Coursera Inc (COUR) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to CoStar's First Quarter 2024 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 speakers' prepared remarks, there will be a question and answer session, so we'd like to ask a question during this time, please press star followed by the number one on your telephone keypad. If you would like to withdraw your question again, press star one. I'd like to turn the call over to Cam Carey, Head of Investor Relations. Mr. Carey, you may begin.

女士們、先生們，感謝你們的支持，歡迎參加 CoStar 的 2024 年第一季財報電話會議。目前，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，因此我們想在這段時間提出問題，請按星號，然後按電話鍵盤上的數字 1。如果您想再次撤回您的問題，請按星號一。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 Q1 2024 earnings conference call. With me today is Jeff managing Khalda, Chris Ayers, Chief Executive Officer, and Ken Hahn, our Chief Financial Officer. Following their prepared remarks, we will open the call for questions for 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. A reconciliation of non-GAAP measures to the most directly comparable GAAP measure can be found in today's press release and supplemental presentation, which are distributed and available to the public through our Investor Relations website. Please note, all growth percentages refer to year-over-year change unless otherwise specified. Additionally, all statements made during this call relating to future results and events are forward-looking statements based on current expectations and beliefs. 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, including our AI and machine learning initiatives and offerings, 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. 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 as 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.

大家好，感謝您參加我們的 2024 年第一季財報電話會議。今天和我在一起的有管理 Khalda 的 Jeff、執行長 Chris Ayers 和我們的財務長 Ken Hahn。在他們準備好的發言之後，我們將開始徵求新聞稿問題，包括在收盤後發布財務表格，並將其發佈在位於投資者網Coursera.com 的投資者關係網站上，該電話會議同時進行網絡直播並發布版本我們準備的評論和補充幻燈片可供使用。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。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均為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我們的戰略資產和平台優勢（包括我們的人工智慧和機器學習計劃）的預期收益和影響的因素的陳述和產品、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、金融業務以及其他和未來意圖。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，因為前瞻性陳述不能保證未來業績或計劃，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, Kim, and welcome, everyone. It's great to be with you all in Q1, we continue to make progress across our business as we navigate a dynamic environment and an evolving education landscape. We welcomed nearly 7 million new learners. We expanded our catalog offerings with new professional certificates, pathway degrees and generative AI. content. We made significant progress on getting our latest AI powered product innovations into the hands of our learners and enterprise customers, and we grew revenue 15% over the prior year period, while generating more than $8 million in adjusted EBITDA and $18 million of free cash flow.

謝謝金，歡迎大家。很高興在第一季與大家在一起，隨著我們在充滿活力的環境和不斷變化的教育環境中前進，我們的業務繼續取得進展。我們迎來了近 700 萬名新學習者。我們透過新的專業證書、銜接學位和生成人工智慧擴展了我們的產品目錄。內容。我們在將最新的人工智慧驅動的產品創新交付給學習者和企業客戶方面取得了重大進展，我們的收入比上年同期增長了15%，同時產生了超過800 萬美元的調整後EBITDA 和1800 萬美元的自由現金流。

Our first quarter revenue was lighter than we anticipated. We are seeing softness in our North American paid learners, which have an outsized impact on our in-quarter results and future performance given their higher monetization rates can I will discuss the dynamics in more detail as well as the implications on our outlook for the year. That said, our focus on branded job relevant credentials continues to resonate with the individuals and institutions that we serve. And I continue to see signs that the ecosystem that we've assembled, learners, universities, educators, businesses and governments all around the world have put Coursera in the right position to help solve the fast-changing demands of the labor market and education system.

我們第一季的營收低於我們的預期。我們看到北美付費學習者的疲軟，鑑於他們的貨幣化率較高，這對我們的季度業績和未來業績產生了巨大影響，我可以更詳細地討論這一動態以及對我們今年前景的影響。也就是說，我們對品牌工作相關證書的關注繼續引起我們所服務的個人和機構的共鳴。我繼續看到有跡象表明，我們所組成的生態系統，包括世界各地的學習者、大學、教育工作者、企業和政府，使Coursera 處於正確的位置，可以幫助解決勞動力市場和教育系統快速變化的需求。

So let me start with an update on how we see these global trends evolving. The first trend is digital transformation. For many years. The combined forces of technology and globalization have accelerated the transformation of nearly every institution in our society. It's been more than a year since the remarkable capabilities of general A., I mesmerized the world early concerns about the technology reflecting challenges the world experienced in 2020, including its potential to disrupt local economies and educational systems displaced millions of workers and demand, new types of skills that risks further widening the digital divide. We believe that the lasting impact of the pandemic towards an accelerated pace of change across every facet of society. But unlike the pandemic will serve as a catalyst to force digital adoption overnight, we remain in the early stages of understanding how Jennifer, a I will reshape the way we live, learn and work research by the University of Pennsylvania, estimates that up to half of all tasks for half of all job roles could eventually be automated. But today, I believe that the vast majority of organizations are only experimenting with the technology and are generally overwhelmed and paralyzed by what they see coming and how to respond to it. Companies, universities and governments are looking for mission-critical use cases and best practices to emerge that correctly balance the risks with the opportunities of generative AI. We believe the key to navigating this conundrum lies in high quality, education and training how agility and effective change management enabling companies to adopt generative AI. both quickly and safely Corsair itself has been navigating this generative a conundrum, and I'm excited to share that earlier this month, Harvard Business School relief, the case study titled core Sarah's foray into Gen-i, illustrating how Coursera responded to the opportunities and threats created by genotype AI. to our knowledge, this is the first case study of its kind by a top global academic institution and it sets Coursera as a thought leader and introduces higher education to the generative AI capabilities that Coursera is now offering. We believe that market pressures will eventually force institutions to take action or face the risk of being left behind. But leaders today are still grappling with how to make the leap from experimentation to implementation access to affordable, relevant and high-quality education and training will help ensure that global talent has equal access to the skills, credentials and job opportunities they need to stay relevant and compete in our fast-changing world.

首先，讓我介紹一下我們如何看待這些全球趨勢的演變。第一個趨勢是數位轉型。很多年了。科技和全球化的共同力量加速了我們社會中幾乎每個機構的轉型。距離A 將軍的卓越能力已經過去一年多了，我早年引起了世界對這項技術的擔憂，該技術反映了世界在2020 年所經歷的挑戰，包括它可能擾亂當地經濟和教育系統，導致數百萬工人流離失所，並要求新的技術可能進一步擴大數位落差的技能類型。我們相信，這場流行病的持久影響將加速社會各個層面的變革步伐。但與大流行將在一夜之間成為推動數位化採用的催化劑不同的是，我們仍處於了解如何重塑我們生活、學習和工作方式的詹妮弗（賓夕法尼亞大學研究）的早期階段，她估計多達一半的人一半工作角色的所有任務最終都可以自動化。但今天，我相信絕大多數組織只是在嘗試這項技術，並且普遍對他們所看到的未來​​以及如何應對它感到不知所措和癱瘓。公司、大學和政府正在尋找關鍵任務用例和最佳實踐，以正確平衡生成式人工智慧的風險和機會。我們認為，解決這個難題的關鍵在於高品質的教育和培訓，敏捷性和有效的變革管理如何使公司能夠採用生成式人工智慧。 Corsair 本身一直在快速安全地解決這一生成難題，我很高興與大家分享本月早些時候哈佛商學院的救濟，題為“核心Sarah 進軍Gen-i”的案例研究，說明了Coursera 如何應對這些機會以及基因型人工智慧造成的威脅。據我們所知，這是全球頂尖學術機構開展的第一個此類案例研究，它將 Coursera 設定為思想領袖，並將 Coursera 目前提供的生成式人工智慧功能引入高等教育。我們認為，市場壓力最終將迫使機構採取行動，否則將面臨被拋在後面的風險。但當今的領導者仍在努力解決如何從實驗到實施的飛躍獲得負擔得起的、相關的和高品質的教育和培訓將有助於確保全球人才能夠平等地獲得他們保持相關性所需的技能、證書和工作機會並在我們快速變化的世界中競爭。

This brings me to the second major trend, which is skills development, Accenture, a long-time industry partner and customer published a report in January on generating an impact on the workforce surveying thousands of CXOs and more than 5,000 employees. The report identifies a gap between leaders and employees that can help us understand barriers to workforce transformation that are facing companies this year 86% of CXOs are using general AI to some degree in their own work. And nearly all believe the Gen V AI. will be transformative for the Company and industry. However, only one in three leaders believe that they have the technology expertise or feel that they can tell a compelling transformation narrative to lead the change that's required.

這讓我想到了第二個主要趨勢，即技能發展，長期行業合作夥伴和客戶埃森哲在 1 月發布了一份關於對勞動力產生影響的報告，調查了數千名 CXO 和 5,000 多名員工。該報告指出了領導者和員工之間的差距，可以幫助我們了解公司今年面臨的勞動力轉型障礙。幾乎所有人都相信第五代人工智慧。將為公司和產業帶來改變。然而，只有三分之一的領導者認為他們擁有技術專業知識，或認為他們可以講述令人信服的轉型故事來領導所需的變革。

As for the employees 95% see value in working with Gemini 94%. So they are ready to learn new skills. And our top concern is that they don't trust organizations to ensure positive outcomes for everyone, which is reinforced by the report, finding that only 5% of organizations are actively reskilling their workforce at scale at this moment, if organizations are going to see them moving from experimentation to implementation and unlocking the potential of these emerging technologies. We believe it must start with unlocking the potential of their talent. And this leads me to the third trend driving our business, the transformation of higher education. Two weeks ago, I was honored to join a SUGSV. in San Diego alongside some of course, they're as close as partners, Coursera Director and President of the American Council on Education or ACE., Ted Mitchell, founder of grow with Google lease, the developer and Chancellor of the University of Texas system, JB Milliken. As you may recall, last year, we announced a statewide partnership with the University of Texas system. And at this year's conference, I had the pleasure of joining the UT. system, Chancellor Milligan onstage to discuss our progress. We talked about the strategy behind our system wide micro credential program, the value of professional certificates for universities, students and employers and the need for more flexible pathways for the system to serve diverse and growing populations.

至於員工，95% 認為與 Gemini 合作很有價值，94%。所以他們準備好學習新技能。我們最擔心的是，他們不相信組織能夠確保為每個人帶來積極的成果，報告進一步證實了這一點，報告發現，如果組織想要看到，目前只有5% 的組織正在積極大規模地重新培訓其員工隊伍他們從實驗轉向實施，並釋放這些新興技術的潛力。我們相信，這必須從釋放他們的才能潛力開始。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。兩週前，我很榮幸加入 SUGSV。在聖地牙哥，當然，他們也是親密的合作夥伴，Coursera 總監兼美國教育委員會或 ACE 主席。您可能還記得，去年，我們宣布與德州大學系統建立全州合作夥伴關係。在今年的會議上，我有幸加入了 UT。系統，米利根校長上台討論我們的進展。我們討論了我們系統範圍內的微型證書計劃背後的策略，專業證書對大學、學生和雇主的價值，以及系統為服務多樣化和不斷增長的人口而需要更靈活的途徑的需要。

The main questions that kept coming up in the conversations with how how does the collaboration between UTi Coursera and industry partners like Google or how the students Newsy's industry micro credentials to earn college credit towards a degree? And how can other universities implement a similar model in their city state or country. I'm pleased to share that as of the spring term, every UT campus has launched Coursera Career Academy and the majority of campuses now have curriculum integration for credit, including El Paso, Permian Basin, Rio Grande Valley, San Antonio and Tyler. As of March, over 7,000 students have spent more than 100,000 hours learning online and they've earned over 16,000 core certificates from Google, Microsoft, IBM and others is a testament to both student demand and the power of university and industry collaboration to deliver solutions that are aligned with the labor market needs of the region. We believe our partnership with the University of Texas System is a replicable blueprint for the transformation of higher education is only possible due to several leading capabilities and strategic assets that are unique to the Coursera platform, including our leading educator partners who create trusted, high-quality content and credentials that organizations like ACE. increasingly recommend for credit recognition, our global reach to individuals and institutions, including our ability to facilitate collaboration by serving businesses, governments and campuses as well as the data technology and JNI powered product innovation we are investing in across our platform.

對話中不斷出現的主要問題是 UTi Coursera 與 Google 等行業合作夥伴如何合作，或者學生 Newsy 的行業微證書如何獲得大學學分以獲得學位？其他大學如何在其城邦或國家實施類似的模式？我很高興地告訴大家，從春季學期開始，德州大學的每個校區都推出了Coursera 職業學院，大多數校區現在都提供了學分課程整合，包括埃爾帕索、二疊紀盆地、裡奧格蘭德河谷、聖安東尼奧和泰勒。截至 3 月，超過 7,000 名學生在線學習時間超過 100,000 個小時，並獲得了來自 Google、Microsoft、IBM 等公司的 16,000 多個核心證書，這證明了學生的需求以及大學和行業協作提供解決方案的力量符合該地區勞動力市場的需求。我們相信，我們與德州大學系統的合作關係是高等教育轉型的可複製藍圖，只有憑藉Coursera 平台獨有的多項領先能力和戰略資產，我們才能實現這一目標，其中包括我們領先的教育合作夥伴，他們創造了值得信賴的、高水準的教育資源。越來越多地推薦信用認可、我們對個人和機構的全球影響力，包括我們透過服務企業、政府和校園來促進協作的能力，以及我們在整個平台上投資的數據技術和JNI 支持的產品創新。

Now let me share some of the recent progress that we've made on each of these advantages.

現在讓我分享一下我們在這些優勢方面最近取得的一些進展。

First, let's discuss our educator partners, more than 325 of the world's leading universities and industry experts power our content engine. Recently, we were proud to welcome several new partners, including the University of Hunter's field as well as LA, Workday and the recording Academy.

首先，讓我們討論一下我們的教育合作夥伴，超過 325 所世界領先的大學和行業專家為我們的內容引擎提供動力。最近，我們很榮幸地迎來了幾個新的合作夥伴，包括亨特大學領域以及洛杉磯、Workday 和錄音學院。

Today, I'd like to provide updates on three critical areas. Our catalog certificates degrees and general AI content, starting with our entry-level professional certificates, Unilever, one of the world's leading suppliers of beauty, home and personal care products has joined our partner community and launched two data ANALYST entry-level professional certificates. These certificates are designed to qualify learners with no college degree or prior experience for an analyst role in areas like inventory, logistics, demand planning as well as data marketing, analyst roles and SEO, content, marketing and CRM. This is what we refer to as a career pathway. But increasingly, learners complete and certificates on Coursera are not choosing between a job or a degree certificate, you can provide the opportunity to unlock both a job and a degree a key enabler of our credit recognition initiative and our pathway degree strategy is our growing partnerships with organizations like the American Council on Education. We believe this is a start of a long term trend in higher education where industry micro credentials play a more critical role in how learners acquire their first job or earn credit toward the college degree in in-house campuses like the UT. system modernize their curriculum to create employable graduates to fuel the local economy and how governments deploy job relevant workforce training at scale and also in how businesses reskill and redeploy talent.

今天，我想提供三個關鍵領域的最新情況。我們的目錄證書學位和一般人工智慧內容，從我們的入門級專業證書開始，世界領先的美容、家居和個人護理產品供應商之一聯合利華已加入我們的合作夥伴社區，並推出了兩項資料分析師入門專業證照。這些證書旨在幫助沒有大學學位或經驗的學習者勝任庫存、物流、需求規劃以及資料行銷、分析師角色和 SEO、內容、行銷和 CRM 等領域的分析師角色。這就是我們所說的職業道路。但越來越多的學習者在Coursera 上完成學業並獲得證書，不再是在工作或學位證書之間做出選擇，您可以提供同時解鎖工作和學位的機會，這是我們學分認可計劃的關鍵推動者，而我們的途徑學位策略是我們不斷發展的合作夥伴關係與美國教育委員會等組織合作。我們相信，這是高等教育長期趨勢的開始，行業微證書在學習者如何獲得第一份工作或在 UT 等內部校園獲得大學學位學分方面發揮著更關鍵的作用。系統對其課程進行現代化改造，以培養有就業能力的畢業生來推動當地經濟，以及政府如何大規模部署與工作相關的勞動力培訓，以及企業如何重新培訓和重新部署人才。

Now onto my second catalog update which is a college degree. We recently announced a pathway to reprogram from the University of Hunter's fields, a Masters in management with performance based admissions pathways to promote flexibility and accessibility all learners, regardless of prior attainment or educational background are eligible to attend to first module on Coursera and our open content catalog. Successful completion of this introductory module gains and admissions to the full degree program. And for my final catalog update, I'm excited to share the momentum we're seeing in rapidly expanding generative AI. content and credentials on Procera in an era where machines are increasingly capable of producing content at scale without guardrails for quality, integrity or accuracy, we believe that individuals will increasingly turn to quality content from trusted institutions when looking to learn skills and earn credentials. Last week, Google launched the AI. Essentials course, which in addition to teaching foundational concepts, shows learn how to use AI as a collaboration tool in their day-to-day work introductory courses taught by Google AI experts who are working to make this new technology accessible and helpful for everyone. Google's latest course, is one of the more than 75 new courses and projects in Gemini that our partners have launched since the start of the year. This includes a growing number of top research, universities and companies at the forefront of AI, including deep learning data, AI, Duke University, Google Cloud, IBM, Microsoft Vanderbilt University, and more to come in the future.

現在進入我的第二個目錄更新，這是大學學位。我們最近宣布了亨特大學領域的重新編程途徑，這是一個管理學碩士學位，具有基於績效的招生途徑，以提高靈活性和可訪問性，所有學習者，無論先前的成就或教育背景如何，都有資格參加Coursera 和我們的開放課程的第一個模組內容目錄。成功完成本入門模組將獲得完整學位課程的錄取。對於我的最終目錄更新，我很高興能分享我們在快速擴展的生成式人工智慧方面看到的勢頭。在機器越來越有能力大規模生產內容而沒有品質、完整性或準確性護欄的時代，我們相信，在尋求學習技能和獲得證書時，個人將越來越多地轉向來自值得信賴的機構的優質內容。上週，谷歌推出了人工智慧。 Essentials 課程除了教授基本概念外，還展示瞭如何在日常工作入門課程中使用 AI 作為協作工具，這些課程由 Google AI 專家教授，他們致力於讓這項新技術對每個人都有幫助。 Google 的最新課程是我們的合作夥伴自今年年初以來在 Gemini 推出的超過 75 個新課程和專案之一。其中包括越來越多處於人工智慧前沿的頂尖研究機構、大學和公司，包括深度學習數據、人工智慧、杜克大學、谷歌雲端、IBM、微軟范德比爾特大學等等。

That completes my catalog update. So let's move to our second advantage, the global reach of our platform for institutions. We have grown our paid enterprise customers to 1,480 with recent additions across each of our verticals. As I highlighted before, we added nearly 7 million new registered learners, growing our global learner base to 148 million by the end of March growth continues to be broad-based with the fact that year over year increase coming from learners in our Asia Pacific region to better serve our expanding base of learners and institutions around the world. We rapidly introduce new value through generative AI-powered innovation. And this leads me to our third advantage, the ongoing product innovation occurring across our platform.

我的目錄更新就完成了。那麼，讓我們來談談我們的第二個優勢，即我們的機構平台的全球影響力。我們的付費企業客戶數量已增至 1,480 個，最近各個垂直領域的客戶數量均有所增加。正如我之前強調的，我們增加了近 700 萬新註冊學習者，到 3 月底，我們的全球學習者基礎已增至 1.48 億，增長繼續廣泛，亞太地區學習者的逐年增長更好地為我們在世界各地不斷擴大的學習者和機構群體提供服務。我們透過人工智慧驅動的生成式創新快速引入新價值。這讓我想到了我們的第三個優勢，即我們平台上持續的產品創新。

My first product update is Coursera course builder in many organizations, human resources and leadership and development teams are tasked with keeping employees informed prepared and skilled. We believe this will include creating updating and deploying learning resources that empower their workforce to keep pace with an increasing rate of change is why we lost course builder and AI. assisted offering tool that enables any business government or campus customer to easily and quickly produce high-quality custom private courses at scale based on a few simple inputs from an offer to auto generates course content, including outlines descriptions and learning objectives dramatically reducing the time and cost of content production without sacrificing quality. Then of course, areas can seamlessly blend modules of courses on Coursera from participating, world-class industry and academic partners. With content from their own experts in their own organization. For example, private and public sector, employers can quickly create and launch organizations specific courses tailored to their unique needs leadership and development teams can combine content from our industry and academic experts with relevant business context and internal expertise and higher education institutions can leverage time-saving offering tools to empower faculty to create custom courses and keep learning resources relevant and up-to-date at the speed and scale that students and employers now expect like adding guest lectures or current events to their own university courses Next, I'd like to provide an update on our AI powered translation initiative, which we recently expanded from 18 to 21 languages, adding support for learners speaking, Hindi, Japanese and Korean As a reminder, in 2023, we started translating our catalog of thousands of courses, certificates and specializations into local languages for our learners around the world as a more than 1 million learners have already accessed a I translated content in their enrolled courses and 90 million registered learners on our platform are based in countries where the primary language is one of our 21 supported translated languages. Learner feedback has been inspiring, but we've also heard from our enterprise customers, including businesses and governments who have large multinational populations. We can now have equal access to the world's top experts, no matter what local language they speak.

我的第一個產品更新是 Coursera 課程建立器，在許多組織中，人力資源、領導力和開發團隊的任務是讓員工做好準備並掌握技能。我們相信，這將包括創建更新和部署學習資源，使他們的員工能夠跟上不斷加快的變化速度，這就是我們失去課程建構器和人工智慧的原因。輔助課程工具，使任何企業、政府或校園客戶能夠根據要約中的一些簡單輸入，輕鬆快速地大規模製作高品質的客製化私人課程，以自動產生課程內容，包括大綱描述和學習目標，從而大大減少時間和學習成本。當然，各個領域可以無縫地融合 Coursera 上參與的世界級產業和學術合作夥伴的課程模組。內容來自他們自己組織中的專家。例如，在私營和公共部門，雇主可以快速創建和推出適合其獨特需求的組織特定課程，領導和開發團隊可以將我們行業和學術專家的內容與相關業務背景和內部專業知識結合起來，高等教育機構可以利用時間-節省提供工具，使教師能夠創建客製化課程，並以學生和雇主現在期望的速度和規模保持學習資源的相關性和最新性，例如在他們自己的大學課程中添加客座講座或時事接下來，我想更新我們的人工智慧翻譯計劃，我們最近將其從18 種語言擴展到21 種語言，增加了對印地語、日語和韓語學習者的支持提醒一下，2023 年，我們開始翻譯數千門課程、證書的目錄並為世界各地的學習者提供本地語言專業化，因為超過100 萬名學習者已經在其註冊課程中訪問了翻譯內容，並且我們平台上的9000 萬註冊學習者所在國家/地區的主要語言是我們的21 種語言之一支援翻譯的語言。學習者的回饋非常鼓舞人心，但我們也聽到了企業客戶的回饋，包括擁有大量跨國人口的企業和政府。現在，我們可以平等地接觸世界頂尖專家，無論他們講什麼當地語言。

And finally, an update on Coursera Coach. In Q1, we broaden the access of the Coursera Coach beta program for paying consumer lenders as well as for our Coursera for business and Coursera for government customers cause usage has increased 150% since our initial beta release and I wanted to share some initial feedback from early learners. Our research revealed that many learners come to Coursera lacking the skills to learn effectively without a tutor when we talk to them the learner and said that they talk to coach like a tutor asking for summaries explanations, Quinn's practice and even career advice rather than spending hours searching for answers to the questions on external plates or creating notes from scratch. Coach has freed up their time for actual learning using Coach fundamentally improved the quality of their learning becoming an essential part of their course experience, much like the videos and assessments already in the courses and every example of our general high-powered product innovation, we have a clear strategy that focused on enhancing the value of the Corsair experience through the unique assets of our platform, the content that we have, the data we have and the scale that we've had, and we've designed these general AI products with a support for multiple large language models so that our learners, educators and customers will get to experience the rapid advancements in future models.

最後是 Coursera Coach 的更新。在第一季度，我們擴大了針對支付消費者貸款人的Coursera Coach 測試版計劃以及針對商業客戶的Coursera 和針對政府客戶的Coursera 的訪問範圍，因為自我們最初的測試版發布以來，使用量已增加了150%，我想分享一些來自早期學習者。我們的研究顯示，當我們與學習者交談時，許多來到Coursera 的學習者缺乏在沒有導師的情況下有效學習的技能，並表示他們像導師一樣與教練交談，要求摘要解釋、Quinn 的練習，甚至是職業建議，而不是花幾個小時在外部板上尋找問題的答案或從頭開始創建筆記。 Coach 騰出了他們的時間進行實際學習，Coach 從根本上提高了他們的學習質量，成為他們課程體驗的重要組成部分，就像課程中已有的視頻和評估以及我們通用的高性能產品創新的每個範例一樣，我們有一個明確的策略，專注於透過我們平台的獨特資產、我們擁有的內容、我們擁有的數據和我們擁有的規模來增強海盜船體驗的價值，並且我們設計了這些通用人工智慧產品支援多種大型語言模型，以便我們的學習者、教育工作者和客戶能夠體驗未來模型的快速進步。

To wrap up my opening remarks, I'd like to share a leadership update. In 2022, we implemented a new organizational structure, including roles for a Chief Revenue Officer and Chief Operating Officer that has not delivered the growth that we need in our large but early markets. After careful consideration, I've decided to flatten our leadership team structure, elevating our three segment, general managers and creating Chief Technology Officer and Chief Product Officer roles. They will all report directly to me. This changes designed to enable our next chapter of growth, innovation and leverage all in support of our long-term strategy.

作為開場白的總結，我想分享一下領導階層的最新情況。 2022 年，我們實施了新的組織結構，包括首席營收長和營運長的職位，但該結構並未實現我們在大型但早期市場中所需的成長。經過深思熟慮，我決定對我們的領導團隊架構進行扁平化，將總經理三個部門提升，設立首席技術長和首席產品長。他們都會直接向我報告。這項變革旨在推動我們的成長、創新和槓桿作用的新篇章，以支持我們的長期策略。

Before I turn it over to Ken, let me remind you of the key priorities we are focused on in the year ahead. First, we are broadening our catalog of entry-level professional certificates, including new partners, roles, languages and credit recommendations to support degree pathways and campus integrations.

在我將其交給肯之前，讓我提醒您我們未來一年將重點關注的主要優先事項。首先，我們正在擴大入門級專業證書的目錄，包括新的合作夥伴、角色、語言和學分推薦，以支持學位途徑和校園整合。

Second, we're sourcing and launching new degree programs with a focus on flexibility, affordability and scaled pathways that are 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、可負擔性和規模化的途徑，這些途徑是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 focusing on growing our enterprise segment across business, government and campus customers supporting institutional collaboration to better serve learner needs in this fast-changing environment.

第三，我們致力於發展跨企業、政府和校園客戶的企業部門，支援機構協作，以便在這個快速變化的環境中更好地滿足學習者的需求。

And fourth, we're deepening our platform advantages, including the broad application of general AI for translations, personalized learning with Coach and content creation and course building, with course, builder, all while driving more scale and leverage over time.

第四，我們正在深化我們的平台優勢，包括通用人工智慧在翻譯中的廣泛應用、Coach 的個人化學習以及課程、建構器的內容創建和課程建設，同時隨著時間的推移推動更大的規模和影響力。

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

我現在想把它交給肯恩。肯，請繼續。

Thank you, Jeff, and good afternoon, everyone. As Jeff mentioned earlier, we are pleased with our strategic progress on a number of key initiatives, but I want to begin my remarks today by making it clear that we are not satisfied with our revenue growth. In particular, our revised outlook for 2024 revenue. In the first quarter, we generated total revenue of $169.1 million, which is up 15% from a year ago. Growth was driven by double digit increases across all three of our segments, but we underperformed in consumer more on that momentarily.

謝謝傑夫，大家下午好。正如傑夫之前提到的，我們對許多關鍵舉措的策略進展感到滿意，但我想在今天開始發言時明確表示，我們對收入成長並不滿意。特別是我們修改後的 2024 年收入前景。第一季度，我們的總營收為 1.691 億美元，比去年同期成長 15%。成長是由我們所有三個細分市場的兩位數成長所推動的，但我們在消費者方面的表現暫時表現不佳。

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. For the first quarter, gross profit was $91.7 million and a 54% gross margin in line with prior year periods. Total operating expense was $88.2 million or 52% of revenue, down 10-percentage-points from the prior year period. For the individual line item, components of OpEx, sales and marketing expense represented 29% of total revenue, down one point. Research and development expense was 13% of revenue, down 7-point and general and administrative expense was 10% of revenue down 2-points. I remain pleased by our ability to balance our growth initiatives and long-term investments while demonstrating the leverage inherent in our model as our platform scale. Q1 net income was $11.9 million or 7% of revenue, and adjusted EBITDA was $8.3 million or 4.9% of revenue. As a reminder, we do not optimize EBITDA performance in any single quarter or rather, we set an annual EBITDA margin target and work within that plan based on the trajectory of the business. Most importantly, Q1 bottom line performance marked a strong start to the year as we continue to manage to a 2024 adjusted EBITDA margin targets of approximately 4%. So while we needed to bring down top line guidance, our targeted adjusted EBITDA margin remains unchanged.

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。第一季毛利為 9,170 萬美元，毛利率為 54%，與去年同期持平。總營運費用為 8,820 萬美元，佔營收的 52%，比去年同期下降 10 個百分點。對於單一項目，營運支出、銷售和行銷費用組成部分佔總收入的 29%，下降了 1 個百分點。研究與開發費用佔收入的 13%，下降 7 個百分點；一般及管理費用佔收入的 10%，下降 2 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，同時展示我們模型中固有的槓桿作用作為我們的平台規模。第一季淨利潤為 1,190 萬美元，佔營收的 7%，調整後 EBITDA 為 830 萬美元，佔營收的 4.9%。提醒一下，我們不會在任何一個季度優化 EBITDA 績效，或者更確切地說，我們設定年度 EBITDA 利潤率目標，並根據業務發展軌跡在該計劃內開展工作。最重要的是，第一季的利潤表現標誌著今年的強勁開局，我們繼續實現 2024 年調整後 EBITDA 利潤率目標約 4%。因此，儘管我們需要降低營收指引，但調整後的目標 EBITDA 利潤率保持不變。

Now let's discuss cash performance and the balance sheet. We generated strong free cash flow of approximately $18 million, which I'll remind you is inclusive of more than $2 million in purchases of content assets, which we now treat similarly to other categories of capital expenditures, effectively lowering our free cash flow computation and a progress update on our share repurchase program. In Q1, we repurchased approximately 400,000 shares of our common stock for approximately $6 million. And in April, we bought back an additional 1.1 million shares of common stock for approximately $16 million. This leaves nearly $15 million remaining under a total repurchase authorization amount of $95 million, which we expect to complete in the current quarter price dependent. We ended the quarter with approximately $725 million of unrestricted cash and cash equivalents with no debt we believe that our strong financial position is an asset that provides resilience and strategic optionality, which we believe is particularly valuable during a period of rapid technological change and the evolving education landscape.

現在讓我們討論現金表現和資產負債表。我們產生了約1800 萬美元的強勁自由現金流，我要提醒您的是，其中包括超過200 萬美元的內容資產購買，我們現在將其與其他類別的資本支出類似地對待，從而有效地降低了我們的自由現金流計算和我們的股票回購計劃的最新進展。第一季度，我們以約 600 萬美元的價格回購了約 40 萬股普通股。 4 月份，我們以約 1,600 萬美元的價格額外回購了 110 萬股普通股。這使得回購授權總額 9,500 萬美元剩餘近 1,500 萬美元，我們預計將在本季完成，具體取決於價格。截至本季末，我們擁有約7.25 億美元不受限制的現金和現金等價物，沒有債務，我們相信我們強大的財務狀況是一項提供彈性和戰略選擇的資產，我們認為這在技術快速變革和不斷發展的時期特別有價值。

Next, let's discuss the performance of our segments in more detail. Consumer revenue was $96.7 million, up 18% from the prior year. Segment gross profit was $51.8 million or 54% of consumer revenue in line with the prior year period. And our top of funnel activity remained robust with approximately 7 million new registered learners this quarter. With that being said, our consumer revenue was softer than anticipated. In particular, women performed in our North American region where we're experiencing a lower volume and conversion of paid learners compounded by the delay of the key content launch from one of our educator partners as compared to the timing in our financial plan. While that launch has now occurred will continue to face a future headwind on our consumer growth as our first quarter cohort of learners include a substantial shortfall in high LTV North American paid learners. We are actively pursuing opportunities to mitigate the impact on our full year results, including the acceleration of other content launches planned throughout the year. But as I'll discuss shortly in our revised guidance, we do anticipate a negative impact in both the second quarter and full year outlook.

接下來，讓我們更詳細地討論我們各部門的表現。消費者收入為 9,670 萬美元，比上年增長 18%。部門毛利為 5,180 萬美元，佔消費者收入的 54%，與去年同期持平。我們的漏斗頂部活動依然強勁，本季約有 700 萬名新註冊學習者。話雖如此，我們的消費者收入比預期要軟。特別是在我們北美地區的女性表演者中，付費學習者的數量和轉換率較低，而且與我們的財務計劃中的時間相比，我們的教育合作夥伴之一延遲發布關鍵內容，加劇了這種情況。雖然這項推出現在已經發生，但未來我們的消費者成長將繼續面臨阻力，因為我們第一季的學習者群體中，高生命週期價值的北美付費學習者大幅短缺。我們正在積極尋求機會來減輕對全年業績的影響，包括加速全年計劃的其他內容發布。但正如我將在修訂後的指導中討論的那樣，我們確實預計第二季和全年前景都會受到負面影響。

Now let's move to enterprise. Enterprise revenue was $57.5 million, up 10% from a year ago, driven by our government and campus verticals. Segment gross profit was $39.1 million or 68% of enterprise revenue compared to 67% a year ago. The total number of paid enterprise customers increased to 1,480, up 18% from a year ago. And our net retention rate for paid enterprise customers was 94%. As we discussed the past several quarters, we continue to see a divergence in performance across our verticals, specifically pressuring Coursera for business, offset by momentum in our other two verticals, government and campus. While corporate learning budgets remain under pressure, we are leaning into the momentum in our government and campus opportunities where our unique capabilities including branded high-quality content, entry-level job role, training and credit recommendations are particularly well-suited for these customer use cases.

現在讓我們轉向企業。在政府和校園垂直領域的推動下，企業收入為 5,750 萬美元，比一年前成長 10%。部門毛利為 3,910 萬美元，佔企業收入的 68%，而一年前為 67%。付費企業客戶總數增至1,480戶，較去年同期成長18%。我們付費企業客戶的淨保留率為 94%。正如我們在過去幾季所討論的那樣，我們繼續看到各個垂直領域的績效存在差異，特別是對Coursera 的業務造成壓力，但被我們其他兩個垂直領域（政府和校園）的勢頭所抵消。雖然企業學習預算仍然面臨壓力，但我們正在利用政府和校園機會的勢頭，我們的獨特能力（包括品牌高品質內容、入門級工作角色、培訓和信用推薦）特別適合這些客戶的使用案例。

And finally, our degree segment to reach revenue of $14.8 million up 10% from a year ago on growth in new students and scaling of recent program launches. The total number of degrees students grew 23% from a year ago. To 22,200. As a reminder, there's no content cost attributable to the degree segment. So the green segment gross margin was 100% of revenue. And while that segment is a small portion of our overall revenue mix. Today, we remain focused on the long-term opportunity in degrees. 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 segment, where we benefit from scale and a growing selection of pathway degree programs.

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將達到 1,480 萬美元，比一年前成長 10%。學位學生總數比一年前增加了23%。至 22,200。提醒一下，學位部分沒有內容成本。所以綠色部門的毛利率是收入的100%。儘管該部分僅占我們整體收入組合的一小部分。今天，我們仍然關注學位方面的長期機會。我們相信，我們的平台具有獨特的定位，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之路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造更強大的途徑，我們從規模和越來越多的途徑學位課程選擇中受益。

Now on our financial outlook, taking into account the dynamics I outlined in the discussion of our consumer results for Q2, we're expecting revenue to be in the range of $162 million to $166 million for adjusted EBITDA, we're expecting a range of negative [$2 million] to positive $2 million for full year 2024. We now anticipate revenue to be in the range of $695 million to $705 million. With our revised total revenue outlook, we thought would be helpful to provide new growth expectations by segment for 2024 to reflect our latest view, we now expect all segments to grow at approximately 10% for the full year. For adjusted EBITDA, we're expecting a range of $24 million to $28 million, maintaining our adjusted EBITDA margin annual target of approximately 4%. Consistent with our messaging over the past several years, we are committed to adjusting the pacing our investments based on the trajectory of the business to ensure we manage to the annual adjusted EBITDA margin target we set at the beginning of the year.

現在就我們的財務前景而言，考慮到我在討論第二季度消費者業績時概述的動態，我們預計調整後 EBITDA 的收入將在 1.62 億美元至 1.66 億美元之間，我們預計2024 年全年的收入為負[200 萬美元] 到正200 萬美元。 我們現在預計收入將在6.95 億美元到7.05 億美元之間。根據我們修訂後的總收入前景，我們認為將有助於提供 2024 年各細分市場的新增長預期，以反映我們的最新觀點，我們現在預計所有細分市場全年增長約 10%。對於調整後 EBITDA，我們預計範圍為 2,400 萬美元至 2,800 萬美元，調整後 EBITDA 利潤率年度目標維持在約 4%。與我們過去幾年所傳達的訊息一致，我們致力於根據業務發展軌跡調整投資節奏，以確保我們能夠實現年初設定的年度調整後 EBITDA 利潤率目標。

So to summarize, we're not satisfied with our revenue trajectory for Q2 and the full year. This year's revised guidance is novel. We consider successful growth company metrics, and we've taken actions that we believe will better position ourselves for future growth opportunities. We are committed to producing growth with consistently increasing scale and leverage with a strong track record of delivering on that promise. And we are pursuing our 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，我們對第二季和全年的營收軌跡並不滿意。今年修訂後的指導意見很新穎。我們考慮成功的成長型公司指標，並採取了我們相信能夠更好地抓住未來成長機會的行動。我們致力於透過不斷擴大規模和槓桿來實現成長，並在兌現這一承諾方面擁有良好的記錄。我們正在從財務實力的角度追求我們的長期策略，使我們能夠具有韌性和策略靈活性來引導和推動當前正在進行的高等教育轉型。

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'd like to close today with a special use case earlier this month, I joined the World Bank in DC to speak to ministers of finance from emerging economies. 20 of the 30 countries represented in that room had partnered with Coursera during our COVID response initiatives, managed through our work with the Commonwealth of learning one of the countries served by this program was Guyana whose Ministry of Education used Coursera to train more than 36,000 Guyanese citizens with more than 190,000 course enrollments during COVID. Last month, I joined the President of Guyana and many of his ministers to launch a national training initiative that offers every Guyanese citizen and public sector employee access to Coursera. The national program will be delivered through various ministries across the country with customized learning programs for each sector. For example, the Office of the Prime Minister is using Coursera to scale public servants in digital media, communication and journalism. The Ministry of Human Services and Social Security is using Coursera to train over 4,000 women in entrepreneurship, digital finance and resilience skills, the Ministry of Health assembled at the event 900 nursing students and 800 nursing assistants students who are part of the nursing school program.

謝謝，肯。我想以本月早些時候的一個特殊用例結束今天的討論，我在華盛頓加入了世界銀行，與新興經濟體的財政部長進行了交談。在該會議室的30 個國家中，有20 個國家在我們的新冠疫情應對舉措期間與Coursera 合作，並透過我們與學習英聯邦的合作進行管理。本部使用Coursera 培訓了超過36,000 名圭亞那人新冠疫情期間註冊課程超過 190,000 人的公民。上個月，我與圭亞那總統和他的許多部長一起發起了一項國家培訓計劃，為每位圭亞那公民和公共部門員工提供使用 Coursera 的機會。該國家計劃將透過全國各部會實施，並為每個部門提供客製化的學習計劃。例如，總理辦公室正在使用 Coursera 來擴大數位媒體、通訊和新聞領域的公務員規模。公共服務和社會安全部正在利用Coursera 對4,000 多名女性進行創業、數位金融和復原技能方面的培訓，衛生部在此次活動中召集了900 名護理學生和800 名護理助理學生，他們是護理學校項目的一部分。

Now moving online on Coursera and the Ministry of Tourism Industry and Commerce is working with Coursera to enhance their staff skills in digital marketing, communication and data analytics for hospitality and travel. Similar to our partnership with the University of Texas system. This use case with Guyana provides a powerful example for other institutions who are looking to provide high-quality education and skills, training opportunities to large populations that otherwise wouldn't have access to help citizens and local businesses unlock their full economic potential to address skilled labor shortages and high demand industries and to diversify and drive economic growth in a fast-changing global market. Yesterday I act as both a disruptor and an enabler, whether it widens or narrows the opportunity gap hinges on our ability to make education and skilling equally accessible on a global scale businesses. Governments and academic institutions will have to work together to mitigate the human cost of a disruption and create more equal opportunities for everyone in the world of accelerating change. We are proud, of course, Suros role and especially our partners we work with who are turning the threat into an opportunity because of education. Now let's open up the call for questions.

現在，旅遊工商部已在 Coursera 上上線，並正在與 Coursera 合作，提高酒店和旅遊業數位行銷、溝通和數據分析方面的員工技能。類似於我們與德克薩斯大學系統的合作夥伴關係。圭亞那的這個用例為其他希望向大量人口提供高品質教育和技能、培訓機會的機構提供了強有力的榜樣，否則這些機構將無法幫助公民和當地企業充分發揮經濟潛力來解決技術問題勞動力短缺和高需求產業，並在快速變化的全球市場中多元化並推動經濟成長。昨天，我既是破壞者，也是推動者，無論是擴大還是縮小機會差距，都取決於我們在全球範圍內的企業中平等獲得教育和技能的能力。各國政府和學術機構必須共同努力，減輕破壞造成的人員損失，並為加速變革的世界中的每個人創造更平等的機會。當然，我們為 Suros 的角色感到自豪，尤其是我們的合作夥伴，他們透過教育將威脅轉化為機會。現在讓我們開始提問。

Thank you.

謝謝。

As a reminder, if you would like to ask a question during this time, please press star followed by the number one on your telephone keypad.

提醒一下，如果您想在此期間提問，請按星號，然後按電話鍵盤上的數字 1。

We'll now take our first question from the line of Rishi Jaluria with RBC.

現在我們將回答 Rishi Jaluria 與 RBC 的第一個問題。

Please go ahead.

請繼續。

All kind of wonderful. Thanks so much for taking my questions. Maybe I want to start with the softness in consumer arm and there's two pieces there, right. Number one is when did you realize this was going to become an issue and you said that there are certain steps you can take in terms of accelerating certain content partners to help mitigate that. Maybe has that already started what has been traction from there and the piece number two within consumer, I guess I'm still struggling to understand why timing of one on content release, which is now live is causing such a dramatic impact on the overall revenue trajectory.

一切都很棒。非常感謝您回答我的問題。也許我想從消費者手臂的柔軟度開始，那裡有兩塊，對吧。第一個問題是您何時意識到這將成為一個問題，並且您說您可以採取某些措施來加速某些內容合作夥伴的發展，以幫助緩解這個問題。也許這已經開始了從那裡開始的吸引力以及消費者中的第二件事情，我想我仍然在努力理解為什麼內容發布的時機（現在已經上線）會對整體收入產生如此巨大的影響彈道。

Maybe help me understand Delta's decent. I've got a quick follow-up.

也許可以幫助我了解達美航空的體面。我有一個快速跟進。

Hey, Rishi, this is Jeff. Yes, thanks for the question. I mean, basically, we're off to a pretty slow start on consumer in 2024. Obviously, the to the question of when we sort of knew I mean, a lot of it is predicated on the launch of a new piece of content to your question that content has launched and sort of relevant to the launch was also paid media that went along with it, particularly in North America. So the delay of the content delayed some of the spend. We saw some of the traffic lower than we had anticipated because of that delay. And even though we're seeing good results. So far, those lost months will not be recovered in terms of in terms of revenue. So that's going to be something that follows us at least through the rest of the year.

嘿，Rishi，這是傑夫。是的，謝謝你的提問。我的意思是，基本上，到 2024 年，我們在消費者方面的起步相當緩慢。內容已經發布並且與發布相關，也有隨之而來的付費媒體，特別是在北美。因此內容的延遲延遲了一些支出。由於延誤，我們看到一些流量低於我們的預期。儘管我們看到了良好的結果。到目前為止，就收入而言，那些損失的月份將無法彌補。因此，這至少會在今年剩下的時間裡伴隨著我們。

Can maybe you could talk a little bit about question on sort of the impact of the slower start in 2024 to our Q2 and 2020 foreign consumer?

您能否談談 2024 年開局放緩對我們第二季和 2020 年外國消費者的影響？

Yes.

是的。

And I guess first and foremost, what we highlighted was the underperformance in North America broadly with lower volume in conversion and patent learners. The delay in the content launch compounded. It certainly resulted in some of the underperformance, the conversion, but it wasn't the primary point.

我想首先也是最重要的是，我們強調的是北美地區整體表現不佳，轉換率和專利學習者數量較低。內容發佈的延遲變得更加複雜。它確實導致了一些表現不佳和轉換，但這不是主要問題。

And Jeff, to your commentary, it was really about the lower marketing spend. So and as it relates to that content launch, so lower marketing spend, you get a lower conversion rate because that is highly qualified traffic. And so we saw way overall on the result, but it wasn't it wasn't the primary reason, but a contributing factor.

傑夫，根據你的評論，這實際上與行銷支出的降低有關。因此，由於它與內容發布相關，因此行銷支出較低，您的轉換率也會較低，因為這是高品質的流量。因此，我們從整體上看到了結果，但這並不是主要原因，而是一個促成因素。

And I wish in terms of mitigation, I mean, one is obviously to get the content launched and put good money behind it on another is to say, all right, what kind of content is getting a lot of traction right now and probably not surprisingly, it's a I content, the idea that people want new content, both for the builders who are building these models and obviously major compensation packages going out there from companies looking to find the builders, but also the users, people who need to learn how to use this stuff. We see broad appetite for X what we saw last year in terms of people taking a I related content and of course, the population of users of AI is much bigger than the population of builders of AI. And so accelerating content launches that have to do with AI and also upgrading existing content. So it has sort of this general AI module that says here's how you do this job in a world of general. Ai are a few of the things that we are that we think are going to be promising throughout the rest of the year. And so we do see some steps to translate the demand for JNI into content launches to at least partially make up for the slow start that we had in 2024.

我希望在緩解方面，我的意思是，一個顯然是要推出內容並在其背後投入大量資金，另一個是說，好吧，什麼樣的內容現在受到很大關注，可能並不奇怪，這是一種我的內容，即人們想要新的內容，不僅是為了建立這些模型的建構者，也是為了尋找建構者的公司提供的主要補償方案，也是用戶，需要學習如何使用的人使用這個東西。我們看到了對 X 的廣泛興趣，就像我們去年看到的那樣，人們對 I 相關內容感興趣，當然，人工智慧的用戶群體比人工智慧建構者的群體要大得多。因此，加速與人工智慧相關的內容發布並升級現有內容。所以它有一個通用的人工智慧模組，它告訴你如何在通用的世界中完成這項工作。人工智慧是我們認為在今年剩餘時間裡有希望實現的一些事情。因此，我們確實看到了一些將 JNI 的需求轉化為內容發布的步驟，以至少部分彌補 2024 年開局緩慢的情況。

Got it. That's really helpful. And then just a quick follow-up. So the NRR for paid enterprise dropped to 94%, and that's in spite of the strength that you saw in government and corporate campus. So that would imply that the NRR for specifically for Coursera for business was a lot softer than that. Maybe again, what is causing that? Is that some layoffs still happening in the customer base? Is it just deemphasizing learning and development within those customers? And more importantly, what steps can you take outside of seeing an improving macro? See that analog is back above 100%? Thank you.

知道了。這真的很有幫助。然後進行快速跟進。因此，付費企業的 NRR 下降至 94%，儘管您在政府和企業園區看到了強勁的實力。因此，這意味著專門針對商業版 Coursera 的 NRR 比這要軟得多。又或許，是什麼原因造成的呢？客戶群中是否仍在發生一些裁員？是否只是淡化了這些客戶的學習與發展？更重要的是，除了宏觀改善之外，您還可以採取哪些措施？看到模擬值又回到 100% 以上了嗎？謝謝。

So Hiroshi on so the we have seen better success of super CNCPG. this year on an overall basis and see for B, you're right, has been where we've consistently underperformed we've talked a little bit about product market fit and what we're emphasizing versus the other two verticals see for CMC for G. on. However, for this quarter, as it relates to NR, the pain was spread a little bit. It wasn't just C. four b., which is where we've seen some weakness over the last year or so. We've been talking about that pretty actively, but it was also a tougher quarter on C. for G., which is what overall was the change that caused it to drop to lower than it was last quarter. To the 94%. And so again, weakness in CPG this particular quarter, which were two specific renewals and without going into detail on them, it's not something we expect to see on an ongoing basis that the fit tends to be strong and supergene, we get pretty good renewal rates.

所以 Hiroshi 就這樣我們看到了超級 CNCPG 取得的更好的成功。今年總體而言，對於 B 來說，你是對的，我們一直表現不佳，我們已經討論了一些關於產品市場契合度的問題，以及我們所強調的與 CMC 的其他兩個垂直領域相比G . 上。然而，就本季而言，由於與 NR 相關，痛苦有所分散。不僅僅是C.4 b.，這是我們在過去一年左右看到的一些弱點。我們一直在非常積極地討論這一點，但對於 G. 來說，這也是 C. 的一個更艱難的季度，這就是導致其下降到比上季度更低的總體變化。到94%。再說一次，CPG 在這個特定季度的疲軟，這是兩次具體的續約，沒有詳細說明，我們預計不會持續看到這種契合度往往很強和超級基因，我們得到了相當好的續約費率。

And then Richie on the question of how do we how can we manage our and tried to get it up. I mean, clearly great content that people want share of AI. Academy for companies who are starting that process of re-skilling, their employees, which is going to be kind of a top-down CEO. imperative when they really get into action. But part of it too, is use cases around what kinds of learners are taking these. I mean, we actually see pretty high and IRRs on this use case of student taking Coursera as part of their degree programs. I mean the students are engaged.

然後里奇（Richie）談到我們如何管理我們的問題並試圖將其解決。我的意思是，人們顯然希望分享人工智慧的精彩內容。為那些正在開始重新培訓員工的公司開設的學院，這將是一種自上而下的執行長。當他們真正採取行動時，這是勢在必行的。但其中一部分也是圍繞著哪些類型的學習者正在學習這些內容的用例。我的意思是，我們實際上看到學生將 Coursera 作為學位課程一部分的用例的 IRR 相當高。我的意思是學生都很投入。

They're there to learn.

他們是來學習的。

They're getting credit, they're getting an issue micro credential that's looking pretty good.

他們正在獲得信用，他們正在獲得看起來相當不錯的微型證書。

So part of it too is finding use cases where we know that there's our good ability to get to the learners and the learners are interested in advancing their career through through learning certain job skills. And we think a lot of what we're seeing continues to be fairly early market traction where in not every case, do we have exactly the right product market fit when it comes to the learners, ultimately taking some of these courses, particularly in the in the government in the government segment where Ken mentioned, we had a little bit of a couple of exceptional cases where there wasn't a great fit with the learnings there, but then we absolutely have no COVID days right now.

因此，其中一部分是找到用例，我們知道我們有很好的能力接觸學習者，並且學習者有興趣透過學習某些工作技能來推進他們的職業生涯。我們認為，我們所看到的內容仍然是相當早期的市場吸引力，並非在所有情況下，當涉及到最終學習其中一些課程的學習者時，我們是否擁有完全適合市場的產品，特別是在在肯提到的政府部門，我們有一些特殊情況，與那裡的經驗不太相符，但我們現在絕對沒有新冠病毒日。

Thank you.

謝謝。

Your next question comes from the line of Ryan MacDonald with Needham.

你的下一個問題來自瑞安·麥克唐納和李約瑟的對話。

Please go ahead.

請繼續。

Thanks for taking my question.

感謝您提出我的問題。

If we separate out the sort of delayed course launch and the impact on consumer thoughts, obviously about broader softness and lower conversion rate.

如果我們將課程推出的延遲和對消費者想法的影響分開，顯然是關於更廣泛的軟性和更低的轉換率。

As you've looked into the problem.

正如您研究問題一樣。

Is there specific reasons there were things that you're seeing commonalities of maybe what's driving that lower conversion rate and look to your color on that. But then as we think about the rest of the years there ways to trying to boost that conversion through discounting or any sort of other mitigating factors that you might be able to combat sort of that lower conversion rate domestically?

是否有具體原因，您發現了一些共同點，可能是導致轉換率較低的原因，並對此進行了分析。但是，當我們思考接下來的幾年時，是否有辦法透過折扣或任何其他緩解因素來嘗試提高轉換率，從而應對國內較低的轉換率？

Thanks.

謝謝。

Yes, thanks, Ron. So I think with respect to conversion rates and it is more sensitive in the North America region, a lot of what stimulates higher conversion rates is more recent launches. I mean, generally the people who come for a more recent title, our more interested buyers in North America, they have higher disposable income to actually pay for it. We have seen some of the highest conversion rates are in the AI. content. So I think kind of an obvious mitigating strategy is to really continue to lean into Gemini and say not only launch new stuff for the builders and the users of Gemini, but upgrade and relaunch EXISTING a content because and every indication I've seen when this could be their own judge is that this just generally I will have a huge impact on the way people do their jobs. They're going to need to learn new skills to be You name it, a PR comms person or a financial analyst or supply chain manager or UX designer. We think there's a very broad opportunity to really refresh the content digital, including the longer form to appeal to this very apparently strong demand that we're seeing from learners around Gemini. So that's, I think, a one vector of mitigation that we are certainly going to be pushing on.

是的，謝謝，羅恩。因此，我認為就轉換率而言，北美地區的轉換率更為敏感，刺激更高轉換率的許多因素是最近推出的產品。我的意思是，一般來說，那些來購買較新作品的人，我們在北美更感興趣的買家，他們有更高的可支配收入來實際支付。我們已經看到一些最高的轉換率是在人工智慧。內容。因此，我認為一種明顯的緩解策略是真正繼續向Gemini 靠攏，不僅為Gemini 的建造者和用戶推出新內容，而且升級並重新推出現有內容，因為我看到的每一個跡像都表明了這一點。他們需要學習新技能才能成為公關傳播人員、財務分析師、供應鏈經理或使用者體驗設計師。我們認為，有一個非常廣泛的機會來真正更新數位內容，包括更長的形式，以吸引我們從雙子座周圍的學習者看到的這種非常明顯的強烈需求。因此，我認為，這是我們肯定會推動的緩解措施之一。

Of all maybe just as a follow-up to switching to the degree segment. And obviously, there's been a sort of a lot of turmoil or change within sort of the OPM market generally over the last six months in terms of M&A and struggles from other vendors, are you seeing any opportunities to bring in or have new it's agreed partners as a result of that period of transition that we're going through banks.

最重要的是，這可能只是切換到學位部分的後續行動。顯然，在過去六個月中，OPM 市場在併購和其他供應商的掙扎方面總體上出現了很多混亂或變化，您是否看到任何引入或擁有新的約定合作夥伴的機會由於我們正在經歷銀行的過渡時期。

Yes, Ryan, we're certainly seeing it bounce, but many of the programs that are out there. They were designed for a time that no longer exists. There were designed in a time where an online degree cost the same amount as an on-campus degree, which could be $100,000 or close to that, where that economics could justify spending $25,000 to acquire a learner. And those types of programs just don't really fit our model. So with the pathway degrees where we're really pushing far more affordable credit pathways that you could start an open content and have that count towards a credit degree, we don't see a lot of those types of program designs in the portfolios of some of these traditional OPMs who've been struggling. And so I would not expect we're not anticipating seeing a lot more supply of degree programs coming on for Procera, there essentially are transplants from those traditional OPM players.

是的，瑞安，我們確實看到了它的反彈，但許多項目都已經存在了。它們是為不再存在的時代而設計的。當時設計的時候，線上學位的費用與校園學位的費用相同，可能是 100,000 美元或接近這個數字，從經濟學角度來看，花 25,000 美元購買學習者是合理的。這些類型的程序並不真正適合我們的模型。因此，對於途徑學位，我們確實在推動更實惠的學分途徑，您可以開始開放內容並將其計入學分學位，我們在某些​​課程的投資組合中沒有看到很多此類程式設計。一直在苦苦掙扎。因此，我不認為我們不會看到 Procera 提供更多的學位課程，基本上是從那些傳統的 OPM 參與者移植過來的。

Thanks for taking my questions.

感謝您回答我的問題。

Sure.

當然。

Your next question comes from the line of Stephen Sheldon with William Blair.

你的下一個問題來自史蒂芬謝爾頓和威廉布萊爾的對話。

Please go ahead.

請繼續。

Hey, thanks.

嘿，謝謝。

First one on the guidance. It assumes about 7% year-over-year revenue growth in the second quarter and then a reacceleration back closer to 10% in the second half of the year. So just curious what gives you the confidence in that second half reacceleration?

第一個關於指導。它假設第二季度營收年增約 7%，然後在下半年重新加速接近 10%。所以只是好奇是什麼讓你對下半場重新加速充滿信心？

Sure, Stephen.

當然，史蒂芬。

That's primarily in consumer works. We expect the acceleration, if you look at the guide we gave across the different verticals and quite a bit of that is product driven. We have a number of products coming out in the second half, particularly international payments, something we've talked about internationally and pricings on. And so we've had and we originally had put in our initial plan at the beginning of the year on a weighted average improvements that we expected to see from operating better with those products. And so that's that's the reason for the uptick in the growth as we go into Q3 and Q4 versus Q2?

這主要是在消費者作品中。如果您查看我們在不同垂直領域提供的指南，並且其中相當一部分是產品驅動的，我們預計會加速。下半年我們將推出許多產品，特別是國際支付，我們已經在國際上討論過這些產品和定價。因此，我們最初在今年年初就制定了初步計劃，以加權平均改進為目標，我們希望透過這些產品更好地運作來實現這一改進。這就是我們進入第三季和第四季相對於第二季成長加快的原因嗎？

Yes.

是的。

And some of the product innovations will basically come take advantage of the translations. And we want to couple those translations, which have obviously created a broader accessibility with, as Ken said, pricing GO pricing, payments, currency and also merchandising in international markets. So we're planning to see higher NPS, new paid learners and better conversion rates in international markets. And we also do have a number of titles that we think will be launching second half of the year that we're pretty excited about and follow the same basic pattern of other branded Professional Certificate types of titles that I've seen good success and good demand on platform.

一些產品創新基本上會利用翻譯。我們希望將這些翻譯結合起來，正如 Ken 所說，這些翻譯顯然已經創造了更廣泛的可訪問性，並且可以在國際市場上對 GO 定價、支付、貨幣和商品進行定價。因此，我們計劃在國際市場上看到更高的 NPS、新的付費學習者和更好的轉換率。我們也確實有一些我們認為將在今年下半年推出的遊戲，我們對此感到非常興奮，並且遵循與其他品牌專業證書類型遊戲相同的基本模式，我已經看到了良好的成功和良好的表現平台需求。

Got it.

知道了。

That's helpful. And then what are you seeing in terms of interest levels from perspective, Coursera for Campus customers to do something similar to what you've already launched with the University of Texas that has interest there picked up?

這很有幫助。然後，從興趣程度的角度來看，Coursera 為校園客戶所做的事情與您已經與德州大學合作的類似活動（人們對該校的興趣有所上升）有何看法？

I guess this year has progressed?

我想今年有進展嗎？

Yes, I think that as we continue to show other use cases, that could be happening within a single campus while actually within a single school on a campus, the total campus, a system of campuses or even a national system like in Kazakhstan, we are definitely putting together more and more use cases. Obviously, universities are not institutions who are known for their agility. But I think just the inevitable unyielding force of change that is saying, I mean, not only are working adults looking for more flexibility, affordability with the degree programs, the curriculum that they're looking for is different. I mean, turning out to be a lot more digital and especially now with general AI, you can imagine how difficult it is for the universities to keep up with the curricular offering. And then you layer on top of that, the need to actually transform the the organizations, just the the productivity the operating leverage the way that you went to University College or other vocational school is also changing. So we are seeing a recognition that is fairly incontrovertible. That's just as like yes, this is going to be a very big change. We're going to need some help. And we think we think that Coursera that Coursera is an ideal partner and pretty unique out there. There's just not that many other players who can offer electives for the students that can count for credit, and I generate Academy to help transform the organization.

是的，我認為，當我們繼續展示其他用例時，這可能發生在單一校園內，而實際上是在校園內的一所學校、整個校園、校園系統甚至像哈薩克這樣的國家系統內，我們肯定會整合越來越多的用例。顯然，大學並不是以敏捷著稱的機構。但我認為，不可避免的、不屈不撓的變革力量意味著，我的意思是，在職成年人不僅尋求學位課程的靈活性和可負擔性，而且他們所尋求的課程也有所不同。我的意思是，事實證明，數位化程度更高，尤其是現在有了通用人工智慧，你可以想像大學跟上課程設定是多麼困難。除此之外，真正改變組織的需要，就像你上大學學院或其他職業學校的方式一樣，營運槓桿的生產力也在改變。因此，我們看到了一種無可爭議的認知。就像是的，這將是一個非常大的變化。我們需要一些幫助。我們認為 Coursera 是一個理想的合作夥伴，而且非常獨特。沒有那麼多其他參與者可以為學生提供可以計入學分的選修課，而我創建了學院來幫助組織轉型。

Got it. Thank you.

知道了。謝謝。

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

你的下一個問題來自摩根士丹利的喬許貝爾 (Josh Baer)。

Please go ahead.

請繼續。

Great.

偉大的。

Thanks for the question. I wanted to come back to the enterprise segment first, I guess one of the strongest net enterprise paid account adds sequentially in a while.

謝謝你的提問。我想先回到企業領域，我想最強的淨企業付費帳戶之一將在一段時間內依次增加。

So I was wondering what drove that?

所以我想知道是什麼推動了這一點？

And then with that in mind, and is that is that a read through to on like stable churn overall or where the growth that particularly strong, but you but the account churn was part of what contributed to the lower net retention rate?

然後考慮到這一點，這是對整體穩定流失率的通讀，還是成長特別強勁的情況，但帳戶流失是導致淨保留率較低的部分原因？

Yes. Hey, Josh. So it's a few things. One is average average deal size is coming down a bit. And so companies are interested in sometimes changing out their current partners and saying, all right, look, we'll give you a certain number of license to work with our data scientists or to work with our marketing department or to work in our leadership program. And if that goes well, we'll expand it. And so part of it is kind of reshuffling a portion of an existing budget over the course, Eric, to say, we want to drive your approach to this whole thing. And then we also see a world where the budgets are stabilizing a bit. I do quarterly. I do these events where we have I have discussion forums with Corsair for business learning and development people in the different regions of the world. And I've been asking is your learning development budget getting bigger getting smaller or holding the same. And there's a at least from somewhat anecdotal pulling they have been saying, hey, we're getting ready. There's going to be a big need for reskilling due to Gemini, we're starting to see a change and the budget. And so I think we're also picking up a little bit of a stabilization. And ideally, I'm I'm optimistic that they're going to realize. And when you look at that survey that I mentioned in the script survey after survey showing then even though almost every CEO and executive says major organizational skilling and transformation is going to be required. They also say that so far, they've almost not even started yet Well, once they get their team in order their strategies harder and they're their budgets in order. We do think that there's indications that they'll be good dollars being spent on general AI related upskilling and reskilling of businesses.

是的。嘿，喬許。所以有幾件事。一是平均交易規模略有下降。因此，公司有時有興趣更換他們目前的合作夥伴，並說，好吧，看，我們會給你一定數量的許可證，讓你與我們的資料科學家合作，或與我們的行銷部門合作，或參與我們的領導力計劃。如果進展順利，我們將擴大它。因此，其中一部分是在整個過程中重新調整現有預算的一部分，埃里克，也就是說，我們希望推動你對整個事情的處理方法。然後我們也看到預算略有穩定的世界。我每季做一次。我與 Corsair 一起舉辦這些活動，為世界不同地區的商業學習和發展人員舉辦討論論壇。我一直在問你的學習發展預算是越來越大、越來越小還是保持不變。至少從一些軼事來看，他們一直在說，嘿，我們已經準備好了。由於雙子座，我們將非常需要重新訓練技能，我們開始看到變化和預算。所以我認為我們也正在恢復一點穩定。理想情況下，我樂觀地認為他們會意識到這一點。當你看到我在一次又一次的調查腳本中提到的調查時，儘管幾乎每位執行長和高階主管都表示需要重大的組織技能和轉型。他們還表示，到目前為止，他們幾乎還沒有開始。我們確實認為，有跡象表明，他們將在一般人工智慧相關的企業技能提升和再培訓上投入大量資金。

Got it. And then just one follow-up on the segment guide, kind of cross 10% across the board and with consumer coming in in the high 10s this quarter, like the 10% for the year you have to make sense in the context of everything you're saying, but enterprise was already at 10%, I think, and move lower sequentially. So could you talk a little bit about more about that stabilization when the net retention rate is below 100%, and we just saw that revenue ticked lower sequentially yet.

知道了。然後是細分市場指南的一個後續行動，全面跨越 10%，並且本季度的消費者數量達到前 10%，就像今年的 10%，你必須在你所了解的一切背景下才有意義。這麼說的，但我認為企業已經達到10%，並且會繼續下降。那麼，您能否多談談當淨留存率低於 100% 時的穩定性，而我們剛剛看到收入仍連續下降。

So I think just question the on the methodology was as simple as renewing our forecast and then taking a look at the overall growth rates with each of the segments, in particular, the enterprise group and enterprise remained at 10% as it was with the previous guidance of last quarter as well as degrees of 10%, which I'm sure you noted on enterprise again, the NRR. there was a larger shortfall than we would have expected for some one-time contracts to one-time contracts. On the government side, we do not expect those to recur. And so we think you will see the NRR bounce back, which is the biggest on lever on the revenue. So that would explain the deceleration. And then and then live importance still achieving the 10%.

所以我認為，只要質疑方法論就很簡單，只要更新我們的預測，然後看看每個細分市場的整體成長率，特別是企業集團和企業與之前一樣保持在 10%。 % 的程度，我相信您再次在企業NRR 中註意到這一點。一些一次性合約與一次性合約之間的缺口比我們預期的要大。在政府方面，我們預計這些情況不會再發生。因此，我們認為您會看到 NRR 反彈，這是收入的最大槓桿。這樣就可以解釋減速的原因了。然後再看直播重要性依然達到了10%。

Thank you.

謝謝。

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

你的下一個問題來自布萊恩彼得森和雷蒙詹姆斯的對話。

Please go ahead.

請繼續。

Hey, thanks for taking the questions. I'm not sure if this is for Jeff or Ken, but would love to understand your latest thoughts on payback and your sales and marketing investments? And is there any change in how you guys are thinking about sales marketing with some of the management changes you guys have made, but love to get more color there.

嘿，感謝您提出問題。我不確定這是給傑夫還是肯，但很想了解您對投資回報以及銷售和行銷投資的最新想法？你們對銷售行銷的思考方式是否隨著你們所做的一些管理改變而改變，但希望在那裡獲得更多色彩。

Yes, this is Jeff.

是的，這是傑夫。

Hey, Brian.

嘿，布萊恩。

So I think there's obviously a difference between the consumer marketing dynamic and then the enterprise where we've got the direct sales force on the consumer side, we still continue to see pretty good returns on average spend on consumer notably with these professional certificates and especially for the newer ones. So we're feeling pretty good that there's there's demand out there. And if we market these things, we get a good return on it. We're also seeing it international markets increased return on average spend given the translations. We think that the translations have kind of opened up some opportunities to deploy paid media outside of the U.S. So we're feeling pretty good about that.

因此，我認為消費者行銷動態與我們在消費者方面擁有直接銷售力量的企業之間存在明顯的差異，我們仍然繼續看到消費者平均支出相當不錯的回報，特別是擁有這些專業證書，尤其是對於較新的。所以我們感覺很好，因為那裡有需求。如果我們推銷這些東西，我們就會獲得豐厚的回報。我們也看到，由於翻譯，國際市場的平均支出回報率有所提高。我們認為這些翻譯為在美國境外部署付費媒體提供了一些機會，因此我們對此感覺非常好。

And then on the on the enterprise sales team, and I think frankly, a lot of and I've been out there and a lot of these deals that companies are truck, they know that generally our training is a big deal. They're trying to get there and together, they're trying to figure out, what does their playbook? How are they going to actually scale? What groups do they go with First, right now, they're still focused a bit on the builder saying, do we have people who understand this stuff, but I think creating some shape for those larger Gemini Academy deals will help. And so right now, the deal sizes have been on the smaller side, I'm optimistic that if they start doing larger scale training of generative AI., those mandates might expand and that will create a better return on our enterprise sales and marketing spend by the way, I'd also say on unfair for campus, we are really focused more and more and more on the for students for credit use cases where the students get the best value in the enterprise. The institution gets the best value. It does take faculty a little time to warm up to this idea. I mean, usually the university president is quite interested in it. They've got to make the decisions and sort of enact a policy to say, yes, we're going to offer these industry micro credentials as career Electus for credit that takes a bit of time. So there's a little bit of market development that we're doing with our sales and marketing team and Coursera for Campus. Frankly, I like that investment I cannot see a way that higher education is able to respond to the changes without something that looks a lot like what we're offering with these industry micro credentials that can count as credit towards categories.

然後在企業銷售團隊上，坦白說，我去過很多公司，他們知道我們的培訓通常很重要。他們試圖到達那裡並聚集在一起，他們試圖找出他們的劇本是什麼？他們將如何真正擴大規模？他們與哪些團體合作首先，現在，他們仍然關注建設者的說法，我們是否有人了解這些東西，但我認為為那些更大的雙子座學院交易創造一些形狀會有所幫助。因此，目前交易規模較小，我樂觀地認為，如果他們開始進行更大規模的生成人工智慧培訓，這些任務可能會擴大，這將為我們的企業銷售和行銷支出創造更好的回報順便說一句，我還想說，對於校園不公平，我們確實越來越關注學生的學分用例，讓學生在企業中獲得最大價值。該機構獲得最佳價值。教師確實需要一些時間來接受這個想法。我的意思是，通常大學校長對此很感興趣。他們必須做出決定並製定一項政策來表明，是的，我們將向這些行業微型證書提供職業 Electus 以獲得信貸，這需要一些時間。因此，我們正在與我們的銷售和行銷團隊以及 Coursera for Campus 一起進行一些行銷開發。坦白說，我喜歡這項投資，如果沒有看起來很像我們透過這些可以算作類別信用的行業微觀證書提供的東西，我看不到高等教育能夠應對變化的方式。

Are there some additional color there?

還有一些額外的顏色嗎？

Jeff, I know you mentioned a lot about AI content. I'd love to understand how you think about AI. in terms of the professional certificates or the consumer side? And where is the ecosystem of partners in terms of really enabling that a conflict?

Jeff，我知道你提到了很多關於人工智慧的內容。我很想了解您如何看待人工智慧。在專業證照方面還是在消費者方面？真正引發衝突的合作生態系在哪裡？

There's really higher price point consumer versus business.

消費者與企業的價格確實較高。

Yes, I think that the I suspect that the professional certificates with general AI are going to look like the certificate programs that all the cloud players have been doing for the last five to 10 years. The basic idea is in order to promote their platform as a leading platform, whether that's AWS or whether that's Azure, whether that's Google Cloud or IBM. They're going to want to essentially not just merchandise their platform but train people and certify people on their platform. We'll see. But in the past, the platforms have only certified the builders on those platforms. I can see a world and we're getting indications that a lot of the platform providers want to also create certification programs for the users of those platforms of which, of course, there are orders of magnitude, more users of the platforms than builders in the platform. So if things go the way that I think they might add there could be a next wave of certification programs, but a potentially much larger scale where you're certifying, not just the builders but the users.

是的，我認為我懷疑通用人工智慧的專業證書將看起來像所有雲端玩家在過去五到十年中一直在做的證書項目。基本想法是為了將他們的平台提升為領先平台，無論是 AWS 還是 Azure，無論是 Google Cloud 還是 IBM。他們本質上不僅想要推銷他們的平台，還想要培訓人員並在他們的平台上對人員進行認證。我們拭目以待。但過去，平台只對這些平台上的建構者進行認證。我可以看到一個世界，我們得到的跡象表明，許多平台提供者也希望為這些平台的用戶創建認證計劃，當然，其中有一個數量級，平台的用戶比建構者更多。因此，如果事情按照我認為他們可能會添加的方式發展，可能會出現下一波認證計劃，但認證的規模可能會更大，不僅是建築商，還有用戶。

Interesting. Thanks.

有趣的。謝謝。

Your next question comes from the line of Devin [Au] with KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Devin [Au]。

Please go ahead.

請繼續。

Great.

偉大的。

I guess, Jeff, thanks for taking my question. I'm not sure if you already mentioned this, but could you share the specifics on what drove the delay in that content launch from your education partner? And are there any guardrails or initiatives in place now to prevent that from happening again, down the road?

我想，傑夫，謝謝你提出我的問題。我不確定您是否已經提到過這一點，但您能否分享一下導致您的教育夥伴延遲發佈內容的具體原因？現在是否有任何防護措施或舉措來防止這種情況再次發生？

Yes, hey, this is gives us adjusted.

是的，嘿嘿，這是給我們調整的。

So there we only have a certain amount of visibility into the production processes for different partners. I would say that one of the things that Ken talked about last quarter, which we continue to lean into for a number of reasons, is us assisting our partners in actually building out this content a we've got a pretty good idea of what the success factors are to design and create a good piece of content and be more and more industry partners. One appear to want to work with Coursera to put their branded content on Coursera, but they're not instructional designers. So they're looking for us to help the benefits to us are a few number one we can have a basically more exclusivity on the content. Number two is if we help to build it and we're putting more resources towards building it out, we get a better share of economics. And then number three, to your question, we get better visibility into that pipeline and actually some actual management of the production process. So I would say that for a number of reasons, including the Gemini tools, making our productivity much, much better and creating high quality content at lower prices. We are basically providing more and more systems to our partners in creating these certificates, and that will give us both more control and more visibility.

因此，我們對不同合作夥伴的生產流程只有一定程度的了解。我想說的是，肯上季度談到的一件事是我們協助我們的合作夥伴實際構建這些內容，我們已經非常清楚要做什麼，出於多種原因，我們繼續關注這一點。是設計和創造出好的內容並成為越來越多的行業合作夥伴。有人似乎想與 Coursera 合作，將他們的品牌內容放在 Coursera 上，但他們不是教學設計師。因此，他們正在尋找我們幫助我們獲得的好處是第一，我們可以在內容上擁有更多的排他性。第二，如果我們幫忙建造它，並且投入更多資源來建造它，我們就能獲得更好的經濟效益。第三，對於你的問題，我們可以更好地了解該管道以及實際上對生產過程的一些實際管理。所以我想說，出於多種原因，包括 Gemini 工具，它使我們的生產力大大提高，並以更低的價格創建高品質的內容。我們基本上為我們的合作夥伴提供越來越多的系統來創建這些證書，這將為我們提供更多的控制權和更多的可見性。

Okay.

好的。

That's helpful. And then just staying on consumer with the lower volume and conversion of paid learners, as you called out in North America, does that softness have any potential impact to, I guess, degree segment in terms of the funnel and filling those cohorts and degree pathways in the near term.

這很有幫助。然後，正如您在北美所呼籲的那樣，僅僅停留在付費學習者數量和轉換率較低的消費者上，我認為這種軟性是否會對管道和填充這些群體和學位途徑方面的學位細分產生潛在影響在短期內。

It might. I don't know that the that the numbers are significant enough to materially affect that. What we find is that when we compare up the Wright college degree with the right pathway policy so you can get credit to the right segment of learners and a Professional Certificate, you can unlock your much higher conversion rates and so I think it's a bit more about getting the right pairing of certificate with degree that does at RNRL.s, a new registered learners are also looking pretty good so we feel that the top of the funnel, we brought in another 7 million globally, although you're right in North America, it's a little bit soft. We are feeling pretty good about the overall site visits and new registered learner. So I'm not too worried about that. I don't think that will become a material impact on our ability to to fill degree student cohorts. I think it's much more about unlocking these pathways and really improving the conversion rate because of that unlock between the Professional Certificate and the pathway degree.

它可能。我不知道這些數字是否足以對其產生重大影響。我們發現，當我們將萊特大學學位與正確的途徑政策進行比較時，您可以獲得正確的學習者群體的學分和專業證書，您可以解鎖更高的轉換率，所以我認為這有點多關於獲得RNRL .s 的證書與學位的正確配對，新註冊的學習者看起來也相當不錯，因此我們認為，在漏斗的頂部，我們在全球範圍內又引進了700 萬，儘管您就在北方美國，有點軟。我們對整體網站流量和新註冊學習者的感覺非常好。所以我對此不太擔心。我認為這不會對我們填補學位學生群體的能力產生重大影響。我認為更多的是解鎖這些途徑並真正提高轉換率，因為專業證書和途徑學位之間的解鎖。

Ken, anything you would add to that.

肯，你有什麼想補充的嗎？

No, like I said, the exact same thing.

不，就像我說的，完全一樣的事。

Thank you.

謝謝。

Let's take one final question.

讓我們來回答最後一個問題。

Your final question comes from the line of Brett Knoblauch with Cantor Fitzgerald.

你的最後一個問題來自布雷特·諾布勞赫和康托·菲茨杰拉德的對話。

Please go ahead.

請繼續。

And my question guys, maybe just on comparing the LTV in your North American learners to that of the international lenders, how big of a delta between them and then do you think the new payment and currency functionality would help narrow that gap?

我的問題是，夥計們，也許只是將北美學習者的LTV 與國際貸方的LTV 進行比較，它們之間的增量有多大，然後您認為新的支付和貨幣功能是否有助於縮小這種差距？

Yes.

是的。

Great question, Brett. I will I will say there's certainly a difference. Part of it is the price for when we do your pricing. Part of it is the retention, which is typically longer retention times price gives you the LTV on Canada. Can you give any general way to think about it is not something we typically disclose.

好問題，布雷特。我會說肯定有差。其中一部分是我們為您定價時的價格。其中一部分是保留率，這通常是較長的保留時間，價格可以為您提供加拿大的生命週期價值。您能否給出任何一般性的思考方式，這不是我們通常披露的內容。

I know we haven't it's a multiple is the answer. It's a significant difference between North America and Western and all else. Not surprisingly, it's about per capita GDP, especially in A-Pac. So we haven't given broad guidance, but it's a multiple. It's a it's a significant difference.

我知道我們還沒有，答案是倍數。這是北美和西方以及其他地區之間的顯著差異。毫不奇怪，這與人均國內生產總值有關，尤其是在亞太地區。所以我們沒有給出廣泛的指導，但它是一個倍數。這是一個顯著的差異。

And as far as new product, enabling that more or creating a change in that, we do think we'll able they'll realize more value. If you think about it, fundamentally, what we're doing around the translations is for making it accessible. So we think that should should drive both volume and over time the ability to for pricing and payment systems as well, making enabling the consumer to transact where it's difficult for them to do today, we think will give us both pricing, flexibility and future, but more important will produce more volume. So partially on the LPV. you'll see increases, but a lot of it is a function, again of per capita GDP, and there's more opportunity for us to close that gap from a value add standpoint internationally, just because we haven't done these things historically. So you'll see a little bit of both we expect.

就新產品而言，實現更多或創造改變，我們確實認為我們能夠讓他們實現更多價值。如果你仔細想想，從根本上來說，我們圍繞翻譯所做的事情是為了使其易於理解。因此，我們認為，這應該會推動銷量，並且隨著時間的推移，定價和支付系統的能力也將提高，使消費者能夠在他們今天難以做到的地方進行交易，我們認為這將為我們帶來定價、靈活性和未來，但更重要的是會產生更多的銷售。所以部分是在 LPV 上。你會看到成長，但其中很大一部分是人均GDP的函數，從國際增值的角度來看，我們有更多機會縮小這一差距，只是因為我們歷史上沒有做過這些事情。所以你會看到我們所期望的兩者。

Perfect.

完美的。

And then if I could just have one more on the consumer side.

然後我是否可以在消費者方面再多一個。

I guess how much of the revised consumer guidance is attributed to the delayed content versus <unk>?

我猜修訂後的消費者指南有多少是因為內容延遲而不是 造成的？

Anything else that could be macro starting to impact consumers' budgets? And then with inflation continuing to be high. Is that affecting any of the demand funnel?

還有其他可能開始影響消費者預算的宏觀因素嗎？然後通膨持續高位。這會影響任何需求管道嗎？

Yes, it is both, Brett, to your question. So if there is a general slowdown in the conversion, we can see some of that as a result of the delayed content launch and particularly the effect of less marketing dollars going against that content launches with against a little bit to your previous question, our highest performing highest value region from a consumer standpoint and so on. It is both on and we haven't broken out the attribution. It's hard to understand exactly between the two, but it's an element of both, but it has the slowdown at the beginning of the year around the marketing affects conversion and run rate for the rest of the year, of course, because it's a building on both conversion are the programs build over the first couple of months on. And so by delaying that it's out, it's we lose that for the year.

是的，布雷特，對於你的問題來說，兩者都是。因此，如果轉換普遍放緩，我們可以看到其中一些是由於內容發布延遲造成的，特別是行銷資金減少對內容發布的影響，以及與您之前的問題（我們的最高水平）的影響。者的角度來看執行最高價值區域等等。它都已開啟，我們還沒有分解歸屬。很難準確地理解兩者之間的關係，但它是兩者的一個要素，但它在今年年初的營銷放緩影響了今年剩餘時間的轉換率和運行率，當然，因為它是建立在這兩次轉換都是在最初幾個月內建立的程式。因此，如果推遲發布，我們就失去了這一年的機會。

Yes.

是的。

Okay.

好的。

You appreciate it.

你很感激。

Sure.

當然。

That wraps today's Q&A.

今天的問答就到此結束。

A replay of this webcast will be available on our Investor Relations website, along with the transcript in the next 24 hours. We appreciate you joining us.

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。

This concludes today's conference call.

今天的電話會議到此結束。