Coursera Inc (COUR) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Coursera second quarter 2024 earnings call time.

女士們、先生們，感謝你們的支持，歡迎來到 Coursera 2024 年第二季財報電話會議。

All participants are in a listen only mode and please be advised that this call is being recorded.

所有參與者都處於只聽模式，請注意，此通話正在錄音。

(Operator Instructions)

（操作員說明）

I'd now like to turn the call over to Cam Carey, Head of Investor Relations.

我現在想將電話轉給投資者關係主管 Cam Carey。

Mr. Carey, you may begin.

凱裡先生，您可以開始了。

Hi, everyone, and thank you for joining us for Coursera's Q2 2024 earnings conference call.

大家好，感謝您參加 Coursera 2024 年第二季財報電話會議。

With me today is Jeff Maggioncalda, Coursera's Chief Executive Officer; and Ken Hahn, our Chief Financial Officer.

今天和我在一起的是 Coursera 執行長 Jeff Maggioncalda；以及我們的財務長 Ken Hahn。

Following their prepared remarks, we will open the call for questions.

在他們準備好的發言之後，我們將開始提問。

Our earnings press release, including financial tables was issued after the market close and is posted on our Investor Relations website located at investor.coursera.com, where this call is being simultaneously webcast and where versions of our prepared remarks and supplemental slides are available.

我們的收益新聞稿（包括財務表格）在收盤後發布，並發佈在我們的投資者關係網站Investor.coursera.com 上，該電話會議同時進行網絡直播，並提供我們準備好的評論和補充幻燈片的版本。

During this call, we will present both GAAP and non-GAAP financial measures.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

A reconciliation of non-GAAP measures to the most directly comparable GAAP measure can be found in today's earnings press release and supplemental presentation on our Investor Relations website.

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收益新聞稿和我們投資者關係網站上的補充演示中找到。

Please note all growth percentages refer to year-over-year change unless otherwise specified.

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.

此外，本次電話會議期間所做的所有有關未來結果和事件的聲明都是基於當前預期和信念的前瞻性聲明。

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 that are discussed in our earnings press release, supplemental presentation and our most recent SEC filings.

由於許多風險和不確定性，包括我們的收益新聞稿、補充陳述和我們最近向SEC 提交的文件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。

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

我想把它交給傑夫。

Thanks, Kim, and good afternoon, everyone.

謝謝金，大家下午好。

It's great to be with you all.

很高興和大家在一起。

I'm pleased to share that we delivered a solid set of operating and financial results, as we execute on our growth initiatives.

我很高興地告訴大家，在執行成長計畫的過程中，我們取得了一系列穩健的營運和財務表現。

We surpassed more than 2 million enrollments in our generative AI catalog of Coursera credentials and hands-on projects.

我們的 Coursera 證書和實作專案產生人工智慧目錄中的註冊人數已超過 200 萬。

We welcomed nearly 7 million new learners to our platform, one of our highest quarterly increases since 2020.

我們迎來了近 700 萬名新學習者加入我們的平台，這是自 2020 年以來季度增幅最高的學習者之一。

We launched more entry-level professional certificates in any single quarter in our history.

我們歷史上任何一個季度都推出了更多的入門級專業證書。

In fact, more than the entirety of 2022, with new titles coming from leading partners like Google Cloud, IBM, Meta and Microsoft.

事實上，超過 2022 年一整年，新遊戲都來自 Google Cloud、IBM、Meta 和 Microsoft 等領先合作夥伴。

We have made significant strides in introducing and enhancing AI powered product innovations, including Coursera Coach, Course Builder, GenAI Academy for Teams and a new suite of academic integrity features.

我們在引入和增強人工智慧驅動的產品創新方面取得了重大進展，包括 Coursera Coach、Course Builder、GenAI Academy for Teams 和一套新的學術誠信功能。

And importantly, we are reaffirming our full year 2024 outlook ranges for revenue and adjusted EBITDA.

重要的是，我們重申 2024 年全年收入和調整後 EBITDA 的展望範圍。

Now I'd like to begin with a brief overview of how the landscape is evolving before focusing on how we're executing to address the evolving opportunity in education.

現在，我想先簡要概述一下情況的演變，然後重點討論我們如何應對不斷變化的教育機會。

As we've discussed, Coursera's platform sits at the intersection of several long-term secular trends.

正如我們所討論的，Coursera 的平台處於多種長期趨勢的交叉點。

The digital transformation of every institution in our society, the urgent need for skills development and the evolution of higher education to better meet demands of a changing economy, shifting demographics and the globalization of talent.

我們社會中每個機構的數位轉型、對技能發展的迫切需求以及高等教育的發展，以更好地滿足不斷變化的經濟、人口結構變化和人才全球化的需求。

Navigating these trends is not an easy task.

駕馭這些趨勢並不是一件容易的事。

As the generative AI revolution unfolds, individuals are anxious about displacement and job security and businesses are struggling to adapt.

隨著生成式人工智慧革命的展開，個人對失業和工作保障感到焦慮，而企業則在努力適應。

And we see this outlined in almost every study to date.

到目前為止，我們幾乎在每項研究中都看到了這一點。

Microsoft and LinkedIn recently published their 2024 work trend index annual report.

微軟和LinkedIn近日發布了2024年工作趨勢指數年度報告。

They found that nearly 80% of leaders agree that their company needs to adopt AI to stay competitive, but 60% worried that their organization's leadership lacks a plan and vision to implement AI.

他們發現，近 80% 的領導者同意他們的公司需要採用人工智慧來保持競爭力，但 60% 的領導者擔心他們的組織領導層缺乏實施人工智慧的計畫和願景。

And these dynamics are affecting their talent strategy. 66% of leaders say they wouldn't hire someone without AI skills and 71% said that they would rather hire a less experienced candidate with a high skills with the more experienced candidate without them.

這些動態正在影響他們的人才策略。 66% 的領導者表示，他們不會僱用沒有人工智慧技能的人，71% 的人表示，他們寧願僱用經驗較少但技能較高的候選人，而經驗豐富的候選人卻沒有人工智慧技能。

This leads to the second trend, the need for skills development.

這導致了第二個趨勢，即對技能發展的需求。

In June, we published for Coursera's sixth annual Global skills report drawing on data and insights from our global learning community.

6 月，我們根據全球學習社群的數據和見解，發布了 Coursera 第六份年度全球技能報告。

Several of the key findings reaffirmed the Microsoft report.

幾項重要發現再次證實了微軟報告的準確性。

First, AI literacy has emerged as a global imperative and employees are not waiting for their employers to catch up.

首先，人工智慧素養已成為全球的當務之急，員工不會等待雇主趕上來。

Regional trends in our learner demand demonstrates how they are taking skill development into their own hands.

我們學習者需求的區域趨勢顯示他們如何將技能發展掌握在自己手中。

For example, in 2023, our generative AI content saw one enrollments per minute.

例如，2023 年，我們的生成式 AI 內容每分鐘就有 1 人註冊。

In 2024, it has quadrupled to four enrollments per minute.

到 2024 年，報名人數將增加四倍，達到每分鐘 4 人。

Second, learners are increasingly turning to industry micro credentials to gain essential digital skills of jobs.

其次，學習者越來越多地轉向行業微觀證書來獲得工作中必不可少的數位技能。

And third, regional scale adoption is not occurring at an equal pace, with countries facing the risk of being left behind.

第三，區域範圍內的採用速度並不均衡，各國面臨落後的風險。

Access to a more affordable, relevant and flexible system of higher education can help ensure that anyone anywhere has equal access to the skills, credentials and job opportunities to compete in our fast changing world.

獲得更實惠、更相關和更靈活的高等教育體係有助於確保任何地方的任何人都能平等地獲得技能、證書和工作機會，以便在快速變化的世界中競爭。

And this brings me to the final trend.

這讓我想到了最後的趨勢。

The transformation of higher education.

高等教育轉型。

Academic institutions acknowledge their need to evolve.

學術機構承認他們需要發展。

In June, we convened nearly 100 higher education leaders from over 20 countries, including campus and government customers as well as University and industry partners at our headquarters for our annual future of Higher Education Summit.

6月，我們在總部召集了來自20多個國家的近100名高等教育領袖，包括校園和政府客戶以及大學和產業合作夥伴，參加了我們一年一度的高等教育未來高峰會。

We asked them what was their institution's biggest challenge in the coming year.

我們詢問他們機構來年面臨的最大挑戰是什麼。

And there were top3 responses that focused on.

排名前三的回覆重點在於。

One, modernizing curriculum to meet the needs of learners.

第一，現代化課程以滿足學習者的需求。

Number two, adapting quickly to emerging skill demands from employers, and number three, embracing new technology to bolster their teaching and learning.

第二，快速適應雇主新出現的技能需求；第三，採用新科技來支持他們的教學。

As university decision-makers, workforce development leaders and industry experts, their feedback continues to reinforce my conviction in our vision for the future of higher education, the strategic assets that differentiate our ecosystem with quality and trust and the global need for a platform like Coursera.

作為大學決策者、勞動力發展領導者和行業專家，他們的反饋繼續增強了我對我們對高等教育未來的願景、使我們的生態系統以質量和信任脫穎而出的戰略資產以及對Coursera 這樣的平台的全球需求的信念。

Now let's discuss how we are executing on this vision with recent progress across each of Coursera platform advantages.

現在，讓我們討論一下我們如何透過 Coursera 平台各個優勢的最新進展來實現這一願景。

The first advantage is our educator partners and the premium credentials that they create.

第一個優勢是我們的教育合作夥伴以及他們創造的優質證書。

When Coursera's founders put their first course online, the global receptivity they experienced was driven by two important elements.

當 Coursera 的創辦人將他們的第一門課程放在網路上時，他們所經歷的全球接受度是由兩個重要因素所驅動的。

First, Andrew and Daphne were professors at Stanford University, a trusted institution with global authority and brand recognition.

首先，安德魯和達芙妮是史丹佛大學的教授，史丹佛大學是一所值得信賴的機構，具有全球權威和品牌知名度。

And second, they provided expertise and skills development in emerging technologies that were desired by the labor market.

其次，他們提供了勞動力市場所需的新興技術的專業知識和技能發展。

Over a decade later the same value proposition continues to power Coursera's content engine.

十多年後，同樣的價值主張繼續為 Coursera 的內容引擎提供動力。

With many of our educator partners focused on ensuring equitable access to critical skills in order to thrive in today's digital economy.

我們的許多教育合作夥伴致力於確保公平地獲得關鍵技能，以便在當今的數位經濟中蓬勃發展。

Across our catalog from short hands-on projects to longer forms of studying credentials, including a new degree from Clemson University, generative AI is being infused into the curriculum so that every learner no matter the stage of their journey can acquire the skills necessary and the brand and credentials necessary to acquire, retain and advance their career.

在我們的目錄中，從短期實踐計畫到較長形式的學習證書（包括克萊姆森大學的新學位），生成式人工智慧都被融入課程中，以便每個學習者，無論處於旅程的哪個階段，都可以獲得必要的技能和獲得、保留和推進職業生涯所需的品牌和證書。

Now let's discuss highlights for several of our recent announcements, starting with the entry-level professional certificates.

現在讓我們討論一下我們最近發布的幾個亮點，從入門級專業證書開始。

It was a record quarter for our content engine.

這是我們內容引擎創紀錄的季度。

In Q2, we added 15 new certificates from leading technology brands like Google Cloud, IBM, Meta and Microsoft.

第二季度，我們新增了 Google Cloud、IBM、Meta 和 Microsoft 等領先技術品牌的 15 個新憑證。

The programs are designed for learners looking to start or switch into high-demand careers like cloud support, cybersecurity, data analysts, JavaScript developer product manager, project manager and many more.

這些課程專為希望開始或轉入雲端支援、網路安全、資料分析師、JavaScript 開發人員產品經理、專案經理等高需求職業的學習者而設計。

We now offer more than 60 entry-level professional certificates with a strong pipeline of additional titles coming later this year.

我們現在提供 60 多種入門級專業證書，並有大量其他證書將於今年稍後推出。

But our efforts to enhance this catalog are not solely focused on new launches.

但我們增強此目錄的努力不僅僅集中於新產品的發布。

Recently, we announced that eight certificates from IBM, Meta and Microsoft have been upgraded with jobs specific generative AI content.

最近，我們宣布 IBM、Meta 和 Microsoft 的八個憑證已升級為特定於工作的生成式 AI 內容。

This is the start of a broader initiative to enhance our existing certificate catalog, ensuring that these credentials keep pace with transforming job rules and emerging skill requirements.

這是一項更廣泛舉措的開始，旨在增強我們現有的證書目錄，確保這些證書跟上不斷變化的工作規則和新興的技能要求。

As the industry experts that develop and deploy these technologies, our partners are uniquely positioned to help individuals navigate a rapidly evolving labor market and ensure businesses are equipped with the tools and training to transform their technology and their talent.

作為開發和部署這些技術的行業專家，我們的合作夥伴具有獨特的優勢，可以幫助個人駕馭快速發展的勞動力市場，並確保企業配備工具和培訓來轉變其技術和人才。

And we are leveraging new capabilities, like course, builder to dramatically reduce the time and cost of content production without sacrificing quality.

我們正在利用新功能，例如課程建立器，在不犧牲品質的情況下大幅減少內容製作的時間和成本。

Next, we now have more than 250 generative AI courses and guided projects.

接下來，我們現在擁有超過 250 個生成式 AI 課程和指導專案。

Short-form content plays an important role in introductory learning as well as rapid skill development.

簡短的內容在入門學習和快速技能發展中發揮著重要作用。

However, we know that individual institutions also value longer forms of study to build a deeper level of expertise, earn academic credit with verified learning and critically important stand out to employers in order to retain or secure a job, this is the value of a branded credential.

然而，我們知道，個別機構也重視較長時間的學習形式，以建立更深層次的專業知識，透過經過驗證的學習獲得學術學分，並在雇主中脫穎而出，以保留或獲得工作，這是至關重要的，這就是品牌的價值憑證。

Our generative AI catalog started with high-quality short-form content, but we are excited about a growing selection of generative AI credentials that can create more value for our learners and enterprise customers.

我們的生成式人工智慧目錄從高品質的簡短內容開始，但我們很高興看到越來越多的生成式人工智慧證書可供選擇，這些證書可以為我們的學習者和企業客戶創造更多價值。

Recently, we announced several new specializations and certificates from top partners like DeepLearning.AI, Vanderbilt University, the University of Michigan and the University of Colorado Boulder.

最近，我們宣布了來自 DeepLearning.AI、范德比爾特大學、密西根大學和科羅拉多大學博爾德分校等頂級合作夥伴的幾個新專業和證書。

Additionally, we launched the third pillar of our GenAI Academy offering, GenAI for Teams.

此外，我們也推出了 GenAI Academy 產品的第三個支柱：GenAI for Teams。

Our earlier programs focused on foundational AI literacy for all employees as well as executive education to help leaders formulate an AI strategy.

我們早期的計劃專注於所有員工的基礎人工智慧素養以及高階主管教育，以幫助領導者制定人工智慧策略。

But GenAI for Teams curious the use of generative AI to specific job roles and functions offering real-world applications and secure hands-on practice right inside the courses.

但 GenAI for Teams 很好奇如何將生成式 AI 應用於特定的工作角色和功能，從而在課程中提供真實的應用程式和安全的實踐練習。

We are starting with software and product data and marketing teams as these functions are estimated to have outsized initial benefits from the innovation unlock and productivity gains created by integrating generative AI into their daily operations.

我們從軟體和產品數據以及行銷團隊開始，因為據估計，這些職能部門將透過將生成式人工智慧整合到日常營運中來釋放創新和提高生產力，從而獲得巨大的初始效益。

Individuals and institutions are looking to harness the potential of emerging technologies and these new course offerings are the initial stages of a strategic initiative to help our educator partners create a broad portfolio of generative AI credentials.

個人和機構正在尋求利用新興技術的潛力，這些課程是幫助我們的教育合作夥伴創建廣泛的生成式人工智慧證書組合的策略計劃的初始​​階段。

We are creating a leading destination for learners looking to discover, develop and demonstrate generative AI skills for career advancements and for businesses looking to transform their talent.

我們正在為那些希望發現、開發和展示生成式人工智慧技能以促進職業發展的學習者以及那些希望轉變其才能的企業創建一個領先的目的地。

This brings me to our second major advantage, the global reach of our platform.

這讓我想到了我們的第二個主要優勢，即我們平台的全球影響力。

As I referenced earlier, we added nearly 7 million new registered learners, growing our global base to 155 million by the end of June.

正如我之前提到的，我們新增了近 700 萬名註冊學習者，到 6 月底，我們的全球人數已增加至 1.55 億人。

We grew the number of paid enterprise customers by nearly 20% to over 1,500, with recent additions coming from all verticals, especially businesses.

我們的付費企業客戶數量增加了近 20%，達到 1,500 多個，最近新增客戶來自所有垂直行業，尤其是企業。

And to serve the broad needs of a rapidly expanding ecosystem, we continue to invest in our platform's third advantage, which is product innovation.

為了滿足快速擴展的生態系統的廣泛需求，我們繼續投資於我們平台的第三個優勢，即產品創新。

Our innovation efforts continue to be focused on how we can uniquely leverage generative AI across our platform, including content, data, technology and marketing.

我們的創新工作繼續關注如何在我們的平台上獨特地利用生成人工智慧，包括內容、數據、技術和行銷。

For today's updates, I'd like to start with Coursera Coach.

對於今天的更新，我想從 Coursera Coach 開始。

Earlier this month, we were pleased to announce the general availability of Coach for our paid consumer learners and all enterprise customers.

本月早些時候，我們很高興地宣布 Coach 已為付費消費者學習者和所有企業客戶全面推出。

We also unveiled an updated visual identity for Coach along with the redesign or integrated user experience.

我們還推出了更新的 Coach 視覺標誌以及重新設計或整合的使用者體驗。

As a reminder, Coursera Coach is our interactive AI powered guide that is tailored to learners unique goals and anchored in expert content on Coursera.

提醒一下，Coursera Coach 是我們的互動式 AI 驅動指南，專為學習者的獨特目標量身定制，並以 Coursera 上的專家內容為基礎。

To date, Coach has been used by more than 700,000 learners and concurrently respond in 21 languages, supported by the underlying large language models.

迄今為止，Coach 已被超過 70 萬名學習者使用，並同時以 21 種語言回應，並得到底層大語言模型的支持。

Today, Coach enables learners to ask questions to clarify materials down, track, summarize key takeaways for better note taking, practice for quizzes and test to solidify knowledge and gaps and explore how they're learning aligns with current or future career goals.

如今，Coach 使學習者能夠提出問題來澄清材料，追蹤、總結關鍵要點以更好地記筆記，練習測驗和測試以鞏固知識和差距，並探索他們的學習如何與當前或未來的職業目標保持一致。

In the future, we expect Coach will play an increasingly prominent role through our Coursera's platform from personalized learning and discovery to career counseling and guidance.

未來，我們預計 Coach 將透過我們的 Coursera 平台從個人化學習和發現到職業諮詢和指導發揮越來越重要的作用。

Next is Course Builder, which we introduced to our enterprise customers earlier this year.

接下來是課程建立器，我們在今年早些時候向企業客戶推出了它。

Our AI assistant authoring tool allows any business, government or campus customer to easily and quickly produce high quality courses at scale.

我們的人工智慧助理創作工具讓任何企業、政府或校園客戶輕鬆快速地大規模製作高品質的課程。

Additionally, Course Builder can blend learning modules from our catalog of university and industry partners with internal content training and expertise, in order to create custom private courses that are tailored to the unique needs of each organization.

此外，課程建立器可以將我們的大學和行業合作夥伴目錄中的學習模組與內部內容培訓和專業知識相結合，以便創建適合每個組織的獨特需求的客製化私人課程。

We have a number of enhancements planned for the coming quarters, but I'm excited about the positive early feedback we are receiving from the nearly 100 institutions that have started using Course Builder.

我們計劃在未來幾季進行多項增強功能，但我對從已開始使用 Course Builder 的近 100 家機構收到的積極的早期回饋感到興奮。

And for my final product update, I'd like to discuss our recent advancements in AI powered academic integrity.

對於我的最終產品更新，我想討論我們在人工智慧驅動的學術誠信方面的最新進展。

Online learning has become a powerful tool for institutions to better prepare students for a rapidly changing world, and it plays an important role in both affordability and accessibility.

線上學習已成為各機構幫助學生更好地應對快速變化的世界的強大工具，並且在負擔能力和可及性方面發揮著重要作用。

However, universities must ensure that it meets the rigorous standards required for academic credit.

然而，大學必須確保其符合學術學分所需的嚴格標準。

While generative AI introduce new risk for student misconduct and cheating, it also provides unprecedented opportunities for universities to enhance academic integrity at scale.

雖然生成式人工智慧為學生不當行為和作弊帶來了新的風險，但它也為大學大規模提高學術誠信提供了前所未有的機會。

Our platform is utilized by universities in several ways as educator partners, campus customers and degreed providers, which is why I was particularly excited to announce a new suite of general AI powered features designed to help scale assessment creation and grading, strengthen academic integrity and enhance learning and evaluation.

大學以多種方式利用我們的平台作為教育合作夥伴、校園客戶和學位提供者，這就是為什麼我特別興奮地宣布推出一套新的通用人工智慧支援功能，旨在幫助擴大評估創建和評分、加強學術誠信和提高學習和評價。

The feature included broad capabilities like AI assistant grading, assessment generation, automated peer review, proctoring, plagiarism detection, viva exams, and more.

此功能包括人工智慧助理評分、評估生成、自動同行評審、監考、抄襲檢測、viva 考試等廣泛功能。

This launch builds on our recent recognition as the first online learning platform to receive the American Council on Education Authorized Instructional Platform designation, helping ensure student outcomes genuinely reflect their effort mastery, of course, material and their skills.

此次發佈建立在我們最近被認可為第一個獲得美國教育委員會授權教學平台指定的線上學習平台的基礎上，有助於確保學生的成果真正反映他們的努力程度，當然，材料和技能。

These are major steps in protecting the reputation and value of online learning and industry micro credentials, making it easier for universities to recognize them for academic credit and for employers to validate a candidate's qualifications for employment.

這些是保護線上學習和行業微觀證書的聲譽和價值的重要步驟，使大學更容易認可它們的學分，並使雇主更容易驗證候選人的就業資格。

It also helps individuals and institutions everywhere benefit from trusted verified learning on Coursera.

它還可以幫助世界各地的個人和機構從 Coursera 上可信賴且經過驗證的學習中受益。

To wrap up my opening remarks, a reminder of the most important initiatives we are focused on in the second half.

作為開場白的總結，我謹提醒大家下半年重點關注的最重要措施。

First, we are broadening our catalog of entry-level professional certificates, including new launches and upgrades to existing titles.

首先，我們正在擴大入門級專業證書的目錄，包括新推出的證書和現有證書的升級。

Second, we're focused on growing our enterprise segment, helping our business, government and campus customers keep pace with generative AI and labor market demand.

其次，我們專注於發展我們的企業部門，幫助我們的企業、政府和校園客戶跟上生成式人工智慧和勞動力市場需求的步伐。

And third, we're focused on scaling our degree programs with a focus on flexibility, affordability and credit pathways from our consumer catalog.

第三，我們專注於擴大我們的學位課程，重點關注我們消費者目錄的靈活性、可負擔性和信貸途徑。

Finally, we are investing in product innovation that can deliver more value and a differentiated experience for the millions of learners coming to Coursera every quarter.

最後，我們正在投資產品創新，為每季來到 Coursera 的數百萬學習者提供更多價值和差異化體驗。

I'd like to now turn it over to Kem.

我現在想把它交給凱姆。

Ken, please go ahead.

肯，請繼續。

Thank you, Jeff, and good afternoon, everyone.

謝謝傑夫，大家下午好。

I'm pleased to report solid second quarter results for Coursera.

我很高興地報告 Coursera 第二季的強勁業績。

In Q2, we generated total revenue of $170.3 million, which was up 11% from a year ago.

第二季度，我們的總營收為 1.703 億美元，比去年同期成長 11%。

Our platform's ability to address the diverse needs of customers around the world from individual learners to large institutions continues to serve us well as we navigate the trends reshaping higher education.

我們的平台能夠滿足世界各地從個人學習者到大型機構的客戶的多樣化需求，這在我們引領重塑高等教育的趨勢時繼續為我們提供良好的服務。

In addition to providing a broad global lens, this approach allows us to target our growth opportunities with a common set of assets and shared investments, including content, product, data and marketing.

除了提供廣泛的全球視野之外，這種方法還使我們能夠透過一組共同的資產和共享投資（包括內容、產品、數據和行銷）來瞄準我們的成長機會。

And this creates operating leverage in our model, which we continue to demonstrate with the strong bottom line and free cash flow performance, we delivered once again this quarter.

這在我們的模型中創造了營運槓桿，我們繼續透過本季再次交付的強勁底線和自由現金流表現來證明這一點。

Please note that for the remainder of this call, as I review our business performance and outlook I'll discuss our non-GAAP financial measures unless otherwise noted.

請注意，在本次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，否則我將討論我們的非公認會計準則財務指標。

For the second quarter, gross profit was $92.3 million, a 54% gross margin, up from 53% in the prior year.

第二季毛利為 9,230 萬美元，毛利率為 54%，高於去年同期的 53%。

Total operating expense was $86.8 million or 51% of revenue, an improvement of 7-percentage-points from the prior year period when continuing operating discipline in our R&D and G&A functions.

總營運費用為 8,680 萬美元，佔營收的 51%，比上年同期提高了 7 個百分點，同時我們的研發和 G&A 職能部門繼續遵守營運紀律。

Net income was $13.8 million or 8.1% of revenue, and adjusted EBITDA was $10.4 million or 6.1% of revenue.

淨利潤為 1,380 萬美元，佔營收的 8.1%，調整後 EBITDA 為 1,040 萬美元，佔營收的 6.1%。

While we do not optimize for EBITDA in any single quarter, our first half performance has continued to demonstrate the leverage inherent in our model and provided us with a strong start toward achieving our 2024 adjusted EBITDA margin target of approximately 4%.

雖然我們沒有在任何一個季度針對EBITDA 進行優化，但我們上半年的業績繼續證明了我們模型中固有的槓桿作用，並為我們實現2024 年調整後EBITDA 利潤率目標（約4%）提供了良好的開端。

Now let's discuss cash performance.

現在我們來討論一下現金表現。

We generated strong free cash flow of approximately $17 million, which I'll remind you, is inclusive of more than $2 million in purchases of content assets, which we now treat similarly to the other categories of capital expenditures effectively lowering our free cash flow computation.

我要提醒您的是，我們產生了約1700 萬美元的強勁自由現金流，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，有效降低了我們的自由現金流計算。

As Jeff mentioned, partner receptivity to this type of strategic content arrangement has been exciting, particularly due to the important role we believe trusted brands and verified credentials will play in the future of learning skills development and clear advance.

正如傑夫所提到的，合作夥伴對這種類型的策略內容安排的接受度令人興奮，特別是因為我們相信值得信賴的品牌和經過驗證的證書將在未來的學習技能發展和明顯進步中發揮重要作用。

Moving to the balance sheet.

轉向資產負債表。

In Q2, we repurchased 2.7 million shares of our common stock for approximately $31 million excluding commission.

第二季度，我們以約 3,100 萬美元（不含佣金）回購了 270 萬股普通股。

This is inclusive of the $16 million we bought back in April, which I discussed on our prior call as well as the remaining $15 million we expected to complete in the weeks that followed.

這包括我們在 4 月回購的 1600 萬美元（我在之前的電話會議上討論過）以及我們預計在接下來的幾週內完成的剩餘 1500 萬美元。

This resulted in us ending the quarter with approximately $709 million of unrestricted cash and cash equivalents with no debt.

這導致我們在本季結束時擁有約 7.09 億美元的不受限制的現金和現金等價物，沒有債務。

And over the past year, we returned $95 million to shareholders through stock repurchases while preserving the primary focus of our capital allocation strategy, which emphasizes growth.

在過去的一年裡，我們透過股票回購向股東返還了 9,500 萬美元，同時保留了強調成長的資本配置策略的主要重點。

We believe that our strong financial position is an asset that provides resilience and strategic optionality, which is particularly valuable during a period of rapid technological change and the focus on prioritizing growth in terms of our capital allocation strategy has not changed.

我們相信，我們強大的財務狀況是一項提供彈性和策略選擇的資產，這在技術快速變革時期尤其有價值，而且我們的資本配置策略對成長優先的關注沒有改變。

But we also believe it is important to address future dilution concerns of our investors to management.

但我們也認為，解決投資者對管理階層未來稀釋的擔憂也很重要。

So management has recommended with the compensation committee approval, the introduction of a price floor of $10 per share for all future employee grants, effectively eliminating the number of shares issued for dollar denominated stock-based compensation.

因此，管理層建議在薪酬委員會批准的情況下，對所有未來的員工補助金實行每股 10 美元的價格下限，從而有效地消除以美元計價的股票薪酬發行的股票數量。

This action along with our completed repurchase program are a direct reflection of the value we placed on shareholder equity.

這項行動以及我們已完成的回購計畫直接反映了我們對股東權益的重視。

As we navigate near term trends to better position ourselves for future growth opportunities we remain focused on executing our long-term strategy to lead our large, early and dynamic markets.

當我們掌握近期趨勢，更好地為未來的成長機會做好準備時，我們仍然專注於執行長期策略，以引領我們龐大的、早期的、充滿活力的市場。

Now let's discuss the performance of our segments in more detail, starting with consumer.

現在讓我們從消費者開始更詳細地討論我們的細分市場的表現。

Consumer revenue was $97.3 million, up 12% from the prior year on growth in Coursera Plus driven by ongoing demand for entry-level professional certificates and generative AI courses and credentials.

消費者收入為 9,730 萬美元，比上年增長 12%，這是由於對入門級專業證書以及生成式 AI 課程和證書的持續需求推動的 Coursera Plus 增長。

Segment gross profit was $52.4 million or 54% of consumer revenue, up from 52% in the prior year period.

該部門毛利為 5,240 萬美元，佔消費者收入的 54%，高於去年同期的 52%。

And our top of funnel activity remained robust with approximately 7 million new registered learners this quarter, which did include a higher mix coming from regions outside of North America.

我們的漏斗頂部活動仍然強勁，本季約有 700 萬名新註冊學習者，其中確實包括來自北美以外地區的更高比例。

I was pleased by our execution in consumer this quarter, particularly the number of high-quality branded credentials we launched, including several that were created under our new content production arrangements that can include more favorable revenue share economics and in many cases exclusivity.

我對本季度我們在消費者方面的表現感到滿意，特別是我們推出的高品質品牌憑證的數量，包括根據我們新的內容製作安排創建的一些憑證，這些憑證可以包括更有利的收入分成經濟性以及在許多情況下的排他性。

Moving on to our enterprise segment, Enterprise revenue was $58.7 million, up 8% from a year ago on growth across our business campus and government verticals, including some signs of stabilization in the corporate learning market Segment gross margin was $39.9 million or 68% of enterprise revenue compared to 71% a year ago.

轉向我們的企業部門，企業收入為5,870 萬美元，比去年同期增長8%，這得益於我們的商業園區和政府垂直領域的增長，包括企業學習市場的一些穩定跡象。美元，即68%。

As a reminder, Q2 of last year was slightly higher than expected due to a one-time benefit of a contract amendment with one of our educator partners, which had the effect of increasing our Enterprise segment margin by four percentage points for that historic quarter.

提醒一下，去年第二季度的業績略高於預期，這是由於與我們的一位教育合作夥伴簽訂的合約修訂帶來的一次性好處，這使得我們的企業部門利潤率在該歷史性季度提高了四個百分點。

Removing the one-time variance, Enterprise segment margin would have been up slightly year over year.

除去一次性差異，企業部門利潤率將較去年同期略有上升。

The total number of paid enterprise customers increased to 1,511, up 17% from a year ago.

付費企業客戶總數增至1,511戶，較去年同期成長17%。

And our net retention rate of paid enterprise customers was 93%, as we continue to work through some government partnerships with more transitory budgets.

我們付費企業客戶的淨保留率為 93%，因為我們繼續與一些政府合作夥伴建立更多的臨時預算。

And finally, our Degrees segment.

最後是我們的學位部分。

Degrees revenues $14.3 million, up 14% from a year ago on growth in new students and scaling of recent progress.

由於新生人數的​​成長和近期進展的擴大，學位收入為 1,430 萬美元，較上年同期成長 14%。

The total number of degrees students grew 19% from a year ago to 22,600.

學位學生總數比一年前增加19%，達22,600人。

As a reminder, there is no content cost attributable to the Degree segment to Degree segment gross margin was 100% of revenue.

需要提醒的是，學位部門沒有內容成本，學位部門的毛利率為收入的 100%。

Now on to our financial outlook.

現在談談我們的財務前景。

For Q3, we're expecting revenue to be in the range of $171 million to $175 million.

對於第三季度，我們預計營收將在 1.71 億美元至 1.75 億美元之間。

For adjusted EBITDA, we're expecting range of breakeven to positive $4 million.

對於調整後的 EBITDA，我們預期損益平衡點將達到正 400 萬美元。

For the full year 2024, we are reaffirming our ranges.

對於 2024 年全年，我們將重申我們的產品範圍。

We anticipate revenue to be in the range of $695 million to $705 million, for adjusted EBITDA, we're expecting a range of $24 million to $28 million, maintaining our adjusted EBITDA margin annual target of approximately 4%.

我們預計營收在 6.95 億美元至 7.05 億美元之間，調整後 EBITDA 預計在 2,400 萬美元至 2,800 萬美元之間，調整後 EBITDA 利潤率年度目標維持在 4% 左右。

We have a strong record of successfully managing to annual adjusted EBITDA margin target, we commit to at the beginning of the year, and I've been pleased by our ongoing discipline demonstrated by the strong operating leverage we delivered in the first half of 2024.

我們在成功實現年度調整後 EBITDA 利潤率目標方面有著良好的記錄，這是我們在年初做出的承諾，我對我們在 2024 年上半年實現的強勁營運槓桿所體現的持續紀律感到高興。

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.

謝謝，肯。

Increasing equitable access to high-quality learning is the reason why we were founded.

增加獲得高品質學習的公平機會是我們成立的原因。

It is also the reason why many leading companies choose to join us in our mission.

這也是許多領先企業選擇加入我們的使命的原因。

One of these important partners is Microsoft, and I'm thrilled with how our relationship continues to deepen and grow.

微軟是這些重要的合作夥伴之一，我對我們的關係不斷深化和發展感到非常興奮。

In addition to announcing their latest certificates in May, we are thrilled to share that Coursera has partnered with Microsoft in a community organization called women in the cloud to launch the universal access to Microsoft skills scholarship.

除了在 5 月宣布最新證書之外，我們還很高興地宣布，Coursera 已與 Microsoft 在一個名為「雲中女性」的社群組織中合作，推出了普遍獲得 Microsoft 技能獎學金的機會。

This scholarship open to everyone provides 5,000 recipients access to all Microsoft specializations and professional certificates on Coursera.

該獎學金向所有人開放，可讓 5,000 名獲獎者獲得 Coursera 上的所有 Microsoft 專業知識和專業證書。

Learners who successfully complete a Professional Certificate through the scholarship will be awarded a complimentary voucher for the industry recognize Microsoft certification exam.

透過獎學金成功完成專業證書的學習者將獲得業界認可的 Microsoft 認證考試的免費優惠券。

It is part of our shared commitment to providing equitable access to the essential skilled and branded credentials that can empower learners to start, switch or advance their careers while also filling critical skill gaps in the evolving economy.

這是我們共同承諾的一部分，即提供公平獲得基本技能和品牌證書的機會，使學習者能夠開始、轉換或推進他們的職業生涯，同時填補不斷發展的經濟中的關鍵技能差距。

Generative AI can act as both a disruptor and an enabler.

生成式人工智慧既可以充當顛覆者，也可以充當推動者。

Whether it widens or narrows the opportunity gap depends on our ability to make education and skilling equally accessible on a global scale.

機會差距是擴大還是縮小，取決於我們在全球範圍內平等獲得教育和技能的能力。

Leading partners like Microsoft, who are creating the next generation of technology tools and services that will fundamentally reshape work in the labor market more broadly are embracing their collective responsibility to harness the potential of generative AI turning it into an engine of opportunity for everyone.

像微軟這樣的領先合作夥伴正在創造下一代技術工具和服務，將從根本上重塑更廣泛的勞動力市場工作，他們正在承擔集體責任，利用生成式人工智慧的潛力，將其變成每個人的機會引擎。

We are proud to Coursera's role and especially our partners who we work with in recognizing the importance of turning this threat into an opportunity through education.

我們為 Coursera 所發揮的作用感到自豪，尤其是我們的合作夥伴認識到透過教育將這一威脅轉化為機會的重要性。

Now let's open up the call for questions.

現在讓我們開始提問。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Great.

偉大的。

Thanks for the question and congrats on the upside in Q2.

感謝您的提問，並祝賀第二季度的成長。

I had a few or a couple on guidance for the rest of the year.

今年剩下的時間裡，我得到了一些或幾個的指導。

One on revenue.

一是關於收入。

Just trying to understand why revenue would decelerate so much in Q3 and then reaccelerate back from like 4.5% growth in Q3 to double digits in Q4, just that set up as far as the seasonality there.

只是想了解為什麼第三季營收會大幅減速，然後又從第三季的 4.5% 成長重新加速到第四季的兩位數成長，這與季節性因素有關。

And then on the expense side, if you could talk a little bit about what expenses were pushed from Q2 into the back half of the year and ultimately understanding how you keep the annual margin guidance in that framework, but how EBITDA margins are -- why they would deteriorate so much in the back half, and like just given your OpEx base here in Q2, how can you even spend that much in the back half?

然後在費用方面，如果您能談談從第二季度推到下半年的費用，並最終了解如何在該框架內保持年度利潤指導，但 EBITDA 利潤率是多少 - 為什麼它們在後半段會惡化得如此之多，就像剛剛在第二季度給出的營運支出基礎一樣，你怎麼能在後半段花費那麼多錢呢？

Like why, when margins move higher.

就像為什麼，當利潤率上升時。

Thank you.

謝謝。

Great.

偉大的。

I Josh this is Ken.

我喬什，這是肯。

With regards to the revenue, the forecast we do an individual level across the different segments in light of product introductions, content introductions and based on that and the significant content introductions, we will release this past quarter, which we'll start to see through the rest of the year and which we expect to release during the rest of the year, it's a forecast based on those numbers.

關於收入，我們根據產品介紹、內容介紹對不同細分市場進行單獨的預測，並基於此和重要內容介紹，我們將在上個季度發布，我們將開始了解這一點今年剩餘時間以及我們預計在今年剩餘時間發布的數據，這是基於這些數字的預測。

So that's how we came up with the Q3 versus rest of the year split.

這就是我們得出第三季與今年剩餘時間的劃分的方式。

As it relates to expenses and EBITDA, we beat pretty handily.

由於它與費用和 EBITDA 有關，我們輕鬆擊敗了它。

As you know, this has been the cadence we've used since the day went public, in fact, since long before we were public, where we target a year end, we you have beat our annual guidance one year.

如您所知，這是我們自上市之日起就一直使用的節奏，事實上，早在我們上市之前，我們的目標是年底，我們已經超過了我們的年度指導一年。

We tried to spend down to it to optimize for growth.

我們試圖減少開支以優化成長。

It's too early to predict anything on the front end now, but we are we're spending towards opportunity for the second half of the year.

現在預測前端的任何事情還為時過早，但我們正在為下半年的機會進行投資。

We won't waste money.

我們不會浪費錢。

So if we can't spend it, you'll see upside there, but it's not what we're presently forecasting.

因此，如果我們不能花掉它，你會看到那裡的好處，但這不是我們目前的預測。

But again, similar to the exact same approach we've had for the last five years.

但同樣，與我們過去五年所採用的方法完全相同。

Got it.

知道了。

(Operator Instructions)

（操作員說明）

Stephen Sheldon, William Blair.

史蒂芬謝爾頓，威廉布萊爾。

Hey, thanks.

嘿，謝謝。

Appreciate you taking my questions.

感謝您回答我的問題。

First, I just wanted to ask what you're seeing in terms of the budgetary environment for enterprise L&D.

首先，我只是想問一下您對企業研發的預算環境有何看法。

I think, Ken, in your prepared remarks, you noted some stabilization in corporate learning.

肯，我認為您在準備好的演講中指出了企業學習的一些穩定性。

And we've been hearing at least some similar commentary from a few other providers in recent months.

近幾個月來，我們至少從其他一些提供者那裡聽到了一些類似的評論。

So could you provide some more detail on what you're seeing there?

那麼您能否提供一些有關您在那裡看到的更多細節？

And when do you think we could move beyond stabilization and back to better growth?

您認為我們什麼時候可以超越穩定並恢復更好的成長？

Yeah.

是的。

Hey, Stephen, this is Jeff.

嘿，史蒂芬，這是傑夫。

I'll take a first crack and then Ken, feel free to chime in.

我先試一下，然後肯，請隨意插話。

So the two markets, the regions where we've seen pressure for business hit the most has been in Europe and to some degree in North America.

因此，我們看到業務壓力最大的兩個市場是歐洲，某種程度上是北美。

And that's kind of where we're seeing networks are seeing some signs of stabilization.

這就是我們看到網路看到一些穩定跡象的地方。

This is the case across many different variables.

許多不同變數的情況都是如此。

It's retention of contracts, it's NRR, it's bookings that are all looking a bit healthier.

合約保留、NRR、預訂看起來都更健康了。

Hard to say exactly why, I still think the part of what we're dealing with is hangover from COVID.

很難確切地說出原因，我仍然認為我們正在處理的部分問題是新冠病毒的後遺症。

You know, when businesses is closed their offices, the training budgets that were traditionally used for people in live sort of sessions, I think got shifted a bit.

你知道，當企業關閉辦公室時，傳統上用於現場培訓的培訓預算，我認為會發生一些變化。

And we saw a little bit of the pullback of that spend out of online and back to in-person in the years following COVID reopening.

在新冠疫情重新開放後的幾年裡，我們看到線上支出有所回落，又回到了面對面的支出。

And I think we're starting to see a little bit of a stabilization for that reason.

我認為，出於這個原因，我們開始看到一些穩定的情況。

We are seeing most of the stabilization that in Europe and North America, where we had originally seen some most of the weakness.

我們看到歐洲和北美的大部分穩定，而我們最初看到歐洲和北美的大部分疲軟。

And to your question around, when we think it might open up again, it's hard to say for sure, but this generative AI I think continues to evolve and take shape.

對於你提出的問題，當我們認為它可能會再次開放時，很難確定，但我認為這種生成式人工智慧會繼續發展並成形。

My view of this is everybody else is important.

我的觀點是其他人都很重要。

There's a lot of risk and uncertainty.

存在著許多風險和不確定性。

So companies are trying to figure out the right way to move it -- move through it.

因此，公司正在努力找出正確的方式來移動它——通過它。

But the technology is going to afford opportunities in different dimensions to different companies.

但該技術將為不同的公司提供不同維度的機會。

There is definitely this question of how might a company use generative AI to create value for customers.

肯定存在這樣一個問題：公司如何利用生成式人工智慧為客戶創造價值。

And Coursera has tried to really jump on this with language translations, with Coach, with Corus Builder, with academic integrity, we went through a bunch of those.

Coursera 試圖透過語言翻譯、Coach、Corus Builder 以及學術誠信來真正實現這一點，我們經歷了很多這樣的事情。

But in addition to using the technology to create value and frankly, many companies are struggling to figure out how to do that in their business models, at least that's what I'm hearing there's a productivity piece, which is to what degree can generative AI unlock productivity gains and this is going to be different based on different teams and Javo.

但坦白說，除了利用科技創造價值之外，許多公司還在努力弄清楚如何在他們的商業模式中做到這一點，至少我聽說有一個生產力部分，即生成人工智慧可以達到什麼程度釋放生產力的提升，這會因不同的團隊和Javo 而有所不同。

So the role that generative AI might have in making a software developer more efficient, could be different than the role that generative AI have in making marketers more efficient and more effective in the marketing.

因此，生成式人工智慧在提高軟體開發人員效率方面所發揮的作用可能與生成式人工智慧在提高行銷人員的行銷效率和效果方面所發揮的作用不同。

I think companies are just starting to see now that this technology can both create value and create efficiency and with the GenAI Academy for Teams, we're pretty excited that we now have team specific training from the biggest brands, your Microsoft, Google, Amazon, Meta, et cetera, on how do you generate and unlock productivity.

我認為公司現在才剛開始認識到這項技術既可以創造價值，又可以創造效率，並且透過 GenAI 團隊學院，我們非常興奮，我們現在擁有來自最大品牌（微軟、谷歌、亞馬遜）的團隊特定培訓、元等等，關於如何產生和釋放生產力。

And that's why I think we're going to start seeing budgets open up a bit more is when there is a clear ROI associated with either value created for productivity unlocked by using this technology for specific job role.

這就是為什麼我認為我們將開始看到預算更多地開放，當存在與透過使用該技術來釋放特定工作角色所釋放的生產力所創造的價值相關的明確的投資回報率時。

And we're pretty optimistic still that we will be one of the winners, not losers because of generative AI and perhaps part of what we're seeing here in the bookings strength is some indication that generative AI is going to be a real opportunity for Coursera.

我們仍然非常樂觀地認為，由於生成式人工智慧，我們將成為贏家之一，而不是輸家，也許我們在預訂量中看到的部分跡象表明，生成式人工智慧將成為一個真正的機會課程。

Ken, anything you'd add to that.

肯，你想補充什麼都可以。

No, I think it was quite thorough and exciting to be talking about it actually rebound, given that this is where enterprise slowed down first, a couple of years ago.

不，我認為談論它的實際反彈是非常徹底和令人興奮的，因為這是幾年前企業首先放緩的地方。

Got it.

知道了。

Yes, that's all very helpful, Jeff, appreciate all the commentary.

是的，這一切都非常有幫助，傑夫，感謝所有的評論。

And just a quick follow up.

只需快速跟進即可。

The consumer -- what are you seeing in terms of free to paid learner conversion.

消費者－您在免費學習者轉換成付費學習者的方面看到了什麼？

And I know that was one component that you called out that drove a slowdown or a second to get the slowdown in consumer.

我知道這是您所說的導致消費者放緩或第二次放緩的一個因素。

So is that playing out to your expectations, any signs of stabilization improvement thereafter being that drive you called out last quarter?

那麼，這是否符合您的預期，此後是否有任何穩定改善的跡象成為您上季度呼籲的動力？

Yeah, we are actually seeing a little bit better than stabilization.

是的，我們實際上看到了比穩定更好的情況。

So it certainly has not gotten worse.

所以情況肯定不會變得更糟。

And we are we're seeing some positive indications there.

我們在那裡看到了一些積極的跡象。

But obviously, it goes hand-in-hand with the content launches as well.

但顯然，它也與內容的發布密切相關。

I mean, content that is a valuable, new, in-demand by learners, and especially we're excited about this jobs, the jobs of the credentials where getting the credential, we hope anticipate that if learners in especially emerging markets are interested in winning new types of job opportunities because they know how to generative AI, a credential will help.

我的意思是，學習者需要的有價值的、新的內容，尤其是我們對這項工作感到興奮，獲得證書的證書工作，我們希望預計，如果特別是新興市場的學習者感興趣的話贏得新型工作機會，因為他們知道如何產生人工智慧，證書會有所幫助。

In developed economies like Europe, North America, learning the skills and having exponential is as I know how to do my job with AI and I could do it productively and effectively.

在歐洲、北美等已開發經濟體，學習技能並擁有指數級的能力是因為我知道如何利用人工智慧完成我的工作，我可以有效率地完成工作。

We think that that will be something that becomes a real value proposition and it could also help with conversion rates.

我們認為這將成為真正的價值主張，也有助於提高轉換率。

But we're we're excited that generative AI and the team's specific job specific titles and credentials will be effective and continuing to see stabilization improvement of the conversion rates.

但我們很高興生成式人工智慧以及團隊特定工作的特定頭銜和證書將發揮作用，並繼續看到轉換率的穩定提高。

Jeff and I might chip in that we've seen some particularly nice performance internationally and which is a little bit further to the discussion earlier with Josh, on the product side, seeing seat plus growth in India, promotions from the geo price content.

傑夫和我可能會補充說，我們在國際上看到了一些特別好的表現，這與之前與喬什的討論有點進一步，在產品方面，看到了印度的席位加增長，以及地理價格內容的促銷。

So we're starting to see the result of some of the product innovation we've had, particularly outside NAMR because a lot of that has been focused on international.

因此，我們開始看到一些產品創新的成果，特別是在 NAMR 之外，因為其中許多都集中在國際上。

Great.

偉大的。

Thank you.

謝謝。

Jeffrey Silber, BMO Capital Markets.

Jeffrey Silber，BMO 資本市場。

That's close enough.

這已經夠接近了。

You had mentioned in your prepared remarks about I think you called it a new content production arrangements with potentially more favorable revenue share and potentially some exclusivity.

您在準備好的評論中提到，我認為您將其稱為新的內容製作安排，具有可能更有利的收入份額和潛在的排他性。

So we get a little bit more color, maybe some examples and any more framework around the different economics would be great.

所以我們得到了更多的色彩，也許一些例子和圍繞不同經濟學的任何更多框架都會很棒。

Thanks.

謝謝。

Sure, Jeff.

當然，傑夫。

Let me talk a little bit about the strategy.

讓我談談策略。

Ken, you could talk about the financials and economics.

肯，你可以談談金融和經濟。

So generative AI is a big deal, the moment I touch that I was like this is going to change a lot of things, it's going to change jobs, it's going to change the skills required to do jobs, it's going to have impact with task automation.

所以生成式人工智慧是一件大事，當我接觸到它的那一刻，我就覺得這將改變很多事情，它將改變工作，它將改變工作所需的技能，它將對任務產生影響自動化。

It's going to change the way that we learn in a far more personalized way, and it will also change the way we create content, me being like the world.

它將以更個人化的方式改變我們的學習方式，也將改變我們創建內容的方式，讓我就像世界一樣。

So when we talk about Course Builder, we're not just talking about tools for our customers to use.

因此，當我們談論課程產生器時，我們不僅僅是在談論客戶使用的工具。

These are tools that we're using internally as well.

這些也是我們內部使用的工具。

And as we look at the rate of launch of new content, it really requires a few things.

當我們觀察新內容的發布速度時，它確實需要一些東西。

First, there has to be demand in the market for the types of titles we're seeing the demand.

首先，市場上必須存在對我們所看到的需求類型的遊戲的需求。

Second partners have to want to launch titles and credentials with our brands on them.

第二個合作夥伴必須想要推出帶有我們品牌的頭銜和證書。

And we're seeing -- I would say, unprecedented interest among industry partners who are saying that this next wave of technology generative AI is going to feel a little bit like the cloud wars, where it's not just about building the technology, it's about training people on how to use it, credentializing people who learn how to use it and making sure that the labor markets understand who's got the skills to really take advantage of this technology.

我們看到——我想說的是，行業合作夥伴對下一波技術生成型人工智慧產生了前所未有的興趣，他們說，下一波技術生成型人工智慧將感覺有點像雲端戰爭，這不僅僅是建立技術，而是關於培訓人們如何使用它，對學習如何使用它的人進行認證，並確保勞動力市場了解誰擁有真正利用這項技術的技能。

So we're seeing a lot of interest from industry partners saying we want to be training people on our foundation models.

因此，我們看到產業夥伴表現出極大的興趣，並表示我們希望對人們進行基礎模型的培訓。

We want to do that, not only in a general way, but in a job specific way.

我們希望不僅以一般方式做到這一點，而且以具體工作的方式做到這一點。

But a lot of these industry partners don't necessarily have the expertise and capacity to build out the content and the credentials in the way that we know how to do so.

但許多產業夥伴不一定具備專業知識和能力，無法以我們所知的方式建立內容和憑證。

We are basically teaming up with our partners to help them produce this content, and we're using a whole lot of generative AI tools to do it.

我們基本上是與合作夥伴合作，幫助他們製作這些內容，並且我們使用了大量的生成式人工智慧工具來完成這項工作。

So it is still humans producing the content, our partners, the ones who are branding it, of course, there is taking on a bigger and bigger role in the production of this partner brand and content and what this does is it causes us to invest certain money that gets capitalized and it also causes us to be able to create different economic arrangements.

因此，仍然是人類在生產內容，我們的合作夥伴，以及為其打造品牌的人，當然，在這個合作夥伴品牌和內容的生產中發揮著越來越大的作用，這促使我們進行投資某些資金被資本化，這也使我們能夠創造不同的經濟安排。

And maybe Ken, you could talk a little bit about the resources we're putting into this as an investment and the way that the incremental rev-share might be is to be different on these types of Coursera produced partner branded titles.

也許 Ken，您可以談談我們為此投入的資源作為一項投資，以及增量收益分享的方式可能是在這些類型的 Coursera 製作的合作夥伴品牌遊戲上有所不同。

Absolutely.

絕對地。

And your description, of course, on what those represent means, they're some of our best brands.

當然，您的描述，以及它們所代表的含義，它們是我們最好的品牌之一。

These are important companies who are doing this with.

這些都是正在合作的重要公司。

We don't disclose the specifics, of course, with the individual relationships matter respect for our partners.

當然，我們不會透露具體細節，因為個人關係很重要，尊重我們的合作夥伴。

But the -- what we've done is we've invested in this automation, obviously in a transaction which we take on the production costs, we take on all the risks, which makes a lot of sense because we're the experts here.

但是，我們所做的是，我們投資了這種自動化，顯然是在我們承擔生產成本的交易中，我們承擔了所有風險，這很有意義，因為我們是這裡的專家。

And again, importantly, doing so with minimal out-of-pocket we have some pretty significant technological capabilities now with product we've built -- to build this product.

再說一遍，重要的是，透過最少的自付費用，我們現在已經擁有一些非常重要的技術能力，我們已經建立了產品 - 來建立這個產品。

It makes it easy for us to invest very profitably on this.

這使我們可以輕鬆地在這方面進行投資並獲得豐厚的利潤。

We talked about this as part of the change, actually technically in definition around free cash flow a couple of quarters ago because we were including this in the free cash flow calculation, which is a negative to us, and we wanted people to understand what that was, which is a tremendous opportunity, we think to strategically build the business and create better economics.

我們將此作為變革的一部分進行了討論，實際上在技術上是在幾個季度前圍繞自由現金流的定義，因為我們將其納入了自由現金流計算中，這對我們來說是負面的，我們希望人們了解這是什麼這是一個巨大的機會，我們認為可以策略性地發展業務並創造更好的經濟效益。

And so we've allocated $20 million of budget this year.

因此，我們今年分配了 2000 萬美元的預算。

We spent, as I mentioned in my prepared remarks, a couple of million dollars this past quarter, and it's highly attractive, both strategically and financially.

正如我在準備好的發言中提到的，上個季度我們花費了幾百萬美元，無論從戰略上還是從財務上來說，這都極具吸引力。

And so I think you will continue to hear about progress here and success.

因此，我認為您將繼續聽到這裡的進展和成功。

Thank you.

謝謝。

And any kind of way of thinking about or I don't want you the words guidance, but the incremental economic sharing that happens when the title gets consumed by the consumer segment?

以及任何一種思考方式，或者我不希望你接受文字指導，而是當標題被消費者群體消費時發生的增量經濟共享？

Well, we beat because of the relationship.

嗯，我們是因為關係才打的。

Of course, we have better economics from a rev-share standpoint, it varies client by client, but it's pretty specific, but it is a significantly higher margin with us taking all the risk on and funding entirely.

當然，從收益份額的角度來看，我們有更好的經濟效益，它因客戶而異，但它是非常具體的，但它的利潤率要高得多，因為我們承擔了所有風險並完全提供資金。

That makes sense.

這就說得通了。

Thanks so much.

非常感謝。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

Thanks, gentlemen, and congrats on the strong quarter.

謝謝，先生們，並祝賀本季的強勁表現。

It's nice to see the acceleration in Degrees.

很高興看到以度為單位的加速度。

I know you mentioned the ramp-up in new students and new partnerships.

我知道你提到了新生和新合作夥伴的增加。

I'm curious on your level of visibility there.

我很好奇你在那裡的能見度。

In any sense and how we should be thinking about the medium-term growth rates for that cycle?

從某種意義上說，我們應該如何考慮該週期的中期成長率？

Thanks, guys.

多謝你們。

Yeak, ken.

是的，肯。

We typically give guidance at the beginning of the year.

我們通常在年初提供指導。

I don't know if there's anything in addition by segment to that you want to it or not.

我不知道是否還有您想要的之外的其他內容。

No.

不。

We haven't provided any updated guidance across the board.

我們尚未全面提供任何更新的指導。

We've done that historically when we had radical changes, but I wouldn't assume anything different otherwise we'd provide some guidance just to be helpful with people in their models, but nothing off the 10%, which we reiterated last year, for the year.

歷史上，當我們發生根本性變化時，我們就這樣做了，但我不會假設有任何不同，否則我們會提供一些指導，只是為了幫助人們在他們的模型中，但沒有低於我們去年重申的10%，今年。

Yeah.

是的。

And I guess what I might add just a little bit of texture on this segment.

我想我可能會在這個部分添加一點紋理。

We have been moving more and more towards this notion of what we call pathway to Degrees.

我們越來越傾向於這種所謂的學位途徑的概念。

The idea that you can start a college degree on Coursera and open content without, you can start at any time, you don't have to go through the admissions process, it's a lot more flexible and affordable.

您可以在 Coursera 上開始大學學位並開放內容的想法，您可以隨時開始，無需經歷招生過程，它更加靈活且負擔得起。

And you earn credits by taking the open content, then you can finish your degree faster and more inexpensively.

您可以透過學習開放內容來獲得學分，然後您可以更快、更便宜地完成學位。

Like that basic model we think is going to be the model for a lot of degrees all around the world.

就像這個基本模型一樣，我們認為它將成為世界各地許多學位的模型。

So we're excited about that model because it really plays to this whole idea that you can blend industry content with higher education, you can book -- and you could do online at any time even as you have account towards a more structured, traditional, higher education degree.

因此，我們對這種模式感到興奮，因為它確實體現了整個想法，即您可以將行業內容與高等教育相結合，您可以預訂- 即使您有一個更加結構化、傳統的帳戶，您也可以隨時線上進行，高等教育學歷。

So we're seeing signs in the pathway degrees strategy from learners that this is really the kind of flexibility, affordability, ROI that they're looking for, and we're going to continue to do more of that. a key enabler of this is these credit recommendations from American Council on Education and ECTS, which is the European Credit Transfer System.

因此，我們在學習者的銜接學位策略中看到了跡象，表明這確實是他們正在尋找的靈活性、可負擔性和投資回報率，我們將繼續在這方面做更多的事情。實現這一目標的關鍵因素是美國教育委員會和 ECTS（即歐洲學分轉移系統）的學分建議。

And we have 30 certificates now that are ACE recommended 15, which are ECTS recommended.

我們現在有30個證書，其中ACE推薦的15個，ECTS推薦的。

And this really helps us unlock this pathway degree kinds of opportunities.

這確實有助於我們釋放這種途徑學位的機會。

Appreciate the color.

欣賞顏色。

Thanks guys.

多謝你們。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

Yeah, hi.

是的，嗨。

Thanks, so much for taking my question.

非常感謝您回答我的問題。

So you mentioned the record number of entry-level Professional Certificates launched in the quarter, and it seems like that was a key driver of the outperformance.

因此，您提到本季推出的入門級專業證書數量創紀錄，這似乎是業績優異的關鍵驅動因素。

So as we look ahead and how much of the expected 3Q revs slowdown and like the inflection in 4Q might be tied to expected certificate launches.

因此，當我們展望未來時，預期的第三季轉速放緩以及第四季度的拐點可能與預期的證書發布有關。

And so was there some, for instance, like certificates that might have been launched earlier than expected that may be benefited 2Q and might be weighing on 3Q.

例如，是否有一些證書可能比預期更早推出，可能會在第二季受益，但可能會對第三季造成壓力。

Yeah.

是的。

Hey, Taylor.

嘿，泰勒。

So maybe, Ken, you could talk a little bit about the financial piece.

肯，也許你可以談談財務上的問題。

I'll just say that with respect to the titles that we're launching.

我只是針對我們即將推出的遊戲來這麼說。

We have really seen, as I said, a step up and interest among partners and a increase in efficiency and I think quality on the production side.

正如我所說，我們確實看到了合作夥伴之間的進步和興趣，以及生產方面效率和品質的提升。

So that certainly has had an impact on Q2 up.

所以這肯定對第二季產生了影響。

By the way, among these titles at these professional certificates, we had four from IBM, four from Microsoft, two from Google Cloud, one from Meta, one from AWS and one for ADP.

順便說一句，在這些專業憑證的頭銜中，我們有四個來自 IBM、四個來自微軟、兩個來自 Google Cloud、一個來自 Meta、一個來自 AWS 和一個來自 ADP。

So these are big brands, doing lots of search.

這些都是大品牌，進行了大量搜尋。

They certainly influence our sense that there's going to be a good supply of this type of content and credential, and we are optimistic there's going to be coffee demand.

它們肯定會影響我們的感覺，即此類內容和證書將會有充足的供應，而且我們對咖啡需求的增長感到樂觀。

We don't want to get ahead of ourselves, though, on demand.

不過，我們不想根據需要超越自己。

I mean North America still is not what it was last year, in terms of the traffic and conversion that we were seeing in the consumer segment.

我的意思是，就我們在消費者領域看到的流量和轉換率而言，北美仍然不如去年。

There's still some uncertainty around how these titles are going to perform.

這些遊戲的表現仍存在一些不確定性。

We have pretty good confidence that we're going to be continuing to launch a whole lot of these things in the coming six months.

我們非常有信心在未來六個月內繼續推出大量此類產品。

But we're not really sure exactly what the appetite is going to be.

但我們並不確定到底會有什麼胃口。

And Ken, I don't know if you want to link any of the content that was delivered in Q2 or expected in Q3, Q4 against the guidance on the consumer -- on the overall revenue segment, the overall revenues for the rest of the year.

肯，我不知道您是否想將第二季度交付的或第三季度、第四季度預期的任何內容與消費者的指導聯繫起來——總體收入部分、其餘部分的總體收入年。

Sure.

當然。

As it relates to Q3 and the content titles specifically, one of the things was we had a tough compare in 2023 -- Q3 of 2023, we had a blockbuster release without too much detail related to cybersecurity which really moves the revenue.

由於它與第三季度和具體的內容標題相關，其中一件事是我們在2023 年進行了艱難的比較——2023 年第三季度，我們發布了一個重磅版本，但沒有太多與網路安全相關的細節，這確實改變了收入。

And so on year over year for that new launch, it worked offsetting that partially and mitigating somewhat with the 15 certificates launch in Q2 that we'll see coming.

因此，隨著新推出的年復一年，它部分抵消了這一影響，並透過我們將在第二季推出的 15 個證書有所緩解。

But that was the reason is we had a blockbuster year ago and so in the year-over-year comparison, we don't see quite same growth.

但這是因為我們在一年前就取得了轟動，因此在同比比較中，我們沒有看到完全相同的增長。

That's really helpful.

這真的很有幫助。

Thank you so much.

太感謝了。

And then for my second question, Ken, could you just maybe break out and the uptick in like expense growth that you guys are expecting in the back half.

然後，對於我的第二個問題，肯，您是否可能會像您預期的那樣在後半段爆發並出現費用增長的上升。

Could you maybe just talk about the drivers of that and how much of that might be tied to like investments around content?

您能否談談其驅動因素以及其中有多少可能與圍繞內容的類似投資有關？

Yeah.

是的。

A lot of the content to be clear is on hits the balance sheet as we can find the opportunities to fund those.

許多需要明確的內容都在資產負債表上，因為我們可以找到為這些內容提供資金的機會。

We'll have continued spend in R&D.

我們將繼續在研發方面投入資金。

We've actually done a pretty nice job of continuing to bring down the OpEx as a percentage spend.

實際上，我們在繼續降低營運支出支出百分比方面做得非常好。

And then where there's more marketing opportunity cost effectively, we'll be spending there as well.

然後，哪裡有更多具有成本效益的行銷機會，我們也會在那裡花錢。

We'll continue to monitor through the course of the year again, we tried to get to an annual guide which we said is 4% at the beginning of this year and work within that, but if we can't spend it effectively, we'll let more drop down, we're just in the process of.

我們將繼續在這一年中再次進行監控，我們試圖達到一個年度指南，我們在今年年初說是 4%，並在這個範圍內工作，但如果我們不能有效地使用它，我們會讓更多的東西掉下來，我們只是在這個過程中。

As we look to growth opportunities for next year, making sure we can fully fund those.

當我們尋找明年的成長機會時，確保我們能夠為這些機會提供充足的資金。

Great.

偉大的。

Thanks, so much.

非常感謝。

Rishi Jaluria, RBC.

Rishi Jaluria，加拿大皇家銀行。

Hi, this is Chris Brown on for Rishi Jaluria.

大家好，我是 Rishi Jaluria 的 Chris Brown。

Thanks for taking my question, I wanted to ask about your large cash balance.

感謝您提出問題，我想詢問您的大額現金餘額。

Can you just remind us how you're thinking about the primary uses of cash in the near term within your capital allocation strategy?

您能否提醒我們您在資本配置策略中如何考慮近期現金的主要用途？

Thank you.

謝謝。

Yeah.

是的。

Thanks, Chris.

謝謝，克里斯。

Let me take a higher level view.

讓我從一個更高層次的角度來看。

And Ken, I don't know if you want to talk anything about Q2 and some of the sort of uses of cash that hit the adjusted EBITDA reconciliation, but at a really high level and certainly not just Ken and me and the management team, we also the board.

肯，我不知道你是否想談論第二季度以及影響調整後 EBITDA 調節的現金使用情況，但在非常高的層面上，當然不僅僅是肯和我以及管理團隊，我們也是董事會。

And we have a Board and leadership team, that frankly thinks that what we're about to see with generative AI as it transforms economies around the world, is going to be significant opportunities.

我們有一個董事會和領導團隊，坦白認為，隨著生成式人工智慧改變世界各地的經濟，我們將看到它將帶來重大機會。

EdTech as we all know, has been a tough place in the last few quarters, that creates certain opportunities for companies with a lot of distribution and a really healthy balance sheet like Coursera.

眾所周知，教育科技在過去幾季一直是一個艱難的領域，這為像 Coursera 這樣擁有大量分銷和真正健康的資產負債表的公司創造了一定的機會。

I don't know what the capabilities of say GPT5 are going to be or the next version of Gemini Ultra.

我不知道 GPT5 或 Gemini Ultra 的下一個版本的功能是什麼。

But at any moment, we can potentially see some nonlinear capabilities, you'll get the market and maybe there will be some startups or some other companies, perhaps more mature companies that find something that is dramatically more valuable than what people have experienced before.

但在任何時候，我們都可能看到一些非線性能力，你會獲得市場，也許會有一些新創公司或其他公司，也許是更成熟的公司，發現比人們以前經歷過的東西更有價值的東西。

In those instances, having bought a global platform, a great brand and a house of many other great brands, a big balance sheet that could take a breakout kind of technology and pump it through a global distribution system like, we think that's not completely unlikely.

在這些情況下，購買了一個全球平台、一個偉大的品牌和許多其他偉大品牌的公司、一個龐大的資產負債表，可以採用突破性技術並將其通過全球分銷系統，我們認為這並非完全不可能。

And so we do like the optionality of being able to make moves like that if we want to.

因此，如果我們願意的話，我們確實喜歡能夠採取這樣的行動的選擇。

We've been pretty intensely investigating opportunities.

我們一直在非常深入地調查機會。

And so what we in conversation with our Board have decided is there's some really interesting times come in, and we think that our position in this landscape is changing rapidly as an online educator is pretty attractive and will put us in the driver's seat in many ways.

因此，我們在與董事會的對話中決定，將會出現一些非常有趣的時刻，我們認為我們在這一領域的地位正在迅速變化，因為線上教育者非常有吸引力，並將在許多方面讓我們處於主導地位。

Ken, I don't know if you want to talk a little bit about Q2 and sort of how you're thinking about balance sheet?

肯，我不知道您是否想談談第二季以及您如何看待資產負債表？

Yeah, sure.

好，當然。

So the highest level, you just hit the most important point, which is the strategic focus and the belief that holding cash for strategic opportunities is what the team and Board are aligned around, I would say further on that topic.

因此，在最高層面上，您剛剛觸及最重要的一點，即戰略重點，以及團隊和董事會的一致信念：持有現金以獲得戰略機會，我想進一步討論該主題。

And you mentioned that we've been pretty active without anything to talk about concrete disclose, we can see in our EBITDA reconciliation this time for the first time, M&A related costs on a transaction that didn't close that were pretty significant.

您提到我們一直非常活躍，沒有任何具體披露的內容，我們可以在這次的 EBITDA 調節中看到，第一次未完成的交易的併購相關成本非常高。

We achieved our EBITDA target for the quarter.

我們實現了本季的 EBITDA 目標。

And again, we will for the year regardless of that [Olympic], I think it points to the efforts we're making and expect to continue to make.

再說一次，無論[奧運會]如何，我們今年都會這樣做，我認為這表明了我們正在做出的努力並期望繼續做出努力。

It was a $3.4 million charge, and when you're spending that much on a potential M&A transaction, that means it's of significant size.

這是一筆 340 萬美元的費用，當你在潛在的併購交易上花費這麼多錢時，這意味著它的規模相當大。

So we're hard at work continuing to look at other opportunities, but that I think is a further a little bit of insight into how we're thinking about capital allocation and timing,

因此，我們正在努力繼續尋找其他機會，但我認為這進一步深入了解了我們如何考慮資本配置和時機，

Got it.

知道了。

Thanks, for the details, guys.

謝謝，夥計們，請提供詳細信息。

Yeah, sure.

好，當然。

Ryan MacDonald, Needham & Company.

瑞安麥克唐納，李約瑟公司。

Thanks for taking my questions and congrats on a nice quarter.

感謝您回答我的問題，並祝賀您度過了一個愉快的季度。

And I wanted to double-click on Brian's question earlier about the Degree segment.

我想雙擊布萊恩之前關於學位部分的問題。

In a last quarter you talked about that decrease would be short of growth in that segment would be a bit more back half weighted into the year.

在上個季度，您談到該領域的下降將低於成長，該領域的比重將在今年增加。

Just curious if this is still sort of the expectation given the strong 14% growth that you put up in second quarter here and perhaps what are you seeing on a cohort basis as we head towards the fall with the existing programs you've gotten, how comfortable are you feeling about the trajectory of that business segment?

只是好奇，考慮到您在第二季度提出的14% 的強勁增長，這是否仍然是一種預期，也許當我們帶著您已經獲得的現有計劃進入秋季時，您在隊列基礎上看到了什麼？

Yeah, I guess what I guess what I would say is, the -- as we thought was it today or yesterday, there is a sea change.

是的，我想我想說的是，正如我們所認為的今天或昨天，發生了巨大的變化。

It's happening in the US around the way online degrees get managed and who manages them who create some and and how they come to market, what the business models are.

在美國，線上學位的管理方式、誰管理它們、誰創建線上學位、它們如何進入市場、商業模式是什麼等問題正在發生。

And so what I would say is we really like our basic strategy of these pathway degrees we think is pretty much unique to us and we think it's going to be some that learners, frankly, really want.

所以我想說的是，我們真的很喜歡這些銜接學位的基本策略，我們認為這對我們來說非常獨特，坦白說，我們認為這將是學習者真正想要的。

That being said, there's a lot that's changing and so we want to be your thoughtful and somewhat cautious about how it's going to be to navigate these.

話雖這麼說，有很多事情正在發生變化，因此我們希望您對如何駕馭這些變化深思熟慮並保持謹慎。

So I would say, on real update from our previous guidance that was a while ago on the degree segment kind of revenue growth.

所以我想說的是，我們之前的指導意見的真正更新是不久前關於學位部分收入增長的指導意見。

And we think we've got the right general design pattern for a degree that's going to work for working adults globally, but there's still quite a bit to figure out.

我們認為我們已經為適合全球職場成年人的學位制定了正確的整體設計模式，但仍有許多問題需要弄清楚。

And so we're on our journey to redefining this $2 trillion market called college degree.

因此，我們正在重新定義這個價值 2 兆美元的大學學位市場。

Thanks.

謝謝。

And maybe as a follow-up just talked about the consumer segment.

也許作為後續內容，我們剛剛談到了消費者細分市場。

Can you give us a sense of maybe timing within the quarter of the processor launches and perhaps the magnitude of upside from consumer that came from these new launches like in second quarter relative to maybe a more of a knock-on effect or positive impact from these new launches that we should expect in the back half of the year?

您能否讓我們了解處理器發布的季度內的時間安排，以及這些新產品的發布給消費者帶來的上漲幅度（例如第二季度）相對於這些新產品可能帶來的更多連鎖反應或正面影響下半年我們該期待哪些新產品推出？

Thanks.

謝謝。

Sure, Brent we -- Brain we haven't specifically broken out the guidance by what's coming from new content.

當然，布倫特，我們──大腦，我們還沒有具體打破新內容的指導。

They were released through out the quarter, but toward the back part of it.

他們在整個季度都被釋放，但在季度的後半部分。

So you'll expect more impact in this quarter than last quarter.

因此，您預計本季的影響會比上季更大。

I think that's about as much color as it would make sense to provide.

我認為提供盡可能多的顏色是有意義的。

Is that helpful.

有幫助嗎？

Very helpful.

很有幫助。

Thanks, Ken.

謝謝，肯。

By the way, the other thing that we're not sure about, I mean, a lot of this really is the world is shaping up in [certain ways], and we're definitely launching a lot of new titles, but there was a part of the script where we talked about refreshing existing titles and we have a whole, obviously 7,000 courses on the platform and whether it's how you negotiate or how you manage people or how you do data analysis.

順便說一句，我們不確定的另一件事，我的意思是，很多事情確實是世界正在以[某些方式]形成，我們肯定會推出很多新遊戲，但有在腳本的一部分中，我們討論了刷新現有的標題，我們在平台上有一整套，顯然有7,000 門課程，無論是如何談判、如何管理人員還是如何進行數據分析。

We truly believe that virtually everything is going to change because of generative AI, it will certainly be the creation of new content that we think can feed the engine, the growth engine.

我們堅信，幾乎一切都會因為產生人工智慧而改變，這肯定會創造出我們認為可以為引擎、成長引擎提供動力的新內容。

But we're also quite optimistic about the relevance of our existing content if we upgrade it with our partners to include what's an GenAI way of doing that.

但如果我們與合作夥伴一起升級現有內容，以包含 GenAI 的實現方式，我們對現有內容的相關性也非常樂觀。

Of course, that will be changing rapidly.

當然，這種情況將會迅速改變。

But that will also really stimulate a sort of a refresh cycle.

但這也確實會刺激一種更新周期。

And I think a novelty among learners to say, hey, you know, when the next major advance and generative AI comes out, now what do I need to learn about how to do my job well.

我認為學習者會說，嘿，你知道，當下一個重大進步和生成式人工智慧出現時，現在我需要學習什麼才能做好我的工作，這很新鮮。

And so we think there's a really broad field for not only launching new titles but refreshing existing titles to make them newly relevant to a wide audience.

因此，我們認為，不僅可以推出新遊戲，還可以更新現有遊戲，使它們與廣大受眾產生新的聯繫，這是一個非常廣泛的領域。

I mean almost like everybody who has a job.

我的意思是幾乎就像每個有工作的人一樣。

This is what we're really shooting for.

這才是我們真正的目標。

We really want to redefine the target market to essentially every working person in the world who's got to retool the way they do their jobs.

我們確實希望將目標市場重新定義為世界上幾乎每個必須重新調整工作方式的工人。

I appreciate the color there, Jeff.

我很欣賞那裡的顏色，傑夫。

Thanks.

謝謝。

Yeah.

是的。

Devin Au, KeyBanc Capital Markets.

Devin Au，KeyBanc 資本市場。

Hey, Jeff, again, thanks for taking my question and congrats on the strong results here.

嘿，傑夫，再次感謝您提出我的問題，並祝賀這裡取得的強勁成果。

I want to ask about enterprise specifically NRR, which has down ticked slightly again, I mean, I think you called out some challenges and on the government segment, can you just elaborate more on that front?

我想問企業特別是NRR，它再次略有下降，我的意思是，我認為您提出了一些挑戰，在政府部門，您能在這方面詳細說明一下嗎？

Is that kind of similar dynamics to what you saw last quarter and how many of these, I guess, similar types of customers were facing transitory budgets are likely to come up for renewals later this year?

這種動態與您上個季度看到的情況是否相似？ 我猜，有多少類似類型的客戶面臨著暫時的預算，可能會在今年稍後進行續訂？

Thanks.

謝謝。

Yeah.

是的。

Thanks, Devin.

謝謝，德文。

Yeah, this is Jeff.

是的，這是傑夫。

I'll give you high level.

我會給你高水平的。

As I said this in the past, which I hope is somewhat helpful.

正如我過去所說的那樣，我希望這對您有所幫助。

I realize it's not as crystal clear as you might like.

我意識到它並不像您希望的那麼清晰。

But the NRRs, are really different by business versus campus versus government.

但企業、校園和政府的 NRR 確實不同。

On the government side, which we mentioned some of these deals are multimillion dollar deals and they really can have an outsized effect if one or two and up having been funded by a transitory budget that does not renew.

在政府方面，我們提到其中一些交易是數百萬美元的交易，如果一兩個或更多的交易是由不更新的臨時預算資助的，那麼它們確實可以產生巨大的影響。

So say COVID era money that has not been available.

所以說，新冠時代的錢還沒到位。

And so there is a bit of work through that we have to do and we did mention that there is a substantial ways a drag on NRRs came from certain big [gov-related] deals that did not have the persistence of budget that we had hoped would would be there.

因此，我們必須做一些工作，我們確實提到，對 NRR 的拖累在很大程度上來自某些大型[政府相關]交易，這些交易沒有我們希望的預算持久性會在那裡。

I will say that these would be previous quarters, Coursera for business actually helped bump up the NRR overall.

我想說的是，在前幾個季度，Coursera 商業版實際上幫助提高了整體 NRR。

So it's one of things where certain segments are doing better than others.

因此，這是某些細分市場比其他細分市場做得更好的事情之一。

It's kind of helpful to diversify.

這對多元化很有幫助。

At the same time. the [C4G has got the Coursera government] has some big whales in it.

同時。 [C4G 已經得到了 Coursera 政府] 裡面有一些大鯨魚。

And when some of those you don't persist in the budgeting frame, but it hurts.

當其中一些你不堅持預算框架時，但這會很痛苦。

We do expect that well, I say our targets are to have NRRs of 120%.

我們確實希望如此，我說我們的目標是 NRR 達到 120%。

And within our business in terms of the buyers and the learners, we do see pockets where the NRRs are large and healthy.

在我們的業務中，就買家和學習者而言，我們確實看到 NRR 較大且健康的領域。

And what we're trying to do is basically identify those use cases, put more effort and attention towards selling and supporting those find those use cases that might shake loose because the budgets were a little bit more transitory and don't do those as frequently going forward.

我們想做的基本上是識別這些用例，投入更多的精力和注意力來銷售和支持那些發現那些可能會鬆動的用例，因為預算有點短暫，並且不要頻繁地執行這些用例向前走。

Ken, anything you would add to that?

肯，你還有什麼要補充的嗎？

Thanks for asking.

謝謝你的詢問。

Materially there's nothing incremental to add.

實質上沒有什麼增量可以添加。

I think that's about -- that covers it all in detail.

我認為這涵蓋了所有細節。

I hope it was helpful.

我希望這對你有幫助。

No, that super helpful, Jeff and Ken.

不，傑夫和肯非常樂於助人。

Appreciate it.

欣賞它。

Well, thank you, Devin.

好吧，謝謝你，德文。

That wraps today's Q&A session.

今天的問答環節到此結束。

A replay of this webcast will be available on our Investor Relations website.

我們的投資者關係網站將提供該網路廣播的重播。

Thank you for joining us and take care.

感謝您加入我們並保重。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation and you may now disconnect.

感謝您的參與，您現在可以斷開連接。