Coursera Inc (COUR) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Coursera's second-quarter 2025 earnings call. All participants are in 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 年第二季財報電話會議。所有參與者都處於只聽模式，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, Vice President of Investor Relations. Mr. Carey, you may begin.

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

Good afternoon. Thank you for joining us for Coursera's Q2 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. Our earnings press release was issued after market close.

午安.感謝您參加 Coursera 2025 年第二季財報電話會議。今天，與我一起出席的還有我們的總裁兼執行長 Greg Hart 和財務長 Ken Hahn。在他們發表完準備好的發言後，我們將開始提問。我們的收益新聞稿是在收盤後發布的。

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 materials, including our quarterly shareholder letter have been published. During this call, we will present both GAAP and non-GAAP financial measures.

您可以在我們投資者關係網站 investor.coursera.com 上查閱該電話會議，該網站將對本次電話會議進行網路直播，並且已發布今天的材料版本，包括我們的季度股東信。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 materials. Please note, all growth percentages discussed refer to year-over-year change unless otherwise specified. All statements made during this call relating to future results and events are forward-looking statements based on current expectations and beliefs.

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。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, shareholder letter and SEC filings. Please refer to today's earnings press release for more details on our forward-looking statements.

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。有關我們前瞻性陳述的更多詳細信息，請參閱今天的收益新聞稿。

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. It's great to be with you all. Coursera delivered a strong second quarter. We are executing at a renewed and rapid pace, delivering revenue of $187 million and increasing our growth to 10% year-over-year. We also drove strong bottom line performance, generating $29 million of free cash flow, which was up 68% from the prior year.

謝謝你，Cam，大家下午好。很高興和大家在一起。Coursera 在第二季度表現強勁。我們以新的快速步伐執行，實現 1.87 億美元的收入，年增 10%。我們也實現了強勁的獲利表現，產生了 2,900 萬美元的自由現金流，比前一年增長了 68%。

Given the early momentum we demonstrated in the first half, I am pleased to share that we are raising our expectations for full year revenue and adjusted EBITDA. We now expect to deliver $738 million to $746 million of revenue, raising the midpoint of our range by $17 million. We are also increasing our annual adjusted EBITDA margin target to 8%, delivering 200 basis points of year-over-year improvement, while deploying investments intended to unlock more durable growth.

鑑於我們在上半年表現出的早期勢頭，我很高興地告訴大家，我們提高了對全年收入和調整後 EBITDA 的期望。我們現在預計營收將達到 7.38 億美元至 7.46 億美元，比預期中位數高出 1,700 萬美元。我們還將年度調整後 EBITDA 利潤率目標提高至 8%，實現同比增長 200 個基點，同時部署旨在實現更持久增長的投資。

As the pace of technology reshapes the labor market, I believe Coursera's market opportunity continues to expand, fueled by the global demand to embrace new technologies and skills. In Q2, we attracted 7.5 million new registered learners. This was the largest number of quarterly new additions since 2020, growing our total cumulative base by 18% year-over-year to 183 million. We also grew the number of paid enterprise customers we serve by 12% year-over-year with 1,686 customers spanning businesses, governments and campuses.

隨著科技步伐重塑勞動市場，我相信 Coursera 的市場機會將持續擴大，這得益於全球對新技術和技能的需求。第二季度，我們吸引了 750 萬名新註冊學習者。這是 2020 年以來季度新增用戶數量最多的一次，累計總用戶基數年增 18%，達到 1.83 億。我們服務的付費企業客戶數量也年增了 12%，達到 1,686 家，涵蓋企業、政府和校園。

As one of the largest and most globally distributed learning platforms, our data is becoming an increasingly powerful asset that provides us with a unique lens to help our learners on the consumer side discover and master skills that can advance their careers, to support our enterprise customers looking for the best way to upskill their workforces at scale, while navigating rapid changes in the labor market and to draw insights that inform our content strategy, skill assessments, recommendation engine and product development cycles as we begin to transform the learning experience.

作為全球最大、分佈最廣的學習平台之一，我們的數據正在成為一項日益強大的資產，為我們提供了獨特的視角，幫助消費者方面的學習者發現和掌握能夠促進其職業發展的技能，支持我們的企業客戶尋求大規模提升員工技能的最佳方式，同時應對勞動力市場的快速變化，推薦引擎和產品體驗時，為我們的內容體驗、技能評估週期提供。

As part of my initial observations last quarter, I shared that we were in the early stages of implementing thoughtful changes to our operating model, focused on driving more innovation and engagement throughout our learner experience, more rapid product development cycles, more speed and agility in our content engine and a data-driven approach to continuous improvement in all aspects of our business. To support these efforts, I was excited to announce the appointment of Patrick Supanc as Chief Product Officer; and Grant Parsamyan as Chief Data Officer, welcoming them to my leadership team.

作為我上個季度初步觀察的一部分，我分享了我們正處於對營運模式進行深思熟慮的變革的早期階段，重點是推動整個學習者體驗中的更多創新和參與、更快的產品開發週期、更快的內容引擎速度和靈活性，以及採用數據驅動的方法持續改進我們業務的各個方面。為了支持這些努力，我很高興地宣布任命 Patrick Supanc 為首席產品長；任命 Grant Parsamyan 為首席數據官，歡迎他們加入我的領導團隊。

Both are seasoned leaders with deep expertise in building customer-centric products, scaling data transformations and driving rapid innovation. They have hit the ground running, working alongside our teams to shape our next chapter of innovation, unlock new avenues for growth and build new operational rigor that can accelerate our progress.

兩位都是經驗豐富的領導者，在建立以客戶為中心的產品、擴展資料轉換和推動快速創新方面擁有深厚的專業知識。他們立即行動起來，與我們的團隊一起塑造我們創新的下一個篇章，開闢新的成長途徑，並建立新的營運嚴謹性，以加速我們的進步。

Coursera's ecosystem is built on a strong foundation of assets, which I believe will help us shape the future of learning by reinventing how skills are developed and reimagining how education is delivered at scale. Our branded content is one of those assets. Our catalog now includes more than 10,500 courses, having expanded by more than 36% over the past year.

Coursera 的生態系統建立在強大的資產基礎上，我相信這將有助於我們透過重塑技能發展方式和重新構想大規模教育方式來塑造學習的未來。我們的品牌內容就是其中一項資產。我們的目錄現在包括超過 10,500 門課程，比過去一年增加了 36% 以上。

Learners come to Coursera to discover and master in-demand skills taught by world-class instructors trusted for their academic rigor, industry expertise and career relevance. To meet the growing demand for AI skills, our generative AI catalog now includes more than 925 courses, having tripled over the past year. We recently surpassed 10 million enrollments in generative AI courses, seeing 12 enrollments per minute so far in 2025.

學習者來到 Coursera 是為了發現和掌握熱門技能，這些技能由世界一流的教師講授，他們因學術嚴謹、行業專業知識和職業相關性而值得信賴。為了滿足日益增長的人工智慧技能需求，我們的生成式人工智慧目錄現在包含超過 925 門課程，比過去一年增加了兩倍。我們最近擁有超過 1000 萬的生成式人工智慧課程註冊人數，到 2025 年，每分鐘的註冊人數將達到 12 人。

In connection with this milestone, we were proud to announce new courses and certificates focused on job-specific generative AI skills, featuring offerings from AWS, DeepLearning.AI, Google Cloud, IBM, Microsoft, Snowflake and more. Earlier this month, Coursera was named to the Time 100 Most Influential Companies list for our efforts in expanding access to generative AI skills for learners around the world, helping the global workforce better understand and apply this new technology.

在這個里程碑之際，我們很自豪地宣布推出專注於特定工作生成 AI 技能的新課程和證書，其中包括 AWS、DeepLearning.AI、Google Cloud、IBM、Microsoft、Snowflake 等公司的課程。本月初，Coursera 因致力於擴大全球學習者獲取生成式人工智慧技能的機會、幫助全球勞動力更好地理解和應用這項新技術而入選《時代》雜誌 100 家最具影響力的公司榜單。

We will continue to work closely with leading AI companies as well as our world-class universities who share our commitment to broadening access to job-relevant education, so that learners can navigate and succeed in a fast-changing labor market, businesses can strengthen their workforce to remain competitive and campuses can better prepare their graduates. As part of this commitment, we also continue to expand our catalog of industry micro credentials.

我們將繼續與領先的人工智慧公司以及世界一流的大學密切合作，他們與我們一樣致力於擴大與工作相關的教育管道，以便學習者能夠在快速變化的勞動力市場中導航並取得成功，企業可以加強員工隊伍以保持競爭力，校園可以更好地為畢業生做好準備。作為這項承諾的一部分，我們也將繼續擴大我們的產業微證書目錄。

In July, we announced five new entry-level professional certificates from existing partners, including ADP, IBM, Microsoft and SAP as well as our first certificate from Zoho. These certificates provide the necessary skills to start a career in various roles from AI product manager to sales representatives. Increasingly, they are also eligible to earn college credit, enhancing their value to our learners and opening new, more affordable pathways to college degrees.

7 月份，我們宣布了來自現有合作夥伴的五項新的入門級專業證書，包括 ADP、IBM、Microsoft 和 SAP，以及來自 Zoho 的首張證書。這些證書提供了從事從人工智慧產品經理到銷售代表等各種職位的職業生涯所需的技能。他們也越來越有資格獲得大學學分，這提高了他們對學習者的價值，並開闢了新的、更實惠的大學學位途徑。

Earlier this month, we were pleased to share that 17 additional professional certificates from Meta, Microsoft and IBM were awarded ECTS Credit Recommendations in Europe, along with 5 from ACE here in the US. We now have more than 30 micro credentials with ECTS Credit Recommendations with approximately 40 from ACE.

本月初，我們很高興地宣布，歐洲又有 17 個來自 Meta、Microsoft 和 IBM 的專業證書獲得了 ECTS 學分推薦，而美國又有 5 個來自 ACE 的專業證書獲得了 ECTS 學分推薦。我們現在擁有超過 30 個具有 ECTS 學分推薦的微證書，其中約 40 個來自 ACE。

As demand for career-aligned education from industry grows, we believe top universities will also view Coursera as a strategic platform to extend their reach. Last week, we were pleased to announce that the University of Cambridge is now collaborating with Coursera. For the first time, the university will bring a series of professional education courses to our platform.

隨著產業對職業導向教育的需求不斷增長，我們相信頂尖大學也會將 Coursera 視為擴大影響力的策略平台。上週，我們很高興地宣布劍橋大學目前正在與 Coursera 合作。該大學將首次在我們的平台上推出一系列專業教育課程。

The first of these courses is now live, with more expected to launch in the coming weeks. To summarize, we will continue to invest in building a faster, more agile model that enhances the value of our brands, meets the rapid pace of skills development and empowers our instructors with new tools to create and augment courses that deliver a more engaging, personalized and impactful learning experience for the millions of learners and customers our platform serves. Turning to our product updates.

首批課程現已上線，預計未來幾週將推出更多課程。總而言之，我們將繼續投資建立一個更快、更靈活的模型，以提升我們品牌的價值，滿足技能發展的快速步伐，並為我們的教師提供新工具來創建和擴充課程，為我們平台服務的數百萬學習者和客戶提供更具吸引力、個性化和影響力的學習體驗。轉向我們的產品更新。

Our team continues to make strong progress in developing new products and capabilities across our platform. And I would like to highlight a few notable recent innovations focused on delivering more value to learners and driving improvements in our conversion, engagement and retention metrics over time.

我們的團隊在整個平台上開發新產品和新功能方面繼續取得重大進展。我想強調一些值得注意的最新創新，重點是為學習者提供更多價值，並推動我們的轉換率、參與度和保留率指標的持續改善。

First, an update on Coursera Coach. Coach is our AI-powered tutor designed to support and enhance the learning experience on Coursera. To date, more than 2.6 million learners have exchanged 36 million messages with Coach, with the highest usage in the US, India and Colombia.

首先，先來介紹一下 Coursera Coach 的最新情況。Coach 是我們基於人工智慧的導師，旨在支援和增強 Coursera 上的學習體驗。迄今為止，已有超過 260 萬名學習者與 Coach 交換了 3,600 萬條訊息，其中美國、印度和哥倫比亞的使用率最高。

From our early data, we see that learners using Coach are 10% more likely to pass a quiz on their first attempt. Additionally, learners starting their careers are 40% more likely to use Coach than those working to advance their careers, demonstrating the potential impact of providing a more personalized interactive engagement across our platform.

根據我們早期的數據，我們發現使用 Coach 的學習者第一次嘗試通過測驗的可能性高出 10%。此外，剛開始職業生涯的學習者使用 Coach 的可能性比那些努力提升職業生涯的學習者高出 40%，這表明在我們的平台上提供更個人化的互動方式具有潛在的影響。

In June, Coach was recognized by the 2025 Newsweek AI Impact Awards, winning for AI education, best outcomes for its ability to adapt to the needs of individual learners. By combining trusted content with AI-enabled guidance, Coach is becoming increasingly powerful at providing a more personalized and interactive experience, grounded in the expertise of our instructors and Coursera's deep data-driven understanding of learning progression and skills development.

今年 6 月，Coach 榮獲《新聞週刊》2025 年度人工智慧影響力獎，因其能夠適應個別學習者的需求而榮獲人工智慧教育領域的最佳成果。透過將可信任內容與人工智慧指導相結合，Coach 在提供更個人化和互動性的體驗方面變得越來越強大，這得益於我們教師的專業知識以及 Coursera 對學習進度和技能發展的深度數據驅動理解。

Our team continues to build upon the initial tutoring use case, testing new capabilities in discovery and onboarding, career guidance, interactive role play and customer support. We are excited about Coach's potential to drive stronger engagement throughout our platform and, most importantly, to deliver better outcomes for our learners. Next is AI Translations.

我們的團隊繼續在最初的輔導用例的基礎上，測試發現和入職、職業指導、互動角色扮演和客戶支援方面的新功能。我們對 Coach 能夠推動我們整個平台更強大的參與度，以及最重要的是為我們的學習者帶來更好的結果的潛力感到興奮。接下來是AI翻譯。

Coursera has been leveraging AI to broaden access to our high-quality catalog, starting with text-based translations in 2023. Today, our platform offers more than 5,500 courses in up to 26 languages. In April, I highlighted that the next phase of our translation efforts, AI dubbing, would begin to bring native language learning to Coursera featuring the voices of our expert instructors.

Coursera 一直在利用人工智慧來擴大我們高品質目錄的存取權限，從 2023 年的基於文字的翻譯開始。如今，我們的平台提供多達 26 種語言的 5,500 多門課程。今年 4 月，我強調，我們的翻譯工作的下一階段，即人工智慧配音，將開始將母語學習帶到 Coursera，並以我們專家講師的聲音為特色。

We started with an initial 100 courses from three partners at launch. Over the past few months, we have tripled the number of available courses, including many of our most popular titles from Google and have added support for a fifth language, Indonesian.

我們最初從三個合作夥伴那裡獲得了 100 門課程。在過去的幾個月裡，我們可用的課程數量增加了兩倍，其中包括許多來自谷歌的最受歡迎的課程，並增加了對第五種語言印尼語的支持。

To date, more than 120,000 learners have utilized AI dubbing to complete more than 400,000 learning hours with the strongest engagement coming from our Spanish-speaking markets. Preliminary feedback from our learners highlights improved focus and understanding as well as the time-saving benefits of remaining on platform for translation capabilities.

迄今為止，已有超過 12 萬名學習者利用 AI 配音完成了超過 40 萬小時的學習，其中最活躍的市場是西班牙語市場。我們的學習者的初步回饋強調了注意力和理解力的提高，以及繼續留在翻譯平台上節省時間的好處。

We will continue to expand access to the world's best instructors with added support for more languages and content creators in the coming months. It's a prime example of harnessing advancements in technology that leverage the scale advantages of our global reach. These efforts expand our market opportunities and rapidly build on the foundational assets that have propelled Coursera's growth into one of the largest learning platforms in the world.

在接下來的幾個月裡，我們將繼續擴大與世界頂級講師的聯繫，並為更多語言和內容創作者提供支援。這是利用技術進步並發揮我們全球影響力規模優勢的典型例子。這些努力擴大了我們的市場機會，並迅速鞏固了推動 Coursera 發展成為全球最大學習平台之一的基礎資產。

Third, our efforts to better serve our growing population of international learners go beyond reducing language barriers. Last quarter, I highlighted the global rollout of our career-based discovery experience. As a reminder, this includes more than 60 role description pages that utilize Coursera's career graph to provide credential recommendations across different levels of career progression and skill mastery, as well as localized salary and job data for approximately 40 countries.

第三，我們為更好地服務日益增長的國際學習者群體所做的努力不僅限於減少語言障礙。上個季度，我強調了我們基於職業的發現體驗的全球推廣。提醒一下，這包括 60 多個角色描述頁面，這些頁面利用 Coursera 的職業圖表為不同職業發展和技能掌握水平提供證書建議，以及大約 40 個國家的本地化薪資和工作數據。

This was one example of our broader efforts to reimagine the learner journey on Coursera, encompassing improvements in search, discovery and onboarding. The scale and data of our platform create powerful opportunities for personalization and localization, enabling us to tailor content, language, recommendations and experiences to meet the needs of individual learners and labor markets in different regions.

這是我們為重新構想 Coursera 學習者旅程所做的更廣泛努力的一個例子，包括搜尋、發現和入職方面的改進。我們平台的規模和數據為個人化和在地化創造了強大的機會，使我們能夠客製化內容、語言、建議和體驗，以滿足不同地區的個人學習者和勞動力市場的需求。

This quarter, we started experimenting with preliminary enhancements to our go-to-market capabilities, aiming to guide individual learners more effectively through our funnel with an improved site experience, new promotional and geo pricing capabilities and better merchandising that articulates a clearer value proposition across our courses, certificates and subscription offerings. The early results are promising.

本季度，我們開始嘗試對市場進入能力進行初步增強，旨在透過改進的網站體驗、新的促銷和地理定價功能以及更好的行銷來更有效地引導個人學習者完成我們的學習過程，從而在我們的課程、證書和訂閱產品中更清晰地表達價值主張。早期結果令人鼓舞。

We are seeing positive impacts in our new paid learner conversion, including in international markets that drive substantial top-of-funnel activity and provide meaningful opportunities for us to deliver more valuable experiences, which can improve our paid conversion over time. I'm excited about our product road map for the rest of the year, and look forward to providing updates on our momentum in the coming quarters. Our second quarter performance marks an important step in laying the foundation for our next chapter of growth.

我們在新的付費學習者轉換中看到了積極的影響，包括在國際市場，這推動了大量的漏斗頂端活動，並為我們提供更有價值的體驗提供了有意義的機會，這可以隨著時間的推移提高我們的付費轉換率。我對今年剩餘時間的產品路線圖感到興奮，並期待在未來幾季提供有關我們發展勢頭的最新資訊。我們第二季的業績標誌著我們為下一階段的成長奠定了重要基礎。

As a reminder, our efforts will be focused on three priorities: first, product-led growth is key to our strategy. Our team is making strong progress in enhancing our platform's capabilities, and I am confident in Patrick's and Grant's ability to accelerate our product development life cycles, leveraging advanced AI and data-driven insights across all aspects of our business.

提醒一下，我們的努力將集中在三個重點：首先，產品主導的成長是我們策略的關鍵。我們的團隊在增強平台功能方面取得了長足的進步，我相信帕特里克和格蘭特有能力加速我們的產品開發生命週期，並在我們業務的各個方面利用先進的人工智慧和數據驅動的洞察力。

Second, we will accelerate our content engine. The breadth and quality of our catalog enable us to serve both upskilling and reskilling use cases. I expect Course Builder, academic integrity features and more AI production and ingestion capabilities will allow us to build a faster, more agile content model, while preserving the value of our credible high-quality brands and meeting the rapid pace of skills development required by a real-time learner and business needs.

第二，我們將加速我們的內容引擎。我們目錄的廣度和品質使我們能夠滿足技能提升和技能再培訓的用例。我希望課程建立器、學術誠信功能以及更多的 AI 製作和攝取功能能夠讓我們建立更快、更靈活的內容模型，同時保留我們值得信賴的高品質品牌的價值，並滿足即時學習者和業務需求所需的快速技能發展步伐。

Third, we will continue to improve our go-to-market capabilities. Our efforts to reimagine the learner journey are early and promising. By creating a more unified and integrated experience across our platform, we ensure that our investments in marketing and discovery deliver a more personalized, engaging and valuable experience for the broad audience of learners and customers that we serve. I am excited to build on our momentum as the year progresses. Now I will hand it over to Ken to walk us through the financial performance and outlook in more detail.

第三，我們將持續提升市場開拓能力。我們重新構想學習者旅程的努力尚處於早期階段，前景光明。透過在我們的平台上創造更統一和整合的體驗，我們確保我們在行銷和發現方面的投資為我們服務的廣大學習者和客戶帶來更個人化、更具吸引力和更有價值的體驗。我很高興能夠隨著時間的推移繼續保持這一勢頭。現在我將讓肯向我們更詳細地介紹財務業績和前景。

Ken, please go ahead.

肯，請繼續。

Thank you, Greg, and good afternoon, everyone. We delivered another solid quarter, generating total revenue of $187 million, up 10% from a year ago, driven by growth in both our consumer and enterprise segments. As Greg mentioned, our expectations for full year growth have improved as we begin to implement new operating capabilities and execute on a focused set of initiatives.

謝謝你，格雷格，大家下午好。我們又度過了一個穩健的季度，總收入達到 1.87 億美元，比去年同期成長 10%，這得益於我們消費者和企業部門的成長。正如格雷格所提到的，隨著我們開始實施新的營運能力並執行一系列有針對性的舉措，我們對全年成長的預期有所提高。

Please note that for the remainder of this call, as I review our business performance and outlook, I'll discuss our non-GAAP financial measures unless otherwise stated. In Q2, gross profit was $105 million, up 13% year-over-year with a 56% gross margin, up 180 basis points from 54% in the prior year period.

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。第二季毛利為 1.05 億美元，年增 13%，毛利率為 56%，較去年同期的 54% 上升 180 個基點。

The expansion in our gross margin rate continues to be driven by increased learner demand and engagement with content launched under our more recent production arrangements, which, as we've discussed, commonly include a lower revenue share and associated content costs. Total operating expense was $93 million or 50% of revenue, an improvement of 150 basis points from the prior year period on continued operating discipline.

我們的毛利率的擴大繼續受到學習者需求增加和我們最近的生產安排下推出的內容參與度增加的推動，正如我們所討論的，這通常包括較低的收入份額和相關內容成本。總營運費用為 9,300 萬美元，佔收入的 50%，由於持續的營運紀律，比去年同期提高了 150 個基點。

Net income was $19 million or 10.3% of revenue, and adjusted EBITDA was $18 million or 9.6% of revenue. I remain pleased by our strong bottom line performance as we leverage our annual operating framework to enable the right long-term growth decisions over the course of the year. It is a strong indication of our operating discipline and a reflection of our capacity to invest in unlocking our next chapter of growth.

淨收入為 1,900 萬美元，佔營收的 10.3%，調整後的 EBITDA 為 1,800 萬美元，佔營收的 9.6%。我對我們強勁的底線表現感到滿意，因為我們利用年度營運框架在全年做出正確的長期成長決策。這充分體現了我們的經營紀律，也反映了我們投資開啟下一階段成長的能力。

Turning to cash performance and the balance sheet. Q2 marked our strongest quarter of cash performance to date. We generated $29 million of free cash flow, which included approximately $2 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。第二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 2,900 萬美元的自由現金流，其中包括約 200 萬美元的內容資產購買，其處理方式與其他類別的資本支出類似。

As Greg outlined, we continue to enhance our content engines capabilities with new partnerships, production arrangements and learning experiences that we believe will deliver increasing value for our customers over time. We also expect these investments to produce longer-term benefits to our business model and economics, including the recent expansion in our gross margin.

正如格雷格所概述的，我們將繼續透過新的合作夥伴關係、生產安排和學習經驗來增強我們的內容引擎功能，我們相信這些將隨著時間的推移為我們的客戶帶來越來越大的價值。我們也預期這些投資將為我們的商業模式和經濟帶來長期利益，包括近期毛利率的擴大。

Our cash performance enhanced our already healthy balance sheet. As of June 30, 2025, we had approximately $775 million of unrestricted cash and cash equivalents with no debt. Our capital allocation framework prioritizes the strategic optionality afforded by our strong financial position. We believe this current prioritization is particularly valuable given the industry's rapid transformation and our ambition to grow and enhance our leadership position. Now let's discuss the results of our operating segments.

我們的現金表現增強了我們原本健康的資產負債表。截至 2025 年 6 月 30 日，我們擁有約 7.75 億美元的無限現金和現金等價物，且沒有債務。我們的資本配置框架優先考慮我們強大的財務狀況所提供的策略選擇性。我們認為，鑑於行業的快速轉型以及我們發展和提升領導地位的雄心，當前的優先排序尤為有價值。現在讓我們來討論一下我們經營部門的表現。

As a reminder, we now report our results in two operating segments: Consumer and Enterprise. At the start of 2025, we refined our segment reporting structure by integrating the Degrees product results into our other consumer segment products, including courses, specializations and subscriptions. The simplification was straightforward and reinforced our commitment to building a more unified end-to-end platform experience to benefit the broadest audience of global learners. This simplification has no effect on the reporting of our Enterprise segment or consolidated results.

提醒一下，我們現在按兩個營運部門來報告績效：消費者部門和企業部門。2025 年初，我們將學位產品結果整合到我們的其他消費者細分產品（包括課程、專業化和訂閱）中，改進了我們的細分報告結構。這種簡化非常簡單，並加強了我們致力於建立更統一的端到端平台體驗的承諾，以造福全球最廣泛的學習者。這種簡化不會影響我們企業部門或合併結果的報告。

All consumer segment results that refer to year-over-year change are comparable based on the reclassified historical results that we shared in connection with the transition last quarter. With that, let's discuss our strong Consumer segment performance.

所有涉及同比變化的消費者細分結果都是基於我們在上個季度的過渡期間分享的重新分類的歷史結果進行比較的。接下來，讓我們來討論一下我們強勁的消費者部門表現。

In Q2, we delivered Consumer segment revenue of $123 million, up 10% from a year ago. Growth was driven by top-of-funnel activity as well as Coursera Plus subscription offerings. As Greg highlighted earlier, we added 7.5 million new registered learners, bringing our total base to 183 million.

第二季度，我們的消費者部門營收達到 1.23 億美元，比去年同期成長 10%。成長是由漏斗頂端的活動以及 Coursera Plus 訂閱服務所推動的。正如格雷格之前所強調的那樣，我們增加了 750 萬名新註冊學習者，使我們的總註冊學習者人數達到 1.83 億。

Additionally, we saw strong receptivity to our Coursera Plus subscription offerings and marketing campaigns, including localized promotions and pricing that benefited our paid conversion rate. Consumer segment gross profit was $75 million, up 13% from $67 million in the prior year period.

此外，我們發現我們的 Coursera Plus 訂閱產品和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和定價。消費部門毛利為 7,500 萬美元，較去年同期的 6,700 萬美元成長 13%。

Segment gross profit margin was 61%, up 160 basis points from a year ago as learners engage with more recently launched content created under production arrangements that provide more favorable revenue share economics. To summarize, our consumer trends are stable and progress is promising. We're operating with a renewed level of prioritization and focus demonstrated by our execution this quarter.

由於學習者參與了最近推出的、在提供更有利的收入分成經濟效益的生產安排下創作的內容，該部門毛利率為 61%，比去年同期增長了 160 個基點。總而言之，我們的消費趨勢是穩定的，進展是可喜的。本季的執行情況表明，我們的營運優先事項和重點已經提高。

As we seek to drive more significant growth, we're in the early stages of deploying investments across product, content and marketing that can create more valuable, and engaging experiences for our individual and enterprise learners over time. I'm pleased with the early indications offered by a more responsive consumer model and look forward to sharing updates on our ongoing progress. Moving to our Enterprise segment.

在我們尋求更顯著的成長的過程中，我們正處於在產品、內容和行銷方面部署投資的早期階段，這些投資可以隨著時間的推移為我們的個人和企業學習者創造更有價值、更具吸引力的體驗。我很高興看到更具回應性的消費者模式所提供的早期跡象，並期待分享我們正在取得的進展。轉向我們的企業部門。

Enterprise revenue was $64 million, up 10% from a year ago, driven by growth in our business and campus verticals. Our second quarter performance was solid. And like all companies, we continue to monitor budgetary trends amidst the backdrop of a dynamic macro environment. Segment gross profit was $45 million, up 12% from $40 million in the prior year period.

企業收入為 6,400 萬美元，比去年同期成長 10%，這得益於我們業務和校園垂直業務的成長。我們第二季的表現穩健。與所有公司一樣，我們會在動態的宏觀環境背景下持續監控預算趨勢。該部門毛利為 4,500 萬美元，較去年同期的 4,000 萬美元成長 12%。

And segment gross profit margin was 70%, an improvement of 170 basis points from a year ago, driven by similar content engagement trends benefiting consumer. The total number of paid enterprise customers increased to 1,686, up 12% from a year ago, and our net retention rate for paid enterprise customers was 93%. Finally, turning to our financial outlook.

該部門毛利率為 70%，較去年同期提高 170 個基點，這得益於類似的內容參與趨勢使消費者受益。付費企業客戶總數增至1,686家，較去年同期成長12%，付費企業客戶淨留存率為93%。最後，談談我們的財務前景。

For Q3, we expect revenue to be in the range of $188 million to $192 million, representing growth of 7% to 9% year-over-year weighted towards our Consumer segment. For adjusted EBITDA, we're expecting a range of $10 million to $14 million. As Greg highlighted, for the full year 2025, we are raising our expectations for both revenue and adjusted EBITDA, given the solid first half we delivered.

對於第三季度，我們預計營收將在 1.88 億美元至 1.92 億美元之間，年增 7% 至 9%，主要來自消費者部門。對於調整後的 EBITDA，我們預計範圍在 1000 萬美元至 1400 萬美元之間。正如格雷格所強調的，鑑於我們上半年的穩健表現，我們提高了對 2025 年全年收入和調整後 EBITDA 的預期。

For revenue, we now expect a range of $738 million to $746 million, representing growth of 6% to 7% year-over-year. The midpoint of the range is a $17 million increase from the annual guidance provided last quarter, with the improvement concentrated in our Consumer segment by nature of its more responsive revenue model.

就營收而言，我們現在預計範圍在 7.38 億美元至 7.46 億美元之間，年增 6% 至 7%。該範圍的中間值比上一季提供的年度指導增加了 1700 萬美元，這一增長主要集中在我們的消費者部門，因為該部門的收入模式更具響應性。

As highlighted earlier, consumer growth has been driven by strong year-to-date top-of-funnel activity as well as Coursera Plus subscription receptivity, providing greater visibility into the back half of the year. Our assumptions on the trajectory of our Enterprise segment have not changed as we continue to monitor and assess the current corporate spend environment, which could remain challenged for any macro uncertainty.

如前所述，消費者成長受到年初至今強勁的漏斗頂端活動以及 Coursera Plus 訂閱接受度的推動，從而為下半年提供了更大的可見性。我們對企業部門發展軌蹟的假設沒有改變，因為我們會持續監控和評估當前的企業支出環境，而任何宏觀不確定性都可能對企業支出環境構成挑戰。

For EBITDA, we are now targeting an annual adjusted EBITDA margin improvement of 200 basis points to 8%. This reflects an additional 100 basis points of anticipated improvement from our prior full year target of 7% or said otherwise, an incremental $9 million adjusted EBITDA dollars implied by the midpoints of our current and prior revenue guidance ranges. We believe our long-term operating framework as it relates to EBITDA, which enables us to pace our investments over the course of the full year versus optimizing for any single quarter has been particularly helpful in 2025.

對於 EBITDA，我們現在的目標是將年度調整後的 EBITDA 利潤率提高 200 個基點，達到 8%。這反映了我們之前 7% 的全年目標預期增加 100 個基點，或者換句話說，根據我們當前和之前的收入指導範圍的中點隱含的增量 900 萬美元調整後 EBITDA 美元。我們相信，與 EBITDA 相關的長期營運框架在 2025 年尤其有用，它使我們能夠在全年範圍內調整投資，而不是針對任何單一季度進行最佳化。

It has provided the opportunity to assess our business and identify top investment priorities to drive growth, the capacity to deploy capital toward our most productive near-term growth opportunities as well as strategic long-term initiatives. The ability to track and demonstrate our commitment to delivering scale and financial leverage in our operating model over time, and most importantly, the flexibility to make the right long-term decisions on behalf of our learners, customers and shareholders.

它為我們提供了評估業務和確定推動成長的首要投資重點的機會，以及將資本部署到我們最具成效的近期成長機會以及策略性長期計畫的能力。能夠追蹤並展示我們對在營運模式中長期提供規模和財務槓桿的承諾，最重要的是，能夠靈活地代表我們的學習者、客戶和股東做出正確的長期決策。

To close, I'm pleased with the solid execution our team has delivered year-to-date, giving us the confidence to substantially raise our annual revenue and growth guidance. While at the outset of many of our efforts, we are demonstrating progress in implementing new operational capabilities across all aspects of our business, while deploying targeted investments we believe can differentiate the value of our platform and reignite more significant, durable and long-term growth.

最後，我對我們團隊今年迄今為止的穩健執行感到滿意，這使我們有信心大幅提高年度收入和成長預期。在我們進行許多努力的初期，我們就展示了在業務各個方面實施新營運能力的進展，同時部署了有針對性的投資，我們相信這些投資可以區分我們平台的價值，並重新激發更重要、更持久和更長期的成長。

I'll now open the call for questions.

我現在開始回答問題。

(Operator Instructions)

（操作員指示）

Stephen Sheldon, William Blair.

史蒂芬謝爾頓、威廉布萊爾。

Hey, thanks for taking my questions. Great to see the revenue growth acceleration this quarter. For the guidance, I think the guidance would imply about 8% year-over-year growth at the midpoint in the third quarter. I think below 4% growth in the fourth quarter. So effectively, deceleration against easier comps. Is there anything specific driving that assumption, as you did see acceleration this quarter in both segments?

嘿，謝謝你回答我的問題。很高興看到本季營收成長加速。對於指引，我認為該指引意味著第三季中期年增約 8%。我認為第四季的成長率將低於4%。因此，可以有效減緩較容易的組合的速度。由於您確實看到本季兩個細分市場均出現加速成長，是否有任何具體因素推動了這個假設？

Or is it more about just factoring in that continued macro uncertainty, especially in the Enterprise segment?

或者這更多的只是考慮到持續的宏觀不確定性，特別是在企業領域？

Hi Stephen, thanks for the question, firstly. So what drove the improvement in the forecast is primarily the consumer business. The macro trends in enterprise, we don't think we're getting any better visibility, which is something affecting broadly the market. So it's the Consumer segment. And if you look at the core consumer item as it relates to the future quarters, we see strong growth going into next quarter as well. We see a little bit of a pullback seasonally, about 100 basis points for the traditional consumer.

你好，史蒂芬，首先感謝你的提問。因此，推動預測改善的主要是消費者業務。對於企業的宏觀趨勢，我們認為我們沒有獲得更好的可見性，這對市場產生了廣泛的影響。所以這是消費者部分。如果你看一下與未來幾季相關的核心消費品，我們會發現下個季度也會有強勁的成長。我們看到季節性的回調，傳統消費者的回檔幅度約為 100 個基點。

And as we mentioned before, we collapsed the Degrees segment into consumer. Degrees will decrease this year. So the core Consumer segment is rolling along at exactly this improvement. And anything less than that from a rate standpoint going forward is a tiny bit of seasonality in Q4 and our Degrees product, which is partly Consumer segment.

正如我們之前提到的，我們將學位部分歸入了消費者部分。今年學位將會減少。因此，核心消費者領域正隨著這項改進而不斷發展。從利率的角度來看，低於這一水平的任何情況都是第四季度和我們的學位產品（部分屬於消費者領域）的一點季節性因素。

Got it. That makes sense. And then maybe just a follow-up. What are you guys seeing in terms of big tech making AI skills education a bigger priority? We saw the Microsoft's $4 billion pledge, I think announced earlier this month.

知道了。這很有道理。然後也許只是後續行動。你們認為大型科技公司會如何重視人工智慧技能教育？我們看到了微軟承諾的 40 億美元，我想這是本月早些時候宣布的。

And then how are you thinking about positioning Coursera to be a key COG in Big Tech's plans there? You already have a lot of them as content partners. So is there more you can do there?

那麼，您如何考慮將 Coursera 定位為大型科技公司計畫中的關鍵 COG？您已經擁有許多這樣的內容合作夥伴。那你還能做更多嗎？

Great question, Stephen, it's Greg. Maybe I'll start with a little bit of context overall, now that I've just gone through my first full quarter in the CEO role. So obviously, it's still very early days, but I'm very pleased with the progress we're making. I am even more confident than I was a quarter ago on the massive opportunity in front of us for some of the reasons that you just mentioned. The pace of change is accelerating around the world.

很好的問題，史蒂芬，我是格雷格。鑑於我剛剛度過了擔任執行長的第一個完整季度，也許我應該先介紹一下整體情況。顯然，現在還處於早期階段，但我對我們的進展感到非常高興。由於您剛才提到的一些原因，我對我們面前的巨大機會比一個季度前更有信心。世界各地變化的步伐正在加快。

And with it, the need for reskilling and upskilling really continues to increase for both individuals and for companies, as you mentioned. And so meeting that need really requires a scale global technology leader in education. I think we are very well positioned with all the right foundational assets. We've got amazing trusted content from the best universities and industry partners in the world. We have an AI-enabled learning platform.

正如您所說，隨之而來的是，個人和公司對再培訓和提陞技能的需求確實在持續增加。因此，滿足這項需求確實需要教育領域的全球技術領導者。我認為我們擁有所有正確的基礎資產，處於非常有利的地位。我們從世界上最好的大學和行業合作夥伴那裡獲得了令人驚嘆的可信內容。我們有一個支援人工智慧的學習平台。

You've heard me talk in the scripted remarks about some of the ways that we leverage AI to continue to improve that platform. We have global reach with 183 million registered learners. And then finally, we've got a very healthy and improving fundamentals to the business. We're growing at an accelerated pace, generating positive EBITDA, free cash flow. We have a very strong balance sheet, no debt, $775 million of cash or cash equivalents.

你們已經聽到我在講稿中談論了我們利用人工智慧來繼續改進該平台的一些方法。我們的業務範圍遍佈全球，擁有 1.83 億註冊學習者。最後，我們的業務基本面非常健康且不斷改善。我們正在加速成長，產生正的 EBITDA，即自由現金流。我們的資產負債表非常強勁，沒有債務，現金或現金等價物為 7.75 億美元。

So that's a phenomenal set of assets. What we are seeing in our conversations with enterprise partners is that they all recognize that the pace of change is accelerating, and they need to make sure that they are adapting their companies to meet that pace. That requires thinking about what are the types of roles that they need and what are the types of skills that the people in those roles will need both today and tomorrow. So I think there is a large opportunity for us to play an important role in helping them address that shift that they're going through. It's something that we focus on internally here as well, at Coursera.

這是一組非凡的資產。我們在與企業合作夥伴的對話中看到，他們都意識到變化的步伐正在加快，他們需要確保他們的公司適應這一步伐。這需要考慮他們需要什麼類型的角色，以及擔任這些角色的人現在和將來需要什麼類型的技能。因此我認為我們有很大機會發揮重要作用，幫助他們應對正在經歷的轉變。這也是我們 Coursera 內部關注的重點。

We're making sure that we're not just leveraging AI to offer it as courses on AI and not just use it within the platform but also use it to improve the productiveness and efficiency of everything we're doing across the business. And so I think we absolutely have a role to play in that transformation.

我們要確保我們不僅利用人工智慧來提供人工智慧課程，不僅在平台內使用它，而且還利用它來提高我們在整個業務中所做的一切的生產力和效率。因此我認為我們絕對可以在這一轉變中發揮一定作用。

Good to hear. Thanks, Greg and Ken. And nice results.

很高興聽到這個消息。謝謝，格雷格和肯。並且取得了不錯的成果。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Yeah, hi, thanks so much for taking the question. Can you hear me?

是的，你好，非常感謝您提出這個問題。你聽得到我嗎？

Yes.

是的。

Okay. Perfect. Congrats on the quarter. Maybe just on like the consumer outperformance. So if I look at the sequential dollar growth, I think it was the strongest that we've seen in some time.

好的。完美的。恭喜本季取得佳績。也許只是喜歡消費者的優異表現。因此，如果我看一下美元的連續成長，我認為這是我們一段時間以來所見過的最強勁的成長。

And typically, for you guys, 2Q tends to be the lightest quarter. So when we look into 3Q, I guess is there any reason why sequential dollar growth couldn't be stronger? Kind of -- I think you made some comments earlier about some lighter seasonality. So could you just elaborate on that? And then the second part to the question, maybe you could talk about where you see in terms of rolling out the product and go-to-market changes in consumer and what's left to come as we think about the growth trajectory and catalysts from here?

通常，對你們來說，第二季往往是最輕鬆的季度。因此，當我們研究第三季時，我想，美元連續成長為何不能更強勁，有什麼原因嗎？有點——我認為您之前對一些較輕的季節性發表了一些評論。能詳細說明一下嗎？然後是問題的第二部分，也許您可以談談在推出產品和進入市場方面消費者的變化，以及當我們考慮從現在開始的成長軌跡和催化劑時還會發生什麼？

Sure, Taylor. Yes, the -- as we mentioned before, the total increase was $17 million, of course, top line, almost all of it focused on consumer. This is the forecast for the year, of course. We expect Q3 to be similar to Q2 from a growth standpoint for consumer. And then to slow a little bit in Q4 with typical seasonality as well as some pullback on Degrees. So that's how that $17 million spreads across the rest of the year.

當然，泰勒。是的，正如我們之前提到的，總成長額當然是 1700 萬美元，幾乎全部集中在消費者身上。當然，這是今年的預測。從消費者成長的角度來看，我們預計第三季將與第二季相似。然後，由於典型的季節性因素以及度數的回落，第四季會略有放緩。這就是這 1700 萬美元在全年剩餘時間的分配。

Maybe I'll add just a little bit to what Ken shared to address the second part of your question, Taylor. First, we saw growth accelerate in our consumer business in every region across the world. So in North America, in Latin America as well, in EMEA, in APAC. And so that was really good to see that it was a broad-based acceleration.

泰勒，也許我會對肯所分享的內容做一點補充，以回答你問題的第二部分。首先，我們看到全球各地區的消費者業務都在加速成長。北美、拉丁美洲、歐洲、中東和非洲地區以及亞太地區也是如此。因此，看到這種廣泛的加速發展確實令人欣喜。

In terms of the capabilities that we're focused on, when we talk about really driving more rapid product development, and focusing that in a data-driven way to deliver improvements to the learning experience that drive better conversion, better engagement and better retention, we're still in the early stages of rolling out the product that will flow from all of that focus.

就我們所關注的功能而言，當我們談論真正推動更快的產品開發，並以數據驅動的方式關注如何改善學習體驗，從而推動更好的轉換、更好的參與和更好的保留時，我們仍處於推出源於所有這些關注的產品的早期階段。

So I think what you'll see is -- we're going to continue to have a very dedicated focus on continuous improvement across those metrics. But we are going to not get ahead of ourselves and get over our skis in terms of how we think about the business benefit that, that can drive until we actually start to see it.

所以我認為你會看到——我們將繼續專注於這些指標的持續改進。但是，在我們真正看到它之前，我們不會超越自己，也不會在如何看待它能帶來的商業利益方面超越自己。

We started to see some of those things in Q, we talked about that. Consumer business obviously has a more responsive revenue model. Some of the things that we're doing from a geo pricing perspective and from a conversion perspective are helpful.

我們開始在 Q 中看到其中的一些事情，我們對此進行了討論。消費者業務顯然擁有更靈敏的收入模式。我們從地理定價角度和轉換角度所做的一些事情是有幫助的。

Obviously, the fact that we increasingly have a subscription-driven business, Coursera Plus monthly, Coursera Plus annual, we're seeing more and more shift to that. That's helpful for our forward-looking revenue visibility, but it's still early days in terms of what we aim to accomplish on the platform. So that's a little bit behind how we think about it.

顯然，我們的訂閱驅動業務日益增多，Coursera Plus 月度訂閱、Coursera Plus 年度訂閱，我們看到越來越多的業務轉向這種模式。這對我們前瞻性的收入可見度很有幫助，但就我們在平台上想要實現的目標而言，現在還為時過早。這和我們的想法有點落後。

Great, thank you guys so much.

太好了，非常感謝你們。

Bryan Smilek, JPMorgan.

摩根大通的布萊恩‧史邁利克。

Great, thanks for taking the questions. Shifting gears a bit to enterprise, good to see the NRR improve as well sequentially. Can you just talk about what you're seeing across government, business and campus? I believe you called out business and campus as brighter spots. But just curious on trends across each subvertical.

太好了，感謝您回答這些問題。稍微轉向企業，很高興看到 NRR 也隨之改善。您能談談您在政府、企業和校園中看到的情況嗎？我相信您稱商業和校園為亮點。但只是對每個子垂直領域的趨勢感到好奇。

And then, Greg, just shifting gears towards AI engagement with content up 36% year-on-year, 10 million-plus AI enrollments. Can you just talk about monetizing AI tools as you drive deeper engagement across both consumer and enterprise longer term? Thank you.

然後，格雷格，我們將重點轉向人工智慧參與，內容年增 36%，人工智慧註冊人數超過 1,000 萬人。您能否談談如何將人工智慧工具貨幣化，以便長期推動消費者和企業之間的更深入互動？謝謝。

Hey Bryan, this is Ken. I'll take the first part of your question, which is the relative performance of the verticals. So C4C has been a particularly bright spot for us. We have a particularly good product market fit, and we've seen nice growth there over time. As it relates to NRR, the government business, we lapped some contracts this last year, so that helped in the calculation. And C4B hasn't had, Coursera for Business as much improvement, which is the largest vertical, of course.

嘿，布萊恩，我是肯恩。我來回答你問題的第一部分，即垂直行業的相對錶現。因此，C4C 對我們來說是一個特別的亮點。我們的產品市場契合度特別好，隨著時間的推移，我們看到了良好的成長。由於它與 NRR（政府業務）相關，我們去年簽訂了一些合同，因此這有助於計算。C4B 還沒有像 Coursera for Business 那樣有太大的改進，當然，Coursera for Business 是最大的垂直領域。

As we've talked about, the visibility there is a little harder to see as many have seen across other industries as it relates to corporate spend with uncertainty. So that's how the NRR breaks out. And the 93%, just for clarity, we're pleased it improved from last quarter. But until we get to 100-plus we are not going to be satisfied with that.

正如我們所討論的，由於企業支出存在不確定性，因此該行業的可見性有點難以看清，就像許多人在其他行業中看到的那樣。這就是 NRR 爆發的原因。為了清楚起見，我們很高興看到 93% 的比例比上一季有所提高。但除非我們達到 100 以上，否則我們不會滿足於此。

Yes, I would certainly echo the last part of what Ken said. We still have a lot of work that we need to do on that front to get it to where we're happy with it from an NRR perspective. In terms of the catalog and its growth, as you mentioned, 36% growth in the catalog to more than 10,500 courses now. Phenomenal interest in Gen AI. We are seeing that reflected both in the number of courses that we have because, obviously, we have partners who want to meet that interest by creating new content.

是的，我當然同意肯所說的最後部分。從 NRR 的角度來看，我們在這方面還有很多工作要做，才能達到我們滿意的程度。就目錄及其增長而言，正如您所說，目錄增長了 36%，現在課程數量超過 10,500 門。對通用人工智慧的極大興趣。我們看到這反映在我們擁有的課程數量上，因為顯然我們的合作夥伴希望透過創建新內容來滿足這種興趣。

And so we've seen that triple the size of our course catalog in Gen AI over the past year. And then we're also using Gen AI, obviously, as a tool to drive better engagement with that content. And so continuously looking to optimize the performance of our courses. You see that with things like Coach Dialogues, which is our AI-driven tool that enables instructors to deliver Socratic dialogue in the course based off of their course material. So there's a lot of continued effort on that.

我們發現，過去一年來，通用人工智慧課程目錄的規模增加了兩倍。然後，我們顯然也在使用 Gen AI 作為工具來推動更好地參與該內容。因此我們不斷尋求優化課程的表現。您可以透過「教練對話」等工具看到這一點，這是我們的人工智慧驅動工具，它使教師能夠根據課程材料在課程中進行蘇格拉底式對話。因此我們在這方面持續付出了很多努力。

And I would say, broadly, what we want to do with content is make our content engine more responsive both in terms of the breadth of catalog content that we can bring in across different subject matters in terms of the duration of that content catalog, the modality in which it's offered, the languages in which it's translated. And we believe AI is a phenomenal tool to help us with all of that.

我想說，廣義上講，我們希望在內容方面做的是讓我們的內容引擎更具響應能力，無論是在我們可以引入不同主題的目錄內容的廣度方面，還是在內容目錄的持續時間、提供的方式、翻譯的語言方面。我們相信人工智慧是一個能夠幫助我們實現所有這些目標的非凡工具。

Great. Thank you both.

偉大的。謝謝你們兩位。

Ryan MacDonald, Needham.

瑞安麥克唐納，尼德姆。

Thanks for taking my question. And congrats on a great quarter. Maybe just starting on the consumer gross margins a bit. It was great to see the continued improvement there, particularly on a year-over-year basis. Can you talk about how sustainable some of these improvements are and maybe how we should think about gross margins in that segment structurally now as you continue to see more demand maybe beyond some of the largest content partners moving forward? Thanks.

感謝您回答我的問題。恭喜本季取得優異成績。也許只是從消費者毛利率開始一點點。很高興看到那裡持續改善，特別是與去年同期相比。您能否談談這些改進的可持續性，以及我們現在應該如何從結構上考慮該領域的毛利率，因為您繼續看到未來除了一些最大的內容合作夥伴之外的需求還會增加？謝謝。

Sure, Ryan, this is Ken. Thank you. Thank you. So as it relates to consumer gross margin, what we're seeing the benefit of a lot of the investments we've made in content is one key area, which we've talked about a fair amount historically. That has been very helpful in driving consumer margin and should continue.

當然，瑞安，這是肯。謝謝。謝謝。因此，就消費者毛利率而言，我們看到在內容方面進行的大量投資所帶來的好處是一個關鍵領域，我們過去已經對此進行過相當多的討論。這對於提高消費者利潤率非常有幫助，而且應該繼續下去。

We also, with a lot of our newer content partnerships have better revenue share. So as we've evolved the model and as we have a more substantial presence in the market, we're able to -- and we help produce -- we're able to secure better economics. And so we expect those trends to continue. It will vary always a bit quarter-to-quarter depending on the mix, I wouldn't say every single quarter. But by and large, we've improved the operating model around consumer.

我們還透過許多較新的內容合作夥伴關係獲得了更好的收入份額。因此，隨著我們模式的改進和我們在市場上佔有更大份額，我們能夠——並且我們幫助生產——確保更好的經濟效益。因此我們預計這些趨勢將會持續下去。根據組合情況，它每個季度都會有一點變化，我不會說每個季度都會有變化。但總的來說，我們已經改進了圍繞消費者的營運模式。

And if anything, I think over time, we're going to see additional upside there as we continue to invest and make product changes, product investments, including just the core of the learning experience itself.

而且如果有的話，我認為隨著時間的推移，隨著我們繼續投資和進行產品變革、產品投資（包括學習體驗本身的核心），我們將看到額外的上升空間。

And just to build on what Ken shared. Like one of the reasons that we are really focused on building out our capabilities for the content engine is, obviously, it fuels the entire business. But also as we enable content to be created more rapidly and for the cost of that creation to come down and for content to be optimized more readily across all of our courses, that gives us not only the ability to drive a better learner experience to drive higher conversion, higher engagement, higher retention, all of which translates to faster growth. As we do all of that, that also puts us in a stronger position over time to get a larger share of that value creation and that economics.

只是為了在 Ken 分享的基礎上進一步發展。我們真正專注於建立內容引擎功能的原因之一顯然是它為整個業務提供了動力。而且，隨著我們能夠更快地創建內容、降低創建成本以及在所有課程中更容易優化內容，這不僅使我們有能力推動更好的學習者體驗，還能推動更高的轉換率、更高的參與度、更高的保留率，所有這些都轉化為更快的成長。當我們做到這一切時，隨著時間的推移，我們也會處於更有利的地位，從而獲得更大的價值創造和經濟份額。

That makes complete sense. Greg, maybe as a follow-up. As you think about sort of learners on the platform, I continue to be impressed about the magnitude even at this scale of net new learners that you drive. If there's a few things you could pinpoint of what's really driving that or maybe demographically or geographically, like where you're seeing sort of the greatest unlock?

這完全說得通。格雷格，也許作為後續行動。當您考慮平台上的學習者類型時，我對您所推動的淨新學習者的數量印象深刻。您是否可以指出一些真正推動這一趨勢的因素，或者從人口統計或地理分佈的角度，例如您在哪裡看到了最大的發展機會？

Are there a few things you can point to other than maybe just continued demand for Gen AI content? Is it this new AI translation that's unlocking new regions? Or are the career academies now starting to sort of unlock a different segment of the population? What do you think is the greatest contributor there?

除了對 Gen AI 內容的持續需求之外，您還能指出一些什麼？是這個新的 AI 翻譯解鎖了新的區域嗎？或者職業學院現在開始以某種方式解鎖不同群體的人口？您認為其中最大的貢獻者是什麼？

Great question. So from a growth percentage perspective, we're seeing the fastest growth percentage come from APAC, not surprisingly, just because it historically was a smaller part of our business. But it's also big and large numbers. India has our second largest number of registered learners after the US. I would say broadly, certainly, AI is a tailwind for us, both in terms of interest in Gen AI content and obviously, from the perspective of how we leverage that to deliver that content and deliver a better learner experience.

好問題。因此，從成長百分比的角度來看，我們看到最快的成長百分比來自亞太地區，這並不奇怪，因為它歷來只是我們業務中較小的一部分。但它也是一個很大的數字。印度的註冊學習者數量位居第二，僅次於美國。我想說，從廣義上講，人工智慧對我們來說無疑是一個順風，無論是從對通用人工智慧內容的興趣方面，還是從我們如何利用它來傳遞內容並提供更好的學習者體驗的角度來看。

I think also as more and more of the world uses Gen AI to learn anything, whether that's learning with a lower case l or learning with a capital L, they become far more familiar with it, and then they want to learn more, and they understand the implications that might have for them as an individual. That certainly is true at the corporate level as well, obviously.

我認為，隨著世界上越來越多的人使用 Gen AI 來學習任何東西，無論是學習小寫字母 l 還是學習大寫字母 L，他們都會變得更加熟悉，然後他們想要學習更多，並且他們理解這可能對他們個人產生的影響。顯然，在公司層面也是如此。

So I think that tailwind is not going to go away for the ed tech sector, and certainly, our content gives us a differentiated advantage there, particularly in an era when AI makes the creation of content far easier. So having trusted content from the best universities and industry partners in the world is a very differentiated asset in our perspective and one that we intend to continue to build on. I would say other than that, there isn't a specific thing that I would call out other than the fact that I think our team is doing a really good job on top of funnel.

因此，我認為教育科技產業的順風不會消失，而且我們的內容無疑會為我們帶來差異化優勢，尤其是在人工智慧讓內容創作變得更容易的時代。因此，從我們的角度來看，擁有來自世界上最好的大學和行業合作夥伴的可信內容是一項非常獨特的資產，我們打算繼續在此基礎上發展。我想說的是，除此之外，沒有什麼特別值得指出的，除了我認為我們的團隊在漏斗方面做得非常好之外。

I think they're doing a good job also on looking at promotions and pricing and how we can use those levers to drive better growth in the business. I still think we're early days in that. And so you can look to see us do more on that in the back half of the year. On the enterprise side, I think you can also look to see us do more with what we've done in the past with academies. That's an active area of investment. So stay tuned on that front as well.

我認為他們在促銷和定價以及如何利用這些手段推動業務更好成長方面也做得很好。我仍然認為我們在這方面還處於早期階段。因此，您可以期待我們在今年下半年在這方面採取更多行動。在企業方面，我想您也可以看到我們在過去與學院合作的基礎上做更多的事情。這是一個活躍的投資領域。因此也請繼續關注這方面的情況。

Awesome, thanks for the color. Congrats again.

太棒了，謝謝你的顏色。再次恭喜。

Jeff Silber, BMO.

傑夫·西爾伯，BMO。

Thank you so much. I wanted to focus a little bit more on Coursera for business. Maybe you can talk generally about L&D budgets. Are companies holding back because of the uncertainty out there? Are they opening up a little bit more? Any color would be great.

太感謝了。我想更多地關注 Coursera 的商業應用。也許您可以大致談談 L&D 預算。公司是否因為外部的不確定性而猶豫不決？他們是否更加開放一些？任何顏色都很好。

Maybe I'll start, and then, Ken, you can add in as you see fit. I would say, obviously, there's a lot of macroeconomic uncertainty, not just in the US but around the world. And in those environments, that tends to lead to caution from a corporate spend perspective.

也許我會開始，然後，肯，你可以根據自己的需求添加。我想說，顯然，宏觀經濟存在著許多不確定性，不僅在美國，而且在世界各地。在這樣的環境下，企業支出的角度往往需要謹慎。

At the same time, that is balanced against an increasing recognition from companies in all sectors that AI is going to have a major impact on their business and their workforce and that they need to be ahead of it to ensure that they're not left in the dust by their competitors and that one of the ways that they can stay ahead of it is by finding the right ways to upskill and or reskill their workforces to have the talents that they're going to need for the way that work will change.

同時，各行各業的公司也越來越認識到人工智慧將對他們的業務和員工產生重大影響，他們需要走在人工智慧的前面，以確保不被競爭對手甩在身後，而保持領先地位的方法之一就是找到正確的方法來提升或重新培訓員工，使他們擁有適應工作方式變化所需的人才。

So I think you have those sort of balanced things happening. I would argue that some of the more forward-looking enterprises are the ones that are really leaning in. And so those conversations are a lot of fun because we get to spend time with those customers and talk about what might be possible and how we can help them achieve that. And obviously, your best customers always push you to be better. And so those are conversations that I really enjoy having.

所以我認為這些平衡的事情正在發生。我認為一些更具前瞻性的企業才是真正傾向此的企業。這些對話非常有趣，因為我們可以花時間與這些客戶討論可能實現的目標以及我們如何幫助他們實現目標。顯然，你最好的客戶總是會推動你做得更好。我真的很喜歡進行這樣的對話。

But I would say you're seeing those two things sort of happening and playing out in different ways at different companies. So there's definitely still a lot of caution out there, but then there are companies that are taking advantage of this time to really lean in.

但我想說的是，你會看到這兩件事在不同的公司以不同的方式發生和發展。因此，肯定還有很多人持謹慎態度，但也有一些公司正在利用這個時機真正地向前邁進。

All right. That's really helpful. And if I could shift gears and maybe get into the weeds a little bit. The tax bill that was signed earlier this month opened up something called a Workforce Pell. You allow to use Pell grants for what they call short-term, high-quality workforce-aligned programs.

好的。這真的很有幫助。如果我可以換個話題，也許可以稍微深入一點。本月稍早簽署的稅收法案推出了一項名為「勞動力佩爾助學金」的計畫。您允許將佩爾助學金用於所謂的短期、高品質勞動力協調計劃。

It's got to be accredited, so I realize that your corporate partners is probably not going to be eligible for it. But is it possible to see some of those funds being used through programs at your university partners?

它必須獲得認證，所以我意識到您的企業合作夥伴可能沒有資格獲得它。但是，是否有可能透過你們大學合作夥伴的計畫來使用其中的部分資金呢？

I won't be able to answer the specifics of that question, but all I will say is we believe that, that generally is a move in the direction that we see ourselves going anyway, which is really focusing much more on skills. We view skills as really the atomic unit that we are trying to provide on the platform.

我無法回答這個問題的具體細節，但我要說的是，我們相信，這總體上是朝著我們自己所看到的方向邁出的一步，即更加註重技能。我們將技能視為我們試圖在平台上提供的原子單位。

That's the reason that people come to Coursera to learn skills to help them grow their careers. That's the reason that enterprises work with Coursera, to help their workforce gain the right skills that they need for whatever vertical they might be in and whatever their job needs are. And so I think broadly, that is a move that will benefit us and that we're 100% aligned with.

這就是人們來到 Coursera 學習技能以幫助他們發展職業的原因。這就是企業與 Coursera 合作的原因，幫助他們的員工獲得所需的正確技能，無論他們身處哪個垂直領域，無論他們的工作需求是什麼。因此我認為，總體而言，這項措施將使我們受益，我們 100% 同意這項措施。

I would expect that over time, just given the direction that policy is moving in the US in the very least, we see that having other benefits for us. It's too early to forecast exactly how that might play out. But certainly, it's one of the reasons that we are very focused on working with bodies like ACE here in the US or ECTS in Europe or NSQF in India to really take the micro credentials that we offer the industry certificates and work to get those to be credit carrying.

我希望隨著時間的推移，至少考慮到美國政策的發展方向，我們會看到這對我們還有其他好處。現在預測事情究竟會如何發展還為時過早。但當然，這也是我們非常注重與美國 ACE、歐洲 ECTS 或印度 NSQF 等機構合作的原因之一，以真正利用我們為行業證書提供的微認證，並努力使它們獲得學分。

We think that, that is good for learners. It's good for universities that can augment their existing curriculum with industry-driven credentials that are highly relevant for the jobs that are being hired for in the workforce today.

我們認為這對學習者有好處。這對大學來說是件好事，因為大學可以用與當今勞動力所招募的工作高度相關的行業驅動的資格證書來擴充現有的課程。

All right, I appreciate the color. Thanks so much.

好的，我很欣賞這個顏色。非常感謝。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Sorry, guys bamboozled by that mute button there. But congrats on the strong quarter. Just a couple for me. Is there anything that you can kind of share on the linearity of what you saw at the top of the funnel over the course of the quarter? And then some of the efforts that you're working on, on the conversion side, do we still feel like there's more room to gain there?

抱歉，大家被那個靜音按鈕弄糊塗了。但還是要祝賀本季業績強勁。對我來說只有一對。您能否分享一下您在本季度看到的漏斗頂部的線性情況？那麼，在轉換方面，您正在進行的一些努力，我們是否仍然覺得還有更多的進步空間？

And then Ken, maybe just a follow-up. How should we be thinking about the trajectory of the NRR on the enterprise business? Thanks, guys.

然後是肯，也許只是一個後續問題。我們該如何看待NRR對企業業務的影響軌跡？謝謝大家。

Sure, Brian. So there wasn't a notable difference in linearity during the course of the quarter. We've been improving steadily on the conversion side, and there is room for more. So we're excited about the direction that's taken. And -- yes, so we're not done with improvements there yet. And there's been a lot of specific focus on conversion. And I think we'll enjoy enhancements along the way as the product -- as we enhance the product as well.

當然，布萊恩。因此，本季期間線性度沒有明顯差異。我們在轉換方面一直在穩步改進，並且還有進一步提升的空間。因此，我們對所採取的方向感到非常興奮。是的，我們的改進工作還沒有完成。並且人們特別關注轉換。而且我認為，隨著產品的不斷改進，我們也將享受到產品的不斷提升。

With regards to NRR, we're not forecasting improvements going forward, not yet. We don't, again, have enough visibility. This last quarter was, again, particularly good partially because of some mechanical lapping in the government business. But it's an area we need to improve upon and upon which we're pretty focused.

關於 NRR，我們目前還不預測未來會有所改善。我們再次沒有足夠的可見度。最後一個季度表現特別好，部分原因是政府業務的一些機械重疊。但這是我們需要改進的領域，也是我們非常關注的領域。

I might just add a little bit on the -- on the consumer side, but it applies to enterprise as well, which is we don't have a complicated business. It's top of funnel conversion, then getting those converted learners to engage. And then as they engage, you retain them for longer and you drive higher ARPU. We have not historically been nearly as focused on the relationship between what we do in product and on the platform and those metrics as we have the potential to be. We are only a quarter or so into reorienting everything we do around that.

我可能只會在消費者方面補充一點，但它也適用於企業，也就是說我們的業務並不複雜。這是漏斗轉換的頂端，然後讓那些轉換後的學習者參與其中。然後，當他們參與時，您可以留住他們更長時間，並提高 ARPU。從歷史上看，我們並沒有像我們可能的那樣，關注我們在產品和平台上所做的事情與這些指標之間的關係。我們只花了四分之一左右的時間就重新調整了我們所做的一切。

How do you drive a better platform and a better product experience? How do you deliver that product faster? And how does that product delivery translate into improvements in every single one of those metrics. And so my goal is for us to continue to improve over time on those things. The pace at which we do that, what moves in any given quarter, we're not going to be able to forecast.

如何推動更好的平台、更好的產品體驗？您如何更快地交付該產品？產品交付如何轉化為每個指標的改進？因此，我的目標是讓我們隨著時間的推移不斷改進這些事情。我們無法預測我們這樣做的速度，以及任何一個季度的走勢。

But by bringing more rigor to that approach by having it be very data-driven and by speeding up our pace of execution, I'm hopeful that we can deliver that over time and see that reflected in our results in future quarters.

但是，透過使這種方法更加嚴謹，使其更加以數據為導向，並加快我們的執行速度，我希望我們能夠隨著時間的推移實現這一目標，並在未來幾個季度的業績中看到這一點。

Great color. Thank you.

顏色很棒。謝謝。

Yi Lee, Cantor Fitzgerald.

李毅，康托‧費茲傑拉。

Thank you for taking my questions. And congrats on the strong executed quarter. So my question revolves around the pair of new hires, most recently with Chief Data Officer, Grant and Chief Product Officer, Patrick. Greg, previously, you talked about using a more data-driven approach to manage the business. I guess, can you help us elaborate on what are the points, concrete data points you are looking to monitor to understand, hey, the business is going better fundamentally. And I also have one more follow-up for Ken on the financial side.

感謝您回答我的問題。恭喜本季業績表現強勁。所以我的問題圍繞著兩位新員工，最近一位是首席數據長格蘭特和首席產品長派崔克。格雷格，之前，您談到使用更數據驅動的方法來管理業務。我想，您能否幫助我們詳細說明您希望監控的具體數據點，以了解業務從根本上正在好轉。我還需要向 Ken 詢問財務方面的問題。

Sure. In some ways, at a macro level, I sort of just mentioned them, like what traffic are we getting? How good a job are we doing at converting that traffic from a visitor into a paid learner? How good a job are we doing at engaging that paid learner, helping them complete courses and then retaining those learners for longer. And as you do that, obviously, that increases the revenue you receive from those leaners.

當然。從某種程度上來說，從宏觀層面來說，我剛才提到了它們，例如我們獲得了什麼樣的流量？我們在將訪客轉化為付費學習者方面做得如何？我們在吸引付費學習者、幫助他們完成課程以及讓這些學習者更長時間地留住他們方面做得有多好？當你這樣做時，顯然會增加你從這些學習者那裡獲得的收入。

And that is also broadly true on the enterprise side, although the mechanisms might be somewhat different. And so what we are really focused on doing is making sure that every single aspect of what we do is instrumented, so that we understand the relationship between all those things. And so if we make this change to the way that the first module of a course gets consumed by a learner, does that increase engagement? If we do that, and it does increase engagement, does it actually lead to higher retention? Does it lead to better outcomes for that learner.

在企業方面，情況也大致如此，儘管機制可能有所不同。因此，我們真正關注的是確保我們所做的每一個方面都得到規範，以便我們了解所有這些事物之間的關係。那麼，如果我們對學習者學習課程第一個模組的方式做出改變，是否會增加參與度？如果我們這樣做，並且確實提高了參與度，那麼它是否真的會帶來更高的保留率？這是否會為學習者帶來更好的結果？

And so that's a really high-level way of thinking about everything we're doing. But my belief is you can't improve what you can't measure. And if you're not paying attention to the measurement, you're not going to improve it. And so we need to make sure that we're doing that across all of our platform.

這是我們對於所做的一切事情的真正高層次的思考方式。但我的信念是，你無法改善你無法衡量的東西。如果你不關注測量，你就無法改進它。因此，我們需要確保我們在整個平台上都做到這一點。

And that's what's behind the focus on our content engine because that is the fuel of our business, behind our learner journey, which is all the ways that people interact with and engage with Coursera outside the specific act of learning itself and then workforce learning at scale, building better integrations with LMSs and LXPs, better tools for enterprise admins, better dashboards, all of those types of things to really make sure that enterprises that leverage Coursera are getting the right outcomes from their perspective.

這就是我們專注於內容引擎的原因，因為它是我們業務的動力，是我們學習者旅程的動力，它涵蓋了人們在特定學習行為之外與 Coursera 進行互動和參與的所有方式，然後是大規模的員工學習，與 LMS 和 LXP 建立更好的集成，為企業管理員提供更好的工具、更好的儀表板，所有這些類型的東西都是為了真正的企業利用 Coursera 獲得正確的結果。

My belief is all of that starts with data. All of that starts with really rapid product development cycles, hiring Grant on the data side, hiring Patrick on the product side are both meant to really accelerate our progress on those fronts.

我相信這一切都始於數據。所有這些都始於真正快速的產品開發週期，在數據方面聘請格蘭特，在產品方面聘請帕特里克都是為了真正加速我們在這些方面的進展。

Hey Greg, can you just tease us on that? I understand that Coach and Translation is a hot product you guys are focusing on. Like in terms of Patrick, right, what are the -- like in terms of the road map, the things that you wanted to focus on. And then can I just squeeze one for Ken, is the gross margin side, 61% on the consumer. We've seen inflection on the enterprise side for 70%.

嘿，格雷格，你能跟我們開玩笑嗎？我知道教練和翻譯是你們關注的熱門產品。就帕特里克而言，對吧，就路線圖而言，您想要關注的事情是什麼。然後我可以為肯擠出一點嗎，是毛利率方面，消費者佔 61%。我們已經看到企業方面的 70% 出現了轉折點。

I was wondering to help us on the modeling, Ken, like what should we expect on the optimization like going forward? We understand it's improving, it's going more positively. And there's more to go. We just want to like make sure our models are reasonable going forward.

肯，我想知道他能否幫助我們進行建模，例如，我們應該對未來的優化抱持怎樣的期望？我們知道情況正在改善，而且進展更加積極。還有更多事情要做。我們只是想確保我們的模型在未來是合理的。

Sure. On -- you mentioned a couple of different things, Coach, AI Translations, AI Dubbing, et cetera. So broadly, we are going to be investing in Coach forever because it is the way that we can make every single course on Coursera since it is an AI-driven tutor, a more personalized, more interactive, more engaging experience. And so we want to pour as much energy into that as we possibly can because we see that the learners who engage with Coach have higher completion rates. They have higher quiz pass rates, and it leads to better outcomes for those learners.

當然。您提到了一些不同的事情，教練、人工智慧翻譯、人工智慧配音等等。所以從廣義上講，我們將永遠投資於 Coach，因為它是我們讓 Coursera 上的每門課程（因為它是一個人工智慧驅動的導師）更加個性化、更具互動性、更具吸引力的體驗的方式。因此，我們希望盡可能地投入精力，因為我們發現與 Coach 合作的學習者的完成率更高。他們的測驗通過率更高，這會為學習者帶來更好的結果。

The same is also broadly true and not surprising on AI Translations and AI Dubbing. We now have 5,500-plus courses that have been translated into 26 different languages. We have 350 courses that have been dubbed into now 6 different languages. The cost of translating and dubbing is unbelievably cheaper because of AI. And also the outcomes are better.

對於 AI 翻譯和 AI 配音來說，情況也大致如此，這並不奇怪。我們現在有超過 5,500 門課程，已翻譯成 26 種不同的語言。我們有 350 門課程，目前已被配音成 6 種不同的語言。翻譯和配音的成本因為人工智慧而變得令人難以置信的便宜。而且結果也更好。

Not surprisingly, a learner learns better in their native language than they do in English. And so we see that when we translate content into more and more languages, we get better engagement and better completion rates from learners in those geographies and in those languages. And so those are just 2 examples of some of the things that we're going to continue to invest in.

毫不奇怪，學習者用母語學習的效果比用英語學習的效果更好。因此，我們發現，當我們將內容翻譯成越來越多的語言時，我們會從這些地區和語言的學習者那裡獲得更好的參與度和更高的完成率。以上只是我們將繼續投資的一些事項的兩個例子。

And Yi, this is Ken, specifically on the consumer gross margin. We do -- for all the reasons Greg just mentioned, we do expect that to expand over time. There's no near-term improvement we're going to forecast for the coming quarter. We have increased the forecast, of course, for the EBITDA margin for the year, which is pretty significant and up a couple of hundred basis points over last year, which follows on a 760 basis improvement the year before and 550 the year before that. You're newer to the story, but it's something that we've kind of pledged to improve every year.

易，我是肯，具體講的是消費者毛利率。我們確實——出於格雷格剛才提到的所有原因，我們確實預計它會隨著時間的推移而擴大。我們預計下一季不會出現短期改善。當然，我們提高了今年的 EBITDA 利潤率預測，這一數字相當可觀，比去年高出幾百個基點，而前一年和前年分別提高了 760 個基點和 550 個基點。您對這個故事還不熟悉，但我們已經承諾每年都會改進它。

And then we invest the excess into more growth. We were a little overwhelmed with the improvement in the gross margin in total in absolute dollars and couldn't -- when we have a $17 million increase in the outlook that flows down to gross margin in a fashion. We were able to reinvest some, but not as much. So we expect that trend to continue on the EBITDA margin line, again, a couple of hundred basis points. But in this current year, we don't have an increase in the consumer margin that we're planning, but we do expect it, again, to continue to increase over time.

然後我們將多餘的資金投入到更多的成長中。我們對絕對美元總毛利率的提高感到有點不知所措，但我們卻無法做到——因為我們預計會有 1700 萬美元的增長，而這在某種程度上會轉化為毛利率。我們可以進行一些再投資，但數量不多。因此，我們預計這一趨勢將在 EBITDA 利潤率線上持續延續，再次達到數百個基點。但在今年，我們並沒有像計劃的那樣增加消費者利潤，但我們預計它會隨著時間的推移而繼續增加。

Josh Baer, Morgan Stanley.

摩根士丹利的喬希貝爾。

Great, thanks for the question. I wanted to dig into the Consumer Plus subscription that was called out several times. Can you kind of generalize the user or the subscriber just as far as what stage of life or stage of career, geography and then the behavior like once turning on that subscription, what courses and content are they gravitating to? Is there a way to generalize some of those behaviors?

太好了，謝謝你的提問。我想深入了解多次被提及的消費者 Plus 訂閱。您能否概括使用者或訂閱者的情況，例如他們處於人生的哪個階段或職業的哪個階段、地理位置，以及一旦開啟訂閱後他們喜歡哪些課程和內容？有沒有辦法將其中一些行為概括化？

I don't know that there's a great way to generalize that just because learners come in all different flavors from all over the world. But I would say broadly, you have kind of starters, switchers and advancers, right? So people who are at the very beginning of their career and looking to gain skills that help them be better prepared for a first job. You have the advances, the people who are already in a role and are looking to build their skills in that role. Oftentimes, they might come to Coursera because their company actually like has a program with Coursera and wants them to get upskiling.

我不知道是否有一個很好的方法來概括這一點，因為學習者來自世界各地，風格各異。但我想說，總的來說，你們有初學者、轉換者和進步者，對嗎？因此，那些處於職業生涯初期並希望獲得能夠幫助他們更好地為第一份工作做好準備的技能的人。你取得了進步，那些已經在某個職位上的人正在尋求在該職位上提升自己的技能。很多時候，他們之所以來到 Coursera，是因為他們的公司確實喜歡 Coursera 的項目，並希望他們能提陞技能。

But oftentimes, that will then lead to potential exposure to the platform that leads them to become an ongoing consumer learner outside of whatever their work might be asking them to get upskilled on. And then you have the switchers, the folks who are in a career, but they want to -- they realize they want to do something else. I would say that you have differences geographically around types of content. And so -- but not radical differences. India is one of our fastest-growing locations for interest in Gen AI content.

但很多時候，這將使他們有機會接觸該平台，並成為一個持續的消費者學習者，而不僅僅是工作要求他們提陞技能的領域。然後你就有了轉換職業的人，他們已經有了一份職業，但他們想——他們意識到他們想做其他事情。我想說的是，內容類型因地理位置不同而有差異。確實如此——但差異並不大。印度是我們對 Gen AI 內容興趣成長最快的地區之一。

I'm not super surprised by that, just given the industry -- India has a strong emphasis on education and obviously has a strong tech background from a workforce perspective. And also, it's a massive country from a population perspective. So it's not surprising that you would have more enrollments coming from there given that it's our second largest registered learner base. Beyond that, I think it gets really hard to make generalizations. Obviously, broadly, we see the most interest in courses that are in AI, tech, data, networking, cybersecurity business, and that's sort of been our historic sweet spot.

我對此並不感到特別驚訝，因為考慮到這個行業——印度非常重視教育，而且從勞動力角度來看，顯然擁有強大的技術背景。而且從人口角度來看，它是一個龐大的國家。因此，考慮到它是我們第二大註冊學習者群體，從那裡獲得更多入學人數也就不足為奇了。除此之外，我認為很難做出概括。顯然，從廣義上講，我們看到人們對人工智慧、技術、數據、網路、網路安全業務的課程最感興趣，這可以說是我們的歷史最佳點。

Thanks, great. And any update on scale, size of the subscription or growth?

謝謝，太好了。關於規模、訂閱量或成長有任何更新嗎？

Just we haven't broken down the consumer product like that externally.

只是我們還沒有從外部對消費性產品進行這樣的細分。

Okay. Thanks, Ken. Great quarter. Thank you.

好的。謝謝，肯。很棒的一個季度。謝謝。

Thank you. Take care.

謝謝。小心。

Sarang Vora, Telsea Advisory Group.

Sarang Vora，Telsea 諮詢小組。

Thank you. Great quarter as well, from my side. My question is on the Coursera produced content. I know a lot of professional certificates came into this quarter and a lot of branded content came as well. But just curious on how is that pipeline developing on the Coursera produced content? And how do you see that scaling?

謝謝。從我的角度來看，這也是一個很棒的季度。我的問題是關於 Coursera 製作的內容。我知道本季出現了很多專業證書，也出現了很多品牌內容。但我只是好奇 Coursera 製作的內容的流程是如何發展的？您如何看待這種擴充功能？

Are there any specific areas you -- as you have progressed over the past couple of months, are there any areas you have identified for CPC? Just any color over there would be helpful. Thank you.

在過去幾個月中，隨著您取得進展，您是否確定了適合 CPC 的特定領域？任何顏色都可以。謝謝。

So at a high level, one of the things that was really clear when I came into the role was we need to make sure that we're investing more into our content engine, both creating Coursera produced content, but also just all of the tooling that both we use to create content, but also all of our partners use to create content to enable better agility, faster production cycles, more format flexibility. And obviously, on the Coursera produced content, that provides some good economics for us. Generally, there's exclusivity as well on that. We have better control over it. And also we use Coursera produced content as a test bed for things that we can apply across all of our content and all of the platform.

因此，從高層次上講，當我擔任這個職位時，非常清楚的一件事是，我們需要確保對內容引擎進行更多投資，不僅要創建 Coursera 製作的內容，還要投資我們用來創建內容的所有工具，以及我們所有合作夥伴用來創建內容的工具，以實現更好的靈活性、更快的生產週期和更多的格式靈活性。顯然，Coursera 製作的內容為我們帶來了一些良好的經濟效益。一般來說，這也是有排他性的。我們對此有更好的控制。我們也使用 Coursera 製作的內容作為測試平台，以便我們可以將所有內容和所有平台都應用到其中。

And so we've invested $17 million last year in Coursera produced content. We recognized $6 million of investment in the first half of the year. Our goal is to increase our year-over-year investment overall for 2025. We haven't sat down and gone through the forecast for 2026 yet. But I would expect that, generally, given that we're seeing success and that we like the dynamics of that aspect of the business that is going to continue to be an investment area for us.

因此，我們去年向 Coursera 製作的內容投資了 1700 萬美元。我們上半年確認了600萬美元的投資。我們的目標是到 2025 年整體增加逐年投資。我們還沒有坐下來仔細研究 2026 年的預測。但我預計，總體而言，鑑於我們看到了成功，並且我們喜歡該業務方面的動態，這將繼續成為我們的投資領域。

That's great. Thank you and good luck ahead. Thank you.

那太棒了。謝謝您，祝您好運。謝謝。

That wraps today's Q&A session. A replay of this will be available on our Investor Relations website in the next 24 hours. We appreciate you joining us.

今天的問答環節到此結束。該影片的重播將在未來 24 小時內在我們的投資者關係網站上提供。感謝您的加入我們。

This concludes today's conference call.

今天的電話會議到此結束。