Udemy Inc (UDMY) 2023 Q3 法說會逐字稿

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

美好的一天，歡迎參加 Udemy 2023 年第三季財報電話會議。 （操作員說明）另請注意，今天正在錄製此事件。

I would now like to turn the conference over to Dennis Walsh, Vice President, 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, Joe. Joining me today are Udemy's Chief Executive Officer, Greg Brown; and Chief Financial Officer, Sarah Blanchard.

謝謝你，喬。今天加入我的是 Udemy 執行長 Greg Brown；和財務長莎拉·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. 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.

在本次電話會議期間，我們將做出聯邦證券法意義內的前瞻性聲明。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有重大差異。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。

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 or expressly disclaim any duty or obligation to update or alter our forward-looking statements, except as required by applicable law.

我們的前瞻性陳述是基於我們目前掌握的資訊。我們提醒您不要過度依賴前瞻性陳述，並且我們不承擔或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 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 into our financial earnings release.

此外，在本次電話會議中，可能會討論某些財務績效指標，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較指標不同。我們相信，這些非公認會計原則財務指標有助於管理層和投資者以更有意義和一致的方式評估我們的業績並比較不同時期的經營業績，正如我們財務收益發布的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. A replay of today's call will also be posted on the 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資訊可在我們網站的投資者關係部分取得。今天電話會議的重播也將發佈在網站上。

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

現在，我將把電話轉給格雷格。

Thank you, Dennis, and good afternoon to everyone on the call. Udemy once again delivered results that exceeded our expectations for both revenue and adjusted EBITDA. On a year-over-year basis, Udemy Business revenue increased 30%, while consumer revenue increased 1%. We also raised our outlook, which now projects our first full year of positive adjusted EBITDA well ahead of plan.

謝謝丹尼斯，祝所有參加電話會議的人下午好。 Udemy 的收入和調整後 EBITDA 再次超出了我們的預期。與去年同期相比，Udemy Business 營收成長了 30%，消費者營收成長了 1%。我們也提高了預期，目前預計我們第一個全年的正向調整 EBITDA 遠遠超出計畫。

During the quarter, Udemy Business customers remain highly engaged with our platform as demonstrated by the 14% year-over-year increase in logos and the 114% large customer net dollar retention rate. We added new or expanded existing relationships with global customers, including Assurant, Deutsche Telekom, Schlumberger USA, Shell and Walmart Chile to name a few. We closed many 6-figure deals during the quarter, including 3 $1 million-plus deals, contributing to Udemy Business ARR growth of 26% year-over-year. Compared to the prior quarter, deal velocity improved, our win rates increased, and we're seeing higher average enterprise plan contract values.

本季度，Udemy Business 客戶與我們的平台保持高度互動，商標數量較去年同期成長 14%，大客戶淨美元保留率為 114%。我們增加了與全球客戶的新關係或擴大了現有關係，其中包括 Assurant、德國電信、美國斯倫貝謝、殼牌和智利沃爾瑪等。我們在本季完成了許多 6 位數的交易，其中包括 3 筆 100 萬美元以上的交易，推動 Udemy 業務 ARR 年比成長 26%。與上一季相比，交易速度有所提高，我們的獲勝率有所提高，我們看到平均企業計劃合約價值更高。

Given these results, we are very encouraged by the demand on both sides of our business. While still too soon to call a bottom, we are seeing customers beginning to ease their budgetary constraints, although still below historic norms.

鑑於這些結果，我們對業務雙方的需求感到非常鼓舞。雖然現在斷言觸底還為時過早，但我們看到客戶開始放鬆預算限制，儘管仍低於歷史標準。

As customers plan for 2024, it is clear that investments in upskilling and reskilling are a key focus. Our conversations with CLOs across the globe suggest that developing skills-based practices will be a top priority for the foreseeable future. This gives us confidence in the significant opportunity for long-term growth.

在客戶制定 2024 年計畫時，技能提升和再培訓的投資顯然是重點。我們與全球 CLO 的對話表明，在可預見的未來，開發基於技能的實踐將是首要任務。這讓我們對長期成長的重大機會充滿信心。

With that in mind, today, I wanted to share some insights into: first, what is driving the transformative shift that is reshaping companies approach to skills-based practices; and second, the strategic investments Udemy is making now in order to capitalize on this opportunity and drive long-term profitable growth.

考慮到這一點，今天我想分享一些見解：首先，是什麼推動了變革，重塑了公司以技能為基礎的實踐方式；其次，Udemy 目前正在進行的策略性投資是為了利用這一機會並推動長期獲利成長。

Let's start with the market trends. The current environment is characterized by an accelerated pace of innovation, driven by digital transformation, the emergence of generative AI and the widespread adoption of hybrid work. These profound forces are reshaping the way we work and redefining the skills needed to drive future growth and success. A study from Mackenzie underscored the urgency of this situation, revealing that 87% of executives are already identifying skills gaps within their organizations. In addition, the World Economic Forum found that 60% of all workers will need retraining before 2027 as skills rapidly evolve or become obsolete due to automation.

讓我們從市場趨勢開始。當前環境的特點是在數位轉型、生成式人工智慧的出現和混合工作的廣泛採用的推動下創新步伐加快。這些深遠的力量正在重塑我們的工作方式，並重新定義推動未來成長和成功所需的技能。 Mackenzie 的一項研究強調了這種情況的緊迫性，顯示 87% 的高階主管已經在確定組織內的技能差距。此外，世界經濟論壇發現，由於自動化導致技能迅速發展或過時，2027 年之前 60% 的工人將需要再培訓。

It is abundantly clear that we are in the early innings of a dramatic global transformation, one that businesses must fully embrace to enhance productivity, foster innovation and create sustainable value. This new reality demands the immediate and ongoing attention of all organizations and workers. Many forward-thinking companies are already responding to this challenge by recognizing skills as the new currency within their organizations. Global enterprises such as IBM, Bank of America, Kellogg's and Walmart as well as multiple U.S. state governments are leading the way by prioritizing skills proficiency, including implementing credentialing programs and easing degree requirements for certain roles.

很明顯，我們正處於一場巨大的全球變革的早期階段，企業必須充分擁抱這項變革，以提高生產力、促進創新和創造永續價值。這個新的現實要求所有組織和工人立即持續關注。許多有遠見的公司已經透過將技能視為組織內的新貨幣來應對這一挑戰。 IBM、美國銀行、家樂氏和沃爾瑪等全球企業以及美國多個州政府正在帶頭優先考慮技能熟練程度，包括實施認證計劃和放寬某些職位的學位要求。

Having a clear skills-based transformation strategy is critical for a company's future success. It ensures talent decisions are based on what workers actually are capable of achieving. A study by Deloitte reinforces this, revealing that organizations embracing skills first practices are 107% more likely to place talent effectively, 52% more likely to foster innovation, and 57% more adept at anticipating and navigating change. We firmly believe that companies aiming to stay ahead of the pace of change must invest in talent mobility to support career growth and the attraction and retention of top-tier talent.

制定明確的基於技能的轉型策略對於公司未來的成功至關重要。它確保人才決策是基於員工的實際能力。德勤的一項研究強化了這一點，顯示採用技能優先實踐的組織有效配置人才的可能性高出107%，促進創新的可能性高出52%，在預測和引導變革方面的能力高出57% 。我們堅信，想要保持領先變革步伐的公司必須投資於人才流動，以支持職涯發展以及吸引和留住頂尖人才。

In today's world, people are as vital as technology in creating sustainable differentiation. For example, a prominent global airline partnered with Udemy Business this quarter to enhance the digital skills of its employees. The company chose Udemy as its learning partner to increase digital literacy, improve productivity, bridge skills gaps and retain talented staff. Udemy Business was chosen over an incumbent because of our demonstrated ability to develop and implement a skilling strategy, the breadth of our skills content and skills validation capabilities.

在當今世界，在創造永續差異化方面，人與科技一樣重要。例如，一家著名的全球航空公司本季與 Udemy Business 合作，以提高其員工的數位技能。該公司選擇 Udemy 作為其學習合作夥伴，以提高數位素養、提高生產力、縮小技能差距並留住優秀員工。 Udemy Business 之所以被選中，是因為我們展現了開發和實施技能策略的能力、我們技能內容的廣度和技能驗證能力。

Layering on to that, AI continues to reshape industries across all geographies. Organizations and professionals must understand how generative AI will impact individual roles and how it can be integrated into transformation strategies to foster agility, resilience and competitiveness.

在此基礎上，人工智慧持續重塑所有地區的產業。組織和專業人士必須了解生成式人工智慧將如何影響個人角色，以及如何將其整合到轉型策略中以培養敏捷性、彈性和競爭力。

During the quarter, a large global pharmaceutical company doubled its seat count with us in a multiyear expansion deal to address the full extent of the AI opportunity. The CEO set a mandate for upscaling the entire workforce on this technology in order to increase the speed to market for its pipeline of drug candidates, drive efficiencies throughout the entire company and protect its data with enhanced compliance.

本季度，一家大型全球製藥公司透過多年擴張協議將其與我們的席位數量增加了一倍，以充分利用人工智慧機會。執行長制定了一項任務，要求擴大整個員工隊伍的技術水平，以加快其候選藥物的上市速度，提高整個公司的效率，並透過增強合規性來保護其數據。

Udemy is supporting our customers' efforts to achieve these critical business objectives by providing its employees access to relevant AI content, curated learning paths and certifications.

Udemy 透過為員工提供相關 AI 內容、精心策劃的學習路徑和認證的存取權限，支援客戶實現這些關鍵業務目標。

The demand for generative AI-related content on the Udemy platform is remarkable. Currently, we offer an extensive selection of over 1,500 courses, which have collectively garnered more than 2.5 million learner enrollments. The organic creation of content in response to demand reaffirms the effectiveness of our marketplace model, which seamlessly adapts to evolving technology and learner needs. It's important to note that as technology continues to advance and new demands arise, our platform organically fosters the creation of fresh, relevant content.

Udemy 平台上對產生人工智慧相關內容的需求非常顯著。目前，我們提供超過 1,500 門課程的廣泛選擇，總共吸引了超過 250 萬名學習者註冊。根據需求有機地創建內容重申了我們市場模型的有效性，該模型無縫地適應不斷發展的技術和學習者的需求。值得注意的是，隨著技術的不斷進步和新需求的出現，我們的平台有機地促進了新鮮、相關內容的創建。

Gen AI is a prime example of this dynamic process. And looking ahead, with further technological advancements on the horizon, we are confident in Udemy's ability to lead by providing relevant, high-quality content that will continue to attract a growing number of learners and customers.

Gen AI 就是這動態過程的典型例子。展望未來，隨著科技的進一步進步，我們相信 Udemy 有能力提供相關的高品質內容，從而繼續吸引越來越多的學習者和客戶。

As demand for creating skills in digital transformation strategies increases, we will align our own strategy as well as our investments in product innovation, brand and go-to-market to capture that demand. Heading into the New Year, you can expect to hear more about our investments and new campaigns that we believe will have the potential to dramatically increase Udemy brand awareness globally.

隨著數位轉型策略中培養技能的需求不斷增加，我們將調整我們自己的策略以及在產品創新、品牌和上市方面的投資，以滿足這一需求。進入新年，您可以期待聽到更多有關我們的投資和新活動的信息，我們相信這些投資和新活動將有可能大幅提高 Udemy 的全球品牌知名度。

As part of those efforts, we plan to bolster our go-to-market engine and lean into strategic partnerships that extend our reach more rapidly and into new markets. We recently announced a partnership with Docker, a leading provider of development tools, and have more exciting collaborations with technology leaders to announce over the next few months.

作為這些努力的一部分，我們計劃加強我們的進入市場引擎，並傾向於建立策略合作夥伴關係，以更快地擴大我們的業務範圍並進入新市場。我們最近宣布與領先的開發工具供應商 Docker 建立合作夥伴關係，並將在未來幾個月內宣布與技術領導者進行更多令人興奮的合作。

These partnerships will allow us to expand and introduce Udemy to millions of new learners. For example, we are already seeing significant traction with our AWS partnership. During Q3, total contract value of bookings through AWS increased 214% quarter-over-quarter, and we grew the number of deals transacted by more than 5x year-over-year. Over time, we anticipate our strategic partnerships will become even more impactful.

這些合作夥伴關係將使我們能夠向數百萬新學習者擴展和介紹 Udemy。例如，我們已經看到我們的 AWS 合作夥伴關係具有巨大的吸引力。第三季度，透過 AWS 進行的預訂總合約價值較上季成長 214%，交易數量較去年同期成長超過 5 倍。隨著時間的推移，我們預計我們的策略合作夥伴關係將變得更加有影響力。

In addition, we remain bullish on the opportunities that generative AI brings to our business and have built a robust product road map that will supercharge the Udemy experience. We are building highly relevant generative AI-enabled capabilities for 3 distinct personas: our enterprise customers, learners and instructors.

此外，我們仍然看好生成式人工智慧為我們的業務帶來的機會，並建立了強大的產品路線圖，以增強 Udemy 的體驗。我們正在為 3 個不同的角色建立高度相關的生成式人工智慧功能：我們的企業客戶、學習者和講師。

In response to the evolving needs of our enterprise customers, Udemy is committed to delivering tailored solutions. With industries undergoing rapid transformations, organizations are turning to Udemy to address their specific upskilling requirements. To serve them better, we're developing a cutting-edge generative AI-powered skills mapping system. This innovative solution when integrated with our extensive course catalog of more than 210,000 courses, positions us at the forefront of addressing each customer's precise skills demands.

為了滿足企業客戶不斷變化的需求，Udemy 致力於提供量身訂製的解決方案。隨著產業經歷快速轉型，組織開始求助於 Udemy 來滿足其特定的技能提升要求。為了更好地為他們服務，我們正在開發一個由人工智慧驅動的尖端生成技能映射系統。這項創新解決方案與我們超過 210,000 門課程的廣泛課程目錄相結合，使我們處於滿足每個客戶的精確技能需求的最前沿。

Leveraging generative AI, we will automate the creation of personalized learning paths and guidance, ensuring that every professional skill development need is met. For learners, we are focused on enhancing the experience on our platform. We are harnessing the power of gen AI to guide learners directly to content that aligns precisely with their unique needs to optimize their personalized experience. For example, we recently introduced smart search capabilities that enable learners to access bite-sized micro learning opportunities within our vast course catalog. This not only streamlines the experience, but it also enhances engagement and optimizes time spent on our platform.

利用生成式人工智慧，我們將自動創建個人化學習路徑和指導，確保滿足每項專業技能發展需求。對於學習者來說，我們專注於增強我們平台上的體驗。我們正在利用新一代人工智慧的力量，直接引導學習者找到符合他們獨特需求的內容，以優化他們的個人化體驗。例如，我們最近推出了智慧搜尋功能，使學習者能夠在我們龐大的課程目錄中獲得小型的微型學習機會。這不僅簡化了體驗，還增強了參與度並優化了在我們平台上花費的時間。

Finally, we are committed to empowering instructors with tools that supercharge their ability to create high-quality content more efficiently and effectively. Instructors often spend substantial time responding to learner inquiries, with some even hiring teaching assistants. We will leverage AI to automate responses for leaner questions, saving instructors valuable time. Learners too will benefit from a more responsive and engaging experience. Instructors also dedicate significant time developing practice tests and quizzes. We will apply generative AI to automatically create interactive materials for instructors. These enhancements will be applicable to all new and existing courses and will be available to all 75,000 Udemy instructors.

最後，我們致力於為教師提供工具，增強他們更有效率地創建高品質內容的能力。教師經常花費大量時間回答學習者的詢問，有些甚至聘請助教。我們將利用人工智慧自動回答更精簡的問題，從而節省教師的寶貴時間。學習者也將從更具回應性和吸引力的體驗中受益。講師也投入大量時間來開發練習測驗和測驗。我們將應用生成式人工智慧為教師自動建立互動式材料。這些增強功能將適用於所有新課程和現有課程，並將提供給所有 75,000 名 Udemy 講師。

The synergy between generative AI, coupled with the depth and breadth of Udemy's content, will further enable us to deliver learning and skill development solutions to the market at scale. In order to properly fund these initiatives, we announced to our instructor partners today that we will be adjusting our instructor revenue share. Our plan is to gradually lower the rate for our subscription programs over the next few years, which will reduce costs as a percentage of revenue. We believe that our investments in brand and product will be a net positive over time for instructors. Sarah will share more details on this in a moment.

生成式人工智慧之間的協同作用，加上 Udemy 內容的深度和廣度，將進一步使我們能夠向市場大規模提供學習和技能開發解決方案。為了為這些舉措提供適當的資金，我們今天向我們的講師合作夥伴宣布，我們將調整我們的講師收入分成。我們的計劃是在未來幾年內逐步降低訂閱計劃的費率，這將降低成本佔收入的百分比。我們相信，隨著時間的推移，我們對品牌和產品的投資將為講師帶來淨正面影響。莎拉稍後將分享更多相關細節。

Finally, our commitment to innovation extends beyond our customer offerings. We are actively leveraging the power of AI to transform our internal operations, ultimately enhancing the service we provide to our valued customers. Our recent investment in cutting-edge technology is leading to the launch of a generative AI-powered chatbot that can efficiently handle over 70% of our incoming requests, streamlining our support processes and providing quicker resolutions for our customers. Enchanted with this development, we're equally committed to upscaling our customer support teams, underscoring our dedication to becoming a premier center for generative AI support.

最後，我們對創新的承諾超出了我們為客戶提供的產品範圍。我們正在積極利用人工智慧的力量來改變我們的內部運營，最終增強我們為尊貴客戶提供的服務。我們最近對尖端技術的投資導致推出了由人工智慧驅動的生成式聊天機器人，它可以有效地處理我們70% 以上的傳入請求，簡化我們的支援流程並為我們的客戶提供更快的解決方案。我們對這項發展感到著迷，同樣致力於擴大我們的客戶支援團隊，並強調我們致力於成為生成式人工智慧支援的首要中心。

In conclusion, we are committed to helping individuals and organizations navigate this exciting period of rapid change. Udemy is prioritizing skills, embracing the potential of AI, adapting to the hybrid future of work and fostering a culture of agility and resilience. These strategic pillars will guide us as we continue to lead the transformation to a skills-based economy and innovate in this ever-evolving landscape.

總之，我們致力於幫助個人和組織度過這個令人興奮的快速變革時期。 Udemy 優先考慮技能、擁抱人工智慧的潛力、適應未來的混合工作並培養敏捷性和韌性的文化。這些策略支柱將指導我們繼續引領向技能型經濟的轉型，並在這個不斷發展的環境中進行創新。

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 Q4 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，然後提供我們對第四季度和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。

We had a strong third quarter as we exceeded expectations on both the top and bottom line. Revenue increased 17% year-over-year to $185 million or nearly $5 million above the high end of our guidance range. The year-over-year growth included a negative impact from foreign exchange, or FX, of 1 percentage point. The contribution from regions outside of North America was 60% of total revenue and increased from 58% in Q3 of the prior year as we continue to expand our geographic footprint.

我們的第三季表現強勁，營收和利潤都超出了預期。營收年增 17%，達到 1.85 億美元，比我們指導範圍的上限高出近 500 萬美元。年比成長包括 1 個百分點的外匯負面影響。隨著我們不斷擴大地理覆蓋範圍，北美以外地區的貢獻佔總收入的 60%，比去年第三季的 58% 增加。

Udemy Business revenue increased 30% year-over-year to $109 million. Included in net growth was a 2 percentage point headwind from changes in FX rates. We ended the quarter with annual recurring revenue, or ARR, of $443 million, up 26% from a year ago.

Udemy Business 營收年增 30%，達到 1.09 億美元。淨成長中包括匯率變動帶來的 2 個百分點的阻力。截至本季末，我們的年度經常性收入 (ARR) 為 4.43 億美元，比去年同期成長 26%。

Our consolidated net dollar retention rate for Q3 was 106%, a 2-point decrease from the prior quarter. The rate was 114% for large customers or those with 1,000 or more employees, just 1 point lower than the prior quarter. It is encouraging to see the pressure on net dollar retention soften, which gives us confidence that we will continue to deliver net dollar retention above 100% as customers recognize the value of our platform.

我們第三季的綜合淨美元保留率為 106%，比上一季下降了 2 個百分點。對於大客戶或擁有 1,000 名或以上員工的客戶，這一比率為 114%，僅比上一季低 1 個百分點。令人鼓舞的是，淨美元留存壓力有所緩解，這讓我們有信心，隨著客戶認識到我們平台的價值，我們將繼續實現 100% 以上的淨美元留存。

On top of that, gross dollar retention remains stable, which is impressive considering the current macroeconomic environment. In aggregate, we grew our customer base by 14% year-over-year or 432 net adds to more than 15,000 customers globally. The number of customers spending more than $100,000 in ARR is up 37% from a year ago. From a geographic perspective, the strongest demand during the quarter came from our North America and Asia Pacific regions. Our consumer marketplace continues to be vibrant.

最重要的是，美元保留總額保持穩定，考慮到當前的宏觀經濟環境，這一點令人印象深刻。總的來說，我們的客戶群年增了 14%，即淨增 432 名，全球客戶數量超過 15,000 名。 ARR 支出超過 10 萬美元的客戶數量比一年前增加了 37%。從地域角度來看，本季最強勁的需求來自北美和亞太地區。我們的消費市場持續充滿活力。

Although traffic was flat year-over-year at 34 million average monthly unique visitors, we added nearly 3 million learners to the platform, ending the quarter with 67 million or an 18% year-over-year increase. Course creation and refresh are strong with more than 5,000 new courses added each month and 60% of our top courses were updated in the past 90 days. This further demonstrates the power of the marketplace model to keep up with the pace of change.

儘管流量與去年同期相比持平，平均每月獨立訪客數量為 3400 萬，但我們為該平台增加了近 300 萬學習者，本季度結束時學習者人數為 6700 萬，同比增長 18%。課程創建和更新強勁，每月新增 5,000 多門新課程，並且 60% 的熱門課程在過去 90 天內更新。這進一步證明了市場模式跟上變革步伐的力量。

As a result, we were pleased to deliver year-over-year segment revenue growth for the first time in 6 quarters of more than 1%, including the negative impact of a 0.5 percentage point from FX. We also achieved an exciting milestone with our consumer subscription, which we call Personal Plan. We have been testing Personal Plan in several markets and now have more than 100,000 monthly and annual paid subscribers. Consumers are responding well to these plans, and we look forward to providing more updates as the program evolves.

因此，我們很高興實現部門營收年增 6 個季度以來首次超過 1%，其中包括外匯帶來的 0.5 個百分點的負面影響。我們也透過消費者訂閱（我們稱之為個人計畫）實現了令人興奮的里程碑。我們一直在多個市場測試個人計劃，現在擁有超過 100,000 名每月和每年的付費訂閱者。消費者對這些計劃反應良好，我們期待隨著計劃的發展提供更多更新。

As we move down the P&L, note that all financial metrics are non-GAAP unless stated otherwise. Q3 gross margin was 60%, a 200 basis point improvement from Q3 2022, driven by the continued revenue mix shift to Udemy Business, which accounted for 59% of total revenue in Q3. Total operating expense was $107 million or 58% of revenue and 1,100 basis points lower than Q3 of last year thanks to our focus on company-wide cost efficiency. Sales and marketing expense represented 37% of revenue, down 600 basis points. R&D expense was 13%, down 100 basis points and G&A expense was 8%, down 400 basis points.

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。第三季的毛利率為 60%，比 2022 年第三季提高了 200 個基點，這得益於收入組合持續轉向 Udemy 業務（佔第三季總收入的 59%）。由於我們對全公司成本效率的關注，總營運費用為 1.07 億美元，佔營收的 58%，比去年第三季低 1,100 個基點。銷售和行銷費用佔收入的 37%，下降了 600 個基點。研發費用為 13%，下降 100 個基點，一般管理費用為 8%，下降 400 個基點。

On the bottom line, we delivered positive net income of approximately $8 million or 4% of revenue. Adjusted EBITDA was positive for the second consecutive quarter at approximately $8 million or 4% of revenue, which represents a 1,200 basis point expansion year-over-year and nearly 300 basis points better than the high end of our guidance range. The better-than-expected adjusted EBITDA result was primarily driven by revenue outperformance and our disciplined approach to driving operational efficiency throughout the organization.

總而言之，我們實現了約 800 萬美元的正淨利潤，佔收入的 4%。調整後 EBITDA 連續第二季為正值，約 800 萬美元，佔營收的 4%，年增 1,200 個基點，比我們指引範圍的上限高出近 300 個基點。調整後 EBITDA 表現優於預期，主要是由於收入表現出色以及我們在整個組織內提高營運效率的嚴格方法。

Moving on to key cash flow and balance sheet items. We ended the quarter with $483 million of cash, cash equivalents, restricted cash and marketable securities. Free cash flow for the quarter was positive $9 million, driven by collections timing and lower expenses.

接下來討論關鍵的現金流量和資產負債表項目。本季結束時，我們擁有 4.83 億美元的現金、現金等價物、限制性現金和有價證券。受收款時機和費用降低的推動，本季自由現金流為正 900 萬美元。

Now turning to our outlook for Q4 and full year 2023. We expect Q4 revenue to be between $184 million and $187 million. Assuming foreign currency exchange rates remain constant, FX is expected to negatively impact Q4 year-over-year total revenue growth by approximately 2 percentage points. On the bottom line, we anticipate Q4 adjusted EBITDA margin of breakeven to positive 1%.

現在轉向我們對第四季和 2023 年全年的展望。我們預計第四季度的營收將在 1.84 億美元至 1.87 億美元之間。假設外幣匯率保持不變，預計外匯將對第四季總營收年增率產生約 2 個百分點的負面影響。總而言之，我們預計第四季度調整後 EBITDA 損益平衡率將達到 1%。

For the full year, we are raising our outlook. We now expect revenue to be within a range of $723 million and $726 million or 15% year-over-year growth at the midpoint, including an estimated 3 percentage point negative impact from FX, assuming no further changes in rates.

對於全年，我們正在上調我們的展望。我們現在預計營收將在 7.23 億美元至 7.26 億美元之間，中間值年增 15%，其中包括匯率帶來的 3 個百分點的負面影響（假設匯率不再進一步變化）。

On the bottom line, we are committing to our first full year of positive adjusted EBITDA, well ahead of plan. We expect full year 2023 adjusted EBITDA margin to be positive between 50 and 100 basis points or a nearly 900 basis point expansion at the midpoint compared to 2022. Although we expect to end the year strong, we remain cautiously optimistic going into 2024. We've continued to see delays in decision-making from new and existing customers, the effects of which will flow into next year. We're also seeing some softness in EMEA as geopolitical tensions rise in that region.

總而言之，我們致力於實現首個全年正調整 EBITDA，遠超過計劃。我們預計2023 年全年調整後EBITDA 利潤率將在50 至100 個基點之間為正值，與2022 年相比，中間值將擴大近900 個基點。儘管我們預計今年年底將表現強勁，但我們對2024 年仍保持謹慎樂觀態度。我們繼續看到新客戶和現有客戶的決策延遲，其影響將持續到明年。隨著歐洲、中東和非洲地區地緣政治緊張局勢加劇，我們也看到該地區的經濟表現有些疲軟。

Therefore, we are exercising caution until we start to see green shoots to materialize and have more visibility into next year. With that said, the long-term opportunity is significant. Given our efforts to focus on operational excellence through these turbulent times, we are well positioned to capitalize on the opportunity in front of us.

因此，我們保持謹慎態度，直到我們開始看到復甦的曙光，並對明年有更多的了解。話雖如此，長期機會是重大的。鑑於我們在這個動盪時期努力專注於卓越運營，我們已做好充分準備來利用擺在我們面前的機會。

Before taking questions, we wanted to address an update. Earlier today, we shared with Udemy's instructor partners that we will be adjusting our instructor revenue share. Under the current payment structure, instructors earn 37% of revenue for individual course purchases on Udemy's marketplace. Instructors earn 25% for Udemy Business in our Personal Plan subscription offerings, which is allocated pro rata based on consumption of their content. Due to the rapid growth of the Udemy Business, our instructor payment pool has grown at a significantly faster rate than our marketplace revenue since 2020, with the total instructor earnings expected to be more than $200 million for 2023.

在回答問題之前，我們想先介紹一下最新情況。今天早些時候，我們與 Udemy 的講師合作夥伴透露，我們將調整我們的講師收入分成。根據目前的支付結構，講師在 Udemy 市場上購買個人課程可以獲得 37% 的收入。在我們的個人方案訂閱產品中，講師可賺取 25% 的 Udemy Business 收入，該收入根據其內容的消費情況按比例分配。由於 Udemy 業務的快速成長，自 2020 年以來，我們的講師付款池的成長速度明顯快於我們的市場收入，預計 2023 年講師總收入將超過 2 億美元。

As we continue to scale, the cost of acquiring, on boarding and servicing customers has risen as well. Now it's the right time for Udemy to further lean into capitalizing on the massive long-term opportunity available to us as we lead the transformation to the skills-based economy.

隨著我們不斷擴大規模，獲取、吸引和服務客戶的成本也隨之上升。現在，在我們引領向技能型經濟轉型的過程中，Udemy 應該進一步利用我們所擁有的大量長期機會。

As Greg shared, we have an exciting product road map that leverages generative AI and will accelerate our growth. We believe that these new products will drive greater customer adoption and engagement, ultimately increasing LTV over time as customers grow with us. We also plan to invest in brand-building initiatives to increase awareness and expand our global customer base, which will help grow instructors' businesses by connecting them to more learners.

正如 Greg 所分享的，我們有一個令人興奮的產品路線圖，它利用生成式人工智慧，並將加速我們的成長。我們相信，這些新產品將推動更多客戶的採用和參與，隨著客戶與我們一起成長，最終提高生命週期價值。我們還計劃投資於品牌建設計劃，以提高知名度並擴大我們的全球客戶群，這將有助於教師透過與更多學習者建立聯繫來發展業務。

Under the new structure, the revenue share for the marketplace will remain unchanged, but we will be gradually reducing the instructor share of subscription revenue. Our first adjustment to 20% will be effective January 1, 2024, followed by 17.5% in 2025 and 15% in 2026. Considering the growth potential we see for our enterprise and subscription products, we will expand the instructor payment pool over time while optimizing the revenue share structure. The positive impact on gross margin from the revenue share adjustment is expected to be meaningful, allowing us to continue to grow sustainably, make the necessary investments to capitalize on the opportunity and expand our bottom line.

在新的結構下，市場的收入份額將保持不變，但我們將逐步減少教師在訂閱收入中的份額。我們首次調整為20% 將於2024 年1 月1 日生效，隨後於2025 年調整為17.5%，並於2026 年調整為15%。考慮到我們企業和訂閱產品的成長潛力，我們將隨著時間的推移擴大講師付款池，同時優化收入分成結構。收入份額調整對毛利率的正面影響預計將是有意義的，使我們能夠繼續可持續成長，進行必要的投資以利用機會並擴大我們的利潤。

Let me take a minute to walk you through some of our preliminary assumptions to illustrate how we're thinking about margin expansion as we progress toward our long-term targets. Starting with the baseline estimated gross margin for 2023 of 50% to 59%, we expect an approximate 300 basis point improvement on average annually from 2024 to 2026. By the end of 2026, we expect gross margin to be approaching 70%, and for 2027, we expect to exceed 70%. The majority of gross margin expansion will be driven by the instructor revenue share change, and to a lesser extent, the continued mix shift to Udemy Business and other leverage as we scale the business globally.

讓我花一點時間向您介紹我們的一些初步假設，以說明我們在實現長期目標的過程中如何考慮利潤率擴張。從 2023 年 50% 至 59% 的基準估計毛利率開始，我們預計 2024 年至 2026 年平均每年提高約 300 個基點。到 2026 年底，我們預計毛利率將接近 70%，並且2027年，我們預計將超過70%。大部分毛利率的成長將由講師收入份額的變化推動，在較小程度上，隨著我們在全球範圍內擴展業務，持續向 Udemy 業務和其他槓桿組合轉變。

During that time, we will make opportunistic investments that will support the long-term growth of our business. As a result, while it won't be a straight line, we are confident that we will achieve our adjusted EBITDA target range of 15% to 20% by 2027.

在此期間，我們將進行機會主義投資，以支持我們業務的長期成長。因此，雖然這不會是一條直線，但我們有信心在 2027 年實現 15% 至 20% 的調整後 EBITDA 目標範圍。

In closing, 2023 has so far been a transformative year for Udemy. We significantly strengthened our leadership team, strategically navigated a very challenging macroeconomic environment, and we delivered positive adjusted EBITDA well ahead of plan. As we approach the end of 2023, we remain focused on consistently balancing strong top line growth and profitability on an annual basis. We look forward to keeping you updated as we progress toward that goal.

最後，2023 年對 Udemy 來說是變革的一年。我們顯著加強了我們的領導團隊，策略性地應對了非常具有挑戰性的宏觀經濟環境，並且我們提前實現了正調整後的 EBITDA。隨著 2023 年底的臨近，我們仍然致力於持續平衡年度強勁的營收成長和獲利能力。我們期待在我們朝著這一目標前進的過程中向您通報最新情況。

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) At this time we will take our first question, which will come from Ryan MacDonald with Needham.

（操作員說明）此時我們將提出第一個問題，該問題將由 Ryan MacDonald 和 Needham 提出。

Congrats on a great quarter. Maybe just starting with the instructor revenue share adjustments. As you think about what -- as this is rolling out, is this going to be rolled out on January 1 to all Udemy Business consumer subscription content or only net new content that is created after Jan 1? And then as you think about the savings that this is going to generate on gross margin and the cost of revenues line, how much of that do you expect to reinvest below the gross margin line? Or how much of that you expect that should fall down to the bottom line as we look over the next couple of years here?

恭喜您度過了一個出色的季度。也許只是從教練收入分成調整開始。當您想到這一點時，它是會在 1 月 1 日向所有 Udemy Business 消費者訂閱內容推出，還是僅在 1 月 1 日之後創建的淨新內容推出？然後，當您考慮這將在毛利率和收入線成本上產生的節省時，您預計其中有多少會在毛利率線以下進行再投資？或者，當我們展望未來幾年時，您預計其中有多少會落入底線？

I'll answer the first part and then turn it over to Sarah to answer the second. Yes, as of Jan 1, the changes in instructor payment fees will apply to all courses that are subscription-based, Personal Plan as well as Team Plan and Enterprise Plan. And we surely are going to be reinvesting these funds to grow the business in significant ways. But I'll let Sarah add a little bit more color in terms of the balance between gross margin impact and bottom line EBITDA margin. Sarah?

我將回答第一部分，然後將其交給莎拉回答第二部分。是的，從 1 月 1 日起，講師付款費用的變化將適用於所有基於訂閱的課程、個人計劃以及團隊計劃和企業計劃。我們肯定會將這些資金再投資，以顯著發展業務。但我會讓莎拉在毛利率影響和 EBITDA 利潤率底線之間的平衡方面添加更多色彩。莎拉？

Yes. So from a gross margin perspective, as we talked about, we expect about 300 basis points expansion on average, which is a combination of the instructor revenue share, which starts impacting immediately. As Greg just spoke about, we are making that change effective January 1 for all of our subscription courses. And then in addition to that, the revenue mix shift to Udemy Business over time also contributes to that gross margin expansion.

是的。因此，從毛利率的角度來看，正如我們所討論的，我們預計平均將增長約 300 個基點，這是教練收入份額的組合，這將立即開始產生影響。正如格雷格剛剛談到的，我們將從 1 月 1 日起對所有訂閱課程進行這項更改。除此之外，隨著時間的推移，收入組合向 Udemy 業務的轉變也有助於毛利率的擴張。

From an EBITDA perspective, for next year, we expect just modest expansion because we are going to be reinvesting some of those dollars in some of the things you heard us talking about, around brand, around product and around go-to-market as we see green shoots in different areas. We're really focused in capturing this massive opportunity that is in front of us. So from a longer-term perspective, that means we expect to deliver meaningful bottom line expansion in 2025 and 2026 as a result of these investments. And we're confident we're going to reach our long-term EBITDA target in 2027.

從 EBITDA 的角度來看，明年我們預計只會適度擴張，因為我們將把其中一些美元再投資到你聽到我們談論的一些事情上，圍繞品牌、圍繞產品和進入市場，因為我們看到不同地區的綠芽。我們確實專注於抓住擺在我們面前的這一巨大機會。因此，從長遠來看，這意味著我們預計這些投資將在 2025 年和 2026 年實現有意義的利潤擴張。我們有信心在 2027 年實現長期 EBITDA 目標。

Excellent. Maybe just one more, Greg, for you on just the environment within B2B. We've seen recently from one of the largest HCM surveys in the industry that net new dollars in sort of HR broadly are expected to be down, I think, 10%, 11% next year, but learning remains and training remains the top spend priority. So I'm curious, given the sort of shift towards skills-based training within enterprises, how are those conversations? And where are you seeing the most demand? Are you seeing a healthy mix of net new versus existing? Or is it more weighted towards existing customers?

出色的。格雷格，也許還有一個關於 B2B 環境的內容。在我們最近從業內最大的 HCM 調查之一中看到，我認為明年人力資源類的新淨美元預計將下降 10%、11%，但學習和培訓仍然是最高支出優先事項。所以我很好奇，考慮到企業內部向基於技能的培訓的轉變，這些對話如何？您認為哪裡的需求最大？您是否看到了全新與現有的健康組合？還是更注重現有客戶？

That's a really good question, Ryan. So as we mentioned, we saw -- in the quarter, we saw improvement in sales cycle velocity, win rates, average deal sizes, improvement in deals over $100,000. And so from the perspective of the leading indicators we're looking at, that give us confidence in the opportunity not just today, but tomorrow. We feel really good about the momentum and feel really good about our team's ability to execute. We are seeing a balance of net new -- a really healthy balance of net new customers as well as existing customer upsells.

這是一個非常好的問題，瑞安。正如我們所提到的，我們在本季度看到了銷售週期速度、獲勝率、平均交易規模以及超過 100,000 美元交易的改善。因此，從我們正在研究的領先指標的角度來看，這不僅讓我們對今天的機會充滿信心，而且對明天的機會充滿信心。我們對這種勢頭感到非常滿意，並對我們團隊的執行能力感到非常滿意。我們看到了淨新客戶的平衡—淨新客戶與現有客戶追加銷售的真正健康平衡。

And I'll tell you -- I'll give you an example of net new that is exciting for us. A large Fortune 500 financial services company signed a $2 million 3-year contract with us for the specific purpose of developing and transitioning to a skills-based organization, so developing skills capability across the entire organization. And they're leveraging all products, not just our core, but Udemy Business Pro, professional services, as well as badging and certification. And the nature of those conversations, which I had an opportunity to take part of, what was really exciting is the strategic nature of the partnership and the way that they were looking at it. They've got goals to drive revenue, reduce costs, improve productivity and support their business community as a result of the investments they're making in upskilling across the organization.

我會告訴你——我會給你一個讓我們興奮的淨新例子。一家大型財富 500 強金融服務公司與我們簽署了一份價值 200 萬美元的為期 3 年的合同，其具體目的是發展和轉型為技能型組織，從而培養整個組織的技能能力。他們利用所有產品，不僅是我們的核心產品，還有 Udemy Business Pro、專業服務以及徽章和認證。我有機會參與這些對話的本質，真正令人興奮的是合作關係的策略本質以及他們看待它的方式。由於他們在整個組織的技能提升方面進行了投資，因此他們的目標是增加收入、降低成本、提高生產力並支持其業務社區。

So we've talked a bit in the past that this transition to a skills-based org and skills-based economy is gaining steam, and now it's starting to manifest in large multiyear contracts, net new customers coming in, in addition to a healthy dose of expansion that we continue to see.

因此，我們過去曾談到，向基於技能的組織和基於技能的經濟的轉變正在獲得動力，現在它開始體現在大型多年合約、淨新客戶進來以及健康的發展中。我們繼續看到的擴張劑量。

I'll just add. I recently -- over the last 6 weeks, I had an opportunity to go visit both Europe and India and spend time with a number of our larger customers. And I can tell you after meeting with the CLOs and heads of people in these organizations, that they're under immense pressure by their CEOs to develop a strategy and a capability to upskill across the organization with respect to AI.

我就補充一下。最近，在過去的六週裡，我有機會訪問了歐洲和印度，並與我們的一些大客戶共度時光。在與這些組織的 CLO 和負責人會面後，我可以告訴你，他們面臨執行長的巨大壓力，要求他們制定策略並提高整個組織在人工智慧方面的技能。

Well, how are they going to internally leverage this transformational technology, right, to get operating leverage with respect to how they're running their business, and at the same time, leverage AI into the products and services they're developing to provide competitive advantage for their customers.

好吧，他們將如何在內部利用這種變革性技術，以獲得有關其業務運作方式的營運槓桿，同時將人工智慧運用到他們正在開發的產品和服務中，以提供有競爭力的產品和服務.為他們的客戶帶來優勢。

And this is unlike anything I've seen before in my career in terms of the consistency. Every customer we talked to, this was the #1 topic of conversation. And we -- and the conversations we were in were all about us being a primary partner and strategic partner in helping them through this endeavor of transitioning to, not just a skills-based organization, but an organization that truly understands how to leverage AI to get operating leverage internally as well as extend that externally. So we're at the front end of a transformational shift, and we're going to see more and more of this as we move forward.

就一致性而言，這與我在職業生涯中見過的任何事情都不同。這是我們交談過的每位客戶的第一大話題。我們——以及我們所進行的對話都是關於我們作為主要合作夥伴和戰略合作夥伴，幫助他們完成轉型的努力，不僅是一個基於技能的組織，而且是一個真正理解如何利用人工智慧來實現目標的組織。在內部獲得營運槓桿並在外部擴大營運槓桿。因此，我們正處於轉型轉變的前端，隨著我們的前進，我們將看到越來越多的這種情況。

Congrats again.

再次恭喜。

And our next question will come from Stephen Sheldon with William Blair.

我們的下一個問題將由史蒂芬·謝爾頓和威廉·布萊爾提出。

Really, really helpful commentary, Sarah, on the margin progression, which I'm sure a lot of investors appreciate. It seems like you're targeting to hit that long-term EBITDA margin target of 15% to 20% by 2027. Just curious, does this change, impact your view of what longer-term margins beyond 2027 could look like?

莎拉，關於利潤成長的評論真的非常有用，我相信很多投資者都會欣賞這一點。您的目標似乎是到 2027 年達到 15% 至 20% 的長期 EBITDA 利潤率目標。只是好奇，這種變化是否會影響您對 2027 年之後的長期利潤率的看法？

Yes, it's a great question, Stephen. And really with this change, that gives us a lot of confidence that over time we're going to be able to hit the high end of that target. And the industry and what is happening -- as Greg just said, this is a massive transformation that we haven't seen in a decade or 2, since like the move to the cloud and that sort of thing.

是的，這是一個很好的問題，史蒂芬。事實上，這項變革給了我們很大的信心，隨著時間的推移，我們將能夠達到該目標的高端。這個行業以及正在發生的事情 - 正如格雷格剛才所說，這是我們十年或兩年來從未見過的巨大轉變，因為就像遷移到雲端之類的事情一樣。

There are so many things that are happening. And our ability to invest and to build out these capabilities that really allow us to serve customers who -- as Greg just said, they're really struggling to figure out, "How do I upskill my team? How do I make sure that they can embrace AI and that my business can be really competitive." And so we're going to be investing more next year. It's a heavier investment year than we'll have in future periods as we look to really take advantage of this -- these tailwinds.

有很多事情正在發生。我們投資和建立這些能力的能力確實使我們能夠為客戶提供服務，正如格雷格剛才所說，他們確實在努力弄清楚，「我如何提高我的團隊的技能？我如何確保他們可以擁抱人工智慧，我的業務可以真正具有競爭力。”因此，我們明年將加大投資。今年是比我們未來時期投資規模更大的一年，因為我們希望真正利用這個有利因素。

Got it. That's helpful. And then maybe in UB and just thinking about the expansion, I think you talked historically with current UB customers only having 10% of current employees covered under a license. Curious if that's moved any higher over the last year or so, especially with consolidation of L&D spend that might be going on right now? And is there anything that you need, such as even more content breath, to be able to push that metric higher on the expansion side?

知道了。這很有幫助。然後也許在 UB，只要考慮擴張，我想您歷史上與當前的 UB 客戶交談時，只有 10% 的現有員工獲得許可證。好奇在過去一年左右的時間裡這一數字是否有所上升，尤其是在目前可能正在進行的研發支出整合的情況下？您是否需要任何東西，例如更多的內容呼吸，才能在擴展方面提高該指標？

That's a really good question, a really good question. The acceleration of consolidation continues to happen, and we're seeing it accelerate as a result of this massive trend, which we just talked about, to a skills-based org. And in fact, I'll talk briefly about 2 of our larger global financial services customers. One, one of the largest banks in all of APAC made a decision to consolidate from 4 vendors, of which we were one, to one vendor and standardize on a strategic approach to developing AI skills across the organization.

這是一個非常好的問題，一個非常好的問題。整合的加速仍在繼續發生，我們看到整合的加速是由於我們剛才談到的以技能為基礎的組織這一大趨勢的結果。事實上，我將簡要介紹我們的兩個較大的全球金融服務客戶。其中，亞太地區最大的銀行之一決定將 4 家供應商（我們是其中之一）合併為一家供應商，並標準化在整個組織內開發人工智慧技能的策略方法。

Fortunately, we ended up being their selected partner, right? So they doubled the size of the contract. We're now in process of developing a multiyear strategy to develop AI skills across the organization in a number of capacities, added on Udemy Business Pro to help them on the technical side of the house. And in addition to that -- we talked about our AWS partnership. They were an AWS customer. And that partnership enables us to move through procurement, the whole procurement process in a accelerated pace and benefited everybody involved for us to do this deal through AWS.

幸運的是，我們最終成為了他們選定的合作夥伴，對嗎？因此他們將合約規模擴大了一倍。我們現在正在製定一項多年策略，以在整個組織內以多種能力培養人工智慧技能，並在 Udemy Business Pro 上添加這些技能，以在技術方面為他們提供幫助。除此之外，我們也討論了我們的 AWS 合作夥伴關係。他們是 AWS 客戶。這種合作夥伴關係使我們能夠加快採購整個採購流程，並使我們透過 AWS 完成這筆交易的每個人都受益。

So the consolidation trend continues. The focus on transition to skills-based org continues. And in terms of our penetration north of 10%, we haven't seen significant movement in that. I would say modest, right, a modest movement. But in our larger customers, especially in the financial services vertical, we're seeing significant movement in Fiserv right now. And what we are seeing is -- we now have this last year over 100% year-over-year growth in our Fortune 100 financial services customers, of which, by the way, we're now over 70% penetrated into the Fortune 100 Fiserv sector, right?

因此整合趨勢仍在持續。繼續專注於向基於技能的組織過渡。就我們超過 10% 的滲透率而言，我們還沒有看到顯著的變化。我會說適度，對，適度的運動。但在我們的大客戶中，特別是在金融服務垂直領域，我們現在看到 Fiserv 發生了重大變化。我們看到的是，去年我們的財富 100 強金融服務客戶數量同比增長超過 100%，順便說一句，我們現在已經超過 70% 滲透到財富 100 強中Fiserv部門，對吧？

So we, for all intent and purposes, locked up by that segment of customers, and they're investing heavily to upskill and reskill both to develop AI capability and skills development, specifically around cybersecurity and areas that are critical for their compliance and very unique circumstance in that financial sector. So anyway, nonetheless, we're seeing some vertical momentum as far as expansion as well as we're seeing a continued trend toward building out that skills-based org capability. And so that deal sizes for us are getting larger. I mentioned the deal was over $100,000. It was our biggest quarter ever. In terms of percentage of deals over $100,000. So there's good momentum for us there.

因此，出於所有意圖和目的，我們被這部分客戶鎖定，他們正在大力投資提高技能和重新技能，以開發人工智慧能力和技能開發，特別是圍繞網路安全和對其合規性至關重要且非常獨特的領域該金融部門的情況。因此，無論如何，我們在擴張方面看到了一些垂直勢頭，並且我們看到了建立基於技能的組織能力的持續趨勢。因此我們的交易規模越來越大。我提到這筆交易的金額超過 10 萬美元。這是我們有史以來最大的季度。超過 100,000 美元的交易百分比。所以我們那裡有良好的勢頭。

Great to hear. Congrats on the results.

很高興聽到。祝賀結果。

And our next question will come from Jeffrey Meuler with Baird.

我們的下一個問題將由 Jeffrey Meuler 和 Baird 提出。

It seems like we've had a couple of quarters in a row now of better consumer than you were expecting. Just -- I guess how much of that is just a better demand environment? And does it -- if it continues, does it make you rethink at all, I guess, the ambitions for how you can manage profitability in the consumer segment if the vibrant marketplace remains from a content creation standpoint.

看起來我們已經連續幾個季度的消費者狀況比您預期的要好。只是──我猜這其中有多少是更好的需求環境？如果它繼續下去，我想，如果從內容創作的角度來看，充滿活力的市場仍然存在，它是否會讓你重新思考如何管理消費者細分市場的獲利能力。

So consumer, we have been really pleased with the stability of the marketplace. And as you saw, unique visitors were stable, monthly average buyers were up. We do, though, know that there is some other things that are happening with consumers, like credit card debt is now -- it's creeped up to a high in comparison to where it's been. And so when you look at, as an example, forecast for Black Friday promotions and that sort of thing, spending is actually expected to be muted. And so in the short term, there continues to be volatility. We think that the consumer business is going to be flat, maybe down a few points. We're all going to just have to wait and see what that looks like.

因此，消費者，我們對市場的穩定性感到非常滿意。正如您所看到的，獨立訪客數量穩定，每月平均買家數量增加。不過，我們確實知道消費者正在發生一些其他事情，例如現在的信用卡債務——與以前相比，它已經攀升至很高的水平。因此，舉個例子，當你看一下黑色星期五促銷活動的預測時，你會發現支出實際上預計會減少。因此，短期內，波動仍然存在。我們認為消費者業務將持平，甚至可能下降幾個點。我們都只能等著看那會是什麼樣子。

But longer term, there are some things that are really exciting that we are building out for learners generally. But first, we build for our Udemy Business learners. And over time, we will be rolling those out on to our consumer platform. And so some of those capabilities, we believe, could start to drive more interest in our consumer. An example of that is the badging and certification. So that ability to take these classes and go out and get that certification and actually share that on the Udemy platform, that capability is coming to the platform.

但從長遠來看，我們正在為學習者創造一些真正令人興奮的東西。但首先，我們為 Udemy Business 學習者建構。隨著時間的推移，我們將把它們推廣到我們的消費者平台上。因此，我們相信，其中一些功能可能會開始引起消費者的更多興趣。徽章和認證就是一個例子。因此，能夠參加這些課程並出去獲得認證並在 Udemy 平台上實際分享該認證，這種能力即將進入該平台。

And so things like that help us really shape how we see consumer as over time being an area that we're going to keep an eye on. Some growth could happen, we don't think in the near term. It's a little bit of a wait-and-see still. But that stability has been great for us.

因此，類似的事情可以幫助我們真正塑造我們對消費者的看法，隨著時間的推移，消費者將成為我們要關注的領域。我們認為短期內不會出現一些成長。目前仍處於觀望狀態。但這種穩定性對我們來說非常好。

Great. And then just anything you can say about the initial instructor response to receiving the letter and the changed payout plans? And just anything else you're doing to manage that, including to maybe better inform them on how it can be a net benefit to them beyond the letter that you sent out?

偉大的。然後，關於講師收到這封信後的最初反應以及更改後的付款計劃，您有什麼想說的嗎？您正在做的任何其他事情來管理這一點，包括更好地告知他們，除了您發出的信函之外，這如何能為他們帶來淨利益？

Yes, it's a good question. So we did communicate directly with our instructors this morning with respect to the changes. I'm hosting a webinar as well with our instructors tomorrow, and we're going to go into a lot more detail there. But what we did share with them -- and let me just say, we've been monitoring our instructor forms very closely today. There's a couple of points that I'm going to go into with them, one of which is our instructors are the lifeblood of our business. We don't have a business without our instructor community, right?

是的，這是一個好問題。因此，今天早上我們確實就這些變化與我們的導師進行了直接溝通。明天我還將與我們的講師一起舉辦一個網路研討會，我們將在那裡討論更多細節。但我們確實與他們分享了——我只想說，我們今天一直在非常密切地監控我們的講師表格。我要與他們討論幾點，其中之一是我們的講師是我們業務的命脈。沒有我們的講師社區，我們就沒有業務，對嗎？

So we took tremendous care in modeling and assessing the impact of this change as well as looking back into 2019 in terms of how we executed the change back in '19, that predated Sarah and I, but how that impacted our instructors. And what that change was, very clearly, was in 2019, we moved instructor payments for our subscription business, Udemy Business, from 50% to 25% in one fell swoop. As a result of that, one of the instructors that was with us back then made the comment in the community and actually showed his graph that said, "Back in 2019 when they made this change, they made the same commitments to investing in go-to-market and technology to enable us to grow Udemy Business at an accelerated rate.

因此，我們非常謹慎地建模和評估這項變化的影響，並回顧 2019 年我們如何執行 19 年的變化，這早於我和 Sarah，但這對我們的教師有何影響。很明顯，這項變更是在 2019 年，我們將訂閱業務 Udemy Business 的講師付款從 50% 一下子提高到 25%。因此，當時和我們在一起的一位講師在社區中發表了評論，並實際上展示了他的圖表，上面寫著：「早在2019 年，當他們做出這項改變時，他們就做出了同樣的承諾來投資go-上市和技術使我們能夠加速發展 Udemy 業務。

At the time, I did take a short-term hit. But I'll show you my graph. Since they made that change, I had more than 6x my instructor revenues as a result of the investments that they had made and the growth of Udemy Business. I believe in this team. I believe in their ability to go do the same thing again." And that's a truncated paraphrase version.

當時，我確實受到了短暫的打擊。但我會向你展示我的圖表。自從他們做出這項改變以來，由於他們的投資和 Udemy 業務的成長，我的講師收入增加了 6 倍以上。我相信這個團隊。我相信他們有能力再做同樣的事情。」這是一個刪節的釋義版本。

But -- and -- but as you can imagine, there's mixed comments. Some instructors that may be a little bit newer maybe reacted a little bit more emotionally and what have you. But we had a number of instructors balancing that feedback with a little bit more levity and a little bit more experience, a little more understanding around how this change impacted them last time and what the end result has been.

但是——而且——但是正如你可以想像的那樣，人們的評論褒貶不一。一些可能比較新的教練可能會更情緒化，你有什麼。但我們有許多講師在平衡回饋的同時，更輕鬆一點，累積了更多經驗，對上次這項變更對他們的影響以及最終結果有了更多的了解。

And we care about all the responses, because the reality is without our instructor community, again, we're not here, right? So we did a couple of things to soften the blow, so to speak, in the short term that we did not do last time. One of which is we made this a 3-year transition, not making the shift from 25% to 15% in 1 year. And the modeling shows us right now that if we execute our growth projections for Udemy Business, that we will actually grow the instructor pool through this 3-year transition. And then coming out the other side, we're off and running and we're back to significant growth, right?

我們關心所有的回應，因為現實是沒有我們的教練社區，再說一次，我們不在這裡，對吧？因此，我們做了一些事情來減輕衝擊，可以說，在短期內，我們上次沒有做。其中之一是我們將這一轉變定為 3 年，而不是在 1 年內從 25% 轉變為 15%。現在的模型向我們表明，如果我們執行 Udemy Business 的成長預測，我們實際上將在這 3 年過渡期間擴大講師隊伍。然後從另一邊出來，我們開始運行，我們又回到了顯著的增長，對嗎？

So we've done a lot of work. We've done a lot of modeling. I'm going to go into more detail with our instructors tomorrow. But I'm very pleased by the response from a number of the instructors that have been with us for a long time that have commented on the impact over the years and our ability to execute a similar outcome here.

所以我們做了很多工作。我們做了很多建模。明天我將與我們的導師進行更詳細的討論。但我對一些長期與我們在一起的講師的回應感到非常高興，他們對多年來的影響以及我們在這裡執行類似結果的能力發表了評論。

And our next question will come from Noah Herman with JPMorgan.

我們的下一個問題將來自摩根大通的諾亞·赫爾曼。

And congrats on the solid quarter. I just wanted to touch a little bit about maybe the linearity you saw in terms of the elongated sale cycles you're continuing to see. Has that -- it sounded like that has improved a little bit. So just curious on how that tracked in Q3 versus Q2 and what maybe you're sort of seeing on October?

恭喜季度業績穩定。我只是想談談您在持續看到的延長銷售週期中看到的線性關係。是嗎——聽起來好像已經改善了一點。所以只是好奇第三季與第二季的情況如何，以及您在 10 月會看到什麼？

What we are seeing is -- it's a good question. Thank you. In some sectors and segments, we're seeing sales cycle velocity improvement. We did touch on that in the opening. And so in aggregate, that is the case. But look, the SMB business is still heavily impacted by the macro. And then regionally, EMEA based on everything that's going on, that Sarah mentioned earlier, geopolitical impact in EMEA. It's without question, it's present. And so we're not, again, ready to call a bottom, but we are encouraged by improving sales velocity, especially in enterprise segments and Asia Pacific as well as in North America and through our channel programs.

我們看到的是──這是一個很好的問題。謝謝。在某些行業和細分市場，我們看到銷售週期速度有所改善。我們在開場確實談到了這一點。總的來說，情況就是這樣。但看起來，中小企業業務仍受到宏觀經濟的嚴重影響。然後從區域來看，歐洲、中東和非洲地區是基於正在發生的一切，莎拉之前提到過，歐洲、中東和非洲地區的地緣政治影響。毫無疑問，它是存在的。因此，我們還沒有準備好宣布觸底，但我們對銷售速度的提高感到鼓舞，特別是在企業細分市場、亞太地區以及北美以及透過我們的通路規劃。

So there's -- it's mixed right now, and we're obviously -- we're monitoring it very closely. And we're hopeful that as we move into next year, that for all of us, we're going to start to see the geopolitical concerns start to wane and get some of that addressed and have a different year next year in terms of the macroeconomic impact.

所以現在情況好壞參半，我們顯然正在非常密切地監視它。我們希望，當我們進入明年時，對於我們所有人來說，我們將開始看到地緣政治擔憂開始減弱，並得到一些解決，明年在宏觀經濟影響。

Got it. And then just a quick follow-up. I realize some of the comments made around EMEA, but in the quarter, it actually looks like across each region internationally, the growth actually accelerated a bit. So I just wanted to double click and see what's really driving that, if you can maybe provide a brief breakdown you're seeing in each region?

知道了。然後進行快速跟進。我意識到有關歐洲、中東和非洲地區的一些評論，但在本季度，實際上看起來國際上每個地區的成長實際上都加快了一點。所以我只是想雙擊，看看真正的推動因素是什麼，您是否可以提供您在每個區域看到的簡要細分？

Yes. I think what you're looking at is the total numbers that you're seeing in the geo, how that growth is happening, and we did see EMEA growing at about 20% overall. Again, as Greg said, we're seeing pressure on the Udemy Business side, but what we're seeing is some strength on the consumer side. And so both of those go into what's happening. North America enterprise business, as Greg just said, that was strong. We saw a slight improvement in the sales cycle of velocity there as well as APAC. But we do continue -- those sales cycles are still longer than historical. So the geo mix that you're seeing and what's happening is a blend of what's happening within UV and what's happening with consumer.

是的。我認為您看到的是您在該地區看到的總數，以及成長是如何發生的，我們確實看到 EMEA 整體成長率約為 20%。正如 Greg 所說，我們再次看到 Udemy 業務方面面臨壓力，但我們看到的是消費者方面的一些優勢。所以這兩點都牽涉到正在發生的事情。正如格雷格剛才所說，北美企業業務很強勁。我們看到該地區以及亞太地區的銷售週期速度略有改善。但我們確實會繼續下去——這些銷售週期仍然比歷史長。因此，您所看到的地理組合和正在發生的事情是紫外線內部發生的事情和消費者發生的事情的混合。

And our next question will come from Josh Baer with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的喬許貝爾。

Great. Wanted to just confirm, is it correct that this content revenue share change, it was not contemplated or needed to get to that 15% to 20% EBITDA margin guidance originally?

偉大的。只是想確認一下，這種內容收入份額變化是否正確，最初沒有考慮或不需要達到 15% 至 20% 的 EBITDA 利潤率指導？

Yes, Josh, thanks for the question. It was not originally anticipated. But we do believe that we're going to get to that target sooner and 2027. And it also gives us confidence that we'll be able to get to the high end of the range and over in the years beyond that. So this change really is to allow us right now to really invest in these things that are continue to drive that sustained growth that you see in Udemy Business. And while you base on the macro, we think when that macro starts to clear up, we'll see a reacceleration again because we are in a really great position to capitalize on that opportunity.

是的，喬什，謝謝你的提問。原本是沒有預料到的。但我們確實相信，我們將更快地在 2027 年實現這一目標。這也讓我們有信心，我們將能夠達到該範圍的高端，並在接下來的幾年裡繼續實現這一目標。因此，這項變更實際上是為了讓我們現在能夠真正投資於這些繼續推動 Udemy Business 持續成長的事情。雖然您以宏觀為基礎，但我們認為，當宏觀開始變得清晰時，我們將再次看到加速，因為我們處於利用這一機會的非常有利的位置。

Great. Really clear. And one on translation using Gen AI to do translations for your courses. Just wondering for you if -- how helpful that is or if it's helpful, I know that you have a lot of focus in actually having like local language content. And so just wondering if that's an area of cost savings for you or maybe not as relevant?

偉大的。真的很清楚。其中一項是關於使用 Gen AI 為您的課程進行翻譯的翻譯。只是想知道您是否 - 這有多大幫助，或者是否有幫助，我知道您非常注重實際擁有類似的本地語言內容。所以只是想知道這是否是您節省成本的一個領域，或者可能不那麼相關？

Josh, thanks for the question. It is not as relevant for us because we do had the advantage on a global basis, our instructors developing localized content and local language, local tone, local contacts that we package and make available to our enterprise customers around the globe. So not relevant to us because it's not needed. And the second thing I would say is leveraging Gen AI for language translation is a fairly basic capability. And we're really focused on developing next-generation learning experiences as a result of the investments we talked about in the learner experience, capabilities we're providing our structures as well as organizations. And you're going to hear a lot more from us around our ability to deliver skills mapping capability and mapping that the content learning path and tailored learning path in product to truly transform how organizations develop skills as a result of getting more systematic access to personalized learning experiences through our platform.

喬什，謝謝你的提問。這對我們來說並不重要，因為我們確實在全球範圍內擁有優勢，我們的講師開發本地化內容和本地語言、本地語氣、本地聯繫人，我們將這些內容打包並提供給全球的企業客戶。所以與我們無關，因為不需要。我要說的第二件事是利用 Gen AI 進行語言翻譯是一項相當基本的功能。我們真正專注於發展下一代學習體驗，這是我們在學習者體驗、我們提供的結構和組織的能力方面進行投資的結果。您將從我們那裡聽到更多有關我們提供技能映射能力以及在產品中映射內容學習路徑和定制學習路徑的能力，以真正改變組織通過更系統地訪問個性化技能來開發技能的方式通過我們的平台學習經驗。

And it's these types of investments that we're making that are truly going to be transformational as we move forward in helping organizations transition to a skills-based economy. And that's really where our energy is focused on these types of investments.

隨著我們繼續幫助組織向技能型經濟轉型，我們正在進行的這些類型的投資將真正帶來改變。這確實是我們將精力集中在此類投資上的地方。

And our next question will come from Brent Thill with Jefferies.

我們的下一個問題將由傑弗里斯的布倫特·希爾提出。

This is Dave Lustberg on for Brent. I have 2, if I may. Maybe to start, I wanted to ask on the consumer subscription, nice to hear, I think, 100,000 subs passed. Maybe how long has that been rolled out? I guess, if there's like a data point on the quarterly growth? And where do you guys see that getting to over time?

我是布倫特的戴夫·拉斯特伯格。如果可以的話，我有 2 個。也許一開始，我想詢問消費者訂閱情況，很高興聽到，我想，已經有 10 萬名訂閱者通過了。也許推出多久了？我想，是否有關於季度成長的數據點？隨著時間的推移，你們認為這種情況會發展到什麼程度呢？

Dave, thanks for the question. So we really started rolling out in small test markets. Almost 2 years ago with our subscription, it's been a while. But part of that rollout was really taking into consideration bringing our instructors along because, again, the consumer marketplace, they are the consumer transactional marketplace, they received 37% at the time subscriptions were up 25%. And as we know now, the 25% is going to be going to 15% over time. And so just bringing them along and making sure that we are gradually rolling that out to really be thoughtful about the earnings was important to us.

戴夫，謝謝你的提問。所以我們真的開始在小型測試市場推出。大約兩年前我們訂閱了，已經有一段時間了。但這次推出的一部分確實考慮到了讓我們的講師也參與其中，因為消費者市場，他們是消費者交易市場，他們收到了 37% 的訂閱量，當時訂閱量增加了 25%。正如我們現在所知，隨著時間的推移，25% 將會上升到 15%。因此，將他們帶入並確保我們逐步推出這一點，真正考慮到收益對我們來說很重要。

Where this goes over time, we think it's reasonable that this becomes a meaningful portion of our consumer revenue. And at the same time, that marketplace, that transactional marketplace is where new courses are tested, it's where they get speed back and it's where we are able to see the quality and applicability of those courses so that then we can put them over in our subscription product. So hard to say exactly where that's going to go. We do think a lot of the features and functionality that we're building out for learners on the UV side first. Those are most applicable to the personal plan our subscription plan.

隨著時間的推移，我們認為這成為我們消費者收入的一個有意義的部分是合理的。同時，這個市場，這個交易市場是新課程測試的地方，是它們恢復速度的地方，也是我們能夠看到這些課程的品質和適用性的地方，這樣我們就可以將它們放在我們的課程中。訂閱產品。很難確切地說它會去哪裡。我們確實首先考慮了為 UV 方面的學習者所建構的許多特性和功能。這些最適用於我們的訂閱計劃的個人計劃。

And so we're going to continue to update you as that program rolls out. What I will say is what we started first in the U.S. and about 50% of our stops are our subscribers are in the U.S. still to date. We have added on a number of markets over 10 additional markets slowly over time. And right now, what we're seeing is the fastest growth in India. So more to come on that, but we're really excited about the response that we've seen from consumers with respect to our personal plan.

因此，隨著該計劃的推出，我們將繼續向您通報最新情況。我要說的是，我們首先在美國開始，大約 50% 的網站是我們的訂閱者，迄今為止仍然在美國。隨著時間的推移，我們已經慢慢增加了 10 多個市場。目前，我們看到的是印度的成長最快。還有更多內容，但我們對消費者對我們個人計劃的反應感到非常興奮。

Got it. That's helpful. And then maybe just a quick follow-up. Interesting to hear your comments on certifications and credentialing. I think it's a very topical topic in the industry now. I'm sure many of you saw another company in the space acquired a sizable company around just that credentialing and whatnot. So curious where you guys think you sit today as it relates to those credentialing capabilities? And how hard are you guys going to lean into this? How important is it for you? It would be helpful to hear your thoughts on that.

知道了。這很有幫助。然後也許只是快速跟進。很高興聽到您對認證和資格認證的評論。我認為這是現在業界非常熱門的話題。我相信你們中的許多人都看到該領域的另一家公司圍繞著認證等收購了一家相當大的公司。很好奇你們認為你們今天坐在哪裡，因為它與這些認證能力有關？你們打算多努力做到這一點？它對你來說有多重要？聽到您對此的想法會很有幫助。

Yes, you got it. Thanks for the question. Very important to us. I couldn't be happier with the momentum and the uptake we're seeing with respect to badging and credentialing. And I'll give you an example, we have one of our larger Fortune 500 financial services customers, run a 5,000-seat initial phase deployment that resulted in an increase of 13 days or an acceleration of 13 days faster in terms of certification completion and a 20% higher first-time pass rate than the prior vendor they had used.

是的，你明白了。謝謝你的提問。對我們來說非常重要。我對我們在徽章和認證方面看到的勢頭和採用感到非常高興。我舉個例子，我們有一個較大的財富 500 強金融服務客戶，運行了 5,000 個席位的初始階段部署，導致認證完成時間增加了 13 天或加速了 13 天，與之前使用的供應商相比，首次通過率高出20%。

So as a result of that, we've gone from 4,000 seats to 30,000 seats this last quarter through that expansion. And that's really, I think, consistent with what we're seeing across the board is because we have the badging and certification capability in platform now, and we have an end-to-end continuity with respect to Udemy Business Pro layered on top of our core content to enable folks to come in and have an immersive learning experience, which ended up self-help accelerate the learning process, which helps accelerate the amount of days that it takes to get through the learning process, series of course.

因此，透過這次擴張，我們上個季度的座位數從 4,000 個增加到了 30,000 個。我認為，這確實與我們所看到的全面一致，因為我們現在在平台上擁有徽章和認證功能，並且我們在 Udemy Business Pro 之上擁有端到端的連續性我們的核心內容使人們能夠進來並獲得身臨其境的學習經驗，最終自助加速學習過程，這有助於加快完成學習過程（當然是系列課程）所需的天數。

And then as a result of the higher quality experience, a higher pass rate, first-time pass rates. So that's just one of a number of examples. We had another large Fortune 500 APAC customer. It's been a customer for -- of ours for some time, do something similar. And they ended up standardizing on our platform about, 1.5 years ago, they just layered in 10,000 seats of upro for their check side of the house. And on top of that, they said one of the reasons -- one of the primary reasons they ended up layering those seats in is because of the badging and certification capability that we now have in conjunction with the immersive learning experience of upro.

然後由於更高品質的體驗，更高的通過率、首次通過率。這只是眾多例子之一。我們還有另一家大型財富 500 強亞太區客戶。一段時間以來，它一直是我們的客戶，做類似的事情。大約 1.5 年前，他們最終在我們的平台上實現了標準化，他們只是在檢查區放置了 10,000 個 upro 座位。最重要的是，他們表示，他們最終將這些席位分層的主要原因之一是我們現在擁有的徽章和認證能力以及 upro 的沉浸式學習體驗。

So we really couldn't be happier with the momentum we're seeing right now, and we expect it to continue. Validation is really important. It's important for the learner. It's important for customers. And the reality is it's really in support of this whole transition to skills-based economy. And so for us, we are investing heavily there. We've just made available the ability for learners to now display those badges in not only in our platform but external platforms, social platforms and there's further investments coming. So all to say, great momentum on our side, helping us win more deals, expand faster in existing customers, and we expect that to continue.

因此，我們對現在所看到的勢頭感到非常高興，並且我們預計這種勢頭將持續下去。驗證確實很重要。這對學習者來說很重要。這對客戶來說很重要。現實情況是，它確實支持向技能型經濟的整個轉型。因此，對我們來說，我們正在那裡進行大量投資。我們剛剛讓學習者不僅可以在我們的平台上展示這些徽章，還可以在外部平台、社交平台上展示這些徽章，並且還會有進一步的投資。總而言之，我們的勢頭強勁，幫助我們贏得更多交易，更快地擴大現有客戶，我們預計這種情況將持續下去。

Our next question will come from Brett Knoblauch with Cantor Fitzgerald.

我們的下一個問題將來自布雷特·諾布勞赫和坎托·菲茨杰拉德。

Congrats on the quarter. I guess one for me. If we kind of look at average ACVs, I mean the customers added over the last year, it's up 33% and accelerated. So I guess my question is, what's really driving the ACV growth of, call it, the more recently added customers? Is it really just like the makeup of the customers you're adding in this 'tough macro it might get more' forward thing? Anything else to help us understand what's driving that?

恭喜本季。我猜有一個適合我。如果我們看一下平均 ACV，我的意思是去年增加的客戶數量增加了 33%，而且還在加速成長。所以我想我的問題是，是什麼真正推動了最近新增的客戶的 ACV 成長？它真的就像你在這個「艱難的宏觀，它可能會得到更多」的未來事物中添加的客戶的組成一樣嗎？還有什麼可以幫助我們了解推動這趨勢的因素嗎？

Yes. I'll take that, and Greg can chime in here. What we are seeing is the deal sizes increase because enterprises are having a little bit each of a time navigating this tough macro than the smaller businesses. And so as that business has shifted toward enterprise, you'll see that. Also, I believe the clarity in which we are sharing with them how AI impacts our business and how we can help them close the gaps that they're looking at. These customers, they really are struggling with 5,000, 10,000, 20,000, you name employees, all of whom have different skill needs and those skills needs are changing. They're not static.

是的。我會接受的，格雷格可以在這裡插話。我們看到的是交易規模的增加，因為與小型企業相比，企業每次都需要一點點來應對這個艱難的宏觀環境。因此，當該業務轉向企業時，您就會看到這一點。此外，我相信我們與他們清晰地分享人工智慧如何影響我們的業務以及我們如何幫助他們縮小他們正在考慮的差距。這些客戶，他們確實在與 5,000、10,000、20,000 名員工作鬥爭，他們都有不同的技能需求，而且這些技能需求正在改變。它們不是靜態的。

And so they're looking for a solution that they can partner with not just now but into the future. And I think the road map that we've laid out and what we are doing and the product innovation really speaks to the problem that they have and helping them solve that in a very automated, very effective, cost-effective way.

因此，他們正在尋找一種不僅可以在現在而且可以在未來合作的解決方案。我認為我們制定的路線圖、我們正在做的事情以及產品創新確實解決了他們所面臨的問題，並幫助他們以非常自動化、非常有效、具有成本效益的方式解決這個問題。

Yes, I'll just add that the 2 primary trends transition to skills-based organization and then AI literacy are acute. And I was even a bit surprised at just how much pressure and how acute the need is for CLOs to be able to answer the question and really solve the problem and really it's more of a take advantage of the opportunity to upskill an entire organization with respect to AI literacy. I mean -- and it's also something that I could feel it in the conversations that I was in that they believe and the CEOs believe that if they don't move now, they're going to get left behind. And it's that fear of missing out or fear of losing the competition because they're not moving fast enough to educate their employees on how to operationally leverage AI internally to get leverage and how to build AI capability into their products and services to provide more value and impact to their customers.

是的，我只想補充一點，兩個主要趨勢是向基於技能的組織過渡，然後是人工智慧素養。我甚至有點驚訝於 CLO 能夠回答問題並真正解決問題的壓力和需求有多麼迫切，而且實際上更多的是利用這個機會以尊重的方式提升整個組織的技能人工智慧素養。我的意思是——我在談話中也能感受到這一點，他們相信，執行長們相信，如果他們現在不採取行動，他們就會被拋在後面。正是因為他們沒有足夠快的行動來教育員工如何在內部利用人工智慧來獲得影響力，以及如何將人工智慧能力建構到他們的產品和服務中以提供更多價值，所以害怕錯過或失去競爭。以及對客戶的影響。

And like I said, I've been doing this a while. I've been in enterprise software for going on 30 years. And even the dot-com era and some of these other transitions, it hasn't been this acute and pointed in terms of the conversations that we're having right now and the investments companies are making. We've talked about some large multiyear deals that we're signing as a result of organizations accelerating their transition as skills-based org and accelerating their investments in AI. And we truly believe we're on the front end of this, right?

正如我所說，我這樣做已經有一段時間了。我從事企業軟體行業已有 30 年了。即使是網路時代和其他一些轉型，就我們現在正在進行的對話和公司正在進行的投資而言，也沒有那麼尖銳和尖銳。我們討論了一些大型的多年期協議，這些協議是由於組織加速向基於技能的組織轉型並加速對人工智慧的投資而簽署的。我們確實相信我們正處於這方面的前沿，對吧？

We talked about the numbers. The vast majority of organizations do not have an understanding as to how to transition to this AI world or to a skills-based org capability. And so this is going to be in front of us for years to come to help organizations really address. And that really is one of the reasons why we're seeing that deal sizes go up and all the accelerants we're seeing on the enterprise side of our business, as much as we're seeing some depression still on the SMB side, the enterprise side and on a global basis within our large multinational organizations, there's an accelerated level of activity around these key trends.

我們討論了數字。絕大多數組織不了解如何過渡到這個人工智慧世界或基於技能的組織能力。因此，這將在未來幾年內擺在我們面前，幫助組織真正解決這個問題。這確實是我們看到交易規模上升以及我們在企業業務方面看到的所有促進因素的原因之一，儘管我們看到中小企業方面仍然存在一些蕭條，在企業方面以及在全球範圍內的大型跨國組織中，圍繞這些關鍵趨勢的活動正在加速進行。

And our next question will come from Thomas Singlehurst with Citi.

我們的下一個問題將來自花旗銀行的托馬斯·辛格赫斯特。

A couple of questions. First one on -- I just want to make sure I wasn't missing anything. Combining your sort of -- the trajectory of the revenue share and the comment about, hopefully, the instructors not experiencing any absolute congestion, am I right in just inferring that means at least 25% revenue growth next year and around 20% compound revenue growth as sort of a base -- like a lower level base through to 2026? I just want make sure I got the math right and I wasn't missing anything?

有幾個問題。第一個——我只是想確保我沒有遺漏任何東西。結合你的收入份額的軌跡和關於希望教師沒有經歷任何絕對擁塞的評論，我的推斷是否正確，這意味著明年至少有 25% 的收入增長，複合收入增長約為 20%作為某種基地——例如直到2026 年的較低階基地？我只是想確保我的數學正確並且沒有遺漏任何東西？

Tom, thanks for the question. So that response was overall that, that will grow, not necessarily that UV is 25% next year. But what we do think is we are going to be exiting Q4 on the UV side in the mid-20s. And we do think, plus or as a few points, but that's a reasonable range in this continued like tough macro environment. We think that we'll accelerate when the macro softens. But right now, it doesn't look like that's going to be anytime soon. And so really, what we're focused on is a stable instructor pool and growing over time and investing in the things that will allow that to grow at a greater rate over time than it could have without those investments.

湯姆，謝謝你的提問。因此，整體反應是，紫外線會成長，但明年紫外線不一定會達到 25%。但我們確實認為，我們將在 1920 年代中期退出 UV 方面的第四季度。我們確實認為，加上或作為幾點，但在這種持續嚴峻的宏觀環境中，這是一個合理的範圍。我們認為，當宏觀經濟疲軟時，我們將會加速。但現在看來，這種情況不會很快發生。事實上，我們關注的是一個穩定的教師隊伍，並隨著時間的推移不斷增長，並投資於那些能夠使其隨著時間的推移以比沒有這些投資更高的速度增長的東西。

That's super clear. And the second one was just on, I suppose, cash usage. I mean we're at the point where you're delivering obviously better EBITDA than we were going for a positive free cash flow, which is great. I mean -- and you've got that big sort of cash balance. I'm just wondering whether anything in addition there to say on cash usage given what you've sort of related about the sort of accelerated progress to that 15% to 20% EBITDA range and being more comfortable with the higher end of that. Should we expect more movement on cash usage, whether it's M&A or capital return?

說的超清楚啊我想第二個就是現金使用。我的意思是，我們現在所提供的 EBITDA 明顯好於我們所追求的正自由現金流，這很棒。我的意思是——你有那麼大的現金餘額。我只是想知道，考慮到您對 15% 至 20% EBITDA 範圍的加速進展以及對較高端更加滿意的情況，是否還有關於現金使用的任何補充說明。我們是否應該預期現金使用會出現更多變化，無論是併購還是資本回報？

Yes, that's a good question. We're still -- and we talked about this on prior calls, and I'm happy to just reiterate that we are active in the market with respect to corporate development and M&A. But for us, it's going to be -- the bar is pretty high. And we will put that capital to work when we find the right opportunity either to leverage the technical capability that an organization has to enable us to potentially move further faster with respect to our AI strategy and/or platform strategy at large.

是的，這是一個好問題。我們仍然——我們在之前的電話會議上討論過這一點，我很高興重申，我們在企業發展和併購方面積極參與市場。但對我們來說，門檻相當高。當我們找到合適的機會來利用組織擁有的技術能力時，我們將把這些資本投入到工作中，使我們能夠在我們的人工智慧策略和/或整個平台策略方面更快地前進。

And in addition to that, it could be geographic expansion. At this time, we haven't found that right company that we believe is going to help us in one of those areas. And we'll keep going until we do. We do have -- it is her to put that capital to work, and it definitely is a focus for us. So we'll keep you posted.

除此之外，還可能是地域擴張。目前，我們還沒有找到合適的公司來幫助我們在這些領域之一。我們將繼續前進，直到我們做到為止。我們確實有——是她將這些資本投入工作中，這絕對是我們關注的焦點。所以我們會及時通知您。

(Operator Instructions) Our next question here will come from Terrell Tillman with Truist Securities.

（操作員指示）我們的下一個問題將來自 Truist Securities 的 Terrell Tillman。

Great. This is Connor Passarella on for Terrell. I just wanted to ask one around the Docker partnership. If there's any revenue minimums or financial impact from the partnership. And maybe if you could speak to the greater opportunity around expanding your leadership position in educating developers?

偉大的。我是特雷爾的康納·帕薩雷拉。我只是想詢問一下 Docker 合作夥伴關係。合作夥伴關係是否有任何最低收入或財務影響。也許您能談談擴大您在教育開發人員方面的領導地位的更大機會嗎？

That's a good question. No revenue minimums. This is a rev share -- typical reseller rev share partnership. And I couldn't be happier with the co-marketing capability, which is going to be kind of the primary lever for us that we're going to execute against them. We're both Docker and Udemy have agreed to spend into that. And it's early days, the ability for us to help them with certification and skill development is significant, which is why they were excited to partner with us. And I do want to clarify, though, that as I'm thinking through the question, as far as revenue per se, this is primarily co-marketing right now. We will, over time, be evaluating the opportunity to develop revenue-generating opportunities or revshare opportunities. But right now, I think the initial phase of this relationship is primarily co-marketing. So we'll keep you posted on that.

這是個好問題。沒有收入最低限額。這是一種收益分享——典型的經銷商收益分享合作關係。我對聯合行銷能力感到非常滿意，這將成為我們對抗他們的主要槓桿。我們 Docker 和 Udemy 都同意為此投入資金。現在還處於早期階段，我們幫助他們進行認證和技能發展的能力非常重要，這就是他們很高興與我們合作的原因。不過，我確實想澄清一下，當我思考這個問題時，就收入本身而言，目前主要是聯合行銷。隨著時間的推移，我們將評估開發創收機會或收益分成機會的機會。但現在，我認為這種關係的初始階段主要是聯合行銷。所以我們會及時通知您。

Our next question comes David will come from Devin Au with KeyBanc.

我們的下一個問題是 David 來自 KeyBanc 的 Devin Au。

Just one question and also I just want to ask about the instructor revenue share. With that structure kind of going from 25% down to 15% over the years. How does the revised structure maybe stack up against kind of the other players in the industry? Just any color you can provide on that?

只是一個問題，我只想問一下教練的收入分成。多年來，這種結構從 25% 下降到 15%。修改後的結構與業界其他參與者相比如何？您可以提供任何顏色嗎？

Yes, it's a great question. And I think I would also remind everyone that we don't just have the instructive revenue share on the Udemy Business side, but all the instructors that sit in our subscription business, sit in our marketplace, and they're able to enjoy well above market of 37%. So when you look at the combined, it is still a very, very strong revenue share.

是的，這是一個很好的問題。我想我還要提醒大家，我們不僅在 Udemy 業務方面擁有指導性收入份額，而且所有參與我們訂閱業務、參與我們市場的講師都能夠享受遠高於市場佔有率37%。因此，當你綜合考慮時，你會發現它仍然是一個非常非常強勁的收入份額。

In addition to that, the access that they have to 67 million learners and growing globally and the access they have to our Udemy Business, which -- even though the macro is tough, like we're winning market share, like we're in a good spot. So the combination of those, I would say, make it a very attractive place for instructors to come and share their expertise on our platform.

除此之外，他們可以接觸到6700 萬學習者並在全球範圍內不斷增長，還可以接觸到我們的Udemy 業務，儘管宏觀形勢嚴峻，但我們正在贏得市場份額，就像我們所處的位置一樣。一個好地方。因此，我想說，這些因素的結合使其成為教師在我們的平台上分享他們的專業知識的一個非常有吸引力的地方。

And this concludes our question-and-answer session. I'd 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·布朗做總結發言。

I'd just like to thank everybody for joining us on the call and appreciate all of the feedback and questions and look forward to seeing you again in February.

我謹感謝大家加入我們的電話會議，感謝所有的回饋和問題，並期待二月再次見到您。

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

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路。