Udemy Inc (UDMY) 2023 Q2 法說會逐字稿

Good day, and welcome to the Udemy Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 Udemy 2023 年第二季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Dennis Walsh, Vice President of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係副總裁丹尼斯·沃爾什 (Dennis Walsh)。請繼續。

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

謝謝，歡迎參加 Udemy 2023 年第二季度收益電話會議。今天加入我的是 Udemy 首席執行官 Greg Brown；和首席財務官莎拉·布蘭查德。

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.

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聲明。這些陳述涉及假設，並受到已知和未知的風險和不確定性的影響，可能導致實際結果與討論或預期的結果存在重大差異。

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.

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。

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.

我們的前瞻性陳述基於我們目前掌握的信息。我們提醒您不要過度依賴前瞻性陳述，並且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責任或義務，除非適用法律要求。

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 in 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.

此外，在本次電話會議中，可能會討論某些財務業績指標，這些指標與我們根據美國公認會計原則（美國證券交易委員會稱為非公認會計準則財務指標）編制的財務報表中包含的可比指標不同。我們相信，這些非公認會計準則財務指標有助於管理層和投資者評估我們的業績，以更有意義和一致的方式比較不同時期的經營業績，正如我們的收益發布補充時間表中更詳細討論的那樣。

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.

我們的收益新聞稿中包含了這些非公認會計原則指標與最具可比性的公認會計原則財務指標的調節表。這些調節表以及其他補充信息可在我們網站的投資者關係部分獲取。

A replay of today's call will also be posted on the website.

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.

現在，我將把電話轉給格雷格。

Thank you, Dennis, and good afternoon to everyone on the call. Udemy delivered strong second quarter results. Revenue came in at more than $178 million or a 16% year-over-year increase and exceeded the high end of our guidance range. That growth was driven by a 36% year-over-year increase in Udemy Business revenue. On the bottom line, we delivered our first quarter of positive adjusted EBITDA as a public company, thanks to our continued focus on operational efficiencies and prudent expense management.

謝謝丹尼斯，祝所有參加電話會議的人下午好。 Udemy 第二季度業績強勁。收入超過 1.78 億美元，同比增長 16%，超出了我們指導範圍的上限。這一增長是由 Udemy 業務收入同比增長 36% 推動的。總而言之，由於我們持續關注運營效率和審慎的費用管理，我們作為上市公司第一季度實現了正調整 EBITDA。

We are proud of our team for their commitment and continued execution against our strategic initiatives, particularly as we navigate this unpredictable macroeconomic environment.

我們為我們的團隊的承諾和持續執行我們的戰略舉措感到自豪，特別是在我們應對這個不可預測的宏觀經濟環境時。

While the current backdrop presents some near-term challenges, Udemy is well positioned to capitalize on meaningful long-term tailwinds for our business that are shaping the future of work. First, there is a profound transformation happening right now that impacts every industry: the rise of the skills-based organization; and second is the continued interest and application of generative AI across customers of all sizes.

儘管當前的背景帶來了一些近期挑戰，但 Udemy 已做好充分準備，能夠利用對我們正在塑造工作未來的業務有意義的長期有利因素。首先，現在正在發生一場影響每個行業的深刻變革：以技能為基礎的組織的崛起；其次是各種規模的客戶對生成式人工智能的持續興趣和應用。

I'd like to take a few moments today to provide color on those trends. In conversations with enterprise customers across all industries and regions, the #1 theme we hear from CEOs is that ensuring their workforce has the skills required to achieve their strategic objectives as a top priority. This represents a massive opportunity for Udemy to provide the necessary reskilling and upskilling that companies around the world will require for their workforce and that individuals need to stand out in the hypercompetitive job market.

今天我想花一些時間來闡述這些趨勢。在與所有行業和地區的企業客戶的對話中，我們從首席執行官那裡聽到的第一主題是，確保他們的員工擁有實現其戰略目標所需的技能作為首要任務。這對 Udemy 來說是一個巨大的機會，可以提供世界各地公司對其員工所需的必要的再培訓和技能提升，以及個人在競爭激烈的就業市場中脫穎而出所需的技能。

In addition, the accelerating pace of innovation means that organizations require support to establish learning strategies and objectives for their teams and also a way to measure and validate skills acquisition.

此外，創新步伐的加快意味著組織需要支持為其團隊制定學習策略和目標，以及衡量和驗證技能獲取的方法。

While degrees will always have relevance, they do not validate the practical skills the individual has mastered, which can lead to a qualified internal and external talent being overlooked. For this reason, forward-thinking organizations are shifting to a more skills-based approach. By focusing on skills, not just degrees, companies can vastly expand and diversify their talent pool to fill open roles as well as drive increased internal mobility by reskilling and upskilling existing talent.

雖然學位總是具有相關性，但它們並不能驗證個人所掌握的實際技能，這可能導致合格的內部和外部人才被忽視。因此，具有前瞻性思維的組織正在轉向更加基於技能的方法。通過關注技能而不僅僅是學位，公司可以極大地擴大人才庫並使其多樣化，以填補空缺職位，並通過對現有人才進行再培訓和提陞技能來推動內部流動性的增加。

As companies shift from offline to online to reskill and upskill their workforce, they realize it is a more efficient and cost-effective solution that drives high ROI, boost morale and provide significant cost savings. To give you a sense of the size of the potential savings, a recent study found that the average per employee spend on L&D by employers worldwide was approximately $1,300 per head in 2021. The cost for 1 Udemy Business license starts at just $360 per year. As you can imagine, the cost savings for a global enterprise are meaningful.

隨著公司從線下轉向線上，以重新培訓和提高員工的技能，他們意識到這是一種更高效、更具成本效益的解決方案，可以提高投資回報率、提高士氣並顯著節省成本。為了讓您了解潛在節省的規模，最近的一項研究發現，到 2021 年，全球雇主在 L&D 上的平均每位員工花費約為 1,300 美元。1 個 Udemy 商業許可證的費用每年僅為 360 美元。正如您可以想像的那樣，對於全球企業來說，節省成本是有意義的。

When companies embrace a culture of continuous learning, they future-proof their workforce. Demand for technical skills has never been higher with nearly 90% of companies reporting skills gaps within their organization. And many executives believing that finding talent with specialized skills is a major challenge.

當公司擁抱持續學習的文化時，他們的員工就能面向未來。對技術技能的需求從未如此之高，近 90% 的公司報告其組織內存在技能差距。許多高管認為，尋找具有專業技能的人才是一項重大挑戰。

L&D leaders must understand the skill level of their workforce, particularly within technology-focused areas. Yet one of their top concerns is that they do not have a reliable strategy for measuring the success of their learning programs.

L&D 領導者必須了解員工的技能水平，特別是在以技術為重點的領域。然而，他們最關心的問題之一是他們沒有可靠的策略來衡量學習計劃的成功與否。

To help customers address this need, Udemy has introduced Badging as a part of its Integrated Skills Framework, a comprehensive skill-building approach for organizations. The framework will enable customers to keep pace with innovation through a series of exciting new offerings.

為了幫助客戶滿足這一需求，Udemy 引入了徽章作為其綜合技能框架的一部分，這是一種面向組織的綜合技能建設方法。該框架將使客戶能夠通過一系列令人興奮的新產品跟上創新的步伐。

Working with Udemy, organizations will be provided with a seamless way to quickly assess their current skills landscape and identify critical skills gaps. In addition, it provides employees with an effective way to acquire and demonstrate skill mastery through the acquisition of leading certifications and badges.

與 Udemy 合作，組織將獲得一種無縫的方式來快速評估其當前的技能狀況並確定關鍵的技能差距。此外，它還為員工提供了一種通過獲得領先的認證和徽章來獲得和展示技能掌握的有效方法。

At the core of our Badging program is Udemy's certification prep center. We have made it simple to discover curated learning paths, including labs and assessments, to help professionals prepare for certification exams and badges. This will enable learners to validate mastery of in-demand skills such as AWS, Azure, CompTIA and more.

我們徽章計劃的核心是 Udemy 的認證準備中心。我們讓發現精心策劃的學習路徑（包括實驗室和評估）變得簡單，以幫助專業人士準備認證考試和徽章。這將使學習者能夠驗證對 AWS、Azure、CompTIA 等所需技能的掌握程度。

As of today, our catalog includes certification preparation for nearly 200 highly sought after and reputable badges across more than 160 certification topics and nearly 30 subject areas.

截至今天，我們的目錄包括近 200 個備受追捧且信譽良好的徽章的認證準備，涵蓋 160 多個認證主題和近 30 個主題領域。

The other meaningful tailwind is the evolution of generative AI and its ability to accelerate change across all industries and geographies. Professional learners recognize the importance of understanding how generative AI will impact their role and how they can leverage these technologies to be more effective or to land their next job.

另一個有意義的推動因素是生成人工智能的發展及其加速所有行業和地區變革的能力。專業學習者認識到了解生成式人工智能將如何影響他們的角色以及他們如何利用這些技術提高效率或找到下一份工作的重要性。

On the enterprise side of our business, customers across all industries are asking Udemy to help them develop AI and digital transformation strategies to become more agile, durable and competitive.

在我們業務的企業方面，各行業的客戶都要求 Udemy 幫助他們制定人工智能和數字化轉型戰略，以變得更加敏捷、持久和具有競爭力。

The level of engagement on our platform related to this topic is unprecedented. In the 7 months since ChatGPT was launched, Udemy has seen more than 1.4 million enrollments in the more than 1,000 courses on the topic on our platform. Taking that a step further, the number of minutes consumed for ChatGPT-related content during Q2 increased nearly 300% from the prior quarter. This is a clear indication that people recognize the importance of understanding this technology and are discovering that they can receive high-quality skills training via Udemy.

我們平台上與此主題相關的參與度是前所未有的。自 ChatGPT 推出以來的 7 個月內，Udemy 平台上有關該主題的 1,000 多門課程的註冊人數已超過 140 萬人。更進一步，第二季度 ChatGPT 相關內容消耗的分鐘數比上一季度增加了近 300%。這清楚地表明人們認識到了解這項技術的重要性，並發現他們可以通過 Udemy 接受高質量的技能培訓。

During the past few months, we've continued to invest in further integrating generative AI throughout our platform. We are committed to delivering products and features that support instructors with content generation, deliver more personalized learning experiences and help organizations identify and address skills gaps.

在過去的幾個月裡，我們繼續投資於在整個平台上進一步整合生成式人工智能。我們致力於提供支持教師內容生成、提供更加個性化的學習體驗並幫助組織識別和解決技能差距的產品和功能。

On our last call, we shared plans to roll out new smart search capabilities, which is one of the several enhancements that leverage the power of generative AI to provide learners with more personalized, bite-sized learning experiences. Subsequent enhancements will include skills-based guidance that automatically recommends Udemy learning paths based on defined objectives including badge acquisition and certification.

在上次電話會議上，我們分享了推出新的智能搜索功能的計劃，這是利用生成式人工智能的力量為學習者提供更加個性化、小型學習體驗的多項增強功能之一。後續增強功能將包括基於技能的指導，根據既定目標（包括徽章獲取和認證）自動推薦 Udemy 學習路徑。

In addition, we began to incorporate generative AI into our reports for our cohort learning solution, Leadership Academy, to provide admins with increased visibility into learning outcomes. We have also introduced further automation into the generation of these reports to speed up time to value and ensure leaders can access the right data as soon as they need it.

此外，我們開始將生成式人工智能納入隊列學習解決方案領導力學院的報告中，以便管理員能夠更好地了解學習成果。我們還在這些報告的生成過程中引入了進一步的自動化，以加快實現價值的速度，並確保領導者可以在需要時立即訪問正確的數據。

Our investments in generative AI are expected to provide meaningful tailwinds for learner demand, enhance personalized learning, deepen our customer relationships and further accelerate the pace at which we can add new, relevant and immersive content. You can expect to hear more updates over time on how we are leveraging this exciting technology.

我們對生成式人工智能的投資預計將為學習者的需求提供有意義的推動力，增強個性化學習，加深我們的客戶關係，並進一步加快我們添加新的、相關的和沈浸式內容的步伐。隨著時間的推移，您可以期待聽到更多關於我們如何利用這項令人興奮的技術的最新消息。

As you can see, we believe that these trends, the rise of skills-based organizations and generative AI, will continue to increase in importance and are expected to present significant opportunities for our business. As companies embrace a culture of continuous learning with the goal of future-proofing their workforce, we believe demand for Udemy will continue to grow.

正如您所看到的，我們相信這些趨勢，即基於技能的組織和生成式人工智能的興起，其重要性將繼續增加，並預計將為我們的業務帶來重大機遇。隨著公司奉行持續學習的文化，目標是讓員工能夠適應未來的發展，我們相信對 Udemy 的需求將繼續增長。

Before I turn the call over to Sarah, I'd like to highlight that we've significantly strengthened Udemy's Board and leadership team with 3 seasoned professionals who will further develop our strategic vision and help scale our business globally. First, we welcome Sohaib Abbasi as Independent Board Chairman. Sohaib brings more than 30 years of deep enterprise software and strategic leadership experience, including more than 10 years serving as CEO of Informatica.

在將電話轉交給Sarah 之前，我想強調一下，我們已經顯著加強了Udemy 的董事會和領導團隊，其中包括3 名經驗豐富的專業人士，他們將進一步發展我們的戰略願景並幫助擴大我們的全球業務規模。首先，我們歡迎 Sohaib Abbasi 擔任獨立董事會主席。 Sohaib 擁有 30 多年深厚的企業軟件和戰略領導經驗，其中包括 10 多年擔任 Informatica 首席執行官的經驗。

We also recently bolstered our executive leadership team with 2 newly created positions. First, we appointed our Chief Marketing Officer, Genefa Murphy, who brings extensive experience leading marketing initiatives for fast-growing software and technology companies. And second, we added a Chief Product Officer, Prasad Raje, who brings a wealth of enterprise SaaS product experience to Udemy.

我們最近還通過 2 個新設立的職位來加強我們的執行領導團隊。首先，我們任命了首席營銷官 Genefa Murphy，他在為快速發展的軟件和技術公司領導營銷活動方面擁有豐富的經驗。其次，我們增加了首席產品官 Prasad Raje，他為 Udemy 帶來了豐富的企業 SaaS 產品經驗。

I'm very proud of the world-class executive leadership team that we have built as we heighten our focus on driving results at every level of the organization. We look forward to Sohaib, Genefa and Prasad's contributions as we take Udemy to the next level and continue to lead the transformation to a skills-based economy.

我為我們建立的世界一流的執行領導團隊感到非常自豪，因為我們更加註重推動組織各個層面的成果。我們期待 Sohaib、Genefa 和 Prasad 的貢獻，幫助我們將 Udemy 提升到新的水平，並繼續引領向技能型經濟的轉型。

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

現在我將把電話轉給莎拉進行財務審查。

Thank you, Greg. I'll focus my comments on the key financial highlights and then provide our outlook for Q3 and full year 2023. You can find the complete set of financial tables in our news release, which is available on our Investor Relations website.

謝謝你，格雷格。我將重點討論關鍵的財務亮點，然後提供我們對第三季度和2023 年全年的展望。您可以在我們的新聞稿中找到完整的財務表格，該新聞稿可在我們的投資者關係網站上找到。

As Greg mentioned at the outset, we delivered solid Q2 results. Revenue increased 16% year-over-year to $178 million and exceeded the high end of our guidance range by $4 million. The year-over-year growth included a negative impact from foreign exchange or FX of 3 percentage points.

正如格雷格一開始提到的，我們在第二季度取得了穩健的業績。收入同比增長 16%，達到 1.78 億美元，超出我們指導範圍的上限 400 萬美元。同比增長包括 3 個百分點的外匯或外彙的負面影響。

Our Enterprise segment or Udemy Business, drove our total revenue growth, delivering revenue of $102 million or an increase of 36% year-over-year. Included in the growth was a 3 percentage point headwind from changes in FX rates. This is a major milestone for Udemy as it was our first quarter delivering more than $100 million in Udemy Business revenue.

我們的企業部門或 Udemy 業務推動了我們總收入的增長，收入達到 1.02 億美元，同比增長 36%。增長中還包括匯率變化帶來的 3 個百分點的阻力。這是 Udemy 的一個重要里程碑，因為這是我們第一季度 Udemy 業務收入超過 1 億美元。

We ended the quarter with annual recurring revenue, or ARR, of $420 million, up 33% from a year ago. Our consolidated net dollar retention rate for Q2 was 108%. The rate was 115% for large customers or those with 1,000 or more employees.

截至本季度末，我們的年度經常性收入 (ARR) 為 4.2 億美元，比去年同期增長 33%。我們第二季度的綜合淨美元保留率為 108%。對於大客戶或擁有 1,000 名或以上員工的客戶，這一比例為 115%。

Gross dollar retention remained stable, large customer churn was minimal and growth in multiyear contracts continued during the quarter. This is a testament to the strength of our customer relationships, driven by the clear value and impact that Udemy provides to help them achieve their strategic outcomes.

本季度，總美元保留率保持穩定，大客戶流失率極低，多年期合同繼續增長。這證明了我們客戶關係的實力，Udemy 為幫助他們實現戰略成果提供了明確的價值和影響力。

However, we do expect some pressure to continue on net dollar retention as some companies remain hesitant to move forward with expansions and upsells during this unpredictable macroeconomic environment.

然而，我們確實預計淨美元保留將繼續面臨一些壓力，因為在這種不可預測的宏觀經濟環境下，一些公司仍不願繼續擴張和追加銷售。

The strong Udemy Business growth was slightly offset by a 2% year-over-year decline in Consumer segment revenue, which included a negative 3 percentage point impact from FX.

Udemy 業務的強勁增長被消費者部門收入同比下降 2% 略微抵消，其中包括外匯帶來的 3 個百分點的負面影響。

We continue to be encouraged by the vibrancy of our marketplace, which fuels the powerful flywheel effect that has the ability to increase customer engagement and reduce acquisition costs over time. Traffic was up 8% year-over-year during Q2 to 34 million unique visitors despite spending significantly less on performance marketing than we did a year ago.

我們繼續對市場的活力感到鼓舞，這激發了強大的飛輪效應，隨著時間的推移，飛輪效應能夠提高客戶參與度並降低採購成本。儘管我們在效果營銷上的支出比一年前大幅減少，但第二季度的訪問量仍同比增長 8%，達到 3400 萬獨立訪客。

More than 80% of learners enroll in courses to develop professional skills, which creates a healthy funnel of leads for Udemy Business. Also attracting instructors organically to create courses continue to be a strength. As a result, we saw an 11% year-over-year increase in courses in the Udemy catalog with nearly 5,000 new courses added each month.

超過 80% 的學習者註冊了培養專業技能的課程，這為 Udemy Business 創建了健康的潛在客戶漏斗。有機地吸引教師來創建課程仍然是一個優勢。結果，我們發現 Udemy 目錄中的課程數量同比增長了 11%，每月新增近 5,000 門新課程。

As we move down the P&L, note that all financial metrics are non-GAAP, unless stated otherwise. Q2 gross margin was 59%, a 100 basis point improvement from Q2 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 57% of total revenue in Q2, which represents a meaningful mix shift from 49% a year ago. With nearly 15,000 Udemy Business customers and growing, this mix shift is expected to continue toward our long-term target of approximately 75% of revenue.

當我們向下移動損益表時，請注意，除非另有說明，否則所有財務指標均為非公認會計準則。第二季度的毛利率為 59%，比 2022 年第二季度提高了 100 個基點，這是由於收入組合持續轉向 Udemy 業務，因為該細分市場的內容成本佔收入的百分比較低。 Udemy 業務佔第二季度總收入的 57%，與一年前的 49% 相比，這是一個有意義的組合轉變。 Udemy Business 擁有近 15,000 名客戶並且還在不斷增長，這種組合轉變預計將繼續實現我們約佔收入 75% 的長期目標。

Total operating expense was $108 million or 61% of revenue and 500 basis points lower than Q2 of last year. Sales and marketing expense represented 39% of revenue, down 200 basis points year-over-year. R&D expense was 13% or flat compared with the same period last year. And G&A expense was 9%, down 300 basis points compared with last year.

總運營費用為 1.08 億美元，佔收入的 61%，比去年第二季度低 500 個基點。銷售和營銷費用佔收入的 39%，同比下降 200 個基點。研發費用為13%，與去年同期持平。 G&A 費用為 9%，比去年下降 300 個基點。

On the bottom line, net loss in the quarter was approximately $1 million or negative 1% of revenue. Adjusted EBITDA was approximately $2 million or positive 1% of revenue, which represents a 700 basis point expansion year-over-year and 400 basis points better than our high end of the guidance range. This was another major milestone for Udemy as it was our first time showing positive adjusted EBITDA since our IPO.

總而言之，本季度淨虧損約為 100 萬美元，即收入的負 1%。調整後的 EBITDA 約為 200 萬美元，即收入的正 1%，這意味著同比增長 700 個基點，比我們指導範圍的高端高出 400 個基點。這是 Udemy 的另一個重要里程碑，因為這是我們自 IPO 以來首次顯示出正的調整後 EBITDA。

The better-than-expected adjusted EBITDA result was primarily driven by revenue outperformance and our disciplined approach to driving operational efficiency throughout the organization. We continue to maintain financial flexibility that allows us to make opportunistic investments that can accelerate or enhance our strategy and returns.

調整後 EBITDA 業績好於預期，主要是由於收入表現出色以及我們在整個組織內提高運營效率的嚴格方法。我們繼續保持財務靈活性，使我們能夠進行機會主義投資，從而加速或增強我們的戰略和回報。

Moving on to key cash flow and balance sheet items. We ended the quarter with $469 million of unrestricted cash, cash equivalents, restricted cash and marketable securities. Free cash flow for the quarter was positive $10 million due to improved collections, timing and lower expenses.

接下來討論關鍵的現金流和資產負債表項目。截至本季度末，我們擁有 4.69 億美元的非限制性現金、現金等價物、限制性現金和有價證券。由於收款、時間安排的改善和費用的降低，本季度的自由現金流為正 1,000 萬美元。

Now turning to our outlook for Q3 and full year 2023. During the second quarter, we did not see any signs that the macro environment is improving. Within Udemy Business, we are seeing further sales cycle elongation and additional layers for deal approvals. We are also seeing smaller deal sizes as companies optimize their budgets during this time of uncertainty.

現在轉向我們對第三季度和 2023 年全年的展望。在第二季度，我們沒有看到任何宏觀環境正在改善的跡象。在 Udemy Business 中，我們看到銷售週期進一步延長，交易審批層數增加。隨著公司在這段不確定的時期優化預算，我們還看到交易規模縮小。

As we continue to adapt and manage the business through this unpredictable macroeconomic environment, there are challenges that ultimately may impact our results in the near term. With that in mind, we expect Q3 revenue to be between $176 million and $180 million.

隨著我們繼續在這種不可預測的宏觀經濟環境中調整和管理業務，一些挑戰最終可能會影響我們的短期業績。考慮到這一點，我們預計第三季度收入將在 1.76 億美元至 1.8 億美元之間。

Assuming foreign currency exchange rates remain constant, FX is expected to negatively impact Q3 year-over-year total revenue growth by approximately 2 percentage points.

假設外幣匯率保持不變，預計外匯將對第三季度總收入同比增長產生約 2 個百分點的負面影響。

Due to the continued macro-related dynamics I just mentioned, we now expect Udemy Business growth in the near term to be pressured more than we had originally anticipated. As a result, we currently believe a 2023 Udemy Business year-over-year revenue growth rate in the low 30s is achievable versus our previous view of mid-30s.

由於我剛才提到的持續的宏觀相關動態，我們現在預計近期 Udemy 業務增長將面臨比我們最初預期更大的壓力。因此，我們目前認為 2023 年 Udemy 業務的收入同比增長率在 30 多歲左右是可以實現的，而我們之前的看法是 30 多歲左右。

On the bottom line, we anticipate Q3 adjusted EBITDA margin of negative 0.5% to positive 1.5%.

總而言之，我們預計第三季度調整後 EBITDA 利潤率為負 0.5% 至正 1.5%。

Looking ahead, we are on track to deliver a profitable second half of the year and now expect Q3 adjusted EBITDA to come in stronger than Q4 due to the better-than-expected consumer performance in the second quarter and result in Q3 revenue recognition.

展望未來，我們有望在下半年實現盈利，並且由於第二季度的消費者表現好於預期，因此預計第三季度調整後的 EBITDA 將強於第四季度，並導致第三季度的收入確認。

For the full year, we are narrowing our range on revenues to be between $712 million and $720 million, which still anticipates 16% year-over-year growth at the midpoint. That growth includes an estimated 3 percentage point negative impact from FX, assuming no further changes in rates. For full year 2023 adjusted EBITDA margin, we currently expect between negative 1% to breakeven or a 750 basis point expansion at the midpoint compared to 2022.

對於全年，我們將收入範圍縮小到 7.12 億美元至 7.2 億美元之間，預計中值仍將實現 16% 的同比增長。假設利率不再發生進一步變化，這一增長包括來自外彙的估計 3 個百分點的負面影響。對於 2023 年全年調整後 EBITDA 利潤率，我們目前預計與 2022 年相比，將出現負 1% 至盈虧平衡點或中間值擴張 750 個基點。

Looking ahead, while we do not plan to provide formal 2024 guidance until our Q4 2023 earnings call, we'd like to provide color on how we are thinking about the business heading into next year. As a reminder, at our November 2022 Investor Day, we shared that we thought we would be able to drive 23% to 25% total revenue growth in 2024. Due to the deterioration of the macro environment since that time, we now believe our total 2024 revenue growth will be lower than the range what we had provided. That said, for full year 2024, we continue to believe Udemy Business will represent more than 60% of total revenue. Non-GAAP gross margins will be 58% to 59%. And we absolutely remain committed to delivering positive adjusted EBITDA for the full year of 2024.

展望未來，雖然我們不打算在 2023 年第四季度財報電話會議之前提供正式的 2024 年指引，但我們希望提供有關我們如何考慮明年業務的信息。提醒一下，在2022 年11 月的投資者日上，我們表示，我們認為2024 年我們將能夠推動23% 至25% 的總收入增長。由於自那時以來宏觀環境的惡化，我們現在相信我們的總收入增長2024 年收入增長將低於我們提供的範圍。儘管如此，我們仍然認為 2024 年全年 Udemy 業務將佔總收入的 60% 以上。非 GAAP 毛利率將為 58% 至 59%。我們絕對致力於在 2024 年全年實現正的調整後 EBITDA。

It is important to note that while we are adapting in real-time and navigating some short-term obstacles, we feel confident that the long-term opportunity available to Udemy is as strong as ever.

值得注意的是，雖然我們正在實時適應並克服一些短期障礙，但我們相信 Udemy 可以獲得的長期機會與以往一樣強大。

In closing, Udemy delivered a solid performance in an uncertain environment. Our results illustrate the agility in our business model. We beat expectations on both top and bottom line, delivered more than $100 million Udemy Business revenue and reported our first quarter of positive adjusted EBITDA as a public company ahead of plan.

最後，Udemy 在不確定的環境中表現出色。我們的結果說明了我們業務模式的靈活性。我們的營收和利潤都超出了預期，Udemy Business 收入超過 1 億美元，並提前報告了作為上市公司的第一季度調整後 EBITDA 為正值。

The foundation we are laying today is expected to yield sustainable recurring revenue growth and generate attractive profit and cash flows over time. We look forward to continuing to deliver value to all of our stakeholders and updating everyone on our progress.

我們今天奠定的基礎預計將帶來可持續的經常性收入增長，並隨著時間的推移產生有吸引力的利潤和現金流。我們期待繼續為所有利益相關者提供價值，並向所有人通報我們的進展情況。

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

因此，我們將開始電話詢問您的問題。主持人？

(Operator Instructions) First question today comes from Ryan MacDonald with Needham.

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

Congrats on a nice quarter. Maybe just starting on the guidance you just provided, especially as we think about fiscal '24. As you think about what type of investments might need to be made to reinvigorate the growth rate in UB going into next year, how do you factor then, and I guess, around the targets for still being adjusted EBITDA breakeven into next year? Do you feel like the run rate of where you're investing there right now is enough to sort of help drive that growth as the market recovers? Or do you feel like new investments will be required?

恭喜您度過了一個美好的季度。也許剛剛開始您剛剛提供的指導，特別是當我們考慮 24 財年時。當您考慮可能需要進行哪些類型的投資才能重振 UB 進入明年的增長率時，您如何考慮明年仍在調整的 EBITDA 盈虧平衡目標？您認為您現在投資的項目的運行率是否足以在市場復甦時幫助推動增長？或者您認為需要新的投資嗎？

Ryan, thanks for the question. So as you can see, like many companies, we are currently adapting to a very dynamic environment. That being said, we feel good about the investments that we've made to date in our go-to-market team and also in our product. And we're committed to delivering an EBITDA positive full 2024, and that takes into consideration a range of outcomes based on what the macro does and the investment that we would need to make from a go-to-market perspective in order to achieve those outcomes.

瑞安，謝謝你的提問。正如您所看到的，像許多公司一樣，我們目前正在適應一個非常動態的環境。話雖如此，我們對迄今為止在市場推廣團隊和產品方面所做的投資感到滿意。我們致力於在 2024 年全年實現 EBITDA 為正數，並考慮到基於宏觀作用的一系列結果以及我們從進入市場的角度需要進行的投資，以實現這些目標結果。

I'll add, Ryan, real quick that as soon as we see the macroeconomic environment improving and the impact on our sales cycle elongation coming back to a more normal cycle times, we absolutely are going to lean in and start investing in go-to-market growth. And so as soon as that happens, we will trigger that. And as you just alluded to, whether it be the back half of this year or next year, we're not sure when that's going to happen. But when it does, we will absolutely move.

我要補充一點，瑞安，一旦我們看到宏觀經濟環境改善以及對我們銷售週期延長的影響回到更正常的周期時間，我們絕對會傾斜並開始投資於首選-市場增長。一旦發生這種情況，我們就會觸發它。正如你剛才提到的，無論是今年下半年還是明年，我們不確定什麼時候會發生。但當它發生時，我們絕對會採取行動。

Super helpful color. Greg, maybe just to follow up with you. I appreciate the comments about sort of this evolving environment within the enterprise around a shift towards skills-based learning. I'm curious what you think the impact or how will -- what the impact will be in terms of how enterprise organizations choose to allocate spend in that environment? Do you think that this shift to skills-based learning accelerates the consolidation trend or creates sort of a new maybe funding environment or sort of reinvigorates the funding environment around L&D spending for the skills-based learning?

超級有用的顏色。格雷格，也許只是為了跟進你的情況。我很欣賞關於企業內部圍繞向基於技能的學習的轉變的這種不斷變化的環境的評論。我很好奇您認為影響是什麼，或者將如何影響——就企業組織如何選擇在該環境中分配支出而言，影響將是什麼？您認為向基於技能的學習的轉變是否加速了整合趨勢，或者創造了某種新的融資環境，或者重振了基於技能的學習的學習與發展支出的融資環境？

It's a good question, Ryan. And we're already seeing that play out now and I'll give you a couple of examples, Unilever gracious enough to let us talk about it.

這是個好問題，瑞安。我們現在已經看到了這種情況的發生，我會給你舉幾個例子，聯合利華很慷慨地讓我們談論它。

Significant expansion with Unilever this past quarter driven by their intent to reskill and upskill their entire workforce to "future-fit" their organization with the skills necessary for them to achieve their organizational objectives. They want to get this done by 2025. In addition to that, they've selected us to support their digital university program, which they've just launched this past year in accordance with their focus around skills development.

聯合利華在上個季度實現了重大擴張，原因是他們打算重新培訓和提高整個員工隊伍的技能，使其具備實現組織目標所需的技能，以“適應”組織的未來。他們希望在 2025 年之前完成這一目標。除此之外，他們還選擇我們來支持他們的數字大學計劃，該計劃是他們去年根據他們對技能發展的關注剛剛啟動的。

And so this is real, it's happening in real-time. And we're seeing examples of this and wins reflected in the commitment organizations have and shifting from long-form learning and degrees to skills that can be applied now to get work done.

所以這是真實的，它是實時發生的。我們看到這樣的例子和勝利反映在組織所做出的承諾中，並從長期學習和學位轉向現在可以應用來完成工作的技能。

And in fact, interestingly enough, as we're preparing for the call, the White House this week came out with a report on a National Cyber Workforce and Education Strategy. And I'm just going to read a couple of lines that are relevant here. "A skills-based approach is critical to connect more Americans to good careers. They should compete for jobs based on what they can do rather than merely credentials."

事實上，有趣的是，當我們準備召開電話會議時，白宮本週發布了一份關於國家網絡勞動力和教育戰略的報告。我只想讀幾行與此相關的內容。 “基於技能的方法對於讓更多美國人獲得良好的職業至關重要。他們應該根據自己的能力而不是僅僅根據資歷來競爭工作。”

So we're seeing it pretty much from all sectors: federal government, we're seeing it from customers, we're hearing it from employees. And so this is a massive secular shift that we're seeing that we're on the front end of that is not only going to drive -- that plays to our favor and it's going to drive organizations to us based on our marketplace and our unique position that we have to keep up with the pace of change and aid them in developing the skills necessary for them to stay up with the technological advancements that are coming at us in real time.

因此，我們幾乎從各個部門都看到了這一點：聯邦政府、我們從客戶那裡看到了這一點、我們從員工那裡聽到了這一點。因此，這是一個巨大的長期轉變，我們看到我們正處於這一轉變的前端，這不僅會推動——這對我們有利，而且會根據我們的市場和我們的經驗推動組織轉向我們。獨特的地位使我們必須跟上變革的步伐，並幫助他們發展必要的技能，以便跟上我們實時出現的技術進步。

We obviously know what's going on with generative AI. And we saw a couple of key wins just to add briefly -- just to add a couple of key wins this last quarter from large multinational enterprises that told us they selected us because of the breadth and depth in our marketplace around AI.

我們顯然知道生成式人工智能正在發生什麼。我們看到了一些關鍵的勝利，只是簡單地補充一下——上個季度大型跨國企業的一些關鍵勝利告訴我們，他們選擇我們是因為我們的人工智能市場的廣度和深度。

These organizations are focused on upping the digital literacy across the organizations, but specific to AI. And they need investments in our platform and us as a long-term strategic partner as a result.

這些組織專注於提高整個組織的數字素養，但具體針對人工智能。因此，他們需要對我們的平台和我們作為長期戰略合作夥伴進行投資。

So it's playing out right now, Ryan, and we're on the front end of a big trend.

所以，瑞安，現在它正在上演，我們正處於一個大趨勢的前端。

The next question comes from Terry Tillman with Truist.

下一個問題來自 Truist 的 Terry Tillman。

Great. This is Connor Passarella on for Terry. First question, maybe a little bit more high level, just on the recent executive hires, Chief Product Officer, Chief Marketing Officer. I guess how do you see the evolution of the platform from a product and messaging standpoint evolving as you continue to position yourself to take a skills-based platform approach to learning with these executives?

偉大的。我是特里的康納·帕薩雷拉。第一個問題，也許更高一點，只是關於最近招聘的高管、首席產品官、首席營銷官。我想，隨著您繼續採取基於技能的平台方法與這些高管一起學習，您如何從產品和消息傳遞的角度看待平台的演變？

Yes, it's a good question. Thank you for it. Without question, that is the case. And we saw an opportunity as we're looking forward and projecting from a strategic perspective, the capability we need to have in our business to deliver the value and impact to our customers, and that really led us to bring on Genefa and Prasad.

是的，這是一個好問題。謝謝你。毫無疑問，情況就是如此。當我們從戰略角度展望和規劃時，我們看到了一個機會，我們的業務需要具備為客戶提供價值和影​​響力的能力，這確實促使我們聘請了 Genefa 和 Prasad。

Prasad to help us -- Prasad comes with a tremendous amount of depth and capability around AI. The company he was just with, he rearchitected their entire platform founded based on generative AI in terms of the rearchitecturing of that. And without question, bringing him in to help do the same thing here, both in terms of how we get operational leverage and embedding AI in how we run our business as well as how we develop products and the value that, that product is going to have externally on customers as we move forward and better understand how we can leverage AI to improve the overall learning experience.

Prasad 來幫助我們——Prasad 在人工智能方面擁有巨大的深度和能力。他剛剛所在的公司，他重新架構了他們基於生成式人工智能建立的整個平台。毫無疑問，請他來幫助我們做同樣的事情，無論是我們如何獲得運營槓桿，還是將人工智能嵌入到我們的業務運營方式以及我們如何開發產品以及該產品將帶來的價值方面。隨著我們不斷前進並更好地了解如何利用人工智能來改善整體學習體驗，我們會從外部吸引客戶。

And then on the marketing side, we really have not invested historically in building Udemy into a global brand that everybody is well aware of and understand how we can help them as an individual, a team or an organization transform lives through learning, whether it be their life or the lives of the individuals in their organization. And Genefa got just tremendous, relevant background and experience that we can't be more excited to have in our business now to help carry us forward not only helping to build the brand, but to optimize our go-to-market motion as we come out of this economic downturn, step on the gas and really start scaling on a global basis.

然後在營銷方面，我們歷史上確實沒有投資將 Udemy 打造成一個每個人都清楚並了解我們如何幫助他們作為個人、團隊或組織通過學習改變生活的全球品牌，無論是他們的生活或組織中個人的生活。 Genefa 擁有豐富、相關的背景和經驗，我們現在非常高興能夠在我們的業務中擁有這些背景和經驗，幫助我們前進，不僅幫助建立品牌，而且隨著我們的到來，優化我們的上市行動擺脫經濟低迷，加大力度，真正開始在全球範圍內擴大規模。

So both executives are going to have a significant impact on our ability to take the next step in our evolution of realizing our vision to transform lives through learning.

因此，兩位高管都將對我們下一步的發展能力產生重大影響，從而實現通過學習改變生活的願景。

Great. That's really helpful. Appreciate the color. Maybe just as a quick follow-up, just wanted to touch on immersive learning and UPro. So I guess, how's the adoption of UPro continue to trend this quarter? And then maybe what kind of additional immersive learning capabilities are you looking to maybe layer into the platform?

偉大的。這真的很有幫助。欣賞顏色。也許只是作為一個快速跟進，只是想談談沉浸式學習和 UPro。所以我想，本季度 UPro 的採用趨勢如何？那麼您可能希望在平台中添加什麼樣的額外沉浸式學習功能？

Yes. Thanks for the question. Really happy with the continued adoption and growth of UPro within our global customer base. And we're really starting to see that global expansion happen with respect to UPro.

是的。謝謝你的提問。我們對 UPro 在我們的全球客戶群中的持續採用和增長感到非常高興。我們確實開始看到 UPro 正在全球擴張。

And just last quarter, talking about global nature, a large Latin American bank came inbound and had a bake-off, which is usual, competitive bake-off, and selected us for 2 primary reasons: the immersive learning capability that we provide with UPro and the badging capability that we're launching that we've already launched the first phase of and we're -- Phase 2 is in flight. And their focus at that point in time is consolidation. They want to consolidate to 1 platform that they believe was going to be the right platform and company to help lead them forward in their digital transformation, and they selected us to do that.

就在上個季度，談到全球性時，一家大型拉丁美洲銀行進來並進行了一次烘烤，這是通常的競爭性烘烤，並選擇我們有兩個主要原因：我們通過UPro 提供的沉浸式學習能力我們正在推出的徽章功能已經推出了第一階段，第二階段正在進行中。他們當時的重點是整合。他們希望整合到一個他們認為合適的平台和公司，以幫助他們在數字化轉型中前進，他們選擇了我們來實現這一目標。

And their quote to us was, "You've saved us months of work by being able to consolidate onto 1 platform and do all of the work with 1 partner that we were doing with multiple." So really excited about the impact UPro is having and expect that to continue.

他們對我們的評價是：“您能夠整合到 1 個平台上，並與 1 個合作夥伴一起完成我們與多個合作夥伴一起完成的所有工作，從而為我們節省了數月的工作時間。”對於 UPro 所產生的影響感到非常興奮，並希望這種影響能夠持續下去。

What was the second part of the question? I lost that.

問題的第二部分是什麼？我失去了那個。

Yes. No. Just any additional immersive learning capabilities maybe looking at as well, but not UPro, just in general?

是的。不。也許還可以考慮任何額外的沉浸式學習功能，但一般來說不包括 UPro？

It's a good question. Yes. We are looking at other immersive learning capabilities and modalities that we believe could be an extension of -- into -- of our platform, nothing to speak of to date in terms of new modalities that we're layering into the platform. But we are exploring a number of different options. And for us, it's build, partner, buy.

這是一個好問題。是的。我們正在研究其他沉浸式學習功能和模式，我們認為這些功能和模式可能是我們平台的延伸，到目前為止，就我們在平台中分層的新模式而言，還沒有什麼可說的。但我們正在探索許多不同的選擇。對我們來說，就是構建、合作、購買。

And as we've talked about on prior calls, we do have an opportunity and are sitting in a good position to acquire capabilities that would potentially enable us to extend the modalities on our platform. And that's something that we'll talk about when the appropriate time comes.

正如我們在之前的電話會議中談到的那樣，我們確實有機會並且處於有利位置來獲取可能使我們能夠擴展平台上的模式的能力。當適當的時候我們會討論這個問題。

The next question comes from Brett Knoblauch with Cantor Fitzgerald.

下一個問題來自布雷特·諾布勞赫和康托·菲茨杰拉德。

So I guess we're seeing kind of GDP growth accelerate in the U.S., at least hold up a lot better than we all anticipated, I guess it's not really accelerating. And you combine that with seems like every company making AI their #1 priority.

所以我想我們看到美國的 GDP 增長在加速，至少比我們所有人的預期要好得多，我想它並沒有真正加速。結合起來，似乎每家公司都將人工智能作為第一要務。

So I guess like what specifically in macro is leading to the weakness? Is it just like L&D not being as mission-critical as we thought it was going to be in a post-pandemic world? So it seems like you guys are very well positioned to capture this unique moment in time where AI is just beginning to kind of reverberate through enterprises and they need skills for that. So like there should be more, I feel, like a tailwind for you guys. And I know you talked about demand on the platform (inaudible) for ChatGPT and AI. But I guess, how is that not translating into more kind of enterprise demand?

所以我想宏觀上具體是什麼導致了疲軟？是不是就像 L&D 在大流行後的世界中不再像我們想像的那樣至關重要？因此，你們似乎非常有能力捕捉這個獨特的時刻，人工智能剛剛開始在企業中產生反響，他們需要相應的技能。所以我覺得應該有更多的東西，就像你們的順風一樣。我知道您談到了 ChatGPT 和 AI 平台的需求（聽不清）。但我想，這怎麼可能不轉化為更多類型的企業需求呢？

Brett, thanks for the question. We actually are seeing it translate into enterprise demand. We had a couple large wins, one in particular with the European engineering and technology firm that purchased our platform, if you will, or selected us as their partner for -- specifically for upskilling across the organization, but embedding AI is a critical component of that buying decision based on the breadth and depth of the AI content that we have on platform. And there were a number of those. So we are seeing it impacting our ability to win in the enterprise.

布雷特，謝謝你的提問。我們實際上看到它轉化為企業需求。我們取得了幾項重大勝利，特別是與歐洲工程和技術公司合作，他們購買了我們的平台（如果你願意的話），或者選擇我們作為他們的合作夥伴——專門用於整個組織的技能提升，但嵌入人工智能是關鍵組成部分該購買決策基於我們平台上人工智能內容的廣度和深度。其中有很多。因此，我們看到它影響了我們在企業中獲勝的能力。

But now let me just take a step back and talk a little bit about what's going on in the business that I believe will help answer this question. The top funnel for us is extremely encouraging, right, in terms of pipe generation, lead generation into the top of the funnel.

但現在讓我退後一步，談談業務中正在發生的事情，我相信這將有助於回答這個問題。頂部漏斗對我們來說是非常令人鼓舞的，就管道生成而言，引導生成進入漏斗頂部。

But what we are seeing is some sales cycle elongation that we alluded to just a few minutes ago. And that's a macro circumstance, if you will, that we know is short term, but it's impacting our ability to move deals through the pipeline and get those deals closed.

但我們看到的是我們幾分鐘前提到的銷售週期有所延長。如果你願意的話，這是一個宏觀情況，我們知道這是短期的，但它正在影響我們通過管道推進交易並完成這些交易的能力。

And it is a timing situation. I want to make sure that everybody clearly hears that from us is that we strongly believe that this is timing based on the fact that customers continue to tell us that the importance of upskilling and reskilling has never been higher in the organizations.

這是一個時間情況。我想確保每個人都清楚地從我們這裡聽到的是，我們堅信現在正是基於以下事實的時機：客戶不斷告訴我們，技能提升和再培訓的重要性在組織中從未如此高過。

We're not seeing a material decrease in budget per head -- per employee, right, allocated to upskilling and reskilling. That may be happening with respect to broader education. We're not seeing that or hearing that with respect to upskilling and reskilling.

我們沒有看到分配給技能提升和再培訓的人均預算（每個員工的預算）出現實質性下降。更廣泛的教育可能會發生這種情況。在技​​能提升和再培訓方面，我們沒有看到或聽到這一點。

But what is happening is what CFOs around the world have been doing, including our own, which is making sure that they're keeping a close watch on what's happening from a macro and geopolitical perspective and being more conservative than we've seen in the past with respect to allocating spend.

但正在發生的事情是世界各地的首席財務官一直在做的事情，包括我們自己的首席財務官，這確保他們從宏觀和地緣政治的角度密切關注正在發生的事情，並且比我們在過去看到的更加保守。過去關於分配支出的問題。

We know that's going to change at some point in time. We see the same indicators that everybody else is seeing that we think this is going to be a soft landing and that could start to have a positive impact sooner than later.

我們知道這種情況會在某個時間點發生改變。我們看到的指標與其他人看到的指標相同，我們認為這將是一次軟著陸，並且遲早會開始產生積極影響。

But sales cycle elongation and timing is really the reason why we're seeing a little bit of what we're seeing on the ARR side, but this -- we strongly believe this is short term and that it's going to change, like you all are alluding to, as soon as the macroeconomic climate improves, which could be sooner than later.

但銷售週期的延長和時機確實是我們在 ARR 方面看到一些情況的原因，但是我們堅信這是短期的，並且會發生變化，就像你們所有人一樣暗示，一旦宏觀經濟環境改善，這可能是遲早的事。

Perfect. And if I could just add maybe just one more on kind of net revenue retention. Is the decline there -- can you maybe just parse that through what's coming from upsell -- or kind of fewer upsell or fewer expansion versus churn. Has churn kind of been what you'd expected? Has churn picked up from what you'd expected? Or is that kind of sequential decline mostly related to expansion?

完美的。如果我可以再補充一點關於淨收入保留的問題。是否存在下降——你可以通過追加銷售來分析這一點嗎？或者追加銷售減少或擴張與流失相比減少。客戶流失是否符合您的預期？客戶流失率是否超出了您的預期？或者說這種連續下降主要與擴張有關？

Yes. Thanks for the question. Our gross dollar retention has remained stable. And so really, what you're seeing is the same thing that we're seeing kind of across the board, which is these longer sales cycles are impacting the speed at which we're expanding and upselling.

是的。謝謝你的提問。我們的美元保留總額保持穩定。事實上，您所看到的與我們全面看到的情況是一樣的，即更長的銷售週期正在影響我們擴張和追加銷售的速度。

But again, the long-term opportunity, it hasn't changed. When the macro improves, we expect sales cycles to normalize and net dollar retention to return.

但話又說回來，長期機會並沒有改變。當宏觀經濟改善時，我們預計銷售週期將正常化，淨美元保留率將恢復。

The next question comes from Noah Herman with Oppenheimer.

下一個問題來自諾亞·赫爾曼和奧本海默。

This is Noah from JPMorgan. Just a quick question with respect to the macro environment. Are you seeing -- did you see maybe like a sequential step-down in the macro environment, potential incremental pressure? Just want to get a sense of whether or not the elongation of sales cycles, is that increasing on a sequential basis? And maybe just what you've kind of seen through July.

我是摩根大通的諾亞。只是一個關於宏觀環境的簡單問題。您是否看到——您是否看到宏觀環境中可能出現的連續下降，潛在的增量壓力？只是想了解銷售週期的延長是否按順序增加？也許這就是你在七月所看到的。

Yes, I'll take that. So we did see sales cycles further elongate in the second quarter, and we do expect that to continue in the back half of this year and potentially into the first half. So what we expect to see is from an ARR perspective growing at a fairly similar amount quarter-over-quarter until the macro starts to come back, the sales cycles come back down and we'll start seeing increases in productivity from our sales team.

是的，我會接受的。因此，我們確實看到第二季度的銷售週期進一步延長，並且我們確實預計這種情況將在今年下半年持續，並可能持續到上半年。因此，我們期望看到的是，從 ARR 的角度來看，季度環比增長速度相當相似，直到宏觀經濟開始復蘇，銷售週期回落，我們將開始看到銷售團隊生產力的提高。

Okay. Great. And then just a quick follow-up. Can you maybe just provide us an update on the international expansion as well as the partnership strategy there? And maybe just which regions you're sort of seeing the most traction with Udemy Business at this point.

好的。偉大的。然後進行快速跟進。您能否向我們提供有關國際擴張以及合作夥伴戰略的最新信息？也許您目前看到 Udemy Business 最受關注的地區是哪些地區。

Yes, thanks for the question. On the international expansion side, we continue to see our New Ventures division operate at a very high level. Japan continues to be one of our fastest-growing countries. Our partner, Benesse, there continues to perform at a very high level. And from a productivity standpoint, couldn't be happier with what we're seeing there. One data point that I think is relevant is we're now in over 60% of the NIKKEI 225.

是的，謝謝你的提問。在國際擴張方面，我們繼續看到我們的新創投資部門以非常高的水平運營。日本仍然是我們增長最快的國家之一。我們的合作夥伴倍樂生 (Benesse) 繼續保持著非常高的水平。從生產力的角度來看，我們對所看到的一切感到非常滿意。我認為相關的一個數據點是我們現在佔日經 225 指數的 60% 以上。

So we're seeing further expansion into the Japanese market. We had a major event there this last quarter. We had -- effectively we oversold the event in terms of the interest in what we're doing as far as upskilling and reskilling and our ability to help organizations in country. So again, very happy with what we're seeing there.

因此，我們看到了日本市場的進一步擴張。上個季度我們在那裡舉辦了一場重大活動。我們實際上超額宣傳了這次活動，因為我們對我們正在做的事情的興趣，包括技能提升和再培訓以及我們幫助國內組織的能力。再說一遍，我們對在那裡看到的一切感到非常滿意。

And we've taken that model and we ported that model to Korea, Vietnam and in China, and we're seeing very similar traction and trajectory in Korea, Vietnam and China much earlier. So it's early days there. But Korea had a really nice quarter as well. So I feel really good about the investments in Asia Pacific on that front.

我們採用了這種模式，並將該模式​​移植到韓國、越南和中國，我們很早就在韓國、越南和中國看到了非常相似的吸引力和軌跡。所以現在還為時尚早。但韓國也有一個非常好的季度。因此，我對亞太地區在這方面的投資感到非常滿意。

Additional to that, our partnership with AWS also had international impact. This last quarter, we had multiple 6-figure deals closed through the partnership with AWS.

除此之外，我們與 AWS 的合作夥伴關係也產生了國際影響。上個季度，我們通過與 AWS 的合作完成了多筆 6 位數的交易。

And we also saw something that was a bit of a surprise and -- a surprise, obviously, to the good when I explain what it is, which is we had a number of deals that, for a variety of different reasons, were stalled. Budget potentially was being reevaluated. And when we introduced the AWS partnership and explained that their retained committed budget against the AWS partnership to be allocated towards Udemy, it unlocked these deals and one of them was a $500,000 annual contract value deal with a large financial services organization, and we saw a number of these.

我們還看到了一些令人驚訝的事情——顯然，當我解釋它是什麼時，這是一個好的事情，那就是我們有許多交易由於各種不同的原因而陷入停滯。預算可能正在重新評估。當我們介紹AWS 合作夥伴關係並解釋說他們根據AWS 合作夥伴關係保留的承諾預算將分配給Udemy 時，它解鎖了這些交易，其中之一是與一家大型金融服務組織簽訂的年度合同價值500,000 美元的交易，我們看到了這些的數量。

So couldn't be more excited about the momentum we're starting to see with Amazon and their commitment to the partnership is equally exciting as the impact on customers and our ability to extend reach around the world. So -- and this is just one example of.

因此，我們對與亞馬遜開始看到的勢頭感到無比興奮，他們對合作夥伴關係的承諾與對客戶的影響以及我們在全球範圍內擴展影響力的能力同樣令人興奮。所以——這只是一個例子。

So yes, we're seeing meaningful traction in both areas. And Latin America as well. We continue to see our partners in both Brazil and Mexico expand and accelerate in market as we're fueling their growth. So internationally, we feel good about what we're seeing.

所以，是的，我們在這兩個領域都看到了有意義的牽引力。還有拉丁美洲。我們繼續看到我們在巴西和墨西哥的合作夥伴在市場上擴張並加速，因為我們正在推動他們的增長。因此，在國際上，我們對所看到的情況感到滿意。

(Operator Instructions) The next question comes 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。

First one here, wanted to dig in a little more on the Badging, and specifically, how important it could be to enterprise customers to be able to provide skills badges to employees.

第一個，想要深入了解徽章，特別是企業客戶能夠向員工提供技能徽章的重要性。

And just thinking about it from an employer's perspective, you positively might get more visibility into skills within your organization, but it could also arguably make your employees to get badges more marketable if they wanted to move to another company.

從雇主的角度考慮，您肯定可以更好地了解組織內的技能，但如果您的員工想跳槽到另一家公司，也可以說讓他們獲得徽章更有價值。

So just curious if that's ever concern you here? Or does it kind of seem like providing badges and these kind of skills pathways will become broadly accepted. If employers don't offer them, it could hurt their ability to recruit talent. Just curious what you're hearing in conversations on this front, although I know it's really early.

所以只是好奇你是否關心過這個問題？或者說，提供徽章和此類技能途徑似乎會被廣泛接受。如果雇主不提供這些機會，可能會損害他們招聘人才的能力。只是好奇你在這方面的對話中聽到了什麼，儘管我知道現在還為時過早。

Yes, Steve, thanks for the question. It is early. But I believe the short answer is, I believe, the latter is how it's going to play out that it's going to be more of a standard and that if employers and organizations don't offer validation in the form of badging and certifications, they're going to be a bit of an outlier. So I believe this soon is going to be a standard in most organizations.

是的，史蒂夫，謝謝你的提問。現在還早。但我認為簡短的答案是，我相信，後者將如何發揮作用，它將成為一個標準，如果雇主和組織不以徽章和認證的形式提供驗證，他們會“我們會有點異常。所以我相信這很快將成為大多數組織的標準。

But as we talked about, we couldn't be more excited about the Integrated Skills Framework that we're bringing to market and the impact, we're already starting to see it have on our ability to win deals. I just mentioned we're winning business right now as a result of the initial capability that we've launched as well as what's to come.

但正如我們所討論的，我們對我們向市場推出的綜合技能框架及其影響感到無比興奮，我們已經開始看到它對我們贏得交易的能力的影響。我剛才提到，由於我們已經推出的初始功能以及即將推出的功能，我們現在正在贏得業務。

And what's to come is probably as, if not more, exciting than what we've already got out there. Right now, organizations have the ability with, first phase, to understand the skills that are being acquired and skills benchmarks, how their organization stacks up against other organizations in a particular marketplace or vertical.

即將發生的事情可能比我們已經發生的事情更令人興奮，甚至更令人興奮。目前，組織有能力在第一階段了解正在獲得的技能和技能基準，以及他們的組織如何與特定市場或垂直領域的其他組織相比。

But what's coming is the ability to identify skills gaps within the organization and address those skills gaps with prebuilt pass, right, that are going to enable them. It's really kind of completing the circle, if you will, or the flywheel that they need to continue to accelerate as far as their ability to keep up with the pace of change and upskill and reskill their employees to enable them to reach the outcomes they're trying to achieve as an organization.

但即將到來的是識別組織內技能差距的能力，並通過預先構建的通行證來解決這些技能差距，對吧，這將使它們成為可能。如果你願意的話，這確實是一種完成循環，或者是他們需要繼續加速的飛輪，只要他們有能力跟上變革的步伐，提高員工的技能和重新培訓他們的員工，使他們能夠達到他們想要的結果。作為一個組織，我們正在努力實現目標。

We've done a tremendous amount of work with our customers, advisory councils and the like. And we have a strong signal from our customers and everybody that we work with that this is exactly what they need in a hypercompetitive world, not just today, but tomorrow to be able to execute their strategy.

我們與客戶、諮詢委員會等開展了大量工作。我們從客戶和與我們合作的每個人那裡得到了強烈的信號，這正是他們在競爭激烈的世界中所需要的，不僅是今天，而且是明天，以便能夠執行他們的戰略。

So I feel really good about the early impact. We feel really good about the response from the marketplace and feel even better about where we're going and what's to come.

所以我對早期的影響感覺非常好。我們對市場的反應感到非常滿意，並且對我們的前進方向和未來前景感到更加滿意。

Great to hear it. Yes, that's really helpful. And then as a follow-up, just I think you maybe talked about still seeing some good growth in multiyear contracts. How -- what do you see in terms of willingness for enterprises to sign up for multiyear contracts in this environment?

很高興聽到這個消息。是的，這確實很有幫助。然後，作為後續行動，我想您可能談到了多年期合同仍然出現了良好的增長。在這種環境下，您認為企業簽署多年期合同的意願如何？

And within that, kind of how do you think about balancing pricing in order to secure these multiyear deals. And maybe the trade-off between the two is I'd assume you're giving up some to secure the longer commitments. How do you -- so yes, demand, what are you seeing in terms of the willingness to sign up? And how do you think about balancing pricing to secure it.

其中，您如何考慮平衡定價以確保這些多年期交易。也許兩者之間的權衡是我認為你會放棄一些以確保更長期的承諾。您如何看待——所以是的，要求，您認為註冊意願如何？您如何考慮平衡定價以確保其安全。

Yes, I'll start, and Sarah, feel free to add. I feel really good about what we saw in terms of multiyear contracts come in this last quarter. We actually saw a slight bump, right? So we continue to execute very well in terms of our sales organization, executing the play, if you will. And that only happens if the customer believes that there's value, strategic value, which gives them the confidence and willingness to sign a multiyear contract. So I believe, again, we're executing well in market.

是的，我會開始，莎拉，請隨意補充。我對上個季度的多年期合同感到非常滿意。我們實際上看到了輕微的碰撞，對吧？因此，如果你願意的話，我們在銷售組織方面繼續表現出色，執行戲劇。只有當客戶相信存在價值、戰略價值，這使他們有信心並願意簽署多年期合同時，這種情況才會發生。所以我再次相信，我們在市場上表現良好。

The other thing I think that's important to note is our competitive win rate actually increased this quarter, right, as a result of a lot of what we're doing from a product perspective as well as the adjustments we've made to our go-to-market motion and the way that we're approaching customers and how we can add value and impact in the environment we're operating.

我認為值得注意的另一件事是，我們的競爭獲勝率本季度實際上有所增加，對吧，這是我們從產品角度所做的許多工作以及我們對我們的行動所做的調整的結果。市場動向、我們接觸客戶的方式以及我們如何在我們運營的環境中增加價值和影響。

So I think from that standpoint, our teams are doing a nice job of adapting and adjusting to the conditions we're operating in.

因此，我認為從這個角度來看，我們的團隊在適應和調整我們所處的運營條件方面做得很好。

Sarah, I don't know if there's anything you'd like to add.

莎拉，我不知道你是否還有什麼要補充的。

Yes, I'll just add from a pricing perspective, we have a very typical enterprise SaaS multiyear discount model and that has not changed. And like Greg said, the percent of ARR coming from multiyear deals is up quarter-over-quarter. We saw a little bit of pressure on multiyear deals in new business, but still we're able to sell a number of multiyear deals and certainly within our upsells and expansions as well.

是的，我只是從定價角度補充一下，我們有一個非常典型的企業 SaaS 多年折扣模式，而且這一模式沒有改變。正如 Greg 所說，來自多年期交易的 ARR 百分比逐季上升。我們在新業務中看到了多年期交易的一些壓力，但我們仍然能夠出售一些多年期交易，當然也包括我們的追加銷售和擴張。

The next question comes from Josh Baer with Morgan Stanley.

下一個問題來自摩根士丹利的喬什·貝爾。

Great. Apologies if this was asked already, but was hoping you could give an update on your federal business. And then also was wondering if there's an opportunity to take these new Badging initiatives and initiatives around skilling into schools, like into the academic world, in addition to just the business world. Is that something on the radar? Like schools acknowledging that there might be learning gaps in preparing their students for jobs or careers could bring Udemy and this new offering to its students.

偉大的。如果已經有人問過這個問題，我們深表歉意，但希望您能提供有關聯邦業務的最新信息。然後我還想知道是否有機會將這些新的徽章計劃和圍繞技能的計劃帶入學校，例如除了商業世界之外的學術界。這是雷達上的東西嗎？就像學校承認學生在為工作或職業做好準備時可能存在學習差距一樣，Udemy 和這項新服務也可以為學生帶來。

Josh, thanks for the question. I'll start with the last one first. With respect to schools and the opportunity there, I very much agree that there is an opportunity for us to explore. We have not done that to date in terms of doing the diligence and spending the time to understand how we could best serve schools in this capacity. Not to say that it's not an opportunity for us going forward and something we may look at. We just haven't -- we haven't made it a focus to date. So no progress to report on that.

喬什，謝謝你的提問。我先從最後一個開始。關於學校和那裡的機會，我非常同意我們有機會探索。迄今為止，我們還沒有做到這一點，即盡職盡責並花時間了解我們如何以這種身份最好地為學校服務。並不是說這不是我們前進的機會，也不是我們可以考慮的事情。我們只是還沒有——迄今為止我們還沒有把它作為一個焦點。所以沒有進展報告。

As far as government business, we did -- and we continue to invest on -- in the government sector, there's no doubt. Can't talk about a lot of what we're doing there, but we did have a significant win in this last quarter with a branch of the U.S. government that is very focused on skilling. I mean just coming back to skilling. And we have got a large contingent of folks in the organization that are contractors in addition to the folks that are government employed. And we're doing some very interesting things there. I just can't talk a lot about it for probably obvious reasons. But we continue to invest in the government segment, and we continue to see steady progress there.

就政府業務而言，毫無疑問，我們確實在政府部門進行了投資，並將繼續投資。無法談論我們在那裡所做的很多事情，但我們在上個季度確實與非常注重技能的美國政府部門取得了重大勝利。我的意思是回到技能上來。除了政府僱員之外，我們組織中還有一大批承包商人員。我們正在那裡做一些非常有趣的事情。由於可能顯而易見的原因，我無法談論太多。但我們繼續投資政府部門，並且繼續看到該領域的穩步進展。

And Sarah, I don't know if there's anything you want to add?

莎拉，不知道你還有什麼要補充的嗎？

No, that sounds good. Thanks, Josh.

不，聽起來不錯。謝謝，喬什。

(Operator Instructions) The next question comes from Devin Au with KeyBanc Capital Markets.

（操作員說明）下一個問題來自 KeyBanc Capital Markets 的 Devin Au。

Great. I have another question on Badging. Greg, wanted to get your thoughts on just the adoption pace of this product. I know the macro currently isn't the most favorable, but just given how in-demand skills are and the increasing need for learners to validate and showcase their skills, do you foresee like a faster adoption of this product versus your other modules that you have? Just curious on your thoughts there.

偉大的。我還有一個關於徽章的問題。 Greg，想了解您對該產品的採用速度的想法。我知道目前的宏並不是最有利的，但考慮到技能的需求量以及學習者驗證和展示其技能的需求不斷增加，您是否預計該產品與您的其他模塊相比會更快採用有？只是好奇你的想法。

Yes, we do. Thanks for the question. We are already seeing that now because there's pent-up demand, candidly, for validation in the form of badging and certification. It's a concept that's been out in market for some time now. We strongly believe that our approach is the right approach to enabling organizations to understand how they need to be executing against the skills-based economy opportunity. And yes, fully expect the adoption to be faster than what we've seen in some of our other products for those reasons.

是的，我們願意。謝謝你的提問。我們現在已經看到了這一點，因為坦率地說，對徽章和認證形式的驗證的需求被壓抑了。這個概念已經在市場上出現了一段時間了。我們堅信，我們的方法是使組織能夠了解他們需要如何應對基於技能的經濟機會的正確方法。是的，出於這些原因，完全可以預期採用速度會比我們在其他一些產品中看到的更快。

Great. No, that's good to hear and really helpful details. Maybe my follow-up for Sarah. I don't know if my math is correct, seems like the implied 4Q guidance is kind of baking in some step-up in operating expenses. Any notable expenses may be done -- pushed out into 4Q or any seasonality onetime items that we should be mindful of?

偉大的。不，很高興聽到這個消息，而且這些細節確實很有幫助。也許是我對莎拉的後續行動。我不知道我的數學是否正確，似乎隱含的第四季度指導是在運營費用方面有所增加。任何顯著的支出可能會被推遲到第四季度或任何我們應該注意的季節性一次性項目？

Yes, thanks for the question. The one normal seasonality step-up that we see from an OpEx perspective, it's in the fourth quarter around our biggest promotion cycle in the marketplace, so for Black Friday, Cyber Monday.

是的，謝謝你的提問。從運營支出的角度來看，我們看到的一個正常的季節性上升是在第四季度，圍繞我們市場上最大的促銷週期，所以對於黑色星期五和網絡星期一。

The other thing that's happening is if you're referring to our Q3 EBITDA being higher than our Q4, that is due to the overperformance of our Consumer business in the second quarter that a lot of that revenue gets recorded in the third quarter. And so where previously we'd expected EBITDA to grow, we expect it to actually, on a sequential basis, decrease slightly, but we will be profitable for the back half.

正在發生的另一件事是，如果您指的是我們第三季度的EBITDA 高於第四季度，那是因為我們的消費者業務在第二季度表現出色，其中大部分收入都記錄在第三季度。因此，之前我們預計 EBITDA 會增長，但我們預計它實際上會環比略有下降，但我們將在下半年實現盈利。

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。我想將會議轉交格雷格·布朗發表閉幕詞。

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

我只想感謝大家加入這次電話會議，我們期待在 11 月份再次與您交談。祝你這一天好好休息。

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。