Duolingo Inc (DUOL) 2022 Q3 法說會逐字稿

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  • Operator

    Operator

  • (inaudible) the quarter 2022 earnings webcast. (Operator Instructions). Today, after market close, we released our quarterly shareholder letter with our Q3 results and commentary, which you can find on our IR website at investor. duolingo. com. On today's call, we have Luis von Ahn, our Co-Founder and CEO; and and Matt Skaruppa, our CFO. They will begin with some prepared remarks before opening the call to questions. (Operator Instructions). Please note that this event is being recorded.

    (聽不清)2022 年季度收益網絡直播。 (操作員說明)。今天,收市後,我們發布了季度股東信函,附有我們的第三季度業績和評論,您可以在我們的投資者關係網站上找到。多鄰國com。在今天的電話會議上,我們有聯合創始人兼首席執行官 Luis von Ahn;還有我們的首席財務官 Matt Skaruppa。在開始提問之前,他們會先做一些準備好的評論。 (操作員說明)。請注意,此事件正在記錄中。

  • Just a reminder that we will make forward-looking statements regarding future events and financial performance, which are subject to material risks and uncertainties. Some of these risks have been set forth in the risk factors in our filings with the SEC. 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.

    提醒一下,我們將對未來事件和財務業績做出前瞻性陳述,這些陳述會受到重大風險和不確定性的影響。其中一些風險已在我們提交給美國證券交易委員會的文件中的風險因素中列出。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。

  • 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 consider all measures when analyzing our performance. And with that, I'll turn it over to Luis.

    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。有了這個,我會把它交給路易斯。

  • >>Luis von Ahn Arellano - CEO

    >>Luis von Ahn Arellano - CEO

  • Thank you, Debbie, and welcome, everyone. I'm pleased to report that we delivered another strong quarter, continuing the momentum we've seen all year. We saw accelerating user growth with daily active users increasing 51% year-over-year. We also saw bookings grow 41% year-over-year, which came from growth in conversion year-over-year and from steady retention rates. We're not seeing any signs of consumer softness in our subscription metrics. And as a result, we're raising our full year guidance again.

    謝謝你,黛比,歡迎大家。我很高興地報告,我們實現了又一個強勁的季度,延續了我們全年看到的勢頭。我們看到用戶增長加速,每日活躍用戶同比增長 51%。我們還看到預訂量同比增長 41%,這得益於轉化率同比增長和穩定的保留率。在我們的訂閱指標中,我們沒有看到任何消費者疲軟的跡象。因此,我們再次提高了全年指導。

  • I want to spend a little more time talking about our user growth because it's so important for our business. Daily and monthly active users continue to accelerate for the fifth quarter in a row, reaching all-time highs in this third quarter. Of course, we can't expect this acceleration to go on forever, but the trend this year is evidence that our focus on organic growth, coupled with modest and efficient marketing spend is an effective strategy. This is why we continue to invest in R&D to make our products even more fun and engaging, which is what drives word-of-mouth growth.

    我想多花一點時間談談我們的用戶增長,因為這對我們的業務非常重要。每日和每月活躍用戶連續第五個季度繼續加速增長,在第三個季度達到歷史新高。當然,我們不能指望這種加速永遠持續下去,但今年的趨勢證明,我們對有機增長的關注,加上適度而有效的營銷支出是一種有效的策略。這就是為什麼我們繼續投資研發以使我們的產品更加有趣和引人入勝,這也是推動口碑增長的原因。

  • And our strong user growth this year will also help drive bookings growth in the future because we have a great free product without a paywall, a good portion of the learners that have joined us this year will convert to paying subscribers in the coming quarters, providing a tailwind for subscription bookings. As to other parts of our business, you all know that the digital advertising market has faced headwinds this quarter. And while this impacted our ad revenue, the overall impact to our business has been small because ad monetization isn't a major focus for us.

    而且我們今年強勁的用戶增長也將有助於推動未來的預訂增長,因為我們有一個沒有付費牆的免費產品,今年加入我們的很大一部分學習者將在未來幾個季度轉換為付費訂閱者,提供訂閱預訂的順風。至於我們業務的其他部分,你們都知道本季度數字廣告市場面臨逆風。雖然這影響了我們的廣告收入,但對我們業務的整體影響很小,因為廣告貨幣化並不是我們的主要關注點。

  • Rather than actively seeking to grow this revenue stream, have served more of a strategic purpose for us, which is to help give learners a reason to convert to paying subscribers. On the other hand, in our purchase revenue is a priority for us, as we believe it's a bigger opportunity than ad revenue. Today, IAPs or in-app purchases only make up about 5% of revenues, up from 3% last year. But we believe we have plenty of room to increase this as we experiment with new features that encourage learners to make a la carte in-app purchases.

    與其積極尋求增加這一收入來源,不如為我們服務更多的戰略目的,即幫助學習者有理由轉換為付費訂閱者。另一方面,購買收入是我們的首要任務,因為我們認為這是比廣告收入更大的機會。如今,IAP 或應用內購買僅佔收入的 5% 左右,高於去年的 3%。但我們相信我們有足夠的空間來增加這一點,因為我們正在試驗鼓勵學習者在應用內購買點菜的新功能。

  • Overall, we continue to maintain our financial discipline and manage our costs prudently. While our headcount continues to grow, we have never gone nuts on hiring. And because of that, we don't have to implement cost controls like layoffs or hiring freezes in order to achieve profitability. As I reflect on 2022, it's been a stellar 3 quarters for our business even as the macro situation has gotten more uncertain. And the fourth quarter is a busy and fun quarter for us.

    總體而言,我們繼續保持財務紀律並謹慎管理成本。雖然我們的員工人數繼續增長,但我們從未在招聘方面發瘋。正因為如此,我們不必為了實現盈利而實施裁員或凍結招聘等成本控制。當我回顧 2022 年時,儘管宏觀形勢變得更加不確定,這對我們的業務來說是一個出色的三個季度。第四季度對我們來說是一個忙碌而有趣的季度。

  • We have just launched our new home screen to most users, launched our new map app, and we launched our New Year's promotion in late December. I'm excited about these efforts and look forward to all the energy and innovation that our New Year brings. And with that, I'll turn it over to Matt to talk about our financial outlook.

    我們剛剛向大多數用戶推出了新的主屏幕,推出了新的地圖應用程序,並在 12 月下旬推出了新年促銷活動。我對這些努力感到興奮,並期待我們的新年帶來的所有活力和創新。有了這個,我將把它交給馬特來談談我們的財務前景。

  • >>Matthew Skaruppa - CFO

    >>Matthew Skaruppa - CFO

  • Thanks, Luis. We had another exceptional quarter, outperforming our expectations on the top line and on profitability. And given our outperformance, we are raising our full year guidance. During the third quarter, we delivered total bookings growth of 41% year-over-year. And as a reminder, over half of our revenue comes from outside the U.S. So on a constant currency basis, bookings growth would have been nearly 50%.

    謝謝,路易斯。我們又迎來了一個特殊的季度,在收入和盈利能力方面超出了我們的預期。鑑於我們的出色表現,我們正在提高全年指導。第三季度,我們的總預訂量同比增長 41%。提醒一下,我們一半以上的收入來自美國以外。因此,按固定匯率計算,預訂量增長將接近 50%。

  • As to our guidance, for Q4 2022, we are guiding to $112 million to $115 million in total bookings, $98 million to $101 million in revenue and an adjusted EBITDA of negative $3 million to breakeven. For the full year 2022, we are increasing our guidance to $414 million to $417 million in total bookings, $364 million to $367 million in revenue and an adjusted EBITDA of positive $7 million to $10 million. Our full year bookings guidance reflects 41% to 42% year-over-year growth, up from the 37% to 39% year-over-year growth we guided to on our last earnings call.

    至於我們的指導,對於 2022 年第四季度,我們指導總預訂量為 1.12 億美元至 1.15 億美元,收入為 9800 萬美元至 1.01 億美元,調整後的 EBITDA 為負 300 萬美元以實現盈虧平衡。對於 2022 年全年,我們將總預訂量提高至 4.14 億美元至 4.17 億美元,收入為 3.64 億美元至 3.67 億美元,調整後的 EBITDA 為正 700 萬美元至 1000 萬美元。我們的全年預訂指導反映了 41% 至 42% 的同比增長,高於我們在上次財報電話會議上指導的 37% 至 39% 的同比增長。

  • Our updated guidance assumes current foreign exchange rates, and note that every 1% increase in the value of the dollar versus our basket of currencies has about $0.5 million impact on bookings in the final quarter of the year. As Luis mentioned above, we continue to be disciplined in how we manage our expenses. In the fourth quarter, we expect non-GAAP R&D will increase as a percent of revenue as we continue to invest in making our products more fun, engaging and effective. Our non-GAAP sales and marketing expense as a percentage of revenue is expected to increase slightly and non-GAAP G&A should stay roughly flat.

    我們更新後的指引假設當前匯率,並註意美元兌我們的一攬子貨幣每升值 1%,就會對今年最後一個季度的預訂產生約 50 萬美元的影響。正如 Luis 上面提到的,我們在如何管理我們的開支方面繼續保持自律。在第四季度,我們預計非 GAAP 研發將佔收入的百分比增加,因為我們將繼續投資以使我們的產品更有趣、更具吸引力和更有效。我們的非 GAAP 銷售和營銷費用佔收入的百分比預計將略有增加,非 GAAP G&A 應大致持平。

  • For the full year, we expect to achieve approximately 2 to 3 points of operating leverage compared to last year. We ended Q3 with approximately 47.6 million fully diluted shares outstanding using the average Q3 closing price, and we expect to end the year with approximately 3% dilution (inaudible) equity issued to employees. We will provide our full year 2023 guidance on our fourth quarter earnings call. But in the meantime, I'd like to remind everyone that we believe we are still early in our monetization efforts and believe we have strong top line growth ahead of us.

    全年,我們預計與去年相比將實現約 2 至 3 個點的經營槓桿。我們以第三季度的平均收盤價計算,在第三季度末有大約 4760 萬股完全稀釋的流通股,我們預計到年底將向員工發行大約 3% 的稀釋(聽不清)股權。我們將在第四季度財報電話會議上提供 2023 年全年指導。但與此同時,我想提醒大家,我們相信我們仍處於貨幣化努力的早期階段,並相信我們前面有強勁的收入增長。

  • We will continue to invest in R&D to drive user growth and monetization, and we will invest more in early-stage efforts like the Duolingo English Test, Duolingo ABC and Duolingo Math. But even as we do that, we will stay focused on making measurable progress each year to our long-term profitability target of 30% to 35% adjusted EBITDA margins. And with that, I'll turn it back to Luis.

    我們將繼續投資研發以推動用戶增長和貨幣化,我們將加大對多鄰國英語測試、多鄰國ABC和多鄰國數學等早期工作的投入。但即使我們這樣做,我們仍將專注於每年取得可衡量的進展,以實現我們 30% 至 35% 的調整後 EBITDA 利潤率的長期盈利目標。有了這個,我會把它轉回給路易斯。

  • Before we get into Q&A, I'd like to thank the entire team who continue to deliver excellence in everything they do, creating engaging apps that are fun and effective, helping our learners reach their goals on converting more subscribers who ultimately support our mission. And now we would be happy to take your questions. I'll turn it back to Debbie to manage the queue.

    在我們進入問答環節之前,我要感謝整個團隊,他們繼續在他們所做的每一件事上提供卓越,創造有趣和有效的引人入勝的應用程序,幫助我們的學習者實現他們的目標,即轉化更多最終支持我們使命的訂閱者。現在我們很樂意回答您的問題。我會把它交給黛比來管理隊列。

  • >>Deborah Belevan - Head of IR

    >>Deborah Belevan - Head of IR

  • All right. Thank, Luis. (Operator Instructions). And the first question comes from Andrew Boone at JMP Securities.

    好的。謝謝,路易斯。 (操作員說明)。第一個問題來自 JMP Securities 的 Andrew Boone。

  • >>Andrew Boone - JMP Securities LLC, Research Division

    >>Andrew Boone - JMP Securities LLC, Research Division

  • I'd like to go to localized pricing. Bookings on our numbers was down 16% year-over-year bookings per -- sorry, it was down 16% year-over-year. Can you just break that out versus FX versus the ship localized pricing? And then just update us in terms of what you guys are seeing as you roll that out in terms of conversion benefits? And then secondly, as we think about profitability going forward, Matt, you mentioned this in your remarks in terms of driving towards those long-term margins. Is there any way you can help us think about that though as just there's been a greater shift towards the focused profitability, how you guys are thinking about just expanding margins and more of a steady cadence there?

    我想了解本地化定價。我們的預訂量同比下降了 16%——抱歉,同比下降了 16%。您能否將其與外匯與船舶本地化定價分開?然後就你們在轉換收益方面推出時所看到的內容更新我們?其次,當我們考慮未來的盈利能力時,馬特,你在你的講話中提到了這一點,以推動這些長期利潤率。您有什麼辦法可以幫助我們思考這一點,儘管隨著向集中盈利能力的更大轉變,你們如何考慮擴大利潤率和更穩定的節奏?

  • >>Matthew Skaruppa - CFO

    >>Matthew Skaruppa - CFO

  • Sure. Yes. So on your first question on regional pricing, just to remind everyone, we rolled out localized pricing starting last year, but really more broadly in Q2 of this year because we saw it as a first step towards better international monetization, getting the pricing more akin to what's the purchasing power in the local markets. And when we did that, we were testing that thoroughly for a long period of time to make sure that the net impact of lowering the price was an increase in bookings and ultimately, an increase in lifetime value of those subscribers.

    當然。是的。關於區域定價的第一個問題,提醒大家,我們從去年開始推出了本地化定價,但實際上在今年第二季度更廣泛,因為我們認為這是朝著更好的國際貨幣化邁出的第一步,讓定價更加相似當地市場的購買力如何。當我們這樣做時,我們在很長一段時間內進行了徹底的測試,以確保降低價格的淨影響是增加預訂量,並最終增加這些訂戶的生命週期價值。

  • And we feel confident when we roll those out, but that was true. So while that probably has an impact on our preferred metric of pricing, which is revenue per subscriber, not bookings, the ultimate impact will be a bigger LTV over time. This past quarter, to your point, our bookings per quarter and then flowing through the revenue was impacted by FX. So that was another headwind to revenue per subscriber. So on that, we feel confident that we're making the right choices for the long-term LTV of the business even if pricing goes down in any particular quarter.

    當我們推出這些產品時,我們會感到自信,但那是真的。因此,雖然這可能會影響我們首選的定價指標,即每位訂戶的收入,而不是預訂量,但最終影響將是隨著時間的推移更大的 LTV。就您而言,在過去的這個季度,我們每季度的預訂量以及隨後通過收入的流動都受到了外彙的影響。因此,這是每個訂戶收入的另一個不利因素。因此,即使價格在任何特定季度下降,我們也有信心為企業的長期 LTV 做出正確的選擇。

  • As to your second point around profitability. The good news is it's actually not a shift in how we run the business. The businesses forever have been run disciplined so that we weren't burning through cash. And so there really is no change. The fact of the matter is we're going to continue to increase revenue faster than expenses. The operating leverage will flow through to the bottom line and will become more profitable over time.

    至於關於盈利能力的第二點。好消息是,這實際上並沒有改變我們經營業務的方式。這些企業永遠都是有紀律的,所以我們不會燒錢。所以真的沒有變化。事實是,我們將繼續以比支出更快的速度增加收入。經營槓桿將流向底線,並隨著時間的推移變得更加有利可圖。

  • >>Deborah Belevan - Head of IR

    >>Deborah Belevan - Head of IR

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

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

  • >>Ralph Schackart - William Blair & Company L.L.C., Research Division

    >>Ralph Schackart - William Blair & Company L.L.C., Research Division

  • First question on macro. Luis, I know you said you haven't seen it -- or at least broadly. But just curious if you're seeing it even on the edges or any small signals? And I guess maybe give us a sense of sort of the durability in the use case for the product that might be able to continue to help it grow. Should there be stiffening macro headwinds? And then I have a follow-up.

    關於宏的第一個問題。路易斯,我知道你說過你沒有看到它——或者至少是廣泛的。但只是好奇你是否在邊緣或任何小信號上看到它?而且我想這可能會讓我們對可能能夠繼續幫助它發展的產品的用例有一種持久性的感覺。是否應該有越來越強的宏觀逆風?然後我有一個跟進。

  • >>Luis von Ahn Arellano - CEO

    >>Luis von Ahn Arellano - CEO

  • Yes. So of course, we're aware of the macro situation. So we've been looking for our subscriptions product, we just haven't seen anything even if you say geographically. I mean we just haven't seen any softness in the numbers. Like I said, in terms of ad revenue, we've seen that, but it's small for us. So our main -- we're mainly a subscription product, and we just have seen no softness. And we just feel pretty good about it in terms -- and like also like I said, in terms of -- this year, we just have seen a pretty strong user growth, and that usually will convert over the next several quarters will convert in pretty strong bookings growth.

    是的。因此,我們當然了解宏觀形勢。所以我們一直在尋找我們的訂閱產品,即使你說地理位置,我們也沒有看到任何東西。我的意思是,我們只是沒有看到數字有任何疲軟。就像我說的,就廣告收入而言,我們已經看到了這一點,但這對我們來說很小。所以我們的主要 - 我們主要是訂閱產品,我們只是沒有看到任何軟弱。我們對此感覺非常好——就像我說的那樣——今年,我們剛剛看到了相當強勁的用戶增長,而且通常會在接下來的幾個季度中轉化預訂量增長相當強勁。

  • So far, so good. I mean, of course, like I've been saying also in every single call, I don't know what will happen in terms of if there's a major recession or anything because we, as a company, have never gone through a major recession, but so far, we just haven't seen any softness.

    到目前為止,一切都很好。我的意思是,當然,就像我在每次電話會議中所說的那樣,我不知道如果出現重大衰退或其他什麼情況會發生什麼,因為我們作為一家公司,從未經歷過重大衰退,但到目前為止,我們還沒有看到任何柔軟度。

  • >>Ralph Schackart - William Blair & Company L.L.C., Research Division

    >>Ralph Schackart - William Blair & Company L.L.C., Research Division

  • Great. And then in terms of (inaudible) purchases, it seems like you're having some success there with I think (inaudible) you called out in the shareholder letter. Maybe give us a sense, is this sort of an added focus for the company? Are you merchandising more? Is this just gems just sort of an exceptional product? Just give us a sense there would be helpful.

    偉大的。然後就(聽不清)購買而言,您似乎在那兒取得了一些成功,我認為(聽不清)您在股東信中呼籲。也許給我們一個感覺,這是對公司的額外關注嗎?你在推銷更多嗎?這只是寶石只是一種特殊的產品嗎?只是給我們一種感覺會有幫助。

  • >>Luis von Ahn Arellano - CEO

    >>Luis von Ahn Arellano - CEO

  • Yes, that's a great question. We are spending more effort on in-app purchases. That's something that we really -- it wasn't until recently that we had a team really focused on that. And when we're growing at this point, where about 5% of our revenues are in-app purchases, sometimes people ask us how big can that be as a subtraction of our revenue. And the honest answer is I don't know. But if you look at comparables, something like Tinder has about 30% of the revenue from in-app purchases. So we think there's a lot of room to grow from 5%.

    是的,這是一個很好的問題。我們在應用內購買方面投入更多精力。這是我們真正的事情——直到最近我們的團隊才真正專注於此。當我們在這一點上增長時,我們大約 5% 的收入來自應用內購買,有時人們會問我們,作為收入的減法,這能有多大。誠實的答案是我不知道。但如果你看一下可比產品,像 Tinder 這樣的公司大約有 30% 的收入來自應用內購買。所以我們認為5%的增長空間很大。

  • The main way in which we're going to be doing in-app purchases is through this gem economy, which is a virtual currency for Duolingo. And mainly, we're going to be building more and more features that encourage users. These are usually gamified features that encourage users to spend their gems. And you're going to see us building a lot more of those over the next several years.

    我們進行應用內購買的主要方式是通過這種寶石經濟,這是 Duolingo 的一種虛擬貨幣。主要是,我們將構建越來越多的功能來鼓勵用戶。這些通常是鼓勵用戶花錢的遊戲化功能。你會看到我們在接下來的幾年裡建造更多這樣的產品。

  • >>Deborah Belevan - Head of IR

    >>Deborah Belevan - Head of IR

  • And your next question comes from Ryan MacDonald at Needham.

    您的下一個問題來自 Needham 的 Ryan MacDonald。

  • >>Ryan MacDonald - Needham & Company, LLC, Research Division

    >>Ryan MacDonald - Needham & Company, LLC, Research Division

  • I want to start with international. Obviously, that's been a big focal point for the business with earlier this year reentering China. But I thought it was interesting as well that Duocon you talked about sort of 2 new launches. One Cantonese from Mandarin speakers and then English for Bengali speakers, which really unlocks 2 large learner populations in India and China. So just curious what progress you're seeing internationally in the quarter and maybe how those new languages really drove that business or what's happening there?

    我想從國際開始。顯然,這是今年早些時候重新進入中國的業務的一大焦點。但我認為 Duocon 你談到的 2 個新發布也很有趣。講普通話的廣東話,然後講孟加拉語的英語,真正解鎖了印度和中國的兩大學習者群體。所以只是好奇你在本季度看到了國際上的哪些進展,也許這些新語言是如何真正推動該業務的,或者那裡正在發生什麼?

  • >>Luis von Ahn Arellano - CEO

    >>Luis von Ahn Arellano - CEO

  • Yes. Thank you for the question because it's something that we are spending a lot of effort on. Just to remind everyone, we are, again, mainly a subscriptions business. And about half of our revenue comes from English-speaking countries, U.S., U.K., et cetera. We think there's a lot of room to grow internationally. If you look at the language learning market, like the off-line language learning market, the vast majority of it, the spend is internationally, in particular, learning English, which is -- we're a little different.

    是的。感謝您提出這個問題,因為這是我們花費大量精力的事情。提醒大家,我們再次主要是訂閱業務。我們大約一半的收入來自英語國家、美國、英國等。我們認為國際上有很大的發展空間。如果你看一下語言學習市場,比如離線語言學習市場,其中絕大多數是國際支出,特別是學習英語,這就是——我們有點不同。

  • We are -- because we are online, we're an app. We're still getting a lot of the spend come from places like the U.S. or the U.K., but off-line, you would see the majority of the spend internationally. So we think there's a major opportunity. And that's going to be a focus for us over the next several quarters. We're doing exactly what you said. We are not only adding courses to -- typically courses to teach English to different populations, but not only adding them, but more importantly, expanding those courses and really making them teach to more advanced users. We're spending a lot of effort on that.

    我們是——因為我們在線,我們是一個應用程序。我們仍然有很多支出來自美國或英國等地,但離線時,您會看到大部分支出來自國際。所以我們認為這是一個重大機會。這將成為我們未來幾個季度的重點。我們正在按照你說的做。我們不僅增加了課程——通常是向不同人群教授英語的課程,而且不僅增加了這些課程,更重要的是,擴展了這些課程,真正讓他們教給更高級的用戶。我們為此付出了很多努力。

  • And things like in-app purchases are going to be helping us for that also because there are certain regions where subscriptions are not preferred. So kind of onetime payments are probably going to be helping us for that. So I mean the main thing that I would say is this is a major focus for us, and we're going to be working on that, again, over the next several years.

    應用內購買之類的東西也將幫助我們實現這一點,因為在某些地區不喜歡訂閱。因此,一次性付款可能會對此有所幫助。所以我的意思是,我要說的主要是這是我們的主要關注點,我們將在接下來的幾年內再次致力於此。

  • >>Ryan MacDonald - Needham & Company, LLC, Research Division

    >>Ryan MacDonald - Needham & Company, LLC, Research Division

  • That's really helpful. And maybe then on marketing and advertising campaigns, this an area where you've been really efficient. It was great to see the nice progress you made off of the Game of Thrones collaboration. But there's a major sporting event coming up at the end of the month that brings millions of people together from all different languages. It seems like a potential natural opportunity for Duolingo to maybe capitalize on that. Just curious here, are you doing anything around this event? And perhaps previously when we look at Olympics or other major soccer tournaments like has that -- have you seen sort of that as a catalyst to drive more learners to the platform?

    這真的很有幫助。也許然後在營銷和廣告活動中,這是一個你非常高效的領域。很高興看到你們在《權力的遊戲》合作中取得了不錯的進展。但本月底將舉行一場大型體育賽事,將來自不同語言的數百萬人聚集在一起。對於 Duolingo 來說,這似乎是一個潛在的自然機會,也許可以利用這一點。只是好奇,你有沒有圍繞這個事件做些什麼?也許以前當我們看奧運會或其他類似的大型足球比賽時——你有沒有把它看作是推動更多學習者進入這個平台的催化劑?

  • >>Luis von Ahn Arellano - CEO

    >>Luis von Ahn Arellano - CEO

  • Yes, it's a great question. So we definitely have a lot of stuff planned, particularly our social media. I mean if you've been following our social media, we're quite good at social media. I mean we do -- we really kind of strike a cord with it. So there's just a lot of stuff planned. Certainly, you'll see our Mascot Duo doing silly things with -- in soccer fields. So we have a lot of stuff planned for that. You're not going to see us do things like sponsor the entire World Cup or something like that, that would, in our view, not be very efficient marketing.

    是的,這是一個很好的問題。所以我們肯定有很多計劃,尤其是我們的社交媒體。我的意思是,如果您一直在關注我們的社交媒體,那麼我們在社交媒體方面非常出色。我的意思是我們確實這樣做了——我們真的很喜歡它。所以只是計劃了很多東西。當然,您會看到我們的吉祥物二人組在足球場上做一些愚蠢的事情。所以我們為此計劃了很多東西。你不會看到我們做贊助整個世界杯之類的事情,在我們看來,這不是非常有效的營銷。

  • But I think we're going to be able to capitalize a lot on this. We're also doing these things where that allows -- that are going to allow people to send either cheers or insults to -- well, I mean, these are clean insults. They're not like terrible insults to teams in other languages. So we have marketing campaigns like that on social media. So we're going to be -- it's pretty cool. So I'm pretty excited about that.

    但我認為我們將能夠充分利用這一點。我們也在做這些允許的事情 - 這將允許人們向 - 發出歡呼或侮辱 - 嗯,我的意思是,這些都是乾淨的侮辱。它們不像其他語言對團隊的可怕侮辱。因此,我們在社交媒體上開展了類似的營銷活動。所以我們會 - 這很酷。所以我對此感到非常興奮。

  • >>Deborah Belevan - Head of IR

    >>Deborah Belevan - Head of IR

  • And the next question comes from Mario Lu at Barclays.

    下一個問題來自巴克萊的 Mario Lu。

  • >>X. Lu - Barclays Bank PLC, Research Division

    >>X. Lu - Barclays Bank PLC, Research Division

  • The first one is on the in-app purchases. As you continue to build out these new features like match madness, how do you strike a balance between optimizing for learning efficiency and monetization?

    第一個是應用內購買。隨著您繼續構建這些新功能(例如瘋狂匹配),您如何在優化學習效率和貨幣化之間取得平衡?

  • >>Luis von Ahn Arellano - CEO

    >>Luis von Ahn Arellano - CEO

  • That's a great question. For every feature that we build, we try to do 3 things -- well, there's 3 things that we're really looking at, whether it's engaging, whether it helps with monetization and whether it helps with (inaudible). And in all cases, usually each feature helps with one thing, but what we try to do is that it does not hurt the others. So for in-app purchase stuff, most of the features that we're going to be building are probably going to be mainly helping with monetization, but we just want to make sure that they don't hurt engagement and also don't hurt learning.

    這是一個很好的問題。對於我們構建的每個功能,我們都嘗試做 3 件事——嗯,我們真正關注的是 3 件事,它是否具有吸引力、是否有助於貨幣化以及是否有助於(聽不清)。在所有情況下,通常每個功能都有助於一件事,但我們試圖做的是它不會傷害其他功能。所以對於應用內購買的東西,我們將要構建的大部分功能可能主要是幫助貨幣化,但我們只是想確保它們不會損害參與度,也不會損害學習。

  • So generally, whenever we put something out there, even if it's like what may seem like a silly game like match madness, there's actually quite a bit of learning value there from the time aspect to it, basically tries to get the words kind of more cemented in your head. So we're going to be trying just to make sure that it does not decrease any learning outcomes.

    所以一般來說,每當我們把東西放在那裡時,即使它看起來像是一場像瘋狂比賽這樣的愚蠢遊戲,實際上從時間方面來說還是有相當多的學習價值的,基本上是試圖讓單詞更多凝固在你的腦海裡。因此,我們將嘗試確保它不會降低任何學習成果。

  • >>X. Lu - Barclays Bank PLC, Research Division

    >>X. Lu - Barclays Bank PLC, Research Division

  • Okay. That makes sense. And then maybe one on the (inaudible) promo. It seems from the shareholder letter, you guys are pretty excited about it this time around, especially after last year's success. Anything to really look out for this time around that may be different that we should monitor?

    好的。那講得通。然後可能是(聽不清)促銷中的一個。從股東信中可以看出,你們這次很興奮,尤其是在去年取得成功之後。這一次真正要注意的事情可能與我們應該監控的不同嗎?

  • >>Luis von Ahn Arellano - CEO

    >>Luis von Ahn Arellano - CEO

  • It's -- we've done the New Year's promotion several years in a row, we've gotten quite good at it. We know when to start it. We know which day to start, it's like basically December 28, that's the best day to start. We've A/B tested the hell out of all of these. And so we're pretty excited because every year, it worked out pretty well. Where you're going to see -- one thing, of course, it looks different than previous years because we changed the look and feel of our subscription.

    這是——我們已經連續幾年做了新年促銷,我們已經做得很好了。我們知道什麼時候開始。我們知道從哪一天開始,基本上就像 12 月 28 日,那是最好的開始日期。我們已經對所有這些進行了 A/B 測試。所以我們非常興奮,因為每年,它的效果都很好。您將在哪裡看到 - 當然,有一件事看起來與往年不同,因為我們改變了訂閱的外觀和感覺。

  • It used to be called Duolingo Plus now it's called Super Duolingo with much better graphics. It's going to look different. And we're going to try a new -- a number of new A/B tests, for example, we're also going to be including the family plan, whereas in previous years, we hadn't included the family plan. So there's stuff like that. But generally, we're just excited because it is a really exciting time of growth for Duolingo. And we see it every year during new year. Not only do we get an influx of users because of New Year's Resolutions, but the nearest promotion allows us to really capitalize in terms of money for that. So we're pretty excited by it.

    它曾經被稱為 Duolingo Plus 現在它被稱為 Super Duolingo,具有更好的圖形。它看起來會有所不同。我們將嘗試一個新的——一些新的 A/B 測試,例如,我們還將包括家庭計劃,而在前幾年,我們沒有包括家庭計劃。所以有這樣的東西。但總的來說,我們只是很興奮,因為對於 Duolingo 來說,這是一個非常激動人心的成長時期。我們每年都會在新年期間看到它。我們不僅因為新年決心而吸引了大量用戶,而且最近的促銷活動讓我們能夠真正利用金錢來實現這一目標。所以我們對此感到非常興奮。

  • >>Deborah Belevan - Head of IR

    >>Deborah Belevan - Head of IR

  • And your next question comes from Mark Mahaney at Evercore.

    您的下一個問題來自 Evercore 的 Mark Mahaney。

  • >>Mark Stephen Mahaney - Evercore ISI Institutional Equities, Research Division

    >>Mark Stephen Mahaney - Evercore ISI Institutional Equities, Research Division

  • Okay. I think the -- one of the most interesting things in the print is this number of MAUs. I think $7 million. I think that's a record high. So could you tell us what the source of those MAUs were? And any early read into whether they are likely to convert into subscribers as well with the lifetime value of these record high MAUs is?

    好的。我認為 - 印刷品中最有趣的事情之一就是 MAU 的數量。我想700萬美元。我認為這是創紀錄的高點。那麼你能告訴我們這些 MAU 的來源是什麼嗎?是否有任何早期解讀他們是否有可能轉化為訂閱者以及這些創紀錄的高 MAU 的生命週期價值是?

  • >>Luis von Ahn Arellano - CEO

    >>Luis von Ahn Arellano - CEO

  • So yes, so this quarter, I mean, basically, we've seen accelerated both DAU and MAU growth. And so we're very happy with that. The source is the same thing that's been throughout basically most of our growth is organic through word of mouth. And we just keep -- the flywheel just keeps getting better and better, I think, mainly because the product keeps better. And it's getting better and better. We're able to retain uses more, and they tell their friends more when we add more social features and stuff like that.

    所以是的,所以本季度,我的意思是,基本上,我們已經看到 DAU 和 MAU 的增長都加速了。所以我們對此非常滿意。來源是一樣的東西,基本上我們的大部分增長都是通過口耳相傳的有機的。我們只是保持 - 飛輪不斷變得越來越好,我認為,主要是因為產品越來越好。而且它越來越好。我們能夠保留更多用途,當我們添加更多社交功能和類似的東西時,他們會告訴他們的朋友更多。

  • So there's that. In terms of how likely they are to convert. Our conversion rates are staying pretty steady or increasing over time. So they're about as likely to convert as all the ones that have been in the past. So this is why we think for us, we're very excited with general user growth because it's kind of the top of the funnel that gets us more users, which then gets us more subscribers, which makes us more revenue.

    所以就是這樣。就他們轉化的可能性而言。我們的轉化率保持相當穩定或隨著時間的推移而增加。因此,他們轉換的可能性與過去的所有轉換一樣。所以這就是為什麼我們認為,我們對一般用戶增長感到非常興奮,因為它是渠道的頂部,可以讓我們獲得更多用戶,然後讓我們獲得更多訂閱者,從而讓我們獲得更多收入。

  • >>Mark Stephen Mahaney - Evercore ISI Institutional Equities, Research Division

    >>Mark Stephen Mahaney - Evercore ISI Institutional Equities, Research Division

  • And then 2 more questions. Just anything interesting geographically wise in terms of where those MAUs came from? Is that like 6.5 million people from Beijing? Just -- it's a big number, so I'm just asking where those people came from? And then can I switch over to Duo Math, though. So I've downloaded the app, and I haven't used it enough yet. I'll (inaudible) it. Just talk, if you don't mind about the monetization path forward, not how quickly you want to monetize it. But do you think that the path is there to monetize it as well as you've done language?

    然後還有2個問題。就這些 MAU 的來源而言,在地理上是否有任何有趣的事情?有650萬北京人嗎?只是 - 這是一個很大的數字,所以我只是問那些人來自哪裡?然後我可以切換到 Duo Math 嗎?所以我已經下載了該應用程序,但我還沒有使用它。我會(聽不清)它。只要談談,如果你不介意未來的盈利路徑,而不是你想以多快的速度盈利。但是您是否認為將其貨幣化以及您已經完成語言的途徑是存在的?

  • Math is a critical skill. And I saw you have adult stuff and stuff for early training. It's a critical skill arguably may be more critical than language, I don't know. But just talk about how you think about the path of getting it out there, monetizing it. Do you think it will be just as organic in its growth as Duolingo has been as a language app to date?

    數學是一項關鍵技能。我看到你有成人的東西和早期訓練的東西。這是一項關鍵技能,可以說可能比語言更關鍵,我不知道。但是,請談談您如何看待將其推出並從中獲利的途徑。你認為它的發展會像 Duolingo 迄今為止作為一個語言應用程序一樣有機嗎?

  • >>Luis von Ahn Arellano - CEO

    >>Luis von Ahn Arellano - CEO

  • Sure. Okay. So the first question is in terms of geography and where are the kind of the new MAUs coming from and kind of the geographic spread. Generally, we're seeing that we're growing across all geographies. Of course, some are growing faster than others. Asia continues to be our fastest-growing place. It's not China. I mean China has been growing some, but I mean it's countries like India, Vietnam, et cetera. But -- that's the fastest-growing reason. We're actually seeing above-average growth in countries where we monetize really well.

    當然。好的。所以第一個問題是關於地理的,新的 MAU 來自哪里以及地理分佈的類型。一般來說,我們看到我們在所有地區都在增長。當然,有些人的增長速度比其他人快。亞洲仍然是我們增長最快的地方。這不是中國。我的意思是中國一直在增長一些,但我的意思是印度、越南等國家。但是——這是增長最快的原因。實際上,我們在貨幣化非常好的國家看到了高於平均水平的增長。

  • So U.S., U.K., Western Europe are all growing above average for us -- above the average, I guess, 51% DAU growth or whatever, 35% MAU growth. U.S. and U.K. are growing above that. So it's across all regions, but there's a few regions that are doing a little better. The -- in terms of math and monetization. So first of all, we launched this app 2 weeks ago. We're very happy with the launch so far. Everything has gone as expected or better than expected. We're very happy with the product. As you noticed, we have stuff for adults and also for children, one of the things that is interesting.

    所以美國、英國、西歐的增長都高於我們的平均水平——我猜,高於平均水平,51% 的 DAU 增長或其他 35% 的 MAU 增長。美國和英國的增長超過了這一點。所以它遍及所有地區,但有幾個地區做得更好。 - 在數學和貨幣化方面。所以首先,我們在兩週前推出了這個應用程序。到目前為止,我們對發布感到非常滿意。一切都如預期或好於預期。我們對產品非常滿意。正如您所注意到的,我們為成人和兒童提供了一些東西,這是有趣的事情之一。

  • So the content there so far, the content is basically third and fourth grade math. And if you have forgotten what that means, it's fractions, multiplication, angles, area of certain geometric shapes, perimeter of certain geometric shapes, et cetera. It turns out that adults really like this. And if you actually look at it, we have more adult users than we have children users in the math app so far. Again, it's only been 2 weeks, so it's early, but I think this app is going to be used more by adults than children.

    所以到目前為止的內容,內容基本上是三年級和四年級的數學。如果你忘記了這意味著什麼,它是分數、乘法、角度、某些幾何形狀的面積、某些幾何形狀的周長等等。事實證明,成年人真的很喜歡這樣。如果你真的看一下,到目前為止,我們在數學應用程序中的成人用戶比兒童用戶還多。再說一次,這才 2 週,所以還早,但我認為這個應用程序將被成年人使用而不是兒童。

  • And that's kind of what I think. In terms of monetization, I'm pretty confident we'll be able to monetize this app pretty similarly to Duolingo. And I think what will happen -- and again, this is -- I'm talking about something that's going to happen quite in the future. So take it with a grain of salt. But I think what we'll end up doing is we'll probably end up putting an ad at the end of a lesson, and then we're going to have the Super Duolingo subscription, which is going to be shared across our apps to help monetize this. We think that the family plan is going to help with this, but we also think that the math that by itself is going to stand on its own.

    這就是我的想法。在貨幣化方面,我非常有信心我們將能夠通過與 Duolingo 非常相似的應用程序貨幣化。我認為會發生什麼——再說一次,這是——我說的是將來會發生的事情。所以帶著一粒鹽吃。但我認為我們最終會做的是,我們可能最終會在課程結束時放一個廣告,然後我們將訂閱 Super Duolingo,它將在我們的應用程序中共享幫助將其貨幣化。我們認為家庭計劃將對此有所幫助,但我們也認為數學本身將獨立存在。

  • >>Deborah Belevan - Head of IR

    >>Deborah Belevan - Head of IR

  • And the next question comes from Eric Sheridan at Goldman Sachs.

    下一個問題來自高盛的 Eric Sheridan。

  • >>Eric Sheridan - Goldman Sachs Group, Inc., Research Division

    >>Eric Sheridan - Goldman Sachs Group, Inc., Research Division

  • Maybe I'll follow up on that discussion you just had with with Mark about math, but broaden out a little bit. When you think about the long term and building more and more experiences and more and more apps and building out a platform, how should we be thinking about you utilizing the core Duolingo user today to potentially mine for additional use cases and additional platform strength and growth or leaning into virality, which you did with the original Duolingo app?

    也許我會跟進你剛剛與 Mark 就數學進行的討論,但會擴大一點。當您考慮長期並構建越來越多的體驗和越來越多的應用程序並構建平台時,我們應該如何考慮您今天利用核心 Duolingo 用戶來潛在地挖掘額外的用例和額外的平台實力和增長還是傾向於病毒式傳播,就像你在最初的 Duolingo 應用程序中所做的那樣?

  • How do we think about the platform strength building versus elements of outing to maybe spend more marketing there are individual use cases by apps? And then to bring Matt into the question as well, how should we think about that in terms of like what you had to invest in '22 against the product (inaudible) and as we get into '23 and '24 and layer more monetization on top of those investments, how should we think about margin lift over the medium to long term?

    我們如何看待平台實力建設與郊遊元素之間的關係,以便在應用程序的個別用例中花費更多營銷?然後讓馬特也進入這個問題,我們應該如何考慮這個問題,比如你必須在 22 年對產品進行投資(聽不清),以及隨著我們進入 23 年和 24 年並在更多的貨幣化上分層除了這些投資之外,我們應該如何看待中長期的利潤率提升?

  • >>Luis von Ahn Arellano - CEO

    >>Luis von Ahn Arellano - CEO

  • Thank you, Eric. Thank you for the question. So okay, the first thing to say is, and it's something that I think we need to emphasize in every earnings call. For the foreseeable future, the majority of our business is going to continue being language learning. I mean language learning is -- we have a lot of room to grow in language learning. We really only believe we're scratching the surface, and we're early in our monetization days. So -- and as you can see, our app is -- the growth is actually accelerating for the language learning app.

    謝謝你,埃里克。感謝你的提問。好吧,首先要說的是,我認為我們需要在每次財報電話會議中強調這一點。在可預見的未來,我們的大部分業務將繼續是語言學習。我的意思是語言學習是——我們在語言學習方面有很大的發展空間。我們真的只相信我們只是在摸索表面,而且我們還處於盈利時代的早期。所以 - 正如你所看到的,我們的應用程序是 - 語言學習應用程序的增長實際上正在加速。

  • So for the foreseeable future, call it, the next 2, 3 years, at least it will be mainly language learning. Now of course, we're working on other apps. The math is the first one. We have -- we're probably going to be releasing other ones. And we are going to be working quite a bit on cross promotion to be able to send some of our users to the new apps. Now we want to do it in such a way -- by the way, games are very good at this. We want to do it in such a way that we spend some of our users from Duolingo to, for example, the math app such that we also don't lose the Duolingo users.

    所以在可預見的未來,叫它吧,未來2、3年,至少會以語言學習為主。當然,現在我們正在開發其他應用程序。數學是第一個。我們有——我們可能會發布其他的。我們將在交叉推廣方面做很多工作,以便能夠將我們的一些用戶發送到新的應用程序。現在我們想以這樣的方式來做——順便說一句,遊戲非常擅長這個。我們希望以這樣一種方式做到這一點,即我們將一些用戶從 Duolingo 轉移到數學應用程序上,這樣我們也不會失去 Duolingo 用戶。

  • So they stay it's kind of like a double win there. They stay on dealing but we send them to also start using the math app, we think that will be able to see that quite well. We're starting a team that is exactly doing that. And we think we have quite a bit of potential for cross promotion here. So -- but this is early, and we'll see what happens over the next we'll see over the next year to 1.5 years, how that goes in terms of growth.

    所以他們留在那裡有點像雙贏。他們繼續交易,但我們讓他們也開始使用數學應用程序,我們認為這將能夠很好地看到這一點。我們正在組建一支正是這樣做的團隊。我們認為我們在這裡有很大的交叉推廣潛力。所以 - 但這還為時過早,我們將看看接下來會發生什麼,我們將看到明年到 1.5 年的增長情況。

  • >>Matthew Skaruppa - CFO

    >>Matthew Skaruppa - CFO

  • And then, Eric, on the second part of your question around the investment. So I think one of the really special things about the Duolingo platform is that we were able to not only launch math faster than we otherwise would have been if we were kind of a de novo app. But all of the learnings that we've had from what makes an app engaging and effective port really nicely from language learning into math. And so when you ask about our 2022 investment and the investment that we'll be making over time, it's primarily engineers, product managers and designers.

    然後,埃里克,關於你關於投資的問題的第二部分。因此,我認為 Duolingo 平台真正特別的地方之一是,我們不僅能夠以比從頭應用程序更快的速度啟動數學。但是,從語言學習到數學,我們從使應用程序引人入勝且有效地移植到數學中所學到的所有知識。因此,當您詢問我們 2022 年的投資以及我們將隨著時間的推移進行的投資時,主要是工程師、產品經理和設計師。

  • But we're able to launch these with very small teams because they're leveraging all of the mechanics that we've built, and it's just incredibly scalable. So for me, when I think about the margin impact, it's not been very much, and I don't think it will be that much more in 2023. And then when you think about marketing, again, we fully expect these to be organically grown apps. In fact, that's what -- that's our goal with them. And so the marketing impact will be small as well. So that's the power of the platform that we've built.

    但是我們能夠在非常小的團隊中推出這些產品,因為他們利用了我們構建的所有機制,而且它具有令人難以置信的可擴展性。所以對我來說,當我考慮到利潤影響時,影響不是很大,我認為到 2023 年也不會更多。然後當你考慮營銷時,我們完全期望這些是有機的成長的應用程序。事實上,這就是我們對他們的目標。因此,營銷影響也會很小。這就是我們建立的平台的力量。

  • >>Deborah Belevan - Head of IR

    >>Deborah Belevan - Head of IR

  • The next question comes from Aaron Kessler at Raymond James.

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

  • >>Aaron Kessler - Raymond James & Associates, Inc., Research Division

    >>Aaron Kessler - Raymond James & Associates, Inc., Research Division

  • Two questions. First, just maybe if you can update us on the family plan adoption and kind of what that's doing for retention rates? Second, you talked a little bit about shifting some of the ad supply from more internal promotion. Just curious if you're seeing the results thus far in terms of that driving more subscriptions As well as I guess third question would be just any macro softness you're seeing on advertising overall?

    兩個問題。首先,也許您可以向我們介紹家庭計劃的採用情況以及這對保留率有何影響?其次,您談到了將部分廣告供應從更多的內部推廣中轉移。只是好奇您是否在推動更多訂閱方面看到了迄今為止的結果以及我想第三個問題將是您在整體廣告中看到的任何宏觀疲軟?

  • >>Luis von Ahn Arellano - CEO

    >>Luis von Ahn Arellano - CEO

  • Okay. So -- sorry, the first question. What was the first question?

    好的。所以——對不起,第一個問題。第一個問題是什麼?

  • >>Aaron Kessler - Raymond James & Associates, Inc., Research Division

    >>Aaron Kessler - Raymond James & Associates, Inc., Research Division

  • Family planning.

    家庭計劃。

  • >>Luis von Ahn Arellano - CEO

    >>Luis von Ahn Arellano - CEO

  • Yes. Family planning. So family Plan is growing quite nicely. We've -- we now, I think, are -- last time we spoke, Family Plan was in the single digits, we've crossed double digits. So -- and it keeps growing, growing quite nicely. And of course, the really nice thing about Family Plan is that retention of people in the Family Plan is much higher. Again, because if you're paying and as long as any of them -- any other people in your family are still using it, you're going to continue paying.

    是的。家庭計劃。所以家庭計劃發展得很好。我們 - 我認為,我們現在是 - 上次我們發言時,家庭計劃是個位數,我們已經超過了兩位數。所以 - 它一直在增長,增長得非常好。當然,家庭計劃的真正好處是家庭計劃中的人員保留率要高得多。同樣,因為如果您正在付款並且只要他們中的任何一個 - 您家人中的任何其他人仍在使用它,您將繼續付款。

  • So we feel very good about that. In terms of the exact -- what exactly has done to our overall retention, I don't actually know off the top of my head, I'm sure Matt does, but I'm not sure if we release that. But I'll let Matt answer that one. I don't know what.

    所以我們對此感覺很好。確切地說——究竟對我們的整體留存率做了什麼,我實際上並不知道,我敢肯定馬特知道,但我不確定我們是否會發布它。但我會讓馬特回答那個問題。我不知道是什麼。

  • >>Matthew Skaruppa - CFO

    >>Matthew Skaruppa - CFO

  • Yes, for sure. So I mean I think the way to think about retention, there's 2 types of the retention that we measure. So on user retention, user retention is continuing to grow nicely for us. Your focus -- your question was primarily around subscriber retention. So when you look at the platform level, to take all of the subscribers we have and how are they retaining, that retention rate has gone up dramatically over the past year or 2 because we've seen a real big mix shift from monthly to annual plan, and the annual plan retains better.

    是肯定的。所以我的意思是我認為考慮留存的方式,我們衡量的留存有兩種類型。因此,在用戶留存率方面,用戶留存率對我們來說繼續保持良好增長。您的重點——您的問題主要是關於訂戶保留率。因此,當您查看平台級別時,要了解我們擁有的所有訂閱者以及他們如何保留,該保留率在過去一兩年中急劇上升,因為我們已經看到了從月度到年度的真正巨大組合計劃,年度計劃保留較好。

  • Family Plan is a subset of that, that retains even better. And so while it's probably not like the biggest material platform level shift, we expect the cohort level retention to be improved for some time and even more as we increase the Family Plan percentage. So we're really happy with how that's retaining and how that's going to impact the LTV of the platform. Your next question was on ads. And so the ad revenue, as you can see from our financials, was impacted, we think, by what looks to be a kind of industry-wide advertising slowdown.

    家庭計劃是其中的一個子集,它保留得更好。因此,雖然這可能不像是最大的材料平台級別轉變,但我們預計隨著家庭計劃百分比的增加,群組級別的保留會在一段時間內得到改善,甚至更多。因此,我們對它的保留方式以及這將如何影響平台的 LTV 感到非常滿意。您的下一個問題是關於廣告的。因此,正如您從我們的財務數據中看到的那樣,我們認為廣告收入受到了整個行業範圍內的廣告放緩的影響。

  • So I don't think there's anything super surprising in that. I think there was some foreign currency impact as well because a lot of our ad business comes on Android outside the U.S. But again, ads to us, again, as Luis mentioned, they're not a material part of our business. They're not strategic outside of the fact that they help us convert free users to subscribers. So we saw it, but we think it's just not that big of a deal for our business going forward.

    所以我不認為這有什麼特別令人驚訝的。我認為也有一些外匯影響,因為我們的很多廣告業務都來自美國以外的 Android。但同樣,向我們投放廣告,同樣,正如 Luis 所提到的,它們不是我們業務的重要組成部分。除了幫助我們將免費用戶轉化為訂閱者這一事實之外,它們沒有戰略意義。所以我們看到了,但我們認為這對我們未來的業務來說並不是什麼大不了的事。

  • >>Luis von Ahn Arellano - CEO

    >>Luis von Ahn Arellano - CEO

  • Part of your question, I think, was also that we -- whether we've tried switching some of our ads to subscribe. And yes, we keep running experiments to do that. There's some optimal mix and we keep trying to find it. So yes, we are always running experiments to see what is the right mix. It turns out the mix depends on the user. There are some users that are a lot more likely to subscribe for them, it's probably a lot better to give them ads to describe where there are some users that are just essentially never going to subscribe. And for them, the best thing we can do is just probably give them programmatic apps.

    我認為,您的部分問題還在於我們是否嘗試過將一些廣告轉換為訂閱。是的,我們一直在進行實驗來做到這一點。有一些最佳組合,我們一直在努力尋找。所以是的,我們一直在進行實驗,看看什麼是正確的組合。事實證明,混合取決於用戶。有些用戶更有可能訂閱他們,給他們廣告來描述哪些用戶基本上永遠不會訂閱可能會更好。對於他們來說,我們能做的最好的事情就是給他們程序化的應用程序。

  • >>Deborah Belevan - Head of IR

    >>Deborah Belevan - Head of IR

  • And the next question comes from Nat Schindler of Bank of America.

    下一個問題來自美國銀行的 Nat Schindler。

  • >>Nathaniel Schindler - BofA Securities, Research Division

    >>Nathaniel Schindler - BofA Securities, Research Division

  • A couple of questions. First, on the user numbers. Just digging in a little bit there. Q3, at least in the Northern Hemisphere is when school starts. So was there any new promotions and pushes to get school children using the product that would have helped that number? Or is this just, I don't know, viral?

    幾個問題。首先,關於用戶號。只是在那裡挖一點。 Q3,至少在北半球是開學的時候。那麼是否有任何新的促銷和推動讓學童使用可以幫助這個數字的產品?或者這只是,我不知道,病毒?

  • >>Luis von Ahn Arellano - CEO

    >>Luis von Ahn Arellano - CEO

  • Well, it's a good question. So yes, in the Northern Hemisphere, school starts in Q3 usually. And every year, we see a growth that has to do with back-to-school. We do -- we run some -- we don't do a promotion, but we run some kind of very efficient marketing that is either on our social media or a little bit of paid acquisition that is related to schools. We also have a schools product which is Duolingo for Schools. What it is, it's a dashboard for teachers.

    嗯,這是個好問題。所以是的,在北半球,學校通常在第三季度開始。每年,我們都會看到與返校有關的增長。我們做——我們做一些——我們不做促銷,但我們進行某種非常有效的營銷,要么是在我們的社交媒體上,要么是一些與學校相關的付費收購。我們還有一款學校產品,即 Duolingo for Schools。它是什麼,它是教師的儀表板。

  • So the students use the normal Duolingo, but the teachers have a dashboard that tracks what the students are doing as opposed to having to go and look at every every phone kind of in person. So we have that product. But we've had that product for a couple of years. And so we see this growth every year. We -- but this year, we see accelerated growth is, I guess, we're doing even better than the previous years, not just with back-to-school. My guess is that had something to do with it, but more of it was just organic growth that keeps getting better and better.

    所以學生們使用的是普通的 Duolingo,但老師們有一個儀表板來跟踪學生們在做什麼,而不必親自去查看每部手機。所以我們有那個產品。但我們已經擁有該產品幾年了。所以我們每年都會看到這種增長。我們 - 但今年,我們看到加速增長,我猜,我們比前幾年做得更好,不僅僅是返校。我的猜測是這與它有關,但更多的是有機增長,它不斷變得越來越好。

  • >>Nathaniel Schindler - BofA Securities, Research Division

    >>Nathaniel Schindler - BofA Securities, Research Division

  • Great. And second question, has there been any change? Or can you give us any clarity on what the -- where you are on the duration of your average booking, what you're selling? I think last time you were around 90% annuals. Has that changed? And can you tell us what it was like over the last few quarters so that we can be aware when this is -- how it's been affecting numbers?

    偉大的。第二個問題,有什麼變化嗎?或者你能告訴我們什麼 - 你在平均預訂期間的位置,你在賣什麼?我想上次你每年大約是 90%。那改變了嗎?你能告訴我們過去幾個季度的情況,以便我們知道這是什麼時候 - 它是如何影響數字的?

  • >>Matthew Skaruppa - CFO

    >>Matthew Skaruppa - CFO

  • Yes, it's a great question. And so Nat, the answer is we are roughly still around 90% annual plan. And I think when you look back a year ago, the number was in the 70s. So as we've gone through the course of the past, call it, 4 to 6 quarters, the percentage of that the annual plan has gone up quite substantially. It can't go up the same amount anymore, right? If it went from 70% to 90%, it can't go from 90% to 110%.

    是的,這是一個很好的問題。所以 Nat,答案是我們大約仍然是 90% 的年度計劃。我認為當你回顧一年前,這個數字是在 70 年代。因此,當我們經歷過去的過程時,稱之為 4 到 6 個季度,年度計劃的百分比已經大幅上升。它不能再增加同樣的數量,對吧?如果它從 70% 到 90%,它就不能從 90% 到 110%。

  • So the way we're extending the retention of it, Luis (inaudible) question now.

    因此,我們正在延長保留期的方式,Luis(聽不清)現在提問。

  • >>Luis von Ahn Arellano - CEO

    >>Luis von Ahn Arellano - CEO

  • Maybe it could go up a 100%, I don't know.

    也許它會上漲100%,我不知道。

  • >>Matthew Skaruppa - CFO

    >>Matthew Skaruppa - CFO

  • But the way we're extending the kind of the synthetic duration, I guess, to use a bad phrase is through things like the Family Plan, right? That's how you actually extend the lifetime of the the subscribers longer as you increase the retention to things like that.

    但我想,我們延長合成持續時間的方式是通過家庭計劃之類的東西,對嗎?這就是當您增加對此類事物的保留時,您實際上如何延長訂閱者的生命週期。

  • >>Nathaniel Schindler - BofA Securities, Research Division

    >>Nathaniel Schindler - BofA Securities, Research Division

  • No, not -- it's not just a problem for the extending the lifetime. That's great, too. But I assume when you -- if everybody is looking at bookings growth, if you're increasing the amount of annuals, you're selling 12 months instead of 1 month, 1.5 months, I guess, in a quarter on average, that can have a pretty big effect. Is there a quarter where we should really watch for that (inaudible) difference is big year-over-year?

    不,不是——這不僅僅是延長壽命的問題。這也很棒。但我假設當你——如果每個人都在關注預訂增長,如果你增加年度數量,你銷售的時間是 12 個月,而不是 1 個月,我猜,平均一個季度,1.5 個月,這可以有相當大的影響。是否有一個季度我們應該真正注意(聽不清)同比差異很大?

  • >>Matthew Skaruppa - CFO

    >>Matthew Skaruppa - CFO

  • Yes. Over the course of 2023, we will see some impact from that. But there's not going to be one particular quarter. And in general, we still feel that we'll be able to lap those quarters as well in terms of growth.

    是的。在 2023 年,我們將看到一些影響。但不會有一個特定的季度。總的來說,我們仍然認為我們也能夠在增長方面超越這些季度。

  • >>Deborah Belevan - Head of IR

    >>Deborah Belevan - Head of IR

  • The next question comes from Arvind Ramnani at Piper Sandler.

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

  • >>Arvind Ramnani - Piper Sandler & Co., Research Division

    >>Arvind Ramnani - Piper Sandler & Co., Research Division

  • I wanted to ask a couple of questions on math. It's still early days for math, and it's too early to kind of say where this is going to go. But I know you're kind of track data by the hour, by the day, certainly. So these early days, like how is the adoption numbers if you have? And if you don't have the -- don't want to share numbers, like maybe I think, can you give us cohorts, right? Like existing language users, folks who are paying users of Duolingo or these fresh greenfield users? Like just give us a nature of the cohort of customers have signed up for the math product.

    我想問幾個關於數學的問題。數學還為時過早,現在說它會走向何方還為時過早。但我知道你肯定是按小時、按天跟踪數據。所以這些早期,如果有的話,採用數字如何?如果你沒有 - 不想分享數字,就像我想的那樣,你能給我們提供同夥,對嗎?像現有的語言用戶、Duolingo 的付費用戶還是這些新的未開髮用戶?就像只是給我們一個已經註冊數學產品的客戶群的性質。

  • >>Luis von Ahn Arellano - CEO

    >>Luis von Ahn Arellano - CEO

  • Thank you, Arvind, for the question. So there's a number of things to say. So yes, first of all, early days. It's not like we even know that much. I mean obviously, we have all the data, you are right. We track it by the hour. We really look at it a lot, but it's very early days. And our experience is that when you launch an app, it just takes a while to -- for things to settle for you to really figure out what are and we just have had this for 2 weeks.

    謝謝你,Arvind,你的問題。所以有很多話要說。所以,是的,首先,早期。這不像我們甚至知道那麼多。我的意思很明顯,我們有所有的數據,你是對的。我們按小時跟踪它。我們真的看了很多,但現在還很早。我們的經驗是,當你啟動一個應用程序時,只需要一段時間 - 讓你真正弄清楚是什麼,而我們剛剛經歷了 2 週。

  • I can tell you a few things. One, if you look at the retention of the users of the math app, so far, it looks actually quite good. It's not as good as Duolingo, but doing as an app that's been optimized for 10 years. So it's hard to compete with, but it is certainly a lot better than the initial retention of Duolingo when we launched Duolingo 10 years ago. So it's a lot better. So we feel pretty good about a completely new app having such good retention. We feel good about that.

    我可以告訴你幾件事。一,如果你看一下數學應用程序的用戶保留率,到目前為止,它看起來實際上相當不錯。它不如Duolingo,但作為一個優化了10年的應用程序。所以很難與之抗衡,但肯定比我們 10 年前推出 Duolingo 時最初保留的 Duolingo 要好很多。所以好多了。因此,我們對一款擁有如此出色留存率的全新應用感到非常滿意。我們對此感覺良好。

  • In terms of the users, we haven't done much -- I mean it's not like we've done any paid advertising. We've not done any marketing campaign or anything. So where the users would come from now is our social media pushes that we've done and some of the press that was written around it and some of the word of mouth that has happened. But there's just not a lot of time that has -- for word of mouth to happen. There's only been 2 weeks. So, so far, we know that more than half of the users of the math app have a Duolingo account. We know that. But other than that, there's just not -- we don't know much more than that.

    就用戶而言,我們沒有做太多——我的意思是我們沒有做過任何付費廣告。我們沒有進行任何營銷活動或任何事情。因此,用戶現在的來源是我們已經完成的社交媒體推送以及圍繞它撰寫的一些媒體以及已經發生的一些口耳相傳。但是沒有太多的時間 - 口耳相傳。才2週。所以,到目前為止,我們知道超過一半的數學應用程序用戶擁有 Duolingo 帳戶。我們知道。但除此之外,沒有什麼——我們知道的不多。

  • >>Arvind Ramnani - Piper Sandler & Co., Research Division

    >>Arvind Ramnani - Piper Sandler & Co., Research Division

  • Okay. And then from a product perspective, just kind of looking at initial feedback, have there been any like big product enhancements that we need to see? Or you feel like -- because kind of the product is never done, right? Like Duolingo you've (inaudible) changing. So I understand there will be an enhancement in math, but have there been any sort of big sort of like clause in terms of design, product, anything else that you've identified? Or you feel pretty good about kind of keeping things going at its own gradual pace?

    好的。然後從產品的角度來看,只是看看最初的反饋,是否有任何我們需要看到的重大產品改進?或者你覺得——因為某種產品從未完成,對吧?就像 Duolingo 一樣,你已經(聽不清)改變了。所以我知道數學會有所提高,但是在設計、產品和其他任何你已經確定的方面,有沒有類似的條款?或者你覺得讓事情按照自己的漸進速度進行是相當不錯的?

  • >>Luis von Ahn Arellano - CEO

    >>Luis von Ahn Arellano - CEO

  • I mean, the truth is we feel pretty good. We -- before launching, we knew what the road map is for the next several years, and the road map remains the same given all the user feedback. And it's just going to be like -- it's going to be like doing, like you said, over the last 10 years, Duolingo is still getting better every single quarter, even though we've been working on it for the last 10 years, I think it's going to be the same for the math app. We have 10 more years of work to do.

    我的意思是,事實是我們感覺很好。我們 - 在發布之前,我們知道未來幾年的路線圖是什麼,並且鑑於所有用戶反饋,路線圖保持不變。就像你說的那樣,就像你說的那樣,在過去的 10 年裡,Duolingo 每個季度都在變得更好,儘管我們在過去的 10 年裡一直在努力,我認為數學應用程序也是如此。我們還有 10 年的工作要做。

  • Similarly, I know there's been a lot of questions about math, but I just really want to remind people language learning is our main thing right now, and it's going to take a while for math to catch up. I mean it took 10 years for Duolingo to make whatever revenue we're making these days, roughly $100 million a quarter. It's going to -- hopefully won't take 10 years for the math up to get there, but it will take several years to get there just. And we just have -- and in terms of the road map, we know we need to add more content. I mean, we have third and fourth grade-type of content. We're probably going to go to fifth and sixth grade type of content.

    同樣,我知道有很多關於數學的問題,但我真的想提醒人們語言學習是我們現在的主要任務,數學需要一段時間才能趕上。我的意思是,Duolingo 花了 10 年的時間來賺取我們這些天的任何收入,大約每季度 1 億美元。它將——希望數學不會需要 10 年才能到達那裡,但需要幾年才能到達那裡。我們剛剛擁有 - 就路線圖而言,我們知道我們需要添加更多內容。我的意思是,我們有三年級和四年級的內容。我們可能會去五年級和六年級的內容類型。

  • So we're going to add more content, and we have a number of other things that we just know we need to add that are -- that come from Duolingo. So, for example, the streak in the math app is not as sophisticated as the streak in Duolingo the other day, we were looking at our street mechanic for Duolingo. That thing is so sophisticated. Like you would be surprised how sophisticated is to make sure that users don't lose their streak because losing your streak is like a terrible thing. Whereas the math app has a pretty simplistic version of the street. So we're -- stuff like that, there's all these things that we know from Duolingo that we just need to start putting into the math app what we haven't yet.

    因此,我們將添加更多內容,並且我們還有許多其他我們只知道需要添加的內容——來自 Duolingo。因此,例如,數學應用程序中的連勝不如前幾天在 Duolingo 中的連勝複雜,我們正在研究 Duolingo 的街頭技工。那東西太複雜了。就像您會驚訝於確保用戶不會失去連勝是多麼複雜一樣,因為失去連勝是一件可怕的事情。而數學應用程序有一個非常簡單的街道版本。所以我們是——類似的東西,我們從 Duolingo 知道的所有這些東西,我們只需要開始將我們還沒有的東西放入數學應用程序中。

  • >>Arvind Ramnani - Piper Sandler & Co., Research Division

    >>Arvind Ramnani - Piper Sandler & Co., Research Division

  • Yes. Just one last question on math. When I look at Duolingo language, there's no other product. There's no user base. You kind of have to kind of build this brick-by-brick. Math, you have this massive user base and actively engaging. Is there a plan to kind of this, I would say, kind of the core application to promote math? I mean have you started to do that like put (inaudible).

    是的。最後一個關於數學的問題。當我查看 Duolingo 語言時,沒有其他產品。沒有用戶基礎。你必須一點一點地建造這個磚塊。數學,您擁有龐大的用戶群並積極參與。我會說,有沒有一種計劃來推廣數學的核心應用程序?我的意思是,您是否開始像 put 一樣這樣做(聽不清)。

  • >>Luis von Ahn Arellano - CEO

    >>Luis von Ahn Arellano - CEO

  • 100%. We plan to do that. We have not started that at all, we will. And the type of integration -- you can actually get really good at this type of integration. This is the type of stuff we've talked about. So the simplest thing in which -- we haven't even done the simplest thing. The simplest thing is just at the end of a Duolingo lesson, put an ad that says, hey, by the way, we have a math app. That's the simplest thing. But you can get more sophisticated.

    100%。我們計劃這樣做。我們還沒有開始,我們會的。以及集成的類型——您實際上可以非常擅長這種類型的集成。這就是我們討論過的類型。所以最簡單的事情——我們甚至沒有做過最簡單的事情。最簡單的事情就是在 Duolingo 課程的最後,放一個廣告,說,嘿,順便說一句,我們有一個數學應用程序。這是最簡單的事情。但是你可以變得更複雜。

  • So slightly more sophisticated is your ad could be playable. So you can write there be like (inaudible) try it for a second. And then you can go to the app. But then you can start getting much more integrated. For example, on Duolingo, we have these things called Daily Quests where you have to do certain things like complete 3 lessons or do a story on Duolingo, et cetera. We can make one of the quests be, go do a math lesson or you can make it so that now your streak on Duolingo and the Duolingo language learning app could be extended by doing math.

    所以稍微複雜一點的是您的廣告可以播放。所以你可以寫在那裡(聽不清)試一試。然後你可以去應用程序。但是隨後您可以開始變得更加集成。例如,在 Duolingo 上,我們有這些稱為 Daily Quests 的東西,您必須在其中完成某些事情,例如完成 3 節課或在 Duolingo 上寫一個故事等等。我們可以做一個任務,去上數學課,或者你可以做到,這樣現在你在 Duolingo 和 Duolingo 語言學習應用程序上的連勝可以通過做數學來擴展。

  • So you can do just much better integrations. And so you'll see us do that. We're going to try all these things over the next, however, long this takes. We're going to be trying all these things.

    因此,您可以進行更好的集成。所以你會看到我們這樣做。我們將在接下來嘗試所有這些事情,但是,這需要很長時間。我們將嘗試所有這些事情。

  • >>Deborah Belevan - Head of IR

    >>Deborah Belevan - Head of IR

  • And I'm showing no further questions. So I'll turn it back to you, Luis, for any closing remarks.

    我沒有再提出任何問題。因此,路易斯,我將把它轉回給你,以供結束髮言。

  • >>Luis von Ahn Arellano - CEO

    >>Luis von Ahn Arellano - CEO

  • Just thank you for all the questions and keep learning languages or math, if you want. But yes, remember, Spanish or vanish.

    只要感謝您提出的所有問題,如果您願意,請繼續學習語言或數學。但是,是的,記住,西班牙語或消失。

  • >>Deborah Belevan - Head of IR

    >>Deborah Belevan - Head of IR

  • Thanks, everyone.

    感謝大家。

  • Operator

    Operator

  • Goodbye.

    再見。