Jeff Maggioncalda: Yes. Thanks, Ryan. The world is a pretty dynamic place, coming off of COVID and looking at what’s happening with expected recession and you’re looking at inflation, the secondary effects of that, and then we have this really tight labor market. We felt that Q4 ended up pretty decently with respect to new degree learners. And as I said, we’re kind of getting a sense of the kinds of degrees that are in most demand, and affordability, flexibility and relevance to jobs are obviously three big parts of it with a big overlay that has got the quality institution. Clearly, well, we believe that if history is any guide, if the labor market gets softer, we expect that that will improve things. Even if it doesn’t, we think better design degrees that really meet more of the key characteristics of what these lifelong owners are looking for.
These adult working learners are looking for helps a lot, too. We launched a boulder degree that has really nice characteristics, sort of performance-based pathways, very reasonable price, about $15,000 and very high quality and in a high-demand domain like data science. So, we think that these, sort of degrees that have pathways from open content and even a performance-based admissions process is the, kind of a degree that people like. So, it’s a combination. I think, generally speaking, it’s countercyclical. And also, if we can put more of our focus on these types of degrees, they’re well suited for working adults, we feel pretty good about next year’s new degree €“ or this year’s new degree to student numbers.
Ken Hahn: And Ryan, one other thing, we did include some hints on timing for our forecast and €“ as we did last year, we provided segment guidance to start the year to help everybody with their models, but as we’ve talked about degrees, we did forecast roughly 10% growth with modest declines in the first half. So because the degree is revenue model. So, we see some real acceleration in the business as throughout this year. Just to point that out, which I think directly addresses your question.
Ryan MacDonald: No, yes. Super helpful color there. Ken, I really appreciate it. Maybe just my follow-up, a second question. Jeff, on the Coursera for government opportunity, we’re starting to see more and more governments announce initiatives for rescaling and upscaling. And you mentioned you’ve been traveling quite a bit. Just curious what that demand pipeline is looking like? And we’ve heard about a number of other vendors in this space also, kind of going after the same opportunity. Are these opportunities becoming more competitive or any changes you’re seeing in the competitive dynamics there? Thanks.
Jeff Maggioncalda: Yes. It definitely looks like there’s a growing recognition that reskilling is important. It will continue to get more important over time. The governments have a big role to play. And online is pretty much the way to do it. I mean the online model is really well tuned to the needs of governments. I mean, they’re largely serving working adults who are trying to manage families and jobs and want to find something that’s affordable. So, we definitely are seeing more interest. On the competitive side, I suppose that there’s a little bit more, but I have to say that we find that the attributes that are distinctive about Coursera resonate particularly well among governments. And the attributes include the quality, the credentials, the brands, how well-known Coursera is by the citizens and the number of citizens in the country are using Coursera these institutional collaborations where Coursera can be used in higher education institutions, so up-leveling higher education system of public universities, also being able to do workforce development programs, like with the state of New York, being able to do a workforce development program where the graduates of these professional certificates can become eligible to be graduate of college degrees.
