Chip Paucek: Yes. So, might be the best example of something that because we were bringing together, I mean the edX acquisition included so many different angles. And I would tell you that enterprise, we are really getting our legs there. And we feel like it’s a huge opportunity going forward, will debut the full strategy at our Investor Day in March to give it the time that it needs that you really can’t do on an earnings call. But we are adding new customers. There is a lot of reseller activity. There is a tremendous boot camp opportunity. The skills, training, combined with the support and the career engagement that we can provide is really part of what I think is a durable moat around the competition. And then what I mentioned earlier in terms of the social impact, if you look at like the UK, the United Kingdom Department of Education Skills Fund that we announced, I don’t know how many months ago it was
Paul Lalljie: Maybe September of last year…
Chip Paucek: September of last year. So, just you have got a variety of growth levers in enterprise in places where we are going to be able to really drive sort of a durable advantage to the competition. And then some places where our edX for enterprise offering just has incredibly high-quality courses that are known for rigor from 37 of the 50 best schools on Planet Earth and adding folks like Oracle and IBM and incredible corporate content. So, there is a lot more of that coming. We have been really pretty keen on the amount of content being added. And we just keep announcing it, and we feel like often maybe not getting enough attention. But ultimately, enterprise is a very significant growth lever for both €˜23 and €˜24 and helps us with the trough that we are going to see on the degree side simply from €“ as you move it up or down and our marketing spend did change on that side.
It takes time to sort of see it move through the revenue. So, it sets us up nicely for €˜24 because you get degree back to a good place, and then you have got these growth levers of both enterprise and boot camp that are really meaningful.
Stephen Sheldon: Great. Thank you. And that’s all for me.
Operator: And we will take our next question from Jeff Silber with BMO Capital Markets. Your line is open.
Ryan Griffin: Hey. Good afternoon. This is Ryan Griffin on for Jeff. I was just wondering, it sounds like the edX platform is operating really efficiently. Are there any specific KPIs you can point us to, to help us kind of track how conversion has been going or maybe on the spend for those users acquired through the platform versus through other customer acquisition channels? Thank you.
Chip Paucek: So, we €“ Ryan, we try not to get too in the weeds here. You will see that 37% of organic lead flow in the quarter came from edX. So, we do think that’s a meaningful lever because ultimately, organic is the most powerful case by definition. We are not paying for that. And I do think getting sales and marketing to 34% in the quarter, that is a non-trivial accomplishment if you look at our history. So, we do think that the platform strategy allows us to ultimately define the long-term future of the company based on our own domain and our own domain authority. One of the challenges with these calls is we don’t talk a ton about the learning going on, on the platform. But it’s important to note that like, since we bought it, we have added over 600 free courses to the platform also.
So, like that’s a big part of the story. This is a worldwide free platform for people to come in and change their lives. So, the percent of marketing is down and our CPL is just simply more efficient because of the edX platform.
