Udemy Inc (UDMY) 2024 Q2 法說會逐字稿

Good day, and welcome to the Udemy second-quarter 2024 earnings call. All participants will be in listen-only mode. (Operator Instructions)

美好的一天，歡迎參加 Udemy 2024 年第二季財報電話會議。所有參與者將處於僅聽模式。 （操作員說明）

Please note this event is being recorded. I would now like to turn the conference over to Dennis Walsh, Vice President of Investor Relations. Please go ahead.

請注意此事件正在被記錄。我現在想將會議交給投資者關係副總裁丹尼斯沃爾什 (Dennis Walsh)。請繼續。

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

謝謝你，大衛。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'll make forward-looking statements within the meaning of federal securities laws. These statements involve assumptions and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated. For a complete discussion of risks associated with these forward-looking statements, we encourage you to refer to our most recent Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.

在本次電話會議期間，我們將做出聯邦證券法意義內的前瞻性聲明。這些陳述涉及假設，並受到已知和未知的風險和不確定性的影響，可能導致實際結果與討論或預期的結果有重大差異。有關與這些前瞻性陳述相關的風險的完整討論，我們鼓勵您參考我們最近向美國證券交易委員會提交的 10-K 表格和 10-Q 表格文件。

Our forward-looking statements are based upon information currently available to us. We caution you to not place undue reliance on forward-looking statements and we do not undertake and expressly disclaim any duty or obligation to update or alter our forward-looking statements, except as required by applicable law.

我們的前瞻性陳述是基於我們目前掌握的資訊。我們提醒您不要過度依賴前瞻性陳述，並且我們不承擔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 US generally accepted accounting principles referred to by the SEC 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（被 SEC 稱為非 GAAP 財務指標）編制的財務報表中包含的可比指標不同。

We believe that these non-GAAP financial measures support management and investors in evaluating our performance and comparing period-to-period results of operations 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。

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 website.

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。這些調節表以及其他補充資訊可在投資者關係網站上取得。

Please note, we have provided a supplemental deck with tables and charts with details on some of the initiatives announced today. The deck can be found for download on the quarterly results section of our Investor Relations 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.

請注意，我們提供了補充資料，其中包含表格和圖表，其中詳細介紹了今天宣布的一些舉措。此簡報可在我們投資者關係網站的季度業績部分下載。今天電話會議的重播也將發佈在網站上。現在，我將把電話轉給格雷格。

Thank you, Dennis, and good afternoon to everyone on the call. I'm pleased to report that for the second quarter of 2024, our revenue came in at the high end of our guidance range, and we significantly exceeded the range for adjusted EBITDA margin. Udemy's business revenue increased 19%, including the negative impact of 2 percentage points from changes in FX rates, while ARR grew to nearly $500 million, up 17% compared to the same period last year.

謝謝丹尼斯，祝所有參加電話會議的人下午好。我很高興地報告，2024 年第二季度，我們的收入達到了指導範圍的高端，並且顯著超出了調整後 EBITDA 利潤率的範圍。 Udemy 的業務收入成長了 19%，其中包括匯率變動 2 個百分點的負面影響，而 ARR 成長至近 5 億美元，較去年同期成長 17%。

As a result, total revenue increased 9% year-over-year, including a negative 2-point impact from FX to $194 million for the quarter. The growth was primarily driven by Udemy business, and was somewhat offset by an anticipated year-over-year decline in consumer revenue. On the bottom line, we overdelivered on our expectations for adjusted EBITDA as we continue to drive operational efficiencies throughout the business.

結果，本季總營收年增 9%，其中外匯帶來的 2 個百分點的負面影響達到 1.94 億美元。這一成長主要由 Udemy 業務推動，並在一定程度上被消費者收入的預期同比下降所抵消。總而言之，隨著我們繼續提高整個業務的營運效率，我們超額實現了調整後 EBITDA 的預期。

This quarter, we also surpassed a monumental milestone of 1 billion course enrollment since inception. This remarkable achievement underscores our unwavering commitment to transforming lives through learning and highlights the profound impact we made on individuals and organizations around the world. I'm extremely proud of our team's performance and can't thank our employees enough for their hard work and dedication.

本季度，我們也突破了自成立以來 10 億課程註冊人數的里程碑。這項非凡成就凸顯了我們對透過學習改變生活的堅定承諾，並突顯了我們對世界各地個人和組織的深遠影響。我對我們團隊的表現感到非常自豪，對我們員工的辛勤工作和奉獻精神感激不盡。

Now that we're more than halfway through the year, I wanted to provide an update on the current state of the market and several strategic initiatives that we're implementing to more effectively position Udemy for long-term success.

今年已過半，我想提供有關市場現狀的最新資訊以及我們正在實施的幾項策略舉措，以更有效地定位 Udemy 以獲得長期成功。

The global workforce skill gap is widening, as generative AI accelerates the pace of change across all industries and geographies. By 2030, it is estimated that there could be 85 million jobs unfilled due to a shortage of workers with the right skills, leading to $8.5 trillion in lost annual revenues.

隨著生成式人工智慧加快了所有產業和地區的變革步伐，全球勞動力技能差距正在擴大。據估計，到 2030 年，由於缺乏具備適當技能的工人，可能會出現 8,500 萬個工作崗位空缺，從而導致年收入損失 8.5 兆美元。

Companies and individuals need to adapt to a rapidly evolving job market, accelerated by AI, where skills are the new currency and traditional education credentials are becoming less predictive of job success and adaptability.

公司和個人需要適應人工智慧加速發展的快速發展的就業市場，其中技能是新貨幣，傳統教育證書對工作成功和適應能力的預測能力越來越差。

Udemy is uniquely positioned with our comprehensive platform to help organizations address the skills gap challenge and to help individuals meet their career goals. To that end, we remain committed to establishing Udemy as a skills platform of choice and providing the highest value to our customers around the world.

Udemy 擁有獨特的優勢，我們的綜合平台可協助組織應對技能差距挑戰並協助個人實現職業目標。為此，我們仍致力於將 Udemy 打造為首選技能平台，並為全球客戶提供最高價值。

Over the past few years, these trends have contributed to the significant expansion in our global enterprise customer base. Notably, in just three years, we have doubled the number of enterprise customers we serve, while simultaneously deepening our relationships with existing customers.

在過去幾年中，這些趨勢促進了我們全球企業客戶群的顯著擴張。值得注意的是，在短短三年內，我們服務的企業客戶數量增加了一倍，同時加深了與現有客戶的關係。

As a result of our successful execution, Udemy business is at a critical juncture where we are preparing to propel our business from a $500 million revenue organization toward a $1 billion industry powerhouse. In order to capture the significant future market opportunity, we are taking deliberate actions to shift our strategic focus and resources toward large enterprise customers, which represent our highest growth opportunity.

由於我們成功執行，Udemy 業務正處於關鍵時刻，我們正準備將我們的業務從 5 億美元的收入組織推向 10 億美元的行業巨頭。為了抓住未來重要的市場機遇，我們正在採取審慎行動，將我們的策略重點和資源轉向大型企業客戶，這是我們最高的成長機會。

We anticipate that narrowing our focus on the large enterprise customer will enable us to deliver accelerated profitability, given the better unit economics and higher returns on our go-to-market initiatives. As part of the shift in focus and following a comprehensive review of our go-to-market operations with Udemy's new Chief Revenue Officer, Rob Rosenthal, we're implementing fout key initiatives.

我們預計，鑑於更好的單位經濟效益和我們的上市計劃的更高回報，縮小對大型企業客戶的關注將使我們能夠加速盈利。作為重點轉移的一部分，並在 Udemy 新任首席營收長 Rob Rosenthal 對我們的上市營運進行全面審查後，我們正在實施四項關鍵措施。

First, we're reallocating resources upmarket toward enterprise companies with more than 1,000 employees, which we call our large customer cohort. The SMB segment has been more impacted by the current macroeconomic environment, and therefore, more budget constraint.

首先，我們正在將資源重新分配給擁有超過 1,000 名員工的企業公司（我們稱之為大客戶群）。中小企業部門受當前宏觀經濟環境的影響更大，因此預算限制更多。

Given its lower growth and less attractive unit economics, we are deemphasizing our focus on the SMB cohort. We believe the large customer cohort represents the greatest growth potential for Udemy given the wider range of use cases and land and expand opportunities.

鑑於其較低的成長和較低的單位經濟效益，我們不再強調對中小企業群體的關注。我們相信，鑑於更廣泛的使用案例以及土地和擴展機會，龐大的客戶群代表了 Udemy 的最大成長潛力。

The large customer cohort currently represents approximately 75% of our Udemy business revenue, and is growing at a significantly faster rate than the SMB cohort. We've been executing successfully in this segment with stronger pipeline build, larger deal sizes, our retention, more upsell opportunities, and better unit economics.

目前，大型客戶群約占我們 Udemy 業務收入的 75%，且其成長速度明顯快於中小企業群體。我們在這一領域取得了成功，擁有更強大的管道建設、更大的交易規模、我們的保留率、更多的追加銷售機會和更好的單位經濟效益。

At just over 5,000 enterprise customers in this cohort, we have barely penetrated the global addressable market opportunity of more than 130,000 enterprises worldwide.

該群體中只有 5,000 多家企業客戶，但我們幾乎沒有滲透到全球超過 130,000 家企業的全球潛在市場機會。

Additionally, large enterprises are moving faster than SMBs to capitalize on the opportunities presented by AI and the skills-based economy. As an example, during Q2, a large global professional services firm with more than 85,000 employees came to Udemy with a defined set of challenges.

此外，大型企業比中小企業更快地利用人工智慧和技能型經濟帶來的機會。例如，在第二季度，一家擁有超過 85,000 名員工的大型全球專業服務公司帶著一系列明確的挑戰來到 Udemy。

They were facing several pain points, including the imperative to keep up with the rapid pace of technological change and the anticipation of competitive pressure from the emergence of generative AI. They needed an effective learning solution to prepare the company's consultants for certification exams and to develop a strategy for transitioning to a holistic skills-based organization.

他們面臨著幾個痛點，包括必須跟上技術變革的快速步伐，以及預期生成人工智慧的出現將帶來競爭壓力。他們需要一個有效的學習解決方案來幫助公司的顧問做好認證考試的準備，並制定向全面技能型組織過渡的策略。

The company selected Udemy for our industry-leading learning programs and hands-on immersive learning experiences. The customers reported remarkable results. In just three months since launch, nearly 50% of the 6,000 licenses were being utilized across various roles and over 10,000 hours of learning had been completed.

該公司選擇 Udemy 來獲得我們領先業界的學習計劃和沈浸式實踐學習體驗。客戶反映效果顯著。自推出以來的短短三個月內，6,000 個許可證中的近 50% 已在各個角色中使用，並且已完成 10,000 多個小時的學習。

New large enterprise customers like this represents significant opportunities to grow meaningfully through our proven land-and-expand strategy, which brings us to our next initiative.

像這樣的新大型企業客戶代表著透過我們行之有效的土地擴張策略實現有意義成長的重要機會，這使我們採取了下一個措施。

Second, we will focus on increasing penetration within our existing large customer base. Udemy business has penetrated less than 10% of potential licenses within this cohort, with significant headroom to grow. We estimate our seat expansion opportunity alone to be over $1.5 billion based on 50% penetration of the more than 85 million employees in our current installed base of large enterprise customer accounts.

其次，我們將專注於提高現有龐大客戶群的滲透率。 Udemy 業務滲透到該群體中不到 10% 的潛在許可證，並且還有巨大的成長空間。根據我們目前大型企業客戶帳戶中超過 8,500 萬名員工的滲透率 50%，我們估計僅我們的席位擴展機會就超過 15 億美元。

As an example, Devoteam, a leading digital transformation consulting firm headquartered in France has been a customer since 2016. Devoteam has a workforce of more than 10,000 employees across 25 geographies in EMEA.

例如，總部位於法國的領先數位轉型顧問公司 Devoteam 自 2016 年以來一直是我們的客戶。

In the past two years, Devoteam increased its coverage of Udemy business licenses from 30% to 100% of employees, enabling comprehensive training in generative AI across the organization on general AI proficiency and Google's Gemini. This strategic investment has notably accelerated the attainment of industry-leading IT certifications among their employees, with certification rates rising from 40% to nearly 70% across all consultants within the same time frame.

在過去的兩年裡，Devoteam 將 Udemy 業務授權的員工覆蓋率從 30% 提高到了 100%，從而能夠在整個組織內對生成式 AI 進行一般 AI 熟練程度和 Google Gemini 的全面培訓。這項策略性投資顯著加快了員工獲得業界領先 IT 認證的速度，所有顧問的認證率在同一時間範圍內從 40% 上升到近 70%。

Devoteam set a goal to have all employees certified on AI before the end of this year. We know from experience that once we prove our value, we can accelerate expansion and upsell opportunities within our existing customer base, particularly with large enterprises that have a strategic approach to critical skills develop.

Devoteam 設定的目標是在今年年底前讓所有員工獲得人工智慧認證。我們從經驗中知道，一旦我們證明了我們的價值，我們就可以在現有客戶群中加速擴張和追加銷售機會，特別是對於那些對關鍵技能發展採取策略方法的大型企業。

One of the primary benefits of the land-and-expand strategy within the large enterprise customer base is that it represents our highest margin opportunity and return on investment. In addition, we have several new AI-powered capabilities launching over the next few quarters, including skills mapping and the AI learning assistant, which have received strong feedback from early testing. We believe these products will support further expansion within our customer base.

大型企業客戶群中土地擴張策略的主要好處之一是它代表了我們最高的利潤機會和投資回報。此外，我們還將在未來幾季推出幾項由人工智慧驅動的新功能，包括技能映射和人工智慧學習助手，這些功能已從早期測試中獲得了強烈回饋。我們相信這些產品將支持我們客戶群的進一步擴大。

Third, we will continue to support growth through strategic partnerships, strengthening our global distribution capabilities, opening up new routes to market, and providing additional ways to access the Udemy platform.

第三，我們將繼續透過策略合作夥伴關係、加強我們的全球分銷能力、開闢新的市場路線以及提供訪問 Udemy 平台的其他方式來支持成長。

Partnerships are not only a critical way to drive revenue growth, but also an important way to drive customer satisfaction. As you can see from our recent announcements, we are focused on building relationships with hyperscalers such as AWS and large developer platforms like Docker and CNCF.

合作夥伴關係不僅是推動收入成長的關鍵方式，也是提高客戶滿意度的重要方式。正如您從我們最近的公告中看到的，我們專注於與 AWS 等超大規模供應商以及 Docker 和 CNCF 等大型開發者平台建立關係。

Just last month, we expanded our partnership with AWS and launched our first collaboration to develop branded content specifically for Udemy. The program, unlocking gen AI opportunities with AWS is a six-week cohort learning program offered exclusively through Udemy Business Leadership Academy.

就在上個月，我們擴大了與 AWS 的合作夥伴關係，並啟動了首次合作，專門為 Udemy 開髮品牌內容。該計劃透過 AWS 釋放新一代人工智慧機會，是一項由 Udemy 商業領導力學院獨家提供的為期六週的隊列學習計畫。

This program is designed to equip mid to senior-level leaders with essential generative AI knowledge and change management skills. This collaboration aims to help leaders across various industries develop the skills necessary to drive digital transformation within their organizations.

該計劃旨在為中高層領導者提供必要的生成式人工智慧知識和變革管理技能。此次合作旨在幫助各產業的領導者培養推動組織內部數位轉型所需的技能。

Fourth, we're accelerating operational efficiency initiatives in order to emerge a more durable competitive company. These initiatives include accelerating the reallocation of resources into lower-cost geographies. Reducing organizational layers, and optimizing go-to-market organization consistent with segments and regions where we see the most opportunity, specifically focusing on our fastest-growing more profitable large enterprise customer cohort.

第四，我們正在加快營運效率舉措，以打造更具持久競爭力的公司。這些舉措包括加速將資源重新分配到成本較低的地區。減少組織層次，並根據我們看到最多機會的細分市場和區域優化進入市場組織，特別關注我們成長最快、利潤更高的大型企業客戶群。

These initiatives are intended to enable us to more effectively navigate the near-term market conditions to generate greater profitability and capitalize on the massive long-term opportunity that is available to us. Not only that, but we expect that these initiatives will also better position Udemy to serve our customers, enhance the coordination among our R&D teams.

這些舉措旨在使我們能夠更有效地駕馭近期市場狀況，以產生更大的盈利能力並利用我們可以獲得的巨大長期機會。不僅如此，我們期望這些舉措也將使 Udemy 更能服務我們的客戶，並加強我們研發團隊之間的協調。

With more than 60% of revenue and 80% of traffic to our website coming from outside of the United States, it's important for us to have a workforce that can support our customers, instructors and learners' needs quickly and effectively on a global basis.

我們網站 60% 以上的收入和 80% 以上的流量來自美國境外，因此擁有一支能夠在全球範圍內快速有效地滿足客戶、教師和學習者需求的員工隊伍對我們來說非常重要。

Ultimately, we anticipate that these operational efficiency initiatives will generate meaningful cost savings. Our goal is to deliver adjusted EBITDA of $130 million to $150 million in 2026, and to achieve further meaningful adjusted EBITDA expansion in 2027 and beyond.

最終，我們預期這些營運效率措施將帶來有意義的成本節約。我們的目標是到 2026 年實現調整後 EBITDA 達到 1.3 億至 1.5 億美元，並在 2027 年及以後實現進一步有意義的調整後 EBITDA 擴張。

Before I turn the call over to Sarah, I wanted to reiterate that we could not be more excited about the future of Udemy. We're making strategic decisions to build upon our past successes. ARR is approaching $0.5 billion. We have robust gross margins. We're profitable on an adjusted EBITDA basis, and we have a solid cash position to fund future growth.

在將電話轉給 Sarah 之前，我想重申我們對 Udemy 的未來感到非常興奮。我們正在製定策略決策，以鞏固我們過去的成功。 ARR 接近 5 億美元。我們擁有強勁的毛利率。我們在調整後的 EBITDA 基礎上實現盈利，並且擁有堅實的現金狀況來為未來的成長提供資金。

Our competitive positioning is strongest with large global enterprises who are moving quickly to capitalize on AI and upscaling, and our runway is massive within these organizations. The deliberate and purposeful initiatives discussed today will make us a stronger, more durable business, and position Udemy to deliver meaningful value to all stakeholders as we enter our next stage of growth.

我們的競爭地位在大型跨國企業中最為強大，這些企業正在迅速利用人工智慧和升級，而我們在這些組織中的跑道非常廣闊。今天討論的深思熟慮和有目的的舉措將使我們成為一家更強大、更持久的企業，並使 Udemy 在我們進入下一個成長階段時為所有利益相關者提供有意義的價值。

We thank you for your continued support on this journey. And now, I'll turn the call over to Sarah for a financial review.

我們感謝您對這趟旅程的持續支持。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 a complete set of financial tables in our news release, which is available on our Investor Relations website.

謝謝你，格雷格。我將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一套完整的財務表格，該新聞稿可在我們的投資者關係網站上找到。

Revenue increased 9% year-over-year to $194 million. With more than 60% of our total revenue coming from outside the US, we have a negative impact from FX to our year-over-year growth rate of 2 percentage points. Absent the higher-than-anticipated FX headwind, we would have exceeded the high end of our guidance range for Q2.

營收年增 9%，達到 1.94 億美元。我們超過 60% 的總收入來自美國以外的地區，外匯對我們的年成長率產生了 2 個百分點的負面影響。如果沒有高於預期的外匯逆風，我們將超出第二季指導範圍的上限。

B2B business revenue for the quarter was $121 million, an increase of 19% year-over-year, including a 2 percentage point headwind from changes in FX rates. We ended the quarter with annual recurring revenue, or ARR, of $493 million, up 17% from a year ago. Professional services, financial services, manufacturing, tech and retail, continue to be the strongest verticals contributing to ARR growth.

本季 B2B 業務收入為 1.21 億美元，年增 19%，其中匯率變動帶來 2 個百分點的阻力。截至本季末，我們的年度經常性收入 (ARR) 為 4.93 億美元，比去年同期成長 17%。專業服務、金融服務、製造、科技和零售仍然是推動 ARR 成長的最強垂直產業。

Our consolidated net dollar retention rate, or NDRR, at quarter end, was 101%. The rate was 108% for large customers or those with 1,000 or more employees. As expected, upsells are taking longer than historical norms in this environment, so we are still seeing some pressure on net dollar retention.

截至季末，我們的綜合淨美元保留率 (NDRR) 為 101%。對於大客戶或擁有 1,000 名或以上員工的客戶，這一比率為 108%。正如預期的那樣，在這種環境下，追加銷售的時間比歷史正常水平要長，因此我們仍然看到淨美元保留面臨一些壓力。

Gross salary retention has remained stable. In aggregate, we grew our global customer base by 11% year-over-year to nearly 16,600.

薪資保留總額保持穩定。總的來說，我們的全球客戶群年增 11%，達到近 16,600 名。

Gross margin for our Udemy business segment came in at 72% for the second quarter, up 500 basis points from the prior year primarily due to the instructor revenue share change that went into effect on January 1 of this year.

我們的 Udemy 業務部門第二季的毛利率為 72%，比去年同期成長 500 個基點，這主要是由於今年 1 月 1 日生效的講師收入分成變化。

As expected, second quarter consumer revenue of $74 million was down 4% on a year-over-year basis, including a negative 3 percentage point impact from FX. Within that, personal plan subscriptions contributed more than 10% of the segment's revenue for the first time.

如預期，第二季消費者收入為 7,400 萬美元，年減 4%，其中匯率帶來了 3 個百分點的負面影響。其中，個人套餐訂閱貢獻了該部門收入的 10% 以上。

During Q2, average monthly visitors grew 21% year-over-year to more than 41 million. The increase in traffic was primarily driven by new marketing initiatives to drive engagement with consumers across digital channels.

第二季度，平均每月訪客人數較去年同期成長 21%，達到超過 4,100 萬人次。流量的成長主要是由新的行銷措施推動的，旨在透過數位管道推動與消費者的互動。

As we move down the P&L, note that all financial metrics are non-GAAP unless stated otherwise. Q2 gross margin was 64%, a 500 basis point improvement from Q2 2023 driven by the instructor revenue share change as well as the continued revenue mix shift to Udemy business, which accounted for approximately 62% of total revenue in the quarter, an increase of 500 basis points year-over-year.

當我們向下移動損益表時，請注意，除非另有說明，否則所有財務指標均為非公認會計準則。第二季毛利率為 64%，比 2023 年第二季提高了 500 個基點，這是由於講師收入份額變化以及收入組合持續轉向 Udemy 業務（佔本季總收入約 62%）的推動，增幅為年比上漲500個基點。

As previously shared, we expect total company gross margins to increase to approximately 70% in 2026, as the instructor revenue share steps down to 15% on all subscription revenue. Total operating expense was $124 million or 64% of revenue. OpEx for the quarter was approximately 300 basis points higher than Q2 of last year, due to increased sales and marketing investments, as well as some professional service fees and G&A that are not part of our ongoing operations.

如同先前所分享的，我們預計到 2026 年，公司總毛利率將增加約 70%，而講師收入份額將下降至所有訂閱收入的 15%。總營運費用為 1.24 億美元，佔收入的 64%。由於銷售和行銷投資增加，以及一些不屬於我們持續營運的專業服務費和一般行政費用，本季的營運支出比去年第二季高出約 300 個基點。

On the bottom line, we delivered a net loss of approximately $6.5 million or negative 3% of revenue. Adjusted EBITDA was positive for the fifth consecutive quarter, and approximately $5.5 million, or 3% of revenue, representing a 200 basis point expansion year-over-year. The better-than-expected adjusted EBITDA result was driven by our ongoing focus on operational efficiency.

總而言之，我們的淨虧損約為 650 萬美元，即收入的負 3%。調整後 EBITDA 連續第五個季度為正，約 550 萬美元，佔營收的 3%，較去年同期成長 200 個基點。優於預期的調整後 EBITDA 表現得益於我們對營運效率的持續關注。

Moving on to key cash flow and balance sheet items, we ended the quarter with $422 million of cash, cash equivalents, restricted cash and marketable securities, and generated $25 million of free cash flow in the second quarter.

轉向關鍵的現金流和資產負債表項目，本季結束時，我們擁有 4.22 億美元的現金、現金等價物、限制性現金和有價證券，並在第二季度產生了 2500 萬美元的自由現金流。

Now for our outlook for Q3 and full year 2024. As a result of the ongoing challenging macroeconomic environment, softer-than-expected marketplace conversions, tight enterprise customer budgets and the optimization of our go-to-market organization, we're lowering our revenue growth expectations for this year.

現在展望我們對 2024 年第三季和全年的展望。 。

We now expect full year 2024 revenue to be in the range of $776 million to $782 million or nearly 7% growth at the midpoint, including an expected negative 2 percentage point impact from FX. In the earnings supplement, we have provided a bridge between our prior full year 2024 guidance midpoint of $800 million and our updated guidance midpoint of $779 million.

我們現在預計 2024 年全年營收將在 7.76 億美元至 7.82 億美元之間，中間值將成長近 7%，其中包括預期的 2 個百分點的外匯影響。在收益補充中，我們在先前 2024 年全年的指導中點 8 億美元和更新後的指導中點 7.79 億美元之間架起了一座橋樑。

As you will see of the $21 million reduction at the midpoint, $11 million is attributable to the Consumer segment, $6 million is attributable to Udemy business and $4 million due to our updated FX assumptions. While the challenging macro and strategic ship toward our price customers will create a near-term headwind to revenue growth. The actions we are taking are intended to position us to grow into a more scalable and profitable business over the medium term.

正如您將看到的，中間減少了 2,100 萬美元，其中 1,100 萬美元歸因於消費者部門，600 萬美元歸因於 Udemy 業務，400 萬美元歸因於我們更新的外匯假設。雖然對我們的價格客戶的宏觀和策略挑戰將在短期內對收入成長造成阻力。我們正在採取的行動旨在使我們在中期內成長為更具規模和盈利能力的企業。

On the bottom line, we now expect to deliver full year adjusted EBITDA margin in the range of 250 basis points to 350 basis points. While we continue to invest prudently in the most important initiatives and take cost actions that will benefit 2025 and beyond.

總而言之，我們現在預計全年調整後 EBITDA 利潤率將在 250 個基點至 350 個基點之間。我們將繼續謹慎投資於最重要的舉措，並採取有利於 2025 年及以後的成本行動。

With respect to the third quarter, we expect revenue to be between $191 million and $194 million or approximately 4% year-over-year growth at the midpoint. Assuming exchange rates remain constant, FX is expected to negatively impact Q3 revenue growth by 2 percentage points.

對於第三季度，我們預計營收將在 1.91 億美元至 1.94 億美元之間，中間值年增約 4%。假設匯率保持不變，預計外匯將對第三季營收成長產生 2 個百分點的負面影響。

On the bottom line, we are targeting 200 basis points to 300 basis points of adjusted EBITDA margin. We expect that the actions we are taking, which Greg outlined earlier, will meaningfully improve our expense structure going forward as we will generate $25 million in annualized structural cost savings against our run rate. It is important to highlight that the remaining cost basis will increase due to compensation and benefits increases, additional reseller fees as our partnership revenue continues to grow and further investments that support our strategic initiatives.

總而言之，我們的目標是將調整後的 EBITDA 利潤率提高 200 個基點至 300 個基點。我們預計，格雷格之前概述的我們正在採取的行動將有意義地改善我們未來的費用結構，因為我們將根據運行率節省 2500 萬美元的年化結構成本。需要強調的是，由於薪酬和福利的增加、隨著我們的合作夥伴收入持續增長而產生的額外經銷商費用以及支持我們戰略舉措的進一步投資，剩餘成本基礎將會增加。

Since we will begin implementing these actions immediately, we expect to have some redundant expenses in the back half of this year. Therefore, we will begin seeing the impact of these efforts in the first half of 2025.

由於我們將立即開始實施這些行動，我們預計今年下半年將有一些多餘的開支。因此，我們將在 2025 年上半年開始看到這些努力的影響。

Ultimately, these actions are intended to deliver meaningful adjusted EBITDA, which we expect to be in the range of $130 million to $150 million for the full year of 2026. As we've shared before, we set a long-term target of achieving 15% to 20% adjusted EBITDA margin. In the supplemental deck, we have provided some of the key building blocks to achieve the high end of that target sooner than planned.

最終，這些行動旨在實現有意義的調整後EBITDA，我們預計2026 年全年的調整後EBITDA 將在1.3 億至1.5 億美元之間。即實現15 % 至 20% 調整後 EBITDA 利潤率。在補充甲板中，我們提供了一些關鍵建造模組，以比計劃更快地實現該目標的高端。

Specifically, we expect to generate 650 basis points in gross margin improvement, primarily through the instructor revenue share change that rolls out over the next few years, and the continued mix shift to our higher-margin Udemy business segment.

具體來說，我們預計毛利率將提高 650 個基點，這主要是透過未來幾年推出的講師收入份額變化，以及繼續向利潤率更高的 Udemy 業務部門進行組合轉移。

We expect to deliver approximately 300 basis points from operational efficiency initiatives announced today as well as another 750 basis points from OpEx leverage. We have several levers in our control to achieve significant expansion in adjusted EBITDA well into the future.

我們預計今天宣布的營運效率措施將帶來約 300 個基點，營運支出槓桿將另外帶來 750 個基點。我們可以控制多種槓桿，以在未來實現調整後 EBITDA 的大幅擴張。

Udemy leadership and our Board remain confident in the long-term opportunity for Udemy, which is reflected in the activity of our share repurchase program. We used $35 million in cash to buy back 3.8 million shares through a repurchase program during Q2. As of quarter end, we had approximately $60 million remaining on our $150 million authorization, and we expect that we will continue opportunistically buying back shares.

Udemy 領導層和我們的董事會對 Udemy 的長期機會仍然充滿信心，這反映在我們的股票回購計畫活動中。第二季度，我們透過回購計畫使用了 3,500 萬美元現金回購了 380 萬股股票。截至季末，我們的 1.5 億美元授權還剩約 6,000 萬美元，我們預計將繼續機會性地回購股票。

In closing, we are confident that the long-term opportunity available to us remains intact. We have made a strategic decision to focus on our most attractive large enterprise cohort, and drive margin improvement faster to ensure we create economic value for all stakeholders.

最後，我們相信我們可以獲得的長期機會仍然完好無損。我們做出了策略決策，專注於最具吸引力的大型企業群體，並更快地推動利潤率提高，以確保為所有利害關係人創造經濟價值。

As always, we are committed to a disciplined and balanced approach to optimizing costs, and improving efficiency and profitability over time, while maintaining the flexibility to invest in future growth opportunities.

一如既往，我們致力於採用嚴格且平衡的方法來優化成本，並隨著時間的推移提高效率和盈利能力，同時保持投資未來成長機會的靈活性。

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

因此，我們將開始電話詢問您的問題。操作員？

[Operator Instructions]

【操作說明】

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

This is Thomas Shinske on for Brett. I guess on the consumer weakness. Last quarter, we kind of pointed out the North American weakness, but strength outside of North America, I guess, any update to the trends there? Are we seeing continued consumer weakness, and any idea when you think this might pick up?

我是托馬斯·辛斯克（Thomas Shinske）替補布雷特。我猜是因為消費者的弱點。上個季度，我們有點指出了北美的疲軟，但北美以外的地區表現強勁，我想，那裡的趨勢有什麼更新嗎？我們是否看到消費者持續疲軟，您認為這種情況何時可能會好轉？

Hi, Tom, thanks for the question. So a few things. I think the first is just a reminder that what we focus on most when it comes to consumer is our consumer vibrancy metrics. So really making sure that we are seeing the course creation updating that makes our solution and our platform is so powerful. And we continue to see 5,000-plus courses updated and created each month, which we're really happy to see.

嗨，湯姆，謝謝你的提問。所以有幾件事。我認為第一點只是提醒我們，在消費者方面，我們最關注的是我們的消費者活力指標。因此，要真正確保我們看到課程創建的更新，這使得我們的解決方案和我們的平台如此強大。我們每個月都會繼續看到 5,000 多門課程的更新和創建，我們對此感到非常高興。

That being said, we did have a strong Q1 from a conversion perspective. We saw softness across Q2. And there wasn't really any area which is really broadly just consumer spending. We have also, as you probably know, have been pulling back on marketing spend over the past few years.

話雖如此，從轉換角度來看，我們確實有強勁的第一季表現。我們看到第二季的疲軟。而且實際上並沒有任何領域實際上只是消費者支出。正如您可能知道的那樣，過去幾年我們一直在削減行銷支出。

One other thing I will add is we did implement some new low-cost marketing initiatives in the quarter. So you saw traffic jump up quite a bit to about $41 million, over 20% up year-over-year. So there's some puts and takes within consumer.

我要補充的另一件事是，我們確實在本季實施了一些新的低成本行銷措施。因此，您會看到流量大幅成長，達到約 4,100 萬美元，年成長超過 20%。因此，消費者內部存在一些投入和獲取。

Traffic is up, we've got some low-cost long-term marketing initiatives, but we did see softer conversion across the board from both a category of learning and from a regional perspective.

流量增加了，我們採取了一些低成本的長期行銷舉措，但從學習類別和區域角度來看，我們確實看到了全面的軟轉換。

I'll just add real quick that from a strategic standpoint, our focus is on investing into the enterprise and deploying resources to scale and take advantage of the massive opportunity in the enterprise. So as Sarah just alluded to, we've been pretty clear that we're not investing in the consumer business in a material way to see significant growth it's really about vibrancy.

我只想快速補充一點，從策略角度來看，我們的重點是投資企業並部署資源以擴展並利用企業中的巨大機會。因此，正如莎拉剛才提到的，我們非常清楚，我們不會以物質方式投資消費者業務，以實現顯著成長，這實際上是為了活力。

So you should expect as we go forward, the investment and where we apply our resources is going to largely be into the large enterprise.

因此，您應該預料到，隨著我們的前進，投資和我們應用資源的地方將主要集中在大型企業中。

Awesome. And then one more, if I may. On the enterprise shift, I guess, how will the shift affect existing SMB customers in terms of service continuity or changes in contracts? And I guess, how will that also affect like as we're looking at the NRR delta between the two NRRs that you guys disclosed, should we start to see those go into directions here, should we start to see the 108 kind of stick and the lower one kind of drive further down, or what are we seeing there?

驚人的。如果可以的話，再來一張。關於企業轉變，我想這種轉變將如何影響現有的中小企業客戶在服務連續性或合約變化方面的影響？我想，這也會如何影響，就像我們正在研究你們披露的兩個 NRR 之間的 NRR 增量一樣，我們是否應該開始看到這些方向在這裡，我們是否應該開始看到 108 種棍子和較低的一種驅動器進一步向下，或者我們在那裡看到了什麼？

I'll take the first part of the question, and Sarah I'll let you take the second. So I'm just going to broadly state that we've taken a very deliberate and data-driven approach to the decision of now reshaping our strategy to focus upmarket into the enterprise in a more concerted way.

我將回答問題的第一部分，莎拉，我將讓你回答第二部分。因此，我只是泛泛地說，我們採取了一種非常深思熟慮和數據驅動的方法來決定現在重塑我們的策略，以更協調的方式將高端市場聚焦於企業。

Now that really is about us moderating, I would say, and adjusting to the headwinds and the tailwinds that we're seeing in our business. But by no stretch, are we divesting and not going to serve the SMB opportunity to your customers. That's absolutely still going to be an important component of our overall strategy.

我想說，現在這實際上是我們要進行調節，並適應我們在業務中看到的逆風和順風。但無論如何，我們都不會放棄，也不打算為您的客戶提供中小企業機會。這絕對仍然是我們整體策略的重要組成部分。

So please take that away that we're going to take care of our SMB customers just as efficiently and ideally more effectively going forward than we have in the past. But the investment into our growth and the expansion opportunity is going to be in the enterprise. So SMB customers are going to be well taken care of. Go ahead, Sarah.

因此，請記住，我們將像過去一樣有效率地、理想地比過去更有效地照顧我們的中小企業客戶。但對我們的成長和擴張機會的投資將在企業中。因此，中小企業客戶將得到很好的照顧。繼續吧，莎拉。

Yes. I would just add to that. In thinking about net dollar retention, we are going to still continue to support our SMB customers. Where we're moderating our spend is in things like generating pipeline and regions and segments on the SMB side, where that pipeline is inefficient to generate, it's inefficient to capture. So from a moderation perspective, a lot of it is in landing those new SMBs.

是的。我想補充一點。在考慮淨美元保留時，我們仍將繼續支持我們的中小企業客戶。我們正在調整支出，例如在中小企業方面產生管道、區域和細分市場，而管道生成效率低下，捕獲效率低下。因此，從適度的角度來看，其中很大一部分是為了吸引新的中小企業。

But of course, we're always going to take good care of our customers.

但當然，我們始終會照顧好我們的客戶。

Awesome, thank you.

太棒了，謝謝。

Thank you for the question.

謝謝你的提問。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓，威廉布萊爾。

You've got [Pat McNamee] on today. My first question, just quickly wanted to ask. So as we're seemingly on the cusp of hopefully improving macro environment. Can you just talk a bit more about the decision to strategically refocus on larger enterprise customers now versus down the road?

今天有 [Pat McNamee] 的節目。我的第一個問題，只是想問。因此，我們似乎正處於有望改善宏觀環境的風口浪尖。您能否多談談現在與未來策略性地重新關注大型企業客戶的決定？

Yes, it's a good question. Happy to take that. So based on our assessment of the environmental conditions we're operating in today as well as projecting forward, and then coupling that with the assessment of all of the unit economic data that we have access to, and our ability to build pipeline and everything we just mentioned in the release, with respect to higher win rates and what have you, all data points for us lead to the decision that we've made to invest into the large enterprise.

是的，這是一個好問題。很高興接受。因此，根據我們對當前營運環境條件的評估以及未來的預測，然後將其與對我們可以獲得的所有單位經濟數據的評估以及我們建造管道和一切的能力結合起來剛才在新聞稿中提到，關於更高的獲勝率以及您擁有的一切，我們的所有數據點都導致我們做出投資大型企業的決定。

And that is something that has not been taken lightly, obviously, it's got a lot of thought and data has supports the decisions we've made. So the macroeconomic conditions, I would say, place some factor, but this is really about us playing to our strengths.

顯然，我們對此並沒有掉以輕心，它經過了很多思考，數據也支持了我們所做的決定。因此，我想說，宏觀經濟狀況存在一些因素，但這實際上是我們發揮自己的優勢。

And allocating resources and really getting focused as an organization on what we can control. And what we can control is the investment into this segment, which we have historically had a disproportionate amount of revenue growth, win rates, and we compete very, very well in this segment.

作為一個組織，分配資源並真正專注於我們可以控制的事情。我們可以控制的是對該細分市場的投資，歷史上我們在該細分市場上的收入增長和獲勝率不成比例，並且我們在該細分市場中的競爭非常非常好。

And that's also going to enable us to deliver what we talked about on the bottom line. Which has accelerated material acceleration and expansion of our bottom line, which again is very much within our control. So that's a little bit of color around the decision process and we'll let us here.

這也將使我們能夠實現我們所討論的基本目標。這加速了我們利潤的物質加速和擴張，這又在我們的控制範圍內。因此，這就是決策過程中的一些色彩，我們將讓我們在這裡。

Right. Okay. Thanks, Greg. And then just now that it's been a couple of quarters since you implemented the change to the instructor payouts. Can you just provide an update on how that has gone with instructors, how retention has held up and particularly with those instructors in the higher end?

正確的。好的。謝謝，格雷格。距離您對講師薪酬進行更改以來已經過去了幾個季度。您能否提供最新情況，說明講師的情況、保留率如何，特別是高端講師的情況？

Yes. We are very pleased to say we continue to have had no top instructors opt out, and we expect that to continue. We are and constant communication with our instructors. Most recently, our Chief Product Officer, had a session with them going more deeply into the product capabilities that we're going to be releasing, that we're moving into beta right now with and the sentiment coming out of that meeting was extremely positive.

是的。我們很高興地說，我們仍然沒有頂級教練選擇退出，我們希望這種情況能繼續下去。我們與我們的導師不斷溝通。最近，我們的首席產品長與他們進行了一次會議，更深入地探討了我們將要發布的產品功能，我們現在正在進入測試階段，這次會議的情緒非常積極。

And the comments and the dialogue continues to be very much upbeat. So really happy with the work our teams have done to bear hug and wrap our arms around our structures, which are the lifeblood of our business and making sure that the vibrancy of the conversation we're having with them continues to remain very, very positive.

評論和對話仍然非常樂觀。我們對我們的團隊所做的工作感到非常滿意，他們擁抱我們的結構，這是我們業務的命脈，並確保我們與他們的對話的活力繼續保持非常非常積極的狀態。

Great. That's helpful. Thank you.

偉大的。這很有幫助。謝謝。

Ryan MacDonald, Needham & Company.

瑞安麥克唐納，李約瑟公司。

Hi, thanks for taking my questions. Greg, maybe first one for you on one of the areas of strategic focus in terms of increasing that focus on penetrating the existing large customer base. I think you noted that it was about $1.5 billion revenue opportunity if you get to over 50% penetration there.

您好，感謝您回答我的問題。格雷格（Greg），也許第一個是關於戰略重點領域之一的，即加強對滲透現有大型客戶群的關注。我想您已經注意到，如果您的滲透率超過 50%，那麼這將帶來約 15 億美元的收入機會。

What specifically can you do in the current environment to increase that penetration with those that you're obviously already embedded with and, obviously, there's been some volatility in the market with some competitors struggling.

在當前環境下，您具體可以做些什麼來提高您顯然已經嵌入的滲透率，並且顯然，市場上存在一些波動，一些競爭對手正在苦苦掙扎。

Is there any way you can use that to your advantage in the near term to help continue to consolidate share or maybe accelerate that consolidation of share re-occuring?

有什麼方法可以在短期內利用這一優勢來幫助繼續鞏固份額或加速份額合併的重新發生？

Yes. Good question, Ryan. I appreciate it. I'll touch on a couple of things. One is we continue to get strong data points from a variety of different sources that give us confidence that this shift to a skills-based economy and focus on learning and development continues to gain steam.

是的。好問題，瑞安。我很感激。我將談幾件事。一是我們繼續從各種不同來源獲得強有力的數據點，這讓我們相信，轉向技能型經濟和對學習和發展的關注的轉變將繼續獲得動力。

Most recently, our own report, Workplace 2.0 report, saw 84% of our customers are focused on developing a skills-based infrastructure. And most recently, over the last week, Insight published a report that investment by leaders and prioritization and learning and development is up from 29% in 2023 to 50% in 2024.

最近，我們自己的報告《工作場所 2.0》報告顯示，84% 的客戶專注於開發基於技能的基礎設施。最近，Insight 在上週發布了一份報告，指出領導者的投資、優先順序以及學習和發展將從 2023 年的 29% 上升到 2024 年的 50%。

So we continue to see momentum in the direction of developing a capability around skills. And that also manifests in customer wins. We had a number of nice customer wins.

因此，我們繼續看到圍繞技能發展能力的勢頭。這也體現在客戶的勝利上。我們贏得了許多不錯的客戶。

One in particular, I'll just call out is it's a large consumer products company that came to us needing a platform, a broad platform, to consolidate onto is us against the usual suspects from a competitive perspective, and the requirements were much broader than just IT.

我要特別指出的是，這是一家大型消費品公司，它來找我們需要一個平台，一個廣闊的平台，以鞏固我們從競爭角度對抗通常的嫌疑人，而且要求比我們要廣泛得多。 。

Including business skills, professional skills, management leadership skills, very much playing into our favor and that's exactly what we've developed, the capability of platform that will serve an entire enterprise, and their endeavor to transition to a skills-based organization.

包括業務技能、專業技能、管理領導技能，非常對我們有利，這正是我們開發的，為整個企業服務的平台能力，以及他們轉型為技能型組織的努力。

And so that ended up manifesting in a nice win for us, and this is a nice global partner. We've got a number of those that we could speak to. And that momentum continues to gain steam. So and then to your question around maybe one of the folks in our category that has maybe had a difficult time of late.

因此，這最終為我們帶來了一場漂亮的勝利，這是一個很好的全球合作夥伴。我們有很多可以交談的人。而且這種勢頭繼續增強。那麼，然後回答你的問題，也許我們這一類人中的一個人最近可能經歷了一段困難時期。

There's no question that we're very focused on taking advantage and maximizing those types of opportunities and I won't go into great detail on that, but we've seen a number of wins this last quarter -- consolidation wins, if you will, or takeaways -- as a result of those exact type of opportunities. And just one of the other many data points that gives us a lot of confidence in our ability to continue to win a disproportionate amount of the time in the large enterprise.

毫無疑問，我們非常專注於利用並最大限度地利用這些類型的機會，我不會詳細介紹這一點，但我們在上個季度看到了許多勝利——整合獲勝，如果你願意的話，或外賣-作為這些確切類型的機會的結果。這只是其他眾多數據點之一，它讓我們對自己有能力繼續在大型企業中贏得不成比例的時間充滿信心。

Super helpful color there. I appreciate it. Sarah, maybe as a follow-up for you. As we think about this pathway now to $130 million to $150 million of adjusted EBITDA in fiscal '26, can you just help us understand maybe what the assumptions are around the sort of operating environment, or maybe growth environment, to, as you kind of work towards those targets do we need sort of the end markets across consumer and UB to just sort of remain relatively constant with where they're at today?

那裡的顏色超級有用。我很感激。莎拉，也許是你的後續行動。當我們現在考慮在 26 財年實現 1.3 億至 1.5 億美元調整後 EBITDA 的途徑時，您能否幫助我們了解圍繞營運環境或成長環境的假設是什麼，就像您所說的那樣為了實現這些目標，我們是否需要消費者和UB 的終端市場保持相對穩定的現狀？

Do you require an improvement slowdown? Just kind of curious of maybe the environment or framework as you think about your pathway towards these targets?

您需要改進減速嗎？當您思考實現這些目標的途徑時，只是對環境或框架感到好奇嗎？

Thanks for the question, Ryan. So how we're thinking about it is, first, on the UB side, UB, we believe, is going to continue to be a very durable double-digit growth segment for us. And as we focus on the enterprise, the unit economics on that side of the business are already much stronger than on the SMB side.

謝謝你的提問，瑞安。因此，我們的想法是，首先，在 UB 方面，我們相信 UB 將繼續成為我們非常持久的兩位數成長領域。當我們專注於企業時，該業務方面的單位經濟效益已經比中小企業方面強得多。

The retention is stronger, the ability to upsell and sell in. Greg just spoke about it. The pipeline has been building path that is going to be our fastest-growing segment.

保留力更強，追加銷售和銷售的能力更強。該管道一直在建立將成為我們成長最快的部分的路徑。

The consumer side, there's a little bit less visibility. Ideally, we've spoken about over time running that flat to up a few points. That could take some time, right? We're going to be exiting this year in the low down probably 10% to 11% as we saw, that's our expectation as we saw those conversion rates in the second half.

消費者方面，可見度有點低。理想情況下，我們已經討論過隨著時間的推移，將持平到上升幾個點。這可能需要一些時間，對嗎？正如我們所看到的，今年我們將以 10% 至 11% 的低點退出，這是我們的預期，因為我們在下半年看到了這些轉換率。

So we think that, going forward, we're going to be able to stabilize that consumer business somewhat. Drive the UB and continue to delivering double digit and really expand on that bottom line aggressively because we're focused on controlling the controllables, and we have continued to overdeliver on EBITDA quarter after quarter after quarter as a public company.

因此，我們認為，展望未來，我們將能夠在一定程度上穩定消費者業務。推動 UB 並繼續實現兩位數的業績，並真正積極地擴大利潤，因為我們專注於控制可控因素，而且作為一家上市公司，我們繼續逐季超額實現 EBITDA。

And so that's where our focus is. And I know there's a lot of different scenarios from a top line perspective, when you think about our EBITDA targets and getting there faster, but just that's how we're thinking about it and the margin expansion is going to come from about 650 basis points is going to be gross margin improvement.

這就是我們的重點。我知道，當你考慮我們的 EBITDA 目標並更快地實現目標時，從營收角度來看，有很多不同的情況，但這就是我們的想法，利潤率擴張將來自約 650 個基點毛利率將得到改善。

The majority, the vast majority of that, is in structure revenue share change mix shift. And then we've got these operating efficiency initiatives that we're undergoing right now that will deliver another 3 points. And then another 7.5 of operating leverage -- 750 basis points of operating leverage over the next few years. So that's how we're thinking about it, and we're just really focused on this new strategic focus.

其中大部分（絕大多數）是結構性收入份額變化和組合轉變。然後我們現在正在實施這些營運效率舉措，這將帶來另外 3 分。然後，營運槓桿將達到 7.5 個基點——未來幾年營運槓桿將達到 750 個基點。這就是我們的想法，我們只是真正專注於這個新的策略重點。

Excellent. I appreciate the additional context there.

出色的。我很欣賞那裡的額外背景。

Terry Tillman, Truist Securities.

特里·蒂爾曼，Truist 證券公司。

Hi, this is Dominique Manansala on for Terry. So as we think about reacceleration for you to meet business in the back half of the year, how should we think about growth on quarterly breakdown? And what factors are driving the growth rate in each period?

大家好，我是特里 (Terry) 的多米尼克·馬南薩拉 (Dominique Manansala)。因此，當我們考慮為下半年的業務重新加速時，我們應該如何考慮季度細分的成長？各個時期的成長率由哪些因素驅動？

Yes, I'll take that question. So what we're looking at with our updated guidance is exiting the year with UB in the low double digits. And from a net new era incremental ARR, that is what we will see in the fourth quarter step up a bit. But with this shift in our focus and with the changes we're going to be making to our go-to-market organization, that reacceleration of UB is going to take a little more time.

是的，我會回答這個問題。因此，我們在更新的指導中關注的是，今年結束時 UB 的表現將保持在兩位數的低點。從新時代的淨增量 ARR 來看，我們將在第四季度看到略有上升。但隨著我們重點的轉變以及我們將對行銷組織進行的改變，UB 的重新加速將需要更多的時間。

Great. Thank you. And could you also provide an update on international operations in the APAC region? I'm just curious as to how the demand and execution to Japan has also held up.

偉大的。謝謝。能否介紹一下亞太地區國際業務的最新情況？我只是好奇日本的需求和執行如何。

Yes, happy to take that. So we talked in prior announcements that we did have some softness in that region. We've shored up leadership, feel good about the leadership we have in that region. And we continue to work through the execution aspect of what's happening in both Korea, Vietnam and then, of course, Japan, which has been operating and executing well for some time.

是的，很高興接受。因此，我們在先前的公告中談到，我們在該地區確實有些疲軟。我們鞏固了領導地位，對我們在該地區的領導地位感到滿意。我們繼續研究韓國、越南以及日本的執行情況，日本已經運作和執行好一段時間了。

Nothing specific to call out. I feel good about what we're seeing. Rob now, our new CRO, is in the saddle, has been to Japan, spent a full week, I believe, 10 days over there with customers and partners. Came back with a lot of optimism around the upside potential there. So nothing material to call out with respect to APAC other than what I just mentioned.

沒有特別需要指出的。我對我們所看到的感覺很好。 Rob，我們的新 CRO，已經上任了，已經去過日本，我相信，在那裡與客戶和合作夥伴待了整整一周，10 天。回來時對那裡的上行潛力抱持著很大的樂觀態度。因此，除了我剛才提到的內容之外，就亞太地區而言，沒有什麼值得指出的。

Great to hear. Thank you.

很高興聽到。謝謝。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Great, thank you for the question. I was wondering if you could maybe help appreciate the bridge that we have. But as far as like the annual margin expansion from 2024, either out to the 2026 EBITDA dollar guide or the 20% in '27, like any help in thinking about the path there?

太好了，謝謝你的提問。我想知道你是否可以幫助欣賞我們擁有的這座橋。但就 2024 年起的年度利潤率擴張而言，無論是達到 2026 年 EBITDA 美元指引還是 27 年的 20%，對於思考那裡的路徑有什麼幫助嗎？

Yes, Josh, thanks for the question. In this focus on pulling our margin expansion forward, you should expect to see significant margin expansion in both 2025 and 2026. And so you can think about the gross margin, you know what that looks like in that expansion. And you could expect not perfectly, but roughly linear expansion over those few years.

是的，喬什，謝謝你的提問。在專注於推動我們的利潤率擴張的過程中，您應該預計在 2025 年和 2026 年都會看到利潤率大幅增長。你可以預期這幾年的擴張不是完美的，而是大致線性的。

Okay. Got it. And then a follow-up, like with that in mind, so kind of talking about maybe 550 basis points of annual expansion or something like that to just get from 3.5 in '24 to 20% in '27. You're like 14%, 15% in 2026, you have an EBITDA range there 130 to 150.

好的。知道了。然後是後續行動，考慮到這一點，所以談論可能是年度擴張 550 個基點或類似的東西，從 24 年的 3.5 到 27 年的 20%。到 2026 年，你的比例大概是 14%、15%，你的 EBITDA 範圍在 130 到 150 之間。

At the high end, that's over $1 billion in revenue, which is like a 15% growth CAGR, but Q4 is exiting at 3% growth. So I was just hoping you could talk a little bit more about what it's going to take to really accelerate from 3% exiting this year to 15% over the next couple of years?

在高端，營收超過 10 億美元，複合年增長率為 15%，但第四季的成長率為 3%。所以我只是希望你能多談談如何才能真正從今年的 3% 退出率加速到未來幾年的 15%？

Yes. So we're not putting any targets out for our revenue growth rates in '25 and '26 right now, '25 will happen at the end of this year. And there is a wide variety of potential revenue growth rates that will allow us to get to that $130 million to $150 million EBITDA.

是的。因此，我們現在沒有為 25 和 26 年的營收成長率設定任何目標，25 年將在今年底實現。各種潛在的營收成長率將使我們能夠實現 1.3 億至 1.5 億美元的 EBITDA。

And so when you're thinking about the growth for us, again, UB is going to remain a double-digit growth. But we are exiting this year about 12% growth rate. So just thinking about that and that accelerating over some period of time, but not quickly, multiple scenarios for consumer, we're focused on the bottom line. We have a clear path to it and we'll be providing more detail on '25 to '26 in the upcoming quarters.

因此，當你再次考慮我們的成長時，布法羅大學將保持兩位數的成長。但我們今年的成長率約為 12%。因此，只要考慮到這一點，以及在一段時間內加速但不是很快的消費者多種場景，我們就​​專注於底線。我們有一條明確的路徑，我們將在接下來的幾個季度提供有關「25 至 26」的更多詳細資訊。

Okay. That's helpful. Thank you. Thanks Sarah.

好的。這很有幫助。謝謝。謝謝莎拉。

Thanks, Josh.

謝謝，喬許。

And the next question comes from Jeff Meuler with Baird.

下一個問題來自 Jeff Meuler 和 Baird。

Hey, Steven Pawlak on for Jeff. Under the new strategic plan, I guess, what can you do differently under the new model that you are already doing to drive upsell at existing clients besides just increased capacity?

嘿，史蒂文·帕拉克 (Steven Pawlak) 替補傑夫 (Jeff)。我想，根據新的策略計劃，除了增加產能之外，在您已經採取的新模式下，您還能採取哪些不同的做法來推動現有客戶的追加銷售？

A good question. So I think a lot of it has to do with the focus we're going to apply and the process and the rigor that we're going to implement under Rob's leadership. In terms of how we're landing and expanding into our class of enterprise customers. And we now have a broad platform. And the vast majority of our revenue to date has been through seat expansion.

這是個好問題。所以我認為這很大程度上與我們將要應用的重點以及我們將在羅布的領導下實施的流程和嚴格性有關。就我們如何登陸並擴展到我們的企業客戶類別而言。我們現在有了廣闊的平台。到目前為止，我們的絕大多數收入都是透過座位擴張獲得的。

It will landing with our core product and then expanding core product seats. We're going to get much better at selling our additional products and capabilities allow Udemy Business Pro, Udemy Leadership Academy as well as the new set of products, AI products that are coming online in the back half of the year.

它會隨著我們的核心產品落地，然後擴大核心產品席位。我們將更好地銷售我們的附加產品和功能，包括 Udemy Business Pro、Udemy Leadership Academy 以及將於今年下半年上線的一系列新產品、人工智慧產品。

So we're going to have more to sell. We're going to get really good at selling those products through our enterprise customers as well as accelerating seat expansion. Remember, we're less than 10% penetrated in the 5,000-plus customers we have in that segment. So there's tremendous opportunity for both seat expansion and new product expansion into this class of customers.

所以我們會有更多的東西可以賣。我們將非常擅長透過我們的企業客戶銷售這些產品並加速席位擴張。請記住，我們在該細分市場擁有的 5,000 多名客戶中的滲透率不到 10%。因此，針對此類客戶的座位擴展和新產品擴展存在巨大的機會。

And with the focus that we're going to be applying with Rob's experience and expertise, having done this for 25 years at high-growth companies like Adobe and SAP I've got a lot of confidence. We have a lot of confidence in our ability to do just that.

我們的重點是應用 Rob 的經驗和專業知識，我在 Adob​​e 和 SAP 等高成長公司工作了 25 年，對此我充滿信心。我們對自己有能力做到這一點充滿信心。

So focus is a great thing, and we're applying focus now, and with the win rates that we've seen in our enterprise customer segment, keep in mind, right now, we're growing at more than twice the rate at over place the scale of any of our public peers. And we're adding more customers every quarter into that segment than any of those folks in a material way. So we've got a position of strength that we're building off of, and we expect to extend that.

因此，專注是一件偉大的事情，我們現在正在應用專注，並且根據我們在企業客戶群中看到的獲勝率，請記住，現在我們的成長速度是超過放置我們任何公共同行的規模。我們每季在該細分市場中增加的客戶數量比其他任何客戶都多。因此，我們已經擁有了我們正在建立的優勢地位，並且我們希望能夠擴大這一優勢。

Understood. And then with the reallocation of resources upmarket, is there a retraining that's involved there? And sort of what's the time line to maybe how those people reach full capacity, if that's the case?

明白了。然後，隨著高端資源的重新分配，是否涉及再培訓？如果是這樣的話，那麼這些人如何達到滿載的時間線是多少？

We've already got a strong contingent of account executives selling into our enterprise and strategic accounts. Is there some additional training around sales process that Rob and team are going to be layering in? Yes, there is. But that's going to be on the fly and continuing to improve how we engage, land and expand, and sell value up to the C-suite as we continue to move through the months and quarters ahead.

我們已經擁有一支強大的客戶經理隊伍，負責向我們的企業和策略客戶進行銷售。 Rob 和團隊是否會針對銷售流程進行一些額外的培訓？是的，有。但隨著我們在未來幾個月和幾個季度的繼續發展，這將是動態的，並繼續改善我們與最高管理層的互動、落地和擴張以及銷售價值的方式。

So yes, I mean, there's no doubt there's an investment there, and that will be ongoing. But I've done this a long time, and let go to market teams for a long time, and that's always an ongoing process, right? So that's always an evolution that organizations are going to continue to have.

所以，是的，我的意思是，毫無疑問那裡有投資，而且這種投資將會持續下去。但我已經這樣做了很長時間，並且放手市場團隊很長時間了，這始終是一個持續的過程，對吧？因此，這始終是組織將繼續進行的演變。

Thanks. Got it.

謝謝。知道了。

(Operator Instructions) Noah Herman, JPMorgan.

（操作員指示）Noah Herman，摩根大通。

Hey, Greg and team. Thanks so much for taking the questions. So just on the point about optimizing the go-to-market organization. Can you just elaborate if maybe you have to hire additional sales leadership to really execute the new go-to-market playbook as you're sort of reshuffling the deck a little bit? And if so, what is really the time line for the transformation? Thanks.

嘿，格雷格和團隊。非常感謝您提出問題。以上就是關於優化進入市場組織的問題。您能否詳細說明一下，您是否需要聘請額外的銷售領導才能真正執行新的上市策略，因為您正在稍微重新洗牌？如果是這樣，轉型的真正時間表是什麼？謝謝。

It's a good question. We don't expect material changes in leadership on the sales side to be able to execute our plan. Are we going to be reshaping promotion and augmenting processes to be able to execute and do what I've alluded to now, which is land and expand more efficiently and effectively into this segment.

這是一個好問題。我們預計銷售方面的領導層不會發生重大變化，從而能夠執行我們的計劃。我們是否要重塑促銷和增強流程，以便能夠執行和完成我現在提到的事情，即更有效地佔領並擴展到這個領域。

Yes, we surely will. And so I mean, there may be some small changes that we make as we move forward from a personnel standpoint, leadership. But really, it's about focus for us and not trying to sell equally into all segments but getting really, really good and focusing on and executing well into the enterprise segment.

是的，我們一定會的。所以我的意思是，當我們從人事和領導的角度向前邁進時，我們可能會做出一些小小的改變。但實際上，這對我們來說是重點，而不是試圖平等地銷售到所有細分市場，而是變得非常非常好，專注於企業細分市場並執行得很好。

So Rob is in process of working with our teams to determine if we need to shift some heads from one segment to the other, and that will be an ongoing process, and that's always an ongoing process. Where we see opportunity we're going to layer heads in.

因此，羅布正在與我們的團隊合作，以確定我們是否需要將一些負責人從一個部門轉移到另一個部門，這將是一個持續的過程，而且始終是一個持續的過程。當我們看到機會時，我們就會投入精力。

We're going to lay our account executives. And we're going to do that as aggressively as we can where the opportunity presents itself. And that's just a process that will unfold over the next quarters and months ahead.

我們將任命我們的客戶經理。當機會出現時，我們將盡可能積極地做到這一點。這只是一個將在接下來的季度和未來幾個月展開的過程。

Yes, that's really helpful. And just maybe for Sarah. Just on the guidance, understanding everything happening with the consumer segment, but for the large customer cohort, what exactly are you embedding in the guidance that's really changing on a sequential basis outside of the key initiatives that you're implementing.

是的，這確實很有幫助。也許只是為了莎拉。只是在指南上，了解消費者群體中發生的一切，但對於大型客戶群，您到底在指南中嵌入了哪些內容，這些內容在您正在實施的關鍵舉措之外確實按順序發生了變化。

Was there any change that you saw in terms of pipeline? Or impact from macro that's really been baked into the guidance now?

您在管道方面看到了什麼變化嗎？或者宏觀經濟的影響現在已經真正納入指導了嗎？

Yes. Thanks for the question. We have continued to see the macro be a challenging environment. And by that, I mean, we have continued to see deals take longer to close. Some of them are a little bit smaller than they have been historically, it's taken a little bit longer to upsell.

是的。謝謝你的提問。我們仍然認為宏觀環境充滿挑戰。我的意思是，我們繼續看到交易需要更長的時間才能完成。其中一些比歷史上的規模要小一些，追加銷售需要更長的時間。

And so we have factored that into the guidance as well as the impact of this strategic shift of market. So both of those have been taken into consideration. And we're really focused on driving that growth efficiently. You heard Greg talk about the [LTD] and the retention and the efficiencies of that enterprise segment. And so we're really focused on capturing that market really efficiently.

因此，我們已將這一點納入指導以及市場策略轉變的影響。所以這兩點都被考慮在內。我們真正專注於有效推動這種成長。您聽到格雷格談論 [LTD] 以及該企業部門的保留和效率。因此，我們真正專注於真正有效地佔領該市場。

Our next question comes from Devin, our with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Devin。

Hey, thanks for taking my question. Just wanted to get more clarity on the conversion -- free-to-pay conversion slowdown in consumer. When did you see kind of that conversion slowdown in the quarter? And like thus far this quarter, has it deteriorated? I just want to get more clarity on kind of what happened there just because you guys pick up the guide last quarter, but now you're seeing slowdown there. So just maybe help us bridge what happened there?

嘿，謝謝你回答我的問題。只是想更清楚地了解轉換情況——消費者從免費到付費的轉換速度放緩。您什麼時候看到本季的轉換放緩？就像本季到目前為止，情況是否惡化了？我只是想更清楚地了解那裡發生的情況，只是因為你們上個季度拿起了指南，但現在你們看到了那裡的放緩。那麼也許可以幫助我們彌合那裡發生的事情？

Yes. Thanks for the question, Devin. So we really did see Q1 was strong as we stated, and we did bring up our expectations on consumer for the year. April was I'm going to say, okay. And then we saw that deceleration or suppression of the conversion rates in May and June.

是的。謝謝你的提問，德文。因此，我們確實看到第一季表現強勁，正如我們所說，我們確實提出了對今年消費者的預期。四月我想說，好。然後我們看到五月和六月的轉換率減速或受到抑制。

We continue to see a few tough -- and our expectation for the rest of the year is that it's going to remain tough -- that the consumer environment is going to be hard. One thing I will mention is we do have a new head of consumer. And he pulled together his plan along with the team. And so we're going to be launching some new strategic initiatives but we don't want to press the pedal on spend.

我們繼續看到一些艱難的情況——我們對今年剩餘時間的預期是，情況將繼續艱難——消費者環境將變得艱難。我要提到的一件事是我們確實有了一位新的消費者主管。他與團隊一起制定了他的計劃。因此，我們將推出一些新的策略舉措，但我們不想踩下支出踏板。

We've been pulling back that marketing spend. We're operating that business pretty thoughtfully until some of these strategic initiatives allow us to have an LTD that we feel comfortable spending into. But again, our focus right now is keeping consumers stable, that marketplace vibrancy and really focusing on our new strategic initiatives.

我們一直在削減行銷支出。我們正在深思熟慮地經營這項業務，直到其中一些策略舉措使我們能夠擁有一個讓我們放心投入的有限責任公司。但同樣，我們現在的重點是維持消費者穩定、市場活力，並真正關注我們的新策略舉措。

Helpful. And then just one quick follow-up on the enterprise side. I think you alluded to the recovery time line of enterprise ARR growth is going to get pushed out. I mean how much of that extend the time line is driven by the changes that you're making on the go-to-market side? And how much of that is really just the step down that you're seeing in the macro environment? Thanks.

有幫助。然後是企業方面的快速跟進。我認為您提到企業 ARR 成長的恢復時間線將被推遲。我的意思是，時間軸的延長有多少是由您在進入市場方面所做的改變所推動的？其中有多少實際上只是您在宏觀環境中看到的下降？謝謝。

Yes. So we're not going to break down between those two categories, but what I will say is, in the last call, we did say that we expect our incremental ARR to be pretty flat in Q2 and Q3. And then step up a bit in Q4, and that is still our expectation, a little more muted with this focus on the focus upmarket, but this is consistent with how we were seeing net new ARR throughout this year.

是的。因此，我們不會在這兩個類別之間進行細分，但我要說的是，在上次電話會議中，我們確實說過，我們預計第二季和第三季的增量ARR 將相當持平。然後在第四季度有所提高，這仍然是我們的預期，由於對重點高端市場的關注而更加低調，但這與我們今年全年看到的淨新 ARR 是一致的。

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

我們的問答環節到此結束。我想將會議轉交格雷格·布朗發表閉幕詞。

Yes, I'd like to thank everybody for joining the call today, and we look forward to the next update for Q3 in November. Thanks so much.

是的，我要感謝大家今天加入電話會議，我們期待 11 月第三季的下一次更新。非常感謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。