Duolingo Inc (DUOL) 2022 Q1 法說會逐字稿

Good day, and welcome to the Duolingo First Quarter 2022 Earnings Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Debbie Belevan, Head of Investor Relations. Please go ahead.

美好的一天，歡迎來到 Duolingo 2022 年第一季度財報電話會議。 （操作員說明）請注意，此事件正在記錄中。我現在想將會議轉交給投資者關係主管 Debbie Belevan。請繼續。

Thank you, operator, and welcome to Duolingo's First Quarter 2022 Earnings Call. Today, after market close, we released a shareholder letter with our Q1 results and commentary, which you can find on our IR website at investors.duolingo.com. Today's call will be led by Luis von Ahn, our Co-Founder and CEO; Matt Skaruppa, our CFO; and Bob Meese, our Chief Business Officer. We'll begin with some brief remarks before opening the call to Q&A.

謝謝你，接線員，歡迎來到 Duolingo 的 2022 年第一季度財報電話會議。今天，收市後，我們發布了包含第一季度業績和評論的股東信函，您可以在我們的投資者關係網站 Investors.duolingo.com 上找到。今天的電話會議將由我們的聯合創始人兼首席執行官 Luis von Ahn 主持；我們的首席財務官 Matt Skaruppa；和我們的首席商務官 Bob Meese。在開始問答環節之前，我們將先做一些簡短的評論。

Just to remind everyone, during this call, we'll make forward-looking statements regarding future events and our financial performance, which are subject to material risks and uncertainties that could cause actual results to differ materially. Some of these risks have been set forth in the risk factors of our periodic reports filed with the SEC. These forward-looking statements are based on assumptions that we believe to be reasonable as of today, and we undertake no obligation to update these statements as a result of new information or future events.

提醒大家，在本次電話會議期間，我們將對未來事件和我們的財務業績做出前瞻性陳述，這些陳述受制於可能導致實際結果存在重大差異的重大風險和不確定性。其中一些風險已在我們向 SEC 提交的定期報告的風險因素中列出。這些前瞻性陳述基於我們認為截至今天合理的假設，我們不承擔因新信息或未來事件而更新這些陳述的義務。

Additionally, we will present both GAAP and non-GAAP financial measures on today's call. These non-GAAP measures are not intended to be considered in isolation from, a substitute for or superior to our GAAP results, and we encourage you to consider all measures when analyzing our performance. And with that, I'll turn the call over to Luis.

此外，我們將在今天的電話會議上介紹 GAAP 和非 GAAP 財務指標。這些非 GAAP 措施不應與我們的 GAAP 結果隔離、替代或優於我們的結果，我們鼓勵您在分析我們的業績時考慮所有措施。有了這個，我會把電話轉給 Luis。

Thank you, Debbie, and welcome, everyone. As usual, I want to kick off the call by reminding you of our mission, which is to develop the best education in the world and make it universally available. We work to achieve this mission by continually innovating and improving our products so that they are fun and effective.

謝謝你，黛比，歡迎大家。像往常一樣，我想通過提醒您我們的使命來開始電話會議，即發展世界上最好的教育並使其普遍可用。我們致力於通過不斷創新和改進我們的產品來實現這一使命，使它們既有趣又有效。

Now on to our first quarter results. Since a shareholder letter contains an in-depth discussion of this quarter's performance, Matt and I will provide some brief remarks and then get right into Q&A. Q1 of 2022 was our best quarter yet. We achieved new highs on nearly every metric. In fact, we surpassed our own performance expectations, which led us to raise our full year guidance. We are now projecting full year bookings growth well above 30% and also expect to be profitable for the year on an adjusted EBITDA basis.

現在來看我們的第一季度業績。由於一封股東信包含對本季度業績的深入討論，馬特和我將提供一些簡短的評論，然後直接進入問答環節。 2022 年第一季度是我們迄今為止最好的季度。我們幾乎在每個指標上都達到了新高。事實上，我們超出了自己的業績預期，這導致我們提高了全年指導。我們現在預計全年預訂量增長將遠高於 30%，並預計在調整後的 EBITDA 基礎上今年將實現盈利。

The reason behind this stellar performance is clear: our product-focused strategy is working. Thousands of A/B tests that we run to make our products better are materializing in the form of stronger word-of-mouth user growth, stronger paying subscriber conversion rates and higher overall retention. Our user growth accelerated from the previous quarter. We converted a record number of new paid subscribers, and we retained more of our previous subscribers. All of this resulted in total bookings growth of 55% this quarter compared to Q1 of last year. And now Matt will discuss our updated outlook for 2022.

這種出色表現背後的原因很明顯：我們以產品為中心的戰略正在奏效。我們為改進產品而運行的數千次 A/B 測試正在以更強勁的口碑用戶增長、更強勁的付費用戶轉化率和更高的整體留存率的形式實現。我們的用戶增長較上一季度有所加快。我們轉換了創紀錄數量的新付費訂閱者，我們保留了更多以前的訂閱者。所有這些都導致本季度的總預訂量與去年第一季度相比增長了 55%。現在，馬特將討論我們對 2022 年的最新展望。

Thank you, Luis. As Luis just highlighted, we had a tremendous quarter, and because of that, we are announcing that we are raising our full year guidance. For Q2 2022, we are guiding to $86 million to $89 million in total bookings, $84 million to $87 million in revenue and an adjusted EBITDA of negative $4 million to negative $1 million. For the full year 2022, we are increasing our guidance to $388 million to $397 million in total bookings, $349 million to $358 million in revenue and an adjusted EBITDA of 0 to positive $3 million. Our full year bookings guidance reflects 32% to 35% year-over-year growth, up from the 26% to 30% year-over-year growth we guided to on our last earnings call.

謝謝你，路易斯。正如路易斯剛剛強調的那樣，我們有一個巨大的季度，正因為如此，我們宣布我們正在提高我們的全年指導。對於 2022 年第二季度，我們預計總預訂量為 8600 萬美元至 8900 萬美元，收入為 8400 萬美元至 8700 萬美元，調整後的 EBITDA 為負 400 萬美元至負 100 萬美元。對於 2022 年全年，我們將總預訂量提高至 3.88 億美元至 3.97 億美元，收入為 3.49 億美元至 3.58 億美元，調整後的 EBITDA 為 0 至 300 萬美元。我們的全年預訂指導反映了 32% 至 35% 的同比增長，高於我們在上次財報電話會議上指導的 26% 至 30% 的同比增長。

In terms of our Q2 guidance, I'd like to point out that this is seasonally our softest quarter in terms of absolute bookings because we don't have our New Year's promotion or other big marketing events as we do in Q1, Q3 and Q4. We plan to continue managing the business with strong cost and capital discipline.

關於我們第二季度的指導，我想指出，就絕對預訂而言，這是我們季節性最疲軟的季度，因為我們沒有像第一季度、第三季度和第四季度那樣舉辦新年促銷或其他大型營銷活動.我們計劃繼續以嚴格的成本和資本紀律管理業務。

For the full year, we expect to be profitable on an adjusted EBITDA basis even while we continue to invest in R&D as we have done historically. We expect that non-GAAP R&D as a percentage of revenue should be roughly flat compared to last year. While we expect to continue to get leverage in non-GAAP sales and marketing through more efficient spend, we will see some deleveraging in non-GAAP G&A, primarily driven by our expanded office footprint and the fact that 2022 is our first full year as a public company. And now I'll turn it back to Luis.

全年，我們預計在調整後的 EBITDA 基礎上實現盈利，即使我們繼續像以往那樣投資於研發。我們預計非美國通用會計準則研發佔收入的百分比應與去年大致持平。雖然我們預計將通過更有效的支出繼續在非 GAAP 銷售和營銷中發揮影響力，但我們將看到非 GAAP G&A 的一些去槓桿化，這主要是由於我們擴大了辦公室足跡以及 2022 年是我們作為上市公司。現在我將把它轉回給路易斯。

Thank you, Matt. Before going to Q&A, I'd like to take this opportunity to thank our entire team for their dedication to delivering on our mission. I'd like to thank our learners who spread the word of our products to their friends and family, and I'd like to thank you, our shareholders, for your support. We look forward to sharing more with you in the coming quarters. And now we will be happy to take your questions.

謝謝你，馬特。在進行問答之前，我想藉此機會感謝我們整個團隊為完成我們的使命所做的奉獻。我要感謝我們的學習者將我們的產品傳播給他們的朋友和家人，我要感謝我們的股東們的支持。我們期待在接下來的幾個季度與您分享更多信息。現在我們很樂意回答您的問題。

(Operator Instructions) Your first question comes from Eric Sheridan from Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Eric Sheridan。

Maybe staying focused on the investment commentary in your opening remarks. Can you remind us some of the key priorities on the product side that you're investing against in 2022 and how we should be thinking about that product road map beyond just the next 12 months but over the next couple of years?

也許在你的開場白中專注於投資評論。您能否提醒我們您在 2022 年投資的產品方面的一些關鍵優先事項，以及我們應該如何考慮該產品路線圖，而不是僅僅在接下來的 12 個月內，而是在接下來的幾年內？

Thank you for the question, Eric. So the most important thing to understand is that we're going to be investing the majority of our resources on our language learning app. We think language learning is a massive opportunity. I mean it's about a $50 billion market, which is mostly shifting online, and we are the largest player online. So we're going to be investing mostly in our language learning app.

謝謝你的問題，埃里克。所以最重要的要理解的是，我們將把大部分資源投入到我們的語言學習應用程序上。我們認為語言學習是一個巨大的機會。我的意思是這是一個大約 500 億美元的市場，主要是在線轉移，我們是最大的在線參與者。因此，我們將主要投資於我們的語言學習應用程序。

There, we run

在那裡，我們跑

(technical difficulty)

（技術難度）

metrics, and that's kind of the main thing for the next couple of years. Also, as we said in the shareholder letter, most of the changes that we make are relatively small changes, but we are working on a pretty large change that is going to be live in the next few months, which is a redesign of the home screen of the app.

指標，這是未來幾年的主要內容。此外，正如我們在股東信中所說，我們所做的大部分更改都是相對較小的更改，但我們正在努力進行一項相當大的更改，該更改將在未來幾個月內生效，這是對房屋的重新設計應用程序的屏幕。

Your next question comes from Justin Patterson from KeyBanc.

您的下一個問題來自 KeyBanc 的 Justin Patterson。

Perhaps for Luis and Matt can tack on to this, how should we think about the potential impact to users and monetization from Super Duolingo and the new home screen versus past changes to the app like hearts? And then I have 1 follow-up.

也許對於 Luis 和 Matt 可以解決這個問題，我們應該如何考慮 Super Duolingo 和新主屏幕對用戶和貨幣化的潛在影響與過去對應用程序的變化如心？然後我有 1 次跟進。

Sorry, Justin, can you hear me okay?

對不起，賈斯汀，你能聽見我說話嗎？

Yes, I can hear you, although you did cut out a little bit in your response to Eric.

是的，我能聽到你的聲音，儘管你對 Eric 的回應確實有些刪節。

Okay. Hopefully, I mean, I think we're having a little bit of phone trouble, but hopefully if I cut out, you can just ask again. But okay. So we're making some pretty big changes, I mean, the biggest one was the home screen on the app. There's also a Super Duolingo. In terms of Super Duolingo, we don't think that, by itself, is going to have a pretty major impact on metrics. Super Duolingo, the main reason we're doing the redesign of what our subscription product looks like because we think it really fits in a lot more with our kind of gamify brand.

好的。希望，我的意思是，我認為我們遇到了一點電話問題，但希望如果我中斷了，你可以再問一次。不過沒關係。所以我們正在做一些相當大的改變，我的意思是，最大的改變是應用程序的主屏幕。還有一個超級多鄰國。就 Super Duolingo 而言，我們認為它本身不會對指標產生相當大的影響。 Super Duolingo，我們重新設計訂閱產品外觀的主要原因是因為我們認為它確實更適合我們的遊戲化品牌。

In terms of the reason on the home screen of the app, we do think that's going to really set us up for pretty big improvements into our metrics, mainly in terms of engagement and teaching better. So those are 2 things that we're going to be looking for. I should say also, for the redesign of the home screen, we've done -- we run thousands of A/B tests. We've done some pretty major redesigns roughly every 3 or 4 years, so we have experience doing this type of redesign.

就應用程序主屏幕上的原因而言，我們確實認為這將真正為我們的指標做出相當大的改進，主要是在參與度和更好的教學方面。所以這是我們要尋找的兩件事。我還應該說，對於主屏幕的重新設計，我們已經完成了——我們運行了數千次 A/B 測試。我們大約每 3 或 4 年進行一次相當大的重新設計，因此我們有進行此類重新設計的經驗。

And there's a couple of things to say there. The first one is we're going to really be looking at our metrics to make sure that everything increases when we launch it. By the time we launch the redesign, we will have a lot of confidence that the metrics will have increased. But one thing that I should kind of mention to people is that people don't like change, the users don't like change, and this is a pretty major change to the home screen of the app. So even though we know -- once we launch it, we'll know that our metrics are positive, we may see some negative sentiment here and there, but that's something that we're prepared for. But that's something else, but these are 2 major changes we talked about in the shareholder letter.

那裡有幾件事要說。第一個是我們將真正關注我們的指標，以確保在我們啟動它時一切都會增加。當我們啟動重新設計時，我們將非常有信心指標會有所增加。但是我應該向人們提及的一件事是人們不喜歡變化，用戶不喜歡變化，這是對應用程序主屏幕的一個非常重大的變化。因此，即使我們知道 - 一旦我們啟動它，我們就會知道我們的指標是積極的，我們可能會在這里和那裡看到一些負面情緒，但這是我們準備好的。但這是另一回事，但這是我們在股東信中談到的兩個主要變化。

Okay, perfect. And then for my follow-up, I just wanted to hit on social features. It sounds like you're having some success there, even helping users find love. I guess you could probably spin that as a Duolingo love language app down the road. But I'm curious to hear as to how those social features are benefiting the KPIs, whether it's daily engagement or just better conversion over time, less churn on the app.

好的，完美。然後對於我的後續行動，我只想了解社交功能。聽起來你在那裡取得了一些成功，甚至幫助用戶找到了愛情。我想你可能會在路上把它作為一個 Duolingo 愛情語言應用程序。但我很想知道這些社交功能如何使 KPI 受益，無論是日常參與還是隨著時間的推移更好的轉換，減少應用程序的流失。

Yes. The social features, the beautiful thing about social features is that they help every single metric. Really what they do is they get users to come back more often because their friends who are on Duolingo contact them on Duolingo, so we get users to come back more often. They get users to spend more time on the app. They increase user retention. And because people spend more time on the app, they also learn more and also subscribe more and actually pay us more. So it really -- the social metrics really increase everything and this is why we're investing in them.

是的。社交功能，社交功能的美妙之處在於它們對每一個指標都有幫助。他們真正做的是讓用戶更頻繁地回來，因為他們在 Duolingo 上的朋友在 Duolingo 上與他們聯繫，所以我們讓用戶更頻繁地回來。他們讓用戶在應用程序上花費更多時間。它們增加了用戶保留率。而且由於人們在應用程序上花費了更多時間，他們也學到了更多知識，訂閱了更多內容，實際上支付給我們的費用也更多。所以它真的 - 社交指標真的增加了一切，這就是我們投資它們的原因。

Your next question comes from Mario Lu from Barclays.

您的下一個問題來自巴克萊的 Mario Lu。

So the first one is on the strong bookings number this quarter. I believe you came in 9 points above your guidance at the midpoint. So just curious if you could provide more color in terms of what led to the outperformance. You guys mentioned the New Year's campaign, but anything else to kind of point to that led to this?

所以第一個是本季度強勁的預訂量。我相信你在中點比你的指導高出 9 點。所以只是好奇你是否可以提供更多的顏色來說明導致表現優異的原因。你們提到了新年活動，但還有什麼可以指出導致這一點的嗎？

Yes. Great question, Mario. I mean, the result of our performance, it really is the -- our outperformance really is the result of just hundreds of A/B tests that we've been running -- I mean, thousands, actually, of A/B tests that we've been running over the last couple of years, and it's just a compounding effect.

是的。好問題，馬里奧。我的意思是，我們表現的結果，真的是——我們的卓越表現真的是我們一直在運行的數百個 A/B 測試的結果——我的意思是，實際上，數千個 A/B 測試過去幾年我們一直在運行，這只是一種複合效應。

I mean, if you look at the outperformance on revenue, that comes from basically increased users, also increased conversion to paying subscribers and also increased retention of paying subscribers. So basically, all our KPIs are up. And it really is just the result of compounding effects from just (inaudible). We had a good New Year's campaign, but in addition to that, the month after that, it's also continue outperforming.

我的意思是，如果你看一下收入方面的出色表現，那基本上來自於用戶的增加、付費訂閱者的轉化率增加以及付費訂閱者的留存率增加。所以基本上，我們所有的 KPI 都上升了。它實際上只是（聽不清）複合效應的結果。我們有一個很好的新年活動，但除此之外，在那之後的一個月裡，它也繼續表現出色。

Great. And then just a follow-up on the full year guide, that's great. I guess how should we think about that raise in the context of the first quarter peak? And then any embedded impact from FX or impacts from Russia that you guys can call out?

偉大的。然後只是對全年指南的跟進，這很棒。我想我們應該如何考慮在第一季度高峰的背景下加薪？然後你們可以指出來自外彙的任何嵌入式影響或來自俄羅斯的影響？

Yes, thanks. I'm happy to answer that. So obviously, the full year guide takes into account the results of Q1 patch rolls. The outperformance that Luis was talking about is really broad-based, as we've mentioned so it's not just any one thing in the business. It's improved user growth, conversion and retention. And so the guide takes into account all of those things.

對了謝謝。我很高興回答這個問題。很明顯，全年指南考慮到了第一季度補丁滾動的結果。正如我們所提到的，Luis 所說的出色表現確實是廣泛的，所以這不僅僅是業務中的任何一件事。它改善了用戶增長、轉換和保留。因此，該指南考慮了所有這些事情。

Now I just do want to mention that the world is obviously an uncertain place, and we're obviously paying very close attention to what's going on with the war you mentioned in Ukraine, inflation, interest rates and all those things. And so we've taken a prudent approach to the guide for the rest of the year, just knowing that there is a lot of uncertainty out there.

現在我只想提一下，世界顯然是一個不確定的地方，我們顯然正在密切關注你提到的烏克蘭戰爭、通貨膨脹、利率和所有這些事情的進展。因此，我們在今年餘下的時間裡對指南採取了謹慎的態度，只知道那裡存在很多不確定性。

(technical difficulty)

（技術難度）

Operator, are you there?

接線員，你在嗎？

Everybody, I think you can all still hear us. It seems like the operator essentially disappeared, so we are trying to figure out what to do with the operator for now. Sorry about that. This is Luis again. I think we just lost the operator. How about I tell some jokes? I'm kidding.

大家，我想你們仍然可以聽到我們的聲音。看起來運營商基本上消失了，所以我們現在正試圖弄清楚如何處理運營商。對於那個很抱歉。這又是路易斯。我想我們只是失去了接線員。我講些笑話怎麼樣？我在開玩笑。

Excuse me, but one moment. We'll go ahead and proceed with Q&A here. And it looks like we currently still have Mario Lu within the question queue.

對不起，請稍等。我們將繼續在這裡進行問答。看起來我們目前的問題隊列中還有 Mario Lu。

Mario, can you hear us?

馬里奧，你能聽到我們的聲音嗎？

Yes, I can hear them. I think I'm good for now. I'll just jump back in the queue.

是的，我能聽到他們的聲音。我想我現在很好。我會跳回隊列中。

And next, we will take Ralph Schackart of William Blair.

接下來，我們將介紹威廉布萊爾的拉爾夫沙卡特。

Just in terms of subscription revenue growth in the shareholder letter, obviously, you talked about new and renewing paid users. Maybe just kind of zeroing in on the renewing paid users. Did you change anything maybe on the testing side or product side? Just kind of curious how you're bringing back previous subscribers. And then I have a follow-up.

就股東信中的訂閱收入增長而言，顯然，您談到了新的和續訂的付費用戶。也許只是關注更新付費用戶。您是否在測試方面或產品方面進行了任何更改？只是有點好奇你是如何帶回以前的訂閱者的。然後我有一個跟進。

Yes. I mean we're always running A/B tests to try to continue increasing our number of subscribers. One of the main things that we have been doing to increase renewal rates is increasing the fraction of people that get into the Family Plan. The Family Plan is really good for retention because if you think about it, if you're -- if you have a Family Plan and you're using Duolingo and also your significant other is using Duolingo and also your child is using Duolingo, as long as anybody is still using it, you're going to continue paying.

是的。我的意思是我們一直在運行 A/B 測試以嘗試繼續增加我們的訂閱者數量。我們為提高續訂率所做的主要工作之一是增加加入家庭計劃的人數比例。家庭計劃非常適合留存，因為如果您考慮一下，如果您有家庭計劃並且您正在使用 Duolingo，而您的另一半也在使用 Duolingo，而您的孩子也在使用 Duolingo，因為只要有人還在使用它，你就會繼續支付。

So that's something that we've been -- the fraction of people that are on the Family Plan keeps going up. It's, in fact, doubled since the beginning of the year, and that's really helped us with renewal rates. But other than that, we just continue making the app more and more engaging and that just gets more and more people to subscribe and stay subscribed.

所以這就是我們一直在做的事情——參加家庭計劃的人的比例一直在上升。事實上，自年初以來，它翻了一番，這確實幫助我們提高了續訂率。但除此之外，我們只是繼續讓應用程序越來越吸引人，這只會讓越來越多的人訂閱並保持訂閱。

Great. Maybe a follow-up. Just as travel continues to return, just curious how is that impacting engagement and user and subscriber growth. Is that sort of a primary use case? Just kind of curious how that's impacting the quarter and the sub base.

偉大的。也許是一個後續。正如旅行繼續回歸一樣，只是好奇這如何影響參與度以及用戶和訂閱者的增長。那是主要用例嗎？只是有點好奇這對季度和子基地有何影響。

Travel is one of the many use cases for Duolingo if not the primary use case, and it really, of course, depends on the geography, in some places a little bigger than others, but it's a minority use case. And we do see it, but I don't think that's having -- it's not something that we're keeping an eye on in terms of having a major impact on. So we know people are traveling more. And we do see it, but I just don't think that's had a major impact on our numbers.

如果不是主要用例，旅行是 Duolingo 的眾多用例之一，當然，它確實取決於地理位置，在某些地方比其他地方大一點，但它是少數用例。我們確實看到了這一點，但我認為這沒有——就產生重大影響而言，這不是我們一直關注的事情。所以我們知道人們旅行更多。我們確實看到了，但我只是不認為這對我們的數字產生了重大影響。

And next, we have Andrew Boone of JMP Securities.

接下來是 JMP Securities 的 Andrew Boone。

To start, can we have an update on local pricing, just the testing that you were doing around, I think, it was 4 countries? And then secondly, in the letter, you talked about expanding the language learning market. Can you talk about, just given the fact that we just saw users kind of accelerate through 1Q, how are you going about expanding the top of the funnel to just be more inclusive and bring more users into Duolingo?

首先，我們能否更新一下本地定價，只是您正在做的測試，我認為是 4 個國家/地區？其次，在信中，您談到了擴大語言學習市場。你能談談嗎，鑑於我們剛剛看到用戶在第一季度有所加速，你打算如何擴大漏斗的頂部以更具包容性並為 Duolingo 帶來更多用戶？

Yes. Great question. Let me first talk about expanding the language learning market. I mean this is something that we've noticed in many of our markets. Actually, in the United States, when we asked our users, approximately 80% of our users in the United States were not in the language learning market before Duolingo. So they were not learning a language before us. And so in certain countries, we really are just expanding the market.

是的。好問題。讓我先談談擴大語言學習市場。我的意思是，這是我們在許多市場中都注意到的。實際上，在美國，當我們詢問我們的用戶時，我們在美國大約 80% 的用戶在 Duolingo 之前沒有進入語言學習市場。所以他們沒有在我們之前學習語言。所以在某些國家，我們真的只是在擴大市場。

And I think the reason that happens is we just have -- we have a really iconic brand that a lot of people talk about. And it's also -- it's just really easy to learn with Duolingo. And people tell that to each other. I mean the main way in which we grow is through word of mouth. And the things that people say to each other are just like, "Oh, have you tried Duolingo? It's really easy." And I think that's basically how we're expanding the market. That was one question. What was the other question?

而且我認為發生這種情況的原因是我們剛剛擁有 - 我們擁有一個很多人談論的真正標誌性品牌。而且——使用 Duolingo 非常容易學習。人們會這樣告訴對方。我的意思是我們成長的主要方式是通過口耳相傳。人們互相說的話就像，“哦，你試過Duolingo嗎？真的很容易。”我認為這基本上就是我們擴大市場的方式。那是一個問題。另一個問題是什麼？

Regional pricing.

區域定價。

Regional pricing. Yes, regional pricing question. Yes, so with regional pricing, we continue making progress. We are changing prices in more and more countries. By the way, just for reference, we talked about regional pricing during the IPO. Before the IPO, we really just had 1 price in every single country. We understand that is not optimal. Over the last few months, we have been changing the prices in countries. In the majority of countries, that means reducing the price because the price that we had made a lot of sense for the United States, but the United States is kind of one of the wealthier countries in the world.

區域定價。是的，區域定價問題。是的，因此通過區域定價，我們繼續取得進展。我們正在改變越來越多國家的價格。順便說一下，僅供參考，我們在 IPO 期間談到了區域定價。在首次公開募股之前，我們實際上在每個國家都只有 1 個價格。我們知道這不是最優的。在過去的幾個月裡，我們一直在改變各國的價格。在大多數國家，這意味著降低價格，因為我們對美國來說很有意義的價格，但美國是世界上較富裕的國家之一。

So the majority of countries, we've been testing reducing prices, and that's been happening. And it is having an impact. But the thing that I really want to emphasize about regional pricing is it's just one of literally dozens of levers that we have. And that's -- it is having an impact but it's not a massive impact, like it's not like, oh, because the price is cheaper in some countries, we're suddenly doubling our revenue or anything like that.

所以大多數國家，我們一直在測試降價，而且這種情況一直在發生。它正在產生影響。但我真正想強調的關於區域定價的事情是，它只是我們擁有的幾十個槓桿之一。那就是 - 它正在產生影響，但它不是一個巨大的影響，就像它不像，哦，因為某些國家的價格更便宜，我們的收入突然增加了一倍或類似的東西。

It's a modest impact. And the reason it's a modest impact is because in most of these countries that we're changing the price, these are countries where also digital subscriptions are not very mature. So now the price makes sense but we still probably -- some time has to pass for people to really become used to digital subscription. So that -- so the way we see the regional pricing is it's something that -- it's a necessary condition to really increase our penetration of subscribers in these countries but not a sufficient condition.

這是一個適度的影響。影響不大的原因是，在我們正在改變價格的大多數國家，這些國家的數字訂閱也不是很成熟。所以現在價格是有道理的，但我們仍然可能 - 人們需要一段時間才能真正習慣數字訂閱。所以 - 所以我們看待區域定價的方式是 - 這是真正增加我們在這些國家的訂戶滲透率的必要條件，但不是充分條件。

The next question we have will come from Mark Mahaney of Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Mark Mahaney。

Two questions. So you had this record number of MAUs or new users. Could you provide a little bit -- and I understand all the A/B testing that helped convert them and helped retain them. But could you just talk about how you brought them in, in the first place? And maybe more color, was it particular markets where you're starting to really break through in markets like India or something like that? Just more color on where this record number of new users came from.

兩個問題。因此，您擁有創紀錄的 MAU 或新用戶數量。您能否提供一點點——我了解所有幫助轉換他們並幫助保留他們的 A/B 測試。但是你能先談談你是如何把他們帶進來的嗎？也許還有更多的色彩，是你開始真正在印度等市場取得突破的特定市場嗎？更多關於這個創紀錄數量的新用戶來自哪裡的顏色。

Yes, so okay. The first thing to say is that we're growing in every single region. We are growing a little faster in certain regions. Asia, in particular, and India, of course, is one of our fastest-growing countries, but we're also growing pretty fast in the United States. So we're growing in pretty much every region.

是的，沒關係。首先要說的是，我們在每個地區都在增長。我們在某些地區的增長速度要快一些。尤其是亞洲，當然印度是我們增長最快的國家之一，但我們在美國的增長也相當快。因此，我們幾乎在每個地區都在增長。

And you asked how they came in. The vast majority of our users come in through word of mouth, and that's how they're coming in. And historically, that's been the case for Duolingo, it's organic growth. We have had some marketing campaigns that have been pretty efficient. In particular, in Asian countries, we have found that influencers -- paid influencers really work. And it's not like we've spent a ton of money on that, but that has been really good for us.

你問他們是如何進來的。我們的絕大多數用戶都是通過口耳相傳的方式進來的，這就是他們進來的方式。從歷史上看，多鄰國就是這種情況，它是有機增長。我們進行了一些非常有效的營銷活動。特別是在亞洲國家，我們發現有影響力的人——付費的影響者真的很管用。這並不是說我們為此花了很多錢，但這對我們來說真的很好。

The other thing that has been really good for us in bringing new users is our use of social media, in particular, our TikTok has been -- at least for English-speaking countries like the U.S. and the U.K., our TikTok has been pretty good at getting the word out. But still, the vast majority of our growth comes from word of mouth.

另一件對我們帶來新用戶真正有益的事情是我們對社交媒體的使用，特別是我們的 TikTok，至少對於像美國和英國這樣的英語國家來說，我們的 TikTok 已經相當不錯了在說出來。但是，我們絕大多數的增長都來自口耳相傳。

Okay. And then to date, you've -- just kind of state the obvious question, you've been a language learning app and a really interesting one. And your goal here is much broader than that when you're talking about education. So just talk about the time line and let's set some expectations. Remind us of when Math is coming out, the Duolingo Math product. And then there's obviously a lot more to education than just math and language. So just what else should we -- what else could we see and when could we see it?

好的。然後到目前為止，你已經 - 只是陳述了一個顯而易見的問題，你一直是一個語言學習應用程序，而且是一個非常有趣的應用程序。你在這裡的目標比你談論教育時的目標要廣泛得多。所以只談時間線，讓我們設定一些期望。提醒我們 Math 何時發布，Duolingo Math 產品。顯然，教育不僅僅是數學和語言。那麼我們還應該看到什麼——我們還能看到什麼，我們什麼時候能看到呢？

Yes, that's a great question. And it's true, our ambitions are pretty large. I mean we really do want to do all of education. I do want to say a couple of things. The first is the language learning market is humongous, and we are still -- there's still a lot of runway there. We're just getting started in our monetization and we're just getting started in penetrating the market. So for the foreseeable future, you will see the majority of our growth and certainly of our revenue come from language learning.

是的，這是一個很好的問題。確實，我們的野心很大。我的意思是我們真的想做所有的教育。我確實想說幾件事。首先是語言學習市場是巨大的，我們仍然——那裡還有很多跑道。我們才剛剛開始我們的貨幣化，我們才剛剛開始滲透市場。所以在可預見的未來，你會看到我們的大部分增長，當然還有我們的收入來自語言學習。

We are working on these other apps. We already launched Duolingo ABC, which is for literacy. We are going to have a public beta of our Math app later this year, and that's going to happen. And that's going to grow from there. In terms of contributions to revenue, I don't think you should expect anything this year or even next year. And if there's any, it will be minimal. And the majority -- the main reason for that is just our language learning product is growing so much that it's going to take some time to catch up for that to become meaningful.

我們正在開發這些其他應用程序。我們已經推出了用於識字的 Duolingo ABC。我們將在今年晚些時候對我們的數學應用程序進行公開測試，這將會發生。這將從那裡增長。在對收入的貢獻方面，我認為今年甚至明年你都不應該期待任何事情。如果有的話，這將是最小的。大多數——主要原因是我們的語言學習產品增長如此之快，以至於需要一些時間才能趕上它變得有意義。

(Operator Instructions) The next question we have comes from Arvind Ramnani of Piper.

（操作員說明）我們的下一個問題來自 Piper 的 Arvind Ramnani。

I just wanted to ask, when I look at some of the other sort of digital learning firms, clearly, very different business models but many of them are facing various sort of headwinds. And it kind of looks like you all haven't got any -- you haven't got a memo on kind of the post-pandemic sort of slowdown. In fact, you're kind of seeing pretty good growth. Just wanted to get a sense of maybe from a high-level perspective, like what is so unique about the model where you're not seeing any slowdown? Or is it -- or should we expect a slowdown in the next 2 or 3 quarters?

我只是想問一下，當我查看其他一些數字學習公司時，很明顯，它們的商業模式非常不同，但其中許多都面臨著各種不利因素。看起來你們都沒有任何東西——你們沒有關於大流行後那種放緩的備忘錄。事實上，你看到了相當不錯的增長。只是想從高層次的角度來了解一下，比如你沒有看到任何放緩的模型有什麼獨特之處？或者是——還是我們應該預計未來 2 或 3 個季度會出現放緩？

We have no reason to believe there's going to be a slowdown. In fact, our user -- our growth numbers are accelerating for now. We just -- it's a number of things. The first thing to say is that we really are not. I think when you see a lot of, particularly education things, they really were a COVID story. We are not. If you look at our growth numbers, our user numbers, and basically, we had an organic growth rate before COVID. Then the early kind of lockdown around 2020 of March through May, we did see an increase in demand. But after that, we were back to the kind of pre-COVID growth rates. So I think just kind of for us, COVID was just not what it was for some other companies. That's one thing.

我們沒有理由相信經濟會放緩。事實上，我們的用戶——我們的增長數字目前正在加速。我們只是 - 這是很多事情。首先要說的是，我們真的不是。我認為當你看到很多，尤其是教育方面的東西時，它們確實是一個 COVID 故事。我們不是。如果你看看我們的增長數字、我們的用戶數量，基本上，我們在 COVID 之前就有了有機增長率。然後是 2020 年 3 月至 5 月左右的早期封鎖，我們確實看到需求有所增加。但在那之後，我們又回到了 COVID 之前的那種增長率。所以我認為對我們來說，COVID 與其他公司不同。那是一回事。

I think another thing that is important to say is we are mainly a product-driven company. And if you look at a lot of education companies or many of these other companies, they spend a lot of their resources on marketing, et cetera. We spend the vast majority of our resources on just making a really excellent product that work, that grows through word of mouth. And I think the results are just showing. I mean, basically, the compounding of thousands of A/B tests is making it so the product is just better and better.

我認為另一件重要的事情是我們主要是一家產品驅動的公司。如果你看看很多教育公司或許多其他公司，他們會在營銷等方面花費大量資源。我們將絕大多數資源都花在製作一款真正出色的產品上，該產品可以通過口耳相傳而發揮作用。我認為結果只是顯示出來的。我的意思是，基本上，數以千計的 A/B 測試的複合使產品變得越來越好。

I just want to say one other thing, which additionally, we also just -- language learning is interesting. I mean it is a huge, huge market. And the fact that we're just -- we really are just getting started with this market, with not only with the user growth but also with monetization. I think we're just in a point of the curve that you just continue seeing growth.

我只想說另一件事，另外，我們也只是——語言學習很有趣。我的意思是這是一個巨大的、巨大的市場。事實上，我們只是——我們真的才剛剛開始進入這個市場，不僅是用戶增長，還有貨幣化。我認為我們只是處於曲線的一個點，你只是繼續看到增長。

Terrific. And just from a product perspective, some of the other ancillary -- not ancillary, sort of like tangential like learning, that's repetitive in nature, for example, Math, is there like a time line you'll have that you're able to share? Or is it kind of things like Math not in the near future.

了不起。僅從產品的角度來看，其他一些輔助——不是輔助的，有點像學習的切線，本質上是重複的，例如，數學，是否有一個時間線，你可以擁有分享？還是在不久的將來不會出現像數學這樣的東西。

Sorry, can you hear me?

對不起，你能聽到我說話嗎？

We can hear you.

我們可以聽到你的聲音。

Sorry, can you -- okay. So I was going to say, so with Math, we should see -- we're probably going to release -- not probably, we are going to release a public beta version of the Math app later this year. So it'll be there. But one of the things that I wanted to emphasize again is just that you should not expect any meaningful revenue contribution from the Math app or from these other things, mainly because our language learning is just growing so much that over the next few years, that's where the contribution is going to come from mainly.

對不起，你能——好吧。所以我要說的是，對於 Math，我們應該看到 - 我們可能會發布 - 不太可能，我們將在今年晚些時候發布 Math 應用程序的公共測試版。所以它會在那裡。但我想再次強調的一件事是，你不應該期望 Math 應用程序或其他東西能帶來任何有意義的收入貢獻，主要是因為我們的語言學習增長如此之快，以至於在接下來的幾年裡，貢獻主要來自哪裡。

And next, we have a question from Nat Schindler of Bank of America.

接下來，我們有一個來自美國銀行的 Nat Schindler 的問題。

I just wanted to follow up on that Math comment. I can understand that you're not looking to monetize very quickly. And -- but more what are your thoughts? Most of your subscribers have not been children. There've been adult users historically for Duolingo. People do language learning their whole life. I don't see a lot of people -- and I'm an engineer and a geek, and I don't see a lot of people who sit and do math learning later in life. So is there a real market for adults paying for math learning?

我只是想跟進那個數學評論。我可以理解您並不希望很快獲利。而且——但更多的是你的想法是什麼？您的大多數訂閱者都不是兒童。 Duolingo 歷史上一直有成人用戶。人們一生都在學習語言。我沒有看到很多人——我是一名工程師和一個極客，我沒有看到很多人在以後的生活中坐下來學習數學。那麼，為數學學習付費的成年人有真正的市場嗎？

That's a great question. I mean so the first thing to say is this is -- these are new products and we're going to develop them. We're very bullish on Math because we think this is something that pretty much everybody needs to learn. The majority of the people that are going to be using it are probably not going to be adults, although we think that there's some market for adults related to brain training. But we think it's going to be mainly children.

這是一個很好的問題。我的意思是，首先要說的是——這些是新產品，我們將開發它們。我們非常看好數學，因為我們認為這是幾乎每個人都需要學習的東西。大多數將要使用它的人可能不是成年人，儘管我們認為成年人有一些與大腦訓練相關的市場。但我們認為這將主要是兒童。

Now the thing to say about that is this is what -- we have a lot of children users of Duolingo. And in addition to that, this is one of the reasons why we're so excited about our Family Plan. We're increasing the fraction of our subscribers that are in the Family Plan, and the idea is going to be to bundle the multiple learning products into this Family Plan. And that's something that we think will be very successful.

現在要說的是——我們有很多多鄰國的兒童用戶。除此之外，這也是我們對家庭計劃如此興奮的原因之一。我們正在增加家庭計劃中訂閱者的比例，我們的想法是將多種學習產品捆綁到這個家庭計劃中。這就是我們認為會非常成功的事情。

Well, at this time, we're showing no further questions. I will then plan to conclude today's Q&A. At this time, I'd like to hand the conference back over to the management team for any closing remarks. Sir?

好吧，目前，我們沒有再提出任何問題。然後，我將計劃結束今天的問答。在這個時候，我想把會議交還給管理團隊做任何結束語。先生？

Just thank you. Thank you very much, everybody, for the great questions. And yes, we look forward to speaking again next quarter, and sorry about the operator dropping off. They probably went and got addicted to Duolingo. Okay, bye.

只是謝謝你。非常感謝大家提出的好問題。是的，我們期待在下個季度再次發言，並對運營商下線感到抱歉。他們可能去了並沉迷於多鄰國。好的再見。

Everyone, we do thank you for your patience, and we thank you, sir, for your time today and to the rest of the management team. The conference call has now concluded. Again, we thank you. Take care, and have a wonderful day.

大家，我們非常感謝您的耐心，先生，我們感謝您今天的時間以及管理團隊的其他成員。電話會議現已結束。再次，我們感謝你。保重，度過美好的一天。