Duolingo Inc (DUOL) 2024 Q1 法說會逐字稿

Good evening, everyone, and welcome to Duolingo's First Quarter 2024 Earnings Webcast.

大家晚上好，歡迎收看 Duolingo 2024 年第一季財報網路廣播。

Just a fun fact before we get started, that catchy song, Spanish Or Vanish, has already 1 million listens on Spotify, if you can believe it.

在我們開始之前有一個有趣的事實，如果你相信的話，那首朗朗上口的歌曲《Spanish Or Vanish》在 Spotify 上已經有 100 萬次收聽。

Today, after markets closed, we released this quarter's shareholder letter, a copy of which you can find on our IR website at investors.duolingo.com.

今天，市場收盤後，我們發布了本季度的股東信函，您可以在我們的投資者關係網站 Investors.duolingo.com 上找到該信函的副本。

On today's call, we have Luis von Ahn, our Co-Founder and CEO; and Matt Skaruppa, our CFO.

出席今天的電話會議的有我們的共同創辦人兼執行長路易斯‧馮‧安 (Luis von Ahn)；和我們的財務長 Matt Skaruppa。

They'll begin with some brief remarks before opening the call to questions.

在開始提問之前，他們將首先進行一些簡短的評論。

(Operator Instructions) Please note that this event is being recorded.

（操作員說明）請注意，該事件正在被記錄。

(Operator Instructions)

（操作員說明）

And just a reminder, we'll make some forward-looking statements regarding future events and financial performance, which are subject to material risks and uncertainties.

提醒一下，我們將就未來事件和財務表現做出一些前瞻性陳述，這些陳述受到重大風險和不確定性的影響。

Some of these risks have been set forth in the risk factors of our filings with the SEC.

其中一些風險已在我們向 SEC 提交的文件的風險因素中列出。

These forward-looking statements are based on assumptions 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.

這些前瞻性陳述是基於我們認為截至目前合理的假設，我們沒有義務因新資訊或未來事件而更新這些陳述。

Additionally, we'll present both GAAP and non-GAAP financial measures on today's call.

此外，我們將在今天的電話會議上介紹公認會計原則和非公認會計原則財務指標。

These non-GAAP measures are not intended to be considered in isolation from, a substitute for or superior to our GAAP results, and we encourage you to consider all measures when analyzing our performance.

這些非 GAAP 衡量標準並非孤立地考慮、替代或優於我們的 GAAP 結果，我們鼓勵您在分析我們的業績時考慮所有衡量標準。

And with that, I will turn it over to Luis.

這樣，我就把它交給路易斯。

Thank you, Debbie, and welcome, everyone.

謝謝你，黛比，歡迎大家。

We've started 2024 on a strong note with another stellar quarter.

我們以強勁的勢頭開啟了 2024 年，又一個季度表現出色。

In Q1, we grew revenue and bookings by 45% and 41%, respectively, delivered record profitability and grew DAUs 54% year-over-year.

第一季度，我們的營收和預訂量分別成長了 45% 和 41%，獲利能力創歷史新高，DAU 年比成長 54%。

These results show how powerful our product-driven flywheel is.

這些結果顯示我們的產品驅動飛輪有多強大。

Our excellent product fuels word-of-mouth growth which, in turn, provides data to continuously improve the product, ultimately driving higher engagement and subscriber conversion.

我們優秀的產品促進了口碑的成長，而口碑的成長反過來又提供了數據來不斷改進產品，最終推動更高的參與度和訂閱者轉換率。

Our three-pronged approach of teaching better, growing users and converting them to subscribers continues to be a winning strategy for us.

我們的三管齊下的方法：更好地教學、增加用戶並將其轉化為訂戶仍然是我們的勝利策略。

This year, our monetization efforts are focused on optimizing our subscription offerings, including our family plan and our third-tier Duolingo Max.

今年，我們的貨幣化工作重點是優化我們的訂閱產品，包括我們的家庭計畫和我們的第三層 Duolingo Max。

We feel good about the progress we've made on Max based on the results of our experiments to date.

根據迄今為止的實驗結果，我們對 Max 所取得的進展感到滿意。

Because of that, we rolled out Max more broadly in April.

因此，我們在 4 月更廣泛地推出了 Max。

And today, roughly 5% to 10% of our DAUs have access to it.

如今，大約 5% 到 10% 的 DAU 可以訪問它。

We will make it available to more countries and courses in the next few months.

我們將在接下來的幾個月內將其提供給更多國家和課程。

We're also improving our family plan experience by streamlining the invite flow and having more engaging social features.

我們也透過簡化邀請流程和提供更具吸引力的社交功能來改善我們的家庭規劃體驗。

Our progress on these initiatives, alongside other monetization initiatives, and our current trends give us the confidence to raise our full year guidance.

我們在這些措施以及其他貨幣化措施方面取得的進展以及我們當前的趨勢使我們有信心提高全年指引。

Finally, our English learner initiative will lay the foundation for long-term user and monetization growth.

最後，我們的英語學習者計畫將為長期用戶和貨幣化成長奠定基礎。

Although the vast majority of global language learners are learning English, English learners represent less than half of our DAUs, which is why we see a substantial opportunity to expand into this part of the market to grow users and bookings over the next couple of years.

儘管全球絕大多數語言學習者都在學習英語，但英語學習者只占我們DAU 的不到一半，這就是為什麼我們認為在未來幾年內有大量機會擴展到這部分市場，以增加用戶和預訂量。

This growth area, along with the continued momentum in our core product, highlights the massive opportunity ahead of us.

這一成長領域以及我們核心產品的持續成長動能凸顯了我們眼前的巨大機會。

With less than 1% of the language learning market, which is estimated to reach $115 billion by next year, you can see that we are just getting started.

語言學習市場的份額預計到明年將達到 1150 億美元，但我們所佔的份額還不到 1%，您可以看到我們才剛開始。

Our continued execution against our strategy is why we are confident that we can sustain rapid growth for years to come.

我們持續執行我們的策略，這就是我們有信心在未來幾年保持快速成長的原因。

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

有了這個，我會把它交給馬特。

Thanks, Luis.

謝謝，路易斯。

I'll provide some additional color on our Q1 results before updating you on our guidance for the remainder of the year.

在向您更新今年剩餘時間的指導之前，我將對第一季的業績提供一些額外的說明。

As Luis shared, we saw a very strong Q1 performance with a combination of 41% bookings growth, 45% revenue growth and a record 26% adjusted EBITDA margin, showing the continued strength of our business.

正如路易斯分享的那樣，我們看到了非常強勁的第一季業績，預訂量增長了 41%，收入增長了 45%，調整後 EBITDA 利潤率達到創紀錄的 26%，這表明我們業務的持續實力。

We beat our Q1 guidance, thanks to the compounding impacts of our growth and monetization experiments and our social-first marketing.

由於我們的成長和貨幣化實驗以及社交優先行銷的複合影響，我們超越了第一季的指導。

This strategy continues to drive organic growth and increasing subscriber conversion.

這項策略持續推動有機成長並提高訂戶轉換率。

The continued strength in the business is what gives us the confidence to raise our 2024 bookings and revenue guidance.

業務的持續強勁讓我們有信心提高 2024 年的預訂量和收入指引。

At the midpoint, we are guiding to bookings and revenue growth of 31% and 38%, respectively.

中點時，我們預計預訂量和收入將分別成長 31% 和 38%。

I'd note that this growth comes even as we lap an incredibly strong 2023.

我要指出的是，儘管 2023 年表現異常強勁，但這種成長還是出現了。

For Q2, we are guiding to similar bookings and revenue growth rates as the full year despite comping an unseasonably strong Q2 last year.

對於第二季度，儘管去年第二季度表現異常強勁，但我們預計第二季度的預訂量和收入成長率將與全年相似。

As we mentioned on the last call, we expect Q3 and Q4 growth rates to step down from Q2.

正如我們在上次電話會議中所提到的，我們預計第三季和第四季的成長率將較第二季有所下降。

Note that if foreign currency rates were constant year-over-year, our Q2 bookings growth rate would be about 3 points higher and our full year bookings growth rate would be about 1 point higher.

請注意，如果外幣匯率同比保持不變，我們第二季的預訂成長率將高出約 3 個百分點，全年預訂成長率將高出約 1 個百分點。

We are also raising our adjusted EBITDA margin guidance to 23.5% at the midpoint.

我們也將調整後的 EBITDA 利潤率指引上調至中點 23.5%。

Our updated full year adjusted EBITDA guidance reflects the operating leverage we expect to achieve across all expense categories this year.

我們更新後的全年調整後 EBITDA 指引反映了我們預計今年在所有費用類別中實現的營運槓桿。

Our profitability typically varies a bit from quarter-to-quarter given our bookings and expense seasonality.

考慮到我們的預訂和費用季節性，我們的獲利能力通常每季都會有所不同。

Specifically, as we said on the last call, we expect Q2 margin to be lower than Q1 and are guiding to 21.5% at the midpoint.

具體來說，正如我們在上次電話會議中所說，我們預計第二季度的利潤率將低於第一季度，指引值為中點 21.5%。

And in Q2, we expect to see some deleverage across all the spend categories driven by increased hiring in R&D and normal course increases in sales and marketing and G&A.

在第二季度，我們預計所有支出類別都會出現一定程度的去槓桿化，這是由於研發人員招募增加以及銷售和行銷以及一般管理費用的正常成長所推動的。

We expect adjusted EBITDA margin for Q3 will be lower than Q2 because it's typically our largest hiring quarter and because we've shifted some sales and marketing spend into that quarter.

我們預計第三季調整後的 EBITDA 利潤率將低於第二季度，因為這通常是我們最大的招募季度，而且我們已將一些銷售和行銷支出轉移到該季度。

And Q4 will be similar to Q1.

Q4 將與 Q1 類似。

For the full year, we are guiding to an incremental adjusted EBITDA margin of 39%, which is slightly above our long-term adjusted EBITDA margin target of 35%.

我們預計全年調整後 EBITDA 利潤率將增加 39%，略高於我們 35% 的長期調整 EBITDA 利潤率目標。

Finally, we ended the quarter with approximately 49 million fully diluted shares outstanding using the quarter-end close price.

最後，以季末收盤價計算，本季結束時，我們已發行約 4,900 萬股完全稀釋後的流通股。

And in 2024, we expect to end the year with about 1% net dilution from equity issued to employees, which is similar to the dilution we had in 2023.

到 2024 年，我們預計年底時向員工發行的股權將出現約 1% 的淨稀釋，這與 2023 年的稀釋程度類似。

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

說到這裡，我會把它轉回給路易斯。

Thanks, Matt.

謝謝，馬特。

I want to close by saying that this quarter's results are a testament to the dedication of our team and to the support of our subscribers, both of whom help us expand our mission to more learners.

最後我想說，本季的業績證明了我們團隊的奉獻精神和訂閱者的支持，他們都幫助我們將我們的使命擴展到更多的學習者。

Finally, I'd like to extend a huge thank you to Laela Sturdy, a long-serving Board member, who will be stepping back to focus on other priorities.

最後，我要向長期任職的董事會成員 Laela Sturdy 表示衷心的感謝，她將退居二線，專注於其他優先事項。

Laela has been a tremendous supporter of Duolingo for the past decade and was instrumental in the progress we've made to date.

過去十年來，Laela 一直是 Duolingo 的大力支持者，對我們迄今為止的進步發揮了重要作用。

So thank you, Laela.

謝謝你，萊拉。

And now we would be happy to take your questions.

現在我們很樂意回答您的問題。

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

我會將其交還給黛比來管理隊列。

Thanks, Luis.

謝謝，路易斯。

(Operator Instructions) Your first question comes from Ralph Schackart of William Blair.

（操作員說明）您的第一個問題來自威廉布萊爾的拉爾夫沙卡特。

Two questions, if I could.

如果可以的話，有兩個問題。

In the letter, you talked about optimizing subscription tiers throughout the year.

在信中，您談到了全年優化訂閱等級。

I think you've talked about this previously.

我想你之前已經討論過這個問題了。

Maybe just give an update on that, if you could, please, what you're finding there, I'm guessing you're doing some testing.

也許只是提供有關該問題的最新信息，如果可以的話，請說明您在那裡發現的內容，我猜您正在做一些測試。

And then I know you don't manage ARPU, but just sort of any impact as it may relate to impacting ARPU as we progress through the year?

然後我知道您不管理 ARPU，但只是管理任何影響，因為它可能與我們在這一年的進展中影響 ARPU 相關？

And then I have a follow-up.

然後我有一個後續行動。

Thank you, Ralph.

謝謝你，拉爾夫。

Thank you for the question.

感謝你的提問。

So in terms of subscription tiers, historically, we've had 2 tiers, the free tier and Super Duolingo.

因此，就訂閱層級而言，歷史上我們有兩個層級：免費層級和 Super Duolingo。

About a year ago, we started experimenting with a third tier, which we call Duolingo Max, where the idea was that this coincided with the large language models and generative AI coming out.

大約一年前，我們開始嘗試第三層，我們稱之為 Duolingo Max，其想法是，這與大型語言模型和生成式人工智慧的出現相吻合。

So we decided to use the AI features as a good kind of excuse to start the third tier, which is something we wanted to do for a while.

因此，我們決定利用人工智慧功能作為啟動第三層的好藉口，這是我們一段時間以來想做的事情。

So we started experimenting with Duolingo Max, which had a couple of AI features, which are mainly conversational features.

因此我們開始嘗試 Duolingo Max，它有一些人工智慧功能，主要是對話功能。

And as we said, it was going to take us about a year to get to a wider rollout.

正如我們所說，我們需要大約一年的時間才能進行更廣泛的推廣。

And this is what just happened.

這就是剛剛發生的事情。

We started a wider rollout because we're pretty happy with the results.

我們開始了更廣泛的推廣，因為我們對結果非常滿意。

I mean, generally, we're seeing that there's a desire from users to have higher tier.

我的意思是，一般來說，我們看到用戶希望擁有更高的等級。

What you'll see us do over the next few quarters is, first of all, roll out Max to other countries and other languages.

在接下來的幾個季度中，您將看到我們首先將 Max 推廣到其他國家和其他語言。

Right now, Duolingo Max is accessible only to people who are learning French and Spanish on iOS in 6 countries.

目前，Duolingo Max 僅適用於在 6 個國家透過 iOS 學習法語和西班牙語的使用者。

We expect to put it on Android and in many more countries and many more languages to learn, which will get it to a higher fraction of DAUs.

我們希望將其放在 Android 上，並在更多國家和更多語言中學習，這將使其達到更高的 DAU 比例。

The other thing that you'll see us do is you'll see us start shifting features around to see what is the best packaging.

您將看到我們做的另一件事是您將看到我們開始改變功能以了解什麼是最好的包裝。

And there's no real reason for the highest package to be just AI features.

沒有真正的理由讓最高的套餐只是人工智慧功能。

So we're doing experiments, for example, to put unlimited hearts, which you lose a heart every time you make a mistake.

所以我們正在做實驗，例如，放無限的心，每次犯錯就會失去一顆心。

We're running our experiment to put unlimited hearts in Max.

我們正在進行實驗，為麥克斯注入無限的愛心。

So what you'll see happen is that towards the end of the year, we'll probably have a pretty set, set of features.

所以你會看到，到今年年底，我們可能會擁有一組漂亮的功能。

And then at that time, there will be work to be done to try to move as many of our subscribers to Max as possible.

到那時，我們需要做一些工作來嘗試將盡可能多的訂閱者轉移到 Max。

That's kind of what we're doing for the tiers.

這就是我們為各層級所做的事情。

I'll let Matt answer the ARPU question.

我會讓 Matt 回答 ARPU 問題。

Yes.

是的。

On the ARPU side, there's a general trend that we've talked about before, with our ARPU trending back towards basically flat year-over-year growth if nothing else happened.

在 ARPU 方面，有一個我們之前討論過的總體趨勢，如果沒有發生其他情況，我們的 ARPU 會恢復到基本持平的同比增長。

If you add in a higher mix of either family plan or Max, you could see that have some upside to it.

如果您添加家庭計劃或 Max 的更高組合，您可能會發現它有一些好處。

And so that's how we think about it, Ralph, in the model.

拉爾夫，這就是我們在模型中的想法。

Right.

正確的。

Just one more, maybe for Luis.

再來一張，也許是給路易斯的。

Just in terms of advanced English product, obviously, it's a big strategic focus.

就高級英語產品而言，顯然這是一個很大的戰略重點。

Maybe just a quick update how it's progressing.

也許只是快速更新一下進度。

But maybe more importantly, if you get this right, or if the consumers really adopt this product, sort of maybe give us a sense of like how impactful this could be for the overall business.

但也許更重要的是，如果你做對了，或者消費者真的採用了這個產品，也許會讓我們感覺到這對整個業務有多大的影響。

Yes, great question.

是的，很好的問題。

Thank you for asking because it's something we're very excited about, our English learner opportunity.

感謝您的詢問，因為這是我們的英語學習機會，我們對此感到非常興奮。

Just to put things into context, if you look at the global language learning market, outside of Duolingo, the overwhelming majority of people who are learning a language are learning English.

結合上下文來看，如果你看看全球語言學習市場，除了 Duolingo 之外，絕大多數學習語言的人都在學習英語。

And the overwhelming majority of the spend is in people who are learning English.

絕大多數支出都花在了學習英語的人身上。

With Duolingo, we're underrepresented in users, and we're even more underrepresented in terms of revenue when it comes to English learners.

對於 Duolingo，我們在使用者中的代表性不足，而在英語學習者方面，我們在收入方面的代表性更不足。

Less than 50% of our DAUs, for example, are learning English.

例如，我們只有不到 50% 的 DAU 正在學習英語。

So we see this as a pretty major opportunity, and this is why we're investing in teaching English better.

因此，我們認為這是一個非常重要的機會，這就是我們投資更好的英語教學的原因。

And in particular, the thing that we're doing for teaching English, just to remind everyone, we have a different English course for different base languages.

特別是，我們正在做的英語教學工作，只是為了提醒大家，我們針對不同的基礎語言有不同的英語課程。

So for example, we have an English course for Chinese speakers.

例如，我們為中國人開設了英語課程。

And that's a different course than the English course for Spanish speakers, et cetera.

這與針對西班牙語使用者的英語課程等不同。

So we have about 20 English courses.

所以我們大約有20門英語課程。

And if you look 3 years ago or so, they got you to different levels of proficiency, each one of these courses, and none of them got you to a very high proficiency.

如果你看看大約三年前，他們會讓你達到不同的熟練程度，每門課程都讓你達到不同的熟練程度，但沒有一門課程能讓你達到很高的熟練程度。

What we have done over the last couple of years, and this is one of the major achievements of this company, is we've made it so that our English courses, in particular, 18 of our 20 English courses now get you to pretty high proficiency.

我們過去幾年所做的，也是這家公司的主要成就之一，是我們的英語課程，特別是我們 20 門英語課程中的 18 門，現在可以讓你達到相當高的水平。

So that's the first thing we needed to do is get people to more advanced levels because English in particular, English learners, usually are at a more advanced levels than other languages.

因此，我們需要做的第一件事就是讓人們達到更高的水平，因為英語，特別是英語學習者，通常比其他語言處於更高的水平。

So first thing is we needed to get people to higher proficiencies.

因此，我們首先需要提高人們的熟練程度。

The content is now there as of the last few weeks.

過去幾週的內容現已存在。

So that's good.

所以這樣很好。

That's kind of checkmark one.

這是一種複選標記。

The next thing that we're working on is placing people into the right spot in the course.

我們接下來要做的就是將人們安排在課程中的正確位置。

Now that we have way more advanced content, when new users come in that have prior proficiency, we need to put them in the right place in the course.

現在我們有了更高級的內容，當具有先前熟練程度的新用戶進來時，我們需要將他們放在課程中的正確位置。

This is more important with English than with other languages because for people who are learning Swedish or whatever other language that is not English, most of them come to Duolingo as complete beginners.

這對於英語比其他語言更重要，因為對於學習瑞典語或其他非英語語言的人來說，他們中的大多數人都是作為初學者來到 Duolingo 的。

English learners, it just turns out, most people in the world just know some amount of English.

對於英語學習者來說，事實證明，世界上大多數人只懂一點英語。

So they come in with prior proficiency.

所以他們進來之前就已經熟練了。

But this prior proficiency that they come in with, it's pretty patchy because they may have learned it by watching some movies or they took English in the third to the fifth grade or just listen to some songs.

但他們之前的熟練程度相當參差不齊，因為他們可能是透過看一些電影來學習的，或者他們在三到五年級時學過英語，或者只是聽一些歌曲。

So what they know in English is pretty patchy.

所以他們所知道的英文是相當零散的。

So the problem of putting them in the right place in the course is tricky.

因此，將它們放在課程中正確的位置是一個棘手的問題。

But that's what we're working on, and we're making good headway.

但這就是我們正在努力的方向，而且我們正在取得良好進展。

Once we are able to do that, which will happen throughout this year, we're going to start marketing so that Duolingo is now known as a good place to learn intermediate to advanced English.

一旦我們能夠做到這一點（這將在今年發生），我們將開始行銷，以便 Duolingo 現在成為學習中級到高級英語的好地方。

And when that happens, I think we're going to start seeing some meaningful contribution of these English courses more than they have now.

當這種情況發生時，我認為我們將開始看到這些英語課程比現在更多的有意義的貢獻。

In terms of how large this opportunity is, it's hard to say exactly, but we think that this is going to be pretty meaningful.

至於這個機會有多大，很難確切地說，但我們認為這將是非常有意義的。

And this is one of the main reasons why we think, in the span of the next midterm, kind of 3-ish years, we see that this is going to be a strong contributor.

這是我們認為在下一個中期（大約 3 年）的時間內，這將成為一個強大貢獻者的主要原因之一。

Next question comes from Justin Patterson of KeyBanc.

下一個問題來自 KeyBanc 的 Justin Patterson。

Great.

偉大的。

Luis, in the letter you teased having family class, more family plan optimizations in there.

路易斯，在信中你開玩笑說有家庭課程，其中有更多的家庭計劃優化。

From what we can tell, friend class have been pretty popular in terms of driving daily engagement.

據我們所知，朋友班級在推動日常參與方面非常受歡迎。

So I'd love to hear more about just how you're thinking about some of these optimizations around family plan going forward, what that could do for the business?

因此，我很想了解更多關於您如何思考未來圍繞家庭計劃的一些優化，這可以為企業帶來什麼？

And then, Matt, for the financial part of the question, we've often found that family plan has much better retention characteristics, much higher ARPU for companies, pretty price elastic.

然後，馬特，對於問題的財務部分，我們經常發現家庭計劃具有更好的保留特性，公司的 ARPU 更高，價格彈性也很大。

So as you see more value, see KPIs really improving around family plan, how are you thinking about that price to value ratio going forward?

因此，當您看到更多價值，看到圍繞家庭計劃的 KPI 真正改善時，您如何看待未來的性價比？

So I'll start with the feature.

所以我將從功能開始。

So family plan is an interesting feature.

所以家庭計劃是一個有趣的功能。

The family plan was built by our monetization teams.

家庭計劃是由我們的貨幣化團隊制定的。

There was no team that was called family plan or anything.

沒有一個叫做家庭計畫之類的團隊。

Just we built one of the plans.

我們只是製定了其中一項計劃。

We built a family plan.

我們制定了家庭計劃。

And as soon as they built it, they moved to doing something else.

一旦他們建成了它，他們就開始做其他事情。

So they kind of left it there.

所以他們就把它留在那裡了。

It was pretty bare bones family plan.

這是相當簡單的家庭計劃。

And it just started growing by itself organically.

它剛開始自行有機增長。

So we found that there's just a lot of desire from people to get a family plan.

所以我們發現人們非常渴望制定家庭計劃。

And what we love about the family plan, of course, is that it has much higher retention than our other plans because, if you buy a family plan, it has multiple users in your family.

當然，我們喜歡家庭計劃的原因是它比我們的其他計劃具有更高的保留率，因為如果您購買家庭計劃，您的家庭中就會有多個用戶。

As long as any of them keep using it, you're still on that plan.

只要他們中的任何一個人繼續使用它，您就仍然處於該計劃中。

So it's been really great for us.

所以這對我們來說真的很棒。

We saw it get to about 18% of our subscribers that are on a family plan now.

我們發現目前有大約 18% 的家庭計畫訂戶接受了該服務。

And that's without really spending any real effort improving the plan.

而且這還沒有真正花費任何實際努力來改進計劃。

So about 2 months ago or a couple of months ago, we started a new team basically to work on improving the family plan.

大約兩個月前或幾個月前，我們成立了一個新團隊，主要致力於改善家庭計畫。

They've done a number of things.

他們做了很多事。

They started out by just fixing some things that really should have just been fixed from the beginning.

他們一開始只是修復了一些從一開始就應該修復的問題。

For example, even though family plan grew that much, it was the case that if you have some kids under 13 in your family plan, the adults couldn't see the kids' names.

例如，儘管家庭計劃增長了這麼多，但如果您的家庭計劃中有一些 13 歲以下的孩子，成年人就看不到孩子的名字。

This just made no sense.

這毫無意義。

So we have fixed that.

所以我們已經解決了這個問題。

We are making it so that it is easier to find your family.

我們正在努力讓您更容易找到家人。

So we're working on that.

所以我們正在努力解決這個問題。

We are adding a lot more social features, basically, ways for the whole family to collaborate or compete.

我們正在添加更多的社交功能，基本上是整個家庭協作或競爭的方式。

So we think that over the next few quarters, we're going to see an increase in the fraction of our subscriptions that are family plan.

因此，我們認為在接下來的幾個季度中，我們將看到家庭計劃訂閱的比例增加。

I don't know, Matt, if you have more to say about that with the pricing?

我不知道，馬特，你對定價還有更多要說的嗎？

Yes.

是的。

On the price to value, Justin, I think it's a great question.

關於價格與價值，賈斯汀，我認為這是一個很好的問題。

And I'll just broaden it out.

我會擴大它的範圍。

So we have added a ton of value to our super subscription and to family plan.

因此，我們為我們的超級訂閱和家庭計劃增加了很多價值。

And now we're working on adding even more value with Max.

現在，我們正致力於透過 Max 增加更多價值。

And I think that's why when you hear us talk about experimenting with pricing, that's part of what we're trying to do just in general, is find ways to see if we've added enough value to consumers, that they're willing to pay us more for their subscriptions.

我認為這就是為什麼當你聽到我們談論定價實驗時，這就是我們總體上正在嘗試做的事情的一部分，就是想辦法看看我們是否為消費者增加了足夠的價值，他們是否願意為他們的訂閱支付更多費用。

I think on family plan, in particular, what Luis just mentioned is adding value to a plan that historically has had one defining value addition feature, which was adding more people.

我認為，特別是在家庭計劃方面，路易斯剛才提到的是為一項歷史上具有定義性增值功能的計劃增加價值，即增加更多的人。

And so as we add more value, I think we will continue to experiment with the price the price of family plan.

因此，當我們增加更多價值時，我認為我們將繼續嘗試家庭計劃的價格。

And I know that my 2 daughters get a lot more value out of it already because they can consistently nudge me to do a lesson.

我知道我的兩個女兒已經從中獲得了更多的價值，因為她們可以不斷地推動我去上課。

So it's not hard for me -- I'm biased, of course -- to squint and see us experimenting with pricing because we are definitely already improving the value of the plan.

因此，對我來說，瞇著眼睛看我們嘗試定價並不難——當然，我有偏見——因為我們肯定已經在提高該計劃的價值。

Good stuff.

好東西。

Next question comes from Bryan Smilek of JPMorgan.

下一個問題來自摩根大通的 Bryan Smilek。

I guess just to start on Max.

我想只是從麥克斯開始。

Could you just talk about the ultimate revenue contribution and target mix as you continue to roll out this tier going forward?

您能否談談未來繼續推出這一層的最終收入貢獻和目標組合？

And I guess in terms of the sub mix, how much is incremental versus cross-graders from super and free?

我想就子組合而言，超級和免費的增量與跨分級器相比有多少？

Yes.

是的。

I mean, Luis can talk more about maybe the longer-term vision.

我的意思是，路易斯可以更多地談論長期願景。

In the short term, Bryan, the answer is we don't know yet.

布萊恩，從短期來看，答案是我們還不知道。

We've rolled it out now to about 5% to 10% of users who can have the option to see it.

我們現在已將其推出給大約 5% 到 10% 可以選擇查看的用戶。

And so we're excited about it, and we're seeing a lot of traction.

所以我們對此感到興奮，並且看到了很大的吸引力。

We're seeing a bunch of evidence that people are willing to pay a substantially higher price for it.

我們看到大量證據表明人們願意為此付出更高的價格。

But in terms of the ultimate mix, we don't know just yet.

但就最終的組合而言，我們還不知道。

And certainly, in 2024, the impact of Max is in our guide, but it's commensurate with the fact that it's only a 5% to 10% rollout now.

當然，到 2024 年，Max 的影響力已在我們的指南中，但這與現在僅推出 5% 到 10% 的事實相稱。

So it's relatively modest in the 2024 guide.

所以在2024年指南中它是相對溫和的。

So I don't know, Luis, if you want to talk kind of maybe at a broader level.

所以我不知道，路易斯，你是否想在更廣泛的層面上談談。

Yes.

是的。

It's hard to say what the ultimate mix is going to be because it will depend in part where we settle on what features are going to be in which plan.

很難說最終的組合會是什麼，因為這在一定程度上取決於我們決定哪個計劃包含哪些功能。

So it's very hard to say because we have not settled on that.

所以很難說，因為我們還沒有確定這一點。

I mean right now, we're still experimenting which features are going to be in which plan.

我的意思是，現在我們仍在試驗哪些功能將包含在哪個計劃中。

So I think we're going to have more to say in -- you'll probably know the answer to this question in the next few quarters.

因此，我認為我們將有更多內容要說——您可能會在接下來的幾個季度內知道這個問題的答案。

But at the moment, it's very hard to say.

但目前還很難說。

Great.

偉大的。

That's super helpful.

這非常有幫助。

And then I guess just on user growth, can you just talk about, in any given quarter, just given we've seen some very strong social media and marketing campaigns, how much that contributes to growth?

然後我想就用戶成長而言，您能否談談在任何特定季度中，考慮到我們已經看到了一些非常強大的社交媒體和行銷活動，這對成長有何貢獻？

And just how you're thinking about marketing going forward as you continue to scale the MAU base?

隨著您繼續擴大月活躍用戶數，您如何考慮未來的行銷？

Yes.

是的。

It's a great question.

這是一個很好的問題。

So generally, there are two big reasons why we're growing so fast.

總的來說，我們成長如此之快有兩個重要原因。

The bigger reason is that we've just been improving our product over the last several years, and those product improvements compound.

更大的原因是我們在過去幾年中一直在改進我們的產品，而這些產品改進是複合的。

And when the product is better, two things happen.

當產品更好時，會發生兩件事。

People tell their friends organically, it's kind of word-of-mouth because it's a better product, and also people stick around for longer because it has better user retention in general, not just payer retention but user retention.

人們有機地告訴他們的朋友，這是一種口碑，因為它是更好的產品，而且人們會停留更長時間，因為它總體上具有更好的用戶保留率，不僅僅是付款人保留率，還有用戶保留率。

So that I would say is the majority.

所以我想說的是大多數。

But also marketing, and in particular, our brand marketing, has just done a really good job of getting the brand out there.

而且行銷，特別是我們的品牌行銷，在品牌推廣方面做得非常好。

This is all our stuff with our social media, with TikTok and YouTube shorts and Instagram, that we're really being able to replicate all over the world.

這就是我們在社群媒體上的所有內容，包括 TikTok、YouTube 短片和 Instagram，我們確實能夠在世界各地複製這些內容。

It's hard to give an exact mix.

很難給出精確的組合。

But my sense is it's probably 2/3 product, 1/3 marketing.

但我的感覺是，可能 2/3 是產品，1/3 是行銷。

But this is a very hand-wavy amount.

但這是一個非常難以控制的金額。

And the reason it's so hard is because a lot of our growth just comes from word-of-mouth.

之所以如此困難，是因為我們的許多成長都來自口碑。

And it's hard to measure word-of-mouth growth, how much of that is affected by the fact that the owl did some weird thing on Instagram versus people told their friends.

而且很難衡量口碑的成長，其中有多少是受到貓頭鷹在 Instagram 上做了一些奇怪的事情而不是人們告訴他們的朋友這一事實的影響。

So that's why.

所以這就是為什麼。

But yes, I mean, these are the two main reasons we're growing.

但是，是的，我的意思是，這是我們成長的兩個主要原因。

And in terms of in the future, we're very excited about all the marketing stunts that we have planned for the rest of the year.

就未來而言，我們對今年剩餘時間規劃的所有行銷噱頭感到非常興奮。

I mean I'm not going to spoil them, but we have really cool stuff coming.

我的意思是我不會破壞它們，但我們即將推出非常酷的東西。

Our next question comes from, it looks like, Jian, who's sitting in for Mark Mahaney at Evercore.

我們的下一個問題似乎來自於Jian，他是Evercore 的Mark Mahaney 的替補。

Yes.

是的。

First, just a quick follow-up on the Max.

首先，快速跟進一下 Max。

I know it's probably early stage as well, but anything you can share on the uptake of Max versus Max family and then monthly versus annual?

我知道這可能還處於早期階段，但是您可以分享一下 Max 與 Max 系列以及每月與每年的使用情況嗎？

Is that different from your current super mix?

這和你現在的超級混音有什麼不同嗎？

And also for music and math, any update on the learnings and product road map for the rest of the year?

對於音樂和數學，今年剩餘時間的學習和產品路線圖有什麼更新嗎？

Because I can imagine you're leaning into family plan, math would definitely be relevant, right?

因為我可以想像你正在傾向於家庭計劃，所以數學肯定是相關的，對吧？

Then I'll have a follow-up after.

然後我會跟進。

Matt, do you want to take the mix question, and then I'll talk about music and math?

馬特，你想回答混合問題，然後我談談音樂和數學嗎？

Yes, Jian Li, the mix question is going to be one that we already mentioned, which is, right now, the number of folks who are subscribing to Max is relatively small.

是的，李健，混合問題就是我們已經提到的問題，即目前訂閱 Max 的人數相對較少。

And so we can give you the mix numbers, but it's going to change a lot as we roll it out even this quarter and throughout the rest of the year.

因此，我們可以為您提供混合數字，但隨著我們在本季和今年剩餘時間推出它，它將會發生很大變化。

So I don't know exactly how to guide you on that just yet, except to say that like Luis said, we'll know more over the next couple of quarters.

因此，我還不知道如何在這方面指導您，除了像路易斯所說的那樣，我們將在接下來的幾個季度中了解更多。

And again, I think it's going to vary based on what features go where, what the price is and how it interacts with things like the family plan, math and music over time.

再說一次，我認為它會根據功能的位置、價格以及它如何與家庭計劃、數學和音樂等隨著時間的推移而相互作用而變化。

Yes.

是的。

And in terms of math and music, again, for context, what we've done is, a few months ago, we added math and music as courses through the main Duolingo app.

在數學和音樂方面，再次就背景而言，我們所做的是，幾個月前，我們透過主要的 Duolingo 應用程式添加了數學和音樂作為課程。

Currently, they are available only on iOS.

目前，它們僅在 iOS 上可用。

They're going to come on Android this year.

今年他們將推出 Android 版本。

So that's part of the road map.

這是路線圖的一部分。

Also currently, the courses are only available if the language of your phone is either English, Spanish, German or French.

目前，這些課程僅在您的手機語言為英語、西班牙語、德語或法語時才可用。

So another thing that we're going to do is make them available basically for more markets, for more languages.

因此，我們要做的另一件事是讓它們基本上適用於更多市場、更多語言。

So those are kind of standard bread-and-butter things that we're going to get even more users trying these.

所以這些都是標準的基本東西，我們會讓更多的使用者嘗試這些。

But the main thing that we're doing for both of them is just adding a lot more content and making it more fun.

但我們為它們所做的主要事情就是添加更多內容並使其變得更有趣。

In the case of math, we're adding a lot more real-world content.

就數學而言，我們添加了更多現實世界的內容。

So as opposed to just seeing kind of the standard math operations, you'll see them with thermometers and dollar bills and stuff like that, which people like quite a bit.

因此，與僅僅看到標準數學運算不同，您會看到它們帶有溫度計和美元鈔票之類的東西，人們非常喜歡這些東西。

We're finding that people like those quite a bit.

我們發現人們非常喜歡這些。

In music, you probably see us do things like -- well, this may not be for this year, but over time -- instrument integration.

在音樂領域，你可能會看到我們做一些事情，例如——嗯，這可能不是今年的事情，但隨著時間的推移——樂器整合。

That's a big thing that we're going to be working on for music.

這是我們在音樂方面要做的一件大事。

But in general, we're very happy with the growth of math and music.

但總的來說，我們對數學和音樂的發展感到非常高興。

Now I just need to remind you one thing because I have to remind people every time, we do not expect that we're going to get very meaningful revenue contributions from math and music certainly this year.

現在我只需要提醒你們一件事，因為我每次都必須提醒人們，我們並不期望今年我們能從數學和音樂中獲得非常有意義的收入貢獻。

There may be some next year, but it won't be that meaningful.

明年可能會有一些，但意義不大。

I mean it'll just take some time for these courses to grow, but so far, they're growing very well, and we're super happy with the results.

我的意思是這些課程的發展需要一些時間，但到目前為止，它們發展得非常好，我們對結果非常滿意。

Great.

偉大的。

And then another question just on the bookings guidance, I hope I'm doing this math right.

然後是關於預訂指南的另一個問題，我希望我的數學計算正確。

I think last quarter, you guys talked about bookings potentially 5 points decel from Q1.

我想上個季度，你們談到預訂量可能比第一季下降 5 個百分點。

I think the guidance is just a little bit short of that.

我認為指導意見還差一點。

So anything that you would call out?

那你有什麼想說的嗎？

I think the strength that we're seeing in the subscription business, so subscription bookings grew 47% year-over-year in Q1, which was faster than we expected.

我認為我們在訂閱業務中看到了強勁的勢頭，因此第一季的訂閱預訂量同比增長了 47%，這比我們預期的要快。

It was very strong.

非常強烈。

And so subscriptions is continuing to grow.

因此訂閱量正在持續成長。

That's why the full year guide is up.

這就是全年指南發布的原因。

In Q2, subscriptions, again, is going to be the majority of the story.

在第二季度，訂閱將再次成為主要內容。

So that's just how the growth rates have shaken out as we've seen how subscription strength has performed so far this year and what we expect for the rest of the year.

這就是成長率的變化，因為我們已經看到了今年迄今為止訂閱強度的表現以及我們對今年剩餘時間的預期。

Next question comes from Ryan MacDonald of Needham.

下一個問題來自尼達姆的瑞安·麥克唐納。

As we think about the investments you need to make for English content and then also to market the English learning capabilities of Duolingo moving forward, can you give us a sense of what maybe the incremental magnitude of those investments might be and what maybe the time frame it's going to take in terms of to get additional content out and then, obviously, then to be able to start marketing that and sort of gaining share amongst those arms?

當我們考慮您需要對英語內容進行投資，以及行銷 Duolingo 的英語學習能力時​​，您能否讓我們了解這些投資的增量規模以及可能的時間框架顯然，這將需要獲得更多內容，然後才能開始行銷該內容並在這些部門中獲得份額？

Great question.

很好的問題。

For English, the good news of the content is that we'll continue iterating with it and improving it.

對於英語，內容的好消息是我們將繼續迭代並改進它。

But at this point, the content is out there.

但此時，內容已經出來了。

So we are done doing the content.

這樣我們就完成了內容。

And what was amazing about it is this is really the first big batch of content that we were able to generate in large part because of generative AI.

令人驚訝的是，這實際上是我們能夠生成的第一批內容，很大程度上是由於生成式人工智慧。

I mean we use large language models for this.

我的意思是我們為此使用大型語言模型。

So it was a lot quicker and a lot cheaper to generate than what we have been doing in the past, which was mostly handmade.

因此，與我們過去主要是手工製作的方式相比，它的生成速度要快得多，而且要便宜得多。

Now this is not to say that humans are not involved anymore.

現在這並不是說人類不再參與其中。

They're still involved, but the involvement is much less because we've been using generative AI.

他們仍然參與其中，但參與程度要少得多，因為我們一直在使用生成式人工智慧。

The other awesome thing about generative AI with this is that it allowed us to do, and still is allowing us to do, things a lot faster.

生成人工智慧的另一個很棒的事情是，它讓我們能夠並且仍然允許我們更快地做事情。

And what that does, it just changes the calculus for everything.

它的作用只是改變了一切的計算方式。

And you'll see this with English.

你會在英語中看到這一點。

There were projects that, if they were pitched to me 7 years ago or 5 years ago, I would just do the back-of-the-envelope calculation of how long it was going to take to make the content, and it would be pretty clear that it was going to take us 5 years to make the content, I would say let's not do that project because I don't want to spend 5 years on that.

有些項目，如果 7 年前或 5 年前向我推銷，我只會粗略地計算一下製作內容需要多長時間，這會很不錯很明顯，我們需要5 年的時間來製作內容，我會說我們不要做這個項目，因為我不想花5 年的時間。

That same content can now be made in, call it, 3 months.

現在可以在 3 個月內製作出相同的內容。

So now I'm just like, "Yes, sure.

所以現在我就像，「是的，當然。

Go for the project."

去項目吧。

And even more, even if we make the content in 3 months then at the end of the 3 months, we realized we screwed something up, it's okay, we can redo it again in 3 months.

更重要的是，即使我們在 3 個月內製作內容，然後在 3 個月結束時，我們意識到我們搞砸了一些事情，沒關係，我們可以在 3 個月內重做一次。

So it's just allowing us to be a lot more aggressive on what content projects we work on.

因此，這只是讓我們在內容項目上更加積極主動。

So in terms of spend, I don't think this is something that you should be too concerned about in terms of the spend of the content.

因此，就支出而言，我認為就內容支出而言，您不應該太在意這一點。

And in terms of the marketing, this is something else.

就行銷而言，這是另一回事。

Because as a company, we've never been a company that uses, for example, performance marketing that heavily or anything, so you're not going to see us spend $100 million on a campaign to convince English learners on this.

因為作為一家公司，我們從來都不是一家如此大量使用效果行銷之類的公司，所以你不會看到我們花費 1 億美元進行一項活動來說服英語學習者相信這一點。

Probably what you'll see us do is do a lot of in-product marketing inside the Duolingo app, which is free, and probably a lot of our very strong social media to convince people that Duolingo is an effective way to learn more advanced English.

您可能會看到我們所做的是在免費的 Duolingo 應用程式中進行大量的產品內行銷，並且可能會使用我們許多非常強大的社交媒體來說服人們 Duolingo 是學習更高級英語的有效方式。

Makes sense.

說得通。

All right.

好的。

That's helpful color.

這是有用的顏色。

And then maybe just speaking of social media channels, obviously, we continue to see developments around TikTok and a potential ban and bills being passed, just can you remind us sort of what percentage now of sort of marketing spends on TikTok in the U.S.?

然後也許只是說到社交媒體管道，顯然，我們繼續看到圍繞 TikTok 的發展以及潛在的禁令和法案的通過，您能否提醒我們目前在美國 TikTok 上的營銷支出百分比是多少？

And then if the need arises and you need to continue to diversify, what's the process like to sort of migrate maybe some of those campaigns off?

然後，如果出現需求並且您需要繼續多元化，那麼遷移其中一些活動的過程是什麼樣的？

And what's relative effectiveness maybe on other channels relative to TikTok?

與 TikTok 相比，其他管道的相對有效性如何？

Yes.

是的。

Great question, Ryan.

好問題，瑞安。

Okay, so there are a number of things to say here.

好吧，這裡有很多話要說。

First of all, our TikTok views are organic.

首先，我們的 TikTok 觀點是有機的。

So we don't pay for that.

所以我們不為此付費。

It's organic stuff.

這是有機的東西。

We realized a while ago that it was a good idea for us to diversify away from TikTok.

不久前我們意識到，擺脫 TikTok 進行多元化發展對我們來說是個好主意。

This was more than a year ago.

這是一年多前的事了。

I mean we got very prominent on TikTok.

我的意思是我們在 TikTok 上非常突出。

And that was great, but we realized that it was a good idea to diversify.

這很好，但我們意識到多元化是個好主意。

So we've done a number of things.

所以我們做了很多事。

For one, we've invested in Instagram and YouTube Shorts.

其一，我們投資了 Instagram 和 YouTube Shorts。

The good news is that YouTube Shorts and Instagram Reels are products that are pretty similar to TikTok.

好消息是 YouTube Shorts 和 Instagram Reels 是與 TikTok 非常相似的產品。

So what works on TikTok, pretty similar things, work on YouTube Shorts and Instagram Reels.

因此，適用於 TikTok 的東西，非常類似的東西，也適用於 YouTube Shorts 和 Instagram Reels。

That's one thing to say.

這是一件事要說。

Another thing to say is, by now, actually, YouTube contributes more users than Instagram for us already.

另外要說的是，到目前為止，實際上 YouTube 為我們貢獻的用戶數量已經超過了 Instagram。

That surpassed it.

那超越了它。

So that's good for us.

所以這對我們有好處。

The other thing is that our TikTok views in the U.S., the U.S. accounts is a minority of the TikTok views because we have views from TikTok from all over the world.

另一件事是我們的 TikTok 在美國的觀點，美國帳戶是 TikTok 觀點的少數，因為我們有來自世界各地的 TikTok 的觀點。

So our sense is that, if TikTok were banned, which may happen, it's probably going to take about a year for that to happen, and if that were to happen, already, it's a minority.

因此，我們的感覺是，如果 TikTok 被禁止（這種情況可能會發生），那麼可能需要大約一年的時間才能發生，而即使發生這種情況，也已經是少數了。

It's not a very large fraction of users that are coming from our TikTok views because we've diversified, in particular TikTok views in the U.S.

來自我們 TikTok 觀點的用戶並不是很大，因為我們已經多元化，尤其是美國的 TikTok 觀點。

And then the other kind of in-house view is that what will probably happen is what happened basically in India.

另一種內部觀點是，可能發生的事情基本上是在印度發生的。

Basically, people moved from TikTok to Instagram or YouTube where we're already pretty strong.

基本上，人們從 TikTok 轉移到了 Instagram 或 YouTube，我們在這方面已經相當強大了。

So overall, we're not particularly concerned about a potential TikTok ban in the U.S.

因此總體而言，我們並不特別擔心 TikTok 在美國的潛在禁令。

Next question comes from Andrew Boone of JMP Securities.

下一個問題來自 JMP 證券的安德魯·布恩 (Andrew Boone)。

I wanted to ask about the deceleration in MAU and DAU, and this may be more of a theoretical question.

我想問一下MAU和DAU的減速，這可能更多是理論問題。

But how close do you guys think we are to [occur] where growth would be more limited to your ability to generate new users and resurrect users?

但你們認為我們距離成長將更受限於產生新用戶和復活用戶的能力還有多遠？

Great question.

很好的問題。

So yes, DAUs decelerated a little bit.

所以，是的，DAU 有所下降。

Well, DAU growth decelerated a little bit.

嗯，DAU 增長略有放緩。

The way we see it, we had like 10 quarters of accelerating DAU growth.

從我們的角度來看，我們的 DAU 成長速度持續了大約 10 個季度。

And we kept saying almost every quarter like this can't happen forever.

我們幾乎每季都一直說這樣的情況不可能永遠發生。

This can't happen forever.

這不可能永遠發生。

And DAU growth was accelerating, but it was accelerating a tiny bit.

DAU 的成長正在加速，但只是加速了一點。

It was like 60%, then it was 60.5%, then it was like 61%, et cetera.

大概是 60%，然後是 60.5%，然後是 61%，等等。

And it kind of went all the way up to 64%.

而且這數字一路上升到了 64%。

This time, we had 54% DAU growth.

這次，我們的 DAU 成長了 54%。

At the beginning of Q2, which we already have, is looking higher than the 54%.

在第二季初，我們已經看到，這一比例高於 54%。

So we think it's going to go a little higher than that.

所以我們認為它會比這個高一點。

Kind of the way we see it is we're at around 60% DAU growth.

我們的看法是，我們的 DAU 成長率約為 60%。

I mean, some quarters are a little more, some quarters are a little less.

我的意思是，有些宿舍多一點，有些宿舍少一點。

It was kind of this fluke thing that we were creeping up for like 10 quarters in a row.

我們連續10個季度的表現純屬僥倖。

But the way we see it is we're around 60% DAU growth.

但我們認為 DAU 成長了 60% 左右。

And we think that that's going to continue for a while.

我們認為這種情況將持續一段時間。

It's hard to say exactly what a while means, but we feel pretty good about our DAU growth, so yes.

很難確切地說一段時間意味著什麼，但我們對 DAU 的成長感到非常滿意，所以是的。

And then for my second, I wanted to ask about subscriber conversion.

接下來，我想問訂閱者轉換的問題。

It ticked up this quarter.

本季有所回升。

It looks very healthy.

看起來很健康。

Can you talk about just the strength of the '23 cohort now coming through, and it's just kind of that yearly lag, and that's what we're seeing for conversion?

您能否談談現在正在經歷的 23 年群體的實力，這只是每年的滯後，這就是我們所看到的轉化？

Or is there anything else that you guys want to call out there as we think about that metric?

或者，當我們考慮這個指標時，你們還有什麼想提出的嗎？

Yes.

是的。

I'll take it a little bit, and then Luis can talk about some of the products out of it.

我先簡單介紹一下，然後路易斯可以談談其中的一些產品。

But when we look at the numbers, Andrew, that's what we saw, and that's what I mentioned to a question earlier around the subscriber bookings growth.

但是，當我們查看這些數字時，安德魯，這就是我們所看到的，這就是我之前在訂閱者預訂增長的問題中提到的內容。

Cohort conversion has improved across every cohort from 2023, and so we feel really good about the subscriber free-to-pay conversion and then the continuing ongoing conversion of those cohorts.

自 2023 年以來，每個群組的群組轉換率都有所提高，因此我們對訂戶免費到付費的轉換以及這些群組的持續轉換感到非常滿意。

So that's what led to the 47% bookings growth for sub bookings in Q1 and why we feel pretty good about the rest of the guide on the sub booking side.

這就是為什麼第一季子預訂量增加 47% 的原因，也是我們對子預訂方面指南的其餘部分感到非常滿意的原因。

So Luis, if you wanted to mention anything about the product.

那麼路易斯，如果你想提一下有關該產品的任何事情。

Well, I mean, just generally, we keep making the subscription tiers more appealing for people to subscribe, and it's working.

嗯，我的意思是，一般來說，我們不斷提高訂閱等級對人們的訂閱吸引力，而且它正在發揮作用。

So it's getting more and more people to subscribe, yes.

所以越來越多的人訂閱，是的。

Next question comes from Eric Sheridan of Goldman Sachs.

下一個問題來自高盛的艾瑞克·謝裡丹。

I just have one, maybe more for Matt.

我只有一份，也許更多給馬特。

Obviously, you continue to sort of demonstrate continued incremental margin outperformance versus the way you guide 1 quarter forward.

顯然，與您指導第一季的方式相比，您繼續表現出持續的增量利潤表現。

Obviously, you're talking about a step back in margins, lower than the level you just put up in Q1 for both Q2 and the remainder of the year or the full year.

顯然，您談論的是利潤率的下降，低於您剛剛在第一季為第二季和今年剩餘時間或全年設定的水平。

Talk a little bit about the investments you want to make between now and the end of the year that could cause that margin to take a step back from the level seen in Q1.

談談您從現在到年底之間想要進行的投資，這些投資可能會導致利潤率從第一季的水平回落。

And if you were to outperform margins as we go through the end of the year, what would be some of the drivers and more of the upside node?

如果在年底時你的利潤率要優於利潤率，那麼一些驅動因素和更多的上行節點會是什麼？

Yes.

是的。

No, it's a great question.

不，這是一個很好的問題。

And I understand why you would ask it given that we printed a 59% incremental margin, which is higher than our long-term margin by a lot.

我理解你為什麼會問這個問題，因為我們印出了 59% 的增量利潤，這比我們的長期利潤高很多。

The reason that happened in Q1 was twofold.

第一季發生的情況有雙重原因。

One was we actually just shifted some of the expenses out of Q1.

一個是我們實際上只是將部分費用從第一季轉移出去。

It's in the normal course.

這是正常的過程。

Some of that went into Q3, which is why I mentioned sales and marketing expense goes up in Q3 relative to our previous guidance.

其中一些進入了第三季度，這就是為什麼我提到第三季度的銷售和行銷費用相對於我們之前的指導有所增加。

That was about half of it.

這大約是一半。

The other half was we were finalizing some additional projects, so Max and some of the U.S. learning content.

另一半是我們正在完成一些額外的項目，所以 Max 和一些美國的學習內容。

So we capitalized about $1 million, $1.5 million more incremental than we expected.

因此，我們資本化了約 100 萬美元，比我們預期的增量多了 150 萬美元。

That was about 2 points of adjusted EBITDA margin.

調整後 EBITDA 利潤率約 2 個百分點。

So if you take those two things into account, you get about half of that overperformance and incremental margin.

因此，如果考慮到這兩點，您將獲得大約一半的超額業績和增量利潤。

But to step back even from that very detailed Q1 answer, the broader point is we have a ton of things we want to invest in throughout the course of this year and then for the next couple.

但即使從非常詳細的第一季答案中退一步來看，更廣泛的一點是，我們希望在今年以及接下來的幾年中投資很多東西。

So Luis mentioned English learning, that is a priority.

所以路易斯提到英語學習，這是優先事項。

We're going to focus on that.

我們將重點關注這一點。

We're going to focus on math and music.

我們將專注於數學和音樂。

We're going to focus on our core subscription business as well.

我們也將專注於我們的核心訂閱業務。

And so that's why we think that the prudent thing to do to attack this huge opportunity we have is to continue to invest such that, that incremental margin stays closer to 35% than 60%.

因此，我們認為，為了抓住這個巨大機遇，謹慎的做法是繼續投資，將增量利潤率保持在 35% 左右，而不是 60% 左右。

And that's what we're guiding to, and that's where I think we'll see the rest of the year.

這就是我們的指導目標，我認為這就是我們今年剩餘時間將看到的目標。

Next question comes from Chris at UBS.

下一個問題來自瑞銀集團的克里斯。

Maybe just going back to the Max tier.

也許只是回到最大層。

Are there any markets that, as of right now, as we just kind of think about the cost of gen AI, where it's just simply too restricted to be rolling out the Max tier.

截至目前，是否有任何市場，因為我們只是考慮一代人工智慧的成本，因為它的限制太有限，無法推出 Max 層。

And can you maybe kind of give us a sense for what that scale is?

您能否讓我們了解一下這個規模是多少？

Yes.

是的。

There are markets where we do not plan to roll it out given the current cost.

考慮到當前的成本，我們不打算在某些市場推出它。

These are usually very low monetizing markets.

這些通常是貨幣化程度非常低的市場。

It's markets like India where we have a lot of users but not a lot of payers.

在印度這樣的市場，我們擁有大量用戶，但付款人不多。

Generally, we expect that in the markets that monetize pretty well, call it, Western Europe, the English-speaking world, Japan, Korea, that we'll be able to roll out Max because it's fine.

一般來說，我們預計在盈利良好的市場，例如西歐、英語世界、日本、韓國，我們將能夠推出 Max，因為它很好。

Now that said, we expect that the cost of generative AI, the cost of large language models will go down.

話雖如此，我們預期生成式人工智慧的成本、大型語言模式的成本將會下降。

So over time, we'll probably be able to roll out everywhere.

因此，隨著時間的推移，我們可能會在各地推廣。

That's my hope.

這就是我的希望。

But for now, our intent is for the rest of the year, you'll probably see us in kind of higher GDP countries.

但就目前而言，我們的目的是在今年剩餘時間裡，您可能會在 GDP 較高的國家看到我們。

Okay.

好的。

That's very helpful.

這非常有幫助。

And just kind of curious about how you guys are thinking about that LTV to CAC for Max.

只是有點好奇你們看 Max 的 LTV 到 CAC。

I think you touched on it a little bit earlier, but just as we think about it across the various plans, how does that kind of compare, the core super subscription family plan versus Max?

我想你早些時候就談到過這個問題，但正如我們在各種計劃中思考它一樣，核心超級訂閱家庭計劃與 Max 相比如何？

And then just a quick follow-up on another question.

然後快速跟進另一個問題。

Matt, you had mentioned kind of thinking about 60% DAU growth going forward.

Matt，您曾提到未來 DAU 成長 60% 的想法。

Is that also the right framework to kind of be thinking about 2Q?

這也是考慮第二季的正確框架嗎？

Yes.

是的。

So on the LTV side, because most of our acquisition comes from organic word-of-mouth, we mainly focus on the LTV side of that equation.

因此，在 LTV 方面，由於我們的大部分收購都來自有機口碑，因此我們主要關注該等式的 LTV 方面。

And so it's basically right now that the family plan has a higher LTV than the Super Plan because it has a higher price and higher retention.

因此，目前家庭計劃基本上比超級計劃具有更高的 LTV，因為它具有更高的價格和更高的保留率。

Max right now could have a higher LTV depending on a bunch of variables that go into it but mainly what price we end up settling at and what feature set goes in there.

Max 現在可能會有更高的生命週期價值，具體取決於一系列變量，但主要是我們最終確定的價格以及其中包含的功能集。

So that will remain to be seen.

所以這還有待觀察。

Right now, if I had to put pen to paper on it, the LTV of Max is higher or expected to be higher over the medium term as we both refine the pricing and then the cost of the gen AI features come down, but we'll have to see.

現在，如果我必須用筆寫下來的話，Max 的 LTV 會更高，或者預計在中期會更高，因為我們都改進了定價，然後一代 AI 功能的成本下降了，但我們一定要看看。

We have to experiment with that over time.

隨著時間的推移，我們必須對此進行試驗。

And then what was the second part of your question?

那你問題的第二部分是什麼？

Can you remind me?

你能提醒我嗎？

Yes.

是的。

Just on the 2Q DAUs, you commented about 60%.

就第二季的 DAU 而言，您的評論約為 60%。

Is that kind of the right framework for 2Q?

這是第二季的正確框架嗎？

Yes.

是的。

I think that was Luis' comment around the fact that we accelerated up over 10 quarters from 40-some-odd percent to about mid-50s.

我認為這是 Luis 的評論，我們的成長率在 10 個季度內從 40% 左右加速到了 50 %左右。

And then from the mid-50s up to the mid-60s, it kind of ticked up, not a ton, over the course of several quarters.

然後從 50 年代中期到 60 年代中期，在幾個季度的時間裡，它有所上升，但不是很多。

And so right now, we're feeling very good about being in that range for a while.

所以現在，我們對於在這個範圍內停留一段時間感覺非常好。

As Luis said, and I'll steal from him, it's hard to say how long a while is, but we feel good for definitely for Q2 and for most of 2024.

正如路易斯所說，我會從他那裡偷學，很難說一段時間有多長，但我們對第二季和 2024 年的大部分時間都感覺良好。

Next question comes from Alex Sklar of Raymond James.

下一個問題來自 Raymond James 的 Alex Sklar。

Great.

偉大的。

Maybe just sticking on that LTV topic that you just kind of hit on.

也許只是堅持您偶然發現的 LTV 主題。

But on LTVs and retention, broadly, after maybe family plans, which seems like that's been the most successful newer development to date, what are some of the biggest tests you're still looking at to kind of further move the needle in LTV and retention metrics?

但在生命週期價值和留存率方面，總的來說，在家庭計劃之後，這似乎是迄今為止最成功的新發展，您仍在考慮哪些最大的測試，以進一步推動生命週期價值和留存率的發展指標？

Probably in terms of tests, continuing improvements of family plan.

可能是在測試方面，家庭計劃的持續改進。

And in family plan, it was very good.

在家庭計劃中，這非常好。

But it was kind of a bare-bones feature.

但這只是一個簡單的功能。

So we expect that, that there will be a higher shift to family plan, which should increase LTV.

因此，我們預計，家庭計劃的轉變將會更大，這應該會增加生命週期價值。

And then the other big group of tests is Max.

然後另一個大組測試是 Max。

Like Matt said, our expectation is that Max will end up having higher LTV, but it's hard to say.

正如 Matt 所說，我們的預期是 Max 最終會擁有更高的 LTV，但這很難說。

That's what we're working on, and hopefully, we'll be able to find kind of where each feature goes so that Max is actually a big win in LTV.

這就是我們正在努力的方向，希望我們能夠找到每個功能的用途，以便 Max 實際上在 LTV 方面取得了巨大的勝利。

But it's very hard to guarantee that right now.

但現在很難保證這一點。

Yes.

是的。

And Alex, I would just emphasize that the LTV of our annual subscription product is very good, and we have plenty of free users to go convert to paid.

Alex，我想強調的是，我們的年度訂閱產品的 LTV 非常好，而且我們有大量的免費用戶可以轉換為付費用戶。

So I think there's a big amount of LTV to still go get in our free users as well.

所以我認為我們的免費用戶仍然可以獲得大量的生命週期價值。

So I just don't want to skip over that.

所以我只是不想跳過這一點。

The family plan is great.

家庭計劃很棒。

Max is going to be great.

麥克斯將會很棒。

But the normal course of more users converting more of those to super even produces a ton of LTV.

但更多用戶將更多用戶轉換為超級用戶的正常過程甚至會產生大量生命週期價值。

And that's core to our strategy this year and in the near term.

這是我們今年和近期策略的核心。

Got it.

知道了。

That's super helpful context.

這是非常有用的背景。

And it's a very fair point on the big MAU base, DAU base still to go getting at.

對於龐大的月活躍用戶數和每日活躍用戶數來說，這是一個非常公平的觀點。

Matt, maybe this one is for you.

馬特，也許這個適合你。

You've talked about tracking kind of at-risk paid subscribers in the past.

您過去曾談到追蹤有風險的付費訂戶。

I'm curious if there's been anything from a macro standpoint, just in terms of consumer health that you're picking up in the numbers behind the scenes right now?

我很好奇，從宏觀角度來看，就消費者健康而言，您現在在幕後數據中是否發現了什麼？

Yes.

是的。

We haven't seen anything.

我們什麼也沒看到。

We track that metric and a bunch of others to see how our subscriber base is doing, and it looks pretty consistent with 2023.

我們追蹤該指標和其他一些指標來了解我們的訂閱者基礎的表現，它看起來與 2023 年非常一致。

So not to say that, that couldn't develop, but we haven't seen anything so far this year.

所以並不是說這種情況無法發展，但今年到目前為止我們還沒有看到任何進展。

Next up, we've got Ross Sandler from Barclays.

接下來請來巴克萊銀行的羅斯桑德勒。

Awesome.

驚人的。

So the DAU was already answered, so I appreciate that 60% comment.

DAU 已經得到答复，所以我很欣賞 60% 的評論。

But I guess as we go back to converting DAU or MAU TTM to payers, that conversion rate is moving around a bit.

但我想當我們回到將 DAU 或 MAU TTM 轉換為付款人時，轉換率會發生一些變化。

So I guess, what explains the variation we're seeing there between geo language corridor or like product changes that you guys are doing to kind of have that payer ratio fluctuate as it is?

所以我想，如何解釋我們所看到的地理語言走廊或你們為使付款比率波動而進行的類似產品變化之間的差異？

Ross, what metric are you keying in on?

羅斯，您輸入的指標是什麼？

Are you looking at subs per MAU?

您是否正在查看每個月活躍用戶數的訂閱人數？

Or what's the metric you're saying is moving around?

或者你所說的移動指標是什麼？

Yes.

是的。

So well, the DAU decel, I was going to ask why is that happening in the March quarter, first of all, but I think you kind of answered it.

那麼，DAU 減速，首先我想問為什麼會在三月季度發生這種情況，但我認為你已經回答了。

And then it's going to reaccelerate to 60% in the June quarter, but your bookings guide is kind of decoupling a little bit.

然後它將在六月季度重新加速至 60%，但您的預訂指南有點脫鉤。

So these types of variations, that would be kind of the key of the question.

所以這些類型的變化，這將是問題的關鍵。

Is that stuff that you guys are doing with the product?

你們正在用這個產品做這些事嗎？

Or is it something else with these corridors that we need to understand?

或者這些走廊還有什麼我們需要了解的嗎？

That's all.

就這樣。

No, I appreciate it.

不，我很感激。

And I appreciate you giving us a chance to clarify.

我感謝您給我們一個澄清的機會。

So for Q2, I don't think Luis was saying that Q2 was expecting to be exactly at 60%.

因此，對於第二季度，我認為 Luis 並不是說第二季的預期準確率為 60%。

I think he was saying April was faster than the 54%, and so we feel good about being in the range there.

我想他是說 4 月的速度比 54% 快，所以我們對處於這個範圍內感到滿意。

I don't think that was meant to mean it's going to be 60%, around there, plus or minus.

我不認為這意味著它會是 60% 左右，無論是正數還是負數。

It's just the normal course variation that comes from a great organic growth story that you don't have a point operated lever on that, so you can't dial that into 57.2%, if you wanted it, right?

這只是來自一個偉大的有機成長故事的正常過程變化，你沒有點操作槓桿，所以如果你想要的話，你不能將其調至 57.2%，對嗎？

So just it's varying.

所以只是它有所不同。

It's 55%, 60%.

是55%、60%。

It's going to be in the range.

它將在範圍內。

On the payer side and the bookings, what I would say is that Q2 is typically a slower quarter for us.

在付款方和預訂方面，我想說的是，第二季對我們來說通常是一個較慢的季度。

You can see that in the seasonality.

您可以從季節性中看到這一點。

There's nothing all that interesting in that because it doesn't have any of the onetime things that we do throughout the year.

這沒什麼有趣的，因為它沒有我們全年做的任何一次性的事情。

So it doesn't have New Year's promo, which is in the Q4, Q1.

所以它沒有新年促銷，這是在第四季、第一季。

It doesn't have back to school, which is Q3.

它沒有回到學校，這是第三季。

Q2 has got just kind of a normal course quarter, and it's historically been one that just kind of goes with the flow.

第二季度是一個正常的季度，從歷史上看，這是一個順其自然的季度。

So I don't think you're seeing anything that we're doing necessarily with the product driving a bunch of volatility.

因此，我認為您沒有看到我們對該產品所做的任何必要的事情會導致一系列波動。

It's just kind of normal course stuff.

這只是正常的課程內容。

Next question comes from Arvind Ramnani at Piper Sandler.

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

I'm on the road, so sorry for any background noise.

我正在路上，很抱歉有任何背景噪音。

I want to ask about your India kind of business, right?

我想問一下你們的印度業務，對嗎？

Like, I mean, you indicated like those are kind of markets that don't really have a kind of high tolerance to pay or they have a higher tolerance for advertising, and maybe that's kind of the market.

就像，我的意思是，你表示這些市場對支付的容忍度並不高，或者對廣告的容忍度較高，也許這就是這樣的市場。

But is there a different price point that will make them an interesting market from a paid subscription basis?

但是否有一個不同的價格點可以使它們成為一個不同於付費訂閱的有趣市場？

Yes.

是的。

I mean India is very interesting.

我的意思是印度非常有趣。

I mean we've grown DAUs a lot in India, which is great.

我的意思是，我們在印度的日活躍用戶數成長了很多，這很棒。

We do see significantly lower payer conversion, and that's expected.

我們確實看到付款人轉換率顯著降低，這是預期的。

When we talk to other companies that are subscription based, it's very hard to get payer conversion in India to go up.

當我們與其他基於訂閱的公司交談時，我們發現印度的付款人轉換率很難上升。

The price of the subscription in India is lower.

印度的訂閱價格較低。

We're going to continue doing things with India.

我們將繼續與印度合作。

But my sense is this is it just a market that needs to mature a little bit in terms of people being okay with digital subscriptions.

但我的感覺是，這只是一個市場需要成熟一點，讓人們接受數位訂閱。

So the way we see it is this is a great opportunity but more in the midterm rather than in the short term because we're going to continue trying things like in-app purchases with India and stuff like that.

因此，我們認為這是一個很好的機會，但更多的是中期而不是短期的機會，因為我們將繼續嘗試與印度進行應用程式內購買之類的事情。

But for the subscription, even if you look at companies like Spotify or other subscription businesses, it's just India, it's hard to get users to become digital subscribers.

但對於訂閱而言，即使你看看像 Spotify 這樣的公司或其他訂閱業務，這只是印度，很難讓用戶成為數位訂閱者。

But I think that it's changing over time.

但我認為它隨著時間的推移而改變。

And I think if you look at it over kind of the next 5 years, you'll probably see an increase.

我認為，如果你看一下未來 5 年的情況，你可能會看到成長。

Yes, terrific.

是的，太棒了。

That's helpful.

這很有幫助。

And I guess, Matt, in terms of like margins, and maybe I don't think of it this way, but when you think of your various cohorts, whether it's Max or like family plans, and I know you don't disclose it, but in general, where do margins come in, in each of these different cohorts?

我想，馬特，就類似的利潤而言，也許我不這麼認為，但是當你想到你的各個群體時，無論是麥克斯還是家庭計劃，我知道你不會透露這一點，但總的來說，在這些不同的群體中，利潤來自哪裡？

Because AI is exciting, but it's also not cheap.

因為人工智慧令人興奮，但它也不便宜。

Sure.

當然。

Yes.

是的。

And we talked about this actually about a year ago, Arvind.

Arvind，我們實際上大約一年前就討論過這個問題。

We talked about the fact that for Max, there's an incremental cost for every use case, for every usage of it.

我們討論了這樣一個事實：對於 Max 來說，每個用例、每次使用都會產生增量成本。

And that does lower the gross margin of the Max product.

這確實降低了 Max 產品的毛利率。

But in an absolute dollar margin basis because of the way we priced it, at least to date, on an absolute dollar margin basis, you're better off, even with the prices that were happening last year.

但在絕對美元利潤的基礎上，由於我們定價的方式，至少到目前為止，在絕對美元利潤的基礎上，你的情況會更好，即使是去年的價格。

So again, I don't want you to take away from that, that that's where this ends.

再說一次，我不想讓你從中帶走，這就是結束的地方。

I think that's where it starts.

我想這就是一切的開始。

And we're going to experiment with the price and the costs are changing relatively rapidly.

我們將嘗試價格，成本變化相對較快。

So right now, I feel pretty good about our dollar margin on Max.

所以現在，我對 Max 的美元利潤感到非常滿意。

And I think ultimately, the gross margin will be just fine.

我認為最終毛利率會很好。

Terrific.

了不起。

And just last question for me.

這是我的最後一個問題。

Last year, you had a lot of kind of basically sort of quasi-free marketing, whether it's in a form of Barbie movie and all of that.

去年，有許多基本上是準免費的行銷，無論是芭比電影還是其他形式。

And I think when we met last time, we were saying a lot of that just basically came to you.

我想當我們上次見面時，我們說了很多話，基本上都是你想到的。

Is there anything you're able to do in your business this year where are you able to kind of leverage some of that kind of basically free marketing from kind of popular events?

今年你能在你的業務中做些什麼，你能利用一些流行活動中的一些基本上免費的營銷嗎？

Yes, we expect similar stuff to last year in terms of the volume of these.

是的，我們預計這些數量與去年類似。

Some of them are outsized in terms of the impact, and that's very hard to know which one is going to be outsized.

其中一些影響力過大，而且很難知道哪一個影響力會太大。

But we have a lot of things that are coming to us basically for free mainly because we are a brand that has just struck a chord, and so we're seeing that.

但我們有很多東西基本上是免費的，主要是因為我們是一個剛剛引起共鳴的品牌，所以我們看到了這一點。

It's hard to know whether the things that we have visibility towards for the rest of the year are going to be as big as the Barbie movie, it is very hard to say.

很難知道今年剩下的時間我們能看到的事情是否會像芭比電影一樣大，這很難說。

But I can tell you that in terms of number of opportunities, it's probably even higher than last year.

但我可以告訴你，就機會數量而言，可能比去年還要多。

So I think there's just a lot to that.

所以我認為這有很多內容。

We were talking right before the call, we finally cracked Dua Lipa.

我們在通話前進行了交談，最終破解了 Dua Lipa。

She finally cracked.

她終於崩潰了。

She finally mentioned us.

她終於提到我們了。

We've been simping her for like years.

我們已經愚弄她很多年了。

She finally mentioned the word Duolingo in some interview.

她終於在一次採訪中提到了Duolingo這個字。

So that's the stuff that we see.

這就是我們看到的東西。

It's just entirely for free.

它完全免費。

And we see a lot of those things are happening.

我們看到很多這樣的事情正在發生。

Terrific.

了不起。

Hopefully, we'll see Dua Lipa at the next Investor Day.

希望我們能在下一個投資者日見到杜阿·利帕。

Who knows?

誰知道？

Great.

偉大的。

Thanks, everyone.

感謝大家。

I'm not showing any further questions.

我不會提出任何進一步的問題。

I'll turn it back to Luis for closing remarks.

我將把它轉回給路易斯做結束語。

I'm sorry, Curtis just got his hand up at the very last second.

抱歉，柯蒂斯在最後一秒才舉起了手。

Sorry about that.

對於那個很抱歉。

But Luis, just a quick one on music.

但路易斯，我只是簡單介紹一下音樂。

I think you mentioned that you're working on some new features in terms of, I guess, integration with musical instruments.

我想您提到您正在開發一些新功能，我想是與樂器的整合。

Just curious a little bit more in terms of what that is and how much of, I guess, an unlock, right?

我只是好奇這是什麼以及有多少，我想，解鎖，對吧？

And I don't know if you've mentioned this before, forgive me, but how big is that market in terms of TAM?

我不知道你之前是否提到過這一點，請原諒我，但就 TAM 而言，這個市場有多大？

Yes.

是的。

So for music, we're working on a number of things.

因此，對於音樂，我們正在做很多事情。

We've only had the music course out for, I don't know what, about 4 months, 5 months, a few months.

我們只上過音樂課程，我不知道是什麼，大概 4 個月、5 個月、幾個月。

And so we're still adding a lot of features.

因此我們仍在添加很多功能。

We know that a lot of people who want to learn music actually want to learn how to play an instrument.

我們知道很多想學習音樂的人實際上想學習如何演奏樂器。

Today, with our music course, we have kind of like a phone Piano thing, like, I mean, you can just tap on the phone.

今天，在我們的音樂課程中，我們有一種類似手機鋼琴的東西，就像，我的意思是，你只需點擊手機即可。

So over time, we're going to do musical instrument integration.

所以隨著時間的推移，我們將進行樂器整合。

Another thing that we know people want and that we are going to have is license music.

我們知道人們想要並且我們將擁有的另一件事是許可音樂。

Right now, all the music is stuff that is in the free domain, which usually means very old songs.

現在，所有音樂都是免費領域的東西，這通常意味著非常老的歌曲。

We're going to be adding licensed music as well, which is what people want to do.

我們還將添加授權音樂，這正是人們想要做的。

So we think there's a lot of opportunity there to get people to -- it's going to be a really fun music learning experience.

所以我們認為有很多機會讓人們——這將是一次非常有趣的音樂學習體驗。

In terms of the TAM, we've looked into this.

就 TAM 而言，我們對此進行了研究。

There's a lot of people learning music.

學習音樂的人很多。

So that's good.

所以這樣很好。

It's hard to say exactly for the TAM because what we want to do for music is the same thing we did for language learning, which in fact, grew the TAM.

對 TAM 來說很難說清楚，因為我們想為音樂做的事情和我們為語言學習所做的事情是一樣的，事實上，語言學習促進了 TAM 的發展。

I mean, for example, in the United States, 80% of our users for language learning were not learning a language before Duolingo.

我的意思是，例如在美國，我們 80% 的語言學習使用者在 Duolingo 之前沒有學習過語言。

So we just grown the market, and that's kind of what we want to do with music.

所以我們只是擴大市場，這就是我們想要對音樂做的事情。

It's hard to say exactly what it is.

很難確切地說它是什麼。

I don't think it's going to be as big as language learning, but I'm hoping for a significant fraction of language learning at least.

我不認為它會像語言學習那麼重要，但我希望至少有很大一部分是語言學習。

Just a quick follow-up on that point of license music.

只是對許可音樂這一點的快速跟進。

Would that require some form of monetization to support that cost?

這是否需要某種形式的貨幣化來支持該成本？

Yes, we would have to do that.

是的，我們必須這樣做。

Of course, the details are still up in the air, but it would have to be the case that only the payers or at least the payers get the full experience or something like that.

當然，細節仍然懸而未決，但情況必須是只有付款人或至少付款人才能獲得完整的體驗或類似的東西。

It will have to be basically, yes, something to support that.

是的，它基本上必須是支持這一點的東西。

That's the last question.

這是最後一個問題。

So I'll turn it back to Luis to close up.

所以我會把它轉迴路易斯來關閉。

Well, just thank you, Debbie.

好吧，謝謝你，黛比。

I'd just like to thank everyone for joining us, and we look forward to speaking to you next quarter.

我只想感謝大家加入我們，我們期待下個季度與您交談。

Do your lessons, learn some music, and have a great evening.

完成課程，學習一些音樂，度過一個美好的夜晚。