Coursera Inc (COUR) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Coursera Fourth Quarter 2023 earnings call. (Operator instructions)

女士們、先生們，感謝你們的支持，歡迎參加 Coursera 2023 年第四季財報電話會議。 （操作員說明）

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

我想再次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 Q4 and full year 2023 earnings conference call. With me today, Jeff Maggioncalda call to CoStar's Chief Executive Officer, and Ken Hahn, our Chief Financial Officer. Following their prepared remarks, we will open the call for questions.

大家好，感謝您參加我們的第四季和 2023 年全年收益電話會議。今天，Jeff Maggioncalda 與我一起致電 CoStar 的執行長和我們的財務長 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 close and is posted on our Investor Relations website located at investor dot Coursera.com, where this call is being simultaneously webcast and were versions of our prepared remarks and supplemental slides are available. During this call, we will present both GAAP and non-GAAP financial measures.

我們的新聞稿（包括財務表格）在收盤後發布，並發佈在我們的投資者關係網站（投資者網Coursera.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。在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

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.

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。請注意，除非另有說明，所有成長百分比均指同比變化。

Additionally, all statements made during this call relating to future results and events are forward-looking statements based on current expectations and beliefs. These forward-looking statements include, but are not limited to statements regarding the potential impacts of trends affecting our industry and business and factors affecting the same, the anticipated benefits and impact of our strategic assets and platform advantages.

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。這些前瞻性陳述包括但不限於有關影響我們的行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的預期收益和影響的陳述。

Our ecosystem platform content and partner relationships, our anticipated plans and anticipated advantages and benefits thereof, our strategy and priorities for our share repurchase program and cash and capital allocation and our vision business model mission opportunities, outlook, financial business and otherwise and future intentions.

我們的生態系統平台內容和合作夥伴關係、我們的預期計劃及其預期優勢和效益、我們的股票回購計劃以及現金和資本分配的策略和優先事項，以及我們的願景業務模式、使命機會、前景、金融業務以及其他和未來的意圖。

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 undue 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，投資者不應過度依賴它們。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 welcome, everyone. We appreciate you joining us today. I'm pleased to share that our fourth quarter marked a strong finish to a year of continued progress. We welcomed 24 million new learners. The most since 2020, growing our global learner base to more than 140 million. We expanded our educator partnerships to over 325 leading universities and companies. We grew revenue 21% over the prior year with total annual revenue of $636 million. And we achieved this growth with increased leverage, including our first positive adjusted EBITDA quarter, delivering on our commitment to build a platform and business model that scales. I remain encouraged by our momentum, and I'm increasingly confident in our vision for the future of higher education.

謝謝卡姆，歡迎大家。我們感謝您今天加入我們。我很高興地告訴大家，我們的第四季為持續進步的一年畫上了圓滿的句點。我們迎來了 2400 萬新學習者。這是 2020 年以來最多的一次，我們的全球學習者人數已增加到超過 1.4 億。我們將與教育工作者的合作關係擴展到超過 325 家領先的大學和公司。我們的營收比前一年成長了 21%，年總收入達到 6.36 億美元。我們透過提高槓桿率實現了這一成長，包括我們的第一個積極調整的 EBITDA 季度，兌現了我們建立可擴展的平台和業務模式的承諾。我仍然對我們的勢頭感到鼓舞，我對我們對高等教育未來的願景越來越有信心。

So let's jump in starting with the long-term trends that are driving our business. The first trend is digital transformation. For many years. The combined forces of technology, globalization and automation have accelerated the transformation of every institution in our society last year, the sweeping rise of general A., I provided a glimpse into how profoundly this new general purpose technology could reshape how we live, learn and work.

因此，讓我們從推動我們業務發展的長期趨勢開始。第一個趨勢是數位轉型。很多年了。去年，科技、全球化和自動化的綜合力量加速了我們社會中每個機構的轉型，通用A 的全面崛起，讓我一睹這種新的通用技術如何深刻地重塑我們的生活、學習和生活方式。工作。

This year, organizations will begin to make the shift from experimentation to implementation, but leaders are still grappling with how to make this leap, a new report by Boston Consulting Group surveyed over 1,400 C-suite executives in 50 markets and found that nearly 90% of executives rank AI. and general AI. as one of their top three tech priorities for 2024.

今年，組織將開始從實驗轉向實施，但領導者仍在努力解決如何實現這一飛躍，波士頓諮詢集團的一份新報告調查了 50 個市場的 1,400 多名 C 級高管，發現近 90%的高階主管對人工智慧進行排名。和通用人工智慧。作為 2024 年三大科技優先事項之一。

Despite the priority, two thirds of these execs are either ambivalent or outright dissatisfied with their organization's progress on AI so far, citing three primary reasons. First, 62% of the execs cited a lack of talent and skills. Second, 47% cited an unclear AI. and generative AI roadmap and investment priorities. And third, 42% cited the absence of a strategy regarding responsible AI organizations are facing what I refer to as a generative, a conundrum by moving too quickly. They risk ethical data and regulatory pitfalls.

儘管有優先事項，但三分之二的高階主管對其組織迄今為止在人工智慧方面的進展要么是矛盾的，要么是完全不滿意，並列舉了三個主要原因。首先，62% 的高階主管表示缺乏人才和技能。其次，47% 的人提到了不明確的人工智慧。以及生成式人工智慧路線圖和投資重點。第三，42% 的受訪者表示，負責任的人工智慧組織缺乏相關策略，因此面臨我所說的“生成性難題”，因為行動太快。他們面臨道德數據和監管陷阱的風險。

But if a company moves too slowly to adopt the risk of falling behind more agile competitors becomes a real threat. The only way to resolve this of a conundrum is enterprise skilling. And this brings me to the second major trend, which is skills development that BCG report found, but only 6% of companies have managed to train more than 25% of their people on general AI tools.

但如果一家公司行動太慢而無法採用，那麼落後於更敏捷的競爭對手的風險就會成為真正的威脅。解決這個難題的唯一方法是企業技能。這讓我想到了第二個主要趨勢，即 BCG 報告發現的技能開發，但只有 6% 的公司能夠對超過 25% 的員工進行通用人工智慧工具的培訓。

So far, 46% of their workforce on average will need to undergo upskilling in the next three years due to general AI and nearly half of the leaders say that they don't yet have guidance or restrictions on AI engine of our usage at work as every facet of our society grapples with the need to improve their productivity, agility and human capital.

到目前為止，由於通用人工智慧的影響，平均 46% 的員工需要在未來三年內接受技能提升，近一半的領導者表示，他們還沒有對我們在工作中使用人工智慧引擎的指導或限制，因為我們社會的各個層面都在努力提高生產力、敏捷性和人力資本。

In this new world of general AI, we believe that they will require education and training to do this quickly, but safely, like they say in F. one to go fast, you need good breaks and I'll add you also need skilled drivers. This leads me to the third trend driving our business, the transformation of higher education, our vision for the future of higher education features, cross-sector collaboration between academic institutions, employers and government.

在這個通用人工智慧的新世界中，我們相信他們需要教育和培訓才能快速但安全地做到這一點，就像他們在F 中所說的那樣。要走得快，你需要良好的休息，我會補充說你還需要熟練的駕駛員。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、我們對高等教育特色的未來願景、學術機構、雇主和政府之間的跨部門合作。

This quarter I'm excited to share an evolving customer use case that showcases many of the compelling capabilities of the platform that we've been building, including the speed and scale of collaboration between local higher education and government workforce programs, increasingly important role of INDUSTRY micro credentials and the promise of our pathway degrees strategy.

本季度，我很高興與大家分享一個不斷發展的客戶用例，該用例展示了我們一直在構建的平台的許多引人注目的功能，包括當地高等教育和政府勞動力計劃之間合作的速度和規模、日益重要的作用產業微型證書和我們的銜接學位策略的承諾。

In 2020, the New York State Department of Labor partnered with Coursera as part of our free workforce recovery initiative and later converted to one of our largest Coursera for government customers. Their program provides free access to skills training for unemployed and underemployed citizens across the state and New York. Citizens in this program has spent more than 1.5 million hours learning on Coursera, completing over 2 million lessons at the heart of the program is our portfolio of entry-level professional certificates, which are built by top companies and designed specifically for learners with no college degree or prior work experience.

2020 年，紐約州勞工部與 Coursera 合作，作為我們免費勞動力復原計畫的一部分，後來轉變為我們為政府客戶提供的最大的 Coursera 之一。他們的計劃為全州和紐約州的失業和就業不足的公民提供免費的技能培訓。該計劃的公民在 Coursera 上學習了超過 150 萬小時，完成了超過 200 萬節課程 該計劃的核心是我們的入門級專業證書組合，這些證書由頂級公司打造，專門為沒有大學背景的學習者設計學位或之前的工作經驗。

These branded certificates help create access to well-paying digital jobs, but increasingly learners who complete these micro credentials can also earn credit towards a college degree. I'm excited to share that the recent Full-term was the first semester have an expanded partnership between Coursera New York State Department of Labor as well as the Empire State University or suey impact partnership allows New Yorkers in the government's state program to transfer eligible credits from Corsair courses on Coursera into any of Stony Empire's 125 bachelor's and Associate's Degree programs.

這些品牌證書有助於創造獲得高薪數位工作的機會，但越來越多完成這些微型證書的學習者也可以獲得大學學位的學分。我很高興與大家分享，最近的全學期是Coursera 紐約州勞工部與帝國州立大學之間擴大合作夥伴關係的第一個學期，或suey Impact 合作夥伴關係允許紐約人在政府的州計劃中轉學符合資格的學生將 Coursera 上 Corsair 課程的學分轉入 Stony Empire 的 125 個學士和副學士學位課程中的任何一個。

This includes our growing number of courses, specializations and industry micro credentials and have received American Council on Education or ACE. credit recommendations with learners eligible to receive a range of one to 18 college credits for learning on Coursera, every time we launch a new certificate, secure another credit recommendation or for a new pathway between our open courses and degrees, we increase the value of our offering for the State of New York soon, the Empire and for the learners seeking more affordable and flexible and accessible solutions to advance their lives and careers. These kinds of partnerships and pathways require certain strategic assets that are unique to the core Satraplatin, including our leading educator partners who created a broad catalogue of trusted branded content and credentials. Our global reach to individuals and institutions as well as our data technology and AI advancements that we leverage across the platform.

這包括我們不斷增加的課程、專業和行業微觀證書，並已獲得美國教育委員會或 ACE 認證。學分推薦，學習者有資格獲得在Coursera 上學習的1 到18 個大學學分，每次我們推出新證書、獲得另一個學分推薦或在我們的開放課程和學位之間建立新的途徑時，我們都會增加我們的價值很快就會為紐約州、紐約帝國以及尋求更實惠、更靈活、更容易獲得的解決方案以促進他們的生活和職業發展的學習者提供服務。這些類型的合作夥伴關係和途徑需要 Satraplatin 核心獨有的某些策略資產，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, our educator partners in an era where machines are increasingly capable of producing content at scale without guardrails for quality, integrity, and accuracy. We believe that trusted institutions will play an important role in education since the early days of Corsair as founding, there's been a proliferation of content across the Internet, but volume and value are not the same thing.

現在讓我們介紹一下每個類別的最新進展。首先，我們的教育夥伴所處的時代，機器越來越有能力大規模生產內容，而沒有品質、完整性和準確性的護欄。我們相信，自 Corsair 成立之初以來，值得信賴的機構將在教育領域發揮重要作用，網路上的內容不斷激增，但數量和價值並不是一回事。

Coursera is the trusted stewards of the world's top University and industry brands. And we believe this powerful combination of foundational knowledge and job relevant learning is required to serve learners in this fast-changing skills landscape. We added more than 25 new educator partners this year, including academic institutions like the London School of Business and University of California Berkeley, as well as a broadening list of industry partners like CVS, Dell, Madonna, Novartis, PepsiCo, and Unilever expert branded training is important for several reasons.

Coursera 是世界頂尖大學和產業品牌值得信賴的管理者。我們相信，在這個快速變化的技能環境中，需要基礎知識和工作相關學習的強大結合才能為學習者提供服務。今年我們新增了超過 25 個教育合作夥伴，其中包括倫敦商學院和加州大學柏克萊分校等學術機構，以及 CVS、戴爾、麥當娜、諾華、百事可樂和聯合利華專家品牌等行業合作夥伴。種原因，培訓很重要。

It enables robust organic top of funnel learner growth. It offers assurance on quality and rigor in an era of misinformation. And most importantly, it provides learners with recognized certificate and degree credentials that help them stand out with employers.

它能夠實現漏斗學習者的穩健有機頂部成長。它在錯誤訊息時代提供了品質和嚴謹性的保證。最重要的是，它為學習者提供了公認的證書和學位證書，幫助他們在雇主中脫穎而出。

Today, I'd like to provide updates on three areas of our catalogue, starting with our entry-level professional certificates. At the start of the year, we had 28 of these certificate training programs to date, we've announced nearly 50 with partners like Google, IBM, Microsoft, AWS, and others, and we're not slowing down in the coming year. We have a pipeline focused on adding new job roles from new industries with new and existing partners.

今天，我想提供我們目錄的三個領域的最新信息，從我們的入門級專業證書開始。今年年初，我們已經推出了 28 個證書培訓計劃，並與 Google、IBM、微軟、AWS 等合作夥伴宣布了近 50 個，並且我們在來年不會放慢腳步。我們有一個管道，專注於與新的和現有的合作夥伴一起從新行業添加新的工作角色。

We believe we're in the early stages of a long-term trend in higher education, where industry Micro Essentials play an increasingly prominent role in how learners acquire their first job or earn credit towards the college degree and how campuses modernize their curriculum to create employable graduates and have governments like New York deploy job relevant workforce training at scale and also in how businesses reskill and redeploy talent in an era where emerging technologies like Gemini are expected to disrupt and automate a wide variety of job roles.

我們相信，我們正處於高等教育長期趨勢的早期階段，行業微觀要素在學習者如何獲得第一份工作或獲得大學學位學分以及校園如何現代化其課程以創造機會方面發揮著越來越重要的作用。並讓紐約等政府大規模部署與工作相關的勞動力培訓，以及在雙子座等新興技術預計將顛覆和自動化各種工作角色的時代，企業如何重新培訓和重新部署人才。

Now onto my second catalogue update. The college degree we announced nearly 20 new degree programs in the past year, including two recent additions. Our first degree from University of Pittsburgh this Master of Data Science includes many of the attributes we're focused on, including performance-based admissions and affordable pay-as-you-go total tuition of $15,000. We also announced a Master of Science in information technology from triple IT. Hyderabad in India designed for learners with little to no computer science background.

現在進入我的第二次目錄更新。大學學位 我們去年宣布了近 20 個新學位課程，其中包括最近新增的兩個學位課程。我們從匹茲堡大學獲得的第一個資料科學碩士學位包含我們關注的許多屬性，包括基於表現的招生和負擔得起的現收現付總學費 15,000 美元。我們也宣布了 Triple IT 的資訊科技理學碩士學位。印度海得拉巴專為幾乎沒有電腦科學背景的學習者而設計。

Looking to start a career in technology, we believe that the college degree needs to be more accessible, affordable and job relevant. And we continue to focus on how Coursera and our partners can uniquely address the needs of working adults. This is what we refer to as pathway degrees, where a learner can take open content like a professional certificate and have account as credit towards a college degree. Our pathway degree strategy relies on three unique features of our business model.

如果想要在科技領域開始職業生涯，我們認為大學學位需要更容易獲得、負擔得起並且與工作相關。我們將繼續關注 Coursera 和我們的合作夥伴如何以獨特的方式滿足工作成年人的需求。這就是我們所謂的銜接學位，學習者可以學習專業證書等開放內容，並獲得大學學位的學分。我們的銜接學位策略依賴於我們商業模式的三個獨特特徵。

One, a consumer segment with global reach and low-cost acquisition to a broad and growing portfolio of professional certificates with credit recommendations and three, a broad and growing portfolio of bachelor’s and master’s degrees that enable open content to campus credit admissions and completion of coursework. In Q4, we launched 15 new pathways into six-degree programs on Coursera.

一是具有全球影響力、以低成本獲取廣泛且不斷增長的帶有信用推薦的專業證書組合的消費群體，三是廣泛且不斷增長的學士和碩士學位組合，使內容能夠向校園開放學分錄取和完成課程作業。第四季度，我們在 Coursera 上推出了 15 個通往六學位課程的新途徑。

As an example, Ball States recently launched Master of Science and data science now allows for prior learning credit for eligible learners that complete the Google Data Analytics entry-level professional certificates, a certificate that has cumulative historical enrolments of nearly 2 million learners.

例如，鮑爾州立大學最近推出了科學和數據科學碩士課程，現在允許符合資格的學習者完成Google 數據分析入門級專業證書（該證書已累計有近200 萬學習者歷史註冊），從而獲得預先學習學分。

A key enabler of this strategy is our credit recognition initiative. Last quarter I shared that we expanded our regional efforts with European credit transfer and accumulation system, or ECTS. credit recommendations. To date, we have secured almost 40 credit recommendations from ACE. and ECTS. with more to come in 2024.

這項策略的關鍵推動者是我們的信用認可計劃。上個季度我分享了我們透過歐洲學分轉移和累積系統（ECTS）擴大了我們的區域努力。信用建議。迄今為止，我們已從 ACE 獲得了近 40 項信用建議。和 ECTS。 2024 年還會有更多。

For today, I'm excited to announce that we received an authorized instructional platform designation from the American Council on Education, Corsair is the first instructional platform to receive this distinction of academic integrity, security, and rigor. This deeper partnership with ACE. has several benefits. It further distinguishes our platform with an important signal of quality and trust. It enables our marketing engine to better merchandise and promote the value of our growing catalogue of ACE. recommended content. It allows us to more quickly and seamlessly source existing ACE. recommended content from other platforms, which can be migrated to Coursera while maintaining the credit recommendation.

今天，我很高興地宣布，我們獲得了美國教育委員會的授權教學平台稱號，Corsair 是第一個獲得學術誠信、安全性和嚴謹性的教學平台。與 ACE 建立更深入的合作關係。有幾個好處。它以品質和信任的重要信號進一步使我們的平台脫穎而出。它使我們的行銷引擎能夠更好地推銷產品並提升我們不斷成長的 ACE 產品目錄的價值。推薦內容。它使我們能夠更快、更無縫地獲取現有 ACE。來自其他平台的推薦內容，可以遷移到 Coursera，同時保持信用推薦。

For my final catalogue update, I'd like to discuss our growing selection of generative. AI. content courseware offers over 800 AI related courses that have attracted nearly 7 million total enrolments this year. This includes new general AI courses like the November launch by a pioneer in Coursera co-founder, Andrew, in Andrews course called general AI. for everyone enrolled 90,000 learners from over 190 countries in its first 30 days, making it the fastest growing course of 2023.

對於我的最終目錄更新，我想討論一下我們不斷增長的生成選擇。人工智慧.內容課件提供超過 800 門 AI 相關課程，今年已吸引近 700 萬人次報名。這包括新的通用人工智慧課程，例如 Coursera 聯合創始人 Andrew 於 11 月推出的名為通用人工智慧的安德魯斯課程。 for every 課程在開課前 30 天內吸引了來自 190 多個國家的 90,000 名學習者，使其成為 2023 年增長最快的課程。

To date, the course has accumulated more than 130,000 enrolments. We're starting to see strong demand for these courses in our consumer segment. But as I touched on earlier, with the data from BCG, institutions are only beginning to formulate their AI strategy and that's why we were excited to launch our latest enterprise content offering the generative AI Academy just a few weeks ago.

迄今為止，課程已累積報名人數超過13萬人。我們開始看到我們的消費者群體對這些課程的強勁需求。但正如我之前提到的，根據 BCG 的數據，各機構才剛開始製定人工智慧策略，這就是為什麼我們很高興在幾週前推出提供生成式人工智慧學院的最新企業內容。

Gner Academy is a structured training program designed to help executives and our employees obtain the skills they need to thrive in an AI-driven workplace. We believe that high-quality education and training will be an integral part of companies unleashing the next wave of innovation and productivity using generative AI. And we're proud that the general AI Academy features institutions at the forefront of AI, including Microsoft, Stanford online Vanderbilt University, deep learning dot AI. fractal analytics, Google Cloud, AWS, and many others. As you know, the Academy has two pillars. The first is general AI Academy for everyone is a foundational literacy program that gives every employee. A general understanding of JNI is core principles, applications and impact, including guided projects on how to actually use AI tools in their day-to-day jobs and Jennifer AI Academy for executives is the second pillar, which is designed to help leaders develop a deeper understanding of what general AI is and how it is used so that they can set agenda strategy and navigate the risks and ethical issues associated with this new technology.

Gner 學院是一項結構化培訓計劃，旨在幫助高階主管和員工獲得在人工智慧驅動的工作場所中蓬勃發展所需的技能。我們相信，高品質的教育和培訓將成為企業利用生成式人工智慧釋放下一波創新和生產力浪潮的不可或缺的一部分。我們感到自豪的是，通用人工智慧學院擁有人工智慧最前沿的機構，包括微軟、史丹佛線上范德比爾特大學、深度學習點人工智慧。分形分析、Google Cloud、AWS 等等。如你所知，學院有兩大支柱。第一個是為所有人提供的通用人工智慧學院，這是一個為每位員工提供的基礎素養計劃。對 JNI 的整體理解是核心原則、應用和影響，包括如何在日常工作中實際使用人工智慧工具的指導項目，而面向高階主管的 Jennifer AI 學院是第二個支柱，旨在幫助領導者開發更深入地了解通用人工智慧是什麼以及如何使用它，以便他們能夠制定議程策略並應對與這項新技術相關的風險和道德問題。

As part of this pillar, I launch my new course navigating of AIICEO. playbook, which aims to guide executives and making strategic and ethical choices as well as lead and motivate their teams through rapid change. Chorus also offers access to hands-on lab playground running on Google Gemini Pro and hosted on the Google Cloud place, secure private Sandbox environments. Let's executive not only learn how to use general AI, but also how to apply this technology to formulate strategic plans and identify specific opportunities to create customer value and boost the productivity of their teams and conversations with our customers. And my recent discussions with business experts, government officials and academic leaders at the World Economic Forum. We are consistently hearing that organizations need guidance and support to make sense of these new technologies, develop a strategic adoption framework and implement a more holistic approach to the human capital developments. We're in the very early stages of helping our customers navigate this change. With the launch of generative AI Academy. We're able to better address one of their top strategic priorities and offer a more comprehensive well-designed solution for their diverse training and talent needs that recaps our catalogue progress with our educator partners. So let's move to our second major advantage, the global reach of our platform.

作為該支柱的一部分，我啟動了 AIICEO 的新課程導航。劇本，旨在指導高階主管做出策略和道德選擇，並領導和激勵他們的團隊透過快速變革。 Chorus 還提供對在 Google Gemini Pro 上運行並託管在 Google Cloud 上的實踐實驗室遊樂場的訪問，這是安全的私有沙箱環境。讓我們的高階主管不僅學習如何使用通用人工智慧，還學習如何應用該技術來制定策略計劃並識別特定機會來創造客戶價值並提高團隊的生產力以及與客戶的對話。我最近在世界經濟論壇上與商業專家、政府官員和學術領袖進行了討論。我們不斷聽到組織需要指導和支援來理解這些新技術、制定策略採用框架並實施更全面的人力資本發展方法。我們正處於幫助客戶應對這項變化的早期階段。隨著生成式人工智慧學院的推出。我們能夠更好地解決他們的首要策略優先事項之一，並為他們多樣化的培訓和人才需求提供更全面、精心設計的解決方案，回顧我們與教育合作夥伴的目錄進展。那麼，讓我們來談談我們的第二個主要優勢，即我們平台的全球影響力。

In 2023, we added more than 200 paid enterprise customers to end the year with nearly 1,400 business, government, and campuses. On course, growth came from all verticals in all regions. As I highlighted before, we consistently added around 6 million new registered learners each quarter, grown our global learner base by 20% to 142 million.

2023 年，我們在年底新增了 200 多家付費企業客戶，涵蓋近 1,400 個企業、政府和校園。當然，成長來自所有地區的所有垂直領域。正如我之前強調的，我們每季持續增加約 600 萬名新註冊學習者，使我們的全球學習者群體成長了 20%，達到 1.42 億。

This marked our fourth consecutive year of welcoming more than 20 million learners to our platform and growth continued to be broad-based with double digit percentage increases across all regions. And to serve these learners, we've been focused on enhancing the localized experience on Coursera, which is where I'd like to start my discussion of our third advantage, the ongoing product innovation that's happening across our platform.

這標誌著我們連續第四年歡迎超過 2000 萬名學習者使用我們的平台，並且繼續廣泛增長，所有地區的百分比增長均達到兩位數。為了服務這些學習者，我們一直致力於增強 Coursera 上的在地化體驗，我想從這裡開始討論我們的第三個優勢，即我們平台上正在進行的持續產品創新。

First is an update on 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.

首先是我們人工智慧語言翻譯計畫的最新情況。我們相信世界各地的學習者都應該能夠獲得來自世界領先專家的高品質教育。

Throughout 2023, we use advancements in the quality of machine learning to translate our catalogue at a fraction of the cost and speed of using conventional human methods. Last quarter, I shared that we managed to accelerate this initiative, doubling our amounts of both full course translations from 2000 to 4,000 in seven commonly spoken languages. We saw nearly half 1 million learners access translated courses in the initial seven languages.

在整個 2023 年，我們利用機器學習品質的進步來翻譯我們的目錄，其成本和速度只是使用傳統人類方法的一小部分。上個季度，我表示我們成功加速了這項舉措，將七種常用語言的完整課程翻譯量從 2000 份增加到 4,000 份，翻了一番。我們看到近 100 萬學習者訪問了最初七種語言的翻譯課程。

Today, I'm pleased to share that we now have more than 4,000 courses, 600 specializations and 50 certificates available in up to 18 languages recently, adding support for Mandarin, Dutch Greek Italian polish, Turkish and others over 58 million of registered learners on our platform are based in countries where the primary language is.

今天，我很高興與大家分享，我們最近提供了多達18 種語言的4,000 多門課程、600 個專業和50 個證書，並增加了對普通話、荷蘭語、希臘語、意大利語、波蘭語、土耳其語和其他語言的支持，超過5800 萬名註冊學習者我們的平台位於主要語言所在的國家。

One of these languages is a tangible example of how quickly AI innovations can enhance access and personalization at scale and early feedback has been very positive. We're seeing higher engagement and course completion rates with learners and our enterprise customers, particularly governments. We are excited about the ability to better serve their constituents with high quality, training, and education from the best experts in the world. No matter what language they speak.

其中一種語言是人工智慧創新如何快速大規模增強存取和個人化的具體例子，並且早期回饋非常積極。我們看到學習者和企業客戶（尤其是政府）的參與度和課程完成率更高。我們很高興能夠透過世界上最好的專家提供的高品質、培訓和教育更好地服務其選民。不管他們說什麼語言。

Another major general AI feature we have launched is Coursera Coach, Coursera coaches, our virtual learning assistant powered by Gemini and grounded in our expert content. Early feedback from our beta program participants is encouraging. We're seeing higher engagement for weekly active learner using Coach with capabilities like prequel practice context, relevant examples and quick video lecture summaries as some of the most popular features in the year ahead we'll continue to embed codes throughout our platform, including a more personalized learning experience, career guidance and more personalized learning pathways through content and credentials.

我們推出的另一個主要的通用人工智慧功能是 Coursera Coach，Coursera coaches，我們的虛擬學習助手，由 Gemini 提供支持，並以我們的專家內容為基礎。我們的測試計劃參與者的早期回饋令人鼓舞。我們發現每週活躍學習者使用 Coach 的參與度更高，這些功能包括前傳練習背景、相關範例和快速視訊講座摘要等一些最受歡迎的功能，我們將繼續在整個平台中嵌入程式碼，包括透過內容和證書提供更個人化的學習體驗、職業指導和更個人化的學習途徑。

To wrap up my opening remarks, let me remind you of several key priorities that we're focused on this year. First, we are broadening our catalogue of entry-level professional certificates, including new partners, rules, languages, and credit recommendations to support degree pathways and campus integrations.

在結束我的開場白時，讓我提醒大家我們今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、規則、語言和學分推薦，以支持學位途徑和校園整合。

Second, we're sourcing and launching new degree programs with a focus on flexibility, affordability, and scale pathways. So 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，重點是靈活性、可負擔性和規模途徑。因此，我們的開放內容和行業微觀證書可以算作大學學位的學分。

Third, we're focused on growing our enterprise segment across business, government and campus customers supporting institutional collaboration to better serve learner needs in this fast-changing environment, and fourth, we're deepening our platform advantages, including the broad application of Gemini for translations, personalized learning with Coach and domains killing with general AI Academy, all while driving more scale and leverage over time. I'd like to now turn it over to Ken. Ken, please go ahead.

第三，我們專注於在企業、政府和校園客戶之間發展我們的企業部門，支持機構協作，以便在這個快速變化的環境中更好地滿足學習者的需求；第四，我們正在深化我們的平台優勢，包括Gemini 的廣泛應用翻譯、透過 Coach 進行個人化學習以及透過通用 AI 學院進行網域查殺，同時隨著時間的推移推動更大的規模和影響力。我現在想把它交給肯恩。肯，請繼續。

Thank you, Jeff, and good afternoon, everyone. We are pleased to report another strong quarter marked by the growing prominence of our platform for millions of learners around the world as well as the differentiated value of our focus on high-quality branded credentials.

謝謝傑夫，大家下午好。我們很高興地報告又一個強勁的季度，其特點是我們的平台在全球數百萬學習者中的地位日益突出，以及我們專注於高品質品牌證書的差異化價值。

Over the past year, we continue to enjoy the benefits of our multi sided platform, including exposure to multiple growth levers, including the needs of individuals, businesses, governments and campuses, a common set of assets with the ability to leverage our content engine data marketing tools and more across our segments and a broad global lens to better understand and navigate the trends reshaping higher education.

在過去的一年裡，我們繼續享受多邊平台的好處，包括接觸多種成長槓桿，包括個人、企業、政府和校園的需求，這是一組能夠利用我們的內容引擎數據的共同資產行銷工具等跨越我們的細分市場以及廣泛的全球視角，以便更好地理解和駕馭重塑高等教育的趨勢。

In Q4, we generated total revenue of $168.9 million, which was up 19% from a year ago. Growth is driven by double digit increases across our three segments in particular, sustained strength in our consumer segment results. 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.

第四季度，我們的總營收為 1.689 億美元，比去年同期成長 19%。成長是由我們三個細分市場的兩位數成長所推動的，特別是我們消費者細分市場業績的持續強勁。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.

另外。

And for the final time, I would like to remind you that our 2023 results, particularly the year-over-year comparisons of gross profit and operating expenses reflect the shift of expenses in income statement line items associated with a contract extension with our largest industry partner that took effect at the beginning of 2023.

我想最後一次提醒您，我們 2023 年的業績，特別是毛利潤和營業費用的同比比較，反映了與我們最大行業的合約延期相關的損益表行項目中的費用變化合作夥伴於 2023 年初生效。

We've discussed the shift extensively in our prior earnings calls this year and expect the year-over-year comparisons to largely normalize next quarter and for all of 2024. Removing the noise from the shift in P&L geography, we drove strong bottom line EBITDA performance on a year-over-year basis in 2023.

我們在今年之前的財報電話會議中廣泛討論了這一轉變，並預計下季度和 2024 年全年的同比比較將基本正常化。消除損益地理變化帶來的噪音，我們推動了強勁的 EBITDA 盈利2023年同比表現。

Cost of revenue increased by 11 points as a percentage of revenue, while total OpEx decreased 17 points compared to the prior year. I continue to be pleased with our ability to balance our growth initiatives and long-term investments, while demonstrating the leverage inherent in our model as our platform scales.

與前一年相比，收入成本佔收入的百分比增加了 11 個百分點，而總營運支出下降了 17 個百分點。我仍然對我們平衡成長計劃和長期投資的能力感到滿意，同時隨著我們的平台規模的擴大，展示了我們模型固有的槓桿作用。

For the fourth quarter, gross profit was $91.2 million and a 54% gross margin, which was down 9 points from the prior year period. Total operating expense was $90 million or 53% of revenue, down 17 points from the prior year period.

第四季毛利為 9,120 萬美元，毛利率為 54%，較去年同期下降 9 個百分點。總營運費用為 9,000 萬美元，佔營收的 53%，比去年同期下降 17 個百分點。

For the individual P&L line-item components of OpEx sales and marketing expense represented 30% of total revenue, down 8 points. Research and development expense was 15% of revenue, down 5 points and general and administrative expense was 9% of revenue down 4 points. Finally, a year ago. At this time, we provided our expectation to be adjusted EBITDA breakeven by the fourth quarter of this year, and I'm pleased to report that we exceeded that commitments.

對於營運支出的各個損益行項目組成部分，銷售和行銷費用佔總收入的 30%，下降了 8 個百分點。研究與開發費用佔收入的 15%，下降 5 個百分點；一般及管理費用佔收入的 9%，下降 4 個百分點。終於，在一年前。目前，我們預計到今年第四季調整後的 EBITDA 損益平衡，我很高興地報告說，我們超越了這項承諾。

Fourth quarter net income was $9.5 million or 5.6% of revenue, and adjusted EBITDA was $5.7 million or 3.4% of revenue. We are excited to have achieved this profitability metric and expect increasing leverage in the coming year. One that in a minute, this milestone capped off another year of demonstrating our ability to grow while creating leverage to deliver strong bottom-line performance.

第四季淨利為 950 萬美元，佔營收的 5.6%，調整後 EBITDA 為 570 萬美元，佔營收的 3.4%。我們很高興能夠實現這項獲利指標，並預計來年槓桿率將持續提高。轉眼之間，這一里程碑為我們又一年的發展畫上了圓滿的句號，這一年展示了我們的增長能力，同時創造了槓桿，以實現強勁的盈利業績。

As a reminder of our practice, we set an annual EBITDA margin target at the beginning of the year and work within that plan. Based on the trajectory of the business this year, we're able to deliver an incremental 340 basis points of annual EBITDA margin from our initial target of negative 5%. And this resulted in total annual EBITDA margin improvement of approximately 550 basis points year over year, better than anticipated performance was the result of our overall revenue growth and strong operating expense discipline, which we were able to balance with our ongoing investments in many of the growth initiatives.

為了提醒我們的做法，我們在年初設定了年度 EBITDA 利潤率目標，並按照該計劃開展工作。根據今年的業務發展軌跡，我們能夠實現年度 EBITDA 利潤率比最初的負 5% 目標增加 340 個基點。這導致年度 EBITDA 利潤率同比提高約 550 個基點，好於預期的業績是我們整體收入成長和嚴格的營運費用紀律的結果，我們能夠與我們在許多領域的持續投資相平衡。成長舉措。

Jeff discussed. As you'll hear shortly, we expect to continue our consistent track record of delivering growth plus leverage in 2024.

傑夫討論道。正如您很快就會聽到的那樣，我們預計將在 2024 年繼續保持成長和槓桿作用的一貫記錄。

Now let's discuss cash performance and the balance sheet and I'd like to begin with an update on our free cash flow definition. We have revised the definition to include cash outflows for purchases of content assets, a figure we already disclosed in our statement of cash flows. We believe this change will be helpful to investors for two reasons. First, we continue to invest in the success of strategic content assets, particularly our entry-level professional certificates. While we are rapidly expanding with new and existing industry partners in certain arrangements, we will help fund the production of courses and credentials in exchange for more attractive economics as well as exclusivity on Coursera platform. Historically, this amount was not large enough to have a meaningful impact, but we intend to increase these investments on a go-forward basis as part of our broader content strategy.

現在讓我們討論現金績效和資產負債表，我想先更新我們的自由現金流定義。我們修改了定義，將購買內容資產的現金流出包括在內，我們已在現金流量表中揭露此數字。我們認為這項變化將對投資者有所幫助，原因有二。首先，我們持續投資於策略內容資產的成功，特別是我們的入門專業證書。雖然我們在某些​​安排中與新的和現有的行業合作夥伴一起快速擴張，但我們將幫助資助課程和證書的製作，以換取更具吸引力的經濟效益以及 Coursera 平台上的排他性。從歷史上看，這筆金額不足以產生有意義的影響，但我們打算在未來的基礎上增加這些投資，作為我們更廣泛的內容策略的一部分。

Second one to ensure that our definition was closely resembles the manner in which we analyse our financial and operating goals and that free cash flow remains aligned with adjusted EBITDA, aside from differences primarily associated with working capital changes. We believe this clarity is particularly important as our outlook anticipates strong positive free cash flow generation in the coming year.

第二個是確保我們的定義與我們分析財務和營運目標的方式非常相似，並且除了主要與營運資本變化相關的差異外，自由現金流與調整後的 EBITDA 保持一致。我們認為這種明確性尤其重要，因為我們的前景預計來年將產生強勁的正自由現金流。

Under the revised definition reconciliation purchases of content assets are treated similarly to other categories of capital expenditures, effectively lowering our free cash flow computation. For clarity, all of today's materials. Specifically, the supplemental financial tables that accompany our press release reflect free cash flow amounts for all periods using the revised definition. With that background, free cash flow was approximately $8 million for the year, inclusive of more than $5 million in purchases of content assets in 2023 and in line with our outlook range provided at the beginning of the year.

根據修訂後的定義，內容資產的調節購買的處理方式與其他類別的資本支出類似，從而有效降低了我們的自由現金流計算。為了清楚起見，請使用今天的所有材料。具體來說，我們新聞稿隨附的補充財務表格反映了使用修訂後的定義的所有期間的自由現金流量。在此背景下，全年自由現金流約為 800 萬美元，其中包括 2023 年購買超過 500 萬美元的內容資產，這與我們年初提供的展望範圍一致。

Turning to the balance sheet, we ended the quarter with approximately $722 million of unrestricted cash, cash equivalents and marketable securities with no debt as we enter new year, I want to remind you that our capital allocation priorities remain unchanged. We continue to focus on investments in organic growth while valuing the resilience and the strategic optionality provided by our strong balance sheet. As Jeff discussed, the education landscape is undergoing a rapid pace of change, and we believe that our strong financial position is an asset that will help us win in our large in early March.

談到資產負債表，進入新年之際，我們在本季結束時擁有約7.22 億美元的不受限制的現金、現金等價物和有價證券，沒有債務，我想提醒您，我們的資本配置優先事項保持不變。我們繼續專注於有機成長的投資，同時重視我們強大的資產負債表提供的彈性和策略選擇。正如傑夫所討論的，教育格局正在經歷快速變化，我們相信，我們強大的財務狀況是一項資產，將幫助我們在三月初贏得勝利。

Next, let's discuss the performance of our segments in more detail. Consumer revenue was $97.2 million, up 22% from the prior year on strong demand for entry-level professional certificates in newly launched generative AI courses. As Jeff mentioned, we had another 6 million registered learners this quarter segment gross profit was $51.5 million or 53% 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.

接下來，讓我們更詳細地討論我們各部門的表現。由於新推出的生成式人工智慧課程對入門級專業證書的強勁需求，消費者收入為 9,720 萬美元，比上年增長 22%。正如傑夫所提到的，本季我們還有600 萬名註冊學習者，細分毛利為5,150 萬美元，佔消費者收入的53%，而去年同期為73%，反映了與產業合作夥伴合約延期相關的影響，這在消費者領域最為明顯。

To summarize, our consumer segment is growing at scale. We believe our focus on high-quality credentials created in collaboration with the world's best brands distinguishes our platform differentiates the value of our offerings, which are leveraged across our segments and allows us to shape what we expect to be a long-term trend in education with more affordable, accessible and buildable units of learning than less students and working adults to progress in their careers.

總而言之，我們的消費群體正在大規模成長。我們相信，我們對與世界上最好的品牌合作創建的高品質證書的關注使我們的平台與眾不同，使我們的產品價值與眾不同，這些價值在我們的細分市場中得到利用，使我們能夠塑造我們期望的教育長期趨勢與較少的學生和在職成年人相比，擁有更實惠、更容易獲得和可構建的學習單元，以在職業生涯中取得進步。

As you'll hear shortly in discussion of our financial outlook, we expect the ongoing strong execution demonstrated in our consumer segment to be sustainable in the coming year.

正如您很快就會在討論我們的財務前景時聽到的那樣，我們預計我們的消費領域所表現出的持續強勁執行力將在來年可持續。

Move to enterprise revenue was $58.3 million, up 15% from a year ago, driven by government and campus verticals. Segment gross profit was $39.6 million or 68% of enterprise revenue compared to 66% a year ago. The total number of paid enterprise customers increased to 1,369, up 19% from a year ago. And our net retention rate from paid enterprise customers was 98%.

在政府和校園垂直領域的推動下，轉向企業的收入為 5,830 萬美元，比去年同期成長 15%。部門毛利為 3,960 萬美元，佔企業收入的 68%，而一年前為 66%。付費企業客戶總數增至1,369戶，較去年同期成長19%。我們付費企業客戶的淨保留率為 98%。

As we've discussed the past several quarters, we continue to see a divergence in performance amongst our verticals, specifically pressuring Coursera for business, offset by momentum in our other two verticals, government, and campus. We see corporate learning budgets remaining under pressure, but here from customers than many are in the early stages of formulating a talent strategy associated with harnessing the benefits of emerging AI technologies. Ultimately, we expect that AI will create significant changes in job functions with opportunities that will enhance employee productivity, which will in turn create additional demand for employee learning at the highest-level change creates demand for learning and AI. should create increasing change over the coming years. And while we navigate our slower Coursera for business vertical growth. We are focused on continuing the strong momentum in our government and campus verticals where the customer use cases are particularly well suited for the branded job relevant credentials that are also driving our consumer segment performance.

正如我們在過去幾個季度所討論的那樣，我們繼續看到垂直行業之間的業績差異，特別是對 Coursera 的商業壓力，被我們其他兩個垂直行業（政府和校園）的勢頭所抵消。我們看到企業的學習預算仍然面臨壓力，但來自客戶的壓力比許多處於製定與利用新興人工智慧技術的優勢相關的人才策略的早期階段的客戶要多。最終，我們預期人工智慧將為工作職能帶來重大變化，並提供提高員工生產力的機會，這反過來又會為員工的學習創造額外的需求，最高層的變化會創造對學習和人工智慧的需求。應該在未來幾年創造越來越多的變化。雖然我們在緩慢的 Coursera 中導航以實現業務垂直成長。我們專注於繼續在政府和校園垂直領域保持強勁勢頭，其中客戶用例特別適合品牌工作相關證書，這也推動了我們消費者細分市場的表現。

And finally, our degrees segment division revenue was $13.4 million, up 12% from a year ago on growth in new students and scaling of recent program launches. The total number of new degree students grew 22% from a year ago to 22,025. As a reminder, there is no content cost attributed degree segment. So degrees segment gross margin was 100% of revenue.

最後，由於新生數量的成長和近期計畫推出的規模擴大，我們的學位部門收入為 1,340 萬美元，比一年前增加了 12%。新學位學生總數比一年前增加22%，達22,025人。提醒一下，沒有內容成本歸因於學位部分。因此，學位分部的毛利率為收入的 100%。

And while the segment is a small portion of our overall revenue mix today, we remain focused on the long-term opportunity integration. We believe that our platform is uniquely positioned to fundamentally transform the college degree. We need to start validating that potential with renewed and increasing growth we believe that the path to better degrees growth lies in working with our university partners to create stronger pathways between our consumer segments where we benefit from scale as well as our growing selection of pathway degree programs.

儘管該細分市場僅占我們今天整體收入組合的一小部分，但我們仍然專注於長期機會整合。我們相信，我們的平台具有獨特的優勢，可以從根本上改變大學學位。我們需要開始透過新的和不斷增長的成長來驗證這種潛力，我們相信，實現更好的學位成長的途徑在於與我們的大學合作夥伴合作，在我們的消費者群體之間創建更強大的途徑，我們從規模以及不斷增加的途徑學位選擇中受益程序。

Now on to our financial outlook. For Q1, we're expecting revenue to be in the range of $168 million$ to 172 million for adjusted EBITDA, we're expecting a range of negative two to positive $2 million for full year 2024. We anticipate revenue to be in the range of $730 million to $740 million, representing approximately 16% growth at the midpoint of the range for adjusted EBITDA, we're expecting a range of $26 million to $32 million or an adjusted EBITDA margin of approximately 4% at the midpoint of the revenue and adjusted EBITDA guidance ranges.

現在談談我們的財務前景。對於第一季度，我們預計調整後EBITDA 的營收將在1.68 億美元至1.72 億美元之間，我們預計2024 年全年營收將在負2 美元到正200 萬美元之間。我們預計營收將在該範圍內7.3 億美元至7.4 億美元，相當於調整後EBITDA 範圍中點成長約16%，我們預期調整後EBITDA 利潤率範圍為2,600 萬美元至3,200 萬美元，或調整後EBITDA 利潤率約為營收中點4%，調整後的 EBITDA 指導範圍。

This is a 550-basis point improvement in line with the strong progress we made in 2023. As a reminder, we do not optimize for any single quarter. Instead, we manage our annual adjusted EBITDA margin targets and work within the plan to maximize growth based on the trajectory of the business for free cash flow, we expect to deliver at or above our adjusted EBITDA target in addition to working capital benefits, this takes into account the increased purchases of content assets based on our revised definition. So overall, a very strong expectation around free cash flow generation even as we invest.

這是 550 個基點的改進，與我們在 2023 年取得的強勁進展一致。需要提醒的是，我們不會針對任何一個季度進行最佳化。相反，我們管理年度調整後的EBITDA 利潤率目標，並在計劃內根據自由現金流的業務軌跡實現增長最大化，除了營運資本效益外，我們預計還能達到或高於調整後的EBITDA 目標，這需要考慮到根據我們修訂後的定義增加的內容資產購買量。總的來說，即使我們進行投資，人們對自由現金流的產生也抱有非常強烈的期望。

Finally, our practice is to provide some color on the composition and pace of the business as we enter the new year, particularly given the varying impacts of the evolving environment and ongoing trends in the education industry. This includes one-time beginning of the year segment-level annual growth expectations to help you better understand how we intend to deliver on our overall guidance for consumer. We believe that the strong durable performance we've demonstrated over the past several years will continue driven by learner demand for our growing selection of branded industry MicroEssentials, along with a rapidly expanding catalogue of general AI courses. Our initial outlook anticipates growth of approximately 20% for enterprise. We remain optimistic about our government and campus verticals offsetting our slower business vertical growth, resulting in expected growth of more than 10%. And for degrees, we're focused on proving out our pathway degrees strategy, including sourcing and ramping new programs in their very early stages. While we work to drive scaled pathways for faster growth.

最後，我們的做法是在進入新的一年時為業務的組成和節奏提供一些色彩，特別是考慮到不斷變化的環境和教育行業持續趨勢的不同影響。這包括年初的一次性細分年度成長預期，以幫助您更好地了解我們打算如何為消費者提供整體指導。我們相信，學習者對我們不斷增加的品牌產業 MicroEssentials 選擇以及快速擴展的通用人工智慧課程目錄的需求，將繼續推動我們在過去幾年中展現出的強大持久性能。我們初步預期企業成長率約為 20%。我們對政府和校園垂直業務仍持樂觀態度，這將抵消我們業務垂直成長放緩的影響，從而實現 10% 以上的預期成長。對於學位，我們專注於證明我們的銜接學位策略，包括在新專案的早期階段尋找和推廣新專案。我們致力於推動規模化途徑以實現更快的成長。

Our 2024 expectation is that our degree segment grows by more than 10% weighted towards the second half.

我們對 2024 年的預期是，我們的學位細分市場下半年成長超過 10%。

To summarize, we are delivering high-quality learning through our multi sided platform and our diversified channel. We're producing growth with consistently increasing scale and leverage resulting from the complementary benefits of our three segments, and we're pursuing a long-term strategy from a position of financial strength, allowing us the resilience and the strategic flexibility to navigate and drive the transformation of higher education currently underway.

總而言之，我們透過多邊平台和多元化管道提供高品質的學習。由於我們三個部門的互補優勢，我們正在透過不斷擴大的規模和槓桿來實現成長，並且我們正在以財務實力的地位追求長期策略，這使我們能夠具有彈性和戰略靈活性來導航和推動高等教育轉型正在進行中。

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. I want to close today's remarks by highlighting a recent recognition by the World Economic Forum. The World Economic Forum believes that skill and talent shortages are one of the most critical challenges facing society. Today, it impedes business growth, hinders economic prosperity, and inhibits individuals from realizing their full potential in January. Their Insight Report on putting skills first recognize multiple organizations, including several of our educator partners and customers like IBM PTO, PwC, and Sanofi for their innovative efforts to resolve labour shortages, solve the skills gap and better equip workers for the jobs of tomorrow. I'm proud to share the Corsair as credit recommendation initiative for our professional certificates and pathway to Greece was chosen as a government and education sector Light House this year.

謝謝，肯。我想透過強調世界經濟論壇最近的認可來結束今天的演講。世界經濟論壇認為，技能和人才短缺是社會面臨最嚴峻的挑戰之一。如今，它阻礙了商業成長，阻礙了經濟繁榮，並阻礙了個人在一月份充分發揮潛力。他們關於將技能放在首位的洞察報告認可了多個組織，包括我們的一些教育合作夥伴和客戶，如IBM PTO、普華永道和賽諾菲，他們正在解決勞動力短缺、解決技能差距和更好地為工人做好未來工作的創新努力。我很自豪地與大家分享，海盜船作為我們的專業證書和通往希臘的途徑的信用推薦計劃今年被選為政府和教育部門的燈塔。

The report highlights how our efforts are bridging the divide between traditional and nontraditional learning pathways. Our collaboration with industry partners fosters education that is accessible, affordable and align with the evolving labour market needs with a growing number of credit recommendations by ACE. and ECTS., we have respected third party support. It furthers our ability to extend the reach and depth of the integration use cases we are seeing with traditional academic institutions and systems of higher education. This is another validation of how our business strategy remains deeply intertwined with our founding mission, and I find it inspiring to see members of the Coursera learning ecosystem recognized for the important role that they play in, enabling the future workforce, addressing skill shortages, transforming the global economy and equipping the next generation with the education and opportunities they need to succeed in a rapidly evolving digital world.

該報告強調了我們如何努力彌合傳統和非傳統學習途徑之間的鴻溝。我們與產業合作夥伴合作，透過 ACE 提供的越來越多的信用建議，促進教育變得容易獲得、負擔得起，並符合不斷變化的勞動力市場需求。和 ECTS。，我們尊重第三方的支持。它進一步增強了我們擴展與傳統學術機構和高等教育系統整合用例的廣度和深度的能力。這是對我們的業務策略如何與我們的創始使命緊密相連的又一次驗證，看到Coursera 學習生態系統的成員因其在支持未來勞動力、解決技能短缺、轉型等方面所發揮的重要作用而得到認可，我感到很鼓舞。全球經濟，並為下一代提供他們在快速發展的數位世界中取得成功所需的教育和機會。

Now let's open the call for questions.

現在讓我們開始提問。

Thank you. (Operator instructions)

謝謝。 （操作員說明）

Josh Baer, Morgan Stanley. Josh, your line is now.

喬許貝爾，摩根士丹利。喬希，現在是你的線路了。

Great. Thanks for the question and congrats on a good finish to the year and a strong guide. I wanted to ask on marketing spend and marketing efficiency. Sales and marketing expense declined year over year versus a really strong revenue growth. And that's been the theme this year. So I was hoping you could dig in a little on marketing spend just as your products your certificates catalogue of offerings expand? Are you spending more or less on a dollar basis? And then how has the efficiency of that spend changed?

偉大的。感謝您的提問，並祝賀您今年取得了良好的成績，並得到了強有力的指導。我想問一下行銷支出和行銷效率。銷售和行銷費用較去年同期下降，而營收成長卻非常強勁。這就是今年的主題。因此，我希望您能在您的產品、您的證書產品目錄不斷擴大的同時，在行銷支出上進行一些深入研究？以美元計算，您的支出是增加還是減少？那麼支出的效率又發生了什麼樣的變化呢？

Sure, Josh, this is Ken. Of course, on So two quick things on. So yes, one of the things that happened year over year and we continue to talk about and this gets to be the last time we do that is we had a large partner that was spending. We were spending marketing dollars on their marketing dollars, which helped and then in their absence have been spending some of our own online. There is a shift in the line items to on between cost of sales and sales and marketing. So that's a portion of it. But the more fundamental answer to your question, which is important is we are seeing greater efficiency on and we've been able to deploy more marketing spend to drive some of that growth in a highly profitable fashion. So I think you'll see our absolute dollar spend continue to go up with marketing because I see that trajectory continuing. It's good business.

當然，喬什，這是肯。當然，就這麼兩件事很快就開始了。所以，是的，年復一年發生的事情之一，我們繼續談論，這將是我們最後一次這樣做，那就是我們有一個大的合作夥伴正在花錢。我們將行銷資金花在他們的行銷資金上，這很有幫助，然後在他們不在的情況下，我們自己也花了一些錢在網路上。行項目在銷售成本與銷售和行銷之間發生了轉變。這就是其中的一部分。但對你的問題的更根本的答案（這一點很重要）是我們看到了更高的效率，並且我們已經能夠部署更多的行銷支出，以高利潤的方式推動部分成長。因此，我認為您會看到我們的絕對美元支出隨著行銷而繼續上升，因為我看到這種軌跡仍在繼續。這是一筆好生意。

Great. And if I could just add one for Jeff, on your over the last here, there's been a lot of changes with degree competitors, a couple exiting their businesses and others navigating some other challenges. I'm just wondering how all of that evolving competitive landscape has impacted core Sarah's degree, business, and outlook?

偉大的。如果我能為傑夫補充一點，在你的最後一篇文章中，學位競爭對手發生了很多變化，有些人退出了他們的業務，有些人則在應對其他挑戰。我只是想知道不斷變化的競爭格局如何影響莎拉的核心學位、業務和前景？

Thanks. Yes, I would say Thanks, Josh. I would say it clearly reflects a pretty difficult environment in North America to be in the business of providing college degrees. I mean the sentiment in America has gone pretty negative, especially among elite degrees. Labor markets remain tight and where there's often been historically countercyclicality between degrees and labour market?

謝謝。是的，我會說謝謝，喬許。我想說，這清楚反映出北美提供大學學位的環境相當困難。我的意思是，美國的情緒已經變得相當消極，尤其是在精英學位中。勞動市場仍然緊張，學位和勞動市場之間在歷史上經常出現反週期現象嗎？

Tom, I think we're seeing the same thing. You're right. Our competitors have faced very, I would say headwinds is an understatement. I think that partly explains why it's taking us a bit of time to crack this pathway degrees opportunity. But we really do believe that there is a new need for working adults to get new skills and distinguish themselves with credentials like professional certificates and college degrees. And the traditional college degree could be improved dramatically by this new pathway degrees opportunity so I'd say that we are facing a lot of the same headwinds as others have, and we have something pretty distinctively different and more advantageous that we're still trying to figure out, frankly, how to nail down and market appropriately the right degree to the right students and educate people on what degree pathways are. But what's kind of cool is when we find individuals who are in Professional Certificates where they understand that there's a degree pathway we see retention and satisfaction to actually be higher.

湯姆，我想我們看到了同樣的事情。你說得對。我們的競爭對手面臨著非常大的逆風，我想說這是輕描淡寫的。我認為這在一定程度上解釋了為什麼我們需要一些時間來破解這個途徑學位的機會。但我們確實相信，在職成年人需要獲得新技能，並透過專業證書和大學學位等證書使自己脫穎而出。傳統的大學學位可以透過這個新的途徑學位機會得到顯著改善，所以我想說，我們面臨著許多與其他人相同的逆風，而且我們有一些非常獨特的不同和更有利的東西，我們仍在試著坦白說，弄清楚如何向合適的學生確定和適當推銷合適的學位，並教育人們了解學位途徑是什麼。但很酷的是，當我們發現持有專業證書的人知道有一個學位途徑時，我們認為保留率和滿意度實際上會更高。

And to your question around marketing efficiency, we think that marketing into these distinctive valuable Professional Certificates could improve as people realize that the value of a Professional Certificate can extend beyond the certificate to a college degree that you could earn not only more flexibly but more affordably because those credits that you're buying on Coursera can count as credit towards the college degree. So we think it's a pretty tough environment in the U.S. And we've got some pretty different and we feel good about our long-term prospects there.

對於您關於行銷效率的問題，我們認為，隨著人們意識到專業證書的價值可以超越證書，擴展到您不僅可以更靈活而且更實惠地獲得大學學位，對這些獨特而有價值的專業證書的營銷可以改善因為您在 Coursera 上購買的那些學分可以算作大學學位的學分。因此，我們認為美國的環境相當艱難，但我們有一些非常不同的地方，我們對美國的長期前景感到滿意。

Great.

偉大的。

Thank you.

謝謝。

Stephen Sheldon, William Blair. Your line is now open.

史蒂芬謝爾頓，威廉布萊爾。您的線路現已開通。

And a lot of encouraging updates here. But first, let me just thinking about more about Coursera for business. It sounds like companies are going to need a lot of support and handholding as they tried to develop AI skills across the organization. But it's also coming at a time when learning and development budgets are under pressure from a timing perspective, when do you think a fear about getting left behind on AI skills development at the organizational level starts to overpower the cost containment efforts they've put in place. It seems with the guidance that you put out there for enterprise seems like you may not be assuming much in the 2024 guidance. So you think it's something that they could start to move the demand needle later this year, 2025, 2026? I guess, how are you thinking about it?

這裡有很多令人鼓舞的更新。但首先，讓我先多思考一下 Coursera 的商業用途。聽起來，當公司試圖在整個組織內發展人工智慧技能時，他們將需要大量的支援和指導。但從時間角度來看，學習和開發預算面臨壓力，您認為組織層面對人工智慧技能開發落後的恐懼何時開始壓倒他們投入的成本控制努力？地方。根據您為企業發布的指導，您似乎在 2024 年指導中沒有做出太多假設。所以你認為他們可以在今年稍後、2025 年、2026 年開始推動需求？我想，你想得怎麼樣？

Stephen, this is Jeff, thanks. I think you're spot on. And it's an open question for sure. What will this recognition turn into reality in 2024, as you mentioned, it's not built into the model. The way I see this year from my perspective is that the evolution of general AI and businesses is going to happen in certain phases. And the way I like to think about it is phase one is kind of conversation that was kind of 2023 was a lot about all look at GPT.

史蒂芬，這是傑夫，謝謝。我認為你說得對。這肯定是一個懸而未決的問題。正如您所提到的，這種認識到 2024 年將變成現實，它並沒有內建在模型中。從我的角度來看，今年通用人工智慧和商業的發展將在某些階段發生。我喜歡的思考方式是，第一階段是 2023 年的對話，主要是關於 GPT 的對話。

This is amazing what's going to happen you Asia is going to take over the world well above that is that is giving way to a Phase two, which is experimentation and a lot of company.

令人驚訝的是，將會發生的事情是亞洲將接管世界，遠高於這正在讓位給第二階段，這是實驗和大量的公司。

A lot of companies moving into that. But as I said in the script, so 66% of execs are dissatisfied with the progress that we're making. And BCG puts 90% of companies in that category of being observers just kind of playing around, but not really doing anything. I think the next phase is going to be what I call separation, certain companies are going to actually figure out how to unlock the productivity and the innovation that comes from this and a bunch of other companies will not that will then lead, I think, to a next phase, which is recognition a recognition that the leaders are pulling away from the from the laggards.

很多公司都進入了這個領域。但正如我在腳本中所說，66% 的高階主管對我們的進展不滿意。 BCG 將 90% 的公司歸類為觀察者類別，只是玩玩，但沒有真正做任何事情。我認為下一階段將是我所說的分離，某些公司將真正弄清楚如何釋放生產力和由此產生的創新，而其他一些公司不會，我認為，進入下一階段，即認識到領先者正在與落後者拉開距離。

And then there's going to be a scramble that happens where companies say what's happening, why am I losing? Why am I not getting the kind of leverage that these other companies are and then they're going to pile in and catch up. Now I might be wrong and I don't know the timing of it, but one of the things we're dealing with here is institutions and individuals who are frankly overwhelmed by how fast things are changing and how much certainty exists in so many facets of the business. But as the leaders pave the way, I think there will be road sort of pathways and road maps to say this is what you're supposed to do to figure this out. And I feel pretty confident that learning and training is going to be a major part of what separates the leaders from the laggers, and it might be a matter of time, but I see this as almost inevitable. I mean, I just think scaling is going to be a really important part of taking advantage of this new technology.

然後就會出現一場爭奪戰，公司會說發生了什麼，為什麼我會輸？為什麼我沒有像其他公司那樣獲得影響力，然後他們就會蜂擁而至並迎頭趕上。現在我可能是錯的，我不知道它的時機，但我們在這裡處理的事情之一是機構和個人，坦率地說，他們對事物變化的速度以及如此多方面存在的確定性感到不知所措的業務。但當領導人鋪平道路時，我認為將會有一些道路和路線圖來說明這是你應該做的來解決這個問題。我非常有信心，學習和培訓將成為區分領先者和落後者的主要部分，這可能只是時間問題，但我認為這幾乎是不可避免的。我的意思是，我只是認為擴展將成為利用這項新技術的一個非常重要的部分。

Very helpful. Thank you, Adam. And then as a follow up on the consumer segment, I guess I wanted to ask a little bit about gross margins that you've seen. It looks like it stepped up pretty nicely sequentially over the last two quarters. So it's kind of the second half of your I know year over year comps get a little tricky with the things that you talked about can and have been talking about for last year. But just generally, how are you thinking about gross margins, I guess, on the consumer side as we think about 2024 for Manon and going forward?

很有幫助。謝謝你，亞當。然後，作為消費者細分市場的後續行動，我想我想問一下您所看到的毛利率。看起來它在過去兩個季度中連續上升得相當好。所以，我知道，你的下半年的年復一年的比較會變得有點棘手，因為你去年談論過的事情可以並且一直在談論。但總的來說，我想，當我們考慮 Manon 的 2024 年及其未來時，您如何看待消費者方面的毛利率？

Sure, Stephen. The one of the things that's happened there.

當然，史蒂芬。在那裡發生的事情之一。

The biggest reason for that more recent improvement where we're not forecasting that into the mix or but we have seen a shift towards some of the lower payout degrees, where we've worked with our partners and provided funding it coincides with our change in free cash flow definition by the way, because we're hopeful that we're going to do more of that going forward, where we fund some of the content. And as a result, we get higher margin business as well as proprietary great content, which we like, as you know, most of our content is not proprietary. People tend not to multisource where the biggest platform and the biggest channel. But when we can get it for the cost of funding and we're also, by the way, figuring out quickly how to produce that content much more cheaply. So it's just it's a great thing for us. The more we do have it. I'll do those deals all day long on, but that's the primary reason. So a couple of our big, almost everybody's on a 50 50 rev share, but there's a few where we get better terms because we funded on the front end and as a result get paid back. So you see a little bit of a shift than Q3 Q4, we'd like to rinse and repeat, and we'll continue to do that where we get the opportunity. It's a great payback for Coursera.

最近出現改善的最大原因是我們沒有預測到這種情況，或者但我們已經看到了向一些較低支付程度的轉變，我們與合作夥伴合作並提供了資金，這與我們的變化相一致順便說一句，自由現金流的定義，因為我們希望未來能做更多這樣的事情，我們為一些內容提供資金。結果，我們獲得了更高的利潤率業務以及專有的優質內容，我們喜歡這些內容，如您所知，我們的大部分內容都不是專有的。人們往往不會在最大的平台和最大的管道上進行多源合作。但是，當我們能夠以資金成本獲得它時，順便說一句，我們也正在快速弄清楚如何以更便宜的價格製作該內容。所以這對我們來說是一件偉大的事。我們擁有的越多。我會整天做這些交易，但這是主要原因。因此，我們的一些大公司，幾乎每個人都享有 50 50 的轉速份額，但也有一些我們獲得了更好的條款，因為我們在前端提供了資金，因此得到了回報。因此，您會看到與第三季和第四季相比有一些轉變，我們希望進行沖洗並重複，並且我們將在有機會的情況下繼續這樣做。這對 Coursera 來說是一個巨大的回報。

Great.

偉大的。

Thank you.

謝謝。

Jeff Silber, BMO Capital Markets. Jeff, your line is open.

Jeff Silber，BMO 資本市場。傑夫，您的線路已開通。

Thanks so much. I was intrigued when you talked about the partnership you're having with the New York State Department of Labor? And are there any other state thinking of doing what you're doing there? It sounds like a really interesting initiative.

非常感謝。當您談到與紐約州勞工部的合作關係時，我很感興趣？有其他國家考慮做你在那裡做的事情嗎？這聽起來是個非常有趣的舉措。

Yes. Thanks, Jeff. We are we are certainly talking to many states about this. And if you just read, obviously you read the news and you hear what's happening in terms of perceptions of college, the ROI of buying a college degree, state funding of state schools and also the need for services for a big portions of the population that are being displaced and left behind this kind of a program that says, look, we'll put something at scale and fit and efficient to people who need up-skilling. And we will also create pathways to make more relevant and affordable the degrees that are being offered, especially for state institutions. We're seeing a lot of interest in. And by the way, it's not just in the US in Kazakhstan. I think I might have mentioned a few quarters ago, we see we see national governments buying Coursera for Campus licenses and giving them to public and private universities throughout the country. We also mentioned the University of Texas system, which is not yet tied up with the Department of Labor there. But you can see state by state, sometimes with educational system, sometimes with the government oftentimes in collaboration putting together the systems. And what I think is really I mean, there's a lot of things exciting about it. But one thing that's really great is it there's been a real challenge. You talk to almost anybody in government who recognizes that higher education systems are not fully meeting the needs of either students or employers. And then you say, well, how do you help an entire system adapt quickly to the new needs of employers and the new needs of students. Educational institutions are not highly adaptive, but what does that built that way? Being able to bring in industry certificates via a credit recommendation system with an existing entity like an ACTICE. or NECTS. or we're working in Saudi Arabia. We're working U.A. E, we're working in India country after country after country is for is working on this pattern. And I think it's going to be big in India, for example, is something called the National skills qualification framework, which sits under the new education policy. The NEP. Netcom is the designated body that actually does the IT accreditation to see if it is the standard of the national skills qualification framework. And then the Indian policy us on the called ABC., which is the academic bank of credit to make college credits mobile for a doubling what they expect to be a doubling of the number of people in college in India from 35 million to 70 million. So this is something that's happening well beyond New York, well beyond states in America, it's I believe this is going to be a global phenomenon.

是的。謝謝，傑夫。我們當然正在與許多州討論此事。如果你只是閱讀，顯然你讀了新聞，你會聽到在對大學的看法、購買大學學位的投資回報率、公立學校的國家資助以及為大部分人口提供服務的需求等方面發生的情況正在被取代並留下這樣一個項目，該項目說，看，我們將為需要提陞技能的人提供一些規模化、適合且高效的東西。我們還將創造途徑，使所提供的學位更具相關性和負擔得起，特別是對於國家機構而言。我們看到很多人對此感興趣。順便說一下，這不僅僅是在美國，在哈薩克斯坦也是如此。我想我可能在幾個季度前提到過，我們看到各國政府購買了 Coursera 校園版許可證，並將其提供給全國各地的公立和私立大學。我們還提到了德克薩斯大學系統，該系統尚未與那裡的勞工部掛鉤。但你可以看到一個州一個州，有時是教育系統，有時是政府，經常合作整合這些系統。我的意思是，這裡面有很多令人興奮的事情。但真正偉大的一件事是，這是一個真正的挑戰。您與政府中幾乎所有認識到高等教育系統無法完全滿足學生或雇主需求的人進行了交談。然後你會說，如何幫助整個系統快速適應雇主的新需求和學生的新需求。教育機構的適應性並不強，但它是怎麼建立起來的呢？能夠透過信用推薦系統與現有實體（如 ACTICE）引入行業證書。或 NECT。或者我們在沙烏地阿拉伯工作。我們正在美國工作E，我們正在印度一個又一個國家開展工作，正在研究這種模式。我認為這在印度將會很重要，例如，國家技能資格框架，它屬於新的教育政策。新經濟政策。網通是實際進行IT認證的指定機構，看看它是否符合國家技能資格架構的標準。然後印度製定了所謂的 ABC 政策，這是一個學術信貸銀行，旨在使大學學分具有流動性，使印度的大學人數翻一番，從 3500 萬增加到 7000 萬。因此，這種情況正在發生在紐約之外，遠遠超出美國各州，我相信這將成為全球現象。

Okay. That's really helpful. And my second question, I guess, has to do with the change in definition for peak free cash flow you talk about and I'm just reading from your remarks and certain arrangements will help fund the production of courses and credentials in exchange for more attractive economics as well as exclusivity on your platform? And how common is that what segments are this? And should we expect gross margins to potentially go up as you move towards more of these arrangements?

好的。這真的很有幫助。我想，我的第二個問題與您所說的峰值自由現金流定義的變化有關，我只是從您的言論中讀到，某些安排將有助於資助課程和證書的製作，以換取更具吸引力的課程和證書。您的平台上的經濟性和排他性？這些細分市場有多常見？隨著您採取更多此類安排，我們是否應該預期毛利率可能會上升？

And Jeff, on your this is Ken Hahn on the as you know on So yes, we are starting to seed a more opportunity there with some of our partners. A lot of it has been on the tech side and on its highly attractive content. It's content that's our bread and butter. And so we do seek to do more of those as our partners. Certain partners appreciate doing the relationship. If those continue to increase as a percentage of total, obviously they'll drive the margin higher. And in some instances these are 70% or 80%, some of them, it's pure margin. It depends on the individual relationship and how much. We're funding on the proprietary.

傑夫，您的這位是肯·哈恩（Ken Hahn），正如您所知，所以是的，我們開始與我們的一些合作夥伴一起在那裡播種更多機會。其中很大一部分是在技術方面及其極具吸引力的內容。內容是我們的麵包和黃油。因此，作為我們的合作夥伴，我們確實尋求做更多這樣的事情。某些合作夥伴很高興能建立這種關係。如果這些佔總數的百分比繼續增加，顯然它們會推高利潤率。在某些情況下，這是 70% 或 80%，其中一些是純利潤。這取決於個人關係和程度。我們正在為專有技術提供資金。

I wouldn't bake anything in from an increase standpoint, but we are seeing more interest.

從增加的角度來看，我不會加入任何東西，但我們看到了更多的興趣。

And again, back to the free cash flow comment, that's exactly what that is us setting aside funds. So we're excited to use many of those as our partners want to. We don't need to if we do, it will have a salutary effect on the gross margins on. And again, we'll do those deals all day long.

再次回到自由現金流評論，這正是我們撥出資金的原因。因此，我們很高興能夠按照我們的合作夥伴的意願使用其中的許多功能。如果我們這樣做的話，我們不需要這樣做，這將對毛利率產生有益的影響。再說一遍，我們會整天做這些交易。

And I would add and I mentioned in the script, the on the platform certification from ACE. a lot. We see this fundamental pattern around these pathway degrees happening, state-by-state around countries. And we know that working with institutions is a big part of that. We are trying to institutionalize the know-how, the know-how of what does the Professional Certificate look like, which ones do you want? Who do you want to get them from? What's the basic structure of these things, how do you build them? And I am seeing we are seeing now the ability to use generative AI tools to produce these certificates at the same quality level much more quickly and less expensively, but there's a lot of know-how that's required to do that. There's know-how in the people, the processes, the tools and also the underlying platform which ACE. has done a review and said, look, this platform has capabilities to predict academic integrity and ensure certain levels of rigor. So institutionalizing that know-how, I think will give us certain advantages in terms of competitive advantages as well as scale advantages that Ken's talking about that will cause us to want to lean into this more and more.

我想補充一點，我在腳本中提到過，來自 ACE 的平台認證。很多。我們看到這種圍繞著這些銜接學位的基本模式正在各國各州發生。我們知道，與機構合作是其中重要的一環。我們正在努力將專業知識制度化，專業證照是什麼樣的，您想要哪些？你想從誰那裡得到它們？這些東西的基本結構是什麼，如何建構它們？我發現我們現在能夠使用生成式人工智慧工具以更快、更便宜的方式以相同的品質等級產生這些證書，但要做到這一點需要大量的專業知識。 ACE 擁有人員、流程、工具以及底層平台的專業知識。做了審查並說，看，這個平台有能力預測學術誠信並確保一定程度的嚴謹性。因此，將這種專業知識制度化，我認為這將為我們帶來競爭優勢和規模優勢的某些優勢，肯所說的這將使我們越來越想要傾向於這一點。

Okay.

好的。

Really helpful. Thanks so much.

真的很有幫助。非常感謝。

Sure.

當然。

Thank you.

謝謝。

Rishi Jaluria with RBC Capital Markets. Please, your line is now open.

Rishi Jaluria 與 RBC 資本市場。請，您的線路現已開通。

Wonderful, thanks so much. For taking my questions. Nice to see continued strength in the business and the crossover to free cash flow positive on I want to maybe go back to thinking about the enterprise side because we're now starting to see the first signs of job disruption or maybe even potential job losses as a result of a I mean; it still feels like enterprises are not taking reskilling and upskilling it. Here's who they need to maybe asking the kind of same question in a different ways. What's what do you have in your power to kind of make that message resonate deeper within actual enterprises, that there is a sense of urgency around this, given it's going to start with jobs, but it's probably going to be entire industries that will get disrupted as a result of this.

太棒了，非常感謝。回答我的問題。很高興看到業務的持續強勁以及自由現金流的積極交叉，我想也許會重新考慮企業方面，因為我們現在開始看到工作中斷甚至潛在失業的初步跡像我是說的結果；仍然感覺企業沒有進行再培訓和技能提升。他們可能需要這樣的人以不同的方式提出同樣的問題。你有什麼能力讓這個訊息在實際企業中產生更深入的共鳴，圍繞這個問題有一種緊迫感，因為它將從就業開始，但很可能整個行業都會受到干擾結果。

And I've got a quick follow-up.

我有一個快速的跟進。

Yes. So Rishi, I think you're onto it. I think I think there is urgency. I mean, I think you look out there, everyone's talking about it, everyone is doing something. I think there's not clarity. People just the executives don't really know what to do on this question of impact on labour market. You know, we are over a long period of time. We have tried to position ourselves in terms of our business model structure. We want to make sure that we can serve institutions who need to reskill and upskill their employees. But we also want to upskill and reskill individuals. There's this question of separation that you're that you're sort of identifying, which is some companies are going to say we don't need 1,000, 2000, 5000 employees that are currently with us today.

是的。 Rishi，我想你已經明白了。我想我認為有緊迫性。我的意思是，我想你看看外面，每個人都在談論它，每個人都在做一些事情。我認為沒有明確性。人們（包括高階主管）真的不知道在這個對勞動市場影響的問題上該怎麼做。你知道，我們已經經歷了很長一段時間了。我們試圖根據我們的商業模式結構來定位自己。我們希望確保我們能夠為需要重新培訓和提高員工技能的機構提供服務。但我們也希望提升個人技能和再訓練技能。有一個你正在識別的分離問題，有些公司會說我們不需要 1,000、2000、5000 名目前在我們工作的員工。

So you know, what reskilling is not really going to be our problem.

所以你知道，重新訓練並不是我們真正的問題。

We want to reskill the people who stay at our company, not the people who separate from our company. I think there's going to be kind of two main types of tailwinds that are going to hit us, I think about a and this is really hard for us for any of us to really know, I think there is going to be a part which is serving institutions who will invest in their current and future employees who say if I really want to improve the innovation and the quality of services they can deliver to my customers and improve the productivity of those employees who remain in my organization. I'm going to have to educate them to do that. But then I think there could be a consumer piece of this too, for all the employees who separate they're going to separate because their careers had been largely impacted and substantially automated. You're not going to go to some other company and get the same job that you just lost, you're going to have to learn something new and get some new career because those job prospects are not going to be very attractive on the open job labour market. We are hopeful that a lot of those impacted employees will be able to wherever you are in the world, whatever language you speak, you can come to Coursera, you could start with the Professional Certificate in the language of your choice. You can explore multiple job opportunities that are still in high demand that don't require a college degree or any prior work experience, which is a defining characteristics of the way we've designed these with our partners, you can take these programs online. How do you get into a new career and continue on and get a college degree, except I think there might be two major plays here. There's the reskilling among future and existing and future employees and maybe also reskilling in the consumer segment for those people who are really disrupted. And I don't know the percentage, but I can tell you this well, according to Mackenzie and a lot of people I'm talking to there are certain kinds of jobs like software engineering where the job is going to be impacted by software and by general AI, but at least according to Mackenzie and others I hear from there's still going to be a demand for the increased demand for those skills and those jobs.

我們希望對留在我們公司的人進行再培訓，而不是對離開我們公司的人進行再培訓。我認為將會有兩種主要類型的順風會襲擊我們，我想這對我們任何人來說都很難真正了解，我認為將會有一個部分是服務機構將對其當前和未來的員工進行投資，他們說如果我真的想提高創新和服務質量，他們可以為我的客戶提供服務，並提高留在我的組織中的員工的生產力。我必須教育他們這樣做。但我認為這也可能是消費者的一部分，因為所有離職的員工都將離職，因為他們的職業生涯受到了很大的影響並且基本上自動化了。你不會去其他公司並得到你剛剛失去的同樣的工作，你將不得不學習新的東西並獲得一些新的職業，因為這些工作前景在公開場合不會很有吸引力就業勞動力市場。我們希望，許多受影響的員工能夠無論您身在何處，無論您說什麼語言，都可以來到 Coursera，您可以從您選擇的語言的專業證書開始。您可以探索仍然需求量很大的多種工作機會，這些工作機會不需要大學學位或任何先前的工作經驗，這是我們與合作夥伴設計這些工作的方式的一個決定性特徵，您可以在線學習這些項目。你如何進入新的職業並繼續獲得大學學位，除了我認為這裡可能有兩個主要的戲劇。未來的、現有的和未來的員工都需要重新培訓，也許消費領域的那些真正受到干擾的人也需要重新培訓。我不知道這個百分比，但我可以很好地告訴你，根據麥肯齊和我交談過的很多人的說法，有某些類型的工作，比如軟體工程，這些工作會受到軟體和軟體的影響。但至少根據麥肯齊和其他人的說法，對這些技能和工作的需求仍然會增加。

On the other hand, you can look at customer operations. That's also a job type that's going to be impacted by general AI, but unlike software engineering, it will result in a decrease in labour market demand for those types of jobs. So even among jobs, that will be impacted by Gemini for some it will have an overall net negative impact on labour market demand on others. And what McKinsey says is the data scientist and computer scientists, they expect still to be increasing demand for those jobs. We'll see how it shapes out. But I think because as Ken said in his script, change creates opportunity whether it's an opportunity or threat depends on whether you have the access to education and the ability to actually scale yourself into the new opportunities that emerge.

另一方面，你可以看看客戶的營運狀況。這也是一種會受到通用人工智慧影響的工作類型，但與軟體工程不同，它將導致勞動力市場對此類工作的需求減少。因此，即使在工作中，對某些人來說，這也會受到雙子座的影響，而對其他人來說，這將對勞動市場需求產生整體淨負面影響。麥肯錫所說的是資料科學家和電腦科學家，他們預期這些工作的需求仍然會增加。我們將看看它的形狀如何。但我認為，正如肯在他的劇本中所說，變化創造機會，無論是機會還是威脅，都取決於你是否有機會接受教育，以及是否有能力真正將自己擴展到新出現的機會。

Wonderful. That's really helpful. And then maybe just quickly sticking on the enterprise segment. But moving a little bit to the government side, I guess you've gone abroad and talk to different governments. What's kind of the willingness to not only adopt these solutions have to kind of bring about Countrywide sponsorship of these, right? So it's not just solutions targeted at government employees, but at the wider citizens, I know you had some success with that prior, but again, we continue kind of the disruption of the society coming from AI., how have those conversations with government agencies and that use case involves?

精彩的。這真的很有幫助。然後也許只是快速專注於企業領域。但稍微轉向政府方面，我猜你已經出國並與不同的政府進行了交談。什麼樣的意願不僅要採用這些解決方案，還必須帶來全國範圍內對這些解決方案的贊助，對嗎？因此，這不僅是針對政府僱員的解決方案，而且是針對更廣泛的公民的解決方案，我知道您之前已經取得了一些成功，但同樣，我們繼續利用人工智能對社會進行破壞。與政府機構的對話如何進行該用例涉及？

Yes, you're you know, if academic institutions are not built for adaptability. Government institutions also are generally on the slower side to had to adapt. That being said, there are a lot of there are a lot of countries, particularly with younger populations who are realizing there's almost two paths. If you if you do invest in education and upgrade your educational system, given the globalization of talent and the ability for people in your country to work for companies domiciled in other countries, there could be pretty good job prospects for young people if they get the skills and if you can up level these educational systems on the other hand, if you don't do that and you have a lot of young people in your country, if those young people are not facing good economic prospects, it becomes a problem. So what I've been seeing is generally in smaller countries with younger populations, lower general disposable income, but an upwardly mobile, middle class, and this is Southeast Asia. This is India. This is Africa. This is certain parts of Latin America. We see governments more receptive and interested in moving more quickly in more established older, more established countries that a little bit wealthier with older populations. I think Europe, it's been the slowest and frankly, North America has really come along in the second half of 2023. So we're seeing some pretty nice innovation in North America. And I think there's a there's a lot of people on both sides of the political spectrum saying we need think we need to create a better value proposition for Americans who are trying to get good access to jobs in a world is changing and frankly, should not have to pay so much and spend so much time trying to get a traditional degree. So it's a pretty wide spectrum out there where.

是的，如果學術機構不是為了適應能力而建立的，你就知道了。政府機構通常也適應得較慢。話雖這麼說，有很多國家，特別是年輕人意識到幾乎有兩條路。如果你確實投資教育併升級你的教育體系，考慮到人才的全球化以及你所在國家/地區的人們有能力為位於其他國家的公司工作，那麼年輕人如果獲得了另一方面，如果你能夠提高這些教育體系的水平，如果你不這樣做，而你的國家有很多年輕人，如果這些年輕人沒有面臨良好的經濟前景，那就成為一個問題。所以我所看到的情況通常是在較小的國家，人口較年輕，一般可支配所得較低，但中產階級向上流動，這就是東南亞。這是印度。這是非洲。這是拉丁美洲的某些地區。我們看到，在人口老化程度更高、更成熟、人口更富裕的國家，政府更願意採取行動，也更有興趣更快採取行動。我認為歐洲是最慢的，坦白說，北美在 2023 年下半年確實取得了進展。所以我們在北美看到了一些非常好的創新。我認為政治光譜雙方都有很多人說，我們需要認為我們需要為那些試圖在一個正在改變的世界中獲得良好就業機會的美國人創造一個更好的價值主張，坦白說，不應該必須付出如此多的代價並花費如此多的時間才能獲得傳統學位。所以這是一個相當廣泛的範圍。

Thank you.

謝謝。

Terry Tillman, Truist Security.

特里·蒂爾曼，Truist Security。

Yes, thanks for taking my questions.

是的，感謝您回答我的問題。

And yes, I'm sorry.

是的，我很抱歉。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Okay.

好的。

Thanks up on solid job on the quarter here and the outlook. I guess first question, Ken, for you is a multi-partner in terms Appreciate all the color on the purchase of content assets and it sounds like that there's a strategic rationale for that $5 million. I think you said in 2023. Any sense on what that could look like in 2024? And then on the G&A. I kind of course, is there anything you can share about the materiality now of revenue being generated from the G&A I content? And then I have offered.

感謝本季的出色工作和前景。我想第一個問題，肯，對你來說是一個多合作夥伴，欣賞購買內容資產的所有色彩，聽起來這 500 萬美元有一個戰略理由。我想你說的是 2023 年。你知道 2024 年會是什麼樣子嗎？然後是一般行政費用。當然，關於目前 G&A I 內容產生的收入的重要性，您有什麼可以分享的嗎？然後我就提出了。

So a perfect. In fact, I'll let Jeff answers your second question embedded there.

所以一個完美的。事實上，我會​​讓傑夫回答你嵌入的第二個問題。

As in regard to the content assets and the $5 million we spent this last year, as we announced this transition next year, this coming year, the year we're in sorry, we expect to see roughly $20 million. That's what we're budgeting today on. We'll see if we can produce it less expensively, but Jeff's points before with a scaling we're getting there. But we're I would hope we can invest that money because again, it's a great deal.

至於內容資產和我們去年花費的 500 萬美元，當我們明年宣布這項轉變時，明年，也就是我們抱歉的那一年，我們預計會看到大約 2000 萬美元。這就是我們今天的預算。我們將看看是否可以以更低的成本生產它，但傑夫之前指出，我們正在實現規模化。但我希望我們能夠投資這筆錢，因為這又是一筆很大的交易。

So going from $5 million to $20 million in it. That number becoming material is the reason we changed the definition. It made us look at it again, it works against us. It makes the number lower but it's actually, in our mind more accurate will to be able to track EBITDA closer. And we're going to be a great year this coming year from a free cash flow standpoint as we forecasted that and the EBITDA, we're quite pleased with. So on.

所以從 500 萬美元到 2000 萬美元。這個數字變得重要是我們改變定義的原因。它讓我們重新審視它，這對我們不利。它使數字更低，但實際上，在我們看來，能夠更準確地追蹤 EBITDA。從自由現金流的角度來看，我們明年將是偉大的一年，正如我們預測的那樣，我們對 EBITDA 也非常滿意。很快。

In terms of agenda today, I courses, you know, we're certainly seeing a lot of demand for those, Terry, we had one enrolment per minute in 2023 on average. And if you look at enrolments that in general, if you look at enrolments in January of 2024. In general, they either 4.5 times higher than the number agenda of our enrolments incident in June of 2023.

就今天的議程而言，我的課程，你知道，我們當然看到了對這些課程的大量需求，特里，我們在 2023 年平均每分鐘就有一個註冊者。如果你看看 2024 年 1 月的入學人數，一般來說，它們比 2023 年 6 月的入學事件數量高出 4.5 倍。

So we are seeing a lot of demand and this is in the consumers in the consumer side, I would say enterprises are they're trying to figure out what to do. I mean, I think what's going to happen is once they start kind of getting their bearings, they're going to they're going to really ramp up when we think about what tens of generative AI. content is produced in the biggest results. I mean, Andrew, and we said in the script, you've got general AI for everyone. It's kind of almost public interest. What is this stuff Let me let me play around with it. I launched the course for CEO.s, where now we're starting to have a I for in law AI. And this we have a number of our university partners creating domain specific courses, which I think will be really great. One of our most popular started as a course from Vanderbilt University. It's called it was called Pump Engineering, which actually PT. from duals White from Vanderbilt. It's one of our most popular courses in 2023.

因此，我們看到了很多需求，這是消費者方面的需求，我想說的是，企業正在試圖弄清楚該怎麼做。我的意思是，我認為將會發生的事情是，一旦他們開始了解自己的方位，當我們想到數十個生成人工智慧時，他們就會真正加速。內容是產生最大的成果。我的意思是，安德魯，我們在劇本中說過，你已經為每個人提供了通用人工智慧。這幾乎是公共利益。這是什麼東西，讓我來玩玩它。我為執行長開設了課程，現在我們開始開設法律人工智慧課程。我們有許多大學合作夥伴創建了特定領域的課程，我認為這真的很棒。我們最受歡迎的課程之一是范德比爾特大學的課程。它被稱為泵工程，實際上是 PT。來自范德比爾特的雙打懷特。這是我們 2023 年最受歡迎的課程之一。

Key followed a page out of Andrew in playbook and took us a popular course and turned it into a four-core specialization. So now it is a prompt engineering specialization, which is more subscription based. And um, and there's a lot of people it was that course was written up in the Wall Street Journal basically saying if you want to double or triple your income become a prompt engineer and so a lot of people are coming in and taking it. I mean, it's kind of the nature of what's happening. I think there's going to be a really interesting wave in 2024 that might be passed, which is not just about how might be how much generally I create new jobs.

Key 跟著 Andrew 的劇本，給我們上了一門熱門課程，並將其變成了四核專業課程。所以現在它是一個即時工程專業化，更多的是基於訂閱。嗯，有很多人在《華爾街日報》上寫了這門課程，基本上是說如果你想讓你的收入增加一倍或三倍，就成為一名快速工程師，所以很多人都來參加這個課程。我的意思是，這就是正在發生的事情的本質。我認為 2024 年將會出現一個非常有趣的浪潮，它可能會過去，這不僅僅是關於我一般會創造多少新就業機會。

I think there's going to be a hole how will my job be transformed like Canada's as CFO. He's still going to be a CFO, I hope in 2024, but you can do the job differently. And Michel, our Chief Accounting Officer can do her job differently. And candidly because we're already doing our jobs differently. I think where this really starts getting interesting is not just with new jobs, get created. It's how do I need to retool for the new way? I do my existing job. That's where I think you're going to see. We're going to see some really interesting opportunities. And we're gearing up our content engine to do to perform in a certain way. And by the way, we use kind of a lot of general AI tools that we're working on to be able to enhance and upgrade existing content to be generative, AI ready and relevant.

我認為我的工作將有一個漏洞，如何像加拿大的財務長一樣轉變。我希望 2024 年他仍將擔任財務官，但你可以用不同的方式來做這份工作。我們的首席會計官米歇爾可以以不同的方式完成她的工作。坦白說，因為我們已經在以不同的方式做我們的工作了。我認為這真正開始變得有趣的地方不僅僅是創造新的工作。我需要如何重組以適應新的方式？我做我現有的工作。我想你會看到這一點。我們將看到一些非常有趣的機會。我們正在準備我們的內容引擎以某種方式執行。順便說一句，我們使用了許多通用人工智慧工具，我們正在開發這些工具來增強和升級現有內容，使其具有生成性、人工智慧就緒性和相關性。

That's helpful color.

這是有用的顏色。

I'll leave it at that, actually.

事實上，我就這樣吧。

Thanks.

謝謝。

Sure.

當然。

Ryan MacDonald, Needham.

瑞恩麥克唐納，李約瑟。

Brian, your line is open for growth for the quarter and thanks for taking my question. Just in one of the earlier questions. I think Stephen's first one on sort of Coursera for business and sort of the phases we're in in terms of generative AI adoption, you talked about sort of being in this Phase two on the experimentation side, I think it's interesting sort of the Gen-I Academy new product launch you have associated with that. I'm curious, it seems like a really great product to be able to maybe capture some demand in this experimentation phase. Just curious what you're seeing sort of in terms of initial interest and adoption on that? And does this create a sort of an upsell cross-sell opportunity for Corsair in 2024, where maybe we can start to see some of the recovery in those that are our metrics Yes.

布萊恩（Brian），您的產品線在本季度開放以實現成長，感謝您回答我的問題。就在之前的問題中。我認為 Stephen 的第一個關於商業 Coursera 的文章，以及我們在生成式人工智慧採用方面所處的階段，你談到了在實驗方面處於第二階段，我認為這是有趣的一代-I Academy 新產品發布與您相關。我很好奇，這似乎是一個非常出色的產品，能夠在這個實驗階段捕捉到一些需求。只是好奇您在最初的興趣和採用方面看到了什麼？這是否會在 2024 年為 Corsair 創造一種追加銷售交叉銷售機會，也許我們可以開始看到我們的指標出現一些復甦。

And that's definitely what we're thinking about. We launched the generator Academy has multiple pillars. We have more to come, but the first two are generally for everyone. And generally, I for Zix. It's intentional why we did it that way. The gentlemen, for everyone, as you can imagine, it's not about the 1C of courses that everybody doesn't need to know everything everybody sort of universally needs to know a few things about what it is, how it works, what the risks are, what this might mean for change and how your job might be done differently. We are seeing and we are intending that generative AIFR. assessment for everyone can be a way of just adding a bit more value getting out in front of a lot more employees becoming a lot more relevant even before the companies know exactly who needs with skills and how will my software engineers, job changes like start by plant beside laying the foundation that and readiness that things are going to be changing around here. We're not charging a ton of money for it. But to your question, everybody is taking the calls. Everybody wants to talk about it. They don't they're not only get organized to act on it. They don't have really big budgets yet.

這絕對是我們正在考慮的。我們推出的發電機學院有多個支柱。我們還有更多內容，但前兩者通常適合所有人。一般來說，我支持 Zix。我們這樣做是故意的。先生們，對於每個人來說，正如你可以想像的那樣，這並不是關於1C 課程，每個人都不需要知道一切，每個人都普遍需要知道一些關於它是什麼、它是如何工作的、風險是什麼，這對變革可能意味著什麼，以及您的工作可能會如何以不同的方式完成。我們正在看到並且正在打算產生 AIFR。對每個人的評估可以是增加一點價值的一種方式，即使在公司確切知道誰需要技能以及我的軟體工程師將如何工作、工作變動等開始之前，在更多員工面前變得更加相關。除了奠定基礎之外，還要做好準備，讓這裡的事情改變。我們不會為此收取大量費用。但對於你的問題，每個人都在接電話。每個人都想談論它。他們不這樣做，他們不僅組織起來採取行動。他們還沒有很大的預算。

They've seen saying, yes, I got $5 million for general AI training, but everybody knows that they're going to do generative. A everybody knows the training going to be important and they're trying to figure out how do you structure it? What should the design look like, what kind of courses, what kinds of skills and so we'll be figuring that out. So I would say early, I think it will help with retention. I think there will be some upsell. But again, where it will be really interesting is when you can say these specific job roles with these specific skills taught by these courses. And these hands-on labs will unlock this kind of business productivity and leverage for your company. That's where I think it's going to get more interesting and we're not there yet.

他們看到有人說，是的，我獲得了 500 萬美元用於一般人工智慧培訓，但每個人都知道他們將進行生成式培訓。每個人都知道培訓很重要，並且他們試圖弄清楚如何組織培訓？設計應該是什麼樣子，什麼樣的課程，什麼樣的技能，所以我們會弄清楚這些。所以我會儘早說，我認為這將有助於保留。我認為會有一些追加銷售。但同樣，真正有趣的是當你可以用這些課程教授的這些特定技能來表達這些特定的工作角色時。這些實踐實驗室將為您的公司釋放這種業務生產力和影響力。我認為這會變得更加有趣，但我們還沒有做到這一點。

Super helpful.

超有幫助。

And maybe as a follow-up, quick for Ken on the in the prepared remarks on some of the consumer segment here, it was noted that nearly 7 million enrolments came in for the AI. courses in 2023. Can you talk about how many of those were sort of roughly net new enrolments to Coursera and then in that context, how that how you're thinking about sort of that 20% growth algorithm between sort of new enrolments coming to the platform versus sort of maybe higher conversion rates in 2024?

也許作為後續行動，Ken 在針對某些消費者細分市場準備好的評論中指出，有近 700 萬人註冊了人工智慧。 2023 年的課程。您能否談談其中有多少是 Coursera 的大致淨新註冊人數，然後在這種情況下，您如何考慮新註冊人數之間 20% 的增長演算法平台與2024 年可能更高的轉換率？

Yes, Ryan, I don't have the data in front of me. The breakdown between new and existing on generally with new courses, it's bringing people in from the outside on more, but I don't have that. I'd be happy to share with you after some you can find it on. I don't think it's material non-public information and it's a good question and I don't know the answer, but I'll find that for you and you can guys outside I got the statistic.

是的，Ryan，我面前沒有數據。新課程和現有課程之間的細分通常會導致新課程從外部吸引更多人，但我沒有。我很樂意在您找到一些後與您分享。我不認為這是重要的非公開訊息，這是一個很好的問題，我不知道答案，但我會為你和外面的人找到我得到的統計數據。

You had time to look it up I did if there's a metric that we track internally and I'm not going to get obviously, Kim is glaring at me right now, but there's a metric called first time payers so this is someone who came to the come to the platform and paid for the first time. If you look at that quarter on quarter throughout 2023, the percentage year on year. Growth is quite a bit higher in Q4 than it was in Q3, which is quite a bit higher than it was in Q1. So hopefully that reflects I can't tell you for sure that that was generally a horses, but we are we are seeing higher up year on year rate of growth and for centres on platform.

你有時間查一下，如果有一個我們內部跟踪的指標，我確實查了一下，但我不會很明顯地知道，金現在正在瞪著我，但有一個稱為首次付款者的指標，所以這是一個來找我的人。第一次來到平台並付款。如果你查看 2023 年全年的季度情況，你會發現年比百分比。第四季的成長比第三季高很多，比第一季高很多。所以希望這反映了我不能肯定地告訴你那通常是一匹馬，但我們看到平台上的中心的同比增長率更高。

Helpful color given its new topic, it would make sense.

考慮到它的新主題，有用的顏色是有道理的。

Yes,

是的，

Great.

偉大的。

Thanks, Ryan. That wraps today's Q&A. A replay of this webcast will be available on our Investor Relations website along with a transcript in the next 24 hours. Thank you.

謝謝，瑞安。今天的問答就到此結束。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。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您加入，您現在可以斷開連接。