Coursera Inc (COUR) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Coursera'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. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎參加 Coursera 2024 年第一季財報電話會議。目前，所有參與者都處於只聽模式，請注意，本次通話正在錄音。（操作員指示）

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

我想將電話轉給投資者關係主管 Cam Carey。凱裡先生，你可以開始了。

Hi, everyone, and thank you for joining our Q1 2024 earnings conference call. With me today is Jeff Maggioncalda, Coursera's Chief Executive Officer; and Ken Hahn, our Chief Financial Officer. Following their prepared remarks, we will open the call for questions. Our press release, including financial tables was issued after market close and is posted on our Investor Relations website located at investor.coursera.com, where this call is being simultaneously webcast and were versions of our prepared remarks and supplemental slides are available.

大家好，感謝您參加我們的 2024 年第一季財報電話會議。今天與我一起的還有 Coursera 的執行長 Jeff Maggioncalda 和我們的財務長 Ken Hahn。在他們發表完準備好的發言後，我們將開始提問。我們的新聞稿（包括財務表格）是在收盤後發布的，並發佈在我們的投資者關係網站上，網址為 investor.coursera.com，該電話會議將同時進行網絡直播，並且我們的準備好的評論和補充幻燈片的版本均可在該網站上獲取。

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.

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 (non-GAAP) 指標與最直接可比較的公認會計準則 (GAAP) 指標的對帳表可在今天的新聞稿和補充報告中查閱，這些報告已透過我們的投資者關係網站分發並向公眾開放。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, including our AI and machine learning initiatives and offerings.

此外，本次電話會議中有關未來結果和事件的所有陳述均為基於當前預期和信念的前瞻性陳述。這些前瞻性陳述包括但不限於有關影響我們行業和業務的趨勢以及影響這些趨勢的因素的潛在影響的陳述。我們的策略資產和平台優勢（包括我們的人工智慧和機器學習計劃和產品）的預期收益和影響。

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.

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的優勢和好處、我們的策略和優先事項、我們的股票回購計劃和現金和資本配置，以及我們的願景商業模式、使命機會、展望、金融業務和其他方面以及未來意圖。

Actual results and events could differ materially from those expressed or implied in these forward-looking statements due to a number of risks and uncertainties, including those discussed in our press release, SEC filings and supplemental materials. 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.

由於存在許多風險和不確定因素，包括我們的新聞稿、美國證券交易委員會 (SEC) 文件和補充資料中討論的風險和不確定因素，實際結果和事件可能與這些前瞻性陳述中表達或暗示的結果和事件存在重大差異。由於前瞻性陳述並不能保證未來的業績或計劃，因此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.

現在，我想把發言權交給傑夫。

Thanks, Cam, 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，Cam，歡迎大家。很高興和大家在一起。在第一季度，我們在動態環境和不斷發展的教育格局中不斷探索，業務繼續取得進展。我們迎來了近700萬名新生。我們透過新的專業證書、途徑學位和生成性人工智慧內容擴展了我們的產品目錄。我們在將最新的人工智慧產品創新交付給學習者和企業客戶方面取得了重大進展，我們的收入比去年同期增長了 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. Ken, will discuss the dynamics in more detail as well as the implications on our outlook for the year.

我們第一季的營收低於我們的預期。我們發現北美付費學習者的數量有所減少，鑑於他們的貨幣化率較高，這對我們本季的業績和未來的表現產生了巨大影響。肯將更詳細地討論這一動態以及對我們今年前景的影響。

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. This 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.

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。我不斷看到我們所建立的生態系統的跡象。世界各地的學習者、大學、教育工作者、企業和政府都認為 Coursera 能夠幫助解決勞動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 AI mesmerized the 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。多年來，科技和全球化的共同力量加速了我們社會中幾乎所有機構的轉型。通用人工智慧的卓越能力讓世界驚嘆不已已有一年多了。

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.

早期對這項技術的擔憂反映了世界在 2020 年所面臨的挑戰，包括它可能擾亂地方經濟和教育體系、導致數百萬工人失業以及對新型技能的需求，這可能會進一步擴大數位落差。我們相信，這場疫情的持久影響將加速社會各方面的改變。

But unlike the pandemic will serve as a catalyst to force digital adoption overnight, we remain in the early stages of understanding how generative AI, will reshape the way we live, learn and work. Research by the University of Pennsylvania, estimates with 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.

但與疫情將成為一夜之間推動數位化應用的催化劑不同，我們仍處於理解生成人工智慧將如何重塑我們的生活、學習和工作方式的早期階段。賓州大學的研究估計，一半工作崗位上的全部任務最終將有一半可以自動化。但今天，我相信絕大多數組織只是在試驗這項技術，並且普遍對他們所預見到的以及怎樣應對它感到不知所措和不知所措。

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.

公司、大學和政府正在尋找關鍵任務用例和最佳實踐，以正確平衡產生人工智慧的風險和機會。我們相信解決這個難題的關鍵在於高品質的教育和培訓，以及敏捷性和有效的變革管理如何使公司能夠快速安全地採用生成性人工智慧。

Coursera itself has been navigating this generative a conundrum, and I'm excited to share that earlier this month, Harvard Business School realise, the case study titled Coursera’s Foray into GenAI, illustrating how Coursera responded to the opportunities and threats created by generative 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.

Coursera 本身一直在探索這個生成性難題，我很高興與大家分享，本月早些時候，哈佛商學院實現了案例研究，題為“Coursera 進軍 GenAI”，說明了 Coursera 如何應對生成性 AI 帶來的機會和威脅。據我們所知，這是全球頂尖學術機構首次進行此類案例研究，它使 Coursera 成為思想領袖，並向高等教育介紹了 Coursera 現在提供的生成式人工智慧功能。

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 that they need to stay relevant and compete in our fast-changing world.

我們相信，市場壓力最終將迫使機構採取行動，否則將面臨落後的風險。但如今的領導者仍在努力解決如何從實驗走向實施的問題。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平等地獲得他們所需的技能、資歷和就業機會，以便在我們快速變化的世界中保持相關性和競爭力。

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 generative AI's 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.

這讓我想到了第二個主要趨勢，即技能發展，長期產業夥伴和客戶埃森哲在一月發布了一份關於產生人工智慧對勞動力影響的報告。調查數千名 CxO 和 5,000 多名員工。報告指出了領導者和員工之間的差距，這有助於我們了解今年公司面臨的勞動力轉型障礙。

86% of CxOs are using generative AI to some degree in their own work. And nearly all believe the generative 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.

86% 的 CxO 在自己的工作中不同程度地使用生成式人工智慧。幾乎所有人都相信生成式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長，或者覺得他們可以講述令人信服的轉型故事來引領所需的變革。

As for the employees 95% see value in working with generative AI, 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.

至於員工，95% 的人認為使用生成式人工智慧很有價值，94% 的人表示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每個人都能獲得積極的成果，報告結果進一步證實了這一點：目前只有 5% 的組織正在積極地大規模地重新培訓員工。如果組織要從實驗走向實施並釋放這些新興技術的潛力，我們相信必須從釋放人才的潛力開始。

And this leads me to the third trend driving our business, the transformation of higher education. Two weeks ago, I was honored to join ASUGSV in San Diego, alongside some of Coursera's closest partners. Coursera Director and President of the American Council on Education or ACE, Ted Mitchell. Founder of grow with Google Lisa Gevelber, and Chancellor of the University of Texas system, JB Milliken.

這讓我想到了推動我們業務發展的第三個趨勢，即高等教育的轉型。兩週前，我很榮幸能與 Coursera 的一些最親密的合作夥伴一起加入聖地牙哥的 ASUGSV。Coursera 主任兼美國教育委員會 (ACE) 主席 Ted Mitchell。與 Google 一起成長的創始人 Lisa Gevelber 和德克薩斯大學系統的校長 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.

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關係。在今年的會議上，我很高興能與德州大學系統的米利根校長一起上台討論我們的進展。我們討論了系統範圍微證書計劃背後的策略、專業證書對大學、學生和雇主的價值，以及系統需要更靈活的途徑來服務多樣化和不斷增長的人口。

The main questions that kept coming up in the conversations with how, how does the collaboration between UT, Coursera and industry partners like Google work. How the students this 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.

對話中不斷出現的主要問題是，UT、Coursera 和 Google 等產業夥伴之間的合作如何進行。學生如何利用這個行業微證書來獲得大學學分並獲得學位。其他大學如何在其所在城市、州或國家實施類似的模式。

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.

我很高興地告訴大家，從春季學期開始，每個 UT 校區都推出了 Coursera 職業學院，大多數校區現在都已將課程整合為學分，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 月份，已有超過 7,000 名學生花費了超過 100,000 小時在線上學習，並獲得了 Google、微軟、IBM 等公司頒發的超過 16,000 份核心證書。

It's 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. And this 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.

這證明了學生的需求以及大學和產業合作的力量，可以提供符合該地區勞動力市場需求的解決方案。我們相信，我們與德州大學系統的合作是高等教育轉型的可複製藍圖。而這只能歸功於 Coursera 平台獨有的幾項領先能力和戰略資產，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品質內容和證書，而 ACE 等組織越來越多地推薦這些內容和證書用於學分認可。

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 generative AI powered product innovation we are investing in across our platform.

我們涵蓋全球個人和機構，包括透過服務企業、政府和校園來促進合作的能力，以及我們在整個平台上投資的數據、技術和產生人工智慧驅動的產品創新。

Now let me share some of the recent progress that we've made on each of these advantages. 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 Huddersfield, as well as OLAY, Workday and The Recording Academy.

現在讓我分享一下我們在這些優勢方面取得的一些最新進展。首先，讓我們討論一下我們的教育夥伴。超過 325 所世界頂尖大學和行業專家為我們的內容引擎提供支援。最近，我們很榮幸地迎來了幾位新合作夥伴，包括哈德斯菲爾德大學、OLAY、Workday 和美國錄音學院。

Today, I'd like to provide updates on three critical areas of our catalog, certificates, degrees, and generative 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.

今天，我想從我們的入門級專業證書開始，介紹我們目錄的三個關鍵領域的最新情況，即證書、學位和生成式人工智慧內容。聯合利華是全球領先的美容、家居和個人護理產品供應商之一，已加入我們的合作夥伴社區，並推出了兩項數據分析師入門專業證書。

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 in 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, a certificate can provide the opportunity to unlock both a job and a degree.

這些證書旨在使沒有大學學位或經驗的學習者有資格擔任庫存、物流、需求計劃以及數據行銷等領域的分析師職位，以及 SEO、內容行銷和 CRM 中的分析師職位。這就是我們所說的職業道路。但越來越多的學習者在 Coursera 上完成課程並獲得證書，不再需要在工作或學位證書之間做出選擇，證書可以提供解鎖工作和學位的機會。

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.

我們學分認可計劃和銜接學位策略的一個關鍵推動因素是我們與美國教育委員會等組織日益密切的合作夥伴關係。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獲得大學學位學分、在像 UT 系統這樣的內部校園如何實現課程現代化以創造可就業的畢業生來推動當地經濟發展、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方面發揮著更為關鍵的作用。

Now onto my second catalog update which is a college degree. We recently announced a pathway degree program from the University of Huddersfield’s, a Master's 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 in our open content catalog.

現在進入我的第二個目錄更新，即大學學位。我們最近宣布了哈德斯菲爾德大學的銜接學位課程，該課程為管理碩士課程，採用基於績效的錄取途徑，以提高靈活性和可及性。所有學習者，無論先前的成就或教育背景如何，都有資格參加我們開放內容目錄中 Coursera 上的第一個模組。

Successful completion of this introductory module gains them 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 Coursera. 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.

成功完成此入門模組後，他們將被錄取進入完整的學位課程。作為我最後的目錄更新，我很高興與大家分享我們在 Coursera 上看到的快速擴展的生成式 AI 內容和憑證的動力。在這個機器越來越有能力大規模生產內容而沒有品質、完整性或準確性保障的時代，我們相信，個人在尋求學習技能和獲得證書時，會越來越多地轉向來自值得信賴的機構的優質內容。

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. The 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 generative AI that our partners have launched since the start of the year.

上週，Google推出了 AI Essentials 課程，除了教授基礎概念外，還展示瞭如何在日常工作中使用 AI 作為協作工具。這些入門課程由 Google AI 專家講授，他們致力於讓每個人都能使用並受益於這項新技術。谷歌的最新課程是我們的合作夥伴自今年年初以來推出的 75 多個生成式人工智慧新課程和專案之一。

This includes a growing number of top research universities and companies at the forefront of AI, including DeepLearning.AI, Duke University, Google Cloud, IBM, Microsoft, Vanderbilt University, and more to come in the future.

這包括越來越多處於人工智慧前沿的頂尖研究型大學和公司，包括 DeepLearning.AI、杜克大學、Google雲端、IBM、微軟、范德堡大學，以及未來還會有更多。

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.

我的目錄更新就完成了。讓我們談談我們的第二個優勢，即我們平台的全球影響力。對於機構而言，我們的付費企業客戶已增至 1,480 家，並且最近各個垂直行業都有所增加。正如我之前強調的那樣，我們增加了近 700 萬名新註冊學習者，到 3 月底，我們的全球學習者群體已增長至 1.48 億。成長持續呈現廣泛性，來自亞太地區的學習者人數逐年增加。

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.

為了更好地服務我們不斷擴大的全球學習者和機構群體，我們透過產生人工智慧創新迅速引入新的價值。這讓我想到了我們的第三個優勢，即在我們平台上持續進行的產品創新。

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. It's why we launched Course Builder, an AI assisted offering tool that enables any business government or campus customer to easily and quickly produce high-quality custom private courses at scale.

我的第一個產品更新是Coursera Course Builder。在許多組織中，人力資源和領導及發展團隊的任務是讓員工了解狀況、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日益加快的變化速度。這就是我們推出 Course Builder 的原因，它是一種人工智慧輔助提供工具，使任何企業、政府或校園客戶都能輕鬆快速地大規模製作高品質的客製化私人課程。

Based on a few simple inputs from an author, the tool auto generates course content, including outlines, descriptions, and learning objectives, dramatically reducing the time and cost of content production without sacrificing quality. Then Coursera, 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.

根據作者的一些簡單輸入，工具會自動產生課程內容，包括大綱、描述和學習目標，從而大大減少內容製作的時間和成本，同時又不犧牲品質。然後，Coursera 可以將 Coursera 上來自參與的世界一流產業和學術合作夥伴的課程模組與他們自己組織中的專家提供的內容無縫整合。

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. An 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.

例如，私營和公共部門的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。領導和發展團隊可以將來自我們行業和學術專家的內容與相關的業務背景和內部專業知識相結合。高等教育機構可以利用節省時間的工具，使教師能夠創建客製化課程，並使學習資源保持相關性和最新性，以滿足學生和雇主現在期望的速度和規模，例如在自己的大學課程中添加客座講座或時事。

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.

接下來，我想介紹我們的人工智慧翻譯計劃的最新情況，我們最近將該計劃的語言範圍從 18 種擴展到 21 種，增加了對印地語、日語和韓語學習者的支援。提醒一下，從 2023 年開始，我們開始將數千門課程、證書和專業目錄翻譯成當地語言，供世界各地的學習者使用。

To date, more than 1 million learners have already accessed AI 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, who can now have equal access to the world's top experts, no matter what local language they speak.

到目前為止，已有超過 100 萬名學習者在其註冊的課程中存取了 AI 翻譯內容，我們平台上 9000 萬名註冊學習者所在的國家/地區的主要語言是我們支持的 21 種翻譯語言之一。學習者的回饋令人鼓舞，但我們也聽到了企業客戶的意見，包括擁有大量跨國人口的企業和政府，他們現在可以平等地接觸世界頂尖專家，無論他們說什麼當地語言。

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. Coach usage has increased 150% since our initial beta release, and I wanted to share some initial feedback from early learners.

最後，關於 Coursera Coach 的最新消息。在第一季度，我們擴大了 Coursera Coach 測試版計畫的存取權限，使其能夠面向付費消費者貸款機構以及商業 Coursera 和政府客戶。自從我們首次發布測試版以來，Coach 的使用率增加了 150%，我想分享一些來自早期學習者的初步回饋。

Our research revealed that many learners come to Coursera lacking the skills to learn effectively without a tutor. When we talk to them, this learners said that they talk to Coach like a tutor, asking for summaries, explanations, quiz 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.

我們的研究表明，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。當我們與他們交談時，這些學習者表示，他們像與導師一樣與教練交談，尋求總結、解釋、測驗練習，甚至職業建議。Coach 不再需要花費數小時在外部板上尋找問題的答案或從頭開始創建筆記，而是讓學員有時間進行實際學習。

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 generative AI-powered product innovation, we have a clear strategy that focused on enhancing the value of the Coursera experience through the unique assets of our platform, the content we have, the data we have, and the scale that we have.

使用 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，就像課程中已有的影片和評估一樣。對於我們每一個由人工智慧驅動的產品創新的例子，我們都有一個明確的策略，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提升 Coursera 體驗的價值。

And we've designed these generative 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.

我們設計的這些生成式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 that 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.

在結束我的開場白之前，我想先分享一下領導力的最新情況。2022 年，我們實施了新的組織結構，包括設立首席營收官和首席營運官，但這並未為我們在規模較大但處於早期階段的市場帶來所需的成長。經過仔細考慮，我決定精簡我們的領導團隊結構，提升我們的三個部門總經理的職位，並設立首席技術官和首席產品官的職位，他們都將直接向我匯報。這些變化旨在推動我們進入下一個成長、創新和槓桿階段，所有這些都是為了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. 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.

在將發言權交給肯之前，請容許我提醒大家我們在未來一年中重點關注的重點事項。首先，我們正在擴大入門級專業證書目錄，包括新的合作夥伴、角色、語言和學分推薦，以支援學位途徑和校園整合。其次，我們正在尋找和推出新的學位課程，重點是靈活性、可負擔性和規模化途徑，這些課程的開放內容和行業微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. And fourth, we're deepening our platform advantages, including the broad application of generative 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.

第三，我們專注於擴大企業、政府和校園客戶的企業部門，並支持機構合作，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，包括廣泛應用生成式人工智慧進行翻譯、透過 Coach 進行個人化學習以及透過 Course Builder 進行內容創建和課程構建，同時隨著時間的推移推動更大的規模和槓桿作用。

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

現在我想把它交給肯恩。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，我們對一系列關鍵措施所取得的策略進展感到滿意，但今天我要先明確表示，我們對收入成長並不滿意。特別是我們對 2024 年收入的修訂展望。第一季度，我們的總營收為 1.691 億美元，比去年同期成長 15%。我們三個部門的業績都實現了兩位數成長，但消費者部門的業績表現不佳。稍後將對此進行詳細介紹。

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.

請注意，在電話會議的剩餘時間裡，當我回顧我們的業務表現和前景時，我將討論我們的非公認會計準則財務指標，除非另有說明。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。

For the individual line item, components of OpEx, sales and marketing expense represented 29% of total revenue, down 1 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.

就單一項目而言，營運支出、銷售和行銷費用的組成部分佔總收入的 29%，下降了 1 個百分點。研發費用佔收入的13%，下降了7個百分點。一般及行政開支佔收入的 10%，下降了 2 個百分點。我仍然對我們能夠平衡成長計劃和長期投資的能力感到高興，同時展示了我們的模型作為平台規模所固有的槓桿作用。

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, 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 or targeted adjusted EBITDA margin remains unchanged.

第一季淨收入為 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 業績，而是設定年度 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，第一季的獲利表現標誌著今年開局強勁，我們將繼續努力實現 2024 年調整後 EBITDA 利潤率約 4% 的目標。因此，雖然我們需要降低營業額指引或目標調整後的 EBITDA 利潤率，但保持不變。

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.

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，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處理，從而有效降低了我們的自由現金流計算。

And the 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.

以及我們股票回購計畫的進度更新。在第一季度，我們以約 600 萬美元的價格回購了約 40 萬股普通股。今年 4 月，我們又以約 1,600 萬美元的價格回購了 110 萬股普通股。這使得總回購授權金額 9,500 萬美元中剩餘近 1,500 萬美元，我們預計將在本季根據價格完成。

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.

本季末，我們擁有約 7.25 億美元的非限制性現金和現金等價物，且無債務。我們相信，我們強大的財務狀況是一項能夠提供彈性和策略選擇性的資產，我們認為這在技術快速變革和教育格局不斷發展的時期尤其有價值。

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.

接下來，讓我們更詳細地討論一下各部門的表現。消費者收入為 9,670 萬美元，比上年增長 18%。分部毛利為 5,180 萬美元，佔消費者收入的 54%，與去年同期持平。我們的漏斗頂端活動依然強勁，本季新增註冊學習者約 700 萬。話雖如此，我們的消費者收入比預期的要低。

In particular, we underperformed 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.

特別是，我們在北美地區的表現不佳，該地區付費學習者的數量和轉換率較低，而且我們的一位教育合作夥伴的關鍵內容發佈時間與我們的財務計劃中的時間相比有所延遲。雖然該產品現已推出，但由於我們第一季的學習者群體中高 LTV 北美付費學習者嚴重短缺，因此該產品在未來仍將面臨消費者成長方面的阻力。

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.

我們正在積極尋找機會減輕對全年業績的影響，包括加快全年計劃推出的其他內容。但正如我將在修訂後的指南中很快討論的那樣，我們確實預計第二季和全年前景都會產生負面影響。

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%.

現在讓我們轉向企業。企業營收為 5,750 萬美元，比去年同期成長 10%，這主要得益於政府和校園垂直業務的推動。分部毛利為 3,910 萬美元，佔企業收入的 68%，去年同期為 67%。付費企業客戶總數增至1,480家，較去年同期成長18%。我們的付費企業客戶的淨保留率為 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.

正如我們在過去幾個季度所討論的那樣，我們繼續看到各個垂直領域的表現存在分歧，特別是對 Coursera 的商業壓力，但被我們另外兩個垂直領域（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，但我們正傾向於政府和校園機會，我們的獨特能力（包括品牌、高品質內容、入門級工作角色、培訓和信用建議）特別適合這些客戶使用案例。

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 degrees segment gross margin was 100% of revenue.

最後，由於新生數量的成長和近期計畫啟動的擴大，我們的學位部門收入將達到 1,480 萬美元，比去年同期成長 10%。學位學生總數比一年前增加了 23%，達到 22,200 人。提醒一下，學位部分不涉及任何內容成本。因此學位部分的毛利率為收入的 100%。

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.

雖然這部分收入只占我們目前整體收入的一小部分，但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優勢，可以從根本上改變大學學位。我們需要開始透過更新和增加的成長來驗證這一潛力。我們相信，實現學位更好成長的途徑在於與我們的大學合作夥伴攜手，在我們的消費者群體之間建立更強大的途徑，我們將受益於規模和越來越多的途徑學位課程選擇。

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.

現在談談我們的財務前景，考慮到我在討論消費者結果時概述的動態。對於第二季度，我們預計營收將在 1.62 億美元至 1.66 億美元之間，對於調整後的 EBITDA，我們預計範圍為負 200 萬美元至正 200 萬美元。對於 2024 年全年，我們預計營收將在 6.95 億美元至 7.05 億美元之間。我們認為，根據我們修訂的總收入預期，提供 2024 年各細分市場的新成長預期將有助於反映我們的最新觀點。我們現在預計所有部門全年的成長率都將達到約 10%。

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.

對於調整後的 EBITDA，我們預計範圍在 2,400 萬美元至 2,800 萬美元之間，維持調整後的 EBITDA 利潤率年度目標約為 4%。與過去幾年我們傳達的訊息一致，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 now what 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走勢並不滿意。今年修訂後的指引就是我們認為的成功成長型公司指標，並且我們已經採取了行動，相信這些行動將使我們更好地為未來的成長機會做好準備。我們致力於透過不斷擴大規模和槓桿來實現成長，並有著履行這項承諾的良好記錄。我們正在從財務實力的角度推行我們的長期策略，這使我們具有韌性和策略靈活性，可以引導和推動目前正在進行的高等教育轉型。

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

現在我將電話轉回給傑夫，請他發表最後評論。

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.

謝謝，肯。我想以一個特殊的用例來結束今天的演講。本月初，我來到華盛頓的世界銀行，與來自新興經濟體的財政部長交談。在場的 30 個國家中，有 20 個國家在我們透過與英聯邦學習聯盟合作實施的新冠疫情應對計劃期間與 Coursera 建立了合作關係。

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.

該計劃服務的國家之一是圭亞那，該國教育部在新冠疫情期間利用 Coursera 培訓了 36,000 多名圭亞那公民，課程註冊人數超過 190,000 人。上個月，我與圭亞那總統及其多位部長共同發起了一項國家培訓計劃，讓每位圭亞那公民和公共部門員工都能訪問 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.

該國家計劃將透過全國各部門實施，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隊伍。人力服務和社會安全部正在利用 Coursera 為 4,000 多名女性提供創業、數位、金融和適應力技能培訓。

The Ministry of Health assembled at the event 900 nursing students and 800 nursing assistants students, who are part of the nursing school program 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.

衛生部在此次活動中召集了 900 名護理專業學生和 800 名護理助理專業學生，他們參加的護理學校課程現已轉移到 Coursera 線上。旅遊工商部正在與 Coursera 合作，提高其員工在酒店和旅遊業的數位行銷、溝通和數據分析方面的技能。

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, 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.

與我們與德州大學系統的合作類似，與圭亞那的這一用例為其他機構提供了一個有力的範例，這些機構正在尋求提供高品質的教育和技能，為大量無法獲得教育的人口提供培訓機會，幫助公民和當地企業充分發揮其經濟潛力，以解決熟練勞動力短缺和高需求行業的問題，並在快速變化的全球市場中實現經濟成長。

Generative AI 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 Coursera's role and especially our partners we work with, who are turning the threat into an opportunity because of education.

生成性人工智慧既是顛覆者，也是推動者。機會差距是擴大還是縮小取決於我們能否在全球範圍內平等地提供教育和技能。企業、政府和學術機構必須共同努力，減輕中斷對人類造成的損失，並為這個快速變化的世界裡的每個人創造更平等的機會。我們為 Coursera 所扮演的角色感到自豪，尤其是我們的合作夥伴，他們透過教育將威脅轉化為機會。

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

現在讓我們開始提問。謝謝。

(Operator Instructions)

（操作員指示）

Rishi Jaluria with RBC.

Rishi Jaluria 與 RBC 合作。

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.

精彩的。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，那裡有兩個部分，對吧。第一，您什麼時候意識到這會成為一個問題，您說過可以採取某些措施來加速某些內容合作夥伴的合作，以幫助緩解這個問題。

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 content release, which is now live is causing such a dramatic impact on the overall revenue trajectory. Maybe help me understand built this peace. I've got a quick follow-up.

也許這已經開始產生牽引力了，而對於消費者而言，第二點，我想我仍然很難理解為什麼一個內容發布的時間（現在已經上線）會對整體收入軌跡產生如此巨大的影響。也許可以幫助我理解建立這種和平。我有一個快速的後續行動。

Hey, Rishi, this is Jeff. Yeah, thanks for the question. I mean, basically, we're off to a pretty slow start on consumer in 2024 obviously. 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.

嘿，Rishi，我是 Jeff。是的，謝謝你的提問。我的意思是，基本上，我們在 2024 年的消費市場起步顯然相當緩慢。關於我們何時知道的問題。我的意思是，很多事情都取決於新內容的發布。對於您的問題，內容已經發布，與發布相關的還有與之相關的付費媒體，特別是在北美。

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 revenue. So that's going to be something that follows us at least through the rest of the year. 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 2024 on consumer.

因此內容的延遲會延遲一些支出。由於延誤，我們發現部分客流量低於預期。儘管我們看到了良好的結果。到目前為止，這些損失的月份還無法從收入上彌補。所以這至少會是今年餘下時間困擾我們的一件事。您能否談談 2024 年起步較慢對我們第二季以及 2024 年消費者的影響。

Yeah. 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, and certainly resulted in some of the underperformance, the conversion, but it wasn't the primary point.

是的。我想首先，我們強調的是北美地區的表現普遍不佳，轉換率和專利學習者的數量較低。內容發布的延遲加劇了這種情況，並且確實導致了一些表現不佳和轉換，但這不是主要原因。

And Jeff, to your commentary, it was really about the lower marketing spend. So 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 the primary reason, but a contributing factor.

傑夫，對於你的評論，這實際上是關於較低的行銷支出。因此，由於它與內容發布相關，因此行銷支出較低，轉換率較低，因為這是高品質的流量。因此，我們總體上看到了結果，但這不是主要原因，而是促成因素。

And Rishi, in terms of mitigation, I mean, one is obviously to get the content launched and put good money behind it. Another is to say, all right, what kind of content is getting a lot of traction right now and probably not surprisingly, it's AI 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 4X, what we saw last year in terms of people taking AI related content and of course, the population of users of AI is much bigger than the population of builders of AI.

里希，就緩解措施而言，我的意思是，顯然，一個措施是推出內容並投入大量資金。另一個問題是，好吧，現在什麼樣的內容最受關注，可能並不奇怪，是人工智慧內容，人們想要新的內容，無論是對於建立這些模型的建構者來說，還是對於尋找建構者的公司來說，顯然都是重要的薪酬方案。但也有用戶，需要學習如何使用這些東西的人。我們看到，人們對人工智慧相關內容的興趣比去年增加了 4 倍，當然，人工智慧的用戶數量比人工智慧的建造者數量要多得多。

And so accelerating content launches that have to do with AI and also upgrading existing content. So it has sort of this generative AI module that says here's how you do this job in a world of generative 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 generative AI into content launches to at least partially make up for the slow start that we had in 2024.

因此，加速與人工智慧相關的內容發布並升級現有內容。因此，它有一種生成式人工智慧模組，它說明瞭如何在生成式人工智慧的世界中完成這項工作，這是我們認為將在今年剩餘時間內很有前景的一些事情。因此，我們確實看到了一些將生成性人工智慧的需求轉化為內容發布的舉措，至少可以部分彌補我們在 2024 年起步緩慢的局面。

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 a lot softer than that. Maybe again, what is causing 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 to see that analog is back above 100%? Thank you.

知道了。這真的很有幫助。然後只是快速的跟進。因此，儘管政府和企業園區的付費用戶數量表現強勁，但付費企業的 NRR 仍下降至 94%。因此，這意味著 Coursera 商業版的 NRR 要比這低得多。也許再一次，是什麼原因導致客戶群中仍然發生一些裁員，僅僅是因為在這些客戶中不重視學習和發展，更重要的是，除了看到宏觀改善之外，你還能採取哪些措施來確保模擬量回到 100% 以上？謝謝。

So, hey, Rishi. So we have seen better success in both C4C and C4G this year on an overall basis and C4B, your'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 C4C and C4G. However, for this quarter, as it relates to NRR, the pain was spread a little bit. It wasn't just C4B, 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 C4G, which is what overall was the change that caused it to drop to lower than it was last quarter to the 94%.

那麼，嘿，Rishi。因此，從總體上看，今年我們在 C4C 和 C4G 方面都取得了更好的成功，而 C4B，您說得對，一直是我們表現不佳的地方。我們稍微談論了一下產品市場契合度，以及相對於其他兩個垂直產業，我們對 C4C 和 C4G 的強調。然而，就本季而言，由於與 NRR 相關，痛苦有所擴散。這不僅僅是 C4B，我們在過去一年左右的時間裡看到了它的一些弱點，我們一直在非常積極地談論這個問題，但 C4G 在本季度也經歷了更艱難的時期，總體而言，這是導致它下降到低於上一季的 94% 的變化。

So again, weakness in C4G 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.

因此，本季 C4G 再次表現疲軟，這是兩次具體的續約，我們不會詳細說明，但我們預計不會持續看到這種現象，因為契合度往往很強，而且是超生的，我們獲得了相當不錯的續約率。

And then Rishi, on the question of how do we -- how can we manage NRR and tried to get it up. I mean, clearly great content that people want generative 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, they're there to learn, they're getting credit, they're getting an issue micro credential, that's looking pretty good.

然後，Rishi 詢問我們如何——我們如何管理 NRR 並嘗試將其提升。我的意思是，顯然人們希望為那些開始重新培訓員工的公司建立生成式人工智慧學院，這將成為他們真正採取行動時自上而下的 CEO 指令。但其中一部分也是關於哪些類型的學習者會參加這些活動的用例。我的意思是，我們實際上看到學生將 Coursera 作為學位課程的一部分的這種用例的 IRR 相當高。我的意思是，學生們參與其中，他們來這裡學習，他們獲得學分，他們獲得問題微證書，看起來非常好。

So part of it too is finding use cases where we know that there's good ability to get to the learners and the learners are interested in advancing their career 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 segment where Ken mentioned, a little bit of a couple of exceptional cases where there wasn't a great fit with the learnings there.

因此，其中一部分也是尋找用例，我們知道這些用例能夠很好地吸引學習者，並且學習者有興趣透過學習某些工作技能來提升自己的職業發展。我們認為，我們所看到的很多東西仍然處於相當早期的市場牽引力階段，在並非所有情況下，當涉及到學習者時，我們是否都有完全適合市場的產品，最終學習其中一些課程，特別是在肯提到的政府部門，有幾個特殊情況，那裡的學習內容並不十分契合。

Very helpful, thanks. (multiple speakers)

非常有幫助，謝謝。（多位發言者）

During COVID dats, right.

在 COVID 日期期間，對的。

Thank you.

謝謝。

Ryan MacDonald, Needham.

瑞安麥克唐納，尼德姆。

Thanks for taking my question. If we separate out the sort of delayed course launch and the impact on consumer, you talked obviously about broader softness and lower conversion rate. As you've looked into the problem 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.

感謝您回答我的問題。如果我們將課程推出延遲和對消費者的影響分開，你顯然會談到更廣泛的疲軟和更低的轉換率。正如您所研究的，問題是否存在具體原因，您發現一些共同點，可能是導致轉換率較低的原因，並根據顏色進行分析。

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? Thanks.

但是，當我們考慮接下來的幾年裡，是否有辦法透過折扣或任何其他緩解因素來提高轉換率，以便能夠應對國內較低的轉換率？謝謝。

Yes, thanks, Rayn. 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.

是的，謝謝，雷恩。因此，我認為就轉換率而言，北美地區更為敏感，刺激更高轉換率的許多因素是近期推出的產品。我的意思是，一般來說，那些購買較新書籍的人，也就是我們在北美更感興趣的買家，他們有更高的可支配收入來支付書費。

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 generative AI and say not only launch new stuff for the builders and the users of generative AI, but upgrade and relaunch existing a content because every indication I've seen when this could be their own judge is that this just generative AI will have a huge impact on the way people do their jobs.

我們已經看到一些最高的轉換率出現在人工智慧內容中。因此，我認為一種明顯的緩解策略是繼續依靠生成人工智慧，不僅要為生成人工智慧的建造者和用戶推出新產品，還要升級和重新推出現有內容，因為我所看到的每一個跡像都表明，當這可能是他們自己的判斷時，這種生成人工智慧將對人們的工作方式產生巨大的影響。

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, including the longer form to appeal to this very apparently strong demand that we're seeing from learners around generative AI. So that's, I think, one vector of mitigation that we are certainly going to be pushing on.

他們需要學習新技能，成為公關人員、財務分析師、供應鏈經理或使用者體驗設計師。我們認為，這是一個非常廣泛的機會來真正更新內容，包括更長的形式，以滿足我們在產生人工智慧學習者方面看到的非常強烈的需求。所以，我認為，這是我們肯定會推動的一個緩解措施。

Helpful. Maybe just as a follow-up to switching to the degree segment. 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 new degree partners as a result of that period of transition that we're going through. Thanks.

很有幫助。也許只是作為轉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競爭方面出現了很多動盪或變化，在我們所經歷的過渡期中，您是否看到了引入新學位合作夥伴的機會？謝謝。

Yeah, Ryan, we're certainly seeing inbounce. 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.

是的，瑞安，我們確實看到了反彈。但現有的許多程序都是為不再存在的時代而設計的。它們的設計背景是，線上學位的費用與校內學位的費用相同，可能是 100,000 美元或接近這個數字，從經濟角度來看，花費 25,000 美元來獲得學習者是合理的。

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.

但這些類型的程序實際上並不適合我們的模型。因此，對於銜接課程學位，我們真正推動的是更實惠的學分銜接課程，你可以開始學習開放內容，並將其計入學分學位，但在一些苦苦掙扎的傳統 OPM 的投資組合中，我們並沒有看到很多此類課程設計。因此，我認為我們不會期待看到為 Procera 提供更多的學位課程，這些課程基本上都是從那些傳統的 OPM 參與者那裡移植過來的。

Thanks for taking my questions.

感謝您回答我的問題。

Sure.

當然。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓、威廉布萊爾。

Hey, thanks. 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?

嘿，謝謝。首先，該指引預計第二季營收年增約 7%，下半年營收將再次加速至接近 10%。所以我很好奇是什麼讓您對下半年的重新加速充滿信心？

Sure, Stephen. That's primarily in consumer where 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, is something we've talked about internationally and pricings. And so we've had and we originally had put in our initial plan at the beginning of the year. Weighted average improvements that we expected to see from operating better with those products. So that's the reason for the uptick in the growth as we go into Q3 and Q4 versus Q2?

當然，史蒂芬。這主要體現在消費者領域，我們預期這一領域將加速發展，如果你看一下我們針對不同垂直領域提供的指南，你會發現其中相當一部分是由產品驅動的。我們下半年會推出一些產品，特別是國際支付，這是我們在國際上討論過的產品和定價。所以我們最初在年初就制定了初步計畫。我們期望透過更好地使用這些產品來實現加權平均改進。那麼這就是我們進入第三季和第四季相對於第二季成長上升的原因嗎？

Yeah. And some of the product innovations will basically take advantage of the translations. And we want to couple those translations, which have obviously created a broader accessibility with, as Ken said, geo-pricing, payments, currency and also merchandising in international markets. So we're planning to see higher NPL, new paid learners and better conversion rates in international markets.

是的。而有些產品創新基本上會利用翻譯。我們希望將這些翻譯與地理定價、支付、貨幣以及國際市場上的商品銷售結合起來，這顯然創造了更廣泛的可近性，正如肯所說的那樣。因此，我們計劃在國際市場上看到更高的不良貸款率、新的付費學習者和更好的轉換率。

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.

我們確實有一些我們認為將在今年下半年推出的書籍，我們對此感到非常興奮，這些書籍遵循與其他品牌專業證書類型書籍相同的基本模式，我已經看到這些書籍在平台上取得了良好的成功和良好的需求。

Got it. 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. Has interest there picked up, I guess this year has progressed?

知道了。這很有幫助。那麼從興趣程度的角度來看，您認為 Coursera for Campus 客戶會做一些與您已經與德州大學合作推出的類似的事情嗎？那裡的興趣有沒有增加？我猜今年已經有進展了？

Yeah, I think 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 generative AI, you can imagine how difficult it is for the universities to keep up with the curricular offering.

是的，我認為隨著我們繼續展示其他用例，這些用例可能發生在單一校園內，而實際上在校園內的一所學校、整個校園、校園系統甚至像哈薩克斯坦這樣的國家系統內，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，改變的不可避免且不可動搖的力量正在告訴我們，工作的成年人不僅希望獲得更靈活、更實惠的學位課程，他們所尋求的課程也是不同的。我的意思是，隨著數位化程度的提高，尤其是現在有了產生人工智慧，你可以想像大學跟上課程設定有多困難。

And then you layer on top of that, the need to actually transform the the organizations, just 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 yeah, 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 generative AI Academy to help transform the organization.

然後在此基礎上，實際上需要改變組織，生產力、經營槓桿、你上大學或其他職業學校的方式也在改變。因此，我們看到了一種無可爭議的認可。就像是，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，而我產生人工智慧學院可以幫助改變組織。

Got it. Thank you.

知道了。謝謝。

Josh Baer, Morgan Stanley.

摩根士丹利的喬希貝爾。

Great. Thanks for the question. I wanted to come back to the enterprise segment. First, I guess one of the strongest net enterprise paid account ads sequentially in a while. So I was wondering what drove that? And then with that in mind, is that a read through to like stable churn overall or where the growth that particularly strong, but the account churn was part of what contributed to the lower net retention rate?

偉大的。謝謝你的提問。我想回到企業領域。首先，我猜這是近期連續最強的網路企業付費帳戶廣告之一。所以我想知道是什麼導致了這種情況？考慮到這一點，是否可以理解為整體流失率穩定，或者成長特別強勁，但帳戶流失是導致淨留存率較低的部分原因？

Yeah. Hey, Josh. So it's a few things. One is average deal size is coming down a bit. And so companies are interested and 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 Coursera to say, we want to drive your approach to this whole thing.

是的。嘿，喬希。所以有幾件事。一是平均交易規模略有下降。因此，公司很感興趣，有時會更換他們現有的合作夥伴，並說，好吧，看，我們會給你一定數量的許可，與我們的數據科學家合作，或與我們的行銷部門合作，或在我們的領導力計劃中工作，如果進展順利，我們會擴大它。因此，其中一部分是對 Coursera 現有預算的一部分進行重新調整，以表明我們想要推動您對整個事情的方法。

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 Coursera 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 generative AI, we're starting to see a change and the budget.

然後我們也看到預算正在逐漸穩定下來。我每季都會做。我舉辦這些活動，與 Coursera 合作設立討論論壇，供世界不同地區的商業學習和發展人員使用。我一直在問，你們的學習發展預算是增加了、減少了還是保持不變。至少從一些傳聞來看，他們會說，嘿，我們已經準備好了。由於生成式人工智慧，對再培訓的需求將會很大，我們開始看到變化和預算。

And so I think we're also picking up a little bit of a stabilization. And ideally, 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 generative AI related upskilling and reskilling of businesses.

所以我認為我們也正在逐漸穩定下來。理想情況下，我樂觀地認為他們會實現這一目標。當你查看我在腳本中提到的調查時，一項又一項的調查顯示，儘管幾乎每位執行長和高階主管都表示需要進行重大的組織技能和轉型。他們還說，到目前為止，他們幾乎還沒開始。好吧，一旦他們讓團隊井然有序，他們的策略就會更加嚴格，他們的預算也會井然有序。我們確實認為，有跡象表明，他們將在產生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. With consumer coming in the high tens 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.

知道了。然後只需對細分指南進行一次跟進，就可以全面跨越 10%。本季度，消費者的銷售額成長了十多個百分點，例如全年的 10%，你必須在你所說的一切背景下講清楚，但我認為企業銷售額已經達到了 10%，並且環比下降。那麼，當淨留存率低於 100% 時，您能否更多地談論這種穩定性，我們剛剛看到收入環比下降。

Yeah. So thanks Josh, for the question. 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.

是的。感謝 Josh 提出這個問題。方法很簡單，只需更新我們的預測，然後查看每個部門的整體成長率，特別是企業集團和企業保持在 10%，與上一季的先前指導以及 10% 的程度相同，我相信您已經注意到了。

Enterprise again, the NRR, there's 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 lever on the revenue. So that would explain the deceleration. And then moving forward and still achieving the 10%.

再次是企業，NRR，政府方面的一些一次性合約與一次性合約的缺口比我們預期的要大，我們預計這些缺口不會再次出現。因此我們認為你會看到 NRR 反彈，這是收入的最大槓桿。這就可以解釋減速的原因。然後繼續前進，仍然實現 10%。

Thank you.

謝謝。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

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，謝謝你回答這些問題。我不確定這是否適合 Jeff 或 Ken，但很想了解您對回報以及銷售和行銷投資的最新想法。隨著你們做出的一些管理變革，你們對銷售行銷的看法有什麼變化嗎？但你們希望在這方面獲得更多的色彩。

Yes, this is Jeff. Hey, Brian. 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.

是的，這是傑夫。嘿，布萊恩。因此我認為消費者行銷動態和我們擁有直銷隊伍的企業之間顯然存在差異。在消費者方面，我們仍然看到消費者平均支出的回報相當不錯，尤其是這些專業證書，尤其是較新的證書。

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 US. So we're feeling pretty good about that.

因此，我們很高興看到有這樣的需求。如果我們推銷這些東西，我們會獲得豐厚的回報。我們也看到，由於翻譯的緣故，國際市場的平均支出回報率有所提高。我們認為這些翻譯在某種程度上為在美國以外部署付費媒體開闢了一些機會。所以我們對此感覺很好。

And then on the on the enterprise sales team, I think frankly, a lot of -- I've been out there and a lot of these deals that companies are try -- they know that this generative AI training is a big deal. They're trying to get there act 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 generative AI Academy deals will help.

然後，在企業銷售團隊中，坦白說，我認為很多——我去過那裡，很多公司都在嘗試這樣的交易——他們知道這種生成式人工智慧訓練是一件大事。他們正試圖共同行動。他們正在試圖弄清楚，他們的劇本是什麼？他們實際上將如何擴大規模？他們會先和哪些團體一起去？目前，他們仍然有點關注建設者，說我們是否有人了解這些東西，但我認為為那些更大的生成人工智慧學院交易創造一些形狀會有所幫助。

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 Coursera 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 and the institution gets the best value. It does take faculty a little time to warm up to this idea.

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式人工智慧訓練，這些任務可能會擴大，這將為我們的企業銷售和行銷支出帶來更好的回報。順便說一句，我還想說，在 Coursera 校園版上，我們越來越關注學生的學分使用案例，讓學生獲得最佳價值，讓機構獲得最佳價值。教師確實需要一點時間來接受這個想法。

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. We 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 pathway degrees.

我的意思是，大學校長通常對此很感興趣。他們必須做出決定並製定政策，說，是的，我們將提供這些行業微證書作為職業 Electus 以獲得學分，這需要一些時間。因此，我們正在與銷售和行銷團隊以及 Coursera for Campus 合作進行一些市場開發。坦白說，我喜歡這項投資，但如果沒有像我們所提供的這些可以算作途徑學位學分的行業微證書，我看不出高等教育能夠如何應對這些變化。

Understood. Thanks, for the color there 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 AI content for those really higher price point consumer courses? Thanks, guys.

明白了。謝謝 Jeff 的色彩。我知道您提到了很多有關人工智慧的內容。我很想了解您從專業證照或消費者的角度如何看待人工智慧？那麼，就真正為那些價格較高的消費者課程提供 AI 內容而言，合作夥伴的生態系統在哪裡呢？謝謝大家。

Yeah, I think that the -- I suspect that the professional certificates with generative AI are going to look a lot like the certificate programs that all the cloud players have been doing for the last 5 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, or 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.

是的，我認為——我懷疑具有生成人工智慧的專業證書將會非常類似於所有雲端運算參與者在過去 5 到 10 年一直在做的證書課程。基本想法是為了將他們的平台推廣為領先平台，無論是 AWS 還是 Azure，無論是 Google Cloud 還是 IBM。他們不僅希望推銷他們的平台，還希望培訓人員並在他們的平台上對人員進行認證。

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 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.

我們會看到，但在過去，平台只對這些平台上的建構者進行了認證。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，平台的用戶數量比平台的建造者多幾個數量級。因此，如果事情按照我想像的那樣發展，可能會出現下一波認證計劃，但規模可能會更大，認證的對像不僅是建設者，還有用戶。

Interesting. Thanks. Jaff.

有趣的。謝謝。賈夫。

Devin Au, KeyBanc Capital Markets.

Devin Au，KeyBanc 資本市場。

Great. Hi, Ken, Hi, 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?

偉大的。嗨，肯，嗨，傑夫。感謝您回答我的問題。我不確定您是否已經提到過這一點，但您能否具體分享一下導致您的教育合作夥伴推遲發布該內容的原因？目前是否有任何防護措施或舉措來防止將來再次發生這種情況？

Yeah, hey, this is -- Davin, this is Jeff. 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.

是的，嘿，這是——戴文，這是傑夫。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，肯在上個季度談到的事情之一，也是我們出於多種原因繼續傾向於做的事情，那就是幫助我們的合作夥伴實際建立這些內容。答：我們對設計和創作優質內容的成功因素有相當好的了解。

And B, more and more industry partners 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, we get a better share of economics.

B，越來越多的行業合作夥伴似乎希望與 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。所以他們尋求我們的幫助。對我們來說好處不多。首先，我們可以對內容有更多的專屬性。第二，如果我們幫助建立它並投入更多的資源，我們將獲得更好的經濟利益。

And then number three, to your question, we get better visibility into that pipeline and actual management of the production process. So I would say that for a number of reasons, including the generative AI 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.

第三，回答你的問題，我們可以更了解該管道和生產​​過程的實際管理。所以我想說，原因有很多，包括生成式人工智慧工具，使我們的生產力大大提高，並以更低的價格創造出高品質的內容。我們基本上為我們的合作夥伴提供了越來越多的系統來創建這些證書，這將使我們擁有更多的控制權和更高的可見性。

Okay. 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.

好的。這很有幫助。然後，就消費者而言，正如您在北美所說的那樣，付費學習者的數量和轉換率較低，這種疲軟是否會對學位部分的漏斗以及在短期內填補這些群體和學位途徑產生任何潛在影響。

It might. I don't know 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. So I think it's a bit more about getting the right pairing of certificate with degree that does it. Our NRL, 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.

有可能。我不知道這些數字是否足以對此產生實質影響。我們發現，當我們將萊特學院學位與正確的途徑政策進行比較時，你就可以為正確的學習者群體獲得學分並獲得專業證書，從而可以實現更高的轉換率。所以我認為這更多的是關於證書和學位的正確搭配。我們的 NRL，新註冊的學習者看起來也相當不錯，所以我們覺得在漏斗的頂部，我們在全球範圍內又吸引了 700 萬人，雖然你在北美是對的，但它有點軟。

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.

我們對整體的站點訪問量和新註冊的學習者感到非常滿意。所以我對此並不太擔心。我認為這不會對我們招收學位生的能力產生實質影響。我認為這更多的是關於解鎖這些途徑，並真正提高轉換率，因為專業證書和途徑學位之間有解鎖。

Ken, anything you would add to that.

肯，您還有什麼要補充的嗎？

No. Said the exact same thing. Thank you.

不。說了完全一樣的話。謝謝。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Alright. Thank you for taking my question guys. Maybe just on comparing the LTV of your North American learners to that of the international lenders. How big of a delta is it between them? And then do you think the new payment and currency functionality would help narrow that gap?

好吧。謝謝你們回答我的問題。也許只是將北美學習者的 LTV 與國際貸款人的 LTV 進行比較。它們之間的差異有多大？那麼，您認為新的支付和貨幣功能有助於縮小這一差距嗎？

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

是的。很好的問題，布雷特。我想說的是，肯定是有差別的。其中一部分是我們進行地理定價時的價格，一部分是保留時間，通常較長。因此，保留時間價格為您提供了 LTV。您能給出任何一般性的思考方法嗎？顯然，這不是我們通常會披露的事情--

No. 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 APAC. So we haven't given broad guidance, but it's a multiple. It's a significant difference. 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 for pricing.

不，我們沒有。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 GDP 有關，尤其是在亞太地區。因此，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。就新產品而言，如果能夠實現更多功能或帶來變化，我們確實認為能夠實現更多價值。如果你仔細想想，從根本上來說，我們進行翻譯是為了使其更容易理解。因此我們認為這應該同時推動銷售和定價能力。

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 LTV, 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.

還有支付系統，使消費者能夠在他們目前難以進行交易的地方進行交易，我們認為這將為我們提供定價靈活性和未來，但更重要的是將產生更多的交易量。因此，部分地從 LTV 來看，你會看到成長，但其中很大一部分是人均 GDP 的函數，而且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。因此，您將看到我們所期望的兩種情況。

Perfect. And then if I could just have one more. On the consumer side, I guess how much of the revised consumer guidance is attributed to the delayed content versus 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?

完美的。如果我能再吃一個就好了。在消費者方面，我猜測修改後的消費者指導在多大程度上歸因於內容延遲，而不是其他可能開始影響消費者預算的宏觀因素，以及通貨膨脹持續居高不下的原因。這會影響需求管道嗎？

Yeah, 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 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.

是的，布雷特，對於你的問題來說，兩者都是。因此，如果轉換率普遍下降，我們可以看到部分原因是內容發布延遲，特別是行銷費用減少對內容發布的影響，這與你之前的問題有點相反，從消費者的角度來看，我們表現最好的最高價值區域，所以這兩者都在，我們還沒有分解出歸因。很難確切地理解這兩者之間的區別，但它是兩者的一個元素。

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 both conversion -- the programs build over the first couple of months. And so by delaying that it's we lose that for the year.

但它在年初的營銷中出現了放緩，這當然會影響全年的轉換率和運行率，因為這是一個在頭幾個月內建立的轉換項目。因此，透過推遲這一目標，我們今年就失去了這一目標。

Alright. Thank you, I'll appreciate it.

好吧。謝謝，我會很感激的。

Sure.

當然。

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

今天的問答到此結束。此網路廣播的重播將在我們的投資者關係網站上提供，同時文字也將在接下來的 24 小時內提供。感謝您的加入我們。

This concludes today's conference call.

今天的電話會議到此結束。