Duolingo Inc (DUOL) 2025 Q2 法說會逐字稿

Good evening, everyone. Welcome to Duolingo's second-quarter 2025 earnings webcast.

大家晚上好。歡迎收聽Duolingo 2025年第二季財報網路直播。

Today, after market 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，您可以在我們的 IR 網站 investors.duolingo.com 上找到該信的副本。

On today's call, we 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.

今天的電話會議邀請了我們的共同創辦人兼執行長 Luis von Ahn 和財務長 Matt Skaruppa。他們將在開始提問之前發表一些簡短的演講。

(Event Instructions) Please note, this event is being recorded and all attendees are in listen-only mode.

（活動說明）請注意，此活動正在錄製，所有參與者都處於只聽模式。

Just a reminder, we'll make forward-looking statements regarding future events and financial performance, which are subject to material risks and uncertainties. Some of these have been set forth in the risk factors in our filings with the SEC. These forward-looking statements are based on assumptions that we believe to be reasonable as of today. We have no obligation to update those statements as a result of new information or future events.

再次提醒，我們將就未來事件和財務表現做出前瞻性陳述，這些陳述受重大風險和不確定性的影響。其中一些已在我們提交給美國證券交易委員會 (SEC) 的文件中的風險因素部分列明。這些前瞻性陳述是基於我們認為截至目前為止合理的假設。我們沒有義務根據新資訊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, as substitute for, or superior to our GAAP results. We encourage you to consider all measures when analyzing our results.

此外，我們將在今天的電話會議上同時展示 GAAP 和非 GAAP 財務指標。這些非 GAAP 指標並非旨在與我們的 GAAP 業績分開看待，亦不可替代或優於我們的 GAAP 業績。我們建議您在分析我們的績效時考慮所有指標。

Now, I will turn it over to Luis.

現在，我將把麥克風交給路易斯。

Hi, everyone. Thanks for joining us today.

大家好！感謝大家今天加入我們。

We had another great quarter, record profitability, strong top-line growth, and solid performance across all subscription tiers. As a result, we're raising our full-year guidance again, while still investing in both our core business and exciting new areas like Chess, Math, and Music that we believe will drive long-term growth.

我們又度過了一個精彩的季度，獲利能力創歷史新高，營收成長強勁，所有訂閱等級均表現穩健。因此，我們再次上調了全年業績預期，同時仍在投資核心業務以及國際象棋、數學和音樂等令人興奮的新領域，我們相信這些領域將推動長期成長。

All of this brings us one step closer to our mission, which is to develop the best education in the world and make it universally available.

所有這些都使我們更接近我們的使命，那就是發展世界上最好的教育並使其普及。

Now, we'll take your questions.

現在，我們來回答大家的提問。

We will now move to our question-and-answer session.

我們現在進入問答環節。

(Event Instructions)

（活動須知）

Nathan Feather, Morgan Stanley.

摩根士丹利的 Nathan Feather。

Congrats on the strong quarter. Two from my end.

恭喜本季業績強勁。我這邊已經是第二季了。

First, DAU growth was still really strong but moderated a touch in 2Q. Can you break down the primary drivers behind that and how we should think about the shape of user growth through the year and into the back half?

首先，DAU 的成長依然強勁，但第二季略有放緩。您能否分析一下這背後的主要驅動因素，以及我們該如何看待今年及下半年的用戶成長趨勢？

And then, I also want to touch on the Chinese market. Can you provide some color on what you're seeing in that region? Any recent product improvements that are resonating; when we might see Video Call out there?

然後，我還想談談中國市場。您能否介紹一下您在該地區的現況？最近有哪些產品改進引起了人們的共鳴？什麼時候我們能在中國看到視訊通話？

Yeah. Thank you, Nathan, for your questions.

是的。 Nathan，謝謝你的提問。

Okay. For DAUs, we just posted 40% year-over-year growth in Q2. That's lapping Q2 from last year, which was 60% year-over-year growth, which is lapping, in turn, Q2 of 2023, which was also 60% year-over-year growth. So we've had really tremendous growth over the last several years.

好的。就每日活躍用戶（DAU）而言，我們第二季的年成長率為40%。這與去年第二季60%的年成長率重疊，而2023年第二季的年成長率也同樣為60%。所以，過去幾年我們實現了非常驚人的成長。

Last time we guided to -- we were going to say our DAU growth was going to be somewhere between 40% and 45%. We normally don't guide to DAU growth. But we decided to do that last time because we had a really strong Q1, in particular because of our dead Duo campaign. Also, we had a really strong Q2 of last year. So we knew that this was going to be somewhere between 40% and 45%.

上次我們預期－我們原本計劃將每日活躍用戶成長率設定在 40% 到 45% 之間。我們通常不會公佈每日活躍用戶成長率。但上次我們決定公佈，因為我們第一季業績非常強勁，尤其是在 Duo 推廣活動夭折的情況下。此外，去年第二季業績也非常強勁。所以我們知道每日活躍用戶成長率會在 40% 到 45% 之間。

We came in at 40%, which is slightly on the lower end of what we thought. We feel very strong about this. The reason we came towards the lower end was because I said some stuff about AI I didn't give enough context. Because of that, we got -- particularly in our social media -- some backlash on it.

我們的支持率是40%，略低於我們的預期。我們對此非常有信心。之所以支援率偏低，是因為我在談論人工智慧時沒有提供足夠的背景資訊。因此，尤其是在社群媒體上，我們受到了一些批評。

What that did is that -- the most important thing is we wanted to make -- the sentiment on our social media became negative. We wanted to make the sentiment positive. So we stopped posting edgy posts on our social media and we started posting things that we thought would get our sentiment more positive.

這樣做的結果是——最重要的是，我們想讓——我們社群媒體上的情緒變得消極。我們想讓情緒變得正面。所以我們停止在社群媒體上發布尖銳的帖子，開始發布一些我們認為能讓我們情緒更正面的內容。

That has actually worked. By now, the sentiment on our social media channels is all very positive. But we still are not posting the extremely edgy things that are more likely to go viral. So that's probably what had us come in slightly the lower end.

這確實奏效了。到目前為止，我們社群媒體管道上的情緒都非常正面。但我們仍然沒有發布那些更容易被病毒式傳播的極其尖銳的內容。所以這可能是我們排名略低的原因。

I should say, the effect of that was essentially all in the United States. When I say United States, that includes Canada and stuff like that. But it's essentially all in the United States; and among young audiences. But this is something that we think is -- that impact is in the past.

應該說，這種影響基本上只在美國。我說的美國，也包括加拿大之類的國家。但基本上只在美國，而且是在年輕觀眾群中。但我們認為，這種影響已經過去了。

We typically only guide to DAU whenever there's going to be a big change. This time, we're not guiding to DAU. So that just should tell you that, at least for next quarter, we're not expecting a big change from where we are now.

通常情況下，只有當出現重大變更時，我們才會以每日活躍使用者數量作為指引。但這次，我們不再以每日活躍用戶數作為指引。所以，這應該意味著，至少在下個季度，我們預計與目前的水平相比不會有太大變化。

Your next question was about China. We feel really good about China. It's our fastest-growing market. We've been growing a lot. We had a really incredible partnership this time around with Luckin Coffee where, for a couple of weeks -- Luckin is like their Starbucks. It's essentially everywhere.

您的下一個問題是關於中國的。我們對中國市場非常看好。這是我們成長最快的市場。我們一直在快速成長。這次我們與瑞幸咖啡建立了非常出色的合作關係，在幾週的時間裡，瑞幸咖啡就像他們的星巴克一樣，幾乎無處不在。

For a couple of weeks, a lot of their stores were basically decorated with Duolingo and had Duolingo cups and there were drinks named after Duolingo and everything. That was a pretty big bloom for us. Our product feels really good in China.

幾週以來，他們的許多門市都裝飾上了Duolingo的標誌，擺放著Duolingo杯子，還有以Duolingo命名的飲料等等。這對我們來說是一個巨大的驚喜。我們的產品在中國市場表現非常好。

The one thing is we do not have Max in China yet. That is because of regulations. We cannot use LLMs, other than local LLMs. After you choose a local LLM, which we have, you need approval from the government. That's completely outside of our control. We don't have one yet -- approval from the government. But at some point soon, we'll have Max.

唯一要注意的是，我們在中國還沒有 Max 專案。這是因為相關規定。除了本地法學碩士（LLM），我們不能接受其他法學碩士。選擇本地法學碩士（我們有）後，需要獲得政府批准。這完全超出了我們的控制範圍。我們目前還沒有獲得政府批准。但很快，我們就會開設 Max 課程。

I cannot give you a timeline on that because I, myself, don't know it.

我無法給你一個時間表，因為我自己也不知道。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

I wanted to ask about the paid conversion. You spoke to an increase on the Super side and good traction on the Max side. Can you update us on where the Max stands today? Any one or two changes that you put into place that drove the particular increase in conversion this quarter?

我想問一下付費轉換率。您之前提到 Super 版的轉換率有所提升，Max 版的轉換率也表現良好。能介紹一下 Max 目前的狀況嗎？您實施了一兩項改進，推動了本季轉換率的顯著提升嗎？

Yeah. We feel very good about Max and Super. Both are growing and both are growing nicely. The percentage of subscribers that are Max subscribers has grown. A couple of quarters ago, it was 5%; then last quarter, it was 7%; and then, in Q2, it was 8%. So it's been growing.

是的。我們對 Max 和 Super 非常滿意。兩者都在增長，而且增長勢頭良好。 Max 的用戶佔比一直在成長。幾季前是 5%，上個季度是 7%，第二季更是達到了 8%。所以，Max 一直在成長。

It actually grew a little less than we expected. But part of the reason for that is because Super grew even more. It's just a fraction between those two. Super just is performing even better than we expected, while Max is performing a little less than we expected.

它的增長實際上比我們預期的要少一些。但部分原因是Super的成長更快。兩者之間只是相差很小一部分。 Super的表現甚至比我們預期的還要好，而Max的表現則略低於我們的預期。

The reason for Max not growing as fast as Super or not growing as fast as we expected that is because for more beginner users -- the main feature for Max is Video Call and it's something that allows you to practice your conversation -- this feature is just a little too difficult.

Max 的成長速度沒有 Super 那麼快，或者說沒有達到我們預期的原因是，對於更多的初級用戶來說——Max 的主要功能是視訊通話，它可以讓你練習對話——這個功能有點太難了。

And so we're going to be working on that, of course. One of the problems for that feature is that, at the moment, it is entirely monolingual. So it is entirely in the language that you're learning. But when you're just a beginner and you only know, like, 20 words, it's pretty hard to have a conversation entirely in that language. So one of the things we're going to be experimenting with is having a conversation that is bilingual.

當然，我們會繼續努力。目前，該功能的一個問題是，它完全是單語的。也就是說，它完全是用你正在學習的語言進行的。但當你還是個初學者，只認識20個字的時候，很難完全用那種語言進行對話。所以我們接下來要嘗試的其中一項就是進行雙語對話。

So if you're an English speaker learning Spanish, some of it is going to be in English, some of it is going to be in Spanish, to ease you in. So that's the type of stuff we're going to be seeing there.

因此，如果你是一位正在學習西班牙語的英語人士，那麼部分內容將使用英語，部分內容將使用西班牙語，以幫助你輕鬆學習。這就是我們將要看到的內容。

We're also going to be working on making the conversations more engaging. If you play with Video Call, you will see that, now, Lily has backgrounds. She's, like, in different places and she can talk about that. That's a really good conversation topic.

我們也將致力於讓對話更具吸引力。如果你玩過視訊通話，你會發現莉莉現在有了背景資訊。她身處不同的地方，可以談論這些。這真的是一個很好的話題。

So we're doing a bunch of things to improve that one feature that is the killer feature for Max.

因此，我們正在做一系列的事情來改進 Max 的這項殺手級功能。

Great color there. And maybe one follow-up, probably for you, Luis. Last quarter, you talked about testing, taking payments directly, maybe bypassing the App Store, at least from tests. Can you just update us where those tests stand today and any early learning, so far?

色彩真棒。路易斯，也許還有個後續問題，或許是給你的。上個季度，你談到了測試，直接收款，或繞過 App Store，至少在測試中是如此。你能更新一下這些測試目前的進度以及目前有哪些初步進展嗎？

Yeah. We're testing it. There's a couple of things to say about that. This is on iPhones or an iOS -- on iOS, in general. At least till the end of the year, we are able to have a web purchase flow -- so something that takes you to a website to pay instead of paying through the Apple purchase flow -- in the United States. That is the ruling, not in other countries.

是的，我們正在測試。關於這一點，有幾點需要說明。這適用於 iPhone 或 iOS 系統——一般來說，適用於 iOS 系統。至少到今年年底，我們能夠在美國推出網頁支付流程——也就是讓你直接跳到網站付款，而不是透過 Apple 的支付流程。這是美國的規定，其他國家則不行。

We don't know if this ruling is going to stand. So we really only know towards the end of the year for this -- next year, who knows what will happen. But so far, the testing shows that we can send people to a web purchase flow, minimally lose bookings -- we do lose some bookings by sending people to an external purchase flow because there's more friction. But it really significantly increases our profit because we don't have to pay.

我們不知道這項裁決是否會生效。所以我們實際上要到年底才能知道結果——明年，誰知道會發生什麼事？但到目前為止，測試表明，我們可以將用戶引導至網頁購買流程，最大程度地減少預訂量——將用戶引導至外部購買流程確實會損失一些預訂量，因為流程中存在更多摩擦。但這確實顯著提高了我們的利潤，因為我們無需付費。

Instead of having to pay Apple -- for the first time subscription fee, you pay them 30% -- in this case, we only pay, whichever provider we're using, like Stripe. We only pay, like, 2% or some small fractions. So it's good. It's a good change.

我們不用向蘋果支付首次訂閱費用——需要支付 30%——在這種情況下，無論我們使用哪個供應商，例如 Stripe，我們只需支付 2% 或很小一部分。所以這很好。這是一個很好的改變。

We have not done the full push to all our users on that. But you'll likely see us do that. I should say the impact on that -- even though we're very happy with that -- because of GAAP, the impact on that is not going to be felt all that much this year. By the way, all of this is in our guide.

我們還沒有向所有用戶全面推廣這一點。但你們可能會看到我們這樣做。我想說的是，儘管我們對此非常滿意，但由於採用美國通用會計準則 (GAAP)，今年我們不會感受到太大的影響。順便說一句，所有這些都在我們的指南裡。

It's not going to be felt all that much this year because whenever you get a subscription in -- the main thing we sell is 12-month subscriptions -- you have to amortize it over the 12 months and the rest of this year, by the time we push this out to all our users, it's only going to be about 3 of the 12 months there.

今年不會有太大感覺，因為無論何時你訂閱——我們主要銷售的是 12 個月的訂閱——你都必須在 12 個月和今年剩餘的時間內攤銷它，當我們將其推廣給所有用戶時，它只會是 12 個月中的 3 個月。

So the impact this year on our finance is not going to be huge. But it is something that we're pretty excited about, especially if it holds past the end of the year.

所以今年對我們的財務影響不會很大。但我們對此感到非常興奮，尤其是如果它能持續到年底的話。

Ralph Schackart, William Blair.

拉爾夫·沙卡特、威廉·布萊爾。

Great. Two questions, if I could. I assume you could hear me, Luis.

太好了。如果可以的話，我有兩個問題。路易斯，我想你應該能聽到我說話。

Just maybe first, Matt, just on looking at the MAUs, it looked like they declined sequentially. Was that related to the social campaign?

首先，Matt，從月活躍用戶來看，似乎呈現連續下降趨勢。這和社群媒體活動有關嗎？

And then, maybe just a broader question, Luis. Typically, when you roll out new products like Math or Music, you play them down and say that could really impact the business, at least historically, but you called it out in the Shareholder Letter.

然後，路易斯，也許我還有一個更廣泛的問題。通常情況下，當你推出數學或音樂之類的新產品時，你會淡化它們的影響，並聲稱它們可能會對業務產生真正的影響，至少從歷史上來看是這樣，但你在致股東信中提到了這一點。

So I'm asking, you highlighted Chess as contributing earlier, maybe speak to what you're seeing with this versus the other products. It seems like there's some excitement there. Could that contribute to the platform earlier perhaps than some of the other products?

所以我想問一下，您之前強調過 Chess 的貢獻，能否談談您認為它與其他產品相比有什麼不同？它似乎有一些令人興奮的地方。它是否會比其他產品更早為平台做出貢獻？

Thanks, Ralph. I'll start with MAU and just give my best Luis impression on MAU, which is, in general, we don't have a team focused on MAU growth. We have a team focused on DAU growth because language learning is a daily practice. And so we're more focused on that metric.

謝謝，拉爾夫。我先從月活躍用戶（MAU）開始，我只想盡可能地表達我對路易斯的印象。總的來說，我們沒有一個專注於每月活躍用戶成長的團隊。我們有一個專注於每日活躍用戶成長的團隊，因為語言學習是我們每天的日常練習。所以我們比較關注這個指標。

But as you said, MAU growth did come down. It was a set of factors. If you look at the trend, I don't think the trend line was all that different than it was in Q1 from Q4, et cetera. So we are not worried about MAU growth and that trend. We think, if anything, it's following the DAU growth trend.

但正如您所說，每月活躍用戶成長確實下降了。這是一連串因素造成的。如果您觀察趨勢，我認為趨勢線與第一季、第四季等等並沒有太大不同。所以我們並不擔心每月活躍用戶成長和趨勢。我們認為，如果有什麼不同的話，它應該遵循每日活躍用戶成長的趨勢。

I should also say, it is an important -- when you look at Q1 versus Q2, in Q1, we had this amazing dead Duo campaign. So the comparison between Q1 and Q2, you're going to see a little bit of a drop from that.

我還應該說，這一點很重要——當你對比第一季和第二季時，你會發現第一季的 Duo 活動非常糟糕。所以，對比第一季和第二季度，你會看到略有下降。

In terms of Math, Music, and Chess, yeah, we're very excited about both -- actually, we're very excited about all three, Math, Music, and Chess. We specifically called out Chess in the Shareholder Letter.

就數學、音樂和國際象棋而言，是的，我們對這三項都很感興趣——實際上，我們對數學、音樂和國際象棋這三項都很感興趣。我們在致股東的信中特別提到了西洋棋。

It's just grown a lot. It's a project that has gone really fast. One year ago -- exactly one year ago -- we had not even written a single line of code for Chess in our app. Like, this project had not started. Within a year -- or less than a year -- we launched it. It's there on iPhones now and it's been growing.

它發展得很快。這個專案進展非常快。一年前——正好一年前——我們甚至還沒有在應用程式中為國際象棋寫一行程式碼。就像，這個計畫還沒啟動一樣。不到一年——或者不到一年——我們就把它上線了。現在它已經在iPhone上線了，而且一直在發展。

When you restrict only to iPhones and only to English user interface, already, Chess has surpassed Math and Music. So we're seeing a lot of demand for that. We're very happy with that.

如果只限於iPhone，並且只使用英文使用者介面，那麼國際象棋已經超越了數學和音樂。所以我們看到這方面的需求很大。我們對此非常滿意。

But that also does not mean that we're not excited about Math and Music. You saw -- or maybe you didn't see -- we just acquired a team for Music. We're super excited about that. That has made some really amazing music games. So we're very excited about all these subjects.

但這並不意味著我們對數學和音樂不感興趣。你看到了——或者你可能沒看到——我們剛剛組建了一個音樂團隊。我們對此感到非常興奮。他們製作了一些非常棒的音樂遊戲。所以我們對所有這些學科都非常感興趣。

Now, in terms of -- you said we downplayed a lot, the thing that we do is we just we want to be cautious about, particularly, investors getting very excited about the amount of revenue that these courses are going to provide. Because at the moment, we're just selling everything under the same subscription. We're not even trying to optimize revenue for Math, Music, or even Chess.

現在，就你說的我們輕描淡寫了很多事情而言，我們所做的就是保持謹慎，尤其是當投資者對這些課程將帶來的收入感到興奮時。因為目前，我們只是在同一個訂閱下銷售所有課程。我們甚至沒有嘗試優化數學、音樂甚至國際象棋的收入。

So we're very excited. We think this is really going to help us grow the TAM because it's going to get way more people to want to use our product. But at the moment, we just don't have much to say in terms of this is going to contribute to a certain percentage of our revenue, et cetera. We don't have much to say on that. This is going to take a few years for it to be very meaningful.

所以我們非常興奮。我們認為這真的會幫助我們擴大潛在用戶規模 (TAM)，因為它會讓更多人想要使用我們的產品。但目前，我們對於這是否會貢獻我們一定比例的收入等等，還沒有太多可說的。我們對此沒有太多可說的。這需要幾年時間才能真正發揮作用。

Chris Kuntarich, UBS.

瑞銀的 Chris Kuntarich。

I just wanted to go back to Max for a second; specifically, around retention. What are you seeing with some of your earlier larger cohorts as they're coming up for renewal? What are the key drivers here of churn that you're seeing? How is this really comparing to what Super churn is at this point?

我想再回到 Max 的問題上，具體來說，是關於留存率的問題。您之前的一些大型用戶群在即將續約時，看到了什麼？您發現用戶流失的主要驅動因素是什麼？這與 Super 目前的用戶流失相比如何？

Yeah. No, I'm happy to jump in there. I think it's early -- if you think about the killer feature for Max, it's a Video Call with Lily, that feature didn't really start to scale out to the majority of folks until Q3 or Q4 of last year. So we haven't seen those cohorts yet. The early renewal signs in Max, like I think we said on the last call, look attractive.

是的。不，我很樂意加入討論。我認為現在還為時過早——想想Max的殺手級功能，也就是與Lily的視訊通話，這個功能直到去年第三季或第四季才真正開始向大多數用戶推廣。所以我們還沒有看到這些用戶群。 Max的早期更新跡象，就像我們在上次電話會議上說的那樣，看起來很有吸引力。

Relative to Super, again, we think it's too early to really parse that too finely because we haven't seen these cohorts. We'll know more about that in Q3 and Q4. But to just back up just one step. The overall thing we're optimizing for on the platform with Super, Max and these questions around mix is LTV for the platform. And because of Max's price point, the LTV is the highest of any subscription offering we have.

相對於Super，我們再次強調，現在就進行細緻的分析還為時過早，因為我們還沒有看到這些用戶群。我們將在第三季和第四季了解更多。不過，先簡單回顧一下。我們透過Super、Max以及圍繞產品組合進行平台優化的總體目標是平台的生命週期價值（LTV）。由於Max的定價，其LTV是我們所有訂閱服務中最高的。

And so as we -- as Max gain share as a percentage of subscribers, our LTV is going up. So I think we'll have more to say on the specifics on the renewal rates as we get more data on it. But in general, we like how Max is growing overall.

隨著 Max 的用戶份額不斷增長，我們的生命週期價值 (LTV) 也在上升。所以，隨著我們獲得更多續訂率數據，我認為我們將能夠更詳細地了解續訂率。但總的來說，我們對 Max 的整體成長感到滿意。

Got it. That's helpful. Maybe just one follow-up on gross margin. And just can you help us think about the back half of the year benefits from AI cost savings versus potentially any of that -- any of the web-based checkout flowing through the gross margin?

明白了。這很有幫助。也許我只想問一個關於毛利率的問題。您能否幫助我們思考一下，今年下半年人工智慧成本節省帶來的收益，以及任何基於網路的結帳流程對毛利率的影響？

Yeah. I think I'll take the last one first. I think it's easiest. I don't think the web-based checkout will drive very much change in gross margin in the back half of the year. Just as Luis said, that's going to be an effect that takes time to feather in just given how the accounting works. So I don't think that will be a big driver.

是的。我想我先說最後一個。我覺得它最容易理解。我不認為網路結帳在下半年會對毛利率帶來太大的影響。正如路易斯所說，考慮到目前的會計運作方式，這種影響需要時間才能逐漸顯現。所以我認為這不會成為很大的推動因素。

I think the drivers that we saw in Q2, which were we outperformed our expectations on gross margin because AI costs overall did come down. A driver of that, which was lower API calls, token costs, we've got a lot of data now from the first two quarters of the year that says that the trend we expected to see, which was lowering of those unit costs, coming down, we think that trend is likely to stay intact. And so that's reflected in the guide as we laid it out.

我認為，我們在第二季看到的驅動因素，也就是毛利率超出預期，是因為人工智慧成本整體下降了。其中一個驅動因素是 API 呼叫次數和代幣成本的下降。我們目前掌握的今年前兩個季度的大量數據表明，我們預期的趨勢，即單位成本的下降，正在持續下降，我們認為這一趨勢可能會保持下去。這一點在我們所製定的指南中有所體現。

I think the Q2 performance has also helped a little bit by ad pricing. That remains to be seen over the course of the year.

我認為第二季的業績也受到了廣告定價的影響。但這還有待今年的觀察。

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

(Event Instructions)

（活動須知）

Sorry that took a second. Right there with you, Luis.

抱歉，耽誤了一會兒。我理解你的意思，路易斯。

I like that. I like that.

我喜歡這個。我喜歡這個。

Yeah. So does Matt from our last fireside together. But I'd like to touch on Energy actually. I thought it was really interesting that you brought up how it's uniquely moved three metrics. It's pretty rare for a feature to do that. So would love to hear about just some of the early learnings from Energy and how you hope to iterate that on that more over time.

是的。上次我們爐邊談話時，Matt 也提到了這一點。不過我其實想談談能量。你提到它如何獨特地提升了三個指標，我覺得很有趣。一個功能能做到這一點非常罕見。所以，我很想聽聽你對能量功能的一些早期經驗，以及你希望如何在未來進一步迭代。

And then maybe thinking just bigger picture in there. If I look at the app today, there's about four different modalities for education featured. So as you consider jumping into some new areas over time, how do you prevent the consumer from getting too confused or overwhelmed by that experience as you're launching the new courses?

然後或許可以考慮一下更大的格局。如果我今天看看這個應用程序，我會發現它提供了大約四種不同的教育模式。所以，當你考慮逐步涉足一些新領域時，在推出新課程時，如何防止消費者對這種體驗感到困惑或不知所措？

Thank you for asking these questions. These are excellent. Okay. So Energy, we're very excited about Energy. Just to give context what it is, is it's a different pacing mechanic for free users.

謝謝你問這些問題。這些問題很棒。好的。那麼，能量，我們對能量非常興奮。簡單介紹一下它的意義，它為免費用戶提供了不同的節奏機制。

So historically, we had this mechanic that we called Hearts. it's basically -- you started with five hearts. If you made a mistake, you lost the heart. And if you run out of hearts, you basically could not continue unless you watch something like a rewarded video or something to gain some hearts. That was the Hearts mechanic.

歷史上，我們有一種叫做「紅心」的機制。簡單來說，你一開始有五顆紅心。如果你犯了錯誤，就會失去這顆紅心。如果你紅心用完了，你就無法繼續遊戲，除非你觀看獎勵影片之類的東西來獲得紅心。這就是「紅心」的機制。

Energy is different. You start with a larger amount of energy. So you start with like 25 units of energy. And you spend one unit every time you do an exercise, whether you got it right or wrong. So we do not -- before we used to penalize you for getting something wrong, now we don't penalize you for getting anything wrong. But if you get five in a row correct, we actually give you energy back like a random reward back.

能量則不同。你一開始的能量值較大。所以一開始你大概有25個單位的能量。每次練習，無論答對或答錯，你都會消耗一個單位的能量。所以，我們以前不會因為答錯而懲罰你，現在不會因為答錯而懲罰你。但如果你連續答對五題，我們其實會像隨機獎勵一樣回饋你的能量。

So what's really nice about it is that, for the average user at least, we've substituted carrot for a stick. So it used to be the case that every time you made a mistake, you lost something. Now if you don't make mistakes, you gain something. So that's actually quite rewarding.

所以，真正好的地方在於，至少對一般使用者來說，我們用「胡蘿蔔」取代了「大棒」。以前，你每次犯錯都會有所損失。現在，只要你不犯錯，你就會有所收穫。所以這其實非常值得。

And what we have seen in -- when we're rolling this out is that this increases revenue, our bookings, and both. It increases daily active users. And it increases the median time spent using the app. So we're really happy with this.

我們看到，在推出這項服務後，收入和預訂量都有所增加。它還增加了每日活躍用戶，並增加了應用程式的平均使用時間。所以我們對此非常滿意。

We've been rolling it out. You'll see us -- it's taking some time to roll out and it will continue to take some time. But my sense is that, significantly before the end of the year, this -- we will have switched all of our users from Hearts to Energy, all of our free users from Hearts to Energy. This does not affect paid users really. And we're very happy with what this is going to do for our users.

我們一直在推廣這項服務。你會看到我們——推廣需要一些時間，而且會持續一段時間。但我的感覺是，在年底之前，我們將把所有用戶從“心”切換到“能量”，所有免費用戶也將從“心”切換到“能量”。這實際上不會影響付費用戶。我們對這項服務將為用戶帶來的影響感到非常滿意。

And you asked about some subjects being -- you said, well, we now teach four different things. We teach Languages. We teach Math, we teach Music and we teach Chess. How is it not confusing to users?

你問到一些科目——你說，我們現在教四種不同的科目。我們教語言、數學、音樂和西洋棋。怎麼樣才能不讓用戶感到困惑呢？

Yes, that's something we think a lot about. And we'll probably add more subjects. By the way, I'm not announcing new subjects. We are not working on any new subjects at the moment or anything. But we'll probably, at some point, it just stands to reason that we'll probably add more subjects at some point.

是的，我們對此考慮了很多。我們可能會添加更多主題。順便說一句，我不會宣布新的主題。我們目前沒有在開發任何新的主題。但我們可能會，在某個時候，按理說，我們可能會在某個時候添加更多主題。

So yes, this is something we think a lot about. We're going to be working on the multi-subject experience too. Because we're noticing that a lot of the people that use Duolingo, they're not just learning one thing anymore. They're learning -- it's like they're learning Italian and Chess. And I think we need to do a better job with that.

是的，這是我們認真思考的問題。我們也將致力於多學科學習體驗。因為我們注意到，很多使用Duolingo的人不再只是學習單一學科。他們在學習——就像學習義大利語和象棋一樣。我認為我們需要在這方面做得更好。

But I think at the moment, we're not seeing a lot of user confusion on that. But the main thing that we want to work on is just making people, for example, switching from one subject to another much easier, giving rewards for learning multiple subjects and stuff like that.

但我認為目前我們並沒有看到太多用戶對此感到困惑。我們主要想做的是讓人們更容易從一個科目切換到另一個科目，並為學習多個科目提供獎勵等等。

Wyatt Swanson, D.A. Davidson.

懷亞特·斯旺森、D.A.戴維森。

I just have another quick one on the Energy system. I realize that you're seeing positive changes in DAUs, time spent, subscriber conversion and all that. But I've just observed some feedback from users on social media, Reddit, stuff of that sort, and they don't seem to really like the change. Have you seen any negative impacts to any cohorts or demographics or anything like that as a result of that switch?

關於能量系統，我還有另一個簡短的問題。我知道你們在每日活躍用戶數、用戶使用時間、用戶轉換率等方面都看到了正面的變化。但我剛剛在社群媒體、Reddit 等平台上看到了一些用戶的回饋，他們似乎不太喜歡這個改變。你們覺得這個變化對任何群組、使用者群體或類似方面有什麼負面影響嗎？

Yes. this is something that we knew would happen. Whenever we do a major switch to a mechanic on Duolingo, there's a number of people that don't like to change. One of the things that happens is that Duolingo is a habit-building app. We build a habit to use Duolingo every single day.

是的，這是我們知道會發生的事。每當我們對 Duolingo 的某個機制進行重大調整時，總會有不少人不願意改變。其中一個原因是，Duolingo 是一款幫助使用者養成習慣的應用程式。我們每天都會養成使用 Duolingo 的習慣。

And the thing about habits is you want them to be the same every single day. That's what people like. But of course, we would like to continue improving the app. So there is some change aversion that we see.

習慣的意義在於，你希望它們每天都一樣。這正是人們喜歡的。當然，我們希望繼續改進這款應用程式。所以我們確實看到一些人對改變感到厭惡。

We saw this exactly happen about two years ago when we switched our home screen. We used to have a tree and we changed it to this linear path. There was a lot of backlash for that, even though our metrics showed that this was actually good. In that case, that particular change for switching from a path to a tree was not about revenue, it's about simplifying the app. But our metrics were good.

大約兩年前，我們更換主螢幕時就親眼目睹了這種情況。我們之前的主螢幕是一棵樹，後來我們把它改成了線性路徑。儘管我們的指標顯示這樣做確實不錯，但還是遭到了許多反對。當時，從路徑到樹狀的改變並非為了收入，而是為了簡化應用。不過，我們的指標表現還不錯。

In this case, the metrics are really good, both for daily active users, revenue, median time spent learning. So we listen to the metrics. We did expect some people would not like it. And one cohort that would not like it is there is a group of people that had gotten really good at, A, not paying, and B, not making many mistakes. So they could use the app for a while, whereas with Energy, you basically get capped.

在這種情況下，各項指標都非常好，包括每日活躍用戶、收入和平均學習時間。所以我們會聽取這些指標。我們確實預料到有些人會不喜歡它。不喜歡它的一個群體是，有一群人已經非常擅長使用A類應用，無需付費，B類應用，犯的錯誤不多。所以他們可以使用這款應用程式一段時間，而使用能量值，你的能量基本上是有限的。

If you're going to use -- you're going to do a lot of lessons and not pay us, you're going to end up getting capped. This affects only a minority of users, but essentially these are the people that are complaining because they are now -- can't do as many lessons as they did when they had managed to find a way to not make that many mistakes.

如果你要用——你要上很多課卻不付錢給我們，你最終會受到限制。這只會影響到少數用戶，但本質上，這些人都在抱怨，因為他們現在無法像以前那樣上那麼多課了，儘管他們已經設法找到了避免犯下那麼多錯誤的方法。

Got it. Okay. That makes sense. And then I just had another quick one on active users. It looks like the DAU-to-MAU ratio improved pretty substantially sequentially, and we saw that step-down in MAU growth.

明白了。好的。這很有道理。然後我又快速問了一次活躍用戶。看起來日活躍用戶與月活躍用戶之比季比大幅提升，而每月活躍用戶成長速度則有所放緩。

Was that driven by the MAU step down? Or is it DAUs getting more engaged? Could you just walk us through what happened there?

這是因為每月活躍用戶（MAU）下降了嗎？還是因為每日活躍用戶（DAU）的參與度提高了？能具體講講發生了什麼事嗎？

Yes. It's probably a little bit of both. the reality is if you look at our DAU-to-MAU trend, the trend of that ratio, that has been, I don't know if it's 100% monotonically, but essentially monotonically increasing almost every quarter -- I think it's every quarter actually, for the last several years. a few years ago, it was 20%, and then it just has been creeping up to, at this point, it's something like 37%.

是的，可能兩者都有一點。事實上，如果你看看我們的日活躍用戶與月活躍用戶比率的趨勢，你會發現這個比率的趨勢是，我不知道它是不是100%單調遞增，但基本上幾乎每個季度都在單調遞增——我想實際上每個季度都是如此，過去幾年都是如此。幾年前，這個比率是20%，然後一直攀升，現在大概是37%。

And we like that. the reality is that the healthiest consumer products out there have high DAU-to-MAU ratios. So we like the fact that we are -- that that keeps going up.

我們喜歡這一點。事實上，市面上最健康的消費品都擁有較高的每日活躍用戶與每月活躍用戶比率。所以我們喜歡這個趨勢——這個比率還在持續上升。

In this -- for this particular quarter, it was a little bit of both. we increased our retention of DAU. So the DAU-to-MAU ratio gets better when your DAUs retain better. So we increased our retention of DAUs. That is one of the reasons why that got better.

在這個季度，兩者兼而有之。我們提高了DAU的留存率。所以，當DAU留存率更高時，DAU與MAU的比率也會更高。所以我們提高了DAU的留存率。這也是情況好轉的原因之一。

And also, it's the case that MAUs went down a little bit when compared to the previous quarter.

而且，與上一季相比，MAU 略有下降。

But the main reason they went down a little bit when compared to previous quarters is, you got to remember, in Q1, we had this crazy campaign of that dead Duo. That slightly inflated MAUs that may not have been DAUs because it got a lot of people that may not have been very committed to just come in. And so we passed that effect, and this is one of the reasons why the DAU-to-MAU ratio went up.

但與前幾季相比，每月活躍用戶數略有下降的主要原因是，要知道，在第一季度，我們針對Duo的停用展開了瘋狂的宣傳攻勢。這導致MAU略微膨脹，而這些MAU可能並非DAU，因為它吸引了許多原本不太投入的用戶。所以我們傳遞了這個效應，這也是DAU與MAU比上升的原因之一。

Yes. And why, just to put numbers to that, I was looking it up for Ralph's question on the MAU trends. Q1 went up by about 1.5 points on year-over-year growth rate versus Q4 for MAU growth, and then went down from there to the 24% in Q2. What Luis is saying is that up was higher than it otherwise would have been. And so that otherwise trend probably looks more normalized.

是的。為了說明一下，我查了一下Ralph關於月活躍用戶趨勢的問題。第一季的每月活躍用戶年增率比第四季高了約1.5個百分點，然後第二季又下降到24%。 Luis的意思是，第二季的增幅比預期高。所以，其他情況下的趨勢可能看起來比較正常。

I think that is part of the math.

我認為這是數學的一部分。

Ryan MacDonald, Needham & Company.

麥克唐納（Ryan MacDonald），Needham & Company。

Congrats on a great quarter. Maybe to start, Luis. I know one of the goals early on with Max and Video Call is really to continue to try to bring on and attract English learners to the platform. Just curious as you are seeing Video Call and Max mature over the last nearly a year, are you starting to see that pick up on the -- or the English learners coming to the platform? Or is it more of a mix of upgrades from the existing base?

恭喜您本季取得如此佳績。路易斯，也許可以先從這裡開始。我知道 Max 和 Video Call 的早期目標之一就是持續吸引英語學習者加入這個平台。我很好奇，您看到 Video Call 和 Max 在過去近一年裡日漸成熟，您是否開始看到這種趨勢在英語學習者群體中有所體現？或者說，這更像是現有平台的升級？

Yes. We're definitely seeing growth in English learners that is outpacing the growth overall of learners of other languages in particular. So we're very happy with that. We're also seeing the case that people who are learning English are using Video Call more. Also intermediate learners are using Video Call more, and those are typically English learners.

是的。我們確實看到英語學習者的成長速度超過了其他語言學習者的整體成長速度。所以我們對此感到非常高興。我們還發現，英語學習者越來越多地使用視訊通話。中級學習者也越來越多地使用視訊通話，而這些人通常都是英語學習者。

And also in Asia, we're seeing a pickup of not only using Video Call more, but also a slightly higher propensity to buy Max when compared to the rest of the world because of Video Call. So we're very happy with the early signals.

此外，在亞洲，我們不僅發現視訊通話的使用率上升，而且由於視訊通話的存在，亞洲消費者購買 Max 的傾向也比世界其他地區略高。因此，我們對早期的訊號非常滿意。

I should say, we're still early in this but so far, we're very happy with what we're seeing. And it's exactly what we expected.

應該說，我們才剛起步，但目前為止，我們對目前的情況非常滿意。這正是我們預期的。

And maybe to follow up on the DAU commentary and the slowdown with the AI comments. One, is there a potential impact where if this goes beyond DAU growth slowdown into actual churn of subscribers and any concerns about a knock-on effect of that as we get to the end of the year? And Luis, not trying to get you in trouble on social media again, but does this change your view in terms of the rate of internal adoption of AI within the company?

或許我想跟進一下關於日活躍用戶成長放緩和人工智慧方面評論。首先，如果這不僅會拖累日活躍用戶成長放緩，還會導致用戶實際流失，這是否會產生潛在影響？到年底，是否會引發連鎖反應？路易斯，我不是想再次在社群媒體上給你找麻煩，但這是否會改變你對公司內部人工智慧應用率的看法？

On advice of counsel. I'm not saying anything. I'm kidding. Okay. So first of all, you saw what happened in the quarter.

根據律師的建議。我什麼都沒說。開玩笑的。好的。首先，您看到了本季發生的事情。

we beat bookings by -- we beat booking pretty healthily. And the rest -- we expect is on our guide. We just don't believe that the effect of this is very material in terms of when you're looking at actual financial metrics. We do expect a little bit of -- if you were to look at what our guide includes, there are some positives, some good things that includes, and there are some things that are not as positive.

我們的預訂量超出預期——我們的預訂量相當健康。其餘的——我們預計會在我們的指南中。我們只是認為，就實際財務指標而言，這不會產生非常實質的影響。我們確實預計會有一點——如果你看看我們的指南，你會發現有一些積極的方面，一些好的方面，也有一些不那麼積極的方面。

So the things that include that are positives are Super is doing really well. So that's in there. Energy is another positive. Ads and IAPs are positive. So we -- those are the positives.

所以，積極的方麵包括 Super 表現非常好。所以這也算在內。能量是另一個正面的方面。廣告和應用程式內購買（IAP）也很好。所以，這些都是正面的方面。

Bringing it down are things like Max are -- it's just not growing as fast as we expected. This is what I mentioned already. The Duolingo English Test, we think that the main audience for the Duolingo English Test, the main consumers are international students applying for universities here in the US or in the UK.

像Max這樣的產品，成長速度不如我們預期，這才是影響它銷售的原因。我之前有提到過。我們認為，Duolingo英語測驗的主要受眾，也就是主要消費者，是申請美國或英國大學的國際學生。

And given the macro trends, we're seeing that there's just much fewer people applying to universities internationally because of that. So the Duolingo English Test, we're going to be -- is lower than expected.

從宏觀趨勢來看，我們發現申請國際大學的人數因此大幅減少。因此，多鄰國英語測驗的成績會低於預期。

And then there's something that we're putting in there, which is about our social media at the moment is not in full force, because we are -- we've recovered sentiment, but we are not taking as many risks because, honestly, we're skittish about it.

然後，我們正在做一件事，那就是我們的社群媒體目前還沒有完全發揮作用，因為我們已經恢復了情緒，但我們不會冒那麼多風險，因為老實說，我們對此感到不安。

But I think over the next few weeks, I don't know exactly how many weeks, weeks/months, we're going to be recovering or posting more edgy things that are more likely to go viral. And that does help booking some. But everything should be in our guide.

但我認為在接下來的幾周里，我不知道具體要多少週、幾週或幾個月，我們會恢復狀態，或者發布一些更容易爆紅的尖銳內容。這確實有助於預訂一些。但所有內容都應該在我們的指南裡。

Yes. Ryan, I would just round that out for Luis to remind everyone that the impact of what you're asking about was really concentrated in the US. The US has -- we talk about this on almost every earnings call, how the US grows slower than the average because the rest of the world grows above the average, DAU growth rate.

是的。 Ryan，我只是想幫Luis補充一下，提醒大家，你所問的問題的影響實際上集中在美國。我們幾乎每次財報電話會議都會談到這一點，美國的成長速度低於平均水平，是因為世界其他地區的每日活躍用戶成長率高於平均水平。

And then the US growth rate decelerated a bit over the course of the quarter. And now we think that we're past that and it's stable. And once we go back on social media in an edgy way, we expect things to go back.

然後，美國經濟成長率在本季略有放緩。現在我們認為已經度過了那個階段，經濟趨於穩定。一旦我們以緊張的姿態重返社交媒體，我們預計情況就會回升。

All of that does have an impact, as Luis said, on the guide, and that's all in there. I think I would just point out that we beat by 9% on bookings. A couple of points of that is FX. So that's just if you mark that down. A couple of points of it was ads.

正如路易斯所說，所有這些確實會對指南產生影響，這些都包含在內。我想指出的是，我們的預訂量超出預期9%。其中有幾個百分點是外匯收入。所以，如果你把這些扣除掉，那隻是其中幾個百分點。還有幾個百分點是廣告收入。

My point is that when you're not doing edgy things on social media, the chance for a viral breakout hit, like a dead Duo, goes down. So the chance for like a real surprise to the upside also goes down. So that beat should not be carried forward as an expectation.

我的觀點是，當你不在社群媒體上做一些前衛的事情時，像Duo樂團解散那樣爆紅的幾率就會降低。因此，真正帶來驚喜的幾率也會降低。所以，這種超預期不該被當作一種預期。

Ross Sandler, Barclays.

巴克萊銀行的羅斯桑德勒。

Luis, so we've seen pretty rapid improvement in model capability and latency -- lower latency from a lot of these AI companies. So as that improves, how does that change your thinking around how you evolve your service to take advantage of those improvements?

路易斯，我們看到模型能力和延遲的提升相當快——許多人工智慧公司的延遲都在降低。那麼，隨著這些改進的出現，您如何改變思路，改進您的服務以利用這些改進？

And the follow-up to that would be, it sounds like the Video Call feature in Max is getting better engagement. Are there things that you're doing behind the scenes to improve the way that the interaction happens with the Video Call to then make it a better experience to then drive higher Max adoption. Can you just talk about that, please?

接下來的問題是，聽起來 Max 的視訊通話功能正在獲得更好的用戶參與度。你們在幕後做了哪些改進來改善視訊通話的互動方式，從而提升用戶體驗，進而提高 Max 的採用率？能具體談談嗎？

Yes. So AI models are getting better. that is happening. In some cases, that helps us. In some -- it doesn't do all that much.

是的。所以人工智慧模型正在變得越來越好。這是正在發生的事情。在某些情況下，這對我們有幫助。但在某些情況下，它的作用並不大。

It depends on the use case. We have multiple use cases. One of our biggest use cases is just in generation of content.

這取決於具體用例。我們有多種用例。我們最大的用例之一就是內容生成。

Our language learning content -- improvements in models or latency or all of that doesn't help all that much for a language learning content. It helps some, but it's not all that much. Because the models are already pretty good at language and have been for a while.

我們的語言學習內容——無論是模型改進、延遲改進，或是所有這些改進，對語言學習內容的幫助並不大。雖然有一些幫助，但作用不大。因為這些模型在語言方面已經相當出色，而且這種狀態持續了一段時間。

For example, for generating content for Math, the improvements in the models actually helps because if you remember a year ago, the model simply couldn't do math. Today the models can do math. So we're able to generate more math content.

例如，對於數學內容的生成，模型的改進實際上很有幫助，因為如果你還記得的話，一年前模型根本無法進行數學運算。而今天模型可以進行數學運算了。所以我們能夠產生更多的數學內容。

In a case like -- in the case of Video Call, latency certainly helps, improvements in latency certainly helps. But also improvements in the model, one of the things that really helps us is, whenever a new model comes out, what happens is that the previous one, they just lower the price. And so that helps us a lot. So maybe that we don't use the latest one, but we are using still the same one but the price just came down. So it helps with that.

例如，在視訊通話方面，延遲的改善確實有幫助。但機型的改良也對我們很有幫助，因為每當有新機型推出時，老機型的價格就會降低。這對我們幫助很大。我們可能沒有用最新的機型，但我們仍然在使用舊機型，只是價格降了下來。所以，這對我們很有幫助。

Now in terms of Video Call, what we're doing, we're doing a number of things to make it more engaging. for example, we are training our own -- fine-tuning our own models to make it more engaging. And so what you'll see, the types of things you'll see, it may not look all that different than the product when you use it. The one change is Lily now has background. So that looks different.

現在就視訊通話而言，我們正在做很多事情，讓它更具吸引力。例如，我們正在訓練自己的模型，微調自己的模型，讓它更具吸引力。所以，你看到的內容，可能和你實際使用產品時看到的內容沒什麼不同。唯一的變化是 Lily 現在有了背景。所以看起來不一樣了。

But most of it is not -- it's not going to look all that different. It's just the conversations are going to flow a lot better, and they're going to adapt to your level a lot better. And that, we're seeing basically changes on a weekly basis on that.

但大部分情況不會——看起來不會有太大變化。只是對話會更流暢，而且會更好地適應你的水平。而且，我們基本上每週都能看到這方面的變化。

The other thing that I'll say with Video Call is, early on, we didn't really have a metric that we were optimizing for Video Call. We just wanted people to use it more. Now we have a really good metric that we're optimizing for, which is average number of words spoken per Max subscriber. It's a really good metric because we can move it and because it exactly captures what we want people to do, which is to speak more.

關於視訊通話，我想說的另一件事是，早期我們並沒有專門針對視訊通話進行最佳化的指標。我們只是希望人們更多地使用它。現在，我們有一個非常好的指標正在優化，那就是每個 Max 用戶的平均通話字數。這是一個非常好的指標，因為我們可以調整它，而且它準確地捕捉到了我們希望人們做的事情，那就是更多地說話。

Ever since we started optimizing that, I think our video calls just started getting better and better in the sense that they -- that now the models are starting to learn that it is better to do things to keep you engaged.

自從我們開始優化這一點以來，我認為我們的視訊通話就開始變得越來越好，因為現在模型開始了解到，做一些事情來讓你保持參與是更好的選擇。

So asking more questions, et cetera, to keep you engaged. And also asking you open-ended questions as opposed to yes/no questions, to get you to practice more. So that's the type of stuff that we're doing, and I'm very happy with the progress.

所以，我會問更多問題等等，以保持你的參與。此外，我們也會問你開放式問題，而不是「是/否」的問題，這樣可以讓你多練習。這就是我們正在做的事情，我對進展非常滿意。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

I'm sorry for the lag. I have a follow-up to the prior question. So where do you think the product experience is for voice on Duolingo versus perhaps some of the other AI-based voice translations? Because if we look through Reddit, there is feedback that it's maybe a bit slower. So where are you with that? And is that a fair comparison? That's the first question.

很抱歉延遲了。我想跟進一下之前的問題。那麼您認為 Duolingo 的語音產品體驗與其他一些基於人工智慧的語音翻譯相比如何？因為我們在 Reddit 上看到有人回饋說 Duolingo 的速度可能有點慢。那麼您對此持什麼態度？這樣的比較公平嗎？這是第一個問題。

And then second is just on download. So I know it's not a metric you report, but did you see any particular trends in the US or abroad on how your ad downloads are tracking?

其次是下載量。我知道這不是你們報告的指標，但你們在美國或海外的廣告下載量追蹤中，有沒有發現什麼特別的趨勢？

Yes. In terms of how -- I'm not entirely sure I understand your question. there are translation apps that are -- , you mentioned translation, there are translation apps that are really good for voice-to-voice translation, et cetera. We do teaching.

是的。至於如何——我不太確定我理解你的問題。有些翻譯應用程式——你提到了翻譯，有些翻譯應用程式非常適合語音翻譯等等。我們做的是教學。

And in that case, we feel really good about our offering with Video Call. The most important thing is that it is engaging, and we feel really good about that.

在這種情況下，我們對視訊通話服務感到非常滿意。最重要的是它很吸引人，我們對此非常滿意。

In terms of downloads, I honestly don't know the answer to that. I don't even look at that. So I don't know if Matt does, but I don't know.

至於下載量，說實話我真不知道答案。我什至都沒看過。所以我不知道馬特有沒有，反正我不知道。

No. I was just thinking -- I'm sorry, I don't actually know the trend in downloads.

不，我只是在想——抱歉，我實際上不知道下載趨勢。

That tells you how much we look at this.

這說明我們對此有多關注。

Well, as you may know, intra-quarter, there was some growing fear around engagement, not only around DAUs and MAUs, but also downloads. And so if that's not something that you here about, that's fine.

嗯，你可能知道，本季內，大家對用戶參與度的擔憂日益加劇，不僅是對DAU和MAU的擔憂，還有下載量。所以，如果你不關心這個問題，也沒關係。

And so if I could do a quick follow-up on DAUs. Anything in particular that you saw across geographies on engagements or how did US trend versus certain other geographies on engagement?

那麼，我可以快速跟進DAU（每日活躍用戶）的情況嗎？您在不同地區的用戶參與度方面有什麼特別之處嗎？或是美國與其他地區的使用者參與度趨勢如何？

Yes. In terms of -- okay. So our DAUs are growing very nicely, 40% year-over-year. And again, that laps a year that was 60%, which laps a year that was 60% also. So we're very happy with the DAU growth.

是的。就……而言。我們的DAU成長非常快，年增40%。而且，這與去年60%的成長速度相吻合，而去年也是60%。所以我們對DAU的成長非常滿意。

Not all countries are growing equally. some countries obviously are growing faster than others.

並非所有國家都實現平等成長。有些國家的成長速度明顯快於其他國家。

The US has been growing below our overall average for a few quarters. And it has actually have been -- the year-over-year growth over the US has been slowing down over time. We think the main reason for that is because the US.

幾個季度以來，美國的經濟成長一直低於我們的整體平均值。事實上，美國的年成長率一直在放緩。我們認為主要原因是美國。

is unique when compared to every other country that we operate in. We don't spend any marketing money in the US, or historically, we have not spent any marketing money in the US. In every other country that we -- at least the ones that are larger enough markets, we actually spend money with performance marketing with influencers, some brand, et cetera.

與我們經營的其他國家相比，這一點是獨一無二的。我們在美國沒有投入任何行銷資金，或者說，從歷史上看，我們在美國沒有投入任何行銷資金。在我們營運的其他國家——至少是那些規模足夠大的國家——我們實際上會花錢進行效果行銷，與有影響力的網紅、一些品牌等等合作。

In the US, because our internal thought was, well, we're growing really nicely in the US historically. We've been growing really nicely in the US. And it's so expensive to market in the US. that we were like, we're just going to not spend money there and we'll spend money everywhere else. And so we think that that is contributing to the slowdown in growth.

在美國，因為我們內心的想法是，嗯，我們在美國的歷史成長確實很好。我們在美國的成長一直都很好。但在美國做行銷的成本太高了，所以我們就不在那裡花錢了，而是在其他地方花錢。所以，我們認為這導致了成長放緩。

And we're comparing it a lot with the situation of Mexico. For a while, we were also not spending at all in Mexico. We were entirely relying on our social media. And we've noticed that in Mexico, DAU growth -- it's always been growing. But DAU growth was also slowing down. It had gotten pretty low at some point. And then, we decided to start spending in Mexico.

我們經常將其與墨西哥的情況進行比較。有一段時間，我們在墨西哥也沒有任何支出。我們完全依賴社群媒體。我們注意到，在墨西哥，DAU（每日活躍用戶）的成長一直在成長。但DAU的成長也在放緩。它在某個時候變得非常低。然後，我們決定開始在墨西哥投入資金。

It's not a large spend. You see how much spend we have in our filings. We don't spend a lot on marketing. But we started spending a little bit on performance marketing and a little bit of influencers. And that made it to the year-over-year growth in Mexico. At this point, Mexico is significantly above average because we spend some amounts.

這筆支出並不大。你看我們申報的文件中就可以看出來花了多少錢。我們在行銷上投入不多。但我們開始在效果行銷和網紅行銷上投入一些資金。這促成了墨西哥市場的年成長。目前，墨西哥市場明顯高於平均水平，因為我們投入了一些資金。

So what we think we're going to be doing in the US, you will see us start spending some in the US. Again, we're not going to be spending $100 million in the US or anything like that. These are small amounts. But we believe that that helps because it just helps you reach different audiences.

所以，我們計劃在美國開展一些業務，你會看到我們開始在美國投入一些資金。再說一次，我們不會在美國投入1億美元左右。這些只是小數目。但我們相信這會有所幫助，因為它能幫助我們接觸到不同的受眾。

So that's how we see it in the US.

這就是我們在美國看到的情況。

Bryan Smilek, J.P. Morgan.

摩根大通的布萊恩‧斯邁利克 (Bryan Smilek)。

Great. Luis, just to start, a few quarters ago, you had mentioned that north of 2 million daily active or intermediate or advanced English learners on the platform. Just curious what are the investments that's needed to drive deeper efficacy and just overall broader engagement and adoption of English learners on the platform, just given it is the vast majority of the TAM?

好的。 Luis，首先，幾個季度前，您提到平台上每天有超過200萬活躍的中高級英語學習者。我很好奇，鑑於英語學習者佔據了平台總用戶（TAM）的絕大部分，需要哪些投資才能提高平台的效率，並提高平台的整體參與度和採用率？

Conversely, as well on monetization, Matt, how do you think about overall pricing of Max in some of these international markets as the cost of compute comes down and Max approaches potential gross margin accretion over time?

相反，同樣在貨幣化方面，馬特，隨著計算成本下降以及 Max 隨著時間的推移接近潛在的毛利率增長，您如何看待 Max 在某些國際市場中的整體定價？

Yes. English learners are very important. we've been talking about them for a while. And yes, English learners -- not just advanced but all English learners, including also beginner English learners, that's the largest TAM. So we've been working on that.

是的。英語學習者非常重要。我們一直在談論他們。沒錯，英語學習者——不僅是高級英語學習者，而是所有英語學習者，包括英語初學者，是最大的潛在使用者群體。所以我們一直在努力。

We've been adding -- not only adding but also improving a lot of our content for English learning. And we're going to continue doing that. Most of our features for learning, we spend a lot of the effort on the English.

我們一直在添加——不僅添加，還改進了大量英語學習內容。我們將繼續這樣做。我們大多數的學習功能，我們都在英語方面投入了大量精力。

We're seeing that 2 million number is now a lot higher. I don't know if we report on that, but it is now a lot higher than 2 million. And so we're very happy with that progress.

我們看到，200萬這個數字現在高了很多。我不知道我們是否會報道這一點，但現在已經遠高於200萬了。所以我們對這項進展非常滿意。

I'll let Matt talk about the pricing experimentation.

我會讓馬特來談談定價實驗。

Yes. So , Bryan, it's a great question because I think it allows us to talk about two -- well, three concepts. The three concepts are LTV optimization, relative pricing of our subscription offerings and then the cost of compute. We'll take the last one first.

是的。布萊恩，這個問題問得很好，因為我認為這個問題可以讓我們討論兩個——嗯，三個概念。這三個概念分別是：LTV 優化、訂閱服務的相對定價、計算成本。我們先討論最後一個。

Cost compute is coming down, as we've talked about, I think, is widely expected to continue not just by us. And the good news about that is it gives us options to do more experiments with pricing of Max, to put more Max features that maybe use less compute in different tiers. It gives us options basically.

正如我們之前提到的，計算成本正在下降，我認為，這不僅是我們自己，而且普遍預期會持續下去。好消息是，這讓我們可以選擇對Max的定價進行更多實驗，將更多可能佔用較少運算資源的Max功能放在不同的層級。這基本上給了我們選擇。

And so we're going to experiment with that over time as those costs come down, being mindful of not only gross margin but ultimately that LTV. Because again, I just want to reiterate what we're doing with Max and the Family Plan in particular, people ask ARPU and bookings, and those things are important, but what we're trying to do is optimize LTV.

因此，隨著成本下降，我們會逐步嘗試這種方法，不僅要專注於毛利率，最終還要關註生命週期價值 (LTV)。我再次強調，我們正在針對 Max 和家庭計畫採取的措施，人們關注的是 ARPU 和預訂量，這些因素很重要，但我們正在努力優化 LTV。

And so the pricing of Max not only matters about the cost of compute and its gross margin accretion or dilution, it matters on how does it help us relative to our other tiers. So one of the things Luis said was it was growing a little slower than we expected.

因此，Max 的定價不僅關係到計算成本及其毛利率的增減，還關係到它相對於我們其他層級如何幫助我們。所以 Luis 提到的一點是，它的成長速度比我們預期的要慢一些。

That was partially offset because Super experiments were growing faster than we expected. And again, that is not independent. Like when you show a Max price and a Super price, you get some relative comparative value, math going on in the consumer's head.

這部分抵消了超級實驗的成長速度，因為成長速度超出了我們的預期。而且，這並非獨立因素。就像當你顯示最高價格和超級價格時，你會得到一些相對的比較值，這是消費者頭腦中進行的計算。

So this is all a long-winded way of introducing 3 concepts just to say that, as compute comes down, we have now more options to experiment. Experimenting is our sweet spot. And so I would expect us to run some experiments around relative pricing for Max and Super, for Family Plan.

所以，我費了好大勁才介紹完這三個概念，只是想說，隨著運算能力的下降，我們現在有了更多可以嘗試的選擇。嘗試是我們的最佳選擇。因此，我希望我們能針對家庭套餐的 Max 和 Super 的相對定價進行一些實驗。

Geographically, again, if costs come way down, it does open up a couple of really interesting markets for us that right now we're not really offering Max in. And so that could be interesting down the line.

從地理位置來看，如果成本大幅下降，確實會為我們打開幾個非常有趣的市場，而目前我們還沒有在這些市場提供 Max。所以這可能會很有趣。

Mark Mahaney, Evercore.

馬克·馬哈尼，Evercore。

All right. Let me throw two questions. One, Matt, you talked about the pricing on Super. And so just bring us up to date. I know you did some experimentation with Super pricing in the March quarter. I think you rolled it out globally. So just talk about what response you saw to that.

好的。我問兩個問題。第一，馬特，您談到了“超級帳戶”（Super）的定價。請您跟我們介紹一下最新情況。我知道您在3月份季度對“超級帳戶”的定價進行了一些試驗。我想您已經在全球推廣了這項政策。請您談談您看到的反響。

And then, Luis, I want to ask you a question, and maybe it's a little bit rude, but I'll ask it to you anyway, which is what have you drawn, what lessons in terms of leadership lessons have you drawn from what happened in the controversy? Do you think the messaging was bad, the message was bad? Like how do you learn from that? How do you improve going forward?

然後，路易斯，我想問你一個問題，也許有點粗魯，但我還是要問。你從這場爭議中汲取了什麼？在領導力方面，你從中學到了什麼教訓？你認為當時傳遞的訊息不好嗎？你從中吸取了什麼教訓？你打算如何改進？

And then, I also want to ask you, at the same time, just address other concerns, is the growth somehow a reflection of maturation or saturation of end markets? Or are there much greater competitive pressures in the market? So I'm throwing a lot by you, Luis, but I know you can answer them.

然後，我還想問您一些其他問題，例如成長是否反映了終端市場的成熟或飽和？還是市場競爭壓力更大了？路易斯，我有很多問題想問您，但我相信您一定能解答。

Yes. Those are good questions for Luis. I will answer the easy one, Mark, on pricing, which is we ran some pricing experiments earlier in the year. The way our pricing experiments work, like I just mentioned, is we're testing volume, price and trying to calculate and get a sense of LTV, although it's not perfect. And they were beneficial to bookings. They increased bookings.

是的。這些問題問路易斯很好。馬克，我先回答一個簡單的關於定價的問題。我們今年早些時候做過一些定價實驗。正如我剛才提到的，我們的定價實驗的原理是，測試銷售和價格，並嘗試計算和了解客戶生命週期價值 (LTV)，儘管它並不完美。這些實驗確實對預訂量有所提升，確實增加了預訂量。

So we raised prices. And that had a small impact. It wasn't a very large part of the movement you saw in Q2. And just to point out that our ARPU has gone up really nicely. I think Q2 ARPU, I think it was up around 5% or 6%. Most of that didn't come from this price change, right? It either came from FX or a planned mix shift to higher-priced plans.

所以我們提高了價格。這影響不大，在第二季的變動中佔比不大。需要指出的是，我們的每位用戶平均收入 (ARPU) 成長非常可觀。我認為第二季的 ARPU 成長了 5% 到 6% 左右。這大部分不是因為這次價格調整，對吧？要么是因為外匯交易，要么是因為計劃中的套餐組合轉向更高價格的方案。

Just again, I can't control FX, but what we can try to control is more Family Plan and Max over time. That will be the larger driver of ARPU, not price point increases.

再說一遍，我無法控制外匯交易，但我們可以嘗試控制的是，隨著時間的推移，推出更多家庭套餐和 Max 套餐。這才是 ARPU 的更大驅動力，而不是價格上漲。

Now, over to Luis for the other questions.

現在，請路易斯回答其他問題。

Yeah. So Mark, what I've learned as a leadership is just don't post on LinkedIn. I'm kidding. Look, I think ultimately, I did not give enough context on our post. Internally, this was -- when I sent that e-mail to the company, this was not controversial.

是的。馬克，身為領導，我學到的就是不要在領英上發文。開玩笑的。你看，我覺得最終我沒有在帖子中提供足夠的背景資訊。在公司內部，當我把那封郵件寄給公司的時候，這並沒有引起爭議。

We know internally that we've always been, since the beginning of this company, this is many years ago, many years before LLMs were a thing, we have decided that what we're going to do is we're going to teach people with a computer. And that ultimately means we're using AI.

我們公司內部都清楚，從公司成立之初，也就是很多年前，在法學碩士（LLM）出現之前，我們就決定用計算機來教人。而這最終意味著我們會使用人工智慧。

And the goal for us to use AI is to teach better and to reach more users and have more content. That is the goal. And I think I did not give enough context to say that that is the goal. And what people understood from my message, which is not the intention, is that, oh, we just wanted to fire all our employees, which is not what we did and not what we want to do. We love our employees.

我們利用人工智慧的目標是提高教學質量，觸達更多用戶，提供更多內容。這就是我們的目標。但我認為我沒有提供足夠的背景資訊來說明這就是我們的目標。人們從我的信息中（這並非我的本意）理解為，哦，我們只是想解僱所有員工，但這並非我們的所作所為，也不是我們想要做的。我們愛我們的員工。

So I've learned that I need to be a lot more careful when talking externally versus internally and giving of context. Sometimes it's just the external world thinks about things very differently than the internals of just us and other tech companies. So that's my sense.

所以我意識到，在對外和內部溝通時，以及在提供背景資訊時，我需要更加謹慎。有時候，外部世界對我們以及其他科技公司內部的看法截然不同。這就是我的感覺。

In the case of maturation, we're not worried about this. if you look at our DAU growth, some of our most penetrated markets are actually the ones that are growing fastest. So we don't see that like, oh, we've reached the level of penetration that allows us -- that makes us so that we're going to grow slow everywhere.

就成熟度而言，我們並不擔心這一點。如果你看看我們的每日活躍用戶成長情況，就會發現我們滲透率最高的市場實際上成長速度最快。所以我們並不認為我們已經達到了滲透率的水平，以至於導致我們在所有地方的增長都變得緩慢。

We don't see that. There are some countries that are growing faster than others, but the penetration is not something we're worried about.

我們沒有看到這種情況。有些國家的成長速度確實比其他國家快，但我們並不擔心滲透率。

And I just want to remind you, we have -- there are 2 billion people learning the language in the world. We have about 130 million active users, give or take. And so there's a lot of room there. And now we're also adding other subjects. there's hundreds of millions of people that are interested or already playing Chess.

我想提醒大家，全球有20億人在學習西洋棋。我們大約有1.3億活躍用戶，大概是這樣。所以還有很大的發展空間。現在我們還在增加其他科目。有數億人對西洋棋感興趣，或者已經在下棋了。

The same is true for Math, the same is true for Music. So I just don't think that we're anywhere near our full TAM.

數學如此，音樂亦然。所以我認為我們還遠遠沒有達到TAM的極限。

Andrew Boone, Citizens.

安德魯·布恩，公民。

I wanted to go back to Max and talk about incrementality. Matt, you've talked about it in a couple of ways in terms of solving for LTV. But how do we think about your ability to actually increase conversion given Max's offering, especially with more advanced learners and some of the testing that you guys have put out that shows it's efficacious, et cetera?

我想回到 Max，談談增量。 Matt，您已經從幾個方面談到如何解決生命週期價值 (LTV)。但是，考慮到 Max 的產品，尤其是針對更高級的學習者，以及你們發布的一些測試表明其有效性等等，我們如何看待你們實際提升轉換率的能力？

And then, very specifically, in terms of the guide and thinking through the numbers, ARPU has continued to go up. Matt, can you break that down a little bit further than just FX and some of the stuff that you talked about? And then how do we think about that going forward in terms of relating it to the guide for the back half of the year?

然後，具體來說，從業績指引來看，從數據來看，ARPU（每用戶平均收入）一直在上升。 Matt，除了外匯和您之前提到的一些因素之外，您能否更詳細地解釋一下？接下來，我們如何將其與下半年的業績指引連結起來？

Luis, do you want to start with the Max, how we think about conversion, or do you want me to jump in on ARPU first?

路易斯，你想從 Max 開始，我們如何考慮轉換，還是你想讓我先談談 ARPU？

Yes, you can jump in on ARPU.

是的，您可以加入 ARPU。

Yes. So Andrew, I think the way to think about it for the guide on ARPU is that we were up around 6% this quarter. Again, I keep -- I think it's around 5% or 6%. Again, that came from mix shift of plans. And I don't really think that that ARPU number is -- it's certainly not going back down.

是的。安德魯，我認為，對於本季的 ARPU 指南，我們應該這樣理解：我們本季的 ARPU 成長了約 6%。我再次強調，我認為成長幅度在 5% 或 6% 左右。這得歸功於套餐組合的調整。我並不認為 ARPU 會下降，肯定不會。

I think it's going to stay in that range, consistently low single-digit positive because we have a good visibility into some of the revenue that came from bookings in the past that flows through. And then we hope to continue to mix shift it up.

我認為它將保持在這個範圍內，並持續保持低個位數的正成長，因為我們對過去預訂帶來的部分收入有清晰的了解。之後，我們希望繼續提升業績。

On the guide, I would say that FX has been a nice tailwind, as you can tell in the report from Q2, right? We had a nice tailwind to bookings from FX. And that's certainly driving a meaningful part of the guide, the majority or vast majority of the guide for the back half is we have a nice FX tailwind. \

說到這份指南，我想說FX一直是個不錯的順風車，正如你在第二季報告中看到的，對吧？ FX的預訂量為我們帶來了不錯的順風車。這無疑對指南的貢獻起到了至關重要的作用，後半部分的指南大部分或絕大多數內容都表明，FX帶來了不錯的順風車。

So I think that's how we're thinking about FX playing out through the guide and then peppering in through ARPU. But that takes more time. The ARPU impact of FX is spread out over four quarters, so.

所以我認為我們是這樣想的：外匯效應會貫穿整個指南，然後逐漸影響到每位用戶平均收入 (ARPU)。但這需要更多時間。外匯效應對每位使用者平均收入的影響會分散在四個季度。

Yes. And in terms of Max and our different plans, I think the way we think about it, we now have a bunch of different plants to offer people. there's the free plan, of course, but then there's Super, there's Super Family, there's Max, there's Max Family.

是的。至於Max和我們不同的套餐，我認為我們現在有很多不同的方案可以提供給用戶。當然，我們有免費套餐，還有Super套餐、Super Family套餐、Max套餐和Max Family套餐。

And we need to -- we're always trying to figure out what is the right plan to offer to the right person or at the right time. And of course, it is best for us if people go all the way to Max Family.

我們需要－我們一直在努力尋找合適的方案，在合適的時間提供給合適的人。當然，如果人們能夠一路走到Max Family，那對我們來說是最好的。

That's what's best for us.

這對我們來說是最好的。

That's my favorite.

這是我最喜歡的。

Yes, that's Matt's favorite. But there is just some users for whom Super is probably a better thing, or Super Family or something. And we're always experimenting about what actually increases platform LTV. And that's the driving factor here.

是的，這是 Matt 最喜歡的。但對某些用戶來說，Super 可能會更好，或者 Super Family 之類的。我們一直在嘗試真正提高平台生命週期價值的方法。這就是驅動因素。

Curtis Nagle, Bank of America.

美國銀行的柯蒂斯‧納格爾。

Great. Maybe just a few first, just going back to DAUs. I think (inaudible) was you're not expecting a big change from 3Q to 2Q. Could you elaborate on this? Is this a sequential basis? Is it year-over-year? And in line with the 40% in 2Q? And just some clarification on that would be helpful.

好的。首先我想提幾個問題，回到每日活躍用戶（DAU）的問題。我想（聽不清楚）您預計第二季和第三季不會有太大變化。能詳細說明一下嗎？這是環比增長嗎？是年成長嗎？與第二季40%的增幅持平嗎？如果能就此澄清一下就更好了。

And then, I have a question for Luis.

然後，我有一個問題要問路易斯。

Yes. So what we're basically telling you is that, in general, we try not and haven't historically guided to DAU. Last quarter we did because we had this amazing in Q1, 49% year over year. Yes. Around 50% DAU growth in Q1.

是的。所以我們基本上是想告訴你，我們一般盡量不以每日活躍用戶（DAU）作為參考，而且過去我們也沒有這樣做過。上個季度我們這麼做了，因為我們第一季的業績非常出色，比去年同期成長了49%。是的，第一季的每日活躍用戶成長了大約50%。

And then we knew because of that peak from dead Duo and the tough comps that we've already mentioned, that it was going to be in the 40% to 45% range. So we told you that because we didn't want anyone to get surprised.

然後，根據Duo陣亡帶來的峰值，以及我們之前提到的那些艱難的陣容，我們得知這個數字會在40%到45%之間。我們之所以告訴大家這個數字，是因為我們不想讓任何人感到驚訝。

And so when it's a change of that scale and size and there's clear predictability about it, we want to tell you about it. When it's not something like that, we're not going to opine on the exact numbers. And so that's what Luis mentioned earlier. That, you can take it as year-over-year growth rate sequentially, is that framework that we just laid out for you.

因此，當變化達到這種規模和程度，並且具有明確的可預測性時，我們會告知您。如果變化不大，我們不會對具體數字發表意見。這就是路易斯之前提到的。您可以將其視為同比增長率，這是我們剛才為您列出的框架。

Yes. Year-over-year growth, sequentially. We don't expect a big change.

是的。較去年同期成長，季增。我們預計不會有太大變化。

Okay. That's helpful. And then maybe just going back to the switch from Energy to Hearts and the higher revenue. In terms of what's driving that, is it that cohort of the high usage, not mistaking users who just were -- didn't want to pay? And they're converting?

好的。這很有幫助。然後我們再回到從能量到心形的轉換以及更高的收入。至於推動這項轉變的因素，是不是因為高使用率的使用者群體？他們誤以為是那些不想付費的用戶，而他們正在轉換？

Or is there something else going on? And when is the energy feature fully rolling out? I don't think (inaudible). So yes, just some thoughts on that would be great.

還是有其他事情發生？能量功能什麼時候會全面推出？我覺得（聽不清楚）。所以，是的，能不能分享一下我的想法就好了。

Yes. What's going on is the following. It's, internally, we just had a belief, and this is executing on that belief, is that if you use Duolingo a lot and you are able to pay, for example, if you use Duolingo a lot and you pay for Netflix, you should pay us. That is how we see it. And Energy basically accomplishes that.

是的。具體情況如下。我們內部有一個信念，而這次的行動正是基於這個信念：如果你經常使用 Duolingo，並且有能力付費，比如，如果你經常使用 Duolingo，並且付費觀看 Netflix，你就應該付費給我們。我們就是這樣想的。 Energy 基本上就是在實踐這個信念。

So it used to be the case that there's the type of person that is always going to pay, never mind. They pay with whatever, they just don't like ads, et cetera. But the pacing mechanic, , Energy bias towards, if you make a lot of mistakes you have to pay us, whereas this just biases to, if you use it a lot, it would be good if you paid us. And so that's what we're seeing.

所以以前的情況是，總有那麼一類人，不管什麼遊戲，他們都會付費，只是不喜歡廣告之類的。但是節奏機制，例如能量機制，傾向於如果你犯了很多錯誤，你就得付錢給我們，而這個機制則傾向於，如果你經常使用它，最好還是付錢給我們。這就是我們現在看到的。

And sorry, what else? Oh, rollout. We're rolling it out. It's more than half rolled out on iOS now, as in more than half of daily active users of iOS have Energy. Android is less than half.

抱歉，還有什麼？哦，推出。我們正在推出。目前 iOS 上已經推出了超過一半的功能，也就是說，超過一半的 iOS 日活躍用戶擁有 Energy 功能。 Android 上還不到一半。

So Android is behind iOS. I don't know exactly when we'll be done. But it will be a couple of months, give or take, we'll essentially be done.

所以Android落後於iOS。我不知道我們什麼時候能完成。但大概幾個月後，我們基本上就能完成了。

Hanyi Cai, CITICS.

蔡漢誼，中信證券。

It's another strong quarter. Congratulations on the result. And I have this nice notebook, your collaboration with Luckin in China.

這又是一個強勁的季度。恭喜你所取得的成績。我還有一本很棒的筆記本，上面記錄了你和瑞幸在中國的合作。

Nice. We love that collaboration. It was awesome.

很好。我們很喜歡這次合作。太棒了。

Yes, it was awesome. And I do want to know more about the regional mix that you mentioned on our questions, that it is -- you can see the fast-growing country right now is in China. But in China, you haven't rolled out Max. So is that part of the reason why you're thinking that the Max is behind your expectation, because you are expanding new users in a new market, lower penetrated market, and they are not Max users yet?

是的，非常棒。我確實想了解更多關於您提到的區域分佈情況，您知道目前成長最快的國家是中國。但在中國，你們還沒有推出Max。所以，這是否也是您認為Max發展落後於預期的原因之一？因為你們正在一個新市場、滲透率較低的市場拓展新用戶，而這些新用戶還不是Max用戶。

And my second question is related to your investment, because as we can see, in the first half, you have an adjusted EBITDA ratio, if I'm calculating correctly, 29%. And your guidance for the full year is around like 28.5% to 29%. So I want to know more like what you're investing in the next half of the year and it will be related to new content or it will be related to the new features in AI?

我的第二個問題與您的投資有關。正如我們所看到的，如果我沒算錯的話，你們上半年的調整後息稅折舊攤提前利潤（EBITDA）比率是29%。而您對全年的預期是在28.5%到29%之間。所以我想知道您下半年的投資方向是什麼？是與新內容相關的，還是與AI的新功能相關的？

Okay. I'll take the first question, and then, Matt, you can take the EBITDA question. So we're -- like I said, we're very happy with our growth in all of Asia really. Asia is growing -- it's the fastest-growing region. China was a positive surprise this quarter.

好的。我先回答第一個問題，然後，馬特，你可以回答關於EBITDA的問題。就像我說的，我們對整個亞洲地區的成長非常滿意。亞洲正在成長，它是成長最快的地區。中國市場本季的表現令人驚喜。

It grew faster than we expected. Part of that was the partnership with Luckin. For people who are in the US, I don't think -- it's hard to explain the prevalence of Luckin in China. So that grew faster than expected.

它的成長速度超出了我們的預期。部分原因在於與瑞幸咖啡的合作。我認為，對於身在美國的人來說，很難解釋瑞幸咖啡在中國的受歡迎程度。所以它的成長速度超出了預期。

Probably some of that has to do with Super growing even faster than Max because of that. My sense is that's probably a small amount. My sense is that the reality is just that Super has been -- we've just been doing a better job with Super than with Max. And yes, that's my sense.

這可能部分是因為Super的成長速度比Max更快。我感覺這可能只是很小的一部分。我的感覺是，事實上Super一直以來——我們在Super上的表現比Max更好。是的，我的感覺就是這樣。

Yes. And then on the investment side, again, we feel very happy about the fact that we're able to grow so quickly, expand margins and reinvest. In the back half of the year, we're doing what we think is the most important thing for the long-term growth of the business, which is investing back in the product, which is mainly we do a bunch of hiring.

是的。在投資方面，我們再次對能夠如此快速地成長、擴大利潤率並進行再投資感到非常高興。下半年，我們正在做我們認為對業務長期成長最重要的事情，那就是重新投資產品，主要是進行大量的招募。

We have a bunch of new grads who start in Q3. We also are bringing on a group of people who we're really excited about who are going to help us grow our Music road map.

我們有一批新畢業生將於第三季入職。我們也將招募一批讓我們非常興奮的人才，他們將幫助我們拓展音樂發展路線圖。

I'm extremely excited about that group of people, and I'm going to go have drinks with them very soon.

我對那群人感到非常興奮，我很快就要和他們一起去喝酒。

Yeah. So we're doing those things to invest back in the product. That's a big chunk of it.

是的。所以我們做這些事是為了重新投資產品。這佔了很大一部分。

And then as Luis already mentioned, we're going to spend a small amount of money incrementally on marketing in the back half of the year.

正如路易斯已經提到的，我們將在今年下半年逐步投入少量資金行銷。

I think the overall thing I would say is if you look at the trend in our guide around EBITDA margin by quarter, the guide lines up very closely with what happened last year in actuality in terms of the shape of that curve. So I think this is more normal course as you'd expect.

我認為總體而言，如果你看我們指南中關於季度EBITDA利潤率的趨勢，你會發現該指南的曲線形狀與去年的實際情況非常接近。所以我認為這是一個更正常的趨勢，正如你所預期的那樣。

Last year, Q2 was our highest quarterly EBITDA margin. And I think that's what we're implying is going to be the case this year.

去年第二季度，我們的季度EBITDA利潤率創下了歷史新高。我認為，今年的情況也將如此。

I am showing no further questions. This concludes the Q&A section of the call.

我沒有其他問題了。本次電話會議的問答環節到此結束。

I would now like to turn the call back to Luis for closing remarks.

現在我想請路易斯作最後發言。

Thank you, everyone, for tuning in. Thank you to all the analysts for their questions. We'll see you next time.

感謝大家的收看。感謝各位分析師的提問。我們下次再見。