Coursera Inc (COUR) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Coursera's fourth quarter and full year 2025 earnings call. (Operator Instructions) And this call is being recorded. (Operator Instructions)

女士們、先生們，感謝各位的耐心等待，歡迎參加 Coursera 2025 年第四季及全年財報電話會議。（操作員指示）本次通話正在錄音。（操作說明）

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

現在我將把電話交給投資人關係副總裁卡姆凱裡。凱裡先生，你可以開始了。

Good afternoon. Thank you for joining us for Coursera's Q4 and full year 2025 earnings conference call. Today, I'm joined by Greg Hart, our President and Chief Executive Officer; and Mike Foley, our Chief Financial Officer. Following their prepared remarks, we will open the call for questions. Our earnings press release was issued after market close, and it is available on our Investor Relations website at investor.coursera.com where this call is being webcast live and reversions of today's materials, including our quarterly shareholder letter have been published.

午安.感謝您參加 Coursera 2025 年第四季及全年業績電話會議。今天，與我一同出席的有我們的總裁兼執行長格雷格·哈特，以及我們的財務長麥克·弗利。在他們發言結束後，我們將開放提問環節。我們的獲利新聞稿在收盤後發布，可在我們的投資者關係網站 investor.coursera.com 上查閱。本次電話會議正在該網站進行網路直播，今天發布的所有資料（包括我們的季度股東信）的更新版本也已發布。

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。有關非GAAP指標與最直接可比較的GAAP指標的調節表，請參閱今天的獲利新聞稿和補充資料。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.

本次電話會議中所有有關未來業績和事件的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性，實際結果和事件可能與這些前瞻性聲明中明示或暗示的內容有重大差異。

Please refer today's earnings press release, shareholder letter and SEC filings for more details on our forward-looking statements. With that, I'll turn it over to Greg.

有關我們前瞻性聲明的更多詳情，請參閱今天的獲利新聞稿、股東信和美國證券交易委員會文件。接下來，我將把麥克風交給格雷格。

Thank you, Cam, and good afternoon, everyone. We appreciate you joining us. Coursera delivered a strong fourth quarter. Over the past year, we've been focused on a clear set of priorities to build a more durable foundation for long-term growth, sharpening our execution refining how we operate and embedding faster AI native product innovation and data-driven decision-making across the business.

謝謝你，卡姆，大家下午好。感謝您的參與。Coursera第四季表現強勁。過去一年，我們專注於一系列明確的優先事項，以建立更持久的長期成長基礎，提高執行力，改善營運方式，並在整個業務中嵌入更快的 AI 原生產品創新和數據驅動的決策。

2025 marked the early phase of this work. As the year progressed, we began to demonstrate tangible progress reflected in our results. For the full year, we grew revenue to $757 million, an increase of 9% year-over-year and more than double the 4% growth rate we shared in our initial April outlook.

2025年標誌著這項工作的早期階段。隨著一年的進行，我們開始取得實際的進展，這體現在我們的業績中。全年來看，我們的營收成長至 7.57 億美元，年增 9%，比我們在 4 月的初步展望中預測的 4% 的成長率高出一倍多。

We generated record free cash flow of $78 million, up 32% from the prior year and we extended our track record of delivering growth with increased financial leverage, expanding annual adjusted EBITDA margin by 240 basis points year-over-year to 8.4% and while continuing to invest in the next generation of product experiences.

我們創造了創紀錄的自由現金流 7800 萬美元，比上一年增長了 32%，我們透過提高財務槓桿實現了增長，從而延續了我們此前的增長記錄，年度調整後 EBITDA 利潤率同比增長 240 個基點至 8.4%，同時我們繼續投資於下一代產品體驗。

Our results reflect a more focused, disciplined company, one that's translating strategy into faster execution. I'm proud of the early progress our team has made, and I'm equally clear that we must and will continue to move faster. In December, we announced an agreement to combine with you to me, a company and team we have long admired. This transaction is an important step in accelerating our strategy.

我們的業績反映出公司更加專注、更加自律，能夠將策略轉化為更快的執行。我為我們團隊的早期進展感到自豪，同時我也清楚地認識到，我們必須而且將會繼續加快步伐。去年 12 月，我們宣布與我們一直非常欣賞的貴我公司和團隊達成合併協議。此次交易是加速推動我們策略的重要一步。

By bringing together two highly complementary platforms, operating models and cultures, we meaningfully increase our collective ability to invest, innovate and execute at scale. Just as importantly, this combination reinforces the direction we have been taking all year, building a more agile, more focused and more capable company and evolving beyond a content catalog into a leading technology platform for skills.

透過將兩個高度互補的平台、營運模式和文化結合起來，我們顯著提高了集體大規模投資、創新和執行的能力。同樣重要的是，這個組合鞏固了我們今年以來一直在努力的方向，即打造一個更敏捷、更專注、更有能力的公司，並從內容目錄發展成為領先的技能技術平台。

More broadly, the environment around us continues to underscore why this moment matters. Skill requirements are changing quickly across nearly every industry. Organizations are under pressure to reskill and upskill their workforces at scale and individuals around the world are increasingly seeking learning that is more personalized, job relevant and clearly connected to advancing their career goals.

更廣泛地說，我們周遭的環境不斷凸顯著此刻的重要性。幾乎所有行業的技能要求都在快速變化。各個組織都面臨著大規模地對員工進行技能再培訓和提升的壓力，而世界各地的人們也越來越希望獲得更個人化、與工作相關且與實現職業目標緊密相關的學習機會。

Together, we believe we can execute at greater scale and speed, share product and data investments to accelerate our road map and be better positioned to address the global skilling and talent transformation opportunity. Our companies are progressing through the regulatory and shareholder approval processes, and we look forward to providing updates in the coming months as our integration planning advances.

我們相信，攜手合作，我們可以以更大的規模和速度執行計劃，共享產品和數據投資，從而加快我們的路線圖，並更好地掌握全球技能提升和人才轉型帶來的機遇。我們的公司正在逐步通過監管和股東批准程序，隨著整合計劃的推進，我們期待在未來幾個月內提供最新進展。

In the meantime, we are not slowing down. Coursera's ecosystem and the infrastructure that powers it continues to expand and evolve to better serve our learners, customers and instructors. Throughout 2025, we strengthened Coursera's position as a trusted platform for career-relevant learning, supported by a growing and increasingly differentiated global ecosystem.

同時，我們也沒有放慢腳步。Coursera 的生態系統及其基礎設施不斷擴展和發展，以便更好地服務我們的學習者、客戶和教師。在 2025 年，我們鞏固了 Coursera 作為值得信賴的職業相關學習平台的地位，並得到了不斷發展壯大且日益多元化的全球生態系統的支持。

At the center of that ecosystem are our learners. Over the year, we added more than 29 million new registered learners, growing our total cumulative learner base by 17% year-over-year. In Q4, we welcomed a record 6.8 million new learners, the highest fourth quarter additions in Coursera's history. Learners come to Coursera with a clear purpose. To build skills that help them advance their careers and adapt in a rapidly evolving labor market.

在這個生態系統中，我們的學習者是核心。一年來，我們新增了超過 2,900 萬名註冊學員，學員總數較去年同期成長 17%。第四季度，我們迎來了創紀錄的 680 萬名新學員，這是 Coursera 史上第四季新增學員數量最多的一次。學習者來到 Coursera 都有明確的目的。培養有助於他們職業發展和適應快速變化的勞動力市場的技能。

Our platform combines data and product innovation with a broad selection of branded credentials and curated career pathways taught by more than 375 universities and industry leaders. These world-class instructors enable us to deliver a wide range of learning needs from foundational technical and human skills, to job relevant credentials that span every stage of career progression.

我們的平台將數據和產品創新與廣泛的品牌認證和精心策劃的職業發展路徑相結合，這些資源由 375 多所大學和行業領導者提供。這些世界一流的教師使我們能夠滿足廣泛的學習需求，從基礎技術和人際技能，到涵蓋職業發展各個階段的與工作相關的資格證書。

By year-end, our platform offered more than 13,500 courses, expanding our catalog by over 45% year-over-year. The fastest pace in the past five years. As job requirements continue to evolve rapidly, demand for career-focused learning remains strong, including the accelerated demand for AI-related skills.

到了年底，我們的平台提供超過 13,500 門課程，課程目錄比前一年增長 45% 以上。近五年來最快的成長速度。隨著工作要求的快速變化，對以職業發展為導向的學習的需求仍然強勁，包括對人工智慧相關技能的加速需求。

In 2025, learners enrolled in our generative AI catalog at a rate of 15 enrollments per minute, up from 8 enrollments per minute in 2024. Many of our most popular courses and certificates are created by leading technology companies, including long-time partners such as Google, deep learning.AI, AWS, Microsoft, Meta and IBM.

2025 年，學習者註冊我們生成式 AI 目錄的速度為每分鐘 15 人次，高於 2024 年的每分鐘 8 人次。我們許多最受歡迎的課程和證書都是由領先的科技公司創建的，包括長期合作夥伴，如 Google、deep learning.AI、AWS、Microsoft、Meta 和 IBM。

In November, we launched our first courses with one of our new partners, Anthropic, designed to give learners hands-on experience with Claude while building the skills needed to collaborate effectively with AI. Coursera is now collaborating closely with many of the leading AI companies serving not only as a platform of choice for distributing high-quality content, but also as a partner on product innovation, including new approaches to search discovery and learning in the flow of work.

11 月，我們與新合作夥伴 Anthropic 推出了首批課程，旨在讓學習者獲得使用 Claude 的實務經驗，同時培養與人工智慧有效協作所需的技能。Coursera 目前正與許多領先的人工智慧公司密切合作，不僅作為分發高品質內容的首選平台，而且還作為產品創新的合作夥伴，包括在工作流程中採用新的搜尋發現和學習方法。

We also see that demand for these essential skills extends well beyond technical roles. Earlier this week, we announced new AI courses encompassing an increasingly broad range of careers from nursing and health care to business, legal and communications roles. Many of these new skills are being taught by leading universities, including Vanderbilt, the University of Colorado Boulder and Macquarie University in Australia as well as organizations with deep expertise in a specific industry or field, including health care.

我們也發現，對這些基本技能的需求遠遠超出了技術職位。本週早些時候，我們宣布推出新的人工智慧課程，涵蓋越來越廣的職業，從護理和醫療保健到商業、法律和傳播等領域。許多此類新技能正由一流大學教授，包括范德比爾特大學、科羅拉多大學博爾德分校和澳洲麥考瑞大學，以及在特定行業或領域（包括醫療保健）擁有深厚專業知識的組織。

In January, we welcomed Cleveland Clinic, one of the world's largest health systems to Coursera. Their initial launch includes courses focused on applying AI in clinical settings and using machine learning techniques to analyze medical images. It's one example of how our expanding ecosystem continues to strengthen Coursera's role as a critical platform for skills development as AI reshapes how we live, learn and work across industries worldwide.

今年一月，我們迎來了克利夫蘭診所（全球最大的醫療系統之一）進駐 Coursera。他們最初推出的課程專注於在臨床環境中應用人工智慧以及使用機器學習技術分析醫學影像。這正是我們不斷擴展的生態系統如何持續加強 Coursera 作為技能發展關鍵平台的作用的一個例子，因為人工智慧正在重塑我們在全球各行各業的生活、學習和工作方式。

Now let's turn to our product updates. First, we continue to refine the learner journey on Coursera, making focused improvements across search, discovery and merchandising designed to better attract and convert learners. The scale and data of our platform create powerful opportunities for more personalized and contextual guidance, allowing us to tailor content, language and recommended pathways to support the career needs of learners across regions, roles and levels of mastery.

現在讓我們來看看產品更新。首先，我們持續改進 Coursera 上的學習者體驗，專注於改善搜尋、發現和商品銷售等方面，旨在更好地吸引和轉換學習者。我們平台的規模和數據為更個人化和情境化的指導創造了強大的機會，使我們能夠自訂內容、語言和推薦路徑，以支援不同地區、角色和技能水平的學習者的職業需求。

Over the past several months, we've made continuous enhancements. We redesigned our homepage to make it easier for learners to get started and navigate Coursera. We also launched new geo pricing, marketing and promotional capabilities to better serve our growing international learner base resulting in early gains in paid conversion and Courseras adoption.

在過去的幾個月裡，我們不斷地進行改進。我們重新設計了主頁，讓學習者更容易上手並瀏覽 Coursera。我們還推出了新的地理定價、行銷和推廣功能，以更好地服務我們不斷增長的國際學習者群體，從而在付費轉換率和 Coursera 採用率方面取得了早期進展。

In Q4, we continued experimenting with features like natural language search, AI-powered discovery and learner motivation using rapid testing and iteration to improve relevance and drive stronger engagement over time. While much of our product innovation starts with the learner experience, it's equally important that we continue to strengthen the value and choice we provide to enterprise customers who manage workforce learning at scale.

在第四季度，我們繼續嘗試自然語言搜尋、人工智慧驅動的發現和學習者激勵等功能，透過快速測試和迭代來提高相關性，並隨著時間的推移推動更強烈的參與。雖然我們的大部分產品創新都始於學習者的體驗，但同樣重要的是，我們要繼續加強我們為大規模管理員工學習的企業客戶提供的價值和選擇。

We are focused on delivering a more intuitive, data-driven enterprise experience that helps customers assess skills, drive engagement and translate learning investments into more measurable workforce outcomes. A key area of progress this quarter has been the redesign of our enterprise admin home.

我們致力於提供更直覺、數據驅動的企業體驗，幫助客戶評估技能、提高參與度並將學習投資轉化為更可衡量的員工成果。本季的關鍵進展之一是企業管理主頁的重新設計。

Admins rely on this view as their primary interaction with Coursera and customers want it to be more actionable, role-based and clearly connected to outcomes. In pilot deployments, the redesigned home delivered improvements in admin led engagement, reinforcing our belief that clearer insights, targeted nudges and contextual assignments can influence learner behavior and skill development at scale.

管理員主要透過此視圖與 Coursera 進行交互，而客戶希望它更具可操作性、基於角色，並且與結果有明確的聯繫。在試點部署中，重新設計的家庭環境提高了管理主導的參與度，這強化了我們的信念，即更清晰的洞察、有針對性的引導和情境化的任務可以大規模地影響學習者的行為和技能發展。

Based on these early results, we began rolling it out more broadly in January. Beyond the admin home, we continue to invest in enterprise integrations and workflow improvements designed to embed Coursera more deeply into customers' existing technology ecosystems, positioning learning closer to the flow of work where skills can be applied, measured and reinforced.

根據這些初步結果，我們從一月開始更廣泛地推廣這項技術。除了管理主頁之外，我們還將繼續投資於企業整合和工作流程改進，旨在將 Coursera 更深入地嵌入到客戶現有的技術生態系統中，使學習更貼近工作流程，以便應用、衡量和強化技能。

For example, our product priorities for 2026 include verified skill pathways, MCP based discovery capabilities and deeper integrations with HR and LMS platforms as well as an expanding set of AI and collaboration tools. These initiatives reflect a broader shift towards making Coursera not just a catalog for learning, but a central system of record for skills development, helping organizations engage learners more proactively, benchmark talent and enable workforce transformation at scale in an increasingly dynamic labor market.

例如，我們 2026 年的產品重點包括經過驗證的技能路徑、基於 MCP 的發現功能以及與人力資源和 LMS 平台的更深入集成，以及不斷擴展的人工智慧和協作工具集。這些舉措反映了 Coursera 正在發生更廣泛的轉變，它不僅是一個學習目錄，更是一個技能發展的中央記錄系統，幫助組織更積極主動地與學習者互動，對人才進行基準測試，並在日益動態的勞動力市場中大規模地實現勞動力轉型。

Now turning to today's final product update. Over the past several years, we have been investing in building a faster, more agile content model, one that preserves the value of our trusted brands while evolving beyond the static catalog into a skilling platform designed to keep pace with real-time learner and business needs.

現在進入今天的最後一個產品更新環節。過去幾年，我們一直在投資建立一個更快、更靈活的內容模型，該模型既能保持我們值得信賴的品牌的價值，又能超越靜態目錄，發展成為一個技能平台，旨在跟上學習者和企業實時需求的步伐。

To support this evolution, we have introduced a platform fee designed to establish a more sustainable model to fund ongoing investment in Coursera's AI native platform capabilities. As Mike will discuss, we expect the financial impact of this change to be gradual. Effective January 1, the platform fee will apply to eligible new sales across our consumer subscriptions and courses as well as our enterprise offerings.

為了支持這項發展，我們引入了平台費用，旨在建立一個更永續的模式，為 Coursera 的 AI 原生平台能力的持續投資提供資金。正如麥克將要討論的那樣，我們預計這一變化帶來的財務影響將是漸進的。自 1 月 1 日起，平台費將適用於我們面向消費者的訂閱和課程以及面向企業用戶的符合條件的新銷售。

The fee is not retroactive, and pricing for learners and customers remains unchanged. While we expect this to provide a structural benefit to gross margin over time, our primary objective is to support continued investment in our AI native capabilities and enhance the value of our platform for all users.

此費用不具追溯效力，學員和顧客的定價維持不變。雖然我們預計這將從長遠來看對毛利率帶來結構性好處，但我們的主要目標是支持對我們人工智慧原生能力的持續投資，並提高我們平台對所有用戶的價值。

For learners, this enables more personalized and adaptive experiences from AI-powered role play simulations to coaching and career guidance. For customers, it allows us to expand our skills infrastructure and tools to better measure talent and align learning to business outcomes.

對於學習者而言，這能夠帶來更個人化和適應性的體驗，從人工智慧驅動的角色扮演模擬到輔導和職業指導。對於客戶而言，這使我們能夠擴展技能基礎設施和工具，從而更好地衡量人才，並將學習與業務成果連結起來。

And for instructors, it provides access to AI-enhanced tools and new authoring capabilities that help them create, augment and deliver more impactful learning experiences at a global scale. When I stepped into my role a year ago, I was clear that product-led growth would be central to our strategy and the foundation for Coursera's next chapter.

對於教師而言，它提供了人工智慧增強工具和新的創作功能，幫助他們在全球範圍內創建、增強和提供更具影響力的學習體驗。一年前我上任時，我就明確表示，以產品為導向的成長將是我們策略的核心，也是 Coursera 下一階段發展的基礎。

As we look to 2026, we intend to push further. Our goals extend beyond simply keeping pace with technology. We are innovating on behalf of learners, customers and instructors to build a more dynamic AI-enabled skilling platform that is designed to help them succeed in a rapidly evolving skills landscape. With that, I'll turn it over to Mike to walk through our financial performance and provide more detail on our initial outlook for 2026. Mike please go ahead.

展望2026年，我們計劃更進一步。我們的目標不僅僅是跟上科技發展的腳步。我們正在為學習者、客戶和教師進行創新，以建立一個更具活力的人工智慧賦能技能平台，旨在幫助他們在快速發展的技能領域取得成功。接下來，我將把發言權交給麥克，讓他來介紹我們的財務業績，並詳細介紹我們對 2026 年的初步展望。麥克，請繼續。

Thank you, Greg, and good afternoon, everyone. Coursera finished 2025 in a position of financial strength. We delivered double-digit year-over-year revenue growth for the last three consecutive quarters, expanded our gross and adjusted EBITDA margins and generated strong cash flow while continuing to invest in strengthening the long-term fundamentals of the business.

謝謝你，格雷格，大家下午好。Coursera在2025年底財務狀況穩健。在過去連續三個季度中，我們實現了兩位數的同比增長收入，擴大了毛利率和調整後 EBITDA 利率，並產生了強勁的現金流，同時繼續投資以加強業務的長期基本面。

These investments are focused on building platform capabilities that learners and customers increasingly require as skills change more quickly. The results I'll discuss today reflect how we're managing and planning the business on a stand-alone basis. I'll begin with our fourth quarter results and then walk through our guidance and outlook assumptions for the first quarter and full year 2026.

這些投資的重點是建立平台功能，以滿足學習者和客戶在技能快速變化過程中日益增長的需求。我今天要討論的結果反映了我們如何獨立管理和規劃這項業務。我將首先介紹我們第四季的業績，然後詳細介紹我們對 2026 年第一季和全年的業績指引和展望假設。

In the fourth quarter, we delivered total revenue of $197 million, up 10% from the prior year period, driven by growth across both our Consumer and Enterprise segments. Please note that for the remainder of this call, I will discuss our non-GAAP financial measures unless otherwise stated. Gross profit was $109 million, up 12% year-over-year, representing a 55% gross margin, an expansion of approximately 90 basis points from the prior year period.

第四季度，我們實現了總營收 1.97 億美元，比上年同期成長 10%，這主要得益於消費者和企業業務兩大板塊的成長。請注意，除非另有說明，本次電話會議的剩餘部分我將討論我們的非GAAP財務指標。毛利為 1.09 億美元，年增 12%，毛利率為 55%，比上年同期成長約 90 個基點。

Margin expansion was driven primarily by continued improvement in our consumer segment, reflecting higher learner engagement with newer content created under more favorable production arrangements. These arrangements typically feature lower revenue share and content costs, reflecting the growing role our technology and authoring capabilities play in enabling high-quality learning experiences at scale.

利潤率的提升主要得益於消費者群體的持續改善，這反映出學習者對在更有利的生產安排下創建的新內容的參與度更高。這些合作安排通常具有較低的收入分成和內容成本，反映出我們的技術和創作能力在實現大規模高品質學習體驗方面發揮越來越重要的作用。

Additionally, as we deliver faster innovation cycles and our reach continues to grow, we will continue to explore structural opportunities to improve unit economics over time. including the platform fee Greg mentioned earlier, which took effect at the start of 2026. This structure better aligns economics with the value our technology delivers, while supporting continued investment in innovation.

此外，隨著我們加快創新週期並不斷擴大業務範圍，我們將繼續探索結構性機遇，以逐步改善單位經濟效益，包括格雷格之前提到的平台費，該費用已於 2026 年初生效。這種結構使經濟效益與我們技術帶來的價值更加匹配，同時支持對創新的持續投資。

I'll share more detail on the expected margin impact with our outlook. Total operating expense was $103 million or 52% of revenue. Consistent with the prior year period as we paced ongoing investments in R&D and go-to-market capabilities expected to drive sustainable growth and improve long-term operating leverage.

我將在後續的展望報告中分享更多關於預期利潤率影響的細節。總營運支出為 1.03 億美元，佔收入的 52%。與去年同期一致，我們持續增加對研發和市場推廣能力的投資，預計這將推動永續成長並提高長期經營槓桿。

Net income for the fourth quarter was $11 million or 5.6% of revenue, and adjusted EBITDA was $11 million or 5.7% of revenue. For the full year, Net income was $67 million or 8.8% of revenue, and adjusted EBITDA was $64 million, representing an 8.4% margin. As a reminder, we began 2025, targeting 100 basis points of adjusted EBITDA margin expansion to 7%.

第四季淨利為 1,100 萬美元，佔營收的 5.6%；調整後 EBITDA 為 1,100 萬美元，佔營收的 5.7%。全年淨收入為 6,700 萬美元，佔營收的 8.8%；調整後 EBITDA 為 6,400 萬美元，利潤率為 8.4%。提醒一下，我們在 2025 年的目標是將調整後的 EBITDA 利潤率提高 100 個基點，達到 7%。

We later raised that target to 8% as our execution and visibility improved and ultimately exceeded both delivering 240 basis points of year-over-year expansion. We achieved this while deploying targeted growth investments across product, content and go-to-market initiatives, with quarter-to-quarter flexibility provided by our annual margin framework.

後來，隨著執行力和可見度的提高，我們將目標提高到 8%，並最終超額完成，實現了同比增長 240 個基點。我們透過在產品、內容和市場推廣計劃方面進行有針對性的成長投資，實現了這一目標，同時我們的年度利潤框架提供了季度間的靈活性。

In a year defined by rapid technological change and a refined operating model, that flexibility was critical enabling us to deliver meaningful margin expansion while continuing to make long-term decisions on behalf of our learners, customers and broader stakeholders. This balance remains central to how we operate the business.

在技​​術快速變革和營運模式不斷完善的一年裡，這種靈活性至關重要，它使我們能夠在繼續代表我們的學員、客戶和更廣泛的利益相關者做出長期決策的同時，實現有意義的利潤成長。這種平衡仍然是我們經營業務的核心。

Now turning to cash performance and the balance sheet. As Greg highlighted earlier, we generated a record $78 million of free cash flow in 2025. A clear signal of the earnings potential in our model. This included a use of $2 million in the fourth quarter, driven by seasonal working capital dynamics related to receivables timing of our revenue share catch-up payment as well as $3.8 million in cash payments for M&A transaction-related costs.

接下來我們來看看現金流表現和資產負債表。正如 Greg 之前所強調的那樣，我們在 2025 年創造了創紀錄的 7,800 萬美元自由現金流。我們的模型清晰地顯示了獲利潛力。其中包括第四季度使用的 200 萬美元，這是由於應收帳款收入追繳付款的時間安排導致的季節性營運資金動態變化，以及用於併購交易相關成本的 380 萬美元現金支付。

For additional clarity, these costs have been footnoted in the financial tables of today's press release. Moving to the balance sheet. We ended the year with approximately $793 million of unrestricted cash and cash equivalents with no debt. This strong financial position gives us the capacity to invest in growth moved quickly in a fast-changing landscape and create additional opportunities for shareholder returns.

為了更清楚地說明這些成本，這些成本已在今天新聞稿的財務表格中進行了腳註說明。接下來查看資產負債表。截至年底，我們擁有約 7.93 億美元的非限制性現金及現金等價物，且無任何債務。雄厚的財務實力使我們能夠在快速變化的環境中快速投資成長，並為股東創造更多回報機會。

As we discussed on the December announcement call, this includes our anticipated execution of a sizable share repurchase program following the close of the proposed transaction with Udemy. Now let's discuss the fourth quarter performance of our operating segments, starting with Consumer. In Q4, we delivered consumer revenue of $132 million, up 12% year-over-year.

正如我們在 12 月的公告電話會議上所討論的那樣，這包括我們預期在與 Udemy 的擬議交易完成後執行一項大規模的股票回購計劃。現在讓我們來討論一下我們各營運部門第四季的業績，首先從消費者部門開始。第四季度，我們實現了 1.32 億美元的消費者收入，年增 12%。

Growth was driven by acceleration in our core consumer subscription and courses category powered by enhanced marketing, localized pricing and subscription capabilities with Coursera Plus. These capabilities help learners discover, develop and validate skills more effectively as labor market needs evolve.

成長主要得益於核心消費者訂閱和課程類別的加速發展，這得益於 Coursera Plus 的增強行銷、在地化定價和訂閱功能。隨著勞動市場需求的變化，這些能力有助於學習者更有效地發現、發展和驗證技能。

This strength was modestly offset by the anticipated fourth quarter decline in our degrees product category previously disclosed with our decision to integrate Degrees results into our consumer segment at the start of 2025. As Greg mentioned earlier, we added 6.8 million new registered learners in Q4, the highest number of fourth quarter additions in Coursera's history despite the seasonal softness we typically see in our fourth quarter top of funnel.

這一優勢被我們先前揭露的學位產品類別預計在第四季度出現的下滑所略微抵消，我們決定在 2025 年初將學位產品的業績併入我們的消費者部門。正如 Greg 之前提到的，儘管第四季度通常是銷售旺季，但我們仍然新增了 680 萬名註冊學員，這是 Coursera 歷史上第四季度新增學員數量最多的一次。

Consistent with regional trends observed over the past several quarters, a growing proportion of new learner traffic continues to come from international markets. This global demand underscores the importance of product innovation that improves relevance, localization and value across regional labor markets and in effect supports monetization of our funnel over time.

與過去幾季觀察到的區域趨勢一致，來自國際市場的新學員流量比例持續成長。全球需求凸顯了產品創新的重要性，產品創新能夠提高產品在區域勞動力市場的相關性、在地化程度和價值，並有效地支持我們通路的長期獲利。

Consumer segment gross profit was $81 million, up 15% year-over-year and 62% of consumer revenue, up from 60% in the prior year period. As I mentioned earlier, this margin expansion reflects increasing learner engagement with content produced with more favorable revenue share economics.

消費者業務部門毛利為 8,100 萬美元，年增 15%，佔消費者收入的 62%，高於去年同期的 60%。正如我之前提到的，利潤率的擴大反映了學習者對採用更有利的收入分成經濟模式製作的內容的參與度不斷提高。

Overall, our consumer momentum reflects renewed execution and the early investments we've made across product, content and marketing over the past year. In 2026, we plan to build on this momentum, delivering faster innovation cycles, more engaging experiences and greater value through our large and growing subscription offerings.

總體而言，我們的消費者成長動能反映了過去一年我們在產品、內容和行銷方面所做的重新執行和早期投資。2026 年，我們計劃在此基礎上繼續發展，透過我們龐大且不斷增長的訂閱服務，提供更快的創新週期、更具吸引力的體驗和更大的價值。

Turning to our Enterprise segment. Enterprise revenue was $65.4 million up 5% from a year ago. Growth was driven by our campus and business verticals with demand trends and spending priorities varying by customer, region and use case. The total number of paid enterprise customers increased to 1,730, up 7% from a year ago, and our net retention rate for paid enterprise customers was 93%.

接下來我們來看看企業業務區。企業營收為 6,540 萬美元，較上年同期成長 5%。成長主要由我們的校園和業務垂直領域推動，需求趨勢和支出重點因客戶、地區和用例而異。付費企業客戶總數增至 1,730 家，比一年前成長 7%，付費企業客戶的淨留存率為 93%。

The improvement in net retention was driven by Coursera for campus as well as a large government expansion. However, we remain focused on driving sustained improvements in retention and expansion across a broader set of enterprise customers over time, particularly within Coursera for business.

淨留存率的提高主要得益於 Coursera 在校園內的推廣以及政府的大力擴張。然而，我們仍然專注於隨著時間的推移，在更廣泛的企業客戶群中持續提高客戶留存率和客戶拓展率，尤其是在 Coursera for business 領域。

Segment gross profit was $46 million, up 7% year-over-year and a 70% gross profit margin. This was an improvement of 130 basis points from the prior year period, driven by content engagement trends similar to those benefiting our consumer segment. Overall, our expectations for the enterprise segment remain largely unchanged as we remain focused on the long-term growth opportunity.

該部門毛利為 4,600 萬美元，年增 7%，毛利率為 70%。與去年同期相比，這一數字提高了 130 個基點，這主要得益於與消費者群體類似的互動內容趨勢。總體而言，我們對企業市場的預期基本上保持不變，因為我們仍然專注於長期成長機會。

As organizations increasingly prioritize skills transformation, they're looking for platforms that combine relevance, agility and measurable outcomes. We plan to continue investing in product features and tools to better meet those needs, recognizing that progress in this segment is typically more measured given the nature of the revenue cycle.

隨著各組織越來越重視技能轉型，他們正在尋找能夠兼具相關性、靈活性和可衡量結果的平台。我們計劃繼續投資於產品功能和工具，以更好地滿足這些需求，同時也認識到，鑑於收入週期的性質，該領域的進展通常更為緩慢。

Finally, turning to our financial outlook. As we enter a new year, we're providing additional detail on the composition and pace of the business underlying our guidance. This includes onetime segment-level growth estimates as well as other modeling considerations. Importantly, today's guidance reflects Coursera's expectations on a stand-alone basis and does not take into account the proposed transaction with Udemy.

最後，我們來談談財務前景。新年伊始，我們將提供更多關於支撐我們業績指引的業務組成和發展速度的細節。這包括一次性細分市場層面的成長估計以及其他建模考慮因素。重要的是，今天的指導意見反映了 Coursera 獨立運作時的預期，並未考慮與 Udemy 的擬議交易。

We expect the transaction to generate meaningful operating efficiencies, including anticipated annual run rate cost synergies of $115 million within 24 months of closing primarily through optimized go-to-market motions and streamlined G&A expense. We are confident that a majority of these run rate synergies can be achieved within the first year post close.

我們預計此交易將帶來顯著的營運效率提升，包括預計在交易完成後的 24 個月內實現 1.15 億美元的年度運行率成本協同效應，主要透過優化市場推廣策略和精簡一般及行政費用來實現。我們有信心，這些運行率協同效應的大部分可以在交易完成後的第一年內實現。

And we look forward to providing updates as we progress through the regulatory and integration planning processes in the months ahead. With that context, for the first quarter of 2026, we expect revenue to be in the range of $193 million to $197 million, representing growth of 8% to 10% year-over-year. For adjusted EBITDA, we're expecting a range of $11 million to $15 million, which reflects our typical seasonality and our focus on deploying growth investments early in the year.

我們期待在接下來的幾個月裡，隨著監管和整合規劃流程的推進，及時向大家提供最新進展。基於此背景，我們預計 2026 年第一季的營收將在 1.93 億美元至 1.97 億美元之間，年增 8% 至 10%。對於調整後的 EBITDA，我們預計在 1,100 萬美元至 1,500 萬美元之間，這反映了我們典型的季節性因素以及我們專注於在年初進行成長投資。

For full year 2026, we anticipate revenue to be in the range of $805 million to $815 million, representing growth of approximately 6% to 8% from the prior year. From a segment perspective, this anticipates consumer segment growth of more than 10% over the prior year, reflecting the performance improvement we continue to drive in our subscription and course offerings.

我們預計 2026 年全年營收將在 8.05 億美元至 8.15 億美元之間，比上一年增長約 6% 至 8%。從細分市場來看，預計消費者細分市場將比上一年增長 10% 以上，這反映了我們在訂閱和課程產品方面持續取得的業績提升。

Slightly offset by an anticipated 100 basis points headwind from our degrees product category. For our enterprise segment, we expect 2026 growth in the low single digits year-over-year and have not assumed any material change in the current macroeconomic environment.

預計來自我們學位產品類別的 100 個基點的不利因素將略微抵消這一影響。對於我們的企業部門，我們預計 2026 年同比增長率為個位數低段，並且沒有假設當前的宏觀經濟環境會發生任何實質變化。

For adjusted EBITDA, we expect to deliver in the range of $70 million to $76 million or an adjusted EBITDA margin of approximately 9% at the midpoint of the revenue and adjusted EBITDA ranges. This initial target is designed to extend Coursera's strong track record of delivering operating leverage through annual EBITDA margin expansion while continuing to make targeted investments in growth initiatives that enhance learner and customer value over time.

對於調整後的 EBITDA，我們預計在 7,000 萬美元至 7,600 萬美元之間，或在收入和調整後 EBITDA 範圍的中點處，調整後的 EBITDA 利潤率約為 9%。這個初步目標旨在延續 Coursera 透過年度 EBITDA 利潤率擴張實現營運槓桿的良好記錄，同時繼續對成長計畫進行有針對性的投資，以隨著時間的推移提高學習者和客戶的價值。

While we did not manage the business to optimize adjusted EBITDA for any single quarter, we expect our 2026 bottom line performance to be weighted to the second half of the year for two reasons. First, our focus on deploying investments early in the year to support our most productive growth opportunities.

雖然我們沒有對業務進行管理以優化任何一個季度的調整後 EBITDA，但我們預計 2026 年的淨利潤表現將主要集中在下半年，原因有二。首先，我們專注於在年初進行投資，以支持我們最俱生產力的成長機會。

Second, we expect to begin seeing the early financial benefit of the platform fee on gross margin later in the year. As Greg outlined, the 15% platform fee only applies to new sales across eligible consumer subscription and courses and enterprise offerings.

其次，我們預計今年稍後將開始看到平台費對毛利率的早期財務效益。正如 Greg 所概述的，15% 的平台費用僅適用於符合條件的消費者訂閱和課程以及企業產品的新銷售。

There is limited or no impact on certain product categories with structurally higher margins today such as Coursera produced content and degrees. The financial effect is expected to be gradual as we begin to recognize revenue from new sales over time. We anticipate seeing some initial expansion in Consumer segment margins in the second half of 2026, followed by enterprise segment margin improvement in 2027 given the multiyear contract structure and revenue recognition dynamics in enterprise sales.

對於目前利潤率較高的某些產品類別，例如 Coursera 製作的內容和學位，受到的影響有限或沒有影響。隨著我們逐漸確認新銷售額帶來的收入，財務影響預計將是漸進的。我們預計 2026 年下半年消費者業務利潤率將出現初步擴張，隨後，鑑於企業銷售的多年合約結構和收入確認動態，企業業務利潤率將在 2027 年有所改善。

Finally, in a standard year, we would continue to expect free cash flow performance to largely track at or above adjusted EBITDA and excluding the impact of cash payments related to the proposed transaction. For additional visibility today, we wanted to provide our first quarter forecast of approximately $14 million of cash payments related to the transaction fees and planning expenses.

最後，在正常年份，我們預計自由現金流表現將基本達到或超過調整後的 EBITDA，並且不包括與擬議交易相關的現金支付的影響。為了進一步說明情況，我們今天想提供我們第一季的預測，預計與交易費和規劃費用相關的現金支付額約為 1400 萬美元。

This does not factor in additional costs contingent upon close or any post-close integration expenses. We look forward to providing more detailed expectations in future updates. To close, 2025 marked meaningful progress across several fronts. We delivered solid growth, expanded margins, generated strong cash flow and strengthened the foundation of the business.

這還不包括交易完成時產生的額外費用或任何交易完成後的整合費用。我們期待在未來的更新中提供更詳細的預期。綜上所述，2025 年標誌著在多個方面取得了實質進展。我們實現了穩健成長，擴大了利潤率，產生了強勁的現金流，並鞏固了業務基礎。

We entered 2026 with a disciplined operating plan, a strong financial position and clear set of priorities focused on long-term value creation. With that, let's open up the call for questions.

進入 2026 年，我們擁有嚴謹的營運計劃、穩健的財務狀況和明確的優先事項，專注於創造長期價值。接下來，我們開始接受提問。

(Operator Instructions)

（操作說明）

Stephen Sheldon, William Blair.

史蒂芬謝爾頓，威廉布萊爾。

First, I wanted to ask about the platform fee that sounds like you introduced in January. I guess can you just give a little bit more color on the structure of that? How much of a lift do you think that could be to gross margins over time?

首先，我想問您一月份推出的平台費。我想請您再詳細解釋一下它的結構吧？你認為隨著時間的推移，這會對毛利率帶來多大的提升？

And I guess, as you've kind of pushed that out there and communicated it, has there been any pushback in the system that you've seen regarding the fee?

我想，既然您已經大力宣傳並傳達了這一訊息，您是否看到系統內對這項費用有任何抵觸情緒？

Maybe I'll start and then Mike can add on. Thanks for the question, Stephen. So a couple of us. First of all, the intent of the platform fee, as was indicated in the scripted remarks is to enable us to invest in an ongoing way in continuing to improve the platform. And by doing so to deliver better outcomes for our learners and for our content partners as well.

或許我可以先開始，然後麥克可以接著說。謝謝你的提問，史蒂芬。我們幾個。首先，正如事先準備好的發言稿中所指出的，平台費用的目的是為了使我們能夠持續投資，並不斷改進平台。這樣做可以為我們的學習者和內容合作夥伴帶來更好的結果。

. They've obviously been pleased with the growth that we've shown, particularly over Q2 through Q4 with 10% growth in each of those quarters. And the intent of the platform fee is to enable ongoing investment and product initiatives that will help further that growth. They're obviously curious to get better visibility into what some of those investments might be and what our 2026 road map looks like.

。他們顯然對我們所取得的成長感到滿意，尤其是第二季到第四季度，每季都實現了 10% 的成長。平台費用的目的是為了支持持續的投資和產品創新，從而進一步促進成長。他們顯然很想知道其中一些投資可能是什麼，以及我們 2026 年的發展路線圖是什麼樣的。

As Mike mentioned in his scripted remarks, the impact of the fee on gross margin because of the nature of the fee and the nature of our revenue recognition with an increasing percentage of our consumer business being related to our subscription Coursera Plus.

正如麥克在他的演講稿中提到的那樣，由於費用的性質以及我們收入確認的性質，費用對毛利率產生了影響，因為我們消費者業務中與訂閱 Coursera Plus 相關的比例越來越高。

And so the revenue gets recognized over a longer time period. The same is obviously true in our enterprise business as well. And so that's a little bit of color behind what Mike referenced in more impact will be reflected in our financials in the back half of the year. Mike, over to you.

因此，收入會在更長的時間內得到確認。這一點在我們的企業業務中也同樣適用。所以，這就是麥克提到的更多影響將在下半年的財務報表中反映出來的一些細節。麥克，該你了。

Yes. I would just add in terms of gross margin overall, we do expect to continue to make improvements in progress on gross margin in the aggregate the platform fee is a significant component of that in 2026, along with continued investment in Coursera produced content. Of course, we also have offsetting that, the mix of revenue, our fastest-growing business in our consumer subscription is our lower margin business. and enterprise growing slower as our higher-margin business.

是的。我還要補充一點，就整體毛利率而言，我們預計在 2026 年毛利率總體上將繼續提高，平台費用是其中的一個重要組成部分，此外，我們還將繼續投資 Coursera 製作的內容。當然，我們也面臨營收結構的挑戰，我們成長最快的消費者訂閱業務利潤率較低，而企業業務成長速度較慢，利潤率較高。

So there's a mix shift to offset that from an overall gross margin percentage basis. But it is a meaningful uplift in the platform fee for the second half of the year and definitely into 2027.

因此，需要調整產品組合以抵消整體毛利率百分比的變化。但對於今年下半年以及 2027 年來說，這無疑是對平台費用的一次意義重大的提升。

Got it. Yes, that makes sense. And then following up -- can you just dig a little deeper on where you're making incremental investments in the business as you thought about the 2026 budget? Are there specific areas where you're reinvesting more than you have historically? Just given some of the comments in the prepared remarks, it sounds like you have a lot of product ambitions.

知道了。是的，這很有道理。然後，我想進一步了解一下——在考慮 2026 年預算時，您能否更深入地探討一下您在業務中逐步增加投資的方面？是否存在一些特定領域的投資比以往增加？從你事先準備好的演講稿中的一些評論來看，你似乎對產品有很多雄心壯志。

But just any color on where you're kind of pushing the pedal a little bit more than you historically have.

但任何顏色都代表你比以往更用力地踩下油門。

Yes, I can take that. So we'll continue to invest in our sales and marketing to drive new leaner acquisition. We've seen significant improvements in efficiency over 2025. In that spend, we expect to see more efficiency in 2026. The other area, as Greg alluded to, is in R&D, and we are expecting to invest more in R&D this year.

是的，我可以接受。因此，我們將繼續增加對銷售和行銷的投入，以推動更精簡的新客戶獲取方式。我們看到，到 2025 年，效率將有顯著提高。我們預計到 2026 年，這部分支出將更有效率。正如格雷格所提到的，另一個領域是研發，我們預計今年將加大對研發的投入。

Part of that is hiring that we've already done and part of that is continued investment in software tools and more engineering and product into 2026. So those will be the two areas I'd highlight. G&A would just grow modestly this year.

其中一部分是我們已經完成的招募工作，另一部分是到 2026 年對軟體工具、工程和產品的持續投資。所以，我會重點介紹這兩個方面。今年一般及行政費用只會小幅增加。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

I was hoping you could talk a little bit about some of the proprietary data sets that you have that would make it hard for an LLM or a new entrant to create learning content and more broadly, like the platform that you have that can enable skilling and reskilling and facilitate workforce transformation. So some of the data or competitive moat there.

我希望您能談談您擁有的一些專有資料集，這些資料集會使法學碩士或新入行者難以創建學習內容；更廣泛地說，例如您擁有的可以實現技能提升和再培訓並促進勞動力轉型的平台。所以，這其中有些數據或競爭優勢。

Yes, I'll start on that one, Josh. Thank you for the question. So a couple of thoughts on that. First of all, we ingest a lot of data from external third-party sources. That data is presumably also some of it available to some of our other participants in the space, whether there's LOMs or others.

好的，喬什，我會著手處理這件事。謝謝你的提問。關於這一點，我有幾點想法。首先，我們從外部第三方來源攝取大量資料。據推測，該領域的其他一些參與者，無論是 LOM 還是其他參與者，也可以獲得其中的一些數據。

It's what we do with that, that I think is a bit unique. And so what we are trying to do, 86% of the learners who come to Coursera come to grow their careers. And what we're really focused on doing is delivering a mapping of the skills that they need to do so in whatever particular career they might be pursuing to the courses on Coursera that deliver those skills.

我認為，我們如何處理這些資源才是它的獨特之處。因此，我們努力的目標是，來到 Coursera 的學習者中有 86% 是為了發展他們的職業生涯。我們真正關注的是，將他們從事任何特定職業所需的技能與 Coursera 上提供這些技能的課程進行配對。

And then specifically, the modules within those courses that deliver those skills and then how we verify those skills at scale. We just actually rolled out the launch of our verified skills path across a number of different career groupings for our enterprise partners, which has been something that we've been working on since September.

具體來說，就是這些課程中提供這些技能的模組，以及我們如何大規模地驗證這些技能。我們剛剛為企業合作夥伴推出了涵蓋多個不同職業群體的認證技能路徑，這是我們自 9 月以來一直在努力的方向。

The goal is to continue to innovate on that. And obviously, we use all of the data that we have on our platform from within the learning experience from within courses, within given modules, of course, is about what is driving engagement, what is driving true mastery of those skills and how do we double down on that.

我們的目標是繼續在這方面進行創新。顯然，我們會利用平台上所有來自學習體驗、課程和特定模組的數據，來了解哪些因素能夠提升參與度，哪些因素能夠真正掌握這些技能，以及我們如何加倍努力。

It's one of the ways that we actually use Coursera produced content as a test bed to figure out which optimizations drive the highest learner engagement, the highest course completion rates the most correlation with skill mastery and development.

這是我們利用 Coursera 製作的內容作為試驗平台，找出哪些優化措施能夠帶來最高的學習者參與度、最高的課程完成率以及與技能掌握和發展最相關的因素的方法之一。

So we do think that we have a differentiated set of data across both how we use external data how we map that to the skills that we build on our platform for our learners and then how we use the learning experience itself, which is very different on Coursera than it might be in a chat environment.

因此，我們認為我們在如何使用外部數據、如何將這些數據映射到我們在平台上為學習者構建的技能，以及我們如何使用學習體驗本身等方面，都存在差異。這在 Coursera 上與聊天環境中可能非常不同。

In an LLM to deliver a far better outcome for those learners. And we just released our learner outcomes report about two or three weeks ago. One of the things we see is that 46% of learners on Coursera report a salary increase since enrolling in their course or program on Coursera.

攻讀法學碩士學位是為了帶給學習者更好的學習成果。我們大約兩三週前發布了學習成果報告。我們發現，Coursera 上 46% 的學習者表示，自從在 Coursera 報名參加課程或計畫以來，他們的薪資有所增加。

So we believe there's a strong correlation between the input of learning on Coursera and the output that learners are coming to Coursera to achieve, which is to grow their career.

因此，我們認為 Coursera 上的學習投入與學習者來到 Coursera 想要達成的目標（即發展職業生涯）之間存在著強烈的相關性。

Great. And just wondering, just a little confused on the platform fee. Like is there a difference between the platform fee and a pricing increase for new customers? .

偉大的。還有，我對平台費用有點疑惑。平台費用和新客戶價格上漲之間有什麼區別嗎？。

Pricing for customers is not impacted. There is no change to consumer pricing or enterprise pricing for that matter.

客戶價格不受影響。無論是消費者價格還是企業價格，都沒有任何變化。

Ryan MacDonald, Needham.

瑞安麥克唐納，尼德姆。

Congrats on a nice quarter here, guys. This is Matt Shea on for Ryan. Wanted to touch on international. It seems like it's been a real bright spot the last couple of quarters. two-parter here. Maybe first, on the translation side, you achieved your goal of 100 courses with AI doing across five languages.

恭喜各位，這季業績不錯。這是馬特謝伊替瑞恩解說。想談談國際問題。過去幾個季度，它似乎一直是個亮點。這裡分為兩部分。首先，在翻譯方面，你們已經實現了用人工智慧完成五種語言共 100 門課程的目標。

It seems like this has been particularly helpful in unlocking international learners. I guess given that success, how much more translation could be in store for 2026? And how immediate is that benefit? And then maybe second, geo-based pricing was a big topic last quarter that seems to be bearing fruit. How has that evolved?

看來這對吸引國際學習者尤其有幫助。鑑於這樣的成功，我想到 2026 年還會有多少翻譯作品問世吧？這種好處能有多快顯現？其次，基於地理位置的定價是上個季度的熱門話題，而且似乎正在取得成效。它是如何演變的？

And any plans to roll out incremental geo-based pricing to new countries in 2026?

是否有計劃在 2026 年將基於地理位置的分階段定價機制推廣到更多國家？

Great question, Matt. So a couple of thoughts on that. First of all, yes, we are absolutely going to continue to expand the number of courses that we have translated both through AIW, but also just through machine translation of text. We believe that -- and the data shows that learners are far more likely to engage in courses that are in their native language and ideally in that native language through verbal audio, not just through text.

問得好，馬特。關於這一點，我有幾點想法。首先，是的，我們絕對會繼續擴大我們透過 AIW 以及機器翻譯文字所翻譯的課程數量。我們相信——而且數據也表明——學習者更有可能參與用他們的母語授課的課程，理想情況下，最好是透過母語語音音訊授課，而不僅僅是透過文字授課。

So we're going to continue to invest in that area. It's also something that our enterprise customers will often ask for in certain geographies to make sure that they get the right content for their workforces in those native languages. It's also one of the reasons just sort of stepping back and thinking a little bit about the combination with Udemy, that's really interesting for us because Udemy has 85,000-plus instructors from around the world, creating content in a huge range of languages.

因此我們將繼續在該領域進行投資。在某些地區，我們的企業客戶也經常會提出這樣的要求，以確保他們的員工能夠以當地的語言獲得合適的內容。這也是我們退後一步，仔細思考與 Udemy 的結合的原因之一，這對我們來說真的很有趣，因為 Udemy 擁有來自世界各地的 85,000 多名講師，用各種語言創作內容。

And so we believe that will be a fantastic addition to better serve learners around the world. The other thing that you mentioned about geo pricing. So we're definitely pleased with the results that we've seen from geo pricing. We think there is further opportunity to keep looking at that type of change to our pricing model just to make it more responsive to actual purchasing power in different countries around the world.

因此，我們相信這將是一項極好的補充，能夠更好地服務世界各地的學習者。您提到的另一點是關於地理定價的。因此，我們對地理定價所取得的成果非常滿意。我們認為，我們還有進一步的機會來研究這種定價模式的改變，使其更能反映世界各地不同國家的實際購買力。

And so I do expect that over the course of 2026, we'll continue to look at that and make sure that we're fine-tuning that in the right way.

因此，我預計在 2026 年期間，我們將繼續關注這一點，並確保我們以正確的方式對其進行微調。

Got it. I appreciate that color. Maybe one on the combination with you to me. At the time of the announcement, it was a bit early to gauge feedback from the instructor base, but now assuming you've had a chance to connect with partners, how do your university and enterprise partners feel about this combination and conversely, to the extent you can share, I guess, any additional feedback from outman structures about how they feel about the combination?

知道了。我喜歡這個顏色。或許其中之一就是你對我而言的組合。在宣布之時，還為時過早，難以評估教師群的回饋。但現在假設您已經有機會與合作夥伴聯繫，您的大學和企業合作夥伴對這種組合有何感想？反過來，如果您可以分享，我想，您能否也分享其他機構的回饋，了解他們對這種組合的看法？

Well, I'll start by saying that we firmly believe that the combination will provide far better outcomes for every participant in our value chain. So from a content creator perspective, Coursera has now 197 million registered learners. Udemy has 82 million plus registered learners so approaching 300 million with the combination. Then from a -- and obviously, 300 million registered learners on the consumer side of the business is a massive audience that any content creator, whether that's a university partner of ours, an industry partner of ours -- or a subject matter expert in structure from Udemy's network can reach through this combination. And so we believe that will absolutely expand their capacity to tap into new audiences and deliver effective learning for them.

首先，我要說的是，我們堅信，這種組合將為我們價值鏈中的每個參與者帶來更好的結果。因此，從內容創作者的角度來看，Coursera 目前擁有 1.97 億註冊學員。Udemy擁有超過8,200萬名註冊學員，合併後接近3億。然後，顯然，3億註冊學習者是消費者業務方面龐大的受眾群體，任何內容創作者，無論是我們的大學合作夥伴、行業合作夥伴，還是來自 Udemy 網路的結構化主題專家，都可以透過這種組合接觸到他們。因此我們相信，這將極大地擴展他們接觸新受眾並為他們提供有效學習的能力。

For learners, obviously, they benefit from more content they benefit from all the content being created, not just by Courseras 375 different university and industry partners, but from the 85,000 plus subject matter experts on the Udemy side. And then finally, for enterprise, we have 1,700-odd enterprise customers, Udemy has 17,000.

對於學習者來說，顯然，他們可以受益於更多的內容，他們不僅可以受益於 Coursera 的 375 個不同的大學和行業合作夥伴所創建的所有內容，還可以受益於 Udemy 上 85,000 多名主題專家所創建的內容。最後，在企業客戶方面，我們有大約 1700 家企業客戶，而 Udemy 有 17,000 家。

And so that is a huge audience, again, the content creators can develop content for and serve and a real opportunity to grow their business through that. I would say that the feedback that we've had has really been how is this going to work, which is a logical and completely fair question. And we have to think through that really carefully.

因此，這是一個龐大的受眾群體，內容創作者可以為其開發內容並提供服務，這為他們透過該群體發展業務提供了真正的機會。我認為我們收到的回饋主要集中在「這將如何運作」這個問題上，這是一個合乎邏輯且完全合理的問題。我們必須非常仔細地考慮這個問題。

The last thing we would want is to simply have a content soup of content from all of these different instructors and institutions. And so we want to make sure that we do a good job of developing the right experience. We will develop that with feedback from those audiences.

我們最不希望看到的就是各種不同教師和機構的內容混雜在一起，變成一鍋亂燉煮。因此，我們希望確保我們能夠很好地打造合適的用戶體驗。我們將根據這些觀眾的回饋意見進行改進。

Obviously, we can't really do that right now when we're pretty close. But as we get post close, getting input and feedback from those audiences as we build out the integration into a single platform is going to be an important part of our plan.

顯然，我們現在離目的地很近了，所以還不能這麼做。但隨著後製的推進，在建構整合到單一平台的過程中，從這些受眾那裡獲得意見和回饋將是我們計畫的重要組成部分。

Nafeesa Gupta, Bank of America.

納菲薩古普塔，美國銀行。

Am I audible?

我能被聽見嗎？

Any so we can hear you.

任何這樣我們才能聽到你的聲音。

My question is on -- firstly, in terms of Udemy merger, any potential time lines for it? I know it was mentioned second half of the year, but any updates on that? And is there any regulatory hurdles that you see in that process?

我的問題是關於——首先，關於 Udemy 的合併，是否有任何可能的時間表？我知道下半年曾經提過這件事，但有什麼最新進展嗎？您認為這過程中是否有任何監管障礙？

Yes. This is Mike. I can take that. Yes. So no real updates to that yet.

是的。這是麥克。我可以接受。是的。所以目前還沒有什麼實質的進展。

We're moving forward with the regulatory filings and shareholder and SEC filings with good pace. Our guidance continues to be the second half. But frankly, there's a wide range of potential outcomes there.

我們正在按部就班地推進監管文件、股東文件和美國證券交易委員會文件的提交工作。我們的指導意見仍然側重於下半年。但坦白說，這其中存在著多種可能的結果。

There's a theoretical path to being side than the second half of the year. or it could be later than that. So no real update at this point in terms of timing. I'm sorry, the second half of your question?

理論上來說，有可能要到下半年才能實現，也可能更晚。所以目前在時間安排方面還沒有確切的更新。抱歉，您問題的後半部是什麼？

The second question I have is on your traffic from AI platforms. You partnered with OpenAI and Gemini and then -- you also talked about MCP based discovery capabilities for 2026. So what kind of traffic are you seeing from these ad platforms? And what do you expect going forward?

我的第二個問題是關於你們來自人工智慧平台的流量。你們與 OpenAI 和 Gemini 建立了合作關係，然後——你們也談到了 2026 年基於 MCP 的發現能力。那麼，您從這些廣告平台獲得了什麼樣的流量呢？那你對未來有何期待？

At a high level, it's still very early days in terms of the integration with OpenAI and chat GPT. We continue to collaborate with them on building out and improving that experience, but still really early days, so nothing substantive to share at this stage.

從宏觀層面來看，與 OpenAI 和聊天 GPT 的整合仍處於非常早期的階段。我們將繼續與他們合作，共同建構和改進這種體驗，但目前仍處於非常早期的階段，所以現階段沒有什麼實質內容可以分享。

I think what you're seeing more broadly is that we get a different type of traffic from the than you would have historically seen from search. And so you see higher intent on traffic coming through from the ALM. And so we're pleased by that. But it's still very early days in terms of the actual integration that we have with ChatGPT .

我認為更普遍的情況是，我們從其他管道獲得的流量類型與以往從搜尋獲得的流量類型不同。因此，你會看到來自 ALM 的流量意圖更高。所以，我們對此感到高興。但就我們與 ChatGPT 的實際整合而言，目前仍處於非常早期的階段。。

Got it. And if I may, one last one. On the platform fee, is that like a onetime fee for any new subscription on consumer or enterprise? Or is that like an ongoing monthly fee? Or like how does that work?

知道了。如果可以的話，我再問最後一個問題。平台費用是指消費者或企業用戶新訂閱的一次性費用嗎？或者說，這是一筆持續的月費？或者說，它是如何運作的？

And could you also remind us what percentage of your consumer is in subscriptions?

另外，您可否告知我們貴公司訂閱用戶佔比為何？

Yes. The platform fee, it applies to new revenue in 2026 on related to eligible content. So not all of our content categories as noted earlier, and it effectively is 15% that comes, if you like, off the top before we calculate the revenue share payments to our content partners. So that's how it works, and it's an ongoing fee.

是的。平台費適用於 2026 年與符合資格的內容相關的新收入。因此，並非我們所有內容類別都如前所述，而且實際上，在我們計算支付給內容合作夥伴的收入分成之前，會先扣除 15% 的費用。這就是它的運作方式，而且這是一項持續性費用。

And again, there's no change to consumer pricing or enterprise pricing connected with the platform fee.

再次強調，與平台費用相關的消費者定價或企業定價均無任何變化。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

This is Jessica on for Brian. In your commentary on your guidance, if I see consumers agented to grow over 10%. Even you consider potential headwinds you're expecting from the Greece segment, what are the main drivers of the strengths that are expected in consumer?

這是傑西卡替布萊恩發言。在你的指導方針中，如果我看到消費者代理成長超過 10%。即使考慮到希臘市場可能存在的不利因素，消費者方面預期優勢的主要驅動因素是什麼？

Like are we considering a subscription continuing a higher mix of the revenue? Or is that you're continuing to bring in more learners or just converting learners are just like a higher price points. So what -- how should we be considering all the factors involved here?

我們是否考慮繼續提高訂閱收入佔比？或者說，你不斷吸引更多學員，或只是把學員轉化成更高的價格。那麼，我們應該如何考慮這裡涉及的所有因素呢？

Well, at a high level, I'll start and then Mike can certainly join in our subscriptions and courses piece of our consumer business continues to be the fastest-growing piece of our consumer business. And we expect that to continue to be true in 2026. We are pouring more energy into that, both on the external marketing side, from a paid marketing perspective, but also within the platform.

嗯，從宏觀層面來說，我先開始，然後麥克當然可以加入。我們的訂閱和課程業務是我們消費者業務中成長最快的部分。我們預計這種情況在2026年仍將如此。我們正在投入更多精力，包括外部行銷方面（付費行銷）以及平台內部。

It is, by far, the best value from a learner perspective. And so it makes the most sense for people to subscribe to Coursera plus either monthly or annually depending on their learning goals. So you should expect that to increase. The other investments that we are making, Mike referenced the fact that we'll continue to invest in sales and marketing and driving that efficiently, which we've done over the course of 2025, and we also anticipate that continuing. Mike, do you want to add some more color?

從學習者的角度來看，它無疑是最有價值的。因此，對於學習者來說，最明智的做法是根據自己的學習目標按月或按年訂閱 Coursera Plus。所以你應該預料到這個數字會增加。麥克提到，我們正在進行的其他投資包括繼續投資銷售和行銷，並有效率地推動這些投資，我們在 2025 年期間已經這樣做了，我們也預計這種情況會持續下去。麥克，你想再加點顏色嗎？

No, I think that's right. The only thing I would add is one of the things that gives us confidence here around that rural is the momentum that we had in Q4 around subscription and courses and not just the monthly subscription, but real strength and momentum in our annual subscription.

不，我覺得是對的。我唯一要補充的是，讓我們對農村市場充滿信心的原因之一是，我們在第四季度在訂閱和課程方面取得了強勁的勢頭，不僅僅是月度訂閱，還有年度訂閱的真正實力和發展勢頭。

So that gives the continued fast growth of our annual subscription gives us increasing confidence against the delivery of the number for 2026. So the combination of product-like growth improvements. We've seen an uptick in retention in Q4. So we'll get various signals that give us confidence in the outlook for '26.

因此，我們年度訂閱量的持續快速成長使我們對實現 2026 年的訂閱量目標越來越有信心。因此，產品成長改進的結合。第四季我們看到用戶留存率上升。因此，我們將獲得各種訊號，使我們對 2026 年的前景充滿信心。

It's really great to hear. And a follow-up then also in your enterprise segment, NRR is like inflected back to 93% this quarter. As we're thinking about the rest of this year, while it's crores, but also potentially following the Udemy merger, what are the main priorities you're still considering within the segment?

聽到這個消息真是太好了。另外，在企業客戶方面，本季淨收入率 (NRR) 也回升至 93%。展望今年剩餘時間，雖然涉及數千萬盧比，但也可能受到 Udemy 合併的影響，您在該領域目前仍在考慮的主要優先事項是什麼？

And how like are you thinking about leading with pad development? Or what other aspects are you considering to be improving the segment and continuing driving its performance.

您打算如何推進墊片開發？或者，您認為還有哪些方面可以改善該細分市場並持續推動其業績成長？

I'll start with the NRR comment, and hand to Greg for the priorities. So yes, we're pleased to see the uptick from 89% previous quarter to 93%. But overall, we're not pleased with the number. We won't be happy with our number until it's frankly above 100%. So we've got -- we know we have a lot of progress to make there.

我先說說 NRR 的評論，然後把優先事項交給 Greg 決定。是的，我們很高興看到這一比例從上一季的 89% 上升到 93%。但總的來說，我們對這個數字並不滿意。只有當這個數字超過 100% 時，我們才會感到滿意。所以我們知道，我們在這方面還有很多工作要做。

A number of the changes that we made operationally in our enterprise business and have been, I think, very positive. We have a relatively new general manager and enterprise be here around four months, made a number of significant changes to just how we go to market there that I think are going to bear fruit.

我們在企業業務運作方面所做的一些改變，我認為都產生了非常正面的影響。我們新上任的總經理和公司成立大約四個月，對我們進入市場的方式進行了一些重大改變，我認為這些改變將會取得成效。

But based by the nature of that business, we would likely see the impact of that. until probably the back half, if not into 2027. But I'm confident that we'll see improvements just operationally there. the uptick for this quarter was really driven by one large expansion at least half of that uptick was one large expansion in our government business in Asia, and that sort of was a fairly needle-moving deal on that front.

但根據該行業的性質，我們可能會看到這種影響，甚至可能要到2027年，甚至更晚。但我相信，僅從營運層面來看，我們就會看到改善。本季的成長實際上主要得益於一項大型擴張，至少一半的成長來自我們在亞洲的政府業務的一項大型擴張，這確實對該領域的業績產生了相當大的推動作用。

And so that was a positive. But we don't as yet see sort of trend of continuous improvement in that number for this year until we start to see the fruits of both product led growth as well as the improvements in the operations that I mentioned earlier.

所以這是好事。但是，在我們開始看到產品驅動成長以及我之前提到的營運改善的成果之前，我們目前還看不到今年該數字持續改善的趨勢。

And then maybe just to speak a little bit to the question that you had, Jessica, about the combination with Udemy and their enterprise business. So their enterprise business is obviously much larger than ours. They are roughly two-third enterprise, one-third consumer, and we are the inverse of that, two-third consumer, one-third enterprise. The combination will give us a company with pro forma revenue of $1.5 billion roughly that is roughly 50% consumer, 50% enterprise.

然後，我想稍微談談你提出的問題，Jessica，關於與 Udemy 及其企業業務的合併。所以他們的企業業務規模顯然比我們大得多。他們大致是三分之二的企業，三分之一的消費者，而我們則相反，三分之二的消費者，三分之一的企業。合併後，公司預計營收約 15 億美元，其中消費者業務約佔 50%，企業業務約佔 50%。

They are, frankly, ahead of us on a number of things with enterprise, not just from a revenue perspective, but also from a product perspective. That's one of the things that's really appealing and interesting about the combination in the same way that we are ahead of them in many ways on the consumer side of our offering from a product perspective, not just a revenue perspective.

坦白說，他們在企業領域的許多方面都領先於我們，不僅從收入角度來看，而且從產品角度來看也是如此。這正是這種組合真正吸引人、有趣的地方之一，就像我們在產品方面，尤其是在面向消費者的產品方面，在許多方面都領先於他們一樣，而不僅僅是在收入方面。

And so the opportunity to bring all of that under one roof and one platform and offer that to both consumer and enterprise customers is really appealing and to do that in a way that helps on the consumer side. Do an increasingly better job of delivering -- helping learners find the right skills that they need to grow their careers enabling them to more easily learn and master those skills and demonstrate through verified assessment of those skills, that ability to potential employers.

因此，將所有這些整合到一個屋簷下、一個平台上，並向消費者和企業客戶提供這些服務的機會真的很有吸引力，而且這樣做還能幫助消費者。不斷改進教學方法－幫助學習者找到發展職涯所需的正確技能，使他們能夠更輕鬆地學習和掌握這些技能，並透過對這些技能的驗證評估，向潛在雇主展示這種能力。

On the enterprise side, the ability to do all of those same things from an upskilling and reskilling perspective, but also to do that within the flow of work through MCP integrations and really deep integrations directly into enterprise systems. And so we are very excited about the opportunity that this combination creates to do all of that

從企業的角度來看，不僅能夠從技能提升和再培訓的角度做到所有這些事情，而且還能夠透過 MCP 集成和與企業系統的深度集成，在工作流程中完成這些事情。因此，我們對此次合併所帶來的機會感到非常興奮，它使我們能夠做到這一切。

Devin Au, KeyBanc.

Devin Au，KeyBanc。

And congrats on a strong quarter. When I look at the first quarter guidance at the midpoint of the revenue guide, I think it's contemplating sort of a greater decline quarter-over-quarter in growth than prior years. I know you've kind of called out around 100 bps of headwind from degrees, but is there any other kind of factors that's worth highlighting and driving the larger sequential decline?

恭喜你們本季業績出色。當我查看第一季營收指引的中點時，我認為該公司預計季度環比成長將比往年出現更大幅度的下滑。我知道您已經指出，匯率波動帶來了大約 100 個基點的阻力，但還有其他值得強調的因素導致了更大的連續下跌嗎？

I would just point to -- on the enterprise side, we continue to have good momentum with Coursera for campus. The largest part of that business, of course, is Coursera business. And we're just taking a cautious outlook there for the remainder of the year. We'll see what happens in the year.

我想指出的是——在企業方面，我們與 Coursera 在校園推廣方面繼續保持著良好的發展勢頭。當然，這部分業務中最大的部分是 Coursera 的業務。對於今年剩餘時間，我們將採取謹慎的態度。我們拭目以待，看看今年會發生什麼事。

There's -- the macroeconomic environment remains uncertain as it did through 2025. So I would just say that we're taking a cautious view on how that -- how the year plays out on the Coursera business, just with the lack of visibility that we have on how that plays out over the next four quarters. That would be the only real thing I would point to.

宏觀經濟環境依然不明朗，就像2025年以前那樣。因此，我想說的是，我們對 Coursera 業務今年的發展持謹慎態度，因為我們無法預見未來四個季度的發展。那是我唯一能指出的真正原因。

The one other thing I might just build off Mike's response is, as we see more of our consumer revenue come from Coursera plus subscriptions. And as we see increasing success in Coursera Plus annual subscriptions, the revenue recognition of that plays out, obviously, over a far longer time horizon than a normal a la carte course purchase or Cs monthly.

我可能還會在 Mike 的回答基礎上補充一點，那就是，隨著我們越來越多的消費者收入來自 Coursera Plus 訂閱服務。隨著 Coursera Plus 年度訂閱的成功，其收入確認的時間跨度顯然比普通的單次課程購買或每月訂閱要長得多。

And so that's also a factor as you think about what happens in Q1 specifically.

所以，這也是你在考慮第一季具體會發生什麼時需要考慮的因素。

Got it. I appreciate the context. And just a quick follow-up question. Looking at the kind of net new enterprise accounts that you've added in the quarter, kind of a step down in terms of net add. If you look at the past couple of quarters or a few years, can you maybe unpack that a little bit?

知道了。我感謝您提供的背景資訊。還有一個後續問題。從本季新增企業客戶的淨數量來看，淨增數量有所下降。如果回顧過去幾季或幾年，您能否稍微分析一下？

Have you seen any kind of deals kind of pushed out in 2016 that would explain that? Just any color would be helpful.

你有沒有看到2016年推出的任何交易可以解釋這種情況？任何顏色都可以。

Well, every quarter, you also have deals that push out that you don't want to. I wouldn't say it was necessarily any worse in this quarter on that particular dimension than it is on others. I think I would just echo sort of what Mike said a little bit earlier about some of the macro trends that we're seeing play out in the C4B segment. C4C, we've had some good strength in that. We continue to be uniquely positioned to serve that particular segment really well, but it's a smaller piece of our enterprise business.

嗯，每個季度都會有一些你不想完成的交易被推遲。我不會說本季在這一特定方面的情況一定比其他方面更糟。我想重申一下 Mike 之前提到的一些 C4B 領域正在發生的宏觀趨勢。C4C，我們在這方面一直很有優勢。我們仍然擁有獨特的優勢，能夠很好地服務於該特定細分市場，但這在我們企業業務中所佔的份額較小。

And then C4G has natural sort of lumpiness in that particular part of the business just because you have typically annual government contracts versus multiyear deals. And so you see that kind of move up and down, and we've seen that historically as well.

此外，C4G 在該業務的特定部分自然存在一定的波動性，因為政府合約通常是年度合同，而不是多年期合約。所以你會看到這種上下波動，歷史上我們也看過這種情況。

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

今天的問答環節到此結束。本次網路直播的錄影將很快在我們的投資人關係網站上提供。感謝您的參與。

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了。