坦共和國的合作夥伴關係，該國高等教育和科學部正在使用 Coursera 來提升其公立高等教育系統的水平。我想提供有關這些機構合作時國家實施的速度和規模的最新信息。自 3 月份推出以來，已有 20,000 名教師學生報名，學習時間近 100,000 小時，累計註冊人數 40,000 人，完成超過 25,000 門課程。最受歡迎的課程包括編程和物理等技術和人類技能的結合，以及創業、領導力和溝通。

This is the promise of Coursera's 3-sided platform. An examples like these provide a powerful blueprint for the types of innovation that will be required to keep pace with our rapidly changing world. We are able to pursue partnerships like these because of our strategic assets and platform advantages, which include our leading educator partners who've created a broad catalog of trusted and branded content and credentials, our global reach to individuals and institutions, which include businesses, governments and campuses, as well as our data technology and advancements that we leverage across our platform.

這是 Coursera 3 邊平台的承諾。諸如此類的例子為跟上快速變化的世界所需的創新類型提供了強有力的藍圖。我們之所以能夠尋求這樣的合作夥伴關係，是因為我們的戰略資產和平台優勢，其中包括我們領先的教育合作夥伴，他們創建了廣泛的可信品牌內容和證書目錄，我們對個人和機構（包括企業）的全球影響力，政府和校園，以及我們在平台上利用的數據技術和進步。

Now let's cover our recent progress for each. First, our educator partners. We believe that in a world where machines are increasingly capable of producing content at scale, trusted institutions will play a valuable role in education as learners look for quality and accuracy. The strategic focus of our content engine centers around the in-demand skills and branded credentials that can unlock core opportunities for our learners. And because of our global ecosystem and our platform, we're able to build differentiated value around our catalog with advancements like career pathways using Coursera Hiring Solutions, American Council on Education, or ACE credit recommendations, technology solutions like hands-on projects, ID verification and academic integrity and performance-based emissions from open content to college degrees.

現在讓我們介紹一下每個方面的最新進展。首先，我們的教育合作夥伴。我們相信，在機器大規模生成內容的能力越來越強的世界中，隨著學習者尋求質量和準確性，值得信賴的機構將在教育中發揮重要作用。我們內容引擎的戰略重點圍繞著需求技能和品牌證書，這些技能和品牌證書可以為我們的學習者釋放核心機會。憑藉我們的全球生態系統和平台，我們能夠通過使用 Coursera 招聘解決方案、美國教育委員會或 ACE 學分推薦等職業道路等進步，圍繞我們的目錄構建差異化價值，以及實踐項目等技術解決方案、ID從開放內容到大學學位的驗證和學術誠信以及基於績效的排放。

Our catalog is created by a combination of more than 300 trusted university and industry experts, which are attracted to Coursera for many reasons, including our mission, our global distribution to individuals and institutions and our record of being a trusted steward of the world's best brands. These partners continue to rapidly expand our catalog, and I'd like to start with recent updates on our growing selection of entry-level professional certificates.

我們的目錄由 300 多位值得信賴的大學和行業專家共同創建，他們被 Coursera 吸引的原因有很多，包括我們的使命、我們向個人和機構的全球分佈以及我們作為世界最佳品牌值得信賴的管理者的記錄。這些合作夥伴繼續快速擴大我們的目錄，我想從我們不斷增加的入門級專業證書選擇的最新更新開始。

In Q2, we introduced 11 new entry-level professional certificates from new and existing partners. Roles from new partners include retail customer service from CVS Health, call center customer service, also from CVS Health, network engineering from Akamai, customer consulting and support also from Akamai, human resource associated from HR Certification Institute, cyber security analyst from Microsoft and Power BI data analysts also from Microsoft.

第二季度，我們從新老合作夥伴那裡推出了 11 種新的入門級專業證書。新合作夥伴的角色包括 CVS Health 的零售客戶服務、CVS Health 的呼叫中心客戶服務、Akamai 的網絡工程、Akamai 的客戶諮詢和支持、HR 認證機構的人力資源、Microsoft 和 Power 的網絡安全分析師BI數據分析師也來自微軟。

We also launched additional job roles from 2 of our earliest and most successful partners, including cyber security, from Google as well as project manager, IT project manager and front end developer, all from IBM. The entry-level professional certificates on Coursera are able to be leveraged across every segment of our platform. They forge new pathways to well paid digital jobs in our consumer segment. They allow a student to begin and earn credit towards a college degree in our degree segment, and they enable governments and campuses to upgrade entire systems of higher education in our enterprise segment.

我們還從 2 個最早、最成功的合作夥伴那裡推出了額外的職位，包括來自 Google 的網絡安全以及來自 IBM 的項目經理、IT 項目經理和前端開發人員。 Coursera 上的入門級專業證書可以在我們平台的各個部分使用。他們為我們的消費領域開闢了獲得高薪數字工作的新途徑。它們允許學生開始並獲得我們學位部分的大學學位學分，並且它們使政府和校園能夠升級我們企業部分的整個高等教育系統。

Now let's discuss degrees. Last quarter, we announced 10 new programs, many of which take full advantage of the pathway capabilities of Coursera to make these degrees accessible and well suited for working adults. Several of these pathway degrees, including programs from the University of Colorado Boulder, Illinois Tech and Ball State will welcome their first student cohorts starting this fall. And in Q2, we announced 2 new degree programs in artificial intelligence from international universities, including a bachelor's program from the Indian Institute of Technology Guwahati, a top-tier engineering school in India as well as a master's program from Universidad de Los Andes in Colombia.

現在我們來討論學位。上季度，我們宣布了 10 個新項目，其中許多項目充分利用了 Coursera 的銜接功能，使這些學位易於獲得併且非常適合在職成年人。其中一些銜接學位，包括科羅拉多大學博爾德分校、伊利諾伊理工大學和鮑爾州立大學的項目，將於今年秋天開始迎來第一批學生。第二季度，我們宣布了兩個來自國際大學的新人工智能學位課程，其中包括印度頂級工程學院印度理工學院古瓦哈蒂分校的學士學位課程以及哥倫比亞洛斯安第斯大學的碩士學位課程。

Finally, in addition to degrees and artificial intelligence, our leading educator partners have been focused on creating new projects, courses and specializations to meet the demand for generative AI learning content. This includes both industry and university partners like deep learning.ai, Google Cloud and Vanderbilt University. Our new content supplements hundreds of existing courses and skills that help equip learners to work with AI more broadly like machine learning, linear algebra, Python and more. So that's an update on our catalog and educator partners.

最後，除了學位和人工智能之外，我們領先的教育合作夥伴還致力於創建新的項目、課程和專業，以滿足生成人工智能學習內容的需求。這包括深度學習、谷歌云和范德比爾特大學等行業和大學合作夥伴。我們的新內容補充了數百門現有課程和技能，幫助學習者更廣泛地使用人工智能，如機器學習、線性代數、Python 等。這是我們的目錄和教育合作夥伴的更新。

Now let's move to our second major advantage, the global reach of our platform. In Q2, we added 5.7 million new registered learners growing our global learner base to $129 million by the end of June. Learner growth continues to be broad-based with double-digit percentage increases across all regions. We also grew the number of paid enterprise customers to nearly 1,300 with recent additions driven by momentum in our campus and government verticals.

現在讓我們談談我們的第二個主要優勢，即我們平台的全球影響力。第二季度，我們新增了 570 萬名註冊學習者，到 6 月底，我們的全球學習者基礎增至 1.29 億美元。學習者的增長繼續廣泛，所有地區的百分比增長均達到兩位數。我們還將付費企業客戶的數量增加到近 1,300 個，最近在我們的校園和政府垂直領域的發展勢頭的推動下增加了這一數量。

Finally, I'd like to provide some updates on our third advantage, which is the ongoing product innovation across our platform, and I'd like to start with our efforts in generative AI. At Coursera Conference in April, we unveiled Coursera Coach. Coach is a virtual learning partner powered by generative AI and grounded in our expert content. It is designed to allow learners to ask questions and receive personalized explanations and answers, get personalized evaluations and feedbacks on their submissions. We see context relevant examples and practice questions and discover quick video lecture summaries and resources to better understand a specific concept.

最後，我想介紹一下我們的第三個優勢的最新情況，即我們平台上持續的產品創新，我想從我們在生成人工智能方面的努力開始。在四月份的 Coursera 會議上，我們推出了 Coursera Coach。 Coach 是一個虛擬學習合作夥伴，由生成式人工智能提供支持，並以我們的專家內容為基礎。它旨在允許學習者提出問題並獲得個性化的解釋和答案，獲得對其提交的個性化評估和反饋。我們看到與上下文相關的示例和練習問題，並發現快速視頻講座摘要和資源，以更好地理解特定概念。

We launched a beta version of Coach to millions of Coursera Plus subscribers during the quarter and continue to be excited about the early feedback from these technologies when paired with the trusted authoritative content from our partners on Coursera. Additionally, we introduced a Coursera ChatGPT plug-in for enhanced personalization and discovery across the Coursera catalog. Like an academic counselor, the ChatGPT plug-in allows learners using GPT4 to identify recommended content and credentials based on the subject or career field the learner says they're interested in exploring. It's one example of the initiatives we're working on related to degenerative AI and reimagining the personalized discovery experience.

我們在本季度向數百萬 Coursera Plus 訂閱者推出了 Coach 的測試版，並且在與 Coursera 合作夥伴提供的值得信賴的權威內容相結合時，我們仍然對這些技術的早期反饋感到興奮。此外，我們還引入了 Coursera ChatGPT 插件，以增強 Coursera 目錄中的個性化和發現功能。就像學術顧問一樣，ChatGPT 插件允許使用 GPT4 的學習者根據學習者表示有興趣探索的主題或職業領域來識別推薦內容和證書。這是我們正在開展的與退化人工智能和重新構想個性化發現體驗相關的舉措之一。

Finally, we continue to make progress on our machine learning translation initiative. As a reminder, our strategy is to use technology to dramatically reduce the time and cost of producing high-quality trust and content at scale, including localization. In Q2, we delivered the first milestone with subtitle translation for 2,000 courses in 7 different languages. In the coming quarter, we will begin to roll out the full course translations to learner's around the world. We believe that high-quality education from the world's leading experts and brands should be accessible to learners anywhere in the world no matter what language they speak.

最後，我們的機器學習翻譯計劃繼續取得進展。提醒一下，我們的策略是利用技術來大幅減少大規模生產高質量信任和內容（包括本地化）的時間和成本。在第二季度，我們實現了第一個里程碑，為 7 種不同語言的 2,000 門課程提供了字幕翻譯。在下個季度，我們將開始向世界各地的學習者推出完整的課程翻譯。我們相信，世界任何地方的學習者都應該能夠獲得來自世界領先專家和品牌的高質量教育，無論他們講什麼語言。

To wrap up my opening remarks, let me remind you of several key priorities that we are focused on in the years ahead. First, we are broadening our catalog of entry-level professional certificates, including new partners, roles, languages and credit recommendations to support degree pathways.

在結束我的開場白之前，請允許我提醒大家我們未來幾年重點關注的幾個關鍵優先事項。首先，我們正在擴大入門級專業證書的目錄，包括新的合作夥伴、角色、語言和學分推薦，以支持學位途徑。

Second, we're sourcing and launching new degree programs, especially those tailored to meet the unique needs of working adults, including flexibility, affordability and clear pathways that our open content and industry micro credentials can count as credit towards college degrees.

其次，我們正在尋找和推出新的學位課程，特別是那些為滿足在職成年人的獨特需求而量身定制的學位課程，包括靈活性、可負擔性和明確的途徑，我們的開放內容和行業微觀證書可以將其視為大學學位的學分。

Third, we're focused on growing our enterprise segment across business, government and campus customers seeking to address their needs in this fast-changing environment. And we're deepening our advantages while driving more scale and leverage over time, including the opportunity to use AI technologies for the benefit of our learners, educators and customers.

第三，我們專注於發展我們的企業部門，涵蓋企業、政府和校園客戶，尋求在這個快速變化的環境中滿足他們的需求。隨著時間的推移，我們正在深化我們的優勢，同時推動更大的規模和影響力，包括使用人工智能技術為我們的學習者、教育工作者和客戶帶來利益的機會。

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. Our strong second quarter results demonstrate the differentiated value of our branded job relevant credentials to millions of learners around the world. As a growth company, we continue to benefit from our diversified platform model, including our ability to deliver high-quality learning through multiple channels. That model is also helping us produce financial leverage while we grow with the 3 segments providing each other competitive assets and operational leverage.

謝謝杰夫，大家下午好。我們第二季度的強勁業績向全球數百萬學習者展示了我們品牌的工作相關證書的差異化價值。作為一家成長型公司，我們繼續受益於我們的多元化平台模式，包括我們通過多種渠道提供高質量學習的能力。該模型還幫助我們產生財務槓桿，同時我們與三個部門一起成長，為彼此提供有競爭力的資產和運營槓桿。

In Q2, we generated total revenue of $153.7 million, which was up 23% from a year ago. Growth was driven by double-digit increases across all 3 of our segments, with particular strength in consumer. 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.

第二季度，我們的總收入為 1.537 億美元，比去年同期增長 23%。增長是由我們所有三個細分市場的兩位數增長推動的，其中消費者的增長尤其強勁。請注意，在電話會議的其餘部分，當我回顧我們的業務業績和前景時，除非另有說明，我將討論我們的非公認會計準則財務指標。

Additionally, I'd like to remind you that our results, particularly the year-over-year comparisons in gross profit and operating expenses continue to reflect the shift in income statement line items associated with the beginning of the year contract extension with our largest industry partner, which we had discussed thoroughly in our prior 2 earnings calls. Cutting through that shift in P&L geography year-over-year, we are driving strong bottom line EBITDA performance. Cost of revenue increased by 11 points as a percentage of revenue, while total OpEx decreased 22 points compared to year ago results. As we'll discuss in a minute, we are raising our 2023 annual EBITDA margin target.

此外，我想提醒您，我們的業績，特別是毛利潤和營業費用的同比比較，繼續反映了與我們最大的行業的年初合同延期相關的損益表行項目的變化合作夥伴，我們在之前的兩次財報電話會議中對此進行了深入討論。通過克服損益地理分佈的逐年變化，我們正在推動強勁的 EBITDA 業績。與去年同期相比，收入成本佔收入的百分比增加了 11 個百分點，而總運營支出下降了 22 個百分點。正如我們稍後將討論的，我們正在提高 2023 年年度 EBITDA 利潤率目標。

For the second quarter, gross profit was $81.9 million, slightly up on a dollar basis from a year ago and a 53% gross margin, which was down 11 points from the prior year. Total operating expense was $88.8 million or 58% of revenue, down 22 points from 80% in the prior year. Looking at the P&L line item components of OpEx, sales and marketing expense represented 29% of total revenue, down 9 points from 38%. Research and development expense was 18% of revenue, down 8 points from 26%. And general and administrative expense was 11% of revenue, down 5 points from 16%.

第二季度毛利潤為 8190 萬美元，按美元計算比去年同期略有上升，毛利率為 53%，比去年同期下降 11 個百分點。總運營費用為 8,880 萬美元，佔收入的 58%，比上一年的 80% 下降了 22 個百分點。從運營支出的損益表組成部分來看，銷售和營銷費用佔總收入的 29%，比 38% 下降了 9 個百分點。研發費用佔收入的 18%，較 26% 下降 8 個百分點。一般及管理費用佔收入的 11%，比 16% 下降了 5 個百分點。

Net loss was approximately $300,000 or 0.2% of revenue, and adjusted EBITDA was a loss of $2.9 million or 1.9% of revenue. Our adjusted EBITDA performance was better than anticipated due to a combination of factors, including overall revenue strength, operating expense discipline and a onetime $2.3 million benefit associated with the contract amendment with an educator partner. We have a track record of delivering growth with leverage, including each of the past 5 years, and I'm pleased with our ability to invest and execute on multiple growth initiatives while also demonstrating scale and leverage in our operating model.

淨虧損約為 30 萬美元，佔收入的 0.2%，調整後 EBITDA 虧損 290 萬美元，佔收入的 1.9%。由於綜合因素的影響，我們調整後的 EBITDA 業績好於預期，包括整體收入實力、運營費用紀律以及與教育合作夥伴的合同修訂相關的一次性 230 萬美元收益。我們擁有利用槓桿實現增長的記錄，包括過去 5 年的每一年，我對我們投資和執行多項增長計劃的能力感到滿意，同時也在我們的運營模式中展示了規模和槓桿。

Turning to cash performance and the balance sheet. Free cash flow was a use of $11.5 million during the quarter compared to a use of $3.2 million a year ago. We ended the quarter with approximately $717 million of unrestricted cash, cash equivalents and marketable securities with no debt.

轉向現金表現和資產負債表。本季度自由現金流使用量為 1,150 萬美元，而一年前使用量為 320 萬美元。截至本季度末，我們擁有約 7.17 億美元的不受限制的現金、現金等價物和無債務的有價證券。

With regards to our share repurchase program that we announced last quarter is a direct reflection of our confidence in our business and the value we place on shareholder equity. I'm happy to report that during the second quarter, we bought back 4.5 million shares, an average price of $12.06 per share for a total repurchase of $54.5 million, including commissions. The program a $95 million authorization amount was designed to reduce the impact dilution from onetime talent grants issued in the prior year.

關於我們上季度宣布的股票回購計劃，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。我很高興地向大家報告，第二季度我們回購了 450 萬股股票，平均價格為每股 12.06 美元，回購總額為 5,450 萬美元（包括佣金）。該計劃授權金額為 9500 萬美元，旨在減少上一年發放的一次性人才補助金造成的影響稀釋。

Importantly, our views on capital allocation remain unchanged. In the context of our belief that we have the right assets and market position to win in our early large growth markets, our capital management focuses on both investments and organic growth and the resilience and strategic optionality provided by a strong balance sheet. We believe our cash, which we hold dear, is a considerable asset that will enable us to execute on our long-term vision for the benefit of our shareholders.

重要的是，我們對資本配置的看法保持不變。我們相信，我們擁有合適的資產和市場地位，可以在早期的大型增長市場中獲勝，因此我們的資本管理重點關注投資和有機增長，以及強大的資產負債表提供的彈性和戰略選擇性。我們相信，我們所珍視的現金是一筆可觀的資產，將使我們能夠為了股東的利益而執行我們的長期願景。

Next, let's discuss in more detail the financial results and progress in each of our segments. Consumer revenue was $87 million, up 25% from the prior year on strong demand for our entry-level industry partner professional certificates. As Jeff discussed, we introduced 11 new certificates this quarter, including new job categories from new partners as well as additional titles from several of our most successful industry brands. We believe we are seeing the benefits of our strategic focus, which emphasizes job relevant credentials created by world-class brands. It distinguishes our learning platform, the value of our offerings to learners and ultimately, our consumer performance. And it also enhances our top of funnel traffic with 5.7 million new registered learners coming to Coursera in Q2. Segment gross profit was $45.1 million or 52% of consumer revenue compared to 73% a year ago, reflecting the impact of the industry partner contract extension mentioned previously.

接下來，讓我們更詳細地討論每個部門的財務業績和進展。由於對我們入門級行業合作夥伴專業證書的強勁需求，消費者收入為 8700 萬美元，比上年增長 25%。正如傑夫所討論的，我們本季度推出了 11 個新證書，包括來自新合作夥伴的新工作類別以及來自我們幾個最成功的行業品牌的其他頭銜。我們相信，我們正在看到我們戰略重點的好處，該戰略重點強調由世界一流品牌創造的與工作相關的證書。它使我們的學習平台、我們為學習者提供的產品的價值以及最終我們的消費者表現脫穎而出。它還增強了我們的漏斗頂部流量，第二季度有 570 萬新註冊學習者來到 Coursera。該部門毛利潤為 4510 萬美元，佔消費者收入的 52%，而去年同期為 73%，反映了前面提到的行業合作夥伴合同延期的影響。

Moving to enterprise. Enterprise revenue was $54.2 million, up 24% from a year ago on continued growth in our business, government and campus verticals. Segment gross profit was $38.7 million or 71% of enterprise revenue, which was slightly higher than expected due to a onetime benefit of a contract amendment with one of our educated partners, which had the effect of increasing our enterprise segment margin by 4 percentage points for the quarter. The total number of paid enterprise customers increased to 1,291, up 35% from a year ago. And our net retention rate for paid enterprise customers was 97% with ongoing pressure in our Coursera for Business vertical during the quarter. We continue to see corporate learning customers exercise caution in their spending priorities as they navigate tighter budgets amidst macroeconomic uncertainty.

轉向企業。由於我們的業務、政府和校園垂直領域的持續增長，企業收入為 5,420 萬美元，比去年同期增長 24%。部門毛利潤為 3870 萬美元，佔企業收入的 71%，略高於預期，這是由於與我們的一位受過良好教育的合作夥伴簽訂的合同修訂帶來的一次性好處，這使我們的企業部門利潤率提高了 4 個百分點該季度。付費企業客戶總數增至1,291戶，同比增長35%。由於本季度 Coursera for Business 垂直領域持續面臨壓力，我們付費企業客戶的淨保留率為 97%。我們繼續看到企業學習客戶在宏觀經濟不確定性的情況下應對預算收緊時，在支出優先事項上保持謹慎。

And finally, our degree segment. Degree's revenue was $12.5 million, up 10% from a year ago on increased student enrollments. The total number of degree students grew 9% from a year ago to 19,068. As a reminder, there's no content cost attributable to the degree segment. So degree segment gross margin was 100% of revenue. We remain encouraged by our progress in degrees and the early momentum in programs and partners like the University of Colorado Boulder that leverage our platform's unique capabilities and scale.

最後是我們的學位部分。 Degree 的收入為 1,250 萬美元，由於學生入學人數的增加，比一年前增長了 10%。學位學生總數比一年前增長9%，達到19,068人。提醒一下，學位部分沒有內容成本。因此，學位部門的毛利率為收入的 100%。我們對學位方面的進步以及科羅拉多大學博爾德分校等項目和合作夥伴的早期勢頭感到鼓舞，這些項目和合作夥伴利用了我們平台的獨特能力和規模。

In our discussions with current and prospective universities, it is clear a more accessible, affordable and relevant model of education is required for college degrees. And we look forward to welcoming the first student cohorts for several of these newly sourced pathway-focused programs starting this fall.

在我們與現有和未來大學的討論中，很明顯，大學學位需要一種更容易獲得、負擔得起且相關的教育模式。我們期待著從今年秋天開始歡迎第一批學生參加這些新採購的以銜接課程為重點的課程。

Now on to our financial outlook. For Q3, we are expecting revenue to be in the range of $156 million to $160 million and an adjusted EBITDA loss in the range of $9 million to $14 million. For full year 2023, we are increasing our outlook for both revenue and adjusted EBITDA. We now anticipate revenue to be in the range of $617 million to $623 million, representing approximately 18% growth at the midpoint of the range. Our full year revenue outlook has increased by $20 million since the start of the year and $15 million since the prior quarter driven by our increased confidence in the durable demand we continue to see in our consumer segment.

現在談談我們的財務前景。對於第三季度，我們預計收入將在 1.56 億美元至 1.6 億美元之間，調整後的 EBITDA 損失將在 900 萬美元至 1400 萬美元之間。對於 2023 年全年，我們提高了對收入和調整後 EBITDA 的預期。我們現在預計收入將在 6.17 億美元至 6.23 億美元之間，相當於該範圍中值增長約 18%。由於我們對消費者領域持續看到的持久需求信心增強，我們的全年收入預期自年初以來增加了 2000 萬美元，自上一季度以來增加了 1500 萬美元。

For adjusted EBITDA, we are now expecting a loss of $19 million to $24 million or negative 3.5% adjusted EBITDA margin at the midpoint of the revenue and EBITDA guidance ranges. As you know, our consistent practice, both prepublic and as a public company is to set an annual EBITDA margin target at the beginning of the year and work within that plan to maximize growth based on the trajectory of the business. So this is a notable change for us, driven by both top line performance and operating efficiency for a revised guidance improvement of 150 basis points in full year adjusted EBITDA margin.

對於調整後的 EBITDA，我們目前預計虧損 1900 萬美元至 2400 萬美元，或調整後的 EBITDA 利潤率為負 3.5%（按收入和 EBITDA 指導範圍的中點計算）。如您所知，無論是上市前還是上市公司，我們的一貫做法是在年初設定年度 EBITDA 利潤率目標，並在該計劃內開展工作，以根據業務發展軌跡實現增長最大化。因此，這對我們來說是一個顯著的變化，受到營收業績和運營效率的推動，修訂後的全年調整後 EBITDA 利潤率提高了 150 個基點。

Furthermore, in addition to a higher profitability target for the year, I want to reiterate the comments we made at our Investor Day in March of this year. We expect to be EBITDA breakeven in the fourth quarter of this year and to be EBITDA positive for full year 2024. To summarize, we are operating a diversified growth company with multiple levers across our 3-sided platform. We are delivering this growth with increased scale and leverage. And we've built a strong financial foundation that will afford us the resilience and strategic flexibility to lead our large and early markets.

此外，除了今年更高的盈利目標外，我還想重申我們在今年 3 月份的投資者日上發表的評論。我們預計今年第四季度將實現 EBITDA 盈虧平衡，並在 2024 年全年實現 EBITDA 正值。總而言之，我們正在運營一家多元化的成長型公司，在我們的三邊平台上擁有多種槓桿。我們通過擴大規模和槓桿來實現這一增長。我們已經建立了強大的財務基礎，這將為我們提供領導大型早期市場的彈性和戰略靈活性。

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

現在我將把電話轉回傑夫以徵求結束意見。

Thanks, Ken. Our mission is deeply rooted in our business, but this is also the case for many of our customers. To wrap up today's remarks, I'd like to share an example of an exciting partnership with one of our largest Coursera for Business customers. BNP Paribas Cardif, a leading insurance and financial services company has had a relationship with Coursera since 2019. In June, we expanded our partnership with a multiyear agreement to provide access to online education to all BNP Paribas Cardif employees as well as over 5 million customers across Latin America. Their insurance policies now include digital education services.

謝謝，肯。我們的使命深深植根於我們的業務中，對於我們的許多客戶來說也是如此。作為今天發言的總結，我想分享一個與我們最大的 Coursera for Business 客戶之一令人興奮的合作夥伴關係的例子。領先的保險和金融服務公司法國巴黎銀行卡迪夫 (BNP Paribas Cardif) 自 2019 年起就與 Coursera 建立了合作關係。6 月，我們通過一項多年期協議擴大了合作夥伴關係，為所有法國巴黎銀行卡迪夫員工以及超過 500 萬客戶提供在線教育橫跨拉丁美洲。他們的保險單現在包括數字教育服務。

BNP Paribas Cardif uses Coursera as a value enhancement for their customers, where insurance not only protects families, but also provides the necessary skills and credentials to help them access new job opportunities increase their earning potential. It is another example of how businesses are seeing access to quality education as a key strategy to enhance their offerings and their global brands.

法國巴黎銀行卡迪夫 (BNP Paribas Cardif) 使用 Coursera 為其客戶提供價值提升，其中保險不僅可以保護家庭，還可以提供必要的技能和證書，幫助他們獲得新的工作機會，提高收入潛力。這是企業如何將接受優質教育視為增強其產品和全球品牌的關鍵戰略的另一個例子。

And the Coursera ecosystem and our reputation as a trusted steward of their brands is playing an increasingly prominent role to address the rapidly changing needs of our global economies as employers and educators and as enablers of the future workforce. In collaboration with our customers, we are focused on fulfilling our mission so that talent and opportunity can rise from anywhere in the world.

作為雇主和教育者以及未來勞動力的推動者，Coursera 生態系統和我們作為值得信賴的品牌管理者的聲譽正在發揮著越來越重要的作用，以滿足全球經濟快速變化的需求。我們與客戶合作，專注於履行我們的使命，以便世界各地都能湧現人才和機會。

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

現在讓我們開始提問。謝謝。

(Operator Instructions) We'll now take our first question from the line of Josh Baer with Morgan Stanley.

（操作員說明）我們現在將回答來自摩根士丹利的 Josh Baer 的第一個問題。

Was hoping you could really hone in on the strength that you're seeing in consumer in the quarter and then also in your commentary for the rest of the year. Is it more driven by new professional certificates launched? Any sense for like a same-store sales type of look at enrollments for some of the existing certificates? And also wondering if you're able to quantify in any way the contribution from AI-related courses and programs.

希望您能真正磨練本季度消費者的實力，以及今年剩餘時間的評論。是否更多受到新推出的專業證書的推動？像同店銷售類型那樣查看某些現有證書的註冊情況有什麼意義嗎？而且還想知道您是否能夠以任何方式量化人工智能相關課程和項目的貢獻。

Yes, Josh, this is Jeff. It's a number of things on the consumer side and broadly, I think, in 3 categories. One is quantity of new content that came on from new partners like Microsoft. They put up their first professional certificates on Coursera for entry-level jobs in Q2, but also certificates like the cyber security analyst certificate from Google that also came in Q2. So new content is definitely a part of that.

是的，喬什，這是傑夫。消費者方面有很多事情，我認為大致分為三類。一是來自微軟等新合作夥伴的新內容數量。他們在第二季度在 Coursera 上發布了針對入門級工作的第一份專業證書，同時也發布了谷歌網絡安全分析師證書等證書。所以新內容肯定是其中的一部分。

But to your point around same-store sales, we do see good growth from existing titles as well. So it's not just new content. It's also apparently higher demand for existing content. There's another piece, too, which is effectiveness of paid marketing. So we don't do a ton of paid marketing, but we just seem to see a better return in this -- I think it's -- in this environment with this product offering, people seem pretty interested in this stuff. And I think it's the brands. I think it's a job orientation. I think it's the credentials. I think it's the credit pathway to a degree. It's like a plurality of things about these certificates, including the flexibility, affordability. I mean it's just a lot of the features that we've been building over the last whatever, 8 years resonating in this environment.

但就您關於同店銷售的觀點而言，我們確實看到現有遊戲也出現了良好的增長。所以這不僅僅是新內容。這顯然對現有內容提出了更高的要求。還有另一件事，就是付費營銷的有效性。因此，我們沒有進行大量的付費營銷，但我們似乎看到了更好的回報——我認為是——在這種產品提供的環境中，人們似乎對這些東西非常感興趣。我認為是品牌。我認為這是一個工作導向。我認為這就是憑證。我認為這是獲得學位的學分途徑。這些證書有很多優點，包括靈活性、可負擔性。我的意思是，我們在過去 8 年裡一直在構建的許多功能都在這種環境中產生了共鳴。

And then I think finally, to that point, the sort of the environment, people often say that college education is countercyclical. I think it might be the case that this as well. And whether or not counter cyclicality means for college degree, it usually -- you see more enrollments in college degrees when unemployment goes up. We're not seeing a lot of higher unemployment right now. But I do think the new job opportunities is going up and so the way to get into those new opportunities, if you're in a career where you don't have the skills and credentials to do that. I think these professional certificates are just kind of resonating as a pathway to a nuclear opportunity that otherwise, I just could have -- I couldn't have had. So I think it's kind of a bunch of different factors, but across the board is still in pretty positive.

然後我想最後，就這一點而言，在那種環境下，人們經常說大學教育是反週期的。我想，也有可能是這樣的情況。無論反週期性對大學學位是否意味著，通常，當失業率上升時，你會看到更多的大學學位入學人數。目前我們並沒有看到失業率大幅上升。但我確實認為新的工作機會正在增加，因此，如果你從事的職業沒有足夠的技能和資歷，那麼獲得這些新機會的方式就會增加。我認為這些專業證書只是一種共鳴，作為通往核機會的途徑，否則我本可以擁有——我不可能擁有的。所以我認為這是一系列不同因素的影響，但總體而言仍然非常積極。

Ken, anything that you'd say about the economics of these things or how you see it playing out in the future?

肯，你對這些事情的經濟學有什麼看法，或者你認為它在未來會如何發展？

No, nothing incremental to add. Now they look like the others and the model is pretty well set. It's all about growth in this environment, as you said.

不，沒有什麼增量可添加的。現在他們看起來和其他人一樣，而且模型已經設置得很好。正如你所說，這一切都與在這種環境中的增長有關。

Great. That was a great summary. If I could sneak in one more. Just thinking about your balance sheet, it's very strong. I was hoping you could review your M&A philosophy and your strategy, what type of assets could potentially fit into your platform?

偉大的。這是一個很棒的總結。如果我能再偷偷溜進去一次就好了。只要想想你的資產負債表，它就非常強勁。我希望您能回顧一下您的併購理念和策略，什麼類型的資產可能適合您的平台？

Sure. Historically, Josh, we've had limited M&A activity. We do believe that the opportunity for us with the right assets in the right markets, and these are huge markets as I know you agree having that dry powder for strategic flexibility is pretty important. On the front end, we've continued to look, assets have been expensive as people are aware, with the previous environment, things are coming down. We remain active. We're doing some investments today as it results in some various partnerships within that corporate development group, and we do continue to look at deals. We haven't found anything at the right price for the right asset.

當然。喬什，從歷史上看，我們的併購活動非常有限。我們確實相信，我們在正確的市場擁有正確的資產，這是一個巨大的市場，因為我知道您同意擁有乾粉以實現戰略靈活性非常重要。在前端，我們繼續關注，正如人們所知，資產一直很昂貴，在以前的環境下，情況正在下降。我們保持活躍。我們今天正在進行一些投資，因為這會在該企業發展團隊內建立一些不同的合作夥伴關係，並且我們確實會繼續考慮交易。我們還沒有找到任何以合適的價格購買合適的資產的東西。

But in philosophically, we look to things, we're not looking to bolt on more revenue. I think as you see us announce deals in the future, I'd expect things that add to the product portfolio where we actually get leverage on the top line and growth as opposed to just buying revenue. Philosophically, that's not how we ---

但從哲學上來說，我們著眼於事物，我們並不尋求增加收入。我認為，當你看到我們在未來宣布交易時，我預計會增加產品組合，使我們能夠真正獲得營收和增長的槓桿作用，而不僅僅是購買收入。從哲學上來說，我們不是這樣——

And what I would add to that, Josh, is sometimes talent comes along and you buy an entity because there's really good talent associated with it. We've done that in the past. We can continue to do that now. Talent is extremely valuable. In elements of job placement where we spend a lot of time on the learning. We just launched Coursera Hiring Solutions. We are building that out. I like the way that's going. We might be able to accelerate that with certain assets in -- that have capabilities and job placement.

喬什，我要補充的是，有時人才會出現，你購買一個實體是因為它確實有優秀的人才。我們過去就這麼做過。我們現在可以繼續這樣做。人才是極其寶貴的。在工作安排的各個方面，我們花費了大量的時間來學習。我們剛剛推出了 Coursera 招聘解決方案。我們正在構建它。我喜歡這樣的方式。我們也許能夠利用某些具有能力和就業安置的資產來加速這一進程。

I don't think then we buy content, but we might do something in content engine. So it's not so much the current catalog of content. But if there's a way of bringing content on that is novel and complementary to the way that our content engine works, I think that would be great. On AI, people are talking about M&A in AI, frankly, we will probably do it more for the talent on the actual technology because these large language models are moving very quickly. We see early-stage companies, whole products get subsumed into the capabilities of a new base language model. So we're kind of holding back on that a little bit.

我不認為我們會購買內容，但我們可能會在內容引擎中做一些事情。所以這並不是當前的內容目錄。但是，如果有一種方法可以提供新穎的內容，並且與我們的內容引擎的工作方式相輔相成，我認為那就太好了。在人工智能方面，人們正在談論人工智能領域的併購，坦率地說，我們可能會為實際技術上的人才做更多的事情，因為這些大型語言模型發展得非常快。我們看到早期公司的整個產品都被納入新的基礎語言模型的功能中。所以我們有點猶豫。

And then broadly speaking, technology that makes the content better or the learning experience better is always great, whether that's ID verification, academic integrity, better assessment design, hands on projects. We bought a company a few years ago called Rhyme, that with the virtual machine technology that enabled hands-on projects using desktop software. So it was a technology that supported an enhanced learning experience, and enhance content because of the technology. We're interested in that kind of stuff.

從廣義上講，使內容更好或學習體驗更好的技術總是很棒的，無論是身份驗證、學術誠信、更好的評估設計還是實踐項目。幾年前，我們收購了一家名為 Rhyme 的公司，該公司採用虛擬機技術，可以使用桌面軟件進行動手項目。因此，這是一項支持增強學習體驗的技術，並因該技術而增強了內容。我們對這類東西很感興趣。

Our next question comes from the line of Thomas Singlehurst with Citi.

我們的下一個問題來自花旗銀行的托馬斯·辛格赫斯特 (Thomas Singlehurst)。

A couple of questions. Maybe starting with that theme of countercyclicality and obviously (inaudible). On enterprise, I think it's still really robust in terms of year-on-year, and you've obviously got different parts. I'm interested in your take on the continued (inaudible).

有幾個問題。也許從反週期主題開始，顯然（聽不清）。在企業方面，我認為同比而言仍然非常強勁，而且顯然有不同的部分。我對您對後續內容的看法感興趣（聽不清）。

Yes, Tom, I think I caught that. So when it comes to cyclicality -- countercyclicality, we touched on a little bit with consumer. But as you mentioned in enterprise, when we talk about a diversified revenue model, part of that also is diversified across the enterprise segment. I mean businesses are different from campuses are different from governments, and they all have different exposures to economic cycles. We see the greatest pro-cyclicality in Coursera from business, mostly in Europe and North America, frankly, where L&D budgets and even teams are being reduced.

是的，湯姆，我想我明白了。因此，當談到週期性——反週期性時，我們觸及了一些消費者問題。但正如您在企業中提到的，當我們談論多元化的收入模式時，其中一部分也在整個企業領域實現多元化。我的意思是，企業與校園不同，政府也不同，它們對經濟周期的影響也不同。坦率地說，我們在 Coursera 中看到了最大的順週期性來自商業，主要是在歐洲和北美，這些地方的學習與發展預算甚至團隊都在減少。

But we don't really see that so much in universities and governments. And so, blended into that enterprise segment are some differences where we actually see some offsetting of the pro-cyclicality of Coursera for Business with generally, I would say, counter cyclicality or at least neutral on campuses and governments. And as those verticals become a bit bigger, we think it could dampen the exposure, the economic cycles of the enterprise segment. And so that's kind of my thinking on that. Ken, I don't if you'd add anything to that.

但我們在大學和政府中並沒有看到那麼多。因此，在企業細分市場中存在一些差異，我們實際上看到 Coursera for Business 的順週期性與校園和政府的反週期性或至少中性的總體抵消。隨著這些垂直行業變得更大，我們認為這可能會抑制企業領域的暴露和經濟周期。這就是我對此的想法。肯，我不知道你是否願意添加任何東西。

No, it's spot on. Thanks.

不，它恰到好處。謝謝。

And a follow-up is on pricing. I'm just interested whether you have -- clearly you do have pricing power, but whether you are exploiting pricing power across and particularly the consumer side of the business?

後續是定價。我只是感興趣的是，您是否擁有——顯然您確實擁有定價權，但是您是否正在利用整個業務，特別是消費者方面的定價權？

Yes. I would say -- I think not really. I mean we -- there's sort of pricing power, if you will, against the learner, which basically requires you to be a different solution than they can get anywhere else. There's a lot of content out there on the Internet. We don't think that we are like the only game in town. We do think that this career academy with all these professional certificates is pretty unique. But frankly, we're still very much in growth mode. So we're not sort of trying to flex anything on pricing at this point.

是的。我想說——我認為並非如此。我的意思是，如果你願意的話，我們有某種針對學習者的定價能力，這基本上要求你提供與他們在其他地方可以獲得的不同的解決方案。互聯網上有很多內容。我們不認為我們是鎮上唯一的遊戲。我們確實認為這所擁有所有這些專業證書的職業學院非常獨特。但坦率地說，我們仍然處於增長模式。因此，我們目前並不想在定價方面做出任何調整。

When it comes to sort of economic sharing between us and our partners, we like our arrangements right now. We want to make sure our partners are super motivated to create more content and credentials. These are great brands. So we're also not really flexing anything there. And we think there might be some opportunities in international markets, not so much on pricing, but in payments and currency as kind of payment methods and currency where we think there's still opportunity that we believe that we can unlock probably most on the consumer side.

當談到我們和我們的合作夥伴之間的經濟共享時，我們喜歡我們現在的安排。我們希望確保我們的合作夥伴有極大的動力去創造更多的內容和憑證。這些都是很棒的品牌。所以我們也沒有真正在那裡展示任何東西。我們認為，國際市場上可能存在一些機會，不是在定價方面，而是在支付和貨幣方面，作為一種支付方式和貨幣，我們認為仍然有機會，我們相信我們可以在消費者方面釋放大部分機會。

Our next question comes from the line of Rishi Jaluria with RBC Capital Markets.

我們的下一個問題來自 Rishi Jaluria 與 RBC Capital Markets 的聯繫。

This is Rich (inaudible) on for Rishi. It's great to see the momentum with the Republic of Kazakhstan partnership as well as the expanded partnership with BNP. Just curious, how should we think about the mechanics of these types of deals and how those new learners get monetized? And then are there any other similar partnerships to call out or that you'd highlight here?

這是 Rishi 的 Rich（聽不清）。很高興看到與哈薩克斯坦共和國的合作夥伴關係以及與法國巴黎銀行擴大的合作夥伴關係的勢頭。只是好奇，我們應該如何考慮此類交易的機制以及這些新學習者如何獲利？還有其他類似的合作夥伴關係值得提及或您在此強調嗎？

Yes. Rishi, this is Jeff. The way that I would categorize this generally, at least the way I think about it and we think about it from a modeling perspective, is that fundamentally enterprise segment, we're selling feet licenses. And so the question is, well, how -- who buys a feet license and for whom. And what we're seeing is what I think are the sort of system-wide deals as with the Republic of Kazakhstan and many other systems, including state Department of Labor Workforce Development Programs and even university systems in the United States and other places.

是的。里希，這是傑夫。我對此進行總體分類的方式，至少是我思考它的方式，以及我們從建模角度思考它的方式，是從根本上來說，企業細分市場，我們正在銷售腳許可證。所以問題是，如何——誰購買足部許可證以及為誰購買。我認為我們所看到的是與哈薩克斯坦共和國和許多其他系統的全系統協議，包括國家勞工部勞動力發展計劃，甚至美國和其他地方的大學系統。

Oftentimes, you'll find one institution with an intention to up-level the educational capabilities of a system of educators. It could be a school system in what country or a school system within a state or a municipality. The sort of the head institution will buy a certain number of licenses and almost do pilot testing with a number of member institutions, if you will. What we are really thinking about here is sort of an NRR sort of approach. If you can get in with someone who can prove out the model, demonstrate use cases on a smaller buy but to many other institutions where there's a lot more availability for upsell of licenses because they're not buying a license for every single person, we think that could be a really leveraged sales model, where it takes a bit more time to win a government.

通常，您會發現某個機構有意提高教育工作者係統的教育能力。它可以是哪個國家的學校系統，也可以是一個州或一個市內​​的學校系統。如果你願意的話，這類頭部機構會購買一定數量的許可證，並且幾乎會與一些成員機構進行試點測試。我們在這裡真正考慮的是一種 NRR 方法。如果您可以與能夠證明該模型的人合作，向許多其他機構展示較小購買的用例，因為他們不會為每個人購買許可證，所以有更多的許可證追加銷售機會，我們我認為這可能是一種真正的槓桿銷售模式，需要更多的時間才能贏得政府的支持。

But once you do, you get access to lots and lots of sub institutions and with upsell opportunities. So that's kind of how we think about it. It's a little bit longer sales cycle. We think it's more defensible, and we think it should have positive effects on our NRR over time.

但一旦你這樣做了，你就可以接觸到很多很多的子機構並獲得追加銷售的機會。這就是我們的想法。銷售週期有點長。我們認為它更具防禦性，並且隨著時間的推移，我們認為它應該會對我們的 NRR 產生積極影響。

That's very helpful. And then just a follow-up on that. It's just you've highlighted good momentum in that campus and government side of the enterprise business. And just trying to think about like, is this the kind of situation where maybe those businesses become large enough in the next economic cycle to make a meaningful difference to offset some of the headwinds you're seeing in the corporate side? Or just how should we think about the -- not only the kind of, I guess, near-term dynamics within the enterprise business, but then also just how you think about like the TAM across like the 3 sub verticals.

這非常有幫助。然後是後續行動。只是您強調了企業業務的校園和政府方面的良好勢頭。試想一下，在這種情況下，這些企業在下一個經濟周期中是否會變得足夠大，以產生有意義的變化，以抵消您在企業方面看到的一些不利因素？或者我們應該如何思考——我想，不僅是企業業務中的近期動態，而且還有你如何思考 TAM 等 3 個子垂直領域。

Great question. And I think it is not unreasonable to expect that in some future time that's not way out there. They will be big enough, they being Coursera for campus and Coursera for government, will be big enough to offset some of the pro-cyclicality of Coursera for Business. I will generally say if those 2 are not more than together are not more than Coursera for Business. But they're more than 25%. I mean, it's becoming a real thing. And so it's definitely part of our strategy is to say, how do you take the same content credentials, the same technology platform and all the same product marketing sales, et cetera, underneath it and get leverage across a broader TAM.

很好的問題。我認為，期望在未來的某個時間這種情況不會發生並不是沒有道理的。它們將足夠大，它們是針對校園的 Coursera 和針對政府的 Coursera，將足夠大以抵消針對商業的 Coursera 的一些順週期性。我通常會說，如果這兩者不超過加起來也不超過 Coursera for Business。但他們超過了25%。我的意思是，它正在成為現實。因此，我們戰略的一部分肯定是說，如何在其基礎上採用相同的內容憑證、相同的技術平台和所有相同的產品營銷銷售等，並在更廣泛的 TAM 中獲得影響力。

Will those TAMs be bigger than Coursera for Business? I don't know. It's conceivable. I mean when you think about all of government workforce development programs, they can be pretty big. And the campuses obviously spend a lot of money. I mean it's basically a $2 trillion market in terms of tuition for all degree-granting institutions in the world, generally speaking, they're about breakeven. So they spend -- I mean, universities worldwide. They spend well over $1 trillion clearly. And so that could be a meaningful TAM, we think.

這些 TAM 會比 Coursera for Business 更大嗎？我不知道。這是可以想像的。我的意思是，當你考慮所有政府勞動力發展計劃時，它們可能相當大。校園顯然花了很多錢。我的意思是，就世界上所有授予學位的機構的學費而言，這基本上是一個 2 萬億美元的市場，一般來說，它們大約是收支平衡的。所以他們花錢——我的意思是，全世界的大學。他們的支出顯然遠遠超過 1 萬億美元。我們認為，這可能是一個有意義的 TAM。

Our next question comes from the line of Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的埃里克·謝里登（Eric Sheridan）。

Maybe coming back to the topic on the enterprise. Given the corporate spending environment, you mentioned earlier, how would you characterize your visibility into whether you want to think about it in terms of the acquisition funnel or the rate of customer growth or NRR going forward and trying to marry mixtures of sort of visibility into trends versus investing behind the growth you want to achieve in the long term? And how we should possibly think about that as an exit velocity for this year?

也許回到企業的話題。考慮到您之前提到的企業支出環境，您如何描述您的可見性，是否要從收購漏斗或客戶增長率或未來的 NRR 角度來考慮，並嘗試將各種可見性的混合結合起來趨勢還是投資於您想要實現的長期增長？我們應該如何將其視為今年的退出速度？

Eric let me -- I'll give you the very high level how we think about it, maybe, Ken, you can take the harder part of the question, which is exit velocity. I usually do to you. Clearly, when you look at NRR, you say, you got new bookings, not part of NRR well, bookings of new customers, not part of NRR, then you got expansion bookings and then you got your retention of your existing error.

埃里克讓我——我會給你一個非常高的水平，我們是如何思考這個問題的，也許，肯，你可以接受這個問題中更難的部分，即退出速度。我通常對你這樣做。顯然，當你查看 NRR 時，你會說，你得到了新的預訂，而不是 NRR 的一部分，新客戶的預訂，不屬於 NRR 的一部分，然後你得到了擴展預訂，然後你保留了現有的錯誤。

And we don't see the same characteristics among those 3 new bookings versus expansion bookings versus retention. A lot more of the pressure has been in customers who signed bigger deals during COVID, especially in Europe, where budgets were very big companies and government institutions really focused on providing support, including learning support for workers displaced from the office.

我們沒有看到這 3 個新預訂與擴展預訂與保留預訂之間存在相同的特徵。更大的壓力來自於在新冠疫情期間簽署了更大交易的客戶，尤其是在歐洲，那裡的預算非常大，而政府機構真正專注於提供支持，包括為離開辦公室的員工提供學習支持。

Well, things aren't in COVID times anymore. The budgets are tighter, the economy is not looking great with what's happening there. And so there has been more pressure on some of those expansion bookings as they have -- based on the tightening of the budgets across the board. So what is that -- how does that all play into exit velocity. Ken, I'm going to pump that over to you and what's your artful answer.

好吧，事情已經不再是新冠病毒時代了。預算更加緊張，經濟形勢看起來也不太好。因此，由於預算全面收緊，其中一些擴張預訂面臨更大的壓力。那麼這是什麼——這一切如何影響退出速度。肯，我要把這個問題轉達給你，你的巧妙回答是什麼？

Yes. No. Well, I think the important thing. And this is very much a topic on our minds right now because we're beginning our planning cycle, which has been quite early. And as Jeff said, the NRR is the immediate, that's the least laggy because it affects revenue more quickly, both as it relates to renewals, which is immediate revenue impact and expansion deals.

是的。不，嗯，我認為重要的是。這是我們現在思考的一個話題，因為我們正在開始我們的規劃週期，這已經相當早了。正如 Jeff 所說，NRR 是直接的，滯後性最小，因為它會更快地影響收入，因為它與續訂有關，即直接的收入影響和擴張交易。

But new bookings, and Jeff said it, new bookings have remained relatively strong. So as we come to the end of the year and we look going forward, they -- as we start to do our budgeting for next year, those bookings, those newer bookings will start to flow in revenue. And then it's a balancing of sales force towards opportunity between C4B, C4G and C4C, which we'll try to do to optimize towards the best opportunity considering where we are from an economy standpoint. So that's how we think about it.

但傑夫表示，新預訂量仍然相對強勁。因此，當我們到了年底，我們展望未來時，當我們開始為明年做預算時，這些預訂，那些較新的預訂將開始帶來收入。然後是 C4B、C4G 和 C4C 之間銷售人員與機會的平衡，考慮到我們從經濟角度來看，我們將嘗試優化以獲得最佳機會。這就是我們的想法。

Yes. And I think we kind have already hinted that a bit. But the big NRR headwinds are in Coursera for Business in Europe and North America.

是的。我認為我們已經暗示了這一點。但 NRR 的巨大阻力來自歐洲和北美的 Coursera for Business。

Our next question comes from the line of Ryan MacDonald with Needham & Company.

我們的下一個問題來自 Ryan MacDonald 與 Needham & Company 的對話。

This is Matt Shea on for Ryan. And congrats on a nice quarter here. I wanted to start with degrees. Given your expectation for the segment to grow 25% next year, wondering if you guys could talk about what you're seeing in terms of enrollment trends for the upcoming fall cohorts on those door programs and how that's trending relative to your expectations? And then as those enrollments start to come in. Should we see those hit in 3Q or 4Q? or what is kind of your timing expectations around those enrollment numbers?

我是馬特·謝伊 (Matt Shea) 替補瑞安 (Ryan)。祝賀您度過了一個美好的季度。我想從學位開始。鑑於您預計該細分市場明年將增長 25%，想知道你們是否可以談談您所看到的即將到來的秋季入學項目的入學趨勢以及相對於您的預期的趨勢如何？然後隨著這些註冊人數開始增加。我們應該在第三季度還是第四季度看到這些註冊人數？或者您對這些入學人數的時間預期是什麼？

Great. So I'll talk a little bit about the dynamics of the segment. Ken, maybe you could talk about the timing of the -- and impact of the numbers for next year. We're feeling pretty good about the segment. We're feeling good about what we have told you guys at Investor Day about the 25% growth in 2024 for the segment. And when we look at the opportunity and say, why are we seeing more positive year-on-year improvements in degree segment revenue than we did, say, last year this time. Part of it is perhaps the economy, but a lot of it is the supply of degrees. We have a broader selection. We can find more matches among the learners on our platform. We feel good about that so long as we do a good job with the matching.

偉大的。因此，我將談談該細分市場的動態。肯，也許你可以談談明年的時間安排以及數據的影響。我們對該細分市場感覺非常好。我們對在投資者日告訴大家的關於該細分市場 2024 年增長 25% 的消息感到滿意。當我們看到這個機會並說，為什麼我們看到學位部門收入比去年同期有更積極的同比改善。部分原因可能是經濟，但很大程度上是學位的供應。我們有更廣泛的選擇。我們可以在我們的平台上找到更多學習者的匹配。只要我們做好匹配工作，我們就感覺很好。

And we really are pushing much harder to a certain kind of new degree. These degrees that are built on pathways, notably pathways from these professional certificates. What we hear from working adults is they want them to more affordable. They want something that is more flexible. They want something that is more aligned with a certain job, especially if they want to transition from one career to another. The idea that you can do one of these professional certificates and while you're earning the certificate from an industry player, have a count is credit towards the college degree that you can also earn online that's affordable and flexible people really like that.

我們確實正在更加努力地推動某種新的程度。這些學位建立在途徑上，特別是這些專業證書的途徑上。我們從工作的成年人那裡聽到的是，他們希望價格更實惠。他們想要更靈活的東西。他們想要一些與特定工作更相符的東西，特別是如果他們想從一種職業過渡到另一種職業。您可以獲得這些專業證書之一，並且當您從行業參與者那裡獲得證書時，您可以算作大學學位的學分，您也可以在線獲得大學學位，這是人們真正喜歡的，價格實惠且靈活。

So a lot of our strategy is not just like let's sell more degrees that is now online. It's let's offer a product, a solution to working adults who are trying to switch careers that frankly isn't really much in the market today. We sometimes think of them as pathway degrees. The pathways to degrees that are really much better suited. So in early days we talked about University Colorado Boulder. They had that master of science and data science, continue to see good results there. A number of the new degrees coming on in the fall have these same kind of pathway characteristics, makes us feel pretty positive. But at the same time, it's hard to estimate before something really hits the market and you see the learner demand for exactly what the numbers will be. So Ken, in terms of expectations for Q3 and kind of impact on that.

因此，我們的很多策略不僅僅是讓我們現在在線銷售更多學位。讓我們為那些試圖轉換職業的上班族提供一種產品、一種解決方案，坦率地說，目前市場上還沒有那麼多。我們有時將它們視為銜接學位。通往學位的途徑確實更適合。所以早期我們談論了科羅拉多大學博爾德分校。他們擁有科學和數據科學碩士學位，繼續在那裡看到良好的成果。秋季開設的許多新學位都具有同樣的途徑特徵，讓我們感到非常積極。但與此同時，在某些東西真正進入市場之前很難估計，並且你會看到學習者對具體數字的需求。肯，就第三季度的預期以及對此的影響而言。

Sure. And you've already set this up with the right highlight, of course, around the change in strategy or the emphasis in strategy on this new path play degrees, which are at higher volume. We've introduced and we've announced those new degree programs this quarter over the last couple of quarters, and we've been building that capacity to fulfill those new student cohorts. The fall quarter is when you will see. That will be the first indication of how well we fulfill. And so we're looking forward to talking about those numbers as we work very hard in fulfilling those student cohorts. And so -- but you will see that this coming quarter. It will be a fairly immediate feedback loop on how well we're doing.

當然。當然，你已經設置了正確的亮點，圍繞策略的變化或策略的重點在這條新路徑的播放程度，這是在更高的音量。在過去的幾個季度中，我們在本季度推出並宣布了這些新的學位課程，並且我們一直在建設這種能力來滿足這些新學生群體的需求。秋季季度你就會看到。這將是我們履行情況的第一個跡象。因此，我們期待著談論這些數字，因為我們正在努力滿足這些學生群體的需求。所以——但你會在下個季度看到這一點。這將是一個關於我們做得如何的相當直接的反饋循環。

And we expect that, we gave the 25% guidance for next year back at our Investor Day because we have great visibility on the revenue side. So it's a look forward into next year, which we'll provide an update on as we do our planning going into next year as well. But once again, I'd look to the student ads and some more color this coming quarter, which we're pretty excited about.

我們預計，我們會在投資者日給出明年 25% 的指導，因為我們在收入方面有很好的可見性。因此，這是對明年的展望，我們也會在製定明年的計劃時提供最新情況。但我會再一次關注下個季度的學生廣告和更多色彩，我們對此感到非常興奮。

Got it. That is super helpful. And then I wanted to touch on one of your newer initiatives. You recently began to launch more vertical-specific industry certifications like in health care with MedSurg. Curious on the strategy there. How do you guys increase your exposure to learners in the health care segment that might not have previously been engaged with Coursera? And given the workforce challenges in health care market, how large of an opportunity do you think this vertical could be for Coursera over time?

知道了。這非常有幫助。然後我想談談你們的一項新舉措。您最近開始推出更多針對垂直行業的認證，例如 MedSurg 的醫療保健認證。對那裡的策略感到好奇。你們如何增加與以前可能沒有接觸過 Coursera 的醫療保健領域學習者的接觸？考慮到醫療保健市場的勞動力挑戰，您認為隨著時間的推移，這個垂直領域會給 Coursera 帶來多大的機會？

Well, yes, Matt, great question. And I appreciate it because it will allow us to maybe articulate our strategy with respect to labor markets. I mean, a really simple thing, if it's not obvious of what we're trying to do is find out where there are either on the learner side, big job opportunities or on the employer side acute job shortages. And then say, how could you help people move into those opportunities if that's not what they've already been educationally trained and clinincialized to do. Well, clearly, health care is a very, very large market with acute labor shortages, a very high requirement for credentialing that has to come from trusted institutions.

嗯，是的，馬特，好問題。我很欣賞它，因為它可能會讓我們能夠闡明我們在勞動力市場方面的戰略。我的意思是，一件非常簡單的事情，如果我們想要做的事情並不明顯的話，那就是找出學習者方面存在大量就業機會，或者雇主方面存在嚴重的就業短缺。然後說，如果人們沒有接受過教育培訓和臨床訓練，你怎麼能幫助他們抓住這些機會呢？顯然，醫療保健是一個非常非常大的市場，勞動力嚴重短缺，對認證的要求非常高，必須來自值得信賴的機構。

And you noticed that we are putting more of these health care-related professional certificates is not the full degree. But we -- you can imagine, kind of -- we talk about pathway degrees. We're putting out these professional certificates and health. You can imagine where we might be going. And report after report is showing that the number of job opportunities in health care globally is going to grow because of demographics and the aging of the global workforce. And technology is going to change the nature of those jobs and those types of jobs will be some of the least impacted by AI.

而且您注意到，我們放置的更多這些與醫療保健相關的專業證書並不是完整的學位。但我們——你可以想像，有點——我們談論的是銜接學位。我們正在發放這些專業證書和健康證明。你可以想像我們會去哪裡。一份又一份報告顯示，由於人口結構和全球勞動力老齡化，全球醫療保健領域的就業機會將會增加。技術將改變這些工作的性質，而這些類型的工作將是受人工智能影響最小的工作。

So we think it's a really attractive market, especially for Coursera, given the branded credentials, given the whole degree pathways, the value of a degree, the global key charges and the general resilience in the face of AI. I think a lot of people are going to be wanting to go and change their career start going after health care-related jobs because I think there's going to be a pretty attractive set of opportunities there

因此，我們認為這是一個非常有吸引力的市場，特別是對於 Coursera 而言，考慮到其品牌資質、整個學位途徑、學位的價值、全球關鍵費用以及面對人工智能的總體彈性。我認為很多人都會想要改變他們的職業生涯，開始從事與醫療保健相關的工作，因為我認為那裡會有一系列非常有吸引力的機會

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

我們的下一個問題來自瑞銀集團 (UBS) 的泰勒·麥金尼斯 (Taylor McGinnis)。

So Ken, maybe one for you. You raised the full year REV guide this year by more than the 2Q beat, which I think is a little bit different approach than you took last quarter being a little bit more conservative. So I guess, what happened in the quarter or in the environment that's giving you greater confidence in the back half of the year? And is there a chance that you maybe have a little bit greater visibility? Is there a certain segment you'd call out, something in the pipeline? Would love to get a little color there.

那麼肯，也許適合你。您今年將全年 REV 指南提高了超過第二季度的水平，我認為這與您上季度採取的更為保守的做法略有不同。所以我想，本季度或環境中發生了什麼讓您對下半年更有信心？您是否有可能獲得更高的知名度？您是否會指出某個特定的部分，即正在醞釀中的某些部分？很想在那裡得到一點顏色。

Yes, sure. Thanks, Taylor. Of course, as the year progresses, we get better visibility on the revenue for the year. But we have really seen some firming up, particularly on the consumer segment, which is that business is really nicely dialed in. We think we have a handle on how we're doing on these professional search, the machine from a metric standpoint is working. So we have greater operational visibility than we did before. We have some better certainty in some of our marketing programs, which Jeff mentioned previously. And so the ability to dial that in and react to changes in the environment gives us more confidence as we move forward.

是的，當然。謝謝，泰勒。當然，隨著時間的推移，我們對今年的收入有了更好的了解。但我們確實看到了一些堅定的跡象，特別是在消費者領域，這就是業務確實得到了很好的調整。我們認為我們已經掌握了我們在這些專業搜索方面的表現，從指標的角度來看，這台機器正在運行。因此，我們比以前擁有更高的運營可見性。正如傑夫之前提到的，我們的一些營銷計劃有更好的確定性。因此，能夠調整這一點並對環境變化做出反應的能力讓我們在前進時更有信心。

As we get closer to the end of the year, both on the enterprise side, the visibility and degrees, particularly degrees we can give forecast a year out that are reasonably reliable, they can increase over time, of course, as we build student cohorts and get more confident. But as we get closer to year-end, there's just the models provide better visibility and so we're more comfortable. We seek to hit our commitments always, of course, as a public company. We try not to be too conservative, to be very clear. But that's let us recognize more of the overachievement, if you will.

隨著我們接近年底，無論是在企業方面，知名度和學位，特別是我們可以給出相當可靠的一年預測的學位，當然，隨著我們建立學生群體，它們會隨著時間的推移而增加並變得更加自信。但隨著接近年底，模型提供了更好的可見性，因此我們感到更加舒適。當然，作為一家上市公司，我們始終致力於履行我們的承諾。我們盡量不要太保守，要非常明確。但如果你願意的話，這可以讓我們認識到更多的超額成就。

Got it. And my last question is just on the enterprise side, on the enterprise for business. I'd love to hear now that we're into like July, what you're seeing in terms of trends, you talked about you're seeing a little bit of more pressure to expansion. Any changes on churn that you call out and how those have progressed throughout the quarter to today?

知道了。我的最後一個問題是針對企業方面的，針對企業的業務。我很想听聽現在我們已經進入了七月，您在趨勢方面看到了什麼，您談到您看到了更大的擴張壓力。您提到的客戶流失方面有什麼變化嗎？從整個季度到今天，這些變化的進展如何？

I would characterize it very broadly, Taylor as compression on budgets and layoffs of teams, of L&D team. I mean it's -- and what's interesting about this, and I wonder what is going to be the sort of response when -- clearly, everybody agrees that we are entering a time of increasing employment change, jobs will be changing, generative AI, I mean, published after publish after publish -- publication after publication. They're all saying almost everybody's jobs are going to change. Part of me says, well, who's going to teach people all these new jobs. I mean I get it that historically, L&D is one of the first discretionary budget cuts.

泰勒，我將其概括地描述為預算壓縮和團隊、L&D 團隊的裁員。我的意思是——這有什麼有趣的地方，我想知道當——顯然，每個人都同意我們正在進入一個就業變化不斷增加的時代，工作將會發生變化，生成式人工智能，我想知道會是什麼反應。意思是，出版後出版——出版後出版。他們都說幾乎每個人的工作都會發生變化。我心裡想，好吧，誰來教人們所有這些新工作。我的意思是，我知道從歷史上看，L&D 是最早的酌情預算削減之一。

But I personally, as a CEO of Crosera, we are planning on retaining a lot of people in a lot of jobs because there's -- McKinsey just put out a study a few weeks ago, they suggest-- McKinsey suggests that globally, generative AI alone, generative AI could unlock $4.4 trillion of productivity gains. Well, what's it going to take, what investment needs to be made to get the $4 trillion return. Some kind of scaling, obviously, the two open systems have to be upgraded, but people have to learn how to use those. So I don't know like from a first principle point of view, there is a little bit of a incoherence between companies cutting L&D in a time where people are going to need to be retrained in order to unlock productivity gains.

但就我個人而言，作為 Crosera 的首席執行官，我們計劃在很多工作崗位上保留很多人，因為——麥肯錫幾週前剛剛發布了一項研究，他們建議——麥肯錫建議，在全球範圍內，生成式人工智能僅生成式人工智能就可以帶來 4.4 萬億美元的生產力提升。那麼，要獲得 4 萬億美元的回報，需要採取什麼措施、需要進行哪些投資。顯然，必須進行某種擴展，這兩個開放系統必須升級，但人們必須學習如何使用它們。因此，從首要原則的角度來看，我不知道在人們需要接受再培訓以釋放生產力收益的時代，削減學習與發展的公司之間存在一點不一致之處。

Our next question comes from the line of Robert Simmons with D.A. Davidson.

我們的下一個問題來自羅伯特·西蒙斯 (Robert Simmons) 和 D.A.戴維森。

I was wondering you could go a little deeper on the color on the net retention number. How much of that decline comes from various factors, in particular I'm thinking about gross logo churn and pricing pressure? And then also kind of what your executions are for the metric from here, what it might turn back up?

我想知道您能否更深入地了解淨保留數字上的顏色。這種下降有多少是由於各種因素造成的，特別是我在考慮徽標總流失率和定價壓力？然後你的執行對於這裡的指標來說是什麼，它可能會返回什麼？

Yes. Thanks, Robert. If you sort of -- if you did a variance analysis of NRR by segment and region, like hypothetically, if you did that and try to attribute where is the change and NRR really coming from in that matrix. What you would find is it really jumps off the page. Coursera for Business in Europe, in North America. And that really explains an off lots. And that grid would be C4G, C4C, C4B and then the different regions highlighting the 2.

是的。謝謝，羅伯特。如果你按細分市場和地區對 NRR 進行方差分析，就像假設一樣，如果你這樣做並嘗試歸因於該矩陣中的變化和 NRR 真正來自何處。你會發現它真的跳出了頁面。 Coursera for Business 在歐洲和北美。這確實解釋了很多問題。該網格將是 C4G、C4C、C4B，然後是突出顯示 2 的不同區域。

Yes. And that helps me answer, okay, well, when is this going to turn around and at least without giving you unfortunately probably I give you very helpful clarity, I can say it will likely be related to the macroeconomic conditions for businesses in Europe and businesses in North America. In particular, how do companies view and fund learning and development initiatives.

是的。這幫助我回答，好吧，好吧，這什麼時候會扭轉，至少在沒有給你不幸的情況下，我可能會給你非常有用的澄清，我可以說這可能與歐洲企業和企業的宏觀經濟狀況有關在北美。特別是，公司如何看待和資助學習和發展計劃。

Got it. And I guess within your metrics, though, how are you seeing a show up? Is the customer turning it off? Is it -- are they cutting their usage? Is there a price pressure on renewals? What is it that you're driving it down?

知道了。不過，我想根據你的指標，你對這次演出有何看法？客戶是否將其關閉？他們正在減少使用嗎？續訂是否有價格壓力？你到底在壓低它什麼？

It looks mostly like pricing pressure on renewals.

看起來主要是續訂的定價壓力。

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

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

Just a couple. Similar to the question asked of earlier about Ken, you're raising the EBITDA margin guide definitely nice to see. I guess what gives you the confidence to improve the path to breakeven? Because I think in the past, you haven't really guided up on the margin intra-year.

只是一對。與之前提出的有關 Ken 的問題類似，您提高 EBITDA 利潤率指南絕對值得高興。我想是什麼讓您有信心改善盈虧平衡之路？因為我認為在過去，你並沒有真正提高年內的利潤率。

That's exactly right, Jason. We've never done that, and it's because we intentionally spend to invest because we're a growth company, and we believe the markets are big and there's the opportunity to do that. Frankly, the overachievement on the top line, there's not the opportunity to spend that quick. We're already moving towards profitability. At the Investor Day back in March, we committed to profitability for Q4 and to EBITDA positive for 2024. So we've been on that trajectory. We've done that each of the last 5 years. We can -- it's just a matter of pace of improvement is the conversation.

完全正確，傑森。我們從來沒有這樣做過，這是因為我們是一家成長型公司，所以有意識地花錢進行投資，我們相信市場很大，有機會這樣做。坦率地說，收入已經取得了巨大的成就，但沒有機會那麼快地花錢。我們已經在朝著盈利的方向邁進。在 3 月份的投資者日，我們承諾第四季度實現盈利，並在 2024 年實現 EBITDA 為正。因此，我們一直走在這條軌道上。過去五年我們每年都這樣做。我們可以——這只是對話中改進速度的問題。

But we were outpacing our ability to spend productively in year, and we're not going to waste money. That's for sure. And we are simply just seeing more leverage in the model. We've been very focused on doing that and creating leverage within the operating model within the departments. And it's at the point where we needed to raise guidance to be realistic about it.

但我們這一年的支出效率超出了我們的能力，我們不會浪費錢。這是肯定的。我們只是在模型中看到了更多的槓桿作用。我們一直非常專注於做到這一點，並在部門內的運營模式中創造影響力。現在我們需要提出切合實際的指導意見。

And Jason, one of the things I'll just add is probably obvious. But in every previous year, we did not put any Q4 constraints into that. We said, look, we're going to manage to the adjusted EBITDA margin for the year. Well, in 2023, we added that one constraint. We said we're going to manage to this adjusted EBITDA margin, and we're going to be adjusted EBITDA positive in Q4. When you put the constraint on there, the natural answer that comes out is higher than what we were planning. And so that's where -- and we thought, let's honor the commitment on the Q4, it will set us up nicely for next year. And we feel, by the way, that we can still fund growth initiatives at an appropriate level. I mean we would not -- step one, we would not sacrifice growth in order to post higher profit if we thought that we were really starving the growth opportunities for the company.

傑森，我要添加的一件事可能是顯而易見的。但在之前的每一年，我們都沒有在第四季度對此施加任何限制。我們說，看，我們將設法實現今年調整後的 EBITDA 利潤率。嗯，在 2023 年，我們添加了這一限制。我們表示，我們將設法實現調整後的 EBITDA 利潤率，並且我們將在第四季度實現調整後的 EBITDA 為正值。當你在那裡施加限制時，自然得出的答案會比我們計劃的要高。因此，我們認為，讓我們兌現第四季度的承諾，這將為我們明年做好準備。順便說一句，我們認為我們仍然可以為增長計劃提供適當水平的資金。我的意思是，第一步，如果我們認為我們真的在缺乏公司的增長機會，我們就不會為了獲得更高的利潤而犧牲增長。

Okay. Perfect. No, good stuff. And then really quickly on the enterprise side, just competitively, I know it's a tough environment for everybody, but I guess how do you feel you're doing versus everyone else? I know one of your private competitors announced some layoffs, but curious on how you think the market as a whole is doing.

好的。完美的。不，好東西。然後在企業方面很快，就競爭而言，我知道這對每個人來說都是一個艱難的環境，但我想你覺得與其他人相比你的表現如何？我知道您的一位私人競爭對手宣布了一些裁員，但很好奇您認為整個市場的表現如何。

Well, I don't know for sure and the information is a bit hard to get. Clearly, I would expect that if -- as I said to Robert, pricing pressure on renewals is one of the things that we're seeing. I would be surprised if that were like sort of specific to Coursera and others weren't seeing it. And then when I think, well, who would suffer the most from that? Well, we have pretty distinctive premium quality and branded credentials. So arguably, from sort of an economic perspective, we have a more differentiated product than other. So you'd expect we could resist pricing pressure better than others. I don't know what they're really experiencing, but feels like we should be relatively in a better -- relatively in a better position there.

嗯，我不確定，而且信息有點難以獲取。顯然，我預計，正如我對羅伯特所說，續訂的定價壓力是我們所看到的事情之一。如果這是 Coursera 特有的並且其他人沒有看到它，我會感到驚訝。然後當我想，那麼，誰會因此而遭受最大的痛苦呢？嗯，我們擁有非常獨特的優質品質和品牌信譽。因此，可以說，從經濟角度來看，我們擁有比其他產品更具差異化的產品。因此，您可能會認為我們能夠比其他公司更好地抵禦價格壓力。我不知道他們真正經歷了什麼，但感覺我們應該處於相對更好的位置。

We also see, as you can imagine, that when people are cutting budgets, they're also often rationalizing providers. If you are a smaller niche player, it might be harder. So I can't speak directly to our competitors, but what I can say is in a tough environment, I think we have some relatively speaking attractive features that help us weather it relatively better. But again, I'm not sure exactly what's happening with the competitors.

正如您可以想像的那樣，我們還看到，當人們削減預算時，他們通常也會對服務提供者進行合理化調整。如果你是一個較小的利基市場參與者，這可能會更困難。所以我不能直接與我們的競爭對手交談，但我可以說的是，在艱難的環境中，我認為我們有一些相對有吸引力的功能，可以幫助我們相對更好地度過難關。但同樣，我不確定競爭對手到底發生了什麼。

Our last question comes from the line of Brett Knoblauch with Cantor Fitzgerald.

我們的最後一個問題來自布雷特·諾布勞赫（Brett Knoblauch）和康托·菲茨杰拉德（Cantor Fitzgerald）的對話。

Maybe first just on the guide, in size, kind of in the back half of the year, call it, 15%, 16% growth in the third quarter and 13-ish-percent growth in the fourth quarter, and this is coming after we've just seen kind of revenue growth accelerate from Q1 and Q2. So I guess, what assumptions are you factoring in where we would see, call it, a 10-point decel into the revenue growth over the back?

也許首先只是在指南上，在規模上，大概是在今年下半年，稱之為，第三季度增長 15%、16%，第四季度增長 13%左右，這是在我們剛剛看到第一季度和第二季度的收入增長有所加速。所以我想，你會考慮什麼假設，我們會看到，所謂的，收入增長在後面下降 10 個百分點？

Yes. So we're pretty happy, we've increased the revenue guide by $20 million since the beginning of the year and just increased at $15 million this current period, along with an increase in profitability for the first time ever in year. We see continued strength in consumer. I think we see trends along the same pounds we're seeing right now. So we don't provide specific segment guidance during the year. We provide a general guide at the beginning of the year, just to help people get their models right. But yes, that's worth. We're pretty excited that we're announcing the level of growth that we are. We think the investors.

是的。所以我們很高興，自今年年初以來，我們已將收入指導增加了 2000 萬美元，本期剛剛增加了 1500 萬美元，同時盈利能力在今年首次增加。我們看到消費者的持續強勁。我認為我們看到的趨勢與我們現在看到的相同。因此，我們今年不提供具體的細分指導。我們在年初提供了一個通用指南，只是為了幫助人們正確地建立他們的模型。但是，是的，這是值得的。我們非常高興能夠宣布我們的增長水平。我們認為投資者。

Got it. And then kind of a similar question on adjusted EBITDA. I know you guys have set that constraint in for the fourth quarter, what we've seen call research R&D, sales and marketing and G&A all decline in absolute from 1Q levels in 2Q. What should we think about OpEx growth for the remainder of the year? Is there a shot we hit positive adjusted EBITDA in the third quarter?

知道了。然後是關於調整後 EBITDA 的類似問題。我知道你們已經為第四季度設定了這一限制，我們所看到的研究研發、銷售和營銷以及一般行政費用在第二季度的絕對水平都比第一季度的水平有所下降。我們應該如何看待今年剩餘時間的運營支出增長？我們有可能在第三季度實現調整後的正 EBITDA 嗎？

So we provided a specific guide of course for the third quarter, and we expect we'll be within that range, of course, because it's the guidance we've provided. It's harder for us to spend to invest. There's some very real investments around translation that we have the opportunity to do now with AI and some other things we do that we think will lend a hand towards next year. Again, primarily, we're a growth company. So this -- a lot of this is a focus on setting us up for 2024 and increased leverage and growth in 2024.

因此，我們當然為第三季度提供了具體的指導，當然，我們預計我們將在這個範圍內，因為這是我們提供的指導。我們更難花錢去投資。我們現在有機會在人工智能方面進行一些圍繞翻譯的非常實際的投資，以及我們所做的一些其他事情，我們認為這些投資將為明年提供幫助。再次強調，我們首先是一家成長型公司。因此，這很大程度上是為了讓我們為 2024 年做好準備，並在 2024 年提高槓桿率和增長。

So no, I think doing in Q3 would almost be pointless and damaging to the company, I'm not sure people would appreciate it if we did that. We're -- we committed back in March, and we will hit that EBITDA positive in Q4. And the important thing is we're setting up for both growth and leverage on an ongoing basis, which is something we've delivered for the last 5 years. And so that's our model. I think the investors are used to it.

所以不，我認為在第三季度這樣做幾乎毫無意義，而且會對公司造成損害，我不確定如果我們這樣做人們會感激它。我們在三月份就承諾，我們將在第四季度實現 EBITDA 為正值。重要的是，我們正在為持續的增長和槓桿做好準備，這是我們在過去五年中所實現的目標。這就是我們的模型。我認為投資者已經習慣了。

The notable difference, I would say, is we've increased the profitability target in a year instead of trying to invest. And it's kind of, as Jeff described before, a natural outcome of picking a point in Q4 and driving towards that because we think it's important for the street to get that profitability is important to us. And so making progress there with the changed environment is something we're really excited about.

我想說，顯著的區別是我們提高了一年內的盈利目標，而不是嘗試投資。正如傑夫之前所描述的，這是在第四季度選擇一個點並朝著這個目標努力的自然結果，因為我們認為盈利能力對我們來說很重要，這對街道來說很重要。因此，隨著環境的變化而取得進展，我們感到非常興奮。

Thank you, everyone. 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. This concludes today's conference call. You may now disconnect.

謝謝大家。問答部分到此結束。未來 24 小時內，我們的投資者關係網站將提供該網絡廣播的重播以及文字記錄。今天的電話會議到此結束。您現在可以斷開連接。