Coursera Inc (COUR) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Coursera's First Quarter 2022 Earnings Call. (Operator Instructions) And please be advised that this call is being recorded. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎參加 Coursera 的 2022 年第一季度財報電話會議。 （操作員說明）請注意，此電話正在錄音。 （操作員說明）

Now at this time, I'll turn the call over to Mr. Cam Carey, Head of Investor Relations. Mr. Carey, you may begin.

現在，我將把電話轉給投資者關係主管 Cam Carey 先生。凱里先生，你可以開始了。

Hi, everyone, and thank you for joining our Q1 earnings conference call. With me today is Jeff Maggioncalda, Coursera's Chief Executive Officer; and Ken Hahn, our Chief Financial Officer. Following their prepared remarks, we will open the call for questions. Our press release, including financial tables, was issued after market close and is posted on our Investor Relations website located at investor.coursera.com, where this call is being simultaneously webcast and where versions of our prepared remarks and supplemental slides are available.

大家好，感謝您參加我們的第一季度財報電話會議。今天和我在一起的是 Coursera 的首席執行官 Jeff Maggioncalda。和我們的首席財務官 Ken Hahn。在他們準備好的發言之後，我們將開始提問。我們的新聞稿（包括財務表格）是在收市後發布的，並發佈在我們的投資者關係網站investor.coursera.com 上，該電話正在同時進行網絡直播，並提供我們準備好的評論和補充幻燈片的版本。

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 press release and supplemental presentation, which are distributed and available to the public through our Investor Relations website.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。可以在今天的新聞稿和補充演示文稿中找到非 GAAP 措施與最直接可比的 GAAP 措施的對賬，這些新聞稿和補充演示文稿通過我們的投資者關係網站向公眾分發和提供。

Please note that all growth percentages refer to year-over-year change, unless otherwise specified.

請注意，除非另有說明，否則所有增長百分比均指同比變化。

Additionally, all statements made during this call relating to future results and events are forward-looking statements based on current expectations. These forward-looking statements include, but are not limited to, statements regarding trends and their potential impact on our industry and our business; our ecosystem, platform, content and partner relationships; our strategy and priorities; and our business model mission, opportunities, outlook and long-term financial framework. Actual results and events could differ materially from projections due to a number of risks and uncertainties discussed in our press release, SEC filings and supplemental materials. These forward-looking statements are not guarantees of future performance and plans, and investors should not place undue reliance on them. We assume no obligation to update our forward-looking statements.

此外，本次電話會議期間與未來結果和事件相關的所有陳述都是基於當前預期的前瞻性陳述。這些前瞻性陳述包括但不限於關於趨勢及其對我們行業和業務的潛在影響的陳述；我們的生態系統、平台、內容和合作夥伴關係；我們的戰略和優先事項；以及我們的商業模式使命、機遇、前景和長期財務框架。由於我們的新聞稿、SEC 文件和補充材料中討論的許多風險和不確定性，實際結果和事件可能與預測存在重大差異。這些前瞻性陳述不是對未來業績和計劃的保證，投資者不應過分依賴它們。我們不承擔更新我們的前瞻性陳述的義務。

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

有了這個，我想把它交給傑夫。

Thanks, Cam, and good afternoon, everyone. Today, I'm pleased to share that Coursera had a strong first quarter of 2022 as we celebrate 2 significant milestones. First, this month marks the 10-year anniversary of Andrew and Daphne's bold experiment, and it is inspiring to reflect on our evolution over the past decade. What began as a few popular computer science programs on the Internet has grown into a global learning platform where anyone anywhere has the power to transform their life through learning. For a decade, Coursera's catalog of world-class content and credentials has broadened access to educational opportunity, allowing individuals across the world to learn from anywhere.

謝謝，Cam，大家下午好。今天，我很高興與大家分享 Coursera 在 2022 年第一季度的強勁表現，因為我們慶祝了兩個重要的里程碑。首先，本月是 Andrew 和 Daphne 大膽實驗 10 週年紀念日，回顧過去十年我們的演變是鼓舞人心的。最初是互聯網上一些流行的計算機科學課程，現已發展成為一個全球學習平台，任何地方的任何人都可以通過學習改變自己的生活。十年來，Coursera 的世界級內容和證書目錄擴大了獲得教育機會的機會，允許世界各地的個人在任何地方學習。

The pandemic worsened inequality across the world, but the legacy of the pandemic could do the opposite. Over the past 2 years, online learning accelerated, and we were ushered into a new world of remote and hybrid work. With online learning, anyone anywhere has more equal access to learning opportunities. And with remote work, anyone anywhere has more equal access to job opportunities. That's why we believe that the combination of online learning and remote work hold the promise of a more just world. Increasingly, learners are coming to Coursera for high-quality, affordable education that can unlock access to high-quality jobs, even if those jobs are not in their city, their state or even in their country.

大流行加劇了世界各地的不平等，但大流行的遺產可能會適得其反。在過去的 2 年裡，在線學習加速發展，我們進入了一個遠程和混合工作的新世界。通過在線學習，任何地方的任何人都可以更平等地獲得學習機會。通過遠程工作，任何地方的任何人都可以更平等地獲得工作機會。這就是為什麼我們相信在線學習和遠程工作的結合可以帶來一個更加公正的世界。越來越多的學習者來到 Coursera 接受高質量、負擔得起的教育，這些教育可以解鎖獲得高質量工作的機會，即使這些工作不在他們的城市、州或什至在他們的國家。

This brings me to the second milestone. I'm excited to report that we have surpassed more than 100 million registered learners. Coursera's #1 goal has been and always will be to serve learners. Our world-class catalog of branded content and credentials helps our learners discover, build and demonstrate job-relevant skills required by employers to address the evolution of work. As you'll hear in this quarter's highlights, and more importantly, in the slate of public announcements planned in connection with Coursera's conference next week, we're working with our ecosystem of partners and institutions to broaden access for more learners for more countries around the globe. This is how we intend to deliver on the promise that Andrew and Daphne imagined 10 years ago.

這將我帶到了第二個里程碑。我很高興地報告，我們的註冊學習者已超過 1 億。 Coursera 的第一目標一直是並將永遠是為學習者服務。我們世界一流的品牌內容和證書目錄可幫助我們的學習者發現、建立和展示雇主應對工作發展所需的與工作相關的技能。正如您將在本季度的亮點中聽到的，更重要的是，在與下週 Coursera 會議相關的一系列公開公告中，我們正在與我們的合作夥伴和機構生態系統合作，為更多國家/地區的更多學習者提供更多機會全球。這就是我們打算如何兌現安德魯和達芙妮 10 年前所設想的承諾的方式。

Turning to our results. In Q1, we grew revenue 36% to $120 million. This was our 12th consecutive quarter growing above 30%, which we believe reflects our differentiated business model and admittedly strong tailwinds that have propelled the growth of our business. Our diversified offerings and global distribution to individuals, businesses, governments and campuses exposed us to multiple growth levers being driven by the need for new skills in a rapidly changing digital world. Let's discuss the latest on the key trends that we see at play.

轉向我們的結果。在第一季度，我們的收入增長了 36%，達到 1.2 億美元。這是我們連續第 12 個季度增長超過 30%，我們認為這反映了我們差異化的業務模式和公認的強勁順風，推動了我們的業務增長。我們向個人、企業、政府和校園提供多樣化的產品和全球分佈，使我們接觸到多種增長槓桿，這些增長槓桿是在快速變化的數字世界中對新技能的需求所驅動的。讓我們討論一下我們看到的主要趨勢的最新情況。

The first major trend is digital transformation. The forces of technology, globalization and increasingly remote and hybrid work are transforming industry after industry. The impact of these forces have amplified the criticality of technology and digital tools, caused businesses, governments and campuses to redefine the way that they operate and reshaped both the supply and demand for jobs globally. In its simplest form, this ongoing transformation has created an accelerated rate of change that we believe will be a permanent feature of our increasingly digital world.

第一個大趨勢是數字化轉型。技術、全球化和越來越多的遠程和混合工作的力量正在改變一個又一個行業。這些力量的影響放大了技術和數字工具的重要性，導致企業、政府和校園重新定義它們的運營方式，並重塑了全球就業的供求關係。以最簡單的形式，這種持續的轉型創造了加速的變化速度，我們相信這將成為我們日益數字化世界的永久特徵。

The requirement for all of us to keep pace with this accelerating change leads to my second major trend, skill development. Businesses are rapidly automating jobs that are repeatable and predictable while investing to upskill, reskill and benchmark their talent. Developing a competitive workforce requires that employers better understand the skill proficiencies of their team members while creating both internal and external talent pipelines to fill in-demand roles.

我們所有人都必須跟上這種加速變化的步伐，這導致了我的第二個主要趨勢，技能發展。企業正在迅速將可重複和可預測的工作自動化，同時投資於提陞技能、再培訓和衡量他們的人才。培養有競爭力的勞動力需要雇主更好地了解其團隊成員的技能熟練程度，同時創建內部和外部人才管道來填補需求職位。

Governments are looking to scale up their public sector employees and prepare their citizen workforce for a growing knowledge economy. While addressing unemployment was one initial use case, we are seeing larger, more strategic national and statewide initiatives focused on developing equitable workforces and driving long-term economic growth.

政府正在尋求擴大其公共部門僱員的規模，並為不斷增長的知識經濟做好準備其公民勞動力。雖然解決失業問題是一個最初的用例，但我們看到更大、更具戰略性的國家和全州舉措側重於發展公平的勞動力和推動長期經濟增長。

Campuses are realizing that they must enhance the quality of their offerings, ensuring that students graduate with job-relevant skills and deliver stronger employability outcomes more cost effectively. And just about every individual in every job will need to keep learning throughout their life to stay relevant in a changing workforce. We believe this new hybrid model of adult learning and work will require a flexible, affordable and responsive system of higher education that can keep pace with skill requirements as they evolve.

校園意識到他們必須提高他們的產品質量，確保學生畢業時具備與工作相關的技能，並以更經濟的方式提供更強的就業能力。幾乎每項工作中的每個人都需要在他們的一生中不斷學習，以在不斷變化的勞動力中保持相關性。我們相信，這種成人學習和工作的新混合模式將需要一個靈活、負擔得起且反應迅速的高等教育系統，該系統能夠跟上技能要求的發展步伐。

This leads me to the third trend driving our business, the transformation of higher education and adult learning more broadly. As technology and automation accelerate a changing skills landscape, a new and inclusive lifelong learning model must meet this challenge with rapid speed and scale. Technology is a key driver of change, but it is also the means by which society is adapting with online education and remote work. But technology is only part of the solution. Adapting to change will also require institutional collaboration between academic institutions, industry leaders and governments to meet the needs of this new digital world.

這讓我想到了推動我們業務的第三個趨勢，即更廣泛地高等教育和成人學習的轉型。隨著技術和自動化加速不斷變化的技能環境，一種新的、包容性的終身學習模式必須以快速和規模化的方式應對這一挑戰。技術是變革的關鍵驅動力，但它也是社會適應在線教育和遠程工作的手段。但技術只是解決方案的一部分。適應變化還需要學術機構、行業領導者和政府之間的機構合作，以滿足這個新數字世界的需求。

That's why we frequently speak about the importance of Coursera's 3-sided platform, which connects learners, educators and institutions in a global learning ecosystem. Our platform has 3 distinct advantages that we continue to deepen and scale. First are the leading educator partners, including world-class universities and global industry leaders who've created a vast catalog of branded content and credentials. And the second is the global reach of Coursera, and the third is the data and technology that powers our Unified Platform.

這就是為什麼我們經常談論 Coursera 的 3 面平台的重要性，該平台在全球學習生態系統中連接學習者、教育者和機構。我們的平台有 3 個明顯的優勢，我們將繼續深化和擴展。首先是領先的教育合作夥伴，包括創建了大量品牌內容和證書的世界一流大學和全球行業領導者。第二個是 Coursera 的全球影響力，第三個是為我們的統一平台提供支持的數據和技術。

Let's discuss recent highlights for each of these. First, educator partners. More than 250 educator partners have come to Coursera to teach the world, and we're proud to have recently welcomed more. In the Middle East, we added 3 top-tier universities, bringing our total number of partners in the region to 8. These include Al Faisal University in Saudi Arabia, Khalifa University in the UAE and the Jordan University of Science and Technology. The upcoming courses created by these universities have been curated to align with the region's broader skills development agenda, in particular, equipping learners with the essential digital skills they need to contribute to a growing knowledge economy.

讓我們討論一下最近的亮點。第一，教育合作夥伴。超過 250 位教育合作夥伴來到 Coursera 向世界傳授知識，我們很自豪最近迎來了更多合作夥伴。在中東，我們增加了 3 所一流大學，使我們在該地區的合作夥伴總數達到 8 個。其中包括沙特阿拉伯的阿爾費薩爾大學、阿聯酋的哈利法大學和約旦科技大學。這些大學即將開設的課程經過精心策劃，以符合該地區更廣泛的技能發展議程，特別是為學習者提供必要的數字技能，為不斷發展的知識經濟做出貢獻。

In addition to bringing on new partners, we also expanded our relationships with existing partners. Pontificia Universidad Católica de Chile, or UC Chile, has announced 4 master's degree programs on Coursera. These programs build on the success of their 35 open courses to now provide Spanish-speaking students with world-class degrees in business analytics, data science, investments and applied finance and global public health.

除了引入新的合作夥伴外，我們還擴大了與現有合作夥伴的關係。 Pontificia Universidad Católica de Chile，或 UC Chile，已在 Coursera 上宣布了 4 個碩士學位課程。這些課程建立在其 35 門開放課程的成功基礎上，現在為講西班牙語的學生提供商業分析、數據科學、投資和應用金融以及全球公共衛生方面的世界一流學位。

Next, the University of Illinois announced 2 stackable graduate certificates. The certificates created by the Gies College of Business stack directly into their 3 existing master's degree programs, providing learners with job-relevant skills today and the building block toward a degree in the future.

接下來，伊利諾伊大學公佈了 2 個可堆疊的研究生證書。 Gies 商學院創建的證書直接疊加到他們現有的 3 個碩士學位課程中，為學習者提供了當今與工作相關的技能，並為未來獲得學位奠定了基礎。

Finally, HubSpot, a longtime Coursera industry partner with several existing courses, launched its first entry-level Professional Certificate. The sales representative certificate prepares the learner for a new or growing career in sales. This includes hands-on projects using HubSpot's CRM software to apply skills as well as the creation of a portfolio to present to future employers. This is our 19th entry-level professional certificate and sixth industry partner to offer a credential in this rapidly expanding category. We are excited to share more on our catalog in connection with next week's Coursera Conference.

最後，擁有多個現有課程的 Coursera 行業長期合作夥伴 HubSpot 推出了其第一個入門級專業證書。銷售代表證書使學習者為新的或不斷發展的銷售職業做好準備。這包括使用 HubSpot 的 CRM 軟件應用技能以及創建投資組合以展示給未來雇主的實踐項目。這是我們第 19 個入門級專業證書和第六個行業合作夥伴，在這個快速擴展的類別中提供證書。我們很高興能與下週的 Coursera 會議分享更多關於我們目錄的信息。

Coursera's second major advantage is the global reach of our platform. We have consistently added approximately 5 million registered learners each of the past 6 quarters. Additionally, we've grown the number of paid enterprise customers to over 900 institutions. This large growing learner base attracts educator partners looking to teach both individuals and institutions around the world, but it also provides a unique set of advantages that allow us to compete differently.

Coursera 的第二個主要優勢是我們平台的全球影響力。在過去的 6 個季度中，我們一直在增加大約 500 萬註冊學習者。此外，我們已將付費企業客戶的數量增加到 900 多家機構。這個龐大的不斷增長的學習者基礎吸引了希望在世界各地教授個人和機構的教育合作夥伴，但它也提供了一系列獨特的優勢，使我們能夠以不同的方式競爭。

First, our high-quality premium content enables us to attract learners at low cost and serve them at a range of price points. As these learners look to progress in their careers, we aim to maximize lifetime value with premium credentials from our partners, including specializations, Professional Certificates and college degrees from accredited universities. Second, our learner base provides leads for our rapidly growing Enterprise channel. And third, the rich data generated by our learners, including catalog performance, learner insights and feedback from our institutional customers, enable our business customers to benchmark their talent and our educator partners to prioritize the content and credentials that they create for their students.

首先，我們高質量的優質內容使我們能夠以低成本吸引學習者並以各種價位為他們提供服務。由於這些學習者希望在他們的職業生涯中取得進步，我們的目標是通過我們合作夥伴的優質證書（包括專業化、專業證書和認可大學的大學學位）最大限度地提高終身價值。其次，我們的學習者基礎為我們快速發展的企業渠道提供了線索。第三，我們的學習者生成的豐富數據，包括目錄表現、學習者見解和來自我們機構客戶的反饋，使我們的商業客戶能夠對他們的才能和我們的教育合作夥伴進行基準測試，從而優先考慮他們為學生創建的內容和證書。

Now our final advantage, the ongoing product innovation on our unified platform. The Coursera learning platform includes several core capabilities that are leveraged globally across our offerings and segments. They include our sales and marketing system, the broad catalog of content and credentials, our technology and tools and the data generated by millions of worldwide learners, including our proprietary Skills Graph. These capabilities allow us to build products, features and services that better meet the needs of our learners.

現在我們的最後一個優勢是我們統一平台上的持續產品創新。 Coursera 學習平台包括多項核心功能，這些功能在我們的產品和細分市場中被全球利用。它們包括我們的銷售和營銷系統、內容和證書的廣泛目錄、我們的技術和工具以及全球數百萬學習者生成的數據，包括我們專有的技能圖。這些能力使我們能夠構建更好地滿足學習者需求的產品、功能和服務。

Let me share a few recent examples. Last week, we announced an exciting new chapter for Coursera, immersive learning experiences powered by augmented, mixed and virtual realities. We are working with the University of Michigan, one of our first university partners, to create 10 extended reality, or XR, courses exclusively on Coursera. These new courses will embrace XR technology to provide a new level of learning immersion, including a social learning environment for role-playing simulations and the ability to expand the access and affordability of practical skills training in higher-risk fields such as mobility, manufacturing and health care training. The first 3 courses are scheduled to debut in early 2023. Importantly, all courses will be accessible on mobile devices requiring no VR headset to benefit learners worldwide.

讓我分享一些最近的例子。上週，我們宣布了 Coursera 令人興奮的新篇章，這是由增強、混合和虛擬現實驅動的沉浸式學習體驗。我們正與密歇根大學（我們的首批大學合作夥伴之一）合作，專門在 Coursera 上創建 10 門擴展現實或 XR 課程。這些新課程將採用 XR 技術，以提供新的學習沉浸感，包括用於角色扮演模擬的社交學習環境，以及擴大在高風險領域（如移動、製造和保健培訓。前 3 門課程計劃於 2023 年初首次亮相。重要的是，所有課程都可以在無需 VR 耳機的移動設備上訪問，以使全球學習者受益。

Next, we announced an expansion of LevelSets for our Enterprise customers. As the rate of innovation accelerates, the development of new skills will be imperative. LevelSets provides businesses with deeper visibility into the skills of their workforce and the ability to create tailored development paths for employees. The initial LevelSets offering announced this past fall enabled skill assessments of more than 20 data and analytics-focused skills. The recent expansion grows this assessment capability to more than 60 skills, allowing employees to test proficiency in other domains such as technology, finance and marketing.

接下來，我們宣佈為我們的企業客戶擴展 LevelSets。隨著創新速度的加快，新技能的發展勢在必行。 LevelSets 使企業能夠更深入地了解其員工的技能以及為員工創建量身定制的發展路徑的能力。去年秋天宣布的最初的 LevelSets 產品支持對 20 多種以數據和分析為重點的技能進行技能評估。最近的擴展將這種評估能力增加到 60 多種技能，允許員工測試其他領域的熟練程度，例如技術、金融和營銷。

Finally, we introduced our content ingestion solution for educators last year, which significantly reduces the time needed to author and launch a course on Coursera. More than 110 courses from over 25 partners have been ingested to date. And we recently enhanced the functionality to include self-service Canvas ingestion, a more efficient way for educators to import their existing content and courses from one of the most popular learning management systems.

最後，我們去年推出了面向教育工作者的內容攝取解決方案，這大大減少了在 Coursera 上創作和啟動課程所需的時間。迄今為止，已經吸收了來自超過 25 個合作夥伴的 110 多門課程。我們最近增強了功能，包括自助畫布攝取，這是教育工作者從最流行的學習管理系統之一導入現有內容和課程的更有效方式。

Our learning platform has expanded significantly over the past 10 years, but we believe the transformation of higher education is just getting started with many opportunities to drive growth in Coursera's next decade. Let me highlight some of the key strategies for growth that we're focused on.

我們的學習平台在過去 10 年中顯著擴展，但我們相信高等教育的轉型才剛剛開始，未來十年將有許多機會推動 Coursera 的增長。讓我強調一些我們關注的關鍵增長戰略。

First, we will continue to invest in our fast-growing Enterprise segment, focusing on both new customer acquisitions and expanding existing relationships. This quarter, I'd like to share 2 recent Coursera for Government deals. In March, we announced our largest workforce development partnership to date with the Milken Center for Advancing the American Dream. The 3-year initiative is designed to prepare 200,000 Americans from underserved communities to enter well-paying digital jobs while earning credit eligible towards a college degree at no cost to the learner. It includes 8 of our entry-level professional certificates from industry partners as well as degree pathways to partners like the University of North Texas, wraparound student support services and job opportunities through the partners' hiring networks.

首先，我們將繼續投資於我們快速增長的企業部門，專注於新客戶的獲取和擴大現有關係。本季度，我想分享 2 個最近的 Coursera for Government 交易。 3 月，我們宣布與米爾肯推進美國夢中心建立迄今為止最大的勞動力發展合作夥伴關係。這項為期 3 年的計劃旨在讓 200,000 名來自服務欠缺社區的美國人做好準備進入高薪數字工作，同時免費獲得有資格獲得大學學位的學分。它包括來自行業合作夥伴的 8 個入門級專業證書以及北德克薩斯大學等合作夥伴的學位途徑，通過合作夥伴的招聘網絡提供全方位的學生支持服務和工作機會。

Next, we shared earlier in the quarter that Coursera is partnered with K-MOOC and the National Institute for Lifelong Education to launch a nationwide upskilling program in South Korea. Through this partnership, learners across South Korea will have access to 70 job-relevant Korean-language courses from top university and industry leaders worldwide, including Yale, Google and DeepLearning.AI. The program, supported by the Ministry of Education, aims to help thousands of adult learners in Korea on the K-MOOC platform to develop the high-demand digital skills needed to advance their education or career in the new economy.

接下來，我們在本季度早些時候分享了 Coursera 與 K-MOOC 和國家終身教育研究所合作，在韓國推出了一項全國性的技能提升計劃。通過這一合作夥伴關係，韓國各地的學習者將獲得來自全球頂尖大學和行業領導者的 70 門與工作相關的韓語課程，包括耶魯大學、谷歌和 DeepLearning.AI。該計劃由教育部支持，旨在幫助韓國數千名成人學習者在 K-MOOC 平台上發展他們在新經濟中推進教育或職業所需的高需求數字技能。

In each of these programs, 3 key features of Coursera play a critical role, including our scale and reach, particularly our ability to serve an entire state or nationwide workforce initiative; the collaboration between academic institutions, industry and government fostered by our 3-sided platform; and the world-class content and credentials from leading university and industry brands. These programs demonstrate Coursera's distinctive ability to deliver on the promise of online learning at scale.

在這些計劃中的每一個中，Coursera 的 3 個關鍵特性都發揮著關鍵作用，包括我們的規模和影響力，尤其是我們為整個州或全國勞動力計劃服務的能力；我們的三方平台促進了學術機構、行業和政府之間的合作；以及來自領先大學和行業品牌的世界級內容和證書。這些計劃展示了 Coursera 實現大規模在線學習承諾的獨特能力。

Second, we are investing in the beginning stages of growing our Degrees segment with several focus areas in the years ahead. They include expanding our program catalog, including the types of degrees offered and a greater variety of subject matters and languages, growing the number of students in current programs and continuing to expand our pathways for learners with increasing stackability and removing admissions barriers with innovations like performance pathways.

其次，我們正在投資發展我們的學位部門的初期階段，並在未來幾年有幾個重點領域。它們包括擴展我們的課程目錄，包括提供的學位類型以及更多種類的主題和語言，增加當前課程的學生人數，並繼續擴大我們的學習途徑，增加可堆疊性，並通過性能等創新消除入學障礙途徑。

Our third area of growth, we will continue to broaden our entry-level Professional Certificate catalog, sourcing new partners and expanding with existing industry leaders. Working with our partners, we're adding features like degree and career pathways as well as securing ACE credit recommendations across the catalog. And finally, we will continue to scale the Coursera platform, investing and growing our registered learner base, increasing our network of educator partners and their content and credentials and expanding our reach into more countries and to more learners around the world.

我們的第三個增長領域是，我們將繼續擴大我們的入門級專業證書目錄，尋找新的合作夥伴並與現有的行業領導者一起擴展。與我們的合作夥伴合作，我們正在添加學位和職業途徑等功能，並在整個目錄中確保 ACE 學分推薦。最後，我們將繼續擴展 Coursera 平台，投資並擴大我們的註冊學習者基礎，增加我們的教育合作夥伴網絡及其內容和證書，並將我們的影響力擴展到更多國家和世界各地的更多學習者。

And now I'd like to turn it over to Ken.

現在我想把它交給肯。

Thanks, Jeff, and good afternoon, everyone. I'm pleased to report we had a strong first quarter with results that reflect the durable demand we continue to see for high-quality online learning. In Q1, we generated total revenue of $120.4 million, which was up 36% from a year ago on the sustained strength in our Consumer and Enterprise segments.

謝謝，傑夫，大家下午好。我很高興地報告我們第一季度表現強勁，其結果反映了我們繼續看到對高質量在線學習的持久需求。在第一季度，我們的總收入為 1.204 億美元，比一年前增長了 36%，這得益於我們在消費者和企業領域的持續增長。

As Jeff and I have discussed, there's a global trend of both individuals and institutions increasingly turning to online learning to supply the digital skills required to compete in today's economy. For individuals, our broad catalog of job-relevant content and credentials from recognized world-class brands is helping to meet the needs of learners no matter the stage of their career. And for institutions, products like our SkillSets, Academies and LevelSets, powered by the data from millions of Coursera learners worldwide, are helping businesses, governments and campuses better understand the in-demand skills of today and where they need to invest for tomorrow.

正如 Jeff 和我所討論的，全球趨勢是個人和機構越來越多地轉向在線學習，以提供在當今經濟中競爭所需的數字技能。對於個人而言，我們廣泛的與工作相關的內容和來自公認的世界級品牌的證書目錄正在幫助滿足學習者的需求，無論他們處於職業生涯的哪個階段。對於機構而言，我們的 SkillSets、Academies 和 LevelSets 等產品，由來自全球數百萬 Coursera 學習者的數據提供支持，正在幫助企業、政府和校園更好地了解當今需求的技能以及他們未來需要投資的地方。

Please note that for the remainder of the call, as I review our business performance and outlook, I will discuss our non-GAAP financial measures, unless otherwise noted. Our non-GAAP adjustments remove only stock-based compensation and related payroll tax, nothing else.

請注意，在接下來的電話會議中，當我回顧我們的業務表現和前景時，我將討論我們的非公認會計原則財務指標，除非另有說明。我們的非公認會計原則調整僅刪除了基於股票的薪酬和相關的工資稅，沒有其他內容。

Gross profit was $78.2 million or 64.9% gross margin, up 58% from a year ago. This margin was nearly 9 percentage points higher than the prior year period due to the drivers we've discussed in the past several quarters. As a reminder, there are 2 components of our cost of services. First is our content costs, which vary based on both the revenue mix amongst our 3 segments as well as the content margin rate within each segment.

毛利潤為 7820 萬美元，毛利率為 64.9%，同比增長 58%。由於我們在過去幾個季度中討論的驅動因素，這一利潤率比去年同期高出近 9 個百分點。提醒一下，我們的服務成本有 2 個組成部分。首先是我們的內容成本，這取決於我們三個細分市場的收入組合以及每個細分市場的內容利潤率。

Our Enterprise and Degrees segments accounted for 43% of our overall revenue mix this quarter, up a couple of percentage points from the prior year. Additionally, we have continued to enjoy the positive changes in the Consumer segment content margin. Our Consumer segment content margin rate increased from 57% in the prior year to 71% this quarter. Learners have continued to consume a larger proportion of industry partner content, which tends to have a lower-than-average content cost. This positive variance also impacted the Enterprise segment content margin, although less pronounced.

我們的企業和學位部門在本季度占我們整體收入組合的 43%，比去年增加了幾個百分點。此外，我們繼續享受消費者細分內容利潤率的積極變化。我們的消費者細分市場內容利潤率從去年的 57% 增加到本季度的 71%。學習者繼續消費更大比例的行業合作夥伴內容，其內容成本往往低於平均水平。這種積極的差異也影響了企業部門的內容利潤率，儘管不太明顯。

The second component of our cost of services is our noncontent costs, which were 9.4% of total revenue this quarter.

我們服務成本的第二個組成部分是我們的非內容成本，佔本季度總收入的 9.4%。

Total operating expense was $92.9 million or 77% of revenue compared to 71% in Q1 of last year. Sales and marketing expense represented 38% of total revenue, up from 35% in the prior year period as we invest more in expanding our Enterprise sales force capacity and marketing programs. Research and development expense was 23% of revenue, in line with the prior year period on a percentage basis. And general and administrative expense was 16% of revenue, up from 13% in the prior year period, given incremental costs associated with being a public company. Remember, we were a private company in Q1 of last year.

總運營費用為 9290 萬美元，佔收入的 77%，而去年第一季度為 71%。銷售和營銷費用佔總收入的 38%，高於去年同期的 35%，因為我們在擴大企業銷售隊伍能力和營銷計劃方面投入更多。研發費用佔收入的 23%，按百分比計算與去年同期一致。考慮到與成為上市公司相關的增量成本，一般和管理費用佔收入的 16%，高於去年同期的 13%。請記住，我們在去年第一季度是一家私營公司。

Net loss was $15.8 million or 13.1% of revenue, and our adjusted EBITDA loss was $11 million or 9.1% of revenue.

淨虧損為 1580 萬美元或收入的 13.1%，我們調整後的 EBITDA 虧損為 1100 萬美元或收入的 9.1%。

Now turning to cash performance and the balance sheet. Free cash flow was a use of $42.2 million compared to $8.6 million in the prior year with the decline driven primarily by the timing of receivables and incremental year-end vendor spend paid in Q1, so primarily working capital-related, much of which we expect to reverse in future quarters. We continue to maintain a strong cash position and expect to end the year with approximately the same cash balance with which we began. As of March 31, we had approximately $780 million of unrestricted cash, cash equivalents and marketable securities with no debt.

現在轉向現金業績和資產負債表。自由現金流使用了 4220 萬美元，而上一年為 860 萬美元，下降的主要原因是應收賬款的時間安排和第一季度支付的年終供應商支出增加，因此主要與營運資金相關，我們預計其中大部分在未來幾個季度扭轉。我們繼續保持強勁的現金頭寸，並預計年底時的現金餘額與開始時大致相同。截至 3 月 31 日，我們擁有約 7.8 億美元的無限制現金、現金等價物和有價證券，沒有債務。

Now let's discuss our segments in more detail. Our Consumer segment continues to grow rapidly at scale with attractive economics. Consumer revenue was $68.1 million, up 31% from the prior year. We continue to see strong demand for our job-relevant portfolio of entry-level Professional Certificates and the ongoing adoption of our Coursera Plus subscription offering. Segment gross profit was $48.3 million or 71% of Consumer revenue as we continued to benefit from a lower content cost rate associated with higher consumption of industry partner content. And we added another 5 million new registered learners for a total base of 102 million.

現在讓我們更詳細地討論我們的細分市場。我們的消費者部門繼續以具有吸引力的經濟規模快速增長。消費者收入為 6810 萬美元，比上年增長 31%。我們繼續看到對我們與工作相關的入門級專業證書組合的強勁需求以及我們的 Coursera Plus 訂閱產品的持續採用。分部毛利為 4830 萬美元，佔消費者收入的 71%，因為我們繼續受益於與行業合作夥伴內容消費量增加相關的較低內容成本率。我們又增加了 500 萬新註冊學習者，總人數達到 1.02 億。

Next is Enterprise. Enterprise revenue was $39 million, up 59% from a year ago on broad strength across the business, government and campus customers. The total number of paid Enterprise customers increased to 917, up 91% from a year ago. And our net retention rate for paid Enterprise customers was 109%. Segment gross profit was $28 million or 72% of Enterprise revenue, up from 68% in the prior year.

接下來是企業。企業收入為 3900 萬美元，比一年前增長 59%，這得益於企業、政府和校園客戶的廣泛實力。付費企業客戶總數增至 917 家，同比增長 91%。我們對付費企業客戶的淨保留率為 109%。分部毛利潤為 2800 萬美元，佔企業收入的 72%，高於去年的 68%。

And finally, our Degrees segment. Degrees revenue was $13.3 million, up 11% from a year ago on an increase in student cohorts in new and existing programs. Given the extended revenue model for Degrees, the slower start to the year was consistent with our expectations outlined in our previous earnings call in February. Our total number of Degrees students grew 22% from a year ago to 16,481. As a reminder, there's no content costs attributable to the Degrees segment, so Degrees segment gross margin was 100% of revenue.

最後，我們的學位部分。學位收入為 1330 萬美元，比一年前增長 11%，原因是新項目和現有項目的學生群體增加。鑑於 Degrees 的擴展收入模式，今年開局放緩與我們在 2 月份的上一次財報電話會議中概述的預期一致。我們的學位學生總數比一年前增長了 22%，達到 16,481 人。提醒一下，學位部門沒有內容成本，因此學位部門的毛利率是收入的 100%。

Now on to our financial outlook. For Q2, we are expecting revenue to be in the range of $128 million to $132 million. This represents a growth rate of 27% at the midpoint of the range. For adjusted EBITDA, we're expecting a loss in the range of $15 million to $18 million. Our Q2 outlook for adjusted EBITDA includes an approximately $2.3 million impairment expense related to the likely partial sublease of our Mountain View office with a nonbinding LOI, which we expect to consummate in lease, but it is not guaranteed. In the spring of 2020, we moved to a work-from-anywhere strategy for our global team members, resulting in complete flexibility for our workforce and the ability to source and retain talent from anywhere in the world.

現在談談我們的財務前景。對於第二季度，我們預計收入將在 1.28 億美元至 1.32 億美元之間。這代表該區間中點的 27% 的增長率。對於調整後的 EBITDA，我們預計虧損在 1500 萬美元至 1800 萬美元之間。我們對調整後 EBITDA 的第二季度展望包括約 230 萬美元的減值費用，這與我們的山景城辦公室可能部分轉租有關，並附有不具約束力的意向書，我們預計將在租賃中完成，但不能保證。 2020 年春季，我們為我們的全球團隊成員轉向了“隨時隨地工作”戰略，從而為我們的員工隊伍帶來了完全的靈活性，並能夠從世界任何地方尋找和留住人才。

As a result, we are optimizing our facility footprint after 2 years of learning and observing, allowing us to redeploy capital to accelerate our work-from-anywhere strategy and provide additional programs for in-person connection. For full year 2022, we will see a net benefit of the sublease in Q3 and Q4 so that the total impact is about $0.5 million for the year. In 2023 and 2024, we'll see a benefit of about $6 million, with much of the savings expected to be redeployed to fuel our talent strategy and elevate the Coursera workforce experience.

因此，經過 2 年的學習和觀察，我們正在優化我們的設施足跡，使我們能夠重新部署資金來加速我們的“隨時隨地工作”戰略，並提供額外的面對面聯繫計劃。對於 2022 年全年，我們將在第三季度和第四季度看到轉租的淨收益，因此全年的總影響約為 50 萬美元。在 2023 年和 2024 年，我們將看到大約 600 萬美元的收益，預計大部分節省的資金將用於推動我們的人才戰略和提升 Coursera 員工體驗。

Now our outlook ranges for full year 2022. We anticipate revenue to be in the range of $538 million to $546 million or 31% growth at the midpoint of the range. This updated full year outlook reflects approximately 2 points of headwind resulting from the suspension of business in Russia announced in early March. We manage Coursera for high growth across our business. However, we will not look to profit from operating in the region amid this humanitarian crisis. So in summary, we are still increasing the midpoint of our revenue range despite absorbing these impacts given the strong start to 2022.

現在我們的展望範圍是 2022 年全年。我們預計收入將在 5.38 億美元至 5.46 億美元之間，或在該範圍的中點增長 31%。更新後的全年展望反映了 3 月初宣布的俄羅斯暫停業務帶來的大約 2 個不利因素。我們管理 Coursera 以實現整個業務的高速增長。然而，在這場人道主義危機中，我們不會希望從該地區的運營中獲利。因此，總而言之，鑑於 2022 年的強勁開局，儘管吸收了這些影響，我們仍在增加收入範圍的中點。

And for adjusted EBITDA, we're expecting a loss of $45.5 million to $51.5 million or a negative 8.9% adjusted EBITDA margin at the midpoint of revenue and EBITDA guidance ranges. Our messaging and operating framework with regards to the EBITDA margin has been consistent. We plan to demonstrate scale and leverage while targeting EBITDA margin improvement over time. At the start of the year, we set an annual EBITDA margin target and work within that plan to maximize our growth opportunities, for instance, a significant investment in marketing, our job-relevant credentials, particularly our increasingly successful portfolio of entry-level Professional Certificates. We do not optimize the business for any single quarter, and we will strategically invest throughout the year to position Coursera for the long term.

對於調整後的 EBITDA，我們預計在收入和 EBITDA 指導範圍的中點處虧損 4550 萬美元至 5150 萬美元或調整後的 EBITDA 利潤率為負 8.9%。我們關於 EBITDA 利潤率的消息傳遞和運營框架是一致的。我們計劃展示規模和槓桿作用，同時隨著時間的推移實現 EBITDA 利潤率的提高。在今年年初，我們設定了年度 EBITDA 利潤率目標，並在該計劃內努力最大限度地提高我們的增長機會，例如，對營銷、我們的工作相關證書，特別是我們日益成功的入門級專業投資組合進行重大投資證書。我們不會針對任何一個季度優化業務，我們將在全年進行戰略投資，以長期定位 Coursera。

Before Jeff's closing comments, let me recap the 3 key highlights of our financial framework. First, we have a unique set of strategic assets that allow us to compete differently. Second, we expect to have increasingly better forward visibility on our top line in the years ahead as our mix of revenue evolves. And third, in addition to our rapid growth, we expect structural gross margin expansion over the long term.

在傑夫結束評論之前，讓我回顧一下我們財務框架的 3 個主要亮點。首先，我們擁有一套獨特的戰略資產，使我們能夠以不同的方式競爭。其次，隨著我們收入組合的發展，我們預計未來幾年我們的收入將有越來越好的前瞻性可見性。第三，除了我們的快速增長，我們預計長期的結構性毛利率擴張。

We believe that our results continue to reflect a differentiated business model that benefits from our 3-sided platform. It provides diversification and exposure to multiple levers of growth, and it provides us with a unique vantage point that encompasses the needs of learners, employers and educators in order to promote institutional collaboration and navigate the trends shaping higher education.

我們相信，我們的業績繼續反映受益於我們的 3 面平台的差異化商業模式。它提供多樣化和接觸多個增長槓桿，它為我們提供了一個獨特的優勢，涵蓋了學習者、雇主和教育工作者的需求，以促進機構合作並駕馭塑造高等教育的趨勢。

I'll now turn the call back to Jeff.

我現在將電話轉回傑夫。

Thanks, Ken. At Coursera, we believe that learning is the source of human progress, and we are committed to ensuring that learners everywhere have access to the highest quality education.

謝謝，肯。在 Coursera，我們相信學習是人類進步的源泉，我們致力於確保世界各地的學習者都能獲得最高質量的教育。

Before we open up the call to questions, I want to highlight 2 recent initiatives. First, we announced several actions that we are taking to support learners in Ukraine amid the growing humanitarian crisis. These include partnering with the Ministry of Education and Science of Ukraine to offer Coursera for Campus for free to all Ukrainian higher education institutions and their students. To date, 7,000 learners at 95 Ukrainian academic institutions have logged over 40,000 hours of learning on Coursera. We're also making our Coursera for Refugee program available for free to nonprofits actively working to support Ukrainian refugees. We're also offering individual learners the ability to receive financial aid or scholarship waiver through the Coursera platform.

在我們開始提問之前，我想強調一下最近的兩項舉措。首先，我們宣布了在日益嚴重的人道主義危機中我們正在採取的幾項行動來支持烏克蘭的學習者。其中包括與烏克蘭教育和科學部合作，向所有烏克蘭高等教育機構及其學生免費提供 Coursera for Campus。迄今為止，烏克蘭 95 所學術機構的 7,000 名學習者在 Coursera 上的學習時間已超過 40,000 小時。我們還將向積極支持烏克蘭難民的非營利組織免費提供 Coursera for Refugee 計劃。我們還為個人學習者提供通過 Coursera 平台獲得經濟援助或獎學金豁免的能力。

Second, in March, we announced that Coursera has joined forces with the U.K. Prime Minister, Boris Johnson, and 10 other partners, including Accenture, Microsoft, Pearson, PwC and others, to deliver a GBP 20 million initiative to improve girls' access to education and employment in developing countries. This is the U.K.'s first partnership of its kind. The Girls' Education Skills Partnership will deliver high-quality skills training to around 1 million girls initially in the countries of Nigeria and Bangladesh. The initiative will focus on STEM skills needed for in-demand sectors like technology and manufacturing with Coursera providing 10,000 scholarships for our entry-level Professional Certificates at no cost. The U.K. government believes that private sector involvement will help to ensure that the training delivered corresponds to the requirements of employers, and our entry-level Professional Certificate catalog is precisely designed to help prepare these learners with no college degree or industry experience to enter digital careers.

其次，我們在 3 月宣布，Coursera 與英國首相鮑里斯·約翰遜和其他 10 個合作夥伴（包括埃森哲、微軟、培生、普華永道等）聯手推出了一項 2000 萬英鎊的倡議，以改善女孩獲得發展中國家的教育和就業。這是英國首個此類合作夥伴關係。女童教育技能夥伴關係最初將為尼日利亞和孟加拉國國家的大約 100 萬女童提供高質量的技能培訓。該計劃將專注於技術和製造業等需求行業所需的 STEM 技能，Coursera 為我們的入門級專業證書免費提供 10,000 個獎學金。英國政府認為，私營部門的參與將有助於確保所提供的培訓符合雇主的要求，我們的入門級專業證書目錄旨在幫助這些沒有大學學位或行業經驗的學習者為進入數字職業做好準備.

This is how leading institutions on Coursera are moving from ideas to action. Technology is one part of the solution. But it also requires institutional collaboration, bridging public and private sectors, university and industry partners and national and regional borders to meet the needs of our evolving world. Together, we are providing greater access to world-class learning and more equal opportunity for all. Together, we are moving humanity forward.

這就是 Coursera 上的領先機構如何從想法轉變為行動。技術是解決方案的一部分。但它也需要機構合作、彌合公共和私營部門、大學和行業合作夥伴以及國家和地區邊界，以滿足我們不斷發展的世界的需求。我們共同為所有人提供更多獲得世界級學習的機會和更平等的機會。我們一起推動人類前進。

And with that, let's open up the call to questions. Thank you.

有了這個，讓我們打開問題的電話。謝謝你。

(Operator Instructions) With that, we'll take our first question this afternoon from Rishi Jaluria with RBC.

（操作員說明）這樣，我們將在今天下午與 RBC 一起回答 Rishi Jaluria 的第一個問題。

Wonderful. Wanted to start by looking at the NRR within the Enterprise segment. Obviously, Enterprise continues to show nice growth, but that NRR figure did tick down a little bit from Q4. Q4 itself was down from earlier in the year. Can you maybe help us understand some of the drivers of that number? How much of that is comps versus maybe just mix shift and going more towards government that might have a slower expansion rate? And then I've got a follow-up.

精彩的。想從查看企業部門中的 NRR 開始。顯然，企業繼續顯示出良好的增長，但 NRR 數據確實比第四季度略有下降。第四季度本身比今年早些時候有所下降。您能否幫助我們了解該數字的一些驅動因素？其中有多少是補償，而不是可能只是混合轉變並更多地轉向可能具有較慢擴張速度的政府？然後我有一個跟進。

Yes. Rishi, this is Jeff. It's a few things. There's -- a little bit of it is institutional deals in Russia that we have suspended. And so that's part contributor. And then you kind of put your finger on it. The different types of enterprise deals that we have with businesses, with governments and with campuses are at different levels of maturity. So one of the things I will say is that the NRR is not the same among those 3.

是的。瑞希，這是傑夫。這是幾件事。我們已經暫停了俄羅斯的一些機構交易。所以這是部分貢獻者。然後你有點把手指放在上面。我們與企業、政府和校園進行的不同類型的企業交易處於不同的成熟度。所以我要說的一件事是，這 3 個中的 NRR 是不一樣的。

And I guess what I would say generally is in segments where we are earlier to market and customers are experimenting with different use cases of how to use the content on Coursera to provide the learnings that they want to provide, some are more standard and mature and more predictable. And we -- they have a problem, we deliver it, and it's pretty predictable. In others, it's a little bit more sort of experimentation, and they're trying this or trying that. Sometimes it works a little bit better, sometimes it doesn't. So I think part of what it's reflecting is the early stage of some of these markets in the enterprise space.

我想我一般會說的是在我們更早進入市場的細分市場，客戶正在嘗試不同的用例，以了解如何使用 Coursera 上的內容來提供他們想要提供的學習，有些更標準和成熟，更可預測。我們——他們有問題，我們解決了，而且是可以預見的。在其他情況下，這更像是一種實驗，他們正在嘗試這個或那個。有時它工作得更好一點，有時它沒有。所以我認為它反映的部分是企業領域中一些市場的早期階段。

Great. That's really helpful. And then on the Degrees side, I just wanted to turn to looking at the students. Surprisingly, it looks like that number actually was up about 280 sequentially in spite of you shutting off a number of universities in Russia, and that was a big surprise to us. Can you maybe talk a little bit about what you're seeing within that segment outside of Russia and specifically within U.S. universities? And then maybe any insight you'd be able to share on what you expect in the coming academic year, which would fall under this fiscal year?

偉大的。這真的很有幫助。然後在學位方面，我只想轉向看學生。令人驚訝的是，儘管您關閉了俄羅斯的一些大學，但這個數字實際上比上一季度增加了約 280 所，這對我們來說是一個很大的驚喜。你能談談你在俄羅斯以外的那個領域，特別是在美國大學裡看到的東西嗎？然後也許您可以分享您對即將到來的學年（屬於本財政年度）的期望的任何見解？

Yes. No problem. So it definitely is the case that we are seeing what has historically been true, which is that Degrees generally are countercyclical. When there's a really strong labor market, people will sometimes defer their expensive -- more expensive long-term education credential investments and go into the labor market and make more money in a job. We are seeing some of that, we think, in the U.S. Like you said, Russia is clearly what it is. We suspended our operations there.

是的。沒問題。因此，我們看到的情況肯定是歷史上真實的，即度數通常是反週期的。當勞動力市場非常強勁時，人們有時會推遲他們昂貴的 - 更昂貴的長期教育證書投資，並進入勞動力市場並在工作中賺更多錢。我們認為，我們在美國看到了其中的一些。就像你說的，俄羅斯顯然就是這樣。我們在那裡暫停了我們的業務。

In other non-U.S., non-Russia markets, we're still in the earlier stages. But we've got Degrees in Latin America for a while. We just announced a couple more, and we are not quite seeing the same kind of headwinds because I think the economies and employment rates are in different sort of levels of intensity. The U.S., I will say, is exhibiting those countercyclical qualities that they have before. I mean, clearly, there's a lot of job availability, and that's showing up across the board in the U.S. across many providers and higher education institutions in the U.S.

在其他非美國、非俄羅斯市場，我們仍處於早期階段。但是我們在拉丁美洲獲得學位已經有一段時間了。我們剛剛宣布了更多，我們並沒有看到同樣的逆風，因為我認為經濟和就業率處於不同的強度水平。我會說，美國正在表現出他們以前擁有的那些反週期特徵。我的意思是，很明顯，有很多工作機會，這在美國的許多提供者和高等教育機構中都普遍存在。

We'll take our next question now from Josh Baer at Morgan Stanley.

我們現在將向摩根士丹利的喬什·貝爾提出下一個問題。

I wanted to ask a couple on margins. We've sort of gotten used to seeing the Consumer segment margins coming in higher than expected, driven by the Professional Certificates mix. In the Enterprise segment, that jumped quarter-over-quarter, year-over-year. What's causing that big swing up in Enterprise segment, part 1?

我想問幾個邊際問題。在專業證書組合的推動下，我們已經習慣了看到消費者細分市場的利潤率高於預期。在企業部門，這一數字環比增長，同比增長。是什麼導致企業部門出現如此大的波動，第 1 部分？

And part 2 on margins is beyond the mix of professional certifications, is there anything else that you're doing more proactively to work on the segment margins? Are you taking on more parts of the content generation process that would potentially have more favorable economics and revenue share for you?

關於利潤的第 2 部分超出了專業認證的組合，您還有什麼其他更積極主動的措施來提高細分市場的利潤嗎？您是否承擔了內容生成過程的更多部分，這可能會給您帶來更有利的經濟和收入份額？

Yes. Ken?

是的。肯?

Josh, it's Ken. Yes, thanks a lot. Great questions. So firstly -- well, firstly, we've enjoyed this margin expansion far earlier than expected. So the trending has been really nice. And Consumer has continued to, I guess, unexpectedly though, we should start to expect it done well.

喬希，是肯。是的，非常感謝。好問題。所以首先 - 嗯，首先，我們比預期更早地享受到了這種利潤率擴張。所以趨勢真的很好。消費者繼續，我想，雖然出乎意料的是，我們應該開始期待它做得很好。

The -- on the Enterprise side, it's really a lot of the same. It's consumption, which is how we measure and how we allocate the cost to our partners or their revenue, our cost. It's based on consumption. So we continue to see these higher-margin specializations continue to be more popular and hence, drive up the margin because they have a lower content cost. So really, Enterprise, to a lesser degree, the same result as the Consumer, but it's based on content usage, whereas Consumer, it's purchasing.

- 在企業方面，它確實有很多相同之處。它是消費，這是我們衡量以及我們如何將成本分配給我們的合作夥伴或他們的收入，我們的成本。這是基於消費的。因此，我們繼續看到這些利潤率較高的專業繼續更受歡迎，因此，由於它們的內容成本較低，因此提高了利潤率。所以，在較小程度上，企業版與消費者版的結果相同，但它基於內容使用，而消費者版則是購買。

Secondarily, on the mix and what we're doing even within Consumer, we are starting to do a few things differently. Certainly, as these certs have taken off, we've looked to do more certs. There's -- it's amazing how well it's done. But we have also started to think, based on that success, about sponsoring more of the content, helping pay. And so those are other things we do that can drive the margin up over time. And I expect we'll continue to do it. It makes it easier, lower risk for some of the partners. And for us, it's proprietary, which is not usually where we go, but proprietary content. So anyway, that's a little bit more on what we're doing there.

其次，在混合以及我們在消費者內部所做的事情上，我們開始做一些不同的事情。當然，隨著這些證書的興起，我們希望做更多的證書。有 - 令人驚訝的是它做得多麼好。但基於這一成功，我們也開始考慮贊助更多內容，幫助付費。所以這些是我們做的其他事情，可以隨著時間的推移提高利潤率。我希望我們會繼續這樣做。它使一些合作夥伴更容易，降低風險。對我們來說，它是專有的，通常不是我們去的地方，而是專有的內容。所以無論如何，這比我們在那裡所做的要多一些。

Got it. And then just wanted to clarify or highlight maybe some of the comments on the cash balances ending '22. I mean, with some CapEx in there, is that sort of an implicit guidance for positive operating cash flow for 2022?

知道了。然後只是想澄清或強調一些關於 22 年結束的現金餘額的評論。我的意思是，有一些資本支出，這是對 2022 年正運營現金流的隱含指導嗎？

It's -- to be honest, we're not trying to be exactly precise on it. What we've been saying is we burned minimal cash last year. We expect that to continue to be the case on the operating side. There is a mix, though, of still stock exercises and stock sales. We'll do some incremental investment in some of our programs that may end up on the balance sheet. So roughly, yes, I'd agree with your statement. But I just want to be clear, our intent is not to be that precise. We have 800 -- $780 million in the bank, and we have minimal cash burn. We're solving for growth. But as a result, in seeing -- with the growth we're seeing and some of the leverage we're seeing, yes, we expect the cash burn to be minimal on the OpEx side. It's not an immediate focus, but that's the result we're seeing.

這是 - 老實說，我們並沒有試圖準確地描述它。我們一直在說的是我們去年燒的錢很少。我們預計運營方面將繼續如此。但是，仍然存在股票交易和股票銷售。我們將對我們的一些項目進行一些增量投資，這些項目最終可能會出現在資產負債表上。粗略地說，是的，我同意你的說法。但我只想說清楚，我們的意圖不是那麼精確。我們在銀行里有 800 到 7.8 億美元，而且我們的現金消耗很少。我們正在解決增長問題。但結果是，隨著我們看到的增長和我們看到的一些槓桿作用，是的，我們預計運營支出方面的現金消耗將最小化。這不是一個直接的焦點，但這就是我們看到的結果。

We go next now to Terry Tillman at Truist Securities.

我們接下來是 Truist Securities 的 Terry Tillman。

Yes. Jeff and Ken, congrats on the Consumer and Enterprise strength. And just all the color on this call, there's a lot of detail, really much appreciated. I have 2 questions. The first one actually has 2 parts, and maybe it's for you, Jeff. Anything you can call out in terms of certificate strength that's like really kind of surprising you and outlier oriented? And then the second part of that first question is just where are we with Coursera Plus? And any more kind of quantification on the kind of success you're having? And then I have a follow-up for Ken.

是的。 Jeff 和 Ken，祝賀消費者和企業的實力。只是這次通話中的所有顏色，有很多細節，非常感謝。我有 2 個問題。第一個實際上有 2 個部分，也許是給你的，傑夫。就證書強度而言，您可以提出任何讓您感到驚訝和以異常值為導向的東西？然後第一個問題的第二部分是我們在哪裡使用 Coursera Plus？還有更多關於你所取得的成功的量化嗎？然後我對 Ken 進行了跟進。

Yes. Really quickly on the certificate strength, it is, as we've talked about, a major factor that's been driving good performance of Consumer segment revenue growth. Part of that is good conversion characteristics. It looks like people who are thinking about switching careers have a little bit more intent to not just watch a 10-minute video but to really learn skills to get in a new job, and they'd like to have a credential that they can show to an employer that says, "Hey, I don't have a college degree, I don't have any experience in this -- prior experience in this industry, but I completed this course of study. I've learned the skills over the course of maybe 4 or 5 courses with the Professional Certificate. I've got the certificate that says I've demonstrated my skills."

是的。正如我們所談到的，證書強度真的很快，它是推動消費者部門收入增長良好表現的主要因素。其中一部分是良好的轉換特性。看起來正在考慮轉行的人更傾向於不只是觀看 10 分鐘的視頻，而是要真正學習獲得新工作的技能，並且他們希望獲得可以展示的證書對雇主說，“嘿，我沒有大學學位，我沒有任何經驗——之前在這個行業的經驗，但我完成了這門課程。我已經學會了技能“可能有 4 或 5 門課程，並獲得專業證書。我的證書表明我已經展示了我的技能。”

Increasingly, we have projects built into them where there's a portfolio of work that someone can show to land that job. And I think that those learners are more likely to buy and more likely to retain. And so part of what we're seeing is a margin enhancement because as we talked about, we invest a bit more in producing these. We've seen better conversion rates. We've been seeing better retention rates.

我們越來越多地在其中建立了一些項目，其中有一些工作組合，有人可以展示這些工作來獲得該工作。而且我認為這些學習者更有可能購買並且更有可能保留。因此，我們看到的部分內容是利潤率提高，因為正如我們所說，我們在生產這些產品上投入更多。我們已經看到了更好的轉化率。我們一直看到更好的保留率。

On the question of Coursera Plus, I think we continue to see interest in that as people are maybe thinking about switching careers. They're not sure what career they want to get into, but they just know they want more flexibility in their job and they want higher pay. They might explore 3 different jobs or careers. And so that would be a consumption across multiple Professional Certificates, for which Coursera Plus really helps. So yes, we're seeing that.

關於 Coursera Plus 的問題，我認為我們繼續對此感興趣，因為人們可能正在考慮轉行。他們不確定自己想從事什麼職業，但他們只知道自己希望工作具有更大的靈活性，並且希望獲得更高的薪水。他們可能會探索 3 種不同的工作或職業。因此，這將是跨多個專業證書的消耗，Coursera Plus 對此確實有幫助。所以是的，我們看到了。

Are there any particular outliers? I mean, obviously, Google IT Support Certificate was the first back in January of 2018. They have followed that up with 3 additional certs in the first quarter of last year. They continue collectively to do really well, but we are really excited about the number of jobs for which we now have Professional Certificates. And these Professional Certificates have been increased. We mentioned HubSpot. But the number of different brands and different domains that are helping prepare someone who wants to switch jobs to a greater range of possible career options, all of which are digital jobs that pay well, they don't require a college degree, they don't require prior experience. And increasingly, the skills can be learned online, and the jobs can increasingly be done online. So we're just really leaning into these sector tailwinds that we don't think are going to abate anytime soon.

有沒有特別的異常值？我的意思是，很明顯，谷歌 IT 支持證書是 2018 年 1 月的第一個證書。他們在去年第一季度又獲得了 3 個額外的證書。他們繼續共同做得很好，但我們對我們現在擁有專業證書的工作數量感到非常興奮。這些專業證書已經增加。我們提到了 HubSpot。但是，不同品牌和不同領域的數量正在幫助那些想要轉換工作到更多可能的職業選擇的人做好準備，所有這些都是薪酬高的數字工作，他們不需要大學學位，他們不需要” t 需要先前的經驗。越來越多的技能可以在線學習，越來越多的工作可以在線完成。因此，我們只是真的傾向於這些我們認為不會很快減弱的行業順風。

All right. And then maybe one for Ken, you said?

好的。然後也許是給肯的，你說？

Yes. Ken, I'm going to ask you the real hard question. In terms of the net revenue retention, there was a question on it. I think, Jeff, maybe you talked about it. Look, there's actually 3 tails to that story in terms of the 3 different parts of the Enterprise business, and they do have varying kind of retention rates and just different kind of maturity dynamics. But as we look through the rest of the year, should we expect maybe kind of stability? Is that what you're modeling for NRR? Or could it drift a little lower or maybe just a little higher? Just any color there would be helpful.

是的。肯，我要問你一個真正棘手的問題。在淨收入保留方面，存在一個問題。我想，傑夫，也許你談到了它。看，就企業業務的 3 個不同部分而言，這個故事實際上有 3 個尾巴，它們確實具有不同類型的保留率和不同類型的成熟度動態。但是，當我們回顧今年餘下的時間時，我們是否應該期待某種穩定？這就是你為 NRR 建模的嗎？或者它會漂移得更低，或者只是更高一點？任何顏色都會有幫助。

Yes. Sorry, firstly, it's something difficult to forecast, but we've looked at the numbers. I'd expect it around where it is now for the rest of the year. Most importantly, that mix that Jeff was talking about in the area that's newer, hence, most volatile, almost by definition, that's growing quite rapidly. And so my guess is we'll stay right around these levels. The other businesses, as we start to grow the other businesses on a relative basis, I think we'll start to see some expansion there. But I'd look for that a year out.

是的。抱歉，首先，這很難預測，但我們已經查看了這些數字。我希望它在今年剩下的時間裡保持在現在的位置。最重要的是，傑夫所說的在較新的領域中的這種組合，因此，幾乎按照定義，最不穩定，它正在迅速增長。所以我的猜測是我們將保持在這些水平附近。其他業務，隨著我們開始在相對基礎上發展其他業務，我認為我們將開始在那裡看到一些擴張。但我會在一年後尋找。

I would tag on, however, to the conversation around Coursera Plus just to give you a little bit more data. We talked about it being 25% of Consumer revenue. A couple of quarters ago, I think, is when we were talking about that. And at the time, we said, "Look, we're not focused. We're happy with the result. It's done a lot for visibility around the business and really utility for the consumer, if you think about the economics around that pricing."

但是，我會繼續圍繞 Coursera Plus 進行對話，以便為您提供更多數據。我們談到它佔消費者收入的 25%。我想，幾個季度前，就是我們談論這個問題的時候。當時，我們說，“看，我們沒有專注。我們對結果很滿意。如果你考慮一下圍繞定價的經濟學，它對業務的可見性和對消費者的真正實用性做了很多工作。”

And as Jeff mentioned, it's been driven a lot by people wanting to see multiple career-related specializations. And so that has continued to grow. We're seeing north of 30% there now of Consumer revenue. So again, nice from a stability standpoint and visibility standpoint on the Consumer segment. We're not forecasting that going up or down necessarily, but we're really very, very pleased with that result.

正如 Jeff 所提到的，人們希望看到多個與職業相關的專業，這在很大程度上推動了它。因此，這種情況繼續增長。我們現在看到消費者收入超過 30%。再說一次，從消費者細分市場的穩定性和可見性的角度來看，這很好。我們不一定預測會上升或下降，但我們對這個結果非常非常滿意。

Yes. One other thing I'll just add, Terry, that might not be obvious to folks. There's obviously a lot of content out there, that's pretty obvious. The vast majority is short-form content created by lots of different people. It turns out, it takes a lot of money to build a full college degree that this is a 2-year program. It also is a considerable investment to build a 5-course Professional Certificate. That's not short form. That's not something that a bunch of individuals will sort of piece together.

是的。我要補充的另一件事，特里，這對人們來說可能並不明顯。顯然那裡有很多內容，這很明顯。絕大多數是由許多不同的人創建的簡短內容。事實證明，建立一個完整的大學學位需要很多錢，這是一個為期 2 年的課程。建立 5 門課程的專業證書也是一筆可觀的投資。那不是簡短的形式。這不是一群人會拼湊起來的東西。

There's a really nice sort of, I think, combined effect of long-form learning to get into a new career that creates higher monetization, longer persistence. And also, it's a more distinct type of content, and the credential matters because you're trying to get into a job. That's where the brands matter. So another reason we really like these Professional Certificates is they're pretty distinctive. They're not the only things in the world that kind of are bigger than a 30-minute video and shorter than a college degree, but we're seeing a really nice big segment of long-form credential branded learning for career advancement that we're leaning into pretty hard.

我認為，有一種非常好的綜合效果，長期學習可以進入一個新的職業，創造更高的貨幣化，更持久的堅持。而且，它是一種更獨特的內容類型，並且證書很重要，因為您正在嘗試找到一份工作。這就是品牌的重要性。所以我們真正喜歡這些專業證書的另一個原因是它們非常獨特。它們不是世界上唯一比 30 分鐘視頻大、比大學學位短的東西，但我們看到了一個非常好的大段的長期證書品牌學習以促進職業發展，我們' 傾入相當困難。

We'll go next now to Stephen Sheldon with William Blair.

接下來我們將與威廉布萊爾一起去斯蒂芬謝爾頓。

So the consistency of registered learner growth, I think, has been pretty notable. So it would be great to get some more detail on maybe 2 things. One, what's kind of working on the marketing side to support this and how you're finding learners or, I guess, maybe it's more that they're finding you? And then two, anything notable about the location and demographics of recent learner additions? Or has it been pretty broad-based?

因此，我認為註冊學習者增長的一致性非常顯著。因此，如果能在兩件事上獲得更多細節，那就太好了。一，在營銷方面有什麼工作來支持這一點，你是如何找到學習者的，或者，我猜，也許更多的是他們在尋找你？然後是兩個，關於最近添加的學習者的位置和人口統計數據有什麼值得注意的嗎？還是它的基礎相當廣泛？

Yes. I think that with respect to registered learner growth, it's been interesting to watch some of the other big announcements during this earnings season and those are -- those that are more subject to kind of stay-at-home activities, seeing some headwinds as I think the pandemic gets under more control and people go outside. And they're doing relatively fewer things online than they were doing during the midst of the lockdown. We are seeing some of the same things, too. I mean, I think that to some degree, the Consumer revenue growth does not reflect a lot more people coming to Coursera than, say, during the pandemic. I think it shows the kinds of things that are coming from -- the propensity to pay, the propensity to persist are higher.

是的。我認為就註冊學習者的增長而言，在這個財報季觀看其他一些重大公告很有趣，這些公告更受居家活動的影響，在我看到一些不利因素時認為大流行得到了更多控制，人們走出去。與封鎖期間相比，他們在網上做的事情相對較少。我們也看到了一些相同的事情。我的意思是，我認為在某種程度上，消費者收入的增長並沒有反映出來 Coursera 的人數比大流行期間多得多。我認為它顯示了來自的東西——支付的傾向，堅持的傾向更高。

That being said, what seems to be working has been what's working in the past. We do not spend very much money on paid marketing. We never have. Now you look at the content fees, and the reason we pay the content fees is we have these great partners with great brands who are investing money and building courses and putting it out there. The videos can be seen by individuals for free. That free high-quality content, just watching the videos, not the credentials, draws a lot of people to Coursera. And then also, the URLs, the authors of this content, have very high domain authority on search engines. And so when they back link to their courses, we enjoy some of that benefit.

話雖如此，似乎在起作用的是過去一直在起作用的東西。我們不會在付費營銷上花很多錢。我們從來沒有。現在你看看內容費用，我們支付內容費用的原因是我們有這些偉大的合作夥伴，他們擁有偉大的品牌，他們正在投資、建設課程並將其推出。個人可以免費觀看這些視頻。免費的高質量內容，只是看視頻，而不是證書，吸引了很多人到 Coursera。此外，該內容的作者 URL 在搜索引擎上具有非常高的域權限。因此，當他們反向鏈接到他們的課程時，我們會享受其中的一些好處。

And so I would say that SEO and other organic means of attracting learners continues to stay quite strong because we don't really want to be spending too many dollars in the paid media business because it's pretty tough out there to be buying customers these days.

所以我想說，搜索引擎優化和其他吸引學習者的有機手段繼續保持強大，因為我們真的不想在付費媒體業務上花太多錢，因為現在很難買到客戶。

You asked about the location. I don't think that there's really any major tilt in any region. Ken, you see anything on that?

你問了地點。我認為任何地區都沒有真正的重大傾斜。肯，你看到什麼了嗎？

Exactly. It's been fairly even across the board. I think the one thing I'd highlight is India and Asia Pac have been growing a little bit faster than the other 3, but it's been relatively evenly distributed, the overall growth.

確切地。總體來說還算平。我認為我要強調的一件事是印度和亞太地區的增長速度比其他三個要快一些，但總體增長相對均勻。

Got it. Yes, that's really helpful. And then just as a follow-up, I just would love an update on where you guys are at in terms of expanding the availability of local language content on the platform.

知道了。是的，這真的很有幫助。然後作為後續行動，我只想了解你們在擴大平台上本地語言內容的可用性方面的最新情況。

Yes. So there's a few different ways that we do that. The easiest -- the least expensive, highest volume way to do it is with machine learning. And there are certain language pairs that are easier to translate with machines. And there are certain domains that are easier to translate as well, where the language is more commonly used by people that the big cloud companies use to train all their algorithms.

是的。所以我們有幾種不同的方法來做到這一點。最簡單——成本最低、數量最多的方法是機器學習。還有一些語言對更容易用機器翻譯。還有一些更容易翻譯的領域，大型雲公司用來訓練所有算法的人更常用這種語言。

What we are mostly doing is creating subtitled language pairs using machine learning, and that is good and getting better. We have like 5,000 -- no, maybe 3,000 in Arabic. Most of those have been done through machines on the subtitle side. There are often cases where big institutional customers want the full course to be translated with a high degree of accuracy. In those cases, we'll use human translation services of the full course. That -- and that includes assessments and everything else. Those are a lot more expensive. I don't know that, that's ever going to become a really high scale activity for us. I think what you're going to find and what we're counting on is the machines get better and better and better, and the humans become less and less important in this process.

我們主要做的是使用機器學習創建字幕語言對，這很好並且越來越好。我們有 5,000 份——不，可能是 3,000 份阿拉伯語。其中大部分是通過字幕方面的機器完成的。在某些情況下，大型機構客戶希望以高精度翻譯完整課程。在這些情況下，我們將使用整個課程的人工翻譯服務。那 - 這包括評估和其他一切。那些要貴得多。我不知道，這對我們來說將成為一項非常大規模的活動。我認為你會發現以及我們所指望的是機器變得越來越好，而人類在這個過程中變得越來越不重要。

I will say, and this is as a strategic matter, the core part of our catalog with all these great global brands, most of whom teach in English, we're not going to try to replicate every major title natively in every language. That -- we just don't think that is very cost-effective. But also, it really forfeits the ability on quality and brand to do that. We'd much rather do translations of these big global brands and then supplement it with shorter-form native language content.

我會說，這是一個戰略問題，我們目錄的核心部分是所有這些偉大的全球品牌，其中大多數都用英語授課，我們不會嘗試用每種語言本地複制每個主要標題。那 - 我們只是不認為這是非常划算的。但是，它確實喪失了這樣做的質量和品牌能力。我們更願意翻譯這些全球大品牌，然後用較短的母語內容補充它。

And so what we've been doing more and more of that's working quite well is the big content, that longer-form branded content, we'll translate, subtitles. And then we'll pair it with native language, say, 30- to 60-minute hands-on projects by a subject matter expert in region who can crank out the local context with local tools and the local language, local businesses, et cetera. And we could do that at dramatically lower cost.

因此，我們一直在做的越來越有效的是大內容，我們將翻譯的較長形式的品牌內容，字幕。然後我們將它與母語配對，例如，由區域內的主題專家進行的 30 到 60 分鐘的動手項目，他們可以使用本地工具和本地語言、本地企業等來創建本地環境.我們可以以極低的成本做到這一點。

And so it's a bit of a bifurcated language strategy that we'll be taking on that counts a lot on machines to do better and better at this. So we feel pretty good about where we're going. We do think that these techniques will open up larger and larger markets with higher quality and low cost.

因此，我們將採用一種分叉的語言策略，這非常依賴於機器在這方面做得越來越好。所以我們對我們要去的地方感覺很好。我們確實認為這些技術將以更高的質量和更低的成本打開越來越大的市場。

We'll go next now to Brian Peterson with Raymond James.

接下來我們將與 Raymond James 一起討論 Brian Peterson。

So Jeff, there were a lot of partnerships that you guys announced this quarter, and the Michigan one is near and dear to my heart. But curious on, I guess, the breadth of the number of, I guess, university partnerships that you may look at for Degrees. And how has that changed versus a year or 2 ago? And I know you expanded or enhanced the Canvas partnership there. What do you think the impact could be of that enhanced data ingestion?

因此，傑夫，你們本季度宣布了很多合作夥伴關係，密歇根州的合作夥伴關係我心心念念。但是，我想，我想，你可能會為獲得學位而考慮的大學合作夥伴的數量的廣度感到好奇。與一年或兩年前相比，情況有何變化？我知道你在那裡擴大或加強了 Canvas 的合作夥伴關係。您認為增強的數據攝取可能會產生什麼影響？

Yes. It's interesting. But at a really big level, Brian, the basic idea, we made a strategic bet well before I got here 5 years ago. It was really Daphne and Andrew at the very beginning. When they launched Coursera, they launched Coursera with 5 universities. From its inception, Coursera has been an institutional play, and they believe that institutions have a number of things that they do well. One is, of course, having the resources and the brand to create high-quality content. But we're also finding obviously that institutions are a great way to reach a lot of people.

是的。這真有趣。但在一個非常大的層面上，布賴恩，基本理念是，在我 5 年前來到這里之前，我們就做出了戰略性的賭注。一開始真的是達芙妮和安德魯。當他們推出 Coursera 時，他們與 5 所大學一起推出了 Coursera。從一開始，Coursera 就一直是一個機構遊戲，他們相信機構有許多他們擅長的事情。一個當然是擁有資源和品牌來創造高質量的內容。但我們也很明顯地發現，機構是接觸很多人的好方法。

So the kinds of -- so we have lots of institutional partnerships. On the content side, it's the brands that -- and the institutions that create the content. On the distribution side, it is working with governments and also working at multiple levels. So we mentioned the Ministry of Education in Ukraine is connecting us with each academic institution in Ukraine that then connects us with learners who have been displaced in Ukraine. And then you can imagine which we see, let's say, in the Philippines, where we're working with government agencies who coordinate with businesses who coordinate with campuses to make sure that the educational policies and skill development is producing graduates that the businesses really want.

所以我們有很多機構合作夥伴關係。在內容方面，是品牌——以及創造內容的機構。在分銷方面，它正在與政府合作，並在多個層面開展合作。所以我們提到烏克蘭教育部正在將我們與烏克蘭的每個學術機構聯繫起來，然後將我們與在烏克蘭流離失所的學習者聯繫起來。然後你可以想像我們在菲律賓看到的情況，我們正在與政府機構合作，這些機構與企業協調，企業與校園協調，以確保教育政策和技能發展正在培養企業真正想要的畢業生.

So -- and what's happening now, what we're sort of seeing is more and more institutions are coming to us because they want to play in some part of this institutional ecosystem. On the authoring side, with these Professional Certificates, you can imagine with the great resignation and the interest in especially tech companies of training up developers and certifying them and also being known in multiple societies as job creators, they want to be in the education business. Of course, businesses who are helping upskill their employees are seeing a great competitive advantage to upskilling. And then campuses are like, "Yes, we're in the education business, too, and we got to move online."

所以 - 現在正在發生的事情，我們看到的是越來越多的機構來找我們，因為他們想在這個機構生態系統的某些部分發揮作用。在創作方面，有了這些專業證書，您可以想像，隨著極大的辭職和對培訓開發人員和認證他們的科技公司的興趣，以及在多個社會中被稱為就業創造者，他們想從事教育業務.當然，幫助員工提陞技能的企業看到了提陞技能的巨大競爭優勢。然後校園就像，“是的，我們也從事教育業務，我們必須搬到網上。”

So it's really a wide range of reasons why institutions are partnering with us. You mentioned the Degree partnerships. We are seeing more interest in Degrees more nationally. I think the U.S. was ahead of everybody else to some degree with online -- traditional online program managers. I think other countries post-pandemic are starting to see, "Wow, we should be offering online degrees as well." In India, there's a lot of regulatory support for creating online degree programs. And so we're seeing some tailwinds there.

因此，機構與我們合作的原因非常廣泛。你提到了學位合作夥伴關係。我們在全國范圍內看到了對學位的更多興趣。我認為美國在某種程度上領先於其他人在線 - 傳統的在線項目經理。我認為大流行後的其他國家開始看到，“哇，我們也應該提供在線學位。”在印度，創建在線學位課程有很多監管支持。所以我們在那裡看到了一些順風。

Canvas is a different kind of sort of institutional relationship where we're really looking at the ability to more easily allow institutions to get content that they created in one system to get it into our system. And so that's really more about lower cost and faster hosting -- publishing of content on Coursera because it was created on one platform that we can just ingest it more quickly and get it available to learners on the Coursera platform.

Canvas 是一種不同類型的機構關係，我們真正著眼於讓機構更輕鬆地獲取他們在一個系統中創建的內容並將其輸入我們的系統的能力。所以這實際上更多的是關於更低的成本和更快的託管——在 Coursera 上發佈內容，因為它是在一個平台上創建的，我們可以更快地攝取它，並在 Coursera 平台上將其提供給學習者。

Understood. And maybe just a follow-up there on Coursera for Government. You mentioned some more large wins this quarter. I'm curious, how many of those like large or, let's call it, 6-figure learners are in the platform? Are those -- I guess, are we seeing more of these large deals like go up in the pipeline? I'm just curious to get your thoughts there.

明白了。也許只是 Coursera for Government 的後續活動。你提到了本季度的一些更大的勝利。我很好奇，平台中有多少像大的或者，我們稱之為六位數的學習者？那些——我猜，我們是否看到更多類似的大宗交易正在籌備中？我只是想知道你的想法。

Yes. I do think that part of what's happening -- I mean, we could talk about institutions kind of one institution at a time. With certain universities, the university will do a deal with us, and each school has a different dean. And they'll sometimes start with one school. And like a business school will say, "Hey, I need to teach my business school students Java and computer science." Well, the professors over the other school aren't really available to teach those students. And so we're seeing a lot of multidisciplinary applications within the university.

是的。我確實認為正在發生的事情的一部分——我的意思是，我們可以一次討論一個機構的機構。與某些大學，大學會和我們做交易，每所學校都有不同的院長。他們有時會從一所學校開始。就像商學院會說，“嘿，我需要教我的商學院學生 Java 和計算機科學。”嗯，其他學校的教授真的沒空教那些學生。所以我們在大學裡看到了很多多學科的應用。

On the government side, what's interesting is you take a set of institutions like academic institutions, and those things are a system, a higher education system. And so what we're starting to see is not only institutional leverage and change, but system-level leverage and change, where a Ministry of Education can say, "Hey, I want to try to upgrade 50 institutions at once. I'm going to change policy. I'm going to help support this financially, and I want to make sure that my entire higher ed system is starting to avail themselves of the kinds of workforce development and other job-related skilling that you guys can do online that maybe my system of higher education would take longer to accomplish."

在政府方面，有趣的是你有一套像學術機構這樣的機構，那些東西是一個系統，一個高等教育系統。所以我們開始看到的不僅僅是製度層面的槓桿和變化，還有製度層面的槓桿和變化，教育部可以說，“嘿，我想嘗試一次升級 50 所機構。我是將改變政策。我將在經濟上提供支持，我想確保我的整個高等教育系統開始利用你們可以在線進行的勞動力發展和其他與工作相關的技能也許我的高等教育系統需要更長的時間才能完成。”

And that systems-level change is where we're seeing the MOEs, the Ministers of Education, come more into the picture. And yes, we are -- this is -- like this is a pretty interesting phenomenon. And it really -- I think we are seeing an unrelenting pace of acceleration in digitization in the world. And institutions, including institutions that are responsible for systems of institutions, are saying "We need to move more quickly to be responsive to this global change." And we are -- again, we're leaning right into that.

這種系統層面的變化是我們看到教育部、教育部長更多地參與其中的地方。是的，我們是——這是——就像這是一個非常有趣的現象。真的 - 我認為我們正在看到世界數字化加速的無情步伐。機構，包括負責機構系統的機構，都在說：“我們需要更快地採取行動，以應對這一全球變化。”而且我們 - 再次，我們正傾向於這樣做。

We go next now to Eric Sheridan with Goldman Sachs.

我們現在去高盛的埃里克謝里登。

Maybe I wanted to follow up on the conversation from last quarter where you talked about wanting to lean in against investments for the longer term because you continue to see the opportunity set continue to expand, and you talked a lot about the learner base and how that creates a flywheel effect. Can we get an update on how you're thinking about balancing investments versus harvesting for profitability against the growth opportunity for the long term? We noticed that continues to come up as a pretty consistent investor debate broadly across all of technology. But I wanted to bring it back to what we talked about last quarter thematically.

也許我想跟進上個季度的對話，您談到希望長期依靠投資，因為您繼續看到機會集繼續擴大，並且您談到了很多關於學習者基礎以及如何做到這一點產生飛輪效果。我們能否獲得有關您如何考慮平衡投資與收穫以獲取盈利能力與長期增長機會的最新信息？我們注意到，在所有技術領域中，投資者一直在爭論這一點。但我想把它帶回到我們上個季度主題討論的內容。

Yes. Sure, Eric. And I'll start kind of with the way we're thinking about it. And then, Ken, you can maybe just go through what that might imply for some of the ratios. But we are continuing to invest in the longer term. Ken and I have a very like mind, as does the Board. We just met with the Board yesterday, I think. We had a Board meeting. We all want to make sure that we're pacing ourselves for growth. I mean, we want to invest when we know that there's going to be a reasonable time frame and a reasonable certainty of path on that growth. We are growing well. So we're continuing to invest fairly aggressively.

是的。當然，埃里克。我將從我們的思考方式開始。然後，肯，你也許可以簡單地了解一下這對某些比率可能意味著什麼。但我們將繼續進行長期投資。 Ken 和我的想法非常相似，董事會也是如此。我想，我們昨天剛剛與董事會會面。我們召開了董事會會議。我們都想確保我們正在為自己的成長步調。我的意思是，當我們知道將有一個合理的時間框架和合理的增長路徑確定性時，我們想投資。我們成長得很好。因此，我們將繼續相當積極地進行投資。

You look at our R&D as a percentage of revenue, you compare it with a lot of other folks, we're not just a content company. Like we don't think that content is going to be the way that you win. It's content. It's credentials. It's content from big brands. And it's also a lot of technology that supports sort of institutional-scale administration, measurement of skills, benchmarking of skills and things like that. We are -- Brian mentioned Michigan. We are starting to lean into some new pedagogies associated with VR and XR technologies. Of course, we're investing in sales force because we see a big opportunity across many regions and business and government and campus. So that's a pretty big investment there.

您將我們的研發視為收入的百分比，將其與許多其他人進行比較，我們不僅僅是一家內容公司。就像我們認為內容不會成為您獲勝的方式一樣。是內容。是憑據。它的內容來自大品牌。還有很多技術支持某種機構規模的管理、技能測量、技能基準測試等。我們是——布賴恩提到了密歇根。我們開始傾向於一些與 VR 和 XR 技術相關的新教學法。當然，我們正在投資於銷售隊伍，因為我們看到了許多地區、企業、政府和校園的巨大機會。所以這是一個相當大的投資。

But I would say, maybe I'll turn it over to Ken, that we're trying to invest in those areas of most growth. Some of them like this XR were a little bit ahead, and it might not pay off for a while. We think we can afford to do this. And Ken, maybe you could just talk a little bit about what that might mean for some of the operating margins and percentage of revenue as we go through the year.

但我會說，也許我會把它交給肯，我們正試圖投資於那些增長最快的領域。他們中的一些人喜歡這個 XR 有點領先，而且可能暫時不會有回報。我們認為我們有能力做到這一點。肯，也許你可以談談這對我們這一年的一些營業利潤率和收入百分比可能意味著什麼。

Sure. No. And I'll do -- because we never stop reminding on how we think about and how we manage the company for profitability. It's based on an EBITDA margin for the year. And so we continue to evaluate our investment opportunities during the year. We spend more or less in a given quarter. And we tend to update that. As you know and as we exhibited last year, but it was true even when we were a private company, we tend to, throughout the year, make adjustments to get to the final goal.

當然。不。我會這樣做——因為我們從未停止提醒我們如何思考以及如何管理公司以實現盈利。它基於當年的 EBITDA 利潤率。因此，我們在這一年繼續評估我們的投資機會。我們在特定季度的支出或多或少。我們傾向於更新它。如您所知，正如我們去年展出的那樣，但即使我們是一家私營公司，我們也傾向於在全年進行調整以達到最終目標。

As we look at some of the opportunity, and to Jeff's point, I think the most important thing is we don't want to constrain the growth. But we're certainly building the business to scale. It's incredibly important. As Jeff said, we're in complete alignment in how to think about that, as is the Board. And we're getting to a point where the scale is going to start to create margin expansion whether we want it or not.

當我們看到一些機會時，就傑夫而言，我認為最重要的是我們不想限制增長。但我們肯定在建立業務以擴大規模。這非常重要。正如 Jeff 所說，我們在如何考慮這一點上完全一致，董事會也是如此。而且我們已經到了這樣一個地步，無論我們是否願意，規模都將開始創造利潤擴張。

And so I do think we're going to see more scaling as we go into next year, and we'd consider this year, if we continue to overachieve as we did in the past. But it's -- we don't want to commit to any of that on the front end because if there's growth opportunity there where we can have meaningful competitive advantage and start to win these markets, we'll continue to invest. Again, expect improvement no matter what, but it's just the rate of improvement that we're going to monitor and really maximize around the growth.

所以我確實認為，隨著我們進入明年，我們會看到更多的擴展，我們會考慮今年，如果我們繼續像過去那樣超額完成。但我們不想在前端做出任何承諾，因為如果那裡有增長機會，我們可以擁有有意義的競爭優勢並開始贏得這些市場，我們將繼續投資。同樣，無論如何都期待改進，但這只是我們要監控的改進速度，並真正圍繞增長實現最大化。

And ladies and gentlemen, we have time for one further question this afternoon. And that question will come from Ryan MacDonald with Needham.

女士們，先生們，我們今天下午有時間再提問一個問題。這個問題將來自 Ryan MacDonald 和 Needham。

Congrats on a great quarter. Impressive to look at the reiteration of the outlook despite a 2-point headwind to growth given the macro environment here. I'd be curious, maybe for Ken as well, to understand how you think about the 3 segments of growth. I believe last quarter, we talked about sort of 20%, 50% and 20% across the 3 segments. Obviously, some strong outperformance on the Consumer side. But maybe you can perhaps give us an update and if there's any updated thoughts on how you think of that segment to growth rate. And perhaps maybe what segments are expected to feel the brunt of that headwind?

祝賀一個偉大的季度。儘管考慮到這裡的宏觀環境，增長面臨 2 個百分點的阻力，但對前景的重申令人印象深刻。我很想知道，也許肯也是，想了解您如何看待增長的三個部分。我相信上個季度，我們談到了 3 個部分的 20%、50% 和 20%。顯然，在消費者方面有一些強勁的表現。但也許你可以給我們一個更新，如果你對這個細分市場的增長率有任何更新的想法。也許預計哪些細分市場會受到這種逆風的衝擊？

Sure. Well, relevant question. As we rolled out some guidance, to try to be helpful for everybody as they put models together for the year so that you were in our shoes and knew how you thought about our view on the different segments, one of the things I think we emphasized was we didn't expect to have ongoing 3-segment guidance. But we can still give you a little color because it's been consistent with what we have expected. We've continued to do great on the Consumer side. It's kind of the standout in the space, frankly. Enterprise continues to be a robust market. We're really excited about each of the 3 subverticals and what they're doing there. Degrees has not been as strong from a growth perspective, but we told you that was going to be the case last quarter.

當然。好吧，相關的問題。當我們推出一些指導時，試圖幫助每個人，因為他們將一年的模型放在一起，這樣你就站在我們的立場上，知道你如何看待我們對不同細分市場的看法，這是我認為我們強調的事情之一我們沒想到會有持續的 3 段指導。但是我們仍然可以給你一點顏色，因為它與我們的預期一致。我們繼續在消費者方面做得很好。坦率地說，這是該領域的佼佼者。企業仍然是一個強勁的市場。我們對這 3 個 subverticals 中的每一個以及他們在那裡所做的事情都感到非常興奮。從增長的角度來看，學位並沒有那麼強勁，但我們告訴過你，上個季度情況就是如此。

So nothing's changed. What we said on the Degrees side specifically is that the first 2 quarters, we expect it to be slower and then approximately a 20% growth rate for the year, plus or minus. Again, we won't reiterate guidance. But I think in the near term, it will be shorter. But that's how I think we're feeling similar to where we were 3 months ago. It's early in the year.

所以什麼都沒有改變。我們在度數方面具體說的是，前兩個季度，我們預計它會變慢，然後全年增長率約為 20%，正負。同樣，我們不會重申指導。但我認為在短期內，它會更短。但這就是我認為我們與 3 個月前的感覺相似的方式。現在是年初。

And Mr. MacDonald, did you have anything further, sir? We lost your audio.

還有麥克唐納先生，先生，您還有什麼要說的嗎？我們丟失了您的音頻。

So we can wrap up the Q&A for today. Great. So a replay of the webcast will be available on our Investor Relations website, along with the transcript in the next 24 hours. We appreciate you joining us today.

所以我們可以結束今天的問答。偉大的。因此，我們的投資者關係網站上將提供網絡直播的重播，以及接下來 24 小時內的文字記錄。感謝您今天加入我們。

And again, ladies and gentlemen, thank you for joining us, and that will conclude today's Coursera's First Quarter 2022 Earnings Conference Call. You may now disconnect.

女士們，先生們，再次感謝您加入我們，今天的 Coursera 2022 年第一季度收益電話會議將結束。您現在可以斷開連接。