Coursera Inc (COUR) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Coursera's third-quarter 2024 earnings call.

女士們、先生們，感謝你們的支持，並歡迎參加 Coursera 的 2024 年第三季財報電話會議。

(Operator Instructions) I'd like to turn the call over to Cam Carey, Head of Investor Relations.

（操作員說明）我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 Q3 2024 earnings conference call.

大家好，感謝您參加 Coursera 2024 年第三季財報電話會議。

Today, I'm joined by Jeff Maggioncalda, Coursera's Chief Executive Officer; and Ken Hahn, our Chief Financial Officer.

今天，Coursera 執行長 Jeff Maggioncalda 也加入了我的行列。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 available on our Investor Relations website located at investor.coursera.com, where this call is being simultaneously webcast and more versions of our prepared remarks and supplemental slides have been posted.

我們的收益新聞稿（包括財務表格）在收盤後發布，可在我們的投資者關係網站Investor.coursera.com 上獲取，該電話會議同時進行網絡直播，我們準備好的評論和補充幻燈片的更多版本已發布。

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 the 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均為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 discussed in our earnings press release, supplemental presentation and SEC filings.

由於許多風險和不確定性，包括我們的收益新聞稿、補充說明和SEC 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有重大差異。

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

說到這裡，我想把它交給傑夫。

Good afternoon, everyone.

大家下午好。

It's great to be with you all.

很高興和大家在一起。

We had a solid third quarter.

我們的第三季表現不錯。

Our operating and financial results emphasize the focus and execution we're driving across the organization, including content, product and marketing in order to deliver on our most important long-term growth initiatives.

我們的營運和財務表現強調了我們在整個組織中推動的重點和執行力，包括內容、產品和行銷，以實現我們最重要的長期成長計劃。

Last month, we showcased our progress at our annual Coursera Connect Conference, which brings together our globally connected ecosystem of learners, educators and institutions to collaborate on the future of learning and work.

上個月，我們在年度 Coursera Connect 會議上展示了我們的進展，該會議匯集了我們全球互聯的學習者、教育工作者和機構生態系統，就學習和工作的未來進行合作。

We showcased a more personalized, relevant and engaging learning experience with rapidly expanding Coursera Coach features.

我們透過快速擴展的 Coursera Coach 功能展示了更個人化、相關且引人入勝的學習體驗。

We demoed new capabilities like Course Builder and academic integrity tools for the world's best educators and corporate authors to move quickly to create and scale high-quality content that is increasingly modular and interactive.

我們示範了課程建構器和學術誠信工具等新功能，幫助世界上最好的教育工作者和企業作者快速創建和擴展日益模組化和互動的高品質內容。

And we helped forge stronger connections between university and industry to ensure education is able to keep pace with emerging technologies and a fast-changing global labor market.

我們幫助在大學和產業之間建立更牢固的聯繫，以確保教育能夠跟上新興技術和快速變化的全球勞動力市場的步伐。

Before discussing the slate of announcements we made across our unified platform, I'd like to provide a brief update on how industry micro credentials are increasingly addressing the needs of digital transformation and skills development and reshaping global higher education in the process.

在討論我們在統一平台上發布的一系列公告之前，我想簡要介紹一下行業微型證書如何越來越多地滿足數位轉型和技能開發的需求，並在此過程中重塑全球高等教育。

In September, we published a new Coursera survey of more than 1,000 higher education leaders, including Deans, Provost and Chancellors, representing more than 850 institutions across nearly 90 countries.

9 月份，我們發布了一項新的 Coursera 調查，調查對象包括院長、教務長和校長等 1,000 多名高等教育領導者，他們代表了近 90 個國家的 850 多個機構。

The surveys findings were consistent.

調查結果是一致的。

Interest in micro credentials is growing.

對微型證書的興趣與日俱增。

Among higher education leaders, our survey found that 94% believe micro credentials can strengthen students' long-term career outcomes.

我們的調查發現，在高等教育領導者中，94% 的人認為微證書可以增強學生的長期職業成果。

Half of the leaders surveyed said that their institutions currently offer micro credentials and those that don't, over two-thirds plan to adopt them in the next five years.

一半受訪的領導者表示，他們的機構目前提供微型證書，而那些不提供微型證書的機構，超過三分之二的人計劃在未來五年內採用這些證書。

They were also clear about the factors driving their support. 75% said that students are more likely to enroll in programs that offer micro credentials for academic credit and over 90% believe that micro credentials can strengthen long-term career outcomes for students and enable their institutions to provide the job-related skills demanded by employers.

他們也清楚推動他們支持的因素。 75% 的人表示，學生更有可能參加提供學分微型證書的課程，超過 90% 的人認為，微型證書可以增強學生的長期職業成果，並使他們的機構能夠提供雇主所需的工作相關技能。

Despite the conviction in these findings, the pace of progress has been inconsistent with obstacles to widespread adoption.

儘管這些發現令人信服，但進展速度與廣泛採用的障礙並不一致。

Leaders cited challenges around awareness, integration with existing curriculum and uncertainty about quality, all of which have been headwinds for our industry.

領導者們提到了意識、與現有課程整合以及品質不確定性方面的挑戰，所有這些都是我們行業的阻力。

But one of our key differentiators is our credit recognition initiative.

但我們的關鍵區別之一是我們的信用認可計劃。

Previously, I've mentioned our ongoing efforts to secure credit recommendations for industry micro credentials from the American Council on Education, as well as the European Credit Transfer and Accumulation System, or ECTS, which now recognize up to 15 of our most popular entry-level professional certificates.

之前，我已經提到我們正在努力確保美國教育委員會以及歐洲學分轉移和累積系統 (ECTS) 為行業微型證書提供信用建議，該系統現在認可我們最受歡迎的 15 種入學資格——級專業證書。

Today, I'm pleased to share that we recently expanded our efforts to India, our second-largest country of registered learners.

今天，我很高興與大家分享，我們最近將我們的努力擴展到印度，這是我們的第二大註冊學習者國家。

Coursera has achieved India's National Skills Qualification Framework or NSQF alignment for 10 professional certificates from Google and IBM.

Coursera 已獲得 Google 和 IBM 頒發的 10 項專業證書的印度國家技能資格框架或 NSQF 一致性。

When paired with our growing suite of academic integrity tools, these advancements significantly enhance the credibility and recognition of online learning, helping to facilitate their acceptance by universities and employers for academic credit and professional qualifications.

當與我們不斷增長的學術誠信工具套件配合使用時，這些進步顯著提高了線上學習的可信度和認可度，有助於促進大學和雇主接受其學術學分和專業資格。

It's one of the reasons we believe India will be a critical market for Coursera for Campus, and we're seeing these trends occur at varying paces across countries and universities as they determine how to evolve their higher education offerings.

這也是我們相信印度將成為 Coursera for Campus 的關鍵市場的原因之一，我們看到這些趨勢在各國和大學之間以不同的速度出現，因為他們決定如何發展其高等教育產品。

One of the best examples continues to be our partnership with the University of Texas System.

最好的例子之一仍然是我們與德克薩斯大學系統的合作夥伴關係。

The Texas credentials for the Future program, a partnership between University of Texas and Coursera, is one of the country's most extensive industry-recognized micro credentials programs, and it continues to deepen and scale.

德克薩斯大學未來證書計劃是德克薩斯大學和 Coursera 之間的合作夥伴關係，是該國最廣泛的行業認可的微型證書計劃之一，並且該計劃仍在不斷深化和擴大。

Students across UT's 9 academic institutions have access to our professional certificates equipping them with job-ready skills in a variety of fields.

UT 9 個學術機構的學生可以獲得我們的專業證書，使他們具備各個領域的就業技能。

To date, more than 10,000 students have enrolled in 1 or more professional certificates, earning more than 25,000 certificates of completion.

迄今為止，已有超過 10,000 名學生註冊了 1 個或多個專業證書，並獲得了超過 25,000 個結業證書。

This fall, we announced the program will expand to include nearly 15,000 students enrolled at UT's 5 health institutions.

今年秋天，我們宣布該計劃將擴大到包括 UT 5 個衛生機構的近 15,000 名學生。

Texas is home to one of the country's largest workforces of health care professionals.

德州擁有全美最大的醫療保健專業人員團隊之一。

The health care industry, like many others, is becoming increasingly digital, and this trend is evolving the career path and skill requirements of the health care workforce even for advanced professionals.

與許多其他行業一樣，醫療保健行業正變得越來越數位化，這一趨勢正在改變醫療保健勞動力的職業道路和技能要求，甚至對於高階專業人員也是如此。

As role requirements change, micro credentials in data, technology and business are vital to supplementing health care qualifications.

隨著角色要求的變化，資料、技術和業務方面的微觀證書對於補充醫療保健資格至關重要。

Software and IT skills are increasingly relevant to activities like managing patient portals telehealth platforms and mobile apps along with the early stages of integrating AI into various administrative diagnostic and treatment processes.

軟體和 IT 技能與管理患者入口網站、遠距醫療平台和行動應用程式以及將人工智慧整合到各種行政診斷和治療流程的早期階段等活動越來越相關。

We are inspired by the innovation the UT System is demonstrating in enriching their broad-based curriculum and preparing graduates for the future workforce, and I am proud of the important role that our platform is playing in the process.

UT系統在豐富基礎廣泛的課程和為畢業生做好未來勞動力準備方面所展示的創新讓我們深受啟發，我為我們的平台在這過程中發揮的重要作用感到自豪。

And now I'd like to discuss updates across our three platform advantages.

現在我想討論一下我們三個平台優勢的更新。

First, educator partners and our content catalog.

首先，教育合作夥伴和我們的內容目錄。

Coursera's first advantage is our 350 educator partners and the high-quality courses and credentials that they create.

Coursera 的第一個優勢是我們的 350 個教育合作夥伴以及他們創建的高品質課程和證書。

We recently welcomed 10 new partners to the Coursera ecosystem, including leading universities like Said Business School from the University of Oxford, Dubai College of Tourism, IMD Business School and Real Madrid Graduate School Universidad Europea.

最近，我們迎來了 Coursera 生態系統的 10 個新合作夥伴，其中包括牛津大學 Said 商學院、杜拜旅遊學院、IMD 商學院和皇家馬德里歐洲大學研究生院等領先大學。

We are also rapidly broadening our partnerships with industry experts in fields like business, data science, technology and health, including Adobe, Airbus Beyond Amazon, Johns Hopkins Medicine, Liberty Mutual and Xbox.

我們也迅速擴大與商業、數據科學、技術和健康等領域的行業專家的合作夥伴關係，包括 Adob​​e、Airbus Beyond Amazon、Johns Hopkins Medicine、Liberty Mutual 和 Xbox。

Together with our trusted educators, we are establishing Coursera as the global destination for individuals and institutions seeking high-quality education and in-demand skills and credentials for the rapidly changing economy.

我們與值得信賴的教育工作者一起，將 Coursera 打造成個人和機構在快速變化的經濟中尋求高品質教育和所需技能和證書的全球目的地。

For today's update, I'll focus on two key categories: entry-level professional certificates and generative AI content and credentials.

在今天的更新中，我將重點放在兩個關鍵類別：入門級專業證書以及生成式人工智慧內容和證書。

Our entry-level professional certificates can create pathways to well-paying digital jobs.

我們的入門級專業證書可以為獲得高薪數位工作創造途徑。

As well as earn credit towards the college degree.

以及獲得大學學位的學分。

As our recent study suggests industry micro-credentials are poised to play an increasingly prominent role in the transformation of higher education, which is why we've been rapidly expanding this catalog with new partners, job roles, languages and credit recommendations.

正如我們最近的研究表明，行業微觀證書將在高等教育轉型中發揮越來越重要的作用，這就是為什麼我們一直在透過新的合作夥伴、工作角色、語言和學分推薦來快速擴展這個目錄。

At the start of this year, we had 45 entry-level professional certificates live on platform. and we've added more than 25 in 2024 so far.

今年年初，我們平台上已有 45 個入門級專業證照。到目前為止，我們在 2024 年增加了超過 25 個。

This includes nine recent launches from new and existing partners, including Adobe, ADP, Amazon, Epic Games, IBM and Microsoft, many of which are expanding the selection of careers on Coursera with new roles in game design, graphic design, sales and more.

其中包括AdAdobe、ADP、Amazon、Epic Games、IBM 和Microsoft 等新舊合作夥伴最近推出的9 個職位，其中許多合作夥伴正在擴大Coursera 上的職業選擇，在遊戲設計、圖形設計、銷售等領域推出新職位。

Now, turning to my second catalog update, let's discuss our growing selection of generative AI courses and credentials.

現在，轉向我的第二次目錄更新，讓我們討論一下我們不斷增加的生成人工智慧課程和證書的選擇。

We now have over 500 generative AI courses and projects with more than 3 million cumulative enrollments to date and we're seeing the pace of these enrollments accelerate in 2024 with 6 every minute.

我們現在擁有 500 多個生成式 AI 課程和項目，迄今為止累計註冊人數已超過 300 萬，我們預計到 2024 年這些註冊人數將以每分鐘 6 個的速度加快。

Although a broad selection of content is essential, we believe that achieving the innovation unlock and productivity gains that employers are looking for requires generative AI training that is specific to a job role or function.

儘管廣泛的內容選擇至關重要，但我們認為，要實現雇主所尋求的創新釋放和生產力提升，需要針對工作角色或職能的生成式人工智慧培訓。

IBM and Microsoft recently introduced over a dozen new generative AI specializations in functions such as cybersecurity, data science, HR, marketing and more. with instruction that was designed to help learns integrate the latest AI tools like CoPilot into their day-to-day work.

IBM 和微軟最近在網路安全、資料科學、人力資源、行銷等領域推出了十多個新的生成式人工智慧專業領域。其指導旨在幫助學習將 CoPilot 等最新的人工智慧工具整合到日常工作中。

However, our efforts extend beyond new content.

然而，我們的努力不僅限於新內容。

We have continued to work with our partners to enhance our existing portfolio of certificates with generative AI content.

我們繼續與合作夥伴合作，透過產生人工智慧內容來增強我們現有的證書組合。

Google has created several of the most popular courses and credentials on Coursera.

Google 在 Coursera 上創建了一些最受歡迎的課程和證書。

Their AI Essentials course, launched earlier this year, has accumulated nearly 700,000 enrollments in a matter of months.

他們的 AI Essentials 課程於今年稍早推出，並在幾個月內累積註冊近 70 萬人。

Recently, they enhance each of their six entry-level professional certificates with refreshed curriculum, including activities, readings and videos that feature practical field-specific AI training directly from Google's own industry experts.

最近，他們透過更新的課程提高了六項入門級專業證書中的每一項，其中包括直接來自 Google 自己的行業專家的實用特定領域人工智慧培訓的活動、閱讀材料和影片。

Our industry partners are at the forefront of emerging technologies.

我們的產業合作夥伴處於新興技術的前沿。

As they create the next generation of technology, tools and services that will fundamentally reshape work and labor market more broadly, we are proud of how our partnership is making education and skilling equally accessible on a global scale.

他們創造的下一代技術、工具和服務將從根本上重塑更廣泛的工作和勞動力市場，我們為我們的合作夥伴關係如何在全球範圍內平等獲得教育和技能而感到自豪。

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。

This quarter, we added more than 7 million new registered learners growing our global base to 162 million by the end of September.

本季度，我們新增了超過 700 萬名註冊學習者，到 9 月底，我們的全球人數已達到 1.62 億。

Additionally, we grew the number of paid enterprise customers by 19% to over 1,560 institutions with recent additions spanning all verticals.

此外，我們的付費企業客戶數量增加了 19%，達到超過 1,560 家機構，最近新增的機構涵蓋所有垂直領域。

And to create more value for our rapidly expanding ecosystem, we continue to invest in our platform's third advantage, which is product innovation.

為了為我們快速擴張的生態系統創造更多價值，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 are focused in areas where we can uniquely leverage generative AI across our platform, including content, data, technology and marketing, to redefine the experience of our learners, educators and institutional customers on Cortera.

我們的創新工作集中在我們可以在整個平台上獨特地利用生成式人工智慧的領域，包括內容、數據、技術和行銷，以重新定義學習者、教育工作者和機構客戶在 Cortera 上的體驗。

And the advancements we are making with Coursera Coach given an early indication of how AI will transform both learning and teaching.

我們透過 Coursera Coach 的進步初步顯示了人工智慧將如何改變學習和教學。

Since Coach launched as a learning assistant, it has supported over 1 million learners leading to higher quiz pass rates, faster grading with more personalized feedback and more lessons completed per hour.

自 Coach 作為學習助理推出以來，它已為超過 100 萬名學習者提供支持，從而提高了測驗通過率、更快的評分速度、更個性化的反饋以及每小時完成的課程數量。

And we're rapidly building on the initial Coach use case with three new enhancements.

我們正在快速建立最初的 Coach 用例，並提供三項新的增強功能。

First, Coach procured guidance will help learners explore career paths and identify transferable skills recommending tailored learning paths based on their experience and goals.

首先，Coach 提供的指導將幫助學習者探索職業道路並確定可轉移技能，並根據他們的經驗和目標推薦量身定制的學習路徑。

We expect it to launch later this year and be an important complement to our career-based discovery experience currently rolling out in the consumer segment.

我們預計它將於今年稍後推出，並成為我們目前在消費者領域推出的基於職業的發現體驗的重要補充。

Second, Course Builder, our generative AI-powered authoring tool will begin piloting the integration of Coach for instructual design support in the coming months.

其次，Course Builder，我們的人工智慧驅動的生成創作工具，將在未來幾個月內開始試點與 Coach 的集成，以提供教學設計支援。

Coach will act as a thought partner for the course building authoring experience giving educators and authors a personal instructional designer to help in design and refine course content, suggest course modifications and uphold Coursera's pedagogical best practices.

Coach 將作為課程建構創作體驗的思想合作夥伴，為教育工作者和作者提供個人教學設計師，幫助設計和完善課程內容、建議課程修改並維護 Coursera 的教學最佳實踐。

Since launching in March, core filter has been used to create more than 700 new custom courses, which have logged over 135,000 learner enrollments.

自 3 月推出以來，核心過濾器已用於創建 700 多門新的客製化課程，註冊學員人數已超過 135,000 人。

With the coming Coach capabilities, we're excited to see how our customers and partners will use course builder to further accelerate course customization and personalization at scale.

借助即將推出的 Coach 功能，我們很高興看到我們的客戶和合作夥伴將如何使用課程建立器來進一步加速大規模課程客製化和個人化。

The last enhancement is Coach for interactive instruction.

最後一個增強功能是用於互動式教學的 Coach。

In the earliest days of online learning, learning was passive simply sitting back and watching a video.

在線上學習的早期，學習是被動的，只是坐下來觀看影片。

Coursera and the launch of MOOCs in 2012 advanced us from passive learning to active learning where learners would watch videos and then write reflections and take assessments.

Coursera 和 2012 年推出的 MOOC 將我們從被動學習轉變為主動學習，學習者可以觀看視頻，然後寫反思並進行評估。

With AI, online learning is now entering its third stage, advancing us from active learning to interactive learning and a new coach capability is now live in the hands of instructors to do this.

借助人工智慧，線上學習現已進入第三階段，將我們從主動學習推進到互動學習，而新的教練能力現在已經掌握在教師手中來實現這一目標。

We've just launched a new capability that makes Coach an extension of the instructor.

我們剛剛推出了一項新功能，使教練成為教練的延伸。

The feature allows an educator to give coach custom instructions and knowledge, which Coach then uses to deliver personalized interactive instructions to student on a scale that was unimaginable before generative AI.

該功能允許教育者向教練提供客製化指令和知識，然後教練使用這些指令和知識向學生提供個人化的互動式指令，其規模在生成人工智慧之前是難以想像的。

We started with text-based coach dialogues.

我們從基於文本的教練對話開始。

In the coming months, we'll also add other interaction types, including modalities like audio.

在接下來的幾個月中，我們還將添加其他互動類型，包括音訊等模式。

Educator partners like DeepLearning.AI, Google, the University of Michigan, Vanderbilt University and others have already started integrating these new teaching methods into their courses and credentials.

DeepLearning.AI、Google、密西根大學、范德比爾特大學等教育夥伴已經開始將這些新的教學方法整合到他們的課程和證書中。

And I'm pleased to share that Google Gemini is the large language model that is powering interactive coach dialogues on Coursera.

我很高興與大家分享，Google Gemini 是一個大型語言模型，為 Coursera 上的互動式教練對話提供支援。

To wrap up my opening remarks, I want to provide an update on our efforts to reignite the next chapter of growth, innovation and agility as we better position Coursera for long-term sustainable growth.

在結束我的開場白時，我想介紹一下我們為重新點燃成長、創新和敏捷性的新篇章所做的努力的最新情況，因為我們更好地定位了 Coursera 以實現長期可持續增長。

One of the most significant technology shifts of our lifetime is underway, navigating the near-term environment requires an organization that is focused and nimble.

我們一生中最重大的技術變革之一正在進行，駕馭近期環境需要一個專注且靈活的組織。

As we discussed earlier this spring, I have flattened my leadership team structure to spur faster decision-making and foster increased collaboration across our platform, including product content and marketing.

正如我們今年春天早些時候討論的那樣，我已經扁平化了我的領導團隊結構，以促進更快的決策並促進整個平台上的更多協作，包括產品內容和行銷。

And as you can see in the nearly 700 basis points of adjusted EBITDA margin we intend to deliver this year, we have been disciplined about pacing our expense structure to ensure we build a viable long-term business.

正如您在我們今年打算實現的調整後 EBITDA 利潤率近 700 個基點中所看到的那樣，我們一直嚴格控制我們的費用結構，以確保我們建立可行的長期業務。

Going forward, we are committed to undertaking a broader expense reduction initiative.

展望未來，我們致力於採取更廣泛的開支削減措施。

This includes a reduction in our global workforce of about 10%, which will allow us to better prioritize existing resources on core capabilities and create the capacity for future investments that are aligned to our three most important growth initiatives.

這包括將我們的全球員工人數減少約 10%，這將使我們能夠更好地將現有資源優先用於核心能力，並為與我們三個最重要的成長計劃相一致的未來投資創造能力。

First, expanding access to affordable, flexible and job relevant credentials that could help millions of learners discover, unlock or advance their career through our consumer segment; second, supporting our Coursera for business customers as they navigate a new era of skilling imperatives helping them harness the potential of emerging technologies and ensure their talent is prepared to keep pace with our evolving economy.

首先，擴大獲得負擔得起的、靈活的、與工作相關的證書的機會，這可以幫助數百萬學習者透過我們的消費者群體發現、解鎖或推進他們的職業生涯；其次，為企業客戶提供 Coursera 支持，幫助他們駕馭技能要求的新時代，幫助他們利用新興技術的潛力，並確保他們的人才做好準備，跟上我們不斷發展的經濟的步伐。

And third, growing our Coursera for Campus vertical, which continues to demonstrate a more scalable approach to supporting academic institutions looking to transform higher education and modernize the college degree, particularly in international markets.

第三，發展我們的 Coursera for Campus 垂直項目，它繼續展示一種更具可擴展性的方法來支持那些尋求高等教育轉型和大學學位現代化的學術機構，特別是在國際市場上。

We have a clear strategy with distinct assets, and we're operating from a position of financial strength, including a healthy balance sheet and a consistent track record of delivering growth with increased profitability every year as a public company.

我們擁有明確的策略和獨特的資產，我們的營運擁有雄厚的財務實力，包括健康的資產負債表以及作為上市公司每年實現增長和盈利能力提高的一貫記錄。

In 2024, we made important strides in strengthening our competitive advantages, accelerating the pace of our content engine and product innovation and driving productivity improvements that position us for long-term profitable growth.

2024 年，我們在增強競爭優勢、加快內容引擎和產品創新步伐、推動生產力提高等方面取得了重要進展，為我們實現長期獲利成長奠定了基礎。

Looking to 2025, we expect to build on this momentum, focusing our resources on the opportunities where we can further differentiate and enhance the value of Coursera's platform for the millions of learners, educators and institutions that we serve.

展望 2025 年，我們希望在此勢頭的基礎上，將我們的資源集中在機會上，為我們所服務的數百萬學習者、教育工作者和機構進一步提升 Coursera 平台的差異化和價值。

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

我現在想把它交給肯恩。

Ken, please go ahead.

肯，請繼續。

Thank you, Jeff, and good afternoon, everyone.

謝謝傑夫，大家下午好。

In Q3, we generated total revenue of $176.1 million which was up 6% from a year ago as we navigate slower top line growth in the near term.

第三季度，我們的總營收為 1.761 億美元，比去年同期成長 6%，因為我們近期的營收成長放緩。

Our results continue to demonstrate our commitment to driving sustainable growth targeting growth opportunities while also expanding financial and operating leverage no matter the environment.

我們的業績繼續證明了我們致力於推動永續成長，瞄準成長機會，同時擴大財務和營運槓桿，無論環境如何。

This is highlighted by our strong bottom line performance year-to-date, which is leading us to raise our adjusted EBITDA margin target by 170 basis points for the full year to 5.4%.

我們今年迄今強勁的獲利表現凸顯了這一點，這促使我們將全年調整後 EBITDA 利潤率目標提高 170 個基點至 5.4%。

Additionally, the expense reduction initiative Jeff outlined is intended to focus on our core capabilities while extending our track record of delivering consistently increasing leverage over the past several years as a public company, and prior.

此外，傑夫概述的費用削減計劃旨在專注於我們的核心能力，同時擴大我們在過去幾年和之前作為上市公司提供持續增加槓桿率的記錄。

We expect this initiative to generate at least $30 million in annualized structural cost savings, creating capacity for targeted investments as well as incremental profitability that will be reflected in our full year 2025 financial outlook provided next quarter.

我們預計這項措施將每年節省至少 3,000 萬美元的結構性成本，為目標投資創造能力，並增加獲利能力，這將反映在我們下季度提供的 2025 年全年財務展望中。

As we navigate more constrained growth in the near term, we will ensure that the business remains fundamentally strong, while we pursue efforts to return to a growth company revenue trajectory.

隨著我們在短期內應對更有限的成長，我們將確保業務保持基本強勁，同時努力恢復公司營收成長軌跡。

Please note that for the remainder of this call, as I review our business performance and outlook, I will 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，我將討論我們的非公認會計準則財務指標，除非另有說明。

For the third quarter, gross profit was $98.1 million, a 56% gross margin, up from 51% in the prior year.

第三季毛利為 9,810 萬美元，毛利率為 56%，高於去年同期的 51%。

Total operating expense was $89.6 million or 51% of revenue, an improvement of 6 percentage points from the prior year quarter on continued operating discipline across all functions.

總營運費用為 8,960 萬美元，佔收入的 51%，由於所有職能部門持續遵守營運紀律，比去年同期提高了 6 個百分點。

Net income was $16.6 million or 9.4% of revenue, and adjusted EBITDA was $13.3 million or 7.6% of revenue.

淨利潤為 1,660 萬美元，佔營收的 9.4%，調整後 EBITDA 為 1,330 萬美元，佔營收的 7.6%。

Now let's discuss cash performance, we generated strong free cash flow of approximately $17 million, which is inclusive of $6 million in purchases of content assets.

現在讓我們討論一下現金表現，我們產生了約 1700 萬美元的強勁自由現金流，其中包括 600 萬美元的內容資產購買費用。

At the start of this year, we began treating these investments like other categories of capital expenditures, effectively lowering our free cash flow computation.

今年年初，我們開始像其他類別的資本支出一樣對待這些投資，有效地降低了我們的自由現金流計算。

In Q4, we expect our content production investments and the associated treatment of CapEx and free cash flow to be more pronounced as we target utilization of the full $20 million budgeted for this year.

在第四季度，我們預計我們的內容製作投資以及資本支出和自由現金流的相關處理將更加明顯，因為我們的目標是利用今年的全部 2000 萬美元預算。

I've been well pleased with our substantial generation of free cash flow, inclusive of those content investments.

我對我們大量的自由現金流（包括這些內容投資）感到非常滿意。

Year-to-date, we've delivered more than $50 million in free cash flow further bolstering our strong balance sheet.

今年迄今為止，我們已經交付了超過 5000 萬美元的自由現金流，進一步支撐了我們強勁的資產負債表。

We ended the quarter at approximately $719 million of unrestricted cash and cash equivalents with no debt.

截至本季末，我們的非限制現金和現金等價物約為 7.19 億美元，沒有債務。

Now, I'd like to discuss the performance of our segments, starting with Consumer.

現在，我想討論我們各個細分市場的表現，從消費者開始。

Consumer revenue was $102.3 million, up 3% from the prior year on growth in Coursera Plus, including recent certificate launches from industry partners.

由於 Coursera Plus 的成長（包括行業合作夥伴最近推出的證書），消費者收入為 1.023 億美元，比上年增長 3%。

Revenue growth was in line with our expectations coming into the quarter, but we are seeing some softer signals in global consumer trends, specifically month-to-month retention that are tempering our fourth quarter revenue expectations and factored into the outlook I'll discuss shortly.

本季營收成長符合我們的預期，但我們在全球消費者趨勢中看到了一些較疲軟的訊號，特別是逐月保留率，這正在調整我們第四季的營收預期，並將其納入我將很快討論的前景中。

Segment gross profit was $55.3 million or 54% of consumer revenue, up from 52% in the prior year period.

該部門毛利為 5,530 萬美元，佔消費者收入的 54%，高於去年同期的 52%。

Top of funnel activity range strong as Q3 is our seasonal peak for new learner additions.

漏斗頂部的活動範圍很強勁，因為第三季是我們新增學員的季節性高峰。

And consistent with the geographic trends we discussed in recent quarters, we once again saw a higher proportion of traffic coming from regions outside of North America, which, on average, correlates with the lower lifetime value.

與我們最近幾季討論的地理趨勢一致，我們再次看到來自北美以外地區的流量比例更高，平均而言，這與較低的生命週期價值相關。

Moving to our Enterprise segment, enterprise revenue was $60.4 million up 10% from a year ago on growth in our business, campus and government verticals.

轉向我們的企業部門，由於我們的業務、校園和政府垂直領域的成長，企業收入為 6,040 萬美元，比去年同期成長 10%。

Segment gross margin was $42.3 million or 70% of Enterprise revenue compared to 68% a year ago.

部門毛利率為 4,230 萬美元，佔企業收入的 70%，而一年前為 68%。

The total number of Paid Enterprise Customers increased to 1,564, up 19% from a year ago.

付費企業客戶總數增至1,564家，較去年同期成長19%。

And our net retention rate for Paid Enterprise Customers was 89% and a reflection of the transitory budget dynamics we've discussed in prior quarters.

我們付費企業客戶的淨保留率為 89%，這反映了我們在前幾個季度討論過的短暫預算動態。

Despite that disappointment, we continue to see signs of stabilization in the corporate learning market in the third quarter and we'll be closely monitoring the budgetary environment as we approach year-end.

儘管令人失望，但我們在第三季繼續看到企業學習市場穩定的跡象，隨著年底的臨近，我們將密切關注預算環境。

And finally, our Degree segment, Degrees revenue was $13.4 million, up 15% from a year ago on growth in new students and scaling of recent program launches.

最後，我們的學位部分，學位收入為 1,340 萬美元，由於新生數量的增長和近期計畫啟動的規模擴大，比一年前增長了 15%。

The total number of Degrees students grew 29% from a year ago, to $26,455 primarily due to some sizable new cohorts in more recently launched Indian programs.

學位學生總數比一年前增加了 29%，達到 26,455 美元，這主要是由於最近推出的印度課程中出現了一些相當大的新學生。

As a reminder, there's no content costs attributable to the Degrees segment.

提醒一下，學位部分沒有內容成本。

The Degrees segment gross margin was 100% of revenue.

學位部門的毛利率為收入的100%。

We expect the Degrees in broader market serving universities to continue to evolve, including opportunities like Coursera for Campus, and we intend to be highly targeted in the partnerships, programs and capabilities that can be best served by our platform.

我們預計服務於大學的更廣泛市場的學位將繼續發展，包括像Coursera for Campus 這樣的機會，並且我們打算高度有針對性地建立可以透過我們的平台提供最佳服務的合作夥伴關係、項目和能力。

Now on to our financial outlook, which reflects both our latest view of more muted consumer top line trends and the strong operating discipline demonstrated throughout the year.

現在談談我們的財務前景，這不僅反映了我們對消費者收入趨勢更加疲弱的最新看法，也反映了全年表現出的強有力的營運紀律。

For Q4, we are expecting revenue to be in the range of $174 million to $178 million.

我們預計第四季的營收將在 1.74 億美元至 1.78 億美元之間。

For adjusted EBITDA, we're expecting a range of $4.5 million to $6.5 million.

對於調整後的 EBITDA，我們預計範圍為 450 萬美元至 650 萬美元。

For the full year 2024, we anticipate revenue to be in the range of $690 million to $694 million.

我們預計 2024 年全年營收將在 6.9 億至 6.94 億美元之間。

And as I highlighted earlier, for adjusted EBITDA, we are increasing our range to $36.5 million to $38.5 million and raising our annual adjusted EBITDA margin outlook by 170 basis points to 5.4%.

正如我之前強調的，對於調整後 EBITDA，我們將範圍擴大至 3,650 萬美元至 3,850 萬美元，並將年度調整後 EBITDA 利潤率前景提高 170 個基點至 5.4%。

We have a strong record of successfully managing our cost structure, including pacing our investments with the trajectory of our top line.

我們在成功管理成本結構方面擁有良好的記錄，包括根據營收軌跡調整投資節奏。

As we navigate near-term trends to better position ourselves for future growth opportunities, I remain pleased that our disciplined historic growth and financial management creates strength stability and strategic optionality as we execute on our long-term strategy to lead our large, early and dynamic markets.

當我們駕馭近期趨勢，更好地為未來的成長機會做好定位時，我仍然很高興地看到，我們嚴格的歷史成長和財務管理在我們執行長期策略以領導我們的大型、早期和充滿活力的過程中創造了實力穩定性和策略選擇性。

Ultimately, delivering growth and leadership in these substantial markets is how we intend to create value for shareholders and our learners, and we are operating with financial discipline and strength in order to enable and bolster our return to higher growth.

最終，在這些重要市場中實現成長和領導地位是我們為股東和學習者創造價值的方式，我們正在按照財務紀律和實力進行運營，以實現和支持我們恢復更高的成長。

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

現在我將把電話轉回給傑夫，讓他作結束語。

Thanks, Ken.

謝謝，肯。

We are proud of Coursera's role and especially the partners who join us in ensuring learners everywhere have access to the highest quality education.

我們為 Coursera 所發揮的作用感到自豪，尤其是與我們一起確保世界各地的學習者都能獲得最高品質教育的合作夥伴。

For many, belief in our collective responsibility is why they choose to join in our shared mission, and I'm excited that our educator community now includes Adobe.

對許多人來說，相信我們的集體責任是他們選擇加入我們共同使命的原因，我很高興我們的教育者社群現在包含了 Adob​​e。

Last week, they launched their first entry-level professional certificates which were unveiled alongside an expansion of the Adobe Digital Academy, a program aimed at equipping next-generation learners and teachers with AI literacy, content creation and digital marketing.

上週，他們推出了首張入門級專業證書，該證書與 Adob​​e Digital Academy 的擴展一起推出，該計畫旨在為下一代學習者和教師提供人工智慧素養、內容創作和數位行銷能力。

Like many of our partners, Adobe recognizes that emerging technologies will fundamentally reshape the relevant training, skills and credentials in their industry as well as the labor market more broadly, and we are thrilled that they have chosen to collaborate with Coursera in order to empower the next generation of creative talent.

與我們的許多合作夥伴一樣，Adobe 認識到新興技術將從根本上重塑其行業以及更廣泛的勞動力市場的相關培訓、技能和證書，我們很高興他們選擇與 Coursera 合作，以增強下一代創意人才。

Now, let's open up the call for questions.

現在，讓我們開始提問。

Thank you.

謝謝。

(Operator Instructions) Stephen Sheldon, William Blair.

（操作員說明）史蒂芬謝爾頓、威廉布萊爾。

First, is there a way to frame how much monetization in your consumer segment you're getting from AI-related courses?

首先，有沒有一種方法可以確定您從人工智慧相關課程中獲得的消費者群體的貨幣化程度？

Is that becoming a notably bigger part of the mix?

這是否正在成為其中一個重要的組成部分？

And then can you just give some more detail on where things have weakened in Consumer more recently?

那麼您能否提供更多關於消費者最近哪些方面有所減弱的細節？

Yes.

是的。

Thanks, Stephen.

謝謝，史蒂芬。

This is Jeff.

這是傑夫。

So on AI monetization, we don't break it out.

所以關於AI變現，我們不做突破。

One of the things that is true in the earlier stages is that many of the original pieces of content or the first piece of the content coming out with generative AI were in a course format.

在早期階段確實存在的一件事是，許多原始內容或生成式人工智慧推出的第一個內容都是課程格式。

It takes a little bit longer to do the long-form professional certificates and specializations.

獲得長期專業證書和專業化需要更長的時間。

The courses are not subscription-based, the longer forms are.

這些課程不是基於訂閱的，而是較長的形式。

So I'd say in the early stages, it was relatively little.

所以我想說，在早期階段，它相對較少。

As more of the recent content has been launched in longer formats, and we've upgraded a number of these, it's increasing.

隨著更多最近的內容以更長的格式推出，並且我們已經升級了其中的一些內容，它正在增加。

But we don't break it out, and I will say it's not a major part of the overall revenue base of Consumer at this point.

但我們不會將其分解，我會說它目前還不是消費者整體收入基礎的主要部分。

We are seeing the greatest search demands and enrollment in generative AI content compared to any other particular kind.

與任何其他特定類型相比，我們看到產生人工智慧內容的搜尋需求和註冊量最大。

And we're seeing like six enrollments per minute in generative AI content.

我們看到生成式人工智慧內容每分鐘有六次註冊。

We continue to obviously put a lot of cents on the platform.

顯然，我們繼續在該平台上投入大量資金。

So we think we're still at the pretty early stages of individuals and institutions embracing the need for AI content and credentials and the content engine is cranking and we and our partners are producing more content faster and less expensively because of this reason.

因此，我們認為我們仍處於個人和機構接受人工智慧內容和憑證需求的早期階段，內容引擎正在啟動，因此我們和我們的合作夥伴正在更快、更便宜地生產更多內容。

In terms of the funnel on consumer, obviously, what we need to do is attract a lot of learners, convert them and then retain them.

就消費者管道而言，顯然我們要做的就是吸引大量的學習者，轉化他們，然後留住他們。

And when you look at the top of the funnel, 7 million new registered learners, not bad, a pretty strong quarter in terms of absolute numbers.

當你看漏斗的頂部時，有 700 萬新註冊學習者，這還不錯，就絕對數字而言，這是一個相當強勁的季度。

We are seeing some softer signals in the global consumer trends, especially when it comes to retention.

我們在全球消費趨勢中看到了一些較為溫和的訊號，尤其是在保留方面。

So conversion rates look pretty steady, retention rates have been under some pressure.

因此，轉換率看起來相當穩定，但保留率卻面臨一定的壓力。

And it's very possible that there are macro factors that are affecting this hard to say for sure exactly what that is.

很可能存在一些宏觀因素正在影響這一點，但很難確切地說出具體是什麼。

But what we've really been pushing on and clearly in the script, I said a lot about it, but launching a lot more content and credentials and delivering a much better learning experience and authoring experience as well.

但我們真正在劇本中明確推動的事情，我說了很多，但推出了更多的內容和證書，並提供了更好的學習體驗和創作體驗。

And if you look historically, what has really driven the consumer segment is basically job market disruptions, both opportunities and threats to come from changes in technology and changes in labor.

如果你回顧歷史，真正推動消費市場的因素基本上是就業市場的混亂，技術和勞動力變化帶來的機會和威脅。

And we think we're at the beginning of a major wave of dislocation where people are going to have to get new skills and prove that they have those skills by showing credentials to say that they could be productive in a given company.

我們認為，我們正處於一大波混亂的開始，人們將不得不獲得新技能，並透過出示證書證明他們可以在特定公司發揮生產力來證明他們擁有這些技能。

So we think we've got the assets in terms of content and products.

所以我們認為我們在內容和產品方面擁有資產。

We think we're at the early stages of this.

我們認為我們正處於早期階段。

Historically, these types of disruptions like COVID have really driven consumer segment and we're optimistic that we're at the early end of a similar kind of disruption.

從歷史上看，像新冠疫情這樣的此類顛覆確實推動了消費領域的發展，我們樂觀地認為，我們正處於類似顛覆的早期階段。

Got it.

知道了。

That's helpful.

這很有幫助。

And maybe just a follow-up, maybe just talk about the rationale for cutting more of the cost base now and at a very high level, kind of where you might be focusing those efforts?

也許只是一個後續行動，也許只是談談現在在非常高的水平上削減更多成本基礎的理由，您可能會集中這些努力的地方？

Yes.

是的。

So I'll start with sort of maybe thinking about it.

所以我會先考慮一下。

Ken, I don't know if there's any numbers that you want to get into whatever, but when we really think about it, I mean, to a large degree, our strategy has been to leverages many of the key assets that we're investing in as possible.

肯，我不知道你是否想了解任何數字，但當我們真正考慮這一點時，我的意思是，在很大程度上，我們的策略是利用我們正在開發的許多關鍵資產。

So one technology platform, one data capability, one platform of content and credentials and then sell to consumers sell the institutions sell different formats, including professional certificates and degrees.

因此，一種技術平台、一種數據能力、一種內容和證書平台，然後出售給消費者，機構出售不同的格式，包括專業證書和學位。

In the last many years, that very broad approach has given us huge top line growth, and we've been able to amortize nicely these assets that we could sell across many segments.

在過去的許多年裡，這種非常廣泛的方法為我們帶來了巨大的收入成長，而且我們已經能夠很好地攤銷這些可以在許多領域出售的資產。

Where that has changed a little bit, I think, in the current environment is some of the use cases have very high product market fit, there's a very clear buyer, it's very clear content credentials is delivering a lot of value.

我認為，在當前環境下，情況發生了一些變化，一些用例具有非常高的產品市場契合度，有一個非常明確的買家，很明顯內容憑證正在提供很多價值。

It retains well.

它保留得很好。

The use cases are changing a bit, and there are certain use cases where for the time and money we spend winning that deal or creating that piece of content, it just isn't having the kind of financial impact.

用例正在發生一些變化，在某些用例中，我們花費時間和金錢來贏得交易或創建該內容，但它並沒有產生那種財務影響。

And so we did a pretty simple analysis to say across regions and segments where we're seeing the biggest growth and where are we seeing the best leverage in terms of sales and marketing against revenue, R&D against revenue and G&A is generally allocated and we said, let's just put more resources against those places where we're seeing more growth with more leverage, and let's pull back on those places where we're seeing less growth and less leverage, and it really just comes down to, in my opinion value delivery.

因此，我們做了一個非常簡單的分析，以說明在各個地區和細分市場中，我們看到了最大的成長，以及我們在銷售和行銷對收入、研發對收入和一般行政管理費用方面的最佳槓桿作用在哪裡，我們說，讓我們把更多的資源投入到那些我們看到增長更多、槓桿率更高的地方，然後把更多的資源投入到那些我們看到增長較少和槓桿率較低的地方，在我看來，這實際上歸結為價值送貨。

Where are we delivering real differentiated value, that's where we're going to have the highest growth in NRRs.

我們在哪裡提供真正的差異化價值，這就是我們的 NRR 成長最高的地方。

And so that's essentially what we did.

這基本上就是我們所做的。

We said, let's go after the higher growth, higher leverage opportunities and try to simplify and focus more of our efforts on those parts of the businesses that are working the best.

我們說，讓我們追求更高的成長、更高的槓桿機會，並嘗試簡化工作，將更多的精力集中在那些運作最好的業務部分。

Ken, I don't know if there's anything you'd want to add.

肯，我不知道你是否還有什麼要補充的。

Yes.

是的。

Stephen asked about the timing as well.

史蒂芬也詢問了時間安排。

And so the timing and of course, exactly the way we approached it was to preserve the growth areas.

因此，時機，當然，我們採取的方式就是保護成長領域。

The timing is setting us up as part of our planning for next year.

這個時機是我們明年計劃的一部分。

This is about EBITDA for next year.

這是關於明年的 EBITDA。

We've been very disciplined as we discussed in the script as to always improving since we've been a public company, our leverage and our EBITDA margin to what rate we have allowed to vary.

正如我們在劇本中討論的那樣，自從我們成為一家上市公司以來，我們一直非常自律，我們的槓桿率和 EBITDA 利潤率允許變化。

But this is setting up for 2025. from both an EBITDA perspective and to drive as much growth as we can within that context.

但這是為 2025 年做好的準備。

I guess I'd say, and Jeff described broadly how we're doing it, emphasize one concept around focusing on growth is on the dev side, we'll plan to end next year with more headcount than we have ending this year.

我想我會說，傑夫廣泛地描述了我們是如何做到這一點的，強調圍繞成長的一個概念是在開發方面，我們計劃明年年底的員工人數比今年結束時的人數更多。

And so we're seeing right now a lot of opportunity on the product side on AI.

因此，我們現在在人工智慧產品方面看到了很多機會。

And I think it's early before we see the results, but I think that's one example specifically to illustrate how we've thought about it.

我認為現在看到結果還為時過早，但我認為這是一個專門說明我們如何思考這個問題的例子。

Ryan MacDonald, Needham.

瑞恩麥克唐納，李約瑟。

Maybe to dig a little bit deeper on some of those comments on consumer, can you talk about maybe to the extent you've got visibility into it on what's the useful life from a monetization perspective, there is for some of the content in Consumer?

也許要更深入地挖掘一些關於消費者的評論，您能否談談從貨幣化角度來看，消費者中的某些內容的使用壽命是多少？

And then how has that changed?

那麼情況發生了什麼樣的變化呢？

And as you think about that softer retention internationally, are there specific subject areas or topics where you've seen retention fall off quicker than maybe other areas than you expected?

當您考慮國際上留存率下降的情況時，您是否發現某些特定主題領域或主題的留存率下降速度比其他領域的下降速度快於您的預期？

Yes.

是的。

I'll start here and then Ken, feel free to chime in.

我將從這裡開始，然後肯，請隨意插話。

So on Useful Life, it really depends on the title.

因此，關於使用壽命，這實際上取決於標題。

And a lot of what we're doing now, we talked about a bit in the script, we're upgrading an awful lot of pieces of our more popular titles with our partners to include AI.

我們現在正在做的很多事情，我們在劇本中談到了一些，我們正在與我們的合作夥伴一起升級我們更受歡迎的遊戲的許多部分，以包括人工智慧。

So our ability to refresh content is getting better and better and to help our partners do that.

因此，我們刷新內容的能力越來越好，並幫助我們的合作夥伴做到這一點。

And that being said, if you look at sort of the difference in ARR per month by title.

話雖如此，如果您按標題查看每月 ARR 的差異。

Generally speaking, it declines over time.

一般來說，它會隨著時間的推移而下降。

Some types of content seem to decline a little bit faster than others.

某些類型的內容似乎比其他內容下降得更快一些。

We've said in the past, and so I'll just remind folks on the call here, these entry-level professional certificates have been really the engine of our consumer segment growth.

我們過去說過，所以我只是提醒大家，這些入門專業證照確實是我們消費族群成長的引擎。

It's for people generally who are thinking about starting or switching career.

它適用於一般正在考慮開始或轉換職業的人。

They come from top branded companies, and they teach skills that are required to the portfolio skills required to do an entry-level job.

他們來自頂級品牌公司，教授入門級工作所需的組合技能。

It is really ideal when there's a lot of job openings that people want to go get, and they need to get the skills and the credentials to go do them.

當人們想要獲得很多職缺，並且他們需要獲得技能和證書來完成這些工作時，這確實是理想的選擇。

We have seen historically that the lifetime value of learners in these entry-level professional certificates has generally been higher than many other titles.

我們從歷史上看到，這些入門級專業證書的學習者的終身價值通常高於許多其他頭銜。

So that the retention rate has been higher, is kind of what I'm saying.

所以保留率更高，這就是我所說的。

We have seen, especially in North America, some of the softness on month-to-month retention, happening among these entry-level professional certificates.

我們已經看到，特別是在北美，這些入門級專業證書的每月保留率出現了一些疲軟的情況。

I cannot tell you exactly why, but macro factors are likely at play just as in years ago, a lot of the macro factors were great tailwinds, we're thinking that there might be headwinds right now.

我無法告訴你確切的原因，但宏觀因素可能會像幾年前一樣發揮作用，許多宏觀因素都是巨大的順風，我們認為現在可能存在逆風。

But probably not at all times and not at all regions.

但可能並非在所有時間、也並非在所有地區。

But those are the titles that typically have the highest lifetime value, and we're seeing some of the fall and retention rates in those titles.

但這些遊戲通常具有最高的生命週期價值，而且我們看到這些遊戲的留存率下降。

Ken, anything you'd add to that?

肯，你還有什麼要補充的嗎？

No.

不。

Great.

偉大的。

And then maybe following up on the enterprise segment.

然後也許會跟進企業領域。

So obviously, a nice quarter in terms of accelerating growth in terms of logo additions, but NRR kind of continues to come down here.

顯然，就徽標添加的加速增長而言，這是一個不錯的季度，但 NRR 仍在繼續下降。

Can you just within the pieces of Enterprise talk about maybe where you're seeing the most softness on the spend that continues to kind of drive NRR down?

您能否在企業部門中談談您認為哪些支出最疲軟，導致 NRR 繼續下降？

And I guess, what level of visibility do we have going into fourth quarter here on sort of the renewal business and sort of close rates there?

我想，進入第四季度，我們對續約業務和成交率的了解程度如何？

Yes.

是的。

Well, I'll talk a little bit about NRR and closes as well, sort of what are people interested in.

好吧，我會談談 NRR 和關閉，以及人們感興趣的內容。

NRRs are clearly still under pressure.

NRR 顯然仍面臨壓力。

We mentioned last quarter and the quarter before and I think in the script, we talked about transitory budgets, a lot of these transitory budgets are sort of the pandemic dollars that a lot of governments had to spend to upskill and otherwise, try to help people remain productive during that period when they were locked at home.

我們提到了上個季度和前一個季度，我認為在劇本中，我們談到了臨時預算，其中許多臨時預算都是流行病資金，許多政府不得不花費這些資金來提高技能，或者嘗試幫助人們成為他們被鎖在家裡的那段時間仍然保持生產力。

Some of those budgets are less durable, and that's where we have continued to see some of the weakness is in the government sector.

其中一些預算不太持久，這就是我們繼續看到政府部門的一些弱點的地方。

But on the question of visibility, we are seeing in Coursera for Business among sort of the North American and EMEA regions, an awful lot of interest in generative AI.

但就可見度問題而言，我們在 Coursera for Business 中看到北美和歐洲、中東和非洲地區對生成式人工智慧表現出極大的興趣。

Certainly more in terms of pipeline development and bookings in North America and Europe, and we are seeing in other parts of the world, we are optimistic that we're seeing the beginnings of companies not just talking about AI, be getting strategies in place, realizing that you get a strategy, then you buy some of the technology and then you train people on how to use it.

當然，更多的是在北美和歐洲的管道開發和預訂方面，我們在世界其他地區看到，我們樂觀地看到，我們看到公司開始不僅僅是談論人工智慧，而是製定適當的策略，意識到你得到了一個策略，然後你買了一些技術，然後你訓練人們如何使用它。

Like with cloud computing, like with many of the other technologies, there is a bit of a sequencing here.

就像雲端運算一樣，就像許多其他技術一樣，這裡有一些排序。

As we think about demand and retention, gen AI in North America or Coursera for Business has definitely been one of the highlights.

當我們考慮需求和保留時，北美的 gen AI 或 Coursera for Business 絕對是亮點之一。

And if this persists, we're feeling like we might be seeing some stabilization really supported by the interest in generative AI train.

如果這種情況持續下去，我們感覺我們可能會看到對生成式人工智慧訓練的興趣真正支持了一些穩定。

Ken, anything you would add to that?

肯，你還有什麼要補充的嗎？

You proceed probably, talked a little bit about it.

你可能會繼續談論它。

Yes, of course, are for campus, it's also interesting.

是的，當然是為了校園，這也很有趣。

I mean the number of universities who are recognizing that this technology is not just changing the demand from employers of what graduates they need to have in terms of skills.

我的意思是有多少大學認識到這項技術不僅僅改變了雇主對畢業生技能的需求。

But students saying, do I want to get a college degree and what kind of programs you want to want to take and what do I need to learn in order to get a job.

但學生們會問，我想拿到大學學位嗎？

That is changing very rapidly, much faster than schools can keep up.

這種情況的變化非常迅速，比學校跟上的速度快得多。

And in addition to the needs in terms of skilling students so they can get jobs, there's the whole teaching and learning experience that happened at school that is fundamentally being transformed by this technology.

除了培養學生技能以便他們找到工作的需求之外，在學校發生的整個教學和學習體驗也從根本上被這項技術改變了。

And that's what we talk about Coach for the students and coaching course builder for the instructors.

這就是我們所說的學生教練和教師輔導課程建立者。

So we are definitely seeing a lot of interest in generative AI and Coursera for Campus and in particular, we put this in the script quite a bit as well.

因此，我們肯定看到人們對生成式 AI 和 Coursera for Campus 很感興趣，特別是，我們也在腳本中加入了很多內容。

When you integrate this cutting-edge technology and other job relevant contents, especially generate in do college curricula where you get where the student gets credit for the college degree, we see very strong NRR and good expansion.

當你將這種尖端技術和其他工作相關內容結合起來時，特別是在大學課程中產生學生獲得大學學位的學分時，我們看到非常強大的NRR和良好的擴展。

So that's a use case that, again, kind of the early part of it, we think, a bigger wave of higher education, $2 trillion market saying the only way to keep up is to integrate something like Coursera so that we can improve our curriculum and help attract students and health campus in general.

因此，我們認為，這是一個用例，這只是它的早期部分，更大的高等教育浪潮，價值2 兆美元的市場說，跟上的唯一方法是整合像Coursera 這樣的東西，這樣我們就可以改進我們的課程並有助於吸引學生和整個健康校園。

So we are seeing some bright spots in NRR in that segment for Services.

因此，我們在服務領域的 NRR 中看到了一些亮點。

Rishi Jaluria, RBC.

Rishi Jaluria，加拿大皇家銀行。

Wonderful.

精彩的。

Maybe I just want to continue thinking about kind of the growth rates right now and things that are causing softness.

也許我只是想繼續思考目前的成長率以及導致疲軟的因素。

You you've helped us kind of understand a little bit of the pieces on consumer.

您幫助我們了解了一些有關消費者的資訊。

You've talked about enterprise before and unpacked that.

您之前已經討論過企業並對其進行了闡述。

But if we take a step back, you do have all these secular tailwinds at your back, the changing nature of education Gen AI and the need for people to upskill and reskill maybe even some pockets of softness in the economy that we've been seeing over the past kind of two years or so I guess given all of these, why aren't we seeing higher growth rates?

但如果我們退一步，你確實會遇到所有這些長期的順風車，人工智能教育本質的變化以及人們提高技能和重新技能的需求，甚至可能是我們所看到的經濟中的一些疲軟之處我想在過去兩年左右的時間裡，考慮到所有這些，為什麼我們沒有看到更高的成長率？

Or what would be the right way to kind of think about what needs to happen outside of a macro recovery to see those growth rates inflect upwards to at least back to double digits, maybe help us kind of understand all of those pieces there?

或者，思考宏觀復甦之外需要發生什麼才能看到這些成長率至少回到兩位數的正確方法是什麼，也許可以幫助我們理解所有這些部分？

And then I've got a quick follow-up.

然後我會進行快速跟進。

All right.

好的。

Thanks, Rishi.

謝謝，里希。

I'm going to give a really high-level view of this, but that's what you asked for.

我將對此給出一個非常高層次的看法，但這正是您所要求的。

So at a really high level, we really do believe that specially as it relates to people learning things is going to create a much higher demand for people learning skills and credentials which helps prove that they have them in order to be productive in the workforce.

因此，在很高的水平上，我們確實相信，特別是與人們學習事物相關的事情將對人們學習技能和證書產生更高的要求，這有助於證明他們擁有這些技能和證書，以便在勞動力中提高生產力。

When we think about so I agree, I really believe that we are going to be AI winners remains to be proven, clearly that the growth rates do not suggest that, that's what's happening.

當我們思考時，我同意，我真的相信我們將成為人工智慧的贏家仍有待證明，顯然成長率並不表明這一點，這就是正在發生的事情。

But I look at individual readiness and institutional readiness, and a lot of it starts with institutions.

但我關注個人準備和機構準備情況，其中許多都是從機構開始的。

But when I think about institutional readiness, let's look at businesses, governments and campuses.

但當我考慮機構準備情況時，讓我們看看企業、政府和校園。

Campuses, they're not very agile organizations.

校園，它們不是非常敏捷的組織。

They are the ones facing the greatest disruption.

他們是面臨最大破壞的人。

I think of greater disruption, higher education than anything we've seen in our lifetimes is going to be hitting higher education institutions around the world.

我認為高等教育將為世界各地的高等教育機構帶來前所未有的巨大破壞。

They are not the most agile organizations.

他們不是最敏捷的組織。

But like with any organization, they need to attract customers or call those students and to deliver value, which is a curriculum that helps them get jobs.

但與任何組織一樣，他們需要吸引客戶或打電話給這些學生並提供價值，這是幫助他們找到工作的課程。

Because they're not fast, it's hard for them to keep up with the rate of change.

因為它們速度不快，所以很難跟上變化的速度。

I don't think they can do it without someone like us.

我認為如果沒有我們這樣的人，他們就無法做到這一點。

But because they're not fast, we are not seeing growth rates happen as quickly as we would like.

但由於它們速度不快，我們沒有看到成長率像我們希望的那樣快。

I believe still is a very large market it will be a little while to crack that, and we are very well positioned to do that.

我相信這仍然是一個非常大的市場，要攻克這個市場還需要一段時間，而我們已經做好了充分的準備。

So I think the institutional importance, exclusivity is very high.

所以我認為制度重要性、排他性非常高。

The readiness not quite there, but you can see people very focused on let say people, people in university saying, we're about to see something very fundamental happened to our universities because of this technology.

準備工作還沒有完全到位，但你可以看到人們非常關注，例如大學裡的人說，由於這項技術，我們即將看到我們的大學發生了一些非常根本的事情。

So the recognition is there, the response and readiness is coming.

因此，認可已經存在，回應和準備即將到來。

On business side, I kind of have already outlined that frankly, I was not right when I thought two years ago, almost two years ago that this would happen really quickly that businesses would rapidly adopt gen AI technology, see productivity benefits and then force the learning and credentialing onto their learners.

在商業方面，我已經坦率地概述了，兩年前，幾乎兩年前，當我認為這種情況會很快發生時，我是不對的，企業將迅速採用新一代人工智慧技術，看到生產力的好處，然後迫使學習並對其學習者進行認證。

We are definitely seeing an increase in not just talking, but doing, starting as I said, with North America.

正如我所說，我們肯定會看到與北美不僅在談論，而且在行動上有所增加。

Here's how I see this playing out.

以下是我對此事的看法。

When companies start seeing the productivity gains that are expected.

當公司開始看到預期的生產力提升時。

McKinsey put the number at $4.4 trillion and productivity gains will not happen equally across job function.

麥肯錫估計這個數字為 4.4 兆美元，而且生產力的提高不會在各個工作職能中平等地實現。

I mean, job functions like customer support are going to happen faster.

我的意思是，像客戶支援這樣的工作職能將會發生得更快。

Other job functions will happen more slowly.

其他工作職能將會發生得更慢。

But what McKinsey lays out is customer support, software engineering, product and R&D, sales and marketing.

但麥肯錫的重點是客戶支援、軟體工程、產品和研發、銷售和行銷。

Those are the big functions where the big dollars are and where transformation is most likely to take place.

這些是重要的功能，也是大筆資金所在，也是最有可能轉型的地方。

My view is that when companies start seeing major productivity gains are using these technologies and training people these technologies in these functions.

我的觀點是，當公司開始看到生產力的重大提高時，他們正在使用這些技術並在這些功能上培訓人們這些技術。

But if the productivity gains are there, the companies will demand it, either from their current employees or from new employees that they hire.

但如果生產力確實提高了，公司就會要求它，無論是從現有員工還是從他們僱用的新員工那裡。

Sometimes those new employees will not be in the same country as their current employees, knowing and proving that you can productively use generative AI skills is going to make you more valuable as a job candidate.

有時，這些新員工不會與現有員工在同一個國家，了解並證明你可以有效地使用生成式人工智慧技能將使你作為求職者更有價值。

So when we look at individual readiness for generative AI and you do the surveys in different countries, surprisingly, there's a lot more optimism and positivity in India among employees than there is in the United States.

因此，當我們檢視個人對生成式人工智慧的準備並對不同國家進行調查時，令人驚訝的是，印度員工比美國員工更樂觀和積極。

A lot of people in the United States I'm pretty worried about their jobs.

我對美國很多人的工作都非常擔心。

We haven't seen any impact yet, but they're just a little reluctant on this.

我們還沒有看到任何影響，但他們對此有點不情願。

I think the impetus is going to come from their businesses who say, as a new way to do business, there's a new way to do your job, you're going to have to learn these tools, and we're going to get how to do that.

我認為推動力將來自他們的企業，他們說，作為一種新的經營方式，有一種新的方式來完成你的工作，你將必須學習這些工具，我們將了解如何這樣做。

We need employees who are productive using these tools.

我們需要能夠使用這些工具來高效工作的員工。

I still see every indication that, that is the way that things are going to sequence and I think we're a bit on the front edge of this.

我仍然看到一切跡象表明，這就是事情將按順序進行的方式，我認為我們有點處於這方面的前沿。

But sorry, I'm going to keep going for one more moment here, Rishi.

但抱歉，Rishi，我還要繼續講下去。

I look at the rate of value of us creating content and credence with our partners and look at the rate of value that we're creating with the product for learning and teaching we've really been doing a lot in the last year.

我會關注我們與合作夥伴一起創建內容和信任的價值率，也會關注我們使用去年我們確實做了很多工作的學習和教學產品所創造的價值率。

It just has not yet shown up.

它只是還沒有出現。

The value we're creating has not yet shown up in revenue, right?

我們創造的價值還沒有體現在收入中，對嗎？

I believe it positions us well for the tailwinds that are going to occur, especially when institutional ratings kind of matches what the opportunity set is right now.

我相信，這使我們能夠很好地應對即將發生的順風，特別是當機構評級與當前的機會相匹配時。

Ken, anything you'd add to that?

肯，你還有什麼要補充的嗎？

You just had the end, the only thing I was going to add, we might want to sell that a little bit more is on the product side.

你剛結束了，我唯一要補充的是，我們可能想在產品方面多賣一點。

I resist fundamental question, of course, how we're getting back to double-digit growth.

當然，我拒絕回答根本性的問題，也就是我們如何恢復兩位數的成長。

And I do think us going to be product-driven Coach in course builder, maybe just talk a little bit more about what that's going to look like.

我確實認為我們將成為課程建立者中產品驅動的教練，也許只是多談談這會是什麼樣子。

We're going to be creating better more value for our customers, and we will capture some of that over time.

我們將為客戶創造更好的更多價值，隨著時間的推移，我們將獲得其中的一些價值。

It is early, and we're seeing results.

現在還早，我們正在看到結果。

Yes.

是的。

It's not just theoretical anymore, at least in terms of learner experience.

至少在學習者經驗方面，它不再只是理論上的。

I mean we launched Coach in May of last year.

我的意思是我們在去年五月推出了 Coach。

So we've been in market with Gena for over a year on many products we've now had over 1 million people using coach.

因此，我們已經在 Gena 的許多產品市場上投入了一年多的時間，現在已有超過 100 萬人使用 Coach。

We see how they're using it.

我們看看他們如何使用它。

They really like it.

他們真的很喜歡它。

They are learning faster.

他們學得更快。

That's one of the things putting pressure on our retention rates as people are finishing forces and specialization faster but they really like it, the translations have been helping.

這是給我們的保留率帶來壓力的因素之一，因為人們正在更快地完成力量和專業化，但他們真的很喜歡它，翻譯一直在提供幫助。

And on the course builder side, we're seeing a lot of institutions saying, I can take these world-class courses and tailor them just to mind company's needs.

在課程建立者方面，我們看到許多機構說，我可以學習這些世界一流的課程，並根據公司的需求進行客製化。

So it's no longer for us theoretical that there's a lot of value there and customers see the value and benefit from it.

因此，對我們來說，那裡有很多價值並且客戶看到了價值並從中受益不再是理論上的了。

It's still early, and we have not seen that show up in revenue.

現在還為時過早，我們還沒有看到這體現在收入上。

But our rate of progress is high.

但我們的進展速度很高。

And as we think about where we're going to focus our resources and where we're focused on the cost reductions, we're going to continue to push hard on value delivery from the content engine and value delivered from product innovation.

當我們思考我們將在哪裡集中資源以及在哪裡降低成本時，我們將繼續大力推動內容引擎的價值交付和產品創新的價值交付。

Got it.

知道了。

Okay.

好的。

That's super helpful.

這非常有幫助。

Maybe just a very quick follow-up because that was a very thorough answer.

也許只是一個非常快速的跟進，因為這是一個非常徹底的答案。

But just how should we be thinking about capital deployment?

但我們該如何考慮資本配置呢？

You've got nearly $0.75 billion of net cash on the balance sheet.

資產負債表上有近 7.5 億美元的淨現金。

Stock is trading at multiples that are sub-1 times revenue approaching 0.5 times revenue.

股票的交易倍數低於收入的 1 倍，接近收入的 0.5 倍。

If you are, in fact, so bullish on the business and all these different growth drivers and the path ahead, I guess, why not pull the trigger and opportunistically buy back shares at these kind of super low levels?

事實上，如果你對這項業務、所有這些不同的成長動力和未來的道路如此看好，我想，為什麼不扣動扳機，趁機在這種超低水平回購股票呢？

So Rishi, this is Ken, of course.

Rishi，這當然是 Ken。

So a fair question and certainly one we've considered.

這是一個公平的問題，我們當然也考慮過這個問題。

On an overall basis, given where we are in the market, given the thing you didn't add is we're throwing off a lot of free cash flow.

總體而言，考慮到我們在市場中的地位，考慮到您沒有添加的內容是我們正在浪費大量自由現金流。

So there's even more reason to ask that question.

所以更有理由問這個問題。

We don't need a spot.

我們不需要位置。

I think given this period right now where growth has slowed a little bit, financial stability, we think, is pretty important as it relates to our customers.

我認為，鑑於目前成長略有放緩的時期，我們認為金融穩定非常重要，因為它與我們的客戶息息相關。

Additionally, the strategic optionality, we're not done with that yet.

此外，我們還沒有完成戰略選擇性。

We see opportunity.

我們看到了機會。

It's been hard across the sector.

整個行業都很難。

So we don't look around and say, other people aren't growing, then we shouldn't grow as much.

所以我們不會環顧四周說，其他人沒有成長，那我們就不該長大那麼快。

That's not okay.

那不行。

And you led into that perfectly with your first question.

你的第一個問題完美地引導了這一點。

So we should be growing faster.

所以我們應該要成長得更快。

We should be getting back to double-digit growth.

我們應該恢復兩位數成長。

We do think there is the opportunity strategically while things are moving around in the space for us to take advantage of it.

我們確實認為，當事情在空間中發生變化時，我們確實有策略機會可以利用它。

We haven't done so yet.

我們還沒有這樣做。

You might remember, we disclosed last quarter, we non-GAAP some significant deal expenses because we didn't close a deal.

您可能還記得，我們​​在上個季度披露，由於我們沒有完成交易，所以我們按照非公認會計準則計算了一些重大交易費用。

We're going to continue to remain active.

我們將繼續保持活躍。

If we thought for some reason, we weren't going to be active and there wasn't strategic opportunity Absolutely, we think about moving forward and purchasing stock at prices like that.

如果我們出於某種原因認為我們不會積極行動，並且沒有戰略機會，那麼我們絕對會考慮繼續前進並以這樣的價格購買股票。

And if we did, it wouldn't be the first time.

如果我們這樣做，那也不是第一次了。

And we did complete some share repurchases and not with

我們確實完成了一些股票回購，但沒有完成

--.

--.

Just this year, right, we've maintained this cash balance we bought back $40 million worth of stock this year.

就在今年，我們維持了現金餘額，今年我們回購了價值 4,000 萬美元的股票。

So spot on.

所以就在現場。

So the concept isn't formed to us, and it's a good question, and we'll continue to monitor.

所以我們還沒有形成這個概念，這是一個很好的問題，我們將繼續關注。

But also hopefully look for us to be more active strategically.

但也希望我們能夠在戰略上更加積極主動。

Joshua Baer, Morgan Stanley.

約書亞·貝爾，摩根士丹利。

A lot of the prepared remarks were more around the consumer as far as weakness.

許多準備好的言論更圍繞著消費者的弱點。

On the Q&A, definitely, we got into enterprise.

在問答環節，我們肯定進入了企業領域。

So I want to make sure I understand the different business far as the change from the prior guidance.

因此，我想確保我了解不同業務以及與先前指導的變化。

So maybe like focusing on Q4, what was implied before to what it is now, it's like 11 or 12 million lower.

因此，也許就像關注第四季度一樣，先前的暗示與現在的情況相比，減少了 11 或 1200 萬。

Like how does that get split up between the different businesses?

例如如何在不同的業務之間分配？

I guess part of the question, this will be my follow-up is on the enterprise, like was there incremental churn?

我想問題的一部分，這將是我的後續行動是關於企業的，例如是否有增量流失？

Or was this some of those government contracts that you had previously talked about churning.

或者這是您之前談到的一些政府合約。

Just wondering around that drop in net retention rate, like what was incremental versus last quarter?

只是想知道淨保留率的下降，例如與上季相比的增量是多少？

Yes, it's a good question, Josh.

是的，這是一個好問題，喬許。

The reason we focused on the prepared remarks on the consumer business is because that is where the vast majority of the weakness occurred.

我們之所以專注於消費者業務的準備好的評論，是因為這是絕大多數弱點發生的地方。

On the enterprise side, just the business model from a revenue perspective, it's relatively predictable in the near term, certainly.

在企業方面，從收入角度來看，商業模式在短期內是相對可預測的，當然。

A lot of that revenue is from historic contracts on a year plus previous.

其中很大一部分收入來自一年多前的歷史合約。

The only thing that does affect it on the margin is the renewals.

唯一對其產生一定影響的是續訂。

The renewals were slightly weaker than last quarter, but not materially.

續約量比上季略有減弱，但幅度不大。

So the miss is primarily consumer.

所以錯過的主要是消費者。

And on the NRR, it is mostly persistence of things that we had talked about last time in terms of what's drag on the NRR.

至於 NRR，主要是我們上次討論過的對 NRR 造成拖累的事情的持續性。

Okay.

好的。

So that drop quarter-over-quarter you're saying it wasn't driven by losing large customers?

那麼您是說季度環比下降不是因為失去大客戶造成的嗎？

That's right.

這是正確的。

There were some nonrenewals from some of the onetime yet preferred from some of the onetime only less, yes.

是的，一些一次性的人有一些不續訂，但一些一次性的人更喜歡，只是更少。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

So first one, just on the consumer side.

第一個是在消費者方面。

So I think part of the implied acceleration in the previous guide was driven by the rollout of some of the recent content launches that you guys talked about in the prepared remarks.

因此，我認為上一篇指南中隱含的加速部分是由你們在準備好的評論中談到的一些最近內容發布的推出所推動的。

So just one, I guess are you seeing like since those have gone live, are you seeing the traction with those that you anticipated?

所以只有一個，我想自從這些項目上線以來，您是否看到了您預期的吸引力？

Is there any part of the softness maybe just not seeing like the conversion with those?

是否有任何柔軟的部分可能只是不像那些轉換那樣？

And if so, curious why that might be in if there's been any delays or anything else we should keep in mind?

如果是這樣，那麼如果有任何延誤或其他我們應該記住的事情，為什麼會發生這種情況？

Yes, Taylor, this is Jeff.

是的，泰勒，這是傑夫。

So we clearly have been cranking on the content engine.

所以我們顯然一直在啟動內容引擎。

We launched 10 entry-level professional seats.

我們推出了10個入門級專業席次。

Those are a lot of the big moneymakers in the consumer segment, and this is like Adobe, Amazon, Epic, IBM, Microsoft, nice big brands, 20 new and upgraded generative AI certificates.

這些都是消費領域的許多賺錢大戶，例如 Adob​​e、亞馬遜、Epic、IBM、微軟等不錯的大品牌，20 個新的和升級的生成人工智慧證書。

So we're definitely getting into the next phase of our generative AI, what we call the Gen AI Academy Strategy, where there are three pillars.

因此，我們肯定會進入生成人工智慧的下一階段，即我們所說的“Gen AI Academy Strategy”，該戰略有三個支柱。

We launched an AI Academy last November, and it was first Generative AI for Everyone.

去年 11 月，我們推出了人工智慧學院，這是第一個面向所有人的生成式人工智慧。

And these are kind of general purpose titles that are about what is AI?

這些都是關於什麼是人工智慧的通用標題？

How does it work?

它是如何運作的？

And how should you think about it responsibly.

以及你應該如何負責任地思考它。

And then there's Generative AI for Executives.

然後是高階主管的生成式人工智慧。

And then the third big pillar has been Generative AI for Teams.

第三大支柱是團隊的生成式人工智慧。

And this is basically the job-specific generative AI titles.

這基本上是特定於工作的生成人工智慧標題。

So we have recently started and our partners have started creating more of these job-specific generative AI titles.

因此，我們最近開始和我們的合作夥伴開始創建更多此類特定於工作的生成式人工智慧遊戲。

We have had a few of them launched a couple of handfuls.

我們已經讓他們中的一些人推出了一些。

And we are anticipating that when it comes to productivity unlock, those are going to be the kinds of titles that will teach people the skills in their jobs to unlock productivity, do higher quality work, so we're excited about those.

我們預計，當談到生產力解鎖時，這些頭銜將教導人們在工作中解鎖生產力、完成更高品質工作的技能，所以我們對此感到興奮。

We're still at the early stages.

我們仍處於早期階段。

Now you asked have they performed according to our expectations.

現在你問他們的表現是否符合我們的預期。

It's still relatively early.

現在還比較早。

I shouldn't say pulled in.

我不應該說拉進去。

We have accelerated the rate of production we have not seen on the traffic side, the number of people coming into the new titles are coming to the site for the new titles to be as high as it was on some of the big new professional certificate launches say, from Google in last year or the year before, conversion rates have been pretty steady.

我們加快了流量方面前所未見的生產速度，進入新標題網站的人數與一些大型新專業證書發佈時一樣高比如說，從去年或前年的谷歌來看，轉換率一直相當穩定。

So we're feeling pretty good about conversion.

所以我們對轉化感覺非常好。

But as we have talked about, and it was kind of related to, I think it was Josh's question or maybe it was Rishi's, a lot of the guide is about consumer retention across the board, not just with new titles, we are seeing consumers retain at slightly lower rates than we have before.

但正如我們所討論的，這有點相關，我認為這是喬希的問題，或者可能是里希的問題，很多指南都是關於全面保留消費者的，而不僅僅是新遊戲，我們看到消費者保留率略低於我們先前的水準。

And that includes existing professional certificates, which historically had higher retention rates, including some of the new certificates.

這包括現有的專業證書，這些證書歷來擁有較高的保留率，包括一些新證書。

So I don't think it's anything about the current new titles that came out.

所以我認為這與目前發布的新遊戲無關。

It makes us think there's more of a macro kind of factor.

這讓我們認為還有更多宏觀因素。

But another thing that we are expecting is that the third pillar of Generative AI Academy, these titles that have to do with role-specific productivity unlocks associated with learning generative AI skills that that's going to be increasing in demand as more companies say to their employees and need to learn these skills because I'm counting on these kinds of productivity gains.

但我們期待的另一件事是，生成式人工智慧學院的第三個支柱，這些與特定角色生產力有關的頭銜與學習生成式人工智慧技能相關，隨著越來越多的公司向員工表示，這種技能的需求將會增加並且需要學習這些技能，因為我指望這些生產力的提升。

So the answer is content engine good, conversion has been good, but has it not been growing as many people.

所以答案是內容引擎很好，轉換率也很好，但它沒有像很多人一樣成長。

The retention has not been as high.

保留率並沒有那麼高。

So overall, when you add that together, we're not getting as much revenue from these new titles as we thought in the Q1, Q2 period when we were looking at these things as a pipeline of content that will be rolling out.

因此，總的來說，當你把這些加在一起時，我們從這些新遊戲中獲得的收入並沒有我們在第一季、第二季期間想像的那麼多，當時我們將這些東西視為即將推出的內容管道。

Awesome.

驚人的。

That's super helpful.

這非常有幫助。

And then last one would just be you talked about like some areas that given the $30 million on the cost savings that you're going to there's going to be areas that you're going to pull back on, those look like less growth and less leverage.

最後一個就是你談到的一些領域，考慮到你將節省 3000 萬美元的成本，你將在某些領域進行縮減，這些領域看起來增長更少，增長也更少。

So when we think about the puts and takes of that combined with focusing on other areas, like any potential headwinds to revenue that could occur from that shift in any of the segments that we should consider?

因此，當我們考慮與關注其他領域相結合的看跌期權時，例如我們應該考慮的任何細分市場的轉變可能對收入造成的任何潛在阻力？

Or anything as we're thinking about the different segments overall with this initiative?

或者我們正在考慮這項措施的不同部分？

Yes.

是的。

At a high level, I'll sort of give you the guiding principles.

在較高的層面上，我將為您提供指導原則。

Well, we're not going to show all the details.

好吧，我們不會展示所有細節。

And then Ken, maybe you can provide a little bit more granularity.

然後 Ken，也許你可以提供更多的粒度。

But we basically looked at is this analysis of basically growth and leverage.

但我們主要關注的是對成長和槓桿率的分析。

So where are we growing the fastest per dollar that we're spending on it.

那麼，我們在哪些方面的支出成長最快呢？

We started mostly with sales and marketing leverage, and then we looked a little bit to R&D because we do have some dedicated R&D towards certain types of markets and segments, certain regions and segments.

我們主要從銷售和行銷槓桿開始，然後我們開始關注研發，因為我們確實針對某些類型的市場和細分市場、某些地區和細分市場進行了一些專門的研發。

And so we feel pretty good that these cost reductions are not going to have a huge impact on our growth rate.

因此，我們感覺很好，這些成本削減不會對我們的成長率產生巨大影響。

We are still continuing to invest in the content engine to source and in the product innovations like we said with Coach and Course Builder.

我們仍在繼續投資內容引擎和產品創新，就像我們在 Coach 和 Course Builder 中所說的那樣。

So we really tried to find ways where we can pull back on spend in a way that has the least impact on growth.

因此，我們確實試圖找到一種方法，以對成長影響最小的方式減少支出。

To some degree, I think when I look at the amount of value that we're shipping in terms of content and products, we're ahead of where a lot of our customers are right now.

在某種程度上，我認為，當我看到我們在內容和產品方面所提供的價值時，我們已經領先於許多客戶目前的水平。

I think a lot of the titles, they're not yet ready for them.

我認為很多標題還沒準備好。

I think a lot of the product features are new to them, and they will find that these are really valuable.

我認為很多產品功能對他們來說都是新的，他們會發現這些確實很有價值。

So we are not really planning to slow down our shipment of value.

因此，我們並不真正打算放慢我們的價值運輸。

We are trying to pull back in certain market segments, mostly on our sales and marketing, where we're just not seeing the market traction.

我們正試圖收縮某些細分市場，主要是在我們的銷售和行銷方面，我們在這些領域看不到市場的吸引力。

We don't want to put the sales and marketing dollars against those things.

我們不想把銷售和行銷資金花在這些事情上。

Ken, anything you'd add to that?

肯，你還有什麼要補充的嗎？

Yes.

是的。

I'd say broadly, just to acknowledge anytime there's a change like this, it creates risk on the revenue line items and just described well how we thought about approach it.

我想說的是，只要承認任何時候發生這樣的變化，它都會為收入項目帶來風險，並且很好地描述了我們如何考慮處理它。

I guess the one thing I'd say is where we started, the process was we started by looking at the growth areas and what we are going to support.

我想我要說的一件事是我們從哪裡開始，這個過程是我們從專注於成長領域和我們將支持的內容開始的。

So again, with the emphasis where we're going to grow in 2025 and beyond, and from there, we paired around that in areas that weren't required to get us there.

因此，再次強調我們將在 2025 年及以後實現成長，從那時起，我們在不需要實現這一目標的領域中圍繞這一點進行配對。

Yes.

是的。

One final thing I'll just mention.

我只想提一下最後一件事。

Any time some new technology comes out, are there some major change that happens in the world, organizations respond at different rates.

每當出現新技術、世界發生重大變化時，組織都會以不同的速度做出反應。

We use the word pacing a lot around here.

我們在這裡經常使用“節奏”這個詞。

We talk about pacing our investments with our growth rate.

我們討論根據成長率調整投資節奏。

There's another kind of pacing, which is pacing our investments with the readiness of the market to adopt new innovations.

還有另一種節奏，就是根據市場是否準備好採用新的創新來調整我們的投資節奏。

I think we're at the leading edge of this, but we don't want to go faster than the market is ready.

我認為我們處於這方面的領先地位，但我們不想走得比市場準備得更快。

Either, I think that the level of value that we're shipping is far in excess of the amount of incremental revenue we're getting for it.

要么，我認為我們交付的價值水平遠遠超過我們從中獲得的增量收入。

So we just don't want to put too much out there before the market is ready to absorb it.

因此，在市場準備好吸收之前，我們不想投入太多資金。

And so we're also really thinking about where on the product side, are we seeing the most immediate adoption need of value and the ability to monetize those features that we're delivering.

因此，我們也在真正考慮在產品方面，我們是否看到了最直接的採用價值需求以及將我們提供的這些功能貨幣化的能力。

So we're pacing also to market adoption, not just internally to growth rates and leverage.

因此，我們也在加快市場採用速度，而不僅僅是在內部加快成長率和槓桿率。

Jeffrey Silber, BMO Capital Markets.

Jeffrey Silber，BMO 資本市場。

Okay.

好的。

So I know it's late, so I'll just ask one.

所以我知道已經太晚了，所以我就問一個。

You had a pretty sizable adjusted EBITDA beat in the third quarter.

第三季調整後的 EBITDA 大幅成長。

And I guess the implied guidance for the fourth quarter it looks like you might be coming in a little bit below that.

我猜第四季度的隱含指導看起來可能會略低於該水平。

Were there any timing of expenses potentially that benefited the third quarter that you might shift into the fourth quarter?

是否有任何可能使第三季受益的支出時機可能會轉移到第四季？

No, Jeff.

不，傑夫。

It's Ken.

是肯.

There was nothing specifically.

沒有什麼特別的。

What we do is we offset you're newer with us, so I'll repeat what we repeat ad nauseam.

我們所做的就是抵消你對我們的新認識，所以我會重複我們重複的內容。

What we do is we pick a target EBITDA margin for the year, and then we try to grow as much as we can within that.

我們所做的是選擇今年的目標 EBITDA 利潤率，然後我們嘗試在此範圍內盡可能多地成長。

And so we're trying to invest for growth wherever we can.

因此，我們正在盡我們所能地進行投資以促進成長。

In Q4, we'll see some higher expenses because we couldn't spend enough.

在第四季度，我們會看到一些更高的支出，因為我們支出不夠。

We do not try to be on an EBITDA.

我們並不試圖獲得 EBITDA。

We try to come in where we commit.

我們努力做到我們承諾的地方。

And so we haven't been able to spend enough last couple of quarters, which is why we had to, which is a funny way to say it, had to increase our guidance for EBITDA.

因此，我們在過去幾季的支出還不夠，這就是為什麼我們不得不（以有趣的方式來說）必須增加我們對 EBITDA 的指導。

We've had a little bit more opportunity to perhaps some spending areas that should contribute to longer-term growth, which we can taken in Q4.

我們在某些​​支出領域有更多的機會，這可能有助於長期成長，我們可以在第四季度抓住這些機會。

So we'll do that.

所以我們會這麼做。

There will be some incremental spend, but no, no delays that go quarter-to-quarter.

將會有一些增量支出，但不會，不會出現季度間的延遲。

And I'll just chime in.

我就插話一下。

When we talk about pacing, we think about sustainable growth and recurring expenses.

當我們談論節奏時，我們會考慮永續成長和經常性支出。

So we started pulling back on a lot of our recurring expenses, i.e., hiring back in Q2, right?

因此，我們開始削減大量經常性開支，即在第二季重新招募員工，對嗎？

And so we said, look, we want to make sure that we don't lock in a rate of spend that's going to be further than or in excess of what we're going to be growing on the top line.

所以我們說，看，我們希望確保我們不會鎖定支出率，使其不會進一步超過或超過我們的收入成長。

So when Ken talks about finding ways to manage the EBITDA margin for the year and thinking about Q4, we are looking for ways to deploy expense that are nonrecurring because we want to make sure we don't outpace our revenue growth in the rest of this year and next year, but can help really further growth for next year.

因此，當肯談到尋找管理今年 EBITDA 利潤率的方法並考慮第四季度時，我們正在尋找部署非經常性費用的方法，因為我們希望確保在剩下的時間裡我們不會超過收入成長。和明年，但可以真正幫助明年進一步成長。

And so we're not going to spend money unwisely.

所以我們不會不明智地花錢。

We are very careful about putting in recurring expenses by hiring people we would like to find ways that we can sort of use expenses in Q4 to buy growth or to further our growth in the next year.

我們非常謹慎地透過僱用人員來投入經常性費用，我們希望找到可以利用第四季度的費用來購買成長或在明年進一步成長的方法。

But when you look at this on balance, as we thoughtfully consider how to spend the money, it just turned out to be a bigger adjusted EBITDA margin because we don't want to lock in recurring expenses, and we feel like we're adequately deploying our expenses for next year's growth and Q4 growth as we go into it.

但當你權衡來看，當我們深思熟慮地考慮如何花錢時，結果只是調整後的 EBITDA 利潤率更大，因為我們不想鎖定經常性費用，而且我們覺得我們已經足夠了當我們進入時，我們會為明年的成長和第四季的成長部署我們的支出。

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.

感謝您加入我們。

Take care.

小心。

Ladies and gentlemen, that does conclude today's conference call.

女士們先生們，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。