Duolingo Inc (DUOL) 2023 Q1 法說會逐字稿

My name is Debbie Belevan, Head of IR. Today after market close, we released our year-end -- our quarter-end shareholder letter with our Q1 results and commentary, which you can find on our IR website at investors.duolingo.com.

我叫 Debbie Belevan，IR 主管。今天收市後，我們發布了年終 - 我們的季度末股東信函，其中包含我們的第一季度業績和評論，您可以在我們的 IR 網站 investors.duolingo.com 上找到。

On today's call, we'll have Luis von Ahn, our Co-Founder and CEO; and Matt Skaruppa, our CFO. They'll begin with some brief remarks before opening the call to questions. (Operator Instructions) And please note that this event is being recorded.

在今天的電話會議上，我們的聯合創始人兼首席執行官 Luis von Ahn 將出席；和我們的首席財務官 Matt Skaruppa。在開始提問之前，他們會先做一些簡短的評論。 （操作員說明）請注意，正在記錄此事件。

Just a reminder that we'll 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 of 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，我們將就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。我們向美國證券交易委員會提交的文件中的風險因素中列出了其中一些風險。這些前瞻性陳述基於我們認為截至今日合理的假設，我們沒有義務根據新信息或未來事件更新這些陳述。

Additionally, we'll 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.

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 措施不應孤立於、替代或優於我們的 GAAP 結果。我們鼓勵您在分析我們的表現時考慮所有措施。

And with that, I'll turn it over to Luis.

有了這個，我會把它交給路易斯。

Hello, everyone. Thank you, Debbie, and welcome. I'm proud to report that we kicked off this year with another great quarter. We had strong user growth, top line results, profitability and free cash flow.

大家好。謝謝你，黛比，歡迎。我很自豪地報告說，我們今年以又一個出色的季度拉開序幕。我們擁有強勁的用戶增長、營收業績、盈利能力和自由現金流。

In the first quarter, our user growth exceeded our expectations. DAUs increased 62% year-over-year to $20.3 million, with all major markets growing nicely. Our strong user growth, of course, helps us deliver on our mission to create the best education in the world and make it universally available. But it also helps us increase paying subscribers, which are up 63% year-over-year to $4.8 million or 8% of MAUs at quarter end.

第一季度，我們的用戶增長超出了我們的預期。 DAU 同比增長 62% 至 2030 萬美元，所有主要市場均增長良好。當然，我們強勁的用戶增長有助於我們實現我們的使命，即創造世界上最好的教育並使之普及。但它也幫助我們增加了付費用戶，在季度末，付費用戶同比增長 63% 至 480 萬美元，佔 MAU 的 8%。

This user and subscriber growth led to bookings and revenue climbing 37% and 42% year-over-year, respectively. And thanks to our continued financial discipline, this quarter saw us post our highest profitability ever. As a result of this outperformance, we're raising our top line and profitability guidance for this year. Matt is going to walk you through our updated outlook shortly.

用戶和訂戶的增長導致預訂量和收入分別同比增長 37% 和 42%。得益於我們持續的財務紀律，本季度我們實現了有史以來最高的盈利能力。由於這種出色的表現，我們提高了今年的收入和盈利能力指導。 Matt 將很快向您介紹我們更新後的展望。

I've said many times before that the hardest thing about learning a language is staying motivated. That's why I'm proud that our engagement numbers continue to improve, with our DAU to MAU ratio reaching an all-time high of 28% compared to about 25% a year ago. And the number of DAUs with a streak longer than 7 days grew to nearly $14 million. Our goal is to keep learners coming back to our products every day, and we mainly do that by continually innovating and improving them so that they are fun and effective.

我之前說過很多次，學習一門語言最難的事情就是保持動力。這就是為什麼我對我們的參與度持續提高感到自豪，我們的 DAU 與 MAU 之比達到 28% 的歷史新高，而一年前約為 25%。連續超過 7 天的 DAU 數量增長到近 1400 萬美元。我們的目標是讓學習者每天都回到我們的產品，我們主要通過不斷創新和改進它們來做到這一點，使它們既有趣又有效。

This quarter's shareholder letter focuses on how well the recent advances in generative AI complement our existing competitive advantages like our data moat, our beloved brand and our unique way of teaching. As a former Computer Science professor, I've always believed that humans and computers working together can accomplish incredible things, and applying this synergy to benefit the greater good has long been my passion. I also feel very fortunate to be among the companies with the best chances of taking advantage of the rapid advances in AI.

本季度的股東信重點關註生成式人工智能的最新進展如何補充我們現有的競爭優勢，例如我們的數據護城河、我們鍾愛的品牌和我們獨特的教學方式。作為一名前計算機科學教授，我一直相信人類和計算機一起工作可以完成令人難以置信的事情，並且利用這種協同作用造福於更大的利益一直是我的熱情所在。我也很幸運能成為最有可能利用人工智能快速發展的公司之一。

As you'll recall, last quarter, we announced our new higher-tier subscription offering, Duolingo Max, which is powered by GPT-4. We are proud that we are one of the few companies that have launched a live consumer-facing product with this technology. That we did this so quickly speaks to the talent of our team.

你會記得，上個季度，我們宣布了我們新的更高級別的訂閱產品 Duolingo Max，它由 GPT-4 提供支持。我們很自豪，我們是為數不多的使用這項技術推出面向消費者的實時產品的公司之一。我們如此迅速地做到這一點說明了我們團隊的才能。

Also last quarter, my shareholder letter reminded everyone that our freemium business model enables us to grow organically, keeps competitors at bay and provides us with enormous amounts of data that we use to make our products better.

同樣在上個季度，我的股東信提醒大家，我們的免費增值業務模式使我們能夠實現有機增長，讓競爭對手望而卻步，並為我們提供了大量數據，我們可以用這些數據來改進我們的產品。

Because of our large user base, we're able to test Max features on small fractions of users and iterate rapidly. This is a great example of how our model works in general and how we'll use generative AI in particular.

由於我們龐大的用戶群，我們能夠在一小部分用戶身上測試 Max 功能并快速迭代。這是一個很好的例子，說明我們的模型一般如何工作，以及我們將如何特別使用生成人工智能。

As you can tell I'm very excited about all the possibilities I see with AI and Duolingo Max, but I should emphasize that we're still in the early stages of rolling Max out. We'll continue to update you about the progress we're making over time.

如你所知，我對 AI 和 Duolingo Max 的所有可能性感到非常興奮，但我應該強調的是，我們仍處於推出 Max 的早期階段。隨著時間的推移，我們將繼續向您通報我們取得的進展。

And with that, I'll turn it over to Matt.

有了這個，我會把它交給馬特。

Thanks, Luis. To recap our impressive results, in the first quarter, we delivered 37% bookings growth year-over-year, which was about 42% on a constant currency basis. We had a net loss of $2.6 million compared to a net loss of $12.2 million in the year ago quarter. And we posted our highest quarterly adjusted EBITDA of $15.1 million, which was a 13.1% adjusted EBITDA margin. We also had our highest quarterly free cash flow margin of about 25%. Based on the strong start to the year, we feel very good about our Q2 and full year outlook.

謝謝，路易斯。回顧一下我們令人印象深刻的業績，在第一季度，我們的預訂量同比增長了 37%，按固定匯率計算約為 42%。與去年同期的淨虧損 1220 萬美元相比，我們淨虧損 260 萬美元。我們公佈了最高的季度調整後 EBITDA 1510 萬美元，調整後 EBITDA 利潤率為 13.1%。我們的季度自由現金流利潤率也最高，約為 25%。基於今年的強勁開局，我們對第二季度和全年前景感到非常滿意。

For Q2 2023, we are issuing guidance of $128 million to $131 million in total bookings, $122 million to $125 million in revenue and an adjusted EBITDA margin of 11% to 12%. And for the full year 2023, we are raising our guidance to $552 million to $561 million in total bookings, $500 million to $509 million in total revenue, and we are updating our adjusted EBITDA margin range from 11% to 12%, which reflects an incremental margin of about 32%. Because of the strong trends we saw in Q1, we are guiding to continued strong top line growth, with bookings growing at 30% year-over-year at the midpoint and revenue growing at 37% at the midpoint.

對於 2023 年第二季度，我們發布的總預訂量為 1.28 億美元至 1.31 億美元，收入為 1.22 億美元至 1.25 億美元，調整後的 EBITDA 利潤率為 11% 至 12%。對於 2023 年全年，我們將總預訂量的指引提高到 5.52 億美元到 5.61 億美元，總收入從 5 億到 5.09 億美元，並且我們將調整後的 EBITDA 利潤率範圍從 11% 更新到 12%，這反映了增量利潤率約32%。由於我們在第一季度看到的強勁趨勢，我們正在引導收入繼續強勁增長，中點預訂量同比增長 30%，中點收入增長 37%。

The combination of strong top line growth and continued discipline on operating expenses is why we feel good about raising our adjusted EBITDA margin guidance at the midpoint.

強勁的收入增長和對運營支出的持續紀律相結合，這就是為什麼我們對將調整後的 EBITDA 利潤率指引提高到中點感到滿意。

In Q2, we expect each non-GAAP expense line item to show operating leverage year-over-year with R&D showing about 1 point of improvement as a percentage of revenue, G&A showing about 3 points of improvement and S&M showing about 1.5 points of improvement. I know that the S&M line would show about 2.5 points of improvement, but for the roughly $1.5 million of S&M spend there was time shifted from Q1 of this year into Q2.

在第二季度，我們預計每個非 GAAP 費用項目都將顯示運營槓桿同比增長，其中研發佔收入的百分比改善約 1 個百分點，一般和行政顯示約 3 個百分點的改善，而 S＆M 顯示約 1.5 個百分點的改善.我知道 S&M 線會顯示大約 2.5 個百分點的改進，但對於大約 150 萬美元的 S&M 支出，時間從今年第一季度轉移到了第二季度。

As to the seasonality we expect for the rest of the year in adjusted EBITDA, we are guiding to an 11% to 12% adjusted EBITDA margin for Q2. Our Q3 margin will be lower than Q2, and that's the quarter in which the largest portion of our new hire start. And then in Q4, the margin will expand because that quarter is typically our strongest revenue quarter. We don't expect a material step-up in costs between Q3 and Q4.

至於我們預計今年剩餘時間調整後 EBITDA 的季節性，我們指導第二季度調整後 EBITDA 利潤率為 11% 至 12%。我們第三季度的利潤率將低於第二季度，這是我們新員工開始的最大部分。然後在第四季度，利潤率將會擴大，因為該季度通常是我們收入最高的季度。我們預計第三季度和第四季度之間的成本不會大幅增加。

As Luis mentioned, we are excited about Duolingo Max, but we are still in the early days of rolling it out. We have not yet included any material amount of bookings or revenue in our guidance for this new higher tier. We will keep you posted on the progress in the coming months.

正如 Luis 提到的，我們對 Duolingo Max 感到興奮，但我們仍處於推出它的早期階段。我們尚未將任何實質性的預訂或收入包含在我們對這個新的更高級別的指導中。在接下來的幾個月裡，我們會及時通知您進展情況。

Finally, we ended the year with approximately 48.3 million fully diluted shares outstanding using the quarter end close price. And as we mentioned on the last call, we expect to end the year with about 2% dilution from equity issued to employees.

最後，使用季度末收盤價計算，我們在年底擁有約 4830 萬股完全稀釋的已發行股票。正如我們在上次電話會議上提到的那樣，我們預計到今年年底，發行給員工的股權將稀釋約 2%。

And with that, I'll turn it back to Luis.

有了這個，我會把它轉迴路易斯。

Thank you, Matt. And I just want to take this opportunity to thank our amazing team whose collective passion and commitment to excellence helped us deliver another excellent quarter.

謝謝你，馬特。我只想藉此機會感謝我們出色的團隊，他們對卓越的共同熱情和承諾幫助我們實現了另一個出色的季度。

And now we would be happy to take your questions as long as they're good. I'll turn it back to Debbie to manage the queue.

現在我們很樂意回答您的問題，只要它們是好的。我會把它轉回給 Debbie 來管理隊列。

All right. Thanks, Luis. (Operator Instructions) So our first question comes from Mark Mahaney of Evercore.

好的。謝謝，路易斯。 （操作員說明）所以我們的第一個問題來自 Evercore 的 Mark Mahaney。

Well, I hope this question is good. So we haven't talked to...

好吧，我希望這個問題很好。所以我們還沒有談過...

It better be, Matt.

最好是，馬特。

We haven't talked -- you haven't mentioned yet one of my favorite topics, which is Math. So could you just talk about what you're seeing early on in terms of the interest in that?

我們還沒有談過——你還沒有提到我最喜歡的話題之一，那就是數學。那麼你能談談你早期看到的對此的興趣嗎？

And then could you just talk a little bit about the China market, too? So that's kind of wax and wane, but I think it's been more waning -- or no waxing for you, becoming stronger. So how much of a contributor that's been to you in terms of your MAUs and, if at all, your paid subs?

然後你能不能也談談中國市場？所以這有點起伏不定，但我認為它正在減弱——或者對你來說沒有起伏，變得更強大。那麼，就您的 MAU 和（如果有的話）您的付費訂閱而言，對您有多大貢獻？

Well, thank you for the questions, Mark. Of course, Math is also one of my favorite topics. As you know, we launched a Math -- an app to learn Math a few months ago. It's doing really well. It's growing entirely organically, and it's growing very nicely. I should mention, of course, this is still the very early days and it's still also a very small team. So we're just basically have a long list of features that we still need to add and we're working on doing that. I don't know if there's anything else to say other than I'm loving using it. And very soon, there's actually going to be more content in it, more advanced content. So we're very happy with that.

嗯，謝謝你的問題，馬克。當然，數學也是我最喜歡的科目之一。如您所知，我們在幾個月前推出了數學——一款學習數學的應用程序。它做得很好。它完全有機地生長，而且生長得非常好。當然，我應該提一下，這還處於早期階段，而且它仍然是一個非常小的團隊。所以我們基本上只有一長串我們仍然需要添加的功能，我們正在努力做到這一點。除了我喜歡使用它，我不知道還有什麼要說的。很快，實際上會有更多內容，更高級的內容。所以我們對此非常滿意。

In terms of China, we're also very happy with our progress in China. It's one of our fastest-growing countries. I should remind people, though, I mean, yes, China is one of our fastest-growing countries, and we seem to be doing well, but it is still a small market for us. It's probably 2% to 3% of our revenue, give or take, but it's growing very nicely, and we're very happy with it. Thank you, Mark.

在中國方面，我們也對我們在中國取得的進展感到非常高興。它是我們發展最快的國家之一。我應該提醒人們，雖然，我的意思是，是的，中國是我們發展最快的國家之一，我們似乎做得很好，但它對我們來說仍然是一個小市場。它可能占我們收入的 2% 到 3%，給予或接受，但它的增長非常好，我們對此非常滿意。謝謝你，馬克。

Next question comes from Justin Patterson of KeyBanc.

下一個問題來自 KeyBanc 的 Justin Patterson。

Great. Two, if I can. First, just a big picture one. We've seen a lot of companies in gaming, in dating, (inaudible) around monetization and engagement. Could you talk a bit, Luis, about just some of the guardrails you have in building product in a way where monetization initiatives don't necessarily impede the monetization or impede the consumer experience? So that would be the first question.

偉大的。兩個，如果可以的話。首先，只是一張大圖。我們在遊戲、約會、（聽不清）圍繞貨幣化和參與度的領域看到了很多公司。路易斯，你能談談你在構建產品時遇到的一些障礙嗎？在這種情況下，貨幣化舉措不一定會阻礙貨幣化或阻礙消費者體驗？所以這是第一個問題。

And then since you alluded to it in your prepared remarks, would love how you're thinking about just leveraging AI more over the future? Whether that's something that investors should think of as just broadening the set of educational apps that Duolingo can participate, so even moving beyond math over time. So even just building deeper, more immersive experiences and existing apps. So moving up from what might be a casual learning experience to really gaining mastery of a competency.

然後既然你在準備好的發言中提到了它，你會喜歡你如何考慮在未來更多地利用人工智能嗎？這是否是投資者應該認為只是擴大 Duolingo 可以參與的教育應用程序集的事情，所以隨著時間的推移甚至超越數學。因此，即使只是構建更深入、更身臨其境的體驗和現有應用程序。因此，從可能是隨意的學習經歷轉變為真正掌握一種能力。

Great questions, Justin. In terms of the monetization guardrails, let me just describe to you how we develop product. The way we make our product better is we run a lot of A/B tests. I mean we're running hundreds of A/B tests every quarter. And for each A/B test, usually it's trying to improve something -- so it's trying to improve either how well we monetize or it's trying to make the app more engaging or it's trying to teach better, et cetera. It usually has a goal.

很好的問題，賈斯汀。在貨幣化護欄方面，讓我向您描述一下我們如何開發產品。我們改進產品的方法是運行大量的 A/B 測試。我的意思是我們每個季度都會進行數百次 A/B 測試。對於每個 A/B 測試，通常它都試圖改進某些東西——所以它要么試圖改進我們的貨幣化程度，要么試圖使應用程序更具吸引力，或者它試圖更好地教學，等等。它通常有一個目標。

Now in addition to the goal, for every A/B test we run, we also have these guardrail metrics. So for example, if the goal of an A/B test would be to improve monetization, we may do something where like we make the subscribe button bigger or something like that. That's just -- this is just a silly example. The goal of that would be to improve monetization. We also look at what it does to our engagement.

現在除了目標之外，對於我們運行的每個 A/B 測試，我們還有這些護欄指標。因此，例如，如果 A/B 測試的目標是提高貨幣化，我們可能會做一些事情，比如讓訂閱按鈕變大或類似的事情。那隻是——這只是一個愚蠢的例子。這樣做的目標是提高貨幣化。我們還研究了它對我們的參與度有何影響。

So we look at are people spending more or less time on the app. We look at whether people are learning more or less from that A/B test, et cetera. And we only launch experiments that do not mess up our guardrail metrics. So in this case, if making the subscribe button bigger, would make it so that people are spending less time on the app, we would not launch that experiment.

所以我們看看人們在應用程序上花費的時間是多了還是少了。我們會觀察人們是從 A/B 測試中學到了更多還是更少，等等。而且我們只啟動不會擾亂我們的護欄指標的實驗。因此，在這種情況下，如果將訂閱按鈕變大，可以減少人們在該應用上花費的時間，我們就不會啟動該實驗。

That's what we're doing. And it's actually worked out -- we've been doing this for years, and it's worked out really well to be able to grow our monetization, which -- without having an impact on our user engagement, which just to remind you, for us, internally, we believe user engagement and user growth is the single most important thing because from that, all kinds of good things come up.

這就是我們正在做的。它實際上已經奏效了 - 我們已經這樣做了很多年，並且能夠增加我們的貨幣化效果非常好，這 - 不會影響我們的用戶參與度，這只是為了提醒你，對我們來說，在內部，我們認為用戶參與度和用戶增長是最重要的事情，因為由此而來的是各種美好的事物。

I mean, when we grow a user, even if it's a free user, we have the chance to convert them into paying subscribers over the next several years because they'll continue coming to Duolingo. So this is how we think about that.

我的意思是，當我們增加用戶時，即使是免費用戶，我們也有機會在未來幾年內將他們轉化為付費用戶，因為他們會繼續使用 Duolingo。這就是我們的想法。

In terms of AI, we're extremely excited. I'm personally extremely excited about AI. Since we launched Duolingo, the goal has always been to make something that can teach you as well as a one-on-one human tutor, but without the one-on-one human tutor because one-on-one human tutors are expensive and not very scalable. So that's been the goal. And we've been using AI from the beginning to be able to do that.

在人工智能方面，我們非常興奮。我個人對 AI 感到非常興奮。自從我們推出 Duolingo 以來，我們的目標一直是做一些可以教你的東西以及一對一的人類導師，但沒有一對一的人類導師，因為一對一的人類導師很昂貴而且不是很可擴展。這就是我們的目標。我們從一開始就一直在使用人工智能來做到這一點。

Now the main way in which historically we've used AI is we've looked at all the exercises that our users solve -- and at this point, we're getting about 1 billion exercises solved by our users every day. And we use that to improve how well we teach. And in particular, we use that to try to give users the right exercise at the right time. So we try to make sure that you get exactly the right exercise, and we use all the data from our users.

從歷史上看，我們使用 AI 的主要方式是查看用戶解決的所有練習——在這一點上，我們的用戶每天解決大約 10 億個練習。我們用它來提高我們的教學水平。特別是，我們用它來嘗試在正確的時間為用戶提供正確的鍛煉。因此，我們努力確保您得到完全正確的鍛煉，並且我們使用來自用戶的所有數據。

We've used -- we've built a very sophisticated model called Birdbrain that can do that.

我們已經使用 - 我們已經構建了一個非常複雜的模型，稱為 Birdbrain，它可以做到這一點。

Now over the last few months, we've had this amazing thing of generative AI. And ever since that came out, ever since we got early access to it, we started developing features for it. And what's amazing about it is it's like having a really good writer on staff. It allows us to just have a really good language that can come pretty quickly.

現在，在過去的幾個月裡，我們已經擁有了生成式 AI 這個令人驚奇的東西。自從它問世以來，自從我們搶先使用它以來，我們就開始為它開發功能。令人驚奇的是，這就像員工中有一位非常優秀的作家。它使我們能夠擁有一種可以很快出現的非常好的語言。

So that has allowed us to develop new features. For example, we developed 2 new features as part of our new higher-tier subscription offering called Duolingo Max. One of them is called Explain My Answer, which basically explains whenever you have a mistake, it gives you a human language understandable explanation. And the other one is called Roleplay, where you can basically role play or you can pretend to be something like -- pretend to be ordering a croissant in France or something. And so that gives you conversational practice.

因此，這使我們能夠開發新功能。例如，我們開發了 2 項新功能，作為我們名為 Duolingo Max 的新的更高級別訂閱產品的一部分。其中之一稱為 Explain My Answer，它基本上會在您遇到錯誤時進行解釋，它會為您提供人類語言可以理解的解釋。另一個叫做角色扮演，基本上你可以扮演角色，或者你可以假裝是什麼——假裝在法國點羊角麵包之類的。所以這給了你會話練習。

So, so far, we've decided to use AI to try to teach closer to a human. That's also, of course, going to allow us to get into other areas. So we are going to invest -- be investing in making, for example, our other app, our Math app, for example, better; Duolingo ABC better.

所以，到目前為止，我們已經決定使用人工智能來嘗試更接近人類的教學。當然，這也將使我們能夠進入其他領域。因此，我們將投資 - 投資於使我們的其他應用程序，例如我們的數學應用程序變得更好； Duolingo ABC 更好。

We're also going to be using AI to create content faster and cheaper. So there's the part that is online, that is live, where people are interacting with AI, but there's also the part that is off-line where we just generate a lot of the content faster and cheaper. So in our case, we just think there's a massive opportunity to make our apps teach better, be more engaging, which is really important and also to have lower costs.

我們還將使用 AI 更快、更便宜地創建內容。因此，有一部分是在線的，即人們與人工智能互動的現場，但也有一部分是離線的，我們只是更快、更便宜地生成大量內容。所以在我們的案例中，我們只是認為有很大的機會讓我們的應用程序更好地教學，更具吸引力，這非常重要，而且成本更低。

Yes. And just to jump in there, Justin. I think the one additional point I would make that I think is our not-so-secret weapon is Luis on this. You can tell by his answer there how excited he is. I mean it's really been a dream of his to have this type of technology so you can teach in this way. I mean he really wrote his PhD thesis on how humans and computers could work better to learn better together. So it's just a moment in time. We're pretty lucky that he's leading us through this. That's great.

是的。只是跳進去，賈斯汀。我想我要提出的另一點是我們不那麼秘密的武器，那就是路易斯。你可以從他的回答中看出他有多興奮。我的意思是，他真的夢想擁有這種技術，這樣你就可以用這種方式進行教學。我的意思是，他的博士論文確實是關於人類和計算機如何更好地合作以更好地共同學習。所以這只是一個瞬間。我們很幸運他能帶領我們度過難關。那太棒了。

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

你的下一個問題來自威廉布萊爾的拉爾夫沙克特。

I'm just curious on DAU to MAU is strong yet again and saw further reacceleration in the quarter, which is really impressive. Just curious if there's anything you'd call out there driving that really strong growth once again.

我只是對 DAU 感到好奇，因為 MAU 再次強勁，並且在本季度看到了進一步的重新加速，這確實令人印象深刻。只是好奇是否有什麼可以再次推動真正強勁的增長。

And then second question, I know you've been testing pricing in different international markets. Just curious what sort of trends you're seeing there and how users are responding to different pricing plans?

然後第二個問題，我知道你一直在測試不同國際市場的定價。只是好奇您在那裡看到了什麼樣的趨勢以及用戶如何響應不同的定價計劃？

In the case of the DAU and MAU, you're right, we keep getting the product, our main product, the Duolingo language learning app keeps getting more and more engaging. Our DAU to MAU ratio keeps getting better and better, we're at 28% now.

就 DAU 和 MAU 而言，你是對的，我們不斷獲得產品，我們的主要產品 Duolingo 語言學習應用程序越來越吸引人。我們的 DAU 與 MAU 的比率越來越好，我們現在是 28%。

And the reason for that is just because we keep running more and more A/B tests that make our product more engaging. That's really it. And so the types of things that we do, we make our street feature more prominent or just more intuitive. We make our social features better so that users get their friends to come back. So in general, we just have a very high-performing growth area. And for us, our growth area, what it does is it grows our DAUs.

這樣做的原因只是因為我們不斷運行越來越多的 A/B 測試，使我們的產品更具吸引力。就是這樣。因此，我們所做的事情類型使我們的街道特徵更加突出或更加直觀。我們改進了我們的社交功能，以便用戶讓他們的朋友回來。所以總的來說，我們只有一個非常高效的增長領域。對於我們來說，我們的增長領域，它所做的就是增加我們的 DAU。

And of course, our DAU to MAU ratio is going to get better and better because nobody in this company is looking at MAUs. So MAUs, it's nice. We report them and everything, but we are trying to grow our DAUs because we believe that getting somebody to come every single day is the right way to learn a language. You can't learn a language by coming once a month. So that ratio keeps getting better and better. And I would expect that to continue getting better.

當然，我們的 DAU 與 MAU 的比率會越來越好，因為這家公司沒有人關注 MAU。所以 MAU，這很好。我們報告他們和所有事情，但我們正在努力增加我們的 DAU，因為我們相信讓某人每天都來是學習語言的正確方法。你一個月來一次是學不會一門語言的。所以這個比例越來越好。我希望這種情況會繼續好轉。

Your next question is about regional pricing. So -- just to remind everyone, when we IPO-ed a couple of years ago, we had the same price everywhere in the world. We, of course, knew that, that was not the most optimal price.

您的下一個問題是關於區域定價的。所以——提醒大家，當我們幾年前首次公開募股時，我們在世界各地的價格都是一樣的。我們當然知道，這不是最優價格。

Over the last couple of years, we have tried prices in every country. And at this point, in most regions in the world, in most countries in the world, the price makes sense in that it's pretty correlated with the GDP for that country.

在過去的幾年裡，我們嘗試了每個國家的價格。在這一點上，在世界上大多數地區，在世界上大多數國家，價格是有道理的，因為它與該國的 GDP 非常相關。

So the prices make sense. There has been an increase in -- that has implied already an increase in our bookings. I should say the increase was nice. We took it, of course, but it wasn't life-changing because what happened with the prices was, in wealthy countries like the U.S. or Europe, the prices remained pretty similar. Sometimes they went up a little bit, but they remained pretty similar, whereas in poorer countries, the prices went down quite significantly. And what that did is you got a lot more people to buy.

所以價格是有道理的。有所增加 - 這意味著我們的預訂量已經增加。我應該說增長很好。當然，我們接受了它，但這並沒有改變生活，因為價格發生的變化是，在美國或歐洲等富裕國家，價格仍然非常相似。有時它們會上漲一點，但它們仍然非常相似，而在較貧窮的國家，價格會大幅下降。這樣做的結果是你有更多的人購買。

But you got to remember, these are poor countries where digital subscriptions are just not as mature or sometimes people don't even have payment methods. So we saw the decrease of prices in these poor countries as an important step in monetizing them. But we also understand that over the years or over the next few years, more things have to happen in order for us to monetize this as well as we're monetizing the wealthy countries.

但你必須記住，這些都是貧窮的國家，數字訂閱還不夠成熟，有時人們甚至沒有支付方式。因此，我們將這些貧窮國家的價格下降視為貨幣化的重要一步。但我們也明白，在過去的幾年或未來幾年裡，為了讓我們將其貨幣化以及我們正在通過富裕國家貨幣化，必鬚髮生更多的事情。

Next question comes from Andrew Boone of JMP Securities.

下一個問題來自 JMP Securities 的 Andrew Boone。

One on Max. I would assume that Max is attracting a more advanced learner to the platform. Is that true? What are you seeing in terms of the type of learners that are actually adopting Max?

一個在最大。我認為 Max 正在吸引更高級的學習者使用該平台。真的嗎？您對實際採用 Max 的學習者類型有何看法？

And then secondly, just a broader question on LOMs more broadly. How do you think about this change in the competition for Duolingo? Are you at all concerned there? What comes top of mind as you think through that?

其次，只是一個更廣泛的關於 LOM 的問題。你如何看待 Duolingo 競爭中的這一變化？你在那裡很擔心嗎？考慮到這一點時，您首先想到的是什麼？

Thank you, Andrew. Okay. In terms of Max, I should say, so we're -- we're super happy that we launched Max exactly the day that GPT-4 was announced. So we're super happy that we put that out there very fast. .

謝謝你，安德魯。好的。就 Max 而言，我應該說，所以我們——我們非常高興我們在 GPT-4 宣布的那一天推出了 Max。所以我們非常高興我們很快就把它放在那裡了。 .

Now of course, when we put that out there, we didn't give it to all our users. We gave it to only a small fraction of our users. And the reason for that is because that's how we do product development here at Duolingo. We start with a small fraction of our users and then particularly for complex features like Max or like our home screen redesign or like the family plan or anything, it usually takes us about a year to optimize it on small groups of users and then we start giving it to more and more users. That is just how we do product development. That is what's happening with Max.

現在當然，當我們把它放在那裡時，我們並沒有把它提供給我們所有的用戶。我們只將它提供給了一小部分用戶。這樣做的原因是因為這就是我們在 Duolingo 進行產品開發的方式。我們從我們的一小部分用戶開始，然後特別是對於像 Max 這樣的複雜功能，或者像我們的主屏幕重新設計，或者像家庭計劃等等，我們通常需要大約一年的時間來針對小部分用戶進行優化，然後我們開始送給越來越多的用戶。這就是我們進行產品開發的方式。這就是 Max 正在發生的事情。

So at this point, we can't really give, for example, metrics for Max or anything like that because we just don't know where this will end up. But what I can say is there is a lot of demand for this higher tier, which is good, we're happy with that. There's also demand for the actual features.

所以在這一點上，我們不能真正給出，例如，Max 或類似的指標，因為我們只是不知道它會在哪裡結束。但我可以說的是，對這個更高層次的需求很大，這很好，我們對此感到滿意。還有對實際功能的需求。

And now to your question about whether this is attracting more advanced learners, the honest answer is we don't know. It is -- a number of people are buying it. It's hard to know whether they're more advanced learners or not, but they're very interested. They may be more committed or wealthier is probably the things that I would say rather than more advanced, but it's just hard to know what it's doing.

現在對於您關於這是否會吸引更多高級學習者的問題，誠實的回答是我們不知道。它是 - 許多人正在購買它。很難知道他們是否是更高級的學習者，但他們非常感興趣。他們可能更忠誠或更富有可能是我想說的而不是更先進的東西，但很難知道它在做什麼。

I should also say because when we were preparing. Matt would kill me if I did not say that you should not include Max in your models because we ourselves are not including Max in our model. It is too early to tell. So that's the thing with Max.

我還應該說因為當我們準備的時候。如果我不說你不應該在你的模型中包含 Max，Matt 會殺了我，因為我們自己沒有在我們的模型中包含 Max。現在下結論還為時過早。這就是 Max 的問題。

With the language models and competition, this is just not something we're particularly worried about. There's enough moats for us. For example, large language models are this great thing that allow you -- they train on the whole worldwide web. And they have this very generic information. And so they're -- whenever you ask it to write something, it's basically what the worldwide web would say, it's kind of like the average of what the worldwide web would say.

對於語言模型和競爭，這並不是我們特別擔心的事情。我們有足夠的護城河。例如，大型語言模型是一件很棒的事情，可以讓你——它們在整個全球網絡上進行訓練。他們有這個非常通用的信息。所以他們 - 無論何時你要求它寫點什麼，它基本上都是萬維網會說的，有點像萬維網會說的平均值。

What they don't have or they're not trained with, for example, data about how people learn a language or they're not trained with all the data we have. We have a lot of data. And so we -- the way we use these large language models is kind of on top of how we do our AI for our own stuff.

他們沒有或沒有接受過培訓的東西，例如，關於人們如何學習語言的數據，或者他們沒有接受過我們擁有的所有數據的培訓。我們有很多數據。所以我們——我們使用這些大型語言模型的方式有點高於我們為自己的東西做人工智能的方式。

So we have this huge data moat of all the people that are learning a language with us, and it is, I don't know, 10x, 20x larger than any of our competitors.

所以我們擁有所有與我們一起學習語言的人的巨大數據護城河，我不知道，它比我們的任何競爭對手大 10 倍、20 倍。

And so that's one thing. We also have the distribution to -- even if we just apply the large language models without any tweaks, which we're not doing, we're actually tweaking them. But even if we did that without any tweaks, we still have much larger distribution than anybody else. So that's a big thing.

所以這是一回事。我們也有分佈——即使我們只是在沒有任何調整的情況下應用大型語言模型，我們沒有做，我們實際上是在調整它們。但即使我們在沒有任何調整的情況下做到了這一點，我們的分佈仍然比其他任何人都大得多。所以這是一件大事。

We also, of course, have other moats like the fact that our product is so engaging and our brand and also all our engaging characters like our owl being passive aggressive and stuff like that. So this is just not something that we're particularly worried about in terms of competition. Hopefully, that answers your question.

當然，我們還有其他護城河，比如我們的產品如此吸引人，我們的品牌以及我們所有吸引人的角色，比如我們的貓頭鷹被動攻擊等等。因此，就競爭而言，這並不是我們特別擔心的事情。希望這能回答您的問題。

Next question comes from Ryan MacDonald of Needham.

下一個問題來自 Needham 的 Ryan MacDonald。

Congrats on the awesome quarter. Luis, maybe just piggybacking off of that topic. As you think about sort of Max and sort of the evolution of it as you sort of mature and scaling it out, I think one of the benefits of why sort of ChatGPT sort of gained so much adoption so quickly is not only was it powerful, but it was also free. And learners got to experiment with that -- with it. So as you think about rolling out the features more broadly with Max, how do you balance sort of functionality with pricing, given obviously Max is a sort of fairly steep increase relative to the core Super Duolingo?

祝賀這個令人敬畏的季度。路易斯，也許只是藉用那個話題。當你考慮某種 Max 以及它隨著你的成熟和擴展而演變時，我認為某種 ChatGPT 之所以如此迅速地獲得如此多的採用的好處之一是它不僅功能強大，但它也是免費的。學習者必須用它來試驗。因此，當您考慮使用 Max 更廣泛地推出這些功能時，您如何平衡功能與定價之間的關係，顯然 Max 相對於核心 Super Duolingo 是一種相當陡峭的增長？

Yes, that's an excellent question. It's something that, over time, we're going to see what features belong somewhere -- or what features belong where. At this point, we're happy that we have -- we have the standard free tier. We've always had Super Duolingo over -- for the last 5 years, we've had kind of the pay tier. We knew that adding an extra higher tier was going to be good for the business. So GPT-4 was a good kind of excuse, a good reason to add a higher tier for the business. And we have that. And so now we have these 3 tiers.

是的，這是一個很好的問題。隨著時間的推移，我們將看到哪些特性屬於某個地方——或者哪些特性屬於哪裡。在這一點上，我們很高興我們有——我們有標準的免費套餐。我們一直有 Super Duolingo——在過去的 5 年裡，我們有某種薪酬等級。我們知道，增加一個額外的更高層將有利於業務。所以 GPT-4 是一個很好的藉口，一個為業務添加更高層級的很好的理由。我們有。所以現在我們有了這 3 層。

And over the next literally years, it's going to take us years, we're going to be figuring out where to put each feature. And we're going to do what we think is best for our business, and it's important to mention, of course, we care about revenue and everything, but the single most important for us is our free user growth because that leads to good stuff everywhere. So yes, if we see that certain things make more sense in the free tier, we'll put them there.

在接下來的幾年裡，我們將花費數年時間，我們將弄清楚將每個功能放在哪裡。我們將做我們認為對我們的業務最有利的事情，重要的是要提到，當然，我們關心收入和一切，但對我們來說最重要的是我們的免費用戶增長，因為這會帶來好東西到處。所以是的，如果我們發現某些東西在免費套餐中更有意義，我們就會把它們放在那裡。

Now the one thing that I'll mention, which is important to mention is providing particularly live access to large language models is not super cheap. For example, in our case, we use OpenAI, we have to pay them for GPT-4, et cetera. So for now, we keep these features in the highest paid tiers so that we can actually pay for that cost.

現在我要提到的一件事，重要的是，提供對大型語言模型的特別實時訪問並不是超級便宜。例如，在我們的案例中，我們使用 OpenAI，我們必須為 GPT-4 等支付費用。所以現在，我們將這些功能保留在最高付費等級中，這樣我們才能真正支付這筆費用。

Over time, though, we expect that the cost of querying large language models is going to go down quite significantly, and that may allow us to do certain other things, for example, for the free tier. So it's just something that is going to evolve over time, and it's kind of a little early to tell where these features are going to end up in kind of on an ongoing basis.

不過，隨著時間的推移，我們預計查詢大型語言模型的成本將大幅下降，這可能使我們能夠做某些其他事情，例如，免費套餐。因此，這只是隨著時間的推移而發展的東西，現在就斷言這些功能將在持續的基礎上最終走向何方還為時過早。

Makes sense. I appreciate the color. That was my good question. That was my lame and sort of bad line. I apologize if I missed this. But what really struck me on the metrics is the nice jump quarter-over-quarter in paid subs. And if I missed it, I apologize, but was there anything that you would -- in terms of a specific region or sort of specific feature that you'd attribute that large jump that you saw sort of fourth quarter to first quarter on the paid subs side?

說得通。我很欣賞這種顏色。這是我的好問題。那是我蹩腳的和有點糟糕的台詞。如果我錯過了這個，我深表歉意。但真正讓我印象深刻的是付費訂閱者的季度環比躍升。如果我錯過了，我深表歉意，但是有沒有什麼你會 - 就特定區域或某種特定功能而言，你認為你看到的第四季度到第一季度的巨大跳躍是付費的潛艇方面？

Well, there's a number of things. So our paid subscriptions just have been consistently growing ever since we launched our subscription. That's just basically -- they just keep growing and growing and growing. And there's no single reason for that. I mean we just get better and better at converting our users. And we do that by a number of things. I mean, one of them is just making the subscription more interesting by adding more features to it or improving the features for it.

好吧，有很多事情。因此，自推出訂閱以來，我們的付費訂閱一直在持續增長。這只是基本上 - 他們只是不斷增長，增長和增長。並且沒有單一的原因。我的意思是我們在轉化用戶方面做得越來越好。我們通過很多事情來做到這一點。我的意思是，其中之一隻是通過向訂閱添加更多功能或改進它的功能來使訂閱更有趣。

But also by merchandising, we get a lot better at knowing when to advertise the subscription, what to say to you to get you to subscribe. So all of that just -- we run enough A/B tests that gets us to more and more subscriptions. I think that's the main answer. That's just the standard thing that keeps happening every quarter. So there was a jump -- there's been a jump in, I would say, every quarter since we've been public.

而且通過推銷，我們可以更好地了解何時為訂閱做廣告，對你說什麼才能讓你訂閱。所以所有這一切 - 我們運行足夠的 A/B 測試，讓我們獲得越來越多的訂閱。我認為這是主要的答案。這只是每個季度不斷發生的標準事情。所以出現了一個跳躍——我想說，自從我們上市以來，每個季度都有一個跳躍。

Yes. Since we've been public, we've seen a nice trend up in conversion basically every quarter. So I think this recent quarter was just kind of continued strength in our conversion trends based on what Luis said.

是的。自從我們上市以來，我們基本上每個季度都看到轉化率呈上升趨勢。因此，我認為最近一個季度只是根據路易斯所說的，我們的轉換趨勢持續強勁。

Next question comes from Mario Lu at Barclays.

下一個問題來自巴克萊銀行的 Mario Lu。

The first one is why is Love Language not a real TV show?

第一個是為什麼愛語不是真正的電視劇？

Listen, a lot of people have asked us for it, but we're concentrated right now on our main business, I think, is the answer. But it is -- internally, I would say if we had a vote, half the employees would vote to make it a real show or more than that.

聽著，很多人都問過我們，但我認為我們現在專注於我們的主要業務，這就是答案。但它是——在內部，我想說如果我們有投票權，一半的員工會投票決定讓它成為一個真正的節目或更多。

Got it. You had my vote as well. The first one is on DAUs. You said it's a very important metric that you guys track. It accelerated in the first quarter. I guess any main drivers for this acceleration? I know you guys talked about compounding. But is this social media like TikTok, like newest promotion, anything to call out? And how should we think about DAUs for 2Q and rest of the year?

知道了。你也有我的投票。第一個是關於 DAU。你說這是你們跟踪的一個非常重要的指標。它在第一季度加速。我想這種加速的主要驅動因素是什麼？我知道你們談到了複利。但是，像 TikTok 這樣的社交媒體，就像最新的促銷活動一樣，有什麼值得一提的嗎？我們應該如何考慮第二季度和今年剩餘時間的 DAU？

Yes. So I mean, the main reason our DAUs keep growing is because our product keeps getting better. That's it. I mean we can track that. We know that, and it's this compounding effect of just it becoming stickier and stickier. That's the main reason.

是的。所以我的意思是，我們的 DAU 持續增長的主要原因是因為我們的產品不斷變得更好。就是這樣。我的意思是我們可以追踪到。我們知道，這就是它變得越來越粘的複合效應。這是主要原因。

Now there are other reasons, for example, you mentioned marketing. We keep getting more efficient and better at marketing. We have really found -- our marketing team has really found its stride in terms of what are the things that -- the levers that work and don't.

現在還有其他原因，比如你提到營銷。我們在營銷方面不斷變得更有效率和更好。我們真的發現——我們的營銷團隊真的在什麼是什麼方面找到了進展——有效和無效的槓桿。

For example, we have found that organic social media is really good for us. TikTok is an example, but it's not just TikTok. I mean we do really well in Twitter, we do really well in Instagram. So we just found that we have a brand that is very good for social media. And it's organic, it's not paid stuff. So that works really well.

例如，我們發現有機社交媒體對我們真的很有好處。 TikTok 就是一個例子，但不僅僅是 TikTok。我的意思是我們在 Twitter 上做得非常好，我們在 Instagram 上做得非常好。所以我們剛剛發現我們有一個非常適合社交媒體的品牌。而且它是有機的，它不是付費的東西。所以這真的很好用。

We have found that influencers work -- and this is paid, paid influencers work really well in certain countries. Particularly in Asia and Latin America, paid influencers work really well. And we have also found that some small amount of performance marketing in -- usually in cheaper markets works also really well for us.

我們發現有影響力的人工作——這是有償的，有償有影響力的人在某些國家工作得很好。特別是在亞洲和拉丁美洲，付費影響者的工作非常好。而且我們還發現，一些少量的績效營銷——通常是在更便宜的市場中——對我們來說也非常有效。

So these are the things that we have found work well. And combined, all of this has just -- keep accelerating our DAUs. In terms of what to expect for Q2, I'll let Matt speak to that. But I think -- the one thing that I'll say is it's very nice that our users keep -- the growth of our users has been accelerating for, I don't know, how many quarters in a row by now. Obviously, this can't go on forever. That's the one thing that I'll say, I don't think we can have 300 quarters of accelerating user growth. At some point, we run out of people.

所以這些是我們發現效果很好的東西。結合起來，所有這些都只是 - 不斷加速我們的 DAU。關於第二季度的預期，我會讓馬特談談。但我認為 - 我要說的一件事是我們的用戶保持非常好 - 我們的用戶增長一直在加速，我不知道，現在已經連續幾個季度了。顯然，這不可能永遠持續下去。這就是我要說的一件事，我認為我們不可能有 300 個季度的用戶加速增長。在某些時候，我們用完了人。

That was going to be my point is we feel really good about those 7 quarters since we've been public. It can't go on forever, and we can still have really strong user growth, even if it doesn't accelerate. So it's not a requirement that things accelerate, just we want that to stay strong, and we like the trends so far in this year.

這將是我的觀點，因為我們對這 7 個季度感覺非常好，因為我們已經公開。它不可能永遠持續下去，我們仍然可以擁有非常強勁的用戶增長，即使它沒有加速。因此，這並不是加速發展的必要條件，只是我們希望它保持強勁，我們喜歡今年迄今為止的趨勢。

Great. And then just one more on gross margins. If we look at COGS, I assume a big portion of it is app store fees. There's this new ruling from the Apple vs Android court case where apps can now go direct to consumer, if you will. I guess what is Duolingo's strategy in terms of potentially going to direct-to-consumer and kind of expanding gross margins out of it?

偉大的。然後還有一個關於毛利率的問題。如果我們查看 COGS，我認為其中很大一部分是應用商店費用。 Apple vs Android 法庭案件中有一項新裁決，如果您願意，應用程序現在可以直接面向消費者。我想 Duolingo 在直接面向消費者和擴大毛利率方面的戰略是什麼？

Yes. So I mean, historically, we've been pretty clear that we view the app stores as good partners. Luis mentioned part of our advantage earlier is being -- our incredibly widespread distribution, and that's in part because of the app stores. Our margins on our subscription products have gone up because more and more users are staying on our platform for longer than a year, and that reduces our app store fees. And that's our primary way to increase subscription gross margins over time.

是的。所以我的意思是，從歷史上看，我們一直很清楚我們將應用商店視為良好的合作夥伴。 Luis 之前提到我們的部分優勢是 - 我們的分佈非常廣泛，部分原因在於應用程序商店。我們訂閱產品的利潤率有所上升，因為越來越多的用戶在我們的平台上停留超過一年，這降低了我們的應用商店費用。這是我們隨著時間的推移增加訂閱毛利率的主要方式。

As far as the other taking different [techs]. That's not really been something -- we've experimented with it in the past, but it's not really been a focus, and I don't expect it to be a focus for us in the near term.

至於其他人採用不同的[技術]。這並不是真正的東西——我們過去曾對它進行過試驗，但它並不是真正的重點，我不希望它在短期內成為我們的重點。

And the next question comes from Arvind Ramnani of Piper Sandler.

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

Thanks, Debbie. All the good questions have been taken. So you get my stinky questions. So I wanted to ask about Duolingo English test, I know it's not a big part of the story, but it's kind of -- I think it drives a decent amount of optionality if some of the dominoes would fall in place. Where does that stand in terms of like the broader acceptance from universities? Or I think you said the British or the Canadian government are they sort of like big dominoes that will get it rolling?

謝謝，黛比。所有的好問題都被採納了。所以你得到了我的臭問題。所以我想問一下 Duolingo 英語測試，我知道這不是故事的重要部分，但它有點——我認為如果一些多米諾骨牌落到位，它會帶來相當多的可選性。就大學更廣泛的接受度而言，這意味著什麼？或者我想你說英國或加拿大政府是不是有點像會滾動的大多米諾骨牌？

Yes. Thank you for the great question. I mean the Duolingo English test is something that we're all very excited about. Me, personally, I'm very excited about the Duolingo English test. As you said, it provides quite a bit of optionality. It's quite complementary to the Duolingo language learning app because if we are able to really win at that, that would help us own the score that people use to talk about their language. What we really would love to get to is to a point where as opposed to people saying, when they're asked how much French do you know as opposed to people saying, "Oh, I took 4 years of French in high school," we want people to say, "Oh, I'm a Duolingo 65." .

是的。謝謝你的好問題。我的意思是 Duolingo 英語測試是我們都非常興奮的事情。就我個人而言，我對多鄰國英語測試感到非常興奮。正如您所說，它提供了相當多的可選性。它與 Duolingo 語言學習應用程序非常互補，因為如果我們能夠真正贏得這一點，那將幫助我們擁有人們用來談論他們的語言的分數。我們真正想達到的目標是，當人們問他們你懂多少法語時，我們不會說，“哦，我在高中學了 4 年法語，”我們希望人們說，“哦，我是 Duolingo 65。” .

That's -- of course, that's going to take a while. But that's kind of where we want to get to. And the Duolingo English test is one of the ways in which that type of score would get a lot of legitimacy.

那是——當然，這需要一段時間。但這正是我們想要達到的目標。 Duolingo English 測試是此類分數獲得大量合法性的方式之一。

So we're very excited by it. It keeps growing. So it's growing nicely. Now of course, I should mention that it's important to say it's about 10% of our revenue. The growth of the Duolingo English test is not going to be as smooth as the growth of our language learning app, which is just the kind of this very predictable, very smooth growth because the Duolingo English test has just these externalities, like, for example, governments accepting it, universities accepting it. So the growth is going to be just less smooth.

所以我們對此感到非常興奮。它不斷增長。所以它長得很好。當然，現在我應該提一下，重要的是說它大約占我們收入的 10%。 Duolingo English test 的增長不會像我們的語言學習應用程序的增長那樣順利，這正是這種非常可預測、非常順利的增長，因為 Duolingo English test 具有這些外部性，例如，政府接受它，大學接受它。因此，增長將不會那麼順利。

But we're very happy with the progress. We've made a lot of progress with among U.S. institutions. We're making now good progress with Canada, Australia and the U.K., and we keep growing the number of accepting institutions there.

但我們對進展感到非常高興。我們在美國機構之間取得了很大進展。我們現在在加拿大、澳大利亞和英國取得了良好的進展，並且我們不斷增加那裡接受機構的數量。

Now you mentioned governments, yes, we are working on acceptance by the U.K. government and Canadian and Australian government. Of course, the U.K. being the bigger one. That's just going to take some time. They have a call for proposals, for tests, which hasn't even gone out. We don't know when that's going to go out, and it's -- they've been talking about it for the last year. So at some point, it will go out. It's completely outside of our control. And so that will -- that's the thing about dealing with governments.

現在你提到了政府，是的，我們正在努力讓英國政府以及加拿大和澳大利亞政府接受。當然，英國是更大的一個。這只是需要一些時間。他們呼籲提出建議，進行測試，但還沒有結束。我們不知道它什麼時候會消失，而且它 - 他們去年一直在談論它。所以在某個時候，它會熄滅。這完全不在我們的控制範圍內。這就是與政府打交道的問題。

Yes. Terrific. And then just in terms of kind of your Math, like if you can kind of share some of -- I don't know if I missed it, but any kind of metrics on sort of usage, anything you're sort of willing to kind of share in terms of kind of progress you made on Math?

是的。了不起。然後就你的數學類型而言，比如你是否可以分享一些——我不知道我是否錯過了，但是任何關於使用情況的指標，任何你願意分享的東西分享一下你在數學上取得的進步？

Yes. We're not sharing exact metrics yet, but we are very happy with the growth is what I can tell you. I mean it's growing very nicely. You can probably look at there's ways to track metrics external, and you can see that it's growing very nicely.

是的。我們還沒有分享確切的指標，但我可以告訴你的是我們對增長感到非常高興。我的意思是它長得非常好。您可能會看到有一些方法可以跟踪外部指標，並且您可以看到它的增長非常好。

Next question comes from Nat Schindler of BofA.

下一個問題來自美國銀行的 Nat Schindler。

I think I'm last here, but -- Luis, you're a computer scientist and a language learning expert. You're a perfect person to ask this question because I've really been asked this a lot recently. I've been told this is going to happen. I really want to know. I'm trying to figure out how is the search box going to teach me French?

我想我是最後一位，但是——路易斯，你是一名計算機科學家和語言學習專家。你是問這個問題的最佳人選，因為最近我真的被問了很多次。有人告訴我這將要發生。我真的很想知道。我想知道搜索框將如何教我法語？

You mean how is a search box like a ChatGPT going to teach you French?

你的意思是像 ChatGPT 這樣的搜索框如何教你法語？

Yes, it's really amazing. I keep getting told again and again that ChatGPT is going to teach me languages. And I'm truly a little hard -- hard pressed to figure out how that would work. Do you have any ideas?

是的，這真的很神奇。我一再被告知 ChatGPT 將教我語言。我真的有點吃力——很難弄清楚它是如何工作的。你有什麼想法？

Well, I'll tell you this. I am sure there exists some savant out there who can probably learn French by just querying something like ChatGPT. Similarly, for hundreds of years you've been able to learn French by reading books. Books have been out there. You can actually -- in fact, some people, a small number of people can actually learn a language by reading a bunch of books. But your average person does not have enough motivation or enough aptitude to be able to really learn a language by reading books. Similarly, I don't think that they can just sit there with just a search box and be like, "Hi." And then it just -- usually, your average student just does not even know what to ask.

好吧，我會告訴你這個。我敢肯定，那裡有一些專家可能只需查詢諸如 ChatGPT 之類的內容就可以學習法語。同樣，數百年來，您一直可以通過閱讀書籍來學習法語。書已經出來了。你實際上可以——事實上，一些人，一小部分人實際上可以通過閱讀一堆書來學習一門語言。但是你的普通人沒有足夠的動力或足夠的能力去真正通過讀書來學習一門語言。同樣，我認為他們不能只拿著一個搜索框坐在那裡說“嗨”。然後它只是 - 通常，您的普通學生甚至不知道要問什麼。

And also the other big problem is keeping yourself motivated. We've always thought, and this is something that I think sets us apart from most educational companies, we've always thought the hardest thing about learning something is staying motivated. And the reason we believe that is because the technology to learn anything has been there for like thousands of years, it's called books. You could actually learn almost anything. You want to learn quantum mechanics. You actually can. You can go and read a book. Just turns out the vast majority of people choose not to because it's really boring.

另一個大問題是讓自己保持動力。我們一直認為，我認為這是我們與大多數教育公司不同的地方，我們一直認為學習東西最困難的事情就是保持動力。我們相信這一點的原因是因為學習任何東西的技術已經存在了數千年，它被稱為書籍。你幾乎可以學到任何東西。你想學習量子力學。你實際上可以。你可以去看看書。事實證明絕大多數人選擇不這樣做是因為它真的很無聊。

So the hardest thing about learning anything is staying motivated. And so that's the thing, and that's what really sets us apart with Duolingo, that we really are -- we are going to use things like GPT-4, but we're going to combine it with things to keep you more motivated and also guide you through it. I mean if you have no guide, it's very hard. I mean this is like asking you to just learn Math by yourself. You can, but it's -- the vast majority of people just won't do it. I think it's...

所以學習任何東西最難的事情就是保持動力。這就是事情，這就是我們與 Duolingo 真正不同的地方，我們確實是——我們將使用 GPT-4 之類的東西，但我們將把它與其他東西結合起來，讓你更有動力，也指導您完成它。我的意思是，如果你沒有指導，那會非常困難。我的意思是這就像要求您自己學習數學一樣。你可以，但它是——絕大多數人不會這樣做。我想這是...

And a more serious question. How do I size your market? I know you brought up the 1 billion people around the world who are actively learning a foreign language. And my guess is, of your current subscriber base, half of which probably are in the U.S., all of which -- the bulk of which are adults. I'd say 100% of that group at least was not actively learning a language before Duolingo. So how do I use what's the -- what could possibly be the way to know where you've come in your penetration cycle? Because if I'm looking at this accelerating DAUs and MAUs, -- and I'm just wondering, everybody is trying to figure out when and where this goes.

還有一個更嚴肅的問題。我如何確定你的市場規模？我知道您培養了全世界 10 億積極學習外語的人。我的猜測是，在您當前的訂戶群中，其中一半可能在美國，所有這些——其中大部分是成年人。我想說至少 100% 的人在 Duolingo 之前沒有積極學習語言。那麼我如何使用什麼——什麼可能是了解您在滲透週期中所處位置的方法？因為如果我正在看這個加速的 DAU 和 MAU，我只是想知道，每個人都在試圖弄清楚它何時何地發生。

It's a really good question to which -- the most honest one is we, ourselves, don't really know. I'll tell you the things we know . We know a few things. There's about 2 billion people in the world that are learning a foreign language. They're spending about $60 billion a year. That is -- we know that. We also know -- which is very similar to what you said -- if you look at a country like the U.S., we're massively growing the market. 80% of our users in the U.S. were not learning a language before Duolingo. They were not in the market. So we also know we're growing the market. .

這是一個非常好的問題——最誠實的問題是我們自己並不真正知道。我會告訴你我們所知道的事情。我們知道一些事情。世界上大約有 20 億人正在學習外語。他們每年花費大約 600 億美元。那就是——我們知道這一點。我們也知道——這與你所說的非常相似——如果你看看像美國這樣的國家，我們正在大力發展市場。我們 80% 的美國用戶在使用 Duolingo 之前沒有學習過語言。他們不在市場上。所以我們也知道我們正在擴大市場。 .

And it's because we make it so easy and we make it so -- we make it so that people can use Duolingo with no friction, they essentially get very engaged with it, and then they feel good that they're -- well, they're learning a language, they feel good about that. So it's hard to say exactly where this will stop. I mean, I wish I knew. If I knew, I would tell you. But we do know that there's a lot more room. I mean we have -- I think, the latest numbers is 73 million MAUs. There's a couple of billion people out there actively learning a language. So even if you just -- even if we weren't growing the market, there is still more room. But again, we're growing the market. So it's -- my answer to you is, I wish I knew.

這是因為我們讓它變得如此簡單，我們讓它變得如此——我們這樣做是為了讓人們可以毫無摩擦地使用 Duolingo，他們基本上會非常投入，然後他們會感覺很好——好吧，他們'學習一門語言，他們對此感覺很好。所以很難說它會在哪裡停止。我的意思是，我希望我知道。如果我知道，我會告訴你。但我們知道還有更多空間。我的意思是我們有——我認為最新的數字是 7300 萬 MAU。有幾十億人在積極學習一門語言。所以即使你只是——即使我們沒有擴大市場，仍然有更多的空間。但同樣，我們正在擴大市場。所以它是 - 我對你的回答是，我希望我知道。

And we have no more questions. So I'll turn it back to Luis.

我們沒有更多問題了。所以我會把它轉迴路易斯。

That's it. Thank you for all the great questions. It is our dream to be able to make apps that really teach as well as humans can. And this is what we've been working on, and we're going to continue working on that. So that's the dream that I have, this is the dream that this company has. But the single most important thing that I can end this with is to remind you -- beg you to please do your language lessons today.

就是這樣。謝謝你提出的所有重要問題。我們的夢想是能夠製作出真正像人類一樣教學的應用程序。這就是我們一直在努力的事情，我們將繼續努力。這就是我的夢想，這就是這家公司的夢想。但我可以結束這件事的最重要的事情是提醒你——求求你今天上語言課。