Udemy Inc (UDMY) 2022 Q4 法說會逐字稿

Good day, and welcome to the Udemy Fourth Quarter and Full Year 2022 Conference Call. (Operator Instructions) Please note this event is being recorded. I would like to turn the conference over to Dennis Walsh, Udemy's Vice President of Investor Relations. Please go ahead.

美好的一天，歡迎來到 Udemy 第四季度和 2022 年全年電話會議。 （操作員說明）請注意正在記錄此事件。我想將會議轉交給 Udemy 的投資者關係副總裁 Dennis Walsh。請繼續。

Thank you and welcome to Udemy's Fourth Quarter and Full Year 2022 Earnings Conference Call. Joining me today are Udemy's Chairman and Chief Executive Officer, Gregg Coccari; President of Udemy Business and incoming CEO, Greg Brown, and Chief Financial Officer, Sarah Blanchard.

謝謝，歡迎來到 Udemy 的第四季度和 2022 年全年收益電話會議。今天加入我的是 Udemy 的董事長兼首席執行官 Gregg Coccari； Udemy 業務總裁兼即將上任的首席執行官 Greg Brown 和首席財務官 Sarah Blanchard。

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.

在本次電話會議期間，我們將做出聯邦證券法含義內的前瞻性陳述。這些陳述涉及假設，並受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存在重大差異。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向美國證券交易委員會提交的 10-K 表格和 10-Q 表格文件。我們的前瞻性陳述基於我們目前可獲得的信息。我們告誡您不要過分依賴前瞻性陳述，除適用法律要求外，我們不承擔並明確否認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 prepared 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 measures 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.

此外，在本次電話會議期間，可能會討論某些財務績效指標，這些指標不同於我們根據美國公認會計原則編制的財務報表中包含的可比指標，美國證券交易委員會將其稱為非 GAAP 財務指標。我們認為，這些非 GAAP 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不同時期的經營結果，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。我們的收益新聞稿中包含這些非 GAAP 指標與最具可比性的 GAAP 財務指標的對賬。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。

With that, I will now turn the call over to Greg.

有了這個，我現在將把電話轉給格雷格。

Thank you, Dennis, and good afternoon to everyone on the call. Udemy completed its first full year as a public company with results that met expectations on the top line and exceeded the high end of our range for adjusted EBITDA margin. I am proud of these results and our overall performance despite a very challenging macroeconomic environment and unfavorable FX headwinds.

謝謝你，丹尼斯，大家下午好。 Udemy 完成了作為上市公司的第一個完整年度，其業績達到了頂線預期，並超過了我們調整後 EBITDA 利潤率範圍的上限。我為這些結果和我們的整體表現感到自豪，儘管宏觀經濟環境充滿挑戰，外匯逆風不利。

As you know, after 4 years as Udemy's CEO, I will retire at the end of the month. This has been an exciting opportunity and the most rewarding role of my career. I am thrilled to pass the baton to Greg Brown, who has served alongside me as President of Udemy Business for the past 2 years. Greg's deep executive leadership and Enterprise sales experience has been an invaluable asset from the start. He has quickly scaled our Enterprise business and built a powerful go-to-market engine that has more than doubled our ARR in 2 years. Greg is passionate about learning and our mission, and I'm confident that he's the best executive to lead Udemy through the next stage of growth.

如您所知，在擔任 Udemy 首席執行官 4 年後，我將在本月底退休。這是一個激動人心的機會，也是我職業生涯中最有價值的角色。我很高興將接力棒傳遞給 Greg Brown，他在過去 2 年與我一起擔任 Udemy 業務總裁。 Greg 深厚的行政領導能力和企業銷售經驗從一開始就是一筆寶貴的財富。他迅速擴展了我們的企業業務並構建了強大的上市引擎，使我們的 ARR 在 2 年內翻了一番以上。 Greg 對學習和我們的使命充滿熱情，我相信他是帶領 Udemy 進入下一發展階段的最佳高管。

It is a bittersweet moment, however, since we shared with our employees yesterday that we are reducing our global workforce by 10%. We are taking steps to better align our cost structure with our expectations for revenue, demand and profitability. This decision was extremely difficult since the talented team members that were impacted all contributed to Udemy's success. It is with a heavy heart that we wish our departing colleagues all the best. We are committed to supporting them as they transition to their next opportunity.

然而，這是一個苦樂參半的時刻，因為我們昨天與我們的員工分享了我們將在全球範圍內裁員 10% 的消息。我們正在採取措施，使我們的成本結構更好地符合我們對收入、需求和盈利能力的預期。這個決定非常困難，因為受到影響的才華橫溢的團隊成員都為 Udemy 的成功做出了貢獻。我們懷著沉重的心情祝愿即將離任的同事一切順利。我們致力於在他們過渡到下一個機會時為他們提供支持。

Looking ahead, we believe this action positions us well to balance growth and margin expansion in a challenging environment. Going forward, the company is in good hands with Greg and the rest of the Udemy leadership team as I plan to stay on for a year as an adviser to support a seamless transition.

展望未來，我們相信這一舉措使我們能夠在充滿挑戰的環境中很好地平衡增長和利潤率擴張。展望未來，公司將與 Greg 和 Udemy 領導團隊的其他成員保持良好關係，因為我計劃繼續擔任顧問一年以支持無縫過渡。

Since this is my last call, I want to send a warm thank you to the analyst and investor community that supported me, Udemy and our entire team as we took the company public, our customers and learners around the world for choosing Udemy as their learning platform, our instructors for creating the impactful content that sets our company apart. And finally, to my colleagues at Udemy, for your hard work in advancing our mission and building this great business.

由於這是我最後一次打電話，我想向支持我、Udemy 和我們整個團隊的分析師和投資者社區表示熱烈的感謝，因為我們將公司上市，我們的客戶和世界各地的學習者選擇 Udemy 作為他們的學習平台，我們的講師創建了使我們公司與眾不同的有影響力的內容。最後，感謝我在 Udemy 的同事們，感謝你們為推進我們的使命和建立這個偉大的企業所做的辛勤工作。

With that, I'll now turn the call over to Udemy's next CEO, Greg Brown.

有了這個，我現在將把電話轉給 Udemy 的下一任首席執行官 Greg Brown。

Thank you, Greg. I'm tremendously grateful for your leadership and for entrusting me to run Udemy Business for these past 2 years. It's been an opportunity of a lifetime, and I'm honored to step into the CEO role. Gregg leaves behind an amazing legacy, which I'm excited to build upon. He set Udemy on a clear path for long-term sustainable growth and its accomplishments allow me to assume the CEO role with the company already positioned as a global leader. Under Gregg's leadership, we grew revenue by nearly 180%. We accelerated the growth of Udemy business and delivered strong net dollar retention. We built an exceptional leadership team and talented global workforce. And we successfully took the company public in 2021.

謝謝你，格雷格。在過去的 2 年裡，我非常感謝您的領導，並委託我來運營 Udemy Business。這是一生難得的機會，我很榮幸能擔任首席執行官一職。 Gregg 留下了一份了不起的遺產，我很高興能在此基礎上再接再厲。他讓 Udemy 走上了一條實現長期可持續增長的清晰道路，它的成就讓我能夠在這家已經定位為全球領導者的公司擔任首席執行官一職。在 Gregg 的領導下，我們的收入增長了近 180%。我們加快了 Udemy 業務的增長，並實現了強勁的淨美元保留率。我們建立了一支卓越的領導團隊和才華橫溢的全球員工隊伍。我們在 2021 年成功地將公司上市。

I think we can all agree that Gregg truly earned this retirement. Thank you for your service, mentorship and guidance, Gregg. We wish you all the very best. As a final point on the transition, we're fortunate to have a strong leader like Stephanie Stapleton Sudbury, take the reins as President of Udemy Business. Stephanie was identified long ago as my successor and during her time leading our customer success team, she helps shape Udemy Business' product, customer and go-to-market strategy. She had solid relationships with our largest customers and is directly responsible for consistently driving our best-in-class retention and understands our customers' needs better than anyone. I'm extremely confident in Stephanie's ability to take Udemy Business to the next level.

我想我們都同意 Gregg 真正贏得了這次退休。格雷格，感謝您的服務、指導和指導。我們祝你一切順利。作為過渡的最後一點，我們很幸運有像 Stephanie Stapleton Sudbury 這樣的強有力的領導者接管 Udemy 業務總裁。斯蒂芬妮很久以前就被確定為我的繼任者，在她領導我們的客戶成功團隊期間，她幫助塑造了 Udemy Business 的產品、客戶和上市戰略。她與我們最大的客戶建立了穩固的關係，直接負責不斷推動我們一流的保留率，並且比任何人都更了解我們客戶的需求。我對 Stephanie 將 Udemy Business 提升到一個新水平的能力充滿信心。

Now I wanted to take a moment to touch on some of the trends we're seeing in our business and set the stage for 2023. The Udemy Business segment continues to be our main growth engine, and our pipeline for new business is strong. We are encouraged by the continued strength of that business which is supported by an accelerating shift from off-line to online skills development. Companies everywhere are looking for more efficient and timely ways to reskill and upskill their employees. Udemy provides a solution that enables customers to stay ahead of the pace of change driven by advancements in technology, while also investing in retaining their best talent and increasing productivity.

現在我想花點時間談談我們在業務中看到的一些趨勢，並為 2023 年奠定基礎。Udemy 業務部門仍然是我們的主要增長引擎，我們的新業務渠道也很強大。我們對該業務的持續實力感到鼓舞，這得益於從離線到在線技能開發的加速轉變。世界各地的公司都在尋找更有效、更及時的方法來重新培訓和提高員工的技能。 Udemy 提供的解決方案使客戶能夠在技術進步推動的變革步伐中保持領先，同時還投資於留住最優秀的人才和提高生產力。

To illustrate this point, a recent study conducted by IDC confirmed that Udemy Business customers experienced meaningful business gains while also realizing platform costs and hiring efficiencies. Study participants reported a nearly 5x increase in our skilled employees, approximately 30% higher productivity and significant hiring and recruiting cost savings.

為了說明這一點，IDC 最近進行的一項研究證實，Udemy Business 客戶體驗了有意義的業務收益，同時還實現了平台成本和招聘效率。研究參與者報告說，我們熟練的員工數量增加了近 5 倍，生產率提高了約 30%，並且顯著節省了招聘和招聘成本。

In this environment, we are also benefiting from vendor consolidation that is happening as companies tighten their budgets. Udemy offers the most comprehensive learning solution, allowing customers to reduce their vendor load and costs. Our broad, high-quality and fresh content is a distinct competitive advantage.

在這種環境下，我們還受益於隨著公司收緊預算而發生的供應商整合。 Udemy 提供最全面的學習解決方案，使客戶能夠減少他們的供應商負擔和成本。我們廣泛、高質量和新鮮的內容是一個明顯的競爭優勢。

As you've heard from us before, our solution also drives higher learning engagement. This improves stickiness as our customers frequently use employee adoption and engagement as key metrics to validate their training and education budgets. To that point, we recently closed a multiyear deal with Capgemini, a global technology services company. Capgemini chose Udemy Business as its learning content partner, primarily to support the launch of their new Capgemini Engineering and Industry Academy. Udemy was selected for the breadth and depth of our content collection and the flexibility with which we can meet their content needs for cutting-edge business and technical skills. Our speed to market and agility due to the marketplace model were the key reasons we were chosen.

正如您之前從我們這裡聽說的那樣，我們的解決方案還推動了更高的學習參與度。這提高了粘性，因為我們的客戶經常將員工採用率和參與度作為關鍵指標來驗證他們的培訓和教育預算。為此，我們最近與全球技術服務公司 Capgemini 達成了一項多年期協議。 Capgemini 選擇 Udemy Business 作為其學習內容合作夥伴，主要是為了支持其新的 Capgemini Engineering and Industry Academy 的啟動。選擇 Udemy 是因為我們內容收集的廣度和深度，以及我們可以靈活地滿足他們對尖端業務和技術技能的內容需求。由於市場模型，我們的上市速度和敏捷性是我們被選中的關鍵原因。

The partnership and services we offer and our strategic customer success approach were also influential in establishing this scaled Enterprise contract and ensuring the successful rollout of Udemy business at Capgemini. We continue to see a trend of longer contract lengths materializing, particularly with our larger customers. In fact, Quarterly revenue for multiyear deals increased 129% year-over-year and now accounts for over 42% of Udemy Business revenue.

我們提供的合作夥伴關係和服務以及我們的戰略客戶成功方法也對建立這種規模化的企業合同和確保 Udemy 業務在 Capgemini 的成功推出產生了影響。我們繼續看到更長的合同期限成為現實的趨勢，特別是對於我們的大客戶。事實上，多年交易的季度收入同比增長 129%，目前佔 Udemy 業務收入的 42% 以上。

That being said, we're not immune to the macroeconomic impact. We did experience some elongated sales cycles as customers are taking more time to closely assess their vendor options and to make budgetary decisions. We first saw this from our smaller customers in Q3. But by the second half of Q4, we started to see the same trend emerge with larger customers. We expect customers to continue to leverage Udemy just at a slower pace over the near term.

話雖這麼說，我們也不能倖免於宏觀經濟的影響。我們確實經歷了一些延長的銷售週期，因為客戶花更多時間來仔細評估他們的供應商選擇並做出預算決策。我們首先在第三季度從我們的小客戶那裡看到了這一點。但到第四季度下半年，我們開始看到更大的客戶出現了同樣的趨勢。我們預計客戶在短期內將繼續以較慢的速度利用 Udemy。

On the Consumer side of the business, we continue to track instructors to our platform who are producing a massive amount of high-quality, fresh content to our marketplace, the best of which is curated into our Udemy business catalog. More than 80% of our total revenue comes from courses that are accessible on both our marketplace and the Udemy Business catalog. That means the majority of our revenue comes from exclusive content. We now have more than 200,000 courses available on our marketplace with more than 4,700 new courses added on average each month. The speed in which new content is created for our marketplace provides us with a competitive advantage over others in our space that use a traditional publisher model.

在業務的消費者方面，我們繼續跟踪講師到我們的平台，他們正在為我們的市場製作大量高質量、新鮮的內容，其中最好的內容被編入我們的 Udemy 業務目錄。我們總收入的 80% 以上來自可在我們的市場和 Udemy 商業目錄上訪問的課程。這意味著我們的大部分收入來自獨家內容。現在，我們的市場上有超過 200,000 門課程，平均每月新增 4,700 多門新課程。為我們的市場創建新內容的速度為我們提供了相對於我們領域中使用傳統出版商模式的其他人的競爭優勢。

A great example of this is that we now have more than 150 courses available on ChatGPT, which just launched 2 months ago and has become the fastest-growing service firm on both Udemy Business and our marketplace. Of those courses, nearly 20% are non-English and 11 have been approved and added to the Udemy business catalog thus far. To date, we've only seen 1 course published by our competitors.

這方面的一個很好的例子是，我們現在在 ChatGPT 上提供了 150 多門課程，它剛剛在 2 個月前推出，並已成為 Udemy Business 和我們市場上增長最快的服務公司。在這些課程中，近 20% 是非英語課程，到目前為止，已有 11 門課程獲得批准並添加到 Udemy 業務目錄中。迄今為止，我們只看到競爭對手發布的 1 門課程。

Before I turn the call over to Sarah, I wanted to set the stage for 2023 by sharing our strategic priorities for the year. Although it may be a challenging year, there are many trends that we expect will be favorable for Udemy, including the continued shift from off-line to online, increasing digital transformation, greater work-from-home flexibility and renewed investment in continuous skill development for workforces.

在我把電話轉給莎拉之前，我想通過分享我們今年的戰略重點來為 2023 年做準備。儘管這可能是充滿挑戰的一年，但我們預計有許多趨勢將對 Udemy 有利，包括從線下到線上的持續轉變、數字化轉型的增加、在家工作的更大靈活性以及對持續技能發展的新投資對於勞動力。

With all that in mind, Udemy's 2023 strategic priorities include: one, establishing Udemy as the platform of choice for professional learners and increasing skill development through new learning modalities. We plan to continue partnering with our instructors to launch more immersive, hands-on learning experience. We will also leverage AI to create more engaging, personalized learning experiences and help instructors maximize the value and quality of their content on the platform.

考慮到所有這些，Udemy 的 2023 年戰略重點包括：第一，將 Udemy 確立為專業學習者的首選平台，並通過新的學習方式促進技能發展。我們計劃繼續與我們的講師合作，推出更加身臨其境的實踐學習體驗。我們還將利用 AI 創造更具吸引力的個性化學習體驗，並幫助教師最大限度地提高平台內容的價值和質量。

Two, introducing validation of skills acquisition through badging and professional certification. To support Udemy learners in advancing their careers and to help companies assess existing talent, we are partnering with major technology companies to develop professional badges and certifications as an official endorsement that a learner has demonstrated acquisition of the required skills.

第二，通過徽章和專業認證引入對技能獲取的驗證。為了支持 Udemy 學習者推進他們的職業生涯並幫助公司評估現有人才，我們正在與主要技術公司合作開發專業徽章和認證，作為學習者已證明掌握所需技能的官方認可。

Three, accelerating global scale of the business outside of the United States. We plan to continue investing in strategic partnerships that either extend our marketing reach or the capabilities and reach of our global sales go-to-market. Through relationships with key brands and local market leaders that have reach and scale, we expect to continue driving awareness and adoption of our offerings.

三、加速美國以外業務的全球規模化。我們計劃繼續投資於戰略合作夥伴關係，以擴大我們的營銷範圍或我們全球銷售進入市場的能力和範圍。通過與具有影響力和規模的主要品牌和當地市場領導者的關係，我們希望繼續提高對我們產品的認識和採用。

Four, increasing company-wide operational efficiency and progressing toward profitability. We will continue to prioritize efficient investments in our highest growth opportunities as we accelerate our path to becoming a profitable company. We plan to deliver a profitable second half of 2023 and full year 2024 on an adjusted EBITDA basis. As you can see, it's going to be a busy year for Udemy. And I'm optimistic about the future of this company. The opportunity available to us is massive, well beyond 2023. I look forward to leading the company as its new CEO, and I'm committed to delivering long-term sustainable growth and building shareholder value over time.

第四，提高全公司的運營效率並逐步實現盈利。隨著我們加快成為一家盈利公司的道路，我們將繼續優先考慮對我們最高增長機會的有效投資。我們計劃在調整後的 EBITDA 基礎上實現 2023 年下半年和 2024 年全年的盈利。如您所見，今年對 Udemy 來說將是忙碌的一年。我對這家公司的未來持樂觀態度。 2023 年以後，我們可以獲得巨大的機會。我期待著作為新任首席執行官領導公司，我致力於實現長期可持續增長並隨著時間的推移建立股東價值。

Now I'll turn the call over to Sarah for a financial review and outlook.

現在，我將把電話轉給莎拉進行財務審查和展望。

Thank you, Greg. We had a solid quarter and ended the year considering the current macro backdrop. Total fourth quarter revenue increased 22% year-over-year to $165 million. And for the full year, revenue increased 22% to $629 million, both of which were within our guidance range, including the negative impact of FX. Since nearly 60% of our revenue is from outside of the U.S., the year-over-year increase in total revenue includes a negative impact of 4 percentage points from changes in FX rates in both Q4 and the full year.

謝謝你，格雷格。考慮到當前的宏觀背景，我們有一個穩定的季度並結束了這一年。第四季度總收入同比增長 22% 至 1.65 億美元。全年收入增長 22% 至 6.29 億美元，均在我們的指導範圍內，包括外彙的負面影響。由於我們近 60% 的收入來自美國以外，因此總收入的同比增長包括第四季度和全年匯率變化帶來的 4 個百分點的負面影響。

We also exceeded the high end of our Q4 and full year 2022 adjusted EBITDA margin guidance ranges as we continue to focus on operational efficiencies and driving towards profitability. Q4 revenue growth was driven by the strength of Udemy Business. The segment accounted for 50% of total full year revenue for the first time, well ahead of the goal we set at the time of our IPO. That being said, we did experience some elongating sales cycles, pushing some deals into Q1.

隨著我們繼續關注運營效率和推動盈利能力，我們還超過了第四季度和 2022 年全年調整後 EBITDA 利潤率指導範圍的上限。第四季度的收入增長是由 Udemy 業務的實力推動的。該部門首次佔全年總收入的 50%，遠遠超過我們在 IPO 時設定的目標。話雖這麼說，我們確實經歷了一些延長的銷售週期，將一些交易推到了第一季度。

At the same time, the Consumer marketplace remains healthy. Although segment revenue was down year-over-year in Q4, driven by the negative impact of FX, Udemy's marketplace continues to produce a steady source for organic leads and serves as a powerful content creation engine that provides [fresh] high-quality courses that ultimately feed the Udemy Business content library.

與此同時，消費市場保持健康。儘管在 FX 的負面影響的推動下，第四季度分部收入同比下降，但 Udemy 的市場繼續為有機潛在客戶提供穩定的來源，並作為強大的內容創建引擎提供 [新鮮] 高質量課程最終提供給 Udemy Business 內容庫。

As we move down the P&L, note that all financial metrics are non-GAAP unless stated otherwise. I will keep my remarks focused on the fourth quarter results. Our news release, which can be found in our Investor Relations website includes the financial tables with results for the 3- and 12-month periods ended December 31, 2022. Q4 gross profit was $94 million, up 29% year-over-year. Gross margin was 57%, a 320 basis point improvement from Q4 of 2021, driven by the continued revenue mix shift to Udemy's Business since content cost as a percent of revenue are lower for that segment.

當我們向下移動 P&L 時，請注意所有財務指標都是非 GAAP，除非另有說明。我將繼續關注第四季度的業績。我們的新聞稿可在我們的投資者關係網站上找到，其中包括截至 2022 年 12 月 31 日的 3 個月和 12 個月期間的財務報表。第四季度毛利潤為 9400 萬美元，同比增長 29%。毛利率為 57%，比 2021 年第四季度提高了 320 個基點，這是由於收入組合持續向 Udemy 的業務轉移所推動的，因為該細分市場的內容成本佔收入的百分比較低。

Total operating expense was $119 million or 72% of revenue compared to 75% in Q4 of last year as we continue to focus on driving company-wide operational efficiency. Within OpEx, sales and marketing expenses were 47% of total revenue compared to 50% for the same quarter last year. We typically experienced some seasonality during the fourth quarter when we ramped up our marketing investments around Black Friday. Due to the current macroeconomic environment, we reduced spend on Consumer marketing this year in order to maintain a reasonable ROI and also shifted the balance of spend toward Udemy Business where we see greater long-term growth potential.

由於我們繼續專注於提高全公司的運營效率，總運營費用為 1.19 億美元，佔收入的 72%，而去年第四季度為 75%。在運營支出中，銷售和營銷費用佔總收入的 47%，而去年同期為 50%。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經歷一些季節性。由於當前的宏觀經濟環境，我們今年減少了消費者營銷支出，以保持合理的投資回報率，並將支出的平衡轉移到我們認為具有更大長期增長潛力的 Udemy 業務上。

R&D expense was 14% of revenue compared to 12% in Q4 2021. We are investing in areas that we believe support learner outcomes and increase ROI such as immersive learning modalities, business skills, AI and machine learning. And finally, G&A expense was 11% of revenue versus 13% a year ago. On the bottom line, net loss in the quarter was $23 million or negative 14% of revenue. Adjusted EBITDA loss was $20 million or negative 12% of revenue, well ahead of our guidance range of negative 17% to negative 15%, driven by our continued focus on efficient expense management.

研發費用佔收入的 14%，而 2021 年第四季度為 12%。我們正在投資於我們認為支持學習成果並提高投資回報率的領域，例如沉浸式學習模式、業務技能、人工智能和機器學習。最後，G&A 費用佔收入的 11%，而一年前為 13%。歸根結底，本季度淨虧損為 2300 萬美元，佔收入的負 14%。調整後的 EBITDA 虧損為 2000 萬美元或收入的負 12%，遠高於我們的負 17% 至負 15% 的指導範圍，這主要得益於我們對高效費用管理的持續關注。

Moving on to key cash flow and balance sheet items. We ended the year with $465 million of unrestricted cash, cash equivalents and marketable securities. Increasing DSO changes in working capital timing and a onetime payment to settle our instructor withholding tax reserve resulted in a negative $34 million in free cash flow for Q4.

繼續討論關鍵的現金流量和資產負債表項目。年底，我們擁有 4.65 億美元的不受限制的現金、現金等價物和有價證券。增加 DSO 對營運資本時間的改變以及一次性付款以結算我們的講師預扣稅儲備，導致第四季度的自由現金流為負 3400 萬美元。

Now turning to our results by segment, starting with our Enterprise segment for Udemy Business. We grew Q4 revenue to $91 million or an increase of 57% year-over-year which includes a negative 4 percentage point impact from changes in FX rates. Segment gross profit for the quarter was $60 million or 67% of segment revenue, roughly flat year-over-year. Annual recurring revenue was $372 million at the end of Q4, up 55% year-over-year. We saw a bit of a deceleration in ARR growth, primarily due to the reasons Greg outlined earlier but ended the quarter with nearly 14,000 Udemy Business customers, up 32% from a year ago.

現在轉向我們按細分市場的結果，從我們的 Udemy 業務的企業細分市場開始。我們第四季度的收入增長至 9100 萬美元，同比增長 57%，其中包括匯率變化帶來的 4 個百分點的負面影響。本季度的部門毛利為 6000 萬美元，佔部門收入的 67%，與去年同期大致持平。第四季度末年度經常性收入為 3.72 億美元，同比增長 55%。我們看到 ARR 增長略有放緩，這主要是由於格雷格早些時候概述的原因，但本季度結束時有近 14,000 名 Udemy 商業客戶，比一年前增長了 32%。

We continue to see strong adoption and retention across all geographies, particularly with larger companies, but that is being somewhat offset by softness in smaller businesses and elongating sales cycles.

我們繼續看到所有地區的採用率和保留率都很高，尤其是大公司，但這在一定程度上被小企業的疲軟和銷售週期的延長所抵消。

In many cases, we are landing with meaningfully higher deal sizes and contract lengths and continue to gain traction with our newer products, Udemy Business Pro and Cohort Learning. Those trends impacted our customer retention, resulting in Q4 Udemy business net dollar retention rate of 115%, or a 200 basis point decrease from the prior quarter. However, net dollar retention for Udemy Business Large Customers or those with at least 1,000 employees was 123%, which was flat with the prior quarter. Not only are we seeing solid retention of our existing customers, but those larger customers are looking for the most efficient solutions to partner with to achieve their long-term company-wide learning and development goals which is driving an increase in seat expansion and contract value.

在許多情況下，我們以有意義的更高交易規模和合同期限著陸，並繼續通過我們的新產品 Udemy Business Pro 和 Cohort Learning 獲得吸引力。這些趨勢影響了我們的客戶保留率，導致第四季度 Udemy 業務淨美元保留率為 115%，或比上一季度下降 200 個基點。然而，Udemy 企業大客戶或擁有至少 1,000 名員工的客戶的淨美元保留率為 123%，與上一季度持平。我們不僅看到我們現有客戶的穩固保留，而且那些更大的客戶正在尋找最有效的解決方案來合作，以實現他們在公司範圍內的長期學習和發展目標，這正在推動席位擴展和合同價值的增加.

Turning to our Consumer segment. Although Q4 revenue was $75 million or down 4% year-over-year, that includes a negative 5 percentage point impact from FX. Taking the FX impacting the consideration, it is encouraging to see the continued resilience of our marketplace even in this challenging environment. Segment gross profit was $37 million or 50% of segment revenue approximately 240 basis points higher than in Q4 2021. The year-over-year expansion in Consumer segment gross margin was primarily driven by the timing of revenue recognition relative to instructor payments. Our marketplace continues to be vibrant and healthy.

轉向我們的消費者部門。儘管第四季度收入為 7500 萬美元或同比下降 4%，但其中包括來自外彙的 5 個百分點的負面影響。考慮到影響因素的外匯，即使在這個充滿挑戰的環境中，我們的市場仍能保持彈性，令人鼓舞。分部毛利為 3700 萬美元，佔分部收入的 50%，比 2021 年第四季度高出約 240 個基點。消費者分部毛利率的同比增長主要是由於與講師付款相關的收入確認時間。我們的市場繼續充滿活力和健康。

During Q4, our platform saw nearly 35 million monthly average unique global visitors up 6% year-over-year and more than 1.3 million monthly average buyers purchased a course of subscription, down approximately 2% year-over-year and meaningfully lower Consumer marketing spend.

在第四季度，我們的平台每月平均有近 3500 萬獨立全球訪問者，同比增長 6%，每月平均有超過 130 萬買家購買了訂閱課程，同比下降約 2%，消費者營銷顯著下降花費。

Now I'd like to introduce our outlook for the next quarter and full year 2023. We are cautiously optimistic about 2023 as we balance the momentum we are seeing in our main growth engine with the macro uncertainty. Many of the positive trends that we experienced at the end of 2022 are expected to continue this year, including a shift from offline to online learning and vendor consolidation. We believe that growth may be somewhat offset, especially in the near term by smaller corporations reducing their learning and development budgets and companies in all geographies closely evaluating vendors, which may translate into sales cycle elongation across the Board. We also expect our Consumer segment revenue to decrease slightly year-over-year due to the FX impact and shifting our spend to the Udemy Business growth engine.

現在我想介紹一下我們對 2023 年下一季度和全年的展望。我們對 2023 年持謹慎樂觀態度，因為我們要平衡我們在主要增長引擎中看到的勢頭與宏觀不確定性。我們在 2022 年底經歷的許多積極趨勢預計將在今年繼續，包括從線下學習轉向在線學習和供應商整合。我們認為增長可能會有所抵消，尤其是在短期內，小型公司會減少學習和發展預算，所有地區的公司都會密切評估供應商，這可能會轉化為全面延長銷售週期。我們還預計，由於外匯影響以及我們將支出轉移到 Udemy 業務增長引擎，我們的消費者部門收入將同比略有下降。

For modeling purposes, while we do not plan to provide segment guidance going forward, we wanted to share some high-level insight on our anticipated Udemy Business and Consumer segment quarterly patterns with our outlook. So you can better understand how we're thinking about the respective businesses. With all that in mind, we expect Q1 revenue to be between $168 million and $172 million, with Udemy Business segment revenue as a percentage of total revenue remaining relatively flat with the prior quarter due to our Q4 2022 consumer promotion cycle and revenue recognition.

出於建模目的，雖然我們不打算提供未來的細分指導，但我們希望與我們的展望分享一些關於我們預期的 Udemy 業務和消費者細分季度模式的高級見解。這樣您就可以更好地了解我們如何考慮各自的業務。考慮到所有這些，我們預計第一季度收入將在 1.68 億美元至 1.72 億美元之間，由於我們的 2022 年第四季度消費者促銷週期和收入確認，Udemy 業務部門收入佔總收入的百分比與上一季度保持相對持平。

Assuming foreign currency exchange rates remain constant, FX expected to negatively impact Q1 year-over-year total revenue growth by approximately 6 percentage points. For Udemy Business, while we expect Q1 year-over-year growth to moderate as compared to Q4, we believe a year-over-year growth rate in the mid-40s is achievable. For the rest of the year, while Udemy Business' growth may slow a bit, we believe that we can sustain mid-30s year-over-year growth each quarter including the negative effect of FX and continued macroeconomic pressure. By year-end, we anticipate Udemy Business revenue will grow to approximately 60% of total revenue.

假設外幣匯率保持不變，外匯預計將對第一季度總收入同比增長產生約 6 個百分點的負面影響。對於 Udemy Business，雖然我們預計第一季度的同比增長與第四季度相比會放緩，但我們相信 40 年代中期的同比增長率是可以實現的。在今年餘下的時間裡，雖然 Udemy 業務的增長可能會有所放緩，但我們相信我們每個季度都能保持 30 年代中期的同比增長，包括外彙的負面影響和持續的宏觀經濟壓力。到年底，我們預計 Udemy 業務收入將增長到總收入的 60% 左右。

Turning to Consumer. We expect segment revenue to be up slightly in Q1 compared to Q4. However, we anticipate Consumer revenue to be down low double digits year-over-year on a percentage basis in Q1, including the impact of FX. Similar to last year, we expect Consumer revenue to be down sequentially in Q2 as a result of our most significant promotions occurring around year-end, which benefits Q1 due to the timing of revenue recognition. We expect growth rates to improve in the back half of the year due in part to the easing of the impact from FX headwinds.

轉向消費者。與第四季度相比，我們預計第一季度的分部收入將略有增長。然而，我們預計第一季度消費者收入按百分比計算將同比下降兩位數，包括外彙的影響。與去年類似，我們預計消費者收入將在第二季度連續下降，因為我們在年底前後進行了最重要的促銷活動，這有利於第一季度，因為收入確認的時間。我們預計下半年增長率將提高，部分原因是外匯逆風的影響有所緩解。

Taking all of that into consideration, for the full year 2023, we expect revenue to be between $700 million and $730 million or 14% year-over-year growth at the midpoint, including an estimated 3 percentage point negative impact from FX. And finally, for adjusted EBITDA margin, excluding severance costs, we expect Q1 margin of negative 10% to negative 8%. We expect to deliver adjusted EBITDA margin expansion each quarter on a sequential basis, with the most significant increase from Q1 to Q2, driven by the cost savings associated with the reduction in workforce.

考慮到所有這些因素，我們預計 2023 年全年收入將在 7 億美元至 7.3 億美元之間，即中點同比增長 14%，其中估計包括來自外彙的 3 個百分點的負面影響。最後，對於調整後的 EBITDA 利潤率，不包括遣散費，我們預計第一季度利潤率為負 10% 至負 8%。我們預計每個季度都將按順序實現調整後的 EBITDA 利潤率增長，其中從第一季度到第二季度的增長最為顯著，這是由於與勞動力減少相關的成本節約所推動的。

As I mentioned earlier, we expect to be profitable on an adjusted EBITDA basis for the second half of the year, with Q3 expected to be near breakeven and Q4 to be positive. As a result, we expect full year 2023 margin to be between negative 4% and negative 2%. At the midpoint, this implies nearly 500 basis point adjusted EBITDA margin expansion for the full year. Importantly, we remain confident in our ability to deliver full year profitability on an adjusted EBITDA basis in 2024.

正如我之前提到的，我們預計下半年將在調整後的 EBITDA 基礎上實現盈利，預計第三季度將接近盈虧平衡，第四季度將實現盈利。因此，我們預計 2023 年全年利潤率將介於負 4% 和負 2% 之間。從中點來看，這意味著全年調整後的 EBITDA 利潤率將擴大近 500 個基點。重要的是，我們仍然相信我們有能力在 2024 年根據調整後的 EBITDA 實現全年盈利。

As Greg said at the outset, we are cautiously optimistic about 2023 and the opportunity ahead. The trends we are seeing today, particularly in our Udemy Business segments are very encouraging for the long term. We will continue to make strategic investments in areas of the business that represent the greatest long-term growth opportunities while committing to continued cost discipline in order to deliver a profitable second half of the year.

正如格雷格一開始所說，我們對 2023 年和未來的機遇持謹慎樂觀態度。從長遠來看，我們今天看到的趨勢，特別是在我們的 Udemy 業務部門中，是非常令人鼓舞的。我們將繼續在代表最大長期增長機會的業務領域進行戰略投資，同時致力於持續控製成本，以便在今年下半年實現盈利。

And with that, we'll open up the call for your questions. Moderator?

有了這個，我們將打開您的問題的電話。版主？

We will now begin the question and answer session. (Operator Instructions) Our first question comes from Patrick Schulz with Baird.

我們現在開始問答環節。 （操作員說明）我們的第一個問題來自 Baird 的 Patrick Schulz。

I just wanted to dig a little deeper into the 2023 revenue guidance as it was a little bit below where many of us had expected. And I know there are a lot of moving parts given the current macro, and I appreciate the color you guys provided for each segment. But could you just provide a little bit of additional color on how you approach guidance this year? Any commentary would be helpful there.

我只是想更深入地了解 2023 年的收入指引，因為它略低於我們許多人的預期。而且我知道在當前的宏中有很多移動部分，我很欣賞你們為每個部分提供的顏色。但是，您能否就今年如何處理指導提供一些額外的色彩？那裡的任何評論都會有所幫助。

Sure, Patrick. Thanks for the question. So first, I think it's important that we disaggregate the numbers a bit to provide context because I think it's relevant here. Roughly 2/3 of the approximately $60 million is based on expectations we have for the Consumer business. We talked about the fact that we've deliberately reduced spend on the Consumer side to accelerate our path to profitability. So that's the first point.

當然，帕特里克。謝謝你的問題。所以首先，我認為我們對數字進行一些分解以提供上下文很重要，因為我認為這與這里相關。大約 6000 萬美元中的大約 2/3 是基於我們對消費者業務的預期。我們談到了這樣一個事實，即我們故意減少了消費者方面的支出，以加速我們的盈利之路。這是第一點。

I think second is on the UB side, this last year in 2022, we exited at roughly 70% revenue growth, which is impressive given the environment. Extremely proud of the team and what we delivered there. We talked about a bit of the elongation in sales cycles as well as some of the softness on the SMB side that we built into the plan for 2023.

我認為第二個是 UB 方面，去年 2022 年，我們以大約 70% 的收入增長退出，考慮到環境，這是令人印象深刻的。為團隊和我們在那裡交付的成果感到非常自豪。我們談到了銷售週期的一些延長以及我們在 2023 年計劃中建立的 SMB 方面的一些疲軟。

With that said, we're still projecting mid-30s growth an exit of nearly $500 million in ARR with 60% of our revenue being generated by the Udemy Business side of the house. So we're definitely cautiously optimistic for the year, but also feel like what we're going to deliver is material and significant based on the economic climate we're facing. Sarah, I don't know if there's anything you want to add.

話雖如此，我們仍然預計 30 年代中期的增長將退出近 5 億美元的 ARR，其中 60% 的收入來自公司的 Udemy 業務方面。因此，我們對今年肯定持謹慎樂觀態度，但也覺得根據我們所面臨的經濟環境，我們將要提供的東西是物質的和重要的。 Sarah，我不知道你是否有什麼要補充的。

I think that's right. I think the only thing I would add is we do anticipate continued pressure from FX throughout the year. So more of the same challenging macro headwinds, but again, as Gregg said, you'd be still growing at mid-30s at this scale in this environment. So we're cautiously optimistic that we can not only deliver that, but in the back half things easing up a little bit, we'll be in a good position to take advantage of it.

我認為這是對的。我認為我唯一要補充的是，我們確實預計全年來自外彙的持續壓力。因此，更多相同的具有挑戰性的宏觀逆風，但正如 Gregg 所說，在這種環境下，你仍然會在 30 多歲時以這種規模增長。因此，我們謹慎樂觀地認為，我們不僅可以實現這一目標，而且在後半部分情況會有所緩和，我們將處於有利地位來利用它。

Okay. Yes. I appreciate the color there. And just a quick follow-up question. I know you spent some time during your Analyst Day in the fall discussing international opportunities with partnerships being an important part to this. Can you just talk about how this has progressed in recent months in light of the macro and maybe what your expectations are for 2023?

好的。是的。我欣賞那裡的顏色。只是一個快速的後續問題。我知道你在秋季的分析師日期間花了一些時間討論國際機會，而合作夥伴關係是其中的重要組成部分。您能否談談最近幾個月根據宏觀經濟取得的進展以及您對 2023 年的期望？

Yes. Good question as well, Patrick. So investment in international expansion via partnerships as well as organic is one of our top areas of focus and priorities for the year. We continue to be encouraged by the progress we're seeing out of our partnerships via new ventures in Vietnam, Korea and China. We're not breaking up revenue or guidance at this point for that segment of the business, but I can assure you that the acceleration is impressive, and we're excited about the prospects and potential this year, and we're going to continue to invest in these areas.

是的。這也是個好問題，帕特里克。因此，通過合作夥伴關係和有機投資進行國際擴張是我們今年最關注和優先考慮的領域之一。通過在越南、韓國和中國的新企業，我們的合作夥伴關係取得了進展，我們繼續感到鼓舞。我們目前並沒有為這部分業務分解收入或指導，但我可以向你保證，加速是令人印象深刻的，我們對今年的前景和潛力感到興奮，我們將繼續投資這些領域。

Latin America as well. Very excited about what we're seeing at our partners in Brazil, Mexico and the region at large. And will also be a continued area of investment. So all said, I'm excited about the prospects and potential. And we talked a bit about Amazon in the past, and we continue to make really good progress with them as a strategic partner on a global basis and expect to be able to shed a little bit more light in the announcements to come with respect to how that partnership is evolving.

拉丁美洲也一樣。對我們在巴西、墨西哥和整個地區的合作夥伴所看到的情況感到非常興奮。並且也將是一個持續的投資領域。總而言之，我對前景和潛力感到興奮。我們過去談過一些關於亞馬遜的事情，作為全球戰略合作夥伴，我們繼續與他們取得非常好的進展，並希望能夠在即將發布的公告中闡明更多關於如何這種夥伴關係正在發展。

Our next question comes from Brett Knoblauch with Cantor Fitzgerald.

我們的下一個問題來自 Brett Knoblauch 和 Cantor Fitzgerald。

And Gregg, congrats on the retirement. I hope you enjoy it. My question kind of comes to in your Investor Day, you guys came out with 2024 and 2025 guidance. And I was just curious how the recent head count reductions, I guess, one, was that anticipated at that time? And, two, does that impact your guys' expectations for '24 growth to be, call it, within 23% and 25%. And '25 growth to be above 25%.

格雷格，祝賀退休。我希望你喜歡它。我的問題有點出現在你們的投資者日，你們提出了 2024 年和 2025 年的指導。我很好奇最近的裁員，我想，一個，是當時預期的嗎？第二，這是否會影響你們對 24 年增長的預期，稱之為 23% 到 25%。並且'25增長要超過25%。

Brett, thanks for the question. The first thing I'll say is, at that time, we didn't have visibility into what the second half of Q4 was going to look like across. So the macro continued to worsen, and for the first time we saw an impact in the slowing of sales cycles in our Enterprise business, which we had not been seeing. We also pulled back on our marketing spend as we've seen the macro continue, which we had -- resulted in a slower-than-expected Black Friday, many Consumer businesses saw this. So there are a lot of things in the back half of Q4 that we don't have visibility into.

布雷特，謝謝你的提問。我要說的第一件事是，當時我們無法了解第四季度下半年的情況。因此，宏觀經濟繼續惡化，我們第一次看到企業業務銷售週期放緩的影響，這是我們之前沒有看到的。我們還縮減了營銷支出，因為我們看到宏觀經濟仍在繼續，這導致黑色星期五的速度低於預期，許多消費者企業都看到了這一點。所以在第四季度的後半段有很多我們無法看到的事情。

That being said, we're reconfirming our targets for '24 and '25. And let me dig into that a little bit, so you can understand why. The first is it's going to be off of a smaller base. These numbers are a little bit different. But secondly, our mix of UB continues to increase. And as it continues to increase, that is the growth engine of this business that is going to continue to deliver mid-30s growth for a long period to come. We have a large opportunity within our existing base, which we've spoken about for expansion and upsell.

話雖如此，我們正在重新確認 24 年和 25 年的目標。讓我深入研究一下，這樣你就會明白為什麼。首先是它將脫離一個較小的基地。這些數字有點不同。但其次，我們的 UB 組合繼續增加。隨著它的持續增長，這是該業務的增長引擎，它將在未來很長一段時間內繼續實現 30 年代中期的增長。我們在現有基礎上有很大的機會，我們已經談到了擴展和追加銷售。

And so we are really focused on what we can control. We are committed to 2024 profitability and back half profitability this year. We do expect typical seasonality. And what that means is it may not be that every quarter in '24 is profitable, but we will be profitable for the year. And so those targets that we laid out, we are still committed to delivering.

因此，我們真正專注於我們可以控制的事情。我們致力於 2024 年實現盈利，並在今年實現盈利減半。我們確實期待典型的季節性。這意味著可能不是 24 年的每個季度都盈利，但我們全年都會盈利。因此，我們制定的那些目標，我們仍然致力於實現。

Perfect. No, that's extremely helpful. And then maybe on the segment gross margin. Can you just walk through the cadence of how you expect that to play out throughout the year? I guess, it's pretty volatile for the Consumer segment quarter-to-quarter. Should we look at 2023 being similar to 2022? Is there any kind of unique instances in the last year that would cause it strain that?

完美的。不，這非常有幫助。然後可能是細分市場的毛利率。您能否簡單介紹一下您期望全年如何發揮作用的節奏？我想，對於消費者部門來說，每個季度的波動都很大。我們應該看看 2023 年與 2022 年相似嗎？去年是否有任何獨特的例子會導致它緊張？

So there's 2 things to think about when it comes to Consumer gross margin. The first is the timing of our promotion cycle. And so when we have the larger promotions, like Q4, what happens is you'll see gross margin suppression in that period because we record revenue kind of in the 4.5 months following, if you will, but the instructor expenses occur in period.

因此，當涉及到消費者毛利率時，有兩件事需要考慮。首先是我們推廣週期的時機。因此，當我們有更大的促銷活動時，比如第四季度，你會看到那個時期的毛利率受到抑制，因為如果你願意的話，我們會在接下來的 4.5 個月內記錄收入，但講師費用會在此期間發生。

The other thing that happened in Q -- or in 2022 that we won't see in 2023 as we had some relief from global marketing fees in the first half of the year. And now those global marketing fees we're having to pay across the board. And so you're not going to see that dynamic play out in 2023 in the same way it did in 2022.

Q 發生的另一件事——或 2022 年我們不會在 2023 年看到，因為我們在今年上半年從全球營銷費用中獲得了一些減免。現在，我們必須全面支付那些全球營銷費用。因此，您不會像在 2022 年那樣看到這種動態在 2023 年發揮作用。

Our next question comes from Ryan MacDonald with Needham.

我們的下一個問題來自 Ryan MacDonald 和 Needham。

Questions, and I'll echo my congrats to Gregg Coccari on the retirement, best of luck in the future. Greg Brown, I'm curious about the comment you made about, in Udemy Business more customers evaluating the current vendors you're working with. And perhaps you can talk about how you feel like you're positioned to benefit from a consolidation trend there? And -- to the extent you have it, what win rates have looked like in those sort of conversations thus far?

問題，我將對退休的 Gregg Coccari 表示祝賀，祝你未來好運。 Greg Brown，我對你發表的評論很好奇，在 Udemy Business 中，更多客戶正在評估與你合作的當前供應商。也許你可以談談你覺得自己如何從那裡的整合趨勢中受益？而且——就你所掌握的程度而言，到目前為止，在這類對話中的勝率是什麼樣的？

Ryan, thanks for the question. Yes. So we continue to see more consolidation and vendors looking to maximize economies of scale as they move to working with fewer vendors. And we happen to be on the front end of that opportunity in terms of being positioned to take advantage of it. We had just this last quarter alone 2 of our larger Fortune 500 customers add, respectively, 30,000 seats and 20,000 seats to standardize on our platform as being their preferred provider for learning and development across their organization, both multiyear contracts and both after, as you can imagine, deep assessment as to the needs of their organization and their assessment that the depth and breadth of our platform was best suited to their needs long term.

瑞安，謝謝你的提問。是的。因此，我們繼續看到更多的整合和供應商尋求最大化規模經濟，因為他們轉向與更少的供應商合作。就利用它的定位而言，我們恰好處於這個機會的前端。僅在上個季度，我們就有 2 家較大的財富 500 強客戶分別增加了 30,000 個席位和 20,000 個席位，以在我們的平台上標準化為他們在整個組織中學習和發展的首選提供商，包括多年合同和之後的合同，因為您可以想像，對他們組織的需求進行深入評估，並評估我們平台的深度和廣度最適合他們的長期需求。

So we continue to see that trend emerge, I believe it does feel like it's accelerating as we move into 2023, and we continue to win a disproportionate amount of those opportunities. Specific for our win rates as we talked a little bit about the elongation and sales cycles, and that's as a result of the macro that we're all dealing with. But our win rates are holding very, very strong. And we're very encouraged by that. In addition to the NDRR we're seeing -- net dollar retention we're seeing in our Large Customers segment, which is customers over 1,000 employees, remaining very, very strong at 123%.

因此，我們繼續看到這種趨勢的出現，我相信隨著我們進入 2023 年，它確實感覺正在加速，我們將繼續贏得不成比例的這些機會。具體到我們的贏率，因為我們談到了一些關於伸長率和銷售週期的問題，這是我們都在處理的宏觀結果。但是我們的勝率非常非常高。我們對此感到非常鼓舞。除了我們看到的 NDRR——我們在大客戶部門看到的淨美元保留率，即超過 1,000 名員工的客戶，保持非常非常強勁的 123%。

So our Enterprise business remains very healthy. We continue to see the acceleration of offline to online and consolidation that you talked about. So, now look, we're very encouraged and very confident in our ability to continue to win and want a disproportionate amount of the opportunities we're in on the Enterprise side, we just need to navigate with a lot of care through this downturn regardless of how long it extends.

因此，我們的企業業務仍然非常健康。我們繼續看到您談到的線下到線上和整合的加速。所以，現在看，我們對我們繼續取勝的能力感到非常鼓舞和非常有信心，並希望我們在企業方面擁有不成比例的機會，我們只需要非常小心地度過這次低迷時期不管它延長多久。

That's super helpful. Sarah, maybe one for you. As we think about the accelerated path to positive adjusted EBITDA and some of the cuts you're making you talk about where those cuts are coming or where you're looking to optimize as we think about the P&L and perhaps across the 2 segments, Consumer versus UB ?

這非常有幫助。莎拉，也許一個給你。當我們考慮加速實現正調整 EBITDA 的路徑以及您讓您談論這些削減的地方或您希望優化的地方時，我們考慮 P&L 以及可能跨越 2 個細分市場，消費者與 UB 相比？

Sure. So first, as we've spoken about, we've been shifting spend from Consumer to Udemy Business and decreasing our overall spend on marketing a bit. Secondly, we really took a look at the organization and the macro environment. First, on the recruiting side, when you're significantly slower in hiring, you don't need that much capacity. We looked across our go-to-market team and the regions and segments that were impacted most by the macro environment, and that's -- we pull back in those areas. And then we're really focused for this year on our strategic priorities. And so from an R&D perspective, areas that we could slow down a little bit or hold off on for now, but just remain focused on the things that matter most. So those investments that are going to impact our learners, our organizations are instructors, we protected those we're focused on the platform and all methods of learning, improving our tools for instructors.

當然。因此，首先，正如我們所說，我們一直在將支出從消費者轉移到 Udemy 業務，並略微減少我們在營銷方面的總體支出。其次，我們真正了解了組織和宏觀環境。首先，在招聘方面，當你的招聘速度明顯變慢時，你就不需要那麼多的能力。我們審視了我們的上市團隊以及受宏觀環境影響最大的地區和細分市場，那就是 - 我們在這些領域撤退了。然後我們今年真正專注於我們的戰略重點。因此，從研發的角度來看，我們可以放慢速度或暫時擱置的領域，但只專注於最重要的事情。因此，那些將影響我們的學習者的投資，我們的組織是講師，我們保護那些我們專注於平台和所有學習方法的人，改進我們的講師工具。

So really harnessing that global instructor population that we have and allowing them to continue to build their businesses better and faster, doubling down our leadership development and cohort learning is important for us and increased personalization. So we took our time. We looked at the business and the things that are most important for us to deliver, we're very focused on that. And we reduced the areas that we're going to be very inefficient to operate in and/or we just didn't need the capacity.

因此，真正利用我們擁有的全球講師群體並允許他們繼續更好更快地建立自己的業務，加倍我們的領導力發展和隊列學習對我們很重要，並且增加個性化。所以我們慢慢來。我們研究了業務和對我們來說最重要的事情，我們非常專注於此。我們減少了運營效率非常低和/或我們根本不需要容量的區域。

Appreciate the color there.

欣賞那裡的顏色。

Our next question comes from Stephen Sheldon with William Blair.

我們的下一個問題來自斯蒂芬謝爾頓和威廉布萊爾。

I wanted to ask, I guess, a 2-part question about ChatGPT. Curious what learner engagement has looked like with the 150 courses you have out there right now. And maybe just, I guess, how do you think about the potential impact to your business and the potential to integrate this type of technology into what you're offering? Just curious on those 2 fronts.

我想我想問一個關於 ChatGPT 的兩部分問題。想知道您現在擁有的 150 門課程的學習者參與度如何。也許只是，我想，您如何看待對您的業務的潛在影響以及將此類技術集成到您所提供的產品中的潛力？只是對這兩個方面感到好奇。

Thanks for the question, Stephen. Yes. So with respect to ChatGPT and what we're seeing on our platform, as I mentioned, we've got over 150 courses on the platform. 11 of those courses have [raised] ratings and reviews and curation then moved into our Udemy Business catalog. And a number of those courses have over 100 reviews and over 4.2 rating, which is our minimum threshold. And so all of those courses have that rating or above.

謝謝你的問題，斯蒂芬。是的。因此，關於 ChatGPT 以及我們在平台上看到的內容，正如我提到的，我們在該平台上有超過 150 門課程。其中 11 門課程已經 [提高] 評級、評論和管理，然後進入我們的 Udemy 商業目錄。其中一些課程有超過 100 條評論和超過 4.2 的評分，這是我們的最低門檻。因此，所有這些課程都具有該等級或更高等級。

So anyway, we're seeing very strong uptick and momentum with respect to ChatGPT. As we mentioned, it's most widely searched term right now on both platforms. So we're very encouraged by the traction and our ability through our marketplace to monetize. And look, it really is one of the areas that really is -- at the core, we're fundamentally different from any other business in the category because we are able to react and stay up with the pace of change whenever new advancements hit the marketplace like in this case, ChatGPT and it really is a testament to, again, the power of the global network that we have because many of these courses on ChatGPT are not in English, right? They're non-English courses that are on the platform and launched all over the world and international language tone and context locally where those instructors are. That really does give us a very unique advantage in terms of how we bring this type of content to life and enable our learners within all different sizes and types of organizations to access this content. And again, enabling them to stay ahead with the pace of change.

因此，無論如何，我們看到了 ChatGPT 的強勁增長和勢頭。正如我們提到的，它現在是兩個平台上搜索最廣泛的術語。因此，我們對通過市場獲利的吸引力和能力感到非常鼓舞。看，這確實是真正的領域之一——從根本上說，我們與該類別中的任何其他企業都有根本不同，因為我們能夠在新的進步出現時做出反應並跟上變化的步伐像這種情況下的市場，ChatGPT，它再次證明了我們擁有的全球網絡的力量，因為 ChatGPT 上的許多課程都不是英文的，對吧？它們是平台上的非英語課程，並在全球範圍內推出，並在這些講師所在的地方提供國際語言語氣和語境。這確實給了我們一個非常獨特的優勢，因為我們如何將這種類型的內容帶入生活，並使我們在不同規模和類型的組織中的學習者能夠訪問這些內容。再次，使他們能夠跟上變革的步伐。

So it's a good strong illustration of really how different we are and advantages we have as a result of the marketplace. Now as far as ChatGPT and in terms of how we're thinking about it, vis-a-vis our instructors and the learning experience, we've been now testing for over 9 months an area of AI, deep learning, GPT-3, which is underpinning platform that supports ChatGPT. And we're very encouraged by some of the testing and the betas that we've been running in terms of our ability to enhance the toolkit and the capabilities that we can arm our instructors with to enable them to accelerate the pace by which they develop content, increase the level of personalization, which is really exciting and allow the instructors to create more engaging content faster, I guess, is the best way to really sum it up.

因此，這是一個很好的有力例證，說明我們真正有多麼不同，以及我們因市場而擁有的優勢。現在就 ChatGPT 而言，就我們如何思考它而言，相對於我們的講師和學習經驗，我們現在已經在 AI、深度學習、GPT-3 領域進行了 9 個多月的測試，這是支持 ChatGPT 的基礎平台。我們對我們一直在運行的一些測試和測試版感到非常鼓舞，這些測試和測試版增強了我們增強工具包的能力以及我們可以武裝我們的講師的能力，使他們能夠加快他們的發展步伐內容，提高個性化水平，這真的很令人興奮，並允許教師更快地創建更具吸引力的內容，我想，這是最好的總結方式。

And we'll be talking more about this as we move forward. But look, again, we've got 70,000 instructors around the world that we have the ability through this platform to enable them with tools and capabilities that again, are very unique in that we've got breadth and depth globally, and we're going to take advantage of that. And I'm very encouraged by it. You can expect us to talk more about our investments in deep learning as we move forward.

隨著我們的前進，我們將更多地討論這個問題。但是，再一次，我們在全球擁有 70,000 名講師，我們有能力通過這個平台為他們提供工具和功能，這些工具和功能再次非常獨特，因為我們在全球範圍內擁有廣度和深度，而且我們打算利用這一點。我對此感到非常鼓舞。隨著我們的前進，您可以期待我們更多地談論我們在深度學習方面的投資。

Got it. That's really helpful. As a follow-up, I just wanted to, I guess, ask if we continue to see weaker macro trends, and I guess, especially if unemployment rises from here, which seems likely to happen, what do you think the net impact would be on the Consumer segment? I could see it being a little mixed, but just curious if you see some puts and takes as you think about Consumer.

知道了。這真的很有幫助。作為後續行動，我想，我只是想問，我們是否會繼續看到更弱的宏觀趨勢，我想，尤其是如果失業率從這裡上升，這似乎很可能發生，您認為淨影響是什麼在消費者領域？我可以看到它有點複雜，但如果您在考慮消費者時看到一些看跌期權，我只是好奇。

This is the first downturn that this company has been through, so we don't know for sure, but we do think that there is some counter cyclicality in the business as people are looking for ways to upskill and reskill themselves for their next opportunity. So we're going to continue to keep an eye on it. But our expectation is that the Consumer business will hold out and stay stable, if not, see some benefit due to that.

這是這家公司經歷的第一次低迷，所以我們不確定，但我們確實認為業務中存在一些反週期性，因為人們正在尋找提高技能和重新學習技能的方法，以迎接下一次機會。因此，我們將繼續關注它。但我們的預期是，消費者業務將堅持並保持穩定，否則，會因此而受益。

Our next question comes from Terry Tillman with Truist Securities.

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

This is Connor Passarella on for Terry. Just on the first one, I wanted to dig a little deeper into some of the customer dynamics within UB. So just for large customers, more than 1,000 employees, how does that segment feel from a demand perspective versus smaller customers? And maybe how can we think about the growth breakdown between these segments on the mid-30s growth guidance for this year?

這是特里的康納帕薩雷拉。關於第一個，我想更深入地了解 UB 內的一些客戶動態。那麼，僅對於擁有 1,000 多名員工的大客戶而言，從需求的角度來看，與小客戶相比，該細分市場的感受如何？也許我們如何考慮今年 30 年代中期增長指導中這些細分市場之間的增長細分？

Sure, Connor. So coming out of Q4, look, as we enter Q4 and into mid-Q4, we really were not seeing significant impact in our Enterprise business. And what we saw in December as we went to the back half of December is there is some elongation in sales cycles and that resulted in some deals pushing into Q1. And organizations were doing what candidly what we were doing, and I think what most organizations were doing, which is assessing the budgetary concerns that they had in Q4 as well as trying to really get clear on what their budget was going to look like for '23. So some of those decisions were in a holding pattern.

當然，康納。因此，從第四季度開始，當我們進入第四季度和第四季度中期時，我們確實沒有看到對我們的企業業務產生重大影響。當我們進入 12 月下半月時，我們在 12 月看到的是銷售週期有所延長，這導致一些交易進入了第一季度。組織正在做我們正在做的事情，我認為大多數組織正在做的事情是評估他們在第四季度遇到的預算問題，並試圖真正弄清楚他們的預算會是什麼樣子 ' 23.因此，其中一些決定處於等待狀態。

We are starting to see some of the -- those decisions free up and some of the budgets starting to be allocated in Q1. We're encouraged by what we're seeing early Q1, but still a long way to go. And as far as buying trends within that segment, and I talked earlier about what we're seeing from a continued momentum offline to online as well as consolidation. But we're also seeing that as I'm engaging with CLOs, what they're telling me and us is that they're not pulling back on their allocation or budget per employee. They may have, in some cases, reduced their workforce, so maybe not as many employees but for most of them it's as important now, if not more important, to continue to invest in the skilling be it upskilling or reskilling of their employees to enable them as an organization to reach their strategic imperatives and outcomes as they're navigating their way through this downturn.

我們開始看到一些——這些決定得到釋放，一些預算開始在第一季度分配。我們對第一季度初看到的情況感到鼓舞，但還有很長的路要走。至於該細分市場的購買趨勢，我之前談到了我們從線下到線上的持續勢頭以及整合所看到的情況。但我們也看到，當我與 CLO 打交道時，他們告訴我和我們的是，他們並沒有縮減每位員工的分配或預算。在某些情況下，他們可能會減少員工人數，所以員工人數可能不會那麼多，但對於他們中的大多數人來說，現在繼續投資於技能培訓同樣重要，如果不是更重要的話，無論是提高員工技能還是重新培訓員工技能，以實現他們作為一個組織來實現他們的戰略要求和成果，因為他們正在度過這次低迷時期。

And so as much as we have seen some budgets constrict and go into a bit of a holding pattern, what we're hearing is those budgets for the year on a per employee basis are not -- we're not seeing significant degradation. So it does give us confidence in our Enterprise business as we move into 2023. I don't know, Sarah, if there's anything you wanted to add to that?

因此，儘管我們看到一些預算受到限制並進入某種停滯狀態，但我們所聽到的是，以每位員工為基礎的年度預算並沒有——我們沒有看到顯著的下降。因此，隨著我們進入 2023 年，它確實讓我們對我們的企業業務充滿信心。莎拉，我不知道你是否想補充什麼？

I think that was well said. Thank you..

我認為這說得好。謝謝..

Okay. Perfect. Yes. That's really helpful. Maybe just as a quick follow-up on the new product side. How has the rollout of the learning assessments has been going? And maybe if there's any important customer feedback you've had here. I really appreciate the time, guys.

好的。完美的。是的。這真的很有幫助。也許只是對新產品方面的快速跟進。學習評估的推出進展如何？也許如果您在這裡收到任何重要的客戶反饋。伙計們，我真的很感激這段時間。

You got it. I'm very encouraged. Some of these upsells that I mentioned do include our Udemy Pro, immersive learning capability product and so we're very encouraged about what we're seeing. And most larger organizations are moving with a sequence deployment -- phased deployment, if you will. And those initial phased deployments, we're seeing very, very good signs and very good uptick, adoption and outcomes in line with expectations. So very encouraged.

你說對了。我很受鼓舞。我提到的其中一些加售確實包括我們的 Udemy Pro，沉浸式學習能力產品，因此我們對我們所看到的感到非常鼓舞。大多數較大的組織都在進行順序部署——如果您願意的話，可以分階段部署。在那些最初的分階段部署中，我們看到了非常非常好的跡像以及非常好的增長、採用和符合預期的結果。所以很受鼓舞。

And again, the breadth of our platform really does give us a unique position in the marketplace and that we've got immersive learning capability and our leadership academy coupled with our market-leading on-demand library that is unique. And so we're taking advantage of that, and our customers are really taking advantage of it as well.

再一次，我們平台的廣度確實給了我們在市場上的獨特地位，我們擁有身臨其境的學習能力和我們的領導力學院，再加上我們市場領先的獨特點播圖書館。因此，我們正在利用這一點，我們的客戶也確實在利用它。

I would just add to that we've spoken about our customer success team and how we really partner with our customers to help them roll out these new features and capabilities and get their teams engaged and see that adoption so that they're able to get the ROI from the dollars that they're spending with us. And so there's a lot to be said about having this broad platform, this great content. But very importantly also, we do partner with them to ensure that they're seeing that uptick in that success.

我只想補充一點，我們已經談到了我們的客戶成功團隊，以及我們如何真正與客戶合作，幫助他們推出這些新特性和功能，並讓他們的團隊參與進來，並看到這種採用，以便他們能夠獲得他們花在我們身上的美元的投資回報率。因此，關於擁有這個廣泛的平台、這個偉大的內容，有很多話要說。但同樣重要的是，我們確實與他們合作，以確保他們看到成功的增長。

Our next question comes from Jason Celino with KeyBanc Capital Markets.

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

Great. Greg Brown, when we think about the longer sales cycle commentary in Enterprise, are you seeing impact more in any 1 vertical, maybe say in tech, curious what you're seeing?

偉大的。 Greg Brown，當我們考慮 Enterprise 中較長的銷售週期評論時，您是否看到任何 1 個垂直領域的影響更大，也許是在技術方面，好奇您所看到的是什麼？

Question. We have seen it a bit in technology, which is no surprise because that is also where we've seen the bulk of the organizational adjustments that have been announced over the last weeks and months. So tech is 1 vertical that we have seen a little bit of the pause pull back. But again, starting to see that free up as we move into Q1.

問題。我們在技術領域看到了一點，這並不奇怪，因為這也是我們在過去幾周和幾個月內看到的大部分組織調整的地方。所以技術是 1 垂直的，我們已經看到了一點暫停回調。但同樣，隨著我們進入第一季度，開始看到它釋放出來。

But also bear in mind, we don't have high concentration in any 1 vertical. We've got -- if you look at the Exec Advisory Council or boards that we have and the areas by which we're demonstrating very strong capability to drive organizational upskilling and reskilling on a global basis. It's -- there's no one concentration in tech. We do very, very well in Financial Services, as I mentioned earlier, as well as professional services, consulting, health care, retail and so on and so forth.

但也請記住，我們在任何 1 個垂直領域都沒有高度集中。我們有——如果你看看我們擁有的執行顧問委員會或董事會，以及我們展示了在全球範圍內推動組織技能提升和再培訓的強大能力的領域。它是 - 沒有人專注於技術。正如我之前提到的，我們在金融服務以及專業服務、諮詢、醫療保健、零售等方面做得非常非常好。

So that does play to our advantage in that if any one sector does start to see (inaudible) is more impacted than other sectors. We do have the ability to tilt in other directions without really losing a step. But initially, the tech vertical was in a vertical that we did see some pullback.

因此，這確實對我們有利，因為如果任何一個部門確實開始看到（聽不清）比其他部門受到更大的影響。我們確實有能力在不真正失去一步的情況下向其他方向傾斜。但最初，技術垂直領域處於我們確實看到一些回調的垂直領域。

Great. Now that's helpful. And then Sarah, getting to EBITDA profitability sooner, it seems like the prudent decision now, especially in [EdTech], I'm curious what type of flexibility have you built in, in case some of these top line business trends maybe potentially deteriorate further?

偉大的。現在這很有幫助。然後莎拉，更快地實現 EBITDA 盈利，這似乎是現在的謹慎決定，尤其是在 [EdTech]，我很好奇你內置了什麼樣的靈活性，以防其中一些頂級業務趨勢可能進一步惡化？

Yes. Thanks Jason. So I think the macro environment, Q4, we really did see a pretty significant deceleration and elongating of sales cycles. We do expect that to continue. At the same time, as Greg said, things do look like they're loosening up a little bit. We feel really good about the balance that we have laid out as far as confident in our ability to deliver profitability in the second half, even with continued macroeconomic pressure and at the same time being thoughtful about the ability to also step in and put our foot on the gas should things open up and take advantage of the opportunity. So it's a very balanced approach. We do not expect in our planning right now for anything to improve and it can work a little bit and will be okay.

是的。謝謝杰森。所以我認為宏觀環境，第四季度，我們確實看到了相當顯著的減速和銷售週期的延長。我們確實希望這種情況繼續下去。與此同時，正如格雷格所說，事情看起來確實有點鬆動了。我們對我們在下半年實現盈利的能力充滿信心的平衡感到非常滿意，即使在持續的宏觀經濟壓力下，同時也考慮到我們介入並站穩腳跟的能力上氣宜事，順勢而為。所以這是一個非常平衡的方法。我們現在的計劃中不希望有任何改進，它可以起到一點作用並且會好起來的。

At the same time, we're still investing in the things that matter and we know the steps that we'll take really quickly when things start to loosen up.

與此同時，我們仍在投資於重要的事情，我們知道當事情開始放鬆時我們將很快採取的步驟。

(Operator Instructions) Our next question comes from Brent Thill with Jefferies.

（操作員說明）我們的下一個問題來自 Jefferies 的 Brent Thill。

This is David Lustberg on for Brent. I appreciate you answering some questions. Maybe just thinking about the overall Enterprise opportunity. There's a lot of different players out there. It seems like everyone in education tech wants a piece of that pie. Just curious, how do you think about some of these newer entrants be maybe a little bit more price competitive? Are you seeing any of that? Just curious to get your thoughts on the competition standpoint.

這是布倫特的 David Lustberg。感謝您回答一些問題。也許只是在考慮整體企業機會。那裡有很多不同的球員。似乎教育技術領域的每個人都想分一杯羹。只是好奇，您如何看待這些新進入者中的一些可能更具價格競爭力？你看到了嗎？只是想知道您對競爭觀點的看法。

Thanks, David. We're not seeing anything new in terms of competition upmarket in our Enterprise segment. What you described as far as new entrants that are a bit more price competitive. We're seeing that more down-market in the SMB side of our business, and that's not a surprise. And we've seen that for some time now. So we -- and we expect to continue to see it. And we're making appropriate adjustments if and where it makes sense to enable our teams to compete effectively in the SMB segment.

謝謝，大衛。在我們的企業部門的競爭高端市場方面，我們沒有看到任何新的東西。你所描述的新進入者在價格上更具競爭力。我們在我們業務的 SMB 方面看到了更多的低端市場，這並不奇怪。我們已經看到了一段時間了。所以我們 - 我們希望繼續看到它。我們正在進行適當的調整，以確保我們的團隊能夠在 SMB 領域有效競爭。

But on the Enterprise segment, not seeing anybody new materially and in this -- and don't necessarily expect that to change in any rapid fashion. That usually happens over time. There will be no surprises as we start to keep our eyes on the landscape and better understand based on the customers' needs, whether or not there's somebody else that's out there that can fulfill those needs as successful as we can. So yes, that's about the best way I can answer it. Nothing material on the Enterprise side, seeing it down-market.

但在企業領域，沒有看到任何實質性的新事物——也不一定期望這種情況會以任何快速的方式發生變化。這通常會隨著時間的推移而發生。當我們開始關注景觀並根據客戶的需求更好地了解時，無論是否有其他人可以像我們一樣成功地滿足這些需求，都不會感到驚訝。所以是的，這是我能回答的最佳方式。在企業方面沒有什麼實質性的，看到它在低端市場。

Got it. That's helpful. And then maybe for Sarah, I just wanted to double down on the comment around the FY '24 guide. I believe you said right reiterating what you said at the Analyst Day. But maybe just provide a little bit more commentary around what gives you confidence that you could get back to that level of growth. Obviously, implies somewhat of a strong acceleration in growth. So I think you pointed out like '23 revenue is obviously well and so you have that impact. But maybe walk through what gives you the confidence that you can get back to that mid-20% growth in '24?

知道了。這很有幫助。然後也許對於 Sarah，我只是想加倍關注 FY '24 指南的評論。我相信你說得對，重申了你在分析師日所說的話。但也許只是就什麼讓您有信心恢復到那種增長水平提供更多評論。顯然，這意味著增長在某種程度上強勁加速。所以我認為你指出像'23收入顯然很好，所以你有這種影響。但也許可以通過什麼讓您有信心在 24 年恢復到 20% 的中期增長？

Yes, I think a few things. I think the first thing, and Greg mentioned this a little bit, but even though we're seeing some elongating sales cycles, our win rate was actually higher in Q4 than it was a year ago in Q4. And so we continue to see the strength in our business. We continue to see that our offering, which is fundamentally different from anything else that is out there because of our marketplace because we can keep up with the pace of change and that pace of change continues to increase. It is a different offering It is global. We have 14 local languages. We continue to see strength in our net dollar retention at over 123 -- at 123% for customers with over 1,000 employees.

是的，我想一些事情。我認為首先，格雷格提到了這一點，但即使我們看到銷售週期有所延長，我們在第四季度的獲勝率實際上高於一年前的第四季度。因此，我們繼續看到我們業務的實力。我們繼續看到我們的產品，由於我們的市場，它從根本上不同於其他任何東西，因為我們可以跟上變化的步伐，而且變化的步伐還在繼續加快。這是一個不同的產品它是全球性的。我們有 14 種當地語言。我們繼續看到我們的淨美元保留率超過 123——對於擁有超過 1,000 名員工的客戶，這一比例為 123%。

And so we have an enormous opportunity for expansion and upsell. We continue to expand and upsell with them. And we are increasingly -- our growth rates are based on Udemy Business. And so we've got stability in the Consumer business. We think that stability is going to continue. We are very focused on what we can control and the things that we're investing in are going to continue to drive increasing engagement and retention and improved unit economics and all of that's going to result in top line growth. So we feel really good about the targets that we put out there.

因此，我們有巨大的擴張和追加銷售機會。我們繼續與他們一起擴大和追加銷售。而且我們越來越——我們的增長率基於 Udemy 業務。因此，我們在消費者業務方面取得了穩定。我們認為穩定將繼續下去。我們非常專注於我們可以控制的事情，我們正在投資的事情將繼續推動提高參與度和保留率以及改善單位經濟效益，所有這些都將帶來收入增長。所以我們對我們在那裡提出的目標感到非常滿意。

I just want to add one thing, we mentioned this on prior calls, but we still are only 10% penetrated in our Enterprise customer base. And our team, as Sarah just mentioned and I mentioned earlier, our win rates are increasing. Coupled with the trend of consolidation within these larger enterprises gives us a lot of confidence that we've got a lot of runway in our Enterprise segment. At the same time, we're adding new Enterprise customers every quarter. They give us more opportunity to expand and grow. So we very much believe we're on the front end of a massive opportunity on the Enterprise side of our business, holistically, our business, specific to the question on the Enterprise side, and we've got the right platform and the right team to go take advantage of.

我只想補充一件事，我們在之前的電話中提到過這一點，但我們在企業客戶群中的滲透率仍然只有 10%。而我們的團隊，正如莎拉剛才提到的和我之前提到的，我們的勝率正在增加。再加上這些大型企業內部的整合趨勢，讓我們充滿信心，我們在企業部門有很多跑道。與此同時，我們每個季度都會增加新的企業客戶。它們為我們提供了更多擴展和成長的機會。因此，我們非常相信我們正處於我們業務企業方面的巨大機遇的前端，從整體上講，我們的業務，具體到企業方面的問題，我們擁有合適的平台和合適的團隊去利用。

The other thing I would add and we've spoken about this a little bit as well as continued traction that we see in Udemy Business Pro and our cohort-based leadership offering, that's additional growth that we can take advantage of within existing customers and new customers.

我要補充的另一件事，我們已經談到了這一點，以及我們在 Udemy Business Pro 和我們基於隊列的領導力產品中看到的持續牽引力，這是我們可以在現有客戶和新客戶中利用的額外增長顧客。

Our last question is from Tom Singlehurst with Citi.

我們的最後一個問題來自花旗銀行的 Tom Singlehurst。

Yes. It's Tom here from Citi. Actually, just a couple of quick ones, if that's okay. First one, that weakness in the sort of Enterprise pipeline to the elongation of the sales process. Can you just give us a sense of whether there is a sort of geographic sort of nuance to that? I know some of the other companies exposed to Enterprise L&D budgets have singled out the U.K. as the market has been weaker than the U.S., for example. So any color on that would be great. And then I've got a follow-up, if that's okay.

是的。我是花旗銀行的湯姆。實際上，如果可以的話，只是幾個快速的。第一個，企業銷售渠道的弱點導致銷售流程的延長。您能否讓我們了解一下這是否存在某種地理上的細微差別？我知道其他一些面臨企業 L&D 預算的公司已經將英國作為市場的弱者，例如，英國。所以任何顏色都會很棒。然後我會跟進，如果可以的話。

Sure, Tom. So let me make sure that and I want to answer the question in 2 parts of it, but make sure you understand that our pipeline on the Enterprise side is actually very strong, right? We feel very good about the pipeline. We feel good about the pipeline in Q4, what we saw was some of these opportunities slide in Q1. And we feel very good about the strength of our pipeline in Q1 as well as what we're seeing for Q2.

當然，湯姆。所以讓我確定一下，我想分兩部分回答這個問題，但請確保您了解我們在企業方面的管道實際上非常強大，對嗎？我們對管道感覺很好。我們對第四季度的管道感覺良好，我們看到的是其中一些機會在第一季度下滑。我們對第一季度管道的實力以及第二季度的情況感到非常滿意。

That being said, yes, the decisions that organizations we're making in Q4 to hold on buying decisions while they better understood the macro as it related to their business and carrying that forward a bit into Q1 before they were able to lock their budgets in 2023. It's not unlike anything that we're not -- we're doing the same thing. And I think as I've spoken with a lot of CLOs within our larger organizations, that same motion is happening across the landscape. And so what we're not seeing is -- we're not seeing anything different that we didn't see in Q4.

話雖這麼說，是的，我們在第四季度做出的組織決定在他們更好地理解與他們的業務相關的宏觀經濟的同時堅持購買決策，並在他們能夠鎖定預算之前將其推進到第一季度2023 年。這與我們所做的沒有什麼不同——我們正在做同樣的事情。而且我認為，正如我與我們大型組織中的許多 CLO 交談過的那樣，同樣的動議正在整個領域發生。所以我們沒有看到的是 - 我們沒有看到我們在第四季度沒有看到的任何不同之處。

And to your question around geography and segments. Our EMEA business, I know a lot of organizations have talked about softening with respect to the geopolitical issues that EMEA has faced as well as the macroeconomic conditions. Our EMEA business and our team, I can't say enough about our team over there, and our business continues to remain very strong, vibrant and healthy in EMEA, as it does in Asia Pacific and Latin America and around the world. So no, we're not seeing any one segment or any one region more negatively impacted than another. I would say our most mature business is North America on the Enterprise side.

以及您關於地理和細分市場的問題。我們的 EMEA 業務，我知道很多組織都談到了 EMEA 面臨的地緣政治問題以及宏觀經濟狀況的軟化。我們的 EMEA 業務和我們的團隊，我不能說我們在那裡的團隊，我們的業務在 EMEA 繼續保持非常強大、充滿活力和健康，就像在亞太地區、拉丁美洲和世界各地一樣。所以不，我們沒有看到任何一個細分市場或任何一個地區受到的負面影響比另一個更大。我想說我們最成熟的業務是北美的企業方面。

So if anything, we're seeing a little bit of that slowness and hesitation on the tech side of the Enterprise customers, as we talked about earlier, in North America. But -- and I think as Sarah just mentioned, we are starting to see real positive signs of some of that loosening up and decisions being made and deals getting done. So encouraged by that early move in Q1. It's all to say, no geographic call out and feel very good about our Enterprise business as we move into the year.

因此，如果有的話，正如我們之前在北美談到的那樣，我們在企業客戶的技術方面看到了一些緩慢和猶豫。但是——我認為正如 Sarah 剛才提到的那樣，我們開始看到真正積極的跡象，表明其中的一些放鬆、正在做出的決定和正在完成的交易。受到第一季度早期舉措的鼓舞。這就是說，在我們進入這一年時，沒有地域限制，對我們的企業業務感覺非常好。

That's great. And the second question is around the cash balance, and I suppose, use of capital. I mean, you guys obviously have a lot of flexibility there. I presume sort of private multiples are coming down. I'm just interested in whether there's any appetite on your behalf to be more active with regard to M&A and maybe try and take advantage of the current environment maybe add a little bit of inorganic growth to what you're doing organically?

那太棒了。第二個問題是關於現金餘額，我想是資本的使用。我的意思是，你們顯然在那裡有很大的靈活性。我認為某種私人倍數正在下降。我只是想知道是否有興趣代表您在併購方面更加積極，也許嘗試利用當前環境，或者在您正在做的事情中增加一點無機增長？

Yes, that's a good question. It's 2 questions. We do expect there to be further consolidation in the category as well as we are looking at opportunities to do exactly, as you mentioned, potentially layer in some technology, our capability that we believe would give us leverage. And there's a few different areas that we're looking at right now, not ready to go into those specific areas. But without question, we're going to be opportunistic as we progress throughout the year and expect there to be opportunities for us to do just that. Sarah, I don't know if there's anything you'd like to add?

是的，這是個好問題。這是2個問題。我們確實希望該類別會進一步整合，並且我們正在尋找機會，正如您提到的那樣，可能會在某些技術中分層，我們認為我們的能力會給我們帶來影響力。我們現在正在研究幾個不同的領域，還沒有準備好進入這些特定領域。但毫無疑問，隨著我們全年的進步，我們將變得機會主義，並希望我們有機會做到這一點。 Sarah，我不知道你有什麼要補充的嗎？

Yes, I think that's exactly right. And I would say some of the multiples have come down some, they're maybe not quite where we want them to be yet, but we think that, that's going to continue. And so we're actively looking at different opportunities that might make sense for us but we're not quite there yet.

是的，我認為這是完全正確的。而且我會說一些倍數已經下降了一些，它們可能還沒有達到我們想要的水平，但我們認為，這將繼續下去。因此，我們正在積極尋找可能對我們有意義的不同機會，但我們還沒有到那一步。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Coccari for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給 Coccari 先生作閉幕詞。

I want to thank everyone for joining today. It's been a pleasure getting to know all of you. We thank you for your continued support of the company. I hope our paths cross again some time. Have a good afternoon.

我要感謝大家今天的加入。很高興認識你們所有人。我們感謝您一直以來對公司的支持。我希望我們的道路有時間再次交匯。祝你下午好。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。