Duolingo Inc (DUOL) 2022 Q2 法說會逐字稿

(technical difficulty) (Operator Instructions) Please note that this event is being recorded. And just a reminder that we will make forward-looking statements regarding future events and financial performance, which are subject to material risks and uncertainties and have been set forth in the risk factors of our SEC filings.

（技術難度）（操作員說明）請注意，此事件正在記錄中。提醒一下，我們將對未來事件和財務業績做出前瞻性陳述，這些陳述受到重大風險和不確定性的影響，並已在我們提交給 SEC 的風險因素中列出。

These forward-looking statements are based on assumptions that we believe to be reasonable as of today, and we have no obligation to update these statements as a result of new information or future events. And additionally, we will present both GAAP and non-GAAP financial measures on today's call. These non-GAAP measures are not intended to be considered in isolation from, a substitute for or superior to our GAAP results, and we encourage you to consider all measures when analyzing our performance.

這些前瞻性陳述基於我們認為截至今天合理的假設，我們沒有義務因新信息或未來事件而更新這些陳述。此外，我們將在今天的電話會議上介紹 GAAP 和非 GAAP 財務指標。這些非 GAAP 措施不應與我們的 GAAP 結果隔離、替代或優於我們的結果，我們鼓勵您在分析我們的業績時考慮所有措施。

And with that, I will turn the call over to Luis.

有了這個，我會把電話轉給 Luis。

Thank you, Debbie, and welcome, everyone. So we went public just over a year ago. And as part of that process, I wrote a letter to lay out my vision for what this company will do. It was a short letter and the whole thing said this. I'm just going to read it.

謝謝你，黛比，歡迎大家。所以我們一年多前就上市了。作為該過程的一部分，我寫了一封信，闡述了我對這家公司將要做什麼的願景。這是一封簡短的信，整件事都是這樣說的。我只是要讀它。

"The main thing you need to know is that I plan to dedicate my life to building a future in which through technology, every person on this planet has access to the best quality of education. And not only that, but a future in which people want to spend their time learning. Duolingo is the platform for building that future, and we are just getting started."

“你需要知道的主要事情是，我計劃畢生致力於建設一個未來，通過技術，這個星球上的每個人都可以獲得最好的教育質量。不僅如此，還有一個未來人們想把時間花在學習上。Duolingo 是構建未來的平台，而我們才剛剛開始。”

Since I worked that letter, we have made a lot of progress towards that vision. We have increased our user base substantially. When we went public last year, we had about 9 million daily active users. Now we have over 13 million. We had about 38 million monthly active users. Now we have nearly 50 million. We had less than 2 million paying subscribers, and now we have 3.3 million. In the first half of last year, we had about $130 million in bookings. And in the first half of this year, we had nearly $200 million.

自從我寫了那封信以來，我們在實現這一願景方面取得了很大進展。我們大大增加了我們的用戶群。當我們去年上市時，我們每天有大約 900 萬活躍用戶。現在我們有超過1300萬。我們每月有大約 3800 萬活躍用戶。現在我們有近5000萬。我們的付費用戶不到 200 萬，而現在我們有 330 萬。去年上半年，我們的預訂量約為 1.3 億美元。今年上半年，我們有近 2 億美元。

As these numbers show, we've executed well and achieved or surpassed our targets. But the spirit of my IPO letter was that we are at the beginning of our journey, and I believe in that message now more than ever. We want to build a company that is iconic and durable. We want to build a company that last 100 years. So while we pay attention to the near-term macro environment, we always stay focused on the long term and on the future.

正如這些數字所示，我們執行得很好，達到或超過了我們的目標。但我的 IPO 信的精神是，我們正處於旅程的開始，我現在比以往任何時候都更相信這一信息。我們希望建立一家具有標誌性且經久耐用的公司。我們想建立一家可以持續 100 年的公司。因此，在我們關注近期宏觀環境的同時，我們始終關注長期和未來。

And with that, I'll turn it over to Matt to talk about our financial outlook.

有了這個，我將把它交給馬特來談談我們的財務前景。

Thank you, Luis. We delivered strong results in the second quarter, beating expectations. We grew the top line at over 50%, and we were profitable on an adjusted EBITDA basis. It was also our fourth consecutive quarter with accelerating user growth. This gives us the confidence to increase our full year guidance while remaining appropriately prudent given the current uncertainty in the macro environment.

謝謝你，路易斯。我們在第二季度取得了強勁的業績，超出了預期。我們的收入增長超過 50%，並且在調整後的 EBITDA 基礎上實現了盈利。這也是我們連續第四個季度加速用戶增長。鑑於當前宏觀環境的不確定性，這使我們有信心增加全年指導，同時保持適當的審慎。

So our guidance for Q3 2022 is $94 million to $97 million in total bookings, $93 million to $96 million in revenue, and an adjusted EBITDA of negative $4.5 million to negative $1.5 million. For the full year 2022, we are increasing our guidance to $404 million to $410 million in total bookings, $361 million to $367 million in revenue and an adjusted EBITDA of positive $4 million to $7 million.

因此，我們對 2022 年第三季度的指導是總預訂量為 9400 萬美元至 9700 萬美元，收入為 9300 萬美元至 9600 萬美元，調整後的 EBITDA 為負 450 萬美元至負 150 萬美元。對於 2022 年全年，我們將總預訂量提高至 4.04 億美元至 4.1 億美元，收入為 3.61 億美元至 3.67 億美元，調整後的 EBITDA 為正 400 萬美元至 700 萬美元。

Our full year bookings guidance reflects 37% to 39% year-over-year growth, up from the 32% to 35% year-over-year growth that we guided to on our last earnings call. I also want to discuss foreign exchange rates and how they impact our guidance. We estimate that on a constant currency basis compared to Q2 of last year, our Q2 2022 bookings would have been just over 4% higher. This is a result of the dollar strengthening nearly 9% over the past year against the basket of currencies that make up our bookings and the fact that just over half of our bookings come from outside the U.S. Our updated guidance takes into account the strengthening of the dollar in the first half of the year and assumes current prevailing foreign exchange rates. Note that every 1% increase in the value of the dollar versus our basket of currencies would have about a $1 million impact on total bookings in the second half of the year.

我們的全年預訂指導反映了 37% 至 39% 的同比增長，高於我們在上次財報電話會議上指導的 32% 至 35% 的同比增長。我還想討論外匯匯率以及它們如何影響我們的指導。我們估計，與去年第二季度相比，按固定匯率計算，我們 2022 年第二季度的預訂量將略高於 4%。這是因為美元兌構成我們預訂的一攬子貨幣在過去一年中上漲了近 9%，而且我們的預訂中有超過一半來自美國以外的地區。我們更新的指導考慮到了美元在今年上半年，並假設當前的通行外匯匯率。請注意，美元兌我們的一攬子貨幣每升值 1%，將對下半年的總預訂量產生約 100 萬美元的影響。

We continue to manage the business with fiscal discipline as we have since our founding. In the second half of 2022, we anticipate that R&D as a percentage of revenue will increase starting in Q3 as it does most years as we bring on new university hires. Sales and marketing will increase slightly as a percent of revenue in Q3. And then in Q4, we'll settle back down to where it has been year-to-date. And we should start seeing some slight leverage in G&A in the back half of the year.

自成立以來，我們將繼續以財政紀律管理業務。在 2022 年下半年，我們預計研發佔收入的百分比將從第三季度開始隨著我們招聘新的大學員工而增加，就像大多數年份一樣。第三季度銷售和營銷佔收入的百分比將略有增加。然後在第四季度，我們將回到年初至今的水平。我們應該在今年下半年開始看到 G&A 的一些輕微影響。

Finally, I want to note that we are on track to hit our dilution guidance of 2% to 3% for the year and that we ended the quarter with approximately 47.4 million fully diluted shares outstanding using the average Q2 closing price.

最後，我想指出的是，我們有望實現今年 2% 至 3% 的稀釋指導，並且我們在本季度結束時使用第二季度平均收盤價計算了大約 4740 萬股完全稀釋的流通股。

And now I'll turn it back to Luis.

現在我將把它轉回給路易斯。

Thank you, Matt. Before we take your questions, I'd like to express my gratitude to our talented group of employees who put their collective hearts into our mission every day in order to serve our learners and change their lives through education. I guess I'm also supposed to remind everyone to do their Duolingo lessons today. I got it. I got it. Okay. We're going to do our lessons, okay? Okay. Anyways, I'd also like to remind everyone to watch Duocon on August 26, which is our annual conference for all things Duolingo. And now we would be happy to take your questions.

謝謝你，馬特。在我們回答您的問題之前，我要感謝我們才華橫溢的員工團隊，他們每天都將集體的心投入到我們的使命中，以服務我們的學習者並通過教育改變他們的生活。我想我也應該提醒大家今天上他們的 Duolingo 課程。我知道了。我知道了。好的。我們要上課了，好嗎？好的。無論如何，我也想提醒大家在 8 月 26 日觀看 Duocon，這是我們關於 Duolingo 的所有事情的年度會議。現在我們很樂意回答您的問題。

I'll turn it back to Debbie to manage the queue.

我會把它交給黛比來管理隊列。

All right. Thanks, Luis. So your first question comes from Andrew Boone of JMP Securities.

好的。謝謝，路易斯。因此，您的第一個問題來自 JMP 證券公司的 Andrew Boone。

Congrats on the strong results. Can we just start with the outperformance in MAU and DAU, I'd love to understand that. And then just stepping back as we think about kind of growth on a go-forward basis and we start to look at 2023 with a little bit finer of point of pencil. Is it fair to think about 20% to 25% for DAU growth and kind of 10% to 15% for MAU growth, which I think was kind of the soft guidance at the point of the IPO.

恭喜取得了不錯的成績。我們可以從 MAU 和 DAU 的出色表現開始，我很想理解這一點。然後退後一步，因為我們在向前的基礎上考慮某種增長，我們開始用更精細的鉛筆尖來看待 2023 年。考慮 20% 到 25% 的 DAU 增長和 10% 到 15% 的 MAU 增長是否公平，我認為這是 IPO 時的軟指導。

Well, thank you, Andrew, for your question. I mean I'll talk a little bit about our current outperformance, and then I'm going to let Matt talk about our guidance. So for the outperformance I mean look, it's a number of factors, but I think if you ask me, the main factor is just something we've said from the time we IPO-ed, which is we're still in the early days of our journey. We're still in the early days of our DAU growth. We're still in the early days of our revenue growth. And so we're still in a nice part of the curve. And so there's that.

好吧，謝謝你，安德魯，你的問題。我的意思是我會談談我們目前的出色表現，然後我會讓馬特談談我們的指導。所以對於表現出色，我的意思是看，有很多因素，但我認為，如果你問我，主要因素只是我們在 IPO 時所說的，即我們仍處於早期階段我們的旅程。我們仍處於 DAU 增長的早期階段。我們仍處於收入增長的早期階段。所以我們仍然處於曲線的一個很好的部分。就是這樣。

I should say one thing, which is that -- the macro environment is pretty crazy, as you know. So far, we have seen no weakness in our numbers whatsoever, and we expect pretty strong numbers. But things are crazy. And I can't tell you that we're going to be immune forever to whatever is going on in the macro environment. But so far, no weakness in our numbers. I don't know, Matt, if you want to talk about the guidance.

我應該說一件事，那就是-- 如你所知，宏觀環境非常瘋狂。到目前為止，我們的數據沒有任何弱點，我們預計數據會非常強勁。但事情很瘋狂。我不能告訴你，我們將永遠不受宏觀環境中發生的任何事情的影響。但到目前為止，我們的人數沒有任何弱點。我不知道，馬特，如果你想談談指導。

Yes, for sure. Yes. So Andrew, we don't guide to MAU or DAU explicitly. When we went public, we did mention that historically, looking back, MAU grew between 10% and 15% and DAU grew between 20% and 25%. And as you've seen earlier this year, we've outperformed those numbers. But those numbers are pretty long dated times years data. So I don't think that those numbers are fundamentally changed. We've had nice outperformance here. But again, we're not going to guide formally to it, but if you just look at the long times years of data, those numbers are certainly in the range.

是肯定的。是的。所以安德魯，我們沒有明確地指導 MAU 或 DAU。當我們上市時，我們確實提到過，從歷史上看，MAU 增長了 10% 到 15%，DAU 增長了 20% 到 25%。正如您在今年早些時候看到的那樣，我們的表現超過了這些數字。但這些數字是相當久遠的數據。所以我不認為這些數字發生了根本性的變化。我們在這裡有很好的表現。但同樣，我們不會正式指導它，但如果你只看多年的數據，這些數字肯定在範圍內。

And then you guys now are live again in China. Can you just speak to the opportunity there and what that could possibly mean for the business over maybe 3 to 5 years, right, not near term, but kind of more medium.

然後你們現在又住在中國了。您能否談談那裡的機會以及這可能對未來 3 到 5 年的業務意味著什麼，對，不是短期的，而是更中期的。

Yes. Thanks for the question about China. So we said in the shareholder letter, we're back live in China. So what happened in China was that we were taken down from the app stores a few months ago. And what that meant was that current users could still use Duolingo, but new users couldn't download it. We are back in the app stores, and we're back to the DAU and revenue levels that we had before we had been taken down.

是的。謝謝關於中國的問題。所以我們在股東信中說，我們回到了中國。所以在中國發生的事情是幾個月前我們被從應用商店下架了。這意味著當前用戶仍然可以使用 Duolingo，但新用戶無法下載。我們回到了應用商店，我們回到了我們被取消之前的 DAU 和收入水平。

Now China is an interesting country. It's -- there's a lot of potential in China, but it's still a small market for us, and it's about 1% to 2% of our DAUs and MAUs and a little under 1% of our revenue. I think the thing to say about China is -- of course, it's the largest language learning market in the world, in particular, for learning English. But it is very hard for Western companies to do well there. So the way we see it is we're investing in it. We're not betting the company on it. And my guess is as good as yours about what's going to happen with the Chinese landscape.

現在中國是一個有趣的國家。中國有很大的潛力，但對我們來說仍然是一個小市場，約占我們 DAU 和 MAU 的 1% 到 2%，占我們收入的 1% 以下。我認為關於中國要說的是——當然，它是世界上最大的語言學習市場，尤其是在學習英語方面。但西方公司很難在那裡做得很好。所以我們看到它的方式是我們正在投資它。我們不會把公司押在上面。我的猜測和你的猜測一樣好，關於中國的風景會發生什麼。

And your next question comes from Eric Sheridan of Goldman Sachs.

您的下一個問題來自高盛的 Eric Sheridan。

I'm always intrigued when you put the stuff in the letter on the A/B testing. Anything to highlight there where you've seen elements of the A/B testing move out of testing mode and into the app that you're the most excited about either they're driving on the usage side or the monetization side. Just can we get a better sense of some of the bridging from testing into implementation in the business? That would be number one. And number two, any update on math as a product, both on the investment cycle behind it and how you think about launching it more widely as we move out into future quarters?

當你把這些東西放在 A/B 測試的信中時，我總是很感興趣。任何可以突出顯示的內容，您已經看到 A/B 測試的元素從測試模式轉移到您最興奮的應用程序中，無論它們是在使用方面還是在貨幣化方面。我們能否更好地了解從測試到業務實施的一些橋樑？那將是第一名。第二，關於數學作為產品的任何更新，包括它背後的投資週期，以及隨著我們進入未來幾個季度，你如何看待更廣泛地推出它？

Thank you, Eric, for the questions. Okay. So first of all, in terms of A/B testing, as we mentioned in the letter, we run about 500 A/B tests per quarter. So we're really testing all kinds of things. Some things are pretty tiny. Some of the A/B tests are just like one word of change in some button and some are pretty large features. Two of that we highlighted in the letter that I'm particularly pretty excited about. One, is the Quests tab. So it's a whole tab in the app. That's basically going to induce users to (inaudible) actions and generally is to use the app more. And the thing about using the app more is, they use it more days in a row, every day that they use it, they spend more time on it. And we know that people who use the app more also are more likely to subscribe.

謝謝你，埃里克，你的問題。好的。所以首先，在 A/B 測試方面，正如我們在信中提到的，我們每季度運行大約 500 次 A/B 測試。所以我們真的在測試各種各樣的東西。有些東西非常微小。一些 A/B 測試就像某個按鈕上的一個詞的改變，而一些則是相當大的功能。我們在信中強調了其中兩個我特別興奮的地方。一是任務選項卡。所以它是應用程序中的一個完整選項卡。這基本上會誘使用戶採取（聽不見的）操作，並且通常是更多地使用該應用程序。更多地使用該應用程序的問題是，他們連續使用更多天，每天使用它，他們花更多的時間在上面。而且我們知道，使用該應用程序越多的人也更有可能訂閱。

So we really like that. That's one that we're really excited about. Another one that we mentioned in the letter that also, I'm particularly excited about is this thing called Side Quests, which are -- in the new home screen of the app, you're going to be able to tap on the animated characters and that's going to give you kind of these fun little mini games obviously to practice your language. Now to play them, you're going to have to pay with gems. And the gem economy on Duolingo is something that we're very excited about because it's going to help us with in-app purchases, which is something that we're going to be investing on for the next few years. Right now, our revenue for in-app purchases is relatively small. It's just a couple of percentage points. But we think we can grow that quite a bit. And we think that's pretty interesting, particularly in certain geographies where people don't love paying for recurring subscriptions.

所以我們真的很喜歡。這是我們非常興奮的一個。我們在信中提到的另一個讓我特別興奮的是這個叫做 Side Quests 的東西，它是——在應用程序的新主屏幕中，你將能夠點擊動畫角色這顯然會給你一些有趣的小遊戲來練習你的語言。現在要玩它們，您將不得不用寶石付費。 Duolingo 上的寶石經濟讓我們非常興奮，因為它將幫助我們進行應用內購買，這是我們將在未來幾年投資的東西。目前，我們的應用內購買收入相對較少。這只是幾個百分點。但我們認為我們可以增長很多。我們認為這很有趣，尤其是在人們不喜歡為定期訂閱付費的某些地區。

So that's kind of an A/B test. And you asked about math, and thank you for the question. That's something that we're very excited about. But I -- when people ask us about math or Duolingo ABC, which is our literacy app, I'd like to remind everyone that for the foreseeable future, I mean, certainly, this year, next year and even the year after that, we are primarily a language learning company. Language Learning is a massive opportunity. We're still really only scratching the surface. So the majority of our investment and the majority of our revenues are going to come from language learning for the next, call it, 3 to 5 years.

所以這是一種 A/B 測試。你問了數學，謝謝你的問題。這是我們非常興奮的事情。但是我——當人們問我們關於數學或 Duolingo ABC，這是我們的識字應用程序時，我想提醒大家，在可預見的未來，我的意思是，當然，今年、明年甚至後年，我們主要是一家語言學習公司。語言學習是一個巨大的機會。我們仍然只是觸及表面。因此，我們的大部分投資和大部分收入將來自未來 3 到 5 年的語言學習。

Now with the Math app, we're -- I have it on my phone. I use it every single day. It turns out it's pretty fun. It turns out practicing third and fourth grade math is pretty fun, at least for nerds like me. But -- so we have it, we're likely to -- the plan is still going according to plan, and we're going to put it out -- we're going to put a beta version of the app to the whole world this year. So it's still going according to plan. And I'm particularly excited about it.

現在有了數學應用程序，我們——我的手機上有它。我每天都用它。事實證明這很有趣。事實證明，練習三年級和四年級的數學很有趣，至少對於像我這樣的書呆子來說。但是 - 所以我們有了它，我們很可能 - 計劃仍在按計劃進行，我們將把它推出 - 我們將把應用程序的測試版發佈到整個今年的世界。所以它仍然按計劃進行。我對此特別興奮。

And your next question comes from Ralph Schackart of William Blair.

您的下一個問題來自 William Blair 的 Ralph Schackart。

Just 2 if I could. Just in terms of the home screen, you talked about the excitement there to really improve engagement. Maybe just an update what you're seeing there with the testing. And then just an additional question on regional pricing, how is that effort going? When are you moving from your test (inaudible) price regime also the willingness of some of the geographies (inaudible).

可以的話就2個。就主屏幕而言，您談到了真正提高參與度的興奮。也許只是更新您在測試中看到的內容。然後只是關於區域定價的一個額外問題，這項工作進展如何？您什麼時候從您的測試（聽不清）價格製度以及某些地區的意願（聽不清）轉移。

Thank you, Ralph. Okay. So you asked -- the first question was about the home screen. So the home screen just to remind everyone, we are completely changing the home screen of Duolingo, which is a pretty large change. So the home screen used to be this thing that we call the tree where users had a lot of options about where -- what to learn next to a linear path that where users -- we're basically going to be guiding users what to learn next. And we've talked about this. This is something that we're currently -- it's currently being still tested. We're being very careful with such large changes, we usually are pretty careful with them. So we're testing it, but it's currently live for a fraction of our users on iPhones, Androids and web. So on all our platforms, it's currently live. The results so far are great in that it's exactly what we expected. And just to remind everyone with what we expected with these results.

謝謝你，拉爾夫。好的。所以你問了——第一個問題是關於主屏幕的。所以主屏幕只是提醒大家，我們正在徹底改變多鄰國的主屏幕，這是一個相當大的變化。所以主屏幕曾經是我們稱之為樹的東西，用戶有很多關於在哪裡學習的選項——在用戶所在的線性路徑旁邊學習什麼——我們基本上將指導用戶學習什麼下一個。我們已經討論過這個。這是我們目前正在做的事情——目前仍在測試中。我們對如此大的變化非常小心，我們通常對它們非常小心。所以我們正在對其進行測試，但它目前在 iPhone、Android 和網絡上為我們的一小部分用戶提供服務。所以在我們所有的平台上，它目前都是實時的。到目前為止的結果很好，這正是我們所期望的。只是為了提醒大家我們對這些結果的期望。

This is a brand-new version of the home screen. The previous home screen was there for years. I don't know how many years, 5, 6 years or something like that. And it was hugely optimized. This new version is a brand new version that hasn't been optimized. And all we were looking for when we put this there is parity of metrics. If we're able to achieve parity of metrics with an unoptimized home screen versus the highly optimized sort of local maximum thing that we had before, then this is a really good position to be in because we can take the unoptimized one and then optimize it like crazy. And so far, it's looking like that. So far, it's looking like the metrics that we have pretty much parity of metrics. And so it's exactly what we wanted. My estimate is that we're going to be rolling it out to all our users like really, basically, there will be no users that don't have it by the end of the quarter. That's my estimate. And so we're looking pretty good with the home screen.

這是一個全新版本的主屏幕。以前的主屏幕已經存在多年了。我不知道多少年，5年，6年或類似的東西。它進行了極大的優化。這個新版本是一個未經優化的全新版本。當我們把它放在那裡時，我們所尋找的只是指標的均等性。如果我們能夠在未優化的主屏幕與我們之前擁有的高度優化的局部最大值之間實現指標的均等性，那麼這是一個非常好的位置，因為我們可以採用未優化的屏幕然後對其進行優化像發瘋的。到目前為止，它看起來是這樣的。到目前為止，看起來我們的指標幾乎是對等的。所以這正是我們想要的。我的估計是，我們將把它推廣給我們所有的用戶，基本上，到本季度末將沒有用戶沒有它。這是我的估計。所以我們在主屏幕上看起來相當不錯。

The regional pricing, again, this is something else just to remind everyone, when we IPO-ed, we had the same price in every single geography. And that really was the price -- that was a good price for the United States and maybe Western Europe, but it was not a great price for most countries in the world. Over the last year, we've basically changed the prices in most countries. We've regionalized prices. It took us a while to do this because when we run the experiment to change the prices, we really are trying to measure what that's going to do for our long-term bookings and kind of we're looking for lifetime value of users and we're trying to see what it does for recurring digital subscriptions, so renewals and everything. So it took us a while to do this. But by now, the prices are pretty good for most countries as in they are what you would expect given the GDP of each country, for example.

區域定價再次提醒大家，當我們首次公開募股時，我們在每個地區都有相同的價格。這確實是價格——這對美國甚至西歐來說是一個不錯的價格，但對於世界上大多數國家來說這並不是一個很好的價格。去年，我們基本上改變了大多數國家的價格。我們已經對價格進行了區域化。我們花了一些時間來做這件事，因為當我們進行實驗以改變價格時，我們真的在嘗試衡量這將對我們的長期預訂產生什麼影響，並且我們正在尋找用戶的終生價值，我們'正在嘗試查看它對定期數字訂閱、續訂和所有內容的作用。所以我們花了一些時間來做這件事。但到目前為止，大多數國家的價格都相當不錯，例如，考慮到每個國家的 GDP，它們的價格是您所期望的。

Now what that did is for countries like the U.S., the prices didn't change all that much, so that's good. And then most of the big changes were usually for poor countries, the prices went down quite a bit. And we see that as a first step of many that need to be taken to monetize the poor countries. So we obviously monetize countries like the U.S. or Western Europe. We monetize a lot better there than we would monetize in a country like Brazil or like Peru or Vietnam or something like that.

現在，對於像美國這樣的國家來說，價格並沒有太大變化，所以這很好。然後大多數重大變化通常是針對貧窮國家的，價格下降了很多。我們認為這是將貧窮國家貨幣化所需採取的許多措施的第一步。因此，我們顯然將美國或西歐等國家貨幣化。我們在那裡的盈利比在巴西、秘魯或越南等國家的盈利要好得多。

And in order to really monetize well in those countries -- in the poor countries, I think just a number of things need to happen. The first step is that your price needs to be right. We did that. And so that was a win, and it increased -- it was an increase in bookings, but it wasn't like a 10x, like sometimes people think, "Oh, now you have the right price. So you're just going to 10x bookings in Brazil or something not what happened and that we didn't expect that to happen because a number of other things need to happen in places like Brazil or like in India or something like that.

為了在這些國家實現真正的盈利——在貧窮國家，我認為需要做一些事情。第一步是你的價格需要是正確的。我們做到了。所以這是一場胜利，而且它增加了——預訂量增加了，但它不像 10 倍，就像人們有時認為的那樣，“哦，現在你有合適的價格。所以你只是要去巴西的預訂量是 10 倍，或者其他事情沒有發生，我們沒想到會發生這種情況，因為在巴西或印度等地或類似的地方需要發生許多其他事情。

For example, just people are not as used to paying for recurring digital subscriptions. So another thing that we need to do is probably we need to work on kind of more à la carte in-app purchases. To improve that, we also need to probably improve forms of payment that sometimes people just don't have the right form of payment. So this is just a number of things that we need to do, and this was step #1.

例如，只是人們不習慣為定期數字訂閱付費。所以我們需要做的另一件事可能是我們需要進行更多的單點應用內購買。為了改善這一點，我們還可能需要改進有時人們沒有正確的支付方式的支付方式。所以這只是我們需要做的一些事情，這是第一步。

And your next question comes from Ryan MacDonald of Needham.

您的下一個問題來自 Needham 的 Ryan MacDonald。

Luis, I wanted to first start with Duolingo English Test. Obviously, some really strong growth that accelerated on a year-over-year basis. I'm curious what you're seeing there between whether it's just a mix of stronger international enrollments back in the IR domestically? Or if this is a result of sort of the increase in number of universities that you have on the platform?

Luis，我想先從 Duolingo English Test 開始。顯然，一些非常強勁的增長在逐年加速。我很好奇你在這兩者之間看到了什麼，這是否只是國內IR中更強大的國際入學率的混合？或者，如果這是您在平台上擁有的大學數量增加的結果？

Yes. Thank you for asking about the Duolingo English Test because it's something -- it's a project that is very near and dear to my heart, and it's something that we're very excited about. Just kind of again to set the stage and to remind everyone because not as many people know about the Duolingo English Test.

是的。感謝您詢問有關 Duolingo 英語測試的問題，因為這是一個非常貼近我心的項目，我們對此感到非常興奮。只是再次設置舞台並提醒大家，因為沒有多少人知道多鄰國英語測試。

So this is our second largest product. Most people know us for our language learning app. The Duolingo English Test is the second largest product. It's a standardized English proficiency exam. So you go to our website and you take a test and it tells you how good your English is. It turns out, those are used for a lot of things, the standardized English exam. One of the main users, not the #1 users, but one of the main uses for standardized English exams is university admissions. So for foreign students. So when people want to come to the U.S. to study say, Stanford or Duke or something, they have to apply and they have to prove that they can speak English. So they can take the Duolingo English Test to prove that they can speak English.

所以這是我們的第二大產品。大多數人都知道我們是因為我們的語言學習應用程序。 Duolingo 英語測試是第二大產品。這是一個標準化的英語水平考試。因此，您訪問我們的網站並進行測試，它會告訴您您的英語有多好。事實證明，這些用於很多事情，標準化英語考試。主要用戶之一，不是排名第一的用戶，但標準化英語考試的主要用途之一是大學錄取。所以對於外國學生來說。因此，當人們想來美國學習斯坦福或杜克之類的時，他們必須申請並且必須證明他們會說英語。所以他們可以參加 Duolingo 英語測試來證明他們會說英語。

That business is growing really, really nicely for us.

這項業務正在增長，對我們來說非常非常好。

And the main place where it's growing. It's just -- we're just getting a lot more adoption of institutions, accepting our test. So it means -- and it's mainly universities. Historically, we started with U.S. universities. And by now, depending on how you measure, but about 80% of U.S. universities are accepting our test. We are increasing our efforts in the U.S., obviously, to get to 100%, that's what we'd like to get. But also we're increasing our efforts in other big markets of English proficiency exams, that's Canada, the U.K. and Australia. And those were increasing again. And so the combo of just a lot more institutions accepting our test is what has led to more people taking the test.

以及它生長的主要地方。只是——我們只是得到更多機構的採用，接受我們的測試。所以這意味著 - 它主要是大學。從歷史上看，我們從美國大學開始。到現在為止，這取決於你如何衡量，但大約 80% 的美國大學正在接受我們的測試。顯然，我們正在加大在美國的努力，以達到 100%，這就是我們想要的。但我們也在加拿大、英國和澳大利亞等其他大型英語水平考試市場加大力度。而那些又在增加。因此，更多的機構接受我們的考試，這導致更多的人參加了考試。

The other thing that has led to that is because now -- in the U.S., we just have quite a bit of acceptance. If you apply to U.S., for example, the top 25 universities in the U.S. in terms of international student enrollment 100% of them, 25 of the top 25 accepted Duolingo English Test.

導致這種情況的另一件事是因為現在 - 在美國，我們只是有相當多的接受度。如果你申請美國，例如，美國國際學生入學率排名前 25 的大學 100%，前 25 名中的 25 所接受了 Duolingo English Test。

So by now, if you're applying to the U.S. it is likely that those universities will take the Duolingo English Test. So the other thing that we're doing is just getting the word out that this is the case, and this has helped quite a bit in countries like India or China which is where most of the test takers are just getting the word out that we are as accepted as the other tests has helped quite a bit. And I think that, that will continue happening.

所以現在，如果你申請美國，那些大學很可能會參加 Duolingo English Test。所以我們正在做的另一件事就是讓人們知道情況確實如此，這在印度或中國等國家提供了相當大的幫助與其他測試一樣被接受，幫助很大。我認為，這將繼續發生。

Super helpful color. And then maybe just from a follow-up perspective. On the core language learning app, obviously, it's great to see no macro negative impacts thus far. But -- as we think about potential recession or a tightening of the consumer discretionary budget, do you do much research on where your users are coming from? And I ask the reason of is there a potential here of seeing an acceleration in the shift from offline language learning to online, given that it's $30 to $60 an hour for a language tutor in person versus obviously, that's nearly the price of an annual subscription. Just curious your thoughts there.

超級有用的顏色。然後也許只是從後續的角度來看。顯然，在核心語言學習應用程序上，很高興到目前為止沒有看到宏觀負面影響。但是——當我們考慮到潛在的經濟衰退或消費者可自由支配的預算收緊時，你是否對你的用戶來自哪裡做了大量研究？我問為什麼這裡有可能看到從離線語言學習向在線學習的加速轉變，因為語言輔導員每小時 30 到 60 美元，而顯然，這幾乎是年度訂閱的價格.只是好奇你的想法。

Yes, that's a really good hypothesis, one that I wish were true. And I don't know if it's going to be true or not. I mean, because we just haven't really hit the recession, at least for that. But I think we believe that. We believe that -- not just a recession. I actually think, over time, we believe that the market is going to shift more online. And just to remind you, in terms of the language learning market, the language learning market is about $60 billion a year. The vast majority of it is still offline, where people are basically paying to take night classes in Brazil to learn English or something like that. Like that's the majority of the market.

是的，這是一個非常好的假設，我希望它是真的。而且我不知道這是否是真的。我的意思是，因為我們還沒有真正遇到經濟衰退，至少在這方面是這樣。但我認為我們相信這一點。我們相信——不僅僅是經濟衰退。我實際上認為，隨著時間的推移，我們相信市場將更多地轉向在線。提醒一下，就語言學習市場而言，語言學習市場每年約為 600 億美元。其中絕大多數仍處於離線狀態，人們基本上是付費在巴西上夜校學習英語或類似的東西。就像那是市場的大部分。

Over the years, we've seen a slightly shift online. And by the way, we've basically helped a lot with the online shift. We're hoping that this will continue happening. And it's a good question about whether the recession is going to help with that just because off-line language learning is a lot more expensive. The honest answer is I don't know if that will be the case, but it stands the reason that it will, but I'm just -- I don't know.

多年來，我們在網上看到了輕微的轉變。順便說一句，我們基本上為在線轉變提供了很多幫助。我們希望這種情況會繼續發生。這是一個很好的問題，經濟衰退是否會幫助解決這個問題，因為離線語言學習要貴得多。誠實的回答是，我不知道是否會這樣，但它有理由這樣做，但我只是 - 我不知道。

And your next question comes from Justin Patterson of KeyBanc.

您的下一個問題來自 KeyBanc 的 Justin Patterson。

Great. Perhaps as a variance of Eric's question, it looks like there's been a lot more iteration on more products, consumer user-facing features recently. I'd love to hear about just how the pace of innovation has improved as that DAU and MAU base as it assisted more A/B test. And then secondly, you mentioned Duocon, Luis, anything you're particularly excited about coming up?

偉大的。也許作為 Eric 問題的一個變體，最近似乎在更多產品、面向消費者用戶的功能上進行了更多迭代。我很想知道隨著 DAU 和 MAU 基礎的創新步伐是如何提高的，因為它有助於更多的 A/B 測試。其次，你提到了 Duocon、Luis，有什麼讓你特別興奮的事情嗎？

Okay. So first, in terms of the pace of innovation. So 2 things affect our pace of innovation. One is the number of users that we have to experiment with. As they increase, we can run more experiments at a time. That helps. The other thing that helps, of course, is the number of people working on the product. And so the number of engineers, the number of product managers and the number of designers that we have working on the product help us run more experiments. And so that's basically what's happening. We are hiring more and more people. Of course, we are hiring prudently. You're not going to see us doing layoffs or anything like that.

好的。首先，就創新速度而言。所以有兩件事會影響我們的創新步伐。一是我們必須試驗的用戶數量。隨著它們的增加，我們可以一次運行更多的實驗。這有幫助。當然，另一件有幫助的事情是從事產品工作的人數。因此，工程師的數量、產品經理的數量以及我們在產品上工作的設計師數量有助於我們進行更多的實驗。所以這基本上就是正在發生的事情。我們正在招聘越來越多的人。當然，我們正在謹慎招聘。你不會看到我們進行裁員或類似的事情。

We're hiring pretty prudently as we have for the whole time. But that's basically what increases the pace of innovation. And so you are right, we are running more A/B tests. Every quarter -- it's pretty much the case that every quarter, we run more A/B test than the previous quarter. And it's just we have more people working on them. So that's the A/B testing. And in terms of Duocon, you should just tune in. There's a lot of really cool stuff coming in -- coming up.

我們一直在非常謹慎地招聘。但這基本上就是加快創新步伐的原因。所以你是對的，我們正在運行更多的 A/B 測試。每個季度——幾乎每個季度，我們都會進行比上一季度更多的 A/B 測試。只是我們有更多的人在研究它們。這就是 A/B 測試。就 Duocon 而言，你應該收聽一下。有很多非常酷的東西進來——即將到來。

You missed a great opportunity for DUO to just lock in behind you again.

您錯過了 DUO 再次鎖定在您身後的絕佳機會。

Duo has a very hard job. It's like Santa Claus. He has to be everywhere at once, reminding everybody to do their lessons. So I don't know where he is.

Duo 的工作非常艱鉅。這就像聖誕老人。他必須同時在任何地方，提醒每個人做他們的功課。所以我不知道他在哪裡。

All right. And the next question comes from Aaron Kessler of Raymond James.

好的。下一個問題來自 Raymond James 的 Aaron Kessler。

One, you shared some nice marketing leverage in the quarter. Can you just talk about that? Should we expect a little bit maybe deleverage in the back half on the marketing side and maybe with kind of ad rates are apparently coming down a bit. Just wondering if that's helping you on the marketing efficiency side. On the other hand, are you seeing any negative implications on your advertising revenues from kind of lower performance-based advertising that we've seen this quarter?

一，您在本季度分享了一些不錯的營銷槓桿。你能談談嗎？我們是否應該期望在營銷方面的後半部分可能會去槓桿化，並且可能由於某種廣告費率顯然會有所下降。只是想知道這是否對您在營銷效率方面有所幫助。另一方面，您是否看到我們本季度看到的基於績效的廣告對您的廣告收入有任何負面影響？

Yes, I'm happy to take that. So part of the advertising leverage this quarter was driven by just a shift in spend. So we were going to spend it this quarter. We're going to spend it next quarter. That's about -- it will shake out to be between around $1 million to $2 million. So there's some of that. But in the back half of the year, we would expect to see some deleveraging in Q3 because of what I just said that shift. But then in Q4 it should be right back to kind of where it was this quarter-ish. So nothing kind of seminal or crazy going on in the S&M line.

是的，我很樂意接受。因此，本季度的部分廣告槓桿只是由支出的變化推動的。所以我們打算在這個季度花掉它。我們將在下個季度花掉它。這大約是 - 它將在大約 100 萬美元到 200 萬美元之間搖擺不定。所以有一些。但在今年下半年，由於我剛才所說的這種轉變，我們預計第三季度會出現一些去槓桿化。但是到了第四季度，它應該會回到這個四分之一的水平。因此，在 S&M 生產線中沒有發生任何開創性或瘋狂的事情。

The second part of your question is true. We did see average revenue per DAU go down on the marketing side of the business, just like I think other folks who are taking in marketing dollars saw. The good news for us was that if that went down in the order because DAUs went up so much, the net effect turned out to be -- that advertising dollars still grew relatively nicely for the quarter. So we're still monitoring that. That does seem to be something that could persist throughout the rest of the year is that average revenue per DAU going down. But like I said, with user growth, we can offset that.

你問題的第二部分是正確的。我們確實看到每個 DAU 的平均收入在業務的營銷方面有所下降，就像我認為其他接受營銷費用的人所看到的那樣。對我們來說，好消息是，如果由於 DAU 增長如此之快而導致訂單下降，那麼最終的結果是——該季度的廣告收入仍然相對較好地增長。因此，我們仍在對此進行監控。這似乎確實會在今年剩下的時間裡持續存在，因為每個 DAU 的平均收入會下降。但就像我說的，隨著用戶的增長，我們可以抵消這一點。

Average revenue per DAU on advertising.

每個 DAU 的平均廣告收入。

On advertising. Yes, exactly.

關於廣告。對，就是這樣。

And your next question comes from Mario Lu of Barclays.

您的下一個問題來自巴克萊的 Mario Lu。

So the first one is on the booking fee in the second quarter. I believe you beat your guide by 11% at the midpoint. So just wondering if you could provide some color into what were the main drivers for the outperformance. Any user acquisition channels you can call out (inaudible).

所以第一個是關於第二季度的預訂費。我相信你在中點超過了你的指南 11%。所以只是想知道你是否可以為表現優異的主要驅動因素提供一些顏色。您可以調用的任何用戶獲取渠道（聽不清）。

So the beat on the guide was driven in part by the fact that when we issued that guide, we were early on in the quarter, there was a lot of macro uncertainty, and so we were being appropriately prudent. There was also outperformance even over internal expectations on certain metrics like user growth we performed really well on conversion and retention. And so those are really the core components of what led to the bookings beat. And so -- and then when we look to guidance going forward, we're taking all those outperformance into account for the rest of the year. But then also, we're still layering on a prudent outlook given there is so much uncertainty, as Luis mentioned.

因此，該指南的節拍部分是由於當我們發布該指南時，我們處於本季度初期，存在很多宏觀不確定性，因此我們採取了適當的謹慎態度。甚至在某些指標（例如用戶增長）上，我們的表現也超過了內部預期，我們在轉化和留存方面表現非常出色。因此，這些確實是導致預訂量增加的核心因素。所以 - 然後當我們展望未來的指導時，我們會考慮到今年剩餘時間裡所有的出色表現。但同時，正如 Luis 所說，鑑於存在如此多的不確定性，我們仍在考慮謹慎的前景。

Got it. And then just a follow-up on the Side Quests and Quests. Those look very exciting. I guess just at a high level, you said Side Quests is to increase revenue, Quests is to increase engagement. But I guess, in terms of being a language app, I guess can you remind us what incentive users have in order to kind of spin more gems or is that still being tested?

知道了。然後只是對支線任務和任務的跟進。那些看起來非常令人興奮。我猜只是在高層次上，你說支線任務是為了增加收入，任務是為了增加參與度。但我想，作為一個語言應用程序，我想你能提醒我們用戶有什麼激勵措施來旋轉更多的寶石，還是仍在測試中？

In terms of spending more gems, it's just the whole gamification of Duolingo. People really get into it. And it's a pretty complex ecosystem. So one of the things that happens is the user journey would be something like this. A user is using Duolingo, and they get really into the leaderboards. The leaderboards, by the way, are these kind of groups of people or 50 random people you're there. And if you're in the top -- well, it's actually 30 random people. And if you're in the top 10, you increase to the next league, et cetera. They get really into that. And then they're really trying to figure out how to get more and more X fee per minute, more points per minute.

在花費更多寶石方面，這只是 Duolingo 的整個遊戲化。人們真的很投入。這是一個相當複雜的生態系統。所以發生的一件事是用戶旅程將是這樣的。用戶正在使用 Duolingo，他們真正進入了排行榜。順便說一下，排行榜是這類人群或您所在的 50 個隨機人。如果你在頂部——嗯，實際上是 30 個隨機的人。如果你進入前 10 名，你就可以進入下一個聯賽，等等。他們真的很喜歡。然後他們真的想弄清楚如何每分鐘獲得越來越多的X費用，每分鐘更多的積分。

And then it turns out that things like Side Quests give a good number of X fee, so people try them and then they really enjoy that. And so they enjoy it and also gives them a lot of X fees. So that will get them to spend gems. So it's stuff like that, that gets people to really do this. So it's basically kind of a tight gamification loop.

然後事實證明，諸如支線任務之類的東西提供了大量的 X 費用，所以人們嘗試了它們，然後他們真的很喜歡。所以他們喜歡它，也給了他們很多 X 費用。所以這會讓他們花費寶石。所以就是這樣，讓人們真正做到這一點。所以它基本上是一種緊密的遊戲化循環。

Great. Well, just don't make too much pay-to-win, like some games.

偉大的。好吧，只是不要像某些遊戲那樣為獲勝而付出太多。

Don't worry. We spend a lot of effort on that. We really do want to make sure that everything that we do is really good for learning in the end, too. I mean this is -- we spend a lot of effort making sure that the Side Quests that basically, when you're earning X fee, we try to make it so that you're learning proportional to how many X fee you're getting.

不用擔心。我們為此付出了很多努力。我們真的很想確保我們所做的一切最終也對學習有好處。我的意思是——我們花了很多精力確保支線任務基本上，當你賺取 X 費用時，我們會努力讓你的學習與你獲得的 X 費用成正比.

All right. And the next question comes from Arvind Ramnani at Piper Sandler.

好的。下一個問題來自 Piper Sandler 的 Arvind Ramnani。

So just a couple of questions. Certainly, this is the first time you're talking about potential impact of macro. And I'm not sure if you'll have seen this prior sort of macro cycle. So maybe when you did you were a different company or private company at that time. But assuming that we see some impact on the business from a macro perspective, do you think the impact will be more on the mid-teen top of the funnel growth or more on the conversion to -- where do you anticipate kind of the first sort of hit to be?

所以只是幾個問題。當然，這是您第一次談論宏觀的潛在影響。而且我不確定您是否會看到這種先前的宏觀週期。所以也許當你這樣做的時候，你當時是一家不同的公司或私人公司。但是假設我們從宏觀角度看到對業務的一些影響，您認為影響會更多地出現在渠道增長的中期頂部，還是更多地轉化為 - 您預計第一類的類型在哪裡？命中是？

Arvind, great question. I don't know. I mean it's very hard to know. I mean, so far, we have seen no weakness in our numbers. And so it's hard to know if I could think about it and theorize about it, for example, my guess is that free users are not going to -- like basically, our free user growth is going to continue equally. And then probably if people are having real tough time economically, they may be less likely to subscribe.

Arvind，好問題。我不知道。我的意思是很難知道。我的意思是，到目前為止，我們的人數沒有看到任何弱點。所以很難知道我是否可以考慮它並對其進行理論化，例如，我的猜測是免費用戶不會 - 基本上，我們的免費用戶增長將繼續平等。然後，如果人們在經濟上真的很艱難，他們可能不太可能訂閱。

Now one thing that I should say is that this is just a hypothesis, by the way, about why we are a little less immune by this. That -- I don't know if this is true or not. But the fact that we're a freemium model and that our free product is so good. What it means is that already the people that are paying or the people that are not paying, a lot of them -- or the people that are having trouble, sorry, paying a lot of them, anyways, were just using the product for free. And that may be the case of -- and we have users everywhere in the world, in poor countries, a country like India or something, just very few people are paying us and they're just using Duolingo for free.

現在我要說的一件事是，這只是一個假設，順便說一下，關於為什麼我們對此免疫程度較低。那——我不知道這是不是真的。但事實上我們是免費增值模式，而且我們的免費產品非常好。這意味著已經付款的人或不付款的人，他們中的很多人——或者遇到麻煩的人，對不起，支付了很多人，無論如何，只是免費使用該產品.可能就是這種情況——我們在世界各地都有用戶，在貧窮的國家，像印度這樣的國家，只有很少人付錢給我們，他們只是免費使用 Duolingo。

Now we don't mind that because that's actually good for us because people tell their friends, and this is how we grow. And also when people use Duolingo, we have more users and we can run more A/B test and make the whole product better, et cetera. So we don't mind that. But it's -- ultimately, it's just very hard to know what's going to happen. So far, we have seen no weakness in our numbers though.

現在我們不介意，因為這實際上對我們有好處，因為人們告訴他們的朋友，這就是我們成長的方式。而且當人們使用 Duolingo 時，我們有更多的用戶，我們可以運行更多的 A/B 測試，讓整個產品變得更好，等等。所以我們不介意。但它 - 最終，很難知道會發生什麼。到目前為止，我們沒有看到我們的數字有任何弱點。

Perfect. And then from a pricing perspective, like you even go back like 2 years when you are private -- you had kind of one pricing model. Now you have multiple -- you're starting to introduce more pricing models. I think kind of the family plan is kind of probably the newest pricing model. How should we think about your pricing models? Are they going to be like additional ones coming about, like, I mean, as you anticipate potentially some macro headwinds, are you being a little bit more creative on pricing? Should we expect some of that over the next 6 months or so?

完美的。然後從定價的角度來看，就像你甚至可以追溯到 2 年前的私有化——你有一種定價模型。現在你有多個——你開始引入更多的定價模型。我認為家庭計劃可能是最新的定價模式。我們應該如何看待您的定價模式？它們是否會像即將出現的其他產品一樣，例如，我的意思是，正如您預計可能會出現一些宏觀逆風一樣，您是否在定價方面更具創意？我們是否應該在接下來的 6 個月左右期待其中的一些？

So the first thing to say about pricing is that we're always experimenting not only -- in terms of pricing and in different geographies and in terms of packages, what is the relative price of the family plan versus the individual plan versus the year levers, the monthly, we're always experimenting. So you're going to see us continue experimenting. And if we see something that wins, and by the way, wins means not just short-term wins, but long term. So whenever we do the experiments, we really try to see that they actually increase the lifetime value of users.

因此，關於定價的第一件事是，我們一直在嘗試不僅在定價方面、在不同地區以及在套餐方面，家庭計劃與個人計劃與年度槓桿的相對價格是多少，每月一次，我們一直在試驗。所以你會看到我們繼續試驗。如果我們看到一些勝利的東西，順便說一句，勝利不僅意味著短期的勝利，而且意味著長期的勝利。因此，每當我們進行實驗時，我們都會真正嘗試看到它們實際上增加了用戶的生命週期價值。

Whenever something wins, you'll see us change it, but it's very hard to say what will happen in the next 6 months. I don't think you'll see anything -- I don't think you'll see any new fundamentally different packages because we're not working on anything like that. I mean the actual packages that we have, there's the monthly, the yearly and annual plan, which could be monthly or yearly. I don't think you're going to see any fundamentally new thing, but you may see kind of different prices. And it's just very hard to say what will happen because we're just going to continue experimenting.

每當有事情獲勝時，您都會看到我們改變它，但很難說未來 6 個月會發生什麼。我不認為你會看到任何東西——我認為你不會看到任何新的根本不同的包，因為我們沒有在做類似的事情。我的意思是我們擁有的實際套餐，有每月、每年和每年的計劃，可以是每月或每年。我認為您不會看到任何根本上的新事物，但您可能會看到不同的價格。很難說會發生什麼，因為我們將繼續試驗。

Great. And just last question. Certainly, you've, I think, 450, 500 A/B sort of testing. Of those, which one do you think has sort of the biggest potential part to impact your revenue or your margins?

偉大的。最後一個問題。當然，我認為您已經進行了 450、500 種 A/B 測試。其中，您認為哪一個最有可能影響您的收入或利潤率？

Out of all the 500 tests that we're running, which do you think the single one has the most potential? I don't know. I mean the 2 that I'm most excited about are the ones that I put in our shareholder letter. I'm most excited about those 2, Side Quests and the Quests tab. But I am sometimes good at predicting what's going to be really big. And sometimes, I'm actually really bad predicting what's going to be really big. So -- those are the ones that I put there that I like.

在我們正在運行的所有 500 項測試中，您認為哪一項最有潛力？我不知道。我的意思是我最興奮的兩個是我在股東信中寫的。我對這 2 個，支線任務和任務選項卡感到最興奮。但我有時擅長預測什麼是真正的大事。有時，我真的很難預測什麼會變得非常大。所以——那些是我放在那裡的我喜歡的。

The next question comes from Mark Mahaney at Evercore.

下一個問題來自 Evercore 的 Mark Mahaney。

Two questions, please. One on where you think penetration rates can go for subscribers as a percentage of MAUs. I asked the question because I think at the time of the IPO a couple of years ago, maybe you thought I could -- looking at some of the dating app, maybe you could get to double digits. I don't know if you said that or the market certainly thought something like that. If you look at that chart that you have in your shareholder letter, that curve looks pretty darn good. Like I don't know -- my guess is that it may even be going faster than you would have thought. So I don't know, just new thoughts you may have on where that penetration could go long term?

請教兩個問題。您認為訂閱用戶的滲透率佔 MAU 百分比的地方。我問這個問題是因為我認為在幾年前首次公開募股時，也許你認為我可以——看看一些約會應用程序，也許你可以達到兩位數。我不知道你是不是這麼說的，還是市場肯定是這麼想的。如果您查看股東信中的圖表，那條曲線看起來非常好。就像我不知道一樣——我的猜測是它甚至可能比你想像的要快。所以我不知道，只是你對這種滲透可以長期發展的地方有新的想法嗎？

And then secondly, I just want to ask about 2 markets, China and India. I know somebody already asked you about India, but I want to phrase the question this way. The risk reward there seems so asymmetric to me. I don't think you -- I think you've talked about country launches before not necessarily being dramatically capital intensive. You've had viral growth in so many markets. but the number of potential MAUs and subscribers out of China just would seem to be dramatic, especially for what you're offering.

其次，我只想問兩個市場，中國和印度。我知道有人已經問過你關於印度的問題，但我想這樣表述這個問題。那裡的風險回報在我看來是如此不對稱。我不認為你——我認為你在不一定是資本密集型之前就談到過國家發射。你已經在這麼多的市場上實現了病毒式增長。但是中國以外的潛在 MAU 和訂閱者的數量似乎是驚人的，尤其是對於您提供的產品。

And so I wanted to just ask you to talk about that a little bit. I understand all the volatility about being allowed and not allowed in but just seems so asymmetric the opportunity there. And just give us a quick update on India, where things are because I think that's been one of your better markets. But I also think growth markets, but I also think you may have had some regulatory issues there. So any update on that. So those are the 3 questions.

所以我想請你談談這個。我理解關於被允許和不允許進入的所有波動，但那裡的機會似乎如此不對稱。讓我們快速了解一下印度的最新情況，因為我認為那是你們更好的市場之一。但我也認為增長市場，但我也認為你可能在那裡遇到了一些監管問題。所以任何更新。所以這是3個問題。

Great. Okay. So penetration. So you're right. I'd say our penetration of the fraction of paying subscribers to MAUs has definitely outperformed what I thought would happen. When we IPO-ed, we had been seeing kind of a 1 percentage point growth per year. So each year, it would go from like 3% to 4%, from 4% to 5%. The last couple -- since IPO, it seems we're up to about 2 percentage points per year. So it is more than I expected. And I think that we're very happy with that.

偉大的。好的。所以滲透。所以你是對的。我想說，我們對 MAU 付費用戶的滲透率肯定超過了我認為會發生的情況。當我們進行首次公開募股時，我們看到了每年 1 個百分點的增長。所以每年，它會從 3% 到 4%，從 4% 到 5%。最後一對——自首次公開募股以來，我們每年的增長似乎高達約 2 個百分點。所以這超出了我的預期。我認為我們對此非常滿意。

And your question is how high can I get? We still don't know. I don't see a reason why this can't get to the mid-teens. I don't see a reason why this can't happen. But it's very hard to say. Now I'll say one other thing, which I think a lot of people concentrate on this metric of percentage of paying subscribers versus MAUs. This is not a metric that we inside the company operate against. We don't have a team trying to improve this metric. We're not trying to do that. And part of the reason is because what we're really trying to improve is kind of long-term bookings. And for some stuff, one easy way to increase that metric, for example, is to lower our price significantly. And that metric could go up quite a bit. But we may be making less revenues. So it's not clear exactly what will happen. There are some experiments. Certainly, when we did a regional pricing, that probably made it go a little faster because we lowered our price in many countries, and that made it go a little faster. So stuff like that.

你的問題是我能達到多高？我們還不知道。我看不出為什麼這不能達到十幾歲。我看不出為什麼這不能發生。但這很難說。現在我要說另一件事，我認為很多人都專注於付費訂戶與 MAU 的百分比指標。這不是我們在公司內部運作的指標。我們沒有團隊試圖改進這個指標。我們不想那樣做。部分原因是因為我們真正想要改進的是長期預訂。對於某些東西，例如，增加該指標的一種簡單方法是顯著降低我們的價格。這個指標可能會上升很多。但我們的收入可能會減少。所以目前還不清楚到底會發生什麼。有一些實驗。當然，當我們進行區域定價時，它可能會更快一些，因為我們在許多國家/地區降低了價格，這使它更快一些。所以這樣的東西。

But it's just -- it's not something that we necessarily obsessed about, but it is something that it seems like certainly, Wall Street seems to care about. So we talk about it.

但這只是 - 這不是我們一定要痴迷的東西，但它似乎是華爾街似乎肯定關心的東西。所以我們談論它。

Yes, 1 second on that penetration rate. So Mark, part of that acceleration that you're seeing, and it is an acceleration came from the fact that we have a higher mix of annual plans now. So over the past 4 quarters, we've increased the annual plan mix because of what Luis mentioned, which is we view that as a 2x -- 2x as big LTV as the monthly plan. And so part of that penetration rate going from 1% to 2% was the natural impact of that mix shift. And so over time, since we're now almost at 90% annual plan you would expect that to trend back towards the middle of that 1% to 2% range. So I think that's an example of what Luis is talking about, which is the metric we care about is LTV and it has these derivative effects which are increasing the paid penetration. But the metric is LTV.

是的，1 秒的滲透率。所以馬克，你看到的加速的一部分，這是一個加速來自我們現在有更高的年度計劃組合的事實。因此，在過去的四個季度中，由於 Luis 提到的內容，我們增加了年度計劃組合，我們認為 LTV 是月度計劃的 2 倍 - 2 倍。因此，從 1% 到 2% 的滲透率的一部分是這種混合轉變的自然影響。因此，隨著時間的推移，由於我們現在幾乎處於 90% 的年度計劃，您會期望它會趨向於 1% 到 2% 範圍的中間。所以我認為這是 Luis 所說的一個例子，這是我們關心的指標是 LTV，它具有增加付費滲透率的這些衍生效應。但指標是 LTV。

Great. So then your next question was about China and India. Let me talk about India first because I think it's a little easier. So we haven't had any regulatory issues in India. That's just not something that we've ever had. India. India has been very nice to us. So India is a very interesting market for us. It is one of our fastest -- at times, it is the fastest. I don't know if today it is the fastest, but at times, it is the fastest-growing country in the whole world for us in terms of daily active users. It keeps growing. It is now one of our top 5 markets. A while ago, it wasn't even in the top 20. And there's just a ton of people in India -- now the thing with India is that it has been great for user growth, free user growth in particular.

偉大的。那麼你的下一個問題是關於中國和印度的。讓我先談談印度，因為我認為它更容易一些。所以我們在印度沒有任何監管問題。這不是我們曾經擁有的東西。印度。印度對我們很好。所以印度對我們來說是一個非常有趣的市場。它是我們最快的之一——有時，它是最快的。我不知道今天它是否是最快的，但有時，就我們的每日活躍用戶而言，它是全世界增長最快的國家。它不斷增長。它現在是我們的前 5 個市場之一。不久前，它甚至沒有進入前 20 名。而且印度只有很多人——現在印度的情況是它對用戶增長非常有利，尤其是免費用戶增長。

For revenue, we have not monetized it. And in fact, for a while, we actually had revenue turned off in India. And we're in the process of turning it back on. And I'll tell you the reason why we have turned it off. It just turns out that the Indian consumers are just not very used to freemium models. And so when we would give the offer to subscribe, they thought that it was a hard paywall and they would stop using Duolingo. They were like, we're getting out of here.

對於收入，我們尚未將其貨幣化。事實上，有一段時間，我們實際上在印度關閉了收入。我們正在重新啟動它。我會告訴你我們關閉它的原因。事實證明，印度消費者只是不太習慣免費增值模式。因此，當我們提出訂閱時，他們認為這是一個硬付費牆，他們將停止使用 Duolingo。他們就像，我們要離開這裡。

So what we did is temporarily turned that off. And so we were making no money from India for a while. And we're back -- we're either -- like either we're already back -- we're about to be back. This is one of those things we're experimenting on to be making money in India. But so far, I think it's a lot of users. There's a lot of great opportunity. And I think -- but I think the challenge with India is just getting people to pay is -- I think a lot of companies have a hard time with that. So that's India.

所以我們所做的就是暫時關閉它。所以我們有一段時間沒有從印度賺到錢。我們回來了——我們要么 - 就像我們已經回來了 - 我們即將回來。這是我們正在嘗試在印度賺錢的事情之一。但到目前為止，我認為它的用戶很多。有很多很棒的機會。我認為——但我認為印度面臨的挑戰只是讓人們付錢——我認為很多公司都很難做到這一點。這就是印度。

China. So we have an office in China. We have an office in Beijing. They are very high performing. The reason we originally opened that office was to grow in China. And they did a really good job. I mean we really started growing quite a bit in China before we got turned off in the app stores as China was our fastest-growing market. The other nice thing about China is that consumers actually also pay and it is the largest English learning market in the world.

中國。所以我們在中國有一個辦公室。我們在北京設有辦事處。他們的表現非常出色。我們最初開設該辦事處的原因是為了在中國發展。他們做得非常好。我的意思是，在我們在應用商店被關閉之前，我們在中國確實開始了相當大的增長，因為中國是我們增長最快的市場。中國的另一個好處是消費者實際上也在付費，它是世界上最大的英語學習市場。

So it is something we're going to continue investing in, but we're prudent. I mean I think it would be foolish for us just having seen what has happened to all the majority of Western companies that invest a lot in China, I think it will be foolish for us to suddenly invest $200 million to grow in China, that's just unlikely to happen.

所以這是我們將繼續投資的東西，但我們很謹慎。我的意思是，我認為對我們來說，僅僅看到在中國進行大量投資的大多數西方公司的遭遇是愚蠢的，我認為我們突然投資 2 億美元在中國發展是愚蠢的，那隻是不太可能發生。

But we're going to continue investing and it will continue growing. Now the nice thing about Duolingo is that it grows organically. So we haven't needed to go and spend $50 million in a given market to grow or anything. It just -- we do something where we spend maybe $1 million on some influencer marketing or something and from then on the flywheel takes over. So the nice thing is we don't have to spend that much and then we're going to see -- we're hopefully going to see it grow. So I think it's a pretty nice -- we're very excited about China, but we're cautious about it. And I think it will be foolish not to be cautious about it.

但我們將繼續投資，並將繼續增長。現在，Duolingo 的好處是它有機地生長。因此，我們不需要在特定市場上花費 5000 萬美元來實現增長或其他任何事情。它只是 - 我們做一些事情，我們可能會在一些有影響力的營銷或其他東西上花費 100 萬美元，然後從那時起飛輪接管。所以好的事情是我們不必花那麼多錢，然後我們會看到 - 我們希望看到它增長。所以我認為這很好——我們對中國感到非常興奮，但我們對此持謹慎態度。而且我認為對此不謹慎是愚蠢的。

Great. And it looks like there are no other questions. So I'll just turn it back to Luis.

偉大的。看起來沒有其他問題。所以我會把它轉回給路易斯。

Well, I think that's it. Thank you so much. Thank you for all the questions. And just once again, please watch Duocon on August 26. And remember to do your lessons otherwise, Duo's going to come back here and kidnap my family.

嗯，我想就是這樣。太感謝了。謝謝你的所有問題。再一次，請在 8 月 26 日觀看 Duocon。記得好好上課，否則 Duo 會回到這裡綁架我的家人。