Coursera Inc (COUR) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Coursera's third-quarter 2025 earnings call. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎參加 Coursera 2025 年第三季財報電話會議。（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 Q3 2025 earnings conference call. Today, I'm joined by Greg Hart, our President and Chief Executive Officer; and Ken Hahn, our Chief Financial Officer.

午安.感謝您參加 Coursera 2025 年第三季財報電話會議。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。

Following their prepared remarks, we will open the call for questions. 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 were versions of today's materials, including our quarterly shareholder letter have been published.

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。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。

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 that 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。

All 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. Please refer to today's earnings press release for more details on our forward-looking statements.

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。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，我就把它交給格雷格。

Thank you, Cam, and good afternoon, everyone. We appreciate you joining us. Today, Coursera is reporting a strong third-quarter. Earlier this year, we set clear priorities to drive continuous improvements in our execution, build durable capabilities across our platform, and invest in product-led innovation to create more valuable customer experiences that can fuel our long-term growth.

謝謝你，Cam，大家下午好。感謝您的加入。今天，Coursera 公佈了強勁的第三季業績。今年早些時候，我們設定了明確的優先事項，以推動執行力的持續改進，在整個平台上建立持久的能力，並投資於產品主導的創新，以創造更有價值的客戶體驗，從而推動我們的長期成長。

Our third quarter results reflect the early evidence of our efforts. We delivered revenue of $194 million, up 10% year-over-year. We increased our consumer revenue growth rate to 13% year-over-year, driven by 7.7 million new registered learners and continued strength in our Coursera Plus subscription offering.

我們的第三季業績反映了我們努力的早期證據。我們實現了 1.94 億美元的收入，年增 10%。我們的消費者收入成長率年增至 13%，這得益於 770 萬名新註冊學習者和 Coursera Plus 訂閱服務的持續強勁成長。

Coursera Plus is large and growing at scale and now encompasses more than half of our consumer segment revenue. We also demonstrated our commitment to operational discipline generating $27 million of free cash flow, which was up 59% from the prior year.

Coursera Plus 規模龐大且不斷成長，目前佔據了我們消費者部門收入的一半以上。我們也展示了對營運紀律的承諾，產生了 2,700 萬美元的自由現金流，比前一年增長了 59%。

As a result of our progress and momentum, we are once again raising our expectations for full year revenue. We now expect to deliver revenue in the range of $750 million to $754 million representing 8% to 9% growth from the prior year. The midpoint of this range is a $10 million increase from the annual guidance provided last quarter and a $27 million increase from our expectations in April, effectively doubling our full year growth rate from 4% to 8%.

由於我們的進步和發展勢頭，我們再次提高了對全年收入的預期。我們現在預計營收將在 7.5 億美元至 7.54 億美元之間，比上一年增長 8% 至 9%。該範圍的中間值比上一季提供的年度指導增加了 1000 萬美元，比我們 4 月份的預期增加了 2700 萬美元，實際上使我們的全年增長率翻了一番，從 4% 增加到 8%。

Before discussing the updates across our ecosystem and product experience, I'd like to address two recent changes to the Coursera leadership team. First, I am pleased to announce the appointment of Anthony Salcito, as the new General Manager of our Enterprise segment. Anthony is an established leader in global education transformation with over two decades at Microsoft, where he served as Vice President of Worldwide Education.

在討論我們的生態系統和產品體驗的更新之前，我想先談談 Coursera 領導團隊最近的兩項變動。首先，我很高興地宣布任命安東尼·薩爾西托 (Anthony Salcito) 為我們企業部門的新總經理。安東尼是全球教育轉型領域的知名領導者，在微軟工作了二十多年，擔任全球教育副總裁。

His experience in leveraging technology to develop skilled talent in the evolving workforce will be critical in supporting our customers and accelerating our enterprise initiatives over the coming year. I also want to take a moment to recognize and thank Ken for his excellent service as Coursera's CFO over the past 5.5 years. I am personally grateful for his partnership since I joined as CEO.

他在利用技術為不斷發展的勞動力培養熟練人才方面的經驗對於在未來一年支持我們的客戶和加速我們的企業計劃至關重要。我還想花點時間感謝 Ken 在過去 5.5 年裡擔任 Coursera 財務長所做的出色服務。自從我擔任執行長以來，我個人非常感謝他的合作。

This year, his expertise has provided stability and continuity to the entire organization and his tenure has shaped the long-term trajectory of Coursera from guiding our IPO to strengthening the financial performance and position we operate from today. We appreciate the important role he has played at Coursera.

今年，他的專業知識為整個組織提供了穩定性和連續性，他的任期塑造了 Coursera 的長期發展軌跡，從指導我們的 IPO 到加強我們今天的財務表現和營運地位。我們感謝他在 Coursera 所扮演的重要角色。

As this is his final call, I will provide our updated financial outlook in my closing remarks. With that, let's turn to the ongoing expansion of our ecosystem. Upon joining Coursera, one of my earliest observations was recognizing the untapped potential of our extensive data across one of the largest and most globally distributed learning platforms.

由於這是他的最後一次講話，我將在結束語中提供我們最新的財務前景。有了這些，讓我們轉向持續擴展我們的生態系統。在加入 Coursera 後，我最早的觀察之一就是認識到我們在規模最大、分佈最廣的全球學習平台之一中擁有尚未開發的大量資料潛力。

Leveraging these insights allows us to drive continuous improvements in all aspects of our business from accelerating product innovation, to enhancing the speed and agility of our content engine. Most importantly, our data offers a deep understanding of our primary customers, the learners.

利用這些見解，我們可以推動業務各個方面的持續改進，從加速產品創新到提高內容引擎的速度和靈活性。最重要的是，我們的數據讓我們深入了解我們的主要客戶—學習者。

In September, we published our 2025 learner outcomes report conducted in partnership with Harris Poll, reflecting feedback from over 52,000 learners across 179 countries. The report found that 86% of learners joined to build new skills and transform their careers. Career Advancement is the top motivation for learning on Coursera and we continue to drive meaningful and measurable career outcomes for learners. 91% reported achieving a positive career outcome after completing a course on Coursera. Encompassing salary increases, skill development, higher job levels, and personal benefits.

9 月，我們發布了與哈里斯民意調查公司合作進行的 2025 年學習者成果報告，該報告反映了來自 179 個國家的 52,000 多名學習者的回饋。報告發現，86% 的學習者加入是為了培養新技能並改變職業生涯。職業發展是學習者在 Coursera 上學習的最大動力，我們將繼續為學習者推動有意義且可衡量的職業成果。 91% 的學員表示，在完成 Coursera 課程後取得了積極的職業成就。包括加薪、技能發展、更高的工作等級和個人福利。

As individuals increasingly seek the skills necessary to adapt and thrive in today's evolving job market, Coursera continues to strengthen its position as the world's trusted source for verified learning. The quality of our content and the scale of our ecosystem are foundational assets we intend to increasingly differentiate and enhance through rapid innovation in how content is created, delivered, and adapted for the unique needs of every learner.

隨著人們越來越尋求適應和在當今不斷變化的就業市場中蓬勃發展所需的技能，Coursera 繼續鞏固其作為全球值得信賴的驗證學習來源的地位。我們的內容品質和生態系統的規模是基礎資產，我們打算透過快速創新內容的創建、交付和調整方式來持續實現差異化和增強，以滿足每個學習者的獨特需求。

Over the past year, our catalog has expanded by 44% and now includes more than 12,000 courses developed by world-class instructors trusted for their expertise and career relevance. As demand for career aligned education grows, we continue to expand our collection of job-focused micro credentials. We now offer nearly 100 professional certificates and have recently added new titles for Microsoft, AAPC and EC Council.

在過去的一年裡，我們的課程目錄擴大了 44%，目前包括由世界一流講師開發的 12,000 多門課程，這些講師因其專業知識和職業相關性而值得信賴。隨著對職業相關教育的需求不斷增長，我們將繼續擴大以工作為中心的微證書的收集。我們現在提供近 100 個專業證書，最近也為 Microsoft、AAPC 和 EC Council 增加了新的證書。

Additionally, we welcomed 12 new content creators to the Coursera community, including world-class universities, industry experts and learning providers like Pearson and Skill share. Many of our partners view Coursera as a strategic platform to extend their global reach, create more personalized and interactive learning experiences designed to keep pace with the fast-changing education landscape and expand access to the emerging skills that are rapidly reshaping the requirements for individual jobs, business models, and global labor markets.

此外，我們還歡迎 12 位新的內容創作者加入 Coursera 社區，其中包括世界一流的大學、行業專家以及 Pearson 和 Skill share 等學習提供者。我們的許多合作夥伴將 Coursera 視為一個策略平台，以擴大其全球影響力，創造更個人化和互動性的學習體驗，旨在跟上快速變化的教育格局，並擴大獲取新興技能的機會，這些技能正在迅速重塑個人工作、商業模式和全球勞動力市場的要求。

In 2025, AI skills are becoming essential and demand has accelerated. We are now seeing 14 enrollments per minute in our catalog of more than 1,000 generative AI courses, up from 8 enrollments per minute last year. Generative AI is the most in-demand skill in Coursera's history, which is why I was thrilled to recently announce our content partnership with Anthropic, welcoming one of the world's leading AI research companies to our platform.

2025年，人工智慧技能將變得至關重要，需求也將加速成長。現在，我們的 1,000 多門生成式 AI 課程目錄中每分鐘有 14 人註冊，而去年每分鐘只有 8 人註冊。生成式人工智慧是 Coursera 歷史上最受歡迎的技能，這就是為什麼我很高興最近宣布與 Anthropic 建立內容合作夥伴關係，歡迎世界領先的人工智慧研究公司之一加入我們的平台。

As the need to develop new skills progresses at an unprecedented rate, Anthropic, like many of our partners, shares our commitment to helping learners and institutions everywhere apply the latest advancements in AI safely and effectively, unlocking new ways to learn, teach and work.

隨著對新技能開發的需求以前所未有的速度增長，Anthropic 與我們的許多合作夥伴一樣，致力於幫助世界各地的學習者和機構安全有效地應用人工智慧的最新進展，開闢新的學習、教學和工作方式。

Let's turn to our recent product updates. AI is transforming the way learners discover Coursera, engage with our content, and verify their skills for career advancement. This year, we've been focused on accelerating our ability to deliver more value to learners and enhance the value of our business by driving improvements in our conversion, engagement, and retention metrics over time. Our team has made remarkable progress developing new capabilities to enhance our customer experiences and strengthen our role in the future of learning.

讓我們來看看我們最近的產品更新。人工智慧正在改變學習者發現 Coursera、參與我們的內容以及驗證其職業發展技能的方式。今年，我們一直致力於加快為學習者提供更多價值的能力，並透過不斷提高我們的轉換率、參與度和保留率指標來提升我們的業務價值。我們的團隊在開發新功能以增強客戶體驗和加強我們在未來學習中的作用方面取得了顯著進展。

In September, our early efforts were on display during our annual conference. Coursera Connect. The event brings together our global ecosystem of learners, customers, universities, and industry innovators to address evolving trends in education while introducing our latest features tools and experiences.

九月份，我們早期的努力在年度會議上得到了展示。Coursera 連接。這項活動匯集了我們全球的學習者、客戶、大學和行業創新者生態系統，以應對教育不斷變化的趨勢，同時介紹我們最新的功能工具和體驗。

To start, I'll share three enhancements. First, Coursera Coach, our in-course GenAI tutor is now integrated into 97% of our courses and available in 26 languages. We have added persistent memory and contextual understanding, delivering smarter, more relevant responses to drive better outcomes. Over 90% of learners reported an improved learning experience and more than 60% said Coach has benefited their career.

首先，我將分享三個增強功能。首先，Coursera Coach，我們的課程 GenAI 導師現已融入我們 97% 的課程，並提供 26 種語言版本。我們增加了持久記憶和情境理解，提供更聰明、更相關的反應，以推動更好的結果。超過 90% 的學習者表示學習經驗有所改善，超過 60% 的學習者表示教練對他們的職業生涯有益。

We also continue to make Coach more personalized and interactive. Dialogue is now available in over 1,200 courses, enabling instructors to build and scale one-on-one immersive socratic learning. We also introduced Role Play which takes this level of interactive engagement even further through AI-driven simulations, allowing learners to apply their knowledge in real-life scenarios and receive real-time actionable feedback.

我們也將繼續使 Coach 更加個人化和互動化。對話現已在 1,200 多門課程中推出，使教師能夠建立和擴展一對一沉浸式蘇格拉底式學習。我們還引入了角色扮演，透過人工智慧驅動的模擬將這種互動參與程度提升到一個新的高度，讓學習者能夠在現實生活中運用他們的知識並獲得即時可操作的回饋。

Second, AI translations. Since 2023, advancements in machine learning have enabled us to rapidly expand access to text-based translations across our platform. We now offer more than 7,500 courses in up to 26 languages. In April, we introduced AI ebbing to bring native language learning to Coursera, starting with 100 courses.

第二，AI翻譯。自 2023 年以來，機器學習的進步使我們能夠在整個平台上快速擴展基於文字的翻譯的存取權限。我們現在提供多達 26 種語言的 7,500 多門課程。今年 4 月，我們引入了 AI 技術，將母語學習引入 Coursera，首批推出 100 門課程。

Today, AI dubbing is now available for more than 600 courses in five languages, and we expect to surpass 1,000 courses by the end of the year. As improvements in the speed and quality of this technology continue, we're excited to invest in bringing this experience to more learners in more languages with the goal of driving higher engagement and better outcomes.

目前，AI配音已涵蓋五種語言、600多門課程，預計今年底將突破1,000門。隨著這項技術的速度和品質不斷提高，我們很高興能夠投資將這種體驗帶給更多語言的更多學習者，以期提高參與度並取得更好的成果。

Third is Course Builder, our AI-powered authoring tool. In 2023, Course Builder was initially launched as a feature for our enterprise customers interested in creating custom private courses. What makes it distinctive is its ability to blend the best of Coursera's catalog with internal context-relevant materials.

第三個是 Course Builder，我們的人工智慧創作工具。2023 年，我們最初推出 Course Builder 功能，針對有興趣創建客製化私人課程的企業客戶。它的獨特之處在於它能夠將 Coursera 的最佳目錄與內部上下文相關的材料融合在一起。

At Connect, we announced that Coursera Builder will soon be piloted with our university and industry content partners, featuring new AI-powered content generation and catalog ingestion capabilities that are designed for speed, simplicity, and flexibility. Most importantly, it is all backed by Coursera's learner data and design with pedagogical best practices to deliver high-quality courses at scale.

在 Connect 上，我們宣布 Coursera Builder 很快就會與我們的大學和行業內容合作夥伴一起試用，其特點是新的人工智慧內容生成和目錄提取功能，旨在提高速度、簡單性和靈活性。最重要的是，這一切都以 Coursera 的學習者數據和教學最佳實踐的設計為後盾，以大規模提供高品質的課程。

Next, our newest product offering, Skills Tracks. From our customer conversations, we know that most organizations struggle to measure training impact and identify skill gaps particularly as job needs rapidly change. For individuals, the motivation to learn is focused on building skills that can make them more productive in their role or open new career opportunities.

接下來，我們推出最新產品「Skills Tracks」。從與客戶的對話中，我們了解到大多數組織都在努力衡量培訓的影響並確定技能差距，尤其是在工作需求快速變化的情況下。對個人而言，學習的動機在於培養技能，使他們在工作上更有效率或開闢新的職業機會。

Skills Tracks are designed to address both requirements, keeping learners focus on essential skills through custom paths and content discovery, while enabling admins to track progress and better align learning objectives with company business goals. Compared to existing courses and certificates, Skills Tracks offer a more structured and interactive approach to skill development built on our proprietary career graph and data-driven personalization.

技能軌跡旨在滿足這兩個要求，讓學習者透過自訂路徑和內容發現專注於基本技能，同時使管理員能夠追蹤進度並更好地將學習目標與公司業務目標相結合。與現有的課程和證書相比，技能軌跡是基於我們專有的職業圖和數據驅動的個人化，提供了一種更結構化和互動的技能發展方法。

By focusing on rural specific competencies, practical, hands-on applications, and features to assess, track and verify proficiency, learners and businesses can better measure learning impact and ROI. We started with curated learning paths for data, IT, software, and product and, of course, GenAI, with more fields to come next year.

透過專注於農村特定的能力、實際的動手應用以及評估、追蹤和驗證熟練程度的功能，學習者和企業可以更好地衡量學習影響和投資回報率。我們從數據、IT、軟體和產品以及 GenAI 等精心策劃的學習路徑開始，明年還將涉及更多領域。

For our final product update, I'd like to focus on our efforts to reimagine the learner journey on Coursera, encompassing improvements in search, discovery, and onboarding. This quarter, we enhanced our site experience with a redesigned homepage to better guide learners through our funnel.

對於我們最終的產品更新，我想專注於我們為重新構想 Coursera 上的學習者旅程所做的努力，包括搜尋、發現和入職方面的改進。本季度，我們透過重新設計的主頁增強了網站體驗，以便更好地引導學習者完成我們的學習流程。

We also made meaningful progress in our efforts to serve our growing population of international learners. Launching new geo pricing and promotional capabilities to make our marketing activities more effective and ensure Coursera is accessible in emerging markets. From the early results, we're seeing positive signals in our new paid learner conversion.

我們在服務日益增長的國際學習者群體方面也取得了有意義的進展。推出新的地理定價和促銷功能，使我們的行銷活動更有效，並確保 Coursera 在新興市場中可用。從早期結果來看，我們在新的付費學習者轉換中看到了正面的訊號。

However, our efforts to attract, convert and retain learners more effectively through our funnel extend well beyond our platform. Search is fundamentally changing. And we intend to be at the forefront of understanding, experimenting, and shaping how learners discover and start their journey, leveraging the strengths that have drawn 191 million learners to our platform over the last decade.

然而，我們透過管道更有效地吸引、轉換和留住學習者的努力遠遠超出了我們的平台範圍。搜尋正在發生根本性的變化。我們打算站在理解、實驗和塑造學習者如何發現和開始他們的旅程的前沿，利用過去十年吸引 1.91 億學習者到我們平台的優勢。

On October 6, we were proud to announce Coursera as the first online learning platform to be embedded directly in ChatGPT. In a new partnership with OpenAI, we launched one of the first generation of apps in ChatGPT, putting our trusted world-class content directly where hundreds of millions of people are going to get answers related to education, skills, and jobs.

10 月 6 日，我們很自豪地宣布 Coursera 成為第一個直接嵌入 ChatGPT 的線上學習平台。在與 OpenAI 建立新的合作夥伴關係後，我們推出了 ChatGPT 中的第一代應用程式之一，將我們值得信賴的世界級內容直接提供給數億人，讓他們可以獲得與教育、技能和工作相關的答案。

Learning is one of the most common use cases for ChatGPT and OpenAI shares our commitment to broadening access to high-quality education and essential skills. We're excited about the partnership and the innovation it will enable. Positioning Coursera at the forefront of AI native learning experiences and strengthening our ability to help learners master the right skills to grow and advance in their careers regardless of where their learning journey begins.

學習是 ChatGPT 最常見的用例之一，OpenAI 與我們一樣致力於擴大獲得高品質教育和基本技能的管道。我們對此次合作以及它將帶來的創新感到非常興奮。將 Coursera 定位於 AI 原生學習體驗的前沿，並增強我們幫助學習者掌握正確技能的能力，無論他們的學習旅程從何處開始，都能在職業生涯中成長和進步。

Our third quarter performance marked another step in laying the foundation for Coursera's next chapter of growth. And our progress is reflected in our financial outlook for the remainder of the year. For Q4, we anticipate revenue in the range of $189 million to $193 million, representing 5% to 8% year-over-year growth, primarily driven by our consumer segment. Our assumptions on the more muted enterprise environment have not changed.

我們第三季的業績標誌著 Coursera 為下一階段的成長奠定了基礎。我們的進展反映在今年剩餘時間的財務前景中。對於第四季度，我們預計營收將在 1.89 億美元至 1.93 億美元之間，年增 5% 至 8%，主要受消費者部門的推動。我們對企業環境更低迷的假設並沒有改變。

For adjusted EBITDA, we expect a range of $7 million to $10 million leveraging the flexibility and capacity of our annual operating framework to fund our most productive growth initiatives. As I highlighted before, we are raising our full year 2025 revenue outlook to a range of $750 million to $754 million, representing 8% to 9% growth from the prior year.

對於調整後的 EBITDA，我們預計範圍在 700 萬至 1000 萬美元之間，利用我們年度營運框架的靈活性和能力來資助我們最具成效的成長計劃。正如我之前強調的那樣，我們將 2025 年全年營收預期上調至 7.5 億美元至 7.54 億美元，比上一年增長 8% 至 9%。

For adjusted EBITDA, we continue to target an annual adjusted EBITDA margin improvement of approximately 200 basis points to 8%. As a reminder, this reflects an additional 100 basis points of anticipated improvement from our initial full year target of 7%. This year has clearly demonstrated the value of our annual operating model as it relates to EBITDA.

對於調整後的 EBITDA，我們繼續將年度調整後的 EBITDA 利潤率提高約 200 個基點至 8% 作為目標。提醒一下，這反映了我們最初 7% 的全年目標預期將再提高 100 個基點。今年清楚證明了我們的年度營運模式與 EBITDA 相關的價值。

This long-standing framework has enabled us to assess our growth opportunities allocate capital toward our most productive priorities, demonstrate our long-term commitment to operating with financial discipline and driving consistent scale in our model, and ensure we are making the right long-term decisions on behalf of our learners, customers and shareholders.

這個長期框架使我們能夠評估我們的成長機會，將資金分配給我們最俱生產力的優先事項，展示我們長期致力於遵守財務紀律和推動我們模式的一致規模，並確保我們代表學習者、客戶和股東做出正確的長期決策。

As we approach the end of the year, I am pleased with the strong progress our team has made across our three key growth priorities. Delivering rapid product innovation, building a faster, more agile content engine, and ensuring we are well positioned to meet and serve customers globally no matter where their learning journey begins.

隨著年底的臨近，我很高興看到我們的團隊在三個關鍵成長重點上取得了顯著進展。實現快速的產品創新，建立更快、更靈活的內容引擎，並確保我們能夠很好地滿足和服務全球客戶，無論他們的學習之旅從哪裡開始。

Our early achievements in 2025 are just the beginning of what I believe Coursera is capable of solving in the massive skilling opportunity that lies ahead of us. By continuing to invest in AI-driven innovations and personalized learning experiences, we are uniquely positioned to meet the evolving needs of learners and organizations worldwide. I am confident in our clear direction and excited for what we will build next.

我相信，我們在 2025 年取得的早期成就只是 Coursera 能夠解決我們面臨的巨大技能機會問題的開始。透過持續投資人工智慧驅動的創新和個人化學習體驗，我們能夠滿足全球學習者和組織不斷變化的需求。我對我們明確的方向充滿信心，並對我們下一步的建設感到興奮。

Now I will hand it over to Ken to discuss our financial performance in more detail. Ken? Please go ahead.

現在我將把時間交給肯更詳細地討論我們的財務表現。肯？請繼續。

Good afternoon, everyone. Thank you, Greg, for the kind words. It has been a pleasure working with this team, particularly around growth enablement. Over the course of this year, we've made consistent progress through a focused effort to bolster Coursera's return to higher growth.

大家下午好。謝謝你，格雷格，謝謝你的善意話語。我很高興與這個團隊合作，特別是在成長支援方面。今年，我們透過專注於推動 Coursera 恢復更高成長，並取得了持續進展。

In Q3, we generated total revenue of $194 million, an increase of 10% from the prior year period leading us to raise our expectations for full year growth, as Greg just outlined. Please note that for the remainder of this call, I'll discuss our non-GAAP financial measures while reviewing our business performance unless otherwise stated.

第三季度，我們的總營收為 1.94 億美元，比去年同期成長了 10%，這讓我們提高了對全年成長的預期，正如 Greg 剛才所概述的那樣。請注意，在本次電話會議的剩餘時間裡，除非另有說明，我將在審查我們的業務績效的同時討論我們的非公認會計準則財務指標。

In Q3, gross profit was $108 million, up 10% year-over-year. This represented a 56% gross margin, which was consistent with the prior year period reflecting improvements in our consumer gross margin rate, offset by other cost of revenue and the greater mix of consumer revenue driven by the segment's faster growth as compared to our yet higher-margin enterprise segment.

第三季毛利為1.08億美元，年增10%。這意味著毛利率為 56%，與去年同期一致，反映了我們的消費者毛利率的提高，但被其他收入成本和消費者收入的更大組合所抵消，因為與我們利潤率更高的企業部門相比，該部門的增長速度更快。

Total operating expense was $98 million or 51% of revenue, consistent with the prior year period. We deployed targeted investments in growth initiatives while demonstrating our long-standing commitment to operating with discipline and scaling annual profitability each year. Net income was $17 million or 8.6% of revenue and adjusted EBITDA was $16 million or 8% of revenue. Since the start of this year, we have delivered over $52 million of adjusted EBITDA putting us well on track to achieve our increased annual margin target of approximately 8%.

總營運費用為 9,800 萬美元，佔營收的 51%，與去年同期持平。我們對成長計劃進行了有針對性的投資，同時展示了我們長期以來對嚴格遵守紀律和每年提高年度盈利能力的承諾。淨收入為 1,700 萬美元，佔營收的 8.6%，調整後的 EBITDA 為 1,600 萬美元，佔營收的 8%。自今年年初以來，我們已實現超過 5,200 萬美元的調整後 EBITDA，使我們有望實現約 8% 的年度利潤率目標。

Turning to cash performance and the balance sheet. Q3 marked another strong quarter of cash performance, generating $27 million of free cash flow, including 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。第三季再次證明現金表現強勁，產生了 2,700 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，與其他類別的資本支出類似。

Year-to-date, we've delivered more than $80 million of free cash flow, representing 55% year-over-year growth and reinforcing our strong financial position. As of September 30, 2025, we had approximately $798 million of unrestricted cash and cash equivalents on the balance sheet with no debt.

今年迄今為止，我們已實現超過 8000 萬美元的自由現金流，同比增長 55%，鞏固了我們強勁的財務狀況。截至 2025 年 9 月 30 日，我們的資產負債表上擁有約 7.98 億美元的無限現金和現金等價物，且沒有債務。

Now let's discuss the results of our operating segments. As you know, we've evolved our operating model over the course of this year by implementing new capabilities under Greg's leadership, adding product and data expertise to our team, and making investments across our platform from product to content and marketing, to create and deliver more valuable experiences for our learners over time. Our strong consumer performance shows promising signs of our renewed focus.

現在讓我們來討論一下我們各經營部門的表現。如您所知，今年我們在 Greg 的領導下實施了新功能，為我們的團隊增加了產品和數據專業知識，並在我們的平台上從產品到內容和行銷進行了投資，從而改進了我們的營運模式，以便隨著時間的推移為我們的學習者創造和提供更有價值的體驗。我們強勁的消費者表現顯示我們重新關注的重點是有希望的。

In Q3, we delivered consumer segment revenue of $130 million, up 13% from a year ago. Growth was driven by two primary factors. First, we welcomed 7.7 million new registered learners expanding our total base to $191 million. We've maintained a strong top of funnel by broadening our global reach diversifying our marketing channels and experimenting with new opportunities to reach and attract new learners including directly embedding Coursera in ChatGPT as one of open AI's first generation of apps.

第三季度，我們的消費者部門營收達到 1.3 億美元，比去年同期成長 13%。成長主要由兩個因素推動。首先，我們迎來了 770 萬名新註冊學習者，使我們的總註冊人數達到 1.91 億美元。我們透過擴大全球影響力、多樣化行銷管道以及嘗試新的機會來接觸和吸引新的學習者，包括將 Coursera 直接嵌入 ChatGPT 作為開放 AI 第一代應用程式之一，從而保持了強大的漏斗頂端。

Second, we've seen strong reception to Coursera Plus. As you know, our subscription efforts in the consumer segment are not new. In 2021, we recognize that the rapid pace of skills transformation, combined with our growing catalog of career-focused education would naturally benefit from a bundled subscription offering that creates more value for our learners, content partners and ultimately our business.

其次，我們看到 Coursera Plus 受到了熱烈歡迎。如您所知，我們在消費者領域的訂閱工作並不是什麼新鮮事。2021 年，我們認識到，技能轉型的快速步伐，加上我們不斷增長的以職業為重點的教育目錄，自然會受益於捆綁訂閱服務，這將為我們的學習者、內容合作夥伴以及最終我們的業務創造更多價值。

Over time, we have continuously enhanced that value with the introduction of new content, product features and localized pricing, promotion, and payment capabilities. As Greg highlighted, Coursera Plus has grown to become a majority of our consumer segment revenue providing important visibility with more predictable recurring revenue streams. Consumer segment gross profit was $80 million, up 16% from $69 million in the prior year period.

隨著時間的推移，我們透過推出新內容、產品功能以及在地化定價、促銷和支付功能不斷提升這一價值。正如 Greg 所強調的，Coursera Plus 已經成為我們消費者部門收入的主要來源，透過更可預測的經常性收入流提供了重要的可見性。消費者部門毛利為 8,000 萬美元，較去年同期的 6,900 萬美元成長 16%。

Segment gross margin was 61%, an increase of 180 basis points from a year ago. The expansion in our gross margin rate has been driven by increased learner demand and engagement with content created under more recent production arrangements. As we have discussed, this new content typically includes a lower revenue share and associated content costs, reflecting the increasing value of Coursera's ecosystem and platform capabilities from AI native authoring, production, and ingestion tools for our partners to Coursera Coach and other learner enhancements to our large, growing distribution channel.

分部毛利率為61%，較去年同期增加180個基點。我們的毛利率的擴大是由於學習者需求的增加以及對最近的生產安排下創建的內容的參與度的提高。正如我們所討論的，這些新內容通常包括較低的收入份額和相關內容成本，反映了 Coursera 生態系統和平台功能的價值不斷增加，從為我們的合作夥伴提供的 AI 原生創作、製作和攝取工具到 Coursera Coach 和其他學習者增強功能，再到我們龐大且不斷增長的分銷渠道。

Now moving to our Enterprise segment. Enterprise revenue was $64 million, up 6% from a year ago. Growth continues to be driven by our campus and business verticals including a 10% increase in the total number of paid enterprise customers to 1,724.

現在轉到我們的企業部門。企業營收為 6,400 萬美元，比去年同期成長 6%。我們的校園和商業垂直領域繼續推動成長，其中付費企業客戶總數增加了 10%，達到 1,724 家。

As we've discussed in the past several quarters, customer demand and budget trends continue to vary by vertical, region and use case, which is reflected in our net retention rate of 89%. Our team will continue to monitor the dynamic corporate spend environment and remain focused on go-to-market positioning and enterprise-focused product enhancements to reignite more significant long-term growth under Anthony's new leadership.

正如我們在過去幾季所討論的那樣，客戶需求和預算趨勢繼續因垂直、地區和用例而異，這反映在我們 89% 的淨留存率中。我們的團隊將繼續監控動態的企業支出環境，並繼續專注於市場定位和以企業為中心的產品增強，以在安東尼的新領導下重新激發更重要的長期成長。

Segment gross profit was $45 million, up 5% from $42 million in the prior year period. And segment gross margin was 70%. The margin rate was in line with the prior year period, which included a onetime revenue share benefit of approximately 150 basis points disclosed during third quarter 2024 report. Without that historic onetime benefit, Enterprise segment gross margin would have expanded year-over-year driven by the same content production and engagement trends contributing to the ongoing improvement in our consumer segment margin.

該部門毛利為 4,500 萬美元，較去年同期的 4,200 萬美元成長 5%。分部毛利率為70%。利潤率與去年同期持平，其中包括 2024 年第三季報告中揭露的約 150 個基點的一次性收入分成收益。如果沒有這歷史性的一次性收益，企業部門的毛利率將會年增，這得益於相同的內容製作和參與趨勢，有助於我們消費者部門利潤率的持續提高。

Before we open the call for questions, I want to reiterate what a rewarding experience has been to serve as CFO during such a transformative chapter for Coursera, the industry, and the broader technology landscape. I'm deeply proud of our achievements over the past 5.5 years, and I'm grateful for the continued support of our shareholders and analysts.

在我們開始提問之前，我想重申一下，在 Coursera、整個產業以及更廣泛的技術領域經歷如此重大的變革時期，擔任財務長是多麼有益的經歷。我對我們過去五年半所取得的成就深感自豪，並感謝股東和分析師的持續支持。

Having partnered closely with Greg this year, I have full confidence in the leadership team's clarity of direction. It is a privilege to leave Coursera in such a strong financial position. To serve as a bedrock for Greg's vision, the catalyst to accelerate the next phase of innovation, growth, and impact for the millions of learners our platform serves. Now let's open the call for questions.

今年與格雷格密切合作後，我對領導團隊的明確方向充滿信心。能夠讓 Coursera 保持如此強勁的財務狀況，我深感榮幸。作為 Greg 願景的基石，成為加速我們平台服務的數百萬學習者下一階段創新、成長和影響的催化劑。現在讓我們開始提問。

(Operator Instructions) Josh Baer, Morgan Stanley.

（操作員指示）摩根士丹利的 Josh Baer。

Great. Thanks for the question. And Ken, it's been great working together over the years. I know it's early, but I did want to ask about any takeaways you have from the start of the open AI embedded app and the integration there. Just anything around usage and engagement or expectations.

偉大的。謝謝你的提問。肯，這些年來我們的合作非常愉快。我知道現在還為時過早，但我確實想問一下您從開放式 AI 嵌入式應用程式的開始以及在那裡的整合中得到了什麼收穫。只是與使用、參與或期望有關的任何事。

And then the follow-up is on the financial side. What is the economic arrangement there? And how are you thinking about potential financial impact?

接下來是財務方面的問題。那裡的經濟安排是怎麼樣的？您如何看待潛在的財務影響？

Thank you, Josh. Good questions. This is Greg. First of all, we're incredibly excited about the partnership. Obviously, OpenAI is a place that people go to ask about basically everything, 800 million weekly active users. So an incredibly popular destination and learning is one of the most common use cases. And so the fact that OpenAI reached out to us to invite us to be one of the first seven launch apps is incredibly exciting.

謝謝你，喬希。好問題。這是格雷格。首先，我們對此次合作感到非常興奮。顯然，OpenAI 是一個人們可以諮詢幾乎所有問題的地方，每周有 8 億活躍用戶。因此，極其受歡迎的目的地和學習是最常見的用例之一。因此，OpenAI 與我們聯繫並邀請我們成為首批七個啟動應用程式之一這一事實令人無比興奮。

Very, very early days on that partnership, obviously. So I don't have anything to share yet on what we think that might look like and what that might do for the business over time. But I would say that given the traffic that ChatGPT sees and the fact that search is fundamentally changing, we're very glad that we're at the forefront of some of that change and being in the place that is driving a lot of that change because I think that gives us a real opportunity to understand and shape how learners can discover and to start their journey with Coursera.

顯然，這種合作關係還處於非常早期的階段。因此，對於我們認為這會是什麼樣子以及從長遠來看會對業務產生什麼影響，我目前還沒有任何可以分享的資訊。但我想說，考慮到 ChatGPT 看到的流量以及搜尋正在發生根本性變化的事實，我們很高興能夠站在這些變化的前沿，並處於推動這些變化的前沿，因為我認為這給了我們一個真正的機會去理解和塑造學習者如何發現並開始他們在 Coursera 上的旅程。

On the financials, there is no economic arrangements between OpenAI and Coursera, this is really a top of funnel opportunity to get in front of people as they start their learning journey by asking questions in ChatGPT. And then the appropriate course will get surface so they can preview that content and then come through to Coursera to enroll and benefit from the full rich learning experience that we offer across the world-class content with, as well our AI-driven features on Coursera, Coursera Coach and Role Play, Dialogue, some of the things that I mentioned in my scripted remarks, and we're excited to see how it develops.

在財務方面，OpenAI 和 Coursera 之間沒有任何經濟安排，這確實是一個頂級機會，可以在人們透過在 ChatGPT 中提問開始他們的學習之旅時吸引他們的注意。然後，相應的課程就會出現，這樣他們就可以預覽這些內容，然後透過 Coursera 進行註冊，享受我們提供的豐富學習體驗，包括世界一流的內容，以及 Coursera 上的人工智慧驅動功能、Coursera Coach 和角色扮演、對話，這些都是我在腳本發言中提到的，我們很高興看到它的發展。

All very helpful. And on sales and marketing, the percentage of revenue increased year-over-year. Just hoping you could walk through some of the top priorities on sales and marketing investments and how you're assessing the returns on that spend.

一切都非常有幫助。在銷售和行銷方面，收入百分比較去年同期成長。只是希望您能介紹一下銷售和行銷投資的一些首要任務，以及您如何評估這些支出的回報。

Thank you, Josh. The sales and marketing has been a very efficient and effective tool for us for a number of quarters. We continue to see really good results as we've scaled our marketing in terms of return on ad spend. And the model we use is really wherever we see efficiency at the right levels, we will continue to invest.

謝謝你，喬希。多個季度以來，銷售和行銷一直是我們非常有效的工具。隨著我們在廣告支出回報方面擴大行銷規模，我們繼續看到非常好的結果。我們使用的模型是，只要我們看到效率達到適當的水平，我們就會繼續投資。

One of the benefits of that is that often that it's driving a subscription not just a single course purchase. And so Coursera Plus, as we mentioned, has now crossed 50% of our consumer segment revenue that gives us a lot of visibility into forward-looking trends. And so when we find marketing channels that are effective at driving that, we will continue to invest in that. You see that reflected in the 7.7 million new registered learners and also in the 13% year-over-year revenue growth the Consumer segment had this year this quarter.

這樣做的好處之一是，它通常會推動訂閱，而不僅僅是購買單一課程。正如我們所提到的，Coursera Plus 現在已經佔據了我們消費者部門收入的 50% 以上，這讓我們對前瞻性趨勢有了很大的了解。因此，當我們找到能夠有效推動這一目標的行銷管道時，我們將繼續對其進行投資。您可以看到，今年本季消費者部門新增註冊學習者 770 萬，營收年增 13%，這充分體現了這一點。

Bryan Smilek, JPMorgan.

摩根大通的布萊恩‧史邁利克。

Thank you, Ken, for the great partnership throughout the years. Just curious more so on the 4Q revenue outlook, totally appreciate consumer continues to grow well and really unchanged macro outlook for enterprise. Just curious, looking ahead, what drives the durability of the consumer growth here, perhaps around the double-digit percent? And I guess, like, can you just give a bit more color on what drives the declines more near term in terms of growth deceleration into 4Q?

感謝 Ken 多年來的良好合作。只是對第四季的營收前景更加好奇，完全理解消費者持續良好成長，而企業的宏觀前景確實沒有改變。只是好奇，展望未來，是什麼推動了這裡消費者成長的持久性，大概在兩位數左右？我想，您能否更詳細地說明一下，在第四季度經濟成長減速的短期內，是什麼原因導致了經濟下滑？

A couple of things that I'd comment on. Great question. So first of all, as we've mentioned on the scripted remarks, we're raising our full year revenue from $738 million to $746 million was our prior guide now to $750 million to $754 million, so representing 8% to 9% year-over-year growth. That, again, is up from a projection of 4% year-over-year growth back in April, an incremental $27 million at the midpoint.

有幾件事我想評論一下。好問題。首先，正如我們在演講中提到的，我們將全年收入從先前預期的 7.38 億美元提高到 7.46 億美元，現在提高到 7.5 億美元到 7.54 億美元，這意味著同比增長 8% 到 9%。這再次高於 4 月預測的年增 4%，中間值增量為 2700 萬美元。

That is driven by our confidence in our very strong top of funnel, 7.7 million new registered learners also the fact that with Coursera Plus, we get better visibility into the forward-looking revenue trends, we're also seeing a more responsive revenue model, driven by a combination of the marketing that I just mentioned and also some of the early efforts that we've made on the product side, learner journey, geo pricing, things like that.

這是因為我們對自己非常強大的漏斗頂端充滿信心，770 萬新註冊學習者，而且透過 Coursera Plus，我們可以更好地了解前瞻性的收入趨勢，我們還看到了更具響應性的收入模式，這是由我剛才提到的營銷以及我們在產品方面、學習者旅程、地理定價等方面所做的一些早期努力共同推動的。

On the quarter specifically Q4, what I would remind folks have you've seen this in prior years is that there's definitely a seasonality impact in Q4, traditionally, Q4 is not as large a quarter as Q3 is. And so that is also part of what it's been playing out in the forward-looking guide.

就本季而言，特別是第四季度，我想提醒大家的是，你們在前幾年是否見過這種情況，那就是第四季度肯定存在季節性影響，傳統上，第四季度的影響不如第三季度那麼大。這也是前瞻性指南中體現的一部分。

Great. And then I just had a quick question just around CapEx overall. I believe a few quarters ago, really entering 2025, we had discussed about up to $20 million in purchases of content assets and the free cash flow clearly has come in nicely, and I imagine some of that is also driven by just AI content gains in terms of production. But just curious how will you balance free cash flow growth going forward with incremental content investments and is there anything just to keep in mind from a free cash flow perspective?

偉大的。然後我只想問一個關於整體資本支出的簡單問題。我相信幾個季度前，當真正進入 2025 年時，我們曾討論過購買高達 2000 萬美元的內容資產，而且自由現金流顯然已經很好了，我想其中一部分也是由 AI 內容在生產方面的收益所推動的。但我只是好奇您將如何平衡未來的自由現金流成長與增量內容投資，從自由現金流的角度來看有什麼需要注意的嗎？

At a high level, we've been very pleased with the impact of the content investments that we've made. You see that reflected in two stats. One is the growth of the catalog. So we now have more than 12,000 courses, that's up 44% year-over-year. The second is the gross margin expansion. And that is driven by both Coursera produced content and also a bit of a mix change to newer content that is at lower revenue share rates.

從高層次來看，我們對所做的內容投資所產生的影響感到非常滿意。您可以看到這反映在兩個統計數據中。一是目錄的成長。我們現在有超過 12,000 門課程，比去年同期成長了 44%。二是毛利率擴大。這是由 Coursera 製作的內容以及收入分成率較低的新內容的混合變化所推動的。

We anticipate that both of those things, we will continue to invest in. We really like the appeal of the Coursera produced content. One of the reasons that we like it is that as AI gives us better and better tools, we're able to bring down the cost of creating each piece of that content, so we can expand the catalog at potentially a faster clip while doing so with a lower per course spend.

我們預計，我們將繼續對這兩件事進行投資。我們真的很喜歡 Coursera 製作的內容的吸引力。我們喜歡它的原因之一是，隨著人工智慧為我們提供越來越好的工具，我們能夠降低創建每個內容的成本，因此我們可以以更快的速度擴展目錄，同時降低每門課程的支出。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓、威廉布萊爾。

So maybe for either Greg or Ken, just can you just talk some more about the factors driving the continued consumer acceleration this quarter. And on the international side, it sounds like you're starting to find the right localized pricing versus volume mix. Is that fair? And if so, could that be a factor kind of supporting continued strong growth in consumer over the coming years as you optimize that balance and monetization?

那麼，對於格雷格或肯，您能否再多談談推動本季消費持續加速的因素。在國際方面，聽起來您已經開始找到正確的在地化定價與銷售組合。這樣公平嗎？如果是這樣，那麼隨著您優化平衡和貨幣化，這是否會成為支持未來幾年消費者持續強勁成長的因素？

Great question. I'll start, and Ken, feel free to obviously to add. On the consumer side, I mentioned marketing being one of the things that we've continued to improve. So that's certainly a factor. I would say also, it's just responsiveness in the course offering that we have and our efforts to improve the product experience as well. And so the expansion of the catalog, a lot of that is coming in areas and it's certainly being targeted areas where we see a lot of demand.

好問題。我先開始，Ken，請隨意補充。在消費者方面，我提到行銷是我們持續改進的事情之一。所以這當然是一個因素。我還想說，這只是我們對課程提供的回應能力以及我們為改善產品體驗所做的努力。因此，目錄的擴展很多都來自我們看到大量需求的地區。

And so in GenAI, as I mentioned in the scripted remarks, we've doubled the size of our GenAI catalog year-over-year from 500 courses to more than 1,000 courses. Again, we've come from leading industry partners and profit being one that I mentioned in the scripted remarks as well and our academic partners in higher education, in some of the leading universities around the world. That's driving incredible interest on the consumer side, as well as the enterprise side. So that's certainly a factor.

因此，在 GenAI 中，正如我在腳本演講中提到的那樣，我們的 GenAI 目錄規模同比去年翻了一番，從 500 門課程增加到 1,000 多門課程。再次，我們來自領先的行業合作夥伴和利潤，這是我在腳本演講中提到的，也是我們在高等教育領域的學術合作夥伴，包括世界各地的一些頂尖大學。這引起了消費者和企業的極大興趣。所以這當然是一個因素。

On geo pricing, you mentioned we lowered the price across a range of countries earlier this year in the quarter. And the rationale for doing that was really that when I arrived, one of the things I observed within my first few weeks with our pricing internationally just simply didn't make sense for consumers in those markets. It was priced out of reach of most of those markets.

關於地理定價，您提到我們在今年本季早些時候降低了多個國家的價格。這樣做的真正原因是，當我到達後的頭幾週內，我發現我們的國際定價對這些市場的消費者來說根本就沒有意義。它的價格超出了大多數市場的承受能力。

And so we lowered our pricing substantially in those markets. up to 60% in different geographies. And the goal of that was to both ensure that we were able to reach the broad market of consumers that we aspire to serve with a more attractive price and also, of course, to drive higher overall revenue growth.

因此，我們在這些市場大幅降低了價格，不同地區的降幅高達 60%。這樣做的目的是確保我們能夠以更具吸引力的價格覆蓋我們渴望服務的廣大消費者市場，當然，也是為了推動更高的整體收入成長。

And we've been pleased with the results so far of that. And we continue to believe that we will look at pricing as a tool within our toolkit to continue to fuel better growth and also make sure that we're serving our mission overall of enabling learning to be accessible to as many people around the planet as possible.

到目前為止，我們對結果感到滿意。我們始終相信，我們將把定價視為我們工具包中的一種工具，以繼續推動更好的成長，並確保我們全面履行我們的使命，即讓全球盡可能多的人能夠接受學習。

Very helpful. And then just following up in enterprise, NRR moved back to touch this quarter after a few quarters of stabilization. So just curious how do trends look across the different end markets there between business, government campus and how is overall corporate spending towards learning played into that? Has there been any additional softening there in recent months where it's getting hard to retain existing and sell now? I guess, what are you seeing on the kind of budgetary side?

非常有幫助。然後，在企業方面，NRR 在經過幾個季度的穩定後，本季又恢復了成長。所以我只是好奇，企業、政府園區等不同終端市場的趨勢如何，以及企業在學習上的整體支出是如何受到影響的？近幾個月來，那裡是否出現了進一步的疲軟，使得現有庫存的保留和銷售變得更加困難？我想，您在預算方面看到了什麼？

Well, first of all, we're not pleased with 89% NRR. We also weren't pleased with 93% NRR last quarter. We won't be happy with NRR until we get that north of 100%. I would say we've seen mixed trends between our different verticals. So Coursera for Campus is a brighter spot.

首先，我們對 89% 的 NRR 並不滿意。我們對上季 93% 的 NRR 也不滿意。除非我們的 NRR 超過 100%，否則我們不會對其感到滿意。我想說，我們在不同的垂直領域看到了混合趨勢。因此 Coursera for Campus 是一個亮點。

Coursera for government is more challenged. We're not factoring in any material improvement right now, just given what we're seeing across the market. So the diversification is certainly helpful across the different segments. But Coursera for business remains the majority of our enterprise segment, it remains a muted environment, as we've communicated on past calls. And so we're not forecasting any change in that as we look ahead.

Coursera 對政府而言面臨的挑戰更大。我們現在沒有考慮任何實質的改善，只是考慮到我們所看到的整個市場的情況。因此，多樣化對於不同領域來說肯定是有幫助的。但正如我們在過去的電話會議中所傳達的那樣，Coursera 商業版仍然是我們企業部門的主要部分，它仍然是一個低調的環境。因此，我們預測未來不會有任何變化。

One of the things we are trying to do through the conversations that we're having with our enterprise partners is really make sure that we're very responsive to their needs. And so one of the things that we heard consistently from enterprise partners was the need to have an offering that is more tightly attuned to the challenges they are seeing in their workforce. And so they all face a need to upskill and reskill their workforce, given how much AI is changing the rules of roles across their companies.

透過與企業合作夥伴的對話，我們試圖做的事情之一就是確保我們能夠迅速回應他們的需求。因此，我們從企業夥伴那裡不斷聽到的一件事是，需要提供一種能夠更緊密地適應他們在員工隊伍中遇到的挑戰的產品。因此，考慮到人工智慧正在極大地改變整個公司的角色規則，他們都面臨著提升和重新培訓員工技能的需求。

And so we launched skills tracks at Coursera Connect. I mentioned that in the scripted remarks as well. That's a curated set of offerings. We launched with four different areas: data AI and software and product development. Those each encompass a whole host of job families and roles within those job families, and the goal is to give enterprise the ability to create tailored learning paths for specific rules they have at specific levels that give their employees at -- in those roles and at those levels, the right skills to adapt to how technology is changing their work that they do every day.

因此我們在 Coursera Connect 上推出了技能課程。我在演講稿中也提到了這一點。這是一套精心策劃的產品。我們從四個不同的領域開始：資料人工智慧和軟體以及產品開發。這些都涵蓋了一系列的工作類別和工作類別中的角色，目標是讓企業能夠針對特定級別的特定規則創建定制的學習路徑，讓這些角色和級別的員工掌握正確的技能，以適應技術如何改變他們的日常工作。

And it measures impact and the ROI. And so we're rolling out verified credentials for those skills paths. And we'll continue to expand both the number of skills tracks that we offer, as well as the verified credentials that go with them. And that's something that it's still early days, obviously, because we just launched this at Connect in September, but we've seen a very positive response in our conversations with our enterprise partners.

它可以衡量影響力和投資報酬率。因此，我們正在為這些技能路徑推出經過驗證的憑證。我們將繼續擴大我們提供的技能軌道的數量以及與之相關的經過驗證的憑證。顯然，這還處於早期階段，因為我們在 9 月的 Connect 上才推出了它，但我們在與企業合作夥伴的對話中看到了非常積極的反響。

And I'm also very exciting just to add on to have Anthony on board, Anthony Salcito, our new enterprise GM, his experience at Microsoft leading their worldwide education business in two decades doing that brings a wealth of expertise and highly relevant skills.

我也非常高興能夠加入我們的團隊，安東尼·薩爾西托 (Anthony Salcito) 是我們新任的企業總經理，他在微軟領導全球教育業務的二十年經驗為他帶來了豐富的專業知識和高度相關的技能。

He also has an energy and a strategic vision for where we can go that is incredibly exciting. So I'm really looking forward to seeing what he delivers in the business. Obviously, it will take time for that to take effect just because of the nature of an enterprise business model, but very excited to have him on board as well.

他也對我們的發展方向有著令人難以置信的興奮和戰略眼光。所以我真的很期待看到他在商業上的成就。顯然，由於企業商業模式的性質，這需要時間才能生效，但我也非常高興他能加入。

Ryan MacDonald, Needham.

瑞安麥克唐納，尼德姆。

Ken, best of luck. It was great working with you. Greg, maybe to start on the fourth quarter implied EBITDA guidance for margin. Can you just talk about sort of the key areas where you're investing here and then -- and how maybe investors should think about sort of the framework between balance of growth and margin expansion, what that looks like heading towards '26 without giving guidance.

肯，祝你好運。和你一起工作很愉快。格雷格，也許從第四季度隱含的 EBITDA 利潤率指引開始。您能否談談您目前投資的關鍵領域，以及投資者應該如何考慮成長平衡與利潤擴張之間的框架，以及在沒有提供指導的情況下，朝著 26 年邁進的框架。

Is there still an intent to sort of expand EBITDA margins while trying to grow? Or is fourth quarter more of '25 more indicative of how we should think about sort of the margin profile heading into '26?

在努力成長的同時，是否仍有意擴大 EBITDA 利潤率？或者 25 年第四季的表現更能說明我們該如何看待 26 年的利潤狀況？

So first of all, we've had, for a number of years, a framework of providing an annual EBITDA margin guide. And the rationale behind that is we want to make sure that we're demonstrating both revenue growth and operating leverage every year, year-over-year. So improvement on both of those things. The annual framework gives us flexibility to invest as the year progresses in the things that we think are going to be most effective at delivering against those two things.

首先，多年來，我們一直有一個提供年度 EBITDA 利潤率指南的框架。背後的理由是，我們希望確保每年的營收和經營槓桿都能達到年增。因此這兩件事都有所改進。年度框架使我們能夠靈活地隨著時間的推移對我們認為最能有效實現這兩件事的事情進行投資。

And so that's no different for our full year guide for this year as well. The key things that we are going to focus on within Q4 that will help drive growth not just in Q4, but also next year and beyond are first of all, continued investment in marketing efficiency and ad spend where we see an opportunity to do that, also experimenting with new channels.

因此，我們今年的全年指南也沒有什麼不同。我們將在第四季度重點關注的關鍵事項不僅將有助於推動第四季度的成長，而且將有助於推動明年及以後的成長，首先是繼續投資於行銷效率和廣告支出，我們看到了這樣做的機會，同時也嘗試了新的管道。

And so one of the reasons that we fund sales and marketing in Q4 is because that will then translate into revenue that persists into the following year. Second, continued investment in product. And so Patrick Supanc, our Chief Product Officer, who joined in the summer is certainly still coming up to speed.

因此，我們在第四季度資助銷售和行銷的原因之一是，這將轉化為持續到下一年的收入。第二，持續投入產品。因此，今年夏天加入我們的首席產品長 Patrick Supanc 肯定仍在努力適應新形勢。

Q3 was one of the largest quarters for launches of new features that Coursera has had in its history. We're really excited. It's still early days on many of those features, but we're really excited directionally by the metrics that we're seeing those features deliver for us. And so we're going to continue to invest in that area as well.

第三季是 Coursera 史上推出新功能最多的季度之一。我們真的很興奮。雖然其中許多功能仍處於早期階段，但我們對這些功能為我們帶來的指標感到非常興奮。因此我們也將繼續在該領域進行投資。

And so those are a few of the things that we're doing. But over the long term, just to circle back on that piece of your question, our goal is to continue to provide annual revenue growth and annual EBITDA margin leverage.

這些就是我們正在做的一些事情。但從長遠來看，回到您問題的這一部分，我們的目標是繼續提供年度收入成長和年度 EBITDA 利潤率槓桿。

Super helpful. I appreciate the clarification there, Greg. Maybe on just sort of the broader sort of AI upskilling, reskilling initiatives. Just curious to get your comment on the news from a couple of months ago about Google and Microsoft committing, I think it combines $5 billion plus on sort of AI skills gap closures and sort of skilling initiatives with AI.

超有幫助。我很感謝你的澄清，格雷格。也許只是更廣泛的人工智慧技能提升和技能再培訓計劃。我只是好奇地想聽聽您對幾個月前有關谷歌和微軟承諾的新聞的評論，我認為它將投入 50 多億美元用於彌補人工智能技能差距和人工智能技能計劃。

Given both companies are Coursera partners, is there a role for Coursera to play in these initiatives? Can either company sort of route learners to the platform or sponsor learners to be trained sort of on their content through the Coursera platform? Or are these sort of completely separate from the existing relationships you have there?

鑑於兩家公司都是 Coursera 的合作夥伴，Coursera 能在這些措施中扮演什麼角色？公司是否可以將學習者引導至該平台或贊助學習者透過 Coursera 平台接受有關其內容的培訓？還是這些與您現有的關係完全無關？

So Google obviously does route learners to Coursera for learning on a very regular basis. Our partnership with who goes back many years. They're a very important partner for us. Microsoft also is an important content partner for us. I think it's still early days for both of those specific initiatives that you mentioned that they announced a little bit ago.

因此，Google顯然會定期引導學習者到 Coursera 進行學習。我們與誰的合作關係可以追溯到很多年前。他們是我們非常重要的合作夥伴。微軟也是我們重要的內容合作夥伴。我認為，對於您提到的他們不久前宣布的這兩項具體舉措來說，現在還為時過早。

We obviously are in an ongoing dialogue with both of them on continuing to strengthen the partnership and look at ways that we can add value to the things that they're trying to accomplish and vice versa. I think that one of the benefits that Coursera offers is in addition to just content on GenAI, there's obviously a huge range of content beyond just general AI learning.

顯然，我們正在與他們雙方進行持續對話，以繼續加強合作夥伴關係，並尋找為他們正在努力實現的目標增加價值的方法，反之亦然。我認為 Coursera 提供的優勢之一是，除了 GenAI 的內容之外，顯然還有超出一般 AI 學習範圍的大量內容。

Certainly, there's things that are specific about how GenAI can be applied to a given type of role in GenAI for finance as an example, et cetera, but also a much broader catalog of learning in a whole host of other areas. And so we believe that's a benefit that we can bring to any one of those partnerships or future efforts that develop.

當然，GenAI 如何應用於特定類型的角色是有具體要求的，例如用於金融的 GenAI 等等，但同時也涉及許多其他領域的更廣泛的學習目錄。因此，我們相信，我們可以為任何合作夥伴關係或未來發展的努力帶來好處。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Nice to see continued momentum in the business. And Ken, let me echo my colleagues. It's been an absolute pleasure working with you since IPO over the years through all these earnings calls, the analyst Days, you name it. So wishing you the best for the next shop and again, really appreciate the partnership.

很高興看到業務持續保持良好勢頭。肯，請允許我附和我的同事們。自 IPO 以來，多年來，透過所有這些收益電話會議、分析師日等，與您合作一直非常愉快。祝您下次購物一切順利，並再次非常感謝您的合作。

Maybe I wanted to ask two AI questions. First, I want to go back to the OpenAI and Anthropic partnerships. I understand these are really new. You talked about kind of some of them as being pipeline generation and you have these 1,000 AI courses on Coursera today, which is great to see that sort of growth.

也許我想問兩個有關人工智慧的問題。首先，我想回顧一下 OpenAI 和 Anthropic 的合作關係。我知道這些確實是新的。您談到其中一些是管道生成，而今天 Coursera 上有 1,000 門 AI 課程，很高興看到這種增長。

Over time, can these partnerships and other future contemplated ones, right, whether it's Google AI or other AI native companies, where -- there's not only those courses and for of those tools in there, but also the opportunity for there to be actual certifications, right, whether it's an anthropic certification or an open AI certification and maybe the newly announced Anthropic course is exactly that. It was on to me just going to the website.

隨著時間的推移，這些合作夥伴關係和其他未來考慮的合作夥伴關係，無論是谷歌人工智慧還是其他人工智慧原生公司，不僅有這些課程和工具，而且還有獲得實際認證的機會，無論是人擇認證還是開放人工智慧認證，也許新宣布的人擇課程就是這樣的。我只需要訪問該網站。

But maybe just walk us through what does that opportunity look like to create these AI certifications attached to courses similar to what you had with Google and Facebook and IBM and Salesforce over the years? And then I've got a follow-up.

但也許您可以向我們介紹一下，創建這些與課程相關的 AI 認證的機會是什麼樣的，類似於您多年來在 Google、Facebook、IBM 和 Salesforce 所獲得的認證？然後我有一個後續行動。

I do think that's absolutely an opportunity for us, and that's something that I think is going to be increasingly important on both the consumer and enterprise side of our business. We see on the enterprise side of the business, a need for enterprises really to ensure that they have verified skills.

我確實認為這對我們來說絕對是一個機會，而且我認為這對我們業務的消費者和企業方面都將變得越來越重要。我們看到，在企業業務方面，企業確實需要確保他們擁有經過驗證的技能。

And so the certificates are a way of ensuring that it's not just taking the course in gaining knowledge, but actually gaining mastery of that material in a way that you can demonstrate within a rule in the workforce. And so that's one of the reasons that we launched Skill Tracks with the verified credentials that I mentioned a bit ago.

因此，證書是一種確保不僅僅是透過課程獲取知識，而且實際上掌握了這些材料，以便在工作中能夠按照規則證明這一點的方式。這就是我們推出具有我之前提到的驗證憑證的技能軌跡的原因之一。

We certainly see the world moving in that direction, the importance of being a lifelong learner and continuing to develop new skills as the world around all of those changes at an increasingly rapid pace is unbelievably important, and that's where those certificates are really critical about demonstrating that it's not just that you've taken, of course, that, again, you have demonstrated master that you can apply in the real world. We certainly see that happening in the future with a number of our partners. Were in active conversations to do exactly that. And I would not be surprised at all to see that happen within the AI space as well.

我們確實看到世界正朝著這個方向發展，隨著周圍世界的變化越來越快，成為終身學習者和持續發展新技能的重要性變得不可估量，而這些證書之所以如此重要，是因為它們不僅能證明你已經掌握了相關知識，而且能夠應用於現實世界。我們肯定會看到未來我們的一些合作夥伴也會這樣做。我們正在積極地進行對話以做到這一點。如果這種情況也發生在人工智慧領域，我也不會感到驚訝。

Awesome. That's really helpful. And then you alluded to this in the prepared remarks, talking about leaning more into AI search. And obviously, it's a huge debate that we're having in software and Internet of just the shift from traditional SEO to AI search and it's obviously caused a lot of controversy out there. Can you talk a little bit more specifically about some of the early signs of success that you're seeing in that shift? And how you intend to invest and measure success there?

驚人的。這真的很有幫助。然後您在準備好的發言中提到了這一點，談到更多地依賴人工智慧搜尋。顯然，我們在軟體和互聯網領域就從傳統 SEO 向 AI 搜尋的轉變展開了激烈的爭論，這顯然引起了許多爭議。您能否更具體地談談您在這一轉變中看到的一些早期成功跡象？您打算如何投資並衡量成功？

Because look, I understand even if overall raw traffic to the Coursera website is down, having -- you go to ChatGPT and you say, I need courses for advancing my career. Coursera is going to be the number one with an explanation versus going to Google and you have to sort through a bunch of different similar sounding things before realizing Coursera is the best option.

因為看，我明白，即使 Coursera 網站的整體原始流量下降，你去 ChatGPT 說，我需要課程來提升我的職業發展。Coursera 將成為第一家提供解釋的公司，而不必去 Google，您必須篩選一堆聽起來相似的東西，然後才能意識到 Coursera 是最好的選擇。

So the industrial logic makes sense to me. But maybe can you just walk us through what you've seen so far and how you expect to invest against that opportunity and measure success there?

所以這個工業邏輯對我來說是有意義的。但也許您能向我們介紹一下您目前所看到的情況，以及您預計如何利用這一機會進行投資並衡量成功？

Yes, great question. Obviously, search is fundamentally changing, as you just referenced. It used to be that people would do a web search and then they get a list of links and they would click on one, see if it was a fit, go back to the search, click on the neck, et cetera. And so you sort of [pogo] in and out potentially.

是的，很好的問題。顯然，正如您剛才提到的，搜尋正在發生根本性的變化。過去，人們會進行網絡搜索，然後他們會獲得一個鏈接列表，他們會點擊其中一個，看看是否合適，然後返回搜索，點擊頸部，等等。因此，您可能會 [pogo] 進出。

Now with LLM, both ChatGPT and others, you can get much richer information right up front. And so we're incredibly excited about the integration into OpenAI because we get a chance to learn along the way as user behavior continues to evolve.

現在有了 LLM（包括 ChatGPT 和其他），您可以直接獲得更豐富的資訊。因此，我們對與 OpenAI 的整合感到非常興奮，因為隨著使用者行為的不斷發展，我們有機會一路學習。

I would imagine that over time, that integration, both for Coursera and for the other partners that ChatGPT has in their launch set of seven will continue to improve. It will become more contextually aware it will become better for the user, and it will become better also for the partner because they'll do a better job of identifying through the context of what the user has prompted ChatGPT on when to route them through to Coursera.

我可以想像，隨著時間的推移，Coursera 和 ChatGPT 在其七個發布系列中的其他合作夥伴之間的整合將會不斷改善。它將變得更加情境意識，對使用者來說會更好，對合作夥伴來說也會更好，因為他們將更好地透過上下文識別使用者提示 ChatGPT 何時將他們引導到 Coursera。

You'll get more highly qualified traffic as a result of doing that. I also think that people will get more familiar with, for example, the Coursera integration, the video will come up, you can start playing the video, but then you can really assess by asking ChatGPT that will then basically query our -- the information we provide on that course to get more information upfront. Is it the right fit? Is it not the right fit?

這樣做的話，您將獲得更多高品質的流量。我還認為人們會更加熟悉，例如，Coursera 集成，視頻會出現，你可以開始播放視頻，但隨後你可以通過詢問 ChatGPT 進行真正的評估，ChatGPT 基本上會查詢我們在該課程上提供的信息，以便提前獲取更多信息。它合適嗎？是不是不太適合？

You can come through Coursera, you can enroll in that. or you can obviously look at other courses that might be a better fit. And so one of the things that we are investing a lot in is continuing to evolve our course detailed pages, to make sure that they do as good a job as possible at arming the user with education, the learner, the prospective learner with information they can use to decide if it's the right course for their goals.

您可以透過 Coursera 報名參加。或者，您顯然可以看看其他可能更適合的課程。因此，我們投入大量資金的事情之一就是繼續改進我們的課程詳細頁面，以確保它們盡可能好地為用戶、學習者和潛在學習者提供教育信息，使他們能夠決定這是否是適合他們目標的正確課程。

It's also why we're investing in onboarding and making sure that we do a good job at the start of that learner journey on Coursera and gathering information from the learner that we can use to help guide them to the best content for them, which is generally what is the career goal you're trying to accomplish.

這也是為什麼我們要投資於入職培訓，確保我們在 Coursera 上學習者的旅程開始時就做好工作，並從學習者那裡收集信息，以便我們能夠幫助他們找到最適合他們的內容，這通常就是你想要實現的職業目標。

We just did our learner outcomes report 86% of learners come to Coursera to advance their career. And so the more that we can know about what that career is, what job they're in and what their goals are. the better we can match them to the right content and start them on what is hopefully a very successful learning path to them.

我們剛發布的學習者成果報告顯示，86% 的學習者來到 Coursera 是為了提升自己的職涯發展。因此，我們越了解他們的職業是什麼、他們從事什麼工作以及他們的目標是什麼，我們就越能為他們匹配正確的內容，並讓他們走上一條有望非常成功的學習之路。

Claire Gerdes, UBS.

瑞銀的克萊爾·格迪斯（Claire Gerdes）。

This is Claire Gerdes on for Taylor. I just wanted to ask on the 4Q revenue guide. You mentioned a couple of things before that might affect that with seasonality, but it does imply like a sequential decline in a further decel year-over-year. So can you just unpack the moving pieces there? And as we think about heading into fiscal '26, just any thoughts you can provide on trends that you're seeing that we should keep in mind as we look into next year?

這是克萊爾·格迪斯 (Claire Gerdes) 代替泰勒 (Taylor) 報道的。我只是想問一下第四季的收入指南。您之前提到過一些可能會受到季節性影響的因素，但這確實意味著環比下降和同比進一步下降。那麼，您能把那裡的移動部件拆開嗎？當我們考慮進入 26 財年時，您能否就我們所看到的趨勢提供一些想法，讓我們在展望明年時牢記這些趨勢？

Well, we'll provide our formal 2026 guide on the Q4 call in February after we've gone through the remainder of the year and completed our full planning process. In terms of Q4 itself, one of the things that you saw in Q3 was consumer growth of 13% year-over-year and enterprise growth of 6% year-over-year. So the businesses in Q3 performed a little different than they had in Q2 when both of them grew at 10% year-over-year.

好吧，在度過今年剩餘的時間並完成整個規劃過程之後，我們將在 2 月的第四季度電話會議上提供正式的 2026 年指南。就第四季而言，您在第三季看到的一個情況是消費者年增 13%，企業年增 6%。因此，第三季的業務表現與第二季略有不同，第二季兩家公司的年增率為 10%。

Our expectation on enterprise remains muted. It has not changed from what we've communicated over the past few quarters. given the uncertain spending environment within business. We are seeing some bright spots in parts of the enterprise business, but overall, our expectations are unchanged.

我們對企業的期望仍然不高。鑑於企業內部不確定的支出環境，這與我們過去幾季所傳達的訊息相比沒有改變。我們在部分企業業務中看到了一些亮點，但總體而言，我們的預期並沒有改變。

And then on the consumer side, we have a lot of visibility into that, given by the fact that we now have more than 50% of our consumer segment revenue that's coming through Coursera Plus. So that gives us a lot of visibility into what that will be in Q4. And then we continue to invest in marketing where we see opportunity to do so efficiently to drive a really good return on that investment and to drive revenue growth. And so those are some of the things that are behind the Q4 guide overall raising the guidance to $750 million to $754 million for full year growth of 8% to 9% year-over-year.

在消費者方面，我們對此有很高的可見性，因為我們現在有超過 50% 的消費者部門收入來自 Coursera Plus。因此，這讓我們對第四季的情況有了很大的了解。然後，我們繼續在行銷方面進行投資，我們發現有機會有效地進行行銷，以獲得真正良好的投資回報並推動收入成長。這些就是第四季指引背後的一些因素，指引將全年營收預期提高至 7.5 億美元至 7.54 億美元，年增 8% 至 9%。

And again, I'd reiterate when we gave that guidance for the full year for the first time, on our April call, we expected $720 million to $730 million of revenue, 4% year-over-year. So we're taking that up from 4% year-over-year growth to 8% to 9% year-over-year growth.

我再次重申，當我們在 4 月的電話會議上首次給出全年業績指引時，我們預計收入將達到 7.2 億至 7.3 億美元，同比增長 4%。因此，我們將年成長率從 4% 提高到 8% 至 9%。

Nafeesa Gupta, Bank of America.

納菲薩古普塔，美國銀行。

My question is on the Coursera Plus doing really well. It's been growing consistently and you've been talking about it for the past couple of quarters. What do you think has led to this uptick in consumer subscription increase in paid subscription conversion. I know you're doing a couple of things on pricing, product updates, but what do you think is driving this mostly?

我的問題是 Coursera Plus 表現非常好。它一直在持續成長，過去幾個季度你也一直在談論它。您認為是什麼原因導致消費者訂閱量和付費訂閱轉換率的上升？我知道您在定價、產品更新方面做了一些事情，但您認為這些事情的主要動力是什麼？

I think it's a combination of factors. One, I think on the consumer side, there's obviously clear demand for educating and learning how to adapt in the world of AI. And we see that reflected in the incredible pace of enrollment for GenAI-related content, 14 per minute.

我認為這是多種因素共同作用的結果。首先，我認為從消費者方面來看，對於教育和學習如何適應人工智慧世界有著明顯的需求。我們看到，GenAI 相關內容的註冊速度驚人，每分鐘 14 個。

As I mentioned earlier, which is up from eight per minute last year. Our GenAI catalog has doubled in size from 500 to 1,000 courses. We now have more than 10 million enrollments in GenAI content on Coursera. Second, I would say is the overall improvement in both our marketing and our focus on our consumer business. And so one of the things that I observed when I joined Coursera was a real opportunity to get sharper on our funnel.

正如我之前提到的，這比去年每分鐘有八次增加。我們的 GenAI 目錄規模已擴大一倍，從 500 門課程增加到 1,000 門課程。目前，Coursera 上的 GenAI 內容註冊人數已超過 1,000 萬人。其次，我想說的是，我們的行銷和對消費者業務的關注都有了全面的改善。因此，當我加入 Coursera 時，我觀察到的一件事就是，這是一個讓我們的漏斗變得更加清晰的真正機會。

And to do that in every stage of that funnel and through how we adapt our product experience to do a better job of taking learners through that funnel from prospects to paid learner. And so you're seeing some of that play out and some of the things that we launched during Q3. You mentioned some of the pricing changes that we made. That's one reflection of that. We also have updated and really evolved our approach to our home page, and we're starting to do that across other parts of the site as well.

並在漏斗的每個階段做到這一點，並透過我們如何調整產品體驗來更好地引導學習者從潛在客戶轉變為付費學習者。因此，您會看到其中的一些成果以及我們在第三季推出的一些產品。您提到了我們所做的一些價格調整。這就是其中的一個體現。我們也更新並真正改進了我們的主頁方法，我們也開始在網站的其他部分進行相同的操作。

You should expect to see an ongoing cadence of things like that play out on the site. As Patrick and the team continue to move at a faster and faster pace, product innovation was one of the main priorities that I had when I joined moving at a faster pace to innovate the product. I think you're starting to see some of the early green shoots of that, but that's something we're going to keep focused on.

您應該會看到類似的事情在網站上持續不斷地發生。隨著派崔克和團隊繼續以越來越快的速度前進，產品創新是我加入時的主要優先事項之一，以更快的速度進行產品創新。我想你已經開始看到一些早期的復甦跡象，但這是我們將繼續關注的事情。

And I also think, frankly, one of the things that you see reflected in the Coursera Plus now representing more than 50% of our consumer segment revenue is that, when we have an unbelievably rich catalog of content that represents an incredibly compelling value for somebody. We now have more than 12,000 courses and across all kinds of different domains, not just GenAI, certainly, but of course, a broad range of tech, we've got health care-related material finance business, marketing, et cetera. And so it's a phenomenal deal.

坦白說，我還認為，Coursera Plus 所反映的一件事是，它現在占我們消費者部門收入的 50% 以上，因為我們擁有令人難以置信的豐富內容目錄，這對某些人來說具有令人難以置信的吸引力。我們現在有超過 12,000 門課程，涵蓋各種不同領域，當然不僅僅是 GenAI，當然還有廣泛的技術，我們有與醫療保健相關的材料金融業務、行銷等等。所以這是一筆非凡的交易。

And so I think that's one of the other things that consumers are increasingly recognizing. And I think in the international markets, we made that deal much more accessible through the pricing change that we made. And so I think those are a few of the things that are driving the momentum we're seeing in the consumer business.

所以我認為這是消費者越來越意識到的另一件事。我認為在國際市場上，我們透過調整價格使這筆交易更容易實現。所以我認為這些是推動消費業務發展勢頭的一些因素。

Ryan Griffin, BMO Capital Markets.

瑞安·格里芬 (Ryan Griffin)，BMO 資本市場。

This is Ryan on for Jeff Silber. I appreciate the question. Just wondering if any changes to the sales motion that you can speak to on the enterprise segment that the last few years have been plagued by a challenging macro, but wondering if you're thinking about anything differently, whether that's the pricing or the go-to-market strategy.

這是 Ryan 為 Jeff Silber 表演的節目。我很感謝你提出這個問題。我只是想知道，在過去幾年受到宏觀經濟挑戰困擾的企業領域，銷售動向是否有任何變化，但想知道您是否有不同的想法，無論是定價還是市場進入策略。

Apologies, but we -- for whatever reason on our end, we could not hear you on that question.

抱歉，但是由於某種原因，我們無法聽取您的回答。

Ryan, would you mind repeating that one?

瑞安，你介意再說一次嗎？

Yes. Sorry about that. Can you hear me now?

是的。很抱歉。現在你能聽到我說話嗎？

Yes, we can hear you. That's better. Thank you.

是的，我們能聽到你的聲音。那就更好了。謝謝。

Okay. Great. I was just wondering if there's any changes to the sales motion that you can speak to on enterprise. I know the last few years, have been plagued by a tough macro, but wondering if you're thinking about anything differently, whether that's the pricing in enterprise or just your go-to-market strategy?

好的。偉大的。我只是想知道，銷售動議是否有任何變化，您可以談談企業的情況。我知道過去幾年一直受到嚴峻的宏觀經濟形勢的困擾，但我想知道您是否有不同的想法，無論是企業定價還是僅僅是您的市場進入策略？

Well, I'm sure that as Anthony, he's in only his third week here. As Anthony gets up to speed, I'm sure he will have a number of recommendations on how to evolve our overall go-to-market pricing, packaging, et cetera. One thing that I would mention is that Skills Track is not just a curated catalog offering, it is for new SKUs for our enterprise partners with their own pricing, of course.

嗯，我確信安東尼才來這裡第三週。隨著安東尼逐漸熟悉情況，我相信他會就如何改善我們的整體市場定價、包裝等提出一些建議。我想提到的一件事是，Skills Track 不僅僅是一個精選的目錄產品，它還為我們的企業合作夥伴提供新的 SKU，當然，他們有自己的定價。

And so we built Skills Tracks based on direct feedback that we have received from our enterprise partners on the need to have more curated offerings, not just an entire catalog license. And so they are curated, tailored to very specific areas and to job families within those areas.

因此，我們根據從企業合作夥伴收到的直接回饋建立了技能軌道，即需要提供更多精選產品，而不僅僅是整個目錄授權。因此，它們是經過精心策劃的，針對特定的領域和這些領域內的職業類別進行客製化。

I would imagine that as Anthony comes up to speed, he will continue to present new ideas for ways that we can help drive stronger growth within the enterprise business by making it more responsive to the needs of workforces and institutions. And so I would expect continued innovation on product, on packaging, on our go-to-market, on all of those things.

我可以想像，隨著安東尼的進步，他將繼續提出新的想法，讓我們能夠透過使企業業務更能滿足勞動力和機構的需求，從而推動企業業務的更強勁增長。因此，我希望在產品、包裝、行銷等所有方面都能持續創新。

Great. Thank you, Ryan, and thank you, everyone. That wraps today's Q&A session. A replay of the webcast will be available shortly on our Investor Relations website. We appreciate you joining us today.

偉大的。謝謝你，瑞安，也謝謝你們大家。今天的問答環節到此結束。網路直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。

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。