(UDMY) 2023 Q4 法說會逐字稿

Hello, and welcome to the Udemy fourth quarter 2023 earnings conference call.

您好，歡迎參加 Udemy 2023 年第四季財報電話會議。

(Operator Instructions) I would now like to hand the call to Dennis Walsh, Vice President, Investor Relations.

（操作員指示）我現在想將電話轉給投資者關係副總裁 Dennis Walsh。

Please go ahead.

請繼續。

Thank you, MJ.

謝謝你，喬丹。

Joining me today are Udemy's Chief Executive Officer, Greg Brown, and Chief Financial Officer, Sarah Blanchard.

今天與我一起出席的有 Udemy 執行長 Greg Brown 和財務長 Sarah Blanchard。

During this conference call, we will make forward-looking statements within the meaning of federal securities laws.

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。

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.

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。

For a complete discussion of risks associated with these forward-looking statements.

有關與這些前瞻性陳述相關的風險的完整討論。

We encourage you to refer to our most recent Form 10-K and Form 10-Q filings with the Securities and Exchange Commission are forward looking statements are based upon information currently available to us.

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，這些前瞻性聲明是基於我們目前掌握的資訊。

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.

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。

We believe that these non-GAAP financial measures support management and investors in evaluating our performance and comparing period-to-period results of operation in a more meaningful and consistent manner.

我們相信，這些非公認會計準則財務指標有助於管理階層和投資者以更有意義和一致的方式評估我們的表現並比較不同期間的經營績效。

As discussed in greater detail in the supplemental schedules to our earnings release a reconciliation of these non-GAAP measures to the most comparable GAAP financial measures is included in our earnings press release.

正如我們的收益發布補充表中更詳細討論的那樣，我們的收益新聞稿中包含了這些非公認會計準則指標與最具可比性的公認會計準則財務指標的調節表。

These reconciliations, together with additional supplemental information, are available on the Investor Relations section of our website.

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。

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.

謝謝丹尼斯，祝所有參加電話會議的人下午好。

I'll start today with comments on our results, highlight some achievements from 2023, and then provide an update on our strategic priorities for 2024.

今天我將首先對我們的成果發表評論，重點介紹 2023 年的一些成就，然後提供有關 2024 年戰略重點的最新資訊。

Udemy closed out 2023 with strong results that exceeded expectations for both revenue and adjusted EBITDA margin.

Udemy 2023 年業績強勁，營收和調整後 EBITDA 利潤率均超乎預期。

Despite the challenging macroeconomic environment due to the increased full year revenue by 16% year over year.

儘管宏觀經濟環境充滿挑戰，但全年營收年增 16%。

Within that, our leading growth engine YuMi business delivered impressive 34% year over year revenue growth as companies around the world are prioritizing investment and the upskilling and reskilling of their talent.

其中，我們領先的成長引擎 YuMi 業務實現了令人印象深刻的 34% 同比收入成長，因為世界各地的公司都在優先考慮投資以及人才的技能提升和再培訓。

From a profitability perspective, we delivered our first full year of positive adjusted EBITDA, well ahead of plan.

從獲利能力的角度來看，我們實現了第一個全年正調整 EBITDA，遠遠超出了計劃。

As a company, we made meaningful progress in 2023.

作為一家公司，我們在 2023 年取得了有意義的進展。

I stepped into the CEO role last February, and we further bolstered our leadership team with new chief marketing people and product officers who all bring deep experience within the respective functions to you.

我於去年二月擔任首席執行官，我們透過新的首席行銷人員和產品官進一步增強了我們的領導團隊，他們都為您帶來了各自職能方面的豐富經驗。

To me on our Q4 call last year, we laid out our strategic priorities for investors and other stakeholders.

對我來說，在去年第四季的電話會議上，我們為投資者和其他利害關係人列出了我們的策略重點。

I'm proud to say that we delivered on each of those priorities, which included first establish new to me as the platform of choice for professional learners and increasing skills development through new learning modalities.

我很自豪地說，我們實現了每一個優先事項，其中包括首先建立對我來說新的專業學習者的首選平台，並透過新的學習方式提高技能發展。

Last year, we significantly grew our learner base, adding 10 million new learners to our platform and more than 1,800 net new unique business customers.

去年，我們的學習者群體顯著擴大，為我們的平台增加了 1000 萬新學習者，並新增了 1,800 多個獨特的淨業務客戶。

We leveraged generative AI technology to create more personalized learning experiences, including capabilities and enable micro learning.

我們利用生成式人工智慧技術來創造更個人化的學習體驗，包括功能並支援微學習。

We empowered our instructor partners with tools that help create high-quality, on-demand and immersive content faster and more efficiently.

我們為講師合作夥伴提供了工具，幫助他們更快、更有效率地創建高品質、隨選和沈浸式內容。

Further, we shared our generative AI product roadmap that will transform how professionals develop skills, organizations, recruit and manage talent and instructors, create content.

此外，我們分享了我們的生成式人工智慧產品路線圖，該路線圖將改變專業人士開發技能、組織、招募和管理人才和講師以及創建內容的方式。

Second, introduce validation of skills acquisition through badging and professional certification We partnered with one ad tech to bring the open badges standard to our platform.

其次，透過徽章和專業認證引入對技能獲取的驗證我們與一家廣告技術公司合作，將開放徽章標準引入我們的平台。

We introduced curated learning fast hands-on labs and assessments to support utility business learners preparation for nearly 200 branded third-party certifications and badges.

我們引入了精心策劃的學習快速實踐實驗室和評估，以支持公用事業業務學習者為近 200 個品牌第三方認證和徽章做好準備。

We also enabled learners to import those badges and certifications onto our platform to signal skills proficiency and to empower organizations with valuable data about their workforces capabilities.

我們還允許學習者將這些徽章和認證導入我們的平台，以表明技能熟練程度，並為組織提供有關其員工能力的寶貴數據。

Later this year, we would be extending our professional badging and certification capabilities to our consumer marketplace.

今年晚些時候，我們將把我們的專業徽章和認證能力擴展到我們的消費者市場。

Third, accelerate global expansion.

第三，加速全球擴張。

We leaned into our partner strategy, further developing our relationships with AWS, SNSA and other technology and regional reseller partners that extend our reach domestically and internationally.

我們深入研究我們的合作夥伴策略，進一步發展與 AWS、SNSA 以及其他技術和區域經銷商合作夥伴的關係，從而擴大了我們在國內和國際上的影響力。

Further, our commitment to upskilling and reskilling YuMi also entered into new partnerships with Docker, a leading provider of development tools and service, now a leading digital workflow company, and finally, increased company-wide operational efficiency and progress toward profitability.

此外，我們對技能提升和再培訓的承諾YuMi 還與領先的開發工具和服務提供商Docker 建立了新的合作夥伴關係，Docker 現在是一家領先的數位工作流程公司，最終提高了公司範圍內的運營效率和盈利進展。

Thanks to our disciplined approach to driving efficiencies throughout the organization, we delivered positive adjusted EBITDA for the full year ahead of plan.

由於我們在整個組織中提高效率的嚴格方法，我們提前實現了全年積極的調整後 EBITDA。

Building on that momentum, we enter 2024 well positioned to capitalize on a large and growing opportunity.

在此勢頭的基礎上，進入 2024 年，我們已做好充分準備，充分利用巨大且不斷增長的機會。

Ai is changing the way the world works and is expected to have a $4 trillion impact on organizations.

人工智慧正在改變世界的運作方式，預計將對組織產生 4 兆美元的影響。

This unprecedented transformation driven by rapidly evolving technology is expected to affect nearly every professional role in every industry and region.

這種由快速發展的技術驅動的前所未有的變革預計將影響每個行業和地區的幾乎所有專業角色。

This represents a massive long-term opportunity for you to make since skills are at the heart of this revolution.

這對您來說是一個巨大的長期機會，因為技能是這場革命的核心。

More than ever, employers are recognizing the importance of prioritizing proficiency in specific skills rather than solely looking at traditional degrees and job histories.

雇主比以往任何時候都更認識到優先考慮特定技能熟練程度的重要性，而不是僅僅關注傳統學位和工作經驗。

A recent study found that more than 90% of companies believe skills-based hiring is more effective than traditional resume-based approaches, leading to a reduction in miss hours by nearly 90%.

最近的一項研究發現，超過 90% 的公司認為基於技能的招聘比傳統的基於履歷的方法更有效，從而使缺勤時間減少了近 90%。

This shift to skills-based practices is becoming increasingly necessary to support workforce retention, facilitate internal mobility and enhanced workplace diversity.

這種向基於技能的實踐的轉變對於支持勞動力保留、促進內部流動和增強工作場所多樣性變得越來越必要。

In addition, corporate leaders around the world are concerned about a pending talent shortage.

此外，世界各地的企業領導人都對懸而未決的人才短缺感到擔憂。

A new study found that by 2030 less than six years from now, there will be a global talent shortage of more than 85 million people.

一項新研究發現，到2030年，不到六年的時間，全球人才缺口將超過8,500萬人。

This could significantly restrained companies' growth resulting in trillions of dollars of unrealized annual revenues in the technology space alone, the US could lose out on more than an estimated $160 billion worth of revenues annually unless more adequately skilled high-tech workers are found.

這可能會嚴重限制公司的成長，導致僅在技術領域就有數萬億美元的未實現年收入，除非找到更多熟練的高科技工人，否則美國每年可能會損失超過估計的1600 億美元的收入。

As the business landscape further evolves.

隨著商業格局的進一步發展。

So to the skills required as demonstrated by the powerful impact of generative AI in just one year.

因此，生成式人工智慧在短短一年內的強大影響力就證明了所需的技能。

In this current environment, developing workforce skills, especially AI proficiency, is essential for organizations to remain competitive over the long term.

在當前環境下，培養員工技能，尤其是人工智慧熟練程度，對於組織保持長期競爭力至關重要。

The number one topic we're discussing with leaders in almost every company is how unique and help them develop a digital transformation strategy.

我們與幾乎每家公司的領導者討論的首要主題是如何獨特並幫助他們制定數位轉型策略。

As an example, Genpact, a leading global professional services company committed to leveraging data tech and AI services recently expanded their relationship with unique Genpact collaborated with UCB to develop its Gen-i talent Academy, a comprehensive 12 week program focused on developing AI skills with the introduction of this innovative learning program, Genpact not only achieved its goal of upskilling and specialized workforce in generative AI, but it also emerged.

例如，致力於利用數據技術和人工智慧服務的全球領先專業服務公司簡柏特(Genpact) 最近擴大了與獨特的簡柏特(Genpact) 的關係，與UCB 合作開發了Gen-i 人才學院，這是一個為期12 週的綜合項目，專注於培養人工智慧技能透過引入這項創新學習計劃，簡柏特不僅實現了在生成式人工智慧領域提高技能和專業化勞動力的目標，而且還嶄露頭角。

It's one of the pioneering entities in the industry.

它是該行業的先驅實體之一。

Genpact achieved this goal two times faster than expected equipping their team with the essential readiness to address escalating clients.

簡柏特實現這一目標的速度比預期快兩倍，讓他們的團隊做好了應對不斷升級的客戶的必要準備。

Another example is Marriott International, which expanded their relationship with you to me this quarter as they are in the midst of a similar transformation, very out re-leverage the Unum learning platform, including our unique Pro offering and local language collections as they further invest in growing our global digital and technology workforce.

另一個例子是萬豪國際集團，本季他們擴大了與我的關係，因為他們正處於類似的轉型之中，隨著他們進一步投資，他們非常重新利用Unum 學習平台，包括我們獨特的專業產品和本地語言集合發展我們的全球數位和技術勞動力。

Forward-thinking companies like Genpact and Mary are recognized the importance and value of investing in employee, upskilling and reskilling those that don't risk falling behind.

像簡柏特和瑪麗這樣有遠見的公司認識到投資於員工、提高技能和重新培訓那些不會落後的人的重要性和價值。

We believe skills-based organizations with robust internal R&D programs, see increased employee retention and also achieve better business outcomes for these reasons that many companies today are redefining jobs as collections have required skills considering etrials evolution over the long term.

我們相信，基於技能的組織擁有強大的內部研發計劃，可以提高員工保留率，並實現更好的業務成果，因為這些原因，當今許多公司正在重新定義工作，因為考慮到電子試驗的長期發展，集合需要技能。

During the fourth quarter, one of the largest financial institutions in the world engaged me to provide a comprehensive learning solution that supports their goal of upskilling across the organization.

在第四季度，世界上最大的金融機構之一聘請我提供全面的學習解決方案，以支持他們在整個組織內提陞技能的目標。

This new customer entered into a seven-figure multiyear multiproduct deal, partnering with our team to accelerate the development of cloud and other technology skills with high quality and immersive learning experiences.

這位新客戶達成了一項價值七位數的多年期多產品協議，與我們的團隊合作，以高品質和沈浸式學習體驗加速雲端和其他技術技能的開發。

We continue to see a trend of financial institutions becoming early adopters of AI technology, thus driving meaningful demand from that sector.

我們繼續看到金融機構成為人工智慧技術早期採用者的趨勢，從而推動該行業的有意義的需求。

Another new customer that engage you to me during Q4 to support their LND. efforts is Airbus, a global aerospace and defense company as Airbus is shifting, focus towards becoming a technology company, reskilling and upskilling existing employees is fundamentally due to me was selected as their partner due to our agile content model that aligns with their shift towards becoming a skills-based organization with emphasis on digital badges and professional certifications.

另一位新客戶在第四季度邀請您來支持他們的 LND。空中巴士公司是一家全球航空航太和國防公司，空中巴士正在轉變，重點轉向成為一家技術公司，對現有員工進行再培訓和提高技能，這從根本上是由於我被選為他們的合作夥伴，因為我們敏捷的內容模型與他們向成為技術公司的轉變相一致。一個以技能為基礎的組織，重點關注數位徽章和專業認證。

An initial focus is on digital profiles via the Airbus digital academy, a central hub for all data and tech content where union provides the skills development.

最初的重點是透過空中巴士數位學院進行數位檔案，該學院是所有數據和技術內容的中心樞紐，工會在這裡提供技能開發。

It helps their employees keep up with the accelerated pace of technology change.

它幫助他們的員工跟上技術變革的加速步伐。

Taking all that into account truly illustrates the importance of creating a culture of continuous learning as central to the future of work traditional R&D models, which were primarily in person as well as publishing models, can't keep pace with today's ever evolving skills needs with our on-demand, immersive and corporate based learning modalities Unum is well-positioned to become the exclusive partner to support any company's transition to a skills-based organization.

考慮到所有這些，真正說明了創建持續學習文化作為未來工作核心的重要性。傳統的研發模式（主要是面對面的以及發布模式）無法跟上當今不斷變化的技能需求。我們的按需、沉浸式和以企業為基礎的學習模式Unum 完全有能力成為支持任何公司轉型為技能型組織的獨家合作夥伴。

Looking ahead, we are refreshing our strategic priorities for 2024, which include first establish MuniMae as the skills development platform of choice for professional learners and organizations.

展望未來，我們正在更新 2024 年的策略重點，其中包括首先將 MuniMae 建立為專業學習者和組織的首選技能發展平台。

Second, elevate the YuMi brand globally so that it becomes synonymous what skills third support, YuMi business growth through strategic partnerships, strengthening our global distribution capabilities, opening up new routes to market and additional ways to access the unique platform, fourth, accelerate global expansion, and finally, further transform the Lumi platform from an on-demand learning content provider to the most innovative skills development platform, utilizing AI power capabilities to accelerate skills, acquisition and validation for already off to a great start delivering on those priorities.

第二，在全球範圍內提升YuMi品牌，使其成為技能的代名詞第三，透過策略合作夥伴關係支持YuMi業務成長，加強我們的全球分銷能力，開闢新的市場路線以及訪問獨特平台的其他方式，第四，加速全球擴張最後，進一步將Lumi 平台從按需學習內容提供者轉變為最具創新性的技能開發平台，利用AI 強大功能來加速技能、獲取和驗證，為實現這些優先事項奠定良好的基礎。

Two weeks ago, we unveiled our near term generative AI product roadmap and a unique intelligence skills platform and next-generation software solution powered by our rich content model.

兩週前，我們公佈了近期生成式人工智慧產品路線圖、獨特的智慧技能平台以及由我們豐富的內容模型提供支援的下一代軟體解決方案。

Unum is comprehensive platform is set to redefine the L&D software landscape by incorporating a suite of cutting edge AI powered capabilities, including a learning assistant skills mapping and several new content creation enhancements for instructors.

Unum 是一個綜合平台，旨在透過整合一套尖端的人工智慧驅動功能來重新定義 L&D 軟體格局，包括學習助理技能映射和針對教師的多項新內容創建增強功能。

At the same time, utilize platform will serve as a rich repository of learning data and actionable insights, enabling YuMi business customers to make informed talent management decisions.

同時，利用平台將作為豐富的學習數據和可行見解的儲存庫，使 YuMi 企業客戶能夠做出明智的人才管理決策。

Regarding internal mobility and recruitment strategies.

關於內部流動和招募策略。

Ultimately, Unisys platform will revolutionize the way organizations future-proof their workforce by fast-tracking the acquisition and validation of critical professional skills required to more efficiently develop talent and thrive over the long term.

最終，Unisys 平台將透過快速獲取和驗證更有效培養人才和長期發展所需的關鍵專業技能，徹底改變組織的員工隊伍面向未來的方式。

We are excited about the prospects of our product roadmap and are committed to continuing our journey of innovation and transformation.

我們對產品路線圖的前景感到興奮，並致力於繼續我們的創新和轉型之旅。

All of this progress sets the stage for 2024.

所有這些進展都為 2024 年奠定了基礎。

Although the demand environment hasn't changed meaningfully since our last call in November, we are confident in our ability to grow our business and continue capturing market share.

儘管自 11 月上次電話會議以來需求環境並未發生重大變化，但我們對發展業務和繼續佔領市場份額的能力充滿信心。

We believe the investments we're making in brand product and our go-to-market capabilities will support our long term performance, giving us confidence that we will reaccelerate ARR growth this year Sarah will provide more details on our outlook in a moment.

我們相信，我們在品牌產品方面的投資和我們的上市能力將支持我們的長期業績，讓我們有信心今年將重新加速 ARR 增長。Sarah 稍後將提供有關我們前景的更多詳細信息。

One final point before I close.

結束前還有最後一點。

In conjunction with today's results announcement, we also shared that our Board of Directors has approved a stock repurchase program to acquire up to $100 million of the Company's outstanding common stock.

在今天的業績公告中，我們還宣布董事會已批准一項股票回購計劃，以收購最多 1 億美元的公司已發行普通股。

This repurchase program not only underscores the confidence that our Board and management team have in the future of MuniMae, but it also allows us to leverage the strength of our balance sheet and deliver returns back to shareholders.

這項回購計畫不僅強調了我們的董事會和管理團隊對 MuniMae 未來的信心，而且還使我們能夠利用資產負債表的優勢，為股東帶來回報。

In closing, we remain focused on executing our strategy as we help enterprises around the world transition to skills-based organizations.

最後，我們仍然專注於執行我們的策略，幫助世界各地的企業過渡到以技能為基礎的組織。

I want to thank all Unisys employees for their hard work and contributions to the results we delivered in 2023, as well as to our valued instructors, customers, partners and shareholders for your continued support.

我要感謝所有 Unisys 員工的辛勤工作以及為我們在 2023 年取得的成果所做的貢獻，並感謝我們尊貴的導師、客戶、合作夥伴和股東的持續支持。

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.

謝謝你，格雷格。

I'll start with comments on the key financial highlights and then provide our outlook for Q1 and full year 2024.

我將首先對主要財務亮點進行評論，然後提供我們對第一季和 2024 年全年的展望。

You can find the complete set of financial tables in our news release, which is available on our Investor Relations website.

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 outperformed our full year 2023 guidance for both revenue and adjusted EBITDA margins.

我們的營收和調整後 EBITDA 利潤率均超過了 2023 年全年指引。

Revenue of $729 million increased 16% year-over-year, including the negative impact from foreign exchange or FX of three percentage points.

營收為 7.29 億美元，年增 16%，其中包括三個百分點的外匯負面影響。

While we delivered our first full year of positive adjusted EBITDA ahead of plan.

我們提前實現了第一個全年正調整 EBITDA。

We could not be more proud of our team for their hard work over the past year to deliver these results in a challenging environment.

我們為我們的團隊在過去一年的辛勤工作在充滿挑戰的環境中取得這些成果感到無比自豪。

I will focus the rest of my comments on the fourth quarter results.

我其餘的評論將集中在第四季度的業績上。

For the fourth consecutive quarter, our results exceeded guidance on both the top and bottom line.

我們的業績連續第四個季度超出了對營收和淨利潤的預期。

Revenue increased 15% year over year to $190 million or nearly $3 million above the high end of our guidance range through year-over-year growth included a negative impact from FX of one percentage points.

營收年增 15%，達到 1.9 億美元，比我們指導範圍的上限高出近 300 萬美元，因為年成長包括匯率帶來的 1 個百分點的負面影響。

Contribution from regions outside of North America was 60% of total revenue, an increase from 59% in Q4 prior year.

來自北美以外地區的貢獻佔總營收的 60%，高於去年第四季的 59%。

Similar to previous quarters, our enterprise business continues to deliver best-in-class software company performance.

與前幾季類似，我們的企業業務繼續提供一流的軟體公司業績。

Uv business revenue increased 27% year over year to $115 million.

UV 業務營收年增 27%，達到 1.15 億美元。

Included in that growth was a two percentage point headwind from changes in FX rates.

這一增長還包括匯率變化帶來的兩個百分點的阻力。

We ended the year with annual recurring revenue or ARR of $466 million, up 25% from a year ago.

截至年底，我們的年度經常性收入或 ARR 為 4.66 億美元，比去年同期成長 25%。

From a macro perspective, the current environment remains volatile and sales cycles remain elongated, contributing to slower than expected conversions across most regions.

從宏觀角度來看，當前環境仍然不穩定，銷售週期仍然拉長，導致大多數地區的轉換速度低於預期。

While we were generally pleased with Q4 ARR, we did have softer than expected performance in Vietnam and South Korea, where we have reseller partnerships and saw continued weakness in the EMEA region.

雖然我們對第四季度的 ARR 總體感到滿意，但我們在越南和韓國的表現確實低於預期，我們在這兩個國家有經銷商合作夥伴關係，並且歐洲、中東和非洲地區持續疲軟。

Encouragingly, we are seeing higher quality leads coming through the pipeline and deal size and term lengths are up with a number of $100,000 plus deals and multiyear contracts in air are showing meaningful year-over-year growth as of the end of 2023, we signed 80% year-over-year increase in seven-figure deals in air are a testament to the value of large corporations are assigning to L&D investments globally.

令人鼓舞的是，我們看到更高品質的潛在客戶正在醞釀中，交易規模和期限都在增加，許多交易金額超過10 萬美元，而且截至2023 年底，多年期空中合約也顯示出有意義的同比增長，我們簽署了七位數的航空交易同比增長 80%，證明了大公司在全球範圍內分配給 L&D 投資的價值。

Our consolidated net dollar retention rate at year end was 106%, flat compared to the prior quarter.

截至年底，我們的綜合淨美元保留率為 106%，與上一季持平。

The rate was 113% for large customers, are those with 1,000 or more employees, just one point lower than the prior quarter.

對於大型客戶（即擁有 1,000 名或以上員工的客戶），這一比率為 113%，僅比上一季低 1 個百分點。

It is encouraging to see net dollar retention showing signs of stabilization as we enter our new year.

當我們進入新的一年時，看到美元淨留存量顯示出穩定的跡象，這是令人鼓舞的。

On top of that, gross dollar retention was unchanged.

最重要的是，美元保留總額沒有變動。

Once again in aggregate, we grew our customer base by 13% year over year to nearly 16,000 customers globally.

總體而言，我們的客戶群年增了 13%，全球客戶數量達到近 16,000 名。

Our consumer marketplace continues to be vibrant.

我們的消費市場持續充滿活力。

Approximately 34 million average monthly unique visitors came to our site during the quarter, and instructor engagement remained strong, more than 5,000 new courses were added each month on average, and 60% of our top courses were updated in the past 90 days.

本季平均每月約有 3,400 萬獨立訪客造訪我們的網站，講師參與度依然強勁，平均每月增加 5,000 多門新課程，60% 的熱門課程在過去 90 天內更新。

For the quarter, consumer revenue was flat on a year-over-year basis, and the impact from FX was not meaningful as we move down the P&L.

本季度，消費者收入年持平，當我們下調損益表時，外匯的影響並沒有太大意義。

Note that all financial metrics are non-GAAP.

請注意，所有財務指標均為非公認會計準則。

Unless stated otherwise, Q4 gross margin was 59%, a 200 basis point improvement from Q4 2022, driven by the continued revenue mix shift to the business, which accounted for 61% of total revenue in Q4, an increase of 600 basis points year over year.

除非另有說明，第四季毛利率為59%，較2022 年第四季提高200 個基點，主要得益於收入結構持續向業務轉移，該業務佔第四季度總收入的61%，同比增長600 個基點年。

Gross margin for our Unity business segment came in at 69% for the fourth quarter, up 200 basis points from the prior year.

第四季 Unity 業務部門的毛利率為 69%，比去年同期成長 200 個基點。

Total operating expense was $114 million or 60% of revenue and 1,200 basis points lower than Q4 of last year.

總營運費用為 1.14 億美元，佔營收的 60%，比去年第四季低 1,200 個基點。

Thanks to our focus on company-wide cost efficiency.

感謝我們對全公司成本效率的關注。

Sales and marketing expense represented 40% of revenue, down 700 basis points.

銷售和行銷費用佔收入的 40%，下降了 700 個基點。

R&d expense was 12%, down 200 basis points and G&A expense was 8%, down 300 basis points.

研發費用為 12%，下降 200 個基點，一般管理費用為 8%，下降 300 個基點。

On the bottom line, we delivered net income of approximately $4 million or 2% of revenue.

總而言之，我們實現了約 400 萬美元的淨利潤，佔收入的 2%。

Adjusted EBITDA was positive for the third consecutive quarter at approximately $4 million or 2% of revenue, representing a 1,400 basis point expansion year over year and 100 basis points above the high end of our guidance range.

調整後 EBITDA 連續第三季為正值，約 400 萬美元，佔營收的 2%，年增 1,400 個基點，比我們指引範圍的上限高出 100 個基點。

Better than expected adjusted EBITDA result was primarily driven by revenue outperformance and our disciplined approach to ensuring operational efficiency throughout the organization.

調整後的 EBITDA 表現優於預期，主要是由於收入表現出色以及我們確保整個組織運作效率的嚴格方法。

Moving on to key cash flow and balance sheet items.

接下來討論關鍵的現金流量和資產負債表項目。

We ended the quarter with $481 million of cash, cash equivalents, restricted cash and marketable securities.

本季結束時，我們擁有 4.81 億美元的現金、現金等價物、限制性現金和有價證券。

Free cash flow for the quarter was negative $11 million, driven by timing related to bookings and collections.

由於與預訂和收款相關的時間安排，該季度的自由現金流為負 1,100 萬美元。

Now to introduce our outlook for Q1 and full year 2024.

現在介紹我們對第一季和 2024 年全年的展望。

We are cautiously optimistic about 2024.

我們對2024年持謹慎樂觀態度。

Given the lingering uncertain macroeconomic conditions, the environment is beginning to show early signs of stabilization.

鑑於宏觀經濟狀況持續存在不確定性，環境已開始顯示出穩定的早期跡象。

Our approach is unchanged.

我們的做法沒有改變。

We are monitoring the environment closely and are taking prudent steps to position ourselves to move fast once green shoots start to materialize.

我們正在密切監測環境，並採取審慎措施，以便在新芽開始出現時迅速採取行動。

On our last call, we shared that 2024 will be a heavier investment year than future periods.

在上次電話會議中，我們表示 2024 年將是比未來時期投資更大的一年。

We have aligned our strategy as well as our investments in product innovation, brand and go-to-market capture the increasing global demand for skills development.

我們調整了我們的策略以及在產品創新、品牌和進入市場方面的投資，以滿足全球對技能開發日益增長的需求。

For modeling purposes, we anticipate that OpEx as a percent of revenue will be greater in the first half of the year.

出於建模目的，我們預計今年上半年營運支出佔收入的百分比將會更高。

We expect our strategic investments in brand and product to begin delivering returns in the back half of the year, which we're confident will result in a reacceleration of ARR.

我們預計我們對品牌和產品的策略投資將在今年下半年開始帶來回報，我們相信這將導致 ARR 重新加速。

Growth follows the UV business revenue growth.

成長跟隨紫外線業務收入的成長。

With that, we expect Q1 revenue to be between $193 million and $196 million.

據此，我們預計第一季營收將在 1.93 億美元至 1.96 億美元之間。

Assuming foreign currency exchange rates remain constant, FX is not expected to meaningfully impact to Q1 revenue growth.

假設外幣匯率維持不變，預計外匯不會對第一季營收成長產生重大影響。

On the bottom line, we are targeting breakeven for Q1 adjusted EBITDA margins.

總而言之，我們的目標是第一季調整後 EBITDA 利潤率達到損益兩平。

For the full year, we expect revenue to be within a range of $795 million and $810 million or 10% year-over-year growth at the midpoint, including an estimated three percentage point negative impact from FX, assuming no further changes in rates.

就全年而言，我們預計營收將在 7.95 億美元至 8.1 億美元之間，中間值年增 10%，其中假設匯率沒有進一步變化，預計匯率將帶來 3 個百分點的負面影響。

Further, we expect EUV business revenue will account for more than 60% of total revenue for the full year.

此外，我們預計EUV業務收入將佔全年總收入的60%以上。

On the consumer side, we remain focused on maintaining a vibrant marketplace in 2024, which will continue to fuel the flywheel that powers the UTV business's growth.

在消費者方面，我們仍然致力於在 2024 年維持充滿活力的市場，這將繼續推動 UTV 業務成長的飛輪。

As a reminder, we are not currently investing behind consumer revenue growth.

提醒一下，我們目前沒有投資支持消費者收入成長。

Therefore, we anticipate it to be down 3% to 5% year over year in Q1 and on a full year basis.

因此，我們預計第一季和全年同比下降 3% 至 5%。

On the bottom line, we expect full year adjusted EBITDA margin of 150 to 200 basis points going forward, we will continue executing on our strategic initiatives as we progress toward our long-term financial targets.

總而言之，我們預計未來全年調整後的 EBITDA 利潤率將達到 150 至 200 個基點，隨著我們向長期財務目標邁進，我們將繼續執行我們的策略舉措。

Although it won't be a straight line, we are confident that we will achieve our adjusted EBITDA margin target of 15% to 20% by 2027, driven by the revenue share change, continued revenue mix shift to utility business and OpEx leverage primarily from sales and marketing as we scale globally, we plan to make significant investments in brand and product innovation, while also focusing on expanding operating and free cash flow margins with the introduction of our share repurchase program.

儘管這不會是一條直線，但我們有信心，在收入份額變化、收入結構持續向公用事業業務轉變以及營運支出槓桿主要來自於公用事業業務的推動下，到2027 年，我們將實現15% 至20% 的調整後EBITDA 利潤率目標。隨著我們在全球範圍內擴大銷售和行銷規模，我們計劃在品牌和產品創新方面進行大量投資，同時也致力於透過引入股票回購計畫來擴大營運和自由現金流利潤率。

We can opportunistically return capital to our shareholders throughout the year as we execute on our long-term initiatives.

在執行長期計畫的過程中，我們可以全年擇機向股東返還資本。

And as the macroeconomic environment improves, we are well positioned to create significant shareholder value.

隨著宏觀經濟環境的改善，我們有能力創造顯著的股東價值。

In closing, 2023 was a transformative year for us, and we are proud of the milestones we achieved our outlook for 2024 does reflect challenges we experienced in Q4 that flow into the first half of this year.

最後，2023 年對我們來說是變革的一年，我們為實現的里程碑感到自豪，我們對 2024 年的展望確實反映了我們在第四季度經歷的挑戰，這些挑戰一直延續到今年上半年。

However, the long-term growth opportunities in this space are significant.

然而，這個領域的長期成長機會是巨大的。

It to me provides a comprehensive solution that addresses increasing demand to support companies as they transition to becoming skills-based organizations and develop strategies around generative AI.

對我來說，它提供了一個全面的解決方案，可以滿足日益增長的需求，以支援公司轉型為基於技能的組織，並圍繞生成人工智慧制定策略。

With all of that in mind, we are as excited as ever about the future and look forward to keeping you updated on our progress.

考慮到所有這些，我們對未來一如既往地感到興奮，並期待向您通報我們的最新進展。

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

因此，我們將開始電話詢問您的問題。

Moderator?

主持人？

Thank you very much.

非常感謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions) Stephen Sheldon, William Blair.

（操作員說明）史蒂芬謝爾頓、威廉布萊爾。

Hey, thanks for taking my questions.

嘿，謝謝你回答我的問題。

First here, just on the revenue guidance, would be great to get some color on the growth assumptions you've made between consumer and utility business.

首先，就收入指導而言，如果您能了解您在消費者和公用事業業務之間所做的成長假設，那就太好了。

And then just generally, I guess at a high level, how you factored in broader macro trends and your guidance seems like you maybe have taken a conservative approach there.

然後，一般來說，我想在較高的層面上，您如何考慮更廣泛的宏觀趨勢以及您的指導似乎可能採取了保守的方法。

But are you are you kind of assuming that the budgetary pressure from organizations continues throughout the year on the business side?

但您是否認為來自組織的預算壓力在業務方面全年持續存在？

Just the Bussmann detail there?

只是巴斯曼的細節嗎？

Thanks for the question, Stephen.

謝謝你的提問，史蒂芬。

So first, we're very pleased with the quarter delivering UV revenue up 27% year over year and million-dollar-plus customers up 80%.

首先，我們對本季 UV 營收年增 27% 以及百萬美元以上客戶成長 80% 感到非常滿意。

And our full year, our EBITDA profitable ahead of schedule.

我們全年的 EBITDA 提前獲利。

But our guidance really took into consideration a few things.

但我們的指導確實考慮了一些事情。

One is there is still this macroeconomic volatility, and we expect that to continue for some period of time.

一是宏觀經濟波動仍然存在，我們預計這種波動將持續一段時間。

And as we spoke about, we did see some execution issues in the second half of Q4.

正如我們所說，我們確實在第四季度下半年看到了一些執行問題。

And specifically, that was with some of our reseller partners in Korea and Vietnam, and we saw extended softer performance in Amea.

具體來說，這是我們在韓國和越南的一些經銷商合作夥伴的情況，我們看到 Amea 的表現持續疲軟。

On the consumer side of things.

在消費者方面。

The focus for us has been marketplace vibrancy, and we are seeing an increase in customer acquisition cost while at the same time our ASPs are up, but putting those two things together along with the pullback that we've had over the past two years in performance marketing spend our focus really is on continuing to see 5,000 courses, you know, a month being published and that constant stream of high-quality, fresh, broad content.

我們關注的重點是市場活力，我們看到客戶獲取成本增加，同時我們的平均售價上升，但將這兩件事放在一起，再加上過去兩年我們在效果營銷支出我們的重點實際上是繼續看到每月發布的5,000 門課程，以及源源不絕的高品質、新鮮、廣泛的內容。

We are not going to be reinvesting behind consumer until we're reporting some of the UV capabilities for our learners over to our consumer side of things.

在我們向消費者方面報告學習者的一些 UV 功能之前，我們不會再對消費者進行再投資。

What we're looking at for the year is we are in the process of taking some actions to address the performance and execution issues we saw in the back half of Q4.

我們今年關注的是，我們正在採取一些行動來解決我們在第四季後半段看到的績效和執行問題。

And so we've set prudent expectations for the first half because those initiatives will take some time to take hold, but we do expect ARR growth while it will be down a bit in the first half.

因此，我們對上半年設定了謹慎的預期，因為這些措施需要一段時間才能見效，但我們確實預計 ARR 會成長，但上半年會略有下降。

Does that accelerate in the back half.

後半段會加速嗎？

Got it.

知道了。

And is there any way to frame it for Korea and Vietnam?

有沒有辦法為韓國和越南設計框架？

I guess, is there any way to frame roughly how big those countries are in terms of from the contribution to ARR?

我想，有沒有什麼方法可以大致確定這些國家對 ARR 的貢獻有多大？

Hi Stephen's a good question.

嗨，史蒂芬，這是一個很好的問題。

So I won't get into the specific numbers or economics around it, but we did get surprised and material enough for us to call it out to you.

所以我不會詳細討論它的具體數字或經濟情況，但我們確實感到驚訝和材料足以讓我們向您指出。

And the actions we're taking is we're putting GMs in the process of we've only got one of these hires in both countries in Korea and Vietnam to bolster leadership as well as ensuring that from an enablement perspective, we're taking all the knowledge and best practice we've learned on a global basis.

我們正在採取的行動是，我們正在讓總經理參與這一過程，因為我們在韓國和越南這兩個國家只聘用了其中一名員工，以加強領導力，並確保從支持的角度來看，我們正在採取我們在全球範圍內學到的所有知識和最佳實踐。

And then specifically in Japan, where we've seen continued growth and acceleration and porting that over to Korea and Vietnam.

然後特別是在日本，我們看到了持續的成長和加速，並將其移植到韓國和越南。

And that leadership is going to is going to help with that.

這種領導力將有助於實現這一目標。

So those are the actions we've taken and Sarah also mentioned it wasn't just exclusive to Vietnam and Korea.

這些就是我們已經採取的行動，莎拉也提到這不僅是越南和韓國獨有的。

We did see our execution issues in other segments, and we're taking similar action in those areas.

我們確實在其他領域看到了執行問題，我們正在這些領域採取類似的行動。

So the net of it is we're confident that we know what we need to do to address the execution issues.

因此，我們有信心知道我們需要做什麼來解決執行問題。

The plans are in flight.

這些計劃正在進行中。

And as Jerry mentioned, we are confident that we will see acceleration and ARR growth in the back half of the year.

正如 Jerry 所提到的，我們有信心在今年下半年看到加速和 ARR 成長。

Got it.

知道了。

That's helpful.

這很有幫助。

Just maybe then switching to the margin guidance, you're not assuming much expansion relative to where you ended up at 2023, even with the upward trend in gross margin that you talked about that in the right expectation last quarter.

也許接下來轉向利潤率指導，相對於 2023 年的最終結果，你並沒有假設有太大的擴張，即使你在上個季度在正確的預期中談到了毛利率的上升趨勢。

So kind of Express, but be great to get some detail.

這麼快，但很高興能了解一些細節。

It seems like you're maybe ramping the strategic investments.

看來你們可能正在加大戰略投資。

I'm just some more detail on specifically kind of what your where you're making those investments?

我只是更詳細地介紹一下您在哪裡進行這些投資的具體情況？

Yeah, it's a great question.

是的，這是一個很好的問題。

As you said, we have shared that this year is going to be an investment year for us.

正如您所說，我們已經分享過，今年將是我們的投資年。

So while we expect about 300 basis points of expansion from a gross margin perspective from both the instructor revenue share changes and from the continued mix shift to UB., we are reinvesting the majority of that back in the business such that this year, we expect about 150 to 200 basis points in the bottom line.

因此，雖然我們預計從毛利率的角度來看，由於講師收入份額的變化和向UB 的持續混合轉變，我們將實現約300 個基點的擴張，但我們將把其中的大部分重新投資回業務，因此今年，我們預計底線約150至200個基點。

Those investments are in three areas, mainly the first is brand.

這些投資主要集中在三個領域，首先是品牌。

You to me historically has not invested in brand and now is the time the second is in product investments, specifically, Sam AI enabled capabilities that are going to be complete game changers for the value that we can deliver to our customers.

你對我來說，歷史上沒有投資過品牌，現在是第二次投資產品的時候了，特別是 Sam AI 支援的功能，這些功能將徹底改變我們可以為客戶提供的價值。

And I'll let Greg share a little bit more on that on.

我會讓格雷格分享更多關於這一點的內容。

But the last thing is in specific areas where we did see great performance in certain segments, we will be continuing to expand the go-to-market teams there.

但最後一件事是，在我們確實看到某些細分市場表現出色的特定領域，我們將繼續擴大那裡的上市團隊。

I'll just add, Steven, that we could not be more excited about the investments we're making and the impact these investments will have in terms of the intelligence skills platform.

史蒂文，我只想補充一點，我們對我們正在進行的投資以及這些投資將對情報技能平台產生的影響感到非常興奮。

We just talked about it a little bit, but it is going to be a game changer for us and most importantly for our customers as we begin delivering skills mapping, which is going to save LND. teams, hundreds of hours and the learning assistant, which is going to develop excuse me, going to deliver a personalized learning experience that is transformative and something that we have not been able to accomplish without the addition of generative AI into our tool kit and then automated Q&A for instructors.

我們只是稍微討論了一下，但隨著我們開始提供技能映射，這將改變我們的遊戲規則，最重要的是，對於我們的客戶來說，這將拯救 LND。團隊、數百個小時和學習助手，對不起，它將提供一種具有變革性的個人化學習體驗，如果不將生成式人工智慧添加到我們的工具包中，我們就無法實現這一點，然後教師的自動問答。

Today, many of our instructors spent hours answering Q&A has enabled us to answer those questions in seconds and then instructors validate the answer and then often go.

如今，我們的許多講師花費數小時回答問答，這使我們能夠在幾秒鐘內回答這些問題，然後講師驗證答案，然後經常離開。

So this is just the beginning.

所以這只是一個開始。

And one of the things we're probably most excited about now that we have the ability to leverage is the data that we get from 69 million learners on the platform, our cross 220,000 courses that gives us ability to feed that data into our LOM and then be able to produce insights back to our customers about the most valuable resource, which is their people that can enable them to transform how they run their businesses and leverage those that those valuable resources.

現在我們最興奮的事情之一可能是我們有能力利用從平台上 6900 萬學習者獲得的數據，我們的 220,000 門課程使我們能夠將這些數據輸入到我們的 LOM 中，然後能夠向我們的客戶提供有關最有價值資源的見解，即他們的員工，使他們能夠改變業務運作方式並利用這些寶貴資源。

So we're at the front end of this.

所以我們正處於這方面的前沿。

We're making some big investments right now.

我們現在正在進行一些重大投資。

We're already starting to see as these investments start to have an impact and we'll be talking more about this as the year progresses.

我們已經開始看到這些投資開始產生影響，隨著時間的推移，我們將更多地討論這一點。

Very helpful.

很有幫助。

Thank you.

謝謝。

Curtis Nagle, Bank of America.

柯蒂斯‧內格爾，美國銀行。

Terrific.

了不起。

Thanks very much for taking the question up one, maybe just more of a clarification in terms of, I guess the pullback or decision not to invest more in marketing to, I guess, stabilize the consumer revenues.

非常感謝您提出這個問題，也許只是更多地澄清一下，我想是為了穩定消費者收入而撤回或決定不在行銷上投入更多資金。

It sounds like the return hurdles are quite high and just are too high to justify the investment.

聽起來回報障礙相當高，而且太高到無法證明投資的合理性。

Is that the case or anything else you'd, I guess, elaborate on.

我想，是這樣的情況還是您需要詳細說明的其他內容。

Yes.

是的。

Really what we're looking for before we start to invest more than we are currently from a marketing perspective behind consumer is getting some of the functionality that we're launching and UB first on the consumer platform, such that the LTVs of those consumers make those learners make sense.

事實上，在我們開始對消費者進行比目前更多的投資之前，從消費者背後的營銷角度來看，我們首先要在消費者平台上獲得我們正在推出的一些功能，並首先在UB 上實現這些功能，這樣這些消費者的生命週期價值(LTV) 就會提高。這些學習者是有道理的。

And so for us, it's all about balancing where you're investing, balancing growth and profitability to the business is the growth engine of our business.

因此，對我們來說，最重要的是平衡投資地點，平衡業務成長和獲利能力是我們業務的成長引擎。

And so we're focused our investments there first.

因此，我們首先將投資集中在那裡。

So we will be putting some of those capabilities like badging and certifications onto the consumer platform and then making some decisions about how we invest behind it.

因此，我們將把徽章和認證等一些功能放到消費者平台上，然後就我們如何在其背後進行投資做出一些決定。

Okay.

好的。

And then just one on UB. in terms of the accelerating revenue for AAR.

然後就是 UB 上的一個。就 AAR 收入的加速成長而言。

Sounds like that's a 2H events.

聽起來這是 2H 事件。

I guess aside from maybe a clear macro and maybe more importantly, new product rollout and what are the catalysts and what really gives you the confidence to say that you think that's going to happen from this point right now?

我想除了一個明確的宏觀，也許更重要的是，新產品的推出以及什麼是催化劑，什麼真正讓你有信心說你認為從現在開始這將會發生？

Yes, good question.

是的，好問題。

Thanks.

謝謝。

Is in terms of forward, look, are those the look forward as far as UB and our confidence with respect to the ARR growth and expansion in the back half of the year really comes down to three primary areas.

就未來而言，UB 的展望以及我們對下半年 ARR 成長和擴張的信心實際上歸結為三個主要領域。

The international expansion that we're leaning into and investing in is a massive opportunity for us based on the brand awareness we have in countries like India and Brazil and the legal intends that we've already knocked down in these markets.

基於我們在印度和巴西等國家的品牌知名度以及我們已經在這些市場上實現的法律意圖，我們正在傾向和投資的國際擴張對我們來說是一個巨大的機會。

It gives us a lot of confidence that we can we can run the run the table with the right investments and the right programmatic approach.

這給了我們很大的信心，我們可以透過正確的投資和正確的程序化方法來運行運行表。

Second is the leverage that we believe we will get through the investments we're making in strategic partnerships with the likes of AWS, service now Docker and many others that we're engaged with, and there'll be more to come as we start to progress throughout the year.

其次是我們相信，我們將透過與AWS、Service Now、Docker 以及我們正在參與的許多其他公司建立策略合作夥伴關係進行投資，從而獲得槓桿作用，而且隨著我們的啟動，還會有更多的合作夥伴出現。全年不斷進步。

But we absolutely believe that we're going to see material leverage from these partnerships.

但我們絕對相信，我們將從這些合作關係中看到實質的影響力。

And then finally, it's brand and product investments.

最後是品牌和產品投資。

We've talked quite a bit about the product investments already as we're making equally important investments in brand and those AI related product investments of which I just highlighted are really are going to transform learning in organizations.

我們已經討論了很多關於產品投資的問題，因為我們在品牌方面進行了同樣重要的投資，而我剛才強調的那些與人工智慧相關的產品投資確實將改變組織中的學習。

And again, we're at the front end of this.

再說一次，我們處於這方面的前沿。

And so we're making some big bets those bets are well-placed, and we expect those bets start to materialize in the back half of the year, which it gives us a lot of confidence that that ARR growth will happen.

因此，我們正在進行一些大賭注，這些賭注是正確的，我們預計這些賭注將在今年下半年開始實現，這讓我們對 ARR 成長充滿信心。

Okay, very clear.

好的，非常清楚。

Appreciate that.

感謝。

Ryan MacDonald, Needham & Company.

瑞安麥克唐納，李約瑟公司。

Thanks for taking my questions.

感謝您回答我的問題。

Maybe first, starting on the investments.

也許首先，從投資開始。

Can you help me understand the investment in brand on obviously wouldn't be a very large marketplace.

您能否幫助我了解品牌投資顯然不會是一個很大的市場。

You know, millions of learners are coming from onto the platform.

您知道，數以百萬計的學習者正在進入該平台。

You have had a pretty good B2B business in terms of gaining share.

在贏得市場份額方面，你們的 B2B 業務相當不錯。

Help me understand where you feel like you need to invest incrementally to build out the brand.

幫助我了解您認為需要在哪些方面進行增量投資來打造品牌。

And I mean, are there opportunities that your or best that you think you're not getting still?

我的意思是，是否存在您認為自己或最好的機會還沒有靜止下來？

Or maybe just help provide some more context around that?

或者也許只是幫助提供更多相關背景資訊？

Thanks.

謝謝。

Yes, happy to right.

是的，高興就對了。

So like most organizations, we do brand surveys on a fairly frequent basis.

因此，像大多數組織一樣，我們相當頻繁地進行品牌調查。

And our unaided and aided brand awareness in a number of our key markets is much lower than we would have thought and much lower than you would expect.

我們在許多關鍵市場的獨立和輔助品牌知名度遠低於我們的想像，也遠低於您的預期。

And so yes, we believe that there will be a halo effect and we will get significant lift and by investing in developing new demands to have a household name synonymous with skills and skills development within organizations, large and small.

所以，是的，我們相信將會產生光環效應，透過投資開發新的需求，我們將獲得顯著的提升，從而在大大小小的組織內擁有與技能和技能發展同義的家喻戶曉的名字。

And so we're underway and the investment we're making in McLaren and the partnership there and multiyear investment is just one of many investments we're making to start to elevate the brand and give us an opportunity to make it much easier for our sales organization to have that first conversation in terms of just the awareness of the value and impact a relationship with you to make can bring.

因此，我們正在進行中，我們對麥克拉倫的投資以及那裡的合作夥伴關係和多年投資只是我們為開始提升品牌並讓我們有機會讓我們的品牌變得更容易而進行的眾多投資之一。銷售組織要進行第一次對話，以了解與您建立關係所帶來的價值和影響。

So, yes, yes.

所以，是的，是的。

Top funnel without question is quantified impact.

毫無疑問，最重要的漏斗是量化的影響。

Ryan, is a goal and focus.

Ryan，是一個目標和焦點。

And we are quantitatively measuring the investments in brand in a variety of different ways and that we're excited about the yes, the early impact we're starting to see and the programs are just kicking off.

我們正在以各種不同的方式定量衡量品牌投資，我們對我們開始看到的早期影響感到興奮，而這些計劃剛剛啟動。

So yes, there's a big opportunity for us there, really.

所以，是的，我們確實有一個很大的機會。

Yes.

是的。

Appreciate the color there.

欣賞那裡的顏色。

And maybe for a follow-up.

也許是為了後續行動。

On the product side, obviously great to see the investments on AI. generative AI and then obviously skills mapping from that from the checks that we've had out in the marketplace.

在產品方面，顯然很高興看到對人工智慧的投資。生成式人工智慧，然後顯然是根據我們在市場上進行的檢查得出的技能映射。

It seems like that with a I know a lot of interesting functionality out there early days, but there's still a hesitancy, you know, with heads of LND, `CHRO.'s, you know, to invest in this area or maybe just not sure where to start on skills mapping.

似乎我早期就知道有很多有趣的功能，但 LND 的負責人、「首席人力資源長」仍然猶豫是否要投資這個領域，或者也許不投資確定從哪裡開始繪製技能圖。

It's something that seems like most organizations we speak you wants to move towards, but it's not an easy fix.

這似乎是我們所說的大多數組織都想要邁向的目標，但這並不是一個容易解決的問題。

So as you think about some of these product investments and then commercializing those, how do you start to get customers over the hump this year?

因此，當您考慮其中一些產品投資並將其商業化時，今年您如何開始讓客戶度過難關？

Was you as you know, more broadly go to market with that functionality?

如您所知，您是否會更廣泛地利用該功能進入市場？

Thanks.

謝謝。

And that's really going on.

這確實正在發生。

So first, I'll say that the example we gave the Genpact example Genpact, creating their own AI Academy.

首先，我要說的例子是我們給簡柏特的例子，簡柏特創立了自己的人工智慧學院。

We're seeing that type of scenario play out in a number of our engagements.

我們在許多活動中都看到了這種情況。

Another one is just to give you a little bit more color and bring this to life, Emirates, integrated telecom, Middle East and for I think this is one of the first large organizations in the Middle East has developed their own version of an academy.

另一個只是為了給你更多的色彩，並將其帶入生活，阿聯酋航空、綜合電信、中東，我認為這是中東第一批開發自己版本的學院的大型組織之一。

They call checkup and they partnered with us specifically to up-level the AI. literacy in the organization with respect to chat GPT. and a key component of that was being able to validate that their employees that acquire those skills through our validation capability, how they started with tech skills first, and they're in the process of putting the plan in place to expand to management leadership coaching and then the sales organization.

他們打電話進行檢查，並專門與我們合作升級人工智慧。組織中有關聊天 GPT 的素養。其中的一個關鍵組成部分是能夠透過我們的驗證能力驗證他們的員工是否獲得了這些技能，他們如何首先從技術技能開始，以及他們正在製定計劃以擴展到管理領導力輔導然後是銷售組織。

/So although it may feel like you're doing some market tests and touch points that a lot of organizations and are are in the exploratory stage.

/因此，儘管您可能會覺得您正在做一些市場測試和接觸點，但許多組織正處於探索階段。

There's also the progressive organizations that are much beyond that, their movement.

還有一些進步組織的活動遠遠超出了這些組織的範圍。

And we believe that those are the organizations that are truly going to get a leg up and have the ability to distance themselves in their category.

我們相信，這些組織才能真正佔據優勢，並有能力在自己的類別中脫穎而出。

And so again, we're enabling that and our content and the focus we're putting on enabling our customer success organization to help these companies develop the right strategy.

同樣，我們正在實現這一點，我們的內容和重點是使我們的客戶成功組織能夠幫助這些公司製定正確的策略。

In addition to the platform that we provide, it really is one of the key components because in a ride platform without the threat of what most organizations don't have to do this, right.

除了我們提供的平台之外，它確實是關鍵組件之一，因為在沒有威脅的乘車平台中，大多數組織都不必這樣做，對吧。

They're looking for it from from us are looking for as much of the strategic value and insight in terms of how to think about developing have a capability around AI in their company as much as they are the platform to do it.

他們正在向我們尋求盡可能多的策略價值和洞察力，以了解如何在他們的公司中開發人工智慧能力，以及他們是實現這一目標的平台。

And we've invested heavily to enable our customer success organization to provide that strategic level of service and support upfront to enable the organization to get comfortable with making that investment starting that transition.

我們投入了大量資金，使我們的客戶成功組織能夠預先提供策略層面的服務和支持，使該組織能夠在開始轉型時放心地進行投資。

So there's a lot that goes into it you're absolutely right.

所以這裡面有很多內容，你是絕對正確的。

And we've made some big investments and we'll continue to make those big investments to help organizations take that step.

我們已經進行了一些重大投資，並將繼續進行這些重大投資，以幫助組織邁出這一步。

And the ones that have we are already starting to reap rewards as a result.

我們已經開始獲得回報。

And we're doing that ourselves by the way, right?

順便說一句，我們自己也在這樣做，對吧？

We put everybody in our organization through a boot camp and a lot of the progressive companies are doing just that

我們讓組織中的每個人都參加新兵訓練營，許多進步的公司正在這樣做

.

。

Look forward to seeing the progress.

期待看到進展。

Thanks, Greg.

謝謝，格雷格。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Great.

偉大的。

Thanks for the question.

謝謝你的提問。

I wanted to stick with growth and margins and thinking about it from a Rule of 40 basis, I think in '23, it was close to 17%.

我想堅持成長和利潤率，並從 40 規則的基礎上考慮它，我認為在 23 年，它接近 17%。

And then guidance implied is closer to 12%.

然後暗示的指引接近 12%。

And so with that in mind, two areas of questions.

考慮到這一點，有兩個問題領域。

First, what is your growth margin framework and how should investors and what should we say what should we expect from Rule of 40 metric from a philosophy standpoint?

首先，你們的成長率框架是什麼？投資人應該如何？我們該說什麼？從哲學的角度來看，我們應該對 40 法則的期望是什麼？

And a second, if you could talk through any areas of conservatism that are embedded in this initial guide?

其次，您是否可以談談本初始指南中包含的保守主義領域？

Yes, thanks for the question.

是的，謝謝你的提問。

Our philosophy around Rule of 40 is we are working toward achieving that for this year.

我們圍繞 40 條規則的理念是，我們正在努力在今年實現這一目標。

What we see is at the midpoint, it's about 10% revenue growth, then that includes about three percentage point headwind from FX.

我們看到的是中點，收入成長約為 10%，其中包括來自外匯的約 3 個百分點的阻力。

What you have to remember is we are sitting in front of a massive opportunity and organizations have to transform how they upskill and reskill their employees to stay up with the pace of change and to embrace AI technology and other things that can actually really help their businesses.

你必須記住的是，我們正面臨著巨大的機遇，組織必須改變員工的技能提升和再培訓方式，以跟上變革的步伐，並採用人工智慧技術和其他真正可以幫助其業務的技術。

And so you as you're thinking about the long-term opportunity, this is an investment year because of our position because of the opportunity in front of us.

因此，當您考慮長期機會時，這是一個投資年，因為我們的地位，因為我們面前的機會。

`We are always thinking about balancing that growth balancing profitability with the long term, our long-term expectations around EBITDA margins have not changed.

「我們一直在考慮平衡成長、獲利能力與長期之間的關係，我們對 EBITDA 利潤率的長期預期沒有改變。

We are still committed to achieving long-term or long or EBITDA margin of 15% to 20% by 2027.

我們仍致力於在 2027 年實現 15% 至 20% 的長期或長期 EBITDA 利潤率。

And so while we work through some of these short-term execution issues that are impacting the top line in the first half, we continue to invest in the say the things that are going to drive that long-term growth continue to deliver UV growth at scale above 20%.

因此，雖然我們解決了一些影響上半年營收的短期執行問題，但我們繼續投資於那些將推動長期成長的事情，繼續帶來紫外線成長規模在20%以上。

And at the same time, we are committed to continuing to pursue areas of operational efficiency, which you saw us deliver against very meaningfully in 2023.

同時，我們致力於繼續追求營運效率領域，您看到我們在 2023 年實現了非常有意義的目標。

Great.

偉大的。

Very helpful.

很有幫助。

Terry Tillman, Truist.

特里‧蒂爾曼，真理主義者。

I'd say and this is Connor on for Terry's question.

我想說的是，這是康納回答特里的問題。

Taking the question.

接受提問。

I just wanted to ask one as it relates to you'd be curious on the uptake of badging and certification and how the adoption curve is so strong that there hasn't been coming mostly from the advanced L&D organization so far?

我只是想問一個問題，因為這與您對徽章和認證的採用情況感到好奇，以及採用曲線為何如此強勁，以至於到目前為止大部分都不是來自先進的 L&D 組織？

Or has it actually been more mainstream with adoption coming from, I guess, with a variety of organizations.

或者它實際上變得更加主流，我猜是來自各種組織的採用。

Thank you.

謝謝。

Yes, Conor, good question.

是的，康納，好問題。

Yes, we continue to remain that remain very bullish and excited about the adoption of badging and certification as well as the probably most importantly, the value and impact that is starting to have I give an example.

是的，我們仍然對徽章和認證的採用以及可能最重要的是，我開始舉個例子的價值和影響保持非常樂觀和興奮。

We've got a large large multinational tech company that decided to run a side-by-side A/B test with 200 consultants and the A/B tests was around AWS certification.

我們有一家大型跨國科技公司決定與 200 名顧問進行並行 A/B 測試，而 A/B 測試圍繞著 AWS 認證。

First, 100 ran through the process of educating themselves and then taking the certification way.

首先，100人經歷了自我教育的過程，然後採取了認證的方式。

They always had in the second group leverage our content and you have to meet a pro our immersive learning capability to prepare them for that test the group that use our technology, our platform and our approach on net certification and half the time and at half the time equated saving 15 hours per person for the prep along the of the path of acquiring a certification.

他們總是在第二組中利用我們的內容，你必須與專業人士會面，我們的沉浸式學習能力讓他們為測試做好準備，而使用我們的技術、我們的平台和我們的網絡認證方法的組則一半時間一半一半相當於每人在獲得認證的過程中可以節省 15 小時的準備時間。

So we're starting to see meaningful impact.

所以我們開始看到有意義的影響。

The combination of UTM ePRO and our validation capability around badging and certification.

UTM ePRO 與我們圍繞徽章和認證的驗證能力相結合。

That's just one example of many that are like that.

這只是許多類似例子中的一個。

And we are starting to see even more velocity and impact around us winning new business as a result of having the full complement on our platform of tech content, soft skills, power skills, content management, leadership, development content, all with the ability to to validate and form of badging and certification and skills have been acquired again, coming back to our approach around skills development and developing that intelligence skills platform.

我們開始看到，我們贏得新業務的速度和影響力更大，因為我們的平台擁有技術內容、軟技能、權力技能、內容管理、領導力、開發內容的全面補充，所有這些都有能力為了驗證徽章和認證的形式以及再次獲得的技能，回到我們圍繞技能開發和開發情報技能平台的方法。

So I'll just say really excited about what we're seeing and we expect it to continue.

所以我只想說，我們對所看到的一切感到非常興奮，並希望這種情況能繼續下去。

Really helpful.

真的很有幫助。

Thanks, guys.

多謝你們。

(Operator Instructions) Brent Thill, Jefferies.

（操作員說明）Brent Thill，Jefferies。

(technical difficulty) thanks for taking the question.

（技術難度）感謝您提出問題。

I wanted to ask you an automated Q&A.

我想問你一個自動問答。

I'm going to talk a little bit more about the strategy about how you guys are building that and going about it.

我將更多地討論一下你們如何建立和實施該策略的策略。

I guess, what are you building your own LM. four U. partnering.

我猜，你正在建立自己的LM。四個U. 合作。

And um, I know you talked about it being used for answering and structure instructor questions quicker for instructors to them, book, adding and know validate how, but is there an opportunity to roll this out more broadly to the consumer in a way where it's not necessarily correlated, but can help someone who's just trying to understand any question.

嗯，我知道你談到它被用來更快地回答和構造教師問題，以便教師向他們預訂、添加和了解如何驗證，但是是否有機會以一種更廣泛的方式向消費者推廣這一點不一定相關，但可以幫助那些只是想理解任何問題的人。

Yes, good question.

是的，好問題。

So effectively how it works and I'll keep this very brief is we have trans We automating have we developed that we've automated the ability to develop transcripts associated with all 200, 20,000 courses that are on our platform.

它的工作原理非常有效，我將非常簡短地介紹一下，我們已經實現了自動化，我們已經開發出自動化開發與我們平台上的所有 200、20,000 門課程相關的成績單的能力。

We feed those into the LM, and that gives us the ability as obviously AI enabled to light up the ability to answer questions as they come through instantaneously because we've got all the insight and information the transcripts from all of the courses that our learners would take.

我們將這些輸入到 LM 中，這使我們能夠像人工智慧一樣，在瞬間回答問題的能力得到增強，因為我們已經獲得了學習者所學的所有課程的成績單中的所有見解和資訊。將採取。

And so really what that does, and we've got many instructors to spend upwards of 50% of their time of day four hours a day, either themselves or their TA.s.

事實上，我們有許多講師每天花 50% 以上的時間學習四個小時，無論是他們自己還是他們的助教。

Please transition assistance answering questions so that removes all of that time and energy that goes in answering those questions now, all they have to do is validated.

請過渡協助回答問題，以便消除現在回答這些問題所花費的所有時間和精力，他們所要做的一切都已得到驗證。

The answers are accurate, make any adjustments hit send an offer goes, and we're really excited about the level of accuracy we're seeing in early days.

答案是準確的，做出任何調整後都會發送報價，我們對早期看到的準確性水平感到非常興奮。

We know as we continue to educate DLM. and that happens automatically that the accuracy is going to improve over time and do we have the ability to port this type of capability to the consumer experience?

當我們繼續教育 DLM 時，我們就知道了。隨著時間的推移，準確性會自動提高，我們是否有能力將這種類型的功能移植到消費者體驗中？

The answer is yes.

答案是肯定的。

And in a variety of ways, and we're really excited about that.

以多種方式，我們對此感到非常興奮。

I mean, I'd say one of the things we're most excited about in the short to midterm is porting the badging and certification capability to the consumer experience so that all of that validation opportunity is now made available in that environment.

我的意思是，我想說，我們在中短期內最興奮的事情之一是將徽章和認證功能移植到消費者體驗中，以便所有驗證機會現在都可以在該環境中使用。

In addition to all that the capabilities we're talking about now that we're initially launching into the enterprise segment, everything that's applicable.

除了我們現在正在討論的所有功能之外，我們最初正在向企業領域推出所有適用的功能。

We're going to port down to the consumer experience.

我們將轉向消費者體驗。

So you can surely expect the enhancements to flow down and that process will not be elongated.

因此，您可以肯定地期望增強功能會向下流動，並且該過程不會延長。

We expect that to be a fairly quick process.

我們預計這將是一個相當快的過程。

Noah Herman, JPMorgan.

諾亞·赫爾曼，摩根大通。

Hey, guys, thanks for taking the question.

嘿，夥計們，謝謝你提出問題。

With respect to linearity in the quarter, can you provide just some color on the top of funnel demand and conversions throughout the quarter?

關於本季的線性，您能否提供整個季度漏斗需求和轉換頂部的一些顏色？

Th////anks.

謝謝。

Yes, I'll take that.

是的，我會接受的。

Thanks for the question, Noah, on.

謝謝你的提問，諾亞，繼續。

So very typical with a fourth quarter and any quarter, but you see this more.

這在第四季度和任何季度都很典型，但你會看到更多。

So in the fourth quarter, the bookings come in the last month.

因此，在第四季度，預訂是在最後一個月出現的。

And so from a linearity perspective, you book a small portion.

因此，從線性角度來看，您預訂了一小部分。

That's one a small portion in month two and then the most significant portion in the last month.

這是第二個月的一小部分，然後是上個月最重要的部分。

And that's exacerbated in Q4 as companies are figuring out their budgets for the next year.

隨著公司正在計算明年的預算，這種情況在第四季更加嚴重。

And so that's what we saw and expected again in this quarter.

這就是我們在本季再次看到和預期的情況。

And when we got down to the last that last month.

當我們進行到上個月的最後一次。

That's where we identified some execution issues with the bookings that come in as expected.

這就是我們發現按預期收到的預訂存在一些執行問題的地方。

And in some respect, it was some masked a little bit by the macro, but we are taking actions against that and we expect to see that those initiatives take hold in the back half as we continue to invest in all the areas that are targeted drive our long-term growth.

在某些方面，這有點被宏觀因素掩蓋了，但我們正在採取行動來應對這一點，我們預計隨著我們繼續投資於所有有針對性的驅動領域，這些舉措將在下半年發揮作用我們的長期增長。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Yes, thanks for taking my question.

是的，感謝您提出我的問題。

Maybe just on the broader budgetary commentary I think JNI has been making waves for over a year now.

也許只是就更廣泛的預算評論而言，我認為 JNI 已經掀起波瀾一年多了。

And I think this is supposed to lead to increased reskilling and upskilling by organizations.

我認為這應該會導致組織增加新技能和技能提升。

And so I guess what's the holdup or hesitancy hesitancy on the organization's part?

所以我想組織方面的阻礙或猶豫是什麼？

And what do you think is going to be the cause for an inflection and what they're willing to spend money on from a risk perspective?

您認為什麼會導致這種變化？從風險的角度來看，他們願意在哪些方面花錢？

Thank you.

謝謝。

Yes, good question.

是的，好問題。

I'll take that.

我會接受的。

So amidst the guidance that we provided, I think it's important to call out that we are seeing strength in our enterprise segment, North America and around the world.

因此，在我們提供的指導中，我認為重要的是要指出，我們看到了我們的企業部門、北美和世界各地的實力。

And we're seeing accelerated and expansion opportunities start to come to life and get executed and the pace of those starting to increase and given example, Mccotter Libra as the largest e-com fintech company in Latin America just expanded significantly expanded their relationship with us this last quarter from initially Argentina, Brazil to all of Latin America based on our ability to connect to us to help them execute their strategy with respect to upskilling and reskilling their tech teams and beyond, including AI, which was a key component of that on an ongoing basis.

我們看到加速和擴張的機會開始出現並得到執行，這些機會的步伐開始加快，例如，Mccotter Libra 作為拉丁美洲最大的電子商務金融科技公司剛剛擴張，顯著擴大了他們與我們的關係上個季度，從最初的阿根廷、巴西到整個拉丁美洲，我們有能力與我們建立聯繫，幫助他們執行有關技術團隊技能提升和再培訓的戰略，包括人工智慧，這是其中的關鍵組成部分一個持續的基礎。

And that's as a result of the success.

這就是成功的結果。

We had an initial two countries and you look at a government entity by County, Los Angeles 100,000 employees been a customer since 2021 based on the success that they saw an over 90% of their supervisors, seeing an increase in productivity and employee engagement who's a quantifiable impact.

我們最初有兩個國家，你看看洛杉磯縣的一個政府實體，自2021 年以來，有100,000 名員工成為我們的客戶，因為他們看到超過90% 的主管取得了成功，看到了生產力和員工敬業度的提高，這是可量化的影響。

We made a decision to deploy 200,000, proud of that as a subset.

我們決定部署 20 萬個，並為此感到自豪。

So we are seeing acceleration.

所以我們看到了加速。

We are seeing organizations spend money.

我們看到組織花錢。

We are seeing organizations leaning into the notion of we have to develop the skills necessary for us to be competitive and win in this environment where the pace of change is increasing every day.

我們看到組織傾向於這樣一種觀念：我們必須培養必要的技能，以便在這個變革步伐日益加快的環境中保持競爭力並獲勝。

So it's as much as I know right now, based on the guide, it may appear that we are taking a conservative approach to the year.

就我目前所知，根據指南，我們似乎對這一年採取了保守的態度。

There's no doubt about it, but it may appear that that's up.

毫無疑問，但這似乎已經過去了。

The velocity of the business is not necessarily where we would like it to be.

業務的速度不一定是我們希望的那樣。

And the reality is we already talked about it some of the execution issues.

事實上，我們已經討論過一些執行問題。

But what we're really excited about is the impact we're starting to see in the enterprise.

但真正令我們興奮的是我們開始在企業中看到的影響。

We're starting to see dollars be spent at an accelerated pace consolidations continue to happen.

我們開始看到美元加速支出，整合持續發生。

The myriad opportunities we talked about was a consolidation to our platform for multiple large multinational financial institution that we talked about.

我們談到的無數機會是我們談到的多個大型跨國金融機構平台的整合。

Seven-figure deal consolidation from multiple to our platform.

七位數的交易整合從多個到我們的平台。

So momentum is building in our enterprise segment, which by the way, is 80% of our revenue.

因此，我們的企業部門正在形成勢頭，順便說一句，該部門占我們收入的 80%。

But that's hidden a little bit based on the guide and based on some of the execution issues we did see coming out of Q4, which we absolutely are confident will be rectified.

但根據指南和我們在第四季度確實看到的一些執行問題，這一點被隱藏了一點，我們絕對有信心這些問題會得到糾正。

So I know that's probably a little bit more color and you were looking for, but I think it warrants it because the reality is this business is very healthy and on really solid footing.

所以我知道這可能是您一直在尋找的更多色彩，但我認為這是值得的，因為現實是這項業務非常健康並且基礎非常堅實。

Don't forget UB is projected to exit the year at $0.5 billion in revenue, growing over 20% year over year with a massive TAM and significant tailwinds.

不要忘記，UB 預計今年的收入將達到 5 億美元，年成長超過 20%，TAM 龐大且有利。

So the opportunities in front of us, we've got a very solid foundation that we're growing from.

因此，我們面前的機會是我們成長的堅實基礎。

And the economic climate we believe throughout the year is going to enable us to execute at the level we've talked about.

我們相信全年的經濟環境將使我們能夠達到我們所討論的水平。

So I'll leave it at that.

所以我就這樣吧。

Jeff Meuler, Baird.

傑夫·穆勒，貝爾德。

Yes, thank you.

是的，謝謝。

It's [Kevin Pollard] on for Jeff.

傑夫由[凱文·波拉德]上場。

You mentioned that sales cycles remain elongated.

您提到銷售週期仍然拉長。

Maybe just put that into context, are you seeing incremental elongation in the sort of stable at higher levels?

也許只是將其放在上下文中，您是否看到在較高水平上穩定的增量伸長？

And how much longer are they than you would expect for a normal sales cycle.

它們比您預期的正常銷售週期長多少。

And then sir, I think you had mentioned something about higher quality leads in the pipeline.

然後先生，我想您已經提到了有關管道中更高品質潛在客戶的問題。

Just any color there around what makes sense?

周圍有任何顏色有什麼意義嗎？

Maybe you characterize them that way?

也許你就是這樣描述他們的？

Yes, thanks for the question.

是的，謝謝你的提問。

So sales cycles have did not elongate further in Q4.

因此，第四季的銷售週期並未進一步延長。

We did see some pockets in Q's three where the sales cycle pulled in a little bit, but we are nowhere near historic levels.

我們確實看到第三季的一些銷售週期有所回升，但距離歷史水準還差得很遠。

Still.

仍然。

Those sales cycles are they're pretty stable.

這些銷售週期非常穩定。

That elongation continues, but did not get worse from a quality of leads in the pipeline there has been a lot of work done on our funnel and ensuring that we are capturing the leads and then spending our resources on following up on the lease that are more likely to convert.

這種延伸仍在繼續，但並沒有因為管道中潛在客戶的品質而變得更糟，我們在漏斗上做了很多工作，並確保我們捕獲潛在客戶，然後將我們的資源用於跟進更多的租賃可能會轉換。

So we have seen our win rates go up and that is a function of the quality of the leads that then get converted and opportunities for us are those parties that are more interested that know more and understand more about our business because of the upfront work that we've done on the marketing, the outbound side.

因此，我們看到我們的獲勝率有所上升，這是隨後轉化的潛在客戶品質的函數，而我們的機會是那些對我們的業務更感興趣、更多地了解和了解我們業務的各方，因為前期工作我們已經在行銷、出境方面做了工作。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc 資本市場。

Hi, Greg.

嗨，格雷格。

This is actually Devin on for Jason today.

這實際上是德文今天為傑森做的。

Thanks for taking our question.

感謝您提出我們的問題。

I just wanted to ask a follow-up on your expectation of ARR growth to pick up in the second half.

我只是想詢問您對下半年 ARR 成長回升的預期的後續情況。

Are you also assuming net retention to improve and also new customer growth can accelerate in the second half.

您是否也假設下半年淨保留率會提高，新客戶成長也會加速。

Just any additional color you can provide on your confidence that?

您可以提供任何額外的顏色來增強您的信心嗎？

Thanks.

謝謝。

Yes, great question.

是的，很好的問題。

From a net dollar retention, we don't give out guidance on that, but what we expect is once that net new ARR starts to pick up in the back half, that will, over time translate into an improvement in net dollar retention, which again, is still strong in this macro, 113% for our large customers and stable at 106% overall from a logo perspective, because I heard you talking a little bit about customer count there.

從淨美元保留率來看，我們不會就此給出指導，但我們預計，一旦淨新 ARR 在下半年開始回升，隨著時間的推移，這將轉化為淨美元保留率的改善，這再次強調，在這個宏觀上仍然強勁，對於我們的大客戶來說是113％，從徽標的角度來看總體穩定在106％，因為我聽到你談論了一些關於那裡的客戶數量。

What we did in Q4, you see some of the the smaller side of our estimate the business on not renew at year end, but that is something typical that we also saw last year where we add more logos in the third quarter than we do in the fourth quarter, where that enterprise business continues to chug along and drive that growth, but you see some attrition on the low side.

我們在第四季度所做的事情，你會看到我們估計業務在年底不會更新的一些較小的方面，但這是我們去年也看到的典型情況，我們在第三季度添加的徽標比去年更多第四季度，企業業務繼續穩定發展並推動成長，但您會看到一些較低的損耗。

Arvind Ramnani, Piper Sandler.

阿爾文德·拉姆納尼，派珀·桑德勒。

Please go ahead.

請繼續。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

I wanted to ask about some kind of kind of staying disciplined on on on going to operational efficiencies and you kind of being prudent and on real spend money but also at the same time and making investments that I had heard both of them through the call.

我想問的是，在提高營運效率方面保持某種紀律，你要保持謹慎和真實的花錢，但同時也要進行投資，我在電話中聽到了他們的說法。

So I just wanted to kind of reconcile those.

所以我只是想調和這些。

There's two dynamics on the expense side?

費用方面有兩個動態？

Yes, I'll take that question.

是的，我會回答這個問題。

Things, Arvind.

事情，阿爾文德。

So if you just look across '22 and '23 from a percentage of revenue, what we are spending on the different functions in the organization that has come down dramatically.

因此，如果您僅從收入百分比來看 22 年和 23 年，我們在組織中不同職能上的支出已大幅下降。

And that is because of the operational efficiencies, the systems that we're investing in, the processes that we're investing in to drive that operational efficiency, and we're going to continue doing that.

這是因為營運效率、我們投資的系統、我們投資的流程來提高營運效率，我們將繼續這樣做。

You heard Greg say that we have done in a boot camp across the organization.

你聽到格雷格說我們已經在整個組織的新兵訓練營中完成了這項工作。

There are AI investments that we can make for our operations, not just our platform, but for our operations that will continue to drive operating efficiency.

我們可以為我們的營運進行人工智慧投資，不僅僅是我們的平台，而是我們的運營，這將繼續提高營運效率。

At the same time, we are going to be investing in the R&D capabilities that we spoke about and our brand spend that is new.

同時，我們將投資於我們談到的研發能力和新的品牌支出。

And so those two things are balanced out.

所以這兩件事是平衡的。

And that's why you're seeing we had significant margin expansion in the bottom line in 2023, but it's only going to be modest in 2024 as we make those investments and continue to focus on capturing long-term growth.

這就是為什麼我們會在 2023 年看到我們的利潤大幅增長，但到 2024 年，隨著我們進行這些投資並繼續專注於實現長期增長，利潤率只會適度增長。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would now like to turn the call back to Greg Brown for closing remarks.

我現在想將電話轉回給格雷格·布朗，請他發表結束語。

Thank you.

謝謝。

And I would just like to thank you all for joining the call today, and we look forward to connecting again in May for the Q1 update.

我只想感謝大家今天加入電話會議，我們期待在 5 月再次聯繫以了解第一季的更新。

So thank you again.

所以再次感謝你。

Have a great afternoon.

祝你有個愉快的下午。

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

會議現已結束，感謝您參加今天的演講。

You may now disconnect your lines.

現在您可以斷開線路。