Coursera, Inc.

Ladies and gentlemen, thank you for standing by and welcome to Coursera's first quarter 2026 earnings call. All participants are in a listen-only mode and this call is being recorded. Following the prepared remarks, we'll hold a question and answer session. To ask a question, please click the raise hand button and be prepared to unmute your line when prompted. I would now like to turn the call over to Cam Carey, Vice President of Investor Relations. Mr Carey, you may begin.

Good afternoon. Thank you for joining us for Coursera's Q1 2026 earnings conference call. Today, I'm joined by Greg Hart, our President and Chief Executive Officer, and Mike Foley, our Chief Financial Officer. Following their prepared remarks, we will open the call for questions. Our earnings press release was issued after market close. It is available on our investor relations website at investor.coursera.com, where this call is being webcast live and where versions of today's materials, including our quarterly shareholder letter, have been published. During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP measures to the most directly comparable GAAP measure can be found in today's earnings press release and supplemental materials. Please note that all growth percentages discussed refer to year-over-year change unless otherwise specified. All statements made during this call relating to future results and events are forward-looking statements based on current expectations and beliefs. Actual results and events could differ materially from those expressed or implied in these forward-looking statements due to a number of risks and uncertainties, including those discussed in our earnings press release, shareholder letter, and SEC filings. Please refer to today's earnings press release for more details on our forward-looking statements. With that, I'll turn it over to Greg.

Thank you, Cam, and good afternoon, everyone. We appreciate you joining us. Coursera delivered a strong start to the year, reflecting continued execution across our core growth priorities. In Q1, we generated revenue of $196 million, up 9% year over year, driven by double-digit growth in our consumer segment for the fourth consecutive quarter. we added 7.6 million new registered learners, a first quarter record, bringing our cumulative learner base to more than 200 million. We delivered this growth while expanding our non-GAAP gross margin to 57%, the highest level in three years, reflecting structural improvements we continue to make in our business model, including stronger unit economics that demonstrate the value our platform delivers. Given our solid execution in the first quarter, we are reaffirming our full year 2026 outlook, which Mike will discuss in more detail. Our recent performance reflects both the strength of our platform and a broader shift in the labor market as global demand continues to validate the urgency around skills development. Earlier this year, we published the fifth edition of our Job Skills Report, drawing on insights from nearly 6 million enterprise learners across 7,000 organizations. Three trends stood out. First, AI is not replacing foundational skills. It is amplifying them. learners are increasingly layering AI capabilities on top of core technical expertise, recognizing that AI is most powerful when built on domain knowledge. Second, human skills are becoming more important, not less. Enrollments in critical thinking courses grew 120% year over year. Learners understand that as more work is automated, the ability to evaluate and guide AI output is becoming critical. Third, skills verification is becoming essential as learners and employers alike seek more trusted signals of skills mastery. Enrollments in professional certificates grew by an average of 91% across the career areas we analyzed, reflecting the rising market demand for bite-sized, industry-recognized credentials that provide verifiable proof of skills proficiency. We see similar trends in external data. Anthropics Economic Index from March found that 49% of job types can now use AI for at least a quarter of their tasks. AI is diffusing through the economy roughly 10 times faster than any 20th century technology. Yet the gap between AI's potential and actual deployment remains significant. Closing that gap will require a more advanced infrastructure for skills. We believe this creates an expanding market opportunity as the window to build competitive skills continues to narrow. Today, Coursera is uniquely positioned at the intersection of these trends, and our planned combination with Udemy will further strengthen our ability to meet this moment with greater scale, data, and product velocity. Now let's turn to our first quarter progress, starting with the continued expansion of our global ecosystem. Coursera's platform is built on a foundation of branded credentials, verified assessments, and curated career pathways, taught by more than 375 leading universities and industry partners. In an environment where content is abundant and increasingly commoditized, learners and organizations are not seeking more information. They are looking for trusted pathways that directly translate skills into real-world capability. Our value lies in combining trusted content with data-driven insights and verified outcomes, enabling learners and organizations not only to build skills, but to demonstrate and validate them. That value strengthens as we scale. This quarter, we reached a meaningful milestone, 205 million cumulative registered learners. At this scale, the value of our ecosystem extends beyond distribution. It creates a compounding data advantage, an advantage that will be further strengthened by our planned combination with Udemy, particularly by expanding our lens into the evolving workforce through Udemy's 17,000 enterprise customers. Together, we expect to have a broader, more real-time view into how skills are learned, how they evolve, and how organizations develop talent. These insights can help fuel a faster, more agile content engine and inform the experiences we build. Generative AI remains the clearest example of why this matters. Our platform now offers more than 1300 AI courses, nearly double from a year ago. Engagement has continued to accelerate, with more than 20 enrollments per minute in Q1, up from 15 per minute last year and 8 per minute in 2024. Learners and organizations are moving beyond basic familiarity with AI toward continuous demonstrated capability, including the ability to apply skills in real workflows, solve practical problems for specific roles, and contribute more effectively in increasingly AI-enabled environments. Our content creators, including many of the companies building these technologies, play a critical role in meeting this demand and ensuring that emerging skills developed on Coursera remain closely aligned with labor market needs. In February, Google launched its first AI professional certificate on Coursera, expanding a generative AI portfolio that has already attracted more than 3 million enrollments. This program is designed to build practical, job-ready AI skills and help learners apply them in day-to-day workflows. As part of the launch, Google is offering learners three months of no-cost access to Google AI Pro, enabling hands-on experience with its most advanced models and tools. We also expanded our partnership with Microsoft. Earlier this month, we launched 11 new professional certificates with structured learning pathways across AI, data, and software development, from deploying AI agents and modern data architectures to building customer-facing AI applications. These programs are designed to capture where both technology and job demand are headed. While expanding Microsoft's professional certificate portfolio on Coursera by more than 50%, building on a catalog with more than 1.3 million enrollments. Technology companies increasingly view Coursera not just as a distribution channel, but as a strategic platform to help close the global skills gap and support workforce transformation at scale. In addition to our reach, Coursera adds rigor, trust, and validation to industry content, grounded in the pedagogical best practices of our university partners. Our credit recommendation initiative is one example. Today, many of our professional certificates are eligible for academic credit, including more than 50 with ACE recommendations in the US and over 40 with ECTS recognition in Europe. In March, we tripled the number of certificates aligned to India's NSQF framework to 30, including top programs from Google, IBM, and Microsoft. We are not only expanding access to high quality credentials, we are adding structure, assessment, and validation in ways that help bridge workforce skills and higher education. For learners, this creates more flexible and affordable pathways to employment and degrees. For institutions, it provides a trusted way to integrate industry-aligned content into their curriculum while maintaining academic rigor. We continue to see this taking shape at a system level. Since 2022, Coursera has partnered with Kazakhstan's Ministry of Science and Higher Education to support a nationwide effort to integrate job-relevant, four-credit learning into higher education. To date, this collaboration has reached more than 235,000 students across 100 universities, with more than half a million certificates earned. In Q1, we renewed this partnership to expand Skills First for credit learning and further modernize the country's higher education system through stronger alignment with evolving workforce needs. Stepping back, a consistent theme emerges. In a Skills First economy, every participant, from learners and businesses to governments and academic institutions, requires a better system of record for skills. We believe Coursera is well positioned to become that system of record at global scale, enabling individuals to discover, build, and verify new skills, helping organizations benchmark and develop new workforce capabilities, and equipping instructors with tools to deliver more personalized, adaptive learning experiences. Now, turning to our product updates. As we scale our ecosystem, we are focused on translating these advantages into differentiated product experiences. The trends I outlined are directly shaping how we build and innovate. Learners are not simply consuming content. They are integrating AI into broader skill sets, combining technical expertise with critical thinking and real-world application. At the same time, AI is diffusing rapidly while adoption within organizations remains uneven and often lags what the technology enables. Closing the gap between AI capability and application requires more than content consumption. It requires more adaptive, contextual experiences, built on an enterprise-grade AI-native platform, designed to diagnose skills gaps, deliver personalized guidance, and accelerate workforce readiness at scale. This is our focus in the year ahead. I'll highlight three examples. First, learning in the flow of work. As AI becomes embedded in everyday tools, learning must evolve alongside it. We believe workforce transformation will depend on integrating skills development directly into how work gets done. This quarter, we took another important step in that direction with the launch of the first learning agent built for Microsoft 365 Copilot. This agentic solution delivers Coursera's learning directly into the context of day-to-day work, enabling real-time application of knowledge within the tools employees use every day. As users build models, prepare pitches, or design AI-powered workflows, the agent surfaces relevant guidance in real time, helping to accelerate time to proficiency through immediate application and reinforcement. This integration just launched at the end of March. Similar to our early ChatGPT integration, we are focused on rapid iteration and collaboration while positioning Coursera at the forefront of AI-native skills delivery, no matter where the learning journey begins. Second, deeper enterprise integrations. As organizations struggle to align learning investments with business priorities, we are integrating more deeply with the systems used to manage talent, performance, and skills. For example, earlier this quarter, we launched the next phase of our Workday Learning and Skills Cloud integration, enabling organizations to map learning to in-demand skills, personalized recommendations, and validate skill progression within employee profiles. By the end of Q1, we onboarded 10 initial customers and expect to expand this in the coming months. We will continue investing in AI-native integrations that allow Coursera's training to be surfaced and measured more seamlessly across enterprise workflows. This is an area of strength at Udemy, where the team has developed robust enterprise integrations we plan to build upon. Together, these efforts move us toward a more connected skills infrastructure, one that positions learning as a core element of business strategy by aligning learning to business priorities, helping organizations understand and address skill gaps, and measuring the impact of workforce skilling investments. Our final update reflects ongoing efforts to enhance discovery and learning on Coursera, making the experience more interactive, personalized, and contextual. In April, we launched the next iteration of our interactive role-play experience. This launch builds on our initial text-based interface by enabling real-time voice-to-voice simulations so that learners can practice course concepts in real-life scenarios using a more natural format. It also provides immediate, actionable feedback from the AI persona. This illustrates how AI-powered experiences can scale immersive learning to develop and assess a broader range of non-technical skills. from leadership and collaboration to sales and negotiation. The rollout remains early, but initial consumer experiments show a meaningful increase in engagement for learners selecting the voice-enabled experience. Role play, along with recent experiments and conversational discovery, AI-powered search and microlearning builds on the early foundation we established with AI-powered features for tutoring, authoring, and translation. As we look ahead, we intend to accelerate our transition from AI-enabled features to fully AI-native experiences, where learning is not only personalized, but increasingly proactive, contextual, and embedded directly into how individuals and organizations operate. Taken together, these efforts reflect the start of a more dynamic AI-native platform that helps individuals develop skills in the flow of work while enabling organizations to better assess and deploy talent at scale. As we look ahead, our priorities are clear. We are executing a strategy focused on three areas. First, accelerating AI-native product innovation. Second, building a more comprehensive skills development solution, spanning just-in-time skills and the flow of work to trusted, verified credentials. And third, improving how we reach, serve, and empower our growing community of learners, institutions, and content creators. Our planned combination with Udemy will further accelerate this strategy as we evolve beyond a content catalog into a more dynamic system for skills delivery, one that supports the full talent lifecycle from individual career growth to enterprise-wide workforce transformation at scale. We are grateful for the continued support of our shareholders and look forward to executing on the significant value creation opportunity ahead. I'll now turn it over to Mike to discuss our financial performance in more detail. Mike, please go ahead.