Coursera Inc (COUR) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Coursera's Fourth Quarter and Full Year 2021 Earnings Call. (Operator Instructions). 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 的 2021 年第四季度和全年財報電話會議。 （操作員說明）。請注意，此電話正在錄音中。 （操作員說明）。

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

我想把電話轉給投資者關係主管 Cam Carey。凱里先生，你可以開始了。

Hi, everyone, and thank you for joining our Q4 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 your questions. Our press release, including financial tables was issued after market close and is posted on our Investor Relations website, where this call is being simultaneously webcast. Additionally, downloadable versions of our prepared remarks and supplemental slides have also been made available.

大家好，感謝您參加我們的第四季度財報電話會議。今天和我在一起的是 Coursera 的首席執行官 Jeff Maggioncalda。和我們的首席財務官 Ken Hahn。在他們準備好的評論之後，我們將打開您的問題的電話。我們的新聞稿（包括財務表格）是在收市後發布的，並發佈在我們的投資者關係網站上，該電話正在同時進行網絡直播。此外，還提供了我們準備好的評論和補充幻燈片的可下載版本。

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 located at investor.coursera.com. Please note that 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。可以在今天的新聞稿和補充演示文稿中找到非 GAAP 措施與最直接可比的 GAAP 措施的對賬，這些新聞稿和補充演示文稿通過我們位於investor.coursera.com 的投資者關係網站向公眾分發和提供。請注意，除非另有說明，否則所有增長百分比均指同比變化。

Additionally, I'd like to remind you that all statements made during this call that relate to future results and events are forward-looking statements based on current expectations. These forward-looking statements include, but are not limited to, statements regarding trends and their potential impact on our industry and our business, our ecosystem, platform, content and partner relationships, our strategy and priorities and our business model, mission, opportunities, outlook and long-term financial framework. Actual results and events could differ materially from those projected due to a number of risks and uncertainties, which are discussed in our press release, SEC filings and supplemental materials. These forward-looking statements are not guarantees of future performance or plans, and therefore, investors should not place undue reliance on them. We assume no obligation to update our forward-looking statements.

此外，我想提醒您，本次電話會議中與未來結果和事件相關的所有陳述都是基於當前預期的前瞻性陳述。這些前瞻性陳述包括但不限於關於趨勢及其對我們的行業和業務、我們的生態系統、平台、內容和合作夥伴關係、我們的戰略和優先事項以及我們的商業模式、使命、機會的潛在影響的陳述，展望和長期財務框架。由於存在許多風險和不確定性，實際結果和事件可能與預測的結果和事件存在重大差異，這些風險和不確定性在我們的新聞稿、SEC 文件和補充材料中進行了討論。這些前瞻性陳述不是對未來業績或計劃的保證，因此，投資者不應過分依賴它們。我們不承擔更新我們的前瞻性陳述的義務。

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

有了這個，我想把它交給傑夫。

Thanks, Cam, and good afternoon, everyone. It's great to be with you all. A year ago at this time, I had the privilege of introducing the story of Coursera. Amidst conversations leading up to our IPO, I shared that I've never been so excited about spending my time to build something so important. Today, as I reflect on both our progress over the past 4 quarters and our positioning for the years ahead, my excitement and optimism have never been stronger. Coursera is increasingly becoming a global destination for learners seeking job relevant skills to advance their careers as well as the platform through which institutions are able to drive powerful collaboration to better meet the needs of our digital world. Together with our ecosystem of learners, partners and institutions, we're broadening access to higher education and creating a new and inclusive lifelong learning model.

謝謝，Cam，大家下午好。很高興和大家在一起。一年前的這個時候，我有幸介紹了 Coursera 的故事。在我們首次公開募股前的談話中，我分享說，我從未對花時間建立如此重要的東西感到如此興奮。今天，當我回顧過去 4 個季度的進展以及我們對未來幾年的定位時，我的興奮和樂觀情緒從未如此強烈。 Coursera 正日益成為學習者尋求工作相關技能以推進職業發展的全球目的地，以及機構能夠通過該平台推動強大的協作以更好地滿足我們數字世界的需求。與我們的學習者、合作夥伴和機構生態系統一起，我們正在擴大接受高等教育的機會，並創建一種新的包容性終身學習模式。

This year, we reported $415 million of revenue, which represents 41% annual growth. This was on top of the 59% growth we delivered in 2020. Our diversified offerings and global distribution exposes us to multiple tailwinds being driven by the need for new skills in an accelerating digital world. Performance in 2021 was broad-based with momentum across our 3 segments and in all regions. It is also reflected in our strong outlook for the year ahead and the long-term growth prospects that we see across our platform.

今年，我們報告了 4.15 億美元的收入，即 41% 的年增長率。這是我們在 2020 年實現的 59% 增長的基礎上。我們多元化的產品和全球分銷使我們在加速的數字世界中對新技能的需求推動了多種順風。 2021 年的表現基礎廣泛，在我們的 3 個細分市場和所有地區都有發展勢頭。這也反映在我們對未來一年的強勁前景以及我們在整個平台上看到的長期增長前景中。

In 2021, we rapidly expanded our global reach and scale advantages, growing relationships with individual learners and institutional customers. We ended the fourth quarter with 97 million registered learners on the platform, adding nearly 21 million over the course of the year. Since the start of 2020, we've attracted more than 50 million learners, doubling the size of our learner base over the past 2 years. Our broad catalog of job-relevant content and credentials from recognized world-class brands are helping meet the needs of learners across all stages of their learning journey, from hands-on projects and short courses to multiyear bachelor and master's degrees from accredited universities.

2021 年，我們迅速擴大了全球影響力和規模優勢，與個人學習者和機構客戶的關係不斷發展。我們在第四季度結束時在平台上註冊了 9700 萬學習者，全年增加了近 2100 萬。自 2020 年初以來，我們已經吸引了超過 5000 萬學習者，在過去 2 年中我們的學習者群體規模翻了一番。我們廣泛的與工作相關的內容和來自公認的世界級品牌的證書目錄正在幫助滿足學習者在學習旅程各個階段的需求，從實踐項目和短期課程到認可大學的多年學士和碩士學位。

Additionally, we've doubled the number of paid Enterprise customers since the start of the year to 803. Institutions are continuing to invest in the digital skills required to compete in today's economy. But in-demand skills changing faster than ever, they require solutions to identify and deploy the right skills for the right roles and especially across an entire organization, workforce or population. Products like our SkillSets, Academies and LevelSets, powered by data from millions of learners on Coursera around the world are helping our customers understand the skills the organization has today and where they need to invest for tomorrow.

此外，自年初以來，我們的付費企業客戶數量翻了一番，達到 803 個。機構正在繼續投資於在當今經濟中競爭所需的數字技能。但是，需求技能的變化比以往任何時候都快，他們需要解決方案來為正確的角色識別和部署正確的技能，尤其是在整個組織、勞動力或人口中。我們的 SkillSets、Academies 和 LevelSets 等產品，由來自全球 Coursera 上數百萬學習者的數據提供支持，正在幫助我們的客戶了解組織目前擁有的技能以及他們未來需要在哪些方面進行投資。

Over the past year, I've used these quarterly calls to answer an important question: why Coursera and why now? And while the world continues to evolve and change the fundamental reasons have not. In fact, the drivers underlying our momentum have only been reinforced. First, the global trends reshaping our world are not slowing down. Digital transformation continues to accelerate. Second, new skills for new digital jobs require that our system of higher education adapt to be more accessible, affordable and flexible and better teach students skills that are required by employers. Third, the advantages of our 3-sided platform continues to deepen with scale. And finally, the drivers of long-term growth across our business are proving durable and sustainable.

在過去的一年裡，我利用這些季度電話會議回答了一個重要問題：為什麼是 Coursera，為什麼是現在？雖然世界繼續發展和變化，但根本原因並沒有。事實上，我們的動力背後的驅動力只是得到了加強。首先，重塑我們世界的全球趨勢並未放緩。數字化轉型繼續加速。其次，新數字工作的新技能要求我們的高等教育系統適應更容易獲得、負擔得起和更靈活，並更好地教授學生雇主所需的技能。第三，我們的三邊平台優勢隨著規模不斷加深。最後，我們業務長期增長的驅動力被證明是持久和可持續的。

Let's discuss each in more detail, starting with the trends that we see at play. The first major trend is digital transformation. The forces of technology, globalization and more recently, remote work are transforming industry after industry. The impact of these forces has served to amplify the criticality of technology and digital tools, redefine the way that businesses, governments and campuses operate and reshape both the supply and demand for jobs globally. In its simplest form, this ongoing transformation fast forwarded by the pandemic has created an accelerated rate of change that we believe will be a permanent feature of our increasingly digital world. This leads to the second major trend, skills development.

讓我們更詳細地討論每一個，從我們看到的趨勢開始。第一個大趨勢是數字化轉型。技術、全球化以及最近的遠程工作的力量正在改變一個又一個行業。這些力量的影響放大了技術和數字工具的重要性，重新定義了企業、政府和校園的運作方式，並重塑了全球就業的供求關係。以最簡單的形式，這種由大流行快速推進的持續轉型創造了加速的變化速度，我們相信這將成為我們日益數字化世界的永久特徵。這導致了第二大趨勢，技能發展。

With the combined effects of the pandemic and automation, employers are rapidly digitizing work processes and jobs that are repeatable and predictable. And the pace of this digital transformation has widespread impact. Businesses are investing to upskill, reskill and benchmark their talent to remain competitive in a changing economy. Governments are looking to scale up their public sector employees while also launching national and statewide development initiatives to build equitable workforces that drive sustainable economic growth. Campuses are realizing that they must enhance the quality of their offering as competition from alternative credentials and the substitution effect of a strong labor market requires them to deliver stronger employability outcomes more cost effectively.

在大流行和自動化的綜合影響下，雇主正在迅速將可重複和可預測的工作流程和工作數字化。這種數字化轉型的步伐具有廣泛的影響。企業正在投資以提高技能、再培訓和衡量他們的人才，以在不斷變化的經濟中保持競爭力。各國政府正在尋求擴大其公共部門僱員的規模，同時還發起國家和全州範圍的發展計劃，以建立推動可持續經濟增長的公平勞動力。校園意識到他們必須提高他們的產品質量，因為來自替代證書的競爭和強大的勞動力市場的替代效應要求他們以更具成本效益的方式提供更強的就業能力結果。

And just about every individual and every job, we'll need to keep learning throughout their life to stay relevant in a fast-changing workplace. We believe that this will require a new model for higher education with remote access to flexible and affordable learning at scale.

幾乎每個人和每個工作，我們都需要在他們的一生中不斷學習，以在瞬息萬變的工作場所保持相關性。我們認為，這將需要一種新的高等教育模式，可以遠程訪問靈活且負擔得起的大規模學習。

The final trend driving our business is the transformation of higher education and adult learning more broadly. While technology is accelerating the pace of change around the world, it is also the means by which society is adapting. Equitable access to high-quality education is no longer just a dream, but a growing reality for learners worldwide. More individuals are accessing online learning than ever before, and the demand for online learning on Coursera continues to outpace prepandemic levels.

推動我們業務發展的最終趨勢是更廣泛地向高等教育和成人學習轉型。雖然技術正在加速世界各地的變革步伐，但它也是社會適應的手段。公平獲得高質量教育不再只是一個夢想，而是全球學習者日益增長的現實。訪問在線學習的人比以往任何時候都多，Coursera 對在線學習的需求繼續超過大流行前的水平。

Unlike most other transformative platforms, we are more of an enabler than a disruptor. Coursera works directly with universities, industry leaders and governments, enabling institutional collaboration to meet the needs of this new digital world with unprecedented speed and scale. Our platform is transforming the way that learners learn. It is transforming the way that educators teach. And it is transforming the way that employers upskill and reskill their talent. Together, we're creating a new and inclusive lifelong learning model.

與大多數其他變革性平台不同，我們更像是推動者而不是破壞者。 Coursera 直接與大學、行業領導者和政府合作，實現機構合作，以前所未有的速度和規模滿足這個新數字世界的需求。我們的平台正在改變學習者的學習方式。它正在改變教育者的教學方式。它正在改變雇主提升和重新培養人才的方式。我們正在共同創造一種新的、包容性的終身學習模式。

Our 3-sided platform connects learners, educators and institutions in a global learning ecosystem with 3 distinct advantages. First are the leading educator partners, including world-class universities and global industry leaders who created an unmatched catalog of branded content and credentials. Second is the global reach of our platform to 97 million individuals and more than 800 paid Enterprise customers, which attracts partners who want to teach the world. And third is the data and technology that powers our unified platform.

我們的 3 面平台將全球學習生態系統中的學習者、教育者和機構連接起來，具有 3 個明顯的優勢。首先是領先的教育合作夥伴，包括世界一流大學和全球行業領導者，他們創建了無與倫比的品牌內容和證書目錄。其次是我們平台的全球影響力，覆蓋了 9700 萬個人和 800 多個付費企業客戶，這吸引了想要向世界傳授知識的合作夥伴。第三是為我們的統一平台提供動力的數據和技術。

Let's discuss how we continue to deepen each of these advantages. We now have over 250 educator partners on Coursera, including 175 universities and 75 industry partners. Over the course of the year, existing partners have continued to expand our catalog of content credentials, and we're honored to have welcomed more than 50 new partners to our platform. This includes top-tier universities with international and regionally recognized brands around the globe like Dartmouth, Howard University and several of the Indian IITs and IIMs as well as industry leaders like Intuit, Microsoft and Oracle.

讓我們討論一下我們如何繼續深化這些優勢。我們現在在 Coursera 上擁有 250 多個教育合作夥伴，其中包括 175 所大學和 75 個行業合作夥伴。在這一年中，現有合作夥伴繼續擴展我們的內容憑證目錄，我們很榮幸地歡迎 50 多個新合作夥伴加入我們的平台。這包括在全球擁有國際和地區知名品牌的頂級大學，如達特茅斯、霍華德大學和一些印度 IIT 和 IIM，以及 Intuit、微軟和甲骨文等行業領導者。

Partners are attracted to Coursera for several reasons, including the scale of our large and growing learner base and global brand, the ability to create and deliver high-quality affordable content and credentials and our unified platform of content credentials that is modular and stackable, allowing for greater flexibility for learners. As educator partners create content on Coursera, the revenue reach and insights provided by our 3-sided platform incentivize further content creation.

合作夥伴被 Coursera 吸引有幾個原因，包括我們龐大且不斷增長的學習者基礎和全球品牌的規模、創建和交付高質量、負擔得起的內容和證書的能力，以及我們模塊化和可堆疊的統一內容證書平台，允許為學習者提供更大的靈活性。隨著教育合作夥伴在 Coursera 上創建內容，我們的 3 面平台提供的收入範圍和洞察力將激勵進一步的內容創建。

In 2021, our partners received over $120 million in content fees from our Consumer and Enterprise business. Our broad catalog of content and credentials created by these educated partners continues to grow. IBM recently launched 3 new entry-level Professional Certificates, including data warehouse engineer, DevOps and software engineering and mainframe practitioner.

2021 年，我們的合作夥伴從我們的消費者和企業業務中獲得了超過 1.2 億美元的內容費用。我們由這些受過教育的合作夥伴創建的內容和證書的廣泛目錄繼續增長。 IBM 最近推出了 3 個新的入門級專業證書，包括數據倉庫工程師、DevOps 和軟件工程和大型機從業者。

And for Degrees, I'm pleased to share that our sourcing team had a strong fourth quarter. We recently announced 5 new programs, including 1 bachelor and 4 master's from universities across the globe. They include 2 programs from the U.S., a Bachelor of Science in General Business from the University of North Texas and a Master of Engineering in Engineering Management from The University of Colorado Boulder. 2 programs from the U.K. a Master of Science in Cybersecurity from the University of London and a Master of Science and Applied Data Analytics from Queen Mary University of London as well as a Master in Business Management from Tec De Monterrey in Mexico.

對於 Degrees，我很高興分享我們的採購團隊在第四季度表現強勁。我們最近宣布了 5 個新課程，包括來自全球大學的 1 個學士和 4 個碩士。其中包括來自美國的 2 個項目、北德克薩斯大學的一般商業理學學士學位和科羅拉多大學博爾德分校的工程管理工程碩士學位。來自英國的 2 個項目，倫敦大學的網絡安全理學碩士和倫敦瑪麗女王大學的科學和應用數據分析碩士以及墨西哥德蒙特雷技術學院的商業管理碩士。

With these recent additions, the Coursera catalog now includes over 2,200 guided projects that offer hands-on learning; more than 5,300 courses and 625 specializations; over 75 certificates, including 18 entry-level Professional Certificates; and 38 announced degree programs, including bachelor's, master's and post-graduate diplomas.

隨著這些最近添加的內容，Coursera 目錄現在包括 2,200 多個提供實踐學習的指導項目；超過 5,300 門課程和 625 個專業；超過75個證書，包括18個入門級專業證書； 38個已公佈的學位課程，包括學士、碩士和研究生文憑。

Our second advantage is the global reach of our platform. Our large growing learner base attracts educator partners looking to teach individuals and institutions around the world. But it also provides a unique set of advantages that allow us to compete differently. As I mentioned earlier, we added nearly 21 million registered learners over the course of the year with the highest rate of new learner growth coming from emerging economies. Our stackable system of branded high-quality premium content enables us to attract learners at low cost and serve them at a range of price points. Learners come to Coursera for our freemium content and bite-size learning, including hands-on projects and short courses, enabling us to grow our top of funnel and attract registrants at low cost.

我們的第二個優勢是我們平台的全球影響力。我們龐大的不斷增長的學習者基礎吸引了希望在世界各地教授個人和機構的教育合作夥伴。但它也提供了一組獨特的優勢，使我們能夠以不同的方式競爭。正如我之前提到的，我們在一年中增加了近 2100 萬註冊學習者，其中來自新興經濟體的新學習者增長率最高。我們的品牌優質優質內容的可堆疊系統使我們能夠以低成本吸引學習者並以各種價位為他們提供服務。學習者來到 Coursera 是為了我們的免費增值內容和小規模學習，包括實踐項目和短期課程，使我們能夠以低成本發展我們的漏斗頂端並吸引註冊者。

As these learners look to progress their careers by earning more valuable credentials, we aim to maximize lifetime value with premium credentials from our partners, including specializations, professional certificates, and bachelor's and master's degrees from accredited universities. This freemium model of education provides learners around the world with access to high-quality free content while also supporting our Degrees business with a low cost of student acquisition.

由於這些學習者希望通過獲得更有價值的證書來推進他們的職業生涯，我們的目標是通過我們合作夥伴的優質證書來最大化終生價值，包括專業化、專業證書以及認可大學的學士和碩士學位。這種免費增值的教育模式為世界各地的學習者提供了訪問高質量免費內容的機會，同時還以較低的學生獲取成本支持我們的學位業務。

In 2021, approximately 50% of Degrees students came from our registered learner base. And we're working with our partners to make this journey more seamless for learners. We're adding features like degree pathways and career pathways. We are securing ACE Credit Recommendations for entry-level Professional Certificates, including 8 today and more to come to allow individuals the ability to earn academic credit towards a college degree for completion of content in Professional Certificates. And our university partners offer performance-based admissions for certain degree programs, such as the recently announced master's from the University of Colorado Boulder.

2021 年，大約 50% 的學位學生來自我們的註冊學習者群。我們正在與我們的合作夥伴合作，讓學習者的這段旅程更加無縫。我們正在添加學位途徑和職業途徑等功能。我們正在為入門級專業證書獲得 ACE 學分建議，包括今天的 8 個和更多，以使個人能夠獲得大學學位的學分，以完成專業證書的內容。我們的大學合作夥伴為某些學位課程提供基於表現的錄取，例如最近宣布的科羅拉多大學博爾德分校的碩士學位。

The benefit of our global reach also extends to our rapidly growing Enterprise channel, which now includes over 800 paid Enterprise customers. For new customer acquisition, our large base of learners who become familiar with Coursera platform through their own learning provides us with leads. But our platform also facilitates network effects and institutional collaboration within our Enterprise customers.

我們全球影響力的好處還延伸到我們快速增長的企業渠道，該渠道現在包括 800 多個付費企業客戶。對於新客戶的獲取，通過自己的學習熟悉 Coursera 平台的龐大學習者群為我們提供了線索。但我們的平台還促進了企業客戶內部的網絡效應和機構協作。

For example, we won a number of new and upsell opportunities over the past year that began as Coursera for Government customers. These included public sector employee upskilling use cases that expanded to citizen workforce programs, or Coursera for Campus engagements, which originated as a government relationship and then led to a larger initiative to up-level entire higher education systems in a state or a nation.

例如，我們在過去一年中贏得了許多新的和追加銷售機會，最初是面向政府客戶的 Coursera。其中包括公共部門員工技能提升用例，這些用例擴展到公民勞動力計劃，或 Coursera for Campus 參與，它起源於政府關係，然後引發了一個更大的舉措，以提升州或國家的整個高等教育系統的水平。

As our ecosystem continues to grow, the rich data generated by our learner base including catalog performance, learner insight and feedback from our institutional customers, help our educator partners identify and prioritize the content and credentials they create for today's in-demand jobs. It also allows Coursera to deliver products and features that meet the specific needs of learners, educators and institutions. And this brings me to our final advantage: the ongoing product innovation on our unified platform. The Coursera learning platform combines data, technology and content into a single shared platform that serves our individual consumers and institutions around the world. Core capabilities like our marketing systems, skills graph, assessments and lectures are deployed and leveraged across our offerings and business segments. And the data generated by our learners allows us to develop proprietary products, features and services that better meet the needs of all of our users.

隨著我們的生態系統不斷發展，我們的學習者基礎生成的豐富數據（包括目錄性能、學習者洞察力和來自我們機構客戶的反饋）幫助我們的教育合作夥伴識別並優先考慮他們為當今需求旺盛的工作創建的內容和證書。它還允許 Coursera 提供滿足學習者、教育者和機構特定需求的產品和功能。這給我帶來了我們的最後一個優勢：我們統一平台上的持續產品創新。 Coursera 學習平台將數據、技術和內容整合到一個共享平台中，為我們在世界各地的個人消費者和機構提供服務。我們的營銷系統、技能圖、評估和講座等核心功能在我們的產品和業務部門中得到部署和利用。我們的學習者生成的數據使我們能夠開發出更好地滿足所有用戶需求的專有產品、功能和服務。

Let me highlight several of the product enhancements we delivered in 2021. For learners, we expanded the availability of Coursera Plus as a monthly all-inclusive subscription. Additionally, we invested to localize the learning experience in emerging economies like India, including new payment options, geopricing, local partnerships and content discovery. For institutions, we continue to leverage the rich data underpinning our skills graph to provide new products for our Enterprise customers with SkillSets and Skills Dashboard, individuals and institutions can see job roles map to specific targeted skills, receive dynamic content and hands-on learning recommendations and measure and benchmark skill development in real time.

讓我重點介紹一下我們在 2021 年提供的幾項產品增強功能。對於學習者，我們將 Coursera Plus 的可用性擴展為每月全包訂閱。此外，我們還投資將印度等新興經濟體的學習體驗本地化，包括新的支付選項、地理定價、本地合作夥伴關係和內容髮現。對於機構，我們繼續利用豐富的數據支撐我們的技能圖，通過技能集和技能儀表板為我們的企業客戶提供新產品，個人和機構可以看到工作角色映射到特定的目標技能，接收動態內容和實踐學習建議並實時衡量和衡量技能發展。

SkillSets started as a Coursera for Business offering, but was extended to universities using Coursera for Campus who saw value in helping their students develop skill proficiencies for real-world in-demand jobs. Additionally, our Academies that are powered by skill sets provided our Enterprise customers with job-based learning programs that develop targeted skills across an organization at scale. Academies are a complete skill development solution that offer a personalized skills-first approach to Enterprise learning for the most critical job roles. We currently have 4 Academies in general release, including the Data & Analytics Academy, the Leadership Academy, the Marketing Academy and the Tech Academy, and we are pilot testing a Finance Academy with customers today.

SkillSets 最初是 Coursera for Business 產品，但後來擴展到使用 Coursera for Campus 的大學，這些大學看到了幫助學生提高技能熟練度以應對現實世界需求工作的價值。此外，我們以技能組合為動力的學院為我們的企業客戶提供了基於工作的學習計劃，這些計劃可以在整個組織中大規模培養有針對性的技能。學院是一個完整的技能開發解決方案，它為最關鍵的工作角色提供個性化的技能優先方法來進行企業學習。我們目前有 4 個學院在正式發布，包括數據與分析學院、領導力學院、營銷學院和技術學院，我們今天正在與客戶一起試點測試金融學院。

And finally, we rolled out LevelSets as part of our Enterprise offering in November. LevelSets is a new skill assessment tool designed to help learners determine their current proficiency levels. It helps them understand where their training should begin, and it helps create a clear development path with content recommendations at the appropriate difficulty for each learner at every skill.

最後，我們在 11 月推出了 LevelSets 作為企業產品的一部分。 LevelSets 是一種新的技能評估工具，旨在幫助學習者確定他們當前的熟練程度。它可以幫助他們了解他們的培訓應該從哪裡開始，並有助於創建一個清晰的發展路徑，為每個學習者的每項技能提供適當難度的內容推薦。

For our educator partners, we developed a suite of academic integrity features, including plagiarism detection and deterrence to help with the validity and efficacy of remote instruction. We also introduced our content ingestion solution. This feature allows content from a learning management system to be automatically ingested into the Coursera platform, significantly reducing the time needed to author and launch a course, generally in 1/3 of the typical time.

對於我們的教育合作夥伴，我們開發了一套學術誠信功能，包括剽竊檢測和威懾，以幫助提高遠程教學的有效性和有效性。我們還介紹了我們的內容攝取解決方案。此功能允許將學習管理系統中的內容自動引入 Coursera 平台，從而顯著減少創作和啟動課程所需的時間，通常是典型時間的 1/3。

Since June, approximately 80 courses from 20 university and industry partners have been adjusted into Coursera using this functionality, and we continue to broaden the number of systems from which content can be ingested. We're also driving innovation for our educators who offer degree programs. The Coursera integrated application is a flexible and seamless admission solution that aims to improve both the learner and partner admissions experience. Learners access a customizable application, which is integrated into the Coursera experience with single sign-on. From the partner's perspective, they can use a streamlined workflow to efficiently track their admissions decisions while also gaining access and transparency to applicants prior coursework and learning history on Coursera, something that we call a performance pathway.

自 6 月以來，來自 20 所大學和行業合作夥伴的大約 80 門課程已使用此功能調整到 Coursera，我們將繼續擴大可從中提取內容的系統數量。我們還為提供學位課程的教育工作者推動創新。 Coursera 集成應用程序是一種靈活且無縫的錄取解決方案，旨在改善學習者和合作夥伴的錄取體驗。學習者訪問一個可定制的應用程序，該應用程序通過單點登錄集成到 Coursera 體驗中。從合作夥伴的角度來看，他們可以使用簡化的工作流程來有效地跟踪他們的錄取決定，同時還可以獲得申請者之前在 Coursera 上的課程作業和學習歷史的訪問權和透明度，我們稱之為績效路徑。

We believe that the transformation of higher education is only in the early innings. So before Ken go through the financials in more detail, let me highlight some of the key priorities that we believe position us for long-term growth. First, we will continue to invest in our growing Enterprise channels, focusing on both new customer acquisition and expanding relationships with existing customers. This quarter, I'm pleased to announce we signed 2 of the largest deals in our Enterprise segment's history. The National eLearning Center in Saudi Arabia is an independent entity run by the Kingdom of Saudi Arabia Council of Ministers with a mission of enhancing trust in and leading innovation in online learning. They have chosen Coursera to help equip learners across the Kingdom with the high-demand digital skills needed to participate in the workforce and advance their education and careers in the new digital economy. Under this expanded partnership, university students and government employees in Saudi Arabia will have access to Coursera.

我們認為，高等教育的轉型只是處於早期階段。因此，在肯更詳細地介紹財務數據之前，讓我強調一些我們認為有助於實現長期增長的關鍵優先事項。首先，我們將繼續投資於我們不斷發展的企業渠道，專注於獲取新客戶和擴大與現有客戶的關係。本季度，我很高興地宣布，我們簽署了企業部門歷史上最大的兩筆交易。沙特阿拉伯國家電子學習中心是由沙特阿拉伯王國部長理事會管理的獨立實體，其使命是增強對在線學習的信任並引領在線學習的創新。他們選擇 Coursera 來幫助整個王國的學習者掌握參與勞動力市場所需的高需求數字技能，並在新的數字經濟中推進他們的教育和職業發展。在這種擴大的合作夥伴關係下，沙特阿拉伯的大學生和政府僱員將可以訪問 Coursera。

Next is the Abu Dhabi School of Government, which was our very first Coursera for Government customer. Our original partnership began as an upscale initiative for 60,000 government employees focused on building critical digital skills in data science, AI and leadership. With Coursera, they curated a subset of content for each government entity, identifying and prioritizing skills based on each department's mission. Based on the success of our initial use case, the School of Government has extended the partnership with Coursera and expanded the program to now include Abu Dhabi citizens.

接下來是阿布扎比政府學院，這是我們第一個面向政府客戶的 Coursera。我們最初的合作夥伴關係始於一項面向 60,000 名政府僱員的高檔計劃，專注於培養數據科學、人工智能和領導力方面的關鍵數字技能。借助 Coursera，他們為每個政府實體策劃了一部分內容，根據每個部門的使命確定技能並確定其優先級。基於我們最初用例的成功，政府學院擴大了與 Coursera 的合作夥伴關係，並將該計劃擴大到現在包括阿布扎比公民。

Next, while we are still in the beginning stages of our degree business, the pandemic has fundamentally changed how universities are thinking about online degrees. Students want the flexibility to learn online. And universities are responding by scaling online degree programs using partners like Coursera to meet that demand. We've announced 13 new programs since the start of 2021, but I want to highlight 1 of our earliest partners who is at the forefront of this innovation, the University of Illinois. Starting with the pilot of their MBA in 2015, Illinois has grown their offerings on Coursera to include more than 60 courses that stack into 4 degree programs and 1 MasterTrack certificate. I'm excited to announce that this important relationship has recently been renewed for an additional 5 years. We look forward to growing our relationship with the University of Illinois and together, demonstrating the power of our partnership and platform to deliver worldwide degree programs at scale.

接下來，雖然我們仍處於學位業務的起步階段，但大流行已經從根本上改變了大學對在線學位的看法。學生希望靈活地在線學習。大學正在通過使用 Coursera 等合作夥伴擴展在線學位課程來滿足這一需求。自 2021 年初以來，我們已經宣布了 13 個新項目，但我想強調我們最早的合作夥伴之一，他們處於這項創新的最前沿，伊利諾伊大學。從 2015 年的 MBA 試點開始，伊利諾伊州在 Coursera 上增加了他們的產品，包括 60 多門課程，這些課程疊加成 4 個學位課程和 1 個 MasterTrack 證書。我很高興地宣布，這種重要的關係最近又延長了 5 年。我們期待與伊利諾伊大學一起發展我們的關係，並共同展示我們的合作夥伴關係和平台在大規模提供全球學位課程方面的力量。

And finally, we will continue to reinforce our flywheel effect, investing in growth of our registered learner base, increasing our network of educator partners and their content and credentials and delivering more product innovation across our unified platform to better serve our ecosystem of learners, institutions and educators around the world.

最後，我們將繼續加強我們的飛輪效應，投資於我們註冊學習者基礎的增長，增加我們的教育合作夥伴網絡及其內容和證書，並在我們的統一平台上提供更多產品創新，以更好地服務於我們的學習者、機構生態系統和世界各地的教育工作者。

And now I'd like to turn it over to Ken. Ken?

現在我想把它交給肯。肯?

Thanks, Jeff, and good afternoon, everyone. We are pleased to report strong financial results for our fourth quarter, capping off another exciting year of rapid growth for Coursera. In Q4, we generated total revenue of $115 million, up 38% from a year ago, with strength across all 3 of our business segments. As Jeff mentioned, we continue to see strong demand from individual learners as well as our growing number of Enterprise customers, including businesses, campuses and governments.

謝謝，傑夫，大家下午好。我們很高興公佈第四季度強勁的財務業績，為 Coursera 又一個令人興奮的快速增長年畫上句號。在第四季度，我們的總收入為 1.15 億美元，比一年前增長 38%，我們所有三個業務部門的實力都很強。正如 Jeff 提到的，我們繼續看到來自個人學習者的強勁需求以及我們越來越多的企業客戶，包括企業、校園和政府。

Our results continue to reflect a differentiated business model that benefits from our 3-sided platform. It provides diversification and exposure to multiple levers of growth. This includes our business segments, but also our ability to serve learners and grow with them throughout their studies and careers. At the end of the day, enabling human capital creation for our learners is what defines our value proposition. It also allows us to leverage our significant strategic assets across our segments to compete differently, including our large, rapidly growing learner base that attracts partners and acts as a channel, branded credentials and the technology and data that underpin our businesses.

我們的結果繼續反映受益於我們的 3 面平台的差異化商業模式。它提供多樣化和接觸多個增長槓桿的機會。這包括我們的業務部門，也包括我們為學習者服務並在他們的學習和職業生涯中與他們一起成長的能力。歸根結底，為我們的學習者創造人力資本是我們價值主張的定義。它還使我們能夠利用我們在各個細分市場中的重要戰略資產進行不同的競爭，包括我們龐大、快速增長的學習者基礎，吸引合作夥伴並充當渠道、品牌證書以及支撐我們業務的技術和數據。

And finally, it provides us with a unique vantage point that encompasses the needs of learners, employers and educators to navigate the trends shaping higher education. Please note that for the remainder of the call, as I review our business performance and outlook in the fundamental fashion we view it, I will discuss our non-GAAP financial metrics inclusive of pro forma adjustments, unless otherwise noted. Our non-GAAP adjustments remove only stock-based compensation and related payroll tax, nothing else.

最後，它為我們提供了一個獨特的優勢，涵蓋了學習者、雇主和教育工作者的需求，以駕馭塑造高等教育的趨勢。請注意，在電話會議的其餘部分，當我以我們認為的基本方式審查我們的業務業績和前景時，我將討論我們的非公認會計原則財務指標，包括備考調整，除非另有說明。我們的非公認會計原則調整僅刪除了基於股票的薪酬和相關的工資稅，沒有其他內容。

Gross profit was $71.9 million, up 65% from a year ago, a 62.5% gross margin. This margin was approximately 10 percentage points or 1,000 basis points higher than the prior year period, a continuation of the dynamics we've discussed in the previous 2 quarters.

毛利潤為 7190 萬美元，同比增長 65%，毛利率為 62.5%。這一利潤率比去年同期高出約 10 個百分點或 1,000 個基點，這是我們在前兩個季度討論的動態的延續。

As a reminder, there are 2 components of our cost of services. First is our content costs, which vary based on both the revenue mix amongst our 3 businesses as well as the content margin rate within each segment. Our higher-margin Enterprise and Degrees segments accounted for 43% of our overall revenue mix this quarter compared to 36% in the prior year period. This mix shift is key to our long-term financial framework, including structurally expanding margins over time.

提醒一下，我們的服務成本有 2 個組成部分。首先是我們的內容成本，這取決於我們 3 項業務的收入組合以及每個細分市場的內容利潤率。本季度我們利潤率較高的企業和學位部門占我們整體收入組合的 43%，而去年同期為 36%。這種組合轉變是我們長期財務框架的關鍵，包括隨著時間的推移結構性地擴大利潤率。

Additionally, in Q4, we have continued to enjoy the positive changes in the Consumer segment content margin, which we anticipated on our call in November. Our Consumer segment content margin rate increased from 57% in the prior year period to 69% this quarter as learners consumed a larger portion of industry partner content, which tends to have lower than average content costs. We have been pleased with the level of success we've achieved with our Consumer segment margins this year as we continue to capitalize on the strong entry-level certificate performance.

此外，在第四季度，我們繼續享受消費者細分市場內容利潤率的積極變化，這是我們在 11 月的電話會議上預期的。我們的消費者細分內容利潤率從去年同期的 57% 上升到本季度的 69%，因為學習者消費了更大比例的行業合作夥伴內容，而這些內容成本往往低於平均水平。隨著我們繼續利用強大的入門級證書性能，我們對今年在消費者部門利潤率方面取得的成功水平感到滿意。

The second component of our cost of services is our noncontent costs, which were 9.8% of total revenue this quarter. Total operating expense was $95.7 million or 83% of revenue compared to 77% in Q4 of last year. Sales and marketing expense represented 44% of total revenue, up from a prior 40%, an increase we expected and discussed in our quarterly outlook as we invest for the year ahead. Research and development expense was 24% of revenue, slightly lower than the 25% in the year ago period. And general and administrative expense was 15% of revenue compared to 12% in the prior year, given incremental costs associated with being a public company.

我們服務成本的第二個組成部分是我們的非內容成本，佔本季度總收入的 9.8%。總運營費用為 9570 萬美元，佔收入的 83%，而去年第四季度為 77%。銷售和營銷費用佔總收入的 44%，高於之前的 40%，這是我們預期並在我們對來年投資的季度展望中討論的增長。研發費用佔收入的24%，略低於去年同期的25%。考慮到與成為上市公司相關的增量成本，一般和管理費用佔收入的 15%，而上一年為 12%。

Net loss was $24.1 million or 21% of revenue, and our adjusted EBITDA loss was $19.7 million or 17.1% of revenue. This was consistent with our messaging and operating framework discussed on the Q3 call. Similar to 2020, while performing better than our previous forecast for annual EBITDA, we invested heavily in growth in Q4 for the long-term competitive position of our business. For the full year, our adjusted EBITDA loss as a percentage of revenue was 8.6%, a more than 500 basis point improvement over the prior year even as we absorbed significant additional overhead costs as a new public company.

淨虧損為 2410 萬美元，佔收入的 21%，我們調整後的 EBITDA 虧損為 1970 萬美元，佔收入的 17.1%。這與我們在第三季度電話會議上討論的消息傳遞和操作框架一致。與 2020 年類似，雖然表現好於我們之前對年度 EBITDA 的預測，但我們在第四季度的增長上投入了大量資金，以保持我們業務的長期競爭地位。全年，我們調整後的 EBITDA 虧損佔收入的百分比為 8.6%，比上一年提高了 500 多個基點，儘管我們作為一家新上市公司吸收了大量額外的間接費用。

Now turning to cash performance and the balance sheet. Free cash flow was a use of $1.9 million compared to a use of $21.2 million a year ago. And we ended the year in a strong cash position. As of December 31, we had approximately $822 million of unrestricted cash, cash equivalents and marketable securities with no debt, which is up from the approximately $800 million we had immediately after the close of our initial public offering in April.

現在轉向現金業績和資產負債表。自由現金流使用了 190 萬美元，而一年前使用了 2120 萬美元。我們以強勁的現金狀況結束了這一年。截至 12 月 31 日，我們擁有約 8.22 億美元的無限制現金、現金等價物和無債務的有價證券，高於 4 月首次公開募股結束後立即擁有的約 8 億美元。

Next, let's discuss more details of each of our business segments. Consumer revenue was $65.8 million, up 24% from the prior year, an acceleration from last quarter. We continue to see strong demand for our portfolio of entry-level Professional Certificates and this includes recent launches as well as sustained interest in existing programs. These certificate training programs are typically taken over a series of several months. Upon completion, learners receive a branded credential that signals their employability for an entry-level job or in the case with ACE Credit Recommendation, the ability to receive college credit from participating colleges and universities.

接下來，讓我們討論我們每個業務部門的更多細節。消費者收入為 6580 萬美元，比上年增長 24%，比上一季度有所加速。我們繼續看到對我們的入門級專業證書組合的強勁需求，這包括最近推出的產品以及對現有計劃的持續興趣。這些證書培訓計劃通常需要幾個月的時間。完成後，學習者將獲得一個品牌證書，表明他們對入門級工作的就業能力，或者在 ACE Credit Recommendation 的情況下，能夠從參與的學院和大學獲得大學學分。

Additionally, adoption of our Coursera Plus subscription remains strong and continues to increase both consumption and retention amongst these learners. Segment gross profit was $45.6 million or 69% of Consumer revenue as we continued to benefit from a lower content cost rate during the fourth quarter. And we added another 5 million new registered learners for a total base of 97 million.

此外，我們的 Coursera Plus 訂閱的採用率仍然很高，並繼續增加這些學習者的消費和保留率。由於我們在第四季度繼續受益於較低的內容成本率，因此分部毛利潤為 4560 萬美元，佔消費者收入的 69%。我們又增加了 500 萬新註冊學習者，總人數達到 9700 萬。

In summary, our Consumer segment is vibrant and growing at scale with attractive economics. But in addition to its substantial financial contribution, the Consumer segment is also an important strategic asset. It attracts our ecosystem of partners acting as a global channel. It provides rich data visibility, deepening our understanding of skills and data and empowering our institutional customers with the insights they value around changing skill requirements. It serves as a top of funnel source for our Enterprise and Degrees segment, allowing us to attract learners at low cost. And finally, it allows us to better serve the broad needs of our learners over their lifetimes meeting them where it matters most, whether that's job relevant credentials in preparation for a career or a meaningful in-depth courses that impart mastery of skills or knowledge.

總而言之，我們的消費者部門充滿活力，並以具有吸引力的經濟規模大規模增長。但除了可觀的財務貢獻外，消費者部門也是一項重要的戰略資產。它吸引了我們作為全球渠道的合作夥伴生態系統。它提供了豐富的數據可見性，加深了我們對技能和數據的理解，並為我們的機構客戶提供了他們對不斷變化的技能要求所重視的洞察力。它是我們企業和學位部分的漏斗來源，使我們能夠以低成本吸引學習者。最後，它使我們能夠更好地滿足學習者一生中的廣泛需求，在最重要的地方滿足他們，無論是為職業做準備的工作相關證書，還是傳授技能或知識掌握的有意義的深入課程。

Next, is Enterprise. Enterprise revenue was $35.9 million, up 72% from a year ago on robust growth across all 3 of our customer verticals, businesses, campuses and governments and strong execution by our direct sales force. Our Enterprise annual recurring revenue continues to grow rapidly. In particular, we're seeing strong momentum in our newer government and campus verticals. As Jeff highlighted earlier, we signed several of our largest deals in the history of the Enterprise business. This includes 2 8-figure multiyear contracts that demonstrated the expansion opportunities within this business and the urgency with which institutions are investing in digital skills. The total number of paid Enterprise customers increased to 803, up 107% from a year ago. And our net retention rate for paid Enterprise customers was 110%. Segment gross profit was $24.2 million or 68% of Enterprise revenue, consistent on a percentage basis with the prior year.

接下來是企業。企業收入為 3590 萬美元，比一年前增長 72%，這得益於我們所有 3 個客戶垂直領域、企業、校園和政府的強勁增長，以及我們直銷團隊的強大執行力。我們的企業年度經常性收入繼續快速增長。特別是，我們在新的政府和校園垂直領域看到了強勁的勢頭。正如 Jeff 之前強調的那樣，我們簽署了企業業務歷史上幾筆最大的交易。這包括 2 份 8 位數的多年期合同，展示了該業務的擴張機會以及機構投資數字技能的緊迫性。付費企業客戶總數增至 803 家，同比增長 107%。我們對付費企業客戶的淨保留率為 110%。分部毛利潤為 2420 萬美元，佔企業收入的 68%，與上一年的百分比一致。

And finally, our Degrees segment. Degrees revenue was $13.3 million, up 43% from a year ago on scaling of student cohorts. Our total number of degree students grew 36% from a year ago to 16,204. As a reminder, there's no content cost attributable to the Degrees segment, so Degrees segment gross margin was 100% of revenue. As Jeff mentioned, our Degrees sourcing team had a very strong finish to the year. In addition to the 5 programs we recently announced, we continue to be excited about our growing pipeline of programs for new and existing university partners.

最後，我們的學位部分。由於學生群體的擴大，學位收入為 1330 萬美元，比一年前增長了 43%。我們的學位學生總數比一年前增長了 36%，達到 16,204 人。提醒一下，學位部門沒有內容成本，因此學位部門的毛利率是收入的 100%。正如 Jeff 提到的，我們的 Degrees 採購團隊在今年取得了非常好的成績。除了我們最近宣布的 5 個項目之外，我們繼續為我們為新的和現有的大學合作夥伴提供的不斷增長的項目管道感到興奮。

Now on to our financial outlook. For Q1, we are expecting revenue to be in the range of $114 million to $118 million. This represents a growth rate of 31% at the midpoint of the range. For adjusted EBITDA, we're expecting a loss in the range of $15.5 million to $18.5 million. For full year 2022, we anticipate revenue to be in the range of $536 million to $544 million, representing 30% growth at the midpoint of the range. And for adjusted EBITDA, we're expecting a loss of $45.5 million to $51.5 million or a negative 9% adjusted EBITDA margin at the midpoint of revenue and EBITDA guidance ranges.

現在談談我們的財務前景。對於第一季度，我們預計收入將在 1.14 億美元至 1.18 億美元之間。這代表了該區間中點的 31% 的增長率。對於調整後的 EBITDA，我們預計虧損在 1550 萬美元至 1850 萬美元之間。對於 2022 年全年，我們預計收入將在 5.36 億美元至 5.44 億美元之間，在該範圍的中點處增長 30%。對於調整後的 EBITDA，我們預計在收入和 EBITDA 指導範圍的中點處虧損 4550 萬美元至 5150 萬美元或調整後的 EBITDA 利潤率為負 9%。

Our messaging and operating framework with regards to the EBITDA margin has been consistent since before the IPO. We plan to demonstrate scale and leverage while targeting EBITDA margin improvements over time, and we do not optimize business for any single quarter. We set an annual EBITDA margin target and work within that plan to maximize our growth opportunities.

自首次公開募股之前以來，我們關於 EBITDA 利潤率的消息傳遞和運營框架一直是一致的。我們計劃展示規模和槓桿作用，同時隨著時間的推移瞄準 EBITDA 利潤率的提高，我們不會優化任何一個季度的業務。我們設定了年度 EBITDA 利潤率目標，並在該計劃內努力最大限度地提高我們的增長機會。

Our 3-sided platform with exposure to the needs of learners, educators, and institutions provides us with a viewpoint into our own business, as well as a broader lens with regards to the trends we see driving the future of online learning. As we enter our first full year as a public company, we thought it would be helpful to provide some color on the shape of the business in 2022, given the demand trends Jeff outlined earlier. This includes onetime segment level annual growth expectations. Colloquially, these are rough approximations across 3 different but interdependent growth businesses, to help you better understand how we plan to deliver on our overall revenue guidance.

我們的 3 面平台滿足學習者、教育者和機構的需求，為我們提供了對自己業務的看法，以及關於我們看到的推動在線學習未來的趨勢的更廣泛的視角。當我們進入作為上市公司的第一個全年時，我們認為鑑於 Jeff 早些時候概述的需求趨勢，為 2022 年的業務形態提供一些顏色會很有幫助。這包括一次性部門級別的年度增長預期。通俗地說，這些是對 3 個不同但相互依存的增長業務的粗略估計，以幫助您更好地了解我們計劃如何實現我們的整體收入指導。

For Consumer, we believe that the resiliency demonstrated in 2021 will continue with our initial expectations anticipating over 20% growth in the upcoming year. As a reminder, our Consumer segment has the least forward visibility, but we do expect our catalog of content and credentials from recognized world-class brands to continue serving learners seeking alternate credentials to scale up for digital career. For Enterprise, we are excited about the ongoing momentum and believe scaling investments by businesses, campuses and governments will continue to drive growth of over 50%.

對於消費者，我們相信 2021 年表現出的彈性將繼續，我們最初的預期是來年增長超過 20%。提醒一下，我們的消費者部門的前瞻性知名度最低，但我們確實希望我們的內容目錄和來自公認的世界級品牌的證書能夠繼續為尋求替代證書以擴大數字職業的學習者提供服務。對於企業，我們對持續的勢頭感到興奮，並相信企業、校園和政府擴大投資將繼續推動超過 50% 的增長。

For Degrees, we expect approximately 20% growth in 2022 with a slower first half that accelerates in the third quarter as we launched a number of fall programs. We have fairly good visibility into our anticipated Degrees performance given the elongated revenue build of the business and wanted to provide some additional color on the drivers for the later start to 2022. First, there are economic trends at play with enrollments, including the substitution effect of a strong labor market. This impacted the size of new cohorts layering onto existing programs particularly in the U.S. where the bulk of learners reside today. Second, our Degrees business is still in its very early stages, with concentration in a small base of programs at full maturity. We are excited about the momentum in our new program announcements, but many of these recent launches will take time to build given the extended ramp we've discussed.

對於學位，我們預計 2022 年將增長約 20%，上半年放緩，第三季度加速，因為我們推出了一些秋季課程。鑑於業務的收入增長延長，我們對我們預期的學位表現有相當好的了解，並希望為 2022 年晚些時候的驅動因素提供一些額外的色彩。首先，經濟趨勢與入學率有關，包括替代效應強大的勞動力市場。這影響了分層到現有項目的新群組的規模，特別是在今天大部分學習者居住的美國。其次，我們的學位業務仍處於早期階段，主要集中在一小部分完全成熟的項目上。我們對新計劃公告的勢頭感到興奮，但鑑於我們已經討論過的擴展斜坡，最近的許多發布都需要時間來構建。

Additionally, while our ongoing high growth does mask some of the seasonality in our model, we do expect 2022 to more closely reflect the traditional education cycle, with a seasonally lighter Q2. This reflects lower consumption by learners in the spring and summer that reaccelerates the second half of the year.

此外，雖然我們持續的高增長確實掩蓋了我們模型中的一些季節性因素，但我們確實預計 2022 年將更密切地反映傳統的教育週期，第二季度的季節性較輕。這反映了學習者在春季和夏季的消費量下降，這再次加速了下半年的發展。

Finally, we expect 2022 to be an investment year as reflected in our outlook. In comparison to 2021 as a percentage of revenue, we anticipate sales and marketing expense to remain consistent, a modest increase in our R&D expense and a slight improvement in our general and administrative expenses as the company scales. Overall, we continue to see strong growth opportunities that build upon and expand in the areas that drove our 41% growth in 2021, an anticipated 30% growth in 2022. They include increasing our global reach and providing more localized experiences, broadening our entry-level Professional Certificates catalog; landing and expanding within Enterprise, including growing the capacity of our direct sales force and leveraging our technology, like SkillSets, Academies and LevelSets to provide a differentiated experience; and launching more degree programs for more partners around the world.

最後，我們預計 2022 年將是一個投資年，正如我們的展望所反映的那樣。與 2021 年佔收入的百分比相比，我們預計銷售和營銷費用將保持一致，隨著公司規模的擴大，我們的研發費用將適度增加，並且我們的一般和管理費用將略有改善。總體而言，我們繼續看到強大的增長機會，這些機會在推動我們 2021 年增長 41%（預計 2022 年增長 30%）的領域的基礎上發展壯大。其中包括擴大我們的全球影響力和提供更多本地化體驗，拓寬我們的進入 -一級專業證書目錄；在企業內部登陸和擴展，包括增加我們的直銷團隊的能力並利用我們的技術，如技能集、學院和水平集來提供差異化的體驗；並為全球更多合作夥伴推出更多學位課程。

Before Jeff's closing comments, let me recap the 3 key highlights of our long-term financial framework. First, we have a unique set of strategic assets that allow us to compete differently as well as diversify our revenue model, which we believe was demonstrated in this year's performance. Second, we expect to have increasingly better forward visibility on our top line in the years ahead as our mix of revenue evolves. And third, in addition to rapid growth, we expect ongoing structural gross margin expansion over the long-term, driven by a revenue mix shift to our Enterprise and Degrees segments. The enormous opportunity in front of us is increasingly clear. The pandemic created a permanent acceleration and shift, requiring people to regularly enhance their human capital through lifelong learning. As our results in 2021 have shown, we're well-positioned to capture this growth while addressing the global need for high-quality education in collaboration with our partners.

在傑夫結束評論之前，讓我回顧一下我們長期財務框架的 3 個主要亮點。首先，我們擁有一套獨特的戰略資產，使我們能夠以不同的方式競爭，並使我們的收入模式多樣化，我們相信這在今年的業績中得到了證明。其次，隨著我們收入組合的發展，我們預計未來幾年我們的收入將有越來越好的前瞻性可見性。第三，除了快速增長外，我們預計長期結構性毛利率將持續增長，這是由於收入組合轉向我們的企業和學位部門。擺在我們面前的巨大機遇越來越明顯。大流行造成了永久性的加速和轉變，要求人們通過終身學習定期提高人力資本。正如我們在 2021 年的結果所表明的那樣，我們已做好準備，在與合作夥伴合作解決全球對高質量教育的需求的同時，抓住這一增長。

I'll now turn the call back to Jeff.

我現在將電話轉回傑夫。

Thanks, Ken. Early in the pandemic, online learning provided the means for educators, businesses, and governments to respond to a global crisis that changed the way we learn and work. 2 years later, new trends show that the combined forces of online learning and remote work are creating a powerful opportunity to provide not just skills, but the foundation for better access to education and more equitable job opportunities for everyone worldwide.

謝謝，肯。在大流行初期，在線學習為教育工作者、企業和政府提供了應對全球危機的手段，這場危機改變了我們的學習和工作方式。 2 年後，新趨勢表明，在線學習和遠程工作的聯合力量正在創造一個強大的機會，不僅可以提供技能，還可以為全球每個人更好地獲得教育和更公平的工作機會奠定基礎。

In 2021, we've highlighted the growing possibilities for learners who complete one of our entry-level Professional Certificates. These certificates allow learners with no college degree or prior industry experience to develop the skills needed for an entry-level digital job fully online, in less than a year. And because of remote work, learns with these newly acquired digital skills are rewarded with a growing selection of job opportunities in high-demand fields no matter where they live. But in addition to these career pathways, learners are able to also pursue a degree pathway. Our partnerships with universities and ongoing efforts to expand ACE Credit Recommendation across these certificates enable learners to earn up to 12 college credits towards an eligible degree when they choose to continue their education using Professional Certificates on Coursera.

在 2021 年，我們強調了完成我們的入門級專業證書之一的學習者越來越多的可能性。這些證書允許沒有大學學位或先前行業經驗的學習者在不到一年的時間內發展完全在線的入門級數字工作所需的技能。由於遠程工作，無論他們住在哪裡，學習這些新獲得的數字技能都會在高需求領域獲得越來越多的工作機會。但除了這些職業途徑之外，學習者還可以攻讀學位途徑。我們與大學的合作夥伴關係以及在這些證書中擴大 ACE 學分推薦的持續努力使學習者在選擇使用 Coursera 上的專業證書繼續接受教育時，可以獲得多達 12 個大學學分以獲得符合條件的學位。

In this sense, technology is both lowering the cost and increasing the benefit to education. And the potential of this return on investment is increasingly valued not only by individuals, but also by institutions who can deploy workforce development programs designed to keep pace with the fast-changing labor market.

從這個意義上說，技術既降低了教育成本，又增加了教育的效益。這種投資回報的潛力越來越受到個人和機構的重視，這些機構可以部署旨在跟上快速變化的勞動力市場的勞動力發展計劃。

This growing collaboration between universities, industry leaders and governments underscores the power of higher education infrastructure at scale. Over the past year, we announced a number of nationwide reskilling and upskilling initiatives, including the Saudi Arabia and Abu Dhabi examples I highlighted earlier as well as programs spanning the globe from Barbados to Costa Rica and Morocco, but this also applies at the local level. The California State Library recently announced a digital inclusion initiative that makes Coursera available for free to residents with their library card, at over 1,000 libraries across the state. Californians can now visit their local library in-person or online and access Coursera training, including our entry-level Professional Certificates the same way that they would check out a book. But in this case, when they complete their course or program, they earn valuable branded credential to unlock job opportunities, advance their career or build towards a broader course of study.

大學、行業領導者和政府之間日益密切的合作突顯了高等教育基礎設施規模化的力量。在過去的一年裡，我們宣布了一些全國性的技能再培訓和技能提升計劃，包括我之前強調的沙特阿拉伯和阿布扎比的例子，以及從巴巴多斯到哥斯達黎加和摩洛哥的全球計劃，但這也適用於地方層面.加利福尼亞州立圖書館最近宣布了一項數字包容計劃，該計劃使全州 1,000 多家圖書館的居民可以使用圖書館卡免費使用 Coursera。加利福尼亞人現在可以親自或在線訪問他們當地的圖書館並訪問 Coursera 培訓，包括我們的入門級專業證書，就像他們查看書籍一樣。但在這種情況下，當他們完成課程或計劃時，他們將獲得寶貴的品牌證書，以釋放工作機會、提升他們的職業生涯或建立更廣泛的學習課程。

Our mission is to provide universal access to world-class learning so that anyone anywhere has the power to transform their life through learning. Opportunities like these are what inspires our team members, attracts our partners and ultimately, creates value for all of our constituents. And with that, let's open up the call to questions. Thank you.

我們的使命是提供世界級學習的普遍訪問，以便任何地方的任何人都有能力通過學習改變他們的生活。像這樣的機會激勵了我們的團隊成員，吸引了我們的合作夥伴，並最終為我們所有的成員創造了價值。有了這個，讓我們打開問題的電話。謝謝你。

(Operator Instructions). Your first question comes from the line of Josh Baer with Morgan Stanley.

（操作員說明）。您的第一個問題來自摩根士丹利的 Josh Baer。

Jeff and Ken, congrats on a strong quarter and the growth outlook. Question from me is on Consumer. So I think a lot of times, investors might group Consumer businesses across EdTech together, maybe assume there's just transactional revenue and kind of put everything in the same bucket. So I was hoping you could provide a bit of insight into the revenue mix within Consumer. You have all those different product offerings with different price points, but also with different timelines as far as revenue recognition period. So I was hoping you could probably provide some context as far as the biggest contributors to Consumer revenue. Like what's the recurring revenue mix? And ultimately, how does that dictate your visibility into future Consumer revenues?

傑夫和肯，祝賀強勁的季度和增長前景。我的問題是關於消費者的。所以我認為很多時候，投資者可能會將 EdTech 中的消費者業務組合在一起，也許會假設只有交易收入，然後把所有東西放在同一個桶裡。所以我希望你能提供一些關於消費者收入組合的見解。您擁有所有這些具有不同價格點的不同產品，但就收入確認期而言，它們也具有不同的時間表。所以我希望你能提供一些關於消費者收入的最大貢獻者的背景信息。比如經常性收入組合是什麼？最終，這如何決定您對未來消費者收入的可見性？

Yes. Josh, let me start with maybe some of the environmental considerations to answer the question, and then maybe, Ken, you could take up some of the numbers answers. But environmentally, I think it is pretty interesting what we're seeing. And clearly, in the U.S. and around the world, I think coming out of the pandemic, you're seeing a lot of people reevaluating their lives, reevaluating their careers and realizing I can do something different. I mean, there's a better job for me out there. But if you don't have a college degree or even if you do, if it's not in the domain of like STEM or computer science or whatever, you got to figure out not only how do I get the skills, but how do we get a credential that could signal to someone, even though I don't have a degree or any background in that field, like I know how to do this job. .

是的。喬希，讓我從一些環境因素開始回答這個問題，然後也許，肯，你可以接受一些數字的答案。但在環境方面，我認為我們所看到的非常有趣。很明顯，在美國和世界各地，我認為從大流行中走出來，你會看到很多人重新評估他們的生活，重新評估他們的職業生涯，並意識到我可以做一些不同的事情。我的意思是，那裡有一份更好的工作適合我。但是，如果你沒有大學學位，或者即使你有，如果它不在 STEM 或計算機科學或其他領域，你不僅要弄清楚我如何獲得技能，還要弄清楚我們如何獲得可以向某人發出信號的證書，即使我沒有該領域的學位或任何背景，就像我知道如何做這項工作一樣。 .

I think that the major tailwind that we're picking up, and I don't think it's totally unique to Coursera, but clearly, we've been pushing hard on these professional certificates is it they're a long structured program, usually 4 or 5, sometimes 10 courses. They come from a branded entity like a Google or an IBM or Intuit or Facebook, they end up with a credential, it's pretty hard to get. And I think a lot of people are looking for that more structured, rigorous branded credential learning in order to signal to an employer that they're ready for this new job. Those, I think, are more distinctive offerings than what you might find generally on the Internet or from other platforms. They are typically longer form. So there's more content there that people take over a longer period of time. Arguably, the credential value is higher because you want to prove to someone that you've got those skills. That's why you're doing this in the first place. And the only way you get the credential is if you finish it. So that's a longer period of time.

我認為我們正在接受的主要順風，我不認為這完全是 Coursera 獨有的，但顯然，我們一直在努力推動這些專業證書，因為它們是一個長期結構化的項目，通常是 4或 5 門，有時 10 門課程。他們來自像谷歌、IBM、Intuit 或 Facebook 這樣的品牌實體，他們最終獲得了證書，很難獲得。而且我認為很多人都在尋找更有條理、更嚴格的品牌證書學習，以便向雇主發出他們已經準備好接受這份新工作的信號。我認為，這些產品比您通常在 Internet 或其他平台上找到的產品更具特色。它們通常是較長的形式。所以那裡有更多的內容，人們需要更長的時間。可以說，證書價值更高，因為您想向某人證明您擁有這些技能。這就是為什麼你首先要這樣做。獲得證書的唯一方法是完成它。所以這是一個更長的時間。

And so we're seeing really good uptake on this, again, mostly in the U.S. but around the world. And right now, we're, I think at 18 entry-level Professional Certificates, and we continue to say, what are the jobs in demand that can be done by someone who doesn't have a college degree or prior experience and the skills can be learned online. And so we're continuing to really build out the catalog.

因此，我們再次看到這方面的積極性很高，主要是在美國，但在世界各地。現在，我認為我們有 18 個入門級專業證書，我們繼續說，沒有大學學位或先前經驗和技能的人可以做哪些工作需要可以在線學習。因此，我們將繼續真正構建目錄。

And frankly, Ken talked a little bit about Coursera for Government. This is the kind of solution that governments are very attracted to. And frankly, for education -- higher education institutions, where maybe a lot of the content is more theoretical, coupling it with some of these job-relevant professional certificates from branded entities is also something that they find pretty viable. Now that shows up more on the Enterprise revenue side. But I think that to your question, it's -- the content that we're seeing really get a hold here seems to be these entry-level Professional Certificates. And we've been seeing it for the last few quarters, and that has kept up.

坦率地說，Ken 談到了 Coursera for Government。這是政府非常喜歡的解決方案。坦率地說，對於教育 - 高等教育機構，可能很多內容都更具理論性，將其與品牌實體的一些與工作相關的專業證書相結合也是他們認為非常可行的東西。現在，這更多地體現在企業收入方面。但我認為，對於你的問題，我們看到的真正在這裡得到保留的內容似乎是這些入門級專業證書。在過去的幾個季度中，我們一直在看到它，而且這種情況一直在持續。

Ken, anything on the numbers side that you would add there.

肯，你要添加的數字方面的任何內容。

Yes, sure. It might be a tiny bit repetitive to your question, Josh, but the Consumer revenue is not all the same across different companies. If you look at where we sit on the spectrum, as Jeff mentioned, it's heavily branded content, the top universities, the top companies. And the entry-level search that Jeff talked about that become very, very popular for a number of reasons, tend to last over multiple months. So the revenue spreads over the period of time when the student, of course, is taking those courses. And so for us, because it's longer-form content, it extends for a longer period of time.

是的，當然。 Josh，您的問題可能有點重複，但不同公司的消費者收入並不完全相同。如果你看看我們在頻譜中的位置，正如 Jeff 提到的，它是高度品牌化的內容、頂尖大學、頂尖公司。 Jeff 談到的入門級搜索變得非常非常流行，原因有很多，往往會持續數月以上。因此，當然，當學生學習這些課程時，收入就會分散。所以對我們來說，因為它是較長形式的內容，它會延長較長的時間。

Additionally, we have Coursera Plus our subscription product. We don't plan to update the ratio on an ongoing basis. But last quarter, we announced that we had incredibly quick traction since introducing it roughly a year before that. And then we were up to about 1/4 of the Consumer revenue coming through Coursera Plus. That's continued to increase. But again, we don't plan to continue to update that. We're comfortable where it is. And then broadly, again, on the spectrum, if we're looking at different players in the space, you'd see us on the deeper longer-form content part of the spectrum. That is what we do. Not necessarily that there's anything wrong with shorter-form content, but it is a very different product.

此外，我們還有 Coursera Plus 我們的訂閱產品。我們不打算持續更新該比率。但上個季度，我們宣布自從大約一年前推出它以來，我們的牽引力非常快。然後，我們通過 Coursera Plus 獲得了大約 1/4 的消費者收入。這繼續增加。但同樣，我們不打算繼續更新它。我們很舒服。然後從廣義上講，再次，在頻譜上，如果我們正在研究該領域的不同參與者，您會在頻譜中更深層次的較長形式的內容部分看到我們。這就是我們所做的。較短格式的內容不一定有什麼問題，但它是一個非常不同的產品。

Ken, one other thing I'll just mention, Josh, in terms of what is also special about this longer-form entry-level Professional Certificate content. And you heard it in the script quite a bit. (inaudible) more and more valuable in ways that we think only Coursera can. So trying to link these things with career pathways, to hiring opportunities. Of course, that's why most adults learned anyway. But also these degree pathways. We continue to talk about American Council on Education, where we're getting credit recommendations, where starting with this Consumer entry-level job content can be a way to earn credit towards a college degree. I.

Ken，我要提到的另一件事是 Josh，就這種較長形式的入門級專業證書內容的特別之處而言。你在劇本中聽到了很多。 （聽不清）以我們認為只有 Coursera 才能做到的方式變得越來越有價值。因此，試圖將這些事情與職業道路、招聘機會聯繫起來。當然，這也是大多數成年人學習的原因。但也有這些學位途徑。我們繼續談論美國教育委員會，我們在那裡獲得學分建議，從這個消費者入門級工作內容開始可以成為獲得大學學位學分的一種方式。一世。

will tell you this is certainly happening in the U.S., it's not just the U.S. If you look on a global basis, there are a number of countries, at the Ministry of Education level, who are saying, we need more industry-relevant content into higher education, and we will create favorable regulatory policies to help facilitate the provision or the acceptance of credit for industry kind of content that would count towards a higher education degree. So we think this is a very big trend, and we think it really plays to some of our advantages.

會告訴你這肯定發生在美國，不僅僅是美國如果你放眼全球，有很多國家，在教育部層面，他們說，我們需要更多與行業相關的內容到高等教育，我們將製定有利的監管政策，以幫助提供或接受行業類內容的學分，這些內容將計入高等教育學位。所以我們認為這是一個非常大的趨勢，我們認為它確實發揮了我們的一些優勢。

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

你的下一個問題來自斯蒂芬謝爾頓和威廉布萊爾的對話。

Congrats on the big government contracts in Enterprise. It seems like that's a pretty large opportunity. So wondering if you could talk more about the pipeline you're seeing there, plans for investing in more sales capacity to target it, and the level of competition you face when pursuing these large government contracts. And specifically, is the competitive environment maybe for these government contracts different relative to what you normally face on the business side?

祝賀企業中的大型政府合同。這似乎是一個相當大的機會。所以想知道你是否可以更多地談論你在那裡看到的管道，投資更多銷售能力以瞄準它的計劃，以及你在追求這些大型政府合同時面臨的競爭程度。具體來說，這些政府合同的競爭環境是否可能與您通常在業務方面面臨的不同？

Yes. Thanks, Stephen. So we are definitely seeing something, I think, that was structurally changed by the pandemic. I think governments have been realizing for some time that for various reasons and in different countries, it does vary, but their industrial policy, their education policy, their labor policies need to be integrated so that they can develop a human capital base in their economy that sets them up to be positioned the way they want 5 or 10 years down the road.

是的。謝謝，斯蒂芬。所以我們肯定看到了一些東西，我認為，大流行在結構上發生了變化。我認為政府一段時間以來已經意識到，由於各種原因，在不同的國家，情況確實有所不同，但他們的產業政策、教育政策、勞工政策需要整合起來，這樣他們才能在經濟中發展人力資本基礎這使他們能夠在 5 或 10 年後按照他們想要的方式定位。

You look across the Gulf Coast countries, and they're trying to position -- well, create the backbone for an economy and a human capital stock for an economy that doesn't depend so much on oil. You go to India, Philippines, Costa Rica, where they do a lot of multinational outsourcing where automation is starting to automate a lot of the jobs that those multinationals are asking them to do, they're starting to realize we've got to really upgrade the human capital stock in our country.

你看看墨西哥灣沿岸國家，他們正試圖定位——嗯，為一個不太依賴石油的經濟體創造經濟支柱和人力資本存量。你去印度、菲律賓、哥斯達黎加，在那裡他們進行大量跨國外包，自動化開始使這些跨國公司要求他們做的許多工作自動化，他們開始意識到我們必須真正做到提升我國人力資本存量。

What I think has changed because of the pandemic is that for the most part, these government training programs were in-person. And the pandemic forced governments to basically say, how do we take these learning programs online. And when they did that, they realized the speed and the scale and also the efficacy because a lot of the online content is not just easier to access and lower cost, but it's also a lot more current. I mean it teaches skills that are much more current and relevant in the labor market. So I do see governments realizing, hey, there's a tool that we didn't have in our toolbox before that we can now use and it's not an either/or. So not just industry content versus my higher education system. It's really a way of using digital learning and integration of what industry can do to educate as well as what higher education going to integrate that is getting these governments, I think, attracted to the kinds of opportunities.

我認為由於大流行而發生的變化是，在大多數情況下，這些政府培訓計劃都是面對面的。大流行迫使政府基本上說，我們如何將這些學習計劃帶到網上。當他們這樣做時，他們意識到了速度、規模和功效，因為許多在線內容不僅更容易訪問和成本更低，而且也更流行。我的意思是它教授的技能在勞動力市場上更加流行和相關。所以我確實看到政府意識到，嘿，我們的工具箱中有一個我們現在可以使用的工具，它不是非此即彼的。所以不僅僅是行業內容與我的高等教育系統。我認為，這確實是一種使用數字學習和整合行業可以做什麼來教育以及高等教育將整合什麼的方式，這讓這些政府被這些機會所吸引。

So we are definitely seeing more interest. We're getting more traction. That creates case studies and ways of showing here's how you do this, often is B2C and through Enterprises, but facilitated by governments.

所以我們肯定會看到更多的興趣。我們的吸引力越來越大。這將創建案例研究和展示您如何做到這一點的方法，通常是 B2C 和通過企業，但由政府推動。

You asked about competition, there's definitely some competition. But the way we kind of rank competition right now in the Enterprise space is there's most competition in Coursera for Business. Those are corporations who are looking at different offerings. They care a little bit less about credentials and they're already dealing with a fairly skilled labor force. And so I'd say where we're differentiating with our skill sets and level set and Academies is a little bit more on the higher-end advanced skilling.

你問到競爭，肯定有一些競爭。但我們目前在企業領域的排名競爭方式是 Coursera for Business 的競爭最為激烈。這些公司正在尋找不同的產品。他們不太關心證書，而且他們已經在與相當熟練的勞動力打交道。所以我想說的是，我們在技能組合和水平組合方面的區別在於，Academies 更多地關注更高端的高級技能。

But in Coursera for Government, there's less competition in the sense that governments are looking for mass scale programs that are high quality and the brands on Coursera really help that quality premium that the government places on Coursera. And they're also looking to do it at very low cost. And so there are some boot camp providers. There are some kind of physical in-person-based training but the scale of those is quite low and the cost of those is quite high. And I think they're now starting to see that, well, you can get speed and scale on a platform like Coursera that works pretty well and the quality levels are executing higher.

但在 Coursera for Government 中，競爭較少，因為政府正在尋找高質量的大規模項目，而且 Coursera 上的品牌確實有助於政府在 Coursera 上提供的質量溢價。他們還希望以非常低的成本做到這一點。所以有一些新兵訓練營提供者。有一些基於身體的面對面培訓，但規模很小，成本也很高。而且我認為他們現在開始看到，你可以在像 Coursera 這樣運行良好且質量水平更高的平台上獲得速度和規模。

So we actually do see, I would say, a lower intensity of competition in the government space than what we see in business and then frankly, even lower still with the campus space or Coursera for Campus. So that's a huge reason why we're playing into these markets, obviously, like this is like basic strategy, right? You're like, where is the big market where you can be differentially successful. Well, we think these are really big markets, and we think a lot of the features of Coursera that are very different from our competitors play particularly well into these markets.

所以我們確實看到，我想說的是，政府領域的競爭強度比我們在商業領域看到的要低，坦率地說，在校園空間或 Coursera for Campus 中甚至更低。所以這就是我們進入這些市場的一個重要原因，顯然，這就像基本策略，對吧？你會想，你可以在哪裡取得成功的大市場在哪裡。嗯，我們認為這些市場確實很大，我們認為 Coursera 的許多與我們的競爭對手非常不同的功能在這些市場中發揮得特別好。

Got it. Makes sense. That's incredibly helpful. Maybe just a follow-up on the Degrees side. I appreciate the -- I think you gave the metric for 50% of Degrees learners that come from the Consumer side I guess has that actually improved as I think that might have been closer to the mid-40s in 2020, if I remember correctly? And if so, I guess, what's moving that higher? Is it anything that you're doing better? Or is it just the broader benefits of scale on both sides?

知道了。說得通。這非常有幫助。也許只是學位方面的後續行動。我很欣賞——我認為你給出了來自消費者方面的 50% 學位學習者的指標，我猜這實際上有所改善，因為我認為如果我沒記錯的話，我認為這可能更接近 2020 年的 40 年代中期？如果是這樣，我猜，是什麼移動得那麼高？是不是你做得更好？或者這只是雙方規模的更廣泛利益？

I would say there's nothing structurally that we've really seen that we can look at and say, yes, there's a clear signal that's coming from what we think will be a durable source and therefore, we can say that it will continue to go higher. I think generally, the model is working the way that we had expected. Of course, we do have more degrees on platform. And even though it's pretty early stages with some of the degrees that are being offered by our university partners in other countries and regions, we do think that there is a certain amount of latent demand that will be better met once you have degrees with the local branded university taught in a local language. And so we think that there'll be opportunities to leverage the consumer base internationally once we fill out a broader portfolio.

我想說的是，在結構上我們沒有真正看到我們可以看到並說，是的，有一個明確的信號來自我們認為將是一個持久的來源，因此，我們可以說它會繼續走高.我認為總的來說，該模型正在按照我們預期的方式工作。當然，我們在平台上確實有更多的學位。儘管我們在其他國家和地區的大學合作夥伴提供的一些學位還處於早期階段，但我們確實認為，一旦您獲得當地學位，就會更好地滿足一定數量的潛在需求以當地語言授課的品牌大學。因此，我們認為，一旦我們完成更廣泛的投資組合，就有機會利用國際消費者基礎。

And that's why we really are looking for degree programs that are more global than where we started, which was mostly in the U.S. And Ken talked a little bit about some of the softness. I mean, frankly, the U.S. labor market is really good right now. And I think a lot of students are thinking, hey, I would rather get some of that job opportunity and better income than the earning. I mean, degrees in the U.S. have been countercyclical pretty much, I think, for a long time, maybe ever. And I think we're seeing some of that in the U.S. But diversifying internationally we think will be helpful.

這就是為什麼我們真的在尋找比我們開始的地方更全球化的學位課程，這主要是在美國。肯談到了一些軟性。我的意思是，坦率地說，美國的勞動力市場現在真的很好。而且我想很多學生都在想，嘿，我寧願獲得一些工作機會和更好的收入，而不是收入。我的意思是，美國的學位幾乎是反週期的，我認為，很長一段時間，也許永遠。我認為我們在美國看到了其中的一些，但我們認為在國際上實現多元化會有所幫助。

Your next question comes from the line of Rishi Jaluria with RBC.

您的下一個問題來自 Rishi Jaluria 與 RBC 的系列。

Wonderful. Nice to see your continued success. In the interest of time, I'll just do one question here. But philosophically, I wanted to get a sense for -- with all the bachelor degree program announcements that we've seen over the recent months, really encouraging to see that. How would you maybe characterize the institutional or consumer sentiment in terms of the attitude towards online undergrad degrees, right? I mean graduates obviously become mainstream over the past several years or half a decade. But how are you seeing that potentially driving a mix of online programs on the undergrad side?

精彩的。很高興看到您繼續取得成功。由於時間關係，我這裡只做一個問題。但從哲學上講，我想了解近幾個月來我們看到的所有學士學位課程公告，看到這一點真的很令人鼓舞。你會如何根據對在線本科學位的態度來描述機構或消費者的情緒，對吧？我的意思是，在過去的幾年或五年裡，畢業生顯然已成為主流。但是您如何看待這可能會推動本科生方面的在線課程組合？

Yes. Thanks, Rishi. And there's a supply side of this question, there's the demand side of the question. On the supply side, the elite schools, your top ranked schools, it's going to be a lot lower likelihood that they're going to put their undergraduate programs online because I think a lot of -- they're very selective and there's a residential experience that, frankly, the students who apply for those programs real really appreciate. I think though, when you start seeing undergraduate programs from relatively highly ranked schools that are available -- that are more affordable and also come from a regionally recognized brand, and the thing about that is, I mean, students in high school are thinking, "Oh, where do I want to go to college? If there's an online batcher's degree from a university that they never heard of before. It's a lot less likely that they're going to do it. Because like, I don't know who went there.

是的。謝謝，里希。這個問題有供應方面，也有需求方面。在供應方面，精英學校，排名靠前的學校，他們將本科課程放在網上的可能性要低得多，因為我認為很多——他們非常有選擇性，而且有住宿坦率地說，申請這些課程的學生真的很感激。不過，我認為，當您開始看到排名相對較高的學校提供的本科課程時，這些課程價格更實惠，而且還來自地區認可的品牌，而關於那件事，我的意思是，高中的學生在想， “哦，我想去哪裡上大學？如果有他們以前從未聽說過的大學的在線批處理學位。他們去的可能性要小得多。因為像，我不知道誰去了那裡。

And I don't know that any employers would recognize that. I do think that with bachelor's degrees, I think that there is a regional brand element to this where if you can get a degree maybe faster, more conveniently, more affordably. But from a top branded or maybe not elite, but like a well-known regional brand, I think that you can be in the labor market and earning a bachelor's degree, I think that might open up the opportunity a bit. I mean, we do have a number of bachelor's degrees that we've been announcing. We're working hard to get more. I think the elites will be doing their own thing with residential education, but frankly, I think the availability of regionally branded high-quality online bachelor's degrees will be a really attractive option over the longer term.

我不知道有沒有雇主會承認這一點。我確實認為擁有學士學位，我認為這有一個區域品牌元素，如果你能更快、更方便、更實惠地獲得學位。但是從一個頂級品牌或者可能不是精英，但是像一個知名的區域品牌，我認為你可以在勞動力市場上獲得學士學位，我認為這可能會打開一點機會。我的意思是，我們確實有一些我們一直在宣布的學士學位。我們正在努力獲得更多。我認為精英們將通過寄宿教育做自己的事情，但坦率地說，我認為從長遠來看，提供區域品牌的高質量在線學士學位將是一個非常有吸引力的選擇。

And I think, (inaudible) you talked about something pretty similar too. Like the bachelor's, firstly, what I think is that people are going to need to differentiate their talent more and more. And so if you do have a college degree versus if you don't have a college degree, that will be on basis of competing in the labor market. So I'm still bullish on Degrees and I'm bullish on bachelor degrees.

我認為，（聽不清）你也談到了非常相似的事情。就像學士學位一樣，首先，我認為人們將越來越需要區分他們的才能。因此，如果你有大學學位，而不是你沒有大學學位，那將是基於在勞動力市場上的競爭。所以我仍然看好學位，我看好學士學位。

Your next question comes from the line of Eric Sheridan with Goldman Sachs.

您的下一個問題來自高盛的 Eric Sheridan。

Maybe also in the interest of time, I'll just ask one. On hiring in the Enterprise, can you give us an update on what you're seeing in the broader landscape in terms of the ability to onboard salespeople at effective ROIs and whether there's been any change in terms of the type of people you're getting or seeing and the path to productivity in the sales force on the Enterprise side.

可能也是因為時間關係，我就問一個。在企業招聘方面，您能否向我們介紹一下您在更廣泛的領域中看到的最新情況，包括以有效的投資回報率招募銷售人員的能力，以及您獲得的人員類型是否有任何變化或者看到企業方面的銷售人員提高生產力的途徑。

Yes. Thanks, Eric. When the pandemic happened almost immediately, before we even shut the office in March of 2020, I said -- our Head of People, Richard Jacquet and I, we sat down, we're like, look, let's just game plan this out. Once people get a chance, once employees get a chance to work from anywhere, they're not all going to want to come back in. So we should immediately adopt this talent strategy that says we can recruit people from anywhere. That has served us really well. I mean, frankly, we're seeing good success hiring in all positions. And with a broad level of diversity and representation. So I think we're feeling good about the ability for Coursera to attract good talent. When we announced our B Corp designation, we -- part of that was, it's consistent with our mission, part of it is we are -- we know we're competing in competitive talent markets. And we think we're looking really -- we're feeling really good about our ability to attract people. So that's good, pretty much anywhere in the world.

是的。謝謝，埃里克。當大流行幾乎立即發生時，甚至在我們於 2020 年 3 月關閉辦公室之前，我就說——我們的人事主管理查德·雅克和我，我們坐下來，我們就像，看，讓我們計劃一下吧。一旦人們有機會，一旦員工有機會在任何地方工作，他們就不會都想回來。所以我們應該立即採用這種人才戰略，即我們可以從任何地方招聘人。這對我們很有幫助。我的意思是，坦率地說，我們看到所有職位的招聘都取得了很好的成功。並具有廣泛的多樣性和代表性。所以我認為我們對 Coursera 吸引優秀人才的能力感到滿意。當我們宣布我們的 B Corp 稱號時，我們 - 部分原因是，它與我們的使命一致，部分原因是我們 - 我們知道我們正在競爭激烈的人才市場中競爭。而且我們認為我們看起來真的 - 我們對我們吸引人的能力感覺非常好。所以這很好，幾乎在世界任何地方。

In terms of the onboarding and productivity, of course, we have ramping models and the exec team, our view of this on the ramping piece is part of it is how effective are your training programs, but a lot of it is how simple is your product. Like if you have a very simple product that you could sell to a certain type of customer, you don't need a lot of training and a lot of playbooks to do it. So I'll give you one little piece of color. We have Enterprise sales forces that are product-specific and regionally specific. So it's one of the great scale advantages is that we can cover a lot of surface area and play into multiple markets. But because we have the scale that we do, we can have designated gov people in the Middle East and designated campus people in Latin America. And so frankly, we're not having trouble hiring them, and we can be pretty specific about how we onboard, train and get them into the market and get them productive. So we're feeling pretty good about it.

在入職和生產力方面，當然，我們有斜坡模型和執行團隊，我們對斜坡部分的看法是它的一部分是你的培訓計劃有多有效，但很大程度上是你的簡單程度產品。就像如果你有一個非常簡單的產品可以賣給特定類型的客戶，你不需要大量的培訓和大量的劇本來做。所以我會給你一點顏色。我們擁有針對特定產品和區域的企業級銷售隊伍。因此，最大的規模優勢之一是我們可以覆蓋很大的表面積並打入多個市場。但是因為我們有我們所做的規模，我們可以在中東指定政府人員，在拉丁美洲指定校園人員。坦率地說，我們在招聘他們時沒有遇到任何問題，而且我們可以非常具體地說明我們如何入職、培訓並讓他們進入市場並提高他們的生產力。所以我們對此感覺很好。

Thanks so much for the color and to the whole team, thanks so much for all the commentary, really appreciate it.

非常感謝顏色和整個團隊，非常感謝所有評論，非常感謝。

Yes. And just really quickly on that, Eric. Ken and I have been around for a long time. Our job is to build a successful company and with respect to Wall Street, educate people on how it works and what we're seeing. And so we we're just going to try to be as helpful as possible for all of us to understand as the world changes and we morph the business, like what's happening and kind of what can we expect. So not only are we happy to do it. I think that's our job. It's part of our job is to build a great company and educate people about how it works.

是的。很快，埃里克。肯和我已經有很長時間了。我們的工作是建立一家成功的公司，並就華爾街而言，教育人們它是如何運作的以及我們所看到的。因此，我們將盡可能地幫助我們所有人了解世界的變化以及我們改變業務的方式，例如正在發生的事情以及我們可以期待的事情。所以我們不僅樂於這樣做。我認為這是我們的工作。我們工作的一部分是建立一家偉大的公司並教育人們了解它是如何運作的。

Your next question comes from the line of Jason Celino with KeyBanc.

您的下一個問題來自 Jason Celino 和 KeyBanc。

Great. Maybe in the essence of your comment, Jeff, on the education side, with the degree guidance for 2022 and the commentary around the first cohorts, maybe just a reminder on how these degrees ramp and then maybe what this means, the visibility for future years?

偉大的。也許在你評論的本質上，傑夫，在教育方面，關於 2022 年的學位指導和圍繞第一批學生的評論，也許只是提醒一下這些學位是如何上升的，然後也許這意味著什麼，未來幾年的知名度?

Yes. Thanks, Jason. So the -- so Ken can go through kind of I think the cohort building. But generally speaking, large swaths, first piece of the puzzle of sourcing a degree that, a, is sourceable, that's a supply side, like dose (inaudible) want to give you the degree. The most elite ones are a lot harder to get. And then the second question is for the degrees that you bring on, will students in that region around the platform actually buy it on the demand side.

是的。謝謝，傑森。所以 - 所以肯可以通過我認為的隊列建設。但一般來說，大片，採購學位的第一個難題，a，是可採購的，這是一個供應方，比如劑量（聽不清）想要給你學位。最精英的人更難獲得。然後第二個問題是關於你獲得的學位，平台周圍那個地區的學生是否真的會在需求方面購買它。

When we go out to source, generally, it takes number of years often. What you'll see, and I mentioned this as did Ken in the past, we are successfully bringing on more degree programs from the same degree partners, and we like that. That's great. That was part of that tiered pricing model that we went after, we're definitely planning for both scale and scope. We believe that you can create variations of degrees on Coursera when a university has more degrees on Coursera because you can mix and match courses, elect as pieces like that.

當我們出去尋找資源時，通常需要幾年的時間。你會看到，我和 Ken 過去一樣提到了這一點，我們成功地從相同的學位合作夥伴那裡引進了更多的學位課程，我們喜歡這樣。那太棒了。這是我們所追求的分層定價模型的一部分，我們肯定在規劃規模和範圍。我們相信，當一所大學在 Coursera 上擁有更多學位時，您可以在 Coursera 上創建不同的學位，因為您可以混合和匹配課程，選擇這樣的部分。

So generally speaking, it's harder to get started. But once you do, when you have a portfolio of degrees, you can mix and match them with a little bit more flexibility. The way that the cohorts go, first, you have to generate initial awareness and interest. And if it's a new degree in a new region, it takes a little bit longer. And then typically, there are 3 starts per year, ideally have more than that, but often, there's 3 starts per year. And then those degree programs are often 2 years, sometimes 3, if it's a British bachelor's degree, 4; if it's a U.S. degree, although these completion degrees can be done more quickly, but they're multiyear.

所以一般來說，入門比較難。但是一旦你這樣做了，當你有一個學位組合時，你可以更靈活地混合和匹配它們。同伙的方式，首先，你必須產生最初的意識和興趣。如果是新地區的新學位，則需要更長的時間。然後通常，每年有 3 次開始，理想情況下會有更多，但通常每年有 3 次開始。然後這些學位課程通常是2年，有時是3年，如果是英國學士學位，則為4年；如果是美國學位，雖然這些完成學位可以更快地完成，但它們是多年的。

And so you get a student in an early cohort, maybe there's the first cohort, they'll be around ideally for a couple of years, 3 years. And then the next cohort starts 90 days later, and then they will layer on. So it builds over time. And I think when we enter new regions, I think the initial cohort size starts growing and then you got more cohorts in there as you kind of start filling up these slots and typically happens over multiple years. Ken, anything you'd add to that.

所以你讓一個學生在早期的隊列中，也許是第一個隊列，他們會在理想的情況下出現幾年，三年。然後下一個隊列在 90 天后開始，然後他們將繼續疊加。所以它會隨著時間的推移而建立。而且我認為當我們進入新地區時，我認為初始隊列規模開始增長，然後隨著您開始填補這些空缺並且通常會在多年內發生，您會在那裡獲得更多隊列。肯，任何你想添加的東西。

Not much really. It tends -- after we land the program, it tends to take 6 months to a year for the partner to put the degree on the platform. And so that is when we begin the cohort process. And so maybe using some slightly different words, right? So let's say, we have a 2-year program. Oftentimes, that will fill over a few years because students taking online might take 3 years to finish a 2-year. We charge by the credit hour. We don't charge by the degree, by the year. And so each year, it increases, of course, as we layer cohorts till it gets to full capacity. And so a 3-year program will take 3 years before it's filled up with essentially each class. It's quite a bit of visibility -- but a lot of visibility.

真的不多。它往往——在我們登陸該計劃後，合作夥伴往往需要 6 個月到一年的時間才能將學位放到平台上。這就是我們開始隊列過程的時候。所以也許使用一些稍微不同的詞，對吧？假設我們有一個為期 2 年的計劃。通常，這需要幾年時間，因為在線學習的學生可能需要 3 年才能完成 2 年的學習。我們按學分收費。我們不按學位收費，按年份收費。因此，當然，隨著我們對隊列進行分層，直到達到滿負荷，它每年都會增加。因此，一個為期 3 年的計劃將需要 3 年的時間才能基本上每個班級都被填滿。這是相當多的知名度 - 但很多知名度。

Our last question comes from the line of Ryan MacDonald with Needham.

我們的最後一個問題來自 Ryan MacDonald 和 Needham 的台詞。

Congrats on a great quarter. I wanted to ask about gross margins. Ken, Consumer business continues to be extremely impressive in the gross margins that it's producing. How should we think about in the 2022 guidance here, sort of the implied gross margin? Or what confidence do you have sort of in the ability to stick with these 68%, 69% gross margin levels that you're hitting on the Consumer business?

祝賀一個偉大的季度。我想問一下毛利率。 Ken，消費者業務的毛利率繼續令人印象深刻。在 2022 年的指引中，我們應該如何考慮隱含的毛利率？或者你有什麼信心能夠堅持你在消費者業務上達到的 68%、69% 的毛利率水平？

Sure. It's a great question. The answer is we have a very high level of confidence. We are continuing to build out these programs. And we said it in the script, but the reason for the continued shift is as consumers consume more as we have more success with these specializations, those tend to have lower content cost for us. Our partners do these for a number of reasons. It's a lot more than just revenue. It's building their brands, it's creating their ecosystem. And so it's a little bit different.

當然。這是一個很好的問題。答案是我們有非常高的信心。我們正在繼續構建這些程序。我們在劇本中說過，但持續轉變的原因是隨著消費者消費更多，因為我們在這些專業方面取得了更大的成功，這些專業對我們來說往往具有更低的內容成本。我們的合作夥伴出於多種原因這樣做。這不僅僅是收入。它正在建立他們的品牌，正在創建他們的生態系統。所以它有點不同。

So we continue to have great success. Jeff talked about the number of programs. We see more being added this entire year. So it's really a bit of a mix question in a way. And we see a very bright future. I mean, these work -- it's what the consumer needs. This is part of the result of the pandemic. So many people want to think about the pandemic with people stuck inside the edutainment and you fill your time, if you will, if you go back to the early stages. That's not what it has been for us. For us, it's been the increase in the rate of change of skills required in the consumer. So it's the consumer needing to update their skills. That's the pace of change. That's the real effect of the pandemic for us. And all we see is that strengthening. And for that reason, I feel very comfortable that that's what we're going to see going forward from ...

所以我們繼續取得巨大的成功。傑夫談到了節目的數量。我們看到今年增加了更多。所以在某種程度上，這確實是一個混合問題。我們看到了一個非常光明的未來。我的意思是，這些工作——這是消費者需要的。這是大流行的結果的一部分。很多人都想想想人們被困在寓教於樂中的大流行病，如果你願意的話，如果你回到早期階段，你就會填補你的時間。這對我們來說不是這樣。對我們來說，這是消費者所需技能變化率的提高。因此，消費者需要更新他們的技能。這就是變化的步伐。這就是大流行對我們的真正影響。我們所看到的只是這種加強。出於這個原因，我感到很自在，這就是我們將要看到的未來......

I'll just add, in Q2, when you started seeing some of that expansion in the Consumer segment gross margin, we were like, well, this is a little bit of a surprise. We don't know if this is going to persist. And then over the next few quarters, we're like, well, it does seem like consumers seem to be tilting towards these professional certificates. It looks like they're trying to get new jobs, start new careers. These -- the brands are playing really well. I think you never know for sure where consumer is going to go but we're now kind of feeling like, all right, we've seen this for 3 quarters. I think it's -- by the way, Q4 was pretty darn high. I don't know that you should expect this stuff to keep going up in terms of gross margins. But we do think there is probably some durable nature to this idea that people are switching careers and are looking for these job skilling programs, which generally do have lower content fees from us because they come from our industry partners.

我要補充一點，在第二季度，當你開始看到消費者部門毛利率的一些擴張時，我們覺得，嗯，這有點令人驚訝。我們不知道這是否會持續下去。然後在接下來的幾個季度中，我們就像，嗯，看起來消費者似乎傾向於這些專業證書。看起來他們正在努力尋找新工作，開始新的職業生涯。這些——這些品牌的表現非常好。我想你永遠不知道消費者會去哪裡，但我們現在感覺，好吧，我們已經看到了三個季度。我認為這是 - 順便說一句，第四季度非常高。我不知道你應該期望這些東西在毛利率方面繼續上升。但我們確實認為，人們正在轉換職業並正在尋找這些工作技能項目的想法可能具有某種持久性，這些項目通常確實從我們那裡收取較低的內容費用，因為它們來自我們的行業合作夥伴。

Thanks, Ryan. That wraps the 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 everyone joining us today.

謝謝，瑞恩。問答環節就這樣結束了。該網絡廣播的重播將在我們的投資者關係網站上提供，並在接下來的 24 小時內提供記錄。我們感謝今天加入我們的每一個人。

Thank you.

謝謝你。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。