Coursera Inc To Hold Virtual Chat with Chief Executive Officer Greg Hart Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Ryan MacDonald - Needham & Company LLC - Analyst : Absolutely, me as well. So since stepping into the role in this past February, why don't you sort of give investors sort of an overview of sort of what surprised you most about Coursera and the education industry more broadly? And are there certain aspects that give you reinforcement to your conviction and the opportunity when you joined the company?

Question: Ryan MacDonald - Needham & Company LLC - Analyst : Yes, that's well said. I mean, look, learning is lifelong, and the great thing about education is content is never static. As innovation comes, you require new content for that. And clearly, the business is in a really great position to sort of help foster that continued learning and innovation. Maybe sticking on sort of let's call it management changes, the company obviously is currently going through a CFO change, and Mike Foley was announced last week as the interim CFO. Can you just talk about the decision to bring in an Interim CFO from, I guess you want to call it outside the day-to-day operations of the company? And is Mike being considered for the permanent role? And maybe just provide a bit of an update on the search process or sort of the rationale around that.

Question: Ryan MacDonald - Needham & Company LLC - Analyst : That's great. Greg, in your tenure thus far as CEO, you've made a number of adjustments across the business. Can you talk about what areas you're emphasizing in terms of investment heading into '26? And how do you think about the right balance of sort of growth versus margin expansion for the business moving forward?

Question: Ryan MacDonald - Needham & Company LLC - Analyst : Yes. No, there's plenty of great initiatives there, both on the product side and the go-to-market side. Maybe just a question, I guess, on strength of the macro. I mean, are you seeing right now within your base of consumer customers in particular, like a strength in the consumer or sort of a -- let's call it a ability of the end market to be able to consume the content from an affordability perspective? Are you seeing any pressures on the consumer as you think about how these growth drivers turn or translate to revenue?

Question: Ryan MacDonald - Needham & Company LLC - Analyst : Yes, makes sense. Yes, and maybe on that sense, and so let's shift the conversation to AI a little bit. From our work as we've kind of evaluated the market, and sort of potentially, there's obviously major change that's being created by AI. There seems to be maybe two schools of thought on AI. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 25, 2025 / 6:00PM, COUR.N - Coursera Inc To Hold Virtual Chat with Chief Executive Officer Greg Hart In one scenario, enterprise organizations adopt AI, lay off staff based on productivity gains, and that shrinks the overall workforce. And it forces people to reskill themselves in an AI world. The second scenario enterprise organizations, again, still adopt AI, but more so instead of layoffs, slow the pace of hiring, invest more in their workforce to make them more productive with AI, in which then that scenario enterprise organizations invest more on AI learning content themselves for their employees. I'm curious, what camp do you fall in in terms of, I guess, in those two scenarios? What do you think is more likely? And which scenario, in your view, benefits Coursera the most over the next several years?

Question: Ryan MacDonald - Needham & Company LLC - Analyst : Yes, that makes complete sense. One of our other analysts at AM here today, or even earlier today, just was hosting a human capital management insights call with one of the largest survey collectors. And it really speaks to across the enterprise mid-market SMB that L&D remains a top investment priority for HR departments at global organizations. And I think what you just said there really speaks to why that is the case. So very much so. There's a huge opportunity here. Moving into sort of recent announcements, you recently announced a partnership with OpenAI. Can you just talk and provide a bit more details about the relationship? Is this an exclusive partnership for Coursera? Obviously, ChatGPT has quite the dominant lead amongst consumers relative to its peers at the moment, but I think that gap's going to continue to narrow over the next couple of years. And just broadly, how you think about the LLM channel as an overall driver to traffic to Coursera sort of moving forward?

Question: Ryan MacDonald - Needham & Company LLC - Analyst : And maybe just kind of the obligatory question here is because, obviously, these large language model companies have wanted as much content and data as they can to train their models over time. What protections can you put in place to sort of ensure or mitigate the risk of sort of disintermediation from OpenAI or some of these other LLMs out there, so they're not taking your proprietary content at the end of the day?

Question: Ryan MacDonald - Needham & Company LLC - Analyst : Makes sense. You also announced a different type of partnership with Anthropic recently. Can you just talk about sort of the value that bringing in another sort of LLM partner like Anthropic can have to your broader AI strategy and content strategy? And what should we expect in terms of sort of new content and learning experiences out of the partnership?

Question: Ryan MacDonald - Needham & Company LLC - Analyst : Awesome. Maybe the last one on AI is sort of your use of AI internally to improve the learning experience. You've done this in another number of ways, but I thought one interesting example was sort of your AI-dubbed courses. You mentioned on the third-quarter call that AI-dubbed courses are going to surpass 1,000 offerings in five different languages by the end of this year. Can you just talk about what impact that's having on sort of course enrollments internationally, and how much room do you have for expansion into additional languages with these AI-dubbed courses as you go into '26?

Question: Ryan MacDonald - Needham & Company LLC - Analyst : Makes sense. As we think about potential economic benefit, maybe let's just call it on the AI-dubbed courses of a translation, is it something that's typically more of an immediate benefit where you have -- you want sort of to expand with the AI-dubbed courses in a new language, a new region. And you sort of see the more immediate tail or I guess uplift in enrollments? Or is this more of a gradual, hey, NPS starts to improve from the existing learners, word of mouth gets out, and then you start to see sort of more of the positive impacts?

Question: Ryan MacDonald - Needham & Company LLC - Analyst : Yes, makes sense. As we shift to now the consumer segment, you talked about it earlier, about the success you've had this year and the acceleration and the growth rate throughout the year. Obviously, ideally trying to sort of at least try to maintain, if not continue to improve upon that. Can you just talk about where you think the major levers for continuing that positive trajectory as we head into '26 are? I imagine AI courses and expansion of that content is going to be a big driver. But you also mentioned localized pricing, better promotional spend as other factors there. Maybe just talk about what you think are the biggest drivers within the consumer segment moving forward.

Question: Ryan MacDonald - Needham & Company LLC - Analyst : Awesome. Well, 40 minutes is cruising by faster than we expected. But before we let you go, I want to touch on enterprise just quickly. Obviously, that business segment has been a bit more in transition as you kind of come on post-COVID contracts in the Coursera for Business or Government side. Campus has been obviously a much more attractive opportunity more recently. Can you just talk about what your approach is to sort of re-accelerating your growth within that enterprise segment as we kind of move forward and within those three buckets where you see the most opportunity in the near term to really drive growth?

Question: Ryan MacDonald - Needham & Company LLC - Analyst : Yes, it's a really attractive opportunity, especially as you think about these enterprise organizations going from developing a, let's call it, boardroom-level AI strategy to actually then going out and trying to execute on that strategy. A big component of it within your workforce is identifying what skills you have and don't have and then sort of being able to then close some of those skills gaps so then you can actually execute on the strategy effectively. It sounds like Skills Track is really going to help to address that issue.

Question: Ryan MacDonald - Needham & Company LLC - Analyst : Awesome. All right. Well, we're up on time. I think I just missed four calls from my wife telling me I got to go home and make a turkey and clean the house. So Greg, we're going to let you go. And thank you, everyone, for joining us today. Hope everyone has a great holiday, rest of the week, and we'll leave it there. Thanks, Greg.