Chip Paucek: Yes. Josh, I would take that one. We were €“ I mean obviously, when we did it, doing it the way we did it at sort of one moment in time, I did have some risk associated with it. I am very pleased to tell you that it worked out in each individual sort of product line to our liking effectively what we thought it would be. We are now spending marketing dollars based on positive contribution. We do think over time, as I mentioned, we will be able to get back to stronger growth, but we are just doing it carefully. So, ultimately, we €“ the marketing spend is simply a much more efficient spend and you really can’t get there without the organic lead flow that’s coming off the platform. I mean it is still €“ it’s still early days, and we have only owned it for a little over a year.
And an example of the micro credentials, we do believe, if you look at those, there are good examples of those micro credentials in the edX portfolio driving significant enrollment into the original edX degrees. And so aligning that kind of content with a university partner is a non-trivial exercise. It’s really hard to do. So, when you see announcements like our GW Doctorate, that was our first flex degree. And you start noticing all of the lead flow running through edX. What we need to do is align every lead to learner status and have effectively every lead be a learner and have an opportunity to change their life even if it means they are doing something free on the platform. That is the really significant opportunity. Josh, what that will do is that will not only increase the learner count, but it will get us to greater growth opportunities because, as you know, the vast majority of people that become a €œlead€ do not convert into a degree or into a boot camp.
And so aligning all of those together is really starting to work. It is somewhat early days, but you might even notice that today, the homepage of edX looks quite different than it did yesterday. So, it’s just a gradual process of continuing to drive greater efficiency, sort of greater commonality. And the more paid marketing that goes to edX and the edX funnel, the greater the opportunity for us to expose people to new programs that they weren’t considering before. And we are now actually, for the first time, doing edX direct marketing for edX itself. We were not really able to do that with the exception of a very minor test we did way back when we first bought edX. Now, you are starting to see, on a cost basis, us get positive conversion for edX compared to the lifetime value of a customer.
And we will talk about that in more detail in March. There is only so much you can cover on an earnings call. But we really like where it sits. It’s a €“ we think this is the future of education. And so we feel like we are ahead of folks here.
Josh Baer: Okay. Thanks Chip and Paul.
Operator: And we will take our next question from Brent Thill with Jefferies. Your line is open.
David Lustberg: Hey guys. Thanks for taking the question. This is David Lustberg on for Brent. I wanted to ask, you guys had previously in the past, you said you were going to offer up rev share points to existing customers if they were going to reduce their cost of their programs. Just curious, has that gained any traction? Have you guys had any folks out there taking you up on that?
