Coursera Inc (COUR) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Coursera's first-quarter 2025 earnings call. Our participants are in a listen-only mode and this call is being recorded. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎參加 Coursera 2025 年第一季財報電話會議。我們的參與者處於只聽模式，而此通話正在錄音。（操作員指示）

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

現在我想將電話轉給投資者關係主管 Cam Carey。凱裡先生，你可以開始了。

Hi, everyone. Thank you for joining us for Coursera's Q1 2025 earnings conference call. Today, I'm joined by Greg Hart, our President and Chief Executive Officer; and Ken Hahn, our Chief Financial Officer. Following their prepared remarks, we will open the call for questions.

大家好。感謝您參加 Coursera 2025 年第一季財報電話會議。今天，我們與總裁兼執行長 Greg Hart 一起出席了會議；以及我們的財務長 Ken Hahn。在他們發表完準備好的發言後，我們將開始提問。

Our earnings press release was issued after market close. It is available on our Investor Relations website at investor.coursera.com, where this call is being webcast live and where versions of today's supplemental materials, including our new quarterly shareholder letter, can be found.

我們的收益新聞稿是在收盤後發布的。您可以在我們投資者關係網站 investor.coursera.com 上找到該信息，該網站將對本次電話會議進行網絡直播，您還可以在該網站上找到今天的補充材料的各個版本，包括我們新的季度股東信。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP measures to the most directly comparable GAAP measure can be found in today's earnings press release and supplemental materials. Please note, all growth percentages discussed refer to year-over-year change unless otherwise specified.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。在今天的收益新聞稿和補充資料中可以找到非 GAAP 指標與最直接可比較的 GAAP 指標的對帳。請注意，除非另有說明，所有討論的成長百分比均指同比變化。

Additionally, statements made during this call relating to future results and events are forward-looking statements based on current expectations and beliefs. 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, shareholder letter and SEC filings.

此外，本次電話會議中有關未來結果和事件的陳述是基於當前預期和信念的前瞻性陳述。由於存在許多風險和不確定因素，包括我們的收益新聞稿、股東信函和美國證券交易委員會文件中討論的風險和不確定因素，實際結果和事件可能與這些前瞻性陳述中表達或暗示的結果和事件存在重大差異。

With that, I'll turn it over to Greg.

說完這些，我就把麥克風交給格雷格。

Thank you, Cam, and good afternoon, everyone. I want to begin by saying how exciting the past few months have been as I've settled into my role. Since joining Coursera in February, I have immersed myself in the business. As part of a listening and learning process, I've prioritized getting to know our team, engaging with our customers and partners and deeply understanding our operations in order to implement new executional rigor that can begin to accelerate our progress. Fortunately, I'm starting with a strong foundation.

謝謝你，Cam，大家下午好。首先我想說的是，過去幾個月我適應了自己的角色，這是多麼令人興奮。自從二月加入 Coursera 以來，我一直全心投入這項業務。作為傾聽和學習過程的一部分，我優先了解我們的團隊，與我們的客戶和合作夥伴互動，並深入了解我們的運營，以便實施新的執行嚴謹性，從而開始加速我們的進步。幸運的是，我的基礎已經很牢固了。

Today, I'm pleased to share that Coursera is off to a solid start in 2025. We delivered first quarter revenue of $179 million, up 6% from a year ago. We generated over $25 million of free cash flow, up 40% year-over-year. And our growth expectations for the full year have improved. We now expect to deliver $725 million of revenue, at the midpoint of our range, as we lay the groundwork for our next chapter of growth.

今天，我很高興地告訴大家，Coursera 在 2025 年將有一個好的開始。我們第一季的營收為 1.79 億美元，比去年同期成長 6%。我們產生了超過 2500 萬美元的自由現金流，年增 40%。我們對全年的成長預期有所改善。我們現在預計實現 7.25 億美元的收入，處於預期範圍的中間點，為我們下一章的成長奠定基礎。

In addition to our financial progress, we welcomed more than 7 million learners this quarter, marking a Q1 record, and underscoring the global demand for job-relevant skills and trusted credentials. I'm particularly excited about our innovation efforts, which are focused on building durable capabilities that can reimagine the learning experience and deliver more value for our customers.

除了財務上的進步之外，本季我們還迎來了超過 700 萬名學習者，創下了第一季的最高紀錄，凸顯了全球對工作相關技能和可信賴資質的需求。我對我們的創新努力感到特別興奮，我們的創新努力專注於建立持久的能力，可以重塑學習體驗並為我們的客戶提供更多價值。

Over the past two months, I've learned a great deal and want to provide some initial observations. First, it is clear that Coursera attracts a dedicated and talented workforce. The company has a strong culture rooted in innovation and motivated by our mission. Our team cares deeply about the millions of learners our platform serves and is focused on expanding the impact we create and the outcomes we can unlock by transforming access to education and career opportunities. I am thrilled to be working alongside them.

在過去的兩個月裡，我學到了很多東西，並想提供一些初步的觀察。首先，Coursera 顯然吸引了一群敬業且才華洋溢的員工。公司擁有根植於創新並以我們的使命為動力的強大文化。我們的團隊非常關心我們平台服務的數百萬學習者，並致力於透過改變教育和職業機會的獲取來擴大我們創造的影響力和我們可以釋放的成果。我很高興能與他們一起工作。

Second, the pace of change is accelerating around the world, expanding our market opportunities while creating new avenues for growth. In January, the World Economic Forum estimated that 59% of the world's workforce will require some form of upskilling or reskilling training by 2030.

第二，全球變革的步伐正在加快，擴大了我們的市場機會，同時也創造了新的成長途徑。今年 1 月，世界經濟論壇估計，到 2030 年，全球 59% 的勞動力將需要某種形式的技能提升或再培訓。

As the need to develop new skills progresses at an unprecedented rate, individuals require access to education that can help them advance their careers and remain competitive in a global labor market. Businesses across every sector need to develop a more agile workforce that can drive innovation and transform their operations, and higher education must adapt to mounting pressures.

隨著對新技能的需求以前所未有的速度增長，個人需要接受教育，以幫助他們提升職業發展並在全球勞動力市場中保持競爭力。各行業的企業都需要培養更敏捷的員工隊伍，以推動創新並轉變營運方式，高等教育必須適應日益增長的壓力。

Students desire a more compelling value proposition and employers demand graduates with job-relevant skills, and demographic and enrollment trends will require universities to expand their revenue streams. Meeting this moment will require a leader with scale, technology and ecosystem to reinvent how education is delivered. Coursera is positioned to do just that. We operate on solid footing with a strong, continuously improving set of foundational assets and the capacity to drive durable long-term growth.

學生渴望更具吸引力的價值主張，雇主要求畢業生具備與工作相關的技能，而人口和入學趨勢將要求大學擴大其收入來源。為了滿足這項需求，需要一位擁有規模、技術和生態系統的領導者來重塑教育方式。Coursera 的定位就是要做到這一點。我們擁有堅實的基礎，擁有強大且不斷改進的基礎資產和推動長期持久成長的能力。

Our team has made strong progress delivering new products, capabilities and experiences across our platform, but I believe we can move at a faster pace. Working with the leadership team, I have started to implement thoughtful changes to our operating model, focused on driving more innovation and engagement throughout our learner experience, more rapid product development cycles and a data-driven approach to continuous improvement in all aspects of our business.

我們的團隊在整個平台上提供新產品、新功能和新體驗方面取得了長足的進步，但我相信我們可以更快地前進。我與領導團隊合作，開始對我們的營運模式進行深思熟慮的變革，重點是推動整個學習者體驗中的更多創新和參與、加快產品開發週期以及採用數據驅動的方法持續改進我們業務的各個方面。

At the highest level, our mission is to serve learners by providing trusted education that unlocks career mobility. As part of this effort, we have simplified our business model and segment reporting, integrating the Consumer and Degrees segments as both support Consumer learners around the world.

從最高層面來說，我們的使命是透過提供值得信賴的教育來服務學習者，從而實現職業流動性。作為這項努力的一部分，我們簡化了我們的業務模式和分部報告，整合了消費者和學位分部，因為它們都支持世界各地的消費者學習者。

The Degrees market opportunity will continue to be an important part of our long-term strategy, but our new model is designed to accomplish three things: simplify our structure, reflect the learner journey at the center of our decision-making and focus the investments we are making in a unified end-to-end platform experience that spans all product categories. Whether it's a stand-alone course, a professional certificate or a college degree, our job is to deliver the right content at the right time to support each learner's personal goals.

學位市場機會將繼續成為我們長期策略的重要組成部分，但我們的新模式旨在實現三件事：簡化我們的結構，反映學習者旅程是我們決策的中心，並將我們的投資集中在涵蓋所有產品類別的統一端到端平台體驗。無論是獨立課程、專業證書或大學學位，我們的工作都是在正確的時間提供正確的內容，以支持每個學習者的個人目標。

By building an integrated learner journey, we ensure that our investments in platform capabilities, marketing and discovery and the next breakthrough learning experience provide a consistent experience for the broad audiences that we serve, from helping our Consumer learners navigate their careers to supporting our enterprise customers looking for the best way to upskill their workforces to adapt to a rapidly changing business environment.

透過建立整合的學習者旅程，我們確保我們在平台功能、行銷和發現以及下一個突破性學習體驗方面的投資為我們服務的廣大受眾提供一致的體驗，從幫助我們的消費者學習者規劃他們的職業生涯到支持我們的企業客戶尋找最佳方式來提升他們的員工技能以適應快速變化的商業環境。

As we lay the groundwork for our next phase of innovation and growth, we continue to execute on our 2025 plan with strong progress in expanding our ecosystem. Content is the engine of our business and the foundation of that ecosystem. Our catalog now includes nearly 10,000 courses, growing by 37% over the past year. We are building a faster, more agile content model that preserves the value of our credible, high-quality brands and meets the rapid pace of skills development for real-time learner and business needs.

在為下一階段的創新和成長奠定基礎的同時，我們將繼續執行 2025 年計劃，並在擴展生態系統方面取得長足進展。內容是我們業務的引擎，也是生態系統的基礎。我們的目錄現在包含近 10,000 門課程，比過去一年增長了 37%。我們正在建立一個更快、更靈活的內容模型，以保留我們可信賴、高品質品牌的價值，並滿足即時學習者和業務需求的快速技能發展步伐。

A key offering is our generative AI content and credentials. Our content creators, many of which are the world's leading AI companies, have launched nearly 700 AI courses as they look to meet the growing demand for these skills.

我們的重要產品之一是產生式人工智慧內容和憑證。我們的內容創作者，其中許多是世界領先的人工智慧公司，已經推出了近 700 門人工智慧課程，以滿足對這些技能日益增長的需求。

So far this year, we are seeing 12 enrollments per minute in AI content, up from one per minute in 2023 and eight per minute in 2024. We also continue to expand our catalog of entry-level professional certificates. This year, we have launched five new certificates from industry partners, including Adobe, DeepLearning.AI, IBM, Johns Hopkins Medicine and Microsoft, expanding our total catalog to 90 certificates.

今年到目前為止，我們看到 AI 內容每分鐘的註冊量為 12 次，高於 2023 年的每分鐘 1 次和 2024 年的每分鐘 8 次。我們也將繼續擴大入門級專業證書目錄。今年，我們推出了五張來自業界合作夥伴的新證書，包括 Adob​​e、DeepLearning.AI、IBM、約翰霍普金斯醫學院和微軟，使我們的證書總數擴展至 90 項。

These certificates provide our learners with a pathway to entry-level jobs in fields such as software development, cybersecurity, data science, business and health care, while students can increasingly earn college credit for these certificates. More than 30 of our certificates in this catalog have received one or more credit recommendations from ACE in the US, ECTS in Europe and NSQF in India, which are part of our efforts to create more distinct value for learners and customers by enabling pathways to college degrees.

這些證書為我們的學習者提供了在軟體開發、網路安全、數據科學、商業和醫療保健等領域從事入門級工作的途徑，同時學生還可以憑藉這些證書獲得越來越多的大學學分。本目錄中我們的 30 多個證書已獲得美國 ACE、歐洲 ECTS 和印度 NSQF 的一個或多個學分推薦，這是我們透過提供獲得大學學位的途徑為學習者和客戶創造更獨特價值的努力的一部分。

Later this month, we will publish our 2025 micro-credentials impact report, drawing insights from more than 2,000 students and employers. A preview of several key findings showcases why we continue to enhance this catalog. 85% of employers are more likely to hire a candidate who has a micro-credential compared to one without. And 94% of students want micro-credentials to count towards their degree, which is up from 55% in 2023.

本月晚些時候，我們將發布 2025 年微證書影響報告，該報告收集了 2,000 多名學生和雇主的見解。幾個主要發現的預覽展示了我們繼續增強此目錄的原因。 85% 的雇主更有可能聘用擁有微證書的求職者，而非沒有微證書的求職者。94% 的學生希望微證書能夠計入他們的學位，這一比例高於 2023 年的 55%。

As students are increasingly concerned about whether a traditional degree will equip them with the skills they need to land the job in a competitive labor market, micro-credentials have emerged as a solution that prepares graduates for the modern workplace, augments the expertise of traditional university courses and gives employers assurance that entry-level hires possess the job-relevant skills needed by their workforce. The breadth and quality of our content engine enables us to serve both upskilling and reskilling value propositions.

隨著學生越來越擔心傳統學位是否能讓他們具備在競爭激烈的勞動力市場中找到工作所需的技能，微證書應運而生，成為一種解決方案，可以幫助畢業生為現代職場做好準備，增強傳統大學課程的專業知識，並讓雇主確信入門級員工具備其員工所需的工作相關技能。我們內容引擎的廣度和品質使我們能夠提供技能提升和技能再培訓的價值主張。

As a result, our catalog attracts learners from around the world, making Coursera one of the largest and most globally distributed learning platforms. We have attracted over 175 million learners, with the US, India, Mexico and Brazil among our largest markets. This global reach not only drives scale, but creates powerful opportunities for localization, enabling us to tailor content, language and experiences to meet the needs of learners and labor markets in different regions.

因此，我們的目錄吸引了來自世界各地的學習者，使 Coursera 成為全球最大、分佈最廣的學習平台之一。我們吸引了超過 1.75 億學習者，其中美國、印度、墨西哥和巴西是我們最大的市場。這種全球影響力不僅推動了規模的擴大，也為在地化創造了強大的機會，使我們能夠客製化內容、語言和體驗，以滿足不同地區學習者和勞動力市場的需求。

Additionally, many working adults access learning in institutional settings. We now serve 1,651 paid enterprise customers, spanning businesses, governments and campuses. Our customer partners -- our customers partner with Coursera not only for content, but a robust set of platform capabilities that can meet the unique needs of each vertical with a shared foundation: driving skills transformation for employees, enabling government workforce development at scale and powering academic innovation.

此外，許多在職成年人也可以在機構環境中學習。我們目前為 1,651 家付費企業客戶提供服務，涵蓋企業、政府和校園。我們的客戶合作夥伴—我們的客戶與 Coursera 合作不僅是為了內容，也是為了一套強大的平台功能，這些功能可以透過共同的基礎滿足每個垂直行業的獨特需求：推動員工技能轉型、大規模促進政府勞動力發展並推動學術創新。

Our growing base of learners and enterprise customers continues to attract leading content creators, from world-class universities to industry leaders. These creators are trusted by learners for their academic rigor, industry expertise and real-world relevance.

我們不斷成長的學習者和企業客戶群繼續吸引從世界一流大學到行業領袖的領先內容創作者。這些創作者因其學術嚴謹性、行業專業知識和現實世界相關性而受到學習者的信任。

As demand for career-aligned education grows, we believe top universities and industry partners will increasingly view Coursera as a strategic platform to extend their reach and impact. Google, one of our strongest partnerships, has created several of the most popular certificates on Coursera.

隨著對職業導向教育的需求不斷增長，我們相信頂尖大學和產業夥伴將越來越多地將 Coursera 視為擴大其影響力和影響力的策略平台。谷歌是我們最強大的合作夥伴之一，它在 Coursera 上創建了幾種最受歡迎的證書。

Last year, they launched AI Essentials, a course designed to help learners across roles and industries gain valuable AI skills and hands-on experience with AI tools to boost productivity. It was the most popular course on Coursera in 2024 with over 1 million enrollments to date. And in February, Google added a course on Agile Essentials to our catalog, teaching software development methodologies to professionals across industries and teams.

去年，他們推出了 AI Essentials，這是一門旨在幫助各個角色和行業的學習者獲得寶貴的 AI 技能和使用 AI 工具的實踐經驗以提高生產力的課程。這是 2024 年 Coursera 上最受歡迎的課程，迄今為止註冊人數已超過 100 萬。今年 2 月，Google 在我們的目錄中新增了 Agile Essentials 課程，向各行各業和各團隊的專業人士傳授軟體開發方法。

Additionally, our relationship with Microsoft, which began in April 2021, continues to deepen. Over the past 3 years, we have partnered to launch more than 35 professional certificates and specializations that encompass over 170 courses, covering topics ranging from Azure Cloud to Excel and more recently, AI. Earlier this month, we announced more than 1 million learners have enrolled in Microsoft content, with learners coming from more than 195 countries.

此外，我們與微軟的關係自 2021 年 4 月開始，並不斷加深。在過去 3 年中，我們合作推出了 35 多個專業證書和專業化課程，涵蓋 170 多門課程，涵蓋從 Azure Cloud 到 Excel 以及最近的 AI 等主題。本月初，我們宣布已有超過 100 萬名學習者註冊了 Microsoft 內容，這些學習者來自 195 多個國家。

We are proud of how our shared commitment with these partners can broaden access to job-relevant skills and technology education, and we look forward to expanding our efforts so that learners everywhere can succeed in an evolving labor market.

我們為與這些合作夥伴的共同承諾能夠擴大獲得與工作相關的技能和技術教育的機會而感到自豪，我們期待著擴大我們的努力，以便世界各地的學習者都能在不斷發展的勞動力市場中取得成功。

I believe our next chapter of growth will be defined by innovation, and I am committed to accelerating the role our platform will play in shaping the future of learning. Coursera's ecosystem is powered by our platform, which benefits from rapidly expanding global reach to scaled access to learning, data-driven insights to inform our content strategy and skill recommendations, and advanced AI and technology tools to enhance discovery, deliver a more personalized and interactive learning experience and empower instructors to create and augment courses that are engaging and impactful for learners.

我相信我們下一個成長篇章將由創新來定義，我致力於加快我們的平台在塑造未來學習中所扮演的角色。Coursera 的生態系統由我們的平台提供支持，該平台受益於快速擴展的全球覆蓋範圍以擴大學習渠道，數據驅動的洞察力為我們的內容策略和技能建議提供信息，以及先進的人工智能和技術工具以增強發現，提供更加個性化和互動的學習體驗，並使教師能夠創建和增強對學習者有吸引力和影響力的課程。

The team has made strong recent progress building new products and capabilities across our platform. I would like to highlight 3 examples that demonstrate how we're focused on driving improvements in engagement, retention and conversion by delivering more valuable experiences for our learners.

該團隊最近在我們的平台上建立新產品和新功能方面取得了重大進展。我想強調三個例子，說明我們如何透過為學習者提供更有價值的體驗來專注於提高參與度、保留率和轉換率。

First, technology continues to rapidly reduce language barriers, opening access to education and career opportunities. As you know, Coursera started rolling out AI-powered text translations in 2023, which have enabled nearly 3 million learners to access more than 5,000 courses across 26 languages.

首先，科技不斷迅速減少語言障礙，為人們提供教育和就業機會。如您所知，Coursera 在 2023 年開始推出人工智慧文字翻譯，這使得近 300 萬名學習者能夠存取 26 種語言的 5,000 多門課程。

Last week, we announced the next phase of our translation initiative with the launch of more than 100 AI-dubbed courses in Spanish, French, German and Brazilian Portuguese. Now learners cannot only read but hear courses in their native language with natural voice, tone and lip sync, which offers a remarkably better experience than conventional dubbing.

上週，我們宣布了翻譯計畫的下一階段，推出 100 多個西班牙語、法語、德語和巴西葡萄牙語的 AI 配音課程。現在，學習者不僅可以閱讀，還可以用母語聆聽課程，而且聲音、語調和口型同步都很自然，這比傳統的配音提供了更好的體驗。

In the initial text-based phase, learners completed translated courses at higher rates and nearly 25% faster compared to those offered only in the original language. With the advancements in audio, we're excited about the possibility of driving stronger engagement and better outcomes. Over the course of Q2 and the rest of this year, we will expand the breadth of courses and range of languages available with AI dubbing as we continue our efforts to bring the world's best education to learners everywhere.

在最初以文本為基礎的階段，學習者完成翻譯課程的速度比僅以原文提供的課程快了近 25%。隨著音訊技術的進步，我們很高興能夠推動更強的參與度和更好的結果。在第二季及今年剩餘時間內，我們將擴大 AI 配音課程的廣度和語言範圍，並繼續努力為世界各地的學習者提供世界上最好的教育。

Next is Coursera Coach, which started as a learning assistant, but is rapidly expanding in breadth and depth. Coach has become an increasingly core presence across our platform with expanding features in career guidance and discovery, instructional design and customer support. In Q4, we piloted Coach Dialogues, which allow instructors to incorporate personalized, interactive learning experiences throughout their courses, acting as an extension of their teaching to help learners think more deeply about course material and concepts.

接下來是Coursera Coach，它最初是一個學習助手，但在廣度和深度上正在迅速擴展。Coach 在我們的平台上日益成為核心，其功能在職業指導和發現、教學設計和客戶支援方面不斷擴展。在第四季度，我們試行了「教練對話」功能，該功能允許教師在整個課程中融入個人化、互動式的學習體驗，作為教學的延伸，幫助學習者更深入地思考課程材料和概念。

The early signals are promising, showing a significant impact in learner engagement for courses with dialogues. I'm pleased to share that dialogues are generally available as of the first week of April, and we'll be closely monitoring performance as we seek to drive broad adoption of this new capability across our catalog.

早期的訊號是令人鼓舞的，顯示對話課程對學習者的參與度有顯著的影響。我很高興地告訴大家，對話功能將於 4 月第一週全面上線，我們將密切關注其性能表現，力求推動這項新功能在我們的產品目錄中廣泛採用。

Finally, Coursera's prominence as a global destination for career-motivated learning attracts a broad range of learners. From our survey data, we know that the majority of learners looking to start or switch their careers do not know what they need to learn or where to begin.

最後，Coursera 作為全球職業學習目的地的突出地位吸引了廣泛的學習者。根據我們的調查數據，我們知道大多數想要開始或轉行的學習者不知道自己需要學習什麼或從哪裡開始。

Historically, our search and discovery experience has emphasized the breadth of our offerings. We recognized opportunities to better understand our learners' goals, guide them on what roles can be learned fully online and how high-quality education and credentials can provide a pathway to a more satisfying career.

從歷史上看，我們的搜尋和發現經驗強調了我們提供的產品的廣度。我們認識到有機會更好地了解學習者的目標，指導他們了解哪些角色可以完全在線學習，以及高品質的教育和證書如何為他們提供更令人滿意的職業道路。

Starting in Q4, we began testing an improved career-based discovery experience that maps our broad selection of credentials to specific job roles and skills. The new experience, which continues to be rolled out globally, includes improved onboarding, allowing us to better understand learner goals and provide more personalized recommendations; 60 role description pages, which provide credential recommendations across different levels of career progression and expertise; and localized salary and job data for approximately 40 countries.

從第四季度開始，我們開始測試改進的基於職業的發現體驗，將我們廣泛的證書選擇映射到特定的工作角色和技能。新的體驗將繼續在全球範圍內推廣，包括改進的入職培訓，使我們能夠更好地了解學習者的目標並提供更個性化的建議； 60 個角色描述頁面，為不同職業發展和專業知識水平提供證書推薦；以及大約 40 個國家的本地化薪資和工作數據。

The preliminary results are showing positive impacts in our paid learner conversion. We expect to rapidly expand these early features with a wider selection of roles, a better understanding of learner goals to personalized guidance and recommendations, and a clear learning and career progression from beginner courses to industry certificates and college degrees. This is an experience that Coursera is uniquely capable of creating.

初步結果顯示，我們的付費學習者轉換產生了正面影響。我們希望透過更廣泛的角色選擇、更好地理解學習者目標、個人化指導和建議以及從初級課程到行業證書和大學學位的清晰學習和職業發展來快速擴展這些早期功能。這是 Coursera 獨有的能力所創造的體驗。

As I reflect on my first months as CEO, I'm excited about the opportunities ahead and Coursera's role in shaping the future of education. The foundational elements are all in place: solid financial performance with a strong balance sheet, an expanding ecosystem at the forefront of learning with distinct assets and global scale, and a growing market opportunity to serve both individuals and institutions with an integrated platform. Our efforts to unlock Coursera's next chapter of innovation and growth are well underway.

回顧擔任執行長的頭幾個月，我對未來的機會以及 Coursera 在塑造教育未來方面所發揮的作用感到興奮。基本要素均已具備：穩健的財務表現和強大的資產負債表、不斷擴展的學習前沿生態系統（具有獨特的資產和全球規模）、以及透過整合平台為個人和機構提供服務的不斷增長的市場機會。我們正在努力開啟 Coursera 的下一個創新和發展篇章。

In the coming quarters, our priorities will be centered around three key areas. First and foremost, product innovation is key to our strategy. We are committed to expanding access to the world's best education and career opportunities through focused improvements in our learner experience. This means accelerating product development cycles, leveraging advanced AI and data-driven insights and continuously enhancing our platform's capabilities.

在接下來的幾個季度中，我們的重點將集中在三個關鍵領域。首先，產品創新是我們策略的關鍵。我們致力於透過重點改善學習者的體驗來擴大獲得世界最佳教育和職業機會的機會。這意味著加快產品開發週期，利用先進的人工智慧和數據驅動的洞察力並不斷增強我們平台的功能。

Second, we will continue to accelerate our content engine. By rapidly growing our catalog of high-quality, job-relevant courses with more leading content creators, we can meet the fast-changing skill requirements of learners looking to transform their careers and companies needing to transform their businesses through their most important asset, their people.

第二，我們將繼續加速我們的內容引擎。透過快速擴大我們的高品質、與工作相關的課程目錄，並引入更多領先的內容創作者，我們可以滿足希望轉變職業生涯的學習者和需要透過最重要的資產——員工——來轉變業務的公司快速變化的技能需求。

Third, we will enhance our go-to-market capabilities. We aim to guide individual learners more effectively through improved discovery, merchandising and a clear value proposition. Career-based discovery is just the start. This, combined with optimizing our enterprise channels, enables us to reach and serve our customers efficiently and effectively. While it's still early days, I'm confident in the clear direction we are taking grounded in strong fundamentals, an important mission and a highly motivated team.

第三，我們將增強市場開拓能力。我們的目標是透過改進發現、行銷和明確的價值主張來更有效地指導個人學習者。基於職業的發現只是一個開始。結合優化我們的企業通路，我們能夠有效率、有效地接觸和服務客戶。雖然現在還為時過早，但我對我們所採取的明確方向充滿信心，這基於強大的基礎、重要的使命和高度積極性的團隊。

Now I'll hand it over to Ken to walk us through the financial performance and outlook in more detail. Ken, please go ahead.

現在我將讓肯向我們更詳細地介紹財務業績和前景。肯，請繼續。

Thank you, Greg, and good afternoon, everyone. We delivered a solid first quarter. As Greg mentioned, our expectations for full year growth have improved as we begin to implement new operating capabilities and a focused set of initiatives. 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.

謝謝你，格雷格，大家下午好。我們第一季的業績表現穩健。正如格雷格所提到的，隨著我們開始實施新的營運能力和一系列重點舉措，我們對全年成長的預期有所改善。請注意，在本次電話會議的剩餘時間裡，當我回顧我們的業務表現和前景時，我將討論我們的非公認會計準則財務指標，除非另有說明。

In Q1, we generated total revenue of $179 million, up 6% from a year ago, driven by growth in our Consumer and Enterprise segments. Gross profit was $100 million, up 9% year-over-year with a 56% gross margin, up from 54% in the prior year period.

第一季度，我們的總營收為 1.79 億美元，比去年同期成長 6%，這得益於消費者和企業部門的成長。毛利為 1 億美元，年增 9%，毛利率為 56%，高於去年同期的 54%。

Total operating expense was $87 million or 49% of revenue, an improvement of 4 percentage points from the prior year period, reflecting our disciplined approach to managing our cost structure while making investments intended to drive long-term durable growth. Net income was $20 million or 11% of revenue, and adjusted EBITDA was $19 million or 10.4% of revenue.

總營運費用為 8,700 萬美元，佔收入的 49%，比去年同期提高了 4 個百分點，這反映了我們在管理成本結構方面的嚴謹態度，同時進行了旨在推動長期可持續增長的投資。淨收入為 2,000 萬美元，佔營收的 11%，調整後的 EBITDA 為 1,900 萬美元，佔營收的 10.4%。

Turning to cash performance and the balance sheet. Q1 was our strongest quarter of cash performance to date. We generated more than $25 million of free cash flow, which included over $4 million in purchases of content assets treated similarly to other categories of capital expenditures.

轉向現金表現和資產負債表。第一季是我們迄今為止現金表現最強勁的一個季度。我們產生了超過 2500 萬美元的自由現金流，其中包括超過 400 萬美元的內容資產購買，與其他類別的資本支出類似。

As Greg highlighted, we will continue to invest in expanding our content engines capabilities. This includes new partnerships, production arrangements and formats that can deliver more value for our learners, customers and content creators as well as long-term benefits to our business model and economics.

正如格雷格所強調的，我們將繼續投資擴展我們的內容引擎功能。這包括新的合作夥伴關係、生產安排和形式，可以為我們的學習者、客戶和內容創作者帶來更多價值，並為我們的商業模式和經濟帶來長期利益。

Our strong cash performance bolstered our already healthy balance sheet. As of March 31, 2025, we had approximately $748 million of unrestricted cash and cash equivalents with no debt. We are operating from a position of financial strength with the flexibility and stability needed to navigate changes in the technology landscape and remain focused on executing on our long-term strategy.

我們強勁的現金表現進一步鞏固了我們本已健康的資產負債表。截至 2025 年 3 月 31 日，我們擁有約 7.48 億美元的無限現金和現金等價物，且沒有債務。我們擁有雄厚的財務實力，具備應對技術格局變化所需的靈活性和穩定性，並繼續專注於執行我們的長期策略。

As we have 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 rapid recent transformation as well as our desire to grow and establish a 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選擇性，我們認為，鑑於行業近期的快速轉型以及我們成長和建立領導地位的願望，這一點尤為有價值。

Now turning to our operating segments. I want to begin with the segment reporting simplification introduced today, which is aligned with the information Greg, our Chief Operating Decision Maker, or CODM in accounting parlance, is now using to manage the business. Going forward, our Degrees results will no longer be reported as an independent segment. Degrees is now a product within our Consumer segment. As a result, we're no longer disclosing the number of Degrees students as it will not provide a meaningful indication of Consumer segment performance.

現在轉向我們的營運部門。首先我想介紹一下今天推出的分部報告簡化，這與我們的首席營運決策者（用會計術語來說就是 CODM）格雷格現在用來管理業務的資訊一致。展望未來，我們的學位結果將不再作為獨立部分進行報告。Degrees 現在是我們的消費者部門的一個產品。因此，我們不再揭露學位學生的數量，因為這無法提供消費者部門表現的有意義的指標。

As a onetime practice, to ensure clarity in today's report, we have provided our operating results in both our historic segment reporting structure as well as our new simplified structure. While the change is straightforward and has no impact whatsoever on either our consolidated results or enterprise segment results, a reclassification table for the past two years is included in the appendix of today's shareholder letter as well as posted to our IR website in a downloadable spreadsheet for complete clarity and ease of modeling.

作為一次性做法，為了確保今天的報告清晰易懂，我們在歷史分部報告結構和新的簡化結構中都提供了經營業績。雖然這項變更很簡單，對我們的合併業績或企業部門業績沒有任何影響，但過去兩年的重新分類表已包含在今天的股東信附錄中，並以可下載的電子表格形式發佈到我們的 IR 網站上，以實現完全清晰和易於建模。

Additionally, all performance and outlook commentary today includes comprehensive discussions of both our Consumer segment and Degrees product trends, ensuring full visibility into the stand-alone first quarter results and our 2025 expectations as we transition to the updated reporting structure. We will discontinue this presentation after this transition quarter.

此外，今天的所有業績和展望評論都包括對我們的消費者部門和學位產品趨勢的全面討論，確保在我們過渡到更新的報告結構時全面了解獨立的第一季度業績和我們對 2025 年的預期。在此過渡季度之後，我們將停止此演示。

Now let's discuss the segment results in more detail, starting with Consumer. In Q1, combined Consumer segment revenue was $118 million, up 5% from a year ago. This is composed of our historical Consumer product revenue of $102 million and Degrees product revenue of $16 million, both of which grew 5% year over year.

現在讓我們更詳細地討論細分結果，從消費者開始。第一季度，消費者部門綜合營收為 1.18 億美元，比去年同期成長 5%。這包括我們歷史上的消費產品收入 1.02 億美元和學位產品收入 1,600 萬美元，這兩項收入均較去年同期成長 5%。

On a standalone basis, historical Consumer product revenue was driven primarily by solid top-of-funnel activity and receptivity to our Coursera Plus subscription offerings. Degrees product revenue was slightly ahead of expectations due to stronger student persistence in several North American programs as well as a year-over-year increase in the total number of Degrees students.

從獨立角度來看，歷史消費產品收入主要受到穩健的漏斗頂端活動和對我們的 Coursera Plus 訂閱產品的接受度的推動。由於學生對北美多個項目的堅持程度更高，以及學位學生總數同比增長，學位產品收入略高於預期。

Moving to gross profit. Combined Consumer segment gross profit was $72 million, up 9% from $67 million in the prior year period. In historical terms, this included stand-alone Consumer product gross profit of $57 million and Degrees product gross profit of $16 million, up 10% and 5% year-over-year, respectively. Combined Consumer segment gross profit margin was 62%, up 190 basis points from a year ago. In historical terms, Consumer gross profit margin was 56%, up 220 basis points from a year ago.

轉向毛利。消費者部門綜合毛利為 7,200 萬美元，較去年同期的 6,700 萬美元成長 9%。從歷史數據來看，這包括獨立消費產品毛利 5,700 萬美元和學位產品毛利 1,600 萬美元，分別年增 10% 和 5%。消費品部門綜合毛利率為62%，較去年同期上升190個基點。從歷史資料來看，消費者業務毛利率為56%，較上年同期上升220個基點。

It was the primary driver of the combined segment margin expansion as there is no change to the Degrees gross profit margin of 100% and remains the same year-over-year. The Consumer expansion was driven by an improvement in our gross profit margin rate as learners engage with more recently launched content and credentials created under new production arrangements with more favorable revenue share economics.

這是合併分部利潤率擴張的主要驅動力，因為 Degrees 的毛利率沒有變化，仍為 100%，並且與去年同期相比保持不變。消費者業務的擴張是由我們的毛利率提高所推動的，因為學習者參與了最近推出的內容和在新的生產安排下創建的憑證，並且獲得了更有利的收入分成經濟效益。

To summarize, our Consumer trends remained stable in Q1. As Greg highlighted earlier, we added more than 7 million new registered learners, bringing our total base to 175 million. Additionally, we saw strong receptivity to our Coursera Plus subscription offerings and marketing campaigns, including localized promotions that benefited our paid conversion rate.

總而言之，我們的消費趨勢在第一季保持穩定。正如格雷格之前所強調的那樣，我們增加了 700 多萬名新註冊學習者，使我們的總註冊學習者人數達到 1.75 億人。此外，我們發現我們的 Coursera Plus 訂閱服務及行銷活動受到了廣泛歡迎，其中包括有利於提高付費轉換率的在地化促銷活動。

Overall, I'm pleased with our continued progress in Consumer, the renewed level of prioritization and focus in our execution, and the initiatives underway across content, product and marketing as we begin to implement our new operating model and seek to drive more significant growth.

總體而言，我很高興看到我們在消費者業務方面不斷取得進展，在執行過程中優先排序和重點有所提升，並且在我們開始實施新的運營模式並尋求推動更顯著的增長時，我們在內容、產品和營銷方面正在採取的舉措也令我感到高興。

Moving to our Enterprise segment, which I will remind you is not impacted by the segment reporting change. Enterprise revenue was $62 million, up 7% from a year ago, driven by growth in our business and campus verticals. Our first quarter performance was solid. And like most companies, we are closely monitoring budgetary trends amidst the backdrop of an uncertain macro environment. Segment gross profit was $43 million, up 10% from $39 million in the prior year period.

轉到我們的企業部門，我要提醒您，該部門不受部門報告變更的影響。企業收入為 6,200 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成長。我們第一季的業績表現穩健。與大多數公司一樣，我們在不確定的宏觀環境下密切關注預算趨勢。該部門毛利為 4,300 萬美元，較去年同期的 3,900 萬美元成長 10%。

Segment gross profit margin was 70%, up 200 basis points from a year ago. The total number of paid enterprise customers increased to 1,651, up 12% from a year ago, and our net retention rate for paid enterprise customers was 91%.

分部毛利率為70%，較去年同期上升200個基點。付費企業客戶總數增至1,651家，較去年同期成長12%，付費企業客戶淨留存率為91%。

Finally, turning to our financial outlook. As you know, our historical practice entering a new year has been to provide some incremental color on the composition and pace of our business, including onetime segment growth rates.

最後，談談我們的財務前景。如您所知，我們在進入新的一年時的歷史慣例是提供一些關於我們業務組成和步伐的增量信息，包括一次性細分市場的增長率。

Last quarter, Greg and the team assessed our business model and market opportunities and started to refine our operating capabilities in the prioritization of initiatives and investments intended to reignite our growth trajectory. As such, we shared high-level full year expectations with a commitment to providing a more detailed 2025 outlook soon.

上個季度，格雷格和團隊評估了我們的商業模式和市場機會，並開始完善我們的營運能力，優先考慮旨在重新點燃我們成長軌蹟的舉措和投資。因此，我們分享了高水準的全年預期，並承諾很快提供更詳細的 2025 年展望。

To that end, for Q2, we expect revenue to be in the range of $179 million to $183 million, representing growth of 5% to 7% year-over-year. For adjusted EBITDA, we're expecting a range of $11 million to $15 million.

為此，我們預計第二季的營收將在 1.79 億美元至 1.83 億美元之間，年增 5% 至 7%。對於調整後的 EBITDA，我們預計範圍在 1100 萬美元至 1500 萬美元之間。

For the full year 2025, we now expect revenue to be in the range of $720 million to $730 million, representing growth of approximately 4% to 5% year-over-year. From a segment perspective, this reflects single-digit growth in our Consumer and Enterprise segments with more weighting towards the consumer, given, one, the stabilization trends we've been driving in our Consumer performance; and two, acknowledging the macroeconomic trends that have unfolded in recent weeks with less certainty surrounding the corporate spend environment.

對於 2025 年全年，我們預計營收將在 7.2 億美元至 7.3 億美元之間，年增約 4% 至 5%。從細分市場的角度來看，這反映了我們的消費者和企業細分市場的個位數增長，其中消費者領域的權重更大，因為首先，我們在消費者業績方面一直推動著穩定趨勢；二是承認最近幾週宏觀經濟趨勢的不確定性，企業支出環境也隨之降低。

Lastly, consistent with last quarter's commentary, we continue to expect our Degrees product to decline as we invest in more productive near-term opportunities that can benefit the broadest number of learners and customers across our platform.

最後，與上個季度的評論一致，我們繼續預計我們的學位產品將會下降，因為我們正在投資更俱生產力的短期機會，這些機會可以使我們平台上最廣泛的學習者和客戶受益。

Now moving to EBITDA. As you know, our long-time operating practice as it relates to EBITDA is not focused on the optimization results for any single quarter. Rather, we set an annual EBITDA margin target and work within that framework to invest in our most productive growth opportunities.

現在轉向 EBITDA。如您所知，我們與 EBITDA 相關的長期營運實務並不關注任何單一季度的最佳化結果。相反，我們設定了年度 EBITDA 利潤率目標，並在此框架內投資於我們最俱生產力的成長機會。

This practice provides us with the flexibility to make the right long-term decisions quarter-to-quarter while demonstrating our commitment to operating with discipline and driving scale in our model every year. For 2025, we are targeting an annual adjusted EBITDA margin improvement of 100 basis points to 7%. As we discussed last quarter, this is a more moderate pace of improvement following several years of aggressive expansion.

這種做法使我們能夠靈活地逐季度做出正確的長期決策，同時也表明了我們致力於每年嚴格遵守紀律並推動我們模式的規模化發展。到 2025 年，我們的目標是將年度調整後 EBITDA 利潤率提高 100 個基點，達到 7%。正如我們上個季度所討論的那樣，這是經過幾年的積極擴張後較為溫和的改善速度。

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 markets. We remain committed to extending our strong track record of operating with discipline while providing the team with the optionality and capacity throughout this year to implement the new operating capabilities Greg outlined, further differentiate Coursera's leadership position and bolster our return to higher growth.

歸根結底，我們的長期前景和價值將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。我們將繼續致力於延續我們在紀律嚴明的營運方面的良好記錄，同時為團隊提供全年的可選性和能力，以實施 Greg 概述的新營運能力，進一步區分 Coursera 的領導地位，並支持我們重返更高的成長。

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

現在，我將開始回答問題。

(Operator Instructions) Bryan Smilek, JPMorgan.

（操作員指示）摩根大通的 Bryan Smilek。

I guess, Greg, to start, can you just help us understand where you're spending the most time in your new role and where you see the most opportunity to drive improved growth? Is it in the Consumer segment, Coursera for Campus, Enterprise or the mobile app?

我想，格雷格，首先，您能否幫助我們了解您在新職位上花費最多時間的地方以及您認為推動成長的最佳機會在哪裡？它是在消費者領域、校園版 Coursera、企業版還是行動應用？

Thanks, Bryan. Great questions. So my top priority is unlocking the next phase of innovation-led growth for Coursera. So I spent my first few weeks here deeply understanding all areas of the business and the organization and then turning to start to implement some thoughtful changes to our operating model and our ways of working with a focus on new capabilities that can help us better serve our learners, our university and industry partners and then our enterprise customers as well, so we can drive higher growth.

謝謝，布萊恩。很好的問題。因此，我的首要任務是開啟 Coursera 下一階段的創新驅動成長。因此，我在這裡度過了最初的幾週，深入了解了業務和組織的各個領域，然後開始對我們的營運模式和工作方式實施一些深思熟慮的變革，重點關注新功能，這些新功能可以幫助我們更好地服務於我們的學習者、我們的大學和行業合作夥伴以及我們的企業客戶，從而實現更高的增長。

Some of the near-term focus areas. Number one, product innovation. I believe that we can accelerate our product development life cycles. We can do that both by leveraging advanced AI and data-driven insights but also by focusing on the right spots within the product for innovation, again, tied back to durable capabilities that can better serve our learners, and then make sure that we're continuously enhancing the core foundational capabilities that the platform has.

一些近期重點關注的領域。第一，產品創新。我相信我們可以加快我們的產品開發生命週期。我們可以透過利用先進的人工智慧和數據驅動的洞察力來做到這一點，也可以透過專注於產品中的正確創新點來做到這一點，再次，將其與可以更好地服務於我們的學習者的持久能力聯繫起來，然後確保我們不斷增強平台的核心基礎能力。

Second area, our content engine. So content, obviously, is the fuel that runs our business. So expanding our content catalog continues to be critical. The need and the interest in learning has never been greater. You see that reflected in the strong growth to 7.1 million new registered learners in the quarter.

第二個領域，我們的內容引擎。因此，內容顯然是我們業務發展的動力。因此，擴大我們的內容目錄仍然至關重要。人們對學習的需求和興趣從未如此強烈。您可以看到，本季新註冊學習者數量強勁增長至 710 萬。

We believe that need is going to continue to increase over time. And so we need to make sure that our catalog can meet that need. And so we need to become more nimble. We need to make sure that we're filling in gaps in the catalog, and we need to make sure that we're continuing to evolve not just the breadth and depth of the catalog that we offer, but also the learning experience itself.

我們相信，隨著時間的推移，這種需求將會持續增加。因此我們需要確保我們的目錄能夠滿足這項需求。因此我們需要變得更加靈活。我們需要確保填補目錄中的空白，我們需要確保我們不僅在繼續改進所提供的目錄的廣度和深度，而且還在改進學習體驗本身。

And then finally, our go-to-market, so expanding our go-to-market capabilities. And by that, I mean everything from sort of registration and onboarding, career-based discovery, et cetera, to guiding individual learners more effectively through that experience, how we merchandise, how we communicate our value proposition and then how we do all of that across all segments of our business, so not just for Consumer learners, but for our enterprise customers as well. We'll also continue to make improvements to the Enterprise area of the business, specifically for Enterprise admins and the specific needs that our Enterprise customers have.

最後，我們的市場進入能力將會擴大。我指的是從註冊和入職培訓、基於職業的發現等等，到更有效地引導個人學習者完成這些體驗，我們如何推銷商品，如何傳達我們的價值主張，以及我們如何在我們業務的所有領域做到這一切，所以不僅針對消費者學習者，也針對我們的企業客戶。我們也將持續改善企業業務領域，特別是針對企業管理員和企業客戶的特定需求。

I would say, overall, to the last part of your question, Bryan, I think you would start to see -- just because of the nature of the two businesses, I would expect that we would start to see more signs that translate into sort of business output metrics on the Consumer side of the business. But I would expect that over time, that would also translate into enterprise.

我想說，總的來說，對於你問題的最後一部分，布萊恩，我認為你會開始看到——僅僅因為這兩項業務的性質，我預計我們會開始看到更多跡象，這些跡象可以轉化為消費者業務方面的業務產出指標。但我希望隨著時間的推移，這也會轉化為企業。

Great. And I just have a quick follow-up, too. I mean 1Q was such a strong quarter and record quarter in terms of registered learner net adds. Could you just help us understand what drove that performance? You mentioned stabilization across trends. Was that across retention, top of funnel or both?

偉大的。我只是想快速跟進一下。我的意思是，就註冊學習者淨增數量而言，第一季是一個非常強勁的一個季度，創下了紀錄。您能否幫助我們了解推動這項表現的因素？您提到了趨勢的穩定。這是跨保留、漏斗頂部還是兩者兼而有之？

I would say it's a mix of the two. On top of funnel, obviously, a good quarter with 7.1 million registered learners. We saw some real success on the marketing front with improvements in our return on ad spend and efficiency there but also saw some great improvements that we made on the platform itself that are helping to drive a better learner experience.

我想說這是兩者的混合。顯然，這是一個好的季度，註冊學習者人數達到 710 萬人。我們在行銷方面取得了一些真正的成功，廣告支出回報率和效率都有所提高，但我們在平臺本身也取得了一些重大改進，有助於帶來更好的學習者體驗。

And so we talked about some of those in the scripted remarks with things like dialogue, translation, AI-driven translations, et cetera. But conversion and retention will be the two things that we are focused the most on driving improvements in over the course of the coming year.

因此，我們在腳本中討論了其中的一些內容，例如對話、翻譯、人工智慧翻譯等等。但在未來一年中，轉換率和留存率將是我們最關注的推動改進的兩個面向。

And from a product standpoint, we saw the biggest uplift in our C Plus subscription offerings. And so there was a big focus, we do an annual promo every year around the C Plus annual subscriptions, and that was also particularly successful, which drove a lot of nice free cash flow as well as future revenue for the course of this entire year.

從產品角度來看，我們的 C Plus 訂閱產品獲得了最大的提升。因此，我們重點關注的是每年圍繞 C Plus 年度訂閱進行年度促銷，而且這次促銷也特別成功，為全年帶來了大量自由現金流以及未來收入。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓、威廉布萊爾。

Greg, I wanted to follow up on the content front. Now that you've had a few months at Coursera, where do you see the bigger opportunities to expand the content on the platform as we think about subjects, for example, building out more breadth in health care or other subjects, by the source of content as we think about corporate and university partners, along with potentially new sources and just by content type? I'm curious how you're thinking about how that content kind of portfolio might look as we might sit here two to three years down the road.

格雷格，我想跟進一下內容方面的狀況。現在您已經在 Coursera 工作了幾個月，在我們考慮主題時，您認為在哪些方面有更大的機會來擴展平台內容，例如，在醫療保健或其他主題方面擴大內容廣度，在內容來源方面，我們考慮企業和大學合作夥伴，以及潛在的新來源，以及僅按內容類型？我很好奇，您認為兩三年後，這種內容組合會是什麼樣子。

Great question, Stephen. So content, as I mentioned earlier, is the engine of our business, and it really powers the flywheel of our ecosystem. So stepping back, you've got the branded content that comes from both our university partners and our industry partners. That content is the reason that learners come to the platform. As more and more learners come to our platform and engage with the platform, that obviously makes Coursera more and more appealing to our partners in both higher education and in industry as a way to bring their content to a large and increasingly growing audience.

很好的問題，史蒂芬。正如我之前提到的，內容是我們業務的引擎，它真正為我們的生態系統的飛輪提供動力。退一步來說，您已經獲得了來自我們的大學合作夥伴和產業夥伴的品牌內容。這些內容就是學習者來到這個平台的原因。隨著越來越多的學習者來到我們的平台並與平台互動，Coursera 顯然對我們在高等教育和工業領域的合作夥伴越來越有吸引力，因為它可以將他們的內容帶給越來越多且不斷增長的受眾。

This past year, we've expanded our courses, our course catalog, by 37% year-over-year. So we now offer nearly 10,000 new courses. And that includes things that are both incredibly topical like gen AI, so we have roughly 700 gen AI courses now, with an incredible amount of demand for those courses. And so just to provide a little context, as I mentioned in the scripted remarks, we saw demand of -- so far this year, we're seeing demand of 12 enrollments per minute in Gen AI content, up from 8 last year and 1 in 2023.

去年，我們的課程和課程目錄年增了 37%。因此我們現在提供近 10,000 門新課程。其中包括像人工智慧這樣極具現實意義的話題，因此我們現在有大約 700 門人工智慧課程，這些課程的需求非常大。因此，為了提供一些背景信息，正如我在腳本中提到的那樣，我們看到了需求——今年到目前為止，我們看到每分鐘對 Gen AI 內容的註冊需求為 12 個，高於去年的 8 個和 2023 年的 1 個。

We also want to keep adding new entry-level certificates because that brings both very career-aligned learning and things that employers are looking for in their prospective candidates. And so we added 5 new entry-level certificates in Q1. One of them was from Johns Hopkins. So you mentioned health care, and so we added one from Johns Hopkins. I do believe there's opportunity for us to continue to expand in the health care space.

我們也希望繼續增加新的入門級證書，因為這既能帶來與職業非常契合的學習，也能帶來雇主在未來候選人身上尋找的東西。因此我們在第一季增加了 5 個新的入門級證書。其中一位來自約翰霍普金斯大學。您提到了醫療保健，所以我們添加了約翰霍普金斯大學的一項研究。我確實相信我們有機會在醫療保健領域繼續擴張。

The total number of certificates we now have is more than 90 and about 1/3 of those have at least one credit recommendation. So they're also useful to full-time students, and they help augment the offering that our partners at the university level provide to their student base.

我們目前擁有的證書總數超過 90 個，其中約有 1/3 的證書至少有一個信用推薦。因此，它們對全日制學生也很有用，並有助於增強我們大學合作夥伴為其學生群體提供的服務。

I think what we want to get to with our content offering is one that has both breadth across every different subject and domain area, depth in all of those areas and is also really nimble. And so one of the things that we're really trying to do is figure out how do we accelerate our content engine. You've heard us talk on prior calls about Coursera-produced content. I think we'll continue to increase our investment in that. We started that investment last year, maybe the tail end of 2023. We will increase that investment this year.

我認為，我們希望提供的內容既涵蓋各個不同主題和領域，又具有深度，並且非常靈活。因此，我們真正想做的事情之一就是弄清楚如何加速我們的內容引擎。您已經在之前的電話會議中聽過我們談論 Coursera 製作的內容。我認為我們將繼續增加對此的投資。我們去年開始這項投資，可能是在 2023 年底。今年我們將增加投資。

A couple of really interesting things about Coursera-produced content, one, obviously, we have better control of that content because we are creating it; number two, it is favorable for us economically, so it's accretive from a gross margin perspective. And obviously, it's exclusive. The other thing that we can do with that content is really use it as a test bed for what works to drive more learner engagement. And so that's one of the things that the team has been doing and will continue to do.

Coursera 製作的內容有幾件非常有趣的事情，第一，顯然，我們可以更好地控制這些內容，因為我們是內容的創造者；第二，這對我們的經濟有利，因此從毛利率的角度來看，這是有益的。顯然，它是獨家的。我們可以對這些內容做的另一件事是將其作為試驗台，以測試哪些方法可以提高學習者的參與度。這是團隊一直在做並將繼續做的事情之一。

And the goal of, obviously, all of our content is to make sure we're doing a fantastic job of improving that learner experience. And so we really look at it in terms of what's the supply that we need to have of content to attract learners to our catalog, what's the learning experience that we provide that converts them from a registered learner to a paid learner and keeps them on the platform for longer, so it drives higher retention.

顯然，我們所有內容的目標都是確保我們能夠出色地改善學習者的體驗。因此，我們真正考慮的是，我們需要提供什麼樣的內容來吸引學習者到我們的目錄中，我們提供什麼樣的學習體驗，將他們從註冊學習者轉變為付費學習者，並讓他們更長時間地留在平台上，從而提高留存率。

Got it. That's really helpful. Maybe as a follow-up, on the career discovery solution, really interesting what you guys are doing there. And I guess as you think about the opportunity, how comprehensive of a solution could Coursera look to build there, especially as you think about the opportunity to actually be a connection point potentially down the road between learners and prospective employers? Is there a bigger monetization opportunity that you may start to pursue at some point?

知道了。這真的很有幫助。也許作為職業發現解決方案的後續，你們在那裡所做的事情真的很有趣。我想，當您考慮這個機會時，Coursera 可以在那裡建立多麼全面的解決方案，特別是當您考慮實際上成為學習者和潛在雇主之間的連接點的機會時？是否存在更大的盈利機會值得您在某個時候開始追求？

Perhaps down the road. I would say right now, it's still early days. We have 60-odd different roles that are covered by our career-based discovery. We believe there's a massive opportunity to expand that. We continue to ingest more and more third-party data to help build out that underlying sort of career and role and skill graph.

或許以後會這樣。我想說現在還太早。我們的職業發現涵蓋了 60 多個不同的角色。我們相信，這是一個巨大的擴展機會。我們繼續吸收越來越多的第三方資料來幫助建立底層的職業、角色和技能圖譜。

And the goal is to enable a learner coming in who may not be sure about exactly what they're trying to learn but has an interest in a given area to better understand what does that interest look like. So say I'm interested in data. Okay, well, what kind of roles are there out there in the job market that are in the data field? What are the skills that those roles require? And then what are the courses that I can take on Coursera to help me build those skills and make my resume more appealing to employers in those spaces?

我們的目標是讓那些可能不確定自己想學什麼但對某個領域有興趣的學習者更能理解這種興趣是什麼。所以說我對數據有興趣。好的，那麼，就業市場上數據領域有哪些職位呢？這些角色需要什麼技能？那麼我可以在 Coursera 上學習哪些課程來幫助我培養這些技能並使我的履歷對這些領域的雇主更有吸引力？

I would say we're still early days on that, but we're showing some good positive signs from a conversion perspective as we do that. And so we'll absolutely increase our investment in that. Over time, I would like us to be viewed as an authoritative source on that. And as we do that, that potentially creates opportunity down the road for looking at additional things that we might go after.

我想說我們在這方面還處於早期階段，但從轉換的角度來看，我們已經顯示出一些積極的跡象。因此我們絕對會增加對此的投資。隨著時間的推移，我希望我們被視為該領域的權威來源。當我們這樣做時，這可能會為我們以後尋找可能追求的其他事物創造機會。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Maybe I want to start with the recategorization of Consumer and Degrees into one segment. Look, I understand what you're talking about streamlining the organization, but maybe two pieces there. Number one, I mean, they are fundamentally different businesses. I understand with micro-credentials and pathways, there's maybe a little bit of a blurry line, but you're targeting different people. So maybe help me understand better the logic behind that.

也許我想從將消費者和學位重新歸類為一個部分開始。聽著，我明白您所說的精簡組織，但也許有兩點。首先，我的意思是，它們是根本不同的業務。我理解，微證書和途徑之間的界線可能有點模糊，但你針對的是不同的人群。所以也許可以幫助我更理解背後的邏輯。

And the second piece to that, I mean, the obvious pushback that I think you're going to get from investors is, well, Degrees has been a little bit of a challenged business over the past couple of years. Is this just a move to hide future weakness in Degrees? Maybe just help us understand both of those, and I've got a quick follow-up.

第二點，我認為投資人會明顯反對的原因在於，在過去幾年裡，Degrees 的業務一直面臨一些挑戰。這是否只是為了掩蓋 Degrees 未來弱點的舉動？也許只是幫助我們理解這兩者，然後我有一個快速的跟進。

Rishi, this is Ken. So thank you for that question and the clarity around it. As you mentioned, as we think about it, and as Greg looks about it, new in his role, ultimately, Degrees is another Consumer product, is just another Consumer, albeit it is the longest in duration and the highest in price and it's sourced differently, but it is one more Consumer offering. So as we look at how we operate the business and the changes we're making there, as we stay focused on the biggest growth opportunities, we've changed the data that we look at day-to-day that we used to manage it, which ultimately drives the accounting around it.

Rishi，這是 Ken。非常感謝您提出這個問題並對此做出清晰的解釋。正如您所提到的，正如我們所思考的，正如 Greg 在他的新角色中所看待的，最終，學位是另一種消費產品，只是另一種消費者產品，儘管它的持續時間最長、價格最高，而且來源不同，但它是另一種消費者產品。因此，當我們審視我們如何經營業務以及我們在那裡所做的改變時，當我們專注於最大的成長機會時，我們已經改變了我們用來管理它的日常數據，這最終推動了圍繞它的會計工作。

It is, as you mentioned, 9% of revenue. We've tried to be as open as possible, breaking everything out, including the forward look. And to your point, Rishi, we do expect Degrees to decline. So before we collapse that reporting to be in sync with the reporting we do internally, we wanted to make sure we're not hiding anything. We wanted to be very clear about it.

正如您所說，它佔收入的 9%。我們試著盡可能地保持開放，把一切都公開，包括前瞻性的展望。正如你所說，Rishi，我們確實預計學位會下降。因此，在我們合併報告以與我們內部的報告同步之前，我們希望確保我們沒有隱瞞任何事情。我們希望對此有非常清晰的認知。

And so for this small portion of the business, which while it's still important for Consumer, it's an important product, it's a smaller portion. And especially as we move forward and as Degrees, again, we expect to decline slightly this year, we wanted to make that statement. And as Consumer and Enterprise we both expect to grow at significant rates, it will become less relevant to investors, and it's less relevant day-to-day for us as we manage it.

因此，對於這一小部分業務來說，雖然它對消費者來說仍然很重要，它是一個重要的產品，但它只佔較小份額。尤其是隨著我們不斷前進，我們預計今年的學位數量會略有下降，我們想做出這樣的聲明。由於我們都期望消費者和企業能夠以顯著的速度成長，因此它對投資者來說將變得不那麼重要，而且對於我們日常管理來說，它也變得不那麼重要。

Again, important for Consumer, but we think of it as a Consumer offering. And so as we look at the data that we look at to manage the business, and Greg, not to be too goofy about accounting, who's our CODM, or Chief Operating Decision Maker, what he looks at as we look at the health of the business and as we manage the business, it indicates we should collapse it.

再次強調，這對消費者來說很重要，但我們認為這是消費者提供的產品。因此，當我們查看用於管理業務的數據時，格雷格，不要對會計太過痴迷，誰是我們的 CODM 或首席營運決策者，當我們查看業務健康狀況和管理業務時，他所關注的表明我們應該將其關閉。

So we think, if you want, the noise around Degrees is not fitting with the focus externally. But we have provided historic combinations, and we go out of our way to be transparent around these things. So you can look at the historic combination.

因此我們認為，如果你願意的話，圍繞 Degrees 的噪音與外部焦點不符。但我們提供了具有歷史意義的組合，並且我們竭盡全力確保這些事情的透明度。因此你可以看看歷史組合。

And again, we've tried to do our best by giving the forward guide, and we're not trying to hide the ball, that's for sure. But hopefully, that helps.

再說一次，我們盡力提供前進的指引，我們不會試圖隱藏球，這是肯定的。但希望這會有所幫助。

Yes. No, that's super helpful. And then maybe I just want to think about now the outlook for the year. Nice to see a raise there. I just want to kind of understand your sets of assumptions behind that guidance, right?

是的。不，這非常有幫助。然後也許我現在只想考慮一下今年的前景。很高興看到那裡加薪。我只是想了解一下該指導背後的一系列假設，對嗎？

And especially just given -- I mean, no one knows how this macro picture and everything is going to shake out. But I think it is clear we've seen consumer sentiment start to weaken. That's obviously a very critical growth driver on your side, is the Consumer business.

尤其是考慮到——我的意思是，沒有人知道這個宏觀圖像和一切將會如何發展。但我認為很明顯我們已經看到消費者信心開始減弱。顯然，消費者業務是你們的一個非常關鍵的成長動力。

Maybe just help us understand, given the global nature of your business, global nature of your learners and the Consumer business, how are you thinking about what's kind of the base case embedded in the guide, especially as it pertains to all these pieces?

也許只是幫助我們理解，考慮到您的業務的全球性、學習者和消費者業務的全球性，您如何考慮指南中嵌入的基本情況，特別是與所有這些部分相關的情況？

Sure, Rishi. So as I break it down between Consumer and Enterprise, and as we said in the original remarks, we expect both to grow single digits, but Consumer more than Enterprise. What we've built into our Consumer outlook is some observed improvements that we've seen in our metrics. Greg talks about top-of-funnel conversion, retention and ARPU internally as we look and think about the Consumer business. We have seen improvements already that we've indicated, essentially, we've reflected in our forward guide.

當然，Rishi。因此，當我將其分為消費者和企業時，正如我們在最初的評論中所說的那樣，我們預計兩者都將成長個位數，但消費者的成長速度將高於企業。我們在消費者展望中融入了我們在指標中觀察到的一些改進。當我們審視和思考消費者業務時，Greg 在內部討論了漏斗頂端的轉換率、保留率和 ARPU。我們已經看到了我們已經指出的改進，基本上，我們已經在我們的前瞻性指南中反映出來了。

We will also continue to invest in the business, and we see lots of opportunity there operationally. So we've increased our EBITDA outlook by 100 basis points, which is good. We continue to improve the economic model, but not at the rate we have historically.

我們也將繼續對該業務進行投資，並且我們在營運方面看到了很多機會。因此，我們將 EBITDA 預期提高了 100 個基點，這是件好事。我們持續改善經濟模式，但速度不如歷史上那麼快。

And the reason for that is we wanted to be sure we set aside enough so that we can pursue growth initiatives and new capabilities that will also drive growth, and we've built that into the business. But we haven't assumed that we're going to see any incremental growth from them yet. It's too early. It needs to be proven. So we absolutely think we have a lot of opportunity just to operate differently and better.

這樣做的原因是，我們希望確保留出足夠的資金，以便我們能夠推行成長計劃和新功能，從而推動成長，並且我們已經將其融入業務中。但我們尚未假設會看到它們有任何增量成長。太早了。這需要證明。因此，我們絕對認為我們有很多機會以不同的方式更好地運作。

As you know as well, we've seen historically, during slower economic times, some countercyclicality. It's always hard to read that internally. As you said, everybody is trying to understand that. But I wouldn't be surprised if we see some of that as well. Every downturn is a little bit different.

如你所知，從歷史上看，在經濟放緩時期，我們看到了一些反週期現象。從內心來說，要理解這一點總是很困難的。正如你所說，每個人都在試圖理解這一點。但如果我們也看到其中的一些情況，我不會感到驚訝。每次經濟衰退都有些不同。

To contrast that, on the Enterprise side, we had a nice Q1. We're still expecting Enterprise to grow, but we expect it to grow at a slower rate. And that is not necessarily because of what we're seeing directly right here right now associated with the revenue, but due to some caution around Enterprise spend. We think in this category, as budgets soften during macro environment uncertainty, and businesses pulling back in particular, that there could be some risk of slower growth going forward. We haven't seen it necessarily, but we think some amount of caution, which I think everybody is looking for, is fitting.

相比之下，在企業方面，我們第一季的業績表現不錯。我們仍然預期 Enterprise 將會成長，但成長速度會有所放緩。這不一定是因為我們現在直接看到的與收入相關的情況，而是因為對企業支出持謹慎態度。我們認為，在這一類別中，由於宏觀環境不確定導致預算減少，尤其是企業撤資，未來可能存在成長放緩的風險。我們還沒有看到這種情況，但我們認為採取一定程度的謹慎是適當的，我認為每個人都在尋求這種謹慎。

Where we have seen some particularly nice outcomes recently, and in the near term, we expect to see, is around Coursera for Campus as compared to Coursera for Business or Government. So Coursera for Campus, we think, should continue to be a bright spot, but overall -- and it gives us some confidence in the lower single-digit growth we see for enterprise. But that's how we came to our outlook, Rishi.

我們最近看到了一些特別好的成果，我們預計在短期內會看到，Coursera 校園版與 Coursera 商業版或政府版的比較。因此，我們認為 Coursera for Campus 應該會繼續成為一個亮點，但總體而言，它讓我們對企業看到的較低個位數成長充滿信心。但這就是我們的觀點，Rishi。

Josh Baer, Morgan Stanley.

摩根士丹利的喬希貝爾。

For Greg, just wondering, I mean, I'm very bullish on the long-term secular trends around skilling and reskilling. But I'm more uncertain on the timing of when it is going to matter for companies and exposed. And so I'm wondering your perspective coming into this sector on the timing of that opportunity. When does skilling and reskilling inflect and translate to momentum for you? And really, what will it take to get there?

對於格雷格，我只是好奇，我的意思是，我非常看好技能和再培訓的長期趨勢。但我不太確定它何時會對公司和曝光者產生影響。所以我想知道您對進入這個領域以及這個機會的時機的看法。技能訓練和再訓練何時會對您產生影響並轉化為動力？那麼，要實現這一目標，我們實際上需要做些什麼呢？

Great question, Josh. So I'll give you my thoughts. Number one, I don't have a crystal ball. I wish I did. And I think some of the things that Ken actually just mentioned are really pertinent.

喬希，問得好。所以我會告訴你我的想法。首先，我沒有水晶球。我希望我能做到。我認為肯剛才提到的一些事情確實很中肯。

So on the one hand, you've got stats like the report from the World Economic Forum that 59 out of every 100 jobs in the global workforce will need retraining by 2030. So that is a longer-term push that companies will need to figure out how to deal with, how do they upskill and reskill their workforces. Balanced against that, you have the uncertainty in the macroeconomic environment now.

一方面，根據世界經濟論壇的報告等統計數據，到 2030 年，全球勞動力中每 100 個工作機會中就有 59 個需要再培訓。因此，這是一個長期的推動力，公司需要想辦法應對，如何提升和重新培訓員工的技能。與此相對照的是，目前宏觀經濟環境存在不確定性。

So you've sort of got near-term uncertainty that obviously is causing corporate leaders to be a little reticent about spending until they have a better sense of what the trends might look like. And then you've got that balance against this longer-term shift that I think all of them absolutely agree on.

因此，短期內存在某種不確定性，這顯然會導致企業領導人對支出持謹慎態度，直到他們更了解趨勢如何。然後你就得到了與長期轉變的平衡，我認為他們都完全同意這一點。

We mentioned in the scripted remarks, the stats about enterprise leaders and the need for learner -- or sorry, workforce members with AI skills. I think that what you'll see is that you'll see it play out a little bit differently in different sectors for relatively obvious reasons because AI will have different impacts in different sectors at different time lines, that the companies that are more forward leaning and continue to invest in reskilling will have an advantage.

我們在事先準備好的發言中提到了有關企業領導者的統計數據以及對學習者（或抱歉，是具有人工智慧技能的勞動力）的需求。我認為，你會看到，由於相對明顯的原因，它在不同行業的表現會略有不同，因為人工智慧會在不同的時間線上對不同行業產生不同的影響，那些更具前瞻性並繼續投資於再培訓的公司將具有優勢。

And that will be a real competitive advantage because it will give them a combination of both better operating leverage as they become more efficient and better capabilities to attract and retain consumers regardless of the industry that they're in. They can leverage AI to do a lot of things from a customer experience and marketing perspective more effectively than they could with prior tools. So the companies that lean into that will be the ones that get the benefit of that.

這將是一個真正的競爭優勢，因為它將為他們提供更好的營運槓桿，使他們變得更有效率，並且無論他們身處哪個行業，都能更好地吸引和留住消費者。與以前的工具相比，他們可以利用人工智慧從客戶體驗和行銷角度更有效地做很多事情。因此，傾向於這種方式的公司將會從中受益。

And I expect that those will be the ones that will continue to invest in reskilling and upskilling their workforces. And we want to make sure that Coursera does a great job of serving those companies.

我希望這些國家能夠繼續投資勞動力的再培訓和技能提升。我們希望確保 Coursera 能夠出色地為這些公司提供服務。

And then, of course, the ones that are forced for whatever reason because of the macroeconomic uncertainty to hold off on, we want to make sure that we stay in dialogue with those companies about the value that we can provide to them and the way that some of those reskilling and upskilling might provide benefit to their business that might help them in these uncertain times.

當然，對於那些由於宏觀經濟不確定性而被迫推遲的企業，我們希望確保與這些企業保持對話，討論我們能夠為他們提供的價值，以及這些再培訓和技能提升可能為他們的業務帶來的好處，從而幫助他們度過這些不確定的時期。

Great. I was hoping, Ken, you could just comment on why 100 basis points is the right level of margin expansion. We can see that's below where it's been. If you could talk through some of the methodology of deciding how much to invest in what projects and that level of margin expansion is also coming with a lower level of growth this year than in the past, too.

偉大的。肯，我希望您能評論為什麼 100 個基點是適當的保證金擴張水平。我們可以看到它位於原來的位置之下。如果您可以談談決定在哪些項目上投資多少的方法，那麼利​​潤率擴張水準今年的成長水準也會低於過去。

Yes. Sure, Josh. And part of it is just budgeting, I guess, I'd say, as we're making a lot of change in kicking off a new year with incremental focus. So we wanted to be sure we did not shortchange our opportunity for growth. And it's something Greg and I talked a lot about when he came onboard, and the Board was very interested in, even before Greg started, in anticipation of Greg starting that we made sure there was enough dry powder so that we could pursue changes in the company to reignite growth at levels that we would find more satisfying.

是的。當然，喬希。我想說，其中一部分只是預算，因為我們在新的一年開始時就做出了許多改變，重點是逐步增加。因此，我們希望確保不會錯過我們的成長機會。格雷格和我在他加入公司時就經常討論這個問題，董事會在格雷格上任之前就對此非常感興趣，在格雷格上任之前，我們確保公司有足夠的資金，以便我們能夠在公司內進行變革，以重新點燃我們更滿意的增長水平。

And so what we've done is we've started to identify those opportunities. We're well along the way. We've started to identify the resources required to achieve those. We'll go through a process where we actually implement that and start to think more about exactly how much revenue, and we'll balance those as we move forward.

因此，我們所做的就是開始識別這些機會。我們一路走得很好。我們已經開始確定實現這些目標所需的資源。我們將經歷一個實際實施的過程，並開始更多地考慮究竟有多少收入，並在前進的過程中平衡這些收入。

But essentially, we've baked in the cost to provide that opportunity. And we haven't baked in a lot of top line. I don't think that'd be appropriate right now to do so given that these are new initiatives and given that we have a relatively uncertain environment right now, more so than we've had in some time. So pragmatically speaking, that drives you to a lower, if you add more cost, but don't take much benefit top line in your forward forecast, which I think is prudent and the right thing to do. Mechanically, that's the answer it provides you.

但本質上，我們已經考慮到了提供這個機會的成本。我們還沒有實現太多營收成長。鑑於這些都是新舉措，而且我們目前面臨的環境比以往更加不確定，我認為現在這樣做並不合適。因此，從務實的角度來說，如果你增加更多的成本，那麼你的利潤就會降低，但在你的未來預測中，這並不會帶來太多的收益，我認為這是謹慎且正確的做法。從機械角度來說，這就是它給你的答案。

It was important to us that we did continue to improve it. I hope that we get the confidence once we see the metrics that these actions take so that we can confidently forecast new top line, but it would be premature to do that. So I think of it as a little bit of a transition methodology, if you want to call it that.

對我們來說，繼續改進它非常重要。我希望，一旦我們看到這些行動所採取的指標，我們就會有信心，以便我們可以自信地預測新的收入，但現在這樣做還為時過早。所以我認為這有點像是一種過渡方法，如果你願意這麼稱呼它的話。

But important to us to continue to improve the economics of the business model and create the best opportunity for return to growth. We're still early. We're still small. There is a lot of growth opportunity, and we think we'd be shortchanging the investors if we did anything differently.

但對我們來說，重要的是繼續改善商業模式的經濟效益，並為恢復成長創造最佳機會。我們還早。我們還很小。有很多成長機會，我們認為如果我們採取任何不同的行動，就會讓投資者吃虧。

Ryan MacDonald, Needham.

瑞安麥克唐納，尼德姆。

Greg, as you think about the investments you're making in the business today, a lot of them, you talk about product innovation, content generation, it seems like there are sort of benefits to the core Consumer business that perhaps, if successful, will also benefit sort of the Enterprise segment down the line. Is that the way you're sort of looking at in terms of prioritization in the business? Or are there separate sort of enterprise-specific investments that you think also help to separately drive growth in that business or drive a reacceleration of growth in that business?

格雷格，當您考慮今天在業務上的投資時，您談到了很多關於產品創新、內容生成等投資，這些投資似乎對核心消費者業務有好處，如果成功的話，也許將來也會使企業部門受益。這就是您看待業務優先事項的方式嗎？或者，您認為是否存在單獨的企業特定投資，也有助於分別推動該業務的成長或推動該業務的再次加速成長？

Yes. The way that I think about it is sort of threefold. Like, number one, the improvements that we make on the content side of the business benefit all learners, whether those are individual learners or enterprises. So as we make improvements with things like Coursera Coach or Dialogues to the actual learning experience, those benefit individual learners, they also benefit enterprise customers. We are also, though, making very specific investments in the Enterprise business to improve that experience. So better creation of curated sets of content that meet the specific needs of enterprises in different verticals and different sectors.

是的。我對此的看法大致上有三方面。首先，我們在業務內容方面所做的改進使所有學習者受益，無論是個人學習者還是企業。因此，當我們透過 Coursera Coach 或 Dialogues 等工具改善實際學習體驗時，這些工具不僅會讓個人學習者受益，還會讓企業客戶受益。不過，我們也對企業業務進行了非常具體的投資，以改善這種體驗。因此，可以更好地創建精選內容，滿足不同垂直行業和不同行業的企業的特定需求。

So for example, if you're an enterprise and you want to make sure that you give the product management arm of your business all of the skills that they need to continue to improve and understand what's changing within AI and how to leverage that within your particular company, well, we can provide a curated set of courses that can do that for you.

舉例來說，如果您是一家企業，並且您想確保為企業的產品管理部門提供他們所需的所有技能，以便他們能夠繼續改進和了解人工智慧領域正在發生的變化以及如何在您的特定公司內利用這些變化，那麼我們可以為您提供一套精心挑選的課程來滿足您的需求。

So those types of things, better integrations with corporate systems, LMSs, et cetera, also better admin tools for our enterprise customers, better reporting and data, so we're definitely making specific investments that are only going to benefit our Enterprise business.

因此，這些類型的事情，與企業系統、LMS 等的更好地集成，以及為我們的企業客戶提供更好的管理工具、更好的報告和數據，所以我們肯定會進行特定的投資，這些投資只會使我們的企業業務受益。

But generally, my viewpoint is a lot of the improvements that we make to the content side will benefit both Consumer and Enterprise. And then we're certainly also making specific improvements to sort of like the life cycle journey of the Consumer side of our business as well from a customer life cycle management discovery.

但總的來說，我的觀點是，我們在內容方面所做的許多改進將使消費者和企業都受益。然後，我們當然也會從客戶生命週期管理的發現角度，對消費者端的業務生命週期歷程做出具體的改進。

Actually, the career-based discovery also benefits both because it helps the enterprises understand the skills that, if they have a specific type of workforce, what are the skills that workforce needs to develop, which they're obviously going to have a point of view on. So that information is incredibly valuable and helpful. But also, we are going to bring a point of view on in terms of how our catalog maps to that.

實際上，基於職業的發現也對雙方都有好處，因為它可以幫助企業了解技能，如果他們擁有特定類型的勞動力，那麼勞動力需要發展哪些技能，他們顯然會對此有一個看法。所以這些資訊非常有價值且有用。但同時，我們也將就我們的目錄如何映射到這一點提出一個觀點。

Super helpful color there. Ken, maybe for you, I recognize that we're, on an annual basis, showing some nice EBITDA margin expansion, but the sort of implied guidance for second quarter and what's implied for the back half of the year sort of shows some adjusted EBITDA margins, obviously, that are sort of below the annual targets.

那裡的顏色超級有用。肯，也許對你來說，我認識到我們在年度基礎上顯示出一些不錯的 EBITDA 利潤率擴張，但第二季度的隱含指引以及下半年的隱含指引顯示，一些調整後的 EBITDA 利潤率顯然低於年度目標。

So one, can you talk about when you think adjusted EBITDA margin troughs as we think about fiscal '25? And two, how are you thinking about sort of payback period on these investments? I understand you're not including any revenue benefit in the implied guidance right now. But how should we think about how quickly some of these investments could actually translate to top line improvements?

那麼，首先，當我們考慮 25 財年時，您能否談談您認為調整後的 EBITDA 利潤率何時會跌至低潮？第二，您如何考慮這些投資的回報期？我知道您現在沒有在隱含指引中包括任何收入收益。但是，我們該如何看待這些投資能夠多快轉化為營收的成長呢？

So great question, Ryan. Again, I described the methodology as we look to do those forecasts, unless you build in top line growth associated with the investments, it creates the result, the exact result you're talking about. I wanted to be very careful we didn't get in front of ourselves. But naturally, mathematically, again, definitionally, that creates a slowing throughout the course of the year.

瑞安，這個問題問得真好。再次，我描述了我們進行這些預測的方法，除非你建立與投資相關的收入成長，否則它會產生結果，也就是你所說的確切結果。我想要非常小心，不要擋住我們的路。但自然地，從數學上、從定義上來說，這會導致全年經濟放緩。

I do think, if we're successful with these investments, we will see relatively near-term results. It depends on exactly what we're talking about, of course. But the categories are product innovation, the content engine itself and the go-to-market. The go-to-market investments, I think we will see immediate, more immediate payback, less so in the enterprise, but much more so in consumer, and there are a number of initiatives around there. Content will also be a mix of near term and longer term.

我確實認為，如果我們的這些投資成功，我們將看到相對短期的成果。當然，這取決於我們談論的具體內容。但類別包括產品創新、內容引擎本身和市場進入。我認為，對於市場進入投資，我們將立即看到更直接的回報，在企業領域回報較少，但在消費者領域回報較多，並且該領域已經出現了許多舉措。內容也將是短期和長期的混合。

We're investing in building increasingly, and we've had good success so far, our Coursera-produced content, which has lots of strategic benefit on top of immediate financial benefit. But we do expect that to continue to deliver. And then the product innovation will be a mix. Some of that will be longer term. Some of it should have some immediate payback.

我們正在加大對 Coursera 製作內容的建設投入，到目前為止，我們已經取得了良好的成功，除了直接的經濟利益之外，它還具有許多戰略利益。但我們確實希望這種情況能夠繼續發生。然後產品創新將是一個混合體。其中一些將是長期的。其中一些應該立即得到回報。

The other piece, and that's how we're grouping our priorities around growth, but the other part is operationally, what we're doing; and the metrics, we're investing in infrastructure to be more metrics driven. And while it's soft, I expect that we're going to see payback from that. We're already seeing payback for that. It's, frankly, one of the reasons this quarter ended as well as it did for us. So I think you'll start to see that.

另一部分是我們如何圍繞成長來安排我們的優先事項，但另一部分是營運方面，我們正在做什麼；而對於指標，我們正在投資基礎設施，以便更多地以指標為導向。儘管它很疲軟，但我預計我們會看到回報。我們已經看到了回報。坦白說，這就是我們本季取得如此好成績的原因之一。所以我想你會開始看到這一點。

I hope we have a real opportunity to increase our growth outlook during the course of the year, but it's not a conservative forecast if you tell people you're going to beat it. So if we perform the way I'd expect we're going to perform, we should start to see it sooner rather than later. And I would love it if mechanically, we didn't have the result we did with implied slower growth at the end of the year. It's not what I expect to see, to be clear.

我希望我們今年有真正的機會提高我們的成長前景，但如果你告訴人們你會超越它，這並不是一個保守的預測。因此，如果我們的表現符合我的預期，我們應該很快就會看到它。如果從機械角度來看，我們沒有得到像今年年底那樣隱含成長放緩的結果，我會很高興。顯然，這不是我期望看到的。

Jeff Silber, BMO.

傑夫·西爾伯，BMO。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

This is Ryan on for Jeff. I just had a quick question. This is helping us to measure the success of product innovation and go-to-market initiatives from the outside looking in. Just wondering, what percentage of registered learners are paid today? And then what percentage of registered learners do you envision as paid once all these initiatives flow through?

這是瑞恩 (Ryan) 代替傑夫 (Jeff)。我只是想問一個簡單的問題。這有助於我們從外部衡量產品創新和市場進入計劃的成功。只是想知道，今天有多少比例的註冊學習者獲得了報酬？那麼，您預計在所有這些舉措實施後，有多少比例的註冊學習者會獲得報酬？

I wasn't sure that I followed exactly what all of the question was, but I would say that we don't break out necessarily our conversion at that level, but we do expect to see improvements in registered learners to paid learners through a lot of the things that we're focused on. Those are some of the things that we believe that, as Ken mentioned, might translate in the nearer term to benefits in the business, but we don't break out the specifics around conversion on that.

我不確定我是否完全理解了所有問題，但我想說，我們不一定會突破這一水平的轉換率，但我們確實希望透過我們關注的許多事情看到註冊學習者轉化為付費學習者的比例有所提高。正如肯所提到的那樣，我們相信這些可能會在短期內轉化為業務利益，但我們不會透露有關轉換的具體細節。

Obviously, the size of our learner base at $175 million is a tremendous asset. And so we have opportunity to convert registered learners both immediately as they register and over time as well, and we see both of those things happen.

顯然，我們 1.75 億美元的學習者基礎規模是一筆巨大的財富。因此，我們有機會在註冊學習者註冊時立即轉換他們，也可以隨著時間的推移轉換他們，我們看到這兩件事都在發生。

Understood. And then just a quick follow-up. I was wondering if there's any knock-on impact of the Department of Education potentially closing, whether it's budgets and grants coming into scrutiny, in some of the higher end of the education institutions that you partner with?

明白了。然後只是快速的跟進。我想知道教育部可能關閉是否會產生連鎖影響，例如對與您合作的一些高端教育機構的預算和撥款進行審查？

It's a great question. I would say that -- this is Greg. I would say that what we're seeing from our partners in higher education is obviously a lot of consternation about what's happening and how they respond to that. I would say that in that environment, Coursera is a great partner for them because, as their funding from the federal government comes potentially under threat, we drive revenue for them through the courses that they provide in our revenue-sharing arrangements.

這是一個很好的問題。我想說的是──這是格雷格。我想說的是，我們從高等教育夥伴那裡看到的顯然是對正在發生的事情以及他們對此的反應感到非常驚愕。我想說，在這種環境下，Coursera 是他們的絕佳合作夥伴，因為當他們從聯邦政府獲得的資金可能受到威脅時，我們透過他們在收入分享協議中提供的課程為他們帶來收入。

And so one of the active conversations that we're having with institutions across higher education is how can we help you create more courses, improve the performance of your courses and make sure they're as relevant as possible for the massive global audience that we have, so that you can bring in revenue from Coursera to potentially help offset, to a certain degree, some of the funding challenges you might be seeing in the current environment.

因此，我們與高等教育機構進行的積極對話之一就是如何幫助您創建更多課程，提高課程表現，並確保它們與我們龐大的全球受眾盡可能相關，以便您可以從 Coursera 獲得收入，從而在一定程度上幫助抵消您在當前環境下可能遇到的一些資金挑戰。

That wraps today's Q&A session. A replay of this webcast will be available shortly on our Investor Relations website. We appreciate you joining us today. Take care.

今天的問答環節到此結束。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。感謝您今天加入我們。小心。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。