Coursera Inc (COUR) 2024 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 2024 earnings call.

女士們，先生們，感謝大家的支持，歡迎參加 Coursera 2024 年第四季和全年收益電話會議。

At this time, all participants are in a listen-only mode and please be advised that this call is being recorded.

目前，所有參與者都處於只聽模式，請注意，本次通話正在錄音。

(Operator Instructions)

（操作員指令）

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

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，你可以開始啦。

Hi, everyone, and thank you for joining us for Coursera's Q4 and full-year 2024 earnings conference call.

大家好，感謝您參加 Coursera 2024 年第四季和全年財報電話會議。

Today, I'm pleased to be joined by Andrew Ng, Coursera's Chairman and Co-Founder; Jeff Maggioncalda, our current Chief Executive Officer; Greg Hart, our incoming Chief Executive Officer; and Kenn Hahn, our Chief Financial Officer.

今天，我很高興與 Coursera 董事長兼聯合創始人 Andrew Ng 一起參加這項活動；我們現任執行長 Jeff Maggioncalda；我們即將上任的執行長 Greg Hart；以及我們的財務長 Kenn Hahn。

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

在他們發表完準備好的發言後，我們將開始提問。

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

我們的收益新聞稿（包括財務表格）在開市前發布，可在投資者關係網站investor.coursera.com 上查閱，該電話會議將同時在網上直播，我們準備好的評論和補充幻燈片的版本也已發布。

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 our Investor Relations website.

在我們的投資者關係網站上的今天的收益新聞稿和補充介紹中可以找到非 GAAP 指標與最直接可比較的 GAAP 指標的對帳表。

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，本次電話會議中有關未來結果和事件的所有陳述均為基於當前預期和信念的前瞻性陳述。

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.

由於多種風險和不確定因素，包括我們的收益新聞稿、補充報告和美國證券交易委員會文件中所討論的風險和不確定因素，實際結果和事件可能與這些前瞻性陳述中表達或暗示的結果和事件存在重大差異。

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

現在，我想把發言權交給安德魯。

Hi, everyone.

大家好。

We appreciate you joining us today.

感謝您今天加入我們。

Before we discuss our results, I would like to take a moment to touch on yesterday's leadership announcement.

在我們討論結果之前，我想花點時間談談昨天的領導公告。

First, on behalf of the Board, I want to thank Jeff for his significant contributions to Coursera over the past seven years.

首先，我謹代表董事會感謝傑夫在過去七年為Coursera 做出的重大貢獻。

Under his leadership, we achieved important milestones including completing our IPO; growing our revenue from less than $100 million in 2017 to nearly $700 million by the end of 2024 while achieving profitability, rapidly expanding our platform, products, and offerings in collaboration with the growth best educators, including partnering with more than 200 new universities and industry leaders; growing our number of registered learners by over 100 million; and importantly, he has helped us accomplish all this while remaining a faithful steward of Coursera's number one goal to serve learners and to transform lives through learning.

在他的領導下，我們取得了重要的里程碑，包括完成 IPO；將我們的收入從2017 年的不到1 億美元增至2024 年底的近7 億美元，同時實現盈利，並與增長最快的教育機構合作，迅速擴展我們的平台、產品和服務，包括與200多所新大學和產業合作領導者；註冊學習者人數增加了1億多；重要的是，祂幫助我們實現了這一切，同時仍然忠實地實現了 Coursera 的首要目標，即服務學習者並透過學習改變生活。

His leadership and dedication hope to build our strong foundation, and I believe that Coursera and the industry are at an important inflection point as we look to our next chapter of growth.

他的領導力和奉獻精神有望為我們奠定堅實的基礎，我相信，當我們展望下一個成長篇章時，Coursera 和整個產業正處於一個重要的轉折點。

Advancements in technology such as AI are transforming industry after industry and education, too, will change.

人工智慧等技術的進步正在改變一個又一個產業，教育也將隨之改變。

Learners need to discover, develop and validate new skills that can start or advance their career.

學習者需要發現、發展和驗證可以開啟或推進其職業生涯的新技能。

Academic institutions need to modernize their curricula and teach learners the skills they need not for the past but for the future.

學術機構需要使其課程現代化，並向學習者傳授他們未來所需的技能，而不是過去所需的技能。

And enterprises need a more agile and adaptive solution to power upskilling initiatives for their most important asset, their people.

企業需要更靈活、更具適應性的解決方案來為其最重要的資產—員工提供技能提升計畫。

After all, human capital is the most valuable form of capital, and we all have to invest in building that.

畢竟，人力資本是最有價值的資本形式，我們都必須投資建立它。

Coursera's ecosystem, assets and global reach are unmatched, and I'm optimistic and excited about the role our platform will play in shaping the future of learning.

Coursera 的生態系統、資產和全球影響力是無與倫比的，我對我們的平台在塑造未來學習方面所發揮的作用感到樂觀和興奮。

Together with Jeff, the Board has been thoughtful, comprehensive and deliberate in selecting the right person to lead Coursera's next phase.

董事會與傑夫一起，經過深思熟慮、全面而慎重地選擇了合適的人選來領導 Coursera 的下一階段發展。

Greg Hart is an exceptional and proven leader.

格雷格·哈特是一位傑出且經驗豐富的領導者。

With over 25 years of experience leading technology-driven businesses, he has a long track record and that's highlighted by that rare combination of innovation and operational excellence, including successfully navigating two decades of transformational technology shifts while at Amazon and scaling multiple businesses, domestically and internationally, with rigorous execution and leading customer-focused product development, including an early AI-based consumer product, Alexa.

他擁有超過 25 年領導技術驅動型企業的經驗，業績斐然，並將創新與卓越運營相結合，包括在亞馬遜任職期間成功引領了 20 年的技術變革，並在國內外擴展了多項業務。在國際上，具有嚴格的執行力和領先的以客戶為中心的產品開發，包括早期基於人工智慧的消費產品Alexa。

His wealth of operational excellence, deep understanding of technology and of product and his passion for our mission make us excited for the upcoming years.

他豐富的卓越營運經驗、對技術和產品的深刻理解以及對我們使命的熱情令我們對未來幾年充滿期待。

The Board is grateful to Greg for agreeing to take the helm as CEO, and we're confident in his ability to lead Coursera as we look to accelerate our journey of growth and innovation.

董事會感謝 Greg 同意擔任首席執行官，我們相信他有能力帶領 Coursera 加速我們的發展和創新之旅。

I'm thrilled to now hand it over to Greg to share a few words.

我很高興現在把發言權交給格雷格，讓他講幾句話。

Thank you, Andrew, and good afternoon, everyone.

謝謝你，安德魯，大家下午好。

I'm honored to take on the role of CEO and excited to build upon everything that Jeff and the collective team have accomplished.

我很榮幸擔任執行長一職，並且很高興能夠在傑夫和團隊共同取得的成就的基礎上繼續前進。

Coursera is a transformative company with a powerful mission.

Coursera 是一家具有強大使命的變革型公司。

I have long admired the company's ability to bridge the gap between education access and economic opportunity, serving millions of learners and thousands of institutions with a platform model powered by partnerships with over 350 world-class universities and industry leaders.

我一直很欽佩該公司彌合教育機會和經濟機會之間差距的能力，透過與 350 多所世界一流大學和行業領袖合作的平台模式，為數百萬學習者和數千所機構提供服務。

The industry is at a critical moment accelerated by the rapid adoption of AI.

隨著人工智慧的快速應用，該行業正處於關鍵時刻。

As with other transformative technologies that I have navigated throughout my career, AI is poised to dramatically reshape industries and tasks across all sectors and regional economies.

與我職業生涯中接觸過的其他變革性技術一樣，人工智慧將徹底重塑各個產業和區域經濟的產業和任務。

And I believe this can create a future demand for learning that will be nearly limitless.

我相信這將創造未來幾乎無限的學習需求。

Individuals and institutions will need to be more agile, learning at an accelerated pace to ensure they have the relevant skills and talent to remain competitive in a global labor market.

個人和機構需要更加靈活，加快學習速度，以確保他們擁有相關技能和才能，在全球勞動市場中保持競爭力。

Meeting this demand will require a market leader in education and technology with the capacity to transform access, deliver new experiences, and enable the future of learning and work.

要滿足這項需求，就需要教育和科技市場的領導者有能力改變獲取資訊的方式、提供新的體驗、並推動未來學習和工作方式的發展。

I believe that Coursera has that capacity and is uniquely positioned to capture this opportunity.

我相信 Coursera 有能力並且擁有獨特的優勢來抓住這個機會。

Thanks to Jeff and the management team's work, Coursera is on solid footing operating from a position of financial strength with a distinct set of assets.

感謝 Jeff 和管理團隊的努力，Coursera 現在擁有穩固的基礎、雄厚的財務實力和獨特的資產。

In the coming days and weeks, I'm looking forward to spending my time immersing myself in the business, getting to know the team, engaging with our partners and customers, and gaining a deeper understanding of the company and how to accelerate our progress against the opportunities ahead.

在接下來的幾天和幾周里，我期待花時間沉浸在業務中，了解團隊，與我們的合作夥伴和客戶互動，更深入地了解公司，以及如何加快我們的進度。

I'm committed to driving a new phase of innovation and excited to work alongside such a talented team to shape the next chapter of Coursera's growth and leadership.

我致力於推動創新的新階段，並很高興能與這樣一支才華橫溢的團隊一起塑造 Coursera 發展和領導的下一章。

Thank you.

謝謝。

I'll now pass it to Jeff.

我現在將其傳給傑夫。

Thanks, Greg.

謝謝，格雷格。

I could not be more thrilled to see you take on this role.

我非常高興看到你擔任這個角色。

Serving as CEO for the past 7.5 years has been a privilege and a thrill.

過去 7.5 年擔任執行長對我來說是一種榮幸和興奮。

When Andrew and the Board gave me the opportunity to lead Coursera in 2017, my wife and I both felt that there was nothing more fundamental or more important that I could dedicate my time and talent to than providing education to the world.

2017 年，當安德魯和董事會給我機會領導 Coursera 時，我和我的妻子都覺得，沒有什麼比為世界提供教育更根本、更重要的了，我可以把我的時間和才華奉獻給它。

During that time, technology and globalization were changing industry after industry, and the job most at risk of automation were typically held by lower skilled workers.

在那個時候，科技和全球化正在改變一個又一個的產業，最容易受到自動化威脅的工作通常由低技能工人擔任。

Fast forward to today, and generative AI threatens the jobs of not only lower skilled workers, but of knowledge workers as well.

快轉到今天，生成性人工智慧不僅威脅著低技能工人的工作，也威脅著知識工人的工作。

The talk of Davos was AI and the phrase of the day was FOBO, fear of becoming obsolete, due to AI.

達沃斯論壇的主題是人工智慧，當天的流行語是“FOBO”，即擔心因人工智慧而變得過時。

Technology is dramatically shaping how we live, learn and work and requires every one of us, whether you're a CEO, a data scientist or an Uber driver to learn and adapt in order to keep up in this changing world.

科技正在大幅改變我們的生活、學習和工作方式，要求我們每個人，無論您是執行長、資料科學家還是 Uber 司機，都需要學習和適應，以跟上這個不斷變化的世界的步伐。

Earlier this month, the World Economic Forum published its Future of Jobs Report 2025.

本月初，世界經濟論壇發布了《2025年未來就業報告》。

I encourage you all to read it.

我鼓勵大家讀一讀。

The findings, based on responses from over 1,000 companies, reinforce both the magnitude of change expected in our global labor markets and the opportunity ahead for Coursera and the industry.

這項調查結果是基於 1,000 多家公司的回饋，它不僅證實了全球勞動力市場預計將發生的巨大變化，也證實了 Coursera 和整個行業未來的機會。

The report found that workers, on average, can expect that nearly 40% of theirs existing skill sets will be transformed or become outdated over the next five years.

報告發現，工人平均可以預期未來五年內其現有技能中有近 40% 將發生轉變或變得過時。

And these skill gaps are considered to be the biggest barriers to business transformation.

而這些技能差距被認為是企業轉型的最大障礙。

In response, 85% of employers plan to prioritize upskilling their workforce.

作為回應，85%的雇主計劃優先提升員工的技能。

Unsurprisingly, AI and big data topped the list of the fastest-growing skills, but complementing these are human skills like creative thinking, resilience and agility, all things required to adapt to change that are expected to rise in importance by 2030.

毫不奇怪，人工智慧和大數據位居成長最快的技能榜首，但與這些技能相輔相成的是創造性思維、適應力和敏捷性等人類技能，這​​些都是適應變化所必需的，預計到2030 年它們的重要性將會增加。

This moment calls for a new model of higher education and lifelong learning.

此時此刻，我們需要一種新的高等教育和終身學習模式。

Coursera's ecosystem of learners, educators and institutions is positioned at the intersection of these trends.

Coursera 的學習者、教育者和機構生態系統正處於這些趨勢的交匯處。

And over the course of 2024, our team made substantial progress in scaling and deepening the three advantages that distinguish our platform.

在 2024 年期間，我們的團隊在擴展和深化我們平台的三大優勢方面取得了實質進展。

I'd like to take a moment to highlight the progress that we've made to drive future growth.

我想花點時間強調我們為推動未來成長所取得的進展。

First, our leading educator partners, who created a broad catalog of trusted content and credentials.

首先，我們領先的教育工作者合作夥伴，他們創建了廣泛的可信賴內容和憑證目錄。

In 2024, we welcomed more than 25 new educator partners ending the year with over 350.

2024 年，我們迎來了超過 25 位新的教育夥伴，到年底將超過 350 位。

This included many of the world's most respected industry leaders, including Adobe, Johns Hopkins Medicine, Samsung, Xbox, and more as well as prominent universities like Saïd Business School in the University of Oxford and IIIT Hyderabad.

其中包括許多全球最受尊敬的行業領袖，如 Adob​​e、約翰霍普金斯醫學院、三星、Xbox 等，以及牛津大學賽德商學院和印度理工學院海得拉巴分校等知名大學。

We also deepened our relationship with existing partners.

我們也加深了與現有合作夥伴的關係。

I'm pleased to share that we've extended a multiyear relationship with our largest industry partner, sending the foundation to jointly serve our learners and customers in years to come.

我很高興地告訴大家，我們已經與最大的產業夥伴延長了多年的合作關係，並希望基金會在未來幾年共同為我們的學習者和客戶提供服務。

In addition to growing our educator partnerships, we've also been able to accelerate our content engine, deploying new technology tools and production arrangements with our partners.

除了發展與教育者之間的合作夥伴關係之外，我們還能夠加速​​我們的內容引擎，與合作夥伴部署新的技術工具和生產安排。

We launched nearly 40 new entry-level professional certificates.

我們推出了近40張新的入門專業證照。

Many of our certificates in this catalog have received credit recommendations from ACE, ECTS, and NSQF so that industry micro-credentials can create pathways to both well-paying jobs as well as college degrees.

本目錄中的許多證書都已獲得 ACE、ECTS 和 NSQF 的學分推薦，因此行業微證書可以為高薪工作和大學學位鋪平道路。

We also rapidly expanded our catalog of generative AI courses and credentials.

我們也迅速擴展了生成式人工智慧課程和證書的目錄。

Our partners, many of which are the world's leading AI companies, added over 450 GenAI courses this year as they look to meet the growing demand for these skills.

我們的合作夥伴其中許多是世界領先的人工智慧公司，他們今年增加了 450 多門 GenAI 課程，以滿足對這些技能日益增長的需求。

In 2024, we saw six enrollments per minute in GenAI content, up from one per minute in 2023.

到 2024 年，我們將看到 GenAI 內容每分鐘註冊 6 次，而 2023 年每分鐘註冊 1 次。

For the first time, a generative AI course, Google's AI essentials, was the most popular course of the year, with over 900,000 enrollments.

生成式人工智慧課程「Google人工智慧基礎」首次成為年度最受歡迎的課程，註冊人數超過 90 萬。

Our second advantage is Coursera's global reach to individuals and institutions.

我們的第二個優勢是Coursera 面向個人和機構的全球影響力。

In 2024, we welcomed 26 million new learners from across the world, most since 2020, growing our learner base to 168 million by the end of the year.

2024 年，我們將迎來來自世界各地的 2,600 萬名新學習者，其中大部分是 2020 年以後新增的，到年底我們的學習者群體將成長到 1.68 億。

We added nearly 250 new Paid Enterprise Customers, ending the year with more than 1,600 businesses, campuses and governments using our platform.

我們增加了近 250 家新的付費企業客戶，截至年底，使用我們平台的企業、校園和政府超過 1,600 家。

To deliver more value for these learners and customers, we continue to invest in our platform's third advantage: product innovation.

為了給這些學習者和客戶更多價值，我們繼續投資於我們平台的第三個優勢：產品創新。

Our innovation efforts have been focused in areas where we can uniquely leverage AI to redefine the experience for our learners, educators and customers.

我們的創新努力一直集中在能夠獨特地利用人工智慧來重新定義學習者、教育工作者和客戶的體驗的領域。

The first example is Coursera Coach, which started as a learning assistant, but has rapidly grown to become a core presence across our platform, with expanding capabilities in career guidance and discovery, instructional design support and interactive learning.

第一個例子是Coursera Coach，它最初是一個學習助手，但已迅速成長為整個平台的核心部分，並在職業指導和發現、教學設計支援和互動學習方面不斷擴展功能。

This year, more than 1.7 million learners exchanged over 21 million messages with Coach.

今年，超過 170 萬名學習者與 Coach 交換了超過 2,100 萬則資訊。

In Q4, we launched Coach Dialogues, providing personalized interactive learning where Coach acts as an extension of the instructor.

在第四季度，我們推出了「教練對話」功能，提供個人化的互動學習，其中教練充當講師的延伸。

This is the future of learning and partners including Google, Stanford, Amazon, Johns Hopkins, Vanderbilt, and Microsoft have already added Coach Dialogues to their courses.

這是學習的未來，Google、史丹佛、亞馬遜、約翰霍普金斯大學、范德比爾特大學和微軟等合作夥伴已經將教練對話添加到他們的課程中。

Second is our AI translation initiative, allowing us to better serve the growing volume of learners coming from outside the US.

第二是我們的人工智慧翻譯計劃，使我們能夠更好地服務越來越多來自美國以外的學習者。

To date, our learners have driven more than 2.4 million enrollments in AI-translated content and we recently added support for Dari, Hungarian, and Pashto, ending the year with up to 24 languages available in nearly 5,000 courses.

到目前為止，我們的學習者已經吸引了超過240 萬名AI 翻譯內容的註冊人數，並且我們最近增加了對達裡語、匈牙利語和普什圖語的支持，到今年年底，我們提供的課程多達24 種語言，涵蓋近5,000 門課程。

In Q4, we started experimenting with AI audio and video dubbing, so that learners can both see and hear the top instructors in the world, speaking in their own language.

在第四季度，我們開始嘗試AI音訊和視訊配音，以便學習者可以看到和聽到世界上頂尖的講師用自己的語言講話。

Finally, we continue to make progress on Course Builder, our generative AI-powered authoring tool.

最後，我們繼續在生成式 AI 驅動的創作工具 Course Builder 上取得進展。

In 2024, our Enterprise customers, particularly campuses and businesses started using Course Builder to create custom, private courses as they tailor our learning content to their specific organizational needs.

2024 年，我們的企業客戶，尤其是校園和企業開始使用 Course Builder 創建客製化的私人課程，因為他們可以根據特定的組織需求客製化我們的學習內容。

In total, our advancements in 2024 provide only a glimpse of how Coursera will transform the teaching and learning experience.

總的來說，我們在 2024 年取得的進步僅僅讓我們看到了 Coursera 將如何改變教學和學習體驗。

And I believe that Greg's deep innovation and technology expertise will serve to further accelerate our team's capabilities and these initiatives.

我相信格雷格深厚的創新和技術專長將進一步加速我們團隊的能力和這些舉措。

In closing, I want to thank Andrew, the Board and our exceptionally talented team.

最後，我要感謝安德魯、董事會和我們才華洋溢的團隊。

At Coursera, our mission is to provide universal access to world-class learning so that anyone, anywhere has the power to transform their life through learning.

在 Coursera，我們的使命是為所有人提供世界一流的學習機會，以便任何地方的任何人都有能力透過學習改變他們的生活。

For me, it's been an inspiration at the end of every day to know that we're not only building a great company, but we're also serving the world to one of the most effective forces for empowering individuals and institutions rise to their full potential.

對我來說，每天結束時，我都深受鼓舞，因為我知道，我們不僅正在打造一家偉大的公司，而且我們正在為世界提供最有效的力量，幫助個人和機構充分發揮他們的潛力。的。

I'm deeply proud of what we've accomplished in the past seven years, grateful to be a part of this incredible journey and looking forward to watching Coursera change, grow and redefine what is possible in the years to come with Greg at the helm.

我對我們在過去七年所取得的成就深感自豪，很高興能參與到這一不可思議的旅程中，並期待在未來幾年裡，在Greg 的領導下，Coursera 能夠改變、成長，並重新定義一切可能。

Now I'd like to hand it over to Ken to walk us through the financial results.

現在我想讓肯向我們介紹財務結果。

Ken, please go ahead.

肯，請繼續。

Thank you, Jeff, and good afternoon, everyone.

謝謝傑夫，大家下午好。

Over the course of 2024, while growth fell short of our goals, we nonetheless continue to demonstrate strong financial and operating leverage in our model.

在 2024 年期間，雖然成長未能達到我們的目標，但我們仍繼續在我們的模型中展示強大的財務和營運槓桿。

In particular, we delivered more than 750 basis points of annual adjusted EBITDA margin expansion and generate over $59 million of free cash flow.

具體來說，我們實現了年度調整後 EBITDA 利潤率超過 750 個基點的擴大，並產生了超過 5,900 萬美元的自由現金流。

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

請注意，在本次電話會議的剩餘時間裡，當我們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。

In the fourth quarter, we generated total revenue of $179 million, which was up 6% from a year ago on growth across all operating segments.

第四季度，我們的總營收為 1.79 億美元，比去年同期成長 6%，這得益於所有營運部門的成長。

Gross profit was $97.5 million, a 54% gross margin in line with our gross margin in the prior year period.

毛利為 9,750 萬美元，毛利率為 54%，與去年同期的毛利率一致。

Total operating expense was $93.1 million or 52% of revenue, an improvement of 1 percentage point from the prior year period.

總營運費用為 9,310 萬美元，佔營收的 52%，比去年同期改善了 1 個百分點。

Net income was $13.3 million or 7.4% of revenue, and adjusted EBITDA was $9.5 million or 5.3% of revenue.

淨收入為 1,330 萬美元，佔營收的 7.4%，調整後 EBITDA 為 950 萬美元，佔營收的 5.3%。

For the full year, we delivered total revenue of $695 million, up 9% from a year ago.

全年我們實現總營收 6.95 億美元，比去年同期成長 9%。

Gross profit was $379.6 million, a 55% gross margin, up from 53% in the prior year.

毛利為3.796億美元，毛利率為55%，高於去年的53%。

Total operating expense was $357.7 million or 52% of revenue, an improvement of 6 percentage points from the prior year on continued operating discipline across all functions.

總營運費用為 3.577 億美元，佔收入的 52%，由於所有職能部門繼續嚴格運營，比上年提高了 6 個百分點。

Net income was $55.6 million or 8% of revenue, and adjusted EBITDA was $41.5 million or 6% of revenue which was up from negative 1.6% in 2023 as we extended our long track record of consistently delivering improving scale and leverage each year.

淨收入為5,560 萬美元，佔收入的8%，調整後EBITDA 為4,150 萬美元，佔收入的6%，高於2023 年的負1.6%，因為我們延續了每年持續提高規模和槓桿率的長期記錄。

Moving to cash performance in the balance sheet.

轉向資產負債表中的現金表現。

In Q4, we generated free cash flow of $7.4 million.

第四季度，我們產生了 740 萬美元的自由現金流。

And as I highlighted before, delivered more than $59 million for the full year.

正如我之前強調的那樣，全年可營收超過 5,900 萬美元。

This included over $17 million in purchases of content assets, which at the beginning of 2024, we began treating like other categories of capital expenditures, effectively lowering our free cash flow computation.

其中包括超過 1700 萬美元的內容資產購買，從 2024 年初開始，我們開始將其視為其他類別的資本支出，從而有效降低了我們的自由現金流計算。

In the coming year, we've earmarked approximately $20 million to continue driving this content engine initiative, which importantly provides us with multiple long-term benefits, including pipeline visibility, platform exclusivity and more attractive revenue share economics over time.

在未來的一年裡，我們已經撥款約2000 萬美元來繼續推動這項內容引擎計劃，重要的是，這將為我們帶來多項長期利益，包括管道可見性、平台獨家性和更具吸引力的所得份額經濟學。

Our free cash flow performance bolstered our already healthy balance sheet.

我們的自由現金流表現增強了我們原本健康的資產負債表。

We ended the year with approximately $726 million of unrestricted cash, cash equivalents and marketable securities with no debt.

截至年底，我們擁有約 7.26 億美元的無限制現金、現金等價物和有價證券，且沒有任何債務。

This was approximately the same balance as the beginning of 2024 as the completion of our share repurchase program designed to target dilution was offset by strong operating cash generation.

這與 2024 年初的餘額大致相同，因為我們完成的旨在稀釋的股票回購計劃被強勁的營運現金產生所抵消。

As we've discussed in the past, our capital allocation framework emphasizes the strategic optionality provided by our strong financial position, which we believe is particularly valuable given the industry's current pace of change as well as our desire to grow and enhance our leadership position.

正如我們過去所討論過的，我們的資本配置框架強調了我們強大的財務狀況所提供的戰略可選性，我們認為，考慮到行業當前的變化速度以及我們發展和提升領導地位的願望，這一點尤為有價值。

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

現在我想討論我們各部門第四季的表現，首先是消費者部門。

Consumer revenue was $101.7 million, up 5% from the prior year on solid demand for our Coursera Plus subscription offering.

消費者營收為 1.017 億美元，比上年成長 5%，這得益於我們 Coursera Plus 訂閱產品的強勁需求。

Following our October discussion of consumer retention trends, we made some progress stabilizing the month-to-month softness with our Coursera Plus subscriptions with initiatives planned across content, product and marketing in the coming year as we seek a return to more significant growth.

繼 10 月關於消費者保留趨勢的討論之後，我們在穩定 Coursera Plus 訂閱的月度疲軟方面取得了一些進展，併計劃在未來一年在內容、產品和營銷方面採取舉措，以期恢復更顯著的增長。

Segment gross profit was $54.9 million or 54% of consumer revenue, up from 53% in the prior year period.

分部毛利為 5,490 萬美元，佔消費者收入的 54%，高於去年同期的 53%。

And we added more than 6 million new registered learners despite Q4 being our historically lightest quarter in terms of top-of-funnel seasonality.

儘管第四季度是我們歷史上受季節性影響最淡的季度，但我們仍增加了 600 多萬名新註冊學習者。

Consistent with the regional trends we discussed in the past several quarters, softer growth in North America translates into a higher proportion of learner traffic coming from international regions, which, on average, have lower lifetime values given the price point.

與我們在過去幾季討論的區域趨勢一致，北美地區成長放緩意味著來自國際地區的學習者流量比例更高，而考慮到價格點，這些地區的平均終身價值較低。

Moving to our Enterprise segment.

轉向我們的企業部門。

Enterprise revenue was $62.3 million, up 7% from a year ago and driven by the momentum in our business and campus verticals.

企業收入為 6,230 萬美元，比去年同期成長 7%，這得益於我們業務和校園垂直業務的發展勢頭。

Segment gross margin was $42.6 million and remained at 68% of enterprise revenue.

分部毛利率為4,260萬美元，仍佔企業收入的68%。

The total number of Paid Enterprise Customers increased to 1,612, up 18% from a year ago.

付費企業客戶總數增至1,612家，較去年同期成長18%。

And our net retention rate for Paid Enterprise Customers was 87%, reflecting the transitory budget dynamics we discussed in prior quarters.

我們的付費企業客戶的淨保留率為 87％，反映了我們在前幾個季度討論的暫時預算動態。

And finally, our Degrees segment.

最後是我們的學位部分。

Degrees revenue was $15.2 million, up 14% from a year ago on growth in new students and scaling of recent programs.

學位收入為 1520 萬美元，比去年同期增長 14%，這得益於新生數量的增長和近期課程的擴大。

The total number of Degrees students grew 22% from a year ago to 26,700, primarily due to some sizable new student cohorts from more recently added programs in India.

學位學生總數比一年前增加了 22%，達到 26,700 人，這主要歸功於印度最近新增課程的一些大量新生。

As a reminder, there's no content costs attributable to Degrees, so segment margin was 100% of revenue.

提醒一下，學位不涉及任何內容成本，因此分部利潤率為收入的 100％。

As we discussed in October, we expect the Degrees market and broader opportunities to serve universities will continue to evolve, and we want to be clear about our focus in the near term.

正如我們十月所討論的那樣，我們預計學位市場和為大學服務的更廣泛的機會將繼續發展，並且我們希望明確我們近期的重點。

In 2024, we were selective in our pursuit of partnerships and programs that align with our platform's strengths.

2024 年，我們會選擇性地尋找與我們平台優勢相符的合作夥伴和專案。

This approach, coupled with our recent expense initiatives to prioritize resources and investments, leads us to anticipate a revenue decline in our Degrees segment for Q1 and full year 2025.

這種方法，加上我們最近優先考慮資源和投資的費用計劃，使我們預計 2025 年第一季和全年學位部門的收入將下降。

We continue to believe this is an attractive long-term market that we can uniquely serve but our pace of investment will shift to more productive near-term opportunities, such as Coursera for Campus, that can position us for a more immediate return to growth company revenue trajectory.

我們仍然相信這是一個有吸引力的長期市場，我們可以提供獨特的服務，但我們的投資步伐將轉向更有成效的短期機會，例如Coursera for Campus，這可以讓我們更迅速地恢復增長。軌跡。

Finally, turning to our financial outlook.

最後，談談我們的財務前景。

As you know, our historical practice entering new year has been to provide some incremental color on the composition and pace of our business, particularly given the diverse global markets and broad ecosystem our platform serves.

如您所知，我們在進入新年時的歷史慣例是為我們的業務組成和步伐提供一些漸進的顏色，特別是考慮到我們的平台服務的多樣化全球市場和廣泛的生態系統。

Over the next several months, Greg will work closely with the rest of the management team to assess areas and opportunities for growth, in support of Coursera's long-term strategy and the creation of shareholder value.

在接下來的幾個月裡，格雷格將與管理團隊的其他成員密切合作，評估成長領域和機會，以支持 Coursera 的長期策略和創造股東價值。

Once he's had the opportunity to do so, our intention is to provide more detailed full year 2025 expectation in the coming months.

一旦他有機會這樣做，我們打算在未來幾個月內提供更詳細的 2025 年全年預期。

For the full year 2025, we expect to continue to generate positive overall top line growth.

到 2025 年全年，我們預計整體營業額將繼續實現正成長。

We anticipate top line growth in both our Consumer and Enterprise segments and as previously mentioned, we expect our Degrees segment revenue to decline in the year.

我們預計消費者和企業部門的營收都將實現成長，而正如前面提到的，我們預計學位部門的收入今年將會下降。

And we'll provide refined guidance on the magnitude of the overall growth and that of the segments in the coming months.

我們將在未來幾個月對整體成長幅度和各細分市場的成長幅度提供精細的指導。

For full year adjusted EBITDA, we remain committed to extending our strong track record of delivering annual EBITDA margin improvement.

對於全年調整後的 EBITDA，我們將繼續致力於延續我們良好的業績記錄，實現年度 EBITDA 利潤率的提升。

We have done so each year as a public company and even in the immediate years preceding our IPO.

作為一家上市公司，我們每年都是這樣做的，甚至在首次公開募股之前的幾年也是如此。

Our initial expectations are to once again expand annual EBITDA margin, though at a less aggressive pace in order to provide the company with the flexibility and capacity to invest in growth initiatives.

我們最初的預期是再次擴大年度 EBITDA 利潤率，但速度不會那麼快，以便為公司提供投資成長計畫的靈活性和能力。

At the end of the day, our long-term prospects and value will depend most heavily on us growing and succeeding in our large and attractive market.

歸根結底，我們的長期前景和價值在很大程度上取決於我們在龐大而有吸引力的市場中的發展和成功。

As we work to reignite the higher growth rates we enjoyed until just recently, we'll continue to operate in a disciplined financial fashion.

在我們努力重新點燃最近才享有的更高成長率的同時，我們將繼續以嚴謹的財務方式運作。

Over the past two years, we delivered over 1,300 basis points of EBITDA margin expansion, including more than 750 basis points in 2024.

在過去兩年中，我們的 EBITDA 利潤率擴大了 1,300 個基點，其中 2024 年擴大了 750 個基點以上。

We've made strong progress on our business model and ability to generate cash, particularly as the team demonstrated its ability to operate with financial discipline and delivered consistent productivity improvements in scaling our core capabilities.

我們的商業模式和現金創造能力取得了長足進步，特別是當團隊展示了其遵守財務紀律的能力並在擴展核心能力方面實現了持續的生產力提高時。

This scaling and a moderation of the aggressive pace of improvement is designed to provide us the room this year to further differentiate enhanced Coursera's leadership position.

這種擴大規模並減緩積極改善步伐的目的是為我們提供今年進一步差異化提升Coursera 領導地位的空間。

With regards to the quarterly guidance for Q1, we expect revenue to be in the range of $173 million to $177 million, representing growth of 2% to 5% year over year driven by our Enterprise and Consumer segment.

關於第一季的季度指引，我們預期營收在 1.73 億美元至 1.77 億美元之間，在企業和消費者部門的推動下，年增 2% 至 5%。

For adjusted EBITDA, we're expecting a range of $8 million to $12 million.

對於調整後的 EBITDA，我們預計範圍在 800 萬美元至 1200 萬美元之間。

We entered 2025 in a position of operational and financial strength with the flexibility and stability needed to effectively execute on our long-term strategy and bolster our return to higher growth.

邁入2025年，我們將擁有雄厚的營運和財務實力，具備有效執行長期策略和推動重返更高成長所需的靈活性和穩定性。

We are confident now is the right time to be joined by Greg, who has decades of experience successfully navigating technology trends, steering product development, and scaling new and international markets.

我們相信現在是 Greg 加入我們的最佳時機，他擁有數十年成功引領技術趨勢、指導產品開發以及擴展新市場和國際市場的經驗。

I'm excited to work alongside him and to deliver Coursera's next phase of innovation, growth, and industry leadership and in the process, create value for shareholders while transforming the global higher education market for the millions of learners, customers, and educators we serve.

我很高興能與他一起工作，實現Coursera 下一階段的創新、成長和行業領導地位，並在此過程中為股東創造價值，同時為我們服務的數百萬學習者、客戶和教育工作者改變全球高等教育市場。

With that, I'll open the call for questions.

現在，我將開始回答大家的提問。

(Operator Instructions) Stephen Sheldon, William Blair.

（操作員指示）史蒂芬·謝爾頓，威廉·布萊爾。

Hi, team.

大家好。

You have Pat McIlwee on for Stephen today.

今天，帕特·麥克爾威 (Pat McIlwee) 取代史蒂芬 (Stephen)。

Thank you, all, for being here and taking my questions.

謝謝大家來到這裡回答我的問題。

My first question, can you just talk more about the trends you're seeing in Enterprise and more specifically where you're seeing notable weakness or strength across campus B2B and government?

我的第一個問題，您能否詳細談談您在企業中看到的趨勢，尤其是您在校園 B2B 和政府領域看到的明顯弱點和優勢是什麼？

Yeah.

是的。

Hey, Pat.

嘿，帕特。

This is Jeff.

這是傑夫。

So Enterprise, we obviously look across the three verticals the business, government and campus.

因此，對於企業來說，我們顯然會專注於三個垂直領域：企業、政府和校園。

I'd say where we're seeing weakness has been in, not only expansion bookings, but also new bookings in Coursera for government workforce development types of programs.

我想說，我們看到的弱點不僅是擴展預訂，還有 Coursera 上針對政府勞動力發展類項目的新預訂。

I mean, to a large degree, in the years following COVID, a lot of money went into programs to upscale and generally support individual citizens.

我的意思是，在很大程度上，在新冠疫情之後的幾年裡，大量資金投入了升級和普遍支持個人公民的計畫。

Many of those budgets have turned out to be transitory.

許多預算最終只是暫時的。

That's where we're seeing some weakness.

這就是我們看到的弱點。

And that's been weighing on the NRRs when you look at the NRRs in Q4 and the trend of that we've been seeing.

當您查看第四季度的 NRR 以及我們所看到的趨勢時，這已經對 NRR 產生了壓力。

And we talked about that in previous quarters.

我們在前幾個季度討論過這個問題。

The other part of weakness that we're seeing notably is Coursera for Campus when it's not used for credit.

我們看到的另一個明顯的弱點是當Coursera for Campus不用於學分時。

So clearly, universities, colleges, vocational programs, they are really struggling to come up with curriculum that make the training that they do for students relevant to the workforce.

顯然，大學、學院和職業課程都在努力製定課程，使學生接受的培訓與勞動力相關。

And the fastest it's changed, the harder it is to keep pace.

變化越快，就越難跟上。

When universities and colleges and other educational institutions use Coursera, but avoid the process of integrating into the curriculum and avoid all the faculty approval process, what we find is that the students are less light to take the courses because they're not getting credit for it.

當大學和其他教育機構使用Coursera，但避免整合到課程中並避免所有教師的批准過程時，我們發現學生上課的難度會更大，因為他們沒有獲得學分它。

And they're also more of a cost center and a profit center for the educational institution because they're not receiving tuition for the courses being offered.

而且，他們更像是教育機構的成本中心和利潤中心，因為他們沒有收取所提供課程的學費。

When you offer Coursera for Campus for credit, the opposite is true.

當你提供 Coursera for Campus 以獲取學分時，情況正好相反。

Suddenly, students take it at higher rates.

突然間，參加課程的學生比例大幅提升。

The completion rates among students who are taking Coursera partner courses for credit are the highest across our entire platform.

在我們整個平台上，參加 Coursera 合作課程並獲得學分的學生的完成率是最高的。

And because it's for credit, the institution is receiving tuition, but the relative cost of delivering those credit hours is lower.

而且由於是為了獲得學分，學校會收取學費，但提供這些學分的相對成本較低。

So it's early days.

所以現在還為時過早。

We're seeing great progress in India and in certain regions where this embrace of online learning and integrating it into college degree programs has been faster.

我們看到印度和某些地區取得了巨大進步，這些地區對線上學習的接受程度以及將其融入大學學位課程的速度更快。

In Europe, we've seen it a little bit slower, but it clearly seems that this is the beginning.

在歐洲，我們看到這一進程稍微慢了一些，但顯然這只是一個開始。

We are seeing the beginning of educational institutions around the world, realizing they cannot keep up without partnering with someone like a Coursera to provide this content.

我們看到世界各地的教育機構開始意識到，如果不與 Coursera 這樣的平台合作提供內容，他們就無法跟上時代的腳步。

Okay.

好的。

Thank you, Jeff.

謝謝你，傑夫。

In briefly, as we look forward to '25 and discussing the overall enterprise growth, which we expect for 2025, in rank ordering since you asked the question before, C for C, we expect to deliver the most growth next year, followed by C for B and then C for G, of course, with the

簡而言之，當我們展望 2025 年並討論我們預計 2025 年的整體企業成長時，按照您之前提出的問題進行排序，C for C，我們預計明年將實現最大增長，其次是 C為B，然後為C 為G，當然，

--

--

Yeah.

是的。

And one thing, I mean you asked about the weak spots.

還有一件事，我的意思是說你問的是弱點。

One other bright spot that we saw has been building, but we certainly saw it in Q4 is Coursera for Business in North America is looking pretty strong. driven mostly by AI upskilling efforts.

我們看到的另一個亮點正在形成，但我們在第四季度確實看到，Coursera for Business 在北美的表現相當強勁。主要受到人工智慧技能提升的推動。

I mean it seems like businesses in North America are embracing -- seeing and embracing the need to upscale their employees the fastest.

我的意思是，北美的企業似乎正在接受——看到並接受以最快速度提升員工隊伍的必要性。

They're also the ones who seem to be differentiating and caring, discriminating between the generative AI content on Coursera versus other places.

他們似乎也是那些具有區分性和關懷精神的人，能夠區分 Coursera 和其他地方的生成式 AI 內容。

And frankly, the generative AI teaching and learning experiences they're built into the platform.

坦白說，生成式人工智慧教學和學習體驗已融入平台之中。

So we're seeing so that the demand is growing from businesses on generative AI and that the Coursera content and platform are pretty well differentiated against the competition for those kinds of buyers looking for this generative AI solution.

因此，我們看到企業對生成式人工智慧的需求正在成長，對於尋求這種生成式人工智慧解決方案的買家來說，Coursera 的內容和平台在競爭中具有相當明顯的差異化。

And we think that North America is leading the world in the adoption of this in the business sector.

我們認為，北美在商業領域採用這項技術方面處於世界領先地位。

Okay.

好的。

Thank you, both, for clarifying that and the additional color.

謝謝你們澄清這一點並提供額外的顏色。

One more question if I may.

如果可以的話我還有一個問題。

At your 2023 Investor Day, you had expected Degrees to be a core growth engine for this business and we're now looking at declining revenue in 2025.

在 2023 年投資者日上，您曾預期學位將成為該業務的核心成長引擎，但現在我們預計 2025 年的營收將會下降。

So understand there's some shift in strategic priorities there.

因此要了解那裡的戰略重點發生了一些轉變。

But can you just talk us through a bit what has changed in that business versus your prior expectations?

但是您能否稍微向我們講一下與您先前的預期相比，該業務發生了哪些變化？

Sure, sure.

當然，當然。

I'd say a lot of it is five years ago, seven years ago, online degrees were pretty novel.

我想說的是，很多事情發生在五年前、七年前，那時的線上學位還很新穎。

And during COVID, when campus is closed, online degrees became largely a necessity in some form.

在疫情期間，當校園關閉時，線上學位在某種程度上成為一種必需品。

Clearly, the OPM market, the online program managers, the more traditional bundled outsourced online degree programs have struggled quite a bit.

顯然，OPM 市場、線上專案經理以及更傳統的捆綁外包線上學位課程都面臨著相當大的困境。

And what we saw and what we outlined on Investor Day was a new type of an online degree that really couples together, the open learning that you can do on the courses from our partners that can count as credit towards a college degree.

我們在投資者日上看到的和概述的是一種新型的線上學位，它真正結合在一起，你可以在我們合作夥伴的課程上進行開放式學習，這些學習可以算作大學學位的學分。

So the model that we see as being attractive and can emphasize this a bit is are those that are based on open content being used for credit with what we call a degree pathway where you can start learning an open content in Coursera, and you can have that credit count as guaranteed credit on admission to a degree program.

因此，我們認為有吸引力的模式，可以稍微強調一下，就是那些基於開放內容的模式，用於獲得學分，我們稱之為學位途徑，你可以在Coursera 上開始學習開放內容，你可以獲得該學分將作為進入學位課程的保證學分。

Now the degree programs, what we had been thinking before that there would be only the elite universities and they would be -- the degrees would be fully on Coursera.

現在，我們一直認為學位課程只會在精英大學開設，而這些學位將完全在 Coursera 上發布。

What we're seeing is a lot of Coursera campus customers.

我們看到很多 Coursera 校園客戶。

Once they put Coursera and make it available and they integrate it into their curriculum.

一旦他們推出 Coursera 並將其提供給用戶，他們就會將其整合到他們的課程中。

Suddenly, they're like, look, students are already taking open content in my college courses and they're getting creditory degrees, we would love to bridge that gap between what's happening on Coursera broadly and attracting students into our degree programs.

突然間，他們意識到，看，學生們已經在我的大學課程中學習開放內容，並且獲得了學分學位，我們很樂意彌合Coursera 上廣泛發生的事情與吸引學生參加我們的學位課程之間的差距。

So we see a tighter synergy between Coursera for Campus and degree recruitment, and that's where we're putting more of our focus.

因此，我們看到 Coursera for Campus 與學位招募之間的協同作用更加緊密，而這也是我們更加關注的領域。

Okay.

好的。

Thank you.

謝謝。

Appreciate that, Jeff.

非常感謝，傑夫。

Sure.

當然。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，加拿大皇家銀行資本市場。

Wonderful.

精彩的。

Thanks so much for taking my question.

非常感謝您回答我的問題。

Jeff, it's been a pleasure working with you since IPO.

傑夫，自 IPO 以來，我很榮幸與您合作。

Wish you all the best in the next chapter, and Greg looking forward to working with you.

祝您下一章一切順利，Greg 期待與您合作。

Maybe I wanted to start for you, Jeff.

也許我想為你開始，傑夫。

As we reflect over your seven-year tenure as CEO, you've been through some major, major sales, right, with the initial onset of the company as you took over as CEO.

回顧您擔任執行長的七年任期，從您接任執行長之初，公司就經歷了一些重大的出售。

COVID and the rise of virtual learning and now AI.

COVID、虛擬學習以及人工智慧的興起。

And from the outside perspective, it seems like virtual learning while still transformational has not been quite as widely adopted or transformational or at the very least, we've snapped back to more traditional ways of learning than we would have expected if we rewound the tape back to late -- or early 2021, late 2020.

從外部角度來看，虛擬學習雖然仍然具有變革性，但似乎還沒有被廣泛採用或變革，或者至少，我們已經回到了比我們預期的更傳統的學習方式。 ，2020年末。

And on the AI front, you've given some really encouraging stats in terms of course adoption and users and courses.

在人工智慧方面，您在課程採用、使用者和課程方面給出了一些非常令人鼓舞的統計數據。

But maybe the monetization or at least the disruption from AI that necessitates that hasn't been quite as profound as maybe we would have expected when ChatGPT first came out.

但也許貨幣化或至少是人工智慧帶來的顛覆還沒有像 ChatGPT 首次推出時我們所預期的那麼深刻。

Maybe can you walk us through your reflections over the past seven years and through the (technical difficulty) waves and just how to think about the time line of things going forward?

或許您可以向我們介紹過去七年來的反思，以及在科技難題浪潮中，您如何看待未來的時間線？

Yeah.

是的。

Hey, Rishi, thank you.

嘿，Rishi，謝謝你。

I'll make the narrative arc as short, but I'll jump into this question of generative AI and how that might play out, at least from my perspective.

我會盡量縮短故事情節，但我會深入探討生成式人工智慧這個問題以及它可能如何發揮作用，至少從我的角度來看是如此。

When I first got here back in 2017, a lot of what was driving Coursera's growth, and it really started literally with Andrew and Daphne and literally with the Stanford Machine Learning course that Andrew had done.

當我 2017 年第一次來到這裡時，Coursera 的許多發展動力都源自於安德魯 (Andrew) 和達芙妮 (Daphne)，以及安德魯教授的史丹佛機器學習課程。

It was heavily driven in the early days by data scientists wanting to know machine learning is not being taught in any educational institution.

在早期，資料科學家強烈要求了解機器學習是否在任何教育機構都有教授。

There were no incumbent credentials.

沒有任何現任官員的資歷。

And if you want to learn the skills and machine learning and prove that you knew them, you come to Coursera, like that was what you did.

如果你想學習技能和機器學習並證明你了解它們，你可以來Coursera，就像你所做的那樣。

That expanded rapidly when Google launched the first IT support certificate.

當 Google 推出第一個 IT 支援證書時，其業務迅速擴張。

Suddenly, whereas when Andrew launched deep learning in November of 2017, 90% of the learners that came to take deep learning had already taken the machine in class.

突然之間，當安德魯在 2017 年 11 月推出深度學習時，90％ 來參加深度學習的學習者已經在課堂上使用過該機器了。

It was like a sequel to -- and attracted a lot of the same kinds of people.

它就像是一部續集——吸引了許多同類人的注意。

These sort of, I call them like the data scientists, heat seekers, the ones who wanted to build the AI models.

我把這些人稱為資料科學家、熱點追尋者、想要建構人工智慧模型的人。

But when Google launched IT support, 90% of the people that came for those certificates had never been a Coursera learner before.

但是，當Google推出 IT 支援時，90% 前來尋求證書的人之前從未成為 Coursera 的學習者。

It attracted a totally different audience.

它吸引了完全不同的觀眾。

So part of in the early stages of what was driving our growth was a broadening of appeal largely because of the content from experts in AI to broader people looking for career advancement.

因此，在早期階段推動我們成長的因素之一是吸引力的擴大，這很大程度上得益於從人工智慧專家到尋求職業發展的更廣泛人群的內容。

And those professional certificates during that time period where some without a college degree could get trained in the scales and get a certificate credential from a recognized brand to do either a new career by switching or a new career at the student graduating and the entry-level professional certificates really fueled that next level of growth and a broadening of the platform.

在那個時期，一些沒有大學學位的人可以透過這些專業證書接受培訓，並獲得一個知名品牌的證書，透過轉換工作或以學生畢業和入門級的身份從事新的職業專業證書確實推動了下一階段的成長和平台的拓寬。

Now as it relates to COVID and generative AI, COVID, clearly, I mean, it closed almost every campus in every office in the world within the course of 30 to 60 days, things just went through the roof because the urgency of action and the clarity of action was super clear, like people had no other choice, and it happened immediately.

現在，就 COVID 和生成式人工智慧而言，很明顯，COVID 會在 30 到 60 天內關閉世界上幾乎所有辦公室的校園，事情因此急劇惡化，因為行動的緊迫性和行動的清晰度非常清晰，就像人們別無選擇，而且它立即發生了。

With gen AI -- we saw the subsequent growth because of that.

隨著人工智慧的發展，我們看到了其隨後的成長。

With gen AI, it's been a little different.

但隨著人工智慧的出現，情況有些不同。

I mean the recognition that something big is happening was fairly immediate.

我的意思是，我們很快就意識到有大事要發生了。

Understanding for companies or campuses, what to do about it, less unbeat, regulatory uncertainty certainly slowed some things down.

對於公司或校園來說，了解如何應對這個問題，監管的不確定性肯定會減緩一些事情的發展。

And there's also a question like, is this really valuable or is this a gimmick what do I do with this stuff?

還有一個問題，例如，這真的有價值嗎？

But I would say that the urgency to act was slower, the clarity of strategy and action was -- better.

但我想說，採取行動的緊迫性較慢，策略和行動的清晰度較高。

Now what we're starting to see now, and we're seeing it largely because the models keep getting better and there's more evidence that the value is there. we're seeing a lot more interest, not in understanding the general nature of generative AI, but productivity gains, productivity gains.

現在我們開始看到這一點，我們之所以看到這一點，很大程度上是因為模型不斷改進，並且有更多證據表明其價值存在。我們看到了越來越多的興趣，不是對理解生成人工智慧的一般性質，而是對生產力的提升。

To me, what will lever the urgency of action and the clarity of action will be when companies realize that for certain types of tasks, in certain types of jobs and certain types of functions that they could be done much faster and much -- with much higher quality and much lower cost and to do that, you're going to need to train certain people.

對我來說，當公司意識到某些類型的任務、某些類型的工作和某些類型的職能可以更快、更有效地完成時，行動的緊迫性和行動的清晰度就會提高。高的品質和更低的成本，要做到這一點，你需要培訓特定的人員。

I think productivity unlock will be something that improves the urgency and clarity and will provide a similar tailwinds to what we saw before.

我認為生產力解鎖將會提高緊迫性和清晰度，並將提供與我們之前看到的類似的順風。

But it has been a little bit slower to get that clarity and urgency and ability to see how much value there is that you can unlock through rescaling.

但獲得這種清晰度和緊迫性以及看到透過重新調整可以釋放多少價值的能力卻有點慢。

And Andrew, I'd love to get some of your thoughts on this, too.

安德魯，我也想聽聽你對此的一些想法。

I mean, from your vantage point, what you're seeing.

我的意思是，從你的角度來看，你所看到的。

As one of our leading learner providers on the platform.

作為我們平台上領先的學習者提供者之一。

Thanks, Jeff, and thank you, Rishi, for the question.

謝謝 Jeff，也謝謝 Rishi 提出這個問題。

So Rishi, I want to actually your comment that disruption from AI is not yet as profound as I think the hype had made it out to be.

所以 Rishi，我實際上想說的是，人工智慧帶來的顛覆還沒有像炒作所認為的那麼深刻。

I know a few years ago, a lot of hype saying AI will be smarter than people and it will change everything.

我知道幾年前有很多炒作說人工智慧將比人類更聰明，它將改變一切。

And maybe predictably, it takes some time for the amazing technology, which it is, to be mapped to concrete applications they then start to deliver value, not just in education, but actually just a double work economic forum last season development that shows a lot of hype.

也許可以預見的是，這項令人驚嘆的技術需要一些時間才能映射到具體的應用中，然後它們開始提供價值，不僅僅是在教育領域，實際上只是上個季度的雙工作經濟論壇的發展就顯示了很多炒作。

And finally, across multiple businesses, the actually valuable applications are being built.

最後，跨多個業務的真正有價值的應用程式正在建構。

So in terms of Coursera, I think it has a very strong base on top of which to innovate to capture or to invest or to partner or whatever, whatever comes.

因此就 Coursera 而言，我認為它擁有非常強大的基礎，可以在此基礎上進行創新、獲取資訊、進行投資、建立合作關係等等。

I do think that there is going to be a transformation of learning.

我確實認為學習將會發生轉變。

A lot of learners are already asking Coursera controls -- sometimes they ask ChatGPT or other large language models for information.

許多學習者已經在向 Coursera 控制項詢問——有時他們會向 ChatGPT 或其他大型語言模型詢問資訊。

I think there is a transformation that maybe is coming.

我認為轉變可能即將到來。

And as Jeff made earlier, Coursera Coach and Coursera Builder, which we announced, I think, over a year ago, getting reaction course dialogue, which was announced more recently, we're seeing, frankly, much earlier signs of hopeful traction there, but it does take some time for these things to gain adoption.

正如 Jeff 之前所說，Coursera Coach 和 Coursera Builder 我們在一年前就宣布了，最近宣布了反應課程對話，坦白說，我們早就看到了希望的跡象，但這些事情確實需要一些時間才能被接受。

And I tell you, every meeting, our CTO of Coursera fairly regularly, our product team is working very hard to innovate.

我告訴你，每次會議，我們的Coursera 技術長都會相當定期地討論，我們的產品團隊都在非常努力地進行創新。

You heard about some of the things already announced.

您已經聽說了一些已經宣布的事情。

The team is working very hard on the long list of additional things that I find exciting.

團隊正在努力完成一系列令我興奮的額外事項。

And in terms of Coursera's based on what you're building on, I think we're starting from a very strong position because I think many learners know us as a quality shop, some high-quality content.

就 Coursera 而言，基於你所建立的基礎，我認為我們從一個非常強大的地位開始，因為我認為很多學習者都知道我們是一個優質商店，擁有一些高品質的內容。

We have a very large user base.

我們擁有非常龐大的用戶群。

And our company culture from day one has always put learner first.

從第一天起，我們的公司文化就始終把學習者放在第一位。

So our team collectively up and down the organization very deep learning empathy and people really work on the morning and figure out how they serve the ones today.

因此，我們整個組織的團隊都非常深入地學習同理心，人們真的在早上工作並弄清楚他們今天如何為人們提供服務。

And I think that combination of team assets and culture, together with a healthy balance sheet, which also gives us more options, I think, plus an excellent position invent or spot where it comes next and then quickly use our platform to scale some of the learners.

我認為團隊資產和文化的結合，加上健康的資產負債表，也給了我們更多的選擇，我認為，加上一個極好的位置，發明或發現下一步，然後迅速利用我們的平台來擴大一些學習者。

So our team knows that there's work to be done and are busy not just rolling out some of the inventions you've already heard us talk about, but hopefully, new things to come as well.

因此，我們的團隊知道還有很多工作要做，並且不僅忙於推出一些您已經聽過我們談論的發明，而且希望還能推出新事物。

All right.

好的。

Thanks.

謝謝。

Really detailed answer and in the interest of time, I'll jump back in the queue.

答案非常詳細，為了節省時間，我將重新回到隊列中。

Thank you so much.

太感謝了。

Thanks, Rishi.

謝謝，Rishi。

Thank you.

謝謝。

Josh Baer, Morgan Stanley.

摩根士丹利的喬許貝爾 (Josh Baer)。

Great.

偉大的。

Thanks for the question and congrats and thanks, Jeff.

感謝您的提問，恭喜並感謝傑夫。

Congrats, Greg.

恭喜，格雷格。

I wanted to dig in on degrees and on the strategy there.

我想深入了解那裡的程度和策略。

And like part of this strategy is to focus investments on some other initiatives that are going to drive a faster return to more attractive growth trajectory ahead.

該策略的一部分是將投資集中在其他一些舉措上，以推動企業更快回歸更具吸引力的成長軌跡。

The last three quarters, Degrees has been the fastest-growing business.

過去三個季度，Degrees 一直是成長最快的業務。

So could you talk through that a little bit?

那您能稍微談談這個問題嗎？

Like it seems like taking away focus from what's actually been growing fast.

這似乎會分散我們對實際上快速增長的事物的注意力。

If you could talk about the growth rate of Coursera for Campus in 2024?

能談談 2024 年 Coursera for Campus 的成長率嗎？

And then I wanted to just understand like what that actually means for Degrees?

然後我想了解這對學位來說實際上意味著什麼？

Are you pulling away marketing dollars?

您是否在減少行銷資金？

Are you not launching any more degrees?

您不再推出任何學位了嗎？

Like how does that growth rate turn negative looking ahead?

那麼，展望未來，成長率怎麼會變成負值呢？

Sure, Josh, this is Ken.

當然，喬希，我是肯。

So on Degrees, one of the important items to consider is a revenue model.

因此，就 Degrees 而言，需要考慮的重要事項之一是收入模式。

So it's -- the degree has signed up for years past, we really don't live up to full productivity for the course of a couple of years as we fulfill a different cohort than it builds over time.

因此，過去幾年來，我們一直致力於實現完全生產力，但我們在短短幾年內並沒有達到完全生產力，因為我們所面對的群體與隨著時間的推移而形成的群體不同。

And so naturally, when you have a larger growth, it tails off when things are slowing, it takes a little while.

因此，自然而然地，當成長速度加快時，成長就會逐漸減緩，這需要一段時間。

So that rev rec is part of the under.

因此 rev rec 是 under 的一部分。

As with regard to the investments, our current investments, we continue investment degrees and as Jim mentioned, we do believe there is an excellent opportunity that we're uniquely enable to provide.

至於投資，我們目前的投資，我們將繼續進行投資，正如吉姆所提到的，我們確實相信我們有能力提供一個絕佳的機會。

But in the near term especially given the revenue model, in the near term, we are not as focused on that.

但在短期內，特別是考慮到收入模式，在短期內，我們不會那麼關注這一點。

We'll focus more on enterprise and consumer, where there's more near-term opportunity to return to growth.

我們將更加關注企業和消費者，因為這些領域在短期內有更多機會恢復成長。

But there will be other ways we believe to serve those degrees, customers, potentially the universities and C for C is one of them.

但我們相信還有其他方式可以為這些學位、客戶、潛在的大學提供服務，C for C 就是其中之一。

So I mentioned before, as we look to next year to 2025, in enterprise, we expect the largest growth in C for C and that's a reasonable part of it. we're pretty excited that we may or may not have enrollment services.

我之前提到過，展望明年到 2025 年，在企業領域，我們預計 C for C 將實現最大成長，這是合理的一部分。我們非常高興我們可能有或可能沒有招生服務。

We add on top of that.

我們在此基礎上進行了新增。

There's different ways to serve that same need.

有不同的方法可以滿足相同需求。

And it's taken, as you know, some experimentation and the growth hasn't come as much as we'd like.

如你所知，我們進行了一些實驗，但成長並沒有達到我們所希望的程度。

If you go back to the IPO and our thoughts on the degree business, we expected that to be larger now than it is.

如果回顧 IPO 以及我們對學位業務的看法，我們預計現在的規模會比現在更大。

That said, overall, we've had outsized growth in enterprise consumers.

儘管如此，總體而言，我們的企業消費者數量取得了超額成長。

So you can never predict too far ahead of time.

所以你永遠無法預測太遠的未來。

But we still do believe in that model once again.

但我們仍然相信該模型。

It's a matter of how that morphs and how we serve that customer and the near-term practicalities of driving growth again.

問題在於情況如何轉變、我們如何服務客戶以及近期再次推動成長的實際情況。

We need to restore growth so that people understand us as they always have as a growth company stock.

我們需要恢復成長，以便人們能夠像往常一樣了解我們是一家成長型公司的股票。

And one of the things also that is true, Josh, is that you just cannot look at higher education is a $2 trillion market and say, it's not going to have to change in some pretty fundamental way.

喬希，有一點也是事實，那就是你不能只是把高等教育看作一個 2 兆美元的市場，然後說它不需要從根本上進行改變。

Certainly, one of the ways to do that is by putting Coursera for Campus our partners' content in as 4-credit electives.

當然，其中一個方法就是將我們合作夥伴的 Coursera for Campus 內容作為 4 學分的選修課。

It is a great way to quickly modernize the curriculum.

這是快速實現課程現代化的好方法。

And it's obviously a stone throw when you're already offering credit for those courses in a real degree program to say, do you want to tell if you recruit some other students who aren't currently at your university to do this?

而且，當你已經在真正的學位課程中為這些課程提供學分時，如果你想要告訴別人你是否招募了一些目前不在你的大學的學生來做這件事，那顯然是小菜一碟。

So it's conceptually the same in terms of going after the big higher end market.

因此，從追求更大的高端市場的角度來看，其概念是相同的。

But we're trying to find a more differentiated and, I'd say, standardized and scalable model.

但我們正在嘗試尋找一種更具差異化、標準化和可擴展的模型。

I think in the past, it was -- if you're elite university and you want to put a degree online, just put it on Coursera.

我認為在過去是這樣的——如果你是精英大學的學生並且想要在網上獲得學位，那麼只需把它放在Coursera上即可。

It's much more now complementary with Corsair for campus and recruiting people into these 4-credit electives that we're going for.

現在，它與 Corsair 在校園中的互補性更強，可以招募人們參加我們正在進行的這些 4 學分選修課。

We think it's going to have better scale over time.

我們認為隨著時間的推移，它的規模將會越來越大。

Thank you.

謝謝。

One follow-up, like a lot of this conversation around Degrees and different priorities and focus is around growth.

一個後續問題是，就像許多圍繞學位、不同優先事項和重點的討論一樣，重點是成長。

I was hoping you could comment on the bottom line, like I know the way you frame it, is the segment margins and 100%.

我希望您能對底線進行評論，就像我知道您建造它的方式一樣，即細分利潤和 100%。

But is part of this, like now with the commitment to continue expanding EBITDA margins and the cost savings that you've recently talked about like is part of -- basically is the degrees business profitable?

但是，這其中的一部分，例如現在承諾繼續擴大 EBITDA 利潤率和您最近談到的成本節約，基本上是學位業務盈利的一部分嗎？

Like is that part of the decision to pull back?

這是撤退決定的一部分嗎？

Yeah, Josh.

是的，喬希。

And we don't -- it's not so much that we measure profitability by the different segments.

我們不會—我們不會透過不同的部分來衡量獲利能力。

It's more investment versus growth outlook for the more distant future is the way we think about it.

我們對此的看法是，這更多的是投資，而不是更遠未來的成長前景。

But it's always a matter of allocating resources in the near term.

但這始終是短期資源分配的問題。

So that's exactly right.

所以這是完全正確的。

We've pulled back some of the investment there.

我們已撤回了那裡的一些投資。

We're continuing to spend there.

我們會繼續在那裡花錢。

But when growth is slower, invest less is traditional business.

但當成長放緩時，減少投資是傳統業務。

And so that's what we're doing and deploying those resources to where we see more opportunity in the near term.

這就是我們正在做的事情，我們將這些資源部署到短期內有更多機會的地方。

And within the degree portfolio, there are some degrees that have the model like a standardized model that is integrated with the open content and the credit for open more like -- those are the kinds of programs that are more standardized, scalable, and offer a unique value proposition to the end learner.

在學位組合中，有些學位的模型類似於標準化模型，它與開放內容和開放信用相結合，這些課程更加標準化、可擴展，並提供為最終學習者提供獨特的價值主張。

It's not just an elite degree online, it's no, you can start an open content and get credit for an online degree.

這不僅僅是一個線上精英學位，您還可以開始開放內容並獲得線上學位學分。

And we're really focusing within Degrees even on certain programs that exhibit the right characteristics that we think could be more uniformly scaled over a larger base.

我們確實在學位範圍內關注某些表現出正確特徵的項目，我們認為這些項目可以在更大的基礎上更統一地擴展。

So it's finding that model and that rhythm that can scale which we haven't quite achieved, hence, the underperformance on the growth versus where we wanted it to be.

因此，我們要找到能夠擴展的模型和節奏，而我們尚未完全實現，因此，與我們所希望的成長水平相比，我們的成長表現不佳。

Got it.

知道了。

Thanks.

謝謝。

Ryan MacDonald, Needham.

瑞安麥克唐納，尼德姆。

Hi.

你好。

Thanks for taking my questions.

感謝您回答我的問題。

And, Jeff, best luck in the future endeavors.

傑夫，祝你未來一切順利。

I know it was a pleasure working with you.

我知道與您共事很愉快。

Maybe just to talk about the consumer segment.

也許只是談論消費者部分。

One of the things, obviously, that we learned in 2024 is that the cadence and timing of content launches and certification rollouts is obviously a driver of segment performance for the year.

顯然，我們在 2024 年學到的一件事是，內容發佈和認證推出的節奏和時間顯然是當年細分市場表現的驅動因素。

And so as we go into 2025, can you just talk about the level of visibility you have in terms of, one, the number of new certification launches expected for '25 and to what the timing of those expected rollouts are.

那麼，當我們進入 2025 年時，您能否談談您對以下方面的預見程度：一是預計 25 年將推出多少個新認證，以及這些認證預計推出的時間。

And as we think about with generative AI being a high priority, in demand, of the new certifications you're expecting to launch, what's the general mix of Gen AI-related certifications there?

我們認為，在您計劃推出的新認證中，生成式人工智慧具有很高的優先順序和需求，那麼，與生成式人工智慧相關的認證一般是哪些呢？

Thanks.

謝謝。

Yeah.

是的。

Maybe, Ryan, I'll start off, and then I'll hand it over to Ken.

也許，瑞安，我先開始，然後再把它交給肯。

When we think about 2024 and consumer growth and finishing relatively strong based on what we were expecting at the beginning of the quarter in Q4, clearly, it was a year where a few of the larger titles did not perform as well in a region that really matters, which is North America.

當我們考慮 2024 年和消費者成長，並根據我們在第四季度初的預期以相對強勁的成績收尾時，顯然，這一年一些較大的遊戲在該地區的表現並不好，而該地區最重要的就是北美。

And as we talked about, I think, in Q2, like the -- I think there are some macro factors going on.

正如我們在第二季度討論的那樣，我認為存在一些宏觀因素。

And there's a question about the relative demand for entry-level professional certificates in 2024 compared to 2021 or 2022.

還有一個問題是關於 2024 年與 2021 年或 2022 年相比對入門級專業證書的相對需求。

What we did see in 2024 and really, especially in Q4, is that a much broader and more diverse set of titles exhibited much stronger growth even though in 2023, there was more growth coming from a concentrated region and from a much more narrow set of our overall content base.

我們在2024 年，尤其是第四季度確實看到，更廣泛、更多樣化的遊戲類型表現出了更強勁的增長，儘管在2023 年，更多的增長來自於集中的地區和更狹窄的市場範圍。

So we did accelerate the content engine, Much of it was Coursera produced and partner branded.

因此，我們確實加速了內容引擎，其中大部分是 Coursera 製作並帶有合作夥伴品牌。

That content performed quite well.

該內容表現相當不錯。

And as we go into 2025, we think that, that broader, more diversified portfolio of content created by this more Gen AI-powered content engine will provide a more predictable, steady, reliable source of consumer segment growth that will also be more heavily indexed towards international markets.

隨著我們進入2025 年，我們認為，由這種更新一代人工智慧驅動的內容引擎創建的更廣泛、更多樣化的內容組合將提供更可預測、更穩定、更可靠的消費細分市場成長來源，並且也將更加指數化走向國際市場。

The translations, text translations.

翻譯，文字翻譯。

And we think the video and audio dubbing is going to only accelerate this, along with geography-specific promotion, geography-specific pricing, geography-specific currency and payments will really help us open up consumer growth in markets beyond North America, where we're seeing some of the headwinds.

我們認為視訊和音訊配音只會加速這一進程，再加上針對特定地區的促銷、針對特定地區的定價、針對特定地區的貨幣和支付，將真正幫助我們開拓北美以外市場的消費者成長，我們在那裡我們看到了一些阻力。

Ken, anything you'd want to add to that?

Ken，您還有什麼要補充嗎？

I guess it's a little bit of a mix of some of the things we were talking about in the more near term, which was the C Plus month to month.

我想這有點像是我們在近期談論的一些事情的混合體，也就是逐月的 C Plus。

We've started to see stability there. as well as a lot more progress on Coursera Plus subscriptions generally.

我們已經開始看到那裡的穩定性。以及 Coursera Plus 訂閱方面取得了更多進展。

I guess I tip that in, in the near term, we're seeing opportunity there.

我想，在短期內，我們會看到機會。

And I guess I wouldn't hesitate ever to highlight because it is so important to the business, highlighting the renewal of the agreement we had with our longest, largest industry partner which has been a big driver of growth and innovation for us over time so.

我想我會毫不猶豫地強調這一點，因為這對業務非常重要，強調我們與最長、最大的行業合作夥伴續簽協議，這對我們長期以來一直是成長和創新的重要驅動力，因此。

And maybe just to wrap this, I mean, the greatest growth that we've ever seen in consumer was due to COVID.

也許只是為了總結一下，我的意思是，我們所見過的消費者最大的成長是因為 COVID。

When there are job dislocations, whether there's a lot of jobs being created or a lot of jobs going away, helping people transition into new jobs is a huge driver of consumer segment growth.

當出現就業流失時，無論是大量就業機會被創造出來還是大量就業消失，幫助人們過渡到新的工作都是消費領域成長的巨大動力。

We do anticipate a wave of dislocation of various jobs for various reasons in different time horizons, requiring people to go retool, and want to stay relevant in the labor market.

我們確實預計，在不同的時間範圍內，由於各種原因，各種工作將出現一波失業浪潮，需要人們重新調整，並希望在勞動市場中保持相關性。

And so we are clearly trying to position ourselves for gen AI titles.

因此，我們顯然正試圖將自己定位為新一代人工智慧的冠軍。

And to your question, Ryan, a lot of the titles that we're going to be producing in 2025 on the heels of a pretty solid 2024.

對於你的問題，瑞安，我們將在 2024 年取得相當不錯的成績之後，於 2025 年製作很多影片。

Our job-specific title teach you how to do a job using new generative AI tools to be more proactive and earn a credential that is relevant to employers that says like, you are an AI capable person who's going to be a good return on investment for some employer who's going to hire you.

我們的職位特定課程教你如何使用新的生成式人工智慧工具來完成工作，從而更加積極主動，並獲得與雇主相關的證書，這些證書表明你是一個具有人工智慧能力的人，將為企業帶來豐厚的投資回報一些將要雇用你的雇主。

We see that world coming, and we're going to play to it in 2025.

我們預見了這個世界的到來，我們將在 2025 年為此努力。

Super helpful.

超有幫助。

Maybe just a quick follow-up to that.

也許只是對此的一個快速跟進。

Given the -- obviously, the impact in the markets that DeepSeek has had this week, have you seen impact in terms of demand or interest coming to the website and the platform specifically for DeepSeek related content?

鑑於 DeepSeek 本週對市場的影響，您是否看到對網站和平台（尤其是對 DeepSeek 相關內容）的需求或興趣的影響？

And could that be an unexpected tailwind for '25?

這會不會是 25 年意想不到的順風呢？

Thanks.

謝謝。

Yeah.

是的。

So far, I wouldn't say that we have any signals per se on DeepSeek.

到目前為止，我不會說我們在 DeepSeek 上有任何訊號。

But like a lot of people have said, as models become more capable and cheaper, they become more ubiquitous.

但就像許多人所說的那樣，隨著模型功能越來越強大、價格越來越便宜，它們也會變得越來越普遍。

As they become more ubiquitous, like people have to learn how to use them and they'll be expected to use them, they'll be more productive when they do use them.

隨著它們變得越來越普遍，人們必須學會如何使用它們，並期望他們會使用它們，當他們使用它們時會更有效率。

And so all of the innovation and enhancements to the underlying models to me says productivity gains will be higher.

所以對我來說，所有底層模型的創新和增強都意味著生產力將會提高。

It will be more broad spread and more widely used, and it will be more impactful what it is.

它的傳播範圍將會更加廣泛，應用範圍將會更加廣泛，其影響力也會更大。

And so people need to skill themselves up on it.

因此人們需要提升自己的這方面技能。

So I'd say that for me like anything that advances the return on investment of using a generative AI kind of model is probably going to necessitate a greater clarity and urgency to get people skilled on that.

因此，我想說，對我而言，任何提高使用生成式人工智慧模型的投資回報率的事情都可能需要更高的清晰度和緊迫性來讓人們熟練這方面的技能。

Andrew, anything you'd want to add to that?

安德魯，您還有什麼要補充嗎？

So this is Andrew.

這就是安德魯。

DeepSeek generated a lot of buzz as we all saw.

正如我們所見，DeepSeek 引起了很大的轟動。

And I feel like in the AI world, there's been a lot of excitement in hype about the AI model or the foundation model layer, which includes the models by the big mall trainers, sometimes in the hundreds of millions or maybe billions of dollars training them.

我覺得在人工智慧領域，人們對人工智慧模型或基礎模型層大肆炒作，其中包括大型訓練師的模型，有時訓練這些模型需要花費數億甚至數十億美元。

I think that looking in the future, a lot of the value will be created and captured by companies at the application layer, then take advantage of these wonderful models that someone else has spent so much -- monitoring and the recent access really inexpensively to build type of products like Coursera Coach or Coursera Builder or Coursera -- and so on.

我認為，展望未來，許多價值將由應用層的公司創造和捕獲，然後利用其他人花費大量資金構建的這些出色模型——監控和最近的訪問，成本非常低廉Coursera Coach、Coursera Builder 或Coursera 等產品類型——等等。

So our engineering team is, frankly, I think, very technically savvy and frequently looks at all the leading models out there and the fact that the models of DeepSeek can release in a very relatively open way, I think, under MIT license.

所以坦白說，我認為我們的工程團隊非常精通技術，並且經常關注所有領先的模型，而且我認為 DeepSeek 的模型可以在 MIT 許可下以非常相對開放的方式發布。

This actually increases the ability of Coursera's team and other teams working on applications to build valuable products.

這實際上提高了Coursera 團隊和其他致力於應用程式的團隊建立有價值產品的能力。

So I think long-term fact that the foundation model layer is becoming hypercompetitive.

所以我認為長期的事實是基礎模型層正變得競爭異常激烈。

I think it's actually good for companies like that.

我認為這對這樣的公司來說實際上是件好事。

And Andrew, we hear for our customers often -- our Coursera for Business customers, the fact that we have the ability of Coursera to use one model for Coach's Tutor, a different model for Coach Dialogues, a different model for Course Builder and even within Course Builder for different features of course builder, we use different fit-for-purpose -- settles, we are using a wide array of models cost effectively, each for the best purpose.

安德魯，我們經常聽到客戶——我們的Coursera for Business 客戶——說我們有能力讓Coursera 使用一種模型來作為教練的導師，另一種模型來作為教練對話，另一種模型來作為課程構建器，甚至在課程內部，課程建立器針對課程建立器的不同功能，我們使用不同的適合用途的解決方案，我們使用多種經濟有效的模型，每種模型都適用於最佳用途。

And every time they get better and cheaper, our business improves.

每當產品品質變得更好、價格變得更便宜時，我們的業務就會改善。

So I really think that we're pretty well set up and Andrew has clearly been a very helpful guide in architecting the strategy.

所以我真的認為我們已經準備得相當充分了，安德魯顯然在製定策略方面提供了非常有幫助的指導。

But I think we're pretty well set up to exploit that competition and innovation that's happening at the foundation layer.

但我認為我們已經做好了充分的準備來利用基礎層的競爭和創新。

So really excited about the coming AI technologies that companies like DeepSeek and others may bring, and I think we'll continue to benefit from those initiatives to build on top of our own unique education-focused innovations.

因此，我對 DeepSeek 等公司可能帶來的未來人工智慧技術感到非常興奮，我認為我們將繼續受益於這些舉措，以我們自己獨特的以教育為重點的創新為基礎。

Excellent.

出色的。

Appreciate all the color.

欣賞所有的色彩。

Great.

偉大的。

Thanks, Ryan.

謝謝，瑞安。

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 shortly on our Investor Relations website.

這個網路廣播的重播將很快在我們的投資者關係網站上提供。

We appreciate you joining us today.

感謝您今天加入我們。

Take care.

小心。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。