Coursera Inc (COUR) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Coursera's Third Quarter 2023 Earnings call. At this time, all participants are in a listen-only mode, and please be advised that this call is being recorded. After the speaker's prepared remarks, there will be a question-and-answer session. (Operator Instructions)

女士們、先生們，感謝你們的支持並歡迎參加 Coursera 的 2023 年第三季財報電話會議。此時，所有參與者都處於僅聽模式，請注意，此通話正在錄音。演講者準備好發言後，將進行問答環節。 （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。凱裡先生，您可以開始了。

Hi everyone, and thank you for joining our Q3 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'll open the call for questions.

大家好，感謝您參加我們的第三季財報電話會議。今天和我在一起的是 Coursera 執行長 Jeff Maggioncalda；以及我們的財務長 Ken Hahn。在他們準備好的發言之後，我們將開始提問。

Our press release, including financial tables, was issued after market closing is posted on our investor relations website located at investor.coursera.com where this call is being simultaneously webcast and reversions of our prepared remarks in supplemental slides are available.

我們的新聞稿（包括財務表格）是在收盤後發佈在我們的投資者關係網站Investor.coursera.com 上的，該網站同時進行了本次電話會議的網絡直播，並且可以恢復我們在補充幻燈片中準備好的言論。

During this call, we'll 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.

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較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簡報中找到，這些新聞稿和補充簡報透過我們的投資者關係網站向公眾分發和提供。

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.

請注意，除非另有說明，所有成長百分比均指同比變化。此外，本次電話會議期間所做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 business and factors affecting the same, the anticipated benefits and impact of our strategic assets and platform advantages, 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 cash and capital allocation, and our vision, business model, mission, opportunities, outlook, financial, business and otherwise and future intentions.

這些前瞻性陳述包括但不限於關於影響我們的產業和業務的趨勢的潛在影響以及影響其的因素、我們的策略資產和平台優勢、我們的生態系統平台、內容和影響的預期收益和影響的陳述。合作夥伴關係、我們的預期計劃及其預期優勢和收益、我們的策略和優先事項、我們的股票回購計劃以及現金和資本分配，以及我們的願景、業務模式、使命、機會、前景、財務、業務及其他及未來意圖。

Actual results and events could differ materially from those expressed or implied in these forward-looking statements due to a number of risks and uncertainties, including those 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 under reliance on them. We assume no obligation to update our forward-looking statements except as required by law.

由於許多風險和不確定性，包括我們的新聞稿、美國證券交易委員會文件和補充資料中討論的風險和不確定性，實際結果和事件可能與這些前瞻性陳述中明示或暗示的結果和事件存在重大差異。這些前瞻性陳述並不是對未來績效或計畫的保證，投資者不應依賴它們。除法律要求外，我們不承擔更新前瞻性聲明的義務。

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. It's great to be with you all. I'm pleased to share that we've delivered another strong set of results. We grew revenue 21% over the prior year, driven by 27% growth in our Consumer segment.

謝謝卡姆，大家下午好。很高興和大家在一起。我很高興地告訴大家，我們已經取得了另一組強勁的成果。在消費者業務成長 27% 的推動下，我們的收入比上年增長了 21%。

We welcomed 6.5 million new learners to our platform, our highest third quarter since the pandemic tailwinds of 2020. And once again, we are raising our outlook on revenue and adjusted EBITDA as our business model scales.

我們迎來了 650 萬新學習者加入我們的平台，這是自 2020 年大流行順風以來第三季度的最高水平。隨著我們業務模式的擴展，我們再次提高了收入預期和調整後的 EBITDA。

We're delivering these results against the backdrop of a dynamic macroenvironment, which has reinforced my confidence in our vision for the future of higher education, the strategic assets that differentiate our ecosystem with quality, trust and world-class branded credentials and the global need for a platform like Coursera.

我們在充滿活力的宏觀環境背景下取得了這些成果，這增強了我對我們對高等教育未來願景的信心，這些戰略資產使我們的生態系統憑藉質量、信任和世界一流的品牌資格和全球需求而脫穎而出。對於像 Coursera 這樣的平台。

We have a lot to cover today, so let's jump in, starting with the long-term trends that are driving our business.

今天我們有很多內容要介紹，所以讓我們先從推動我們業務的長期趨勢開始。

The first trend is digital transformation. For many years, the combined forces of technology, globalization and automation have been accelerating the transformation of every institution in our society. More recently, the explosive adoption of generative AI is beginning to demonstrate how profoundly this new general-purpose technology will reshape how we live, learn and work.

第一個趨勢是數位轉型。多年來，科技、全球化和自動化的綜合力量一直在加速我們社會中每個機構的轉型。最近，生成式人工智慧的爆炸性採用開始證明這種新的通用技術將如何深刻地重塑我們的生活、學習和工作方式。

A McKinsey Global Survey on AI published in August showed that nearly 80% of respondents, which included participants from all regions, industries and seniority levels, reported at least some exposure to generative AI, either for work or outside of work.

麥肯錫 8 月發布的全球人工智慧調查顯示，近 80% 的受訪者（包括來自所有地區、行業和資歷級別的參與者）表示至少在工作或工作之外接觸過生成式人工智慧。

Ultimately, we believe increased demand for education will be driven by an unprecedented rate of change as every facet of our society, including businesses, governments and academic institutions grapples with the need to improve their productivity and human capital in this new world of generative AI.

最終，我們相信，前所未有的變化速度將推動教育需求的成長，因為我們社會的各個方面，包括企業、政府和學術機構，都在努力解決在這個生成人工智慧的新世界中提高生產力和人力資本的需要。

This change in our society brings me to the second major trend, which is skills development. The rapid adoption of new technologies, tools and processes creates an urgent need for organizations and individuals to remain competitive. The same McKinsey survey found that high-performing organizations expect to re-skill more than 30% of their workforces over the next 3 years as a result of AI adoption.

我們社會的這種變化讓我想到了第二個主要趨勢，那就是技能發展。新技術、工具和流程的快速採用使組織和個人迫切需要保持競爭力。麥肯錫的同一項調查也發現，由於人工智慧的採用，高績效組織預計在未來 3 年內對超過 30% 的員工進行再培訓。

For businesses, we believe that learning and development and HR leaders will play a crucial role in building organizational agility and implementing programs to take advantage of growth opportunities, product innovations and productivity measures. This will include rapidly deploying new technologies, adapting to change and unlocking new talent and skills.

對於企業而言，我們相信學習與發展以及人力資源領導者將在建立組織敏捷性和實施計劃以利用成長機會、產品創新和生產力衡量方面發揮至關重要的作用。這將包括快速部署新技術、適應變化以及釋放新的人才和技能。

But businesses are not alone, governments will need to deliver job training programs at the speed and scale required to keep pace with job dislocation and unemployment changes. As many of the world's largest employers, they will also need to transform their government workforces in order to unlock the value and efficiency gains enabled by generative AI.

但企業並不孤單，政府需要以所需的速度和規模提供職業培訓計劃，以跟上工作崗位錯位和失業變化的步伐。與許多世界上最大的雇主一樣，他們也需要改造政府勞動力，以釋放生成式人工智慧帶來的價值和效率效益。

And academic institutions, from single campuses to entire systems of higher education, will reckon with how they change the way professors teach, the way that students learn and the courses that they must offer to meet the needs of graduates and the employers who hire them. Arguably generative AI will have a larger and more enduring impact on higher education than COVID did.

學術機構，從單一校園到整個高等教育系統，都將考慮如何改變教授的教學方式、學生的學習方式以及必須提供的課程，以滿足畢業生和僱用他們的雇主的需求。可以說，與新冠疫情相比，生成式人工智慧將對高等教育產生更大、更持久的影響。

A recent study by researchers at Princeton, Penn and NYU assessed the impact that generative AI would have on more than 800 job roles. They concluded that 11 of the top 13 job roles that will be most impacted by generative AI, are college and university professors in post-secondary education.

普林斯頓大學、賓州大學和紐約大學的研究人員最近進行的一項研究評估了生成式人工智慧對 800 多個工作崗位的影響。他們得出的結論是，受生成式人工智慧影響最大的 13 個職位中，有 11 個是專上教育領域的學院和大學教授。

And this leads me to the third trend driving our business, the transformation of higher education. Our vision for the future of higher education requires cross-sector collaboration between academic institutions, employers and government, to meet the needs and pace of a fast-changing economy.

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。我們對高等教育未來的願景需要學術機構、雇主和政府之間的跨部門合作，以滿足快速變化的經濟的需求和步伐。

In past quarters, I've discussed our growing number of partnerships with international institutions, including entire countries looking to up level their higher education systems. This quarter, I'm excited to share an innovative blueprint for reimagined higher education in one of the largest and fastest-growing states in the U.S.

在過去的幾個季度中，我討論了我們與國際機構越來越多的合作夥伴關係，包括希望提高高等教育系統水平的整個國家。本季度，我很高興能夠在美國最大、發展最快的州之一分享重新構想高等教育的創新藍圖。

Coursera has partnered with the University of Texas System to launch one of the most comprehensive industry-recognized micro-credential programs in the country. The forward-thinking leadership of the UT System believes that micro-credentials are a powerful and effective tool in producing graduates who are both broadly educated and specifically skilled, giving them a competitive edge in the labor market, while also enhancing their overall student experience.

Coursera 與德克薩斯大學系統合作推出了美國最全面的行業認可的微型證書課程之一。 UT系統具有前瞻性思維的領導階層認為，微型證書是培養受過廣泛教育和具備特殊技能的畢業生的強大而有效的工具，使他們在勞動力市場上具有競爭優勢，同時也增強了他們的整體學生體驗。

Additionally, they're focused on investing in programs that can meet the state's evolving workforce demands, viewing the system as an engine for the local economy.

此外，他們還專注於投資能夠滿足該州不斷變化的勞動力需求的項目，並將該系統視為當地經濟的引擎。

What began as a pilot in 2022 has expanded into a system-wide project. The program provides access to over 240,000 learners, including students, faculty, and staff, as well as alumni. It encompasses 9 UT campuses, all of which have access to the Career Academy on Coursera, which now includes more than 40 entry-level Professional Certificates created by the world's most respected companies. And these certificates are being integrated into the curriculum and often offered as career electives for credit for students pursuing traditional degrees.

2022 年開始的試點計畫現已擴展為全系統計畫。該計劃為超過 240,000 名學習者提供機會，包括學生、教職員工以及校友。它包括 9 個 UT 校區，所有校區都可以訪問 Coursera 上的職業學院，該學院現在包含由世界上最受尊敬的公司創建的 40 多個入門級專業證書。這些證書正在被納入課程中，並且通常作為職業選修課為攻讀傳統學位的學生提供學分。

We designed Career Academy to be a turnkey, scalable solution for our customers, and the value of this offering is continuously enhanced every time that we launch a new certificate, secure additional credit recommendations and forge new pathways between open course certificates and college degrees.

我們將職業學院設計為面向客戶的交鑰匙、可擴展的解決方案，每次我們推出新證書、獲得額外的學分推薦以及在開放課程證書和大學學位之間建立新的途徑時，該產品的價值都會不斷增強。

Our partnership with Texas brings together the vision of Coursera's 3-sided ecosystem, including broad, affordable access to high quality education for learners, the powerful combination of universities and industry experts as educators, and the collaboration of employers, government and academic institutions to enable innovation at the scale of an entire state or an entire nation.

我們與德州的合作關係匯集了Coursera 3 邊生態系統的願景，包括為學習者提供廣泛且負擔得起的高品質教育、大學和行業專家作為教育工作者的強大結合，以及雇主、政府和學術機構的合作，以實現整個國家或整個民族範圍內的創新。

We're able to pursue these partnerships because of our strategic assets and platform advantages, which include our leading educator partners who created a broad catalog of trusted and branded content and credentials, our global reach to individuals and institutions, which encompasses businesses, governments, and campuses, as well as our data technology and AI advancements that we leverage across our platform.

我們之所以能夠尋求這些合作夥伴關係，是因為我們的策略性資產和平台優勢，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任品牌內容和證書目錄，我們對個人和機構的全球影響力，其中包括企業、政府、和校園，以及我們在整個平台上利用的數據技術和人工智慧進步。

Now let's cover some of our recent progress for each of these categories. First, educator partners. In a world where machines are increasingly capable of producing content at scale without guardrails for quality and accuracy, we believe trusted institutions will continue to play a critical role in education.

現在讓我們介紹一下每個類別的最新進展。第一，教育夥伴。在機器越來越有能力大規模生產內容而沒有品質和準確性護欄的世界中，我們相信值得信賴的機構將繼續在教育中發揮關鍵作用。

Coursera is the trusted steward of more than 300 of the world's top university and industry brands who continue to expand rapidly their catalog on our platform.

Coursera 是 300 多個世界頂尖大學和產業品牌值得信賴的管理者，這些品牌在我們的平台上不斷快速擴展其目錄。

I'd like to begin with updates to our portfolio of entry-level Professional Certificates, which we leverage as a strategic asset across every segment of our platform, driving consumer growth, enabling governments and campuses like Texas to embed micro-credentials into their curriculum with Career Academy, and allowing students to begin and earn credit towards a college degree with a regional credit recommendations and a growing number of Degree Pathways to bachelor's and master's programs.

我想先更新我們的入門級專業證書組合，我們將其作為平台各個部分的戰略資產，推動消費者成長，使政府和像德克薩斯州這樣的校園能夠將微證書嵌入到他們的課程中與職業學院合作，並允許學生透過區域學分推薦和越來越多的學士和碩士學位課程學位途徑開始並獲得大學學位學分。

Today, we have 44 entry-level Professional Certificates live on the platform, including new titles from Microsoft and Tableau that launched during the quarter. And earlier this month, we were proud to welcome our first entry-level Professional Certificate from Amazon Web Services in the fast-growing field of cloud consulting.

如今，我們的平台上已有 44 個入門級專業證書，其中包括本季推出的 Microsoft 和 Tableau 的新證書。本月早些時候，我們很自豪地迎來了 Amazon Web Services 在快速發展的雲端諮詢領域頒發的第一個入門級專業證書。

Our expanding relationship with AWS, seeks to serve our learners at every stage of their career. The new training program provides the foundational skills required to start or switch into a cloud career, and it is complimented by AWS's existing catalog of intermediate and advanced content already on Coursera.

我們與 AWS 不斷擴大的關係旨在為學習者職業生涯的每個階段提供服務。新的培訓計劃提供了開始或轉入雲端職業所需的基礎技能，並得到了 Coursera 上 AWS 現有中級和高級內容目錄的補充。

Now let's discuss degrees. We announced 4 new degree programs in Q3 from new and existing partners. They included a Master of Advanced Study in Engineering from the University of California, Berkeley, the top-ranked public university in the U.S.

現在我們來討論學位。我們在第三季宣布了來自新舊合作夥伴的 4 個新學位課程。他們包括美國排名第一的公立大學加州大學柏克萊分校的工程高級研究碩士學位。

A Master of Engineering and Computer Engineering from Dartmouth, the university's first fully online degree and the first online Ivy League master's degree in the field, which aims to prepare engineering leaders in emerging technologies and combat talent shortages associated with the CHIPS Act.

達特茅斯大學工程和電腦工程碩士學位，是該大學第一個完全線上學位，也是該領域第一個線上常春藤聯盟碩士學位，旨在培養新興技術領域的工程領導者，並解決與CHIPS法案相關的人才短缺問題。

As well as 2 additional master's degree programs from Northeastern University in Data Analytics Engineering and Information Systems. Both Northeastern programs provide performance-based admissions pathways for learners or eligible completion of open content on Coursera, simply scoring a B or better on 2 initial courses, can reduce historical barriers to starting a degree.

以及東北大學另外兩個碩士學位課程：資料分析工程和資訊系統。東北大學的兩個課程都為學習者提供基於表現的錄取途徑，或者符合條件完成Coursera 上的開放內容，只需在2 門初始課程中獲得B 或更好的成績，就可以減少獲得學位的歷史障礙。

We believe that the college degree needs to be more accessible, affordable and relevant, and we have spent much of this year laying the groundwork for how our platform can uniquely address the needs of working adults, collaborating with partners committed to transforming the degree experience.

我們相信，大學學位需要更容易獲得、負擔得起且具有相關性，今年我們花了很多時間與致力於改變學位體驗的合作夥伴合作，為我們的平台如何獨特地滿足在職成年人的需求奠定了基礎。

Coursera is pioneering a new type of degree that we call pathway degrees that are designed to meet the needs of working adults. These degrees incorporate credit pathways where the learning and open content on Coursera can count as academic credit towards a college degree program. Admissions pathways, where performance and open content on Coursera can unlock admissions into a college degree program, and progress pathways where completion of content on Coursera can count as completion of coursework in a college degree program.

Coursera 正在開創一種新型學位，我們稱之為銜接學位，旨在滿足在職成年人的需求。這些學位包含學分途徑，Coursera 上的學習和開放內容可以算作大學學位課程的學分。招生途徑，在 Coursera 上的表現和開放內容可以解鎖大學學位課程的入學資格，以及進步途徑，在 Coursera 上完成內容可以算作完成大學學位課程的課程作業。

One example of this is our recently launched degree programs with Illinois Tech. We're excited to share that as of September, Illinois Tech has agreed to create more than 10 pathways from our industry content into 2 master's degree programs. The industry content includes several of our best performing entry level and advanced Professional Certificates from Google, IBM and more, and these micro-credentials have over 4 million cumulative historical enrollments.

這方面的一個例子是我們最近與伊利諾伊理工學院合作推出的學位課程。我們很高興地告訴大家，截至 9 月份，伊利諾伊理工學院已同意創建 10 多個從我們的行業內容到 2 個碩士學位課程的途徑。行業內容包括來自 Google、IBM 等機構的一些表現最佳的入門級和高級專業證書，這些微型證書的累計歷史註冊人數超過 400 萬。

That recaps our progress with our catalog and educator partners, so now let's move to our second manager advantage, the global reach of our platform.

這回顧了我們與我們的目錄和教育合作夥伴的進展，所以現在讓我們轉向我們的第二個經理優勢，即我們平台的全球影響力。

For institutions, we increased the number of paid Enterprise customers to over 1,300 with many of the recent additions driven by the momentum we're seeing in our campus vertical. As I highlighted before, we added 6.5 million new registered learners, growing our global learner base to 136 million by the end of September. Growth continued to be broad based with double digit percentage increases across all regions.

對於機構而言，我們將付費企業客戶的數量增加到 1,300 多個，其中許多最近增加的客戶數量是由我們在校園垂直領域看到的勢頭推動的。正如我之前強調的，我們新增了 650 萬名註冊學習者，到 9 月底，我們的全球學習者人數已增加至 1.36 億。成長持續廣泛，所有地區的百分比增幅均達到兩位數。

This year we've been investing in a number of strategic priorities focused on enhancing the localized learner and customer experience on Coursera, which is where I'd like to start the discussion of our third advantage, the ongoing product innovation across our platform.

今年，我們一直在投資一些策略重點，重點是增強 Coursera 上的在地化學習者和客戶體驗，我想從這裡開始討論我們的第三個優勢，即我們平台上持續的產品創新。

First is our AI-powered language translation initiative. 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.

首先是我們的人工智慧語言翻譯計劃。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的高品質教育，無論他們講什麼語言。

For much in the world, access to educational opportunities is often limited to those who speak English. As emerging technologies create new skill requirements and the world's talent becomes more globalized, language barriers create impediments to collaboration, productivity and economic opportunity.

對於世界上許多地方來說，獲得教育的機會往往只限於那些會說英語的人。隨著新興技術提出新的技能要求，世界人才變得更加全球化，語言障礙對協作、生產力和經濟機會造成了障礙。

Our strategy is to use technology to dramatically reduce the time and cost of producing high quality trusted content at scale. And remarkable advancements in the quality of machine learning translations can now translate courses at a fraction of both the cost and speed of using conventional human methods.

我們的策略是利用技術大幅減少大規模生產高品質可信任內容的時間和成本。機器學習翻譯品質的顯著進步現在可以以傳統人類方法的一小部分成本和速度來翻譯課程。

We set an ambitious target at the beginning of this year to deliver more than 2,000 full course translations into 7 of the world's most commonly-spoken languages. I'm pleased to share that we accelerated our efforts, launching twice our original goal with more than 4,000 full course translations in Spanish, Arabic, Brazilian, Portuguese, French, German, Bahasa, Indonesia and Thai.

我們在今年年初設定了一個雄心勃勃的目標，將 2,000 多份完整課程翻譯成世界上最常用的 7 種語言。我很高興與大家分享，我們加快了努力，推出了超過4,000 份西班牙語、阿拉伯語、巴西語、葡萄牙語、法語、德語、印尼語、印尼語和泰語的完整課程翻譯，是我們最初目標的兩倍。

The newly translated courses include the full learner experience like lecture video subtitles, course readings, assessments, discussion prompts, the user interface and more. And we've created a simple toggle experience, providing learners with the option to practice skills in their local language or use subtitles for English courses to advance their proficiency in specific workplace skills.

新翻譯的課程包括完整的學習者體驗，如講座視訊字幕、課程閱讀、評估、討論提示、使用者介面等。我們創建了一個簡單的切換體驗，為學習者提供了用當地語言練習技能或使用英語課程字幕的選項，以提高他們對特定工作場所技能的熟練程度。

I've been inspired by the team's progress, but we're just getting started. We expect to have more than 4,000 courses translated into more than 15 languages by the end of this year, and we see many other ways that generative AI can reduce language barriers in addition to the translation of written words.

我對團隊的進步感到鼓舞，但我們才剛開始。我們預計到今年年底將有超過 4,000 門課程被翻譯成超過 15 種語言，除了書面文字翻譯之外，我們還看到了生成式 AI 可以透過許多其他方式減少語言障礙。

Second, I'd like to provide an update on our credit recommendation initiative. We've been actively pursuing American Council on Education or ACE credit recommendations for many of our most popular courses and credentials, specifically our catalog of entry-level Professional Certificates.

其次，我想介紹一下我們的信用推薦計劃的最新情況。我們一直在積極尋求美國教育委員會或 ACE 學分推薦，以獲得我們許多最受歡迎的課程和證書，特別是我們的入門級專業證書目錄。

Achieving these credit recommendation distinctions, which is possible due to the quality of our catalog, has enabled us to pursue many of the strategic highlights I've shared today, including large system-wide deployments of Coursera for Campus, as well as the growing number of pathways from our Consumer segment into our degrees segment.

由於我們目錄的質量，實現這些學分推薦的區別使我們能夠實現我今天分享的許多戰略亮點，包括 Coursera for Campus 的大型系統範圍部署，以及不斷增長的數量從消費者細分市場進入學位細分市場的途徑。

I'm excited to share that the Foundation for International Business Administration Accreditation has certified 12 Professional Certificates from Google and IBM with European Credit Transfer and Accumulation System or ECTS credit recommendations.

我很高興與大家分享，國際工商管理認證基金會已通過歐洲學分轉移和累積系統或 ECTS 學分推薦對 Google 和 IBM 頒發的 12 項專業證書進行了認證。

This allows ministries, higher education institutions and students to accept and transfer university credit for eligible industry micro-credentials on Coursera at institutions across 49 member nations. It's an important milestone in our ongoing regional efforts to bridge the combined expertise of university and industry for the benefit of learners, employers and academic institutions.

這使得各部會、高等教育機構和學生可以在 Coursera 上接受和轉移 49 個成員國機構中符合條件的行業微證書的大學學分。這是我們持續努力連結大學和行業專業知識以造福學習者、雇主和學術機構的區域努力的一個重要里程碑。

Finally, we continue to make progress on our efforts to integrate generative AI into our product experience. Coursera Coach, our virtual learning assistant, launched as beta verse to Coursera Plus subscribers during Q2. This quarter, we expanded our beta program to include Enterprise customers, while embedding the Coach interface into additional areas of the learner experience.

最後，我們在將生成式人工智慧融入我們的產品體驗方面不斷取得進展。我們的虛擬學習助理 Coursera Coach 在第二季向 Coursera Plus 訂閱者推出了測試版本。本季度，我們擴大了測試版計劃，將企業客戶納入其中，同時將 Coach 介面嵌入到學習者體驗的其他領域。

We remain excited about the potential for this technology to dramatically enhance the personalized learning and discovery experience on Coursera and feedback from beta participants remains encouraging, specifically our distinct ability to ground these technologies in the expert trusted content on Coursera.

我們仍然對這項技術顯著增強Coursera 上的個人化學習和發現體驗的潛力感到興奮，測試版參與者的回饋仍然令人鼓舞，特別是我們將這些技術融入Coursera 上專家可信任內容的獨特能力。

To wrap up my opening remarks, let me recap several key priorities that we're focused on in the years ahead. First, we are rapidly enhancing our catalog of entry-level Professional Certificates, including new partners, roles, languages and credit recommendations.

在結束我的開場白之前，讓我回顧一下我們未來幾年關注的幾個關鍵優先事項。首先，我們正在迅速增強我們的入門級專業證書目錄，包括新的合作夥伴、角色、語言和信用推薦。

Second, we're sourcing and launching new degree programs, especially those tailored to meet the needs of working adults, including flexibility, affordability and streamlined pathways between our consumer micro-credentials and 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需求而量身定制的學位課程，包括靈活性、可負擔性以及我們的消費者微證書和大學學位之間的簡化途徑。

Third, we're focused on growing our Enterprise segment across our business, government and campus verticals. And fourth, we're harnessing AI technologies to deepen our advantages, while reimagining the platform experience for the benefit of our learners, customers and educator partners. And we're accomplishing these priorities while delivering more scale and operating leverage over time.

第三，我們專注於在業務、政府和校園垂直領域發展企業部門。第四，我們正在利用人工智慧技術來深化我們的優勢，同時重新構想平台體驗，以造福我們的學習者、客戶和教育合作夥伴。我們正在完成這些優先事項，同時隨著時間的推移提供更大的規模和營運槓桿。

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

我現在想把它交給卡姆。卡姆，請繼續。

Thank you, Jeff, and good afternoon everyone, and please report another strong quarter of performance for Coursera. Our diversified platform continues to serve us well, providing multiple growth opportunities and producing financial and operational leverage as we scale.

謝謝傑夫，大家下午好，請報告 Coursera 又一個強勁的季度業績。我們的多元化平台繼續為我們提供良好的服務，提供多種成長機會，並隨著我們的規模擴大而產生財務和營運槓桿。

As I'll discuss shortly, this is once again leading us to raise our revenue and adjusted EBITDA margin targets for the full year.

正如我稍後將討論的，這再次導致我們提高全年收入並調整 EBITDA 利潤率目標。

Our third quarter performance is highlighted by the durable demand, solid execution and increased confidence associated with our Consumer segment. We believe we are in the early stages of a long-term trend in education where the units of learning are breaking down into more affordable, accessible and relevant credentials that can unlock a job or lead towards a college degree.

我們第三季的業績突顯在消費者細分市場的持久需求、紮實的執行力和信心的增強。我們相信，我們正處於教育長期趨勢的早期階段，學習單元正在分解為更實惠、更容易獲得和相關的證書，這些證書可以解鎖工作或獲得大學學位。

This trend, in combination with our assets, is fueling our Consumer results. And we're actively driving the strategy with key investments, growing our catalog of trusted brands, building localized payment infrastructure and international markets, and deploying new technologies, including initiatives like our AI translation efforts to better serve the millions of learners coming to Coursera for high quality job relevant education.

這種趨勢與我們的資產結合，正在推動我們的消費者績效。我們正在透過關鍵投資積極推動這項策略，擴大我們值得信賴的品牌目錄，建立在地化支付基礎設施和國際市場，並部署新技術，包括我們的人工智慧翻譯工作等舉措，以更好地為數百萬來到Coursera 學習的學習者提供服務。高品質的工作相關教育。

In Q3, we generated total revenue of $165.5 million, which was up 21% 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.

第三季度，我們的總營收為 1.655 億美元，比去年同期成長 21%。成長是由我們所有三個細分市場的兩位數成長所推動的，其中消費者領域尤其強勁。請注意，在電話會議的其餘部分，當我回顧我們的業務表現和前景時，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 in 2023, particularly the year-over-year comparisons to gross profit and operating expenses, continue to reflect the shift in income statement line items associated with the beginning of year contract extension with our largest industry partner. We have discussed the shift thoroughly in our prior earnings calls and throughout the year, so again, just a reminder.

此外，我想提醒您，我們 2023 年的業績，特別是與毛利潤和營業費用的同比比較，繼續反映了與我們的年初合約延期相關的損益表行項目的變化。最大的行業合作夥伴。我們已經在之前的財報電話會議和全年中徹底討論了這一轉變，所以再次提醒一下。

Removing the noise from the shift in P&L geography, we are driving strong bottom line EBITDA performance on a year-over-year basis. Cost of revenue increased by 14 points as a percentage of revenue, while total OpEx decreased 15 points compared a year ago results, and we are increasing our guidance for annual EBITDA margin, as I will soon share.

消除損益地理變化帶來的噪音，我們正在推動逐年強勁的 EBITDA 業績表現。與去年同期相比，收入成本佔收入的百分比增加了 14 個百分點，而總營運支出下降了 15 個百分點，我們正在提高對年度 EBITDA 利潤率的指導，我將很快分享。

For the third quarter, gross profit was $84.9 million and the 51% gross margin, which was down 14 points from the prior year period. Total operating expense was $94.5 million or 57% of revenue down 15 points from 72% in the prior year period.

第三季毛利為8,490萬美元，毛利率為51%，較去年同期下降14個百分點。總營運費用為 9,450 萬美元，佔營收的 57%，比去年同期的 72% 下降了 15 個百分點。

Looking at the P&L line item components of OpEx. Sales and marketing expense represented 32% of total revenue, down 6 points. Research and development expense was 16% of revenue, down 5 points; and general administrative expense was 10% of revenue down 4 points.

查看營運支出的損益行項目組成部分。銷售和行銷費用佔總收入的 32%，下降了 6 個百分點。研發費用佔收入的16%，下降5個百分點；一般管理費用佔收入的10%下降了4個百分點。

Net loss was $2.1 million or 1.3% of revenue, and adjusted EBITDA was loss of $5.3 million or 3.2% of revenue. The better than anticipated result was due to both overall revenue growth and strong operating expense discipline, and I continue to be pleased with our ability to invest in multiple growth initiatives while delivering leverage and scale.

淨虧損為 210 萬美元，佔營收的 1.3%，調整後 EBITDA 為虧損 530 萬美元，佔營收的 3.2%。好於預期的結果是由於整體收入成長和嚴格的營運費用紀律，我仍然對我們在提供槓桿和規模的同時投資於多項成長計劃的能力感到滿意。

Turning to cash performance and the balance sheet. Free cash flow was $15.6 million during the quarter compared to $1.3 million a year ago, driven by overall operating performance as well as some working capital benefits.

轉向現金表現和資產負債表。本季自由現金流為 1,560 萬美元，而去年同期為 130 萬美元，主要得益於整體營運績效以及一些營運資本利得。

We ended the quarter with approximately $721 million of unrestricted cash, cash equivalents and marketable securities with no debt. Additionally, we continue to make progress on the share repurchase program announced on our April call. During the third quarter, we bought back approximately 300,000 shares an average price of $12.67 per share. This amount, in combination with the strong initial traction we made in the second quarter, has allowed us to repurchase a total $58.5 million to date.

截至本季末，我們擁有約 7.21 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。此外，我們在四月電話會議上宣布的股票回購計畫繼續取得進展。第三季度，我們回購了約 30 萬股股票，平均價格為每股 12.67 美元。這筆資金，加上我們在第二季度取得的強勁初始牽引力，使我們能夠回購迄今為止總計 5850 萬美元的資金。

Finally, I want to remind you that our capital allocation priorities remain unchanged. We are focused on both investments in our organic growth, along with the resilience and the strategic optionality provided by a strong balance sheet to win our large and early markets.

最後，我想提醒大家，我們的資本配置重點沒有改變。我們專注於有機成長的投資，以及強大的資產負債表提供的彈性和策略選擇，以贏得我們的大型早期市場。

Next, let's discuss the performance of our segments in more detail. Consumer revenue was $99 million, up 27% from the prior year on solid execution. Demand remained strong for our growing portfolio of entry-level Professional Certificates, including a number of successful recent launches from Google, IBM and Microsoft.

接下來，讓我們更詳細地討論我們各部門的表現。由於執行力強，消費者收入為 9,900 萬美元，比上年增長 27%。對我們不斷增長的入門級專業證書組合的需求仍然強勁，其中包括 Google、IBM 和 Microsoft 最近成功推出的一些證書。

As Jeff mentioned, our top of funnel activity remains robust with 6.5 million new registered learners coming to Coursera. Segment gross profit was $51.8 million or 52% of Consumer revenue compared to 73% a year ago, reflecting the impact associated with the industry partner contract extension, which is most pronounced in Consumer.

正如 Jeff 所提到的，我們的漏斗頂部活動依然強勁，有 650 萬新註冊學習者來到 Coursera。該部門毛利為 5,180 萬美元，佔消費者收入的 52%，而一年前為 73%，反映了與行業合作夥伴合約延期相關的影響，這一影響在消費者領域最為明顯。

We believe our strategic bet on high quality credentials created by the world's leading brands, distinguishes our Consumer segment and has created a differentiated offering for learners around the globe. And we intend to invest into this tailwind to create more value for our learners, expand our new and existing partners and reinforce the competitive assets and operational leverage that also benefit our other segments.

我們相信，我們對世界領先品牌創建的高品質證書的策略性押注，使我們的消費者細分市場脫穎而出，並為全球學習者創造了差異化的產品。我們打算投資這輛順風車，為我們的學習者創造更多價值，擴大我們新的和現有的合作夥伴，並加強有競爭力的資產和營運槓桿，這也有利於我們的其他部門。

Now let's move to Enterprise. Enterprise revenue was $54.9 million up 14% from year ago on growth in each of our 3 segment verticals. Segment gross profit was $37.1 million or 68% of Enterprise revenue compared to 71% a year ago. The total number of paid Enterprise customers increased to 1,315 up 21% from a year ago, and our net retention rate for paid Enterprise customers was 99%.

現在讓我們轉向企業版。企業營收為 5,490 萬美元，比去年同期成長 14%，這得益於我們 3 個垂直細分市場的成長。部門毛利為 3,710 萬美元，佔企業收入的 68%，而一年前為 71%。付費企業客戶總數增至1,315戶，較去年成長21%，付費企業客戶淨留存率為99%。

Our commentary on Enterprise has remained consistent this year with ongoing pressure in our Coursera for Business vertical offset by momentum in our newer verticals. While we wait more clarity on corporate learning budgets, we are leaning into the benefits of our diversification of government and campus where the customer use cases, like the Texas example Jeff just discussed, are particularly well-suited for our branded job relevant credentials.

今年我們對企業的評論保持一致，Coursera for Business 垂直領域的持續壓力被我們新垂直領域的勢頭所抵消。在我們等待企業學習預算更加明確的同時，我們正在傾向於政府和校園多元化的好處，其中客戶用例（例如傑夫剛剛討論的德克薩斯州示例）特別適合我們的品牌工作相關證書。

And finally, our Degrees segment. Degrees Revenue was $11.7 million, up 13% from year ago on growing student enrollments. The total number of degree students grew 15% from year ago to 20,432. As a reminder, there's no content cost attributable to the Degrees segment, so Degrees segment gross margin was 100% of revenue.

最後是我們的學位部分。由於學生入學人數的增加，學位收入為 1,170 萬美元，比去年同期成長 13%。學位學生總數年增15%，達20,432人。提醒一下，學位部門沒有內容成本，因此學位部門的毛利率為收入的 100%。

As Jeff discussed, our progress in Degrees remains promising as we prioritize the foundational work required to fundamentally transform access and affordability in online degrees, using the capabilities of our platform and our ecosystem partners.

正如傑夫所討論的，我們在學位方面的進展仍然充滿希望，因為我們利用我們的平台和生態系統合作夥伴的功能，優先考慮從根本上改變在線學位的獲取和負擔能力所需的基礎工作。

This requires sourcing and launching new programs that leverage our platform's unique assets, while creating pathways between our Consumer segment and our degree programs. Today, more than a dozen of our most popular certificates offer credit pathways into multiple degree programs, and we are focused on building more linkages from micro-credentials where we benefit from scale.

這需要採購和啟動利用我們平台獨特資產的新項目，同時在我們的消費者細分市場和學位項目之間創建途徑。如今，我們十多個最受歡迎的證書提供了進入多個學位課程的學分途徑，我們致力於透過微型證書建立更多聯繫，從而從規模中受益。

Now onto our financial outlook. For Q4, we're expecting revenue to be in the range of $161 million to $165 million, driven by our increased confidence in the durable demand we continue to see in our Consumer segment. While a relatively small contribution on dollar basis, we don't expect Degrees growth trajectory to be linear quarter-to-quarter, and now anticipate mid-single digit growth in Q4.

現在談談我們的財務前景。對於第四季度，我們預計營收將在 1.61 億美元至 1.65 億美元之間，這得益於我們對消費者領域持續看到的持久需求的信心增強。雖然以美元計算的貢獻相對較小，但我們預計 Degrees 的季度成長軌跡不會呈線性，目前預計第四季將實現中個位數成長。

We remain focused on enabling our pathway degree strategy while closely monitoring cohort recruitment and student persistence, particularly for newly launched programs with more flexible structures. As a reminder, we'll share updated views on segment specific growth expectations for full year 2024 on the February call following the completion of our annual planning process.

我們仍然專注於實現我們的銜接學位策略，同時密切監控隊列招生和學生的堅持，特別是對於新推出的結構更靈活的課程。謹此提醒，我們將在年度規劃流程完成後的 2 月份電話會議上分享有關 2024 年全年特定細分市場成長預期的最新觀點。

As we've discussed, since the beginning of the year, fourth quarter adjusted EBITDA is expected to be break-even. As a relatively new public company, we look forward to achieving this milestone and delivering on our accelerated commitment to profitability.

正如我們所討論的，自今年年初以來，第四季度調整後的 EBITDA 預計將實現收支平衡。作為一家相對較新的上市公司，我們期待實現這一里程碑，並兌現我們加速盈利的承諾。

Turning to the full year. We're increasing our outlook for both revenue and adjusted EBITDA. We now anticipate revenue to be in the range of $628 million to $632 million, representing approximately 20% growth at the midpoint of the range. Our full year revenue outlook has increased by $30 million since the start of the year and $10 million since the prior quarter.

轉至全年。我們正在提高對收入和調整後 EBITDA 的預期。我們現在預計營收將在 6.28 億美元至 6.32 億美元之間，相當於該範圍中位數成長約 20%。我們的全年收入預期自年初以來增加了 3000 萬美元，較上一季增加了 1000 萬美元。

For adjusted EBITDA, we are now expecting a reduced loss of approximately $15.7 million or negative 2.5% adjusted EBITDA margin at the midpoint of the revenue guidance range.

對於調整後的 EBITDA，我們目前預期虧損將減少約 1,570 萬美元，調整後的 EBITDA 利潤率為負 2.5%，處於收入指引範圍的中點。

As you know, our consistent practice, both pre-public and as a public company, is to set an annual EBITDA margin target at the beginning of the year and work within that plan based on the structure of the business.

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，並根據業務結構在該計劃內開展工作。

This year, we've been able to drive both top line performance and operating efficiency for revised guidance improvement of 250 basis points in a full year adjusted EBITDA margin from our initial 2023 target of negative 5%.

今年，我們已經能夠同時推動營收績效和營運效率，將修訂後的指引將全年調整後 EBITDA 利潤率從 2023 年最初的負 5% 目標提高了 250 個基點。

Finally, I want to reiterate our expectation of being EBITDA positive for full year 2024 and intend to share more detail regarding next year's annual margin target on the February call.

最後，我想重申我們對 2024 年全年 EBITDA 為正的預期，並打算在 2 月的電話會議上分享更多有關明年年度利潤率目標的細節。

We are operating a diversified growth company, delivering high quality learning through multiple channels. We are producing this growth with consistently increasing scale and leverage resulting from the complimentary benefits of our 3 segments, and we are investing in our long-term strategy from a position of financial strength, allowing us the resilience and the strategic flexibility to fundamentally transform the education market.

我們正在經營一家多元化的成長型公司，透過多種管道提供高品質的學習。由於我們三個細分市場的互補優勢，我們正在透過不斷擴大的規模和槓桿來實現這一增長，並且我們正在利用財務實力投資我們的長期戰略，使我們能夠具有彈性和戰略靈活性，從根本上改變我們的業務。教育市場。

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, Cam. Our mission has always been deeply rooted in our business. So to wrap up today's remarks, I'd like to highlight one additional Enterprise customer that demonstrates how our platform is impacting the next generation of talent.

謝謝，卡姆。我們的使命始終深深植根於我們的業務。因此，在結束今天的演講時，我想重點介紹另一位企業客戶，該客戶展示了我們的平台如何影響下一代人才。

Like many states across the country, emerging technologies are reshaping the labor market in Nevada, fostering new industries, creating job opportunities and changing in demand skillset. I'm proud to share that Coursera for Government has partnered with the Nevada Department of Employment, Training and Rehabilitation to launch LearnNV, a new statewide program that will provide free job training to tens of thousands of unemployed and underemployed Nevadans.

與全國許多州一樣，新興技術正在重塑內華達州的勞動力市場，培育新產業，創造就業機會並改變需求技能。我很自豪地告訴大家，Coursera for Government 已與內華達州就業、培訓和康復部合作推出LearnNV，這是一項新的全州範圍計劃，將為數萬名失業和未充分就業的內華達人提供免費職業培訓。

The program's initial focus is aimed at Nevada's youth population, equipping young adults ages 18 to 24 with the skills and credentials that can help them unlock well-paying careers. We are excited about the inclusion of our entry-level Professional Certificates, which were specifically designed for learners with no college degree or background in the field to learn the skills needed for a job in less than a year.

該計劃最初的重點是針對內華達州的年輕人口，為 18 至 24 歲的年輕人提供技能和證書，幫助他們開啟高薪職業生涯。我們很高興納入入門級專業證書，該證書專為沒有大學學位或該領域背景的學習者而設計，可在不到一年的時間內學習工作所需的技能。

But these young learners don't need to choose between an entry-level job or a college degree. With a growing number of ACE credit recommendations, completions of these micro-credentials provides them with the opportunity to earn academic credit and the optionality to pursue a bachelor's or master's program through one of our pathway degrees should they choose to continue their education in the future.

但這些年輕的學習者不需要在入門工作或大學學位之間做出選擇。隨著 ACE 學分推薦的數量不斷增加，完成這些微型證書將為他們提供獲得學術學分的機會，如果他們選擇在未來繼續接受教育，也可以選擇透過我們的其中一個銜接學位攻讀學士或碩士學位課程。

The first phase launched in Clark County in September, and we'll expand to the entire state in the coming months. It's one more example of a Coursera partner with the ambition to deliver a statewide impact through our platform.

第一階段於 9 月在克拉克縣啟動，我們將在未來幾個月內擴展到整個州。這是 Coursera 合作夥伴雄心勃勃地透過我們的平台在全州範圍內產生影響的另一個例子。

Our government customers, like businesses and academic institutions, increasingly understand the important role that they play in enabling the future workforce, addressing skill shortages, transforming their local economies, and equipping the next generation with the education and opportunities that they need to succeed in an increasingly digital world.

我們的政府客戶，如企業和學術機構，越來越了解他們在培養未來勞動力、解決技能短缺、改造當地經濟以及為下一代提供成功所需的教育和機會方面發揮的重要作用。日益數位化的世界。

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

現在讓我們開始提問。謝謝。

(Operator Instructions) Our first question from the line of Stephen Sheldon with William Blair.

（操作員說明）我們的第一個問題來自史蒂芬謝爾頓和威廉布萊爾。

Great results here. First, I just wanted to ask about kind of, generally, how you're thinking about the resiliency of Consumer revenue growth, which I think is far surpassed everyone's expectations in recent quarters.

這裡的結果很好。首先，我只是想問一下，一般來說，您如何看待消費者收入成長的彈性，我認為這遠遠超出了最近幾季每個人的預期。

Do you think there could be some slowdown, especially if industry job openings pull back at all? As I think a lot of learners on your platform are trying to drive employment outcomes, at least more so than maybe some other B2C platforms out there? So generally how you think about the Consumer segment as we head into 2024?

您認為經濟成長是否會放緩，特別是如果行業職缺完全減少的話？我認為你們平台上的許多學習者都在努力推動就業成果，至少比其他一些 B2C 平台更多？那麼，在我們邁入 2024 年之際，您對消費者細分市場有何看法？

Steve, this is Jeff. We agree. I mean, if you look at the numbers, Consumer's been very strong. And pretty much across the board, when you look down the funnel and you look across regions, it just seems like these types of Professional Certificates that are designed around a job and don't have a lot of requirements for a college degree or prior work, they just seem to be resonating with people who, I mean, maybe it's the job opportunities, but a lot of it seems to be frustration with the jobs that people are in right now.

史蒂夫，這是傑夫。我們同意。我的意思是，如果你看看這些數字，消費者的表現非常強勁。幾乎從整體上看，當你沿著漏斗往下看，跨地區看時，你會發現這些類型的專業證書都是圍繞工作設計的，對大學學位或之前的工作沒有太多要求，他們似乎只是與人們產生共鳴，我的意思是，也許這是工作機會，但很多人似乎對人們現在從事的工作感到沮喪。

I mean, when we interview people in these certificate programs, what they say is, I'm not sure what job I want to get, but I'm sure I want to get a different job that's more flexible, pays better and has better long-term career opportunities. If that's the reason they're coming, maybe it would abate if there were fewer job opportunities out there. To some degree, it's more about people looking for something better than looking for something specific.

我的意思是，當我們面試這些證書課程的人時，他們說的是，我不確定我想要得到什麼工作，但我確信我想要得到一份更靈活、薪水更高、條件更好的不同工作長期的職業機會。如果這就是他們來這裡的原因，那麼如果工作機會減少的話，這種情況也許會減弱。在某種程度上，更多的是人們在尋找更好的東西，而不是尋找特定的東西。

And so we don't see a reason why this should slow down. And like I said, across the board, whether that's in North America or in Europe, these Professional Certificates in the Consumer segment seem to be growing at a good clip.

因此，我們看不出有什麼理由可以減緩這種速度。正如我所說，無論是在北美還是在歐洲，消費者領域的這些專業證書似乎都在快速成長。

Great. Yes, that's really helpful. And then great to see the progress on translating courses into other languages. Curious what feedback you're getting about the quality of translations from learners that have engaged with it so far. And I know it's early, but is the language expansion driving any positive outcomes or I guess at least more positive conversations, especially within Enterprise?

偉大的。是的，這確實很有幫助。然後很高興看到將課程翻譯成其他語言的進展。很好奇您從迄今為止參與翻譯的學習者那裡得到了哪些關於翻譯品質的回饋。我知道現在還為時過早，但是語言擴展是否會帶來積極的成果，或者我猜至少會帶來更積極的對話，尤其是在企業內部？

Yes, so we are -- when we've been doing the translations, I mean, part of what we're able to do is to look at the quality ratings from the translation providers. As you can imagine, they do a lot of testing on language pairs to say, Hey, our models when we translate from English to Spanish, this is the quality rating. They usually benchmark it against, they call it a BLEU score. But, basically, it's against a reference point of professional human translators.

是的，我們就是這樣——我的意思是，當我們進行翻譯時，我們能夠做的一部分就是查看翻譯提供者的品質評級。正如您可以想像的那樣，他們對語言對進行了大量測試，然後說，嘿，當我們從英語翻譯成西班牙語時，我們的模型，這就是品質評級。他們通常將其作為基準，稱之為 BLEU 分數。但基本上，它違背了專業翻譯人員的參考點。

These BLEU scores are coming up across almost every language pair, and certain providers are better at certain language pairs. But what we're finding is, feedback from learners, certain language pairs are very good, and usually that's based on the amount of language that's available on the internet. So English to Spanish, really good; English to French, really good; English to Brazilian, Portuguese, really good.

這些 BLEU 分數幾乎涵蓋所有語言對，並且某些提供者在某些語言對方面表現更好。但我們發現，根據學習者的回饋，某些語言對非常好，而且通常是基於網路上可用的語言數量。所以英語到西班牙語，真的很好；英語到法語，真的很好；英語到巴西語、葡萄牙語，真的很好。

English to Thai, not as good as Spanish. But what we hear from Thai learners is, I'm so much happier to have some translations then nothing. And what we're doing is we're actually building a human in the loop process where the learners get notified that it's machine translated, and they have the ability to put a little down thumb arrow to say, that wasn't so good. They can even specify what about it wasn't good. And then we do have human translators that will go in and improve those elements of courses in certain languages that where the quality level needs to be improved.

英語到泰語，不如西班牙語。但我們從泰國學習者那裡聽到的是，我很高興能得到一些翻譯，而不是什麼都沒有。我們正在做的是，我們實際上正在建立一個人類循環過程，學習者會收到機器翻譯的通知，並且他們能夠按下一個向下的拇指箭頭來表示，這不太好。他們甚至可以具體說明哪些地方不好。然後，我們確實有人工翻譯人員，他們將參與並改進某些語言的課程中需要提高品質水準的要素。

But the other thing that we're talking to our institutions about, and we've also done institutional testing. So we're not only getting feedback from consumers, but also from institutions who are looking at this and measuring quality, is we're saying that the rate of progress is so high and the rate of cost decreases is so high that we will effectively just keep on translating these things as every new model comes out with better quality.

但我們正在與我們的機構討論的另一件事是，我們也進行了機構測試。因此，我們不僅從消費者那裡得到回饋，還從正在研究這個問題並衡量品質的機構那裡得到回饋，我們是說進展率如此之高，成本下降率如此之高，以至於我們將有效地只要繼續翻譯這些東西，因為每個新模型都會有更好的品質。

So right now it's machine translation with humans in the loop. As the models get better, there'll be fewer and fewer humans needed in order to keep the quality at the bar that we're looking for. But overall, we've been pretty positively impressed by the feedback that we're getting from both Consumers and from Enterprises.

所以現在是機器翻譯，人類參與其中。隨著模型變得更好，為了保持我們正在尋找的質量，所需的人員將會越來越少。但總的來說，我們從消費者和企業那裡得到的回饋給我們留下了非常積極的印象。

And then Stephen, you asked about unlocks. I think that we are just now kind of promoting that these certificate -- for mostly certificates, but other courses are available in other languages on the Consumer segment. We need to unlock the payment capabilities to really take advantage of the language translations on Consumer.

然後史蒂芬，你問到了解鎖的問題。我認為我們現在正在推廣這些證書——主要是證書，但消費者領域也有其他語言的其他課程。我們需要解鎖支付功能，才能真正利用消費者的語言翻譯。

But, especially, on Coursera for Government and Coursera for Business, where an institution has a global population or a large population of non-English speaking learners, they're kind of saying, this is pretty good. It's really high quality from well-known brand, that's still available in lots of different languages.

但是，特別是在 Coursera for Government 和 Coursera for Business 上，機構擁有全球人口或大量非英語學習者，他們會說，這相當不錯。它是來自知名品牌的高品質產品，並且仍然有多種不同語言版本。

And for a business that might have a workforce across 10 different countries, that speaks 5 different languages, being able to use the same high quality content -- so everyone's learning the same stuff, that they're able to learn it in multiple languages. That's something that currently almost no other solution on the market can provide. So we're getting very positive feedback from Enterprises on the applicability of this for global workforce.

對於一個可能在 10 個不同國家/地區擁有員工、講 5 種不同語言的企業來說，能夠使用相同的高品質內容，因此每個人都在學習相同的內容，他們能夠用多種語言來學習。目前市場上幾乎沒有其他解決方案可以提供這一點。因此，我們從企業那裡得到了關於該方法對全球勞動力的適用性的非常積極的回饋。

Early yet for anecdotal extra contracts closed. But Jeff, you're in the field all the time and you're hearing very positive feedback on.

傳聞中的額外合約尚未結束。但是傑夫，你一直在現場，並且聽到了非常積極的回饋。

Great to hear, appreciate the color.

很高興聽到，欣賞顏色。

All right, thanks Stephen.

好的，謝謝史蒂芬。

We'll take our next question from Josh Baer with Morgan Stanley.

我們將回答摩根士丹利的喬許貝爾 (Josh Baer) 提出的下一個問題。

Congrats on the outperformance in the quarter and Consumer acceleration. I did want to ask on degrees and I think I heard the commentary for mid-single digit growth that was degrees in Q4. Just wanted to confirm that.

恭喜本季的優異表現和消費者加速。我確實想詢問學位，我想我聽到了對第四季度學位中個位數增長的評論。只是想確認一下。

And I believe that's when you combine sort of Q3, Q4, it's a bit different than some prior expectations on the growth profile. If you could sort of talk through any changes that you're seeing as far as degree performance.

我相信，當你將第三季和第四季結合時，它與先前對成長狀況的預期有些不同。您能否談談您在學位表現方面看到的任何變化。

Sure, Josh this is Cam, of course. Yes, that is the implication and which is why we wanted to make the comment ahead of time. We're still working through on the Degrees strategy on our pathways, and we're seeing good progress and we're excited about the growth going forward. Do not get us wrong on the strategy, as -- and we've been very open about this, as we're sorting that strategy, the growth has been a little bit more variable in the meantime.

當然，喬什，這當然是卡姆。是的，這就是含義，這也是我們想提前發表評論的原因。我們仍在努力製定我們的學位策略，我們看到了良好的進展，我們對未來的成長感到興奮。不要誤解我們的策略，因為我們對此一直非常開放，當我們對策略進行排序時，同時，成長的變化有點大。

So finishing off this year is not quite where we thought it was going to be at the beginning of the year. We're excited about it as we get into 2024. We'll produce or will provide additional guidance in the February call and where we're going to be for the year on Degrees and each of the segments. But overall yes, that's exactly why we made those comments.

因此，今年的結束與我們年初的預期並不完全一致。進入 2024 年，我們對此感到非常興奮。我們將在 2 月的電話會議中提供或提供額外的指導，以及我們今年在學位和每個細分領域的計劃。但總的來說，是的，這正是我們發表這些評論的原因。

And then Josh as we look at this and say, all right, what leads to some of the negative variances there? A bit of it is recruitment into degree programs. But when we look at the specific degree programs and we say, well, how are we doing recruiting into different populations of degree programs?

然後，當我們看到這一點時，喬許說，好吧，是什麼導致了一些負面差異？其中一部分是學位課程的招募。但是，當我們查看具體的學位課程時，我們會說，我們是如何招募不同人群的學位課程的？

We are seeing encouraging signs that when there are degrees that have these pathways, they're looking pretty good. It's more of the -- more expensive traditional degrees without the pathways where we're seeing some of that kind of continuing headwinds, I think from a tight labor market and many of the things that we've seen in the past, which I think are affecting not only traditional online degrees, but frankly traditional degrees in the United States.

我們看到了令人鼓舞的跡象，表明當有學位擁有這些途徑時，它們看起來相當不錯。這更多的是——更昂貴的傳統學位，沒有我們看到的一些持續的逆風的途徑，我認為來自緊張的勞動力市場和我們過去看到的許多事情，我認為不僅影響傳統的在線學位，而且坦白說，也影響美國的傳統學位。

So I think a lot of it is we're still seeing a tight labor market put pressure on people saying, I want to go for one of those more expensive traditional degrees.

因此，我認為很大程度上是因為我們仍然看到勞動市場緊張，這給人們帶來了壓力，他們說，我想攻讀那些更昂貴的傳統學位。

Got it. Very helpful. And then on Consumer with just the impressive growth number that you put up and acceleration. And I think in the first question was on Consumer and Jeff, you sort of talked about just strength there and expecting that growth to kind of continue. I just wanted to see -- I know we're going to get some thoughts on '24 next quarter for Consumer. But with the growth accelerating so much, like is there any need to moderate sort of expectations on that trajectory of growth in that segment just given where it is and where people might expect it to go?

知道了。很有幫助。然後在消費者方面，您提供了令人印象深刻的成長數字和加速。我認為在第一個問題中，關於消費者和傑夫，您談到了那裡的實力，並期望這種增長能夠持續下去。我只是想看看——我知道我們會在下個季度對消費者的 '24 得到一些想法。但隨著成長速度如此之快，考慮到該領域的現狀以及人們可能期望它走向何方，是否有必要調整對該領域成長軌蹟的預期？

Sure, Josh. So we've provided of course overall guidance for the coming quarter as we always do. We don't provide different segment -- we're just not in that business to do that across each of the 3 segments every quarter. We do feel very good about Consumer. That momentum continues. We're hopeful it continues at the same pace it does. But we don't update guidance between the segments. And again, it's captured in the overall guidance, of course, for the quarter. But we're really pleased with the results and we -- there's always see is positive on the Consumer side.

當然，喬許。因此，我們當然一如既往地為下一季提供了整體指導。我們不提供不同的細分市場——我們只是不打算每季在這三個細分市場中的每一個細分市場上提供不同的細分市場。我們確實對消費者感覺非常好。這種勢頭仍在繼續。我們希望它能繼續保持同樣的速度。但我們不會更新各個細分市場之間的指導。當然，這一點也體現在本季的整體指引中。但我們對結果非常滿意，而且我們總是看到消費者方面積極的一面。

Yes. Another thing, Josh a way to also kind of think through your question is, what are the factors that are causing this growth? And are there reasons to believe that some of those factors might be temporary? And we think a lot of it is kind of what's happening in the global labor markets. And as Cam said in the script, like, people are looking for cheaper, more flexible job oriented ways to switch a career or to start a new career. So we don't see why that would change necessarily.

是的。另一件事，喬許也思考你的問題的一種方式是，導致這種成長的因素是什麼？是否有理由相信其中一些因素可能是暫時的？我們認為這很大程度上是全球勞動市場正在發生的事情。正如卡姆在劇本中所說，人們正在尋找更便宜、更靈活的以工作為導向的方式來轉換職業或開始新的職業。所以我們不明白為什麼這種情況必然會改變。

Another thing is that some of this growth, and you see it in the sales and marketing line, Cam mentioned this in the script as well, we are seeing pretty good returns from paid media spend on these Professional Certificates. And I think part of what that is, as the portfolios gotten big enough, now over 40 of these, it appeals to a lot more people and it's making our ad spend a bit more productive. And so at some point the marginal benefits of that start tapering off. But we're seeing pretty good leverage from advertising spend. So that's feeling pretty good there.

另一件事是，這種成長的一部分，你可以在銷售和行銷方面看到，卡姆在劇本中也提到了這一點，我們看到付費媒體在這些專業證書上的支出帶來了相當不錯的回報。我認為部分原因是，隨著投資組合變得足夠大，現在已經超過 40 個，它吸引了更多的人，並使我們的廣告支出更加富有成效。因此，到了某個時候，這種做法的邊際效益就會開始逐漸減弱。但我們看到廣告支出有相當好的槓桿作用。所以那裡的感覺非常好。

And then we've got the language translations, which are just starting, and we think that too look good. Now, something that often is a little bit temporary is when a blockbuster new title comes out and it produces kind of a big bang spurt of growth when the new title comes out. But when you look at the full year, it's not really a story of one big title producing all the growth. I mean, it is more diversified than that.

然後我們有了語言翻譯，這才剛開始，我們認為看起來也不錯。現在，當一款轟動一時的新遊戲問世時，通常是暫時的，並且當新遊戲問世時，它會產生一種爆炸性的增長。但當你審視全年時，你會發現這並不是一個大遊戲帶來所有成長的故事。我的意思是，它比這更加多樣化。

And so unlike maybe 3, 4 years ago where one title would've been responsible for a majority of the growth, that's not really the case in 2023. And that way we think we could probably bring a lot of this momentum into 2024. Because it's not sort of a one-time bump that we received in the 2023 numbers.

因此，與 3、4 年前不同的是，一款遊戲將貢獻大部分成長，而 2023 年的情況並非如此。這樣，我們認為我們可能會在 2024 年帶來很大的這種勢頭。因為這並不是我們在2023 年資料中收到的一次性成長。

We'll take our next question from Jeff Silber with BMO Capital Markets.

我們將回答 BMO 資本市場的 Jeff Silber 提出的下一個問題。

Your growth has been strong, you expect it to continue. I'm just curious, do you have the infrastructure, specifically, the people, to continue the strong growth? You've talked about the tight labor market. I'm just curious if we can get some color on that.

你的成長一直很強勁，你期望它能持續下去。我只是好奇，你們是否擁有基礎設施，特別是人員，來繼續強勁成長？您談到了勞動力市場緊張的問題。我只是好奇我們能否對此有所了解。

Yes, Jeff, it's a great question and it really does play to our HR strategy. During the pandemic, when we all started working from home, we recognized a number of things. One is we can be pretty productive even when in our business model, even when we're working from home.

是的，傑夫，這是一個很好的問題，它確實符合我們的人力資源策略。疫情期間，當我們都開始在家工作時，我們意識到了很多事情。一是即使在我們的商業模式下，即使我們在家工作，我們也可以保持相當高的生產力。

Another thing that we realize is our ability to drive increased diversity and a more global talent pool when you're able to work more remotely. And so we have a pretty remote-first working culture. Part of what that means is, we're finding talent all over the world, and we are not really constrained to a certain talent pool. And so our recruitment's been really great. Plus people really love working for mission-driven companies these days.

我們意識到的另一件事是，當您能夠更遠端工作時，我們有能力推動多元化和更全球化的人才庫。因此，我們有一種遠端優先的工作文化。這在某種程度上意味著，我們在世界各地尋找人才，我們並不真正局限於某個人才庫。所以我們的招募真的很棒。另外，現在人們真的很喜歡為使命驅動的公司工作。

So I think when it comes to talent recruitment, we are not seeing any major constraints on our ability to find really good talent that wants to work for Coursera and to find that talent at affordable costs. And so I would say that no, we really aren't seeing talent constraints and we don't foresee -- at least, I don't foresee next year talent constraints as one of the major features.

因此，我認為在人才招募方面，我們並沒有發現任何重大限制因素限制了我們尋找真正願意為 Coursera 工作的優秀人才以及以可負擔的成本找到人才的能力。所以我想說，不，我們確實沒有看到人才限制，我們也沒有預見到——至少，我不認為明年的人才限制是主要特徵之一。

Another thing I'll just say is, as you look at the executive team, for example, our exec team lives in the Bay Area, New York, Denver, Utah. I mean, we can really get the talent at all levels from a number of different places. And I think that gives us a pretty good flexibility in securing the talent that we need.

我要說的另一件事是，當你看看執行團隊時，例如，我們的執行團隊住在紐約灣區、猶他州丹佛。我的意思是，我們確實可以從許多不同的地方獲得各個層級的人才。我認為這為我們在獲取所需人才方面提供了相當好的靈活性。

That's really helpful. If I could shift over to the Enterprise segment. The net retention rate increased a bit sequentially, it's been dropping for a number of quarters. Is there some seasonality or are you seeing some improvement there? Again, if we can get some color, that would be great.

這真的很有幫助。如果我可以轉移到企業部門。淨留存率環比略有上升，但連續幾季都在下降。是否存在季節性或您是否看到了一些改善？再說一次，如果我們能得到一些顏色，那就太好了。

Yes, Jeff, this is Cam. It's a little early to tell. We don't want to declare victory yet. We're pleased. It's rebounded a little bit. We don't like the fact it's not triple digits to be perfectly honest, and we see room for improvement.

是的，傑夫，這是卡姆。現在說還為時過早。我們還不想宣布勝利。我們很高興。已經有一點點反彈了老實說，我們不喜歡這個數字不是三位數，而且我們看到了改進的空間。

I'd say our commentary overall in the Enterprise space hasn't changed. And what I'm talking about specifically is C for B. We're definitely more excited about the C for G and particularly the C for C verticals where we're seeing some really nice progress. But overall, the macro has remained tough in C for B. The numbers are stabilizing, we like that but again, we're not declaring victory yet.

我想說的是，我們對企業領域的整體評論沒有改變。我具體談論的是 C for B。我們肯定對 C for G 更興奮，特別是 C for C 垂直領域，我們看到了一些非常好的進展。但總體而言，B 的 C 宏觀形勢仍然嚴峻。數字正在穩定，我們喜歡這一點，但我們還沒有宣布勝利。

Yes, another thing I'll mention Jeff is, and when Cam says C for B, that's Coursera for Business, Coursera for Campus, and then C for G is Coursera for Government. We do see different NRRs by vertical, right, among those.

是的，我要提到 Jeff 的另一件事是，當 Cam 說 C 代表 B 時，那就是 Coursera for Business，Coursera for Campus，然後 C for G 就是 Coursera for Government。我們確實在垂直方向上看到了不同的 NRR，右圖。

The other thing I'll point out that is there's promising from my perspective is, it also depends on the use case. When academic institutions deploy Coursera for Campus for credit towards degree, we see pretty strong NRRs. And so we are trying to identify and then really drive use cases of Coursera in those institutional settings where we have high NRRs, where we're delivering great value. It's a distinctive offering and when customers try it, they're like, I want more of it.

我要指出的另一件事是，從我的角度來看，這是有希望的，這也取決於用例。當學術機構部署 Coursera for Campus 以獲得學位學分時，我們看到相當強勁的 NRR。因此，我們正在努力確定並真正推動 Coursera 在那些 NRR 高的機構環境中的案例，並提供巨大的價值。這是一種獨特的產品，當顧客嘗試它時，他們會說，我想要更多。

So we're seeing some positive signals underneath that average that you say there. And I'll reinforce what Cam said, double digit NRRs are not where we want to be at all. Our aspirations are much higher and we see pathways to drive that back up.

因此，我們在您所說的平均水平之下看到了一些積極的信號。我要強調 Cam 所說的，兩位數的 NRR 根本不是我們想要的。我們的願望更高，我們看到了推動這一願望的途徑。

We'll take our next question from Brian Peterson with Raymond James.

我們將回答布萊恩彼得森和雷蒙德詹姆斯提出的下一個問題。

Congrats on the quarter. Just one from me. So if we think about the Professional Certificates, I'd love to understand, thinking about maybe sales cycles, maybe that's not the right term, but the late stage pipeline. As people see what you are able to do in the scale you are able to reach, has it become easier and quicker to get more professional certificate partners out of the platform?

恭喜本季。只有我的一份。因此，如果我們考慮專業證書，我很想理解，考慮銷售週期，也許這不是正確的術語，而是後期管道。當人們看到你能夠在你能夠達到的規模上做些什麼時，從平台上獲得更多專業的證書合作夥伴是否變得更容易、更快捷？

Yes, it is -- if you look at the rate of increase in Professional Certificates out there, we're at 44 now. And it's kind of a number of things. Step one is identifying which jobs do we want to offer a professional certificate for, and then making sure you design it to have the skills that managing that hiring managers will need. And then you look to a partner and then you produce it, you launch it, you promote promoted, et cetera.

是的，確實如此——如果你看看專業證書的成長率，我們現在是 44 個。這有很多事情。第一步是確定我們想要為哪些工作提供專業證書，然後確保您設計的證書具有管理招聘經理所需的技能。然後你尋找合作夥伴，然後你生產它，你推出它，你推廣，等等。

I would say that the interest among industry partners wanting to create branded Professional Certificates is high and increasing. I mean, the more that we have from world-leading brands, the more other brands are like, Hey, I'd like to do this too. I want to put my brand into the world where it's not just on a TV ad or a billboard, where my brand is something that my customers interact with and my brand helps create opportunity.

我想說的是，想要創建品牌專業證書的行業合作夥伴的興趣很高，而且還在增加。我的意思是，我們擁有的世界領導品牌越多，其他品牌就越多，嘿，我也想這樣做。我想將我的品牌推向世界，不僅僅是在電視廣告或廣告看板上，我的品牌是我的客戶與之互動的東西，我的品牌有助於創造機會。

I mean, it's a level of engagement and impact, that's a pretty powerful way for employers and businesses to engage their audience. So we are seeing, I think, increased interest in this.

我的意思是，這是一定程度的參與度和影響力，這是雇主和企業吸引受眾的一種非常有效的方式。所以我認為我們看到人們對此越來越感興趣。

I think with language translation that will also open up new markets that many of these brands are looking to engage. And so we do see that this cycle of identifying, sourcing, building and launching is on a positive trend. I don't want to overestimate how quickly we can get these built, but I will say that generative AI will make it easier and less expensive and faster to build content generally than before generative AI. And so we see increasing demand and likely increasing speed and reducing costs as we march forward with Professional Certificates.

我認為透過語言翻譯也將開啟許多這些品牌正在尋求參與的新市場。因此，我們確實看到這個識別、採購、建置和啟動的循環正處於積極的趨勢。我不想高估我們建立這些內容的速度，但我想說，與生成人工智慧之前相比，生成人工智慧將使內容建置變得更容易、更便宜、更快。因此，隨著我們向專業證照邁進，我們看到需求不斷成長，速度可能會提高，成本也會降低。

We'll take our next question from Ryan MacDonald with Needham & Company.

我們將接受 Needham & Company 的 Ryan MacDonald 提出的下一個問題。

Congrats on the nice quarter. Jeff, maybe to start with you, as we think about the pathways, degrees and sort of the continued rollout here. If you look at the existing sort of portfolio of degrees that you have, how many of those university partners are exploring or showing interest in the pathways from that perspective?

恭喜這個美好的季度。傑夫，也許從你開始，我們正在考慮這裡的持續推出的途徑、程度和類型。如果你看看你現有的學位組合，有多少大學夥伴正在從這個角度探索或表現出對這些途徑的興趣？

And then are you seeing any signs on the early stages of the ones that you've already launched where you're seeing sort of a better ability to convert maybe a Consumer learner to a degree learner from some of these Degree Pathways?

那麼，您是否在已經推出的課程的早期階段看到了任何跡象，您發現有更好的能力將消費者學習者從某些學位途徑轉變為學位學習者？

Yes, on the first question, we do see growing interest from university saying, this is an interesting concept. The more that we have ACE credit recommendations, ECTS credit recommendations and other quality standards that universities and post-secondary education institutions have looked to in the past, the easier this gets. The more that we have states, University of Texas and the whole UT System and other major university systems doing this, others look to that and say, Well, hey if they're doing it this seems like a pretty good thing.

是的，關於第一個問題，我們確實看到大學越來越感興趣，他們說，這是一個有趣的概念。我們擁有的 ACE 學分推薦、ECTS 學分推薦以及大學和高等教育機構過去關注的其他品質標準越多，這件事就越容易實現。我們越多的州、德克薩斯大學和整個德克薩斯大學系統以及其他主要大學系統都這樣做，其他人就會說，好吧，嘿，如果他們這樣做，這似乎是一件非常好的事情。

I will also say that in the U.S., especially when it comes to public institutions, including flagship public universities, there is a state mandate to educate people on a much broader scale than many of these universities are doing. And when you look at the demographics with a generally declining population of young people, compared to say, the millennial cohort that came through, helping to educate working adults is becoming a bigger imperative.

我還要說的是，在美國，特別是在公共機構，包括旗艦公立大學，國家有一項授權，要求其在比許多此類大學更廣泛的範圍內對人們進行教育。當你觀察人口統計數據時，與千禧世代相比，年輕人口普遍下降，幫助教育在職成年人變得更加緊迫。

And these pathway degrees, which don't require you to stop what you're doing and move to a campus, clearly fit the needs of this older working adult population that needs to get re-skilled because technology is changing jobs so quickly. So we do see a lot more interest and a lot more openness to these more flexible pathway degrees, even from fairly elite universities. And I'll say not just in the U.S. of course, globally as well.

這些銜接學位不需要你停止手邊的工作並搬到校園，顯然符合老年工作成年人口的需求，因為科技正在如此迅速地改變工作，他們需要重新掌握技能。因此，我們確實看到人們對這些更靈活的銜接學位有更多的興趣和更開放的態度，即使是來自相當精英的大學。當然，我想說的不只是在美國，在全球也是如此。

In terms of conversion, and I kind of mentioned this a little bit, we're not happy with the Degrees segment. I mean, it's not -- as I think Josh may be asked, it's not what we had said at the beginning of the year. We're not going to finish up on target there. But when you look at the performance of degree programs that have these pathways, you do see an ability to make a proposition that resonates with the learner, that helps convert them from the consumer, open content into degree at better rates than just a plain vanilla traditional degree.

在轉換方面，我稍微提到了這一點，我們對度數部分不滿意。我的意思是，這不是——我想喬許可能會被問到，這不是我們在年初所說的。我們不會在那裡完成目標。但是，當您查看具有這些途徑的學位課程的表現時，您確實會看到提出與學習者產生共鳴的主張的能力，這有助於將他們從消費者、開放內容轉變為學位，而不僅僅是普通的普通內容。傳統學位。

We have a lot to prove out. We've got to do it more at scale. Part of what we're also doing is looking to exist in degree programs that don't have pathways and architecting pathways for those degrees. We're trying to create pathways from those types of certificate programs where we have a lot of learners who are seeking jobs because of those Professional Certificates that would benefit from a degree. And you get a wage and wealth premium if you have a degree, so that there's a lot of work to do. But the logic is very clear and the intuition certainly resonates. And when you put the proposition in front of learners, it makes good sense. So early stages –

我們有很多事情需要證明。我們必須更大規模地開展這件事。我們正在做的部分工作是尋求存在於沒有途徑和為這些學位設計途徑的學位課程中。我們正在嘗試從這些類型的證書課程中創建途徑，在這些課程中，我們有很多學習者正在尋找工作，因為這些專業證書可以從學位中受益。如果你有學位，你會得到薪水和財富溢價，所以有很多工作要做。但邏輯非常清晰，直覺也確實能引起共鳴。當你把這個命題擺在學習者面前時，它就很有意義。還處於早期階段 -

Logic, the intuition and the early results.

邏輯、直覺和早期結果。

Yes.

是的。

We are seeing positive signs on the strategy to be very clear.

我們看到該戰略的正面跡象非常明確。

But obviously it's still early and we've got a lot to prove.

但顯然現在還為時過早，我們還有很多東西需要證明。

Super helpful color there. Maybe just as a follow up, I wanted to touch on the translations. As we think about how this sort of translates, if you will, to business performance moving forward. I mean, from the regions and languages that you've already translated for, how should we start to track success in this area? Is this more registered learners on the platform coming from countries that are speaking in those languages? Should we start to see that more in terms of paid conversion or expansion opportunities within the perhaps the Coursera for Business segment? How should we track this moving forward?

那裡的顏色超級有用。也許只是作為後續行動，我想談談翻譯。當我們思考這種如何轉化為未來的業務績效（如果你願意的話）。我的意思是，從您已經翻譯的地區和語言來看，我們應該如何開始追蹤該領域的成功？平台上註冊的學習者中是否有更多來自使用這些語言的國家？我們是否應該開始更專注於 Coursera for Business 領域內的付費轉換或擴展機會？我們應該如何追蹤這項進展？

Yes, so separate from what we actually report, and then I'll talk about what metrics that we report might move first, but so do you understand the intuition of kind of how we're seeing the translation show up as demand?

是的，與我們實際報告的內容分開，然後我將討論我們報告的哪些指標可能會首先發生變化，但是您是否理解我們如何看到翻譯按需求顯示的直覺？

Currently the part of our business where we're seeing the most immediate response is Coursera for Government. And a lot of it is government serve their citizen populations, and in many cases, those populations don't speak English or few of them speak English as a second language. When we're able to go to a government and say, We can help you skill up a 100,000 people who speak Arabic and maybe only 10% speak English, but we have a full catalog of high quality brands and credentials in Arabic or in Thai, that's a very different proposition than what we were able to say 6 months ago.

目前，我們看到最直接回應的業務部分是 Coursera for Government。其中很大一部分是政府為其公民提供服務，而在許多情況下，這些人不會說英語，或很少有人將英語作為第二語言。當我們能夠向政府說，我們可以幫助您提高 100,000 名講阿拉伯語的人的技能時，也許只有 10% 會講英語，但我們擁有阿拉伯語或泰語的高品質品牌和證書的完整目錄，這與我們6 個月前所說的非常不同。

So I would -- how might that show up? Well, we measured as bookings, but you wouldn't see it except in so far as you'd see number of Enterprise customers. You might see bigger buys. So it could be an NRR where existing customers can roll -- government customers can roll this out to bigger populations because the language accessibility is higher. And then at some point that will show up in ARR, just the revenue that shows up on the Enterprise segment. So on the Coursera for Government side, it's kind of that sequence of leading indicators.

所以我想──這會怎麼出現？好吧，我們以預訂量來衡量，但除非您看到企業客戶的數量，否則您不會看到它。您可能會看到更大的購買。因此，這可能是現有客戶可以滾動的 NRR——政府客戶可以將其推廣到更多人群，因為語言可訪問性更高。然後在某個時候，這將顯示在 ARR 中，只有企業部分顯示的收入。因此，在 Coursera for Government 方面，這是一系列領先指標。

The second would be Coursera for Business. Not so much focused as Coursera for Government on the non-English speaking, but there's a lot of businesses where the primary language is spoken is not English, or at least many other employees in different countries with global operations don't speak English at all or don't speak English as a primary language. And the businesses would much rather have one set of courses that teach us something in the same way with the same basic concepts, but just in different languages.

第二個是 Coursera for Business。不像 Coursera for Government 那樣關注非英語人士，但有很多企業的主要語言不是英語，或者至少在不同國家開展全球業務的許多其他員工根本不會說英語或不以英語為主要語言。企業更願意擁有一套課程，以相同的方式、相同的基本概念教我們一些東西，只是用不同的語言。

And so we are seeing attractiveness in Europe and other parts of the world where businesses are saying, Hey, this is pretty nice. One set of courses for a global workforce that would show up in the same kinds of metrics as what I was saying for Coursera for Government.

因此，我們看到了歐洲和世界其他地區的吸引力，企業紛紛表示，嘿，這真是太棒了。一套面向全球勞動力的課程將顯示在與我為政府提供的 Coursera 所說的相同類型的指標中。

And then you mentioned Consumer and think there might be a bit more of a lag, and I think we have to unlock it with payment systems and international sort of localized discovery and to some degree paid media. We're mostly doing the paid media in North America right now and seeing a good return. We would have to kind of ramp that up and figure out how to get good returns on that paid media. But that would show up faster once we get the payment capabilities in place. And we kind of figure out the recipe of who do you market to, what's your message and what payment systems back it up? But when we do -- if we do figure that out, that'll show up as Consumer revenue on a much quicker timetable.

然後你提到消費者並認為可能會有更多的滯後，我認為我們必須透過支付系統和國際在地化發現以及某種程度上的付費媒體來解鎖它。我們現在主要在北美做付費媒體，並看到了良好的回報。我們必須加大力度，找出如何在付費媒體上獲得良好回報的方法。但一旦我們具備支付功能，這一點就會更快顯現出來。我們會找出你向誰推銷的秘訣，你的訊息是什麼，以及哪些支付系統支持它？但當我們這樣做時——如果我們確實弄清楚了這一點，那將會以更快的時間表顯示為消費者收入。

We'll take our final question from Taylor McGinnis with UBS.

我們將回答瑞銀泰勒·麥金尼斯的最後一個問題。

Just one for me. On the -- can you maybe talk a little bit more about how budget discussions are going and some of the competitive dynamics? So is there line of sight to stabilization, are trends still worsening? I'm just trying to get a sense of whether revenue growth could begin to stabilize in the teams or if trends are pointing to the potential to dip closer to the single digits?

只給我一個。關於－您能否多談談預算討論的進展以及一些競爭動態？那麼，是否有趨於穩定的前景，趨勢是否仍在惡化？我只是想了解團隊的收入成長是否會開始穩定，或者趨勢是否表明有可能下降到接近個位數？

And then the second part of it is that maybe from like a mix standpoint is C for B reaching a point where you could see a more favorable mix shift in the future, maybe towards some of the other areas that have been more durable?

然後第二部分是，也許從混合的角度來看，C for B 達到了一個點，你可以在未來看到更有利的混合轉變，也許轉向一些更持久的其他領域？

Yes, great question Taylor. So I'll start with your mix question because, obviously we got started with Coursera for Business, which is facing the biggest headwinds before campus and government. It is now getting to the point where Coursera for Business is still the biggest, but the other 2, which are growing faster, are becoming big enough that it's affecting the growth rates.

是的，泰勒問題問得好。所以我將從你的混合問題開始，因為顯然我們是從 Coursera for Business 開始的，它在校園和政府之前面臨最大的阻力。現在，Coursera for Business 仍然是最大的，但其他兩個成長速度更快，規模已經足夠大，足以影響成長率。

And as we go into 2024, if we sustain those and we expect that we will, when I say those. If we can sustain the non-business campus and government verticals with higher growth rate, we do expect the overall Enterprise growth rate to start tilting up because of those other verticals.

當我們進入 2024 年時，如果我們能夠維持這些目標，並且當我這麼說時，我們預計我們會這麼做。如果我們能夠維持非商業園區和政府垂直產業的較高成長率，我們確實預期整體企業成長率將因其他垂直產業而開始傾斜。

And then more specifically to, yes, well what about Coursera for Business? It's still pretty tough out there and it is pretty competitive and budgets and teams are seeing compression and general competition is pretty intense. There's a lot more comp -- we see a lot more competition in Coursera for Business than we do in Coursera for Campus or Coursera for Government. In fact, a lot more competition.

然後更具體地說，是的，Coursera for Business 怎麼樣？市場仍然非常艱難，競爭也相當激烈，預算和團隊都在壓縮，整體競爭也相當激烈。競爭更加激烈——我們在 Coursera for Business 中看到的競爭比在 Coursera for Campus 或 Coursera for Government 中看到的競爭要多得多。事實上，競爭更多。

But at the same time, it doesn't look as bad in certain dimensions as it did last quarter. We don't know if this is the bottom or exactly where we're heading with it. But it doesn't look great and it could look worse as we sort of look at how it's turning out in Q3 and Cam, I don't know if you'd like to add anything to that.

但同時，在某些方面，情況看起來並不像上季那麼糟。我們不知道這是否是底部，也不知道我們將走向何方。但它看起來不太好，而且當我們看看第三季和 Cam 的結果時，它可能看起來更糟，我不知道你是否願意添加任何內容。

No, I agree entirely. I think the mix comment is exactly right and we do continue to see growth in both the other newer verticals, and I think that stabilizes us next year. And calling the bottom is always dangerous on the C for B, so I'd be hesitant to call it bottom. But we are seeing good signs and we have a number of initiatives, as Jeff laid out earlier, around translations. So there are good things happening. We'll see how the macro goes, but it's competitive and it doesn't feel terrible is what I would say. I wouldn't read what we're saying as being overly negative.

不，我完全同意。我認為混合評論是完全正確的，我們確實繼續看到其他較新的垂直領域的成長，我認為這將使我們明年保持穩定。對於 B 來說，將 C 稱為底部總是很危險的，所以我會猶豫是否將其稱為底部。但我們看到了良好的跡象，正如傑夫之前所闡述的那樣，我們圍繞翻譯採取了許多舉措。所以有好事發生。我們將看看宏觀形勢如何發展，但我想說的是，它具有競爭力，而且感覺並不可怕。我不會認為我們所說的過於消極。

Taylor, there's one other thing I certainly referenced it in the script, I'll put a little bit more color on it here. COVID was a shock that immediately caused businesses all around the world to increase their learning and development budgets as people went home and companies wanted to show support and give them something productive to do in the early stages of COVID.

泰勒，我在劇本中確實提到了另一件事，我將在這裡添加更多色彩。新冠疫情帶來的衝擊立即導致世界各地的企業增加了學習和發展預算，因為人們紛紛回家，企業希望在新冠疫情的早期階段向他們提供支持並為他們提供一些富有成效的事情。

We are seeing something different, but I think a potentially very big that's brewing, which is generative AI. The number of companies who are starting to say, You know what, this generative AI is going to change a lot of jobs at my company and my CFO and CEO are asking me, Head of HR or Head of Learning & Development, what am I going to do to teach people these new skills and tools to unlock productivity gains that could potentially create more value for my customers and create more productivity for the company?

我們看到了一些不同的東西，但我認為一個潛在的巨大變化正在醞釀中，這就是生成人工智慧。許多公司開始說，你知道嗎，這種生成式人工智慧將改變我公司的許多工作，而我的財務長和執行長正在問我，人力資源主管或學習與發展主管，我是什麼？如何教導人們這些新技能和工具來提高生產力，從而為我的客戶創造更多價值並為公司創造更多生產力？

We're definitely hearing a lot more interest in organizational transformation and upskilling and reskilling associated with the potential benefits of unlocking generative AI. And that might be a trend that could provide a little bit of an offset to the headwinds that we've been seeing in Coursera for Business in 2023.

我們肯定聽到人們對與解鎖生成式人工智慧的潛在好處相關的組織轉型、技能提升和再培訓產生了更多興趣。這可能是一種趨勢，可以在一定程度上抵消我們在 2023 年 Coursera for Business 中看到的不利因素。

Awesome. Really appreciate the additional color and congrats on the upside in the quarter.

驚人的。真的很欣賞額外的色彩，並祝賀本季的上漲。

Yes, thank you. Thanks Taylor.

是的，謝謝。謝謝泰勒。

Thank you, Taylor. That wraps the Q&A. A replay of this webcast will be available on our Investor Relations website with a transcript in the next 24 hours. We appreciate you joining us.

謝謝你，泰勒。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路廣播的重播以及文字記錄。我們感謝您加入我們。

And that concludes today's presentation. Thank you for your participation, and you may now disconnect.

今天的演講到此結束。感謝您的參與，您現在可以斷開連接。