Awesome. Good morning and welcome, everybody. I'm Brian Smilick, JPMorgan's Internet and Online Education Analyst, and I'm really excited to host two of Coursera's newest leaders for today's webcast conversation. As a reminder to all listeners, this webcast is being conducted in listen-only mode and is scheduled for the next half hour or so. If you have any questions, feel free to reach out to either me or the team after today's event. Let's kick it off. Let's start by introducing today's speakers. First is Greg Hart, who became CEO of Coursera earlier this year. Greg, we've had two quarters to follow some of the really early changes you've been making since taking the reins at the helm of Coursera. For those of you that are mostly relatively new to the story, could you just share a little bit about your decision to join Coursera? Happy to. I joined Coursera at the start of February this year, and I was attracted by two things. First, obviously, the mission of the company. I think the mission of educating the world and giving people the skills that they need to compete in the global economy, particularly as it rapidly shifts, has never been more relevant. Second, the business opportunity. I think Coursera has had healthy fundamentals for a long time, but I think there was a real opportunity that I saw in enabling the company to accelerate the pace of growth and to do that through product-focused innovation and ensuring that we were centering everything we did around equipping whether they're individual learners or companies with the skills they need in today's rapidly changing world. Awesome. Shifting over to Patrick Suppes, you recently joined Coursera and we welcomed you as Chief Product Officer in June. Could you just give us an overview of your background and what excites you most about the role? Sure thing, Brian. I've been building customer-focused technology products for a couple of decades now, but I've always been interested in the intersection of education and technology. That started back with Blackboard when it was a startup and later at Pearson and then ultimately brought me to Amazon, where I worked on education at Kindle. Over 10 years at Amazon, I worked on a lot of technology products that we brought to global scale. When I looked at Coursera's history and what it's achieved so far, I also saw enormous potential, the potential to impact the lives of millions of learners globally. It has a unique and growing ecosystem of customers and partners. Joining a talented team with those foundational assets was super appealing to me as a builder, as someone who wants to continue to build great products at scale and innovate at scale. That rapidly evolving innovation experience ahead of us is ultimately what drew me and I was excited to join Greg's team. Patrick, you mentioned it, and we'll touch on it a little bit too. I think many of the listeners will find it interesting that both of you spent a pretty significant chapter of your careers respectively at Amazon. Could you just talk about anything from the experience that has shaped your approach to leading Coursera coming from Amazon, particularly around product innovation, just seeing Amazon's proven product strategy and parlaying that into Coursera's execution as well? More specifically for Greg, you know, last time we talked at earnings, you know, we discussed product, but also content and go-to-market as primary focuses of growth areas. Could you just share progress, you know, as you get further into the seat of CEO against those three objectives? Sure. Maybe I'll start with what I took from Amazon that I think is highly applicable here. For those who aren't familiar with my background, I spent 23 years at Amazon, led the creation and launch of Alexa and Echo, and then scaled Prime Video into a global streaming leader. The things that I thought were really applicable from Amazon to Coursera, first of all, obviously a strong grounding in e-commerce fundamentals. Is it applicable to the model of what Coursera sells, even though it's a digital product, not physical products with a lot of Amazon? Second, a focus on product innovation and innovating around product to solve customer needs. One of the first things that I did when I joined Coursera was focus on what are the durable customer needs that we believe will be true forever? Then how do we pour as much energy as possible into improving those on a day-to-day basis? Coming to your second question about content, content is the engine of the business. I think historically, Coursera hadn't invested sufficiently in our content engine. We've increased that investment. That's one of our three primary focus areas. I think you're starting to see that with some of the things that we're doing, both in terms of improving the performance of content on the platform and in terms of the new partnerships that you're seeing. We just announced Anthropic yesterday at Connect. Obviously that is a highly relevant new set of content to bring to the platform in the current day and age. In terms of go-to-market, I think one of the things that Coursera has done a very good job of over the last probably a year and a half or two years is doing a very good job with external marketing. I don't think we were matching that with performance on the platform in terms of necessarily converting or retaining all of the customers who came. That's been a big focus for us since I joined and certainly since Patrick joined as well. Great. We'll touch on Anthropic in a bit. Before we get there, I just wanted to level set with everybody. This week is obviously Connect, which is Coursera's annual conference, customer and partner event. For everybody that may not be as familiar with Connect, could you just give a brief overview of what's taken on during the event throughout the week? There have been some good product announcements through SkillTrack, which we'll talk about, Anthropic, others as well too. Just more at a high level, what is the overall feedback from Connect over the past two days? The feedback's been fantastic. Connect is our annual event where we bring together all parts of our ecosystem: our content creator partners, our industry partners who also create content, and then our enterprise customers. The enterprise customers span businesses, universities, and government. I think it's a really unique gathering in the sense that it brings together these three very different sectors that all are focused on the same primary objective, which is how do we ensure that we're able to deliver the right skills to people to help them be effective in today's economy? Whether that's a university, you know, how do we augment the degree that we offer as a university with courses from Coursera to give our students the right skills they need when they enter the job market, an enterprise that's looking to upskill or reskill their workforce to ensure that they can remain competitive as AI changes jobs, or a government that wants to enable their citizens to be more productive. It's a phenomenal gathering because of that multi-dimensional aspect of it. We use it to both connect with all of our constituents, all of our different customer sets, as well as to unveil new product offerings. The response has been fantastic so far. SkillTrack has been incredibly well received by folks across those three different groups. Some of the improvements that we're making as well to CourseBuilder and Roleplay are also really positive developments. I'll let Patrick talk about SkillTrack because he and his team were obviously deeply involved in the launch of that. Yeah, Brian, I'd just add, if I may, one of the things that I think you really focus on at Amazon is being very customer-focused and very customer-obsessed. For me, as a relatively new member of the Coursera team, to have Connect happening this week and meeting that diverse range of partners and being able to both share what we're launching, which I'm happy to talk about, but also get their feedback, which, as Greg said, has been extremely positive. They're excited about where we're headed. They're excited about what we're launching. They're looking to us to move as quickly as the world is moving around them in terms of the demands for their business or for their learners. It's been an amazing week from a product perspective. It's been a firehose of learning, which is what you want for your team. No, definitely. Sticking on that theme too, the clear catalyst across the industry is really just the proliferation of generative AI and really enhancing skills-based learning through an AI lens. Greg, you raised that important point during the keynote yesterday about not only the GenAI shift, but the upskilling and reskilling demand as jobs are changed. The workforce has reshifted over the next few years. Could you just talk a little bit more about how the skills industry overall is changing and particularly the impact of AI that you can leverage at Coursera, not only on the product, but on the content and on the ecosystem more broadly to really cater towards the needs of consumers, but also your enterprise partners as well? Absolutely. AI obviously is written about all the time in the media, and people are using it at an unprecedented pace. I mentioned in the keynote yesterday the fact that ChatGPT became the fastest adopted technology to get to 100 million monthly active users, which it did two months after it launched. In July, they passed 800 million weekly active users. It's incredible, the adoption that we've seen. I still think we are very much at the beginning stages of this tidal wave in terms of the impact that AI will have on every single job and on the way that we accomplish everything. How exactly that plays out, no one knows. What is critical is that people are going to need to learn new skills, and they're going to need to get good at learning new skills continuously to stay in front of AI as AI capabilities become better and better, and it's capable of doing far more things. What are the implications of that? First of all, continuous learning is obviously going to become critical, and Coursera is well positioned to help people with that. That's true whether you're an individual learner thinking about how your job is going to change, or how the career that you want to go into is going to change, and how you develop the right skills that you can demonstrate in a verifiable way to prove that you can go into this job or advance in your career. I think that's going to become increasingly important, verifiable skills. That was a big portion of what we talked about with SkillTrack. Second, for businesses, how do I improve the performance of my organization and remain competitive in the age of AI? How do I upskill and reskill my workforce? How do I apply people and move them from mundane things that AI can now do very proficiently to higher value things to increase ROI on that human investment? For universities and for academia, how do we evolve to make sure that we're giving our learners the right skills they need as they enter the job market? That's why everything that we're doing at Coursera revolves around skills, which I mentioned in the keynote. SkillTrack is a great example of that. It's about giving focused ways for people to learn the right skills in given fields. We'll continue to expand the number of SkillTracks that we have. We'll also continue to expand the verification of those skills as well, which I think is increasingly important. No, definitely very impressive announcements yesterday. We're going to get into a couple of the content investments before we get to SkillTrack. I think many listeners have obviously seen Coursera is best known for its content across universities and industries as well, including many of the world's technology companies. Yesterday you announced new industry certificates as well as 10 new global partners. More specifically, you also highlighted Anthropic. Really a two-parter for you, Greg. Why do these partners continue to choose to work with Coursera? Can you elaborate more on the dynamics of the new content partnership with Anthropic from yesterday? Number two would be just how do you think about the balance of content investments across categories like certificates, GenAI, and other areas as well? You mentioned it in your opening remarks too that you felt Coursera was underinvesting in content in the past and really is turning up the dial in terms of personalization and meeting learners where they are in their journey. Just really curious on your insights to the content strategy overall. Absolutely. One of the things that I mentioned, and I'll start with the last part of your question first and then go in reverse. One of the things that I mentioned in the keynote yesterday is, you know, with AI, we now have the capability to create a much more personalized and dynamic learning experience than ever before. We can start the learner at the right place in whatever skill they're trying to acquire. Instead of everybody starting in the same place and going through the same, you know, course material, we now have the ability to start people in a specific place that is appropriate for them. That is where we want to go with our learning experience. We're not there yet, but that's where we want to go. Second, we have the ability to tailor the pace that they move at, whatever is appropriate for them. We already do that through Coach, and Coach and Roleplay and Dialog and other AI-driven features are going to be one of the primary ways that we continue to invest in improving that experience for them and ensuring that that experience is always paced at the appropriate level for their learning. We want that to be in the appropriate learning modality. Based on whatever their preferred learning style is, some people learn better by watching things. Other people learn better by reading things. Other people learn better by doing things. We want to make sure that there's a combination of learning by doing and learning by consumption, whether that's audio or video or reading, and enabling learners to tailor that to their own preferred learning style, both generally and in the moment. Finally, content is going to become far more modular. Instead of having only really long courses, we grew obviously out of the MOOCs and out of the course that Andrew and Daphne created at Stanford. The model at the start of Coursera's history was either a semester or quarter-long course. That was true with a lot of the content that we had over the first decade of Coursera. Increasingly, we're seeing both university partners and our industry partners create courses that are shorter and more tailored to very specific skill objectives. We want to make sure that to enable that, content becomes much more modular. It's easier to stack. It's easier to configure. It's easier for our partners to reuse. It's easier for enterprises to reuse. It's easier to tailor to individuals as they go on their learning path journey. That's super helpful. Could we dig a bit deeper too on just the dynamics of the Anthropic partnership from yesterday as well, and how you'll partner with Anthropic to really just drive innovation, leveraging AI as well? Yeah, we're very excited about the new Anthropic announcement. It's the start of our relationship with them. I believe that hopefully it'll expand over time. Obviously, they're one of the preeminent AI research companies in the world. The demand that we're seeing for AI content is tremendous. I mentioned that in the keynote yesterday as well. Back in 2023, we saw an average of one enrollment per minute in GenAI content on Coursera. So far this year, we're at 13 enrollments per minute. That number has kept going up as the year has gone on. Earlier in the year, it was a little bit over 10, then it was 12, and now it's 13 enrollments per minute on average across the entire year. We're not at the peak yet. I think we're very far from it. Part of that is the fact that we've expanded our GenAI catalog tremendously. We now have 1,200 different courses on GenAI on the platform. Anthropic is our most recent marquee addition in that space. I think it'll be immensely popular for our learners, both because of the fact that many of them are already using Anthropic and will be familiar with Anthropic, but also because of the fact that they bring such credence to the space and have such a deep set of expertise. The focus is on ensuring that people can learn how to use AI safely and effectively and just become more skilled in leveraging AI in their jobs and in their careers. Definitely. For Patrick, just based on your early assessment too, what are some of the ways that you believe these product capabilities can really speed up or evolve the content engine, whether that be leveraging Anthropic or some of these other early professional certifications just across the content stack more broadly? Yeah, I mean, as Greg said, accelerating our content engine is a critical element of our long-term roadmap and certainly what we're doing in the very near term. Enhancing the value of the brands that we work with, allowing partners to be more agile and move faster, because we know as learner skill needs change, our partners need to move just as fast in terms of developing great new content that aligns to the skills as those skills and application of those skills evolve quickly in the workplace. We're very focused on equipping instructors and authors with the tools they need to move quickly to both either create new courses or to optimize the courses that they've just launched even within months. Sometimes they need to go back and optimize that. We're doing that in a few different ways. CourseBuilder, which we launched back in 2023, has been a tremendous asset, especially to our enterprise customers. They've created 4,000 new courses leveraging that. I'm hearing a lot here at our conference that this has been a game changer for them. We understand that because we see in the data they're completing courses, course building 87% faster than they were prior to launching this. Clearly, the AI capabilities that we've built into CourseBuilder are making that process more efficient for them and ultimately creating higher quality courses as we're able to provide suggestions on how to optimize for engagement and learner progression. They're finding that to be very, very helpful in terms of driving course retention and completion, which is especially for our enterprise customers. That's where they're really focused. The other example I'd point to is how we're leveraging AI around translation. We have translated, especially this year, we've been focused on AI dubbing. Back in April, we had 100 courses that were dubbed via AI. By the end of the year, we'll be at 1,000 courses across five languages. The reception around that has been tremendous as well. We see higher engagement. We see that absolutely as a way to engage very directly with students in the language they're most comfortable with in an experience that feels very natural. Our instructors and our course builders love it, but especially our students love it. We're really focused on AI driving both of those experiences in course building and accelerating translation in a very natural way to support our content growth. You mentioned it as well between CourseBuilder, Coach, as Greg mentioned before as well, and Roleplay and Dialog rolling out. To me, some of these are the key product initiatives, and we'll get to SkillTrack in a minute as well. What would you highlight across, whether it be Roleplay? We hit on CourseBuilder as well, but are there any other key areas of innovation across the AI product stack that you think will really resonate with not only consumers, but enterprise and industry partners overall going forward? Absolutely. A few thoughts. One, we started to invest in AI-driven products long ago. Some of the things that you just mentioned, we have been working on for years. After ChatGPT launched in November 2022, very quickly after that, in the spring of 2023, we launched Coach, we launched CourseBuilder, and we've continued to improve those and innovate in those areas. You're seeing that reflected in things like Coach Dialog, which launched earlier this year, and Roleplay, which we just announced yesterday. To spend a little bit more time on each of those, then I'll pass it over to Patrick so he can expand on this. Coach is an AI-driven tutor that sits alongside every course, and it's grounded in the material of that course. Learners can use Coach to get help with any part of the course. They can ask any question that they have. They can use it to prep for tests. They can use it however they want. It's a very familiar interface because it operates just the same as ChatGPT would or any other AI interface would. We've seen incredible adoption from our learners, and we see that it boosts their learning efficiency, quiz pass rates, etc. CourseBuilder applies AI to the act of creating content. As Patrick mentioned, it's been available for our enterprise partners. We're now rolling it out for our university and industry partners as they create content. It makes it incredibly easy to create content effectively from scratch using whatever materials you have on hand and then leveraging AI to make the act of creating a course far, far simpler. Dialog is an embedded activity that an instructor can put into a course where it leverages AI to create one-on-one immersive learning and scaling Socratic dialogue. Roleplay is based off of the principle that one of the best ways to demonstrate knowledge and test your knowledge is to actually go through a roleplay simulation. AI obviously enables that. Those are some of the things that we've done more recently on top of that foundation. We're applying AI throughout all areas of what we do. That will continue to be a focus for us. We're increasing our investment in AI in the product. I anticipate that will continue in perpetuity effectively. Patrick, please. No, it's absolutely, I would just say it's a major focus for us because what is so exciting about the advancements in AI is that it can deliver very personalized and very contextually relevant learning experiences. Especially as we're focused on skills development and the application of knowledge, those kinds of practice experiences or test experiences require a much more involved, engaged experience where a student is building, they're getting feedback, they're learning through the process of building often. AI is absolutely perfect for that in terms of creating those experiences. I see Dialog and Roleplay as foundational experiences, but we're going to continue to expand the number of experiences that are powered by AI and also just continue to focus on how those can be applied to create very realistic skills development scenarios because that's how skills are ultimately attained and mastered. To actually circle back on one thing that I mentioned a little bit earlier that we're also leveraging AI to do, in an age where AI makes it easier than ever to create content, I think two things are really important. One, the value of trusted content increases in that environment. Our relationships with top universities and top companies in our industry partners who create content, whether that's Google or Deep Learning or Microsoft, Amazon, now Anthropic, is incredibly powerful and helpful for learners. The second piece of that is that demonstrating not just that you've taken a course, but that you have verified mastery of the skills that the course is teaching becomes incredibly important in the age of AI. We've invested a lot in AI-focused, authentic verification of skills. We have a whole suite of academic integrity features where we use AI to verify an authentic learning experience and mastery of skills. We have course proctoring, we have academic integrity check, we have a bunch of different AI features that ensure that people are not sort of skating through and just sort of watching a video and then saying, "Oh yeah, I took this course." Actually, we're testing their skills and they have to demonstrate those through verified assessments. I think that's very important in today's world. That's going to be a continued area of investment for us as well. I definitely agree. In this age of AI, not only content generated by university partners that are trusted, brand is going to become an increasingly important part of that equation. Patrick, layering in the SkillTrack that you mentioned yesterday, can you elaborate on the launch? What makes it different from Coursera's existing products? How does it tie together the value creation of having a verified skill for that select upskilling or reskilling case that learner wants? Yeah, we're incredibly excited about SkillTrack because we see it as a turnkey, data-backed learning solution that enterprises in particular can use to skill or upskill specific teams across their enterprise, across their workforce. It really brings together three things that it really pulls together in many ways, a lot of the direction of where we're looking to go as a company. One is alignment of that modular content that Greg referenced to our career graph. We have a highly detailed, skills-based career graph informed by over 2 million data points that really allows us to map specific content experiences or assessment experiences down to the skill level, down to the task level, down to what actually learners are going to be expected to do in their place of work. That's really important to get that alignment between learning and skills and actual application. We do that in a couple of key ways. First is really building in lots of those interactive, AI-powered experiences that I mentioned before that enable a learner to have personalized practice of that skill through realistic scenarios, whether it's through Roleplay or Dialog or labs that are AI-powered. All of those things allow them to very much practice those skills in a very applied way. As Greg referenced, we've now developed a series of verified assessments. These assessments are very distinctive in that they're focused on actually validating that you can apply your learning in a task, and a task that's going to very much mirror what you're going to do at work. These assessments are focused on actually using AI. We actually monitor how a student works their way through a number of tasks. These could be tasks related to using an LLM or putting together a report, leveraging various tools and technologies, or doing statistical analysis. It could be a number of different tasks that you may have to do in your specific job. These assessments capture your work, assess that, and give you very immediate feedback. You've mastered these skills, but you still need to work on those skills, and you can keep working on those through your SkillTrack until you ultimately pass that verification and gain a credential. One of the key things about a SkillTrack is that when you've actually completed a series of skills and assessments and you earn a credential, that credential means you actually know how to apply those skills in very realistic ways. We think this is a real game changer in terms of just validation of skills, not just knowledge, but application being demonstrated before we say you've earned a credential. We're incredibly excited about that because I think it'll give both learners confidence that they've managed to attain and master those skills. Importantly, it's going to provide employers with a lot of confidence that if they've actually earned that credential, there's a very strong correlation to their ability to go do that at work, which is ultimately what they want to drive better business outcomes. Excited by the launch. I believe SkillTrack will be, you know, sold as an enterprise offering, but a lot of your work that you're building also applies to the consumer learning journey, right? Build once and leverage over the consumer and enterprise journey overall. Coursera has recently made enhancements to the consumer site experience, career-based discovery in over 500+ roles, enhanced course preview, and geo-pricing more recently as well. Greg, you know, as you think about the pillars of growth of product, content, and go-to-market, could you just touch on the indicators and, you know, funnel metrics that you're tracking to see improvement in ROI on some of these investments, including SkillTrack, which just launched? Happy to do so. On the last call, I think I described our business as a relatively simple one. We have top of funnel, we have conversion, we have retention, and we have ARPU. A lot of businesses have those same different things in their funnel. I want to bring much more of a data-driven focus on each one of those different stages of the funnel and then figure out, okay, how do we drive product innovation that improves our performance at each one of those stages? You mentioned career-based discovery. Career-based discovery is sort of an underlying approach that helps take people when they arrive on the, not even just when they arrive, because we can also use the things that we know about learners as part of our marketing efforts off platform as well, but certainly when they arrive to help tailor the experience to what they're looking for. A lot of learners arrive at Coursera with a relatively high-level view of what they might want to learn, but not really a detailed specific knowledge of what they might want to learn. Oftentimes, they're interested potentially in multiple different roles, or they don't even understand the specific roles in an area. They might just think, "Oh, I think I'm interested in data. I like numbers. I'm interested in data. You know, what can I do with that?" The goal of career-based discovery is to help guide them to the right content for what they're looking for. It starts with a short onboarding quiz, and then we use that information to then put them on the right start to the learning path that seems appropriate for them. Over time, I imagine we will continue to evolve both the way that we do that as they onboard, but also how we feed signals back throughout their learning journey with Coursera back into that. You may start down a particular course. You may realize, "Oh, actually, you know, maybe I'm not quite as good at numbers as I thought, like, or I don't like them as much as I thought. Maybe I should look at something else, or I like numbers. I'm just not as good. I need to, like, you know, go brush up on this. Here are some courses that we think might help." Coach could recommend those. We can point them to other courses. We'll continue to invest in that. In terms of, you know, you mentioned our preview model and our geo-pricing. Historically, Coursera had had sort of one U.S.-based price all around the world. Obviously, purchasing power in different countries around the world is very different than in the U.S., and GDP per capita is very different. We recently rolled out region-specific pricing that much more aligns the offering that we have to purchasing power in countries around the world. We've been pleased with the response to that. I think we'll continue to iterate on that over time just to ensure that we're always providing a product at the right value for consumers in any given market. The preview model really enables us to give every single learner the option to go through the first module of any course with all of the features for that course, including Coach and all of our AI capabilities, graded assessments. Those things had not previously been available in our former audit experience. It really improves the learning experience as you go through that first module and gives you a much better picture because it's the entirety of the offering of what the rest of the course will be like and the learning experience will be like. We're pouring substantial investment into continuing to improve the learning experience through things like Coach and Roleplay and Dialog, et cetera. We wanted to make sure that all of our learners were able to experience that in preview. That helps us with conversion and also ensures that people are really motivated as they continue through that process. That in turn ties to the verified outcomes as well. It's been very impressive to obviously see this all roll up into the numbers as well, whether that be registered learner growth, revenue growth as well. As you continue to expand and go and capture rapid product innovation, do you think you have the right capacity at Coursera to invest in talent, technology, and the tools, or do you need to move quicker? Conversely as well, I alluded to it before, but strong recent performance in the front half of the year. How should investors measure the success of these continued efforts as we go through not only the back half of this year into 2026 and beyond more fundamentally? I think certainly we have the capacity to continue to invest. It's been really good to see the fact that we accelerated our growth in Q2. We grew at 6% in Q1 and then 10% in Q2 with that growth evenly balanced across consumer and enterprise. Investors, of course, will assess our performance based on every single future quarter. Our goal is to continue to grow at a faster and faster pace and to do that while demonstrating operating leverage. We believe that we can continue to invest to help fuel that growth while continuing to demonstrate operating leverage, which is what we showed with our updated guidance for the year. We increased our revenue guide to $742 million at the midpoint and also increased our EBITDA guide from 7% for full year EBITDA margin to 8%. This demonstrates that we believe we can both accelerate growth but also be responsible stewards of our capital and demonstrate operating leverage. One of the things that we are going to increasingly focus on, because Patrick has only been here for a few months, and I've only been here for seven months, is that we're still in the very early days of actually helping the business and the organization execute in a way that I think we're capable of doing. We've started doing that by updating our operating model, really focusing on some core capabilities from a product perspective that will deliver better business outcomes by delivering better learner experiences. I'm a firm believer in tying business outcomes to improved customer experiences, just based on my time at Amazon and my time as a customer of different products. If you're able to deliver a great customer experience, you should be able to deliver a great business. We're still in the early stages of that. I'm really confident that we are headed in a positive direction and looking forward to hopefully demonstrating that for the street quarter after quarter for many years to come. Definitely encouraged by the early signs here and looking forward to the future as well. With that, we're approaching the end of our session here. I'd just like to leave it by asking each of you a few questions. If we could fast forward three years from now or so, how do you expect Coursera's performance and platform and product innovation and experience more broadly to be different? Patrick, we can kick it off with you and close with Greg. Thank you. I would say, one, expect bolder, more rapid product innovation. We feel a lot of urgency to meet the needs of learners, which are changing rapidly, and to serve our enterprise customers and our partners as skills needs change and evolve rapidly. We're driving with a similar sense of urgency. I see clear opportunities to accelerate how we build. I see opportunities to create a deeper, more personalized learning experience. That's ultimately going to drive better outcomes for learners and ultimately better outcomes for the businesses and organizations in which they work. If we do that well, if we stay focused on that, that's going to drive value for them and value for our business and shareholders. For me, I'm very focused on the pace of innovation and innovating at scale as we continue to grow and bring these experiences to learners around the world. Maybe to build on that, I think in three years' time, pick your time horizon, but I believe that Coursera can become the destination for the world, both individual learners and enterprises, to enable either themselves as individuals or workforces to discover, master, and verify the skills that they need to advance their career and for enterprises to remain competitive and improve their competitiveness. I think that need has never been more urgent with the way that AI is reshaping the labor market and what's required in any given job. I think that we are uniquely positioned to address that need. We've got a deep history of investment in innovation in AI. We see and are leveraging our career graph to demonstrate our understanding of the way that skill and job requirements are changing. Our ecosystem across university, industry, and government gives us unique windows into how we can help people reshape their careers and their lives through learning and how we can do that in a fashion that is ever more personalized and more interactive through the investments that we're making in product innovation. I would expect that in n years' time, Coursera will be an even more personalized, interactive experience, that the learning journey will be far smarter about you as a learner and what you're trying to accomplish. It'll be far more engaging and effective. I think we already have a very engaging, effective learner experience, but I expect that we'll just continue to improve on that with a specific goal of delivering skills that help you advance your career and delivering skills that help enterprises ensure that their workforce is positioned really well to compete in their space and outcompete competitors there. I'm looking forward to following the progress in the coming quarters and years. Greg and Patrick, I really appreciate the time to discuss Coursera's latest announcements and focus areas. To our audience, thank you for joining. Everybody, have a great day. Thank you, Brian. Thanks, Brian.