Udemy Inc (UDMY) 2022 Q1 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Thank you for standing by and welcome to Udemy First Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, today's conference call is being recorded.

    感謝您的支持並歡迎參加 Udemy 2022 年第一季度收益電話會議。 (操作員說明)作為提醒,今天的電話會議正在錄音中。

  • I would now turn the conference to your host Ms. Stacey Zolt Hara, Senior Vice President Corporate Communications. Ma'am, you may begin.

    我現在將會議轉給您的主持人企業傳播高級副總裁 Stacey Zolt Hara 女士。女士,您可以開始了。

  • Stacey Zolt Hara - SVP of Corporate Communications

    Stacey Zolt Hara - SVP of Corporate Communications

  • Thank you. With me today are Gregg Coccari, Udemy's Chairman and Chief Executive Officer; and Sarah Blanchard, Udemy's Chief Financial Officer.

    謝謝你。今天和我在一起的是 Udemy 的董事長兼首席執行官 Gregg Coccari;和 Udemy 的首席財務官 Sarah Blanchard。

  • Before we begin, 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. Our forward-looking statements are based on 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.

    在我們開始之前,在這次電話會議期間,我們將在聯邦證券法的意義上做出前瞻性陳述。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,這些風險和不確定性可能導致實際結果與討論或預期的結果大不相同。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提交給證券交易委員會的 10-K 表格和 10-Q 表格。我們的前瞻性陳述基於我們目前可獲得的信息。我們提醒您不要過分依賴前瞻性陳述,除適用法律要求外,我們不承擔並明確拒絕更新或更改我們的前瞻性陳述的任何義務或義務。

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

    此外,在本次電話會議期間,可能會討論某些財務業績衡量標準,這些衡量標準與我們根據美國公認會計原則編制的財務報表中包含的可比衡量標準不同,美國證券交易委員會將其稱為非公認會計原則財務衡量標準。我們相信,這些非公認會計原則財務措施有助於管理層和投資者以更有意義和一致的方式評估我們的業績並比較期間的經營業績,正如我們在收益發布的補充時間表中更詳細地討論的那樣。這些非公認會計原則措施與最具可比性的公認會計原則財務措施的對賬包含在我們的收益新聞稿中。這些對賬以及其他補充信息可在我們網站的投資者關係部分獲得。

  • A replay of today's call will also be posted on the website. I will now turn the call over to Gregg.

    今天電話會議的重播也將發佈在網站上。我現在將把電話轉給 Gregg。

  • Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

    Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

  • Thank you, Stacey. Good afternoon, everyone, and thank you for joining us. We kicked off the year with a strong first quarter as businesses and consumers alike continue to choose Udemy to provide flexible, expansive and effective skill development to empower organizations and individuals.

    謝謝你,斯泰西。大家下午好,感謝您加入我們。隨著企業和消費者繼續選擇 Udemy 來提供靈活、廣泛和有效的技能發展,以增強組織和個人的能力,我們以強勁的第一季度開始了今年。

  • Our Q1 results demonstrate several of the large secular forces fueling our growth: hybrid and remote work driving learning on our online platform; accelerating digital transformation requiring massive upskill and reskill demands; and the ongoing great resignation, which has accelerated an urgent need to engage and support employees through ongoing career development paths. As a leading destination for learning and teaching online, Udemy is benefiting from the societal tailwinds.

    我們的第一季度業績展示了推動我們增長的幾大長期力量:混合和遠程工作在我們的在線平台上推動學習;加速數字化轉型需要大量的技能提升和再技能需求;以及持續的重大辭職,這加速了通過持續的職業發展道路吸引和支持員工的迫切需要。作為在線學習和教學的主要目的地,Udemy 受益於社會順風。

  • This quarter's numbers clearly speak to this momentum. We grew revenue by 22% year-over-year in Q1 bringing our total revenue to $152 million. This was driven by outstanding Udemy Business performance in Q1, which grew 77% versus the prior year with over 11,600 total Udemy Business customers and $280 million in ARR, up 80% from the prior year. In fact, we now expect the Udemy Business will eclipse our consumer business in Q3 2022 earlier than we previously projected.

    本季度的數據清楚地說明了這一勢頭。我們在第一季度的收入同比增長 22%,使我們的總收入達到 1.52 億美元。這得益於第一季度 Udemy Business 的出色表現,與去年同期相比增長了 77%,Udemy Business 客戶總數超過 11,600 家,ARR 為 2.8 億美元,比去年同期增長 80%。事實上,我們現在預計 Udemy 業務將在 2022 年第三季度超越我們的消費者業務,早於我們之前的預測。

  • As I look ahead to the rest of the year, I'm excited to continue to grow our footprint internationally where we have an opportunity to further our tremendous momentum in Udemy Business. I'm also excited to further our innovation leadership in our platform and technology and continue investing in our marketplace by supporting instructors around the world as they produce roughly 5,000 new courses every month.

    展望今年餘下的時間,我很高興能夠繼續在國際上擴大我們的足跡,我們有機會進一步推動我們在 Udemy Business 的巨大發展勢頭。我也很高興能夠進一步提升我們在平台和技術方面的創新領導地位,並通過支持世界各地的教師每月製作大約 5,000 門新課程來繼續投資於我們的市場。

  • Our Q1 results illustrate these themes at work. Let's dig a little deeper. I will cover 3 critical growth drivers of our Udemy Business and performance in Q1. First, I'll briefly talk about Udemy Business where we saw a very strong demand, solid execution and continued top line performance in the quarter. Second, I'll discuss the unprecedented and far-reaching changes we are seeing in the way employers are prioritizing a new always-on approach to workforce skills and learning culture that drives our massive TAM. And third, an update of our marketplace, which continues to serve as the vibrant and healthy engine fueling Udemy Business' rapid growth.

    我們的第一季度業績說明了這些主題在起作用。讓我們深入一點。我將介紹我們 Udemy 業務和第一季度業績的 3 個關鍵增長驅動因素。首先,我將簡要談談 Udemy 業務,我們在該業務中看到了非常強勁的需求、穩健的執行和持續的頂線表現。其次,我將討論我們所看到的前所未有的影響深遠的變化,雇主正在優先考慮一種新的、永遠在線的勞動力技能和學習文化方法,這些方法推動了我們龐大的 TAM。第三,我們市場的更新,它繼續作為推動 Udemy Business 快速增長的充滿活力和健康的引擎。

  • Let's start with Udemy Business. We achieved a record ARR of $280 million, up 80% year-over-year in Q1, driven by strength across all regions and multiple verticals, including government, financial services and manufacturing. New customers this quarter included Baptist Health System, Crocs, Medici, Sparta Global and Volta Trucks. We also saw strong momentum in larger enterprise organizations as more customers expand their use of Udemy's curated quality content and consumer-driven learning experience. This resulted in 87% year-over-year growth in customers with over $100,000 in ARR and 56% year-over-year growth in customers with over $1 million ARR, both reflective of the expansion trends within our customer base.

    讓我們從 Udemy Business 開始。在所有地區和多個垂直領域(包括政府、金融服務和製造業)的實力的推動下,我們在第一季度實現了創紀錄的 2.8 億美元的 ARR,同比增長 80%。本季度的新客戶包括 Baptist Health System、Crocs、Medici、Sparta Global 和 Volta Trucks。隨著越來越多的客戶擴大對 Udemy 精心策劃的優質內容和消費者驅動的學習體驗的使用,我們還看到大型企業組織的強勁勢頭。這導致 ARR 超過 100,000 美元的客戶同比增長 87%,ARR 超過 100 萬美元的客戶同比增長 56%,這兩者都反映了我們客戶群的擴張趨勢。

  • Speaking of expansion. Our yearly business net revenue retention this quarter was 120%, up from 118% in the prior quarter as we continue to see massive success in growth in our land-and-expand strategy. For example, Randstad, the world's largest provider of flexible work and human resources services, places over 100,000 people weekly in the United States and Canada, with the goal of impacting the working lives of 500 million people by 2030 through career training and development opportunities. Since 2019, Randstad has used Udemy Business to increase talent mobility across their client base, and has since doubled the number of licenses they use to support their efforts.

    說到擴張。我們本季度的年度業務淨收入保留率為 120%,高於上一季度的 118%,因為我們繼續看到我們的土地和擴張戰略在增長方面取得了巨大成功。例如,全球最大的靈活工作和人力資源服務提供商任仕達每週在美國和加拿大安置超過 100,000 人,目標是到 2030 年通過職業培訓和發展機會影響 5 億人的工作生活。自 2019 年以來,任仕達一直在使用 Udemy Business 來提高其客戶群中的人才流動性,此後他們用於支持其工作的許可證數量翻了一番。

  • Randstad has built learning paths for key technical roles, and the company's top Udemy Business course categories include IT and cloud certifications, web development and machine learning. In 2021, 61% of workers placed through Randstad's technology organization were active Udemy Business learners or course completers. In addition, 96% of Randstad employees noted that Udemy has helped them learn a new skill, gain promotion or become more effective at work. The company recently won an American Staffing Association Elevate Award, recognizing their innovation and effectiveness to train, upskill and reskill temporary and contract employees for the most in-demand roles, all built on the Udemy platform.

    任仕達為關鍵技術角色建立了學習路徑,該公司的頂級 Udemy 商業課程類別包括 IT 和雲認證、Web 開發和機器學習。 2021 年,通過任仕達技術組織安置的員工中有 61% 是活躍的 Udemy Business 學習者或課程完成者。此外,96% 的任仕達員工表示 Udemy 幫助他們學習了新技能、獲得晉升或在工作中變得更有效率。該公司最近獲得了美國員工協會提升獎,以表彰他們在培訓、提陞技能和重新培訓臨時員工和合同員工以擔任最需要的角色方面的創新和有效性,所有這些都建立在 Udemy 平台上。

  • Other existing customers growing their Udemy offering this quarter include Grupo Falabella, Abu Dhabi Port, Gympass USA, Indeed, Picsart and Klarna. As we look into some of the deal highlights this quarter, I'm excited to note that together with our end-market partner, Sanjieke, Udemy Business has closed our first deals in the People's Republic of China and launched a new website in management along with an iOS app for mobile learning. We are pleased with how the pipeline in China is growing as we deepen our presence there.

    本季度增加 Udemy 產品的其他現有客戶包括 Grupo Falabella、阿布扎比港、Gympass USA、Indeed、Picsart 和 Klarna。當我們研究本季度的一些交易亮點時,我很高興地註意到,Udemy Business 與我們的終端市場合作夥伴 Sanjieke 一起完成了我們在中華人民共和國的第一筆交易,並推出了一個新的管理網站帶有用於移動學習的 iOS 應用程序。隨著我們在中國深化業務,我們對中國管道的增長情況感到高興。

  • Adding to our wins in APAC, we achieved nearly $500,000 in ARR in our first quarter selling Udemy Business in South Korea through our partner, Woongjin ThinkBig, that we announced last quarter. Our momentum in China highlights the incredible runway ahead of us as we further penetrate the international market in Udemy Business where 53% of our revenue is currently outside of North America. Domestically, Udemy recently closed a large deal with one of the U.S. military's branches and now proudly supports several branches with our learning programs.

    除了我們在亞太地區的勝利之外,我們在第一季度通過我們的合作夥伴 Woongjin ThinkBig 在韓國銷售 Udemy Business 實現了近 500,000 美元的 ARR,我們在上個季度宣布了這一點。隨著我們進一步打入 Udemy Business 的國際市場,我們在中國的發展勢頭突顯了我們面前令人難以置信的跑道,目前我們 53% 的收入來自北美以外。在國內,Udemy 最近與美國軍方的一個分支機構達成了一項大筆交易,現在自豪地通過我們的學習計劃支持多個分支機構。

  • All of these wins speak of the momentum of our partnership as well as the large investments in time, money and resources organizations are making to deploy Udemy at scale and to a wider audiences. While we do expect Udemy Business to grow larger than our consumer business in Q3, we are truly just getting started on the B2B opportunity for Udemy, and we believe the global market will only serve to accelerate our top line Udemy Business growth over the long term.

    所有這些勝利都說明了我們合作夥伴關係的勢頭,以及組織在時間、金錢和資源方面的大量投資,以將 Udemy 大規模部署到更廣泛的受眾。雖然我們確實預計 Udemy 業務在第三季度的增長將超過我們的消費者業務,但我們確實才剛剛開始利用 Udemy 的 B2B 機會,我們相信全球市場只會有助於加速我們的收入 Udemy 業務的長期增長.

  • It's important to recognize that we have quickly reached top line scale at hundreds of millions of dollars in ARR and continue to see an exceptional growth in Udemy Business. Over the last 3 years, ARR has grown at a CAGR of nearly 90%. With the massive tailwinds highlighted earlier, a world-class go-to-market team and a huge addressable opportunity in front of us, it's clear that we are executing, gaining market share and building the right ecosystem of partners.

    重要的是要認識到,我們的 ARR 已迅速達到數億美元的頂線規模,並繼續看到 Udemy Business 的非凡增長。在過去 3 年中,ARR 的複合年增長率接近 90%。隨著前面強調的巨大順風、世界級的上市團隊和巨大的潛在機會擺在我們面前,很明顯我們正在執行、獲得市場份額並建立合適的合作夥伴生態系統。

  • Building world-class partnerships is a key component of our strategy to scale through market entry or further market penetration, supporting our goal of providing accessible, affordable education for everyone. Our partnerships with well-regarded international brands have served us well in establishing our presence in markets, including Japan, China, South Korea and Sub-Saharan Africa. To that end, Udemy is excited to announce a partnership with First National Bank, one of South Africa's largest banks, serving over 9 million customers. Through this multimillion dollar partnership agreement, First National customers now have access to hundreds of global courses from Udemy. Not only does this partnership introduce Udemy to a whole new audience but it aligns our brand with one that F&B customers already trust with their finances.

    建立世界級的合作夥伴關係是我們通過市場進入或進一步市場滲透來擴大規模的戰略的一個關鍵組成部分,支持我們為每個人提供可獲得的、負擔得起的教育的目標。我們與知名國際品牌的合作夥伴關係為我們在日本、中國、韓國和撒哈拉以南非洲等市場建立了良好的影響力。為此,Udemy 很高興地宣布與南非最大的銀行之一第一國民銀行建立合作夥伴關係,為超過 900 萬客戶提供服務。通過這項價值數百萬美元的合作協議,First National 的客戶現在可以訪問 Udemy 的數百個全球課程。這種合作夥伴關係不僅將 Udemy 介紹給了全新的受眾,而且使我們的品牌與餐飲客戶已經信任他們的財務狀況的品牌保持一致。

  • Let's move on to the second area of focus in my remarks today, the secular tailwinds we see across employee learning and the digital transformation that are fueling these rapid changes. In February, Harvard Business Review published a study analyzing 50 million recent job announcements to see what skills and degrees are in demand. What the researchers found is the great recession has dramatically accelerated the trends of organizations moving away from degree requirements and towards skill-based hiring. A brief quote from the article underscores why Udemy is winning, "What we've learned is that employers are indeed resetting degree requirements in a wide variety of roles. The change is most noticeable for middle-skill positions. In evaluating job applicants, employers are suspending the use of degree completion as a proxy and instead now favor hiring on the basis of demonstrated skills and competencies."

    讓我們繼續討論我今天講話的第二個重點領域,即我們在員工學習中看到的長期順風以及推動這些快速變化的數字化轉型。 2 月,哈佛商業評論發表了一項研究,分析了最近的 5000 萬份工作公告,以了解需要哪些技能和學位。研究人員發現,大蕭條極大地加速了組織從學位要求轉向基於技能的招聘的趨勢。文章中的一段簡短引述強調了 Udemy 獲勝的原因,“我們了解到,雇主確實正在重新設置各種職位的學位要求。這種變化對於中等技能職位最為明顯。在評估求職者時,雇主正在暫停使用學位完成作為代理,現在更傾向於根據已證明的技能和能力進行招聘。”

  • At Udemy, we are uniquely suited to benefit from the trends highlighted in this HBR report and the dramatic changes in the way employees are expanding their skill sets and taking charge of their career development. For example, our marketplace enables learners to not just stay current on the ever-evolving skills required in the digital workplace but to do so in a practical and efficient manner, what we like to think of as learning at the speed of business. Plus our marketplace accessibility and the ability to rapidly create and curate top quality content enables these learners to complete these courses at the speed of light with their appetite for knowledge, without waiting months or even years for course creation to catch up with a skills gap.

    在 Udemy,我們非常適合從這份 HBR 報告中強調的趨勢以及員工擴展技能組合和負責職業發展方式的巨大變化中受益。例如,我們的市場使學習者不僅能夠及時了解數字工作場所所需的不斷發展的技能,而且能夠以實用和高效的方式進行學習,我們喜歡將其視為以業務速度學習。再加上我們的市場可訪問性以及快速創建和策劃高質量內容的能力,這些學習者能夠以他們對知識的渴望以光速完成這些課程,而無需等待數月甚至數年的課程創建來趕上技能差距。

  • Indeed, to be the leader in defining this category of what HBR calls demonstrating skills and competencies means that we have to continue to push the innovation envelope on our technology and products so that organizations can successfully reskill and upskill their employees.

    事實上,要成為定義這一類 HBR 所稱的展示技能和能力的領導者,意味著我們必須繼續推動我們的技術和產品的創新,以便組織能夠成功地重新培訓和提升員工的技能。

  • To that end, this quarter, we launched 3 new assessments and 19 new labs within Udemy Business Pro and launched a Learning Paths API that allows learners to bring their curated Udemy Business learning paths directly into their LMS or internal sites to help drive effective learning. We've launched 8 career landing pages on udemy.com to help learners discover the skills they need to start or improve their careers in data science or web development, for example. In addition, we've launched career guides as part of our subscription offering to guide subscribers through their learning journey. Our proprietary skills graph helps learners chart a skill acquisition course journey that matches their professional aspirations. Together with our investments in AI and machine learning, these product enhancements create longer-term learning paths that strengthen the relationship between learners and Udemy, and most importantly, help our learners achieve their goals.

    為此,本季度,我們在 Udemy Business Pro 中推出了 3 個新評估和 19 個新實驗室,並推出了一個學習路徑 API,允許學習者將他們策劃的 Udemy Business 學習路徑直接引入他們的 LMS 或內部站點,以幫助推動有效的學習。我們在 udemy.com 上推出了 8 個職業登陸頁面,以幫助學習者發現他們需要的技能,以開始或改善他們在數據科學或 Web 開發方面的職業生涯。此外,我們還推出了職業指南,作為訂閱服務的一部分,以指導訂閱者完成他們的學習之旅。我們專有的技能圖表可幫助學習者繪製與其職業抱負相匹配的技能獲取課程旅程。連同我們在 AI 和機器學習方面的投資,這些產品增強功能創造了長期的學習路徑,加強了學習者和 Udemy 之間的關係,最重要的是,幫助我們的學習者實現了他們的目標。

  • We also continue to prove and innovate on how our content is delivered and updated while always ensuring that it remains fresh, relevant and high quality. This quarter, we launched an integration with Workday, allowing learners and administrators to access course completion data in near-real time. The beauty of Udemy's marketplace model is the ability for us to learn based on the feedback loop from our users and the content they select. Powering this enormously valuable learning data with AI will drive more and more relevant and targeted results for our customers.

    我們還將繼續證明和創新我們的內容是如何交付和更新的,同時始終確保其保持新鮮、相關和高質量。本季度,我們推出了與 Workday 的集成,允許學習者和管理員近乎實時地訪問課程完成數據。 Udemy 市場模型的美妙之處在於我們能夠根據用戶的反饋循環和他們選擇的內容進行學習。借助 AI 為這些極具價值的學習數據提供支持,將為我們的客戶帶來越來越多的相關和有針對性的結果。

  • Speaking of our marketplace, let's now turn to the marketplace community, our valuable instructors and the learner community that they help to thrive. As I've said before, our instructors are our lifeblood. They fuel our rich marketplace with expert-driven content and allow us to provide a unique learning path to 52 million learners.

    說到我們的市場,現在讓我們轉向市場社區、我們寶貴的講師和他們幫助蓬勃發展的學習者社區。正如我之前所說,我們的導師是我們的命脈。它們以專家驅動的內容為我們豐富的市場提供動力,並使我們能夠為 5200 萬學習者提供獨特的學習路徑。

  • For example, Udemy instructor, Steve Ballinger, a personal finance expert based in the United States, earned $1 million in total revenue after publishing over 30 courses on our platform. Steve recently shared that creating and filming courses is now his full-time job and that he's been able to achieve this without accruing any personal expense besides the $900 initial investment for a camera and a microphone. He credits Udemy for providing the platform and the marketing resources to help him reach thousands of learners around the world.

    例如,Udemy 講師 Steve Ballinger 是美國的個人理財專家,在我們的平台上發布了 30 多門課程後,總收入達到了 100 萬美元。史蒂夫最近分享說,創建和拍攝課程現在是他的全職工作,除了相機和麥克風的 900 美元初始投資外,他能夠在不產生任何個人費用的情況下實現這一目標。他認為 Udemy 提供了平台和營銷資源,幫助他接觸到世界各地成千上萬的學習者。

  • Then there's Rahul Iyer based in India. In October 2021, Rahul announced his retirement from the services industry to become a full-time Udemy instructor at age 36. When Rahul began his journey teaching on Udemy, he was in debt 80 lakhs, equivalent to $110,000. Today, 6 years later, he is the owner of 4 villas in Puna, several commercial offices and recently gifted his father a commercial property for business.

    然後是印度的 Rahul Iyer。 2021 年 10 月,Rahul 宣布從服務行業退休,在 36 歲時成為一名全職 Udemy 講師。當 Rahul 開始在 Udemy 任教時,他負債 800 萬,相當於 110,000 美元。 6 年後的今天,他在普納擁有 4 棟別墅,數間商業辦公室,最近還贈送了他父親一處商業地產用於商業用途。

  • Together, our 68,000 instructors help add roughly 5,000 courses each month, and we now have 196,000 courses available on our learning platform that helps filter the best courses to the top.

    我們的 68,000 名講師共同幫助每月增加大約 5,000 門課程,現在我們的學習平台上有 196,000 門課程,可幫助篩選出最好的課程。

  • I'd like to take a moment here to thank all the incredible and talented instructors who help make Udemy what it is. Your content fuels are unique, dynamic and diverse learning engine. We are proud to have welcomed nearly 4,000 new instructors to our Udemy community this quarter. Steve and Rahul typify Udemy's extraordinary instructors. They are real-world experts who deliver high-quality, fresh content. Udemy, in turn, provides the scale to deliver their knowledge to learners worldwide. Our learning platform is fueled by our incredible content engine, our marketplace, which is the engine generating the user feedback and their ever-evolving content that we leverage to ensure the quality, breadth and depth of content sought by corporate and consumer learners alike.

    我想在這里花一點時間感謝所有令人難以置信和才華橫溢的講師,他們幫助使 Udemy 成為今天的樣子。您的內容燃料是獨特的、動態的和多樣化的學習引擎。我們很自豪本季度迎來了近 4,000 名新教師加入我們的 Udemy 社區。 Steve 和 Rahul 是 Udemy 傑出導師的代表。他們是現實世界的專家,提供高質量、新鮮的內容。反過來,Udemy 提供了將他們的知識傳遞給全球學習者的規模。我們的學習平台由我們令人難以置信的內容引擎、我們的市場推動,這是產生用戶反饋及其不斷發展的內容的引擎,我們利用這些引擎來確保企業和消費者學習者所尋求的內容的質量、廣度和深度。

  • Before I conclude, I'd like to briefly cover 3 other topics close to my heart: first, our ESG initiatives and partnerships that we continue to grow and prioritize; second, a brief word on the Ukraine war and the refugee crisis; and third, the company DNA of equity and inclusion that anchors our company mission and workforce. Simply put, Udemy exists to improve lives through learning. ESG is embedded in our mission to provide flexible, effective skill development to empower organizations and individuals. In March, we published a new ESG section on the Udemy website, showcasing our key ESG activities, goals and procedures. And soon, we'll launch our first ESG impact report, highlighting our ESG efforts and spotlighting how we will support our learners, instructors, customers and communities.

    在結束之前,我想簡要介紹一下我最關心的 3 個其他主題:首先,我們繼續發展和優先考慮的 ESG 舉措和合作夥伴關係;第二,簡述烏克蘭戰爭和難民危機;第三,我們公司使命和員工隊伍的股權和包容性公司 DNA。簡而言之,Udemy 的存在是為了通過學習改善生活。 ESG 植根於我們的使命,即提供靈活、有效的技能發展以增強組織和個人的能力。 3 月,我們在 Udemy 網站上發布了新的 ESG 部分,展示了我們的主要 ESG 活動、目標和程序。很快,我們將發布我們的第一份 ESG 影響報告,重點介紹我們在 ESG 方面所做的努力,並強調我們將如何支持我們的學習者、教師、客戶和社區。

  • To further our mission, we partnered with a number of amazing nonprofit organizations to provide Udemy's courses to those in need free of cost. One example of many is our partnership with SV Academy, a San Francisco-based organization that prepares over 1 million underrepresented professionals to pursue careers in technology. Through SV Academy's Udemy partnership, its job seekers can now access the latest, most in-demand educational resources in their preparation to work in the technology industry.

    為了推進我們的使命,我們與許多令人驚嘆的非營利組織合作,免費為有需要的人提供 Udemy 課程。其中一個例子是我們與 SV Academy 的合作夥伴關係,SV Academy 是一家總部位於舊金山的組織,為超過 100 萬代表性不足的專業人士準備從事技術職業。通過 SV Academy 的 Udemy 合作夥伴關係,其求職者現在可以訪問最新、最受歡迎的教育資源,為他們在技術行業工作做好準備。

  • In 2020, (inaudible) determination to succeed was evident when she joined SV Academy's customer success program. She accessed training including Udemy courses and a support network that enabled her to launch a career in technology. Immediately after finishing the program, (inaudible) secured a customer success position with, SV Academy's hiring partner, Genesys. In only 4 months, she was promoted to customer success manager, and now she's holding the door open for other immigrant black mothers who want to break into the tech industry.

    2020 年,當她加入 SV Academy 的客戶成功計劃時,(聽不清)成功的決心顯而易見。她接受了包括 Udemy 課程和支持網絡在內的培訓,使她能夠開始從事技術工作。完成該計劃後,(聽不清)立即獲得了 SV Academy 的招聘合作夥伴 Genesys 的客戶成功職位。僅用了 4 個月,她就被提升為客戶成功經理,現在她正為其他想要進入科技行業的移民黑人母親敞開大門。

  • And just as important in this global nonprofit work is what we're doing to assist in Ukraine. We extend our thoughts to all who are impacted by the war in Ukraine and the refugee crisis. We realize there are many Ukranians who no longer have access to traditional education, and we are, therefore, partnering with Ukraine's Ministry of Education and Science to provide 1.5 million Ukranian students at 600 universities and higher education institutions free access to technical business language and other relevant course content. In addition, our free resource center continues to offer over 700 free Udemy courses to learners worldwide. We realize that these are small steps against the greater events taking place, but we believe it's absolutely critical that we do what we can and demonstrate our support for those who have had their lives so devastatingly impacted.

    在這項全球非營利性工作中同樣重要的是我們正在為烏克蘭提供幫助。我們向所有受烏克蘭戰爭和難民危機影響的人表達我們的想法。我們意識到有許多烏克蘭人不再接受傳統教育,因此,我們與烏克蘭教育和科學部合作,為 600 所大學和高等教育機構的 150 萬烏克蘭學生免費提供技術商務語言和其他相關課程內容。此外,我們的免費資源中心繼續為全球學習者提供 700 多門免費的 Udemy 課程。我們意識到,這些只是針對正在發生的更大事件的一小步,但我們認為,盡我們所能並展示我們對那些生活受到如此嚴重影響的人的支持絕對至關重要。

  • Udemy's culture and ability to attract and retain our valuable employees is always top of mind for our leadership team. Our mission to provide flexible, effective skills development to empower organizations and individuals is grounded in equity and inclusion. We are pleased Great Place to Work Ireland has honored Udemy as #5 on the list of Ireland's best midsized workplaces in 2022. Additionally, Udemy's Dublin office has been named a 2022 Best Workplace for Women, which recognizes top organizations with women-friendly policies and benefits. We also recently announced that Udemy has been certified as a Great Place to Work in the United States, a distinction based entirely on what current employees say about their experience working at our company.

    Udemy 的文化以及吸引和留住有價值員工的能力始終是我們領導團隊的首要考慮因素。我們提供靈活、有效的技能發展以增強組織和個人能力的使命以公平和包容為基礎。我們很高興 Great Place to Work Ireland 將 Udemy 評為 2022 年愛爾蘭最佳中型工作場所名單中的第 5 名。此外,Udemy 都柏林辦事處被評為 2022 年女性最佳工作場所,該獎項表彰了具有女性友好政策和好處。我們最近還宣布,Udemy 已被認證為美國的最佳工作場所,這一區別完全基於當前員工對他們在我們公司工作經驗的評價。

  • In order to support our commitment to diversity, equity and inclusion, we have added new courses covering areas such as unconscious bias, empathy, allyship, psychological safety and leading with a diverse mindset, which are top of mind across enterprises now.

    為了支持我們對多元化、公平和包容的承諾,我們增加了新課程,涵蓋諸如無意識偏見、同理心、同理心、心理安全和以多元化思維方式領導等領域,這些領域現在是整個企業的首要考慮。

  • To conclude, at Udemy, we are first and foremost a mission-driven company, addressing one of the largest global workforce issues of the rapidly changing digital age. This is what inspires our employees, instructors and learners. The beauty of our model is that as we grow content on the Udemy marketplace and engage more and more new learners, Udemy Business' SaaS-based model continues to benefit with the broadest and most relevant content in what is still a very large and underpenetrated market.

    總而言之,在 Udemy,我們首先是一家以使命為導向的公司,致力於解決快速變化的數字時代中最大的全球勞動力問題之一。這就是激勵我們的員工、教師和學習者的原因。我們模型的美妙之處在於,隨著我們在 Udemy 市場上增加內容並吸引越來越多的新學習者,Udemy Business 的基於 SaaS 的模型繼續受益於仍然是一個非常大且未充分滲透的市場中最廣泛和最相關的內容.

  • Together, Udemy employees, instructors and customers are changing lives while driving a durable learning platform and high-growth business. As I tell our employees every day, one of our core values at Udemy is to be both mission-driven and results obsessed. This quarter's performance proved that we can be both.

    Udemy 員工、講師和客戶正在共同改變生活,同時推動持久的學習平台和高增長的業務。正如我每天告訴我們的員工的那樣,我們在 Udemy 的核心價值觀之一是既以任務為導向,又以結果為導向。本季度的表現證明我們可以兩者兼得。

  • With that, I'll turn the call over to Sarah to dive into the numbers.

    有了這個,我會把電話轉給莎拉,讓她深入研究這些數字。

  • Sarah Walter Blanchard - CFO

    Sarah Walter Blanchard - CFO

  • Thank you, Gregg. As Gregg said, we had a great start to 2022 with very strong Udemy business growth. A recent Deloitte study concluded that organizations, which foster a learning culture, are 92% more likely to develop novel products and services, 17% more profitable and have as high as 50% greater employee engagement and retention rates than their peers. Our Udemy Business growth speaks to the fact that more and more organizations are increasing investment in employee skills acquisition because of the proven ROI.

    謝謝你,格雷格。正如 Gregg 所說,我們在 2022 年有一個良好的開端,Udemy 的業務增長非常強勁。德勤最近的一項研究得出結論,與同行相比,培養學習文化的組織開發新產品和服務的可能性高出 92%,利潤高出 17%,員工敬業度和保留率高出 50%。我們的 Udemy 業務增長表明,由於投資回報率得到證實,越來越多的組織正在增加對員工技能獲取的投資。

  • I'm especially encouraged by our exceptional Udemy Business ARR growth, up 80% versus the prior year as well as acceleration in Udemy Business customer growth, up 49% versus the prior year. Udemy Business continues to serve as a key growth lever for us as we see healthy new logos and expansion among existing customers, wins across a wide range of industry verticals and good momentum in international growth.

    我們對 Udemy Business ARR 的非凡增長感到特別鼓舞,比上一年增長 80%,以及 Udemy Business 客戶增長加速,比上一年增長 49%。 Udemy Business 繼續作為我們的關鍵增長槓桿,因為我們看到健康的新徽標和現有客戶的擴張、在廣泛的垂直行業中獲勝以及國際增長的良好勢頭。

  • Q1 revenue of $152.2 million was up 22% year-over-year and up 12% sequentially. Our net dollar retention rate was 120% this quarter, highlighting the continued success of our land-and-expand motion. Udemy Business revenue was $64.9 million, up 77% from the prior year, continuing to demonstrate our strong growth at this scale. Our consumer business delivered $87.3 million in revenue, down 1% from the prior year.

    第一季度收入為 1.522 億美元,同比增長 22%,環比增長 12%。本季度我們的淨美元保留率為 120%,突顯了我們土地和擴張計劃的持續成功。 Udemy Business 收入為 6490 萬美元,比上一年增長 77%,繼續證明我們在這個規模上的強勁增長。我們的消費者業務實現了 8730 萬美元的收入,比去年下降了 1%。

  • Our consumer business is performing as we expected to, as we discussed on our last call. A healthy marketplace is one that is able to attract and retain instructors and that provides the incentives for those instructors to publish and update high-quality courses. The consumer marketplace is healthy. We are adding instructors and thousands of courses monthly, and it continues to serve as a vibrant engine that fuels Udemy business growth. The symbiotic system of these 2 parts of our business is a unique and differentiated model that we believe will continue to drive Udemy business' top line growth over the long term.

    正如我們在上次電話會議上討論的那樣,我們的消費者業務表現符合我們的預期。一個健康的市場能夠吸引和留住教師,並為這些教師提供發布和更新高質量課程的動力。消費市場是健康的。我們每月增加講師和數千門課程,它繼續作為推動 Udemy 業務增長的充滿活力的引擎。我們業務的這兩個部分的共生系統是一種獨特且差異化的模式,我們相信它將繼續推動 Udemy 業務的長期收入增長。

  • For the remainder of this call, all financial metrics are non-GAAP unless stated otherwise. Q1 gross profit was $87.4 million, up 31% year-over-year, driven by Udemy Business. Gross margin was 57% of revenue, up from 54% in Q1 of 2021. This margin expansion was a result of the continued revenue mix shift to Udemy Business from consumer and a reduction in content costs as a percentage of revenue across both segments.

    在本次電話會議的其餘部分,除非另有說明,否則所有財務指標均為非公認會計原則。在 Udemy Business 的推動下,第一季度毛利潤為 8740 萬美元,同比增長 31%。毛利率佔收入的 57%,高於 2021 年第一季度的 54%。這種利潤率增長是由於收入組合持續從消費者轉向 Udemy 業務,以及內容成本在兩個細分市場中佔收入的百分比均有所下降。

  • For OpEx, total operating expense was $98.3 million or 65% of revenue compared to 58% in Q1 of last year. Sales and marketing expenses represented 41% of total revenue compared to 41% this quarter last year as we continue to invest in the strong growth and clear ROI in Udemy Business by expanding our go-to-market and enterprise marketing teams.

    對於運營支出,總運營費用為 9830 萬美元,佔收入的 65%,而去年第一季度為 58%。銷售和營銷費用佔總收入的 41%,而去年本季度這一比例為 41%,因為我們通過擴大我們的上市和企業營銷團隊繼續投資於 Udemy Business 的強勁增長和明確的投資回報率。

  • R&D expense was 13% of revenue, up 2 points year-over-year. We're investing in innovating on our sophisticated learning platform, which is fueled by our marketplace content engine. Furthermore, we are building capabilities to provide our learners with immersive learning experiences and proactive guidance on the skills and courses they need to achieve their professional goals. These investments in our business will bring a tighter relationship between Udemy, our learners and our customers.

    研發費用佔收入的 13%,同比增長 2 個百分點。我們正在投資於我們先進的學習平台的創新,該平台由我們的市場內容引擎推動。此外,我們正在建設能力,為我們的學習者提供身臨其境的學習體驗,並積極指導他們實現職業目標所需的技能和課程。這些對我們業務的投資將使 Udemy、我們的學習者和我們的客戶之間的關係更加緊密。

  • As Gregg mentioned, our innovation focuses on 3 core areas. First, we are rolling out proprietary skills graphs that match courses and skills to real-life professional aspirations. We will first launch these on Udemy Business, and then we will launch them as a part of the consumer offering. Second, we are fueling these skills graphs with sophisticated machine learning and AI models that can personalize the learning experience for each individual. Finally, we launched career guides as part of our consumer subscription offering.

    正如 Gregg 所說,我們的創新主要集中在 3 個核心領域。首先,我們正在推出將課程和技能與現實生活中的職業抱負相匹配的專有技能圖表。我們將首先在 Udemy Business 上推出這些產品,然後將它們作為消費者產品的一部分推出。其次,我們通過複雜的機器學習和人工智能模型來推動這些技能圖,這些模型可以為每個人提供個性化的學習體驗。最後,我們推出了職業指南,作為我們消費者訂閱服務的一部分。

  • Ultimately, these investments will lead to superior learning experiences, more tangible outcomes for learners and customers and higher LTVs over time. They are also the foundation of our future efforts in credentialing.

    最終,這些投資將帶來卓越的學習體驗,為學習者和客戶帶來更切實的成果,並隨著時間的推移提高 LTV。它們也是我們未來認證工作的基礎。

  • Rounding out our discussion of operating expenses. G&A expense was 11% of revenue versus 7% a year ago as we invested in the team and systems to operate as a public company. Net loss in the quarter was negative $11.2 million or negative 7% of revenue. Adjusted EBITDA was negative $7 million or negative 5% of revenue. In the quarter, we had some consumer marketing project spend that we had previously expected to occur in Q1 shift to Q2, which positively benefited our EBITDA margin in Q1. This was in addition to the gross margin expansion I mentioned earlier. And lastly, free cash flow was negative $17.3 million versus negative $18 million a year ago.

    結束我們對運營費用的討論。 G&A 費用佔收入的 11%,而一年前為 7%,因為我們投資於團隊和系統以作為上市公司運營。本季度的淨虧損為負 1120 萬美元,佔收入的負 7%。調整後的 EBITDA 為負 700 萬美元或收入的負 5%。在本季度,我們有一些消費者營銷項目支出,我們之前預計會在第一季度轉移到第二季度,這對我們第一季度的 EBITDA 利潤率產生了積極影響。這是我之前提到的毛利率擴張的補充。最後,自由現金流為負 1730 萬美元,而一年前為負 1800 萬美元。

  • Moving on to the balance sheet. We ended the quarter and the year with $511 million of unrestricted cash, cash equivalents and marketable securities. By segment, consumer revenue was $87.3 million, down 1% year-over-year. In the first quarter, we had approximately 1.4 million monthly average buyers, which was down 2% versus a year ago. Consumer gross profit was $47.5 million or 54% of consumer revenue, approximately 270 basis points higher than in Q1 2021. Gross margin expansion was driven by lower consumer GMV in the quarter as a percentage of revenue.

    轉到資產負債表。我們以 5.11 億美元的無限制現金、現金等價物和有價證券結束本季度和本年度。按細分市場劃分,消費者收入為 8730 萬美元,同比下降 1%。第一季度,我們每月平均有大約 140 萬買家,與一年前相比下降了 2%。消費者毛利潤為 4750 萬美元,佔消費者收入的 54%,比 2021 年第一季度高出約 270 個基點。毛利率增長是由於本季度消費者 GMV 佔收入的百分比較低。

  • As a reminder, in our consumer transaction business, instructor costs are recorded immediately, but revenue is recognized over a 4-month period. We also added 2.8 million new consumer and business learners, bringing our total order base to 52 million. Of note, we define a learner as someone who has enrolled and spent time learning on the platform.

    提醒一下,在我們的消費者交易業務中,講師成本會立即記錄,但收入會在 4 個月內確認。我們還增加了 280 萬新的消費者和商業學習者,使我們的總訂單量達到 5200 萬。值得注意的是,我們將學習者定義為在平台上註冊並花時間學習的人。

  • Udemy Business continued its robust growth with Q1 revenue of $64.9 million, up 77% year-over-year. The Udemy Business customer base is now well over 11,000, up 49% from a year ago. Udemy Business ending ARR of $279.6 million was up 80% as compared to a year ago. We are pleased with the trajectory of Udemy Business, and we now expect it to exceed consumer as a percent of revenue in Q3, as Gregg noted earlier in his remarks.

    Udemy Business 繼續強勁增長,第一季度收入為 6490 萬美元,同比增長 77%。 Udemy Business 客戶群現已超過 11,000 人,比一年前增長 49%。 Udemy Business 的年末 ARR 為 2.796 億美元,與一年前相比增長了 80%。我們對 Udemy Business 的發展軌跡感到滿意,我們現在預計它在第三季度佔收入的百分比將超過消費者,正如 Gregg 早些時候在他的講話中指出的那樣。

  • Udemy Business gross profit was $42.7 million or 66% of Udemy Business revenue, which represents a roughly 120 basis point increase year-over-year. The improvement was primarily driven by a decrease in Udemy Business content costs as a percentage of Udemy Business revenue.

    Udemy Business 毛利潤為 4270 萬美元,佔 Udemy Business 收入的 66%,同比增長約 120 個基點。改善的主要原因是 Udemy Business 內容成本佔 Udemy Business 收入的百分比下降。

  • Let's turn now to guidance. Looking ahead to the second quarter of fiscal 2022, we expect revenue to be between $147 million and $151 million. As mentioned earlier, we continue to expect Udemy Business to experience strong growth, becoming the majority of our revenue in Q3 of this year.

    現在讓我們轉向指導。展望 2022 財年第二季度,我們預計收入將在 1.47 億美元至 1.51 億美元之間。如前所述,我們繼續預計 Udemy 業務將經歷強勁增長,成為我們今年第三季度收入的主要部分。

  • I want to provide a little more color on our Q2 guidance. Our consumer business continues to be affected by some of the larger macroeconomic factors that have impacted our consumer growth over the last several quarters. While visitor traffic and leads to Udemy business remain strong, the conversion of those visitors into consumer buyers has slowed a bit compared to last year. We believe these headwinds remain leading into Q2 and will put additional pressure on consumer growth in the near term. We do expect our marketplace to continue to be healthy and fueling Udemy Business. Growth in Udemy Business remains strong, and we are very excited and encouraged by the rapid revenue expansion and strong net dollar retention.

    我想為我們的第二季度指南提供更多色彩。我們的消費者業務繼續受到一些較大的宏觀經濟因素的影響,這些因素在過去幾個季度影響了我們的消費者增長。雖然訪客流量和 Udemy 業務的線索仍然強勁,但與去年相比,這些訪客轉化為消費者購買者的速度有所放緩。我們認為,這些不利因素仍會導致第二季度出現,並將在短期內給消費者增長帶來額外壓力。我們確實希望我們的市場繼續保持健康並推動 Udemy 業務發展。 Udemy 業務的增長依然強勁,我們對收入的快速增長和強勁的淨美元保留率感到非常興奮和鼓舞。

  • For the second quarter, we expect an adjusted EBITDA margin of negative 15% to negative 12%. Let me provide a little more color on our Q2 EBITDA guidance. As I mentioned earlier, in Q1, we benefited from certain consumer marketing projects not impacting our Q1 expenses. As we look ahead to Q2, some of these consumer costs we did not see in Q1 are now expected to land in our Q2 operating expenses. This quarter-to-quarter timing issue is an important consideration in our Q2 EBITDA margin guidance.

    對於第二季度,我們預計調整後的 EBITDA 利潤率為負 15% 至負 12%。讓我為我們的第二季度 EBITDA 指導提供更多色彩。正如我之前提到的,在第一季度,我們受益於某些不影響第一季度支出的消費者營銷項目。當我們展望第二季度時,我們在第一季度沒有看到的一些消費者成本現在預計將落在我們第二季度的運營費用中。這個季度到季度的時間問題是我們第二季度 EBITDA 利潤率指導中的一個重要考慮因素。

  • Of note, our full year revenue, segment revenue and adjusted EBITDA margin guidance remains unchanged at $610 million to $640 million in revenue, with the Udemy Business at $300 million to $310 million in revenue and consumer at $310 million to $330 million in revenue. We continue to expect an adjusted EBITDA margin of negative 12% to negative 10%.

    值得注意的是,我們的全年收入、部門收入和調整後的 EBITDA 利潤率指引保持不變,收入為 6.1 億美元至 6.4 億美元,Udemy 業務收入為 3 億美元至 3.1 億美元,消費者收入為 3.1 億美元至 3.3 億美元。我們繼續預計調整後的 EBITDA 利潤率為負 12% 至負 10%。

  • To conclude, I'm pleased with our Q1 performance and the strong growth of Udemy Business. Our continued momentum here is providing us with greater visibility into our revenue via more and more recurring revenue streams as well as unlocking further expansionary growth opportunities as we land and expand into even more organizations globally. We continue to demonstrate strong performance with 80% ARR growth and a 120% net dollar retention rate and are excited to see Udemy Business comprise a majority of our revenues next quarter. We look forward to further success and momentum in Q2 and the rest of the year.

    最後,我對我們第一季度的表現和 Udemy Business 的強勁增長感到滿意。我們在這方面的持續發展勢頭通過越來越多的經常性收入流為我們提供了對收入的更大可見性,並在我們登陸並擴展到全球更多組織時釋放了進一步的擴張性增長機會。我們繼續以 80% 的 ARR 增長和 120% 的淨美元保留率展示強勁的業績,並很高興看到 Udemy 業務占我們下個季度收入的大部分。我們期待在第二季度和今年餘下時間取得進一步的成功和動力。

  • And with that, we'll open up the call for Q&A. Moderator?

    有了這個,我們將打開問答電話。版主?

  • Operator

    Operator

  • (Operator Instructions) Our first question comes from the line of Stephen Sheldon from William Blair.

    (操作員說明)我們的第一個問題來自 William Blair 的 Stephen Sheldon。

  • Stephen Hardy Sheldon - Analyst

    Stephen Hardy Sheldon - Analyst

  • Nice results here. Maybe just starting on the business side. You guys have rolled out a lot of new functionality there with assessments and labs, learnings paths, et cetera. I guess with all of these, what have you seen so far in terms of businesses actually utilizing some of the product improvements? Or maybe where are you expecting the biggest adoption when you think about the next few years?

    這裡的結果很好。也許只是從業務方面開始。你們在那裡推出了許多新功能,包括評估和實驗室、學習路徑等。我想對於所有這些,到目前為止,您在企業實際利用某些產品改進方面看到了什麼?或者,當您考慮未來幾年時,您期望最大的採用率在哪裡?

  • Sarah Walter Blanchard - CFO

    Sarah Walter Blanchard - CFO

  • Yes. Great. Thanks for the question. I think one of the things that we've spoken about is how we engage our customers and their employees through 2 different things. One is our customer success team. And upfront, we align with the customers to understand what it is that their business goals are. And so for some of these newer products like Udemy Pro that has the assessments and the labs, for those employees that want those, and we align with them, we have some preset ways that they can engage those teams. And so we're starting to gain traction with the new products that we're rolling out.

    是的。偉大的。謝謝你的問題。我認為我們談到的其中一件事是我們如何通過兩件不同的事情來吸引我們的客戶和他們的員工。一是我們的客戶成功團隊。在前期,我們與客戶保持一致,以了解他們的業務目標是什麼。因此,對於像 Udemy Pro 這樣具有評估和實驗室的新產品,對於那些想要這些並且我們與他們保持一致的員工,我們有一些預設的方式可以讓他們參與這些團隊。因此,我們開始對我們推出的新產品產生吸引力。

  • The other thing that we've spoken about are those tools, those enterprise tools, to engage the teams in all of our offerings. And so those tools are -- they are very robust, and they're used by learning leaders and those who are buying the product. So we're happy with the engagement we're seeing. Obviously, there's always room for improvement, and so we never stop improving. But we're going to continue innovating and rolling out new features because of the response we're getting.

    我們談到的另一件事是那些工具,那些企業工具,讓團隊參與我們所有的產品。所以這些工具是——它們非常強大,並且被學習領導者和購買產品的人使用。所以我們對我們看到的參與感到滿意。顯然,總是有改進的餘地,所以我們永遠不會停止改進。但是由於我們得到的響應,我們將繼續創新並推出新功能。

  • Stephen Hardy Sheldon - Analyst

    Stephen Hardy Sheldon - Analyst

  • Got it. That's good to hear. And then maybe just a follow-up on the consumer side. Consumer gross margins, nice step up there year-over-year and sequentially. I think you mentioned some benefit from content costs, but can you just give more detail behind that and how you're thinking about consumer gross margins over the rest of the year?

    知道了。聽起來還不錯。然後也許只是消費者方面的後續行動。消費者毛利率,同比和環比都有很好的增長。我認為您提到了內容成本帶來的一些好處,但您能否提供更多細節,以及您如何看待今年剩餘時間的消費者毛利率?

  • Sarah Walter Blanchard - CFO

    Sarah Walter Blanchard - CFO

  • Sure. So 2 pieces. One is our revenue recognition. So as a reminder, we typically actually see an increase in consumer gross margin in the first quarter because we have a large Q4 promotion. And so we have a lot of buying that happens in Q4. The content costs are recorded in Q4. And then what you'll see in the first quarter is that revenue is coming in because it comes in over 4 months for the transactional revenue, and you don't have those instructor costs.

    當然。所以2塊。一是我們的收入確認。提醒一下,我們通常會在第一季度看到消費者毛利率的增加,因為我們在第四季度進行了大量促銷。所以我們有很多購買發生在第四季度。內容成本記錄在第四季度。然後你會在第一季度看到收入正在到來,因為交易收入需要 4 個多月的時間,而且你沒有那些講師成本。

  • The other piece of it is for the majority of our transactional revenue, the revenue share is 37%. For learners that come to us from the instructors, actually, they're paid a much higher rate. And what we're seeing actually is the number of learners coming from instructors decreasing as the things that we're doing in the market and our organic growth continues to increase as a percentage of the total. So for the year, we expect to see those, what I'll call, normal fluctuations in gross margin because of our promotion cycle, but we do anticipate a small step-up over the year.

    另一部分是我們大部分的交易收入,收入份額為 37%。對於從導師那裡來的學習者,實際上,他們的報酬要高得多。我們實際上看到的是,隨著我們在市場上所做的事情以及我們的有機增長佔總數的百分比繼續增加,來自講師的學習者數量正在減少。因此,對於這一年,我們預計會看到毛利率由於我們的促銷週期而出現正常波動,但我們確實預計這一年會有小幅增長。

  • Operator

    Operator

  • Our next question comes from the line of Rob Oliver from Baird.

    我們的下一個問題來自 Baird 的 Rob Oliver。

  • Our next question comes from the line of Josh Baer from Morgan Stanley.

    我們的下一個問題來自摩根士丹利的 Josh Baer。

  • Joshua Phillip Baer - Equity Analyst

    Joshua Phillip Baer - Equity Analyst

  • I want to focus on Udemy Business. We saw the acceleration in ARR and the improvement in the net retention rate, acceleration in customer count. Like so taking a step back, I mean, if you could provide any more context really on what's resonating on that side of the business? Anything to call out to start there?

    我想專注於 Udemy 業務。我們看到了 ARR 的加速和淨保留率的提高,客戶數量的加速。就像退後一步一樣,我的意思是,如果你能提供更多關於什麼在業務方面引起共鳴的背景信息?有什麼可以從那裡開始的嗎?

  • Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

    Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

  • Yes. Thanks for the question, Josh. I think the interesting thing about Udemy Business is just the breadth of what's going on there is that we are doing extremely well in all geographies and all segments of the business. And I think that's what's unique about it. We are doing well everywhere. And then we have these new partnerships that are starting off well with Korea. We started our first full quarter in Korea, and we did almost $500,000 ARR in our first full quarter. We're starting to sell in Mainland China. So it's just -- the business is just extraordinary. I think there's amazing market fit. I think our content is really superior to what's out in the marketplace. And so it's reflected in our business results, but it's very, very broad-based.

    是的。謝謝你的問題,喬希。我認為 Udemy Business 的有趣之處在於,我們在所有地區和所有業務領域都做得非常好。我認為這就是它的獨特之處。我們到處都做得很好。然後我們與韓國建立了這些新的合作夥伴關係。我們在韓國開始了我們的第一個完整季度,我們在第一個完整季度實現了近 500,000 美元的 ARR。我們開始在中國大陸銷售。所以它只是 - 業務非常出色。我認為有驚人的市場契合度。我認為我們的內容確實優於市場上的內容。所以它反映在我們的業務成果中,但它的範圍非常非常廣泛。

  • Joshua Phillip Baer - Equity Analyst

    Joshua Phillip Baer - Equity Analyst

  • That's helpful. And then second, I wanted to just ask if we are headed into a tougher macro environment recession, where do you think Udemy Business falls on the priority list? I mean, are there certain use cases that hold up better? Does the land-and-expand model help you there? Just wondering how you'd expect that business to perform in a weaker macro environment?

    這很有幫助。其次,我想問一下,我們是否正面臨更嚴峻的宏觀環境衰退,您認為 Udemy Business 在優先級列表中的位置是什麼?我的意思是,是否有某些用例可以更好地支撐?土地和擴張模式對你有幫助嗎?只是想知道您如何期望該業務在較弱的宏觀環境中表現?

  • Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

    Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

  • Yes. We believe that the Udemy Business will do very well under any kind of circumstances just because of the massive tailwinds behind it. There's the digital transformation that's going on. The future of work has changed due to the pandemic. There's a skills-based economy, creator economy. So there's just massive tailwinds in this business. And so we believe that a tougher economic environment will not hurt us at all. In fact, employee retention becomes much more of an issue in that type of an area. And so there's a great resignation going on and people want to make sure that they engage their employees and they keep them longer. So all the trends are really tailwinds for us right now.

    是的。我們相信 Udemy 業務在任何情況下都會做得很好,因為它背後有巨大的順風。正在進行數字化轉型。由於大流行,工作的未來發生了變化。有一個基於技能的經濟,創造者經濟。因此,這項業務只有巨大的順風。因此,我們相信更嚴峻的經濟環境根本不會傷害我們。事實上,在這種類型的領域中,員工保留變得更加重要。因此,大量的辭職正在發生,人們希望確保他們讓員工參與進來,並讓他們留得更久。所以現在所有的趨勢對我們來說都是順風。

  • Operator

    Operator

  • Our next question comes from the line of Brent Thill from Jefferies.

    我們的下一個問題來自 Jefferies 的 Brent Thill。

  • David Marshall Lustberg - Equity Associate

    David Marshall Lustberg - Equity Associate

  • This is David Lustberg on for Brent. Two, if I may. On -- I guess, on the first one, is there any color you can provide as to what percent of company's enterprises are currently using an enterprise learning product like it was today? Like how much opportunity is there left? How much of this market remains completely unpenetrated? Any color there would be helpful. And then I have a follow-up.

    這是布倫特原油的大衛·勒斯特伯格。二,如果可以的話。關於——我想,在第一個問題上,您是否可以提供任何顏色來說明目前有多少百分比的公司企業正在使用像今天這樣的企業學習產品?比如還有多少機會?這個市場有多少仍未被完全滲透?那裡的任何顏色都會有幫助。然後我有一個跟進。

  • Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

    Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

  • It's very early days for this market. Two years ago, the majority of the learning in corporations were done in person. And those days are vastly changed because of the pandemic and hybrid work and the complete future of work has changed. So it's very early days. So we believe that we are very early innings in this business.

    這個市場還處於早期階段。兩年前,公司的大部分學習都是親自完成的。由於大流行和混合工作,那些日子發生了巨大變化,工作的完整未來也發生了變化。所以現在還很早。因此,我們相信我們在這項業務中處於早期階段。

  • Sarah Walter Blanchard - CFO

    Sarah Walter Blanchard - CFO

  • And just to add to that, we have a large number of customers, over 11,000 customers right now, but we're only 10% penetrated. We're in a land-and-expand situation. And so we have really strong net dollar retention that's 120% in total. And for our larger customers, those with over 1,000 employees, it's 127%. So with our existing -- even with just our existing customers, we've got a long runway. But like Gregg said, it's just early days across the board.

    此外,我們擁有大量客戶,目前有超過 11,000 名客戶,但我們只有 10% 的滲透率。我們處於土地和擴張的境地。因此,我們擁有非常強勁的淨美元保留率,總計為 120%。對於我們的大客戶,即擁有 1,000 多名員工的客戶,這一比例為 127%。因此,對於我們現有的 - 即使只有我們現有的客戶,我們也有很長的路要走。但正如格雷格所說,這只是全面的早期階段。

  • David Marshall Lustberg - Equity Associate

    David Marshall Lustberg - Equity Associate

  • Understood. That's helpful. And then on the consumer business, just wanted to touch on the -- how many -- what percentage of buyers or if you can give like rough direction of how this has trended, but how will the buyers each quarter, like how many of them are returning buyers versus net new buyers? And just kind of the discussion around new buyers versus returning buyers and your ability to retain some of these consumers on the consumer side of the business would be helpful.

    明白了。這很有幫助。然後在消費者業務上,只是想談談 - 多少 - 買家的百分比,或者如果你能給出大致的趨勢方向,但每個季度的買家將如何,比如他們中有多少是回頭客還是淨新買家?只是圍繞新買家與回頭客的討論以及您在業務的消費者方面保留其中一些消費者的能力會有所幫助。

  • Sarah Walter Blanchard - CFO

    Sarah Walter Blanchard - CFO

  • Yes. Great question. So a large amount of our buying on the transaction side actually comes from returning buyers. It's well north of 50%. We're also seeing some trends that we'd like to see where engagement is up this year compared to last year as we continue to invest in things that drive engagement and retention. The last thing I'll mention is we're in the early stages as we've spoken about for our consumer subscription business. And we are innovating there and really driving career guidance and learning paths and different ways to engage and retain our learners. So a lot of current buying that happens is from returning, but also we have a lot of work that we're doing there that we're excited about.

    是的。好問題。所以我們在交易端的大量購買實際上來自回頭客。它遠在 50% 以北。我們還看到了一些趨勢,我們希望看到今年的參與度與去年相比有所上升,因為我們繼續投資於推動參與度和留存率的事物。我要提到的最後一件事是我們正處於早期階段,因為我們已經談到了我們的消費者訂閱業務。我們正在那裡進行創新,真正推動職業指導和學習路徑以及吸引和留住學習者的不同方式。因此,目前發生的很多購買都是來自退貨,但我們也有很多我們正在做的工作讓我們感到興奮。

  • Operator

    Operator

  • Our next question comes from the line of Terry Tillman from Truist.

    我們的下一個問題來自 Truist 的 Terry Tillman。

  • Connor Passarella - Research Analyst

    Connor Passarella - Research Analyst

  • This is Connor Passarella on for Terry. I just wanted to start on one with international. So congrats on the deal in China. It's really great to hear. Just curious as to what you're seeing in terms of competitive pressure in some of these emerging regions like Japan, South Korea and China. And then also in terms of these emerging markets, maybe how does the land-and-expand dynamic change as you involve partners more heavily in these deals?

    這是特里的康納帕薩雷拉。我只是想從國際開始。所以祝賀在中國的交易。真的很高興聽到。只是好奇您在日本、韓國和中國等新興地區的競爭壓力方面看到了什麼。然後就這些新興市場而言,隨著合作夥伴更多地參與這些交易,土地和擴張的動態變化可能會如何?

  • Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

    Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

  • So as far as the competition in those markets, in the Asian markets, in Japan, we have very little competition. We have, by far, the largest local Japanese business catalog. And so there's very little competition there. So we're growing rapidly there. In Korea, there's actually -- there's not a lot of international competitors, but there are a number of local competitors. So we built out our Korean content and we started with a nice size, but we're building that. And as far as China goes, there's actually one of our competitors actually just pulled out a quarter or 2 ago. So there's less international competition, but there is some local competition, but not that much.

    因此,就這些市場、亞洲市場、日本的競爭而言,我們幾乎沒有競爭。我們擁有迄今為止最大的日本本土企業目錄。所以那裡的競爭很少。所以我們在那裡發展迅速。在韓國,實際上 - 國際競爭對手並不多,但有許多本地競爭對手。所以我們構建了我們的韓國內容,我們從一個不錯的大小開始,但我們正在構建它。就中國而言,實際上我們的一個競爭對手實際上在一兩個季度前剛剛退出。所以國際競爭較少,但有一些本地競爭,但沒有那麼多。

  • So -- but as far as land-and-expand, it's very similar. We work with our partners. We work very closely with them. We work like we're one team. So they're using the same procedures, they're using the same marketing materials. And they tend to do very well. Like our actual net retention in Japan is higher than it is in other places. So it's actually going very well.

    所以——但就土地和擴張而言,它非常相似。我們與合作夥伴合作。我們與他們密切合作。我們像一個團隊一樣工作。所以他們使用相同的程序,使用相同的營銷材料。他們往往做得很好。就像我們在日本的實際淨留存率高於其他地方一樣。所以它實際上進展得很好。

  • Connor Passarella - Research Analyst

    Connor Passarella - Research Analyst

  • Perfect. Yes, that's really good color. Maybe just one quick follow-up. So on marketing, in addition to generating traffic organically through the consumer side of the business, I know that there are some marketing testing from different channels like affiliate networks, partnering to systems and television. I'm just curious if any takeaways at those different marketing channels, maybe where do you plan to continue to invest in lead gen.

    完美的。是的,這顏色真的很好。也許只是一個快速的跟進。所以在營銷方面,除了通過業務的消費者端有機地產生流量外,我知道還有來自不同渠道的一些營銷測試,比如聯盟網絡、與系統和電視的合作。我只是好奇這些不同的營銷渠道是否有任何收穫,也許你打算在哪裡繼續投資於潛在客戶。

  • Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

    Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

  • Yes. So we're always testing in consumer marketing. So it's that kind of a business. So we are doing a lot of TV testing. We're testing TV in about 5 or 6 countries right now, but we're also testing YouTube and Facebook and on and on and on. TikTok is something that we're going to launch a test in the next quarter. So I just think it's a never-ending test and roll, test and roll, test and roll, and just looking for the most efficient way to acquire customers. You're looking for the most efficient way with the lowest cost of acquisition. So it's a never-ending story.

    是的。所以我們一直在消費者營銷方面進行測試。所以就是這樣的生意。所以我們正在做很多電視測試。我們目前正在大約 5 或 6 個國家/地區測試電視,但我們也在不斷地測試 YouTube 和 Facebook 等等。我們將在下個季度對 TikTok 進行測試。所以我只是認為這是一個永無止境的測試和滾動,測試和滾動,測試和滾動,只是尋找最有效的方式來獲取客戶。您正在尋找獲取成本最低的最有效方式。所以這是一個永無止境的故事。

  • Operator

    Operator

  • Our next question comes from the line of Rob Oliver from Baird.

    我們的下一個問題來自 Baird 的 Rob Oliver。

  • Robert Cooney Oliver - Senior Research Analyst

    Robert Cooney Oliver - Senior Research Analyst

  • Can you hear me okay?

    你能聽到我的聲音嗎?

  • Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

    Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

  • Yes, we can.

    我們可以。

  • Sarah Walter Blanchard - CFO

    Sarah Walter Blanchard - CFO

  • Yes, we can.

    我們可以。

  • Robert Cooney Oliver - Senior Research Analyst

    Robert Cooney Oliver - Senior Research Analyst

  • Great. Okay. Awesome. And apologies for that before. So just a couple of questions, Gregg and Sarah, and I did miss one of the questions as I was even trying to get back in, so I apologize if this was asked already. But just clearly, really strong enterprise Udemy Business trends across the board. And I wanted to just dive into that a little bit more on a couple of fronts. One, are you seeing any change or variance in where the lands are? I know you guys have traditionally landed in both HR and in IT. And just would be curious for any color there.

    偉大的。好的。驚人的。並為此道歉。所以只有幾個問題,格雷格和莎拉,我確實錯過了其中一個問題,因為我什至試圖重新回答,所以如果已經問過這個問題,我深表歉意。但很明顯,真正強大的企業 Udemy Business 趨勢全面。我想在幾個方面再深入一點。一,您是否看到土地所在位置有任何變化或變化?我知道你們傳統上都從事人力資源和 IT 工作。並且會對那裡的任何顏色感到好奇。

  • And then second part of that question is, I know you guys often will sort of in the first year of an engagement run side by side with, say, another competitor and some of your marquee customers are ones that you've won following that year period. And just curious with the tremendous momentum in the UB side whether some of those new wins were ones were those expansions, were ones where you had been kind of running side by side with the competitor. And then I had a quick follow-up as well.

    然後這個問題的第二部分是,我知道你們經常會在參與的第一年與另一個競爭對手並肩作戰,而你的一些大客戶是你在那一年贏得的時期。只是對 UB 方面的巨大勢頭感到好奇,其中一些新勝利是否是那些擴展,是那些你曾與競爭對手並肩作戰的勝利。然後我也進行了快速跟進。

  • Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

    Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

  • Yes. I don't think there's anything really different with the lands today. I mean we are building out our go-to-market team. So there's more people in more countries. So the lands tend to be more diverse than they were before as far as geographies. We're building out Latin America now. And so we're getting more new customers there. And so it's very, very broad, and it continues to be very broad on the lands. And the same thing with the expansions. Now as far as the trials, we are in trials all the time. And we like the trial with our competitors because we believe we have the deepest content, the freshest content and that we do very well in trials. So a number of the lands are in trials. So we are in trials every single day. And so as I said, we're winning more than our fair share. And I think that's reflected in our growth rate. We're growing faster than the market is. And again, it's a lot to do with our marketplace and our business model. So we love to go into trials.

    是的。我不認為今天的土地有什麼不同。我的意思是,我們正在組建我們的上市團隊。所以在更多的國家有更多的人。因此,就地理而言,這些土地往往比以前更加多樣化。我們現在正在建設拉丁美洲。所以我們在那裡獲得了更多的新客戶。所以它非常非常廣泛,並且在陸地上繼續非常廣泛。擴展也是如此。現在就試煉而言,我們一直都在試煉中。而且我們喜歡與競爭對手一起進行試用,因為我們相信我們擁有最深入的內容,最新鮮的內容,並且我們在試用中做得很好。因此,一些土地正在試驗中。所以我們每天都在試煉。正如我所說,我們贏得的不僅僅是我們應得的份額。我認為這反映在我們的增長率上。我們的增長速度超過了市場。再說一次,這與我們的市場和商業模式有很大關係。所以我們喜歡進行試驗。

  • Robert Cooney Oliver - Senior Research Analyst

    Robert Cooney Oliver - Senior Research Analyst

  • Got it. Okay. That's great, Gregg. I appreciate it. And then, Sarah, just a question for you just on the consumer subscription side. Obviously, a lot of variability in the consumer trends. And you guys have done a nice job modeling to that and getting us focused on kind of that kind of flattish area. But can you talk a little bit about consumer subscription? I realize it's still very early. It does seem like the content at least from my checks and observations is getting richer around consumer subscription? And just would wonder albeit recognizing that it's early, what kind of trends you're seeing there.

    知道了。好的。太好了,格雷格。我很感激。然後,莎拉,只是關於消費者訂閱方面的問題。很明顯,消費趨勢的變化很大。你們已經做了很好的建模工作,讓我們專注於那種平坦的區域。但是你能談談消費者訂閱嗎?我意識到現在還為時過早。至少從我的檢查和觀察來看,似乎內容在消費者訂閱方面變得越來越豐富?只是想知道雖然現在還早,但你在那裡看到了什麼樣的趨勢。

  • Sarah Walter Blanchard - CFO

    Sarah Walter Blanchard - CFO

  • Yes. Great. Thanks for the question. So it is still early days. We are happy with what we're seeing there. But as we spoke about, we're still kind of in beta mode until the second half of the year. As we've said, there is some limited visibility on the consumer side, especially on the transaction side where we're seeing some conversion suppression. And we do anticipate our second quarter to be down year-over-year. But from a subscription perspective, that is starting to gain traction nicely in our beta test areas. And so we're going to continue innovating there. I love that you're seeing some of the new stuff that we're doing from a content and from a capability perspective. And we're going to continue doing that. And then when we're ready, we're going to start rolling out more broadly in the back half.

    是的。偉大的。謝謝你的問題。所以現在還為時尚早。我們對在那裡看到的東西感到滿意。但正如我們所說,直到今年下半年,我們仍處於測試模式。正如我們所說,消費者方面的可見性有限,特別是在我們看到一些轉換抑制的交易方面。我們確實預計我們的第二季度將同比下降。但從訂閱的角度來看,這開始在我們的 beta 測試領域獲得很好的吸引力。因此,我們將繼續在那裡進行創新。我喜歡你從內容和能力的角度看到我們正在做的一些新東西。我們將繼續這樣做。然後當我們準備好時,我們將開始在後半區更廣泛地推出。

  • Operator

    Operator

  • Our next question comes from the line of Brett Knoblauch from Cantor Fitzgerald.

    我們的下一個問題來自 Cantor Fitzgerald 的 Brett Knoblauch。

  • Brett Anthony Knoblauch - Research Analyst

    Brett Anthony Knoblauch - Research Analyst

  • Could you maybe just go into a bit more detail on your full year guidance? It seems like enterprise momentum is really just picking up steam. I mean $40 million of net new ARR in the quarter is quite spectacular. I guess as you break out the segment guide for the full year, should we be expecting kind of enterprise to be closer to the top end of that range and maybe consumer now, I guess, a bit closer to the bottom of the range? Or is it still too early to tell given how early we are in the year, particularly for the consumer segment?

    您能否詳細介紹一下您的全年指導?看來企業發展勢頭真的剛剛好轉。我的意思是,本季度 4000 萬美元的淨新 ARR 非常可觀。我想當你打破全年的細分指南時,我們是否應該期待某種企業更接近該範圍的高端,也許現在的消費者,我猜,更接近該範圍的底部?還是說考慮到我們今年有多早,特別是對於消費者群體來說,現在說還為時過早?

  • Sarah Walter Blanchard - CFO

    Sarah Walter Blanchard - CFO

  • It's a great question. So I think we do anticipate Udemy Business to continue to have strong growth. I was really pleased with what we're seeing there. As Gregg mentioned, we're not just building out the team, but the team is ramping really nicely across all segments and all regions. And our land-and-expand motion is working well. From a consumer perspective, as I said, we do expect Q2 to be down year-over-year. We don't have visibility into growth in the back half right now. Like you're hearing from all the consumer (inaudible) like we're also seeing conversion suppression at the top of the funnel, but we're kind of waiting to see. We do think that there's some countercyclicality that we have. So depending on what happens, as unemployment increases, we think that benefit could be a benefit to the consumer business. So we're reiterating guidance, but I think your instincts on UB continue to be really strong, are right.

    這是一個很好的問題。所以我認為我們確實預計 Udemy Business 將繼續強勁增長。我對我們在那裡看到的東西感到非常滿意。正如 Gregg 提到的,我們不僅在組建團隊,而且團隊在所有細分市場和所有地區都非常出色。我們的土地和擴張運動運作良好。正如我所說,從消費者的角度來看,我們確實預計第二季度會同比下降。我們現在還沒有看到後半部分的增長情況。就像您從所有消費者那裡聽到的一樣(聽不清),就像我們也在漏斗頂部看到轉化抑制一樣,但我們有點等著看。我們確實認為我們有一些反週期性。因此,根據發生的情況,隨著失業率的增加,我們認為這種好處可能會對消費者業務產生好處。所以我們重申了指導,但我認為你對 UB 的直覺仍然非常強烈,是對的。

  • Brett Anthony Knoblauch - Research Analyst

    Brett Anthony Knoblauch - Research Analyst

  • Perfect. And then maybe from a seasonality perspective, as you may be landing with larger customers, are you seeing any shift in seasonality from the business side maybe towards a more traditional kind of software purchasing cycle or it's Q4 heavy?

    完美的。然後也許從季節性的角度來看,因為您可能會與更大的客戶一起登陸,您是否看到季節性從業務方面轉向更傳統的軟件購買週期或第四季度重?

  • Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

    Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

  • We've always been very Q4 heavy like everybody else. But if anything, it's actually less so. The first 1, 2 -- quarters 1, 2, 3 tend to be -- are stronger, I think, than they were a little bit historically. But part of that is we're building on our go-to-market team, and we're just getting much better at what we're doing. But it's still going to be very fourth quarter heavy because that tends to be the business.

    和其他人一樣,我們一直很重 Q4。但如果有的話,它實際上不那麼重要。我認為,前 1、2 季度——第 1、2、3 季度往往——比歷史上的要強。但其中一部分是我們正在建立我們的上市團隊,我們正在做的事情變得更好。但它仍然會在第四季度非常沉重,因為這往往是業務。

  • Brett Anthony Knoblauch - Research Analyst

    Brett Anthony Knoblauch - Research Analyst

  • Okay. And maybe just one last one on FX. I know you guys are really global and the dollar has appreciated pretty significantly against pretty much every currency out there. Are you guys contracting with enterprises outside of the U.S. in local currencies? Or is it in U.S. dollar? Was there any FX impact on the quarter?

    好的。也許只是 FX 上的最後一個。我知道你們真的是全球性的,美元兌幾乎所有貨幣都升值了很多。你們是否以當地貨幣與美國以外的企業簽訂合同?還是美元?對本季度有任何外匯影響嗎?

  • Sarah Walter Blanchard - CFO

    Sarah Walter Blanchard - CFO

  • Yes. So the vast majority of our Udemy Business contracts are in U.S. dollars. And so as Udemy Business grows as a percentage of our revenue, the FX risk actually decreases. So we saw a very small amount of impact for the first quarter. And for the year, we think we have about 1% to 2% at the very outside risk to the top line.

    是的。因此,我們絕大多數的 Udemy Business 合同都是美元。因此,隨著 Udemy Business 占我們收入的百分比增長,外匯風險實際上會降低。因此,我們看到第一季度的影響非常小。對於這一年,我們認為我們有大約 1% 到 2% 的收入處於非常外部的風險中。

  • Operator

    Operator

  • Our next question comes from the line of Jason Celino from KeyBanc Capital.

    我們的下一個問題來自 KeyBanc Capital 的 Jason Celino。

  • Devin Au - Associate

    Devin Au - Associate

  • This is actually Devin on for Jason today. Maybe just one, and I also want to double-click on Udemy Business, just given the strong growth there. You mentioned sales execution in that segment remains strong. But can you comment on maybe sales cycle, close rates, admin rates? Are you also seeing those metrics improving in the past quarter?

    這實際上是傑森今天的德文。也許只有一個,而且我還想雙擊 Udemy Business,因為那裡的增長強勁。您提到該細分市場的銷售執行力依然強勁。但是你能評論一下銷售週期、成交率、管理費率嗎?您是否也看到這些指標在上個季度有所改善?

  • Sarah Walter Blanchard - CFO

    Sarah Walter Blanchard - CFO

  • Yes. So sales cycles continue to be what you typically see there about 9 to 12 months for the larger enterprises faster for the commercial segments. Close rates are strong. They've gone up a little bit, but they've always been strong. And like Gregg said, our favorite thing to do is actually trial, and that's where we really see we win more than our fair share.

    是的。因此,對於大型企業來說,銷售週期仍然是您通常看到的大約 9 到 12 個月,而商業領域的銷售週期則更快。收盤率很高。他們已經上升了一點,但他們一直很堅強。就像格雷格說的那樣,我們最喜歡做的事情實際上是試驗,這就是我們真正看到我們贏得的比我們應得的份額更多的地方。

  • Operator

    Operator

  • Our next question comes from the line of Ryan MacDonald from Needham.

    我們的下一個問題來自 Needham 的 Ryan MacDonald。

  • Matthew Dineen Shea - Research Analyst

    Matthew Dineen Shea - Research Analyst

  • This is Matt Shea on for Ryan. I wanted to touch on China a little bit more. Curious with the recent partnership and expansion. What kind of trends you guys have seen there, especially in terms of usage, given the lockdowns during Q1? And then any color on the contribution that China contributed in the quarter?

    這是 Ryan 的 Matt Shea。我想多談談中國。對最近的合作夥伴關係和擴張感到好奇。鑑於第一季度的封鎖,你們在那裡看到了什麼樣的趨勢,尤其是在使用方面?那麼中國在本季度的貢獻有什麼顏色嗎?

  • Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

    Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

  • It's very early days in China. So it's not material at all at this point. We just opened it up. We just launched the app and we closed a few contracts. So it's really, really early days for us to really have enough data to really understand all that. But we like what we're doing. We're building a nice pipeline. We're building out our sales organization there, and our partners are very excited about what they're seeing.

    在中國還很早。所以在這一點上它根本不重要。我們剛剛打開它。我們剛剛啟動了該應用程序,並關閉了一些合同。因此,對於我們來說,真正擁有足夠的數據來真正理解這一切還為時過早。但我們喜歡我們正在做的事情。我們正在建立一個很好的管道。我們正在那裡建立我們的銷售組織,我們的合作夥伴對他們所看到的感到非常興奮。

  • One of the interesting trends is we're getting a lot of pipeline from some of the European countries that have offices in China. So we -- and we actually have a bunch of existing Udemy customers that have offices in China. So we think there's a nice runway for us.

    一個有趣的趨勢是,我們正在從一些在中國設有辦事處的歐洲國家獲得大量管道。所以我們——實際上我們有很多在中國設有辦事處的現有 Udemy 客戶。所以我們認為我們有一條不錯的跑道。

  • Matthew Dineen Shea - Research Analyst

    Matthew Dineen Shea - Research Analyst

  • Got it. That's helpful. And then keeping in mind that it's still early, you noted the loss of a competitor pulling out of the Chinese market. Have you seen that kind of impacting your ability to build a pipeline more quickly or any opportunities that you're already seeing that create?

    知道了。這很有幫助。然後請記住,現在還為時過早,您注意到競爭對手退出中國市場的損失。您是否看到這種影響您更快地建立管道的能力或您已經看到的任何機會?

  • Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

    Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

  • Yes, it's absolutely helping us build our pipeline. So there is certain -- we had one large European multinational who was looking for a replacement. And now that they know we're in the marketplace, they contacted us. So yes, we are seeing it will make it easier to build our pipeline in China, for sure. Less competition.

    是的,它絕對幫助我們建立我們的管道。所以可以肯定——我們有一家大型歐洲跨國公司正在尋找替代品。現在他們知道我們在市場上,他們聯繫了我們。所以,是的,我們看到它肯定會讓我們在中國建設管道變得更容易。競爭較少。

  • Operator

    Operator

  • There are no further questions. We will now turn the call back to Gregg Coccari for closing remarks.

    沒有進一步的問題。現在,我們將把電話轉回 Gregg Coccari 的閉幕詞。

  • Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

    Gregg Andrew Coccari - Chairperson of the Board of Directors, President & CEO

  • I want to thank everyone. I appreciate all your questions. To summarize, our strong Q1 results illustrate 3 themes driving Udemy's strong performance: first, strong demand, solid execution and continued top line growth; second, unprecedented tailwinds accelerating the workplace shift to digital upskiling and learning that drive our TAM; and third, the continued health of Udemy's consumer marketplace, which fuels the growth of Udemy Business. Simply stated, Udemy has the broadest and most relevant skill-building content in what is a very large and underpenetrated market. We're just getting started, and I'm excited for the opportunity ahead. I appreciate your time.

    我要感謝大家。我感謝你所有的問題。總而言之,我們強勁的第一季度業績說明了推動 Udemy 強勁表現的 3 個主題:第一,強勁的需求、穩健的執行和持續的收入增長;其次,前所未有的順風加速了工作場所向數字技能提升和學習的轉變,推動了我們的 TAM;第三,Udemy 消費者市場的持續健康,這推動了 Udemy Business 的增長。簡而言之,Udemy 在這個非常龐大且未充分滲透的市場中擁有最廣泛和最相關的技能培養內容。我們才剛剛開始,我對未來的機會感到興奮。我很感激你的時間。

  • Operator

    Operator

  • This concludes today's conference call. Thank you for participating. You may now disconnect.

    今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。