Udemy Inc (UDMY) 2022 Q3 法說會逐字稿

完整原文

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  • Operator

    Operator

  • The conference will begin shortly (Operator Instructions).

    會議即將開始(操作員說明)。

  • Operator

    Operator

  • Welcome to Udemy's Third Quarter 2022 Earnings Conference Call. There will be an opportunity to ask questions after the prepared remarks. (Operator Instructions) Now I'd like to turn the call over to Udemy Vice President of Investor Relations, Dennis Walsh...

    歡迎參加 Udemy 2022 年第三季度收益電話會議。準備好的發言後將有機會提問。 (操作員說明)現在我想將電話轉給 Udemy 投資者關係副總裁 Dennis Walsh...

  • Dennis Walsh

    Dennis Walsh

  • Thank you, and welcome to Udemy's Third Quarter 2022 Earnings Conference Call. Joining me today are Udemy's Chairman and Chief Executive Officer, Gregg Coccari; Chief Financial Officer, Sarah Blanchard; and President of Udemy business, Greg Brown. During this conference call, we will make forward-looking statements within the meaning of federal securities laws. These statements involve assumptions and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated. For a complete discussion of risks associated with these forward-looking statements, we encourage you to refer to our most recent Form 10-K and Form 10-Q filings with the Securities and Exchange Commission. Our forward-looking statements are based upon information currently available to us. We caution you to not place undue reliance on forward-looking statements, and we do not undertake and expressly disclaim any duty or obligation to update or alter our forward-looking statements, except as required by applicable law.

    謝謝,歡迎參加 Udemy 2022 年第三季度收益電話會議。今天加入我的是 Udemy 的董事長兼首席執行官 Gregg Coccari;首席財務官莎拉·布蘭查德;和 Udemy 業務總裁 Greg Brown。在本次電話會議期間,我們將根據聯邦證券法做出前瞻性陳述。這些陳述涉及假設,並受到已知和未知的風險和不確定性的影響,這些風險和不確定性可能導致實際結果與討論或預期的結果大不相同。有關與這些前瞻性陳述相關的風險的完整討論,我們鼓勵您參考我們最近提交給證券交易委員會的 10-K 表格和 10-Q 表格。我們的前瞻性陳述基於我們目前可獲得的信息。我們提醒您不要過分依賴前瞻性陳述,除適用法律要求外,我們不承擔並明確拒絕更新或更改我們的前瞻性陳述的任何義務或義務。

  • In addition, during this call, certain financial performance measures may be discussed that differ from comparable measures contained in our financial statements paired in accordance with U.S. generally accepted accounting principles referred to by the Securities and Exchange Commission as non-GAAP financial measures. We believe that these non-GAAP financial measures assist management and investors in evaluating our performance and comparing period-to-period results of operations in a more meaningful and consistent manner as discussed in greater detail in the supplemental schedules to our earnings release. A reconciliation of these non-GAAP measures to the most comparable GAAP financial measure is included in our earnings press release. These reconciliations, together with additional supplemental information are available on the Investor Relations section of our website. A replay of today's call will also be posted on the website. With that, I will now turn the call over to Gregg.

    此外,在本次電話會議期間,可能會討論某些財務業績衡量標準,這些衡量標準與我們財務報表中包含的可比衡量標準不同,這些衡量標準是根據美國證券交易委員會稱為非公認會計原則財務衡量標準的美國公認會計原則配對的。我們認為,這些非公認會計準則財務指標有助於管理層和投資者以更有意義和一致的方式評估我們的業績並比較期間的經營業績,正如我們在收益發布的補充時間表中更詳細地討論的那樣。這些非公認會計原則措施與最具可比性的公認會計原則財務措施的對賬包含在我們的收益新聞稿中。這些對賬以及其他補充信息可在我們網站的投資者關係部分獲得。今天電話會議的重播也將發佈在網站上。有了這個,我現在將把電話轉給 Gregg。

  • Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

    Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

  • Thank you, Dennis, and good afternoon to everyone on the call. Udemy delivered another strong quarter as we beat expectations on both top and bottom line. Total Q3 revenue came in at $158 million, up 22% year-over-year, driven by solid execution and healthy customer demand. Udemy Business had another impressive quarterly performance and continued to serve as our leading growth engine as revenue and ARR grew 67% and 59% year-over-year, respectively. On the consumer side, we continue to see encouraging signs of resilience as both our traffic and monthly average buyers increased on a year-over-year basis despite the challenging macro environment. It's clear that customers across the globe are seeing the value of Udemy's platform for their upskilling and reskilling needs.

    謝謝你,丹尼斯,大家下午好。 Udemy 實現了又一個強勁的季度,因為我們的收入和利潤都超出了預期。在穩健的執行和健康的客戶需求的推動下,第三季度的總收入為 1.58 億美元,同比增長 22%。 Udemy Business 的季度業績又一次令人印象深刻,並繼續作為我們領先的增長引擎,收入和 ARR 分別同比增長 67% 和 59%。在消費者方面,儘管宏觀環境充滿挑戰,但我們的客流量和月平均購買量均同比增長,我們繼續看到令人鼓舞的恢復跡象。很明顯,全球客戶都看到了 Udemy 平台在滿足其技能提升和再培訓需求方面的價值。

  • I'd like to take a slightly different approach for our call today. It's been 1 year since Udemy's IPO and in celebration of this milestone, I want to reflect on some of our major business achievements. Our team has a lot to be proud of, including: first, we've made significant progress towards establishing Udemy as a leading global provider for high-quality learning. As of Q3, we have more than 70,000 courses, rated 4 stars or higher out of 5 stars. Second, we continue to recruit expert instructors to produce best-in-class and relevant courses and practice exercises. Udemy is home to nearly 74,000 instructors that produce the high-quality courses that Udemy has become known for. Our instructors added an average of almost 5,000 new courses each month and even more updates to each existing content current.

    我想為我們今天的電話會議採取稍微不同的方法。 Udemy 首次公開募股已經 1 年了,為了慶祝這一里程碑,我想回顧一下我們的一些主要業務成就。我們的團隊有很多值得驕傲的地方,包括:首先,我們在將 Udemy 打造成全球領先的高質量學習提供商方面取得了重大進展。截至第三季度,我們有超過 70,000 門課程,在 5 星中獲得 4 星或更高評級。其次,我們繼續聘請專家講師,製作一流的相關課程和實踐練習。 Udemy 擁有近 74,000 名講師,他們製作了 Udemy 聞名的高質量課程。我們的講師平均每月添加近 5,000 門新課程,並對每個現有內容進行更多更新。

  • Third, we are attracting and retaining a growing community of learners worldwide to our platform. Since our IPO, we've added more than 13 million new consumer and business learners, bringing our total learner base to 57 million globally. Fourth, we have dramatically expanded our international footprint. Our vast international presence and localized experience are a clear competitive advantage. We now have nearly 90,000 non-English courses across 75 languages. 14 curated international language collections available to Udemy business customers and numerous new partners in APAC and Sub-Saharan Africa. Fifth, we have continued to deliver strong Udemy Business growth. Since our IPO, Udemy Business annual recurring revenue grew by nearly 70% to $350 million as of Q3 2022. Udemy Business now has over 13,000 customers around the world. And as forecasted, the mix of revenue surpassed consumer revenue this quarter.

    第三,我們正在吸引並留住全球不斷增長的學習者社區到我們的平台。自首次公開募股以來,我們已經增加了超過 1300 萬新的消費者和商業學習者,使我們的全球學習者總數達到 5700 萬。第四,我們大大擴展了我們的國際足跡。我們廣泛的國際影響力和本地化經驗是一項明顯的競爭優勢。我們現在有 75 種語言的近 90,000 門非英語課程。為 Udemy 商業客戶和亞太地區和撒哈拉以南非洲地區的眾多新合作夥伴提供 14 種精選的國際語言合集。第五,我們繼續實現強勁的 Udemy 業務增長。自 IPO 以來,截至 2022 年第三季度,Udemy Business 的年度經常性收入增長了近 70%,達到 3.5 億美元。Udemy Business 現在在全球擁有超過 13,000 名客戶。正如預測的那樣,本季度的收入組合超過了消費者收入。

  • And finally, we consistently delivered strong financial results for Udemy's first 4 consecutive quarters as a public company. As you can see, we've accomplished a lot, but we are still in the early innings of a massive and growing market opportunity and only 1 year to our journey as a public company. There's still much more to do to help instructors, learners and organizations succeed through the best and most engaging global learning experiences.

    最後,我們在 Udemy 作為上市公司的前 4 個連續季度中始終保持強勁的財務業績。如您所見,我們已經取得了很多成就,但我們仍處於巨大且不斷增長的市場機會的早期階段,距離我們作為上市公司的旅程只有 1 年時間。要幫助教師、學習者和組織通過最好和最具吸引力的全球學習體驗取得成功,還有很多工作要做。

  • I'd be remiss if I didn't acknowledge the team effort here at Udemy that makes this all possible. We have some of the brightest talent in the industry, and I'd like to thank all of our more than 1,600 [Udemates] across the globe for their hard work and dedication to our mission. Before I conclude, I wanted to highlight a few exciting events that we have coming up this month. Next week, Udemy Business will host our annual FWD event. Thousands of decision makers, including CLOs, CIOs and people leaders from some of the world's largest companies will attend the conference virtually to get inspired about new learning strategies. It will be a day packed with key insights and tips from Udemy leaders and customers to help companies upskill and reskill their workforce.

    如果我不承認 Udemy 的團隊努力使這一切成為可能,那我就是失職了。我們擁有業內一些最聰明的人才,我要感謝全球 1,600 多名 [Udemates] 的辛勤工作和對我們使命的奉獻。在結束之前,我想強調一下我們本月即將舉行的一些激動人心的活動。下週,Udemy Business 將舉辦我們的年度 FWD 活動。數以千計的決策者,包括來自世界上一些最大公司的 CLO、CIO 和人員領導者將虛擬參加會議,以獲取有關新學習策略的啟發。這將是充滿來自 Udemy 領導者和客戶的重要見解和技巧的一天,以幫助公司提高技能並重新培訓他們的員工。

  • And lastly, we hope all of you will be able to join us for our first Investor Day on November 17. During this virtual event, you will hear about Udemy's long-term growth strategy, products, partnerships, financials and future expectations. We look forward to diving deeper into our business, introducing our team and sharing more with you about Udemy's vision. With that, I'll now turn the call over to Sarah to summarize our financial results.

    最後,我們希望你們所有人都能參加 11 月 17 日的第一個投資者日。在這個虛擬活動中,你們將了解 Udemy 的長期增長戰略、產品、合作夥伴關係、財務狀況和未來預期。我們期待更深入地了解我們的業務,介紹我們的團隊並與您分享更多關於 Udemy 的願景。有了這個,我現在把電話轉給莎拉來總結我們的財務業績。

  • Sarah Walter Blanchard - CFO

    Sarah Walter Blanchard - CFO

  • Thank you, Gregg. Udemy had a strong first quarter, and we exceeded expectations for revenue and adjusted EBITDA margin. Total Q3 revenue of $158 million came in above the high end of our guidance range of $153 million to $157 million. The 22% year-over-year increase was driven by continued momentum and execution in our Udemy Business segment, which consistently performs well across a broad array of verticals and geographies. The recent strength of the U.S. dollar against major international currencies has reached levels we've not seen in decades, and our diverse geographic footprint exposes us to foreign exchange or FX headwinds. As a result, the year-over-year increase in total revenue includes a negative impact of 5 percentage points from changes in FX rates.

    謝謝你,格雷格。 Udemy 第一季度表現強勁,我們的收入和調整後的 EBITDA 利潤率超出了預期。第三季度的總收入為 1.58 億美元,高於我們指導範圍 1.53 億美元至 1.57 億美元的高端。同比增長 22% 是由我們 Udemy 業務部門的持續發展勢頭和執行力推動的,該業務部門在廣泛的垂直領域和地域範圍內始終表現良好。近期美元兌主要國際貨幣的強勢達到了我們幾十年來從未見過的水平,我們多元化的地理足跡使我們面臨外匯或外匯逆風。因此,總收入的同比增長包括匯率變化帶來的 5 個百分點的負面影響。

  • As we move down the P&L, note that all financial metrics are non-GAAP, unless stated otherwise. Q3 gross profit was $92 million, up 27% year-over-year. Gross margin was 58% or an approximately 220 basis point improvement from Q3 of 2021. This margin expansion resulted from the continued revenue mix shift to Udemy business since content cost as a percent of revenue are lower for that segment. Given this shift, we also experienced an increase in customer success costs to support our growing roster of Udemy business customers. Total operating expense was $109 million or 69% of revenue compared to 57% in Q3 of last year. During the quarter, we continued to invest in key focus areas as planned, while further in operational efficiencies. We are employing a disciplined approach to managing costs across the entire business while keep an eye towards achieving profitability. Sales and marketing expenses were 43% of total revenue compared to 39% for the same quarter last year. During Q3, we continued to shift our marketing investments to Udemy Business, where we are experiencing strong growth in ROI by expanding our global go-to-market and enterprise marketing capabilities. As always, we are committed to disciplined and efficient marketing spend while also investing where we see clear sustainable growth opportunities.

    當我們向下移動損益表時,請注意所有財務指標都是非公認會計原則,除非另有說明。第三季度毛利潤為 9200 萬美元,同比增長 27%。毛利率為 58%,比 2021 年第三季度提高了約 220 個基點。這種利潤率的增長是由於收入組合持續向 Udemy 業務轉移,因為該部門的內容成本佔收入的百分比較低。鑑於這一轉變,我們還經歷了客戶成功成本的增加,以支持我們不斷增長的 Udemy 商業客戶名冊。總運營費用為 1.09 億美元,佔收入的 69%,而去年第三季度為 57%。在本季度,我們繼續按計劃投資重點領域,同時進一步提高運營效率。我們正在採用嚴格的方法來管理整個業務的成本,同時關注實現盈利能力。銷售和營銷費用佔總收入的 43%,而去年同期為 39%。在第三季度,我們繼續將營銷投資轉移到 Udemy Business,通過擴大我們的全球進入市場和企業營銷能力,我們正在經歷投資回報率的強勁增長。與往常一樣,我們致力於有紀律和高效的營銷支出,同時也在我們看到明顯可持續增長機會的地方進行投資。

  • R&D expense was 14% of revenue compared to 12% in Q3 2021. We are making strategic investments in areas that will be most impactful and that we believe will generate an attractive return for our business. This includes continuing to build out our comprehensive learning platform for corporations. That platform is powered by highly rated content, proven product features and machine learning models from our consumer marketplace, which also provides powerful data and insights in terms of a robust lead gen engine. In addition, we are rolling out immersive and personalised learning experiences, including labs and assessments and also investing in the ability to guide learners through their journey. For example, last year, we launched Udemy Business Pro. This new offering enables customers to evolve their technical skill development with in-depth learning experiences for employees. UPro features Udemy paths, skill assessment, workspaces and hands-on labs across the most critical and sought-after skills in cloud computing, software development, data science and DevOps. We continue to build hands-on labs with real-world scenarios and increased our total number of labs by nearly 50% since last quarter. We believe these investments will provide more tangible outcomes, ultimately increasing engagement in LTV over time.

    研發費用佔收入的 14%,而 2021 年第三季度為 12%。我們正在對最具影響力的領域進行戰略投資,我們相信這些領域將為我們的業務帶來可觀的回報。這包括繼續為企業構建我們的綜合學習平台。該平台由來自我們消費者市場的高評價內容、經過驗證的產品功能和機器學習模型提供支持,它還提供強大的潛在客戶引擎方面的強大數據和洞察力。此外,我們正在推出身臨其境和個性化的學習體驗,包括實驗室和評估,並投資於引導學習者完成整個旅程的能力。例如,去年我們推出了 Udemy Business Pro。這種新產品使客戶能夠通過為員工提供深入的學習體驗來發展他們的技術技能。 UPro 提供 Udemy 路徑、技能評估、工作空間和動手實驗室,涵蓋雲計算、軟件開發、數據科學和 DevOps 中最關鍵和最受歡迎的技能。我們繼續建立具有真實場景的動手實驗室,自上個季度以來,我們的實驗室總數增加了近 50%。我們相信這些投資將提供更切實的成果,最終隨著時間的推移增加對 LTV 的參與。

  • Finally, G&A expense was 12% of revenue versus 7% a year ago, primarily driven by an increase in costs associated with operating as a newly public company. On the bottom line, net loss in the quarter was $21 million or negative 13% of revenue. Adjusted EBITDA loss was $13 million or negative 8% of revenue, well ahead of our guidance range of negative 14% to negative 12%. Moving on to cash flow and balance sheet items. We ended the quarter with $494 million of unrestricted cash, cash equivalents and marketable securities. On free cash flow, the ongoing growth of Udemy Business, which fundamentally has a better free cash flow margin compared to adjusted EBITDA margin was offset by increased DSO and changes in working capital (inaudible), resulting in negative $90 million of free cash flow for Q3.

    最後,G&A 費用佔收入的 12%,而一年前為 7%,主要是由於與作為新上市公司運營相關的成本增加。歸根結底,本季度的淨虧損為 2100 萬美元,佔收入的 13%。調整後的 EBITDA 虧損為 1300 萬美元或收入的負 8%,遠高於我們的負 14% 至負 12% 的指導範圍。繼續討論現金流和資產負債表項目。我們在本季度末擁有 4.94 億美元的無限制現金、現金等價物和有價證券。在自由現金流方面,Udemy Business 的持續增長(與調整後的 EBITDA 利潤率相比從根本上具有更好的自由現金流利潤率)被 DSO 增加和營運資本變化(聽不清)所抵消,導致 9000 萬美元的自由現金流負Q3。

  • Now turning to our results by segment. Starting with our Enterprise segment or Udemy Business, we grew Q3 revenue to $84 million or an increase of 67% year-over-year, which includes a negative 4 percentage point impact from changes in FX rates. As Greg mentioned at the start, Udemy Business accounted for 53% of revenue in Q3, surpassing the consumer segment as a majority share of total revenue. We ended the quarter with over 13,400 Udemy Business customers, up 40% from a year ago and annual recurring revenue of $350 million, up 69% year-over-year. Udemy business is proving resilient against a challenging macro environment. The opportunity continues to be massive as the systems around the world are seeking to upskill and reskill our employees to achieve business outcomes more effectively by leveraging Udemy's platform. As a result, we continue to see an increase in new and expansion deals, demonstrating that customers see the value that the Udemy platform can bring to their businesses even in challenging times. During Q3, we closed the most deals over $1 million in our history, and revenue for multiyear deals accounted for over 40% of Udemy Business revenue, which increased 135% year-over-year.

    現在轉向我們的細分結果。從我們的企業部門或 Udemy 業務開始,我們將第三季度的收入增長至 8400 萬美元,或同比增長 67%,其中包括匯率變化帶來的 4 個百分點的負面影響。正如 Greg 一開始提到的,Udemy Business 在第三季度佔收入的 53%,超過了消費者部門佔總收入的大部分份額。截至本季度末,我們擁有超過 13,400 名 Udemy Business 客戶,同比增長 40%,年度經常性收入為 3.5 億美元,同比增長 69%。事實證明,Udemy 業務在具有挑戰性的宏觀環境中具有彈性。隨著世界各地的系統都在尋求提升我們的員工的技能和重新培訓他們的技能,以便通過利用 Udemy 的平台更有效地實現業務成果,這個機會仍然是巨大的。因此,我們繼續看到新交易和擴展交易的增加,這表明客戶看到了 Udemy 平台即使在充滿挑戰的時期也可以為其業務帶來的價值。在第三季度,我們完成了歷史上超過 100 萬美元的交易最多,多年交易收入佔 Udemy Business 收入的 40% 以上,同比增長 135%。

  • In total, we added more than 900 new domestic and international Udemy Business customers during Q3. Notably (inaudible) and Samsung Electronics America. Many of our existing customers are increasing their spend over time, driving compelling LTV. Our Udemy Business net value retention rate was 117% this quarter, a slight 100 basis point decrease from the prior quarter. The decline in NDRR is primarily due to the smaller businesses that are taking a more cautious approach to external spending given the challenging macro environment. When you look specifically at net dollar retention for our enterprise cohort or customers with at least 1,000 employees, it was even higher at 123% and that cohort's net dollar retention has remained consistently above 120% for the past several years. This level of retention demonstrates both the quality of our content and the continued success of our land and expand strategy. For example, during Q3, we closed several large expansion deals with global corporations such as Tapas Consultancy Services a global leader in IT consulting, the Permanente Medical Group, the largest medical group in the United States, in Gale, part of Cengage Group, a global provider of educational resources that act as a reseller for Udemy.

    在第三季度,我們總共增加了 900 多個新的國內和國際 Udemy Business 客戶。值得注意的是(聽不清)和三星電子美國公司。隨著時間的推移,我們的許多現有客戶都在增加他們的支出,從而推動了引人注目的 LTV。本季度我們的 Udemy 業務淨值保留率為 117%,比上一季度小幅下降 100 個基點。 NDRR 下降的主要原因是鑑於宏觀環境充滿挑戰,小型企業對外部支出採取了更加謹慎的態度。當您專門查看我們的企業群組或擁有至少 1,000 名員工的客戶的淨美元保留率時,它甚至更高,達到 123%,並且該群組的淨美元保留率在過去幾年中一直保持在 120% 以上。這種保留水平既證明了我們內容的質量,也證明了我們土地和擴張戰略的持續成功。例如,在第三季度,我們與全球公司達成了幾項大型擴張交易,例如全球 IT 諮詢領導者 Tapas Consultancy Services、美國最大的醫療集團 Permanente Medical Group、Gale,Cengage Group 的一部分,作為 Udemy 經銷商的全球教育資源提供商。

  • Udemy Business segment gross profit for the quarter was $56 million or 67% of segment revenue, which represents a roughly 200 basis point increase year-over-year. The increase was primarily driven by growth in our recent incurrent program, where we record revenue on a gross basis, inclusive of reselling fees. In our Consumer segment, Q3 revenue was $75 million, down 6% year-over-year, which includes a negative 6 percentage point impact from changes in FX rates. In spite of those macro headwinds, we are encouraged by the continued resilience we are seeing in our platform. Traffic was strong in the third quarter with an industry-leading 35 million monthly average unique global visitors up 7% year-over-year. More than 1.3 million monthly average buyers purchased a course or subscription on our marketplace during Q3, an increase of 4% year-over-year. And we are tracking thousands of instructors that regularly add high-quality fresh content.

    本季度 Udemy 業務部門的毛利潤為 5600 萬美元,佔部門收入的 67%,同比增長約 200 個基點。這一增長主要是由我們最近的當前計劃的增長推動的,我們在其中記錄了總收入,包括轉售費用。在我們的消費者部門,第三季度收入為 7500 萬美元,同比下降 6%,其中包括匯率變化帶來的 6 個百分點的負面影響。儘管存在這些宏觀不利因素,但我們在平台上看到的持續彈性令我們感到鼓舞。第三季度的訪問量強勁,全球每月平均獨立訪客達到 3500 萬,同比增長 7%,處於行業領先地位。第三季度,每月平均有超過 130 萬買家在我們的市場上購買了課程或訂閱,同比增長 4%。我們正在跟踪數千名定期添加高質量新鮮內容的講師。

  • All of this supports the powerful flywheel effect that we get from having a vibrant marketplace, which amplifies the Udemy Business growth. The symbiotic system of these 2 parts of our business is a differentiated model that we believe will continue to drive total company top line growth over the long term. Consumer segment gross profit was $39 million or 52% of segment revenue, approximately 120 basis points lower than in Q3 2021. The slight year-over-year decline in Consumer segment gross margin was primarily driven by higher mobile transaction and hosting fees. Now turning to our outlook. Consistent with the last few quarters, we continue to face a volatile and uncertain macroeconomic environment and increasing FX headwinds. Like many other companies, we are also seeing a greater impact on our small- and medium-sized customers. Although these forces that are beyond our control may have a short-term impact on Udemy Business revenue, we have increasing conviction that these factors are driving many larger organizations to prioritize cost-effective training, reskilling and upskilling of their workforces. Udemy Business provides clear value for our customers, is rapidly deployable and delivers strong employee engagement, demonstrating the immediate impact of our learning platform. Together, we believe these factors provide a certain level of resilience and current cyclicality in our business that positions us well for long-term success.

    所有這些都支持我們從充滿活力的市場中獲得的強大飛輪效應,從而放大了 Udemy 業務的增長。我們業務的這兩個部分的共生系統是一種差異化模式,我們相信它將繼續推動公司總收入的長期增長。消費板塊毛利潤為 3900 萬美元,佔板塊收入的 52%,比 2021 年第三季度低約 120 個基點。消費板塊毛利率同比小幅下降主要是由於移動交易和託管費用上漲所致。現在轉向我們的前景。與過去幾個季度一樣,我們繼續面臨動盪和不確定的宏觀經濟環境以及不斷增加的外匯逆風。與許多其他公司一樣,我們也看到對我們的中小型客戶的影響更大。儘管我們無法控制的這些力量可能會對 Udemy Business 收入產生短期影響,但我們越來越相信,這些因素正在推動許多大型組織優先考慮具有成本效益的培訓、員工技能再培訓和技能提升。 Udemy Business 為我們的客戶提供明確的價值,可快速部署並提供強大的員工敬業度,展示了我們學習平台的直接影響。總之,我們相信這些因素為我們的業務提供了一定程度的彈性和當前的周期性,使我們能夠為長期成功做好準備。

  • With that as a backdrop, we expect Q4 revenue to be between $164 million and $167 million or 22% year-over-year growth at the midpoint, driven by continued Udemy Business momentum. We expect that Udemy Business segment revenue as a percent of total revenue will further increase from Q3. Given the historic rate at which the U.S. dollar has strengthened this year, we continue to expect foreign exchange to be a headwind in Q4. Assuming foreign currency exchange rates remain constant, FX is expected to impact total revenue year-over-year growth by approximately 6 percentage points in Q4. In addition, we expect an adjusted EBITDA margin of negative 17% to negative 15%. As a reminder, we typically experience some seasonality during the fourth quarter when we ramp up our marketing investments around Black Friday. With that in mind, for the full year 2022, we expect revenue to be between $628 million and $631 million or 22% year-over-year growth at the midpoint.

    在此背景下,我們預計第四季度的收入將在 1.64 億美元至 1.67 億美元之間,或在 Udemy Business 持續增長勢頭的推動下同比增長 22%。我們預計 Udemy 業務部門收入佔總收入的百分比將比第三季度進一步增加。鑑於今年美元走強的歷史匯率,我們繼續預計第四季度外匯將成為逆風。假設外匯匯率保持不變,預計第四季度外匯將影響總收入同比增長約 6 個百分點。此外,我們預計調整後的 EBITDA 利潤率為負 17% 至負 15%。提醒一下,當我們在黑色星期五前後加大營銷投資時,我們通常會在第四季度遇到一些季節性因素。考慮到這一點,我們預計 2022 年全年的收入將在 6.28 億美元至 6.31 億美元之間,或中點同比增長 22%。

  • Lastly, we are raising our full year 2022 adjusted EBITDA margin guidance to a range of negative 10% to negative 9%. In conclusion, Udemy has established itself is an enduring platform, serving a clear need for organizations and learners. Despite the challenging environment, Udemy Business is expected to continue performing well. Our consumer marketplace is resilient and well positioned to deliver the content that supports sustainable long-term growth for Udemy Business. We will lean into and invest in our biggest growth opportunities, including shifting R&D and marketing spend towards Udemy Business. As always, we will be prudent with expenses to ensure we generate the greatest ROI possible with a goal of achieving profitability on an adjusted EBITDA basis in the near term.

    最後,我們將調整後的 2022 年全年 EBITDA 利潤率指引上調至負 10% 至負 9% 的範圍。總之,Udemy 已經確立了自己是一個持久的平台,服務於組織和學習者的明確需求。儘管環境充滿挑戰,但 Udemy Business 預計將繼續表現良好。我們的消費者市場具有彈性並且處於有利地位,可以提供支持 Udemy Business 可持續長期增長的內容。我們將利用並投資於我們最大的增長機會,包括將研發和營銷支出轉向 Udemy Business。與往常一樣,我們將謹慎處理費用,以確保我們產生盡可能高的投資回報率,目標是在短期內在調整後的 EBITDA 基礎上實現盈利。

  • Ultimately, we are as bullish as ever about the long-term opportunity available to Udemy and hope you will continue to support us on our journey. So with that, we'll open up the call for questions. And as a reminder, we also have Greg Brown, President of Udemy Business, joining us today. Moderator?

    最終,我們一如既往地看好 Udemy 可獲得的長期機會,並希望您在我們的旅程中繼續支持我們。因此,我們將打開提問的電話。提醒一下,今天還有 Udemy Business 總裁 Greg Brown 加入我們。版主?

  • Operator

    Operator

  • (Operator Instructions) Our first question comes from the line of Rob Oliver of Baird.

    (操作員說明)我們的第一個問題來自 Baird 的 Rob Oliver。

  • Robert Cooney Oliver - Senior Research Analyst

    Robert Cooney Oliver - Senior Research Analyst

  • I had 2. My first was for Greg Brown. Greg, continued really strong performance on UB. And just curious, obviously, a couple of big countervailing trends here on the one hand, economic headwinds, which you guys have mentioned. I think Sarah mentioned you guys are not immune to. On the other hand, really seems like companies are buying into the value proposition of UB. So I was wondering if you could talk a little bit about those 2 trends, what you're seeing in the macro, if there was any change in linearity throughout the quarter, particularly towards the end of the quarter? And then I had a quick follow-up for Sarah.

    我有 2 個。我的第一個是給 Greg Brown 的。格雷格繼續在 UB 上表現強勁。只是好奇,很明顯,一方面是幾個大的抵消趨勢,經濟逆風,你們已經提到了。我想莎拉提到你們也不能倖免。另一方面,公司似乎真的在購買 UB 的價值主張。所以我想知道您是否可以談談這兩個趨勢,您在宏觀中看到的情況,整個季度的線性度是否有任何變化,特別是在季度末?然後我對莎拉進行了快速跟進。

  • Gregory Scott Brown - President of Udemy Business

    Gregory Scott Brown - President of Udemy Business

  • Sure, Rob. Thanks for the question. So as far as trends are concerned, I remain pretty consistent with respect to further consolidation of enterprise organizations moving more of their spend from offline to online. And we saw that again this quarter, reflective in the performance -- at the net dollar retention, we saw at 123% on the enterprise side of the business. And an example of that is one of our large multinational financial services firms went through a consolidation effort and multiple vendors in different areas of the business. And they went through the consolidation effort in an effort to standardize on one platform to enable them to, across both tech and business skills, more efficiently at a more effective cost per learner, drive upskilling and reskilling. And we were fortunately to come out on the right side of that and that netted out to a 3-year contract of just under $1 million a year. And we're seeing more and more of this type of consolidation as we move further into the recession. And we do expect growth to remain durable across our enterprise business, and that's just an example of...

    當然,羅伯。謝謝你的問題。因此,就趨勢而言,我對企業組織的進一步整合保持一致,將更多的支出從線下轉移到線上。我們在本季度再次看到了這一點,這反映在業績上——在淨美元保留率方面,我們在企業方面看到了 123%。這方面的一個例子是我們的一家大型跨國金融服務公司經歷了整合工作,並且在不同的業務領域有多家供應商。他們通過整合努力,努力在一個平台上實現標準化,使他們能夠在技術和業務技能方面更有效地以更有效的每位學習者成本,推動技能提升和技能再培訓。幸運的是,我們走在了正確的一邊,並最終獲得了一份為期 3 年的合同,每年不到 100 萬美元。隨著我們進一步進入衰退,我們看到越來越多的這種整合。我們確實希望在我們的企業業務中保持持久增長,這只是……的一個例子。

  • Robert Cooney Oliver - Senior Research Analyst

    Robert Cooney Oliver - Senior Research Analyst

  • Great. Yes, that's super helpful color. And then, Sarah, just a question for you. You guys outperformed again on the bottom line. So a really nice job on the cost side. I know last quarter, you guys had also called out sort of a stabilization in the consumer business at a lower spend rate there in terms of marketing dollars. And is that consistent this quarter? I know more stabilization, but have you guys found ways to drive that consumer business at a lower spend point in terms of marketing?

    偉大的。是的,這是超級有用的顏色。然後,莎拉,問你一個問題。你們在底線上再次表現出色。所以在成本方面做得非常好。我知道上個季度,你們還呼籲以較低的營銷費用來穩定消費業務。本季度是否保持一致?我知道更穩定,但是你們是否找到了在營銷方面以較低的支出點推動消費者業務的方法?

  • Sarah Walter Blanchard - CFO

    Sarah Walter Blanchard - CFO

  • Thanks for the question, Rob. Yes, so we're really pleased that we were able to exceed guidance again on adjusted EBITDA. A few things are going into that. Obviously, we're managing our expenses closely. But as you called out, we are being really careful with our marketing spend on the consumer side. We raised our ROI targets. And even in raising those targets and reducing spend, we're really happy to see traffic up across the board. So just continue to see positive signals. We're really encouraged by the resilience and we're cautiously optimistic going into the fourth quarter.

    謝謝你的問題,羅布。是的,所以我們非常高興我們能夠再次超過調整後 EBITDA 的指導。一些事情正在發生。顯然,我們正在密切管理我們的開支。但正如你所說,我們在消費者方面的營銷支出非常謹慎。我們提高了投資回報率目標。即使在提高這些目標和減少支出方面,我們也很高興看到流量全面上升。所以只是繼續看到積極的信號。我們對韌性感到非常鼓舞,我們對進入第四季度持謹慎樂觀的態度。

  • Operator

    Operator

  • Our next question comes from Ryan MacDonald of Needham.

    我們的下一個問題來自 Needham 的 Ryan MacDonald。

  • Ryan Michael MacDonald - Senior Analyst

    Ryan Michael MacDonald - Senior Analyst

  • Congrats on a nice quarter. First one for Gregg Coccari. Consumer, it's great to hear about the resiliency in the business. I'm curious, as you look globally in areas or regions that are being maybe more significantly impacted by recessionary pressures, rising layoffs, et cetera. Are you seeing any pockets of strength or that resulting in learners coming back onto the platform to perhaps sort of create a bit of countercyclicality on the consumer side of the business, so sort of driving more reskilling in that environment?

    祝賀一個不錯的季度。 Gregg Coccari 的第一個。消費者,很高興聽到業務的彈性。我很好奇,當你在全球範圍內觀察可能受到經濟衰退壓力、裁員增加等影響更大的地區或地區時。您是否看到任何優勢或導致學習者重返平台可能會在業務的消費者方面產生一些反週期,從而在這種環境中推動更多的技能再培訓?

  • Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

    Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

  • Yes, Ryan, thank you for the question. We've actually seen a lot of strength in every region in the world, the traffic, which is our leading indicator was up 7% but it varies by country. We have some pockets of it that look particularly good. Japan was very, very strong on the traffic side. The U.S. was good. Germany was pretty good. The U.K. was down a little bit. So it's a little bit mixed. But overall, we're very happy with what we see. And on the learner side, we've got growth, overall growth in our monthly active learners, but in both the new and existing. So we're driving more new buyers or existing buyers, and we're spending less money. So we think it's -- we're showing some countercyclicality to the business.

    是的,瑞安,謝謝你的提問。實際上,我們在世界每個地區都看到了很大的優勢,作為我們領先指標的流量增長了 7%,但因國家/地區而異。我們有一些看起來特別好的口袋。日本在交通方面非常非常強大。美國做得很好。德國還不錯。英國略有下降。所以有點混。但總的來說,我們對所看到的非常滿意。在學習者方面,我們每月活躍的學習者都有增長,整體增長,但在新的和現有的。所以我們正在吸引更多的新買家或現有買家,而且我們花的錢更少。所以我們認為這是 - 我們正在向業務展示一些反週期性。

  • Ryan Michael MacDonald - Senior Analyst

    Ryan Michael MacDonald - Senior Analyst

  • Really helpful color there. Maybe my second one for Greg Brown. Greg, great to see the performance on Udemy Business in the enterprise. I'm curious, clearly, there's a nice seat-based expansion opportunity as customers consolidate around fewer vendors. But I'm curious to hear what impact sort of the newer offerings like Udemy Business Pro, some of this enhanced functionality around skills assessment is having on whether that's creating sort of a differentiation for you in that consolidation process. And then does that have any impact on sort of price points per seat?

    那裡的顏色真的很有幫助。也許是我給格雷格布朗的第二個。 Greg,很高興看到 Udemy Business 在企業中的表現。我很好奇,很明顯,隨著客戶圍繞更少的供應商進行整合,這是一個很好的基於座位的擴展機會。但我很想知道像 Udemy Business Pro 這樣的新產品會產生什麼樣的影響,這些圍繞技能評估的增強功能對是否在整合過程中為您創造某種差異化產生了影響。那麼這對每個座位的價格點有什麼影響嗎?

  • Gregory Scott Brown - President of Udemy Business

    Gregory Scott Brown - President of Udemy Business

  • Ryan, thanks for the question. Yes. So we really had a good solid quarter with respect to not only expansion of seats of our on-demand learning product, but new products, i.e., cohort learning as well as UPro and I'll give you an example. One of our large multinational enterprises that we're currently working with from an on-demand learning perspective -- we identified an opportunity to help them with their emerging leader segment and to give them a platform and leverage to be able to educate and upskill the 3,000 emerging leaders on an annual basis. And really, what that netted out to was a 2-year contract worth roughly 1.6 million a year on our cohort leadership platform in combination with our on-demand learning engagement that's already underway. So we are seeing a lot more interest and expansion in our additional products, and that momentum continues to build. We really happy with the momentum.

    瑞安,謝謝你的問題。是的。因此,我們確實有一個良好的穩健季度,不僅在我們的按需學習產品的席位擴展方面,而且在新產品方面,即隊列學習以及 UPro,我會給你一個例子。我們目前從按需學習的角度與我們合作的大型跨國企業之一——我們發現了一個機會,可以幫助他們建立新興的領導者細分市場,並為他們提供一個平台和槓桿,以便能夠教育和提陞技能每年 3,000 名新興領導者。實際上,在我們的隊列領導平台上,結合我們已經在進行的按需學習參與,最終獲得了一份為期 2 年的合同,每年價值約 160 萬。因此,我們看到對我們的其他產品有更多的興趣和擴展,而且這種勢頭還在繼續增強。我們對這種勢頭感到非常滿意。

  • Operator

    Operator

  • Our next question comes from the line of Stephen Sheldon of William Blair.

    我們的下一個問題來自威廉布萊爾的斯蒂芬謝爾頓。

  • Stephen Hardy Sheldon - Analyst

    Stephen Hardy Sheldon - Analyst

  • (technical difficulty)

    (技術難度)

  • Something pushing and incentivizing through slightly better pricing when going after new customers or to consolidate spend for existing customers like an example you gave, Greg, or just generally what's driving that really notable growth in multiyear business yields?

    在追求新客戶或整合現有客戶的支出時,通過稍微更好的定價來推動和激勵的東西,比如你給的例子,格雷格,或者只是一般來說,是什麼推動了多年業務收益率的真正顯著增長?

  • Dennis Walsh

    Dennis Walsh

  • Stephen, it's Dennis. I think you were muted at the beginning of that question. If you could just repeat it. Sorry.

    斯蒂芬,是丹尼斯。我認為你在那個問題的開頭被靜音了。如果你能重複一遍。對不起。

  • Stephen Hardy Sheldon - Analyst

    Stephen Hardy Sheldon - Analyst

  • Yes. I was just saying great to see the growth in multiyear deals. So just kind of more detail on that. Is that -- are you incentivizing it through better pricing? Just more detail on that.

    是的。我只是說很高興看到多年交易的增長。所以只是更多的細節。那是-您是否通過更好的定價來激勵它?更多細節。

  • Gregory Scott Brown - President of Udemy Business

    Gregory Scott Brown - President of Udemy Business

  • Yes, Stephen. So the -- we've made a concerted focus to lead with multiyear deals as a result of the up-leveling, both the product platform as well as the sales motion, selling high to the C-suite and focusing on extended value that we're providing largely in partnership with our customer success team, which is really focused on driving outcomes. So really, our entire sales motion has evolved and changed over the last year. And that really is indicative of and supports what you're seeing now, which is a significant increase in multiyear deals, both of on-demand learning as well as across platform. And so we expect that to continue. And it's not happening as a result of price -- significant price incentives. It's much more around value and resources we're bringing to bear to act as a trusted adviser and long-term partner in support of the outcomes to customers trying to achieve.

    是的,斯蒂芬。因此,由於產品平台和銷售活動的升級,我們已經齊心協力領導多年交易,向最高管理層推銷高價,並專注於我們的擴展價值'主要與我們的客戶成功團隊合作提供服務,該團隊真正專注於推動成果。真的,我們的整個銷售活動在去年發生了變化。這確實表明並支持了您現在所看到的情況,即按需學習和跨平台的多年交易顯著增加。因此,我們預計這種情況會繼續下去。這並不是價格的結果——重要的價格激勵措施。它更多地圍繞著我們作為值得信賴的顧問和長期合作夥伴所承擔的價值和資源,以支持客戶努力實現的成果。

  • Stephen Hardy Sheldon - Analyst

    Stephen Hardy Sheldon - Analyst

  • Great. I appreciate that color. And then just as a follow-up, curious heading into the fourth quarter, I know there's usually some moving pieces on the consumer gross profit or gross margin. And I think it's usually seasonally weaker given during some of the promotional activity. Can you just maybe provide any commentary on kind of what we should be expecting on the gross margin side for consumer in the fourth quarter?

    偉大的。我很欣賞那種顏色。然後,作為第四季度的跟進,好奇,我知道消費者毛利潤或毛利率通常會有一些變化。而且我認為在某些促銷活動期間,它通常會季節性減弱。您能否就第四季度消費者毛利率方面的預期提供任何評論?

  • Sarah Walter Blanchard - CFO

    Sarah Walter Blanchard - CFO

  • I'll take that question, thanks for the question, Stephen. So you're right, we do have our big, a big promotion around Black Friday in the fourth quarter, and that can put some pressure on our gross margin. So as we continue to see this resilience in the consumer business and as traffic is up and buying is up, we could see some pressure on it. And again, that's a great signal for us because that means we're selling a lot, and we'll see the impact of that in the first quarter.

    我會接受這個問題,謝謝你的問題,斯蒂芬。所以你是對的,我們確實在第四季度的黑色星期五前後進行了大促銷,這可能會給我們的毛利率帶來一些壓力。因此,隨著我們繼續在消費者業務中看到這種彈性,並且隨著流量的增加和購買量的增加,我們可能會看到一些壓力。再說一次,這對我們來說是一個很好的信號,因為這意味著我們銷售量很大,我們將在第一季度看到它的影響。

  • Operator

    Operator

  • Our next question comes from Terry Tillman of Truist.

    我們的下一個問題來自 Truist 的 Terry Tillman。

  • Connor Passarella - Research Analyst

    Connor Passarella - Research Analyst

  • This is Connor Passarella on for Terry. Congrats on a great quarter. Just the first one, digging into the demand internationally, particularly in APAC. There's been some really good traction in Japan and South Korea. And I know you talked about last quarter, we've had a strong pipeline that was building in China. Just curious as to how that's developing and what maybe the key factors will be for determining success in this market? And then I have a follow-up.

    這是特里的康納帕薩雷拉。祝賀一個偉大的季度。只是第一個,挖掘國際需求,特別是在亞太地區。在日本和韓國有一些非常好的牽引力。我知道你在上個季度談到過,我們在中國建立了一條強大的管道。只是好奇這是如何發展的,以及決定在這個市場取得成功的關鍵因素是什麼?然後我有一個跟進。

  • Gregory Scott Brown - President of Udemy Business

    Gregory Scott Brown - President of Udemy Business

  • Connor, thank you for the question. Yes, as we've talked about before, we're building out APAC with a number of different partners. And Japan is a market that's doing particularly well for us. We've been working with Benesse for a number of years, and we're seeing high growth there. The other markets are relatively new. So in China, we are -- we built out the collection. We have over 800 courses in Mandrin today and so we built out the collection, we are hiring lots of salespeople and training them, its early days, but we're seeing some nice traction. We've gotten a couple of nice deals already. So it's early days, but it's ramping up.

    康納,謝謝你的問題。是的,正如我們之前談到的,我們正在與許多不同的合作夥伴一起建設亞太地區。日本是一個對我們來說表現特別好的市場。我們已經與 Benesse 合作多年,並且我們看到了那裡的高速增長。其他市場相對較新。所以在中國,我們是——我們建立了這個系列。今天我們在 Mandrin 有超過 800 門課程,所以我們建立了這個系列,我們正在招聘大量的銷售人員並培訓他們,雖然還處於早期階段,但我們看到了一些不錯的牽引力。我們已經得到了一些不錯的交易。所以現在還為時尚早,但它正在加速發展。

  • On Korea, the same thing has happened in Korea, and then we signed a deal in Vietnam with FUNiX, and they are -- and we've actually already closed a deal or 2 there and again, are building out Udemy's collection and hiring and creating (inaudible) people.

    在韓國,同樣的事情也發生在韓國,然後我們在越南與 FUNiX 簽署了一項協議,他們是——實際上我們已經在那裡一次又一次地達成了一項或兩項協議,正在建立 Udemy 的收藏和招聘和創造(聽不清)人。

  • Connor Passarella - Research Analyst

    Connor Passarella - Research Analyst

  • Perfect. That's helpful color. And then just on a quick follow-up. So it sounds like another strong quarter for [multiyear] deals, that are continually becoming a larger proportion of total ARR. So it sounds like a lot of multiyear deals are coming from existing customers. Just curious how the cyclical deal looks like for a new logo and maybe how that's evolved over the past few quarters if maybe you're landing more multiyear tiers with new logos.

    完美的。這是有用的顏色。然後只是快速跟進。因此,這聽起來像是 [多年] 交易的又一個強勁季度,這些交易在總 ARR 中所佔的比例不斷增加。因此,聽起來很多多年交易都來自現有客戶。只是好奇新徽標的周期性交易是什麼樣的,以及如果您正在使用新徽標登陸更多多年層,那麼在過去幾個季度中它可能是如何演變的。

  • Gregory Scott Brown - President of Udemy Business

    Gregory Scott Brown - President of Udemy Business

  • Yes. This is Greg. Look, we're having success across the board both with existing as well as new customers from a multiyear perspective, largely for the reasons I mentioned earlier. The motion -- the sales motion that we're using now is much more orientated around outcomes that the organization is trying to drive aligned with strategic initiatives and strategic imperatives at a corporate level. So as a result of that, the relationships we're fostering by the nature of that are long-term relationships, long-term partnerships, trusted adviser, type status. And that comes with the investment we're making early on from a customer success standpoint. So as a result of that, customers are going into the projects with us with the multiyear horizon in mind. And we're starting to see that reflected in the numbers that we're putting out quarter-over-quarter. So you should expect that trend to continue and both on the new business side as well as the existing customer side.

    是的。這是格雷格。看,從多年的角度來看,我們在現有客戶和新客戶方面都取得了全面的成功,主要是因為我之前提到的原因。動議——我們現在使用的銷售動議更多地圍繞組織試圖推動的結果與公司層面的戰略舉措和戰略要求保持一致。因此,我們所建立的關係本質上是長期關係、長期合作夥伴關係、值得信賴的顧問、類型地位。從客戶成功的角度來看,這伴隨著我們早期的投資。因此,客戶與我們一起進入項目時會考慮到多年的視野。我們開始看到這一點反映在我們公佈的季度環比數據中。因此,您應該期望這種趨勢會持續下去,無論是在新業務方面還是在現有客戶方面。

  • Operator

    Operator

  • (Operator Instructions) Our next question comes from the line of Josh Baer of Morgan Stanley.

    (操作員說明)我們的下一個問題來自摩根士丹利的 Josh Baer。

  • Joshua Phillip Baer - Equity Analyst

    Joshua Phillip Baer - Equity Analyst

  • You mentioned the S&B impact to net dollar retention rate. I wanted to dig in there. What is the customer behavior? Is it churn or contraction or just less expansion?

    您提到了 S&B 對淨美元保留率的影響。我想在那裡挖。客戶行為是什麼?是流失還是收縮或只是擴張較少?

  • Gregory Scott Brown - President of Udemy Business

    Gregory Scott Brown - President of Udemy Business

  • Josh, what we're seeing is a slowdown in deals moving through the pipeline to closure. We're not seeing a significant departure in terms of the funnel, the marketing funnel and/or opportunities that we have in pipe. So it really is just S&B organizations scrutinizing spend and budget as they're going through their buying process. So we're still optimistic that we're going to have a very positive quarter on the S&B side, albeit we do have some headwinds. We are seeing a little bit of a slowdown. But again, it's not as a result of anything other than, I think, these organizations being prudent with their spend and ensuring that they're allocating their budget appropriately.

    喬希,我們看到的是通過管道到關閉的交易放緩。在渠道、營銷渠道和/或我們在管道中的機會方面,我們沒有看到重大偏離。因此,實際上只是 S&B 組織在他們的購買過程中仔細檢查支出和預算。因此,儘管我們確實遇到了一些不利因素,但我們仍然樂觀地認為我們將在 S&B 方面取得一個非常積極的季度。我們看到了一點點放緩。但同樣,我認為,這並不是因為這些組織謹慎支出並確保他們適當分配預算。

  • Joshua Phillip Baer - Equity Analyst

    Joshua Phillip Baer - Equity Analyst

  • Okay. That's clear. And then just to round that back to the larger enterprises. So you're not seeing that same scrutiny or impact as far as slowdown in deals upmarket. Is that correct?

    好的。這很清楚。然後只是將其轉回給更大的企業。因此,就高端交易放緩而言,您沒有看到同樣的審查或影響。那是對的嗎?

  • Gregory Scott Brown - President of Udemy Business

    Gregory Scott Brown - President of Udemy Business

  • What we're seeing upmarket is CLOs, in many cases, they do have constricted budgets. The budget, you know if they had a $10 million budget last year, maybe $8 million this year, but they still have the same imperatives to upskill and reskill their employees to again, drive towards strategic initiatives that these employees need to be prepared for. So the way they're doing that is moving more of their learning from off-line to online and leveraging platforms like ours to do so, and we're well positioned to take advantage of that trend. And that's what you're seeing right now in terms of the strength on the enterprise side. As I alluded to earlier, that consolidation effect. And there's a few reasons why we're, I think, we're in a disproportionate amount of the opportunities we're in, largely, you guys are very well aware of the superior content we have both quality and quantity. In fact, I think this was mentioned earlier, but this last quarter alone, we added 1,900 new courses to the Udemy Business catalog, and that is unparalleled. And it really does put us in a position of strength as we move forward. And 13 of those -- 1,300 of those, excuse me, were non-English. So again, we're investing heavily in our international array of content that's all localized. It gives us a real strong position to develop to be the premier provider for many of these organizations that are looking to standardize on one platform.

    我們看到的高端產品是 CLO,在許多情況下,他們的預算確實有限。預算,你知道他們去年是否有 1000 萬美元的預算,今年可能是 800 萬美元,但他們仍然有同樣的必要性來提升和重新培訓員工的技能,以推動這些員工需要準備的戰略舉措。因此,他們這樣做的方式是將更多的學習從離線轉移到在線,並利用像我們這樣的平台來做到這一點,我們已做好充分利用這一趨勢的準備。就企業方面的實力而言,這就是您現在所看到的。正如我之前提到的,整合效應。有幾個原因,我認為,我們處於不成比例的機會中,很大程度上,你們非常清楚我們擁有質量和數量的優質內容。事實上,我認為這在前面提到過,但僅在上個季度,我們就在 Udemy Business 目錄中添加了 1,900 門新課程,這是無與倫比的。在我們前進的過程中,它確實使我們處於優勢地位。其中 13 人——對不起,其中 1,300 人是非英語的。因此,我們再次大力投資於我們的國際化內容系列,這些內容都是本地化的。它為我們提供了一個真正強大的地位,可以發展成為許多希望在一個平台上實現標準化的組織的主要供應商。

  • Operator

    Operator

  • Our next question comes from Jason Celino of KeyBanc.

    我們的下一個問題來自 KeyBanc 的 Jason Celino。

  • Devin Au - Associate

    Devin Au - Associate

  • This is actually Devin Au on for Jason tonight. First one I have is on enterprise. I think you talked a little bit earlier, but I just want to get a little bit more color on your pipeline for fourth quarter in enterprise segment. Any indicators that you're looking at that's giving you that level of confidence and maybe are you seeing more robust pipeline development in certain geos or industries?

    這實際上是今晚 Jason 的 Devin Au。我的第一個是關於企業的。我想你之前談了一點,但我只是想為你的第四季度企業部門的管道增加一點色彩。您正在查看的任何指標都可以讓您充滿信心,也許您是否看到某些地區或行業的管道開發更加強勁?

  • Gregory Scott Brown - President of Udemy Business

    Gregory Scott Brown - President of Udemy Business

  • Devin, this is Greg Brown. We exited Q3 feeling very good about our Q4 pipeline in line, in fact, ahead of what we expected, quite candidly, based on the macroeconomic conditions. That being said, as was mentioned earlier, we have seen some softness and some slowdown on the S&B side in terms of deal velocity. Enterprise business across all geos continues to remain robust, albeit, as mentioned earlier, we're not immune to the macroeconomic conditions. So we're going to be paying close attention to the leading indicators in our business as we progress through the quarter and adjusting accordingly. But right now, we feel good about the strength of not only the pipeline, but the opportunities that are in flight in the sales organization today.

    德文,這是格雷格布朗。我們在退出第三季度時對第四季度的管道感到非常滿意,事實上,根據宏觀經濟狀況,坦率地說,超出了我們的預期。話雖如此,如前所述,我們已經看到 S&B 方面在交易速度方面出現了一些疲軟和放緩。所有地區的企業業務繼續保持強勁,儘管如前所述,我們也不能倖免於宏觀經濟狀況。因此,隨著我們整個季度的進展,我們將密切關注我們業務的領先指標並進行相應的調整。但現在,我們不僅對管道的實力感到滿意,而且對今天銷售組織中正在發生的機會感到滿意。

  • Devin Au - Associate

    Devin Au - Associate

  • Great. That's good to hear. And then one more question I have is on EBITDA. EBITDA margin came in, in the quarter, meaningfully higher. And I know that you mentioned benefiting from the increasing mix shift towards enterprise, but were there any sort of dynamics in terms of investments being shifted towards fourth quarter that led to that outperformance? Any other commentary you can provide on that?

    偉大的。聽起來還不錯。然後我還有一個關於 EBITDA 的問題。 EBITDA 利潤率在本季度顯著提高。而且我知道您提到受益於向企業的不斷增加的組合轉變,但是在投資轉向第四季度方面是否有任何動態導致這種優異表現?您對此有何其他評論?

  • Sarah Walter Blanchard - CFO

    Sarah Walter Blanchard - CFO

  • So as we spoke about, we were -- we did pull back on our consumer marketing spend, and we're happy to see that, that business remains resilient even with that pullback in spend. (inaudible) also have been shifting our spend to UB and that is our main growth engine. And so it wasn't really a shift of spend into the fourth quarter. We do tend to have some downward pressure in the fourth quarter because of our gross margin pressure we feel with our Black Friday, Cyber Monday promotion that happens. But it wasn't a shift in spend. It's just managing our spend carefully and just making sure we're investing in things that are going to have the most impact.

    因此,正如我們所說,我們確實 - 我們確實減少了我們的消費者營銷支出,我們很高興看到,即使支出減少,該業務仍然具有彈性。 (聽不清)也一直在將我們的支出轉移到 UB,這是我們的主要增長引擎。因此,這並不是真正將支出轉移到第四季度。我們確實在第四季度面臨一些下行壓力,因為我們在黑色星期五、網絡星期一促銷活動中感受到了毛利率壓力。但這並不是支出的轉變。它只是仔細管理我們的支出,並確保我們投資於將產生最大影響的事物。

  • Operator

    Operator

  • (Operator Instructions) Our next question comes from the line of Brett Knoblauch of Cantor Fitzgerald.

    (操作員說明)我們的下一個問題來自 Cantor Fitzgerald 的 Brett Knoblauch。

  • Brett Anthony Knoblauch - Research Analyst

    Brett Anthony Knoblauch - Research Analyst

  • It's Alex on for Brett. I was just wondering maybe on the consumer side, has the strength in Udemy Business helped fuel some of the consumer strength you saw this quarter, past maybe people learning using Udemy Business and then going home and getting their own personal account.

    布雷特是亞歷克斯。我只是想知道也許在消費者方面,Udemy Business 的實力是否有助於推動您在本季度看到的一些消費者實力,過去也許人們學習使用 Udemy Business,然後回家並獲得自己的個人帳戶。

  • Sarah Walter Blanchard - CFO

    Sarah Walter Blanchard - CFO

  • Alex, this is Sarah. Thanks for the question. There's no way for us to really track that, but certainly, the more access exposure that individuals have to Udemy Business or to you to Udemy through Udemy Business, certainly, that probably does have some spill over impact on the consumer side of things. I think as you've heard us say, the product is really engaging. And so you can imagine individuals having access to it at work and then going home. Greg anything, more?

    亞歷克斯,這是莎拉。謝謝你的問題。我們無法真正跟踪這一點,但可以肯定的是,個人對 Udemy Business 或您通過 Udemy Business 對 Udemy 的訪問權限越多,當然,這可能會對消費者方面產生一些溢出影響。我認為正如您聽到我們所說的那樣,該產品非常吸引人。因此,您可以想像人們在工作中可以使用它,然後回家。格雷格還有什麼?

  • Gregory Scott Brown - President of Udemy Business

    Gregory Scott Brown - President of Udemy Business

  • Yes. It also works both ways that we can get a large number of leads for Udemy Business off our consumer -- our consumer platform also. So yes, there's cross-fertilization of both of our businesses. And now that we have 2 scaled businesses, it works even better.

    是的。它也適用於兩種方式,我們可以從我們的消費者那裡獲得大量 Udemy Business 的潛在客戶——我們的消費者平台也是如此。所以,是的,我們的兩個業務都有交叉施肥。現在我們有 2 家規模化的企業,它的效果會更好。

  • Operator

    Operator

  • Our next question comes from the line of Brent Thill of Jefferies.

    我們的下一個問題來自 Jefferies 的 Brent Thill。

  • Brent John Thill - Equity Analyst

    Brent John Thill - Equity Analyst

  • Just on UB, the resiliency in a tougher macro downturn, assuming the macro economists are right and this gets even stiffer into 2023 with the headwinds. Can you just walk through how you're feeling about managing during this downturn? And what is giving you that strength? And then also, if you could just touch briefly on the consumer subscription business and how that's doing and what you're seeing any trends there?

    就 UB 而言,假設宏觀經濟學家是對的,那麼在更嚴峻的宏觀經濟衰退中的彈性,到 2023 年逆風將變得更加嚴峻。你能簡單說說你在這次低迷時期對管理的感受嗎?是什麼給了你這種力量?然後,如果您可以簡單地談談消費者訂閱業務,以及它的運作方式以及您在那裡看到的任何趨勢?

  • Gregory Scott Brown - President of Udemy Business

    Gregory Scott Brown - President of Udemy Business

  • Brent, thanks for the question. This is Greg Brown. Yes. So we spend a lot of time with the CLOs within our customer base. And right now, what we're seeing is consistent thread of continued investment through the downturn, albeit budgets will get compressed, as I mentioned earlier, but the need to invest in your employees when you're going through a downturn like this, when organizations are potentially going flat or even maybe doing some rightsizing is it's a strategic imperative. You've got to be able to continue to develop the talent that you have to sustain you through a downturn. And we're hearing that message consistently across our CLOs. So the point is, we expect further consolidation of platforms. We expect more budget to continue to move off-line to online. And as a result of that, in our enterprise business, we do feel that we're well positioned to help organizations as they're going through this transition and are well positioned to take advantage of the opportunity, especially now with a portfolio of products that is unique and differentiated with our on-demand learning, we now have immersive learning and we have core-based leadership development capability that is unique. And it does give us an opportunity to serve organizations in a way that we haven't necessarily in past years and then other organizations don't necessarily have.

    布倫特,謝謝你的問題。這是格雷格布朗。是的。因此,我們在客戶群中花了大量時間與 CLO 打交道。而現在,我們看到的是在經濟低迷時期持續投資的一貫趨勢,儘管預算會被壓縮,正如我之前提到的,但是當你經歷這樣的低迷時期時,需要對你的員工進行投資,當組織可能會趨於平緩,甚至可能會進行一些調整,這是一項戰略必要性。你必須能夠繼續培養你必須在經濟低迷時期維持你的才能。我們在 CLO 中不斷聽到這一信息。所以關鍵是,我們預計平台會進一步整合。我們預計更多預算將繼續從線下轉移到線上。因此,在我們的企業業務中,我們確實認為我們有能力幫助正在經歷這種轉變的組織,並且有能力利用這個機會,尤其是現在擁有一系列產品這是獨一無二的,與我們的按需學習不同,我們現在擁有沉浸式學習,我們擁有獨一無二的基於核心的領導力發展能力。它確實給了我們一個機會,以我們過去幾年不一定有的方式為組織服務,然後其他組織也不一定有。

  • And the last thing I'll mention is the partner ecosystem that we're developing with the relationships with Amazon and others continues to gain momentum and strength. And with the continued investments as we move into next year, we expect these investments to give us continued leverage. So we do feel really good about our business proposition and the viability of us continuing to move into next year and beyond in a position of strength.

    我要提到的最後一件事是我們正在開發的合作夥伴生態系統與亞馬遜和其他公司的關係繼續獲得動力和實力。隨著我們進入明年的持續投資,我們預計這些投資將給我們帶來持續的影響力。因此,我們確實對我們的業務主張以及我們繼續進入明年及以後處於強勢地位的可行性感到非常滿意。

  • Sarah Walter Blanchard - CFO

    Sarah Walter Blanchard - CFO

  • Yes. And I'd like to just add to that, when times get tough, one of the things that companies do is they really focus on operational efficiencies. And what that means is digital transformation efforts that are underway or about to be underway, people are continuing to invest in those to drive those operational efficiencies. And because our content is so fresh and it's able to keep up with the pace of change of technology, that gives us an additional advantage in a market like this. Gregg, do you want to talk about subscriptions?

    是的。我想補充一點,當形勢變得艱難時,公司所做的一件事就是他們真正關注運營效率。這意味著正在進行或即將進行的數字化轉型工作,人們將繼續投資於這些工作以提高運營效率。而且因為我們的內容非常新鮮,並且能夠跟上技術變化的步伐,這讓我們在這樣的市場中獲得了額外的優勢。 Gregg,你想談談訂閱嗎?

  • Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

    Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

  • Yes. You asked about subscriptions. And as we've discussed before, we think subscriptions are a very attractive product opportunity for us. Today, we're live in 8 countries. We're actually turning on India in the next 2 weeks. So we'll be in (inaudible) country. There's lots of testing. We're testing our annual plan, we're testing [local] pricing. We're taking a very -- we're doing -- it's a very complex process and just taking our time and doing it very methodically. And we have to be very careful that our instructors are being taken care of that they're making more money along the way and making sure that our -- that we continue to get all the UB leads. And really, the goal is to make sure that we have a (inaudible) value for our learners. So it's proceeding well and our expectations is to open up all through 2023.

    是的。您詢問了訂閱。正如我們之前所討論的,我們認為訂閱對我們來說是一個非常有吸引力的產品機會。今天,我們生活在 8 個國家。我們實際上將在接下來的兩週內啟用印度。所以我們將在(聽不清)國家。有很多測試。我們正在測試我們的年度計劃,我們正在測試 [本地] 定價。我們正在採取一個非常 - 我們正在做 - 這是一個非常複雜的過程,我們只是花時間並且非常有條理地去做。我們必須非常小心,我們的講師正在得到照顧,他們在此過程中賺了更多的錢,並確保我們 - 我們繼續獲得所有 UB 領先。實際上,我們的目標是確保我們為學習者提供(聽不清)價值。所以它進展順利,我們的期望是在 2023 年全部開放。

  • Operator

    Operator

  • At this time, I'd like to turn the call back over to Gregg Coccari for closing remarks. Sir?

    在這個時候,我想把電話轉回給 Gregg Coccari 做結束語。先生?

  • Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

    Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

  • I appreciate everybody's time today, and thank you for your time, and I look forward to talking to you in three months.

    我感謝大家今天的時間,也感謝你們的時間,我期待在三個月後與你們交談。

  • Operator

    Operator

  • And this concludes today's conference call. Thank you for participating. You may now disconnect.

    今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。