Udemy Inc (UDMY) 2025 Q2 法說會逐字稿

Good day, and welcome to Udemy's second quarter 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded.

大家好，歡迎參加 Udemy 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Dennis Walsh, Udemy's Vice President of Investor Relations. Please go ahead, sir.

現在，我想將會議交給 Udemy 投資者關係副總裁丹尼斯沃爾什 (Dennis Walsh)。先生，請繼續。

Thank you. Joining me today are Udemy's Chief Executive Officer, Hugo Sarrazin; 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.

謝謝。今天與我一起出席的還有 Udemy 的執行長 Hugo Sarrazin 和財務長 Sarah Blanchard。在本次電話會議中，我們將根據聯邦證券法做出前瞻性陳述。這些陳述涉及假設，並受已知和未知的風險和不確定性的影響，可能導致實際結果與討論或預期的結果有重大差異。

For a complete discussion of risks associated with these forward-looking statements, we encourage you to refer to our most recent Form 10-K and 10-Q filings with the Securities and Exchange Commission.

有關這些前瞻性陳述相關風險的完整討論，我們建議您參考我們向美國證券交易委員會提交的最新 10-K 和 10-Q 表格。

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任何更新或更改我們的前瞻性陳述的責任或義務，除非適用法律要求。

During this call, certain financial performance measures may be discussed that differ from comparable measures contained in our financial statements, which are prepared in accordance with US generally accepted accounting principles referred to by the SEC as non-GAAP financial measures.

在本次電話會議中，我們可能會討論某些財務績效指標，這些指標與我們財務報表中的可比較指標不同，這些指標是根據美國證券交易委員會所稱的非 GAAP 財務指標編制的。

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能夠幫助管理階層和投資者以更有意義和一致的方式評估我們的業績，並比較不同期間的經營績效。我們的收益新聞稿中包含了這些非 GAAP 指標與最具可比性的 GAAP 財務指標的對帳。這些對帳單以及其他補充資訊可在我們網站的投資者關係部分找到。

A replay of today's call will also be posted on the website.

今天的電話會議重播也將發佈在網站上。

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

說完這些，我現在將電話轉給 Hugo。

Thank you, Dennis, and good afternoon, everyone. Udemy reported a strong quarter as we exceeded expectations for revenue and adjusted EBITDA. As you know, this year we've been very focused on driving operational improvements to set ourselves for efficient growth acceleration. Separately, we have made significant progress on our strategic priorities. This firmly positions us for growth acceleration in the coming quarters.

謝謝你，丹尼斯，大家下午好。Udemy 報告了強勁的季度業績，收入和調整後 EBITDA 都超出預期。如您所知，今年我們非常注重推動營運改進，以實現高效的成長加速。另外，我們在策略重點方面取得了重大進展。這為我們未來幾季的成長加速奠定了堅實的基礎。

Q2 revenues were $200 million, up 3% year-over-year and above the high end of our guidance range. Revenue for our Udemy Business segment, which I remind you is our main growth engine, increased 7% year-over-year, and we ended the quarter with an ARR of $520 million.

第二季營收為 2 億美元，年增 3%，高於我們預期範圍的高端。我提醒大家，Udemy Business 部門是我們主要的成長引擎，營收年增 7%，本季末的 ARR 為 5.2 億美元。

On the bottom line, we delivered positive GAAP net income for the first time since our IPO, and adjusted EBITDA was stronger than expected. I'm very proud of the Udemy team for achieving this major milestone and for delivering another successful quarter.

總體而言，我們自首次公開募股以來首次實現了正的 GAAP 淨收入，調整後的 EBITDA 強於預期。我為 Udemy 團隊實現這一重要里程碑並取得另一個成功的季度感到非常自豪。

It's now been four months since I joined Udemy as CEO. In that short period of time, we've taken decisive actions to strengthen our leadership team, refine our strategic focus and accelerate product innovation. Our early progress reinforces my confidence in Udemy's potential and demonstrates our new found ability to execute with urgency.

我加入 Udemy 擔任執行長已經四個月了。在這短短的時間內，我們採取了果斷行動，加強了領導團隊，並完善了策略重點，加速了產品創新。我們早期的進展增強了我對 Udemy 潛力的信心，並展示了我們新發現的緊急執行能力。

With that in mind, I want to share some update in our strategic priorities, which includes: number one, increasing our emphasis on subscription products; number two, expanding our partnership ecosystem and third-party channels; number three, executing comprehensive global market activation; and number four, most importantly, positioning Udemy as the leading AI-powered skill acceleration platform. This will increasingly differentiate us vis-a-vis our competition. We are not playing the same games as others.

考慮到這一點，我想分享一些我們策略重點的最新情況，其中包括：第一，增加對訂閱產品的重視；第二，擴大我們的合作夥伴生態系統和第三方管道；第三，執行全面的全球市場激活；第四，最重要的是，將 Udemy 定位為領先的人工智慧技能加速平台。這將使我們與競爭對手的差異化越來越明顯。我們玩的遊戲和其他人不一樣。

During Q2, we made early and impactful progress across each of these priorities. Let me go through each one of them.

在第二季度，我們在每個優先事項上都取得了早期且有影響力的進展。讓我逐一介紹。

First, we continue to emphasize subscription product across our business. With approximately 70% of our top line now subscription-based, we are building a more predictable revenue stream. During Q2, we surpassed a milestone of 200,000 paid consumer subscriber and revenue from subscription accounted for 15% of the Consumer segment, up 2 points from Q1. It is exciting to see that progress in just one quarter of focused effort by our team.

首先，我們繼續強調訂閱產品在我們的業務中。目前，我們約 70% 的收入來自訂閱，我們正在建立更可預測的收入來源。在第二季度，我們的付費消費者用戶數量突破了 20 萬大關，訂閱收入佔消費者部門的 15%，比第一季成長了 2 個百分點。我們很高興看到，經過我們團隊一個季度的專注努力，我們取得了這樣的進步。

To better serve individual learners navigating career transition, we will be expanding our subscription offering with multiple options aligned to specific career goals. We're now on track to grow consumer subscription to more than 250,000 by year-end. We plan to more than double that next year.

為了更好地服務正在經歷職業轉型的個人學習者，我們將擴大訂閱服務範圍，提供多種符合特定職業目標的選項。我們目前的目標是到年底將消費者訂閱量增加到 25 萬以上。我們計劃明年將這一數字增加一倍以上。

Beginning later this quarter, we will pilot programmatic advertising across our free course on udemy.com. We believe there is significant opportunity to unlock a new revenue stream through advertising by monetizing our audience. This will also strengthen our upsell motion to our paid subscription offering.

從本季稍後開始，我們將在 udemy.com 的免費課程中試行程式化廣告。我們相信，透過廣告將受眾轉化為收益，將帶來巨大的收入成長機會。這也將加強我們對付費訂閱服務的追加銷售措施。

Second, we're expanding our partnership ecosystem to extend our reach and impact. In April, we announced a strategic partnership with Indeed to integrate Udemy's comprehensive content with its vast career marketplace. This creates a seamless solution for individuals looking to advance their careers and for employers seeking skilled talent.

其次，我們正在擴大合作夥伴生態系統，以擴大我們的影響力和覆蓋範圍。今年 4 月，我們宣布與 Indeed 建立策略合作夥伴關係，將 Udemy 的綜合內容與其龐大的職業市場進行整合。這為尋求職業發展的個人和尋求技術人才的雇主創造了一個無縫的解決方案。

We also recently entered into a partnership with UKG, a leading provider of HR, payroll and workforce management solutions. Udemy Business can now be integrated with UKG Pro and UKG Ready. This enables streamlined enterprise learning management that aligns with existing workflows and simplifies administrative work for L&D professionals.

我們最近也與領先的人力資源、薪資和勞動力管理解決方案提供者 UKG 建立了合作夥伴關係。Udemy Business 現在可以與 UKG Pro 和 UKG Ready 整合。這使得精簡的企業學習管理能夠與現有工作流程保持一致，並簡化 L&D 專業人員的管理工作。

We also extended our reach in the LatAm market through a new reseller partnership with BCN Global, an influential technical training organization in the region. We aim to create strategic reseller partnership like this in each of our priority markets, following the playbook we've developed with Benesse in Japan.

我們也透過與該地區有影響力的技術培訓機構 BCN Global 建立新的經銷商合作夥伴關係，擴大了我們在拉丁美洲市場的影響力。我們的目標是按照我們與日本 Benesse 共同製定的策略，在每個重點市場建立這樣的策略經銷商合作夥伴關係。

Finally, we are adding new revenue streams to include reselling certification and closing the learning to credential loop by providing enterprise customers with accurate data such as employees test completion. Each of these examples provide an early look at how we expect to unlock further revenue growth through our global partnership strategy.

最後，我們正在增加新的收入來源，包括轉售認證並透過向企業客戶提供員工測試完成情況等準確數據來關閉學習到證書的循環。上述每個例子都讓我們初步了解如何透過我們的全球合作夥伴策略實現進一步的收入成長。

Third, we're taking decisive action to drive growth in key regions through global market activation. We launched targeted campaigns and localized content strategy in high-opportunity markets such as Brazil, India and Japan, that we expect will increase engagement with Udemy and improve conversion.

第三，我們正在採取果斷行動，透過啟動全球市場來推動重點地區的成長。我們在巴西、印度和日本等高機會市場推出了有針對性的活動和在地化內容策略，我們期望這將增加與 Udemy 的互動並提高轉換率。

Specifically, in Japan, our second largest market, we appointed a new GM a few months ago to address some softness in that market. We quickly took action to refine our go-to-market and operational approach, and we are already seeing tremendous results.

具體來說，在我們的第二大市場日本，幾個月前我們任命了一位新總經理來解決該市場的一些疲軟問題。我們迅速採取行動，改善我們的市場進入和運作方式，並且已經看到了巨大的成果。

For Q2, we delivered double-digit year-over-year ARR growth and the highest gross retention in over three years. This strong performance demonstrates the significant international market opportunity and the actions we took provide a blueprint we are now applying to other regions.

第二季度，我們的 ARR 年成長率達到兩位數，總留存率達到三年多來的最高水準。這一強勁表現證明了巨大的國際市場機遇，我們所採取的行動為我們目前在其他地區應用提供了藍圖。

Finally, as I mentioned earlier, positioning Udemy as a leading AI-powered skill acceleration platform is and will increasingly be a source of differentiation. I want to remind you, we are pursuing a different product positioning than our competitor. The future of talent development is rapidly converging with the widespread adoption of AI.

最後，正如我之前提到的，將 Udemy 定位為領先的人工智慧技能加速平台，將越來越成為差異化的來源。我想提醒你，我們追求的是與競爭對手不同的產品定位。人才發展的未來正隨著人工智慧的廣泛應用而迅速融合。

Very soon, every employee will need ongoing personalized expert support at their fingertips. This evolution represents a significant market opportunity that Udemy is uniquely positioned to capture with our unparalleled collection of more than 250,000 courses covering virtually every professional skill domain. That is our data moat.

很快，每位員工都需要隨時獲得個人化的專家支援。這一演變代表著一個巨大的市場機遇，Udemy 憑藉其無與倫比的超過 250,000 門課程（幾乎涵蓋所有專業技能領域）佔據著獨特的優勢。這就是我們的數據護城河。

It is hard for traditional publisher to keep up with Udemy's pace, particularly with fast-moving AI. Our dynamic marketplace motivates instructors to create content and keep it fresh. For example, vibe coding has recently experienced a rapid rise in demand. This new approach to software development leverages LLMs to generate code. Udemy's instructor community responded fast to the demand signal, and we now offer more than 100 courses on the topic.

傳統出版商很難跟上 Udemy 的步伐，尤其是在快速發展的人工智慧的背景下。我們充滿活力的市場激勵教師創造內容並保持其新鮮感。例如，氛圍編碼最近需求量迅速上升。這種新的軟體開發方法利用 LLM 來產生程式碼。Udemy 的講師社群對需求訊號做出了快速反應，我們現在提供有關該主題的 100 多門課程。

Compare that to fewer than 20 offered across leading competitors' platform combined.

相較之下，主要競爭對手的平台提供的產品總數還不到 20 個。

Our marketplace model is stronger in a fast-moving AI world. We are launching a beta test of our model context protocol server with our enterprise customer. We are the first to do so in our category. This technology is designed to help organizations embed personalized learning directly in the flow of work for employees.

在快速發展的人工智慧世界中，我們的市場模式更加強大。我們正在與企業客戶一起啟動我們的模型上下文協定伺服器的 beta 測試。我們是同類產品中第一個這樣做的公司。這項技術旨在幫助組織將個人化學習直接嵌入員工的工作流程中。

Our MCP server allows organizations to access targeted learning within AI-powered applications such as cloud and ChatGPT. This helps employee build skills in real time without disrupting productivity. Ultimately, we aim to create personalized assistant for every employee. Since announcing our beta program last week, we have received overwhelming response from enterprise customers that want to be included.

我們的 MCP 伺服器允許組織在雲端和 ChatGPT 等 AI 驅動的應用程式內存取有針對性的學習。這有助於員工即時培養技能，而不會影響生產力。最終，我們的目標是為每位員工打造個人化助理。自從上週宣布我們的測試計劃以來，我們收到了希望加入的企業客戶的熱烈回應。

Innovation like this perfectly illustrates how we are repositioning Udemy to be differentiated as an AI-powered skill acceleration platform. To win this race, we need to be more than a destination for high-quality content. We are evolving Udemy to be an essential partner with our powerful suite of AI tools embedded throughout the enterprise technology stack to provide personalized support to every employee.

這樣的創新完美地說明了我們如何重新定位 Udemy，使其成為一個由人工智慧驅動的技能加速平台。為了贏得這場競賽，我們需要做的不僅僅是成為高品質內容的目的地。我們正在將 Udemy 發展成為重要的合作夥伴，我們強大的 AI 工具套件嵌入整個企業技術堆棧，為每位員工提供個人化支援。

Udemy has more than 4,500 courses on Gen AI, which is nearly 5 times the amount as one of our top competitors. Paid enrollment across these courses recently surpassed 11 million. As discussed previously, we are making important changes to the way we merchandise our offering.

Udemy 擁有超過 4,500 門有關 Gen AI 的課程，幾乎是我們主要競爭對手之一的 5 倍。這些課程的付費報名人數最近已超過 1,100 萬人。如同先前所討論的，我們正在對產品銷售方式做出重大改變。

During the quarter, we saw early success from two new SKUs for enterprise customers: AI readiness; and AI growth packages. These packages are designed to help organizations build AI fluency across their entire organization, not just technical roles. This expands our addressable market opportunity. Let me share some examples.

在本季度，我們為企業客戶提供的兩個新 SKU 取得了早期成功：AI 就緒；以及 AI 成長包。這些軟體包旨在幫助組織在整個組織內建立 AI 流暢性，而不僅僅是技術角色。這擴大了我們的潛在市場機會。讓我分享一些例子。

During Q2, a large global medical technology company partnered with Udemy to launch an AI fluency initiative to approximately 40% of its employee this year. They selected Udemy's new AI research package for the breadth and freshness of our AI content, for the quality of our AI assistant, our AI-powered skill mapping and our one-of-a-kind role play experience.

第二季度，一家大型全球醫療科技公司與 Udemy 合作，今年向其約 40% 的員工推出了一項 AI 流暢度計畫。他們選擇 Udemy 的新 AI 研究包是因為我們的 AI 內容廣度和新鮮度、我們的 AI 助手的品質、我們由 AI 驅動的技能映射以及我們獨特的角色扮演體驗。

Another example is Devoteam in Europe, a long-time Udemy business customer and AI-driven digital transformation company. Devoteam recently implemented a Gen AI literacy program across their organization using Udemy's AI learning path and content.

另一個例子是歐洲的 Devoteam，它是 Udemy 的長期商業客戶和人工智慧驅動的數位轉型公司。Devoteam 最近在其組織內實施了一項 Gen AI 素養計劃，採用了 Udemy 的 AI 學習路徑和內容。

Within a few months, approximately 70% of their employees participated in the training. This initiative was effective at building critical AI skills for employees in all roles and functions while contributing to a 4% reduction in attrition.

幾個月內，大約 70% 的員工參加了培訓。該計劃有效地為所有角色和職能的員工培養了關鍵的人工智慧技能，同時有助於減少 4% 的流失率。

And finally, Prodapt, a telecom service provider, engaged Udemy to leverage AI-driven learning to thrive in a hybrid era. The organization needed to ensure employees across global locations could access meaningful, engaging learning opportunities without disrupting their workflow. Ultimately, the program delivered meaningful business outcome, achieving 90% organization-wide AI literacy, 75% of previously unassigned employees moving directly into revenue-generating client projects. This comprehensive approach enabled them to transform their technical talent and deliver more innovative solution to their clients.

最後，電信服務供應商 Prodapt 與 Udemy 合作，利用人工智慧驅動的學習在混合時代蓬勃發展。該組織需要確保全球各地的員工能夠獲得有意義、有趣的學習機會，而不會中斷他們的工作流程。最終，該計劃取得了有意義的業務成果，實現了整個組織 90% 的人工智慧素養，75% 的先前未分配的員工直接進入創收客戶專案。這種綜合方法使他們能夠轉變技術人才並為客戶提供更具創新的解決方案。

What I like about these examples is that they are all companies that need their workforce to be at the leading edge of AI, and they chose Udemy as their partner.

我喜歡這些例子的原因是，它們都是需要員工處於人工智慧前沿的公司，他們選擇 Udemy 作為合作夥伴。

Turning to AI products. We are thrilled to have Ozzie Goldschmied as our new Chief Technology Officer. Ozzie's deep expertise in AI, machine learning, cloud technology and scaling businesses will be invaluable as we accelerate product innovation and enhance our AI-powered learning platform.

轉向人工智慧產品。我們很高興 Ozzie Goldschmied 擔任我們的新任技術長。隨著我們加速產品創新並增強我們的人工智慧學習平台，Ozzie 在人工智慧、機器學習、雲端技術和擴展業務方面的深厚專業知識將發揮無價的作用。

During Q2, we accelerated our product development and innovation. Let me give you a few examples. In May, we launched AI-powered roleplay, which allowed professional to practice and refine their skills and realistic scenarios with an AI coach. I am thrilled to say that the reception has been exceptional. We have more than 7,000 unique role play creation by Instructor.

第二季度，我們加快了產品開發和創新。讓我給你舉幾個例子。今年 5 月，我們推出了人工智慧角色扮演遊戲，讓專業人士可以在人工智慧教練的指導下練習並提高他們的技能和現實場景。我很高興地說，接待非常出色。我們擁有超過 7,000 個由講師創作的獨特角色扮演作品。

That's more than the entire category combined. This is a testament to the advantage we can leverage by building AI tools to support content creation and launching them through our more than 85,000 instructors. We also provided Udemy Business customer with the ability to create custom role plays. This has resulted in hundreds (inaudible) introduced to their employees all over the world and strengthened our stickiness with those customers.

這比整個類別的總和還要多。這證明了我們可以透過建立 AI 工具來支援內容創作並透過我們的 85,000 多名講師發布這些內容來發揮優勢。我們也為 Udemy Business 客戶提供了建立自訂角色扮演的能力。這導致數百個（聽不清楚）被介紹給世界各地的員工，並加強了我們與這些客戶的黏性。

The AI role play unlocks substantial new market opportunities beyond NLP. For example, we will be exploring bespoke solution for sales enablement and customer service.

人工智慧角色扮演釋放了 NLP 之外的巨大新市場機會。例如，我們將探索針對銷售支援和客戶服務的客製化解決方案。

At the end of the year, we launched our in-course AI assistant, which continues to gain traction. The assistant helps learner navigate content, answer questions and deepen their understanding of complex topic. The early data is exciting, and we are seeing that learners are more engaged, have stronger retention and higher completion rates.

今年年底，我們推出了課程內人工智慧助手，其受歡迎程度持續上升。此助手可協助學習者瀏覽內容、回答問題並加深對複雜主題的理解。早期數據令人興奮，我們看到學習者的參與度更高、記憶力更強、完成率更高。

But this is only the first step towards a broader personalized AI assistant. We are working to ingest our broad course catalog to provide more engaging and multimodal experiences to our learners.

但這只是邁向更廣泛的個人化人工智慧助理的第一步。我們正在努力整合廣泛的課程目錄，為學習者提供更具吸引力和多模式的體驗。

We also expanded our creative capabilities for instructors with the addition of Lummi. These design tools are integrated into our content creator workflow, allowing them to leverage AI to develop more engaging, interactive content, which enhances the learning experience.

我們也透過添加 Lummi 擴展了教師的創造力。這些設計工具整合到我們的內容創作者工作流程中，使他們能夠利用人工智慧開發更具吸引力、互動性更強的內容，從而增強學習體驗。

Our investment in AI are transforming the learning experience, while also fundamentally enhancing the economics for our instructors. We are building a virtuous cycle that enhance our competitive advantage. We want our instructor partners to earn more from our platform. When they earn more, they create more fresh in-demand content, and that content attracts more customers and their engagement generates more data to further advance our AI capabilities. As we enhance their economics, we ensure that Udemy maintains the most current, comprehensive and engaging platform in the category.

我們對人工智慧的投資正在改變學習體驗，同時也從根本上提高了我們教師的經濟效益。我們正在建立一個增強我們競爭優勢的良性循環。我們希望我們的教練合作夥伴能夠從我們的平台獲得更多。當他們賺得更多時，他們會創造更多新鮮的、受歡迎的內容，而這些內容會吸引更多的客戶，他們的參與會產生更多的數據，從而進一步提升我們的人工智慧能力。在提升其經濟效益的同時，我們確保 Udemy 保持該類別中最先進、最全面、最具吸引力的平台地位。

As we look forward to the rest of the year, we are increasingly encouraged by the signals we are seeing. The majority of our business is B2B. As you know, it takes time to move metrics on all enterprise businesses, but I'm excited about what I'm seeing. I like the early traction from our new AI SKUs. I like our increasing enterprise win rate, and I like the pace of building our pipeline.

當我們展望今年剩餘時間時，我們看到的訊號越來越鼓舞我們。我們的業務大多是B2B。如您所知，所有企業業務的指標都需要時間來改變，但我對我所看到的結果感到興奮。我喜歡我們新 AI SKU 的早期吸引力。我喜歡我們不斷提高的企業成功率，也喜歡我們建立通路的步伐。

For consumer, we saw subscription GMV growth of over 40% year-over-year in June and it's tracking towards 50% year-over-year in July. While these early indicators have not yet translated into the top line reacceleration, we believe we are nearing an inflection point as we shift our focus towards accelerating growth.

對於消費者而言，我們看到 6 月訂閱 GMV 年成長超過 40%，而 7 月的年成長預計將達到 50%。雖然這些早期指標尚未轉化為營收的再加速，但我們相信，隨著我們將重點轉向加速成長，我們正接近一個轉折點。

Before handing it over to Sarah, I want to emphasize that to keep up with the pace of change from AI, Udemy's instructor-powered marketplace provides a unique advantage that publishers cannot match. In addition, we are the first in our category to reposition our solution to be an AI platform. This moves us away from being a content catalog, creating new forms of value and creating stickiness for our enterprise customer.

在交給 Sarah 之前，我想強調的是，為了跟上人工智慧變化的步伐，Udemy 的講師驅動市場提供了出版商無法比擬的獨特優勢。此外，我們是同類產品中第一個將解決方案重新定位為人工智慧平台的公司。這使我們不再只是內容目錄，而是創造新的價值形式，並為企業客戶創造黏性。

Lastly, our evolving platform becomes more resilient to inroad that horizontal LLMs are likely to make in our space.

最後，我們不斷發展的平台將變得更能抵禦橫向 LLM 可能在我們的領域中造成的衝擊。

With that, I'll now turn it to Sarah.

現在，我將把話題轉向莎拉。

Thank you, Hugo. I'll cover the key financial highlights and our outlook. A complete set of financial tables are available on our Investor Relations website. As we move down the P&L, note that all financial metrics other than revenue are non-GAAP, unless stated otherwise. I'll start by walking you through the high-level details of the results, and then I'll share some of the green shoots we are seeing.

謝謝你，雨果。我將介紹主要的財務亮點和我們的展望。我們的投資者關係網站上提供了完整的財務表格。當我們查看損益表時，請注意，除收入之外的所有財務指標都是非 GAAP，除非另有說明。我將首先向您介紹結果的詳細內容，然後分享我們看到的一些積極跡象。

As Hugo mentioned, we delivered strong second quarter results with revenue above the high end of our guidance range. I'm particularly pleased that profitability exceeded our expectations. We achieved a significant milestone in Udemy's financial journey with our first quarter of positive GAAP net income since our IPO.

正如 Hugo 所提到的，我們第二季的業績表現強勁，收入高於我們的預期範圍的高端。我特別高興的是獲利能力超出了我們的預期。自 IPO 以來，我們首次在季度中實現了正的 GAAP 淨收入，這是 Udemy 財務歷程中的一個重要里程碑。

This achievement represents a culmination of our disciplined approach to balancing growth investments with operational efficiency. We have established a solid financial foundation that provides us with increased flexibility to pursue organic and inorganic growth opportunities that align with our vision and accelerate our market position.

這項成就體現了我們在平衡成長投資與營運效率方面的嚴謹方法的巔峰。我們已經建立了堅實的財務基礎，這為我們提供了更大的靈活性，以尋求符合我們的願景並加速我們市場地位的有機和無機成長機會。

In the second quarter, revenue of $200 million increased 3% year-over-year, including a negative 1 point headwind from FX. Our Udemy Business segment delivered revenue of $129 million, a 7% increase year-over-year with a minimal impact from FX headwinds.

第二季度，營收 2 億美元，年增 3%，其中包括來自外匯的 1 個百分點的負面阻力。我們的 Udemy 商業部門實現了 1.29 億美元的收入，年增 7%，且受外匯不利因素的影響極小。

Udemy Business ARR reached $520 million at the end of Q2, representing 6% year-over-year growth, driven by an increase in total customers and average contract value for new customers. That growth was partially offset by lower expansions and higher churn, primarily from the SMB cohort.

Udemy Business ARR 在第二季末達到 5.2 億美元，年增 6%，這得益於客戶總數和新客戶平均合約價值的增加。這一成長被較低的擴張和較高的客戶流失（主要來自中小企業群體）部分抵消。

ARR from large customers increased by 7% year-over-year, and we've closed nearly 40 new business deals over $100,000 in ARR during the quarter. Multiple leading indicators suggest we are approaching an inflection point in our growth trajectory, with several metrics pointing to an acceleration in the coming quarters. I'll share more about that in a moment.

來自大客戶的 ARR 年成長 7%，本季我們完成了近 40 筆 ARR 超過 10 萬美元的新業務交易。多項領先指標表明，我們的成長軌跡正接近拐點，其中多項指標預示著未來幾季的成長將加速。我稍後會分享更多相關資訊。

Our Consumer segment generated revenue of $71 million, down as expected 4% year-over-year, including a negative 2 percentage-point impact from FX. I do want to call out that during the quarter, we recorded a onetime benefit of $2.5 million from consumer breakage revenue that is not expected to be as meaningful in future periods.

我們的消費者部門創造了 7,100 萬美元的收入，與去年同期相比下降了 4%，這是意料之中的，其中包括外匯帶來的 2 個百分點的負面影響。我確實想指出的是，在本季度，我們從消費者破損收入中獲得了 250 萬美元的一次性收益，預計在未來期間不會那麼有意義。

Gross margin improved 300 basis points year-over-year to 67%, driven by our continued focus on growing subscription products and the revenue share adjustments we implemented earlier this year.

毛利率年增 300 個基點至 67%，這得益於我們持續專注於訂閱產品的成長以及今年稍早實施的營收份額調整。

Operating expenses were $112 million or 56% of revenue, an 800 basis point improvement compared to Q2 2024, reflecting our continued focus on operational efficiency.

營運費用為 1.12 億美元，佔營收的 56%，與 2024 年第二季相比提高了 800 個基點，反映出我們持續專注於營運效率。

On the bottom line, I'm particularly proud that we delivered positive GAAP net income of approximately $6 million, a remarkable improvement from a loss of $32 million in Q2 of last year. Adjusted EBITDA was approximately $28 million or 14% of revenue, representing an 1,100 basis point year-over-year expansion and marking our 14th consecutive quarter of exceeding expectations on the bottom line. This consistent profitability growth demonstrates our commitment to disciplined cost management and provides us with significant flexibility to accelerate investments in high-growth opportunities.

總而言之，我特別自豪的是，我們實現了約 600 萬美元的正 GAAP 淨收入，與去年第二季 3,200 萬美元的虧損相比有了顯著改善。調整後的 EBITDA 約為 2,800 萬美元，佔營收的 14%，較去年同期成長 1,100 個基點，標誌著我們連續第 14 季的獲利超出預期。這種持續的獲利成長反映了我們對嚴格成本管理的承諾，並為我們提供了極大的靈活性，以加速對高成長機會的投資。

We generated $39 million in free cash flow during the quarter or 20% of revenue. Our balance sheet remains strong with $393 million in cash and marketable securities at the end of the quarter.

我們在本季產生了 3,900 萬美元的自由現金流，佔營收的 20%。我們的資產負債表依然強勁，本季末現金和有價證券為 3.93 億美元。

Now turning to the green shoots I mentioned earlier. I want to highlight several encouraging leading indicators. First, during Q2, we generated our highest amount of $100,000-plus deals in the pipeline since 2022. This was not just a few large deals, but rather a broad-based increase in the number of substantial opportunities.

現在來談談我之前提到的綠芽。我想強調幾個令人鼓舞的領先指標。首先，在第二季度，我們達成了自 2022 年以來金額最高的 10 萬美元以上的交易。這不僅僅是幾筆大交易，而是實質機會數量的廣泛增加。

The majority of the overall increase came from North America, but we saw a healthy increase across other regions as well. In just the first few weeks of the third quarter, our North America, APAC and LatAm markets are all showing year-over-year growth in total open pipeline.

整體成長主要來自北美，但我們也看到其他地區也出現了健康的成長。僅在第三季的頭幾週，我們的北美、亞太地區和拉丁美洲市場的總開放通路均呈現年成長。

We are on the other side of the go-to-market team restructure, and we expect net new ARR to be up meaningfully in the third quarter and in the fourth quarter more in alignment with what we saw in Q4 of last year.

我們正處於市場團隊重組的另一邊，我們預計第三季和第四季的淨新 ARR 將大幅上升，與去年第四季的水平更加一致。

Second, Udemy Business win rates increased during the quarter. Over the past few quarters, we have seen an increase in expansion deals as our upmarket focus on increasing penetration is starting to play out. Those deals typically convert at higher rates than new business, reflecting the increasing value customers are finding in our platform.

其次，Udemy 的業務成功率在本季有所提高。在過去的幾個季度中，我們看到擴張交易增加，因為我們對提高滲透率的高端市場關注開始發揮作用。這些交易的轉換率通常高於新業務，反映出客戶在我們的平台上發現的價值越來越高。

Third, new bookings from our self-service team plan subscription product grew more than 35% year-over-year. Although still a relatively small portion of our overall bookings, the offering represents another high-margin growth lever and is a valuable source of organic lead generation.

第三，我們的自助服務團隊計畫訂閱產品的新預訂量年增超過35％。儘管該產品在我們的整體預訂量中所佔比例仍然相對較小，但它代表了另一個高利潤的成長槓桿，並且是有機潛在客戶生成的寶貴來源。

Finally, in our Consumer segment, we are beginning to see early signs of traction with our efforts to prioritize subscription products and stabilize the overall consumer business. As you heard from Hugo, subscription GMV increased by more than 40% year-over-year in June.

最後，在我們的消費者領域，我們開始看到早期的牽引跡象，我們努力優先考慮訂閱產品並穩定整體消費者業務。正如您從 Hugo 那裡聽到的，6 月訂閱 GMV 同比增長了 40% 以上。

These are all early indicators that signal we are near an inflection point. Delivering sustainable long-term growth requires both winning new business and maximizing the lifetime value of existing customers. Our consolidated net dollar retention rate was 95% at the end of Q2 with large customers at 99%.

這些都是顯示我們即將進入拐點的早期指標。實現可持續的長期成長既需要贏得新業務，也需要最大化現有客戶的終身價值。截至第二季末，我們的綜合淨美元留存率為 95%，其中大客戶留存率為 99%。

Our new Chief Customer Experience Officer is already making a meaningful impact on our renewal process and customer success motion. Since net dollar retention is a trailing metric, these improvements will take time to be reflected in our reported numbers.

我們的新首席客戶體驗長已經對我們的更新流程和客戶成功動議產生了有意義的影響。由於淨美元保留率是一個滯後指標，這些改進需要一些時間才能反映在我們報告的數字中。

We are also in the final stages of renewing our COVID cohort of Udemy Business customers who entered into multiyear contracts in 2022. These deals present unique challenges as many were established without the foundations we now have in place. Our newer contracts feature more robust implementation, clearer value metrics and stronger executive sponsorship. These are all factors that contribute to healthier renewals and expansions over time.

我們也處於與 2022 年簽訂多年合約的 Udemy Business 新冠疫情客戶群續約的最後階段。這些交易帶來了獨特的挑戰，因為許多交易是在沒有現有基礎的情況下建立的。我們的新合約具有更強有力的實施、更清晰的價值指標和更強大的高階主管支持。這些都是有助於隨著時間的推移實現更健康的更新和擴張的因素。

Finally, we have outsourced the SMB renewals process to a third-party retention optimization firm. This allows us to prioritize our internal resources to drive further penetration of the upmarket opportunity. As a result, we expect net dollar retention to bottom out in Q3, be flat in Q4 and accelerate in the first quarter of 2026.

最後，我們將 SMB 續約流程外包給第三方保留優化公司。這使我們能夠優先考慮內部資源，以進一步推動高端市場機會的滲透。因此，我們預計淨美元留存率將在第三季觸底，在第四季持平，並在 2026 年第一季加速成長。

Now for our outlook. The market opportunity continues to expand, particularly as AI transforms the nature of work across all industries. This shift is fundamentally changing roles from execution to orchestration, moving professionals from doing work to reviewing and coordinating work with the support of AI agents. This evolution requires widespread and continuous workforce upskilling.

現在談談我們的展望。市場機會持續擴大，特別是隨著人工智慧改變所有產業的工作性質。這種轉變從根本上改變了角色，從執行到編排，使專業人員從實際工作轉變為在人工智慧代理的支援下審查和協調工作。這種轉變需要廣泛且持續的勞動力技能提升。

For the third quarter, we expect revenue to be between $190 million and $195 million. Assuming exchange rates remain constant, we expect headwinds from FX on our forward revenue to be minimal.

我們預計第三季的營收將在 1.9 億美元至 1.95 億美元之間。假設匯率不變，我們預期外匯對我們遠期收入的阻力將很小。

The midpoint of the guidance implies Udemy Business revenue increases approximately 3% year-over-year, while consumer revenue is expected to be down 9%. On the bottom line, we expect to deliver adjusted EBITDA of $18 million to $20 million or approximately 10% of revenue.

該指引的中點意味著 Udemy 商業收入將年增約 3%，而消費者收入預計將下降 9%。整體而言，我們預計調整後的 EBITDA 為 1,800 萬至 2,000 萬美元，約佔營收的 10%。

For full year 2025 revenue, we expect to be in the range of $784 million to $794 million, representing a slight year-over-year increase at the midpoint. This implies Udemy Business revenue increases approximately 5% year-over-year and consumer revenue will be down approximately 8% year-over-year at the midpoint of the range. On the bottom line, we are raising our full year adjusted EBITDA range to $84 million to $89 million or approximately 11% of revenue at the midpoint, representing a 600 basis point year-over-year expansion.

對於 2025 年全年收入，我們預計在 7.84 億美元至 7.94 億美元之間，中間值將比去年同期略有增長。這意味著 Udemy 商業收入將年增約 5%，而消費者收入將年減約 8%。整體而言，我們將全年調整後的 EBITDA 範圍提高至 8,400 萬美元至 8,900 萬美元，或約佔中間值收入的 11%，較去年同期成長 600 個基點。

In closing, we are pleased with the progress we are making in our transformation and are proud of the financial discipline we've demonstrated over the past few years. We've already delivered $50 million in adjusted EBITDA this year, more than we delivered in all of last year. It is important to reiterate that the current growth rate for either segment does not reflect Udemy's true potential.

最後，我們對轉型所取得的進展感到滿意，並為過去幾年所展現的財務紀律感到自豪。我們今年的調整後 EBITDA 已經達到 5000 萬美元，超過了去年全年的調整後 EBITDA。需要重申的是，這兩個部分的當前成長率均未反映 Udemy 的真正潛力。

The green shoots we are seeing across the business give us confidence that we are approaching an inflection point in our growth trajectory. The combination of our strong pipeline generation, improving win rates, subscriptions momentum and AI-driven demand create multiple paths to accelerating growth in the coming quarters.

我們在整個業務中看到的復甦跡象讓我們有信心，我們正在接近成長軌蹟的轉折點。我們強大的通路產生、不斷提高的中標率、訂閱動能以及人工智慧驅動的需求相結合，為未來幾季的加速成長創造了多種途徑。

The financial flexibility and operational efficiency we've achieved through disciplined execution now enables us to strategically pivot our focus toward capturing the tremendous growth opportunity ahead of us created by the AI transformation. This will require targeted investments, which we will approach with the same disciplined mindset that got us to this point. We are confident that we can deliver sustainable, profitable growth that will create long-term value for our shareholders, and we're more excited than ever about the path ahead.

透過嚴格的執行，我們實現了財務靈活性和營運效率，現在使我們能夠從策略上將重點轉向抓住人工智慧轉型為我們創造的巨大成長機會。這將需要有針對性的投資，我們將以同樣的嚴謹心態來實現這一點。我們有信心實現可持續的獲利成長，為股東創造長期價值，我們對未來的道路比以往任何時候都更加興奮。

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

因此，我們將開始回答您的問題。主持人？

(Operator Instructions)

（操作員指示）

Josh Baer, Morgan Stanley.

摩根士丹利的喬希貝爾。

Excellent, thanks for the question and congrats on a good quarter. Question is for Hugo. I mean we've seen and we're hearing about some of the actions and initiatives that you've been focused on early on. I was hoping you could kind of summarize some of your key observations from your first four months in the role?

非常好，感謝您的提問，並祝賀本季業績良好。問題是問 Hugo 的。我的意思是，我們已經看到並聽到了您早期關注的一些行動和舉措。我希望您能總結一下您擔任該職位頭四個月的一些主要觀察結果？

Thank you, Josh. In the last four months, I spent a lot of time with our customers, more than 300 of them. And there's two themes that emerge. And I'm not just talking to L&D leaders. I'm talking to COO, CEO, CTO, CPO, CDO, and it is really, really clear, [they] -- an important shift is happening.

謝謝你，喬希。在過去的四個月裡，我花了很多時間與我們的客戶在一起，他們有 300 多人。出現了兩個主題。我不僅在與 L&D 領導者交談。我正在與營運長、執行長、技術長、首席產品長、首席數據長交談，非常非常清楚，[他們]——一個重要的轉變正在發生。

The first one, AI reskilling is the topic in every geography. Everybody is trying to figure out what's the right way to reposition their workforce in this AI world.

第一個，人工智慧再技能培訓是各地區的主題。每個人都在試圖弄清楚在這個人工智慧世界中如何正確地重新定位他們的勞動力。

The second is given that there are all these tools, GitHub Copilot, Cursor, Devin and you name it, they're expecting more from their learning partner. They want more than an online catalog. They're wanting more ROI, and they want more AI. And that makes me super, super excited about the pivot that we're doing towards what we are now calling Udemy 2.0 and what we're doing.

第二，鑑於有這麼多工具，GitHub Copilot、Cursor、Devin 等等，他們對學習夥伴的期望越來越高。他們想要的不僅僅是一個線上目錄。他們想要更多的投資報酬率，也想要更多的人工智慧。這讓我對我們目前所進行的轉向（即現在的 Udemy 2.0）以及我們正在做的事情感到非常非常興奮。

And there's like three core things here. And I'll just start with a -- before giving you the three things, like a short story that is super illustrative. This is one of the top 3 pharma speaking to CTO, the meeting starts. He says, Hey, my engineers are knee deep in all these AI tools. They do their work differently.

這裡有三個核心內容。在向你們介紹這三件事之前，我先講一個非常說明性的短篇故事。這是三大製藥公司之一與 CTO 的對話，會議開始了。他說，嘿，我的工程師們對所有這些人工智慧工具都非常了解。他們以不同的方式進行工作。

I don't want them to do any learning. That made for a very awkward beginning of a meeting. And then the more he spoke, the more he explained, he was basically saying, I don't want to take my engineers off of working and then going to learn 20 hours of the course to that one day, maybe if they remember some of the content, they can apply it. I want it to be in the flow of work at the moment they need it with the right context.

我不希望他們進行任何學習。這使得會議的開始變得非常尷尬。然後他講得越多，解釋得越多，他基本上是說，我不想讓我的工程師停止工作，然後有一天去學習 20 個小時的課程，也許如果他們記住了一些內容，他們就可以應用它。我希望它能夠在他們需要的時候以正確的方式融入工作流程中。

And he was basically asking for a AI learning partner, a skilled trainer that was powered in a very, very different way. So our Udemy 2.0 has that in state, and I'm very excited where we're going.

他基本上是在尋求一個人工智慧學習夥伴，一個以非常非常不同的方式提供動力的熟練培訓師。我們的 Udemy 2.0 已經具備了這種狀態，我對我們的未來感到非常興奮。

First thing is we're expanding the capabilities. We're going beyond content. We're going into assessment, role play, labs. We're demonstrating mastery with more data and easier to demonstrate ROI. We're also demonstrating recency so that people we -- don't have -- learned something at one point and they forget it.

首先，我們正在擴展能力。我們超越了內容。我們將進行評估、角色扮演和實驗室活動。我們正在透過更多數據展示掌握程度，並且更容易展示投資回報率。我們也展示了新近性，以便那些我們沒有學到過的人在某個時候學到了一些東西，然後就忘記了。

We're demonstrating constantly that they're still up to date. And that's pretty different than a content catalog.

我們不斷證明它們仍然是最新的。這與內容目錄有很大不同。

The second is we're building a platform, okay? A platform is a technology-intensive endeavor, and it requires different capabilities. You need to integrate more deeply with the tech stack. So today, most players have a very superficial API integration where you give an LMS, an LXP or other piece of software, a sense of your content catalog, where we're going way beyond that.

第二，我們正在建立一個平台，好嗎？平台是一項技術密集的事業，它需要不同的能力。您需要與技術棧進行更深入的整合。因此，今天大多數玩家都擁有非常膚淺的 API 集成，您可以讓 LMS、LXP 或其他軟體了解您的內容目錄，而我們的目標遠不止於此。

In this MCP, I just want to kind of say how excited -- I mean, we've been talking about this with customers one-on-one. And now that the beta is out, it is wild. And what is exciting about it is what we're saying is, in a LLM world where people are going to be building their own LLM with their own data, we're going to make the content of our courses, assessment, labs, role play available so that they can integrate and personalize the learning experience. That's a very, very, very different play.

在這個 MCP 中，我只想說我有多興奮——我的意思是，我們一直在與客戶一對一地討論這個問題。現在測試版已經發布，它變得瘋狂。令人興奮的是，我們所說的是，在法學碩士 (LLM) 的世界裡，人們將使用自己的數據來建立自己的法學碩士 (LLM)，我們將提供我們的課程、評估、實驗室、角色扮演的內容，以便他們能夠整合和個性化學習體驗。這是一部非常非常不同的戲劇。

We're also going to go deeper, and we're going to pull in data, like the employee engagement survey to say, you, as a manager, is there a correlation between the courses you've taken, the skills assessments you've done, the labs you've done and your engagement so that we can better guide how the workforce is going to evolve. So again, a platform is a very, very different play.

我們還將進行更深入的研究，並收集數據，例如員工敬業度調查，以了解您作為經理所參加的課程、進行的技能評估、進行的實驗和您的敬業度之間是否存在關聯，以便我們能夠更好地指導勞動力的發展。所以，再次強調，平台是一個非常非常不同的玩法。

The last thing is this AI, we're going to embed it on the instructor side. We're going to embed it on the learner side. And what we really want to do is build this personal skill trainer, somebody that's going to be there as your coach side by side in the flow of work, giving you customized information based on the task that you're trying to accomplish. So it's a different world out there, is -- and I couldn't be more excited about how we're pivoting to be relevant in a LLM-centric technology stack.

最後一點是這個人工智慧，我們將把它嵌入到教練端。我們將把它嵌入到學習者端。我們真正想要做的是打造一個個人技能培訓師，在工作流程中作為你的教練，根據你想要完成的任務為你提供客製化的資訊。所以外面的世界是不同的——我對我們如何轉向以 LLM 為中心的技術堆疊感到無比興奮。

Excellent. Sarah, I was just wondering, you mentioned coming up against like COVID contracts and renewing, and that's part of what's pressuring UB net dollar retention rates. I was hoping you could unpack that a little bit. So are you seeing logo churn, seat contraction, like other downsells? How much longer do you face these COVID contracts?

出色的。莎拉，我只是想知道，你提到遇到像 COVID 合約和續約這樣的問題，這也是給 UB 淨美元留存率帶來壓力的部分原因。我希望你能稍微解釋一下這一點。那麼，您是否看到過徽標流失、座位減少以及其他降價現象？您還要面對這些 COVID 合約多久？

And is there any -- kind of saying it's macro related or budgets are drying up or any element of the changes to your go-to-market or competition? Thank you.

有沒有哪種說法與宏觀相關，或者預算正在枯竭，或與你的行銷或競爭變化有關？謝謝。

Yeah. Thanks for the question, Josh. So, some of these COVID contracts, these are multiyear deals where if you'll recall, we shared a few years ago that we had really started pushing multiyear deals in 2021, 2022. And at the time, we didn't have the same implementation capabilities to make sure that those are successful implementations, getting alignment on that -- those clear value metrics, having the same sort of executive sponsorship that we have today. And so when these come up for renewal, without those things in place, we may have a downsell, we may have some logo churn.

是的。謝謝你的提問，喬希。因此，其中一些 COVID 合約是多年期合同，如果您還記得的話，我們幾年前就分享過，我們實際上在 2021 年、2022 年開始推動多年期合約。當時，我們並不具備同樣的實施能力來確保這些措施能夠成功實施，也無法就這些措施達成一致——無法制定明確的價值指標，也無法獲得像今天這樣同樣的高階主管支持。因此，當這些需要續約時，如果沒有這些東西，我們的銷售額可能會下降，我們的品牌可能會發生一些變化。

What we're excited about is, number one, we are working through the final of those that were set up like that because we're now in 2025, and this really was the 2021, 2022 when we were setting it up. But also, we have Neeracha, our new customer -- Chief Customer Experience Officer for the first time, who is already making a lot of positive changes. That's everything from outsourcing SMB to BPO to bringing AI play to renewals.

我們感到興奮的是，首先，我們正在努力完成那些設定的目標，因為現在已經是 2025 年了，而我們設定的目標實際上是 2021 年、2022 年。而且，我們還有新客戶 Neeracha，他首次擔任首席客戶體驗官，已經做出了許多積極的改變。這包括從外包 SMB 到 BPO，再到將 AI 應用於續約的一切。

So even if it was a COVID contract, now we have these new AI SKUs to help talk about the benefit and the ROI of being able to AI enable your workforce.

因此，即使這是一份 COVID 合同，現在我們也有這些新的 AI SKU 來幫助討論 AI 為您的員工提供支援所帶來的好處和投資回報率。

We're also really aligning our customer success approach to optimize those outcomes for customers. So you know this takes time, but we're happy with the progress. Lots of these renewal conversations start on the enterprise side nine months in advance, but we are working through those, and we expect to be through the rest of those mostly this year. Certainly, there will be some that renewed in '23 on a three-year contract, but we're getting through them.

我們也真正調整了我們的客戶成功方法，以便為客戶優化這些成果。所以你知道這需要時間，但我們對進展感到滿意。許多續約談判都是在企業方面提前九個月開始的，但我們正在努力解決這些問題，預計今年將基本完成剩餘的談判。當然，也會有一些人在 2023 年續簽三年合同，但我們正在努力解決這些問題。

Ryan MacDonald, Needham and Company.

瑞安·麥克唐納 (Ryan MacDonald)，尼德漢姆公司。

Thanks for taking my question and congrats on a good quarter. Maybe, Sarah, just to sort of start on where we left off on that response. Can you kind of just help us understand sort of how the balancing out of sort of the -- some of these maybe potential headwinds on the renewals, but the sort of level of optimism and sort of positivity you're seeing sort of on pipeline development and growth and how we should sort of sort of triangulate that into what the trajectory of UB looks like as we go into the back half of this year? And sort of how is sort of the macro at play right now, given there is -- we're at least hearing still level of uncertainty on the budgetary side?

感謝您回答我的問題，並祝賀您本季取得了良好的業績。莎拉，也許我們只是想從剛才的回答開始。您能否幫助我們理解如何平衡這些因素——其中一些可能是續約方面的潛在阻力，但您在管道開發和增長方面看到的樂觀和積極程度，以及我們應該如何將其與今年下半年 UB 的發展軌跡進行三角測量？那麼，鑑於目前我們至少聽說預算方面仍然存在不確定性，那麼宏觀經濟目前如何發揮作用？

Yeah. It's a great question. I'm going to let Hugo after I speak talk about what he's seeing from a budget perspective and talking to leaders across the businesses.

是的。這是一個很好的問題。在我講話之後，我將讓 Hugo 從預算的角度談談他所看到的情況，並與各行各業的領導人進行了交談。

Let me break it down in two different parts. One is on the ARR side of things and the restructuring that we did in the fourth quarter of last year. So we announced it at the end of Q3, restructuring in Q4. Enterprise transformations take time, but we're really through that now. So we do have some headwinds from a renewal perspective.

讓我將其分為兩個不同的部分。一個是關於 ARR 方面，以及我們在去年第四季進行的重組。因此我們在第三季末宣布了這一消息，並在第四季度進行了重組。企業轉型需要時間，但我們現在已經真正完成了。因此，從更新的角度來看，我們確實面臨一些阻力。

But what we're seeing is a lot of momentum on the pipeline build, everything from $100,000 deals that are building the pipeline, but also that we signed in the last quarter. Bookings are up quarter-over-quarter. Our pipe growth is up year-over-year in NEMAR and APAC and LatAm. And so, all of these leading indicators from a bookings perspective give us great visibility into a substantial increase in net new ARR in the third quarter, and then we're expecting to have the fourth quarter net new ARR be similar to what we saw last year.

但我們看到管道建設勢​​頭強勁，從正在建造管道的 10 萬美元交易到我們在上個季度簽署的交易。預訂量較上季成長。我們的管道在 NEMAR、亞太地區和拉丁美洲的銷量較去年同期成長。因此，從預訂角度來看，所有這些領先指標都讓我們能夠清楚地看到第三季淨新 ARR 的大幅成長，然後我們預計第四季淨新 ARR 將與去年的水平相似。

On the retention side, I spoke about what is happening with our Chief Customer Experience Officer, Neeracha, but I also want to share that what Hugo just spoke about, this Udemy 2.0, this is an inherently stickier value prop and product. It is integrated into the full work. It's integrated into the technology stack.

在保留方面，我談到了我們首席客戶體驗官 Neeracha 的情況，但我也想分享 Hugo 剛才談到的 Udemy 2.0，這是一個本質上更具黏性的價值主張和產品。它被融入整個作品中。它被整合到技術棧中。

It is combining our data with their data to create an even higher ROI and ability to customize and to create a personalized learning experience that is like having a coach at your side.

它將我們的數據與他們的數據結合起來，創造更高的投資回報率和客製化能力，並創造個人化的學習體驗，就像身邊有一位教練一樣。

And so, putting all these together, that is what leads us to have the confidence in our trajectory and what we're looking at through the back half of this year and into next.

所以，把所有這些放在一起，這就是讓我們對我們的發展軌跡以及我們對今年下半年和明年的展望充滿信心的原因。

If I can just add a few things on the macro. As I said at the beginning, we're spending a lot of time with the L&D leader, and they've got their own set of dynamics, and we're shifting also to spend a lot more time with the businesses and Udemy 2.0 plays into that.

如果我可以在巨集上添加一些東西。正如我在一開始所說的，我們花了很多時間與 L&D 領導者在一起，他們有自己的一套動態，我們也在轉變，花更多的時間與企業在一起，Udemy 2.0 發揮了這一作用。

So, if you're looking into the L&D budget, there are some headwinds like where you have less employees. There's a lot of layoffs happening. People are replacing individual with agents and things like that.

因此，如果您正在研究 L&D 預算，您會發現存在一些不利因素，例如員工人數較少。有大量裁員事件發生。人們正在用代理人和類似的東西取代個人。

So that's a headwind. There's a bit of uncertainty.

所以這是一個不利因素。有一點不確定性。

But on the positive side, they need to reskill their entire workforce. So, they're like looking for solutions to do that. So, we feel that on the L&D, it's probably going to net out in a reasonable place, particularly as they go towards consolidation. And then our inherent advantage in a consolidation play, we feel really, really good because we play both on the technical side and the non-technical side. And now with this Udemy 2.0, we have more.

但從積極的一面來看，他們需要對全體員工進行重新培訓。所以，他們正在尋找解決方案。因此，我們認為，在 L&D 方面，它可能會在合理的範圍內實現淨增長，特別是當它們走向整合時。我們在整合過程中擁有固有的優勢，我們感覺非常非常好，因為我們在技術方面和非技術方面都發揮了作用。現在有了 Udemy 2.0，我們擁有了更多。

Now what's really more exciting, at least from my point of view, is now our ability to go after budgets that are outside L&D. And our solutions now is going to be way more relevant for those folks.

現在真正更令人興奮的是，至少從我的角度來看，我們現在有能力追求 L&D 之外的預算。我們現在的解決方案對這些人而言將更加有意義。

Let me kind of give you one example to bring it to life, our AI role play, which is like a massive success this quarter. You can imagine showing up to a sales leader and say, You're onboarding new reps. We have the ability to accelerate the rate of onboarding of those reps. And that's of value. That's a different pool of dollars.

讓我舉一個例子來說明一下，我們的人工智慧角色扮演在本季取得了巨大的成功。你可以想像一下，你向一位銷售主管說，你正在招募新銷售代表。我們有能力加快這些代表的入職速度。這很有價值。那是另一筆資金。

I had a conversation two weeks ago with one of the largest call center outsourcers. He trains 20,000 people every month. And he was like, Oh wow, this is a different solution and I can customize that to my need for each of the clients I'm outsourcing to. I want this. Can you kind of give it to me? And I'm saying, Well, we're going to roll you through the MCP program, and we're going to do it in a way that is helpful.

兩週前，我與最大的呼叫中心外包商之一進行了交談。他每月培訓2萬人。然後他說，哇哦，這是一個不同的解決方案，我可以根據我外包給的每個客戶的需求進行客製化。我想要這個。你能把它給我嗎？我說的是，好吧，我們將帶您完成 MCP 計劃，並且我們將以有幫助的方式進行。

So, the L&D budget is important, and I think they net out. More importantly is as we do the pivot, we're going after new budgets.

因此，L&D 預算很重要，我認為它們是淨額。更重要的是，當我們進行轉型時，我們正在尋求新的預算。

Very helpful color there. Maybe just one on the consumer side. It sounds like there's some -- obviously some great progress being made on the subscription, but I was very intrigued to hear about this programmatic advertising opportunity and revenue stream you mentioned.

那裡的顏色非常有用。也許只是消費者方面的一個。聽起來，訂閱方面顯然取得了一些重大進展，但我對您提到的程序化廣告機會和收入來源非常感興趣。

Can you just provide a little more color on sort of about what you're going to be targeting there? How quickly do you think that revenue stream could ramp up as we go into the back half of this year and into next year? Thanks.

能否稍微詳細介紹一下您的目標是什麼？您認為進入今年下半年和明年，收入流能夠以多快的速度成長？謝謝。

Great question. I'll start by saying one thing that struck me when I first got here is, we had an amazing installed base. We had amazing customers. We had amazing audiences, and we were trying to monetize that in one singular way. And we're going to change that.

好問題。首先我想說的是，當我第一次來到這裡時，令我印象深刻的一件事是，我們擁有令人驚嘆的安裝基礎。我們擁有令人驚嘆的客戶。我們擁有令人驚嘆的觀眾，我們試圖以一種獨特的方式將其貨幣化。我們將改變這種狀況。

We're going to deploy new ways to monetize our assets.

我們將採用新的方式將我們的資產貨幣化。

And ad is one example. It's not the only one. We hinted at a few others, and there'll be more coming. But now just to stick with the ad, the audience is, let's pick a number, 39 million monthly visitors. And these -- many of them are incredibly interesting visitors.

廣告就是一個例子。這不是唯一的一個。我們暗示了其他一些內容，而且還會有更多內容。但現在只要堅持廣告，觀眾人數是，讓我們選一個數字，每月 3900 萬訪客。其中許多遊客都非常有趣。

You can have a really fun conversation with advertisers and then you can do different things. You can put -- before a video rolls, you can put an ad, you can put an ad at the end, you can stop, put the ad in the middle, you can do better ads. You can do sponsorship of domains, you can do sponsorship of names. You can do sponsorships of days.

您可以與廣告商進行非常有趣的對話，然後您可以做不同的事情。你可以在影片播放前插入廣告，也可以在影片結尾插入廣告，也可以在影片停止時插入廣告，也可以在影片中間插入廣告，還可以製作更好的廣告。您可以贊助域名，也可以贊助名稱。您可以進行數天的贊助。

All of this is on the table, okay? And what we're doing in Q3 is we're doing some experiments to understand how it helps in certain use case and with certain audience, with certain content so that we can refine this and push to accelerate this later this year. So expect this to become more of an important revenue stream over time, but it is a very exciting example of how we plan on monetizing our assets in the future.

所有這些都擺在桌面上，好嗎？我們在第三季所做的是進行一些實驗，以了解它如何在某些用例、特定受眾和特定內容中提供幫助，以便我們可以改進它並在今年晚些時候加速這一進程。因此，預計隨著時間的推移，這將成為更重要的收入來源，但這是一個非常令人興奮的例子，說明了我們計劃在未來如何將資產貨幣化。

Great. Looking forward to hearing more. Thanks.

偉大的。期待聽到更多。謝謝。

Jason Tilchen, Canaccord Genuity.

Canaccord Genuity 的 Jason Tilchen。

Good afternoon. Thanks for taking my question. One for Hugo. Last quarter, you sort of -- you talked about this a little bit in your prepared remarks today, too, how the product offering has been in a really good place, but it maybe wasn't being packaged or merchandising in all the right ways. With some of these new AI readiness and growth packages, can you share a little bit more about how customers -- existing customers are sort of responding to those and what the opportunity looks like for further improvements and new packages on the enterprise content side going forward? And when will this maybe have a more meaningful impact on revenue per enterprise customer?

午安.感謝您回答我的問題。一個給雨果。上個季度，您在今天的準備好的演講中也談到了這一點，產品供應一直很好，但可能沒有以正確的方式進行包裝或行銷。對於這些新的 AI 準備和成長包，您能否分享更多有關客戶（現有客戶）對這些包的反應，以及未來企業內容方面進一步改進和新包的機會是什麼？這何時才會對每個企業客戶的收入產生更有意義的影響？

Great question. Thank you, Jason. Listen, merchandising on the enterprise and on the consumer side is a big opportunity. Let me answer directly the enterprise and the AI SKU. The reception has been overwhelmingly positive.

好問題。謝謝你，傑森。聽著，企業和消費者方面的商品推銷是一個巨大的機會。讓我直接回答企業和 AI SKU。反響非常正面。

We had a -- the first case example I gave earlier, this got initiated in the quarter and got closed in the quarter, and it's a very, very, very large deal. So we're hitting a really clear need.

我們有一個——我之前給出的第一個案例，它是在本季度啟動的，並在本季度結束的，這是一筆非常非常大的交易。所以我們滿足了一個非常明確的需求。

And then by merchandising more precisely around AI and AI fluency versus the broad catalog and all these capabilities, we're also making it easier for our sales team to come with a very targeted value proposition. So you couldn't have imagined a more excited go-to-market team to now have these tools in their bag. And now we're also using these tools during renewal as Sarah hinted.

然後，透過更精確地圍繞人工智慧和人工智慧流暢性而不是廣泛的目錄和所有這些功能進行行銷，我們也使我們的銷售團隊更容易提出非常有針對性的價值主張。所以，你無法想像現在擁有這些工具的行銷團隊會更興奮。正如莎拉所暗示的那樣，現在我們在更新過程中也在使用這些工具。

The pipeline that has been generating since the beginning of these SKUs represents 25% of our overall pipeline. So it is really hitting the mark. And we suspect that throughout this year, this is going to be a meaningful part of the way we're going to finish the year.

自這些 SKU 開始以來產生的管道占我們整體管道的 25%。所以它確實達到了目標。我們相信，在今年全年，這將成為我們結束這一年的一個有意義的一部分。

And then what's exciting is now that we have this muscle that we've demonstrated we can do this, before that we had only 2 SKUs in the enterprise space, right? We've just like double it. Imagine as we get a bit more sophisticated and we now start to target different population, different use case, different budget, it's going to be amazing.

令人興奮的是，現在我們擁有了這種實力，證明我們可以做到這一點，而在此之前，我們在企業領域只有 2 個 SKU，對嗎？我們只是將其增加了一倍。想像一下，當我們變得更加成熟並且開始針對不同的人群、不同的用例、不同的預算時，這將是令人驚奇的。

The same thing on the consumer side. Again, we've done an interesting job with this transactional marketplace. We had the subscription sitting on the side. And now we emphasize subscription, but don't think what we are offering today is what we're going to be offering in the future. First of all, there are multiple subscriptions to be created.

消費者方面的情況也一樣。再次，我們在這個交易市場上做了一個有趣的工作。我們把訂閱放在一邊。現在我們強調訂閱，但不要認為我們今天提供的是我們將來會提供的。首先，需要建立多個訂閱。

okay? That's going to be one version of the merchandising.

好的？這將是商品推銷的版本。

Second, we're going to evolve what the definition of subscription is. It's not just going to be access to courses. It's going to be access to other services that are natural in the affinity. It could be podcasts. It could be books.

其次，我們將進一步明確訂閱的定義。這不僅僅是獲得課程的機會。它將可以訪問親和力中自然的其他服務。它可能是播客。可能是書籍。

It could end up being coaching. It could end up being career counselling. This is an example of what the Indeed thing can do over time, or you can imagine how the subscription value proposition is going to evolve, and that aligns to the point I was making earlier. We've got so many opportunities to monetize what we have that we're going to start to take advantage of that.

最終可能會成為一名教練。最終可能會成為職業諮詢。這是 Indeed 隨著時間的推移所能實現的功能的一個例子，或者您可以想像訂閱價值主張將如何演變，這與我之前提出的觀點一致。我們有很多機會將我們所擁有的資源貨幣化，我們將開始利用這些機會。

Yi Fu Lee, Cantor Fitzgerald.

李逸夫、費茲傑拉領唱。

Thank you for taking my questions and congrats to a very productive 2Q to the entire Udemy team. A lot of work done. Hugo, I want to double-click, circle back on the product technology differentiation. You kind of mentioned Udemy is highly different than competitors. It sounds like the Udemy 2.0 you are trying to build is more customized, tailored to the individual level.

感謝您回答我的問題，並祝賀整個 Udemy 團隊在第二季度取得了豐碩的成果。完成了很多工作。雨果，我想雙擊，回到產品技術差異化。您提到 Udemy 與競爭對手有很大不同。聽起來，您嘗試建立的 Udemy 2.0 更加客製化，更適合個人層面。

Can you comment on how the new CTO, Ozzie, that brought on with a stellar resume as a founding architect of Dayforce, will bring to the Udemy 2.0 product road map? And then I have a quick follow-up with Sarah as well on the financial side.

您能否評論一下新任技術長 Ozzie 將如何為 Udemy 2.0 產品路線圖帶來什麼？ Ozzie 曾是 Dayforce 的創始架構師，擁有出色的履歷。然後我會就財務方面的問題與莎拉進行快速跟進。

Thank you, Yi. I mean, it's so central. First of all, we're -- as the Udemy 2.0 makes it clear, we're going beyond being a marketplace. We're not abandoning the roots of being a marketplace. But as an enterprise software, we needed somebody who has scaled and developed that and Ozzie is the right person.

謝謝你，易。我的意思是，它太重要了。首先，正如 Udemy 2.0 所明確指出的，我們不僅僅是一個市場。我們不會放棄作為市場的根基。但作為一款企業軟體，我們需要一個能夠擴展和開發該軟體的人，而 Ozzie 就是合適的人選。

He's done it with very, very complicated products. He's done it at scale. And he's going to help us do things like the -- how do you create the back end to support multiple SKUs, license management, these different monetization.

他已經用非常非常複雜的產品實現了這一點。他已經大規模地完成了這件事。他將幫助我們做一些事情，例如如何建立後端來支援多個 SKU、許可證管理以及這些不同的貨幣化方式。

I kind of hinted at the fact that in an AI world, we're going to need an AI pricing model that may be different than the subscription pricing model. Well, we need a back end to support that. And what I mean by that is we may charge for platform fees.

我暗示了這樣一個事實：在人工智慧世界中，我們將需要一個可能不同於訂閱定價模型的人工智慧定價模型。好吧，我們需要一個後端來支持它。我的意思是我們可能會收取平台費用。

We may charge for consumption. This is different than a catalog, and I'm so excited to have somebody who knows how to do this, who knows how to do this at scale and who's done some very, very transformative technology shifts.

我們可能會收取消費費用。這與目錄不同，我很高興有人知道如何做到這一點，知道如何大規模地做到這一點，並且已經做出了一些非常具有變革性的技術變革。

So that should cover broadly the question.

這應該涵蓋了廣泛的問題。

Okay, thank you very much, Hugo. Okay. And then flipping over to Sarah on the financial side. It's great to see that -- it sounds like your commentary is there's going to be a little bit more bottoming in the third quarter of this year. And then we're going to see an inflection in 2026, beginning of 2026. So kind of like right at the end of the tunnel.

好的，非常感謝，雨果。好的。然後把話題轉到財務方面的問題上，交給莎拉。很高興看到這一點——聽起來您的評論是今年第三季將會出現更多的觸底跡象。然後我們將在 2026 年，也就是 2026 年初看到一個轉捩點。就像是在隧道的盡頭。

Firstly, like Sarah, how are we going to get there?

首先，像莎拉一樣，我們要如何實現這個目標？

And secondly, can you just comment on the COVID-19 cohort from the 2022 and 2021? When will that flush out in terms of timing? And that's it for me.

其次，您能否對 2022 年和 2021 年的 COVID-19 群體進行評論？從時間上來說什麼時候會完成？對我來說就是這樣。

Thank you very much.

非常感謝。

Yeah. Thanks for the question. So first, how are we going to get that revenue reacceleration? It's a lot of what we've already talked about, which is how we are monetizing everything from the AI demand that we see, which is not just on the UB side, it's also on the consumer side, to driving better retention through operational things from having these AI plays that we can bring into renewals and over time from having an inherently stickier product.

是的。謝謝你的提問。那麼首先，我們該如何再次實現營收成長呢？我們已經討論過很多內容，即我們如何將我們看到的人工智慧需求（不僅僅是在 UB 方面，也在消費者方面）轉化為現實，透過營運來提高留存率，將這些人工智慧應用到續約中，並隨著時間的推移，擁有一個更具黏性的產品。

And I'm going to give you a little stat that can help give you visibility into what is happening as we've moved upmarket, as we're having these AI conversations, you've heard Hugo say 25% of our pipeline is associated with these AI use cases now. Our large customer new ARR per new logo is up almost 30% year-over-year.

我將向你們提供一些統計數據，以幫助你們了解我們進入高端市場時發生的事情，當我們進行這些人工智慧對話時，你們已經聽到 Hugo 說我們 25% 的管道現在與這些人工智慧用例相關。我們的大客戶每個新標誌的新 ARR 年成長近 30%。

So the conversations that we're having are at a -- or sorry, quarter-over-quarter. The conversations that we're having are at a higher level. They are talking about broader portions of the team because the use case for AI is across the entire organization. And so, all these early indicators with the pipeline growing across the regions, the bookings growing and the work we're doing to increase retention, all of those are going to lead to that ARR acceleration.

因此，我們正在進行的對話是——或者抱歉，是按季度進行的。我們正在進行的對話是更高層次的。他們正在談論團隊的更廣泛的部分，因為人工智慧的用例遍布整個組織。因此，所有這些早期指標，包括跨地區管道的成長、預訂量的增加以及我們為提高保留率所做的工作，都將導致 ARR 加速成長。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓、威廉布萊爾。

Hi, Patrick McIlwee on for Stephen today. So, on the UB side of the business, this was the first quarter I can recall seeing your customer count step down sequentially. And I just wanted to ask, is that just a natural byproduct of your focus on larger customers with some of those smaller customers rolling off the platform? Or is that more of a factor of these COVID renewals or -- and/or the broader macro pressures you're seeing in that segment?

大家好，今天是 Patrick McIlwee 取代 Stephen 發言。因此，在 UB 業務方面，這是我記憶中第一個看到客戶數量連續下降的季度。我只是想問一下，這是否只是您專注於大客戶而一些小客戶退出平台的自然副產品？或者這更多的是 COVID 疫情復甦的一個因素，或者 — — 和/或您在該領域看到的更廣泛的宏觀壓力？

Yeah. Thanks for the question, Stephen. It really is related to the SMB side of things where we focused and shifted upmarket. We added about 100 new logos and large customer -- net new logos in the large customer side of things. And what we're excited about is bringing on this BPO to help us out on the SMB side of things.

是的。謝謝你的提問，史蒂芬。這確實與我們關注的中小企業方面有關，並且我們已將重點轉向高端市場。我們在大客戶方面增加了大約 100 個新標誌和大客戶——淨新標誌。我們很高興能夠引入這個 BPO 來幫助我們解決 SMB 方面的問題。

So that's all going in the right direction. We did expect to see some noise from a customer logo count as we shifted our focus upmarket.

所以一切都在朝著正確的方向發展。當我們將重點轉向高端市場時，我們確實預計會看到來自客戶識別數量的一些噪音。

Okay. Understood. And then shifting to the consumer side. Can you talk about what you think are the biggest factors driving those green shoots you mentioned and the improvement in your outlook for that business, whether it's strength in demand for AI courses, the early innings of some AI disrupted workers looking to reskill or strength internationally?

好的。明白了。然後轉向消費者方面。您能否談談您認為推動您提到的那些綠芽的最大因素是什麼，以及您對該業務前景的改善，無論是人工智慧課程的需求強勁，還是一些受到人工智慧影響的工人尋求重新學習技能的早期階段，還是國際上的優勢？

So -- Thank you for the question. There's a lot of what you said is part of the reason. So it's multiple factors. The first one I'll highlight is a greater focus on subscription. And a lot of our marketing, customer acquisition and customer journey is now focused on driving subscription.

所以——感謝您的提問。你說的很多都是部分原因。所以這是有多種因素的。我要強調的第一點是更重視訂閱。現在，我們的許多行銷、客戶獲取和客戶旅程都集中在推動訂閱。

By the way, it does cannibalize a bit of some of the transactional stuff. So there are timing issues that are playing out in our numbers, but we like it. We'll do the trade any day. The LTV of a subscription customer is phenomenal. So that is one aspect.

順便說一句，它確實蠶食了一些交易內容。因此，我們的數字中存在時間問題，但我們喜歡它。我們隨時都會進行交易。訂閱客戶的 LTV 非常驚人。這是一個方面。

It's a bit of a focus in that direction.

這是朝著這個方向的一個重點。

The second is we are focused in some domain and some category that are more relevant. A lot of them are related to AI or certification prep. There's a lot of demand and a lot of good stuff associated with that. And also the certification prep space is one where we do have additional monetization opportunities, which will present more clearly in the upcoming quarters.

第二，我們專注於一些更相關的領域和類別。其中很多與人工智慧或認證準備有關。這方面的需求很大，而且有很多好東西。此外，認證準備領域是我們確實擁有額外貨幣化機會的地方，這將在未來幾季更加清晰地呈現。

And then the last is we're optimizing our region. There are some regions where there's more demand right now, and we're obviously switching some of our marketing dollars to those geographies.

最後，我們正在優化我們的區域。有些地區目前的需求較大，我們顯然會將部分行銷資金轉向這些地區。

Jeff Meuler, Baird.

傑夫·穆勒，貝爾德。

Hi, Steven Pawlak on for Jeff. On the win rates, I guess, how is that being measured? Is that reflecting dollars, customers? Is that more tied to new opportunities or the expansion opportunities? And then if you could just sort of quantify how much improvement you're seeing and maybe compare it to 2020, 2021 time frame?

大家好，史蒂文·帕拉克（Steven Pawlak）替補傑夫（Jeff）。關於勝率，我想，該如何衡量呢？這反映的是美元、顧客嗎？這是否與新機會或擴張機會有關？然後，您是否可以量化您所看到的改進程度，並將其與 2020 年、2021 年的時間框架進行比較？

Yeah, I'll take that question. So first, it is dollars. We like to look at everything on a weighted basis and how it's impacting our financials overall. And so, those win rates are up on a dollar perspective. And it is pretty broad-based, meaning it's happening both on the upsell side.

是的，我會回答這個問題。首先是美元。我們喜歡以加權的方式看待一切事物以及它對我們的整體財務狀況的影響。因此，從美元角度來看，勝率是上升的。而且它的影響範圍相當廣泛，這意味著它發生在追加銷售方面。

It's happening on the new business side. And we have a very healthy upsell to new business mix, which we've continued to have.

這一切都發生在新業務方面。我們對新業務組合的追加銷售非常健康，我們一直保持這種狀態。

We have seen a bit of an uptick in upsell large-sized deals in our pipeline. So everything is coming together with all the planning that we did in the fourth quarter, the transition that we did of the team, and now we have these AI SKUs, and that's what we're seeing across a broad-based upsell, new business and it's dollar weighted.

我們發現，我們通路的大額追加銷售交易數量略有上升。因此，我們在第四季度進行的所有規劃、團隊的轉型都在進行中，現在我們有了這些 AI SKU，這就是我們在廣泛的追加銷售、新業務和美元加權中看到的。

Devin Au, KeyBanc.

Devin Au，KeyBanc。

Hey, thanks for taking my questions. Just first one quickly. Just, Sarah, could you provide more details on the $2.5 million benefit to consumer revenue in the quarter? What drove that? And why wouldn't it reoccur again? And I have a follow-up.

嘿，謝謝你回答我的問題。只需快速完成第一個。只是，莎拉，您能否提供有關本季 250 萬美元消費者收入收益的更多細節？是什麼導致了這現象？為什麼它不會再發生？我還有一個後續問題。

Yeah. Thanks. So it really was how we were set up. We were unable to take breakage revenue as it was happening or as we could estimate it. We made some administrative changes, and we're able to pull that through.

是的。謝謝。所以這確實就是我們的安排。我們無法在破損發生時或估算破損收入。我們做了一些管理上的改變，並且能夠順利完成。

And then on a go-forward basis, each quarter we will be able to take that breakage revenue. It just won't be as meaningful because the $2.5 million was sitting on the balance sheet.

然後，在未來，我們每個季度都能夠獲得這筆違約收入。這並沒有什麼意義，因為 250 萬美元已經列在資產負債表上了。

Understood. And then just a quick follow-up. Really great to hear about the green shoots, very encouraging. The green shoots that you're seeing, would you mostly contribute that to better execution and having like a broader portfolio of products to sell into? Or was there like a tone change from customers that now they need to really focus on reskilling the workforce?

明白了。然後只是快速的跟進。聽到這些正面的跡象真是令人欣喜，非常鼓舞人心。您所看到的正面跡象，是否主要歸功於更好的執行力以及更廣泛的產品組合的銷售？或者客戶的態度是否發生了變化，他們現在真正需要關注勞動力的再培訓？

Just any additional color would be helpful.

任何額外的顏色都會有幫助。

Yeah. I think -- first and foremost, I do think the team has continued to improve its execution and its focus, and it's the strategy that's playing out. The mixture of what we're doing on the go-to-market and the focus, it is the additional product and the way to monetize. It is also just expanding the kind of conversation rather than being constrained to the L&D going more broad.

是的。我認為——首先，我確實認為球隊一直在不斷提高其執行力和重點，這是正在實施的策略。我們在行銷和重點方面所做的工作相結合，是附加產品和貨幣化方式。這也只是擴大了對話的種類，而不是局限於更廣泛的 L&D。

It does have some counter effect, by the way. It does elongate some deal conversation that you can't close in the quarter. But, again, if you're able to close bigger and longer and more strategic and you've got better alignment on the outcomes, you're going to be better positioned for renewal. So we're doing all of that, and that's kind of giving us that degree of confidence.

順便說一句，它確實有一些反作用。它確實會延長一些你無法在本季完成的交易談判。但是，再說一次，如果你能夠完成更大、更長和更具策略性的交易，並且在結果上取得更好的協調，那麼你將更有能力進行續約。所以我們正在做所有這些，這給了我們一定程度的信心。

The second piece is back to what I said at the very beginning, they're asking about AI fluency now. And the fact that we've pivoted to kind of make that the story and the approach, we are resonating. And I was a bit nervous if it was an American or a North American thing. I've been in each of the geography. It's worldwide.

第二部分又回到我最開始說的，他們現在問的是AI流暢度。事實上，我們已經轉變了思路，將故事和方法結合起來，引起了共鳴。我有點擔心這是美國的事還是北美的事。我去過每一個地方。它是全球性的。

It is really -- it has a bit different flavor in Europe and et cetera, but everybody is trying to figure out what to do given this.

確實如此——在歐洲等地，情況有點不同，但每個人都在試圖弄清楚在這種情況下該怎麼做。

And the other piece, which is the part around being positioned not as a content provider, but as a more technology heavy, using AI ourselves. I think it resonates too because they're doing that across their whole technology stack. They're seeing -- their lawyers are using AI tools like Harvey to do things. The marketing folks are using AI tools. So they're kind of like turning to their content provider and like, what's going on?

另一部分是，我們的定位不是內容提供者，而是技術含量較高的供應商，我們自己使用人工智慧。我認為這也引起了共鳴，因為他們在整個技術堆疊中都這樣做。他們看到他們的律師正在使用像 Harvey 這樣的人工智慧工具來做事。行銷人員正在使用人工智慧工具。所以他們就轉向他們的內容提供者，想知道發生了什麼事？

Like do you need something to kind of match that? And we have a good answer.

例如，你需要什麼東西來搭配它嗎？我們有一個很好的答案。

So I think for all those reasons, we're kind of saying, Well, we're pretty excited about where we're positioned in the market. We're very different than others. And we think we're where the buck is going because this LLM and this transition to AI and agents and all that is going to be pretty broad, pretty comprehensive, and we're kind of a leader.

所以我認為，出於所有這些原因，我們會說，我們對我們在市場中的地位感到非常興奮。我們與其他人非常不同。我們認為我們承擔了責任，因為這個法學碩士學位以及向人工智慧和代理的轉變以及所有這些都將非常廣泛、非常全面，而且我們在某種程度上處於領先地位。

Nafeesa Gupta, Bank of America.

納菲薩古普塔，美國銀行。

So my first question is on the consumer front. You mentioned some green shoots there, and it looks like North American business is doing better than as expected earlier last quarter. Is that -- would you call that inflection in consumer behavior given stronger subscription that you're seeing there? Is that -- or it's just a continuation of previous trends that you were seeing on the macro front, Hugo?

我的第一個問題是關於消費者方面的。您提到了一些復甦跡象，而且看起來北美業務的表現比上個季度初的預期要好。這是—鑑於您所看到的訂閱量增加，您是否認為這是消費者行為的轉變？或者這只是您在宏觀層面看到的先前趨勢的延續，Hugo？

I think on the consumer is, we fundamentally have a change of strategy right now. And that's what really is driving kind of like this -- we're targeting a different value proposition. We're focused on a different set of product. We're targeting different audiences. We're messaging differently.

我認為就消費者而言，我們現在從根本上改變了策略。這就是真正的驅動力──我們瞄準的是不同的價值主張。我們專注於不同的產品系列。我們針對的是不同的受眾。我們傳遞的訊息不同。

We're also -- over time -- it will take time where you don't have to discount as much as we've historically done. So it's all of the above. So it's a purposeful shift. We need to be careful, and we can't do it too fast because we do have ingrained behavior. We do have the historical positioning of our product, and we're trying to change that.

隨著時間的推移，我們也需要時間才能不再像過去那樣打那麼多折扣。以上就是全部內容。所以這是一個有目的的轉變。我們需要小心，不能做得太快，因為我​​們確實有根深蒂固的行為。我們的產品確實有歷史定位，我們正在努力改變這一點。

And we have the assets to do it, and we need to be very thoughtful. We also need to be thoughtful because the timing of transactional and subscription is not the same and capital markets look at things on a quarter-by-quarter basis. So we're going to do it very carefully.

我們擁有實現這一目標的資產，而且我們需要深思熟慮。我們還需要考慮周全，因為交易和認購的時間並不相同，而且資本市場是按季度來看待事情的。所以我們會非常小心地去做這件事。

But the reality is by having -- we're like -- we're on track to have 20% of our GMV by the end of the year to be subscription. That is a fundamental shift. So imagine what we're going to be able to do next year, particularly as we expand the definition of subscription, we expand the number of types of subscription. We make it more targeted. We make it more appealing to different types of audience.

但現實情況是——我們預計——到今年年底，我們的 GMV 的 20% 將來自訂閱。這是一個根本性的轉變。所以想像一下明年我們能夠做什麼，特別是當我們擴大訂閱的定義時，我們擴大訂閱類型的數量。我們使其更具針對性。我們讓它對不同類型的觀眾更有吸引力。

I couldn't be more excited about what we're going to see. And it's how we are changing because the demand was there. We weren't just pursuing that demand.

我對我們將要看到的一切感到無比興奮。我們之所以做出改變，是因為有需求。我們不只是追求這項需求。

And one more from me for Sarah. Sarah, we've seen quite a lot of leverage on the sales and marketing front. How do we think of that going ahead? And anything that you're doing in that space to see that leverage? Which areas are you focusing on now in terms of UB versus consumer?

我還要為莎拉寫一封信。莎拉，我們在銷售和行銷方面看到了相當大的影響力。我們如何看待這項未來？您在那個領域做了什麼來體現這種影響力？就 UB 和消費者而言，您現在關注哪些領域？

Yeah, it's a great question. So first, the shift to upmarket is driving some of the leverage we're seeing. That's on the Udemy Business side of things. There is more leverage to be gained from being able to sell more into the same customers and being able to retain those customers longer.

是的，這是一個很好的問題。首先，向高端市場的轉變正在推動我們所看到的一些槓桿作用。這是 Udemy 商業方面的事情。如果能夠向同一客戶銷售更多產品並能夠更長時間地留住這些客戶，則可以獲得更大的優勢。

And on the consumer side, as Hugo mentioned, the LTV of the subscription is significantly higher than that of the transactional business. There's more we can do from a marketing perspective and from an owned channels perspective to drive the top line, but also that shift to GMV and revenue coming from consumer subscriptions will give us more leverage. So we've got lots of levers on both sides from a sales and marketing perspective. We've started pulling them last year, but we're going to continue pulling them.

而在消費者方面，如 Hugo 所提到的，訂閱的 LTV 明顯高於交易業務。從行銷角度和自有通路角度來看，我們可以做更多的事情來推動營收成長，而且轉向 GMV 和來自消費者訂閱的收入也將為我們提供更多槓桿。因此，從銷售和行銷的角度來看，我們在雙方都有許多槓桿。我們去年就開始拔掉它們了，但我們還是會繼續拔掉它們。

I'll just add one more thing to Sarah's answer, which, both on the enterprise sale side and on the consumer. Our increasing use of partners is going to give us a very, very different leverage, very, very different leverage. We are going to start to look a lot more like a classic enterprise software company on the UB side, and we're going to use these partners to help co-sell and support lead generation.

我只想對莎拉的回答再補充一點，無論是在企業銷售方面還是在消費者方面。我們越來越多地利用合作夥伴，這將為我們帶來非常非常不同的影響力，非常非常不同的影響力。在 UB 方面，我們將開始看起來更像經典的企業軟體公司，我們將利用這些合作夥伴來幫助共同銷售和支援潛在客戶的開發。

On the consumer, I mean, the Indeed is just one example. It's a customer acquisition channel that has a very, very different CAC, very, very different value proposition. It is converting very differently, incredibly well. And we're so excited because, again, we're getting the consumer at a moment where they need something. They're in a career transition, and we're giving them a value immediately.

對於消費者來說，我的意思是，Indeed 只是一個例子。這是一個客戶獲取管道，具有非常非常不同的 CAC，非常非常不同的價值主張。它的轉換方式非常不同，而且非常好。我們非常興奮，因為我們再次在消費者需要某些東西的時候滿足了他們。他們正處於職業轉型期，我們會立即給予他們價值。

And they want this. They're excited. And if we can continue to demonstrate value, then we can retain them for the long run. So that also will give us leverage in the sales and marketing model.

他們想要這個。他們很興奮。如果我們能夠繼續展現價值，那麼我們就能長期留住他們。這也將使我們在銷售和行銷模式中佔據優勢。

This will conclude our question-and-answer session. I would like to turn the conference back over to Hugo Sarrazin for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Hugo Sarrazin 並請他做最後發言。

Thank you for joining, and I look forward to connecting again in October for our Q3 call.

感謝您的加入，我期待著十月再次參加我們的第三季電話會議。

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。