Nerdy Inc (NRDY) 2023 Q4 法說會逐字稿

Hello, everyone. Thank you for attending today's Nerdy Incorporated fourth-quarter 2023 earnings call. My name is Sierra, and I'll be your moderator today. (Operator Instructions)

大家好。感謝您參加今天的 Nerdy Incorporated 2023 年第四季財報電話會議。我叫 Sierra，今天我將擔任你們的主持人。（操作員說明）

I would now like to pass the conference over to our host, TJ Lynn, Associate General Counsel of Nerdy.

現在我想將會議交給我們的東道主 TJ Lynn，Nerdy 的副總法律顧問。

Good afternoon, and thank you for joining us for Nerdy fourth-quarter 2023 earnings call. With me are Chuck Cohn, Founder, Chairman, and Chief Executive Officer of Nerdy; and Jason Pello, Chief Financial Officer.

下午好，感謝您參加我們的 Nerdy 2023 年第四季財報電話會議。和我在一起的還有 Nerdy 的創辦人、董事長兼執行長 Chuck Cohn；和財務長賈森·佩洛。

Before I turn the call over to Chuck, I'll remind everyone that this discussion will contain forward-looking statements including, but not limited to expectations with respect to Nerdy's future financial and operating results, strategy, opportunities, plans, and outlook.

在我把電話轉給 Chuck 之前，我要提醒大家，這次討論將包含前瞻性陳述，包括但不限於對 Nerdy 未來財務和營運績效、策略、機會、計劃和前景的預期。

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Any forward-looking statements are made as of today's date and Nerdy does not undertake or accept any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in expectations or any change in events conditions or circumstances on which any such statement is based.

這些前瞻性陳述涉及重大風險和不確定性，可能導致實際結果與預期結果有重大差異。任何前瞻性陳述均截至今日作出，Nerdy 不承擔或接受任何義務公開發布任何前瞻性陳述的任何更新或修訂，以反映預期的任何變化或事件條件或情況的任何變化。這樣的說法是有根據的。

Please refer to the disclaimers in today's shareholder letter announcing Nerdy's fourth-quarter results and the company's filings with the SEC for a discussion of the risks. Not all of the financial measures that we will discuss today are prepared in accordance with GAAP. Please refer to today's shareholder letter for reconciliations of these non-GAAP measures.

請參閱今天宣布 Nerdy 第四季度業績的股東信中的免責聲明以及該公司向 SEC 提交的文件，以了解有關風險的討論。並非我們今天討論的所有財務指標都是根據公認會計準則制定的。請參閱今天的股東信，以了解這些非公認會計原則措施的調節。

With that let me turn the call over to Chuck.

讓我把電話轉給查克。

Thanks, TJ, and thank you to everyone for joining us today. We entered 2023 with three primary goals that included scaling always-on subscription and access-based revenue products, driving profitability, and leveraging AI for HI, or artificial intelligence for human interaction to transform how people learn.

謝謝 TJ，也謝謝大家今天加入我們。進入 2023 年，我們的三個主要目標包括擴展始終在線的訂閱和基於訪問的收入產品、提高盈利能力以及利用人工智能進行 HI 或人工智能進行人機交互來改變人們的學習方式。

I'm proud of the Nerdy team for delivering against all three of these commitments, which were accomplished through the tight execution against ambitious initiatives in both our consumer and institutional businesses over the past year. These include completing the evolution to subscription-based offerings, the simplification of our product operating model and pricing, enhancements to our offerings including the launch of multiple new scalable products, and durable improvements in the efficiency of our operating model.

我為 Nerdy 團隊兌現了所有這三項承諾而感到自豪，這些承諾是透過去年在我們的消費者和機構業務中嚴格執行雄心勃勃的計劃而實現的。其中包括完成向基於訂閱的產品的演變、簡化我們的產品運營模式和定價、增強我們的產品（包括推出多種新的可擴展產品）以及持久改進我們的運營模式的效率。

As a result of this work, revenue accelerated each quarter to 32% year-over-year growth in the fourth quarter. Non-GAAP adjusted EBITDA margin improved by approximately 2,100 basis points year over year, representing a $33.2 million improvement in profitability or 108% flow through from revenue to non-GAAP adjusted EBITDA.

這項工作的結果是，第四季的營收每季都加速成長，年增 32%。非 GAAP 調整後 EBITDA 利潤率年增約 2,100 個基點，意味著獲利能力提高了 3,320 萬美元，即收入流向非 GAAP 調整後 EBITDA 的流量達 108%。

Our progress evolving and enhancing converging our consumer and institutional business model, product, and platform has set the stage for us to build from a solid foundation for growth. It's also enabled us to develop a freemium growth strategy that aims to introduce our products to consumers and institutions at a larger scale than ever before.

我們在整合消費者和機構業務模式、產品和平台方面不斷發展和加強，為我們奠定堅實的成長基礎奠定了基礎。它還使我們能夠制定免費增值成長策略，旨在以前所未有的規模向消費者和機構介紹我們的產品。

I wanted to start off by sharing the following retrospective in relation to our three primary goals from 2023. During the year, we successfully transitioned 100% of our consumer business to learning memberships.

首先，我想分享以下與 2023 年起我們的三個主要目標相關的回顧。這一年，我們成功將消費業務100%轉型為學習會員制。

Market acceptance and demand for learning memberships was strong throughout the year, with new consumer customer growth of 26% year over year, resulting in us ending the year with 40,700 active learners, up 101% year over year.

全年市場接受度和學習會員需求強勁，新消費客戶年增 26%，截至年底，我們的活躍學習者數量達到 40,700 名，年增 101%。

We also made significant platform enhancements that have enabled us to shift our institutional business to access-based subscription models that we believe provide more value to our institutional customers. This new model was made possible by the unification and overall our consumer learning membership experience, which then allowed for us to scalably offer our suite of products including those originally built for consumer audiences to K-12 schools and other institutions.

我們還對平台進行了重大改進，使我們能夠將我們的機構業務轉向基於存取的訂閱模式，我們相信這種模式可以為我們的機構客戶提供更多價值。這種新模式是透過統一和整體的消費者學習會員體驗而實現的，這使我們能夠規模化地提供我們的產品套件，包括最初為 K-12 學校和其他機構的消費者受眾構建的產品。

During the year, Varsity Tutors for Schools contracted with nearly 200 school districts, delivering [$37.6 million] of bookings, an increase of $12.8 million or 52% compared to the previous year. Institutional revenue of $33.8 million increased 77% year over year and represented 17% of consolidated recognized revenue in 2023, ahead of our initial 15% expectation to start the year.

年內，Varsity Tutors for Schools 與近 200 個學區簽訂了合同，交付了 [3,760 萬美元]的預訂，比上一年增加了 1,280 萬美元，即 52%。機構收入為 3,380 萬美元，年增 77%，佔 2023 年合併確認收入的 17%，高於我們年初預期的 15%。

This level of institutional growth occurred while launching two new products and shifting the business model products and platform to one that involves access-based subscription offerings focused on a subset of students requiring tutoring. And then also providing every student in that district with access to our suite of powerful learning resources at no additional cost.

這種程度的機構成長是在推出兩種新產品並將商業模式產品和平台轉變為涉及基於訪問的訂閱產品（專注於需要輔導的學生子集）的產品和平台時發生的。然後還為該地區的每個學生提供我們強大的學習資源套件，無需額外費用。

Strong adoption of learning memberships and customer lifetime value expansion in our consumer business, coupled with continued scaling of our institutional business, led to accelerating consolidated revenue growth each quarter throughout the years we delivered year-over-year growth of 5% in Q1, 16% in Q2, 27% in Q3, and 32% in Q4.

在我們的消費者業務中大力採用學習會員資格和客戶終身價值擴張，加上我們機構業務的持續擴展，導致我們在16 年第一季度實現了5% 的同比增長，多年來每個季度的綜合營收加速成長第二季為 %，第三季為 27%，第四季為 32%。

A year ago as we headed into 2023, we believed the transition to a learning membership model would lead to more attractive unit-level economics, broader customer appeal, longer duration, and higher lifetime value customer relationships, higher growth margin, and a more scalable and efficient operating model.

一年前，當我們邁入2023 年時，我們相信向學習型會員模式的過渡將帶來更具吸引力的單位級經濟效益、更廣泛的客戶吸引力、更長的持續時間和更高的終身價值客戶關係、更高的成長率和更具可擴展性和高效的營運模式。

We also thought that learning memberships would serve as an easier platform from which to drive innovation and incremental growth given our ability to add new product capabilities into the existing all-access subscription offering, thereby making the offerings more appealing and engaging. We expected this to drive both the conversion of new members and the retention of existing ones.

我們還認為，鑑於我們有能力將新產品功能添加到現有的全訪問訂閱產品中，學習會員資格將成為一個更容易推動創新和增量增長的平台，從而使產品更具吸引力和吸引力。我們預計這將推動新成員的轉變和現有成員的保留。

We also believe that if we built access-based subscription products and made investments in automation, self-service capabilities, and AI, that we could simplify operations and simultaneously enhance both the learner and expert experience. I'm pleased to say that our belief that the transition to subscription revenue relationships with customers would provide substantial operating leverage has proven to be correct.

我們也相信，如果我們建立基於存取的訂閱產品並在自動化、自助服務功能和人工智慧方面進行投資，我們就可以簡化操作並同時增強學習者和專家的體驗。我很高興地說，我們相信向客戶提供訂閱收入關係的轉變將提供巨大的營運槓桿，這一信念已被證明是正確的。

During 2023, we were able to deliver adjusted EBITDA margin leverage across every P&L line item on a year-over-year basis. At the start of the year, we expected a non-gap adjusted EBITDA loss in the range of $10 million to breakeven for the full year in 2023 and that we would be adjusted EBITDA positive in the fourth quarter.

2023 年，我們能夠逐年為每個損益項目提供調整後的 EBITDA 利潤率槓桿。今年年初，我們預計 2023 年全年未缺口調整後的 EBITDA 虧損將在 1000 萬美元左右，以達到盈虧平衡，並且我們將在第四季度調整後的 EBITDA 為正值。

Against this commitment, we delivered adjusted EBITDA profitability in the first and second quarter, a full nine months ahead of our initial goal. We also delivered adjusted EBITDA profitability of $3 million in the fourth quarter, ending the full year with an adjusted EBITDA loss of $2.5 million versus an adjusted EBITDA loss last year of $35.7 million. That improvement of $33.2 million in 2023 versus 2022 represents an adjusted EBITDA margin improvement of approximately 2,100 basis points year over year.

根據這項承諾，我們在第一季和第二季實現了調整後的 EBITDA 獲利能力，比我們最初的目標提前了整整九個月。我們還在第四季度實現了 300 萬美元的調整後 EBITDA 盈利能力，全年結束時調整後 EBITDA 虧損為 250 萬美元，而去年調整後 EBITDA 虧損為 3570 萬美元。2023 年較 2022 年增加 3,320 萬美元，調整後 EBITDA 利潤率年增約 2,100 個基點。

Said another way, we delivered consolidated revenue growth of $30.7 million in 2023 versus the prior year. And at the same time, we're able to generate a full-year improvement of $33.2 million representing a 108% flow through of consolidated revenue growth to non-gap adjusted EBITDA. We believe these substantial improvements position us for adjusted EBITDA profitability and being operating cash flow positive for the full year in 2024 and beyond.

換句話說，我們 2023 年的綜合收入比前一年成長了 3,070 萬美元。同時，我們全年實現了 3,320 萬美元的成長，這意味著合併收入成長的 108% 轉化為非缺口調整後 EBITDA。我們相信，這些實質改善將使我們能夠實現調整後的 EBITDA 獲利能力，並在 2024 年及以後的全年實現正營運現金流。

In relation to our third goal in 2023, we've long believed that AI for HI or artificial intelligence for human interaction has the ability to transform how people learn. AI has been central to our ability to improve quality, enhance personalization, and decrease the cost of delivering our offerings. AI powers our ability to identify the highest quality experts, assess learners' foundational knowledge, help ensure the right expert learner match, and drive operational efficiency.

關於 2023 年的第三個目標，我們長期以來一直相信，用於 HI 的人工智慧或用於人類互動的人工智慧有能力改變人們的學習方式。人工智慧對於我們提高品質、增強個人化和降低產品交付成本的能力至關重要。人工智慧使我們能夠識別最高品質的專家、評估學習者的基礎知識、幫助確保正確的專家學習者匹配並提高營運效率。

During the year, our investments in AI allowed for us to rapidly develop learning experiences involving the real-time generation of content with near zero costs, improve our ability to deliver live human interaction, and personalized learning at scale, provide new superpowers to experts and learners on the platform, and allowed us to remove substantial operating costs from our business.

這一年裡，我們對人工智慧的投資使我們能夠以接近零的成本快速開發涉及即時生成內容的學習體驗，提高我們提供即時人機互動和大規模個人化學習的能力，為專家和學生提供新的超能力。平台上的學習者，使我們能夠消除業務中的大量營運成本。

Our continued investments in AI for HI allowed us to launch an all-new membership experience, making it easier for learners to more fully engage with their learning membership by improving product discovery and personalization. We also successfully launched multiple AI-driven solutions that positively impact the customer experience, including an AI-generated lesson plan creator, AI-driven chat tutoring, and AI-generated learning content, including practice problems and Q&A. Looking ahead, AI will continue to accelerate our efforts to deliver a compelling product experience and build the leading platform for connecting learners and experts in any subject anywhere and at any time.

我們對 HI 人工智慧的持續投資使我們能夠推出全新的會員體驗，透過改進產品發現和個人化，讓學習者更輕鬆地更充分地參與他們的學習會員。我們還成功推出了多種人工智慧驅動的解決方案，對客戶體驗產生積極影響，包括人工智慧生成的課程計劃創建器、人工智慧驅動的聊天輔導以及人工智慧生成的學習內容（包括練習題和問答）。展望未來，人工智慧將繼續加快努力，提供引人注目的產品體驗，並建立領先的平台，隨時隨地連接任何學科的學習者和專家。

Turning to our recent performance, I'm pleased to share that in the fourth quarter, we delivered $55.1 million of revenue, an increase of 32% year over year, capping the year by delivering accelerating sequential growth each quarter in 2023. Revenue growth was driven by both our consumer and institutional businesses, which were up 17% and 160% year over year, respectively.

談到我們最近的業績，我很高興與大家分享，第四季度我們實現了 5510 萬美元的收入，同比增長 32%，通過在 2023 年每個季度實現加速的環比增長來結束這一年。收入成長由我們的消費者和機構業務推動，分別年增 17% 和 160%。

New consumer customer growth of 35% year over year in the fourth quarter remains strong. Awarding membership customer lifetime values continue to show substantial improvements relative to our old package model. We delivered record quarterly gross profit of $39.2 million in the fourth quarter, an increase of 33% year over year. We delivered adjusted EBITDA of positive $3 million in the fourth quarter, above our guidance range of break-even, resulting in adjusted EBITDA margin improvements of approximately 1,900 basis points year over year for the quarter.

第四季新消費客戶年增35%依然強勁。相對於我們舊的套餐模式，授予會員客戶終身價值繼續顯示出顯著的改進。第四季我們實現了創紀錄的季度毛利 3,920 萬美元，年增 33%。我們第四季的調整後 EBITDA 為正 300 萬美元，高於我們的損益平衡指引範圍，導致該季度調整後 EBITDA 利潤率年增約 1,900 個基點。

Moving on to our consumer business, our learning membership model continues to lead to more attractive, unit-level economics, broader customer appeal, longer duration, higher lifetime value customer relationships, higher gross margin, and a more scalable and efficient operating model. The recently introduced My Learning Hub and Subject Portals, which enrich the experience and improve the discoverability of learning formats and subjects, are leading to increasing levels of year-over-year non-seeking engagement, which we found is highly predictive of stronger long-term retention and higher lifetime value.

轉向我們的消費者業務，我們的學習會員模式繼續帶來更具吸引力的單位級經濟效益、更廣泛的客戶吸引力、更長的持續時間、更高的終身價值客戶關係、更高的毛利率以及更具可擴展性和效率的營運模式。最近推出的「我的學習中心」和「主題入口網站」豐富了學習形式和主題的體驗並提高了可發現性，導致非尋求性參與度逐年提高，我們發現這高度預示著更強的長期學習能力。期限保留和更高的終身價值。

During the fourth quarter, we began to test additional product offering tiers by grouping product capabilities and testing multiple price points to identify a pricing model with mass market appeal and deliver the right customer experience and learning support to every student. We also tested multiple self-service features aimed at enhancing and simplifying user experience. These tests, often involving lower average revenue per month or ARPM products, decreased ending ARPM in the quarter, but it provided our teams with multiple signals in the consumer intent, preferences, and behavior that informed our initial approach to a consumer freemium model.

在第四季度，我們開始透過對產品功能進行分組並測試多個價格點來測試其他產品供應層，以確定具有大眾市場吸引力的定價模型，並為每個學生提供正確的客戶體驗和學習支持。我們也測試了多項旨在增強和簡化使用者體驗的自助服務功能。這些測試通常涉及較低的每月平均收入或ARPM 產品，降低了本季的最終ARPM，但它為我們的團隊提供了消費者意圖、偏好和行為方面的多個訊號，這些訊號為我們對消費者免費增值模式的初步方法提供了資訊。

Turning our attention to our institutional business and Varsity Tutors for Schools, over the course of 2023, we made significant platform enhancements that have enabled us to shift our institutional business to one that is access- and subscription-based and one that provides more value to our institutional customers.

將我們的注意力轉向我們的機構業務和學校校隊導師，在2023 年期間，我們對平台進行了重大改進，使我們能夠將我們的機構業務轉變為基於訪問和訂閱的業務，並為學生提供更多價值。我們的機構客戶。

Our relationship with Varsity Tutors for Schools now comes with access to a broad range of powerful academic resources for an entire district, as well as the ability to choose between three simple models for high-dose tutoring, with district-assigned, teacher-assigned, and parent-assigned.

我們與學校校隊輔導員的關係現在可以讓我們獲得整個學區廣泛而強大的學術資源，並且能夠在三種簡單的高劑量輔導模式之間進行選擇，包括學區分配、教師分配、和父母分配的。

With Varsity Tutors for Schools, our institutional customers can now choose to administer tutoring centrally at the school district level, empower teachers to manage tutoring interventions, or provide parents with learning memberships and oversee tutoring outside of schools for their own students. The breadth of the resources included in the platform allows us to serve a much broader set of needs for our institutional customers and greatly expands the number of students we can impact.

借助學校校導師，我們的機構客戶現在可以選擇在學區級別集中管理輔導，授權教師管理輔導幹預，或為家長提供學習會員資格並監督自己學生的校外輔導。該平台所包含資源的廣度使我們能夠滿足機構客戶更廣泛的需求，並大大擴大了我們可以影響的學生數量。

Our focus on product expansion is yielding results, with institutional revenue of $11.3 million, increasing 160% year over year and representing 21% of total revenue in the fourth quarter. Varsity Tutors for Schools executed 42 paid contracts in the fourth quarter, yielding $10.3 million of bookings, the third consecutive quarter with more than $10 million of bookings.

我們對產品擴張的關注正在取得成果，機構收入為 1,130 萬美元，年增 160%，佔第四季總收入的 21%。Varsity Tutors for Schools 在第四季度簽署了 42 份付費合同，產生了 1,030 萬美元的預訂，連續第三個季度超過 1,000 萬美元的預訂。

In addition to the high dosage models that are typically focused on a subset of students within a school district, access to the Varsity Tutors' platform is now provided for all students district-wide, enabling us to provide more value to the school district and its students and families.

除了通常專注於學區內部分學生的高劑量模型外，現在還為學區範圍內的所有學生提供對大學導師平台的訪問，使我們能夠為學區及其周邊地區提供更多價值學生和家庭。

For example, take a school district with 100,000 students focusing its high-dose tutoring on 1,000 students within the district. The other 99,000 students will now also receive access to products including: 24/7 on-demand chat-based tutoring; on-demand essay review; more than 100 live group classes per week in areas including enrichment, test prep, and academic subjects; our star courses; our self-study tools; our college and career readiness resources; our adaptive assessments; our recorded enrichment classes and test prep classes; and more at no additional cost.

例如，以一個擁有 10 萬名學生的學區為例，該學區的高強度輔導集中在學區內的 1,000 名學生。其他 99,000 名學生現在也可以獲得以下產品，包括： 24/7 按需聊天輔導；按需論文評審；每週超過 100 個現場小組課程，內容包括密集課程、準備和學術科目；我們的明星課程；我們的自學工具；我們的大學和職業準備資源；我們的適應性評估；我們錄製的密集課程和考試準備課程；以及更多內容，無需額外付費。

In many cases, districts were and are paying large amounts of money for these services. And they can now direct those cost savings towards live video-based, high-dosage tutoring from Varsity Tutors for Schools. We are now leaning into this interest and recently began making access to the Varsity Tutors platform available at no cost to school districts on a rolling state-by-state basis across the US.

在許多情況下，各地區過去和現在都為這些服務支付了大量資金。現在，他們可以將節省的成本用於學校大學導師提供的基於即時視訊的高劑量輔導。我們現在正關注這項興趣，最近開始向全美各州的學區免費提供 Varsity Tutors 平台的存取權限。

By providing this robust set of academic resources at no cost, we aim to efficiently build trust and credibility at scale and earn the right to be considered for live video-based high-dose tutoring, which is our superpower and the primary way we intend to monetize these relationships over time.

透過免費提供這套強大的學術資源，我們的目標是有效地大規模建立信任和信譽，並獲得被考慮進行基於視訊的即時高劑量輔導的權利，這是我們的超能力，也是我們打算的主要方式隨著時間的推移，將這些關係貨幣化。

Initial interest has been strong with more than 250 districts representing more than 1 million students signing up and offering access to their students. The level of initial uptake and success has caused us to invest significant organizational resources towards this initiative and enabling a successful Q1 '24 launch. These efforts include a specific focus on platform scalability and building the freemium upsell go-to-market motion of high-dosage tutoring sales to K-12 school districts, as we build trust and credibility with these new no-cost access partners.

最初的興趣非常濃厚，超過 250 個學區代表超過 100 萬名學生註冊並為學生提供訪問權限。最初的採用和成功程度促使我們為這項措施投入了大量的組織資源，並在 24 年第一季成功啟動。這些努力包括特別關注平台可擴展性，以及在我們與這些新的免費訪問合作夥伴建立信任和信譽的同時，向 K-12 學區建立高劑量輔導銷售的免費增值追加銷售進入市場行動。

Turning our attention to 2024. We have three main priorities that aim to further our mission of helping people learn. First, we will scale the winning product for every learner. As we continue to evolve and enhance our product offerings within our new access-based subscription models, our focus remains on delivering enhanced value to both consumer and institutional customers.

將我們的注意力轉向 2024 年。我們有三個主要優先事項，旨在進一步推進我們幫助人們學習的使命。首先，我們將為每個學習者擴展獲勝產品。隨著我們在新的基於訪問的訂閱模式中不斷發展和增強我們的產品，我們的重點仍然是為消費者和機構客戶提供更高的價值。

In 2023, we successfully unified our offerings into access-based subscription models and leveraged AI to improve our products. We will build upon this strong foundation in 2024 to scale our platform and reach more learners across more learning needs.

2023 年，我們成功地將我們的產品統一為基於存取的訂閱模式，並利用人工智慧來改進我們的產品。2024 年，我們將在此堅實的基礎上擴展我們的平台，並滿足更多學習者的更多學習需求。

Our 2024 plan involves significant enhancements to the customer experience that are designed to make accessing high-quality live instruction more intuitive for every learner. Specifically, we plan to streamline onboarding, simplify scheduling, enhance self-service tools, and expand expert engagement features to improve the learning experience on our platform.

我們的 2024 年計畫涉及顯著增強客戶體驗，旨在讓每個學習者更直觀地獲得高品質的即時教學。具體來說，我們計劃簡化入職流程、簡化日程安排、增強自助服務工具並擴展專家參與功能，以改善我們平台上的學習體驗。

We also plan to continue to leverage AI to improve the quality of live instruction delivered on the platform and the quality of the customer experience learners receive. We plan to equip experts with better capabilities and content to tailor instruction to individual learning journeys and accelerate skill acquisition.

我們還計劃繼續利用人工智慧來提高平台上提供的即時教學的品質以及學習者獲得的客戶體驗的品質。我們計劃為專家提供更好的能力和內容，以便根據個人學習旅程量身定制指導並加速技能獲取。

Additionally, we plan to use AI to guide learners towards the most effective next steps in their education, building on our success with AI in matching learners and experts. We believe these initiatives will increase engagement on the platform, increase the value we provide for both learners and experts, improve customer lifetime value, and ultimately, improve our unit-level economics and the total revenue and profitability of the business.

此外，我們計劃在人工智慧匹配學習者和專家方面取得成功的基礎上，利用人工智慧引導學習者在教育中採取最有效的後續步驟。我們相信這些措施將提高平台的參與度，增加我們為學習者和專家提供的價值，提高客戶終身價值，並最終改善我們的單位層面的經濟效益以及業務的總收入和盈利能力。

As our second goal and priority for the year, we will deliver growth by scaling to freemium model. Our efforts this past year enabled us to converge our consumer and institutional businesses into similar access-based subscription models built on a unified common platform. That's allowed us to take product originally built for either our consumer audience or our institutional audience and make them available to each other as part of a standard product offering in both businesses.

作為我們今年的第二個目標和優先事項，我們將透過擴展到免費增值模式來實現成長。我們過去一年的努力使我們能夠將消費者和機構業務整合到建立在統一通用平台上的類似的基於訪問的訂閱模型中。這使我們能夠採用最初為我們的消費者受眾或我們的機構受眾構建的產品，並將它們作為兩家企業標準產品的一部分相互提供。

This includes 24/7 chat-based tutoring; AI tutor; on-demand essay review; more than 100 live group classes per week in enrichment, test prep, and academic subjects; our star courses; self-study tools; college and career readiness resources; adaptive assessments; and more. We believe the logical next step is the introduction of a freemium offering within both our consumer and institutional businesses that introduces Nerdy to millions and eventually tens of millions of learners, with a specific aim of dramatically growing awareness and driving a halo effect across both businesses.

這包括 24/7 基於聊天的輔導；人工智慧導師；按需論文評審；每週超過 100 個現場小組課程，涉及強化、考試準備和學術科目；我們的明星課程；自學工具；大學和職業準備資源；適應性評估；和更多。我們認為，合乎邏輯的下一步是在我們的消費者和機構業務中引入免費增值服務，將Nerdy 介紹給數百萬甚至數千萬的學習者，其具體目標是大幅提高認知度並在兩個業務中推動光環效應。

The initial no-cost version of our platform on its own, already meets multiple customer need-states across study support, homework help, college admissions prep, and enrichment. It also serves as a natural on-ramp that will allow us to introduce and upsell our live video-based online tutoring products to a far broader audience across multiple points in a learner's education journey.

我們平台的初始免費版本本身已經滿足了學習支援、作業幫助、大學入學準備和豐富等方面的多種客戶需求。它還充當了一個自然的入口，使我們能夠在學習者教育旅程的多個點向更廣泛的受眾介紹和追加銷售基於即時視訊的線上輔導產品。

With more than 1 million students signed up across more than 250 school districts on the Varsity Tutors for Schools side, and encouraging early signal across consumer customers, we believe a freemium growth strategy will allow us to drive substantial marketplace awareness. We also think it can help us achieve multiple different business objectives including unlocking e-commerce, expanding into new marketing channels, introducing Nerdy to new audiences, and finally, expanding our total addressable market by becoming a household name. We're looking forward to updating you on the progress we make against this effort over the course of the next year as we further enhance and refine that strategy.

超過 100 萬名學生在 250 多個學區註冊了 Varsity Tutors for Schools，並鼓勵消費者客戶儘早發出訊號，我們相信免費增值策略將使我們能夠提高市場知名度。我們也認為它可以幫助我們實現多個不同的業務目標，包括解鎖電子商務、拓展新的行銷管道、向新受眾介紹 Nerdy，以及最後透過成為家喻戶曉的名字來擴大我們的總目標市場。隨著我們進一步加強和完善該策略，我們期待在明年向您通報我們在這項努力方面取得的最新進展。

As our third goal in 2024, we will deliver profitable growth. In 2024, we expect to build upon our recent success by delivering profitable growth through an increase in the number of active members and lifetime value extension in our consumer business, as well as delivering higher institutional revenues as we continue to rapidly grow Varsity Tutors for Schools.

作為我們 2024 年的第三個目標，我們將實現獲利成長。到 2024 年，我們預計將在近期成功的基礎上再接再厲，透過增加活躍會員數量和擴大消費者業務的終身價值來實現盈利增長，並隨著我們繼續快速增加學校導師數量而實現更高的機構收入。

We believe that by scaling our winning access-based subscription offerings, we will be able to deliver accelerating full-year revenue growth of 24% year over year at the midpoint of our guidance, improve adjusted EBITDA margin by an additional 500 basis points, and deliver positive operating cash flow in 2024.

我們相信，透過擴大我們獲勝的基於訪問的訂閱服務，我們將能夠在我們的指導中點實現全年收入同比加速增長 24%，將調整後的 EBITDA 利潤率再提高 500 個基點，並且2024 年實現正營運現金流。

In closing, with our transition to learning memberships and our new unified platform complete, we look forward to building from a strong foundation, scaling and continue to enhance these winning models, launching a freemium strategy to grow the number of learners introduced to our platform and doing so in a way that drives profitable growth.

最後，隨著我們向學習會員的過渡和新的統一平台的完成，我們期待著打下堅實的基礎，擴展並繼續增強這些獲勝模式，啟動免費增值戰略以增加引入我們平台的學習者數量，以推動獲利成長的方式這樣做。

I would like to close by thanking our team at Nerdy for their strong work this past year and their ongoing high-quality efforts towards meeting the needs of learners in any subject, anywhere, and at any time.

最後，我要感謝 Nerdy 團隊在過去一年中所做的出色工作，以及他們為滿足任何學科、任何地點、任何時間的學習者的需求而持續做出的高品質努力。

With that I'll turn the call over to Jason to discuss the financials in more detail. Jason?

之後，我會將電話轉給傑森，以更詳細地討論財務狀況。傑森？

Thanks, Chuck, and good afternoon, everyone. As Chuck mentioned, we're proud of the results we delivered in 2023 that included completing the evolution to access-based subscriptions in our consumer and institutional businesses in just over a year's time, clearly demonstrating the strong product market fit and strong operational execution.

謝謝，查克，大家下午好。正如Chuck 所提到的，我們對2023 年所取得的成果感到自豪，其中包括在短短一年多的時間內完成了消費者和機構業務中基於訪問的訂閱的演變，這清楚地展示了強大的產品市場契合度和強大的營運執行力。

Both our consumer and institutional businesses continued to see strong demand in the quarter, which combined with the operating leverage, driven from our evolution to access-based subscription revenue models drove meaningful bottom-line performance. This transition to learning memberships continues to yield more attractive unit-level economics, longer duration and higher lifetime value customer relationships, higher gross margins and a more scalable and efficient operating model. We also rapidly scaled our institutional business, which delivered revenue growth of 77% year over year in 2023 through partnerships with nearly 200 school districts during the year.

我們的消費者和機構業務在本季度繼續保持強勁需求，再加上我們向基於訪問的訂閱收入模式的演變所帶來的營運槓桿，推動了有意義的底線業績。向學習型會員的轉變將繼續帶來更具吸引力的單位級經濟效益、更長的持續時間和更高終身價值的客戶關係、更高的毛利率以及更具可擴展性和效率的營運模式。我們也迅速擴大了機構業務，透過與近 200 個學區的合作，2023 年營收年增 77%。

Turning to the fourth quarter. We delivered revenue of $55.1 million, results that represented 32% year-over-year growth, yielding sequential growth acceleration throughout each quarter in 2023. Active members of 40,700 as of December 31 were up 101% year over year, resulting in an annualized run rate of approximately $151 million from learning memberships at year end, a 74% increase year over year from $87 million last year.

轉向第四季。我們實現了 5,510 萬美元的收入，年增 32%，在 2023 年每季都實現了環比加速成長。截至 12 月 31 日，活躍會員數為 40,700 名，年增 101%，年底學習會員的年化運行費約為 1.51 億美元，較去年的 8,700 萬美元年增 74%。

Learning memberships revenue grew to $43.5 million, increased 32% sequentially from the third quarter, represented 79% of total company recognized revenue and nearly 100% of consumer recognized revenue in the fourth quarter.

學習會員收入成長至 4,350 萬美元，較第三季季增 32%，佔第四季公司確認總收入的 79%，佔消費者確認收入的近 100%。

Consumer new customer growth of 35% and consumer revenue year-over-year growth of 17% in the fourth quarter continued to demonstrate strong demand for our consumer offerings. Our institutional business delivered revenue of $11.3 million in the fourth quarter, representing 160% growth year over year. And we also delivered bookings of $10.3 million, which represented the third consecutive quarter with more than $10 million in bookings.

第四季消費者新客戶成長 35%，消費者營收年增 17%，持續顯示對我們消費者產品的強勁需求。我們的機構業務第四季實現營收 1,130 萬美元，年增 160%。我們還交付了 1,030 萬美元的預訂，這是連續第三個季度預訂量超過 1,000 萬美元。

Moving down the P&L, record quarterly gross profit of $39.2 million in the fourth quarter increased 33% year over year. Gross margin of 71.3% in the fourth quarter was 75 basis points higher than gross margins of 70.5% during the same period in 2022.

從損益表來看，第四季創紀錄的季度毛利為 3,920 萬美元，年增 33%。第四季毛利率為71.3%，較2022年同期毛利率70.5%高出75個基點。

Gross profit and gross margin increases were primarily driven by growth in our consumer business as a result of strong adoption of learning memberships, which have led to lifetime value expansion and higher gross margin. As we start 2024 with essentially all consumer revenues from learning memberships, we expect consumer gross margin to continue to expand.

毛利和毛利率的成長主要是由我們的消費者業務的成長所推動的，這是由於學習會員的大力採用而導致的，這導致了終身價值的擴張和更高的毛利率。從 2024 年開始，消費者收入基本上全部來自學習會員資格，我們預期消費者毛利率將持續擴大。

Sales and marketing expenses for the three months ended December 31 on a GAAP basis were $18.8 million, an increase of $1.8 million from $17 million in the same period in 2022. Non-GAAP sales and marketing expenses, excluding non-GAAPs stock-based compensation, were $18.2 million or 33% of revenue compared to $15.7 million or 38% of revenue in the same period in 2022, an improvement of more than 450 basis points year over year.

截至 12 月 31 日止三個月的銷售和行銷費用（以公認會計準則計算）為 1,880 萬美元，比 2022 年同期的 1,700 萬美元增加了 180 萬美元。非 GAAP 銷售和行銷費用（不包括非 GAAP 股票薪酬）為 1,820 萬美元，佔收入的 33%，而 2022 年同期為 1,570 萬美元，佔收入的 38%，提高了 450 個基點以上一年多了。

Sales and marketing spend and efficiency improvements were driven by the transition to learning memberships, including the continued expansion of lifetime value, our focus on optimizing the level of marketing spend, and a more efficient operating model in our consumer business. We also delivered substantial Varsity Tutors for Schools revenue growth, yielding efficiencies from private investments in the institutional sales and go-to-market organization.

向學習型會員的轉變推動了銷售和行銷支出以及效率的提高，包括終身價值的持續擴大、我們對優化行銷支出水準的關注以及消費者業務中更有效率的營運模式。我們也為學校帶來了大幅的大學導師收入成長，透過機構銷售和上市組織的私人投資提高了效率。

We expect that a more efficient operating model in our consumer business and the continued scaling of our institutional business will continue to lead to sales and marketing efficiency improvements as the business delivered accelerating revenue growth.

我們預計，消費者業務中更有效率的營運模式以及機構業務的持續擴張將繼續帶來銷售和行銷效率的提高，因為該業務帶來了收入的加速成長。

General and administrative expenses for the three months ended December 31, on a GAAP basis were $30.7 million, a decrease of $2.2 million from $32.9 million in the same period in 2022. Non-GAAP G&A, excluding non-cash stock-based compensation and restructuring costs, was $19.8 million or 36% of revenue, compared to $21 million or 50% of revenue in the same period in 2022, an improvement of over 1,400 basis points year over year.

截至 12 月 31 日止三個月的一般及管理費用，以公認會計準則計算為 3,070 萬美元，比 2022 年同期的 3,290 萬美元減少 220 萬美元。非 GAAP G&A（不含非現金股票薪酬和重組成本）為 1,980 萬美元，佔收入的 36%，而 2022 年同期為 2,100 萬美元，佔收入的 50%，提高了 1,400 個基點一年多了。

Included in G&A costs were product development costs of $11.5 million, an increase of $2.1 million from $9.4 million in the same period in 2022. Our investments in product development and our platform-oriented approach to growth have allowed us to launch a suite of access-based subscription products including learning memberships for consumers and our district teacher and parent-assigned offerings for institutional customers.

G&A 成本包括 1,150 萬美元的產品開發成本，比 2022 年同期的 940 萬美元增加了 210 萬美元。我們對產品開發的投資和以平台為導向的成長方式使我們能夠推出一套基於訪問的訂閱產品，包括為消費者提供的學習會員資格以及為機構客戶提供的學區教師和家長指定的產品。

As we've noted throughout 2023, asset-based subscription offerings simplify the operating model needed to support customers and grow the business, while also providing a more predictable pattern of revenue recognition over time. Our ongoing automation efforts involving self-service capabilities, the application of artificial intelligence, and other efficiency efforts, have allowed us to generate operating efficiencies and remove significant costs from the business.

正如我們在 2023 年所指出的，以資產為基礎的訂閱產品簡化了支援客戶和發展業務所需的營運模式，同時也提供了隨著時間的推移更可預測的收入確認模式。我們正在進行的自動化工作涉及自助服務功能、人工智慧的應用和其他效率工作，使我們能夠提高營運效率並消除大量業務成本。

As Chuck mentioned, our belief that the transition to subscription and access-based revenue relationships with customers would provide substantial operating leverage has proven to be correct. We delivered non-GAAP adjusted EBITDA profitability of $3 million in the fourth quarter, ahead of our guidance of breakeven.

正如查克所提到的，我們相信向訂閱和基於訪問的客戶收入關係的轉變將提供巨大的營運槓桿，這一信念已被證明是正確的。我們第四季的非 GAAP 調整後 EBITDA 獲利能力為 300 萬美元，超出了我們的損益兩平指引。

During 2023, we're able to deliver adjusted EBITDA margin leverage across every P&L line item on a year-over-year basis, ending the full year with the non-GAAP adjusted EBITDA loss of $2.5 million versus a non-GAAP adjusted EBITDA loss of $35.7 million in the same period last year. This resulted in adjusted EBITDA improvement of $33.2 million and adjusted EBITDA margin improvement for approximately 2,100 hundred basis points year over year in 2023.

2023 年，我們能夠逐年為每個損益項目提供調整後 EBITDA 利潤率槓桿，全年結束時，非 GAAP 調整後 EBITDA 損失為 250 萬美元，而非 GAAP 調整後 EBITDA 損失為 250 萬美元去年同期為3570萬美元。這導致 2023 年調整後 EBITDA 年比提高 3,320 萬美元，調整後 EBITDA 利潤率年增約 2,100 個基點。

We believe these durable improvements position us to be adjusted EBITDA profitable and operating cash flow positive for the full year in 2024. These leverage and efficiency improvements were delivered while making substantially investment in product development and our platform-oriented approach to growth, ensuring we can continue to execute against our product roadmap and deliver innovative solutions to meet the needs of today's learners.

我們相信，這些持久的改善使我們能夠在 2024 年全年實現調整後的 EBITDA 獲利和營運現金流正值。這些影響力和效率的提高是在對產品開發和我們以平台為導向的成長方法進行大量投資的同時實現的，確保我們能夠繼續執行我們的產品路線圖並提供創新的解決方案來滿足當今學習者的需求。

During the fourth quarter, we delivered negative operating cash flow of $5 million compared to negative operating cash flow of $14.5 million last year, an improvement of $9.5 million that reflects the benefits from our evolution to learning memberships, partially offset by temporary changes in working capital. With no debt and $74.8 million of cash on our balance sheet, we believe we have ample liquidity to fund the business and pursue growth initiatives.

第四季度，我們實現了500 萬美元的負營運現金流，而去年的負營運現金流為1,450 萬美元，增加了950 萬美元，這反映了我們向學習會員制發展所帶來的好處，部分被營運資本的臨時變動所抵銷。由於我們的資產負債表上沒有債務，並且有 7,480 萬美元的現金，我們相信我們有充足的流動性來為業務提供資金並追求成長計劃。

Turning to our business outlook, today we are introducing first-quarter and full-year 2024 guidance. For the first quarter and full year, we expect year-over-year revenue growth will be driven by the continued growth of learning memberships in our consumer business; the corresponding increase in the number of learning membership subscribers, coupled with continued LTV extension; and higher Institutional revenues as we continue to rapidly scale Varsity Tutors for Schools.

談到我們的業務展望，今天我們將介紹 2024 年第一季和全年指引。對於第一季和全年，我們預期營收的年增率將由我們消費者業務中學習會員的持續成長所推動；學習會員訂閱人數相應增加，加上生命週期價值持續延長；隨著我們繼續快速擴大學校導師規模，機構收入也會增加。

New learning member acquisition remains strong, and a growing awareness that high dosage tutoring is the most effective way to remediate learning loss by parents, educators, and policymakers provides us with confidence in the demand for our offerings in the year ahead. It should be noted that first half year-over-year revenue growth is impacted by legacy package revenue in 2023 of $10.9 million and $4.9 million in the first and second quarter, respectively, that does not recur in 2024 due to the completion of our transition to subscription-based learning memberships in our consumer business.

新學習會員的獲取依然強勁，家長、教育工作者和政策制定者越來越認識到高劑量輔導是補救學習損失的最有效方法，這讓我們對未來一年的產品需求充滿信心。值得注意的是，上半年營收年增率受到2023 年第一季和第二季的遺留包收入分別為1,090 萬美元和490 萬美元的影響，由於我們的過渡完成，該收入在2024 年不會再出現我們的消費者業務中基於訂閱的學習會員資格。

Once we reach the second half of the year, when package revenues are no longer included in prior-year comparable quarterly revenues, we expect growth to accelerate consistent with the sequential quarterly acceleration we delivered in 2023.

一旦進入今年下半年，當套餐收入不再包含在上年可比季度收入中時，我們預計成長將加速，與我們在 2023 年實現的連續季度加速一致。

First-quarter revenues are also impacted by lower ARPUM resulting from recent efforts to test additional product tiers by grouping product capabilities and testing multiple price points to identify a pricing model with mass market appeal. As we move throughout the year, we expect ARPUM for our core learning membership offerings to increase as we optimize our testing efforts.

第一季營收也受到 ARPUM 下降的影響，這是由於最近透過對產品功能進行分組和測試多個價格點來測試其他產品層以確定具有大眾市場吸引力的定價模型的努力所致。隨著我們全年的發展，我們預計 ARPUM 的核心學習會員服務會隨著我們優化測試工作而增加。

For the first quarter of 2024, we expect revenue in a range of $51 million to $53 million. For the full year, we expect revenue in the range of $232 million to $246 million, representing accelerating year-over-year growth of 24% at the midpoint versus our 2023 revenue of $193 million.

我們預計 2024 年第一季的營收將在 5,100 萬美元至 5,300 萬美元之間。我們預計全年營收將在 2.32 億美元至 2.46 億美元之間，與 2023 年營收 1.93 億美元相比，中點年增 24%。

First-quarter and full-year non-GAAP adjusted EBITDA guidance reflects the continuing benefits from our recurring revenue products, which focus on long-term relationships with higher value customers and improving gross margin profile and operating leverage stemming from the completion of our evolution to access base subscription revenue business model. These benefits are partially offset by investments in Varsity Tutors for Schools, go-to-market strategy, and product development to drive continued innovation and support our accelerating growth.

第一季和全年非GAAP 調整後EBITDA 指引反映了我們經常性收入產品的持續收益，這些產品專注於與更高價值客戶的長期關係，並改善毛利率狀況和營運槓桿，這源於我們完成了向存取基礎訂閱收入商業模式。這些好處被對學校導師的投資、進入市場策略和產品開發所部分抵消，以推動持續創新並支持我們的加速成長。

For the first quarter of 2024, we expect non-GAAP adjusted EBITDA in the range of negative $3 million to breakeven. For the full year, we expect non-GAAP adjusted EBITDA in the range of positive $5 million to positive $15 million, an improvement of over 500 basis points in non-GAAP adjusted EBITDA at the midpoint. We also expect to deliver positive operating cash flow in 2024.

對於 2024 年第一季度，我們預期非 GAAP 調整後 EBITDA 在負 300 萬美元至損益兩平的範圍內。對於全年，我們預計非 GAAP 調整後 EBITDA 在 500 萬美元至 1500 萬美元之間，非 GAAP 調整後 EBITDA 中點改善超過 500 個基點。我們也預計 2024 年將實現正營運現金流。

In closing, thank you again for your time and for your continued interest in our company.

最後，再次感謝您的寶貴時間以及對我們公司的持續關注。

With that, I'll turn it over to the operator for Q&A. Operator?

這樣，我會將其轉交給接線員進行問答。操作員？

Thank you. We'll now begin the Q&A session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員說明）

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Just wanted to come back to the introduction of the freemium model and how we should be thinking about broader financial implications from that as they build through the year. You know, elements of how you want to align the marketing structure of the company. What do you think the market opportunity is that you're tapping into? And how to think about the broader eventual evolution of the user funnel, having that product out there, and what it might mean for us broader freemium users to eventually over time possibly move into a higher price plans? Thanks so much.

只是想回到免費增值模式的引入，以及我們應該如何考慮這一年中的更廣泛的財務影響。您知道，您希望如何調整公司行銷結構的要素。您認為您正在利用的市場機會是什麼？如何考慮用戶管道的更廣泛的最終演變，擁有該產品，以及隨著時間的推移，這對我們更廣泛的免費增值用戶最終可能轉向更高的價格計劃意味著什麼？非常感謝。

Thanks, Eric. This is Chuck. Great question. So we have been methodically testing it over the course of the last couple of months and easing our way into it. And we would expect that that would continue to be the case throughout 2024. So the big opportunity that we have with our freemium strategy is to take advantage of all of the non-tutoring engagement, all these incredible products that we've built.

謝謝，埃里克。這是查克。很好的問題。因此，在過去的幾個月裡，我們一直在有條不紊地對其進行測試，並逐步投入使用。我們預計這種情況將持續到 2024 年。因此，我們的免費增值策略所擁有的巨大機會是利用所有非輔導參與以及我們建造的所有這些令人難以置信的產品。

Many of which companies charge large amounts of money for and have built multi-hundred billion-dollar businesses on and give them away at no cost or low cost and actually introduce consumers to our ecosystem and then monetize on live tutoring. And, of course, live tutoring is our super power that we do better than anyone else out there.

其中許多公司收取大量費用並建立了數千億美元的業務，然後免費或低成本地贈送它們，實際上將消費者引入我們的生態系統，然後透過即時輔導獲利。當然，現場輔導是我們的超能力，我們比其他任何人都做得更好。

So we would expect to test into some of these different freemium models and do so in a way that builds to that really big opportunity of mass market appeal and allow it for people as they have specific learning needs where they get benefit from tutoring to upsell from there. So the way that we're thinking about it it's kind of focusing on the existing model, continuing to scale winning model, and then adding incremental users into these different kind of previous states and monetizing their app.

因此，我們希望測試其中一些不同的免費增值模式，並以一種能夠真正吸引大眾市場的巨大機會的方式進行測試，並允許人們因為他們有特定的學習需求而從輔導和追加銷售中受益。那裡。因此，我們考慮的方式是專注於現有模型，繼續擴展獲勝模型，然後將增量用戶添加到這些不同類型的先前狀態中，並透過他們的應用程式貨幣化。

Great. Thanks so much for the color, Chuck.

偉大的。非常感謝你的顏色，查克。

Doug Anmuth, JPMorgan.

道格·安姆斯，摩根大通。

Hi, it's Bryan Smilek on for Doug. Thanks for taking the questions. Just on Varsity Tutors, can you just describe more drivers of growth into 2024, especially considering the ESSER III allocation funding deadline is coming up in September. Are you seeing any incremental demand from existing partners around that deadline looming? And any uptick in the new customer backlog?

大家好，我是道格的布萊恩·斯邁萊克（Bryan Smilek）。感謝您提出問題。關於 Varsity Tutors，您能否描述一下 2024 年成長的更多驅動因素，特別是考慮到 ESSER III 分配資金截止日期即將在 9 月到來。您是否看到現有合作夥伴在截止日期臨近時有任何增量需求？新客戶積壓有增加嗎？

Yes, sure, Bryan. Good question. I can take this one. So as you think about 2024, I think it's going to be a continuation of what we saw in 2023. So on the consumer side, you'll see continued scaling of learning memberships, the number of active members, and continued LTV extension that we've experienced throughout this year as we feel that business.

是的，當然，布萊恩。好問題。這個我可以拿走因此，當你想到 2024 年時，我認為這將是我們在 2023 年所看到的情況的延續。因此，在消費者方面，您將看到學習會員數量、活躍會員數量的持續擴大，以及我們今年全年經歷的生命週期價值的持續擴展，因為我們感受到了這項業務。

And then we think about the Varsity Tutors for Schools business, I mean certainly, we had a great year this year. Total bookings were up 50% in revenue; for the full year, it was up 77%.

然後我們考慮學校校隊導師業務，我的意思是，今年我們度過了美好的一年。總預訂量收入增加了 50%；全年增長了 77%。

As we think about next year, we're getting a lot of positive signal on our new products, district assigned, teacher assigned, parent assigned. And one of the investments are going to make is expanding the go-to-market sales team in Varsity Tutors for Schools capture that opportunity.

當我們考慮明年時，我們在新產品、地區分配、教師分配、家長分配方面收到了許多正面訊號。其中一項投資是擴大學校導師的市場銷售團隊，抓住這個機會。

I think it's a little bit too early to tell how the ESSER money is going to come in at the end of the year. But as a reminder for participants, those monies must be spent by September of 2024 and contracted. But the services can be provided over the course of the next four years, post-September 2024. So we feel like there's a pretty significant opportunity here to capture our fair share of those funding sources and enter into multiple year contracts with our partners in the school district space.

我認為現在判斷 ESSER 資金將如何在年底到來還為時過早。但提醒參與者，這些資金必須在 2024 年 9 月之前花完並簽訂合約。但這些服務可以在 2024 年 9 月之後的未來四年內提供。因此，我們認為這裡有一個非常重要的機會來獲得這些資金來源的公平份額，並與我們在學區領域的合作夥伴簽訂多年合約。

Yeah. And, Bryan, I would also add -- this is Chuck now -- that there are all sorts of different funding sources being used there. There are state-specific legislation that's been passed and a variety of different states for tutoring. Tutoring is the one thing that is consistently working across the United States. And there's broad bipartisan support for the fact that tutoring is highly effective and great at would be the [remediating calls].

是的。而且，布萊恩，我還要補充一點——現在是查克——那裡使用了各種不同的資金來源。有一些針對特定州的立法已經通過，並且有許多不同的州提供輔導。輔導是在美國持續有效的一件事。兩黨都廣泛支持這樣的事實：輔導非常有效且擅長[修復通話]。

So we feel like we're well positioned to participate in a variety of different state programs, local programs. And that as you think about the different -- the funding environment, including federal funding, there's going to be a good broad support for continuing to fund something as attractive as a tutoring. And really all the studies are showing that it's highly effective and remediating reporting loss. So we feel good about that.

因此，我們覺得我們有能力參與各種不同的州計劃、地方計劃。當你考慮不同的資助環境，包括聯邦資助時，繼續資助像輔導這樣有吸引力的計畫將會得到廣泛的支持。實際上所有的研究都表明它非常有效並且可以彌補報告損失。所以我們對此感覺良好。

And then separately, as you think about our strategy of providing access to the Varsity Tutors for Schools platform, we're actually able to introduce ourselves highly efficiently to a much larger number of school districts. So there's something like 15,000 public school districts United States. Through this strategy, just recently, we've been very quickly nearly double the number of school districts with whom we have relationship.

然後，當您單獨考慮我們提供學校導師平台存取權限的策略時，我們實際上能夠有效地將自己介紹給更多的學區。美國約有 15,000 個公立學區。透過這項策略，就在最近，我們與我們有合作關係的學區數量很快就增加了近一倍。

And we think that that's something that really builds as you grow throughout 2024 where that kind of cumulative number of different school district relationships where we provide value, build trust and credibility, and then subsequently are able to then sell them high-dosage tutoring is something that is pretty exciting. And the feedback thus far, from school district partners has been very positive, and oftentimes, that it very quickly leads to a commercial relationship as well.

我們認為，隨著您在 2024 年的成長，這種真正建立起來的東西，我們提供價值、建立信任和信譽，然後能夠向他們出售高劑量輔導的累積數量的不同學區關係是很重要的。這非常令人興奮。到目前為止，學區合作夥伴的回饋非常積極，而且通常很快就會形成商業關係。

Great. Thanks for the color.

偉大的。謝謝你的顏色。

Ryan MacDonald, Needham.

瑞恩麥克唐納，李約瑟。

Hey, this is Matt on for Ryan. Thanks for taking the questions. I wanted to start with learning memberships. Nice to see that the transition is now complete, but the Q4 learning numbers came in slightly below the 42,000 expectation. Just curious on what caused the difference. And are you providing any outlook for Q1 on the numbers there? Or just any color on how you're forecasting LMs for 2024 would be helpful.

嘿，這是瑞安的馬特。感謝您提出問題。我想從學習會員資格開始。很高興看到過渡期現已完成，但第四季度的學習人數略低於預期的 42,000 人。只是好奇是什麼造成了這種差異。您對第一季的數字有什麼展望嗎？或任何關於您如何預測 2024 年 LM 的顏色都會有所幫助。

Yes, sure. Thanks, Matt. I guess I would say we thought that the number of active learning members came in largely in line with our expectations. We had continued strength in new customer growth, up 35% year over year in the fourth quarter. And so I think as we look ahead, we feel really good about where we're positioned.

是的，當然。謝謝，馬特。我想我會說我們認為積極學習成員的數量很大程度上符合我們的預期。我們的新客戶成長持續強勁，第四季年增 35%。因此，我認為，當我們展望未來時，我們對自己的定位感到非常滿意。

Looking ahead to next year, we would expect about 45,500 at the end of Q1. And then thinking longer term at the end of the year, we would expect about 56,000 active members now. But the thing you keep in mind is both of those numbers that I just provided exclude the potential conversion of freemium to paid customers as we move throughout the year.

展望明年，我們預計第一季末的人數約為 45,500 人。然後從長遠來看，到今年年底，我們預計現在將有約 56,000 名活躍會員。但你要記住的是，我剛剛提供的這兩個數字都排除了隨著我們全年的發展，免費增值客戶向付費客戶的潛在轉換。

It's a little bit early to forecast that, although we feel good about the conversion mechanisms that we're seeing. But the numbers I gave you are more for our traditional learning membership customers.

儘管我們對所看到的轉換機制感覺良好，但現在預測這一點還為時過早。但我給你的數字更多的是我們傳統的學習會員客戶。

Got it. Appreciate that, Jason. Yes, wanted to touch on the freemium conversion channel there. Obviously, you mentioned that you've been testing it a little bit. But obviously, rolling it out now more broadly, what inning would you say you're in in kind of building out that go to market? And maybe just if you could flesh out more of the strategy or that wedge to drive that upsell from freemium to paid. Thanks, guys.

知道了。很欣賞這一點，傑森。是的，我想談談那裡的免費增值轉換​​管道。顯然，您提到您已經對其進行了一些測試。但顯然，現在更廣泛地推出它，您認為您處於哪一階段的構建進入市場？也許只是如果你能充實更多的策略或楔子來推動從免費增值到付費的追加銷售。多謝你們。

Sure. So this is something that we've been building towards for a couple of years. So as we built all these different products, we've talked before about how we kind of think of them as building blocks where you can assemble different compelling products for specific audiences that really resonate. And between having five video-based tutoring; small group classes; live stream capabilities where we can get up to 50,000 people in class, still marginal cost; diagnostic testing; self-study videos; and a whole host of other resources, including AI tutor, we've brought these all together in such a way where we're able to then mill the different product offerings that resonate in such a way where we can monetize.

當然。這是我們幾年來一直致力於的目標。因此，當我們建立所有這些不同的產品時，我們之前已經討論過我們如何將它們視為構建塊，您可以在其中為真正引起共鳴的特定受眾組裝不同的引人注目的產品。並有五個基於視頻的輔導；小班授課；直播功能，我們可以讓多達 5 萬人參與課堂，但仍是邊際成本；診斷測試；自學影片；以及包括人工智慧導師在內的大量其他資源，我們將所有這些資源整合在一起，然後我們能夠研磨不同的產品，這些產品能產生共鳴，從而我們可以貨幣化。

And we have kind of tested different periods of the past and had great success. And so this is something that wasn't possible until we were able to converge both our consumer and institutional businesses and our consumer institutional platforms into one unified product offerings. So we're pretty excited about the potential here. So as we mentioned, it's early. But the signal thus far is good and we've been working towards this goal for a long time.

我們在過去的不同時期進行了測試並取得了巨大的成功。因此，直到我們能夠將我們的消費者和機構業務以及我們的消費者機構平台融合為一個統一的產品之前，這是不可能實現的。所以我們對這裡的潛力感到非常興奮。正如我們所提到的，現在還早。但到目前為止的訊號是好的，我們已經為這個目標努力了很長時間。

Yes. The only thing I'd add is freemium is going to give us an array of benefits as we move forward. We're going to be able to connect with customers and different need states, drive substantial marketplace awareness. We'll be able to unlock a term of commerce to an extent we haven't been able to in the past. It will enable expansion via new marketing channels. And it will enable Nerdy to introduce ourselves to what we think will be millions of students over the course of this year and potentially become a household name.

是的。我唯一要補充的是，隨著我們的發展，免費增值將為我們帶來一系列好處。我們將能夠與客戶和不同的需求狀態建立聯繫，提高市場意識。我們將能夠解鎖商業條款，達到我們過去無法做到的程度。它將透過新的行銷管道實現擴張。這將使書呆子能夠向我們認為今年將有數百萬學生介紹自己，並有可能成為家喻戶曉的名字。

So this is a big long-term opportunity. We feel really good about the initial signals. But to your question, it is early innings. We'll continue to refine the offering as we move throughout the year and with the expectation of being ready to go for back-to-school in the fall.

所以這是一個巨大的長期機會。我們對最初的信號感覺非常好。但對於你的問題，現在還處於早期階段。隨著全年的發展，我們將繼續完善我們的產品，並期望為秋季返校做好準備。

Yes, I think the important thing is that tutoring is a proven monetization engine and we know how to monetize. So we feel really good about that connectivity between the engagements and our tutoring products, and then ultimately, monetizing in a material inning on the actual tutoring (technical difficulty).

是的，我認為重要的是輔導是一個經過驗證的獲利引擎，我們知道如何獲利。因此，我們對參與和我們的輔導產品之間的聯繫感到非常滿意，然後最終在實際輔導的物質回合中貨幣化（技術難度）。

Yes. Super helpful. Thank you.

是的。超有幫助。謝謝。

Andrew Boone, JMP Securities.

安德魯·布恩，JMP 證券。

Thanks much for taking my questions. I wanted to ask about the cost of operating the freemium model. Is there anything that we should know about either increased hosting? Or anything else that you can think about there as well as any revenue that may fall off as now some products become free?

非常感謝您回答我的問題。我想問免費增值模式的營運成本。關於增加託管，我們該了解什麼？或者您可以考慮其他任何事情，以及由於現在某些產品變得免費而可能會下降的任何收入？

And then secondly, learning memberships are aging. You guys have now been through this process a while. Is there anything that you guys can share now that we're a little bit more mature in cohorts on retention or anything of that kind of vein? Thanks so much.

其次，學習會員正在老化。你們現在已經經歷這個過程一段時間了。既然我們在留存率或類似方面更加成熟，你們有什麼可以分享的嗎？非常感謝。

Sure. So I think the important thing here is that these ancillary products have either no marginal costs associated with them or low marginal costs associated with them. So the cost that we bear is related to some of the testing that we did for both, getting them live, testing e-commerce, rolling out some self-service tools. And you see that reflected in the lower starting point at our Q1 guide, but it builds to a fairly acceleration throughout the year.

當然。所以我認為這裡重要的是這些輔助產品要不是沒有相關的邊際成本，就是邊際成本很低。因此，我們承擔的成本與我們為兩者所做的一些測試有關，讓它們上線，測試電子商務，推出一些自助服務工具。您可以看到，我們第一季指南的起點較低，但這一點在全年中都在加速成長。

Ultimately, full-year revenue growth, that is still 24% but accelerating. And we feel good about this being self-funding from a -- maybe even margin accretive over the course of the year. So we feel good about the economics here and the fact that the rule that we could do so in a highly efficient manner that introduces us to a large number of new verse.

最終，全年收入成長仍為 24%，但正在加速成長。我們對這項自籌資金感到滿意，甚至可能在這一年中實現利潤成長。因此，我們對這裡的經濟學感覺很好，而且我們可以以高效的方式做到這一點，這一規則向我們介紹了大量新詩句。

And then, sorry. Last question was on the retention of maturing cohorts. You'll see in the shareholder letter, we did remove that from lowest historically provided. And from our perspective, we would say that they were originally shown to demonstrate the superior economic profile of learning memberships versus our legacy package model.

然後，抱歉。最後一個問題是關於成熟群體的保留。您會在股東信中看到，我們確實將其從歷史最低值中刪除。從我們的角度來看，我們會說，它們最初是為了展示學習會員資格相對於我們的傳統套餐模型的優越經濟狀況。

We've proven that out over the last five or six quarters. Those cohorts continue to have LTV extension. And we feel really good about the retention, the engagement of learning memberships, and how we're positioned as we enter 2024.

我們在過去五、六個季度已經證明了這一點。這些群體的 LTV 繼續延長。我們對學習會員的保留率、參與度以及進入 2024 年時的定位感到非常滿意。

Yes. I'd also add that we added a chart in our shareholder letter this time that actually shows the year-over-year improvement by month and non-tutoring engagement, which we found to be very important to retention and getting value out of the membership over time, particularly in shorter periods.

是的。我還想補充一點，我們這次在股東信中添加了一張圖表，實際上顯示了逐月和非輔導參與度的逐年改善，我們發現這對於保留會員並從會員中獲取價值非常重要隨著時間的推移，特別是在較短的時間內。

So we feel great about that connection between the product improvements we're making, particularly related to both additional products and that product discovery and that how that pulls through to engagement, which in turn pulls through to retention. And that being something that we can continue to drive for many, many quarters and years to come.

因此，我們對我們正在進行的產品改進之間的聯繫感到非常滿意，特別是與附加產品和產品發現相關的聯繫，以及如何推動參與，進而推動保留。這是我們可以在未來很多很多季度和很多年裡繼續推動的事情。

Alex Tyler, Raymond James.

亞歷克斯泰勒，雷蒙德詹姆斯。

Great. Thank you. Chuck, can you elaborate a little bit more on what you're referring to as far as kind of unlocking the e-commerce opportunity? What will that look like for Nerdy?

偉大的。謝謝。Chuck，您能否詳細說明您所指的解鎖電子商務機會的內容？對書呆子來說，那會是什麼樣子呢？

Sure. So we have had e-commerce capabilities, but we also have a consultative sales engine. And we would expect for the majority, if not the entirety of these premium sales to occur through e-commerce which should be a source of operating leverage on sales marketing.

當然。所以我們有電子商務能力，但我們也有諮詢銷售引擎。我們預計大部分（如果不是全部）這些溢價銷售將透過電子商務實現，這應該成為銷售行銷營運槓桿的來源。

Okay. Perfect. So you're effectively a self-service motion for some of these premium members?

好的。完美的。那麼您實際上是針對其中一些高級會員的自助服務動議？

(multiple speakers) We'll continue to polish it and refine it, but we would expect that would be something that makes us more efficient over time. And that means there's not a kind of commensurate decrease in costs that best buy an item as we scale.

（多名發言者）我們將繼續對其進行打磨和完善，但我們希望隨著時間的推移，這將使我們變得更加有效率。這意味著隨著規模的擴大，購買產品的成本並不會隨之降低。

And, Alex, one thing I'd add, you know, we'd encourage everybody on this call to go to varsitytutors.com or nerdy.com and experience the freemium product for themselves. It's live on both of the websites.

而且，Alex，我要補充一件事，你知道，我們鼓勵這次電話會議的每個人都去 varsitytutors.com 或 nerdy.com 親自體驗免費增值產品。它在兩個網站上都已上線。

Perfect. Would check that out. Another great quarter on the institutional booking side. Can you just help frame how the pipeline looks heading into 2024 from kind of a total bookings opportunity relative to this time last year? Is kind of the growth in pipeline and opportunities kind of keep supporting an acceleration for that segment?

完美的。會檢查一下。機構預訂方面又一個出色的季度。您能否從相對於去年此時的總預訂機會來幫助建立進入 2024 年的管道？管道和機會的成長是否會繼續支持該細分市場的加速？

Sure. So it's dramatically bigger and it speaks to the improvements that we've made in the product offering itself combined with the fact that we believe that there's an emerging multibillion-dollar industry being more within K-12 tutoring that we're very excited about.

當然。所以它的規模要大得多，它說明了我們在產品本身方面所做的改進，同時我們相信 K-12 輔導領域正在出現一個價值數十億美元的新興行業，對此我們感到非常興奮。

So over the course of the past, call it, 13 months or so, we've launched three different subscription products within our institutional segment. Our first teacher assigned, then district assigned, then parents assigned model. The last one allowing us to allocate learning memberships, essentially our consumer product with administrative tools sitting on top school districts.

因此，在過去 13 個月左右的時間裡，我們在機構部門推出了三種不同的訂閱產品。我們先由老師分配，然後是地區分配，然後是家長分配模型。最後一個允許我們分配學習會員資格，本質上是我們的消費產品，其管理工具位於頂級學區。

So we can really service all three common ways that schools would ever want to administrate tutoring. And then separately, because of the convergence of our platforms we've been able to take all of the different products, including the ones that were originally built for our consumer audiences and extend to school districts.

因此，我們確實可以為學校想要管理輔導的所有三種常見方式提供服務。然後，由於我們平台的整合，我們能夠採用所有不同的產品，包括最初為我們的消費者受眾建立並擴展到學區的產品。

And even as the school district is only interested in focusing on a subsegment of students, we're able to provide value to all of the students. In many cases, there is existing spend associated with the products that we're giving away at no cost as part of this -- as part of this kind of total offering and has been very compelling. It's opened doors and we're excited about how both the quality of our high dosage offering, the value that we're able to provide, and then the actual -- like our ability to build relationships at scale and that kind of go-to-market motion and sales and marketing build towards a really big year.

即使學區只對關註一小部分學生感興趣，我們也能夠為所有學生提供價值。在許多情況下，現有的支出與我們免費贈送的產品相關，作為這種整體產品的一部分，並且非常引人注目。它已經打開了，我們對高劑量產品的質量、我們能夠提供的價值以及實際情況感到興奮，比如我們大規模建立關係的能力以及這種首選-市場動態以及銷售和營銷朝著真正重要的一年邁進。

Okay. Great. And maybe, Chuck, just one quick follow-up on that. Is anything changed as you've launched kind of teacher assigned, district assigned, then parents assigned value of those three flavors out there? And then also the platform access is kind of a newer motion. But have you seen win rates notably improve as a result of having kind of several different flavors for space or districts to kind of sign up with Varsity Tutors?

好的。偉大的。也許，查克，只是對此進行快速跟進。當您推出教師分配、地區分配、然後家長分配這三種口味的價值時，有什麼變化嗎？然後，平台訪問也是一種較新的運動。但是，您是否發現由於有多種不同風格的空間或地區與大學導師簽約，勝率顯著提高？

Yes, we have. And the fact that we can solve all these different needs states is we're also seeing school districts purchase or different parts of the school district with different products. So they're actually using multiple different products. And frankly from their perspective, it just seems it's much more simple to communicate.

是的我們有。事實上，我們可以解決所有這些不同的需求狀態，因為我們也看到學區購買或學區的不同部分購買不同的產品。所以他們實際上使用了多種不同的產品。坦白說，從他們的角度來看，溝通似乎要簡單得多。

There's a very specific use case associated with each one. And then the fact that we're able to provide so much value to everybody throughout the district is something that's really resonating as well. So they're more simple conversations. Win rates are higher and it's more efficient to build trust and credibility.

每一個都有一個非常具體的用例。事實上，我們能夠為整個地區的每個人提供如此多的價值，這也確實引起了共鳴。所以他們的對話比較簡單。獲勝率更高，建立信任和可信度也更有效。

All right. Thank you both.

好的。謝謝你們倆。

Thanks, Alex.

謝謝，亞歷克斯。

Maria Ripps, Canaccord.

瑪麗亞·里普斯，Canaccord。

Great. Thanks for taking my questions. Can you share a little bit more color on your pricing and product test? Sort of what products have you been bundling together? And what type of consumer are you targeting sort of with this offerings? And then how heavily do you intend to roll out this plan sort of going forward once the initial testing is completed?

偉大的。感謝您回答我的問題。您能分享一下您的定價和產品測試的更多資訊嗎？您捆綁了哪些產品？您的產品針對的是哪種類型的消費者？那麼，一旦初始測試完成，您打算在多大程度上推出該計劃？

Sure. So we started off, call it, the path in Q4 with testing a variety of different options. We learned quickly and we're using that to then for a broader rollout. So in addition to some of the 48 hours packages that we've tested and primarily sold as part of our all-inclusive learning membership over the course of the past year, we've also introduced different pricing tiers and some of those include lower hours to tutoring.

當然。所以我們開始，稱之為第四季的路徑，測試各種不同的選項。我們學得很快，然後我們將其用於更廣泛的推廣。因此，除了我們在過去一年中測試並主要作為全包式學習會員資格的一部分出售的一些 48 小時套餐之外，我們還引入了不同的定價等級，其中一些包括較低的時間去輔導。

Some of those include much lower price points. And then the ability to kind of up-purchase when acute needs arise. And I think we have good signal there. It's still early days. But there are certain SKUs that are really resonating and allow for us to get people onto the platform engaging in products at no cost that traditionally they would have paid other companies for, in some cases large amounts of money, which we think kind of creates this gravitational force towards our website that will attract users very efficiently.

其中一些的價格要低得多。然後在緊急需求時進行追加購買的能力。我認為我們那裡信號很好。現在還為時過早。但有些 SKU 確實能引起共鳴，讓我們可以讓人們免費進入平台參與產品，而傳統上他們會向其他公司支付費用，在某些情況下會支付大量費用，我們認為這會造成這種情況我們網站的引力將非常有效地吸引使用者。

And then we've been very encouraged by the initial monetization side. So again, early. And our plan does not count on tremendous success there, but working in such a way where we believe that that could be a big growth driver in the future.

然後我們對最初的貨幣化方面感到非常鼓舞。再說一遍，早。我們的計劃並不指望在那裡取得巨大成功，但我們相信這可能會成為未來巨大的成長動力。

Got it. Thank you so much for the color.

知道了。非常感謝你的顏色。

(Operator Instructions)

（操作員說明）

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Hi, guys. This is Thomas Shinske on for Brett. We're encouraged to see the introduction of the freemium model. I was just wondering if there was any consideration of this model cannibalizing its existing revenues from customers that maybe were on the platform, but not using the tutoring services? Thanks.

嗨，大家好。我是托馬斯·辛斯克（Thomas Shinske）替補布雷特。我們很高興看到免費增值模式的推出。我只是想知道這種模式是否會考慮蠶食平台上但不使用輔導服務的客戶的現有收入？謝謝。

Sure. I can take that one. So I think it's important to remember that our free product and platform provides study and support resources that do not replace high-dosage tutoring, but instead they supplement it. So the need states are different.

當然。我可以接受那個。因此，我認為重要的是要記住，我們的免費產品和平台提供的學習和支援資源不會取代高劑量的輔導，而是對其進行補充。所以需求狀態是不同的。

Supplemental resources will serve as a great on-ramp for tutoring and they're largely very low marginal to no marginal costs. So think things like an AI-based tutor, practice problems, assessments and personalized learning plans, as well as a synchronous content. So those items support a learning journey over the course of someone's semester. And when they have an acute need and need specific tutoring to really understand the materials and continue to grow as a learner, that's where we think that the upsell motion to one-on-one, live, or small group tutoring -- which are our superpowers -- is where we'll be able to monetize the upsell from freemium to paid offerings.

補充資源將成為輔導的一個很好的入口，而且它們的邊際成本基本上非常低甚至沒有邊際成本。因此，想想基於人工智慧的導師、練習題、評估和個人化學習計劃，以及同步內容。因此，這些計畫支持某人整個學期的學習之旅。當他們有迫切的需求並且需要特定的輔導來真正理解材料並繼續成長為學習者時，我們就認為一對一、現場或小組輔導的追加銷售動作——這是我們的超級大國——我們能夠透過從免費增值到付費產品的追加銷售來貨幣化。

Yes, there's something about live like that's our superpower. That's why people come here. And that's where we're truly best in class. And we've surrounded that offering with all sorts of ancillary powerful resources that create an environment where students can kind of continue to learn over time.

是的，生活中有些東西就像我們的超能力一樣。這就是人們來到這裡的原因。這就是我們真正同類中最好的地方。我們為該產品提供了各種強大的輔助資源，創造了一個讓學生可以隨著時間的推移繼續學習的環境。

But the accountability, the relationship, the motivation, the ability to comprehend, that comes from that social interaction that's probably present in live face-to-face interaction. That continues to be what people want and we believe is both highly durable. That's something that people would substitute for these other options and then a very powerful monetization engine.

但責任、關係、動機、理解能力，這些都來自於現場面對面互動中可能存在的社交互動。這仍然是人們想要的，而且我們相信這兩者都是高度耐用的。人們會用它來取代其他選項，然後是一個非常強大的貨幣化引擎。

Awesome. Thank you, guys.

驚人的。感謝你們。

Thank you all for your questions. There are currently no questions in queue. (Operator Instructions)

謝謝大家的提問。目前隊列中沒有任何問題。（操作員說明）

There are no further questions at this time. So that will conclude today's conference call. I'd like to thank everyone for their participation, and you may now disconnect your line.

目前沒有其他問題。今天的電話會議到此結束。我要感謝大家的參與，現在您可以掛斷電話了。