Udemy Inc (UDMY) 2024 Q1 法說會逐字稿

Good day and welcome to Unisys first quarter of 2024 earnings conference call. (Operator Instructions) Please also note that today's call is being recorded. I would now like to turn the call over to Dennis Walsh, Vice President, Investor Relations. Please go ahead.

美好的一天，歡迎參加 Unisys 2024 年第一季財報電話會議。 （操作員說明）也請注意，今天的通話正在錄音。我現在想將電話轉給投資者關係副總裁 Dennis Walsh。請繼續。

Thank you, Joe. Joining me today are Usiminas Chief Executive Officer, Greg Browne, and Chief Financial Officer, Cheryl Blanchard. During this call, we will make forward-looking statements within the meanings 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 are forward looking statements are based upon information currently available to us. We caution you to not place undue reliance on forward-looking statements. We do not undertake and expressly disclaim any duty or obligation to update or alter our forward-looking statements except as required by applicable law.

謝謝你，喬。今天與我一起出席的還有 Usiminas 執行長 Greg Browne 和財務長 Cheryl Blanchard。在本次電話會議中，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。要完整討論與這些前瞻性陳述相關的風險，我們鼓勵您參閱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，這些前瞻性陳述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。除適用法律要求外，我們不承擔並明確否認更新或更改我們的前瞻性聲明的任何責任或義務。

In addition, during this call, certain financial performance measures may be discussed that differ from comparable measures contained in our financial statements prepared in accordance with U.S. generally accepted accounting principles referred to by the Securities and Exchange Commission as non-GAAP financial measures. We believe that these non-GAAP financial measures support management and investors in evaluating our performance and comparing period-to-period results of operations in a more meaningful and consistent manner as discussed in greater detail in the supplemental schedules to our earnings news release. A reconciliation of these non-GAAP measures to the most comparable GAAP financial measures is included in our earnings press release. These reconciliations, together with additional supplemental information are available on the Investor Relations section of our website. A replay of today's call will also be posted on the website with that, I will now turn the call over to Greg.

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支持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，正如我們的收益新聞稿的補充時間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，我現在將把電話轉給格雷格。

Thank you, Dennis, and good afternoon to everyone on the call was a good start to the year for you to me and we continue to be excited about the significant opportunity in front of us. During Q1, we further expanded our global enterprise customer base and executed on our strategy to meet customers' evolving needs with our innovative intelligent skills platform.

謝謝丹尼斯，大家下午好，對我來說，這是今年的良好開端，我們仍然對擺在我們面前的重大機會感到興奮。第一季度，我們進一步擴大了全球企業客戶群，並執行我們的策略，透過創新的智慧技能平台滿足客戶不斷變化的需求。

Looking at our results for the first quarter, we met expectations for revenue and adjusted EBITDA margin. Total revenue increased 12% year over year, while we grew Unity business revenue by 24% compared to Q1 2023. These results reflect the increased global demand for reskilling and upskilling as the pace of change, driven by advancements in technology such as generative. Ai continues to shape the way we learn and work today. I'd like to discuss the current demand environment and how we're positioning you to meet to more effectively capture market share in our category.

看看我們第一季的業績，我們達到了收入和調整後 EBITDA 利潤率的預期。總營收年增12%，而與2023 年第一季相比，我們的Unity 業務收入成長了24%。技能和提陞技能的需求不斷增加。人工智慧繼續塑造我們今天的學習和工作方式。我想討論一下當前的需求環境以及我們如何定位您以滿足更有效地佔領我們類別的市場份額。

I'll then discuss the actions we're taking to address the short-term challenges to our business in order to deliver on our growth expectations for the year and beyond. We continue to see solid demand across most sectors and regions as companies seek a partner to support their workforce, learning and development needs and all capacities. Unum is differentiated by the high-quality, immersive and localized learning experiences we provide.

然後，我將討論我們為解決業務面臨的短期挑戰而採取的行動，以實現我們今年及以後的成長預期。隨著公司尋求合作夥伴來支持其勞動力、學習和發展需求以及所有能力，我們繼續看到大多數行業和地區的強勁需求。 Unum 因我們提供的高品質、沉浸式和在地化學習體驗而與眾不同。

Our comprehensive solution is purpose built to provide three essential learning modalities, on-demand, immersive, and cohort based. This combination allows us to offer an end to end solution where professional learners and organizations around the world can easily identify and quickly develop the skills they need to deliver better business outcomes today and in the future. The benefits of our approach are reflected in our results and some of the milestones we hit this quarter.

我們的綜合解決方案旨在提供三種基本的學習模式：按需學習、沉浸式學習和基於隊列的學習。這種組合使我們能夠提供端到端解決方案，世界各地的專業學習者和組織可以輕鬆識別並快速開發他們所需的技能，以在當前和未來提供更好的業務成果。我們方法的好處反映在我們的業績和本季達到的一些里程碑。

During Q1, we entered into new or expanded existing relationships with enterprise customers, including Pepsi, Flutter Entertainment and the South African Reserve Bank. In total, we now have more than 16,000 new Tumi business customers in over 150 countries. Notably, we have more than doubled our enterprise customer base in the past three years. This is a testament to the value we provide and the continued innovation we're building into our comprehensive platform.

在第一季度，我們與企業客戶建立了新的或擴大的現有關係，包括百事可樂、Flutter Entertainment 和南非儲備銀行。目前，我們在 150 多個國家/地區總共擁有 16,000 多個新 Tumi 商業客戶。值得注意的是，過去三年我們的企業客戶群增加了一倍以上。這證明了我們提供的價值以及我們在綜合平台中建構的持續創新。

For example, a leading global IT consulting company based in Europe, expanded their relationship with us during Q1 by leveraging the unique business platform to prepare for internal IT certifications. The customer experienced a 17% increase in certifications per console, which in turn allows them to charge a higher rate for their services. More recently in order to support the business objectives related to certification and generative AI, upskilling, the company expanded their deployment of you to be business growth by assessing and guiding learners capabilities be business pro enables technical professionals to achieve their desired learning and business outcomes more quickly and effectively Also during the quarter, a customer that's been with me since 2017.

例如，一家總部位於歐洲的全球領先 IT 顧問公司在第一季擴大了與我們的關係，利用獨特的業務平台為內部 IT 認證做準備。客戶發現每個控制台的認證數量增加了 17%，這反過來又允許他們收取更高的服務費用。最近，為了支持與認證和生成式人工智慧、技能提升相關的業務目標，該公司透過評估和指導學習者的能力，擴大了對業務成長的部署，成為業務專業人士，使技術專業人員能夠實現他們期望的學習和業務成果快速有效 在本季度，還有一位自 2017 年以來一直與我合作的客戶。

And as a global leader in AI computing, expanded their relationship with us. This is another example of a customer that has been effectively leveraging to me for AI training and IT certification prep the expansion of seats from 3,000 to 9,000, almost one-third of the total employees underscores the tangible impact our platform it had on their business. We see this use case for AI training and IT certification preparation has a long-term driver of demand going forward. And just over a year, since JGPT. launched, we've seen more than 4 million enrollments in the 2000-plus AI courses in the unique catalog. This massive surge in interest from individuals and organizations demonstrates the rapidly growing need to upskill talent on generative AI based on what we've seen in the past year. We believe generative AI will have a significant lasting impact across nearly every industry region and professional role organizations will require employees to cultivate new skills to adapt to change and certain roles may be replaced entirely.

作為人工智慧運算領域的全球領導者，他們擴大了與我們的關係。這是另一個客戶的例子，該客戶一直有效地利用我進行人工智慧培訓和IT 認證，準備將席位從3,000 個擴大到9,000 個，幾乎佔員工總數的三分之一，強調了我們的平台對其業務所產生的實際影響。我們認為人工智慧培訓和 IT 認證所準備的用例具有長期的需求驅動力。距離 JGPT 僅一年多。推出後，我們發現該獨特目錄中的 2000 多門人工智慧課程的註冊人數已超過 400 萬人。個人和組織興趣的大幅增長表明，根據我們過去一年的情況，提高生成式人工智慧人才技能的需求正在迅速增長。我們相信，生成式人工智慧將對幾乎所有行業領域產生重大持久影響，專業角色組織將要求員工培養新技能以適應變化，某些角色可能會被完全取代。

A key reason why Unum is unique marketplace model is so compelling is how quickly we can expand and adapt our content catalog. This enables organizations to stay ahead of trends in technology, enabling them to better understand and apply these advancements. For example, within a few days of channel GBT's launch. We were the first platform to have, of course, instructing learners on the topic. In less than two months. We had over 100 courses unchanged GPT. available as compared to only one course available across all other competitive offerings.

Unum 獨特的市場模式如此引人注目的一個關鍵原因是我們能夠以多快的速度擴展和調整我們的內容目錄。這使組織能夠保持技術趨勢的領先地位，使他們能夠更好地理解和應用這些進步。例如，GBT 頻道推出後幾天內。當然，我們是第一個向學習者提供該主題指導的平台。不到兩個月的時間。我們有 100 多門課程的 GPT 沒有變化。與所有其他競爭產品中僅提供一門課程相比。

This is a perfect example of our marketplace in action and how we can effectively leverage our expert instructor network to quickly meet our customers' needs. As general AI alters the way we work. The development of soft skills ranging from strategic thinking to effective interpersonal communication is becoming more critical than ever you had I mean, we recognize the pivotal role that developing leadership skills plays in harnessing the full potential of generative AI.

這是我們市場運作的完美範例，以及我們如何有效利用我們的專家講師網絡來快速滿足客戶的需求。通用人工智慧改變了我們的工作方式。從策略思維到有效的人際溝通等軟技能的發展變得比以往任何時候都更加重要，我的意思是，我們認識到發展領導技能在充分利用生成式人工智慧的潛力方面發揮著關鍵作用。

Our intelligence skills platform is designed to not only enhance technical proficiency, but also to cultivate these essential soft skills by integrating advanced technology skills with soft skills development. Our platform ensures that leaders are well-equipped to implement new technologies effectively and lead their teams through organizational changes. This helps organizations achieve better business outcomes and also enhances engagement on our platform as engagement increases on our platform.

我們的智力技能平台不僅旨在提高技術熟練程度，而且還透過將先進技術技能與軟技能開發相結合來培養這些基本的軟技能。我們的平台確保領導者有能力有效實施新技術並領導其團隊完成組織變革。這有助於組織實現更好的業務成果，並隨著我們平台上參與度的增加而增強我們平台上的參與度。

It generates a virtuous cycle where the more learners Engage, the more data we can collect that data in turn, translates into valuable insights that customers can then leverage to make more informed business decisions as organizations increasingly rely on our platform to develop the workforce, increase engagement unlocks long-term growth opportunities enables us to provide more effective learning experiences. Ultimately, we see Unity's platform as mission critical for fostering a more agile, resilient and skilled workforce that is better equipped to tackle the challenges of today and opportunities of tomorrow, further illustrating this growing opportunity.

它產生了一個良性循環，越多的學習者參與，我們可以收集的數據就越多，這些數據反過來又轉化為有價值的見解，隨著組織越來越依賴我們的平台來發展勞動力、提高生產力，客戶可以利用這些見解做出更明智的業務決策。最終，我們將 Unity 平台視為培養更敏捷、有彈性和技術熟練的員工隊伍的關鍵任務，使他們能夠更好地應對當今的挑戰和明天的機遇，進一步說明這一不斷增長的機會。

A recent KPMG survey found that nearly 75% of business leaders ranked generative AI at the top of emerging technology that will impact our business over the next year and a half. However, in a recent study conducted by unique, we found that only 55% of employees are confident in their management team's ability to seize the opportunities and mitigate the risks brought upon by AI you to me, we are committed to bridging this gap by supporting our customers and strengthening the skills of their leadership teams.

畢馬威最近的一項調查發現，近 75% 的企業領導者將生成式人工智慧列為新興技術的首位，這將在未來一年半內影響我們的業務。然而，在unique最近進行的一項研究中，我們發現只有55%的員工對其管理團隊抓住機會並減輕人工智慧帶來的風險的能力充滿信心。這一差距。

Our comprehensive skills development programs, including the corporate base unit Business Leadership Academy are tailored to equip leaders with advanced technical knowledge as well as the soft skills needed to innovate and lead competently in an increasingly competitive and evolving environment. Recently, a multi-product MuniMae business customer added additional leadership academy cohorts after seeing positive results following their first engagement insurance provider, BlueCross BlueShield of North Carolina was seeking new ways to help their customer service leaders, better connect with and coach their direct reports in a hybrid work environment.

我們的綜合技能發展計劃，包括企業基礎部門商業領導力學院，旨在為領導者量身定制先進的技術知識以及在競爭日益激烈和不斷變化的環境中進行創新和領導的軟技能。最近，一位多產品MuniMae 商業客戶在其首家訂婚保險提供商北卡羅來納州BlueCross BlueShield 看到積極成果後，增加了更多的領導力學院學員，該客戶正在尋求新的方法來幫助他們的客戶服務領導者，更好地與他們的直接下屬聯繫並指導他們混合工作環境。

To support this effort, the customer pilot Leadership Academy and noticed immediate changes among the pilot group of leaders, including improved communication skills and additional leadership traits that were not exhibited prior to the pilot. Additionally, many of the leaders felt that they were able to connect better in interviews with candidates. The team also saw significant value in analytics and data from this program that you provided because of the success of the program, the Company added two additional cohorts within six weeks of the delivery of our insights.

為了支持這項工作，客戶試點了領導力學院，並注意到試點領導者群體中的立即變化，包括溝通技巧的提高和試點之前未表現出的其他領導特質。此外，許多領導者認為他們能夠在面試中與候選人建立更好的聯繫。由於該計劃的成功，該團隊還看到了您提供的該計劃的分析和數據的巨大價值，公司在提供我們的見解後的六週內又增加了兩個群組。

During Q1, we also launched our Gemini skills back to enable you to be business customers to upskill their workforce on generative AI in order to achieve better business outcomes, the skills tax supports leaders and other workers and establishing a fundamental understanding of the technology and how to apply it responsibly to enhance productivity, communication and project management. Since its launch, the skill stack has driven meaningful pipeline generation, further validating the growing demand for developing generative AI skills for companies of all sizes sectors and regions. The use cases I highlighted provide you with a snapshot of the value we're delivering for our customers every day. However, we recognize that we can do better in certain areas of the business. We are committed to addressing the execution challenges that impacted our outlook for the year.

在第一季度，我們還重新推出了Gemini 技能，使您能夠成為商業客戶，提高他們的員工在生成式人工智慧方面的技能，以實現更好的業務成果，技能稅支持領導者和其他工人，並建立對技術的基本了解以及如何負責任地應用它來提高生產力、溝通和專案管理。自推出以來，該技能堆疊推動了有意義的管道生成，進一步證實了各種規模的行業和地區的公司對開發生成式人工智慧技能的需求不斷增長。我強調的用例為您提供了我們每天為客戶提供的價值的快照。然而，我們認識到我們可以在某些業務領域做得更好。我們致力於解決影響我們今年前景的執行挑戰。

As we mentioned on our last earnings call, we identified the issues with two reseller partners in A-Pac region, and we experienced some softness in Amea as well as some underperforming cohorts within larger markets. Since that time, we began taking action to address these issues, including hiring general managers on the ground in South Korea and Vietnam to oversee our reseller partners in those markets.

正如我們在上次財報電話會議上提到的，我們發現了亞太地區兩個經銷商合作夥伴的問題，我們在 Amea 以及較大市場中的一些表現不佳的群體中經歷了一些疲軟的情況。從那時起，我們開始採取行動解決這些問題，包括在韓國和越南聘請總經理來監督我們在這些市場的經銷商合作夥伴。

In addition, we have commenced a search for a Chief Revenue Officer to lead you to the business as our current leader will be leaving the company in June, we made good progress with our search for a new leader with strong go-to-market leadership experience, scaling global businesses from $500 million to $1 billion in revenue and beyond the current year to be business leader will support the transition, and I will be actively involved.

此外，我們已經開始尋找一位首席營收長來帶領您開展業務，因為我們現任領導者將於 6 月離開公司，我們在尋找具有強大市場領導力的新領導者方面取得了良好進展經驗，將全球業務從5 億美元擴大到10 億美元收入，並在今年超越成為業務領導者將支持這一轉變，我將積極參與。

While the new leader ramps into the role, we expect to have more to share on this soon. Altogether, these actions will address the short-term challenges leading to improved long-term performance to wrap up the innovative capabilities we're embedding in our intelligence skills platform, coupled with the demand from the global transformation to a skills-based economy and the rapid advancements of generative AI, our expected drive meaningful momentum and engagement on our platform over the long term. These trends are also poised to unlock substantial opportunities for our business as a corporate world increasingly adopt a culture of continuous learning and future-proofing the workforce we anticipate using these platform will become even more mission critical.

當新的領導者逐漸就任時，我們預計很快就會有更多的資訊分享。總而言之，這些行動將解決短期挑戰，從而提高長期績效，以整合我們嵌入情報技能平台的創新能力，以及全球向技能型經濟轉型的需求和生成式人工智慧的快速發展，我們預計從長遠來看會在我們的平台上帶來有意義的動力和參與度。隨著企業界越來越多地採用持續學習和麵向未來的文化，這些趨勢也將為我們的業務釋放大量機會，我們預計使用這些平台的員工將變得更加關鍵。

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 start with comments on the key financial highlights and then provide our outlook. You can find the complete set of financial tables in our news release, which is available on our Investor Relations website for the fifth consecutive quarter. Our results exceeded the high end of our guidance range of both the top and bottom line revenue increased 12% year over year to [$197 million], with more than 60% of our total revenue coming from outside of the US, we did have a negative impact from FX to our year-over-year growth rate of two percentage points due to the business.

謝謝你，格雷格。我將首先對主要財務亮點進行評論，然後提供我們的展望。您可以在我們的新聞稿中找到完整的財務表格，該新聞稿已連續第五個季度在我們的投資者關係網站上提供。我們的業績超出了我們指導範圍的上限，即頂線收入和底線收入同比增長 12%，達到 [1.97 億美元]，我們總收入的 60% 以上來自美國以外的地區，我們確實有由於業務原因，外匯對我們的年成長率造成了兩個百分點的負面影響。

Revenue for the quarter was $180 million, an increase of 24% year over year, including a two-percentage point headwind from changes in FX rates. We ended the quarter with annual recurring revenue or ARR of $479 million up 21% from a year ago. Our consolidated net dollar retention rate or NDR at the quarter end was 104%. The rate was 111% for large customers for those with 1,000 or more employees. As expected, we continue to see small decreases in net dollar retention as upsells continue to take longer than historical norms.

該季度營收為 1.8 億美元，年增 24%，其中包括匯率變動帶來的兩個百分點的阻力。截至本季末，我們的年度經常性收入或 ARR 為 4.79 億美元，比去年同期成長 21%。季度末我們的綜合淨美元保留率或 NDR 為 104%。對於擁有 1,000 名或以上員工的大客戶，這一比例為 111%。正如預期的那樣，由於追加銷售所需的時間繼續長於歷史正常水平，我們繼續看到淨美元保留率小幅下降。

Gross dollar retention was unchanged. Once again in aggregate, we grew our customer base by 12% year over year to more than 16,000 customers globally. Our large customer cohort is growing at a faster rate of 16% year over year. Today, more than 30% of our customers are large customers and the number of contracts with ARR of more than $100,000 increased 16% year over year. We're also closing longer term deals, which means that approximately 50% of our ARR is from multiyear contracts up from 44% a year ago.

美元保留總額沒有變動。總體而言，我們的客戶群年增了 12%，全球客戶數量超過 16,000 名。我們的龐大客戶群正以每年 16% 的速度成長。如今，我們超過30%的客戶是大客戶，ARR超過10萬美元的合約數量年增16%。我們也完成了長期交易，這意味著我們約 50% 的 ARR 來自多年期合同，而一年前為 44%。

Gross margin for you to be business segment came in at 72% for the quarter, up 700 basis points from the prior year, primarily due to the structure revenue share change that went into effect on January 1st of this year, first quarter consumer revenue was down 2% on a year-over-year basis, including a negative two percentage point impact from FX. During Q1. Average monthly visitors grew 7% year over year to $37 million as we move down the P&L.

該業務部門本季毛利率為 72%，比上年同期增長 700 個基點，主要是由於今年 1 月 1 日生效的結構收入份額變化，第一季消費者收入為同比下降2%，其中匯率帶來了兩個百分點的負面影響。在第一季期間。隨著損益表的向下移動，平均每月訪客量年增 7%，達到 3,700 萬美元。

Note that all financial metrics are non-GAAP unless stated otherwise, Q1 gross margin was 62%, a 400 basis point improvement from Q1 2023, driven by the instructor revenue share change as well as a continued revenue mix shift to the business, which accounted for approximately 60% of total revenue in Q1, an increase of 600 basis points year over year. Total operating expense was $122 million or 62% of revenue and 200 basis points lower than Q1 of last year.

請注意，除非另有說明，所有財務指標均為非公認會計原則，第一季毛利率為62%，比2023 年第一季度提高了400 個基點，這是由講師收入份額變化以及收入組合持續向業務轉移所推動的，其中約佔第一季總收入的60%，較去年同期成長600個基點。總營運費用為 1.22 億美元，佔營收的 62%，比去年第一季低 200 個基點。

Thanks to our focus on company-wide cost efficiency. On the bottom line, we delivered net income of approximately $5 million or 3% of revenue. Adjusted EBITDA was positive for the fourth consecutive quarter at approximately $6.5 million or 3% of revenue, representing a 700-basis point expansion year over year. The better than expected adjusted EBITDA result was driven by revenue outperformance and our disciplined approach to ensuring operational efficiency throughout the organization.

感謝我們對全公司成本效率的關注。總而言之，我們實現了約 500 萬美元的淨利潤，佔收入的 3%。調整後 EBITDA 連續第四個季度為正值，約 650 萬美元，佔營收的 3%，較去年同期成長 700 個基點。優於預期的調整後 EBITDA 結果是由於收入表現優異以及我們確保整個組織營運效率的嚴格方法所推動的。

Moving on to key cash flow and balance sheet items. We ended the quarter with $434 million of cash, cash equivalents, restricted cash and marketable securities. Free cash flow for the quarter was positive $18 million. Our solid cash position enabled us to return capital to shareholders during Q1, we spent approximately [$55 million] of our [$100 million] share repurchase program to buy back nearly [5 million] unique shares. Consistent with our disciplined capital allocation strategy. We are committed to continuing to grow the company while returning capital to shareholders through opportunistic share repurchases. To that end, our Board has approved the expansion of our share repurchase program to $150 million, up from $100 million. We will remain prudent in deploying capital and the increased buyback reflects the confidence our Board and management team have in the business and the opportunities ahead.

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 4.34 億美元的現金、現金等價物、限制性現金和有價證券。該季度的自由現金流為正 1800 萬美元。我們堅實的現金狀況使我們能夠在第一季向股東返還資本，我們花費了 [1 億美元] 股票回購計劃中的約 [5500 萬美元] 回購了近 [500 萬] 個獨特股票。符合我們嚴格的資本配置策略。我們致力於持續發展公司，同時透過機會性股票回購向股東返還資本。為此，我們的董事會已批准將股票回購計畫從 1 億美元擴大到 1.5 億美元。我們將在資本配置方面保持謹慎，增加回購反映了我們的董事會和管理團隊對業務和未來機會的信心。

Now for our outlook for Q2 and full year 2024, as the volatile macroeconomic environment continues to persist and as we work to address the short-term execution challenges, we are taking a prudent approach to our outlook for the remainder of the year. As a result, we expect Q2 revenue to be between $192 million and $195 million or approximately 9% year-over-year growth at the midpoint. Assuming exchange rates remain constant, FX is expected to negatively impact Q2 revenue growth by one percentage points. On the bottom line, we are targeting negative 50 to positive 50 basis points for Q2.

現在，對於我們對 2024 年第二季和全年的展望，由於不穩定的宏觀經濟環境繼續存在，並且在我們努力應對短期執行挑戰的同時，我們對今年剩餘時間的前景採取審慎態度。因此，我們預計第二季營收將在 1.92 億美元至 1.95 億美元之間，中間值年增約 9%。假設匯率保持不變，外匯預計將對第二季營收成長產生 1 個百分點的負面影響。總而言之，我們的目標是第二季負 50 至正 50 個基點。

Adjusted EBITDA margin for the full year, we have narrowed our revenue range to $795 million to $805 million or nearly 10% growth at the midpoint as we were recalculating the impact of FX. On our full year outlook, we realized there was an issue with our prior estimates. We now expect an estimated negative one percentage point impact from FX and our full year growth rate. As Greg mentioned, we are in the process of identifying a leader for utility business and expect that once the leaders in place and ramped up, we will be well positioned to deliver on our growth projections. We still expect Q3 business revenue will account for more than 60% of total revenue for the full year and the consumer side given the stronger than expected performance in Q1. We now anticipate consumer revenue to be down 2% to 4% year over year on a full year basis.

調整後的全年 EBITDA 利潤率，我們已將營收範圍縮小至 7.95 億美元至 8.05 億美元，即在我們重新計算外匯影響時，中點增長近 10%。在我們的全年展望中，我們意識到我們先前的估計存在問題。我們現在預計外匯和全年成長率將產生 1 個百分點的負面影響。正如格雷格所提到的，我們正在尋找公用事業業務的領導者，並期望一旦領導者就位並加強，我們將能夠很好地實現我們的成長預測。鑑於第一季的表現強於預期，我們仍預期三季業務營收將佔全年及消費端總營收的60%以上。我們現在預計全年消費者收入將年減 2% 至 4%。

Looking ahead, we are focused on delivering efficient growth. We are actively managing our expenses to ensure that every expense is aligned with our core objectives to support the long-term health of our business. Our commitment to maintaining a solid financial foundation for you to be a top priority as we continue to optimize our operations and make strategic investments to secure sustained growth.

展望未來，我們將專注於實現高效成長。我們正在積極管理我們的開支，以確保每項開支都符合我們的核心目標，以支持我們業務的長期健康發展。我們致力於為您維持堅實的財務基礎，這是我們的首要任務，因為我們不斷優化營運並進行策略性投資以確保持續成長。

With all that in mind, given the outperformance on adjusted EBITDA in Q1, we are raising our full year 2020 for adjusted EBITDA margin guidance. We now expect full year 2024 adjusted EBITDA margin to be in the range of 200 to 300 basis points.

考慮到所有這些，鑑於第一季調整後 EBITDA 的優異表現，我們將提高 2020 年全年調整後 EBITDA 利潤率指引。我們現在預計 2024 年全年調整後 EBITDA 利潤率將在 200 至 300 個基點範圍內。

Before we open up the call for your questions, I want to express our excitement about the future of UNI-P. Despite the short-term challenges we've encountered, the long-term opportunity ahead of us is more compelling than ever before. Our strategic investments in product brand and global expansion are set to extend our leadership position in this category. We thank you for your continued support and look forward to keeping you updated on our progress.

在我們開始詢問您的問題之前，我想表達我們對 UNI-P 未來的興奮。儘管我們遇到了短期挑戰，但我們面前的長期機會比以往任何時候都更加引人注目。我們對產品品牌和全球擴張的策略性投資將擴大我們在這一領域的領導地位。我們感謝您的持續支持，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。

(Operator Instructions) Stephen Sheldon, William Blair.

（操作員說明）史蒂芬謝爾頓、威廉布萊爾。

I just want to make sure I understood the FX commentary. I think last quarter you said it was going to be a 3% drag. And just to make sure I heard that correctly because now you're thinking for the year, it's going to be a 1% drag. And can you talk about what is that that change?

我只是想確保我理解外匯評論。我想上個季度你說過這會是 3% 的拖累。只是為了確保我沒聽錯，因為現在你正在考慮今年的情況，這將是 1% 的拖累。您能談談這個變化是什麼嗎？

Hi, Stephen, it's Sara. Thanks for the question of less than we did previously announced that we expected about three points of headwinds from FX. The updated estimate is 1%, one point, and it really was just an unfortunate error. These things happen it has been remediated and we've put additional checks in place to make sure that that doesn't happen again.

嗨，史蒂芬，我是薩拉。感謝您提出的問題，我們先前宣布的外匯將帶來大約三個點的阻力。更新後的估計是 1%，一個點，這確實只是一個不幸的錯誤。這些事情發生後我們已經進行了補救，並且我們已經採取了額外的檢查以確保這種情況不會再次發生。

Okay, got it. And so with consumer coming in above expectations or I guess I think you picked up the guidance just a little bit there on the revenue side. I mean, are you effectively bringing down the UB. segment growth, I guess, can you just talk about expectations for UB.

好，知道了。因此，隨著消費者的收入超出預期，或者我想我認為您在收入方面稍微接受了指導。我的意思是，你是否有效地打倒了 UB？我想，您能談談對UB的期望嗎？

Yes. Let me walk through our some of the puts and takes of our 2024 outlook. The first thing I want to mention is we remain very excited about the long-term opportunity, which is unchanged. We did narrow our range and the midpoint is still at approximately 10%, but we're taking a prudent approach to the year. We continue to be in a volatile macro-economic environment. As you just heard us talk about, we are going through a leadership change and we're still in the process of addressing those execution issues. That being said, we did bring consumer up. We're now expecting that to be down two to four points as that continues to outperform our expectations which means that UB will dip slightly below 20%. We expect of overall the low point of our growth to be in Q2, Q3 and for revenue to then reaccelerate on the back of all these things I just spoke about such that we're ending the year at about 10% at the midpoint.

是的。讓我來談談我們對 2024 年展望的一些看法。我要提到的第一件事是，我們對長期機會仍然感到非常興奮，這一點沒有改變。我們確實縮小了區間，中點仍約為 10%，但我們對今年採取了謹慎的態度。我們仍然處於動盪的宏觀經濟環境中。正如您剛剛聽到我們談論的那樣，我們正在經歷領導層變更，並且仍在解決這些執行問題。話雖這麼說，我們確實提出了消費者。我們現在預計該價格將下降兩到四個百分點，因為它繼續超出我們的預期，這意味著 UB 將略低於 20%。我們預計，總體而言，我們的成長低點將出現在第二季度、第三季度，並且在我剛才談到的所有這些因素的支持下，收入將重新加速，這樣我們的年末成長率將達到中位數10% 左右。

Okay. Got it. That's helpful. And just one more for me. I think you talked last quarter about planning to continue investing in the new B to market teams. How is that progressing relative to plan and be great. Just to get any additional color on where you're adding sales resources?

好的。知道了。這很有幫助。還給我一個。我想您上個季度談到了計劃繼續投資新的 B to market 團隊。相對於計劃來說進展如何並且很棒。只是為了在您添加銷售資源的地方獲得任何額外的信息？

Yes. So we have been on adding resources up market. So in the strategic accounts, enterprise accounts that is going according to plan. The newer reps are ramping very nicely. So we're going to continue to monitor closely. We invested some additional funds in enablement to make sure that these new reps could come in and hit the ground running.

是的。所以我們一直在增加市場資源。所以在戰略帳戶中，企業帳戶是照計畫進行的。新代表的進步非常好。因此我們將繼續密切關注。我們投入了一些額外的資金來支持，以確保這些新代表能夠加入並立即投入工作。

Curtis Nagle, Bank of America.

柯蒂斯‧內格爾，美國銀行。

Ms. Ingrid, that's very much for taking the questions. And maybe just first for Sara, I apologize if I missed this, but what's driving the additional 50, 100 bps in terms of the EBITDA guide.

英格麗德女士，非常感謝您提出問題。也許首先對薩拉來說，如果我錯過了這一點，我深表歉意，但就 EBITDA 指南而言，是什麼推動了額外的 50、100 個基點。

But yes, so that we are bringing our expectations for EBITDA up due to the outperformance that we saw in the first quarter. We're being very balanced in our approach, which is continuing to invest in the product and the innovation, the go to market on a ease and enablement that will allow us to capture this growth opportunity in front of us at the same time being really thoughtful about driving that operational efficiency.

但是，是的，由於我們在第一季看到的優異表現，我們提高了對 EBITDA 的預期。我們的方法非常平衡，即繼續投資於產品和創新，以輕鬆和支持的方式進入市場，這將使我們能夠抓住我們面前的這個成長機會，同時真正深思熟慮地提高營運效率。

So just with this balanced approach that we continue to take, we do expect it to be to be able to deliver another 100 basis points or so on the bottom line.

因此，只要我們繼續採取這種平衡的方法，我們確實預期它能夠在利潤上再帶來 100 個基點左右。

And then just stepping over to you the business. So in understanding the points you made about some macro and a challenged environment. Could you speak a little more specifically in terms of the slowdown in ARR, a little bit lower, I guess revenue retention. Are you seeing attrition pickup or what's what's going on there? And I guess how much is that flowing through to the forecast of lower mutation? The EV revenue should be up?

然後就把業務交給你了。因此，在理解您關於宏觀和充滿挑戰的環境的觀點時。您能否更具體地談談 ARR 的放緩，我認為收入保留會降低一點。您是否看到人員流失率上升，或者那裡發生了什麼？我猜這對較低突變的預測有多少影響？電動車收入應該會增加嗎？

Yes. We did expect the first half to be muted from a net new ARR perspective due to some of these execution challenges that we saw. Again, remediation is underway. We're very happy with early signs, but it's going to take some time. We also want to be really thoughtful about bringing a new leader in place, giving that person on time to ramp up.

是的。由於我們看到了一些執行方面的挑戰，我們確實預計上半年從淨新 ARR 的角度來看將會平靜。再次，修復工作正在進行中。我們對早期跡象感到非常滿意，但這需要一些時間。我們也希望認真考慮任命一位新領導者，並讓他及時上崗。

So we are looking and we're in the late stages of finding someone who has been able to scale global businesses from $500 million to $1 billion plus, we expect to have more to share with you soon, but we're just working through some of these short-term challenges. What's really important, again, a long-term opportunity, which is the continued move to skills-based organizations and the growing demand to be able to adapt to and adopt AI capabilities, both for your internal use as well as your product capabilities as an organization that continues to grow.

因此，我們正在尋找能夠將全球業務從 5 億美元擴大到 10 億美元以上的人，我們正處於後期階段，我們預計很快會與您分享更多信息，但我們只是在努力解決一些問題這些短期挑戰。再次強調，真正重要的是長期機會，即持續轉向以技能為基礎的組織，以及不斷增長的能夠適應和採用人工智能功能的需求，無論是為了您的內部使用還是您作為企業的產品功能。發展的組織。

Ryan MacDonald, Needham & Company.

瑞安麥克唐納，李約瑟公司。

Thanks for taking my questions. Maybe not to harp too much on UBB, but maybe just as a clarifying question there, as you're looking at maybe what's coming in below expectations or maybe where the lack of performance or execution was? Is it more concerns in terms of top of the funnel development and on generating pipeline or perhaps that progression through the pipeline? Just trying to understand maybe what it wasn't developing as you expected sort of first as we go from fourth quarter earnings call to now through first quarter?

感謝您回答我的問題。也許不要過多地談論 UBB，但也許只是作為一個澄清問題，因為您正在考慮可能會出現低於預期的情況，或者可能缺乏績效或執行力的地方？更關心的是漏斗頂部的開發和生成管道，還是管道的進展？只是想了解一下，當我們從第四季度財報電話會議到現在一直到第一季時，它可能沒有像您預期的那樣發展？

Yes. So from there were some difference pieces that came into play here. The first thing I'll say is we had identified the issues on back in the last quarter. Some of those were more pronounced as we continue to dig in and put those remediation efforts in place. There were areas of pipeline generation that were doing very well. For instance, the RAE and some of our SDR side of things. But then we had some other areas where certain pieces of our marketing pipeline work going as well as we would have liked, especially in the commercial side. I think that's probably not as surprising given that SMBs have been hit on pretty hard in this environment.

是的。因此，一些不同的部分在這裡發揮了作用。我要說的第一件事是我們在上個季度就發現了問題。隨著我們繼續深入挖掘並落實這些補救措施，其中一些問題變得更加明顯。管道生成的某些領域表現非常好。例如，RAE 和我們 SDR 方面的一些事情。但後來我們在其他一些領域，行銷管道的某些部分進展順利，尤其是在商業方面。我認為，考慮到中小企業在這種環境下受到的打擊相當嚴重，這可能並不令人意外。

On the execution side, there are there were pockets of execution from a sales perspective that were going really, really well. We spoke about a very large TAM, the geographic region that overperformed for the second half of last year. And we saw some pockets where, frankly, there just needed to be more accountability around the sales process. So there were puts and takes across the organization. Greg has done extensive deep. Maybe, Greg, you want to talk a little bit.

在執行方面，從銷售的角度來看，有些執行工作進展得非常非常順利。我們談到了一個非常大的 TAM，該地理區域在去年下半年表現出色。坦白說，我們看到一些地方只需要在銷售流程中承擔更多責任。因此，整個組織都有調整和調整。格雷格做了廣泛而深入的工作。格雷格，也許你想談談。

Rental jumped in a little bit on this one on the enterprise side globally. Right now, we are very encouraged by the pipeline development that we're seeing and supporting the productivity improvements that we're seeing on the enterprise side as well. So feel very good about the work that our teams are doing to not only drive pipeline but also execute on the enterprise side, as you all know, enterprise for us is 80% of our revenue. So that's a big mover for us, has just alluded to down market in our commercial segment, and that's where we're focused right now, bolstering our pipeline generation capability and and that work will be ongoing.

全球企業方面的租金略有上漲。目前，我們對我們所看到的管道開發感到非常鼓舞，並支持我們在企業方面看到的生產力提高。因此，我們對我們的團隊所做的工作感到非常滿意，不僅推動了管道，而且還在企業方面執行，眾所周知，企業對我們來說佔了我們收入的 80%。因此，這對我們來說是一個重大推動因素，剛剛提到了我們商業領域的低端市場，這就是我們現在關注的重點，加強我們的管道發電能力，這項工作將持續進行。

And I feel good about the plans in place, but we do need to bolster the SMB segment because what we're saying is SMBs is there has been a protracted slowdown, and that's something we've talked about. So anyway, we're working hard on that. At the same time, we've got a number of programs in place right now that we're starting to see very positive impact from one is the partnership that we talked about with McLaren.

我對現有的計劃感到滿意，但我們確實需要支持中小型企業細分市場，因為我們所說的是中小型企業的經濟成長長期放緩，這是我們已經討論過的。所以無論如何，我們正在為此努力。同時，我們現在已經實施了許多計劃，我們開始看到其中一個非常積極的影響，那就是我們與麥克拉倫討論的合作夥伴關係。

We just had a significant for us activation event and UK within the last two weeks where we had well over 100 senior executives attend our PowerUp event at the Innovation Center at the MTC. and the results of that remain obviously are going to matriculate through the pipeline, and we're going to start to see the results of that as far as productivity in that business close over the next couple of quarters.

在過去兩週內，我們剛在英國舉辦了一次意義重大的活化活動，有超過 100 名高階主管參加了在 MTC 創新中心舉行的 PowerUp 活動。顯然，這一結果仍將透過管道進入，我們將開始看到其結果，只要該業務的生產力在接下來的幾個季度結束。

But and the early early feedback has been tremendous pull from our customers as well as our team. There's more of those types of things coming as we activate around the world, these partnerships as well as the programs and plans that our marketing team has put in place. So feel good about where we're at as far as the planning going forward. This is a short-term situation for us, downmarket and the SMB side really helpful color there.

但是，早期的早期回饋對我們的客戶和我們的團隊產生了巨大的影響。隨著我們在世界各地啟動這些合作夥伴關係以及我們的行銷團隊已經實施的計劃和計劃，還會有更多此類事情出現。因此，就未來的規劃而言，我們對目前的情況感到滿意。這對我們來說是一個短期情況，低端市場和中小企業方面確實有幫助。

Really helpful color there. I really appreciate it. I jumped on the call late. So I apologize if I missed this and it was said already, but within the consumer business, great to see some of the US, as I said, maybe success relative to expectations there obviously, a competitor of yours had talked about about a week ago, some softness in North American consumer and maybe lack of conversion. Just curious as what you're seeing geographically within the consumer business or any concerns of sort of softening conversion trends within North America at all types of things.

那裡的顏色確實很有幫助。對此，我真的非常感激。我很晚才接電話。因此，如果我錯過了這一點，我很抱歉，而且已經說過了，但在消費者業務中，很高興看到美國的一些人，正如我所說，也許相對於預期的成功，顯然，你的競爭對手一週前就談到北美消費者有些疲軟，可能缺乏轉換。只是好奇您在消費者業務中所看到的地理位置，或者對北美所有類型事物的轉換趨勢軟化的任何擔憂。

And so we do continue to see and this has been happening for many, many quarters are conversion and business mix really moving overseas from North America. But that is there's nothing new that I would call out. What I'll say is our stocks continue to perform well. We continue to roll out to new geographies, and we're excited to continue to see that and what we've spoken about, and we have some capabilities that we will be able to bring into our personal plan subscription over time that will allow us to drive higher LTV. And then on the back of that, actually start to invest again into the customer acquisition side. So I would say our trends that we have been seeing are very consistent with what we've seen quarter-after-quarter, and we haven't seen anything unusual of late.

因此，我們確實繼續看到這種情況已經發生了很多很多季度，轉型和業務組合確實從北美轉移到海外。但這不是我要指出的新內容。我要說的是我們的股票繼續表現良好。我們繼續向新的地區推出，我們很高興繼續看到這一點以及我們所說的內容，並且我們擁有一些功能，隨著時間的推移，我們將能夠將其納入我們的個人計劃訂閱中，這將使我們能夠推動更高的生命週期價值。然後在此基礎上，實際上開始再次投資於客戶獲取方面。所以我想說，我們所看到的趨勢與我們每個季度所看到的趨勢非常一致，而且我們最近沒有看到任何異常情況。

Terry Tillman, Truist.

特里‧蒂爾曼，真理主義者。

Thanks, Dan. This is Todd on for Terry. I'm sorry to start with one on the instructor base as you've rolled out some changes that impacted that group over the past few quarters, whether it be the rev share agreement or integrations, they are talking to the platform. Just anything you could speak to about the feedback you're getting from those instructors. Maybe what seems to be top of mind for them, one that you're talking about the direction of MuniMae?

謝謝，丹。這是托德替特里。我很抱歉首先從講師群體開始，因為您在過去幾個季度推出了一些影響該群體的變化，無論是收益分享協議還是集成，他們正在與平台進行對話。任何你可以談論的關於你從這些導師那裡得到的回饋。也許他們最關心的事情是你正在談論 MuniMae 的方向？

Yes, thanks for the question. Yes, we remain very connected with our instructors and we have a number of communication channels right now that are open that we're all engaged with to ensure that not only are they able to provide meaningful feedback to us, but we're able to clearly articulate and communicate how the investments we're making in products are going to impact in a very positive way, their ability to develop learning capability, bring that into the marketplace and be able to monetize that falls in the marketplace. And within UV. and it.

是的，謝謝你的提問。是的，我們與導師保持著密切的聯繫，並且我們現在有許多開放的溝通管道，我們都在參與其中，以確保他們不僅能夠向我們提供有意義的反饋，而且我們能夠清楚地闡明和傳達我們對產品的投資將如何以非常積極的方式影響他們發展學習能力的能力，將其帶入市場並能夠將市場上的產品貨幣化。並且在紫外線內。和它。

But effectively, what we did is the same thing we did for you all just a couple of months ago, which is we've given them a deep dive demonstration into the three capabilities we're bringing online and by the excitement. And moreover, from the from the group was palpable, I could not be more fired up about what we're bringing to market. And the impact of that really is the net of it is that no top instructors have opted out of our platform.

但實際上，我們所做的與幾個月前為大家所做的相同，即我們向他們深入演示了我們在線提供的三種功能，並讓他們興奮不已。此外，從團隊中可以明顯看出，我對我們向市場推出的產品感到非常興奮。其真正的影響是，沒有頂級教練選擇退出我們的平台。

And I think more now than ever as they're increasingly excited about the earnings potential that we're going to provide as a result of the investments we're making and their ability to develop and transform the learning experience so they're all to say, really pleased with how our team has managed the communications with our instructors and the response from our instructors.

我認為現在比以往任何時候都更加興奮，因為他們對我們將透過我們正在進行的投資提供的收入潛力以及他們開發和轉變學習體驗的能力越來越感到興奮，因此他們都可以說，我們對我們的團隊如何管理與講師的溝通以及講師的回應感到非常滿意。

Great. That's really helpful. Maybe just one quick follow up just strong cash flow numbers this quarter. I wanted to ask if there's any seasonal or timing impacts around the results and maybe how we should think about operating cash flow free cash flow for the year. Thanks, guys. Appreciate it.

偉大的。這真的很有幫助。也許只是對本季強勁的現金流數據進行快速跟進。我想問結果是否有任何季節性或時間性影響，以及我們應該如何考慮今年的營運現金流和自由現金流。多謝你們。欣賞它。

Yes, a great question. We do see some seasonality. Q1 tends to be a great quarter for collections on the back of Q4 bookings. But we've also been doing some work internally around driving our days sales outstanding down. And so we saw some improvements there as well.

是的，一個很好的問題。我們確實看到了一些季節性。在第四季的預訂之後，第一季往往是收藏的好季度。但我們也在內部做了一些工作，以降低我們的每日銷售額。所以我們也看到了一些改進。

So really great collections quarter there will be pluses and minuses on cash flow quarterly because we have different seasonality, both from a revenue perspective, a gross margin perspective and a cash flow perspective between our consumer business and our utility business side of things where the heavy cash in Q1 I'm sorry, Q4 and Q1 on the consumer side, around some of our bigger promotions where the heavier cash outflow is Q1, Q2 from a consumer. And then like I just said, UV tends to have a pretty good Q1 collections. So those are the biggest drivers. But again, just there will be timing noise here and there between the quarters overall focus on driving that cash flow margin to be a little bit better than the EBITDA margin.

因此，真正偉大的收款季度，每個季度的現金流量都會有優點和缺點，因為我們有不同的季節性，無論是從收入角度、毛利率角度還是我們的消費者業務和公用事業業務方面的現金流角度來看，第一季的現金對不起，第四季和第一季在消費者方面，圍繞著我們的一些較大的促銷活動，其中較大的現金流出是來自消費者的第一季和第二季。然後就像我剛才說的，UV 第一季的產品系列往往相當不錯。所以這些都是最大的驅動因素。但同樣，各季度之間會出現時間噪音，整體重點是推動現金流利潤率略高於 EBITDA 利潤率。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Thanks for the question for Greg. Just wondering with the skills base future as far as the workplace hiring how far along are we in that journey and what needs to happen in order to really reach an inflection point as far as the focus on skills and skilling in the corporate world.

感謝格雷格提出的問題。只是想知道，就工作場所招募而言，技能基礎的未來我們在這過程中走了多遠，以及需要發生什麼才能真正達到企業界對技能和技能的關注的拐點。

Thanks, Josh, and I appreciate the question. Yes, right now, we're in early innings and we're seeing the more progressive companies starting to take action and implementing strategies to develop the skills base organization, especially with respect to generative A., but PCG. came out with a report recently. The state of the 90% of organizations are still in the observation mode and which is in the process of determining what their strategy is going to be with respect to not only transitioning to skills-based or but also how they're going to transform the organization to take advantage of generative AI, both internally to create operating leverage as well as externally into the products and services they're delivering.

謝謝，喬什，我很欣賞這個問題。是的，現在，我們正處於早期階段，我們看到更進步的公司開始採取行動並實施策略來發展技能基礎組織，特別是在生成 A. 方面，但 PCG。最近出了一份報告。 90% 的組織仍處於觀察模式，正在確定其策略，不僅涉及向技能型轉型，還涉及如何轉型組織利用生成式人工智慧，既在內部創造營運槓桿，又在外部利用生成式人工智慧來提供其所提供的產品和服務。

So it's early innings and a lot of the work we're doing right now with our enterprise customers is on the strategy side, right? And one of the things we're doing that is we're uniquely positioned to be able to execute against because of the resources we have in our customer success organization is spend the time in that strategy development phase, while we're starting to work on the various I would say, verticals within organizations as well as functions within organizations to develop skills past purpose-built skills.

所以現在還處於早期階段，我們現在與企業客戶所做的許多工作都是在策略方面，對吧？我們正在做的事情之一是，我們處於獨特的地位，能夠執行，因為我們在客戶成功組織中擁有資源，那就是在我們開始工作的同時，花時間在戰略制定階段我想說的是，組織內的垂直領域以及組織內的功能，以發展超越特定目的的技能。

Past we talked about in our announcement JNI skills packs that we've released that all supports our ability to in a very systematic way, be able to start to operationalize what a skills-based organization is going to look like. And we're in early phases with a lot of customers right now. It's early innings, and we're excited about the folks around front because those are the case studies and the references we're able to use in conversations with prospective customers, but the vast majority is still to come. And this is a multi multiyear opportunity for us to help organizations through this transition to a skills-based org.

過去，我們在公告中談到了我們發布的 JNI 技能包，它們都支持我們以非常系統化的方式開始操作基於技能的組織的能力。我們目前正處於早期階段，擁有許多客戶。現在還處於早期階段，我們對前面的人感到興奮，因為這些是我們能夠在與潛在客戶對話時使用的案例研究和參考資料，但絕大多數仍將到來。對我們來說，這是一個多年的機會，可以幫助組織過渡到以技能為基礎的組織。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Hi, this is Thomas Shinske on for Brett. Congrats on the solid quarter. I guess like from the iPAQ standpoint, I mean, I've seen the weakness last quarter. Have you seen any early positive impact from the new hires in South Korea and Vietnam? Or do you expect this to see continued weakness into 2024?

大家好，我是布雷特的托馬斯·辛斯克。恭喜季度業績穩定。我想從 iPAQ 的角度來看，我的意思是，我已經看到了上個季度的弱點。您是否看到韓國和越南新員工的早期正面影響？或者您預計這種情況會持續疲軟到 2024 年嗎？

I'll start, Sarah. You can jump in as he was involved in the process of onboarding the new leaders, very encouraged by the level of talent we're bringing we brought into the Company and early days as far as the approach that I'm seeing in both of those markets and staying very close to it. I'm very encouraged by the approach we're taking and some of the early indicators as far as the on the pipeline build, but measures of execution, I won't get into the specifics, but as far as sales productivity and just productivity in general. So yes, early innings, it's early days. We have to give these leaders time to get their feet underneath them. And start the execution process. But I like what I'm seeing so far.

我要開始了，莎拉。你可以加入進來，因為他參與了新領導的入職過程，我們為公司引進的人才水平以及我在這兩個方面看到的早期方法感到非常鼓舞市場並保持非常接近。我對我們正在採取的方法和一些早期指標感到非常鼓舞，就管道建設而言，但執行措施，我不會詳細說明，但就銷售生產力而言，只是生產力一般來說。所以是的，早期的幾局，現在還很早。我們必須給這些領導人時間來站穩腳步。並啟動執行程序。但我喜歡目前所看到的。

So yes, I would just add from a win, we expect the new leaders to actually impact or that's in the back half. So you have to give people time to come in and really make these changes and then that those changes have to really progress through the pipeline. So like Greg said, we're really excited with what we see. It is early days, and we expect that to start to add to net new ARR in the back half of the year.

所以，是的，我只想從一場勝利中補充一點，我們希望新的領導者能夠真正產生影響，或者說是在後半場。因此，你必須給人們時間來真正做出這些改變，然後這些改變必須真正透過管道取得進展。正如格雷格所說，我們對所看到的感到非常興奮。現在還為時過早，我們預計這將在今年下半年開始增加淨新的 ARR。

I'll just say good in parallel with onboarding those new leaders. I mentioned in the last call that we've taken immediate action in a number of areas. One was leveraging the expertise we had in Japan with respect to process productivity and sales engagement, field engagement into both Korea and Vietnam. And that in parallel with onboarding new leaders is why we have the optimism that we have.

在新領導入職的同時，我只會說「好」。我在上次電話會議中提到，我們已在多個領域立即採取行動。其中之一是利用我們在日本擁有的流程生產力和銷售參與度以及韓國和越南現場參與的專業知識。這與新領導者入職的同時，也是我們如此樂觀的原因。

Sounds great. And then one more, if I may, on just great to see you guys are expanding the stock buyback program. Was valuations contracting a bit across the marketplace. Had there been any thoughts about this employing cash to fund inorganic growth opportunities?

聽起來很棒。如果可以的話，我還想再說一句，很高興看到你們正在擴大股票回購計畫。整個市場的估值是否有收縮？有沒有想過使用現金來為無機成長機會提供資金？

Yes, I'll take that. We are obviously always evaluate evaluating regularly our capital allocation strategy. We've spoken about our interest in our prudent M&A. And so what that means for us is finding the right opportunities at the right time at the right price. So while we remain active. We are sitting on over $400 million of cash. We are executing our share repurchase because it's a great investment, especially at these prices in comparison to the business and the opportunity we have in front of us, we will still even after execution of that share repurchase program has plenty of cash flow will allow us to continue to be opportunistic on the M&A side.

是的，我會接受的。顯然，我們總是定期評估我們的資本配置策略。我們已經談到了我們對謹慎併購的興趣。因此，這對我們來說意味著在正確的時間以正確的價格找到正確的機會。因此，儘管我們保持活躍。我們擁有超過 4 億美元的現金。我們正在執行股票回購，因為這是一項偉大的投資，特別是與我們面前的業務和機會相比，即使在這些價格下，我們仍然會執行股票回購計劃，擁有充足的現金流將使我們能夠在併購方面繼續投機取巧。

Noah Herman, JPMorgan.

諾亞·赫爾曼，摩根大通。

Hey, thanks for taking the questions on. First of all, could you just unpack some of the changes you're making at the leadership position for UB?

嘿，感謝您提出問題。首先，您能否介紹一下您在布法羅大學領導階層所做的一些改變？

I think you actually mentioned about on the physician actually encompassing of the CRO as well is there any change of scope to the position?

我認為您實際上提到了 CRO 的醫生，以及該職位的範圍是否有任何變化？

No change in scope. We're just normalizing the title with the balance of the titles on my staff. So no changes scope that the first thing I'll say is that our currently or Stephanie has made significant contributions to this business over the eight plus years that she has been onboard with you to me, she was one of the founding leaders for you, Tommy business.

範圍沒有變化。我們只是用我的員工的頭銜平衡來規範頭銜。因此，範圍不會改變，我要說的第一件事是，我們的現任或史蒂芬妮在她與我一起工作的八年多時間裡為這項業務做出了重大貢獻，她是你們的創始領導人之一，湯米生意。

And yes, look, we all heard a tremendous debt of gratitude and wish her well, both personally and professionally as she moves onto the next step in her career. But as we mentioned earlier, looking forward, we're going to be bringing on a leader that has demonstrated experience in scaling global multichannel Software as a Service businesses from $500 million to $1 billion and beyond. And we're excited about that because as companies go through different phases of growth that does require, in many cases, different skill sets. And that is something that we're going to be layering in as we move forward. So we as I mentioned, earlier. We expect to have more on this soon, but that's really the impetus behind it is really preparing us for that next phase of growth as an organization.

是的，看，我們都聽到了巨大的感激之情，並祝愿她在職業生涯的下一步發展時，無論是個人還是職業上都一切順利。但正如我們之前提到的，展望未來，我們將聘請一位在將全球多通路軟體即服務業務從 5 億美元擴大到 10 億美元甚至更多方面擁有豐富經驗的領導者。我們對此感到興奮，因為隨著公司經歷不同的成長階段，在許多情況下確實需要不同的技能。這就是我們在前進過程中將要分層進行的事情。所以我們正如我之前提到的。我們預計很快就會有更多相關內容，但這確實是背後的推動力，為我們作為一個組織的下一階段的發展做好了準備。

Got it. And then that's it materially clear. And then just maybe quickly on the guidance, and it sounds like you might be layering in slightly a bit more prudence within the guidance. So just curious to see you experienced a step down sequentially worsening conditions in the macro environment. Just trying to get a sense for what sort of being layered in for the guide now at this point? Thank you.

知道了。那麼事情就很清楚了。然後可能會很快地了解指導，聽起來你可能會在指導中稍微謹慎一些。因此，我很好奇看到您在宏觀環境中經歷了逐步惡化的狀況。只是想了解此時此刻指南的分層情況如何？謝謝。

Yes, I'll take that. I wouldn't say that we have seen a step down in the macro conditions. I will say that it continues to be volatile that we do. We have a pretty large business in Amea. Amea continues to have those macro challenges. That being said, we saw the issues that we identified. Some of them were a little bit more pronounced, but we are working through those. We're really happy with the progress.

是的，我會接受的。我不會說我們看到宏觀環境有所下降。我想說的是，我們的情況仍然不穩定。我們在阿米亞有相當大的業務。 Amea 仍然面臨這些宏觀挑戰。話雖這麼說，我們看到了我們發現的問題。其中一些問題更為明顯，但我們正在解決這些問題。我們對所取得的進展感到非常高興。

The early indicators are very positive. We're just trying to be really careful that there's a lot going on between macro new leadership and working through these execution.

早期指標非常正面。我們只是想非常小心，新的宏觀領導層和執行這些工作之間會發生很多事情。

Short term challenges, like we said, all is going well. The long-term opportunity remains on. We are continue to grow our business from multiyear deals. We continue to grow the number of accounts that we have over 100,000. So lots of really good things still happening as we manage the business through this.

短期挑戰，正如我們所說，一切進展順利。長期機會依然存在。我們將繼續透過多年交易來發展我們的業務。我們的帳戶數量不斷增加，目前已超過 100,000 個。因此，當我們透過這種方式管理業務時，仍然發生了很多真正好的事情。

And I'll just add briefly that we're seeing now in some enterprises optimism to the point where we have one large bank in Africa that not only signed a three-year contract, but sign-up and bought licenses, not just for where they are today as far as demand and employees, but what they expect to be onboarding over the next 12 months, basically buying for the future and purchasing upfront with a level of optimism and foresight associated with that.

我只想簡單地補充一下，我們現在在一些企業中看到樂觀情緒，我們在非洲有一家大型銀行不僅簽署了一份為期三年的合同，而且還簽署併購買了許可證，而不僅僅是為了在哪裡就需求和員工而言，他們目前處於現狀，但他們期望在未來 12 個月內入職，基本上是為未來購買，並以與此相關的樂觀和遠見程度提前購買。

And they would not be doing that if it is number one belief in the value and impact of investing to upskill their employees as their onboarding and growing and developing organization. And number two that and believe that the environment was going to support that level of investment. So that's just one example of we're starting to see some green shoots and some examples of organizations kind of coming back to where we've been normal conditions buying ahead and projecting ahead and planning ahead versus, you know, where it has been in '23 more prudence at in terms of buying behavior of buying behavior and patterns. So anyway, there's cause for some optimism here. But again, we're still I mean, we're still not completely out of it.

如果將投資提高員工技能作為入職和成長和發展組織的價值和影響作為第一信念，他們就不會這樣做。第二，相信環境將支持這種投資水準。因此，這只是我們開始看到一些萌芽的一個例子，以及一些組織回到我們正常情況的例子，提前購買、提前預測和提前規劃，而不是你知道的。 。所以無論如何，我們有理由感到樂觀。但再說一次，我的意思是，我們仍然沒有完全擺脫困境。

(Operator Instructions) Brent Thill, Jefferies.

（操作員說明）Brent Thill，Jefferies。

Hey, thanks so much. This is Dave on for Brent. I wanted to ask around net dollar retention. It was down 800 basis points in 1Q last year, down another 800 basis points in 1Q this year. I know you guys don't disclose gross retention, but maybe if you could just provide some color around the dynamics there, or is it more so pressure on your gross retention side? Or is it just so expansion commentary there would be helpful. Thank you.

嘿，非常感謝。這是布倫特的戴夫。我想詢問淨美元保留。去年第一季下降了800個基點，今年第一季又下降了800個基點。我知道你們不會透露總保留率，但也許你可以提供一些有關動態的顏色，或者對你的總保留率方面的壓力更大嗎？或者只是為了擴展評論會有幫助。謝謝。

Thanks for the question, David. Our gross dollar retention has remained stable through the past six plus quarters of macro volatility, which we're really happy to see that customers continue to see the value that we bring to them. So it really is on the upselling side are taking longer, and we did see the net dollar retention come down two points. We expect that to continue to remain suppressed as we're working through the next quarter to the first half where we have the net new ARR being lower than in the past, but it's not a gross dollar retention that has remained very stable for us.

謝謝你的提問，大衛。在過去六個多季度的宏觀波動中，我們的總美元保留率一直保持穩定，我們很高興看到客戶繼續看到我們為他們帶來的價值。因此，向上銷售確實需要更長的時間，而且我們確實看到淨美元保留率下降了兩個百分點。我們預計這種情況將繼續受到抑制，因為我們正在努力從下個季度到上半年，我們的淨新 ARR 低於過去，但這並不是我們保持非常穩定的總美元保留率。

And maybe as a follow-up, you talked about 2Q, 3Q being a low point of this year on the UP side, and I think you've kind of hinted towards more of an acceleration in '25. So maybe just talk about some of the signals you're seeing that gives you confidence that you guys can really in turn the growth rate of our non-U be heading into next year. Thank you so much, guys. Appreciate it?

也許作為後續行動，你談到第二季、第三季是今年 UP 的低點，我認為你已經暗示了 25 年的加速。所以也許只是談談你看到的一些訊號，這些訊號讓你相信你們真的可以扭轉我們非美國的成長率進入明年。十分感謝大家。欣賞嗎？

Yes. I'm happy to start, Sarah and feel free to jump in. There's there's some tailwinds that are that are definitely blowing in our sales right now. And one of them is that transition to a skills-based economy with respect to generative AI as a primary driver. And we've not only announced the capabilities we're bringing to market, but the Gen-i skills tax.

是的。莎拉，我很高興開始，請隨意加入。其中之一是向以技能為基礎的經濟轉型，並將生成型人工智慧作為主要驅動力。我們不僅宣布了要推向市場的功能，還宣布了 Gen-i 技能稅。

We're seeing more and more organizations like the one we just mentioned earlier, focused on developing capability in the organization, such as digital learning academies around generative AI. And as those are coming online starting to see real quantifiable impact, i.e., 17% increase in certifications and began allowing in this case, allowing them to build at higher rates. And our teams are doing a great job of quantifying value and impact and being able to package up the stories and use cases and bring these to the masses.

我們看到越來越多的組織像我們剛才提到的那樣，專注於開發組織的能力，例如圍繞生成人工智慧的數位學習學院。隨著這些產品上線，開始看到真正的可量化的影響，即認證數量增加了 17%，並開始允許在這種情況下，允許他們以更高的速度進行建造。我們的團隊在量化價值和影響方面做得很好，能夠打包故事和用例並將其帶給大眾。

In terms of our go-to-market approach so as we are getting better it positioning how we can help organizations transition to a skills-based org and help them up-level the AI. literacy across our company and functionally develop capability to leverage generative AI to transform how they're running their business as we get better at that and we're getting better every day. It's opening doors right now in the early phases that are going to continue to open at faster and faster rates as we move forward, which is why we're very confident that we're in the early innings of a massive yet, if you will, tailwind that's going to blow in our direction for years to come.

就我們的市場進入方法而言，隨著我們越來越好，它定位了我們如何幫助組織過渡到基於技能的組織並幫助他們提升人工智慧水平。隨著我們在這方面的進步，我們每天都在進步，我們在整個公司範圍內提高了素養，並在功能上開發了利用生成式人工智慧來改變他們的業務運作方式的能力。現在它正處於早期階段，隨著我們的前進，這些門將繼續以越來越快的速度打開，這就是為什麼我們非常有信心，我們正處於大規模的早期階段，如果你願意的話，順風將在未來幾年朝著我們的方向吹。

Sara, I don't know if there's anything to add yet.

薩拉，我不知道還有什麼要補充的嗎？

As we've talked about some internal signals that we're seeing. We have been adding to our go to market a account over Q4 and Q1. And what we're seeing is those ramping reps are actually hitting over 100% of their quota. That's up almost 40 basis points cents last year. And that is attributable to what Greg just spoke about, our focus on sales enablement and continuing to make sure that we are able to articulate the value that we can provide to our customers. So we have some early indicators that are really good and these things will take time, but we're very confident in our ability to hit our projections.

正如我們已經討論過的一些我們看到的內部訊號。我們在第四季和第一季增加了一個上市帳戶。我們看到的是，那些不斷增加的代表實際上達到了 100% 以上的配額。去年這數字上漲了近 40 個基點。這要歸功於格雷格剛才所說的，我們對銷售支援的關注，並繼續確保我們能夠清楚地表達我們可以為客戶提供的價值。因此，我們有一些非常好的早期指標，這些事情需要時間，但我們對實現預測的能力非常有信心。

Devin Au, KeyBanc.

Devin Au，KeyBanc。

Hi, great. Thanks for taking my questions. The first one, just in the quarter for you be for enterprise, any deals that might have shifted one or the other or got pulled in or slip second quarter second half?

嗨，太好了。感謝您回答我的問題。第一個，就在本季度，對於企業來說，是否有任何交易可能會發生變化，或者被拉入或推遲第二季度下半年？

I can answer that. I mean we always see some deals that are slipping in and out of quarters from. We saw that again in the first quarter. What I'll say is the team is getting better and better each quarter and managing those deals and giving us the visibility that we need. But that's part of the business where you do tend to see deals move in and out a quarter.

我可以回答這個問題。我的意思是，我們總是看到一些交易在季度內悄悄進出。我們在第一季再次看到了這一點。我要說的是，團隊每個季度都在變得越來越好，管理這些交易並為我們提供所需的可見性。但這是業務的一部分，你確實往往會看到交易在一個季度進進出出。

Okay, got it. And then a second question I have is I just want to ask about the competitive landscape in enterprise I believe a couple of months ago, Accenture acquired not University as a trying to build out a learning platform to offer to their customers. I mean, any thoughts on this? You know large global services getting into the space and does that impact competitive landscape in the near term?

好，知道了。我的第二個問題是，我只想問企業的競爭格局，我相信幾個月前，埃森哲收購的不是大學，而是試著建立一個提供給客戶的學習平台。我的意思是，對此有什麼想法嗎？您知道大型全球服務進入該領域，這是否會影響短期內的競爭格局？

Particular question, I looked at it very much as a validator that center jumped in and made the acquisition and is making a big bet on where the market is going, so to speak with respect to skills and it's very much in line with our point of view and we're in I just mentioned it where we believe the winds are blowing yesterday, by the way, is not a usual suspect that we see in competitive situations. But again, the fact that the central made that acquisition it just again continues to validate the opportunity and really where organizations are headed in terms of their investment dollars from a learning and development standpoint. So I view that very much as a positive.

具體問題，我非常重視它作為一個驗證者，該中心介入並進行了收購，並對市場走向進行了大賭注，可以說就技能而言，這非常符合我們的觀點我剛剛提到過，我們相信昨天吹的風，順便說一句，這不是我們在競爭情況下看到的常見嫌疑。但同樣，中央再次進行收購的事實繼續驗證了機會，並且從學習和發展的角度來看，組織的投資資金確實走向何方。所以我認為這非常積極。

Got it --

知道了 -

And from a competitive perspective, yes. And I'll just add that from a competitive perspective, at least on the enterprise side, what we're seeing is we still see the usual suspects that we've seen. We have seen competition with respect to price start to ramp up a bit in the enterprise in terms of aggressive pricing. And yes, and in some respect, I'm not surprised. We've armed our teams with tools and playbooks to address in some of these situations and scenarios.

從競爭的角度來看，是的。我只想補充一點，從競爭的角度來看，至少在企業方面，我們所看到的是我們仍然看到了我們所看到的常見嫌疑點。我們已經看到，企業中價格競爭開始加劇，定價方式激進。是的，在某些方面，我並不感到驚訝。我們為我們的團隊配備了工具和手冊來應對其中一些情況和場景。

And as I've mentioned before, we're never going to be the low price option in the market, and we're always going to be the high-value option. And as we've layered more and more capabilities into our platform. And we're having a broader and deeper impact on organization's ability to upskill and reskill. Our story continues to get stronger. So we're really focused on sales enablement and enabling our team to tell that story and substantiate the value that we're delivering to offset some of what we're seeing, which is aggressive pricing and in some of the deals that we're in and the SMB side down market that continues to remain a challenging environment for small businesses.

正如我之前提到的，我們永遠不會成為市場上的低價選擇，而我們永遠會成為高價值的選擇。隨著我們將越來越多的功能分層到我們的平台中。我們正在對組織提陞技能和再培訓的能力產生更廣泛、更深入的影響。我們的故事繼續變得更強大。因此，我們真正專注於銷售支持，並使我們的團隊能夠講述這個故事並證實我們正在提供的價值，以抵消我們所看到的一些問題，即積極的定價以及我們正在進行的一些交易對於小型企業來說，中小型企業市場仍充滿挑戰。

It does and I've run small businesses before, and it's a different. It's a different decision criteria set of criteria that they have to they use and how to add to the monitor and then run their business by. So you know, again, SMB, we're making investments to help our teams in that segment. But in the enterprise segment, where the majority of our revenue comes from our teams are doing a great job of competing and substantiating value and impact. And we're seeing organizations continue and to allocate budget and spend those dollars to upskill and reskill.

確實如此，而且我以前也經營過小型企業，這是不同的。這是他們必須使用的一組不同的決策標準，以及如何添加到監視器，然後按照其運行業務。所以你知道，SMB，我們正在進行投資來幫助我們在該領域的團隊。但在企業領域，我們的大部分收入來自我們的團隊，他們在競爭和證實價值和影響方面做得很好。我們看到組織繼續分配預算並將這些資金用於提高技能和再培訓。

Great. Appreciate the details.

偉大的。欣賞細節。

This concludes our question-and-answer session. I would now 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。現在我想將會議轉回給格雷格·布朗發表閉幕詞。

I'd just like to thank you all for joining today and we look forward to connecting again for our Q2 call in August. Have a great day and evening and evening, everybody.

我只想感謝大家今天的加入，我們期待在 8 月的第二季電話會議中再次聯繫。祝大家有個愉快的一天和晚上。

The conference has 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。