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Operator
Operator
Good day, and welcome to the Udemy's Third Quarter 2024 Conference Call. (Operator Instructions) 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.
美好的一天,歡迎參加 Udemy 2024 年第三季電話會議。 (操作員說明)請注意,正在記錄此事件。我現在想將會議轉交給投資者關係副總裁丹尼斯沃爾什 (Dennis Walsh)。請繼續。
Dennis Walsh - Vice President - Investor Relations
Dennis Walsh - Vice President - Investor Relations
Thank you, David. Joining me today are Udemy's Chief Executive Officer, Greg Brown; and Chief Financial Officer, Sarah Blanchard. During this conference call, we will make forward-looking statements within the meaning of federal securities laws. These statements involve assumptions and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated. For a complete discussion of risks associated with these forward-looking statements, we encourage you to refer to our most recent Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.
謝謝你,大衛。今天加入我的是 Udemy 執行長 Greg Brown;和財務長莎拉·布蘭查德。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. 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 SEC as non-GAAP financial measures.
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。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較指標不同。
We believe that these non-GAAP financial measures support management and investors in evaluating our performance and comparing period-to-period results of operations in a more meaningful and consistent manner. A reconciliation of these non-GAAP measures to the most comparable GAAP financial measures is included in our earnings press release. These reconciliations together with additional supplemental information are available on the Investor Relations section of our website.
我們相信,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。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我們網站的投資者關係部分取得。
Please note, we have provided a supplemental deck that 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.
請注意,我們提供了補充資料,您可以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。
With that, I will now turn the call over to Greg.
現在,我將把電話轉給格雷格。
Gregory Brown - President, Chief Executive Officer, Director
Gregory Brown - President, Chief Executive Officer, Director
Thank you, Dennis, and good afternoon to everyone on the call. We delivered a strong Q3 with revenue and adjusted EBITDA margin exceeding the high end of our guidance ranges. Revenue grew 6% year-over-year, including a 2-point headwind from FX and profitability reached a new record with adjusted EBITDA coming in significantly higher than anticipated. This was a direct result of our disciplined approach to driving operational efficiency throughout the business. We also achieved a new milestone of over $500 million in Udemy Business ARR.
謝謝丹尼斯,祝所有參加電話會議的人下午好。我們第三季的營收和調整後的 EBITDA 利潤率表現強勁,超過了我們指導範圍的上限。營收年增 6%,其中包括來自外匯的 2 個百分點的阻力,獲利能力創下新紀錄,調整後 EBITDA 顯著高於預期。這是我們採用嚴格的方法來提高整個企業的營運效率的直接結果。我們也在 Udemy Business ARR 中實現了超過 5 億美元的新里程碑。
I'm immensely proud of our entire Udemy team and thankful for their unwavering commitment to our business and delivering on our mission. We have a lot to be excited about as we look toward the future for Udemy and I'm eager to provide an update on some of the strategic actions we've taken as well as some of the other exciting developments, including the launch of our AI-powered skills mapping and AI assistant. As a reminder, on our last call, we announced the strategic decision to deliver a more balanced mix of growth and profitability, while reallocating resources towards our highest return opportunity, the large enterprise customer cohort within Udemy business. This transition is both timely and necessary as we look to deliver long-term sustainable value for all stakeholders, particularly in an environment that remains stable but subdued.
我為我們整個 Udemy 團隊感到非常自豪,並感謝他們對我們業務和履行我們使命的堅定承諾。在展望 Udemy 的未來時,我們有很多值得興奮的事情,我渴望提供有關我們已採取的一些戰略行動以及其他一些令人興奮的進展的最新信息,包括推出我們的人工智能驅動的技能映射和人工智能助理。提醒一下,在我們上次的電話會議上,我們宣布了一項策略決策,旨在提供更平衡的成長和獲利能力,同時將資源重新分配給我們的最高回報機會,即Udemy 業務中的大型企業客戶群。這種轉變既及時又必要,因為我們希望為所有利害關係人提供長期可持續的價值,特別是在保持穩定但低迷的環境下。
Over the past several years, we've successfully built a strong foundation for our enterprise business and our consumer marketplace. We've also expanded our global footprint to support nearly 17,000 Udemy business customers and 75 million learners across 180 countries, which represents one of the leading market positions globally. Given the solid foundation we have in place, now it's the right time to focus on operational efficiency. The opportunity in this category is massive and growing. So we're capitalizing on it to create a more resilient business model capable of delivering sustainable financial performance in any market environment.
在過去的幾年裡,我們成功地為我們的企業業務和消費者市場奠定了堅實的基礎。我們還擴大了我們的全球足跡,為 180 個國家的近 17,000 個 Udemy 商業客戶和 7500 萬學習者提供支持,這代表了全球領先的市場地位之一。鑑於我們已經奠定了堅實的基礎,現在是專注於營運效率的最佳時機。這一類別的機會巨大且不斷增長。因此,我們正在利用它來創建更具彈性的商業模式,能夠在任何市場環境中提供可持續的財務表現。
Since our Q2 call in July, we moved quickly to optimize our cost structure to align with our more focused strategy. Ultimately, we were able to achieve over $50 million of cost savings against our initial target of $25 million. Our outperformance on these efficiency initiatives increases our confidence in our ability to deliver our target of adjusted EBITDA of $130 million to $150 million in 2026. As you can see from the Q3 results, these actions are already impacting Udemy's profitability. We are significantly increasing our flexibility to allow us to operate from a position of strength and enabling us to deliver value to our customers and shareholders.
自 7 月第二季電話會議以來,我們迅速採取行動優化成本結構,以符合我們更專注的策略。最終,我們節省了超過 5000 萬美元的成本,而最初的目標是 2500 萬美元。我們在這些效率舉措上的出色表現增強了我們對實現2026 年調整後EBITDA 1.3 億至1.5 億美元目標的信心。能力。我們正在顯著提高我們的靈活性,使我們能夠憑藉優勢開展業務,並為我們的客戶和股東創造價值。
We're confident that this approach will position us as a stronger, more competitive company well into the future. Turning specifically to Udemy Business. With our new Chief Revenue Officer, Rob [Rosenthal] in place, we're aggressively capitalizing on our category leadership and realigning our resources upmarket and into key verticals that we believe will drive the highest returns. With the world of work expected to undergo rapid transformation fueled by the widespread adoption of generative AI, Udemy is the company that will help organizations bridge the growing skills gap.
我們相信,這種方法將使我們在未來成為一家更強大、更具競爭力的公司。特別轉向 Udemy Business。隨著新任首席營收長 Rob [Rosenthal] 的就職,我們正在積極利用我們的品類領導地位,並將我們的資源重新調整到高端市場,並進入我們認為將帶來最高回報的關鍵垂直領域。隨著生成式人工智慧的廣泛採用,工作世界預計將經歷快速變革,Udemy 是一家將幫助組織彌合日益擴大的技能差距的公司。
A cornerstone of our strategy is our decision to focus on large enterprise customers. which we define as organizations with over 1,000 or more employees and represents approximately 75% of our Udemy Business revenue. These companies have a more strategic approach to learning and development, move fast to adopt AI and other new technologies, and are increasingly turning to Udemy to support their skills development initiatives. By prioritizing large customers and deemphasizing the SMB segment, we're optimizing our resource allocation towards higher growth, higher-margin opportunities.
我們策略的基石是我們決定專注於大型企業客戶。我們將其定義為擁有超過 1,000 名或以上員工的組織,約占我們 Udemy 業務收入的 75%。這些公司採用更具策略性的學習和發展方法,快速採用人工智慧和其他新技術,並越來越多地轉向 Udemy 來支援他們的技能發展計劃。透過優先考慮大客戶並淡化中小企業細分市場,我們正在優化資源配置,以實現更高成長、更高利潤的機會。
Today, this cohort of customers have the highest retention, win rates and upsell rates. Historically, we've been most successful generating high-quality pipeline from customers in this category. Resulting in the majority of bookings coming from this cohort. Importantly, we will still support the SMB market, but we'll be addressing new opportunities through more efficient channels such as self-service over time. Although reallocating resources to focus upmarket will create temporary headwinds to the SMB and consumer portions of our business, these actions will create a stronger company and will enable long-term profitable growth for Udemy.
如今,這群客戶擁有最高的保留率、獲勝率和追加銷售率。從歷史上看,我們在從該類別的客戶產生高品質的管道方面最為成功。導致大部分預訂都來自這個群體。重要的是,我們仍將支持中小企業市場,但隨著時間的推移,我們將透過自助服務等更有效的管道來抓住新的機會。儘管重新分配資源以專注於高端市場會給我們業務的中小型企業和消費者部分帶來暫時的阻力,但這些行動將創造一個更強大的公司,並將為 Udemy 帶來長期的獲利成長。
As we navigate an era of unprecedented technological transformation, the importance of preparing organizations for the future has never been more clear. With rapid advancements in generative AI and other emerging technologies, we're witnessing a beginning of a seismic shift in how businesses operate.
當我們進入一個前所未有的技術變革時代時,讓組織為未來做好準備的重要性從未如此明顯。隨著生成式人工智慧和其他新興技術的快速發展,我們正在見證企業營運方式發生巨變的開始。
In this context, enterprise learning and development has become a strategic necessity for future proofing workforces and ensuring long-term business success. Recent research underscores the urgency of this moment. A recent report from BCG found that only 6% of companies have trained more than 25% of their workforce on generative AI tools. Further, and astounding 46% of employees will require upscaling within the next 3 years, regardless of the impact of GenAI.
在此背景下,企業學習和發展已成為面向未來的勞動力和確保長期業務成功的策略必要性。最近的研究強調了這一刻的迫切性。 BCG 最近的一份報告發現,只有 6% 的公司對超過 25% 的員工進行了生成式 AI 工具的培訓。此外,無論 GenAI 的影響如何,令人震驚的是 46% 的員工將在未來 3 年內需要升級。
As the shelf life of skill shortens driven by digital transformation, our versatile and future-ready workforce is essential and the focus on upscaling helps businesses stay competitive. This reality presents a massive opportunity and a critical responsibility for organizations to invest in upscaling and rescaling their talent. As an example of Udemy helping a customer overcome this challenge, Old Mutual, a South African financial services company engaged Udemy business in 2021 to address their upscaling needs. Since the beginning of our relationship, Old Mutual has seen more than 18,000 employees adopt licenses and averaged approximately 47 hours of learning per user per year, which is nearly double the industry average. Of the course enrollments, nearly 60% relate to developing digital and data capability skills.
隨著數位轉型導致技能保質期縮短,我們的多才多藝且面向未來的勞動力團隊至關重要,對升級的關注有助於企業保持競爭力。這一現實為組織投資提升和重塑人才提供了巨大的機會和重要的責任。作為 Udemy 幫助客戶克服這項挑戰的一個例子,南非金融服務公司 Old Mutual 於 2021 年與 Udemy 合作,以滿足其升級需求。自從我們建立合作關係以來,Old Mutual 已有超過 18,000 名員工採用許可證,每位用戶每年平均學習時間約為 47 小時,幾乎是行業平均水平的兩倍。在報名的課程中,近 60% 與培養數字和數據能力技能有關。
Organizations that prioritize skills are seeing tangible benefits such as improved retention, innovation and business growth. Lentils and Gen Z employees who now form a significant portion of the workforce, value autonomy, internal mobility and opportunities to learn new skills.
優先考慮技能的組織正在看到實際的好處,例如提高保留率、創新和業務成長。 Lentils 和 Z 世代員工現在已成為勞動力的重要組成部分,他們重視自主權、內部流動性和學習新技能的機會。
Organizations that can provide these opportunities through robust learning and development programs are best positioned to attract and retain top-tier talent. By investing and learning and development, companies not only enhanced their talent pool but also reduce turnover, improve employee engagement and build long-term resilience. A couple of great examples of organizations that are prioritizing skills development are Udemy customers, U.S. Steel and caliber. U.S.
能夠透過強而有力的學習和發展計畫提供這些機會的組織最有能力吸引和留住頂尖人才。透過投資、學習和發展,公司不僅增強了人才庫,還減少了人員流動,提高了員工敬業度並建立了長期的彈性。 Udemy 客戶、U.S. Steel 和 calibre 是優先考慮技能發展的組織的幾個很好的例子。我們。
Steel is a manufacturing company with a workforce of more than 20,000 employees and has been a Udemy customer since 2020. U.S. Steel provides access to Udemy business courses to all nonrepresented employees. As a way to foster a culture of continuous learning and to support internal mobility. This strategic approach to learning and development also ensures U.S.
Steel 是一家製造公司,擁有超過 20,000 名員工,自 2020 年以來一直是 Udemy 客戶。作為培養持續學習文化和支持內部流動性的一種方式。這種學習和發展的策略方法也確保了美國
Steel employees stay current on important business, technology and leadership skills.
鋼鐵員工隨時了解重要的業務、技術和領導技能。
In the past year, employees utilized 100% of licenses and 85% of employees who claim licenses were actively taking courses on the platform. Caliber, a U.K.-based data technology consultancy. Has been a Udemy customer for 2 years and has made Udemy Business its primary LND platform. Udemy plays a critical role in helping caliber insurance teams are certified in core technologies have the foundational skills required to serve clients and have the soft skills needed to deliver exceptional service. Since partnering with Udemy, Caliber employees adopted 93% of the assigned licenses and logged an astounding 300 learning hours per person.
過去一年,員工許可證使用率為100%,申請許可證的員工中有85%積極在平台上學習課程。 Calibre,英國數據技術顧問公司。已成為 Udemy 客戶 2 年,並將 Udemy Business 設為其主要 LND 平台。 Udemy 在幫助 calibre 保險團隊獲得核心技術認證、具備服務客戶所需的基礎技能以及提供卓越服務所需的軟技能方面發揮著關鍵作用。自從與 Udemy 合作以來,Calibre 員工採用了 93% 的分配許可證,每人學習時間達到驚人的 300 小時。
One of our customers, emphasis, an Indian multinational technology company that offers business consulting, IT and outsourcing services, as partnered with Udemy on a CSR initiative that recognizes the importance of skills development and is extending access to Udemy Beyond its own workforce to the broader community. One of our largest deals in the quarter Infosys expanded its partnership with Udemy to 150,000 licenses as part of its Infosys Springboard initiative, a digital learning platform providing free access to educational resources, skill building courses and certifications. The program focuses on enhancing employability through digital literacy, technology and soft skills, empowering students, women and professionals in the community to become lifelong learners. We are honored to have been selected by Infosys as a partner to foster continuous learning and drive societal progress, equipping individuals with tools needed to thrive in the evolving digital economy.
我們的客戶之一,重點是一家印度跨國科技公司,提供業務諮詢、IT 和外包服務,與Udemy 合作開展一項企業社會責任計劃,該計劃認識到技能開發的重要性,並將使用Udemy 的機會擴展到除自身員工以外的更廣泛的群體社區。本季我們最大的交易之一是Infosys 將與Udemy 的合作夥伴關係擴大到150,000 個許可證,作為Infosys Springboard 計劃的一部分,該計劃是一個數位學習平台,提供免費訪問教育資源、技能建設課程和認證的機會。該計劃的重點是透過數位素養、技術和軟技能來提高就業能力,使社區中的學生、婦女和專業人士成為終身學習者。我們很榮幸被印孚瑟斯選為合作夥伴,以促進持續學習和推動社會進步,為個人提供在不斷發展的數位經濟中蓬勃發展所需的工具。
This brings us to an exciting product update. By offering our enterprise customers access to innovative learning tools on our intelligent skills platform, such as our recently launched AI assistant, skills mapping and AI-powered learning pass. We're helping organizations build a workforce that is not only ready for today's challenges, but also capable of adapting to tomorrow's. This major product launch will provide significant value to our customers and has been met with much enthusiasm. Specifically, with the introduction of skills mapping and AI-powered learning Pass, we're helping leaders identify the critical skills needed for their organizations.
這給我們帶來了令人興奮的產品更新。透過為我們的企業客戶提供智慧技能平台上的創新學習工具,例如我們最近推出的人工智慧助理、技能映射和人工智慧驅動的學習通行證。我們正在幫助組織建立一支不僅能夠應對當今挑戰,而且能夠適應明天挑戰的員工隊伍。此次重大產品的發布將為我們的客戶帶來巨大的價值,並受到了極大的熱情歡迎。具體來說,透過引入技能映射和人工智慧驅動的學習通行證,我們正在幫助領導者確定其組織所需的關鍵技能。
With this capability, we're enabling customers to create a skills framework or Skill Street that provides a clear logical structure for skills development and ultimately match skills to top-rated courses from the Udemy Business collection. With the use of AI, we can now bring personalization and guided learning to organizations at scale.
借助此功能,我們使客戶能夠創建技能框架或技能街,為技能發展提供清晰的邏輯結構,並最終將技能與 Udemy Business 系列中的頂級課程相匹配。透過使用人工智慧,我們現在可以為大規模組織帶來個人化和引導式學習。
In addition, the AI system will help transform the experience for individuals, helping them more easily discover and engage with relevant learning content. The assistant will guide the learner and will provide course and lecture summaries to help learners understand key concepts and navigate to the most relevant content. This system will also help answer course and career related questions with step-by-step advice and simplified explanations of complex topics. Ultimately, early indications show that the assistant and the more personalized experience it creates will lead to more learner consumption and engagement on our platform.
此外,人工智慧系統將有助於改變個人的體驗,幫助他們更輕鬆地發現和參與相關的學習內容。助理將指導學習者並提供課程和講座摘要,以幫助學習者理解關鍵概念並導航到最相關的內容。該系統還將透過逐步建議和複雜主題的簡化解釋來幫助回答課程和職業相關問題。最終,早期跡象表明,助手及其創造的更個性化的體驗將導致更多學習者在我們的平台上消費和參與。
We're thrilled to introduce these innovative products to our customers, but this is only the beginning. In August, we welcomed Udemy's founder, Eren Bali, back to the leadership team as our Chief Technology Officer. Eren is excited to return to an operating role where he will drive our product strategy forward. Together, we will deliver cutting-edge solutions that empower learners worldwide to achieve their core goals and better business outcomes for enterprises. With the major launches of our AI system and skills mapping behind us, now is a natural time to further streamline responsibilities on our leadership team, including consolidating the Chief Technology and Chief Product Officer roles.
我們很高興向客戶介紹這些創新產品,但這只是開始。 8 月,我們歡迎 Udemy 創辦人 Eren Bali 重返領導團隊,擔任我們的技術長。 Eren 很高興能重返營運職位,推動我們的產品策略向前發展。我們將共同提供尖端的解決方案,使世界各地的學習者能夠實現他們的核心目標,並為企業帶來更好的業務成果。隨著人工智慧系統和技能映射的重大推出,現在是進一步簡化領導團隊職責的自然時機,包括鞏固首席技術和首席產品長的角色。
We're expanding Eren's role, and he will now lead both product and engineering teams. Our focus on operational efficiency allows us to prioritize investments in innovative, high-impact products like the ones I just described that are tailored to meet customers' needs. We believe that by empowering enterprises and individuals with tools to meet their learning needs, we can unlock significant value for stakeholders.
我們正在擴大 Eren 的角色,他現在將領導產品和工程團隊。我們對營運效率的關注使我們能夠優先投資於創新、高影響力的產品,就像我剛才描述的那些專為滿足客戶需求而量身定制的產品。我們相信,透過為企業和個人提供滿足其學習需求的工具,我們可以為利害關係人釋放巨大的價值。
And with that, I'll turn the call over to Sarah for a financial review.
然後,我會將電話轉給莎拉進行財務審查。
Sarah Blanchard - Chief Financial Officer
Sarah Blanchard - Chief Financial Officer
Thank you, Greg. I'll cover the key financial highlights and our outlook today. You can find the complete set of financial tables in our news release, which is available on our Investor Relations website. Third quarter revenue increased 6% year-over-year to $195 million. With more than 60% of our total revenue coming from outside of the U.S., we had a negative impact from FX to our year-over-year growth rate of 2 percentage points.
謝謝你,格雷格。我今天將介紹主要的財務亮點和我們的前景。您可以在我們的新聞稿中找到完整的財務表格,該新聞稿可在我們的投資者關係網站上找到。第三季營收年增 6%,達到 1.95 億美元。由於我們總收入的 60% 以上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。
Udemy Business revenue for the quarter was $126 million, an increase of 16% year-over-year, including a 2 percentage point headwind from changes in FX rates. As Greg mentioned, we ended the quarter with annual recurring revenue, or ARR, of $505 million, up 14% from a year ago, a significant milestone for the business.
Udemy Business 本季營收為 1.26 億美元,年成長 16%,其中匯率變動帶來了 2 個百分點的阻力。正如 Greg 所提到的,本季結束時,我們的年度經常性收入 (ARR) 為 5.05 億美元,比去年同期成長 14%,這是我們業務的一個重要里程碑。
Within that, ARR from large customers or those with 1,000 or more employees, increased 15% year-over-year, while SMB era grew 11% year-over-year. professional services, financial services, manufacturing, tech and retail are the strongest verticals contributing to ARR growth. We will continue focusing on driving further penetration in those sectors where we see a vast array of use cases and significant long-term opportunity to capture market share. Our consolidated net dollar retention rate, or NDRR, at quarter end was 99%. The rate was 104% for large customers.
其中,來自大型客戶或擁有 1,000 名或以上員工的客戶的 ARR 年增 15%,而 SMB 時代則是年增 11%。專業服務、金融服務、製造、科技和零售是對 ARR 成長貢獻最大的垂直產業。我們將繼續專注於推動那些擁有大量用例和奪取市場份額的重大長期機會的領域的進一步滲透。截至季末,我們的綜合淨美元保留率 (NDRR) 為 99%。大客戶的比率為104%。
We continue to see pressure on net dollar retention driven by upsells taking longer than historical norms in this environment. In the quarter, we added more than 250 net new Udemy Business customers, increasing our global customer base by 10% year-over-year to more than 16,800. Within that, our base of large customers increased by 11% to more than 5,000. Gross margin for our Udemy Business segment came in at 74% for the third quarter, up 600 basis points from the prior year, primarily due to the instructor revenue share change that went into effect on January 1 of this year.
我們繼續看到,在這種環境下,追加銷售所需的時間比歷史正常水平要長,從而導致淨美元保留面臨壓力。本季度,我們淨新增 250 多個 Udemy Business 客戶,使我們的全球客戶群年增 10%,達到 16,800 多個。其中,我們的大客戶群增加了 11%,達到 5,000 多家。第三季度,我們的 Udemy 業務部門毛利率為 74%,比上年增長 600 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。
Third quarter consumer revenue of $69 million was down 8% on a year-over-year basis, including a negative 3 percentage point impact from FX. The year-over-year decline was primarily driven by lower individual course purchases and was somewhat offset by growth from our personal plan subscriptions. During Q3, average monthly visitors grew 14% year-over-year to more than $39 million. Although the marketplace remains vibrant with strong traffic growth and more than 5,000 courses being added each month, we are taking steps to strengthen our consumer offering. We are building on our marketplace experience and investing in skills-based career development that meets the needs of today's learners.
第三季消費者營收為 6,900 萬美元,年減 8%,其中匯率帶來了 3 個百分點的負面影響。年比下降主要是由於個人課程購買量減少所致,並在一定程度上被個人計劃訂閱量的增長所抵消。第三季度,平均每月訪客量年增 14%,達到超過 3,900 萬美元。儘管市場仍然充滿活力,流量成長強勁,每月新增 5,000 多門課程,但我們正在採取措施加強我們的消費者服務。我們正在利用我們的市場經驗並投資於基於技能的職業發展,以滿足當今學習者的需求。
Leveraging the depth and breadth of our marketplace, we now offer a comprehensive suite of 500 certification programs, and the number is continuing to grow.
憑藉我們市場的深度和廣度,我們現在提供一整套包含 500 個認證計劃的產品,而且數量還在持續增長。
These courses are designed to equip learners with everything they need to pass their certification exams and have attracted more than 6 million enrollments to date. As we move down the P&L, note that all financial metrics are non-GAAP, unless stated otherwise. Q3 total company gross margin was 64%, a 400 basis point improvement from Q3, 2023. The improvement was driven by instructor revenue share change as well as the continued revenue mix shift to Udemy business which accounted for approximately 65% of total revenue in the quarter, an increase of 600 basis points year-over-year.
這些課程旨在為學習者提供通過認證考試所需的一切,迄今已吸引了超過 600 萬人報名。當我們向下移動損益表時,請注意,除非另有說明,否則所有財務指標均為非公認會計準則。第三季公司總毛利率為64%,比2023 年第三季提高了400 個基點。 65%第一季年增600個基點。
As previously shared, we expect total company gross margins to increase to approximately 70% in 2026. Total operating expense was [$119 million] or 61% of revenue. OpEx for the quarter was approximately 1,200 basis points higher than Q3 of last year, primarily driven by higher personnel and marketing expenses. On the bottom line, we delivered net income of approximately $10 million or 5% of revenue. Adjusted EBITDA was approximately $12 million or 6% of revenue, representing nearly 200 basis point expansion year-over-year.
如同先前所分享的,我們預期 2026 年公司總毛利率將增至約 70%。本季的營運支出比去年第三季高出約 1,200 個基點,主要是因為人員和行銷費用增加。總而言之,我們實現了約 1000 萬美元的淨利潤,佔收入的 5%。調整後 EBITDA 約 1,200 萬美元,佔營收的 6%,較去年同期成長近 200 個基點。
The better-than-expected adjusted EBITDA result was driven by our ongoing focus on operational efficiency and the cost savings actions we began implementing during the quarter. We expect these actions to result in restructuring charges of approximately [$18 million]. Which primarily consists of personnel expenses. Approximately $11 million was recognized during Q3. We expect to recognize another $6 million during Q4 and the final charge will be incurred during the first quarter of 2025.
好於預期的調整後 EBITDA 業績是由於我們持續關注營運效率以及本季開始實施的成本節約行動。我們預計這些行動將產生約 [1800 萬美元] 的重組費用。其中主要包括人員費用。第三季確認了大約 1100 萬美元。我們預計第四季將另外確認 600 萬美元,最終費用將在 2025 年第一季產生。
Cash payments related to these expenses will be spread across the next several quarters, which brings us to our key cash flow and balance sheet items. We ended the quarter with $358 million of cash, cash equivalents, restricted cash and marketable securities. Free cash flow in the third quarter was negative $10 million, driven by collections timing in lower billings but was positive $32 million on a year-to-date basis. During Q3, we used $51 million in cash to buy back 6.3 million shares through a repurchase program and are nearing completion of the $150 million authorization. We will continue to discuss with our Board any plans for future capital return programs.
與這些費用相關的現金支付將分攤到未來幾個季度,這讓我們看到了關鍵的現金流量和資產負債表項目。本季結束時,我們擁有 3.58 億美元的現金、現金等價物、限制性現金和有價證券。由於帳單收款時間減少,第三季自由現金流為負 1,000 萬美元,但年初至今為正 3,200 萬美元。第三季度,我們使用 5,100 萬美元現金透過回購計畫回購了 630 萬股股票,並且即將完成 1.5 億美元的授權。我們將繼續與董事會討論未來資本回報計劃的任何計劃。
Turning to our guidance. We are raising our full year 2024 outlook. For revenue, we now expect to be in the range of $780 million to $783 million or nearly 7% growth at the midpoint including an expected negative 2 percentage point impact from FX. For modeling purposes, we expect Udemy Business revenue growth to be up approximately 17%, while consumer revenue is expected to be down approximately 6% year-over-year. On the bottom line, we are increasing our outlook by approximately $12 million from the midpoint of our prior range as we now expect to deliver full year adjusted EBITDA margin of approximately 4.5% of revenue.
轉向我們的指導。我們上調了 2024 年全年展望。對於收入,我們目前預計收入將在 7.8 億美元至 7.83 億美元之間,即中間值增長近 7%,其中包括預期的 2 個百分點的外匯影響。出於建模目的,我們預計 Udemy Business 收入成長將成長約 17%,而消費者收入預計將年減約 6%。總而言之,我們將我們的預期從先前範圍的中點上調了約 1200 萬美元,因為我們現在預計全年調整後 EBITDA 利潤率約為收入的 4.5%。
The overperformance from Q3 and additional cost savings that we are already beginning to realize from the operational efficiency actions are the primary drivers.
第三季的超額業績以及我們已經開始透過營運效率行動實現的額外成本節約是主要驅動力。
With respect to the fourth quarter, we expect revenue to be between $193 million and $196 million or approximately 3% year-over-year growth at the midpoint. Assuming exchange rates remain constant, FX is expected to negatively impact Q4 revenue growth by 2 percentage points. On the bottom line, we're targeting an adjusted EBITDA margin of approximately 6% of revenue. Although we plan to provide our formal 2025 guidance on our Q4 call in February, today, we wanted to provide some additional context for how our results may unfold next year.
對於第四季度,我們預計營收將在 1.93 億美元至 1.96 億美元之間,即年增約 3%。假設匯率保持不變,外匯預計將對第四季營收成長產生 2 個百分點的負面影響。總而言之,我們的目標是調整後 EBITDA 利潤率約為營收的 6%。儘管我們計劃在 2 月的第四季度電話會議上提供正式的 2025 年指導,但今天,我們希望為明年的結果提供一些額外的背景資訊。
As Greg discussed, we are purposefully shifting our focus from aggressive growth to accelerating operational efficiencies to deliver profitability. In September, we completed a comprehensive review of our cost structure. And as a result, have identified over $50 million in annualized structural cost savings against our run rate. This represents an additional $25 million in savings from when we first outlined our plan on our Q2 earnings call. To break down the $50 million, approximately $40 million in cost savings are related to reducing organizational layers, relocating certain roles to lower-cost locations and optimizing our go-to-market structure.
正如格雷格所討論的,我們有目的地將重點從積極成長轉向提高營運效率以實現盈利。九月份,我們完成了對成本結構的全面審查。因此,根據我們的運行率,每年可以節省超過 5000 萬美元的結構成本。這意味著與我們在第二季財報電話會議上首次概述計劃時相比,又節省了 2500 萬美元。細算這 5000 萬美元,大約有 4000 萬美元的成本節省與減少組織層級、將某些角色重新安置到成本較低的地點以及優化我們的市場結構有關。
We also identified an additional $10 million in cost savings related to other expenses, such as marketing spend, professional services, software and T&E. These actions allow you to meet to be a more noble organization and better serve our global customer base. In addition, we are optimizing our go-to-market strategy, focusing on regions and sectors that represent the most growth potential. Specifically large enterprises, where we see stronger pipeline growth, larger deal sizes and higher retention and upsell rates.
我們還發現與其他費用相關的額外 1000 萬美元成本節省,例如行銷支出、專業服務、軟體和差旅費用。這些行動使您能夠成為一個更崇高的組織,並更好地為我們的全球客戶群服務。此外,我們正在優化市場策略,重點關注最具成長潛力的地區和產業。特別是大型企業,我們看到了更強勁的管道成長、更大的交易規模以及更高的保留率和追加銷售率。
By over-delivering on our expense reduction initiative, we have the flexibility to reinvest some of these savings back into high-impact growth areas and are in the process of hiring for key roles in lower-cost geographies such as Mexico, India and Turkey. In 2025, we expect to deliver approximately $70 million in adjusted EBITDA, providing a clear path to achieving our 2026 target. As a reminder, beyond the structural cost and efficiency actions we have taken, we expect that 2025 adjusted EBITDA will also benefit from approximately 200 basis points of improvement to gross margin from our revenue mix shift towards Udemy Business and our previously announced changes to instructor revenue share. On the top line, as we shift resources to focus most on the large enterprise opportunity in Udemy Business, we wanted to highlight a few discrete headwinds to revenue growth during the 2025 transition year.
透過超額履行我們的費用削減計劃,我們可以靈活地將部分節省的資金重新投資到高影響力的成長領域,並且正在墨西哥、印度和土耳其等低成本地區招募關鍵職位。到 2025 年,我們預計將實現約 7,000 萬美元的調整後 EBITDA,為實現 2026 年目標提供明確的道路。提醒一下,除了我們採取的結構性成本和效率行動之外,我們預計2025 年調整後的EBITDA 還將受益於毛利率約200 個基點的改善,因為我們的收入組合轉向Udemy 業務,以及我們之前宣布的講師收入變化分享。最重要的是,當我們將資源主要集中在 Udemy Business 的大型企業機會上時,我們希望強調 2025 年過渡年中收入成長的一些離散阻力。
Specifically, for Udemy Business, the combination of a $20 million reduction in quota capacity at [SMB] and the continued softness in EMEA is creating a few points of headwind to our overall revenue growth projections for 2025. While we are experiencing these headwinds in the near term as we focus resources on market and transition teams to the new structure, we expect large customers to continue to outperform the other cohorts. To highlight our progress and the effectiveness of our shift in focus on market, going forward, we will provide additional insight into this cohort. On the consumer side, we expect that we will experience high single-digit revenue decline rates in the next year.
具體而言,對於 Udemy Business 而言,[SMB] 配額容量減少 2000 萬美元,加上 EMEA 地區的持續疲軟,為我們 2025 年的整體收入成長預測帶來了一些阻力。資源集中在市場上並將團隊過渡到新結構,我們預計大客戶將繼續優於其他群體。為了突顯我們在市場重點轉移方面取得的進展和有效性,展望未來,我們將提供對該群體的更多見解。在消費者方面,我們預期明年的收入將出現較高的個位數下降率。
This represents approximately 3 points of headwind against our overall growth. Although we continue to be prudent with investments related to that segment, longer term, we are investing in building a career-based development experience for learners across the globe. Looking ahead, we expect the work we've done to restructure the organization will help us navigate near-term market conditions while setting the foundation for long-term success. Our goal is to deliver $130 million to $150 million in adjusted EBITDA by 2026 and continue expanding towards our target of 20% adjusted EBITDA margin in 2027.
這對我們的整體成長產生了大約 3 個百分點的阻力。儘管我們對與該細分市場相關的投資仍然持謹慎態度,但從長遠來看,我們正在投資為全球學習者打造基於職業的發展體驗。展望未來,我們預期我們為重組組織所做的工作將有助於我們應對近期市場狀況,同時為長期成功奠定基礎。我們的目標是到 2026 年實現 1.3 億至 1.5 億美元的調整後 EBITDA 利潤率,並繼續擴大規模,實現 2027 年調整後 EBITDA 利潤率為 20% 的目標。
In summary, the strategic shift we've made, combined with our ongoing operational efficiency efforts are allowing us to focus on what matters most. Capturing the massive opportunity in enterprise and individual skill development, particularly in the age of AI. We are confident that the work we are doing will further strengthen the foundation of our business and enhance our customer experience globally. As you can tell, we are as excited as ever about our future opportunity and Udemy's ability to lead this category while delivering sustainable long-term growth, increasing profitability and creating lasting value for all stakeholders. So with that, we'll open up the call for your questions.
總之,我們所做的策略轉變,加上我們持續的營運效率努力,使我們能夠專注於最重要的事情。抓住企業和個人技能發展的巨大機遇,特別是在人工智慧時代。我們相信,我們正在進行的工作將進一步鞏固我們的業務基礎並增強我們在全球範圍內的客戶體驗。如您所見,我們對未來的機會以及 Udemy 能夠引領這一類別,同時實現可持續的長期增長、提高盈利能力並為所有利益相關者創造持久價值的能力一如既往地感到興奮。因此,我們將開始電話詢問您的問題。
Moderator?
主持人?
Operator
Operator
(Operator Instructions) Jason Tilchen, Canaccord Genuity.
(操作員說明)Jason Tilchen,Canaccord Genuity。
Jason Tilchen - Analyst
Jason Tilchen - Analyst
I'm curious if you could share a little more detail around how some of these new AI-enabled capabilities are changing the conversations the sales team is having with larger enterprises and when you may expect some of those conversations to lead to impact -- a more direct impact on growth going forward for the enterprise segment?
我很好奇您是否可以分享更多關於這些新的人工智慧功能如何改變銷售團隊與大型企業的對話的細節,以及您何時可能期望其中一些對話產生影響——對企業部門未來的成長產生更直接的影響嗎?
Gregory Brown - President, Chief Executive Officer, Director
Gregory Brown - President, Chief Executive Officer, Director
Yes. Thanks for the question. So first, I'd say we're already seeing the impact on sales process, sales cycles and our ability to establish value associated with these AI capabilities from the standpoint that organizations for some time now have been looking for product capability like our skills mapping that enables them to assess skills, develop a hyper personalized learning experience based on the skills gap. And then assess again to certify and then -- and provide a badge or certificate associated with Skills acquisition, skills mapping brings that to life now. right?
是的。謝謝你的提問。首先,我想說,從組織一段時間以來一直在尋找產品功能(例如我們的技能映射)的角度來看,我們已經看到了對銷售流程、銷售週期以及我們建立與這些人工智慧功能相關的價值的能力的影響。然後再次評估以進行認證,然後提供與技能獲取相關的徽章或證書,技能映射現在將其變為現實。正確的?
So we now have automated what has been primarily a manual process for most organizations. So there's a lot of excitement about that from L&D leadership perspective within the companies we serve. At the same time, the AI learning assistant, having an assistant along for the ride for individuals and within organizations, so again, personalize that learning experience, but also to have the ability to ask questions and be engaged in that learning process throughout, which is what the AI system is -- all of it, really what we're seeing in early signals, both in the beta as well as live with customers increase not only adoption, but more importantly, active usage and engagement on the platform, and we expect that to persist.
因此,我們現在已經實現了大多數組織主要手動流程的自動化。因此,從我們所服務的公司的 L&D 領導層的角度來看,這令人非常興奮。同時,人工智慧學習助手為個人和組織內部配備了一名助手,因此,個性化學習體驗,但也有能力提出問題並自始至終參與學習過程,這就是人工智慧系統的本質——所有這些,我們在早期訊號中看到的,無論是測試版還是與客戶一起使用,不僅增加了採用率,而且更重要的是,平台上的積極使用和參與度,以及我們預計這種情況將持續下去。
We're really excited about the progress right now to date, and we're just getting going. Right now, we have about 1,000 -- a little over 1,000 enterprises that have lit up skills mapping and AI assistant, and we're ramping in. So early days, but early signals are very positive.
我們對迄今為止的進展感到非常興奮,而且我們才剛剛開始。目前,我們有大約 1,000 家——略多於 1,000 家企業已經啟動了技能映射和人工智慧助手,我們正在加大力度。
Operator
Operator
And the next question comes from Stephen Sheldon with William Blair.
下一個問題來自史蒂芬·謝爾頓和威廉·布萊爾。
Stephen Sheldon - Analyst
Stephen Sheldon - Analyst
Just as we think about Udemy Business, I guess how would you characterize corporate L&D the spending environment there comparing this quarter to the first half of the year. Greg, I think you maybe noted that the environment is stable but subdued. So have you seen any early signs of a pickup? And if not, what do you think it will take for that to happen?
正如我們思考 Udemy Business 一樣,我想您如何描述本季與上半年的企業 L&D 支出環境。格雷格,我想你可能注意到環境是穩定但壓抑的。那麼您有看到任何回升的早期跡象嗎?如果沒有,您認為需要什麼才能實現這一點?
Gregory Brown - President, Chief Executive Officer, Director
Gregory Brown - President, Chief Executive Officer, Director
Yes. Thanks for the question. Yes, I did mention that we are seeing continued scrutiny on budgets, within organizations. As companies rationalize not only their L&D spend, but they're rationalizing spend across the entire enterprise. I mean -- and we're doing the same thing.
是的。謝謝你的提問。是的,我確實提到過,我們看到組織內部對預算的持續審查。隨著公司不僅合理化其學習與發展支出,而且還合理化整個企業的支出。我的意思是——我們正在做同樣的事情。
We're no different. But this streamlining for us presents an opportunity. In that we talked for some time now about the opportunity for us to be a consolidator of L&D content, more importantly, strategy and to be the platform that organizations look to as they're thinking more strategically about developing a skills development capability. And I'll give you an example. One of the largest tech companies in the world, Fortune 100 tech company this last quarter made a decision to pivot and really start investing in being a strength with a more outcome-driven approach.
我們沒有什麼不同。但這種精簡為我們提供了一個機會。我們已經討論了一段時間,我們有機會成為學習與發展內容的整合者,更重要的是,成為策略的整合者,並成為組織在更策略性地思考發展技能開發能力時所尋求的平台。我給你舉個例子。作為世界上最大的科技公司之一,《財星》100 強科技公司在上個季度做出了轉型決定,並真正開始投資,以更以結果為導向的方法成為優勢。
And as a result of that, we replaced our largest competitor, and this is a [40,000-seat] deal and the reason that they chose us in terms of the platform was the breadth and depth of the content, the breadth of our platform, not just on the technical skills development side, but the business skills development side, and process the adoption they saw in their organization of our platform vis-a-vis our primary competitor. And we're seeing these types of examples manifest on a continuous basis. That being said, we're in the midst of 2 major transformations right now.
結果,我們取代了我們最大的競爭對手,這是一筆[40,000個席位]的交易,他們在平台方面選擇我們的原因是內容的廣度和深度,我們平台的廣度,不僅在技術技能開發方面,而且在業務技能開發方面,並處理他們在與我們的主要競爭對手相比的組織中看到的我們平台的採用情況。我們看到這些類型的例子不斷出現。話雖這麼說,我們現在正處於兩個重大轉變之中。
One is the skills-based organization transformation, which I just alluded to. And the other one is AI. This transformation to organizations really on the front end of determining how they're going to leverage generative AI to transform how they operate internally as well as into the products and services that they deliver. And these transformations take time, and we're seeing that. So in terms of the market being subdued, although we're seeing positive signs and have more examples like the ones I just shared with you, this transformation that we're going through in both endeavors.
一是我剛才提到的基於技能的組織轉型。另一種是人工智慧。這種對組織的轉變實際上是決定他們將如何利用生成式人工智慧來改變他們內部運作方式以及他們提供的產品和服務的方式。這些轉變需要時間,我們已經看到了這一點。因此,就市場低迷而言,儘管我們看到了積極的跡象,並且有更多像我剛剛與大家分享的例子,但我們在這兩項努力中正在經歷這種轉變。
It is on the front end of the cycle, and it's going to take some time. So that's what we're seeing, and we expect that to continue for a bit. I don't know necessarily when (inaudible) to turn back up. But we know that there's strong demand from what we provide for learning and development organization to have a strategic need for platforms like ours.
它處於週期的前端,需要一些時間。這就是我們所看到的,我們預計這種情況會持續一段時間。我不一定知道什麼時候(聽不清楚)回來。但我們知道,我們為學習和發展組織提供的服務對像我們這樣的平台有策略需求。
Stephen Sheldon - Analyst
Stephen Sheldon - Analyst
That's helpful. And just a quick follow-up. I appreciate some early color on 2025. I didn't hear anything about (inaudible) growth expectations. So if you did I missed that -- is there any way to frame potential what growth range could look like for UV as we think about 2025?
這很有幫助。只是快速跟進。我很欣賞 2025 年的一些早期色彩。所以,如果你這樣做了,我錯過了這一點——有沒有什麼方法可以確定我們對 2025 年紫外線的增長範圍的潛力?
Sarah Blanchard - Chief Financial Officer
Sarah Blanchard - Chief Financial Officer
Yes. So -- we really right now we're in the midst of our 2025 planning, but we do have to help align expectations around a few discrete headwinds that we have during the transition year, some of which really pertain to the UV side of things. In going through this restructuring to align our business to the current conditions and really focus on the strong opportunity that we see in enterprise, we have reduced our SMB capacity by about $20 million. And we do continue to see weakness in EMEA. And so the combination of those is going to cause multiple points of overall headwinds and overall growth on the revenue side and more impact on the UB side.
是的。因此,我們現在確實正處於 2025 年規劃之中,但我們確實必須幫助圍繞過渡年中遇到的一些離散阻力調整預期,其中一些確實與紫外線方面有關。透過這次重組,使我們的業務適應當前狀況,並真正專注於我們在企業中看到的強大機遇,我們將中小企業產能減少了約 2000 萬美元。我們確實繼續看到歐洲、中東和非洲地區的疲軟。因此,這些因素的結合將在收入方面造成多個點的整體阻力和整體成長,並對 UB 方面產生更大的影響。
And then just to round it out, on the consumer side, we are expecting high single-digit decline conservatively, which is another 3 points of overall revenue headwind.
最後,在消費者方面,我們保守預期將出現高個位數下降,這又是整體收入的 3 個百分點的阻力。
So just taking those 2 into consideration, that gives you some insight into how we're thinking about next year, which is a transition year as we're executing against this restructuring and getting those resources focused up market. But despite those headwinds, we're excited about where we are. We've done a lot of work that sets up -- sets us up to deliver the bottom line that we shared as $70 million in 2025 and a clear path to our 2026 target of $130 million to $150 million. So again, we're in the midst of planning, but that's how we're thinking about 2025.
因此,只要考慮到這兩個因素,您就可以了解我們對明年的看法,明年是過渡年,因為我們正在執行重組並將這些資源集中到市場上。但儘管有這些不利因素,我們仍對目前的狀況感到興奮。我們已經做了很多工作,讓我們能夠在 2025 年實現 7000 萬美元的底線,並為實現 2026 年 1.3 億至 1.5 億美元的目標制定明確的道路。再說一遍,我們正在製定計劃,但這就是我們對 2025 年的看法。
Operator
Operator
And the next question comes from Josh Baer with Morgan Stanley.
下一個問題來自摩根士丹利的喬許貝爾。
Josh Baer - Analyst
Josh Baer - Analyst
I was hoping you could actually talk about the integration with Workday seems pretty interesting. Just wondering if it's similar to the typical integration with a learning platform? Or are there other elements of the partnership and then just also wondering like to get all the advantages of that? Do you have to be a Workday customer and a Udemy customer? Just any details on that would be pretty interesting.
我希望您能真正談論與 Workday 的集成,這似乎很有趣。只是想知道它是否類似於與學習平台的典型整合?或者是否還有其他合作要素,然後也想獲得其中的所有優勢?您必須是 Workday 客戶和 Udemy 客戶嗎?只要有任何細節都會非常有趣。
Gregory Brown - President, Chief Executive Officer, Director
Gregory Brown - President, Chief Executive Officer, Director
Josh. Good question. So yes, we're excited about the partnership and relationship we have with Workday as well as the new integration we just announced. And really what this is about is -- it maps our Udemy business content to the Workday Skills Cloud, and it's got a couple of unique advantages, and that enables learners to display the skills that they've developed within the platform within their environment. It also allows and provides admins the ability to view those employee skills that have been developed and actually that are in flight of being developed.
喬許。好問題。所以,是的,我們對與 Workday 的合作夥伴關係以及我們剛剛宣布的新整合感到興奮。事實上,它的目的是——它將我們的 Udemy 業務內容映射到 Workday Skills Cloud,它具有一些獨特的優勢,使學習者能夠在自己的環境中展示他們在平台中開發的技能。它還允許並為管理員提供查看那些已開發的以及實際上正在開發的員工技能的能力。
And so what they're excited about and we're equally excited about is it really promotes internal mobility. And that's something they care a lot about. That's one of the primary value propositions that they have and we jointly have.
因此,他們感到興奮、我們同樣感到興奮的是,它確實促進了內部流動性。這是他們非常關心的事情。這是他們和我們共同擁有的主要價值主張之一。
So we work closely with Workday for some time, and this is just the next step in the evolution of our partnership. And do you need to be both a Udemy customer and a Workday customer to take advantage of the impact that I just mentioned? The answer is yes.
因此,我們與 Workday 密切合作了一段時間,這只是我們合作夥伴關係發展的下一步。您是否需要同時成為 Udemy 客戶和 Workday 客戶才能利用我剛才提到的影響?答案是肯定的。
Josh Baer - Analyst
Josh Baer - Analyst
Okay. Got it. And like how do you -- how should we think about like Workday's initiatives or any learning management system or HCM vendor and like their focus on skills and like developing their own skills cloud like versus Udemy's efforts to map everything out. And like which one does the customer tend to adopt or like looking to use from the platform -- like the learning platform or the content provider? And like how should we think about the different approaches there?
好的。知道了。我們應該如何看待 Workday 的計劃或任何學習管理系統或 HCM 供應商,以及他們對技能的關注以及開發自己的技能雲,就像 Udemy 努力規劃一切一樣。客戶傾向於採用或希望從平台中使用哪一種—例如學習平台或內容提供者?我們應該如何考慮那裡的不同方法?
Gregory Brown - President, Chief Executive Officer, Director
Gregory Brown - President, Chief Executive Officer, Director
Yes. That's a good question as well. So our strategy has been and will continue to be to integrate with all of the LMSs, the LXPs the technologies that our customers use to deliver learning and provide a learning experience for their employees, right? So that's -- that's, I think, something that is very unique and a little bit different. We integrate actually even with some folks that we view as competitors because they've got their own LXPs,right?
是的。這也是一個好問題。因此,我們的策略一直並將繼續是與所有 LMS、LXP 集成,我們的客戶使用這些技術來提供學習並為員工提供學習體驗,對嗎?我認為,這是非常獨特且有點不同的東西。實際上,我們甚至與一些我們視為競爭對手的人進行了整合,因為他們有自己的 LXP,對吧?
So that's, I guess, point one. And then as far as -- what was the second -- I lost the second part of the question?
我想這就是第一點。然後至於──第二個是什麼──我失去了問題的第二部分?
Josh Baer - Analyst
Josh Baer - Analyst
Just wondering like the end customer, if they're going to really lean into the learning management system like the platforms, skills offerings? Or are they going to look to the content like content provider for (inaudible)?
只是像最終客戶一樣想知道,他們是否真的會傾向於學習管理系統,例如平台、技能產品?還是他們會向內容提供者等內容尋求(聽不清楚)?
Gregory Brown - President, Chief Executive Officer, Director
Gregory Brown - President, Chief Executive Officer, Director
Good question. It really is on a case-by-case basis, if, for instance, and Workday in that example, if they've got the ability within their product, the skills cloud to map skills to learn it. We integrate and then the customer can choose -- we'll help them strategically because with all of our partners, we engage with our customers jointly, we'll provide insight into the optimal approach based on the outcomes they're trying to achieve. For other platforms that don't have the capability to match skills to (inaudible)
好問題。這實際上是根據具體情況而定的,例如,如果他們的產品中有能力,技能雲可以映射技能來學習它。我們進行整合,然後客戶可以選擇——我們將從策略上幫助他們,因為我們與所有合作夥伴共同與客戶互動,我們將根據他們想要實現的結果提供最佳方法的見解。對於其他沒有能力配對技能的平台(聽不清楚)
we just agree. There's a number of folks out there that we work closely with in market, and we'll continue to do so.
我們只是同意。我們在市場上與許多人密切合作,我們將繼續這樣做。
Operator
Operator
The next question comes from Ryan MacDonald with Needham & Company.
下一個問題來自 Needham & Company 的 Ryan MacDonald。
Ryan MacDonald - Analyst
Ryan MacDonald - Analyst
Greg, maybe first for you. You talked about having the benefits of having a new CRO in and sort of getting that motion going. Recognizing that these budgets obviously don't turn on a dime. But can you talk about maybe some of the processes that -- or new processes you've been putting in place as you've sort of focused upmarket on these larger customers? And then how quickly might you'll see that kind of filter through into the pipeline conversion as we're going into next year?
格雷格,也許第一個對你來說。您談到了聘請新 CRO 的好處以及推動該動議的進展。認識到這些預算顯然不會立即改變。但您能否談談您在專注於高端市場這些大客戶時所實施的一些流程?那麼,當我們進入明年時,您會多快看到這種過濾器進入管道轉換?
Gregory Brown - President, Chief Executive Officer, Director
Gregory Brown - President, Chief Executive Officer, Director
Yes, that's a good question. Thank you, Ron. So Rob has been intently focused on developing sales capability across our sales organization and customer success to be very, very capable and strong as selling into the key verticals that we've highlighted that we have not lead boeing things down in that we have a leadership position and whether it be financial services, professional services, consulting and so on and so forth. And really, what that includes is account planning capability, sales enablement and everything that goes along with developing a high-functioning hyper-focused, hyper capable sales organization selling not just to these enterprises, but specifically to the buyers that we sell into, the Chief Learning Officers, Chief People officers as well as the technical buyers that we've historically been very strong and capable of selling into.
是的,這是一個好問題。謝謝你,羅恩。因此,羅布一直專注於發展整個銷售組織的銷售能力和客戶成功,使其變得非常非常有能力和強大,就像我們強調的那樣,我們沒有在關鍵垂直領域領先,因為我們擁有領導力職位以及是否是金融服務、專業服務、諮詢等等。實際上,這包括客戶規劃能力、銷售支援以及與開發高功能、高度專注、能力超強的銷售組織相關的一切,該組織不僅向這些企業銷售,而且特別向我們銷售的買家銷售,首席學習官、首席人力官以及技術買家,我們歷來都非常強大並且有能力向其銷售產品。
So, it's up-leveling the support and resources we're providing our sales organization. And in some cases, it's also up-leveling the sales organization itself, right, making sure we have the right talent and the right roles for us to be successful as we move forward. So a concerted effort there, love what we're seeing in terms of the impact Rob's having and expect that to really start to have an impact next year into, I would say the numbers and what we're going to be delivering, but more to come on that.
因此,它提升了我們為銷售組織提供的支援和資源。在某些情況下,它還提升了銷售組織本身的水平,確保我們擁有合適的人才和合適的角色,以便我們在前進的過程中取得成功。因此,我們齊心協力,喜歡我們所看到的 Rob 所產生的影響,並期望明年真正開始產生影響,我想說的是數字和我們將提供的內容,但更多來吧。
Ryan MacDonald - Analyst
Ryan MacDonald - Analyst
Appreciate it. And maybe as a follow-up for Sarah. I appreciate all the context for 2025 and how we're starting to frame that up. When you think about Udemy Business in particular, can you just explain maybe a little bit more detail the environment you're sort of expecting relative to this year as you're starting to build out that framework? And maybe on the point of sort of EMEA weakness.
欣賞它。也許是莎拉的後續行動。我很欣賞 2025 年的所有背景以及我們如何開始建造它。當您特別考慮 Udemy Business 時,您能否更詳細地解釋一下您在開始建立該框架時相對於今年所期望的環境?也許是歐洲、中東和非洲地區的弱點。
Is that just a continued elongation of sales cycles? Or are we seeing instances of heightened levels of churn in that region?
這只是銷售週期的持續延長嗎?或者我們看到該地區客戶流失率升高的情況?
Sarah Blanchard - Chief Financial Officer
Sarah Blanchard - Chief Financial Officer
Yes. Thanks for the question. So we are expecting next year from an environmental perspective to be very similar to this year. Elongated sales cycles -- you asked about churn. Our gross seller retention remains -- has remained stable.
是的。謝謝你的提問。因此,我們預計明年從環境角度來看將與今年非常相似。銷售週期延長-您詢問了客戶流失的問題。我們的賣家保留率仍然保持穩定。
I think we've lost about 1.5 points over the last 6 quarters. So -- but the upselling, we expect it to continue to be pressured and the sales cycles to be longer. When we're thinking about UV growth overall, next year, there is going to be an impact because we reduced some of our go-to-market team, particularly around SMB #1.
我認為過去 6 個季度我們丟了大約 1.5 分。因此,但我們預計追加銷售將繼續受到壓力,銷售週期也會更長。當我們考慮明年 UV 的整體成長時,將會產生影響,因為我們減少了一些進入市場的團隊,特別是圍繞中小企業#1。
And number two, there is some amount of movement happening even upmarket. As we've taken some of our star reps from SMB and moving them up market. So that is going to impact the numbers. But from a long-term perspective, we do think UV is going to be a double-digit grower. So it's just taking time to work through this transition year.
第二,即使是高端市場也發生了一些變化。因為我們已經從中小型企業中挑選了一些明星代表,並將他們轉移到高端市場。所以這將會影響數字。但從長遠來看,我們確實認為 UV 將實現兩位數的成長。因此,需要時間來度過這個過渡年。
And then AI -- sorry, organizations are going to have to AI enable their workforces over time. It is going to take time, but we're setting ourselves up to be the player that they partner with us. So a bit of a transition year for next year, both on the UV side and some impact on consumer, but really excited about the long-term opportunity there.
然後是人工智慧——抱歉,隨著時間的推移,組織將不得不讓人工智慧為他們的員工提供支援。這需要時間,但我們正在努力成為他們與我們合作的球員。因此,明年是一個過渡年,無論是在紫外線方面還是對消費者的一些影響,但我們對那裡的長期機會感到非常興奮。
Operator
Operator
And the next question comes from Terry Tillman with Truist.
下一個問題來自 Truist 的 Terry Tillman。
Terry Tillman - Analyst
Terry Tillman - Analyst
And Sarah, just kind of following up with a couple of prior questions. You talked about a couple of points of impact I think, to the business in '25. Was that for you? Because my simple math would be if it's 16% to 18% growth this year, then it's kind of like 14% to 16% growth next year, also understanding there's some headwinds. Is that the right way to think about UV initially?
莎拉,只是跟進幾個之前的問題。我認為您談到了 25 年對業務的幾個影響點。那是給你的嗎?因為我的簡單數學計算是,如果今年成長 16% 至 18%,那麼明年的成長將是 14% 至 16%,同時也理解存在一些阻力。這是最初考慮紫外線的正確方式嗎?
And then I have a follow-up.
然後我有一個後續行動。
Sarah Blanchard - Chief Financial Officer
Sarah Blanchard - Chief Financial Officer
Yes. So the few points of headwind is across total growth, not just UV. So the UV impact is going to be larger.
是的。因此,少數阻力點存在於整體成長中,而不僅僅是紫外線。所以紫外線的影響會更大。
Terry Tillman - Analyst
Terry Tillman - Analyst
Okay. Okay. And then just a follow-up question on the CRO has been -- and maybe this is for Greg, but the CRO has been in the spot or the seat for 5 months. I think there was an earlier question or a couple of questions. And we're all curious in terms of what kind of impact they can have on the business.
好的。好的。然後是關於 CRO 的一個後續問題——也許這是針對 Greg 的,但 CRO 已經就任 5 個月了。我認為之前有一個問題或幾個問題。我們都很好奇它們會對業務產生什麼樣的影響。
But if you had to think about over the next 12 or so months, do you think dollar-wise, it would have more impact from you all just getting more out of your large customers? Or doing more with getting net new large customers?
但如果你必須考慮在接下來的 12 個月左右的時間裡,你認為從美元角度來看,如果你從大客戶那裡獲得更多收益,會產生更大的影響嗎?或採取更多措施來獲得新的大客戶?
Gregory Brown - President, Chief Executive Officer, Director
Gregory Brown - President, Chief Executive Officer, Director
Yes. I think that's a fairly straightforward question from my standpoint, is getting more out of our existing customers. We talk in the past that we're less than 10% penetrated in our enterprise customers, enterprise being those customers over 1,000 employees, and we've got over 5,000 of them. So -- it really is about getting more efficient at selling through our existing customer base. And as I mentioned earlier, developing the capability to have strategic conversations with the Chief Heads of Learning and the Heads of people, with respect to how we can and should be the partner they're turning to, to develop that skills-based organization capability as they're making that transition to a skills-based approach.
是的。我認為從我的角度來看,這是一個相當簡單的問題,那就是從我們現有的客戶身上獲得更多。我們過去說我們的企業客戶滲透率不到10%,企業是員工超過1000人的客戶,而我們的員工數量超過5000人。因此,這實際上是為了透過我們現有的客戶群來提高銷售效率。正如我之前提到的,發展與首席學習負責人和人員負責人進行戰略對話的能力,討論我們如何能夠並且應該成為他們所尋求的合作夥伴,以發展基於技能的組織能力因為他們正在向基於技能的方法過渡。
And -- we see tremendous opportunity. Rob continues to signal back to us how encouraged he is based on the customer conversations he's having at the interest in us continuing to help them develop in the technical side of the house, but how massive the opportunity is on the business skill side.
而且──我們看到了巨大的機會。羅布繼續向我們表示,根據與客戶的對話,他對我們繼續幫助他們在技術方面發展感興趣感到多麼鼓舞,但在業務技能方面的機會是多麼巨大。
And we're investing into that from a product capability as well. But nonetheless, that's where we're going to see the biggest the biggest impact is in our existing customer base, especially in those 5 verticals where we've already knocked down the lead Domino's. We already have a dominant position, and we're going to extend that.
我們也在產品能力方面進行投資。但儘管如此,我們將在現有客戶群中看到最大的影響,尤其是在我們已經擊敗了領先的多米諾骨牌的 5 個垂直領域。我們已經擁有主導地位,並且我們將擴大這一地位。
Operator
Operator
The next question comes from Noah Herman with JPMorgan.
下一個問題來自摩根大通的諾亞·赫爾曼。
Noah Herman - Analyst
Noah Herman - Analyst
Can you just provide a little bit more color on the performance on a geographical basis. I think in your prepared remarks, you called out EMEA but then you also mentioned that you're making a few key hires in other regions as well. So it would be great to just get more color around what areas are performing well and where do you think there's room for improvement?
您能否就地理上的表現提供更多的色彩?我認為您在準備好的發言中提到了歐洲、中東和非洲地區,但隨後您也提到您也在其他地區招募了一些關鍵員工。因此,如果能夠更多地了解哪些領域表現良好以及您認為哪些領域還有改進的空間,那就太好了?
Sarah Blanchard - Chief Financial Officer
Sarah Blanchard - Chief Financial Officer
Yes. So as we did share the area that we are seeing the most kind of muted growth, if you will, is on the -- is in the EMEA region. We have higher growth coming from APAC and LATAM, and that's where we're building out some of the teams and hiring some of these key leaders to help us take advantage. There's massive opportunity across the globe. But because we're such a global business with 60% of our revenue outside of North America, different regions move differently.
是的。因此,正如我們所分享的那樣,我們看到成長最緩慢的地區(如果你願意的話)是在歐洲、中東和非洲地區。我們在亞太地區和拉丁美洲地區實現了更高的成長,這就是我們正在組建一些團隊並聘請其中一些關鍵領導者來幫助我們利用這一優勢的地方。全球範圍內蘊藏著巨大的機會。但由於我們是全球性企業,60% 的收入來自北美以外,因此不同地區的行動有所不同。
And so what we're seeing right now is more strength from a growth perspective in APAC and LATAM.
因此,從亞太地區和拉丁美洲地區的成長角度來看,我們現在看到的是更強勁的實力。
Noah Herman - Analyst
Noah Herman - Analyst
Got it. And then maybe just quickly on the net dollar retention. Especially for the large customer cohort. Can you just maybe unpack a little bit of the dynamics going on there? I think there was a sequential decrease of 4 points, slight uptick versus last quarter.
知道了。然後也許很快就會出現淨美元保留。尤其是對於大客戶群。您能否解開其中發生的一些動態?我認為環比下降了 4 個百分點,比上季度略有上升。
Just anything you can maybe provide around seed growth, pricing? Any comments on that there would be helpful.
您可以提供有關種子生長、定價的任何資訊嗎?任何對此的評論都會有幫助。
Sarah Blanchard - Chief Financial Officer
Sarah Blanchard - Chief Financial Officer
Yes. So we see continued lengthening or it's not worse, but the continued long sales cycles around upsells and smaller deal sizes out of the gate. And so what we're seeing is organizations are taking smaller bites at Apple at a time and taking longer. And what we're focused on is really supporting these customers, helping them implement and drive adoption, engagement and usage and drive those business outcomes. We know when we do that, we are able to increase retention, but it is just taking longer right now.
是的。因此,我們看到持續延長,或者說情況並不更糟,但圍繞追加銷售和較小交易規模的持續較長銷售週期已經出現。因此,我們看到的是,各組織對蘋果的收購規模越來越小,但花費的時間卻越來越長。我們關注的是真正支持這些客戶,幫助他們實施和推動採用、參與和使用,並推動這些業務成果。我們知道,當我們這樣做時,我們能夠提高保留率,但目前只是需要更長的時間。
upskilling is such a critical need. It is accelerated by AI, but there is also the pressure of everybody really scrutinizing their budgets. And so it's the balance of that is what you're seeing in net dollar retention. But we remain focused on ensuring that our customers are getting value out of what we are delivering to them so that we can continue to drive growth in those accounts.
提高技能是一項至關重要的需求。人工智慧加速了這個過程,但每個人也都面臨著認真審查預算的壓力。因此,這就是您在淨美元保留中看到的平衡。但我們仍然專注於確保我們的客戶從我們提供給他們的產品中獲得價值,以便我們能夠繼續推動這些客戶的成長。
Operator
Operator
The next question comes from Yi Fu Lee with Cantor Fitzgerald.
下一個問題來自李毅夫和康托·費茲傑拉。
Yi Fu Lee - Analyst
Yi Fu Lee - Analyst
Congrats on the strong set of results in light of the tough macro environment. I guess a question for Greg or Sarah is following from the previous question on net retention rate, understood the macro environment is from me right now. But like considering the macro environment stays the same, what are the some of the drivers you could pull that can like -- I would say, start the bleeding and let me touch rate. And when do you think it will bottom? And then I have a quick follow-up as well.
祝賀在嚴峻的宏觀環境下取得的強勁業績。我想格雷格或莎拉的問題是繼上一個關於淨保留率的問題之後提出的,我知道宏觀環境現在是我提出的。但考慮到宏觀環境保持不變,你可以採取哪些驅動因素——我想說,開始出血,讓我談談利率。您認為它什麼時候會觸底?然後我也會進行快速跟進。
Sarah Blanchard - Chief Financial Officer
Sarah Blanchard - Chief Financial Officer
Yes. So there's 2 things. The first, again, which I just spoke about is focusing on retention, delivering more value to our customers, such that we maintain a strong retention number and grow that over time. On the growth side, you heard Greg talking about we're really strong on the tech side. But what we've been building out is our capabilities around the business skills and the soft skills.
是的。所以有兩件事。我剛才談到的第一點是專注於保留率,為我們的客戶提供更多價值,以便我們保持強大的保留率並隨著時間的推移而成長。在成長方面,你聽到格雷格談論我們在技術方面非常強大。但我們一直在建立我們的業務技能和軟技能方面的能力。
And so that's going to lead to more opportunity to expand over time. And so we're in a transition year. We've got some teams transitioning Q4, Q1, Q2. And as you focus upmarket, the sales cycles are longer, as you know, they're 9 to 12 months.
因此,隨著時間的推移,這將帶來更多的擴張機會。所以我們正處於過渡的一年。我們有一些團隊在第四季、第一季、第二季進行過渡。當您專注於高端市場時,銷售週期就會更長,如您所知,為 9 到 12 個月。
And so it's going to take some time to work through all of this. But our strategy of ensuring that we are creating the capabilities that are most important for enterprise customers and 4, especially within our key verticals. That is going to play itself out very well in the upcoming years.
因此,完成所有這些工作需要一些時間。但我們的策略是確保我們正在創造對企業客戶最重要的能力,4,特別是在我們的關鍵垂直領域。這將在未來幾年內得到很好的表現。
Gregory Brown - President, Chief Executive Officer, Director
Gregory Brown - President, Chief Executive Officer, Director
And I'll just add that. Look, I talked earlier about the AI products, AI assistant and skills mapping. Once we get our customer base, all 17,000 strong, enabled with these capabilities, we're already seeing as I mentioned earlier, strong signals of not only increased adoption, but active usage and engagement on the platform, right? And engagement will, without question, positively impact retention and provide more opportunity to upsell.
我就補充一下。你看,我剛剛講了人工智慧產品、人工智慧助理和技能映射。一旦我們獲得了 17,000 名強大的客戶群,並啟用了這些功能,正如我之前提到的,我們已經看到了強烈的信號,不僅表明採用率增加,而且平台上的積極使用和參與,對嗎?毫無疑問,參與度將對保留率產生積極影響,並提供更多追加銷售的機會。
So really excited about these capabilities for that reason as well, right? And there's more coming, right, as we flow through the year. We're going to be developing more capabilities that are going to have a similar type impact. So look, we're encouraged, but we've got some work to do, and we'll continue to share those developments as they progress.
基於這個原因,我對這些功能也感到非常興奮,對嗎?隨著這一年的流逝,還會有更多的事情發生,對吧。我們將開發更多能夠產生類似影響的功能。因此,我們受到了鼓舞,但我們還有一些工作要做,我們將繼續分享這些進展。
Yi Fu Lee - Analyst
Yi Fu Lee - Analyst
Just for back, Aaron sorry, Greg said Sarah. And my follow-up question is about Eren Bali, the return of the CTO. I understand AI a hot topic right now. What are some of the other product road maps like you think he's going to look into beyond the AI hot topic right now?
只是為了回來,亞倫對不起,格雷格莎拉說。我的後續問題是關於 CTO 回歸的 Eren Bali。我知道人工智慧現在是一個熱門話題。除了目前人工智慧熱門話題之外,您認為他還會研究哪些其他產品路線圖?
Gregory Brown - President, Chief Executive Officer, Director
Gregory Brown - President, Chief Executive Officer, Director
Yes. Thanks for the question. So first, I'll say, I couldn't be more excited to have Eren's back into the business. Eren's has been on the Board since he left his operating role years ago. And to have Eren come back with that founder, passion and and sense of commitment and optimism for what we can build and what he believes is going to be the next the next phase of growth and innovation from a product perspective.
是的。謝謝你的提問。首先,我要說的是,我對艾倫重返這個行業感到無比興奮。艾倫 (Eren) 自從多年前辭去營運職務以來,一直是董事會成員。讓艾倫帶著這位創始人、熱情、承諾感和樂觀態度回來,對我們可以建立的東西以及他認為從產品角度來看將是下一個成長和創新階段的東西持樂觀態度。
It's just great to have Aaron in the building and in the company. With respect to our product road map, we're not prepared to go through a product road map capability specifically, but I can tell you by bringing the product development organizations together, it's going to enable us to move faster and more nimbly with respect to the innovation that we're going to bring to life and how we deliver that in a variety of form factors.
有亞倫在大樓和公司真是太好了。關於我們的產品路線圖,我們不準備專門進行產品路線圖功能,但我可以告訴您,透過將產品開發組織聚集在一起,這將使我們能夠更快、更靈活地採取行動我們將要實現的創新以及我們如何以各種形式實現這項創新。
So -- and I know that's fairly general. Right now, it needs to be Eren's only been back in the business for a few weeks now. but we're moving fast and in upcoming announcements and calls, we'll be able to share more. But there's a lot of excitement in the business to have Eren back in the company.
所以——我知道這是相當普遍的。現在,艾倫剛回到這個行業幾週了。但我們正在快速行動,在即將發布的公告和電話會議中,我們將能夠分享更多資訊。但艾倫重返公司讓業界興奮不已。
Operator
Operator
The next question comes from Devin Au with KeyBanc.
下一個問題來自 KeyBanc 的 Devin Au。
Devin Au - Analyst
Devin Au - Analyst
I wanted to focus on just the expansion piece within Udemy. Obviously, you've expanded your product portfolio quite a bit with -- now with capabilities. So I'm just kind of curious if you can provide more details on exactly what you have done or what you plan to do among your go-to-market to drive more expansion or product upsell moving forward?
我只想專注於 Udemy 中的擴充部分。顯然,您已經大大擴展了您的產品組合——現在有了功能。因此,我只是好奇您是否可以提供更多詳細信息,說明您在進入市場期間已經做了什麼或計劃做什麼,以推動更多擴張或產品追加銷售?
Gregory Brown - President, Chief Executive Officer, Director
Gregory Brown - President, Chief Executive Officer, Director
Yes, I mentioned a little bit earlier what Rob is focused on is enabling our organization now that we have a broader platform of capabilities to effectively engage with the senior leaders and organizations around the world and, let's just say, a more efficient high-impact way. And being able to share case studies. I'll give you another example. I mean, these are the types of stories and the types of case studies that really do change the conversation. We had this last quarter, we had a South African mining company, end up coming to our platform and choosing us for the breadth and depth of our content and what they saw in the first 6 months of deployment was a 10% increase in internal mobility, and they're able to immediately tie that to bottom line impact.
是的,我之前提到過Rob 的重點是讓我們的組織變得更加強大,因為我們擁有更廣泛的能力平台,可以有效地與世界各地的高級領導者和組織互動,可以說,我們可以建立一個更有效率、更具影響力的組織。並能夠分享案例研究。我再舉一個例子。我的意思是,這些是真正改變對話的故事類型和案例研究類型。上個季度我們有一家南非礦業公司,最終來到我們的平台並選擇我們,因為我們內容的廣度和深度,他們在部署的前 6 個月中看到的是內部流動性增加了 10% ,他們能夠立即將其與底線影響聯繫起來。
Right? It's being able to have those kind of conversations at the right level within organizations about how we can impact their ability to develop skills across the enterprise. Right?
正確的?它能夠在組織內的適當層級進行此類對話,討論我們如何影響他們在整個企業中培養技能的能力。正確的?
Again, where historically, we've been primarily focused on the tech side of skills development. Now with the breadth of our platform, we can have a very different conversation than we had in the past, especially now that we have the AI capabilities obviously, online and rolling out. So it's -- again, it's about changing the narrative and changing the conversation and having it with the right level so we can actually start to see first-time deals sizes increase, right? We see those expansions expand to, as I mentioned earlier, that organization, 40,000 seats. [Versus] historically, our motion has been more land and then small expansions over a period of time.
同樣,從歷史上看,我們主要關注技能開發的技術方面。現在,憑藉我們平台的廣泛性,我們可以進行與過去截然不同的對話,特別是現在我們顯然擁有線上並推出的人工智慧功能。所以,再次強調,這是關於改變敘述和改變對話,並將其保持在正確的水平,這樣我們實際上就可以開始看到首次交易規模的增加,對嗎?正如我之前提到的,我們看到這些擴張擴大到該組織的 40,000 個席位。 [相對]歷史上,我們的動議是增加土地,然後在一段時間內進行小規模擴張。
We believe now that with the breadth of our platform, we can go to land or initially, we can close those big deals upfront for organizations that are looking to be strategic about skills development.
我們現在相信,憑藉我們平台的廣泛性,我們可以落地或最初,為那些尋求策略性技能發展的組織提前完成這些大交易。
So we now have the platform not to be able to actually have that conversation in the first dialogue with an organization, whereas in the past, it wasn't quite there yet.
因此,我們現在擁有的平台無法在與組織的第一次對話中真正進行這種對話,而在過去,它還沒有完全實現。
Devin Au - Analyst
Devin Au - Analyst
Appreciate the additional color here, Greg. Just one quick follow-up. Looking at the sequential net add and Udemy customers. It seems like that has stepped down a bit this quarter. Could you just unpack that a little bit?
感謝這裡的額外顏色,格雷格。只需一個快速跟進。查看連續淨新增和 Udemy 客戶。本季似乎有所下降。能稍微解開一下嗎?
Is the step down there, mainly just driven by some of the strategic reallocation of resources from SMB to large enterprise? Or could that be macro driven? Any color there would be helpful.
這種下降是否主要是由一些資源從中小企業到大型企業的策略性重新分配所推動的?或者說這可能是宏觀驅動的嗎?任何顏色都會有幫助。
Sarah Blanchard - Chief Financial Officer
Sarah Blanchard - Chief Financial Officer
Yes, it's a great question. And the majority of that was definitely the SMB impact where we pulled back on those resources. So we did expect to see a step down in the number of net adds from a logo perspective. And going forward, what you'll expect is that will moderate over time. As we are focused upmarket, and so we will have less net customer adds in total over time with less SMB sellers out there.
是的,這是一個很好的問題。其中大部分肯定是中小企業的影響,我們撤回了這些資源。因此,我們確實預計從徽標的角度來看淨添加數量會有所下降。展望未來,你會期望這種情況會隨著時間的推移而緩和。由於我們專注於高端市場,因此隨著時間的推移,我們的淨客戶總數將會減少,而中小企業賣家也會減少。
Operator
Operator
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。
Gregory Brown - President, Chief Executive Officer, Director
Gregory Brown - President, Chief Executive Officer, Director
Yes, I'd just like to thank you all for joining today, and we look forward to updating you all again on our Q4 call in February. Take care.
是的,我只想感謝大家今天的加入,我們期待在 2 月的第四季電話會議上再次向大家通報最新情況。小心。
Operator
Operator
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。