Udemy Inc (UDMY) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to Udemy's First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Dennis Walsh, Vice President, Investor Relations. Please go ahead.

下午好，歡迎來到 Udemy 2023 年第一季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將會議轉交給投資者關係副總裁 Dennis Walsh。請繼續。

Thank you, and welcome to Udemy's First Quarter 2023 Earnings Conference Call. Joining me today are Udemy's Chief Executive Officer, Greg Brown; and Chief Financial Officer, Sarah Blanchard.

謝謝，歡迎來到 Udemy 2023 年第一季度收益電話會議。今天加入我的是 Udemy 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. 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。我們提醒您不要過分依賴前瞻性陳述。除非適用法律要求，否則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 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 to the website.

此外，在本次電話會議期間，可能會討論某些財務業績指標，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公認會計原則財務指標。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和比較期間與期間的運營結果，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 措施與最具可比性的 GAAP 財務措施的調節。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到網站上。

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 started off the year strong as we beat expectations on both top and bottom line. Total revenue of $176 million was up approximately 16% year-over-year and surpassed the high end of our guidance range by $4 million. We also demonstrated progress toward achieving profitability on an adjusted EBITDA basis. The Udemy Business segment, we saw revenue increase nearly 47% year-over-year on another solid quarter. I'm proud of our team for their dedication and for delivering such strong results, particularly in this environment.

謝謝你，丹尼斯，大家下午好。 Udemy 在今年開局強勁，因為我們在收入和利潤方面都超出了預期。總收入為 1.76 億美元，同比增長約 16%，超出我們指導範圍的上限 400 萬美元。我們還展示了在調整後的 EBITDA 基礎上實現盈利的進展。在 Udemy 業務部門，我們看到收入在另一個穩定的季度同比增長近 47%。我為我們的團隊的奉獻精神和取得如此強勁的成果感到自豪，尤其是在這種環境下。

In the current backdrop, organizations increasingly recognize that they must prioritize investment in learning and development to fully optimize the most valuable resource, their talent. There are a number of reasons for this that I wanted to highlight. First, organizations need to bridge skill gaps with fewer available resources. A study from McKinsey found that nearly 90% of CEOs have identified a skill gap in their workforce. It has become a critical priority to have a strategy to bridge that gap. By building integrated company-wide learning programs, organizations can upskill and reskill their talent to better position the businesses for long-term success.

在當前的背景下，組織越來越認識到他們必須優先投資於學習和發展，以充分優化最寶貴的資源，即他們的人才。我想強調的原因有很多。首先，組織需要用更少的可用資源來彌補技能差距。麥肯錫的一項研究發現，近 90% 的 CEO 已經發現他們的員工隊伍存在技能差距。制定彌合這一差距的戰略已成為當務之急。通過構建全公司範圍內的綜合學習計劃，組織可以提升和重新培訓他們的人才，以更好地定位企業以取得長期成功。

Second, learning drives engagement and productivity. A study from Gallup found that the cost of disengaged employees reached nearly $8 trillion in 2021. That's a staggering amount which has accelerated in recent years. If employees don't feel engaged, they'll be less productive, making it more difficult for organizations to grow or achieve goals.

其次，學習推動參與和生產力。蓋洛普的一項研究發現，到 2021 年，離職員工的成本達到近 8 萬億美元。這是一個驚人的數字，而且近年來還在加速增長。如果員工感覺不到敬業度，他們的工作效率就會降低，從而使組織更難發展或實現目標。

Third, these investments increase employee retention, which translates into significant cost savings. There's study that shows it can cost 1.5x to 2x annual salary to replace a skilled employee. When companies invest in career development, employees are likely to be happier in their role, be more productive and stay longer. The result is an upskilled loyal workforce that better meets the evolving needs of the business.

第三，這些投資增加了員工保留率，從而轉化為顯著的成本節約。有研究表明，更換一名熟練員工的成本可能是年薪的 1.5 倍到 2 倍。當公司投資於職業發展時，員工可能會在自己的角色中更快樂，工作效率更高，工作時間更長。其結果是培養了一支技能更高、忠誠度更高的員工隊伍，能夠更好地滿足企業不斷變化的需求。

Fourth, upskilling and reskilling employees generates a high long-term ROI. An economic downturn presents an opportunity to invest in learning programs that help companies stay competitive and agile. Some companies are taking advantage of this temporary slowdown to upskill and/or reskill employees to prepare for an eventual improvement in the macroeconomic environment.

第四，提升和再培訓員工的技能會帶來長期的高投資回報率。經濟衰退提供了投資學習計劃的機會，幫助公司保持競爭力和敏捷性。一些公司正在利用這種暫時的放緩來提高和/或重新培訓員工的技能，為宏觀經濟環境的最終改善做準備。

At Udemy, we provide CLOs and heads of learning with ongoing support for developing the skills necessary within their workforce to achieve desired organizational outcomes. Empowering employees with platforms, capabilities and learning content is now a strategic imperative for organizations to enable learning, growth and development. This is essential not only to meet today's needs, but also to prepare for future needs as technology continues to evolve rapidly in an increasingly competitive environment.

在 Udemy，我們為 CLO 和學習負責人提供持續支持，以培養其員工隊伍中實現所需組織成果所需的技能。為員工提供平台、能力和學習內容現在是組織實現學習、成長和發展的戰略要務。這不僅對於滿足當今的需求至關重要，而且隨著技術在競爭日益激烈的環境中繼續快速發展，對於為未來的需求做好準備也是必不可少的。

We hear this from existing and potential customers every day. Not only do we offer a learning platform that is fundamentally different from any other offering, but we also provide strategic support with our customer success organization to help customers establish and achieve their goals. This combination contributes to our strong win rates across all geographies and industries.

我們每天都會從現有和潛在客戶那裡聽到這一點。我們不僅提供從根本上不同於任何其他產品的學習平台，而且還與我們的客戶成功組織一起提供戰略支持，以幫助客戶建立和實現他們的目標。這種結合有助於我們在所有地區和行業的強勁贏率。

During Q1, we welcomed many new value customers and expanded relationships with existing customers, including Cisco Systems, Ericsson, Procter & Gamble and Stripe to name a few. Ultimately, we ended the quarter with nearly 14,400 global customers or a 24% year-over-year increase. Our pipeline is robust, but macroeconomic conditions continue to present short-term headwinds. Like last quarter, we experienced longer sales cycles. For the first time, we saw upsell and expansion deals elongate in all geographies and with companies of all sizes as businesses closely evaluate their spend.

在第一季度，我們迎來了許多新的價值客戶，並擴大了與現有客戶的關係，包括 Cisco Systems、Ericsson、Procter & Gamble 和 Stripe 等。最終，我們在本季度結束時擁有近 14,400 名全球客戶，同比增長 24%。我們的管道很強勁，但宏觀經濟狀況繼續帶來短期阻力。與上個季度一樣，我們經歷了更長的銷售週期。隨著企業密切評估其支出，我們首次看到追加銷售和擴張交易在所有地區和各種規模的公司中都有所增加。

During Q1, we continued to make progress on our international expansion through our partnership strategy, particularly in the Asia Pacific region, where Udemy Business has gained meaningful traction in Japan, South Korea and Vietnam. For example, Udemy expanded its influence with LG Electronics through our strategic partnership with Woongjin Thinkbig in Korea. LG chose Udemy to empower its employees because it provides their organization with the most comprehensive learning platform to upskill their global workforce and stay competitive in the category.

在第一季度，我們通過我們的合作戰略繼續在國際擴張方面取得進展，特別是在亞太地區，Udemy Business 在日本、韓國和越南獲得了顯著的吸引力。例如，Udemy 通過與韓國 Woongjin Thinkbig 的戰略合作夥伴關係擴大了對 LG 電子的影響力。 LG 選擇 Udemy 來增強其員工的能力，因為它為他們的組織提供了最全面的學習平台，以提高其全球員工的技能並在該類別中保持競爭力。

It has become increasingly critical that companies offer an integrated approach to learning and professional skills development. Many forward-thinking companies are taking more immersive learning modalities to promote greater employee engagement and to enhance the learning experience. In fact, during Q1, we won a 7-figure vendor consolidation deal with a Fortune 100 company. The organization selected Udemy to upskill and reskill their workforce based on the breadth and quality of our content catalog and for the technical immersive learning experiences we deliver with our UPro offering.

公司提供一種綜合的學習和專業技能發展方法變得越來越重要。許多具有前瞻性思維的公司正在採用更加身臨其境的學習方式，以促進員工參與度更高並增強學習體驗。事實上，在第一季度，我們與一家財富 100 強公司達成了 7 位數的供應商整合交易。根據我們內容目錄的廣度和質量，以及我們通過 UPro 產品提供的技術沉浸式學習體驗，該組織選擇 Udemy 來提升和再培訓他們的員工。

UPro provides an inverse personalized learning experience to accelerate skills development across key roles in IT, development and data analytics. UPro enables technology professionals to achieve their learning outcomes to professional certifications more effectively through paths, assessments, workspaces and labs.

UPro 提供反向個性化學習體驗，以加速 IT、開發和數據分析中關鍵角色的技能發展。 UPro 使技術專業人員能夠通過路徑、評估、工作空間和實驗室更有效地取得專業認證的學習成果。

In the past year, customer adoption of UPro has increased nearly [6%]. Udemy's primary focus is skill development for professional learners and organizations across the globe. Customers come to Udemy because we provide a next-generation learning platform. We offer a vibrant marketplace that fuels the growth of Udemy Business, and we measure that vibrancy in 3 ways: traffic, course creation and instructor earnings.

在過去的一年裡，UPro 的客戶採用率增加了近 [6%]。 Udemy 的主要重點是全球專業學習者和組織的技能發展。客戶來到 Udemy 是因為我們提供了下一代學習平台。我們提供一個充滿活力的市場來推動 Udemy 業務的增長，我們通過 3 種方式衡量這種活力：流量、課程創建和講師收入。

Traffic has held steady with approximately 34 million visitors coming to Udemy each month, even on significantly lower performance marketing spend. This provides a massive opportunity to drive engagement and increase conversion into individual course purchases as well as personal and Udemy Business plan subscriptions, particularly as we increase our investment in generative AI and personalization.

流量保持穩定，每月約有 3400 萬訪問者訪問 Udemy，即使績效營銷支出顯著降低也是如此。這提供了一個巨大的機會來推動參與並增加轉化為個人課程購買以及個人和 Udemy 商業計劃訂閱，特別是當我們增加對生成 AI 和個性化的投資時。

Course creation remains strong. Udemy instructors added more than 16,000 new courses to our marketplace during Q1. We also curated more than 1,900 highly rated courses into our Udemy Business catalog during the quarter. Courses related to artificial intelligence and ChatGPT are in high demand from our Udemy Business customers. Our instructors are incentivized to create content to address those demands, which contributed to the strong course creation we saw this quarter.

課程創作依然強勁。 Udemy 講師在第一季度向我們的市場添加了超過 16,000 門新課程。本季度，我們還在 Udemy Business 目錄中精選了 1,900 多門高評價課程。我們的 Udemy Business 客戶對與人工智能和 ChatGPT 相關的課程有很高的需求。我們的講師受到激勵來創建內容來滿足這些需求，這有助於我們在本季度看到強大的課程創建。

As engagement increases on our platform, so does instructor earnings. Last year, we paid out close to $200 million to instructors. Instructors know they can build a great business on Udemy if they create compelling and in-demand content and are incentivized to update existing content often to optimize their traction with our massive global audience learnings.

隨著我們平台上參與度的增加，講師的收入也會增加。去年，我們向教師支付了近 2 億美元。講師們知道，如果他們創建引人入勝且廣受歡迎的內容，並經常更新現有內容以優化他們對我們龐大的全球受眾學習的吸引力，他們就可以在 Udemy 上建立偉大的業務。

As you can tell, we are proud of the platform we've built and are even more bullish about the future. We're excited about the possibilities for AI to transform the learning industry, and we plan to be a leader in the category. Udemy is harnessing the power of AI to supercharge our instructors, learners and organizations to improve lives through learning. We are dedicated to providing high-quality, relevant learning that is driven by the collective talent of our instructors and our ever-evolving learning ecosystem.

如您所知，我們為自己構建的平台感到自豪，並且更加看好未來。我們對 AI 改變學習行業的可能性感到興奮，我們計劃成為該類別的領導者。 Udemy 正在利用 AI 的力量來增強我們的教師、學習者和組織的能力，從而通過學習改善生活。我們致力於提供高質量、相關的學習，這是由我們教師的集體才能和我們不斷發展的學習生態系統驅動的。

Our network of nearly 75,000 instructors who share their expertise through our platform are the core of Udemy. Their expert guidance remains at the heart of our content model. And now with the support of AI, they can more quickly translate their unique knowledge and instructional styles into effective learning. This year, we'll be launching in-platform tools to assist instructors with the creation of active learning experience. For example, we just released a new AI-enabled tool to assist instructors of software development courses with creating Java, Python and C++ coding exercises. What used to take instructors an hour or more to create can now be done in just a few minutes.

我們的網絡由近 75,000 名講師組成，他們通過我們的平台分享他們的專業知識，這是 Udemy 的核心。他們的專家指導仍然是我們內容模型的核心。現在，在人工智能的支持下，他們可以更快地將自己獨特的知識和教學風格轉化為有效的學習。今年，我們將推出平台內工具，以幫助教師創造主動學習體驗。例如，我們剛剛發布了一款支持 AI 的新工具，以協助軟件開發課程的教師創建 Java、Python 和 C++ 編碼練習。過去需要教師花費一個小時或更長時間才能創建的內容現在只需幾分鐘即可完成。

This is the first in a number of innovations that we'll be launching this year. In the second half of the year, we will bring AI-assisted active learning to topics beyond software development and introduce tools to help instructors create questions or assessments related to the content and their courses. There are more than 200,000 courses on Udemy, representing over 1 million hours of content on thousands of topics. Udemy content discovery has traditionally focused on pointing learners to entire courses. Recently, we introduced a new AI capability that recommend specific video lectures within a course based on their occupational goals. We were excited to see the access to bite-sized learning led to meaningful increases in engagement.

這是我們今年將推出的眾多創新中的第一項。下半年，我們將把人工智能輔助主動學習引入軟件開發以外的話題，並引入工具來幫助教師創建與內容和課程相關的問題或評估。 Udemy 上有超過 200,000 門課程，涵蓋數千個主題的超過 100 萬小時的內容。 Udemy 內容髮現傳統上側重於將學習者指向整個課程。最近，我們引入了一種新的 AI 功能，可以根據他們的職業目標在課程中推薦特定的視頻講座。我們很高興看到小規模學習的獲取導致參與度的顯著增加。

In the next few months, we will roll out new smart search capability that make it even easier for subscription learners to locate specific learning content. Learners will be able to describe their goals or ask questions in simple language, and then through smart search capability, we'll display relevant courses and specific video lecture results that most directly address what the learner wants to learn. These new capabilities will enable learners to more effectively access the breadth of information within Udemy's course catalog.

在接下來的幾個月裡，我們將推出新的智能搜索功能，讓訂閱學習者更容易找到特定的學習內容。學習者將能夠用簡單的語言描述他們的目標或提出問題，然後通過智能搜索功能，我們將顯示最直接針對學習者想要學習的內容的相關課程和特定視頻講座結果。這些新功能將使學習者能夠更有效地訪問 Udemy 課程目錄中的廣泛信息。

As change accelerates, organizations face an enormous challenge to identify and close skill gaps in their workforce. We're helping organizations understand skill gaps within their workforce, and growing their employees effectively and strategically. Recently, we partnered with the 1EdTech consortium to bring Open Badges to the Udemy platform. Open Badges, which are used by a number of popular industry certifications, provide a transparent, industry accepted standard for representing the specific learning objectives that must be met for a learner to demonstrate proficiency in a skill.

隨著變化的加速，組織面臨著識別和縮小員工技能差距的巨大挑戰。我們正在幫助組織了解其員工隊伍中的技能差距，並有效地和戰略性地培養他們的員工。最近，我們與 1EdTech 聯盟合作，將 Open Badges 引入 Udemy 平台。 Open Badges 被許多流行的行業認證所使用，它提供了一個透明的、行業公認的標準來表示學習者必須滿足的特定學習目標，以證明其熟練掌握某項技能。

In the second half of this year, we will launch new capabilities to help learners self-assess their proficiency on skills and more easily find content to help close those gaps. These features will point learners to targeted learning content based on results of assessments that measure preparedness for leading third-party industry certificates based on Open Badges. Giving managers a view into the badging and certifications within our organization will also help customers identify the skills available within their teams and address any gaps.

今年下半年，我們將推出新功能，幫助學習者自我評估他們的技能熟練程度，並更輕鬆地找到內容來幫助縮小這些差距。這些功能將根據評估結果為學習者指明有針對性的學習內容，這些評估衡量基於 Open Badges 的領先第三方行業證書的準備情況。讓管理人員了解我們組織內的徽章和認證也將幫助客戶確定他們團隊中可用的技能並解決任何差距。

AI is evolving. And the way we use it to drive learning will evolve, too. As more people turn to Udemy to learn about AI, we're excited to use it to make learning more efficient, personalized and powerful than ever before.

人工智能正在發展。我們使用它來推動學習的方式也會發生變化。隨著越來越多的人轉向 Udemy 了解 AI，我們很高興能使用它來使學習比以往任何時候都更加高效、個性化和強大。

Before I turn it over to Sarah, I wanted to provide an update for my first few months in the CEO role. As I mentioned before, our long-term strategy is not changing. As we lead the transformation of the online learning category, we are taking action today on near-term priorities that we believe position us for long-term sustainable and profitable growth.

在我把它交給 Sarah 之前，我想提供一下我擔任 CEO 職位的頭幾個月的最新情況。正如我之前提到的，我們的長期戰略沒有改變。在我們引領在線學習類別轉型的過程中，我們今天正在針對近期優先事項採取行動，我們認為這些優先事項使我們能夠實現長期可持續和盈利的增長。

For example, we are reinvigorating our internal operations and culture to drive our operating plan forward with greater speed and agility. This includes a heightened focus on accountability and results at every level in our organization as we work towards delivering exceptional performance and outcomes. Specifically, we are ensuring that all teams are equipped with well-defined, tangible objectives and goals that are fully aligned with our broader performance strategy.

例如，我們正在重振我們的內部運營和文化，以更快、更敏捷地推動我們的運營計劃。這包括在我們努力提供卓越的績效和成果的過程中，更加關注我們組織各個層面的問責制和結果。具體來說，我們正在確保所有團隊都配備了與我們更廣泛的績效戰略完全一致的明確、切實的目標。

Next, our product team is prioritizing resources towards initiatives that will deliver the highest returns and have the most long-term value for our business. This includes launching skill validation later this year as well as incorporating AI and deep learning throughout our platform.

接下來，我們的產品團隊正在將資源優先用於能夠帶來最高回報並為我們的業務帶來最長期價值的計劃。這包括在今年晚些時候啟動技能驗證，以及在我們的平台中整合人工智能和深度學習。

And finally, in order to achieve our profitability target on an adjusted EBITDA basis while also driving top line growth, we are laser-focused on efficiently managing our cost structure and maintaining flexibility to invest in high-return opportunities. Although the macroeconomic backdrop continues to present some uncertainties in the near term, our long-term tailwinds remain, including the shift from offline to online, renewed investments in L&D and increasing prioritization of skill development. It's still early days in this transformation of the online learning category, but I'm excited as ever about Udemy's future.

最後，為了在調整後的 EBITDA 基礎上實現我們的盈利目標，同時推動收入增長，我們專注於有效管理我們的成本結構並保持投資高回報機會的靈活性。儘管宏觀經濟背景在短期內繼續存在一些不確定性，但我們的長期有利因素依然存在，包括從線下向線上的轉變、對學習與發展的新投資以及技能發展的優先次序提高。在線學習類別的轉型仍處於早期階段，但我對 Udemy 的未來一如既往地感到興奮。

Now I'll turn it over to Sarah for our financial review.

現在我將把它交給 Sarah 進行財務審查。

Thank you, Greg. I'll focus on (inaudible) and the key financial highlights and then provide our outlook for Q2 fiscal year 2023. You can find the complete stack of financial tables in our news release, which is available on our Investor Relations website.

謝謝你，格雷格。我將重點介紹（聽不清）和主要財務亮點，然後提供我們對 2023 財年第二季度的展望。您可以在我們的新聞稿中找到完整的財務表格，可在我們的投資者關係網站上找到。

Udemy delivered Q1 results that exceeded the outlook that we provided for both revenue and adjusted EBITDA margin. Total first quarter revenue increased 16% year-over-year to $176 million, including a negative impact from foreign exchange or FX of 5 percentage points. The revenue growth was driven by our Enterprise segment, or Udemy Business, which delivered Q1 revenue of $95 million or an increase of 47% year-over-year. Included in this growth was a 3 percentage points headwind from changes in FX rates. The year-over-year growth was driven by an increase in Udemy Business customers and expansion activity compared with the same period last year as organizations around the world continue to recognize the value of investing in their talent through integrated learning and skills development programs.

Udemy 第一季度的業績超出了我們對收入和調整後的 EBITDA 利潤率的預期。第一季度總收入同比增長 16% 至 1.76 億美元，其中包括外匯帶來的 5 個百分點的負面影響。收入增長是由我們的企業部門或 Udemy 業務推動的，該部門第一季度的收入為 9500 萬美元，同比增長 47%。這一增長包括匯率變化帶來的 3 個百分點的逆風。與去年同期相比，Udemy Business 客戶和擴張活動的增長推動了同比增長，因為世界各地的組織繼續認識到通過綜合學習和技能發展計劃投資人才的價值。

This is also reflected in our annual recurring revenue, or ARR, which was $396 million at quarter end, up 42% on the year ago. We ended Q1 with a consolidated net dollar retention rate of 112%. The rate was 120% of large customers are those with 1,000 or more employees. While we did see some pressure on net dollar retention, we continue to see stable growth dollar retention overall and low churn in our large accounts. We anticipate that our net dollar retention rate will remain pressured as companies continue to navigate economic challenges and closely scrutinize every dollar spent. The strong Udemy Business growth was somewhat offset by a 7% year-over-year decline in Consumer segment revenue, which included a negative 6 percentage points impact from FX.

這也反映在我們的年度經常性收入 (ARR) 中，季度末為 3.96 億美元，比去年同期增長 42%。我們以 112% 的綜合淨美元保留率結束了第一季度。擁有 1,000 名或更多員工的大客戶的比率為 120%。雖然我們確實看到淨美元保留率存在一些壓力，但我們繼續看到總體美元保留率穩定增長，我們的大客戶流失率較低。我們預計，隨著公司繼續應對經濟挑戰並密切審查花費的每一美元，我們的淨美元保留率將繼續面臨壓力。 Udemy 業務的強勁增長在一定程度上被消費者部門收入同比下降 7% 所抵消，其中包括外匯帶來的 6 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. Q1 gross margin was 58%, a 100 basis point improvement from Q1 of 2022, driven by the continued revenue mix shift to Udemy Business since content cost as a percent of revenue are lower for that segment. Udemy Business accounted for 54% of total revenue in Q1, which represents a meaningful mix shift from 43% a year ago.

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。第一季度的毛利率為 58%，比 2022 年第一季度提高了 100 個基點，這是由於收入組合持續向 Udemy Business 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。 Udemy Business 佔第一季度總收入的 54%，與一年前的 43% 相比發生了有意義的組合轉變。

Total operating expense was $130 million or 54% of revenue, 100 basis points lower than Q1 of last year. Sales and marketing expense represented 41% of revenue, which was flat year-over-year. R&D expense was 14% compared with 13% last year. And G&A expense was 9% compared with 11% of revenue a year ago.

總運營費用為 1.3 億美元，佔收入的 54%，比去年第一季度低 100 個基點。銷售和營銷費用佔收入的 41%，同比持平。研發費用為 14%，而去年為 13%。 G&A 費用佔收入的 9%，而一年前佔收入的 11%。

On the bottom line, net loss for this quarter was negative $8 million or negative 4.7% of revenue. Adjusted EBITDA loss was negative $6 million or negative 4% of revenue or 400 basis points better at the high end of our guidance range. This margin expansion demonstrates that our efforts to drive more efficiencies in our cost structure have been effective. We're also maintaining the flexibility to make opportunistic investments that will help to accelerate our longer-term growth goals, including AI, credentials and personalization.

最重要的是，本季度的淨虧損為負 800 萬美元，佔收入的負 4.7%。調整後的 EBITDA 虧損為負 600 萬美元或收入的負 4% 或 400 個基點在我們指導範圍的高端。這種利潤率的增長表明，我們為提高成本結構效率所做的努力是有效的。我們還保持進行機會投資的靈活性，這將有助於加速我們的長期增長目標，包括人工智能、證書和個性化。

Moving on to key cash flow and balance sheet items. We ended the quarter with nearly $450 million of unrestricted cash, cash equivalents, restricted cash and marketable securities. Free cash flow for the quarter was negative $23 million due to increase in DSO and changes in working capital requirements.

繼續討論關鍵的現金流量和資產負債表項目。本季度結束時，我們擁有近 4.5 億美元的不受限制現金、現金等價物、受限制現金和有價證券。由於 DSO 的增加和營運資金需求的變化，本季度的自由現金流為負 2300 萬美元。

Now turning to our outlook for Q2 and full year 2023. During the first quarter, the uncertain macroeconomic environment persisted. That uncertainty resulted in longer lead sales cycle and additional layers for deal approval for many companies. We do not anticipate these trends will meaningfully change in the near term, and our guidance for the year assumes no material improvement or deterioration.

現在轉向我們對第二季度和 2023 年全年的展望。在第一季度，不確定的宏觀經濟環境持續存在。這種不確定性導致許多公司的銷售線索銷售週期變長，交易審批層級增加。我們預計這些趨勢在短期內不會發生重大變化，我們今年的指引假設沒有實質性改善或惡化。

With that in mind, we expect Q2 revenue to be between $172 million and $174 million. Assuming foreign currency exchange rates remain constant, FX is expected to negatively impact Q2 and year-over-year total revenue growth by approximately 4 percentage points. As we shared in our Q4 call, we expect Udemy Business segment revenue will grow at the mid-30s range year-over-year, and that Consumer segment revenue will decline sequentially for Q1. On the bottom line, we anticipate Q2 adjusted EBITDA margin of negative 5% to negative 3%.

考慮到這一點，我們預計第二季度收入將在 1.72 億美元至 1.74 億美元之間。假設外幣匯率保持不變，預計 FX 將對第二季度和同比總收入增長產生約 4 個百分點的負面影響。正如我們在第四季度電話會議中分享的那樣，我們預計 Udemy 業務部門的收入將同比增長 30 多歲左右，而消費者部門的收入將在第一季度連續下降。最重要的是，我們預計第二季度調整後的 EBITDA 利潤率為負 5% 至負 3%。

Looking further ahead, in considering the uncertain macro environment, we are cautiously optimistic about the rest of the year. Given the strong Q1 results, we're bringing up the low end of our revenue outlook. We now expect full year revenue to be between $702 million and $730 million or 14% year-over-year growth at the midpoint. That growth includes an estimated 2 percentage points negative impact from FX, assuming no further changes in range. Our outlook assumes the healthy demand and pipeline creation continues instead of being better. Our continued cost efficiency initiatives are expected to translate into a full year 2023 adjusted EBITDA margin between negative 3.5% and negative 1.5%, an improvement versus our previous guidance of negative 4% to negative 2% due to the adjusted EBITDA fee in Q1. This fee also leads to the full year margin improvement being more front-end loaded than initially expected, and so for that half adjusted EBITDA, we are now expecting modest improvement in Q3 towards breakeven and for Q4 to be slightly positive.

展望未來，考慮到不確定的宏觀環境，我們對今年餘下時間持謹慎樂觀態度。鑑於第一季度的強勁業績，我們調高了收入前景的低端。我們現在預計全年收入將在 7.02 億美元至 7.3 億美元之間，或按中點計算同比增長 14%。假設範圍沒有進一步變化，該增長包括來自外彙的估計 2 個百分點的負面影響。我們的前景假設健康的需求和管道創建繼續而不是更好。由於第一季度調整後的 EBITDA 費用，我們持續的成本效率舉措預計將轉化為 2023 年全年調整後的 EBITDA 利潤率在負 3.5% 和負 1.5% 之間，比我們之前的負 4% 到負 2% 的指導有所改善。這筆費用還導致全年利潤率的提高比最初預期的前端負荷更大，因此對於調整後的一半 EBITDA，我們現在預計第三季度將適度改善以實現盈虧平衡，第四季度將略微為正。

In closing, Udemy's dedication to executing our strategic growth plan and our focus on efficient expense management in this challenging macro environment allowed us to deliver Q1 results that exceeded expectations. Udemy is well positioned to navigate near-term headwinds and emerges a more durable business. We are excited for Udemy's next stage of growth as we continue to drive for profitability and build shareholder value.

最後，Udemy 致力於執行我們的戰略增長計劃，以及我們在這個充滿挑戰的宏觀環境中專注於高效的費用管理，這使我們能夠交付超出預期的第一季度業績。 Udemy 處於有利地位，可以應對近期的逆風，並成為一家更持久的企業。隨著我們繼續推動盈利並建立股東價值，我們對 Udemy 的下一階段增長感到興奮。

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

因此，我們將打開您的問題電話。版主？

(Operator Instructions) Our first question is from Ryan MacDonald with Needham.

（操作員說明）我們的第一個問題來自 Ryan MacDonald 和 Needham。

Congrats on a really nice quarter and start to the year. Maybe starting with Sarah, just given the outlook commentary and maybe a little bit for Greg as well. Just curious, as you look out through the rest of the year, obviously, cautiously optimistic, but macro environment is obviously still volatile. Maybe where do you see the most potential for variability as you look across UB versus the Consumer segment for the rest of the year?

祝賀一個非常好的季度，並開始新的一年。也許從 Sarah 開始，剛剛給出了前景評論，也許還有一點 Greg。只是好奇，當你展望今年剩餘時間時，顯然是謹慎樂觀，但宏觀環境顯然仍然不穩定。在今年餘下的時間裡，當您查看 UB 與消費者細分市場時，您認為哪裡最有可能發生變化？

Ryan, thanks for the question. So listen, I think there's a few things. The first is the more our mix shift in revenue moves towards UB, the more visibility we have. And as you know, we're sitting on a pretty strong base of revenue from Udemy Business. So I think there is some uncertainty just globally, especially around SMB. So we're still seeing a lot of uncertainty in the smaller business from the macro. Enterprises continue buying, although at a slower pace. We do continue to see those elongated sales cycles. So pipeline is strong. It's just the timing of when that comes in.

瑞安，謝謝你的提問。所以聽著，我認為有幾件事。首先是我們的收入組合向 UB 轉移的次數越多，我們的知名度就越高。如您所知，我們從 Udemy Business 獲得了相當強大的收入基礎。所以我認為全球範圍內存在一些不確定性，尤其是圍繞 SMB。因此，我們仍然從宏觀上看到小型企業存在很多不確定性。企業繼續購買，儘管速度較慢。我們確實繼續看到那些延長的銷售週期。所以管道很強。這只是它進來的時間。

On the Consumer side, as you know, we're not focused on the top line in Consumer. We're really focused on the marketplace vibrancy. So while we're happy to see the way the Consumer business is performing, what we're really happy to see is all the new courses that were added and the concept that's coming on. So I think, listen, we're going to continue to see macro pressure. We're feeling good about the guidance that we've put out and the work that the team is doing to deliver a strong 2023.

如您所知，在消費者方面，我們並不關註消費者的頂線。我們真正專注於市場活力。因此，雖然我們很高興看到消費者業務的表現方式，但我們真正高興看到的是添加的所有新課程和即將出現的概念。所以我認為，聽著，我們將繼續看到宏觀壓力。我們對我們發布的指南以及團隊為實現強勁的 2023 所做的工作感覺良好。

Ryan, let me add to that just to add a little more color. As Sarah mentioned, our pipeline, it does remain strong. We're over 40% ahead of where we were last year with respect to our Q3 pipeline. So -- and as she mentioned, we still have to convert, and the pressure on sales cycles, as you alluded to, it is going to be bumped throughout the year, but we're very encouraged by the top of the funnel feeling very, very strong and healthily.

瑞安，讓我補充一點，只是為了增加一點色彩。正如 Sarah 提到的，我們的管道確實很強大。我們在第三季度的管道方面比去年領先了 40% 以上。所以——正如她所提到的，我們仍然需要轉變，銷售週期的壓力，正如你提到的，全年都會受到衝擊，但我們對漏斗頂端的感覺非常鼓舞，非常強壯和健康。

A couple of the other macro trends we talked about in prior calls are playing out in a significant way. One is consolidation. We just mentioned that we had a 7-figure consolidation with a large multinational. We're seeing a number of these across our customer base. And a couple of them I'll just highlight. One was a large financial services organization that went through a round layoffs. And subsequent to that round of layoffs, made the decision that they were going to lean into a wall-to-wall deployment with the focus on ensuring that they could bridge the skill gaps that they have as a result of the layoff as well as ongoing pace of change, in addition to keeping engagement high across their employee base.

我們在之前的電話會議中談到的其他一些宏觀趨勢正在以重要的方式發揮作用。一是整合。我們剛剛提到我們與一家大型跨國公司進行了 7 位數的合併。我們在我們的客戶群中看到了很多這樣的情況。我將重點介紹其中的幾個。一個是經歷了一輪裁員的大型金融服務機構。在那輪裁員之後，他們決定進行全面部署，重點是確保他們能夠彌合因裁員和正在進行的裁員而造成的技能差距變化的步伐，除了在整個員工群中保持高敬業度。

We saw a similar one with a mid-sized software company, where they had 2 rounds of layoffs, and subsequently decided to go wall-to-wall and expand the relationship for similar reasons. And then we've also seen a lot of really strong momentum around our UPro product, which gives us a lot of confidence in the back half of the year that we're going to see continued expansion there.

我們在一家中型軟件公司看到了類似的情況，他們有 2 輪裁員，隨後出於類似原因決定挨家挨戶擴大關係。然後我們還看到圍繞我們的 UPro 產品有很多非常強勁的勢頭，這讓我們在今年下半年充滿信心，我們將在那裡看到持續擴張。

We have one of the large Fortune 100 multinational expand Udemy Pro from what was an initial deployment of 10,000 seats to 40,000 seats as a result of a validated pilot that we can significantly increase the pace by which technical certifications were being completed in the organization, which had a direct correlation to their ability to actually increase billings associated with those individuals acquiring those certifications. So we're seeing some very strong, very positive trends amidst what is a choppy and still somewhat difficult macro environment. So a lot of encouraging signs gives us confidence that the back half of the year is going to hold firm.

我們有一家大型財富 100 強跨國公司將 Udemy Pro 從最初部署的 10,000 個席位擴展到 40,000 個席位，這是經過驗證的試點的結果，我們可以顯著加快組織中完成技術認證的速度，這與他們實際增加與獲得這些認證的個人相關的賬單的能力直接相關。因此，在動盪且仍然有些困難的宏觀環境中，我們看到了一些非常強勁、非常積極的趨勢。因此，許多令人鼓舞的跡象讓我們相信今年下半年將保持堅挺。

That's extremely helpful color. I appreciate that, Greg and Sarah. Maybe just given those comments, because it does sound like that the opportunity for additional expansions is pretty strong given the consolidation trend. When we look at the NDRR number at 112% and 120%, respectively, obviously, understandably coming down because of the elongations. But where would we expect that to stabilize? Or what are you seeing in terms of the trend line there?

這是非常有用的顏色。我很感激，格雷格和莎拉。也許只是給出了這些評論，因為考慮到整合趨勢，這聽起來確實有很大的機會進行額外的擴張。當我們看到 NDRR 數字分別為 112% 和 120% 時，顯然，由於伸長率下降是可以理解的。但是我們期望它穩定在哪裡呢？或者你在那裡看到的趨勢線是什麼？

Yes. So listen, we're proud of the 120% large customer net dollar retention in this environment. But as you just said, we are experiencing downward pressure, and we do expect to continue to see that. We don't give out guidance on net dollar retention. But the macro is impacting our overall booking. What we're happy to see is that the percentage of bookings that's coming from our existing customers that are upsells continues to grow, and it was the highest quarter ever in Q1. So there's overall pressure, but we continue to expand with our customers, and that's because they really see the value of our product.

是的。所以聽著，我們為在這種環境下 120% 的大客戶淨美元保留率感到自豪。但正如你剛才所說，我們正在經歷下行壓力，我們確實希望繼續看到這種情況。我們不提供有關淨美元保留的指導。但是宏觀正在影響我們的整體預訂。我們高興地看到，來自我們現有客戶的加售預訂百分比繼續增長，這是第一季度有史以來最高的季度。所以總體上是有壓力的，但是我們繼續和我們的客戶一起擴張，那是因為他們真正看到了我們產品的價值。

Our gross dollar retention remains stable. We continue to have low churn with our larger customers, and there's a huge opportunity to expand with existing customers over time. We just think it's going to be a little harder this year and take a little longer. So we do think there's going to be continued pressure on that. But long-term -- the long-term forecast for that is good, and that's because the conversations we're having with our customers is that skilling and upskilling and partnering with someone like Udemy is it's not a benefit, it's a strategic imperative. It's how they are going to keep their employees with the -- have the skills that they need to deliver and bare business outcomes.

我們的總美元保留率保持穩定。我們繼續與我們的大客戶保持低流失率，並且隨著時間的推移與現有客戶一起擴展的巨大機會。我們只是認為今年會更難一些，需要更長的時間。所以我們確實認為這方面會繼續面臨壓力。但從長遠來看——對此的長期預測是好的，那是因為我們與客戶的對話是，技能和技能提升以及與像 Udemy 這樣的人合作並不是一種好處，而是一種戰略需要。這就是他們如何讓他們的員工擁有 - 擁有他們需要交付和裸露的業務成果的技能。

The next question is from Rob Oliver with Baird.

下一個問題來自 Rob Oliver 和 Baird。

I had 2 questions. Greg, one for you first, and then Sarah, I had a follow-up for you. So Greg, I'm curious, I just wanted to ask about generative AI and ChatGPT. I mean you guys were really quick, and I think your model really demonstrated its strength and its ability to kind of get these ChatGPT courses out into the hands of your UB customers really quickly. You said 1,900 new courses from UB in the quarter.

我有兩個問題。格雷格，先給你一個，然後是莎拉，我有一個跟進給你。所以 Greg，我很好奇，我只是想問一下生成式 AI 和 ChatGPT。我的意思是你們真的很快，我認為你們的模型確實展示了它的實力和能力，能夠非常迅速地將這些 ChatGPT 課程交到你們的 UB 客戶手中。你說本季度 UB 有 1,900 門新課程。

I'd just be curious, of those like what you saw in ChatGPT and how that like drove utilization. I don't -- we talk to a lot of software developers, and it's their #1 focus times 10. And then also would love to know, bigger picture, what that's doing for the land and expand and cross-sell and upsell motion because I have to believe that this could serve as a catalyst for many enterprises that might have here the fork but on the fence. And I'll have a follow-up after.

我只是很好奇，就像您在 ChatGPT 中看到的那樣，以及它們如何推動利用率。我不——我們與很多軟件開發人員交談，這是他們的#1 焦點乘以 10。然後也很想知道，更大的圖景，這對土地和擴展、交叉銷售和追加銷售動作有何影響因為我必須相信，這可以成為許多企業的催化劑，這些企業可能已經在這里分叉但處於圍欄狀態。之後我會跟進。

Rob, thanks for the question. I'll answer the last one first. Our ability to leverage our marketplace, which, as you all know, is very unique, and that enables us to keep up with the pace of change in a very different way than anybody else in the category in that our instructors are developing content, in many cases, ahead of the releases of technologies along the likes of ChatGPT and others. And it really is why you see the breadth and depth of content on, in this instance, ChatGPT, both in our marketplace as well as in our UB catalog. And we're winning business as a result of it. I'll give you an example.

羅伯，謝謝你的提問。我先回答最後一個。我們利用我們的市場的能力，眾所周知，這是非常獨特的，這使我們能夠以一種非常不同的方式跟上變化的步伐，因為我們的講師正在開發內容，在許多情況下，在 ChatGPT 等技術發布之前。這就是為什麼您會在我們的市場和我們的 UB 目錄中看到內容的廣度和深度，在這種情況下，ChatGPT。我們因此贏得了業務。我給你舉個例子。

A large cryptocurrency company that, as you can imagine, the pace of change in that category is as high as any other category that we serve and after they did their analysis on us via the competition made the decision that we were the right platform for them based on that specific analysis, and they were looking at ChatGPT, generative AI and insight that was going to give them confidence that we were going to be able to continue to upskill and reskill their employees at the pace of change of their business while also being able to impact with the amount of folks that they're hiring in that organization, the learning experience of their emerging leaders. So they went in and invested in our Leadership Academy to continue to evolve and develop the leaders and the emerging leaders in their organization as well as to support innovation that was going to be needed along the lines of GPT and the pace of change.

一家大型加密貨幣公司，正如您所想像的那樣，該類別的變化速度與我們服務的任何其他類別一樣快，在他們通過競爭對我們進行分析後，他們決定我們是適合他們的平台基於該具體分析，他們正在研究 ChatGPT、生成式 AI 和洞察力，這將使他們相信我們將能夠繼續按照他們業務變化的速度提升和重新培訓他們的員工，同時能夠影響他們在該組織中僱用的人數，以及他們新興領導者的學習經驗。因此，他們進入並投資了我們的領導力學院，以繼續發展和培養他們組織中的領導者和新興領導者，並支持 GPT 和變革步伐所需的創新。

So -- and we've got a number of these types of examples. And I'll just say, at the macro level, if you wouldn't mind, let me comment on AI in general and how we view AI. We view AI as not only -- not a threat, but we view it as a massive opportunity for our business. So we just talked quite a bit about that. But learners come to us to acquire critical skills necessary to be successful in their careers in an ever-changing environment. And we're harnessing the power of AI to redefine the next generation of learning, and we couldn't be more excited about it. And we touched on some of those examples that I'll hit on briefly in terms of what we're doing now to have significant impact.

所以——我們有很多這樣的例子。我只想說，在宏觀層面上，如果你不介意的話，讓我對一般人工智能以及我們如何看待人工智能發表評論。我們不僅將人工智能視為 - 不是威脅，而且我們將其視為我們業務的巨大機遇。所以我們只是談了很多。但是學習者來到我們這裡是為了獲得在不斷變化的環境中取得職業成功所必需的關鍵技能。我們正在利用 AI 的力量重新定義下一代學習，我們對此感到無比興奮。我們談到了其中一些例子，我將根據我們現在正在做的事情來簡要介紹這些例子，以產生重大影響。

For instructors, we're building tools and amplifying capabilities on our platform that enable them to develop content faster, more efficiently and deliver a more effective learning experience overall. And for learners, we're making that experience more personalized and engaging through AI, and we're going to be talking more about that in quarters to come. And for customers, we're providing data and insights to enable them to identify and address skill gaps that, without question, are apparent today, and they're going to be more apparent as AI continues to disrupt the many jobs and the kind of current trajectories that are currently in flux to many organizations, including ours, and we're rethinking as well.

對於教師，我們正在我們的平台上構建工具和增強功能，使他們能夠更快、更高效地開發內容並提供更有效的整體學習體驗。對於學習者，我們正在通過 AI 使這種體驗更加個性化和吸引人，我們將在未來幾個季度更多地討論這一點。對於客戶，我們正在提供數據和見解，使他們能夠識別和解決技能差距，這些差距毫無疑問在今天很明顯，並且隨著 AI 繼續擾亂許多工作和類型，它們將變得更加明顯許多組織（包括我們的組織）目前正在改變的當前軌跡，我們也在重新考慮。

So look, we're going to build -- affect instructors, learners and customers in a significant way going forward. And the coding exercise tool we highlighted as well as smart search are just the first of many capabilities we're going to be releasing this year that are going to enable us to, again, redefine the next generation of what learning looks like in corporations.

所以看，我們將建立——以一種重要的方式影響教師、學習者和客戶。我們強調的編碼練習工具以及智能搜索只是我們今年將要發布的眾多功能中的第一個，這些功能將使我們能夠再次重新定義下一代公司的學習方式。

That's really helpful. Appreciate that, Greg. And Sarah, just a brief one for you. Just you guys, clearly, vendor consolidation is the theme. I know you guys have been calling that out. And it appears that it's been gaining traction. You're also doing well internationally with some really large global enterprises. I think in the past, you said that kind of deal -- multiyear deals have been in the 40s as a percentage of revenue. I'm just curious if you're seeing any shift there as you move in this vendor consolidation phase and towards these larger international deals, if you're seeing more on the multiyear deal side?

這真的很有幫助。對此表示讚賞，格雷格。莎拉，對你來說只是一個簡短的。只有你們，顯然，供應商整合是主題。我知道你們一直在呼籲。而且它似乎越來越受歡迎。您在國際上也與一些非常大的全球企業合作得很好。我想在過去，你說過那種交易——多年期交易占收入的百分比一直在 40 多歲。我很好奇，在供應商整合階段和這些更大的國際交易中，您是否看到任何變化，如果您在多年交易方面看到更多？

Thanks for the question, Rob. We continue to see multiyear deals increase every quarter. This quarter is no exception. And so our customers really are across the globe leaning in and really looking to us as their long-term partner to keep their employees up to date to the skills that they need.

謝謝你的問題，羅伯。我們繼續看到多年期交易每個季度都在增加。本季度也不例外。因此，我們的客戶確實遍布全球，並真正將我們視為他們的長期合作夥伴，讓他們的員工掌握他們所需的最新技能。

I'll just add briefly that in addition to having the strongest quarter we've had with respect to multiyear deals from new business, we also saw an 80% increase in deals over $100,000 in value and in recurring revenue value. So again, all trending in the right direction. A lot of strength in what our sales organization is delivering with respect to strategic relationships that are adding meaningful value to the learning experience within our customers. As a result of that, customers being confident in signing long-term strategic contracts with us on a large scale.

我只想簡單地補充一下，除了我們在新業務的多年交易方面擁有最強勁的季度外，我們還看到價值超過 100,000 美元的交易和經常性收入價值增加了 80%。同樣，所有趨勢都朝著正確的方向發展。我們的銷售組織在戰略關係方面提供了很多優勢，這些戰略關係為我們客戶的學習體驗增加了有意義的價值。因此，客戶有信心與我們大規模簽訂長期戰略合同。

The next question is from Terry Tillman with Truist.

下一個問題來自 Truist 的 Terry Tillman。

Nice job on the results. And also, I think the investor engagement series is great. In fact, I think one of the ones you all talked about are that -- you all had presented, it talked about the importance of L&D budgets, and then they popped in the press release today in terms of an important new customer expansion deals. So I like that series and looking forward to hearing more on that.

結果不錯。而且，我認為投資者參與系列很棒。事實上，我認為你們都談到的其中一個是——你們都已經提出，它談到了 L&D 預算的重要性，然後他們在今天的新聞稿中突然出現了一項重要的新客戶擴展交易。所以我喜歡那個系列，並期待聽到更多關於它的信息。

Also, Greg, as I just go through my clumsy preamble, we've got good soundbites now for the e-mails we seemingly get every half hour on AI and how it's going to impact businesses such as yourself. So thanks for the, like, real-life data points to the contrary.

另外，格雷格，當我剛剛回顧我笨拙的序言時，我們現在已經有了很好的摘要，因為我們似乎每半小時就會收到一封關於人工智能的電子郵件，以及它將如何影響像你這樣的企業。所以感謝現實生活中的數據恰恰相反。

Finally, to my question. The first question, Greg, for you is, as it relates to generative AI and ChatGPT, do you see more of a benefit, whether tactically or strategic or not, on the Consumer side or the UB side kind of more on the near term?

最後，對於我的問題。格雷格，第一個問題是，因為它與生成人工智能和 ChatGPT 相關，你是否看到更多的好處，無論是戰術上還是戰略上，在消費者方面或 UB 方面，短期內更多？

And then the second part of that question is, do you think that generative AI actually, if we look out over the next 12 months, is more impactful to the revenue line in a good way? Or actually more operational excellence, whether it's helping your instructors, whether it's R&D, quicker pace or go-to-market optimization?

然後這個問題的第二部分是，如果我們在未來 12 個月內展望未來，您是否認為生成 AI 實際上會對收入線產生更大的影響？或者實際上更卓越的運營，無論是幫助您的講師，無論是研發、加快步伐還是上市優化？

Let's do the last one first, Terry. Look, in terms of operational, I think it's both as far as operational efficiency. I think it's going to enable us to enable our instructors to be a lot more efficient in developing the learning experience that they're delivering through the content that they're putting on the marketplace, that we're then extending into the UB catalog at they qualify that. So the velocity there is going to enable us to be a lot more efficient, effective as partners with our instructors. And it's not only keeping up with the pace of change, but improving the overall experience for learners within corporations, large and small. So we're excited about that.

讓我們先做最後一個，特里。看，就運營而言，我認為這與運營效率有關。我認為這將使我們能夠使我們的教師能夠更有效地開發他們通過投放市場的內容提供的學習體驗，然後我們將這些內容擴展到 UB 目錄中他們有資格。因此，那裡的速度將使我們能夠更有效地與我們的教師合作。它不僅能跟上變化的步伐，還能改善大大小小的公司內學習者的整體體驗。所以我們對此感到興奮。

And from a revenue perspective, yes, absolutely, I believe it is going to have an impact. It is today, because customers now are paying a lot of attention to the vendor selection process with respect to the content that is enabling them to stay ahead of whatever innovation is coming out to stay ahead of -- or us with the pace of change, I should say. And we're doing a great job of that. Our marketplace facilitates that in a way that's very difficult for those that are out there competing against us to match. So that does enable us to win more business, which affects our top line revenue. And so we're seeing that today.

從收入的角度來看，是的，絕對，我相信它會產生影響。就在今天，因為客戶現在非常關注供應商選擇過程中的內容，這些內容使他們能夠領先於即將出現的任何創新，以保持領先——或者我們跟上變化的步伐，我應該說。我們在這方面做得很好。我們的市場以一種讓那些與我們競爭的人難以匹敵的方式促進了這一點。因此，這確實使我們能夠贏得更多業務，從而影響我們的收入。所以我們今天看到了。

And the expansion deals that I mentioned, some of the new business that I mentioned as well as I'll give an example of what we call a boomerang. A customer that was working with multiple vendors, we were one of them, decided to go with the other vendor based on price. Quality was poor. Content wasn't delivering as expected. Came back to us and went wall to wall. And that's interestingly enough, with -- through the partnership with Amazon. So we talked about our relationship and growing partnership with Amazon. So this was the largest partnership deal we've closed with Amazon, multi-6-figure deal. That deal got down as fast as a byproduct of that customer having that relationship with Amazon. And that was, again, coming back to us, paying more because of the quality of experience and our ability to keep up with the pace of change.

我提到的擴張交易，我提到的一些新業務以及我將舉一個我們稱之為迴旋鏢的例子。一位與多家供應商合作的客戶，我們是其中之一，決定根據價格與另一家供應商合作。質量很差。內容未按預期交付。回到我們身邊，從牆到牆。有趣的是，通過與亞馬遜的合作。所以我們談到了我們與亞馬遜的關係和不斷發展的伙伴關係。所以這是我們與亞馬遜達成的最大一筆合作交易，金額高達 6 位數。這筆交易的進展速度與該客戶與亞馬遜建立這種關係的副產品一樣快。這又一次回到了我們身邊，因為體驗的質量和我們跟上變化步伐的能力而付出了更多。

So I think AI is going to, without question, affect top line, is going to affect productivity of our instructors and affect our ability to deliver a higher quality experience in-market.

因此，我認為毫無疑問，人工智能將影響收入，影響我們講師的工作效率，並影響我們在市場上提供更高質量體驗的能力。

I appreciate the color. And I guess, Sarah, just a quick follow-up for you. I didn't write this down fast enough. For 2Q, did you say mid-30s for UB or Enterprise? And then what did you say sequentially? And what I'm curious, if you would, provide on the full year question anything directionally on both segments?

我很欣賞這種顏色。我想，莎拉，只是對你的快速跟進。我寫得不夠快。對於第二季度，您是說 UB 還是 Enterprise 是 30 多歲？然後你依次說了什麼？我很好奇，如果你願意，可以在全年問題上提供兩個細分市場的任何方向性問題嗎？

Yes, yes, we did say UB mid-30s for growth for the second quarter, and that we expect Consumer with this typical seasonality to be down quarter-over-quarter. And for the year, we do anticipate that we're going to exit the year with UB growing in the mid-30s. And we saw that strong performance with Consumers. So a little bit of a mix shift, but still plan exiting the year near -- with UB near [60%].

是的，是的，我們確實說過第二季度的增長在 30 多歲左右，我們預計具有這種典型季節性的消費者將環比下降。對於這一年，我們確實預計我們將隨著 UB 在 30 年代中期的增長而退出這一年。我們在消費者方面看到了強勁的表現。所以有點混合轉變，但仍計劃在年底前退出——UB 接近 [60%]。

The next question is from Brent Thill with Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

This is David on for Brent. Sorry to continue on the AI trend, but just wanted to follow up and clarify and, Greg, thanks for the color and you guys not seeing it as a threat in general. But I think a lot of folks out there are super curious. I was hoping we can dive in deeper after obviously another education tech company got cut in half off of AI fears.

這是布倫特的大衛。很抱歉繼續關注 AI 趨勢，但只是想跟進和澄清，Greg，謝謝你的顏色，你們一般不會將其視為威脅。但我認為很多人都非常好奇。在顯然另一家教育科技公司因 AI 恐懼而被砍掉一半之後，我希望我們能更深入地研究。

But as you think about AI, I know you said you think of it as a benefit, not a headwind. But curious how you think about the idea of potentially folks who might have used your platform to learn about something in the past, maybe they're using an AI tutor on the side. Is that something that you guys could see as a threat? Maybe is that something you guys are working on? I would just be great to kind of hammer home on the AI strategy. And then I have a follow-up.

但是當你想到人工智能時，我知道你說過你認為它是一種好處，而不是不利因素。但是好奇你如何看待過去可能使用你的平台學習某些東西的潛在人們的想法，也許他們正在使用 AI 導師。你們可以將其視為威脅嗎？也許這是你們正在做的事情？我很高興能夠在人工智能戰略上有所作為。然後我有一個後續行動。

Yes, thanks for your question. We're looking at a number of different ways to leverage and integrate AI into our platform. And I'm not going to comment specifically on anything with respect to where we're at with tutors and coaching and what have you. But you could assume that all of those are areas that we're investing time, energy and resource to better understand how that could enhance the overall learning experience. And at the point in time we're ready to talk about it, we surely will.

是的，謝謝你的問題。我們正在尋找多種不同的方法來利用 AI 並將其集成到我們的平台中。我不會具體評論任何關於我們在導師和輔導方面的進展以及你有什麼。但你可以假設所有這些都是我們投入時間、精力和資源的領域，以更好地了解這將如何增強整體學習體驗。在我們準備好談論它的時候，我們一定會的。

But I think all of us would say right now, we have a clear view on what we believe AI is going to enable us to do and I just highlighted that. But 6, 12, 18 months from now, we're all going to be learning as we're going, right? And so what's in our line of sight right now is all opportunity for us as we're looking how to better enable our instructors to deliver an enhanced experience. And we do feel strongly that the instructor experience matters a lot, right? We do not feel that at any point in time in the near future is they're going to be able to hit a button and generate content and experience that's going to mirror the experience that our instructors deliver through the years of honing their craft and understanding how to deliver information and assemble information in a way that's going to be best received and digested and learned by whoever is on the other side.

但我想我們所有人現在都會說，我們對我們相信人工智能將使我們能夠做到的事情有一個清晰的看法，我只是強調了這一點。但是從現在開始的 6、12、18 個月後，我們都會邊走邊學，對吧？因此，當我們正在尋找如何更好地讓我們的講師提供更好的體驗時，我們現在看到的是我們的所有機會。我們確實強烈地感覺到講師的經驗很重要，對吧？我們不認為在不久的將來的任何時間點，他們都能夠按下按鈕並生成內容和體驗，這些內容和體驗將反映我們的講師通過多年磨練他們的技能和理解所提供的體驗如何以一種最容易被另一方的人接收、消化和學習的方式傳遞信息和收集信息。

There's art in there as well as science. And AI is all about science right now. And that's going to blow over time. We're going to adapt to it. And we're paying a lot of attention to that. But right now, the lens we're looking through, we view all this opportunity, and we are making investments to better understand how we can look at things like coaching and mentoring what have you, assistance, that would be additive to our platform. And more to come down the road when we were prepared to talk about it.

那裡有藝術，也有科學。人工智能現在完全是關於科學的。隨著時間的推移，這種情況會消失。我們要適應它。我們對此非常關注。但現在，我們正在審視的鏡頭，我們看到了所有這些機會，我們正在進行投資，以更好地了解我們如何看待諸如輔導和指導你所擁有的、幫助的事情，這將對我們的平台有所幫助。當我們準備好談論它時，還會有更多的東西出現。

Yes. That's helpful. And I think the point on content was another one I was going to add, so I appreciate you clarifying on that. And then maybe for Sarah, I know you mentioned on the churn. I know you guys had historically very low churn, but just curious any color you can provide on how churn has trended? Obviously, you guys are benefiting from vendor consolidation. But curious if maybe the churn metric is seeing any headwinds from that same dynamic?

是的。這很有幫助。我認為關於內容的要點是我要添加的另一個要點，所以我感謝你對此進行澄清。然後也許對於 Sarah，我知道你在客戶流失時提到過。我知道你們的客戶流失率歷來很低，但只是好奇你們能提供什麼顏色來說明客戶流失率的趨勢？顯然，你們正在從供應商整合中受益。但好奇的是，流失指標是否會看到來自同一動態的任何不利因素？

Yes. The -- what we're seeing is a little bit of pressure on churn from the smaller businesses, the ones who are really struggling. But our gross dollar retention has remained stable for a long period of time within our large customers, and we continue to see low churn in that population.

是的。我們看到的是來自小型企業的流失壓力，這些企業確實在苦苦掙扎。但在我們的大客戶中，我們的總美元保留率在很長一段時間內保持穩定，而且我們繼續看到該人群的低流失率。

The next question is from Josh Baer with Morgan Stanley.

下一個問題來自摩根士丹利的 Josh Baer。

I wanted to ask, one, on sort of top line and demand, what you're seeing and what you're expecting, and maybe do so in the context of the full year guidance. I think full year guidance range now 12% to 16%. But with Q1 in the books and kind of a tight range for Q2, that I think implies something like 9% growth in the back half at the low end and 18% at the high end. So pretty different scenarios there. I was hoping you could provide some context or commentary on the assumptions behind what's at the low end and what's at the high end? What does that look like the rest of the year?

我想問，一個，關於頂線和需求，你看到了什麼和你期待什麼，也許在全年指導的背景下這樣做。我認為現在的全年指導範圍是 12% 到 16%。但由於第一季度的賬面價值和第二季度的窄幅波動，我認為這意味著低端后半部分增長 9%，高端增長 18%。那裡的場景非常不同。我希望您能就低端和高端背後的假設提供一些背景信息或評論？今年剩下的時間會怎樣？

Yes, thanks for the question. Listen, I think we're trying to really take into consideration the fact that we are in a tough macro environment. And that while we continue to see really strong demand, Greg spoke about our pipeline growth earlier on accounts (inaudible), we know that closing those deals is going to take longer. There's some choppiness. Deals are going through more layers of approval than ever before. And everybody is looking at their budgets and revisiting them.

是的，謝謝你的提問。聽著，我認為我們正在努力真正考慮到我們處於艱難的宏觀環境中這一事實。雖然我們繼續看到非常強勁的需求，但格雷格早些時候談到了我們的管道增長（聽不清），我們知道完成這些交易需要更長的時間。有一些波濤洶湧。交易比以往任何時候都要經過更多層的批准。每個人都在查看他們的預算並重新審視它們。

So it really is about us taking a look at all this demand, and knowing that our customers are looking to us to be this partner to them to upsell and resell, which is necessary in this world today and becomes more and more necessary each month that goes on and the pace of innovation continues to increase. And at the same time, it's just going to take time. And so for us, it's about just being realistic in an environment like this. You can have significant demand, but it's going to take longer potentially to get to that demand. We are assuming no material improvement or deterioration, and it's just going to kind of remain to be seen.

所以這真的是關於我們審視所有這些需求，並且知道我們的客戶希望我們成為他們的合作夥伴以進行追加銷售和轉售，這在當今世界是必要的，而且每個月都變得越來越必要繼續，創新的步伐不斷加快。同時，這只是需要時間。所以對我們來說，就是要在這樣的環境中保持現實。您可能有大量需求，但可能需要更長的時間才能滿足該需求。我們假設沒有實質性的改善或惡化，只是有待觀察。

The next question is from Jason Celino with KeyBanc Capital Markets.

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

It's Devin on for Jason today. I want to ask about Consumer, just given the outperformance there in the quarter. Any additional context on kind of the linearity of how conversion and overall demand has kind of trended throughout the quarter?

今天是傑森的德文。我想問一下消費者，考慮到該季度的出色表現。關於整個季度轉換和總體需求如何呈線性趨勢的任何其他背景信息？

Devin, thanks for the question. Listen, we were happy to see that consumer remained really stable, especially given the last 6 quarters, we spent decreasing our investment, our marketing spend on the Consumer side. And so it's been great to see. We're glad to see that the conversion is strong. And for us, we're not making any specific investments in Consumer. What we're doing is we're making investments in our platform around the learning experience, around the things that Greg spoke about that is going to continue to impact the ability for us to deliver outcomes for our learners.

德文，謝謝你的提問。聽著，我們很高興看到消費者保持真正穩定，特別是考慮到過去 6 個季度，我們減少了投資，我們在消費者方面的營銷支出。所以很高興看到。我們很高興看到轉化率很高。對我們來說，我們沒有對消費者進行任何具體投資。我們正在做的是圍繞學習體驗對我們的平台進行投資，圍繞格雷格所說的將繼續影響我們為學習者提供成果的能力的事情。

And so there may be some of that, that is within those numbers. There could be part cyclicality. It's too early to tell. We're just happy to see that stability, and we're happy to see the vibrancy in the marketplace, which is so important to us.

因此，可能有一些在這些數字之內。可能存在部分週期性。現在下結論還為時過早。我們很高興看到這種穩定性，我們很高興看到市場充滿活力，這對我們來說非常重要。

Got it. And just one more and sorry to ask another question on AI, but kind of just curious, just based on your observations, what specific AI-related courses are your learners taking on the platform? Just want to get a little color on what's driving that?

知道了。還有一個，很抱歉再問一個關於 AI 的問題，但有點好奇，根據您的觀察，您的學習者在該平台上學習了哪些特定的 AI 相關課程？只是想了解一下驅動它的原因是什麼？

Yes, happy to. I can't really be more specific, Devin, there's over 1,000 on our platform right now. And we've got well over -- I think, well over -- it's approaching 50 now. And it's gone beyond that in our UB collection. It's everything from introduction to AI. A lot of it is early days with introduction. So folks could really start to understand what this concept around AI and deep learning is and understand a little bit more around ChatGPT and then GPT4 now, which has evolved from 3, and a little bit of just, again, context around how it all works to developers and folks on the tech side of the house looking to acquire skills that they can now use to enable AI in their organization.

是的，很高興。德文，我真的不能更具體了，現在我們的平台上有 1,000 多個。我們已經結束了——我想，已經結束了——現在已經接近 50 歲了。在我們的 UB 系列中，它已經超越了這一點。從入門到 AI，應有盡有。很多都是早期的介紹。因此，人們可以真正開始理解圍繞 AI 和深度學習的概念是什麼，並更多地了解 ChatGPT，然後是 GPT4，它是從 3 演變而來的，再一次，了解它是如何工作的背景開發人員和技術人員希望獲得他們現在可以用來在他們的組織中啟用 AI 的技能。

So next level training, next level development. And all of this is rapidly being deployed on our platform as the market continues to roll, the pace is moving, folks understand it. They have an opportunity to monetize on our marketplace as well as within UB and are developing content literally at a pace we've never seen before, right? So it really is changing day by day, week by week in terms of the quality, the quantity as well as topics, and then the evolution of those topics in terms of who's engaging and what are they looking to learn. But everything from introduction to deep learning on how to apply the AI in specific businesses.

所以下一級培訓，下一級發展。隨著市場的不斷發展，所有這些都在我們的平台上迅速部署，步伐在不斷變化，人們都明白這一點。他們有機會在我們的市場以及 UB 內部獲利，並且正在以我們以前從未見過的速度開發內容，對吧？因此，它確實在質量、數量和主題方面每天、每週都在變化，然後這些主題在誰參與以及他們希望學習什麼方面發生變化。但是，從介紹到深度學習，關於如何將 AI 應用於特定業務的所有內容。

(Operator Instructions) The next question is from Stephen Sheldon with William Blair.

（操作員說明）下一個問題來自斯蒂芬謝爾頓和威廉布萊爾。

You've got (inaudible) on for Stephen. First, so clearly, it sounds like vendor consolidation has continued to serve to your advantage. And I just wanted to ask if you've seen any notable change in strategy from any of your peers, your competitors in terms of maybe specifically pricing or anything in general?

你為斯蒂芬準備了（聽不清）。首先，很明顯，聽起來供應商整合繼續為您帶來優勢。我只是想問一下，您是否看到您的任何同行、您的競爭對手在具體定價或一般情況下的戰略發生任何顯著變化？

Yes. Thanks for the question. I wouldn't say anything that I would consider material. Without question, the market is competitive, and the way that our peers and competitors are approaching that in one hand is via price. But we're reacting to that the way our team always has, which is selling on value. And I mentioned that boomerang deal. Price without quality end up doing exactly that, right? Boomerang back to the company or the series of companies that can actually deliver against the outcomes that an organization is looking to achieve.

是的。謝謝你的問題。我不會說任何我認為重要的事情。毫無疑問，市場是競爭激烈的，而我們的同行和競爭對手接近市場的方式一方面是通過價格。但我們以我們團隊一貫的方式對此做出反應，即按價值出售。我提到了迴旋鏢交易。沒有質量的價格最終會那樣做，對吧？ Boomerang 回到公司或一系列公司，這些公司實際上可以實現組織希望實現的結果。

And so we are continuing to stay the course, selling on value. We're competing very, very effectively as a result of the numbers that you're seeing our team is delivering. And we're not going to be deviating from that. And as pricing pressure comes down from competition, we're going to be really leaning into the value and impact we can and will have as a long-term partner in helping an organization truly reshape the learning experience they're delivering as a result of the capability we're bringing to market via AI as well as the partnership of our customer success team delivers in terms of strategy and delivery against that strategy.

因此，我們將繼續堅持到底，按價值出售。由於您看到我們團隊提供的數據，我們的競爭非常非常有效。我們不會偏離這一點。隨著競爭帶來的價格壓力下降，我們將真正傾向於作為長期合作夥伴能夠並且將會擁有的價值和影響，幫助組織真正重塑他們因以下原因而提供的學習體驗我們通過 AI 推向市場的能力以及我們客戶成功團隊的合作夥伴關係在戰略和針對該戰略的交付方面提供。

So no change in terms of our path and focus on execution. But yes, we are seeing a little bit of pricing pressure, but not materially different.

因此，我們的路徑並沒有改變，專注於執行。但是，是的，我們看到了一點定價壓力，但沒有實質性的不同。

Got it. That's clear. And then given some of the weakness you've seen in your UBN market, I just wanted to quickly ask how you're thinking about investing in sales capacity there in terms of maybe more heavily leveraging partners internationally, and I guess, in general, just maintaining capacity for a potential recovery?

知道了。這很清楚。然後鑑於您在 UBN 市場中看到的一些弱點，我只是想快速詢問您如何考慮投資那裡的銷售能力，可能更多地利用國際合作夥伴，我想，一般來說，只是維持潛在復甦的能力？

Yes. Happy to answer that. We're investing heavily on a global basis in our partnerships, be it new ventures as well as (inaudible) and really around the world, Latin America, Asia Pacific, EMEA. This is an area that we have been investing and are continuing to lean into those investments. And we're very encouraged by the results we're seeing and the impact our teams are having through these partnerships. And that will continue. I'm sorry, what was the second part of the question?

是的。很高興回答這個問題。我們在全球範圍內大力投資於我們的合作夥伴關係，無論是新企業還是（聽不清），實際上是在世界各地，拉丁美洲、亞太地區、歐洲、中東和非洲。這是我們一直在投資的領域，並將繼續投入這些投資。我們對所看到的結果以及我們的團隊通過這些合作夥伴關係產生的影響感到非常鼓舞。這將繼續下去。抱歉，問題的第二部分是什麼？

Just the rest of go-to-market theme and...

剩下的上市主題和......

Go-to-market theme. Yes, as far as go to market, look, Sarah, I think, has done a really nice job of highlighting our approach on this, which is, it's a little bit of wait and see. As soon as we see green shoots and opportunities to start scaling our global sales organization again, we are going to do so. Our hope is that's going to be in the back half of this year. But the macro is going to have a large determining factor on if and when that happens this year. Our hope is it, without question, it does. But again, there are some things that are out of our control, and we're going to continue to closely monitor that and we act accordingly. Sarah, I don't know if there's anything you want to add to that.

進入市場主題。是的，就進入市場而言，莎拉，我認為，在強調我們在這方面的方法方面做得非常好，也就是說，有點觀望。一旦我們看到重新開始擴大我們的全球銷售組織的萌芽和機會，我們就會這樣做。我們希望這將在今年下半年實現。但宏觀將對今年是否以及何時發生有很大的決定性因素。我們的希望是，毫無疑問，它確實如此。但同樣，有些事情是我們無法控制的，我們將繼續密切關注並採取相應行動。莎拉，我不知道你是否還有什麼要補充的。

No, that's exactly right. There are areas that we are still leaning in a little bit where we continue to see overperformance. As we talked about before, we look by segment, by region, and that's how we make our decision. And we just keep a close eye, and we'll put our foot on the gas at the appropriate time in the right area.

不，完全正確。在某些領域，我們仍然略微偏向於我們繼續看到超常表現的領域。正如我們之前談到的，我們按細分市場、按地區看，這就是我們做出決定的方式。我們只是密切關注，我們會在適當的時間在正確的區域踩油門。

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

我們的問答環節到此結束。我想將會議轉回給格雷格·布朗，聽取任何閉幕詞。

Yes, I'd just like to thank everybody for joining us on the call, and look forward to speaking with you again in August. Have a great rest of the day.

是的，我只想感謝大家加入我們的電話會議，並期待在 8 月再次與您交談。好好休息一天。

Good-bye.

再見。

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。