Duolingo 2022 Q2 Earnings Call
发布时间 2023-05-26 12:05:57 来源
Good afternoon and welcome to Dueling Go's second quarter, 2022 earnings webcast. Today after market closed we released our quarterly shareholder letter with our Q2 results and commentary which you can find on our IR website at doinvestors.duelinggo.com. With me today are Luis Manon, our co-founder and CEO, Matt Scarubar, CFO and Bob Mies, our Chief Business Officer. They'll begin with some brief remarks before opening the call to Q&A. And also we'll be able to ask a question by using the raise hand feature and all other attendees are in listen only mode. Please note that this event is being recorded.
大家下午好，欢迎参加Dueling Go 2022年第二季度业绩网络研讨会。今天收盘后，我们发布了一封季度股东信，附有我们的Q2业绩和解读，您可以在我们的IR网站（doinvestors.duelinggo.com）上找到。今天与我一起的是我们的联合创始人兼CEO Luis Manon，首席财务官Matt Scarubar和首席业务官Bob Mies。他们将在开放问答之前先做简要的发言。请注意，您可以通过举手功能来提问，其他参会者只能听取。请注意，此次活动正在录制。
And just a reminder that we will make for looking statements regarding future events and financial performance which are subject to material risks and uncertainties and have been set forth in the risk factors of our SEC filings. These for looking statements are based on assumptions that we believe to be reasonable as of today and we have no obligation to update these statements as a result of new information or future events. And additionally we will present both GAP and non-GAP financial measures on today's call. These non-GAP measures are not intended to be considered in isolation from a substitute for or superior to our GAP results. And we encourage you to consider all measures when analyzing our performance.
这里提醒大家，我们将发布关于未来事件和财务表现的展望性声明，这些声明受到实质性风险和不确定性的影响，这些因素已在我们提交给SEC的风险因素中详细说明。这些展望性声明基于我们今天认为合理的假设，并且我们没有义务根据新信息或未来事件更新这些声明。此外，在今天的电话会议上，我们将展示基于通用会计准则和非通用会计准则的财务指标。这些非通用会计准则的指标并不意味着可以孤立地考虑或替代我们的通用会计准则结果。我们鼓励您在分析我们的业绩时考虑所有指标。
And with that I will turn the call over to Luis. Thank you Debbie and welcome everyone. So we went public just over a year ago and as part of that process I wrote a letter to lay out my vision for what this company will do. It was a short letter and the whole thing said this. I'm just going to read it. The main thing you need to know is that I plan to dedicate my life to building a future in which through technology every person on this planet has access to the best quality of education. And not only that but a future in which people want to spend their time learning. Building was the platform for building that future and we are just getting started.
我现在将把通话转给Luis。谢谢Debbie，欢迎大家。我们1年多前上市，我在那个过程中写了一封信，说明了我对公司未来的愿景。信很短，全文如下，我读一下：你需要知道的主要是我计划把我的生命奉献给建设一个未来，在这个未来中，通过技术，地球上的每个人都有机会获得最好的教育质量。不仅如此，这个未来还将让人们愿意花时间去学习。建造平台是构建这个未来的平台，我们只是刚刚开始。
Since I wrote that letter we have made a lot of progress towards that vision. We have increased our user base substantially. When we went public last year we had about 9 million daily active users. Now we have over 13 million. We had about 38 million monthly active users. Now we have nearly 50 million. We had less than 2 million paying subscribers and now we have 3.3 million. In the first half of last year we had about 130 million in bookings and in the first half of this year we had nearly 200 million. As these numbers show we have executed well and achieved or surpassed our targets. But the spirit of my IPO letter was that we are at the beginning of our journey and I believe in that message now more than ever.
自从我写了那封信，我们在实现愿景方面取得了很大的进展。我们的用户基数大大增加。去年我们上市时，我们有大约900万日活跃用户。现在我们已经有了超过1300万。我们拥有约3800万月活跃用户。现在我们有了近5000万。我们不到200万付费订阅用户，现在我们有了330万。去年上半年，我们的预订额约为1.3亿美元，而今年上半年接近2亿美元。这些数字显示我们执行得很好，并实现或超越了我们的目标。但我上市信的精神是我们的旅程才刚刚开始，我现在更加相信这一信息。
We want to build a company that is iconic and durable. We want to build a company that lasts 100 years. So while we pay attention to the near term macro environment we always stay focused on the long term and on the future. And with that I will turn it over to Matt to talk about our financial outlook.
我们希望打造一家标志性和持久的公司。我们希望打造一家持续100年的企业。因此，虽然我们注意近期的宏观环境，但我们始终专注于长期和未来。现在我会转交给马特谈谈我们的财务展望。
Thank you Luis. We delivered strong results in the second quarter, beating expectations. We grew the top line at over 50% and we were profitable on a new just a EBITDA basis. It was also our fourth consecutive quarter with accelerating user growth. This gives us the confidence to increase our four year guidance or remaining appropriately prudent given the current uncertainty in the macro environment. So our guidance for Q3 2022 is 94 to 97 million dollars in total bookings, 93 to 96 million dollars in revenue and then the adjusted EBITDA of negative 4.5 to negative 1.5 million dollars.
谢谢Luis。我们在第二季度取得了强劲的业绩，超过了预期。我们的收入增长率超过50%，在新的EBITDA基础上实现了盈利。这也是我们连续第四个季度加速增长的表现。这让我们有信心提高我们的四年业绩预期，同时考虑到当前宏观环境的不确定性，我们仍然保持谨慎态度。因此，我们对2022年第三季度的指导是总预订金额为94至97百万美元，收入为93至96百万美元，调整后的EBITDA为负4.5至负1.5百万美元。
So the four year 2022 we are increasing our guidance to 404 to 410 million dollars in total bookings, 361 to 367 million in revenue and an adjusted EBITDA of positive 4 to 7 million dollars. Our four year bookings guidance reflects 37 to 39% year of year growth up from the 32 to 35% year of year growth that we guided to on our last earnings call. I also want to discuss foreign exchange rates and how they impact our guidance. We estimate on a constant currency basis compared to Q2 of last year, our Q2 2022 bookings would have been just over 4% higher. This is a result of the dollar strengthening nearly 9% over the past year against the basket of currencies that make up our bookings and the fact that just over half of our bookings come from outside the US.
因此，我们在2022年的四年计划中将总预订额的指导范围提高到4.04亿到4.1亿美元，营收为3.61亿到3.67亿美元，调整后的EBITDA为正4到7百万美元。我们的四年计划的预订额反映出37%到39%的年度增长率，高于我们上次收益电话中指导的32%到35%的年度增长率。我还要讨论外汇汇率及其对我们的指导影响。我们估计，在恒定汇率的基础上，与去年Q2相比，我们2022年Q2的预订额将增加约4%。这是由于美元在过去一年中对组成我们预订的货币篮子的汇率上升了近9%，而我们的预订约一半来自美国以外的地区。
Our updated guidance takes into account the strengthening of the dollar in the first half of the year and assumes current prevailing foreign exchange rates. Note that every 1% increase in the value of the dollar versus our basket of currencies would have about a 1 million dollar impact on total bookings in the second half of the year. We continue to manage the business with fiscal discipline as we have since our founding.
我们更新的指导方针考虑了美元在上半年的加强，并假定当前普遍的外汇汇率。请注意，如果美元对我们的货币篮子升值1%，将会对下半年的总预订额产生约100万美元的影响。我们仍然像自创立以来一样，以财务纪律来管理业务。
In the second half of 2022, we anticipate that R&D is a percentage of revenue will increase starting in Q3 as it does most years as we bring on new university hires. R&D will increase slightly as a percentage of revenue in Q3 and then in Q4 we will settle back down to where it has been year to date. We should start seeing some slight leverage in GNA in the back half of the year. Finally, I want to note that we are on track to hit our dilution guidance of 2% to 3% for the year and that we ended the quarter with approximately 47.4 million fully diluted shares outstanding using the average Q2 closing price.
在2022年下半年，我们预计研发费用将占收入的比例将从Q3开始增加，这和我们招聘新的大学毕业生有关。研发费用将在Q3略微增加，然后在Q4将回落到今年迄今为止的水平。我们应该会在后半年开始看到部门一般管理和行政费用出现轻微杠杆作用。最后，我想指出，我们已经在符合我们的股份稀释预测，即年度接受的稀释率在2%至3%之间。截至Q2的平均收盘价，我们的总共稀释股份大约为47.4万。
And now I'll turn it back to Luis. Thank you, Matt. Before we take your questions, I'd like to express my gratitude to our talented group of employees who put their collective hearts into our mission every day in order to serve our learners and change their lives through education. Oh, I guess I'm also supposed to remind everyone to do their dueling lessons today. I got it. I got it. Okay, we're going to do our lessons. Okay. Okay. Anyways, I'd also like to remind everyone to watch DuelCon on August 26, which is our annual conference for all things Dueling. And now we would be happy to take your questions. I'll turn it back to Debbie to manage the queue.
现在我将把话题转回给路易斯。谢谢你，马特。在回答你们的问题之前，我想向我们那才华横溢的员工团队表达我的感激之情。他们每天都全心投入我们的使命，为了服务我们的学员并通过教育改变他们的生活。哦，我想我还应该提醒大家今天要完成他们的对决课程。我明白了。好的，我们来完成我们的课程吧。好的。总之，我也想提醒大家观看8月26日的对决大会，这是我们的年度会议，涵盖了所有关于“对决”的事情。现在我们很乐意回答你们的问题。我将把队列的管理交给黛比。
All right. Thanks, Luis. So your first question comes from Andrew Boone of JMP Securities. Hi, guys. Can you grab some of the strong results and thanks for taking my questions. Can we just start with the offer performance in Malmwandao? I'd love to understand that. And then just stepping back as we think about growth on a go for basis and we start to look at 2023 with a little bit finer of a point of pencil. Is it fair to think about 20 to 25% for Dow growth and 10 to 15% for Malgoth, which I think was the soft guidance at the point of the IPO?
好的。谢谢你，Luis。你的第一个问题来自JMP Securities的Andrew Boone。嗨，伙计们。你们能谈一下强劲的业绩，并感谢你们回答我的问题吗？我们可以先从Malmwandao的业绩表现开始谈起吗？我想了解一下。然后，当我们思考公司未来增长的问题，并在更精细的层面上观察2023年的情况时，考虑到Dow的增长率在20%至25%之间，而Malgoth在10%至15%之间，这是否是IPO时的软性指导意见？
Well, thank you, Andrew, for your question. I'll talk a little bit about our current performance and then I want to let Matt talk about our guidance. So for the outperformance, I mean, look, it's a number of factors. But I think, you know, if you ask me, the main factor is just something we've said from the time we IPO, which is we're still in the early days of our journey. We're still in the early days of our VAU growth. We're still in the early days of our revenue growth. And so we're still in a nice part of the curve. And so there's that.
感谢你的问题，安德鲁。我将简单谈一下我们当前的表现，然后让马特谈一下我们的指导意见。关于超额表现，我认为这有多种因素。但是我认为，我们从IPO起就已经说过，最主要的因素是我们仍在旅程的早期阶段。我们的VAU增长和收入增长仍处于早期阶段，所以我们还处于曲线的好部分。
I should say one thing, which is that the macro environment is pretty crazy as you know. So far, we have seen no weakness in our numbers whatsoever and we expect pretty strong numbers. But things are crazy. And I can't tell you that we're going to be immune forever to whatever is going on in the macro environment, but so far, no weakness in our numbers. I don't know Matt, if you want to talk about the guidance.
我应该说一件事，就是宏观环境非常疯狂，你们都知道。到目前为止，我们的数字没有显示任何弱点，我们预计将有相当强的数字。但是形势是疯狂的。我不能告诉你们，我们将永远免疫于宏观环境中发生的任何事情，但到目前为止，我们的数字没有显示出任何弱点。Matt，如果你想谈谈指引，我不知道你。
Yeah, for sure. So yeah, so Andrew, we don't guide to MA or DAU explicitly. When we went public, we did mention that historically looking back, MAU grew between 10 and 15% and DAU grew between 20 and 25%. And as you've seen earlier this year, we've all performed those numbers. But those numbers are pretty long dated time series data. So I don't think that those numbers are fundamentally changed. We've had nice performance here. But again, we're not going to guide formally to it. But if you just look at the long times series of data, those numbers are certainly in the range.
当然，安德鲁，我们不会明确地指导月活（MA）或日活（DAU）。在我们上市时，我们提到过历史上，MAU增长了10%至15%，DAU增长了20%至25%。正如你们今年早些时候所看到的，我们的表现达到了这些数字。但这些数字是相当长时间序列的数据。所以我认为这些数字的基本变化并不大。我们在这里表现得很好。但是，我们不会正式地指导这些数据。但如果你只看数据的长时间序列，这些数字肯定在这个范围内。
And then you guys now are live again in China. Can you just speak to the opportunity there and what that could possibly mean for the business over maybe three to five years, right? Not near term, but kind of more medium. Thanks so much.
你们现在又在中国直播了。你能谈一下那里的机会，以及对业务未来三到五年的意义吗？不是短期内，而是中期。非常感谢。
Yeah, thanks. Thanks for the question about China. So, you know, we said in the Shareholder letter, we're back live in China. So what happened in China was that we were taken down from the app stores a few months ago. And what that meant was that current users could still use doing what new users couldn't download it. We are back in the app stores and we're back to the DAU and revenue levels that we had before. We had been taken down. Now China's, China's, you know, it's an interesting country. There's a lot of potential with China, but it's still a small market for us. And it's about one to two percent of our DAUs and MAUs and a little under one percent of our revenue. I, you know, I think the thing to say about China is, of course, it's the largest language learning market in the world in particular for learning English. But it is very hard for Western companies to do well there. So the way we see it is we're investing in it. We're not betting the company on it. And you know, my guess is as good as yours about what's going to happen with a, you know, Chinese landscape. Okay, great.
谢谢你关于中国的问题。正如我们在股东信中所述，我们已经重返中国市场。几个月前，我们的应用被从应用商店下架。这意味着现有用户仍然可以使用应用，新用户无法下载。现在我们已经再次进入应用商店，并且我们的DAU和收入水平已经恢复到之前被下架之前的水平。中国是一个充满机遇的国家，尽管是我们的小市场，仅占我们DAU和MAU的1-2%，收入不到1%。对于西方公司来说，要在中国做得很好确实非常困难。因此，我们把它视为投资而不是公司主营业务的赌注。至于中国市场的未来，我的猜测和你一样好。
And your next question comes from Eric Sheridan of Goldman Sachs. Thanks so much for taking the question. And great to see everyone. I'm always intrigued when you put the stuff in the letter on the A B testing. Anything to highlight there where you've seen elements of the A B testing moved out of testing mode and into the app that you're the most excited about even their driving on usage side of the monetization side. Just can we get a better sense of some of the bridging from testing into implementation in the business? That would be number one. And number two, any update on math as a product, both on the investment cycle behind it and how you think about launching it more widely, you know, as we move on to future quarters. Thanks so much. Thank you. Thank you, Eric, for the questions.
你的下一个问题来自高盛的埃里克·谢里登。非常感谢您的回答。很高兴见到大家。我对你在信中提到的 A B 测试的内容总是很感兴趣。是否有任何重点提示，您已经将 A B 测试的元素移出测试模式并应用到应用程序中，最让您兴奋的是它们对使用和变现方面的推动。我们能否更好地了解一下测试与实施的桥梁，这将是第一点。第二点，对于 “数学” 作为产品，有关其投资周期和您如何考虑在未来几个季度推出更广泛的更新，是否有任何更新？非常感谢。谢谢埃里克提出的问题。
Okay. And as we mentioned in the letter, we run about 500 A B test per quarter. So we're really testing all kinds of things. Some things are pretty tiny. Some of the A B tests are just like one word of change in some button and some are pretty large features. Two that we highlighted in the letter that I'm particularly pretty excited about. One is the quests tab. So it's a whole tab in the app that's basically going to induce users to do certain actions. And generally gets them to use the app more. And the thing about using the app more is they use it, you know, more days in a row. Every day that they use it, they spend more time on it. And we know that people who use the app more also are more likely to subscribe. So we really like that. That's one that we're really excited about. Another one that we mentioned in the letter that also I'm particularly excited about is this thing called site quests, which are in the new home screen of the app. We're going to be able to tap on the animated characters and that's going to give you kind of these fun little mini games to obviously to practice your language. Now to play them, you're going to have to pay with gems.
好的。 正如我们在信件中提到的，我们每季度大约进行500次A B测试。 所以我们真的在测试各种东西。 有些东西非常微小。 一些A B测试仅更改某个按钮中的一个单词，而有些则是相当大的功能。我们在信中强调了两个我特别感到兴奋的项目。 其中一个是任务选项卡。 因此，这是应用程序中的一个完整选项卡，基本上会促使用户执行某些操作。 通常会让他们更多地使用应用程序。 使用应用程序更多的好处是，他们使用它的天数更多。 每天使用的时间更长。 我们知道，使用应用程序更多的人也更有可能订阅。 因此，我们非常喜欢它。 这是我们真正激动的一个项目。 我们在信中提到的另一个我特别感到兴奋的是名为站点任务的东西，它们在应用程序的新主屏幕上。 我们将能够点击动画角色，并获得有趣的小型游戏，以显然练习您的语言。 现在，要玩它们，您必须用宝石支付。
And the gem economy and dual English something that we're very excited about because it's going to help us with in-app purchases, which is something that we're going to be investing on for the next few years. Right now our revenue for in-app purchases is relatively small. It's a couple of percentage points. But we think we can grow that quite a bit. And we think that's pretty interesting, particularly in certain geographies where people don't love paying for recurring subscriptions. So that's kind of in A&B test. You asked about math and thank you for the question that's something that we're very excited about. But when people ask us about math or the willing-go ABC, which is our literacy app, I like to remind everyone that for the foreseeable future, certainly this year, next year and even the year after that, we're primarily a language learning company. Language learning is a massive opportunity.
我们非常兴奋的是，珠宝经济和双语英语将有助于我们在应用内购买中。这是我们未来几年将要投资的事项。目前，我们的应用内购买收入相对较少，只有几个百分点。但我们认为这可以大幅增长。特别是在某些地区，人们不太喜欢付费进行重复订阅。因此，这是一项A＆B测试。你问到了数学，感谢你的问题，这也是我们非常兴奋的事情。但是当人们问我们有关数学或Willing-go ABC（我们的识字应用程序）时，我想提醒大家，至少在可预见的未来，即本年度、下一年度甚至接下来的一年，我们将主要是一家语言学习公司。语言学习是一个巨大的机会。
The majority of our investment and the majority of our revenues are going to come from language learning for the next three to five years. Now with the math app, we have it on my phone. I use it every single day. It turns out it's pretty fun. It turns out practicing third and fourth grade math is pretty fun, at least for nerds like me. So we have it, we're likely to, the plan is still going according to plan and we're going to put it out, we're going to put a beta version of the app to the whole world this year. So it's still going according to plan and I'm particularly excited about it. Great.
在未来三到五年里，我们的大多数投资和收入将来自语言学习。现在，我们的数学应用程序已上线，我每天都在使用它。它其实很有趣。练习小学三四年级的数学也很有趣，至少对像我这样的书呆子来说。所以我们将按计划发布一个beta版本的应用程序，让全世界都能使用它。计划仍在按照计划进行，我特别兴奋。太好了!
And your next question comes from Ralph Schekert of William Blair.
你的下一个问题来自William Blair的Ralph Schekert先生。
Great. Thanks for taking the question and also good to see everybody. Just in terms of the home screen, you know, talking about the excitement there to really improve engagement, maybe just an update what you're seeing there with the testing. Then just an additional question on regional pricing, how is that effort going? What are you learning from your test? If you price regionally also the willingness of some of the use of PR, you know, you'll understand that. Thank you Ralph.
太好了。谢谢你回答问题，也很高兴见到大家。就主屏幕而言，你提到非常兴奋地想要提高用户的参与度。能否给我们更新一下测试的进展情况？还有一个问题是关于区域定价的，你们在这方面的努力如何？你们从测试中学到了什么？如果你们进行区域定价，用户的使用意愿会有所不同吗？谢谢Ralph。
So you ask, the first question was about the home screen. So the home screen as just to remind everyone, we are, we are completely changing the home screen of dual English. It's a pretty large change. So the home screen used to be this thing that we call the tree where you, users had a lot of options about where to learn next to a linear path that, you know, where users were basically going to be guiding users what to learn next. And you know, we've talked about this. This is something that we're currently, it's currently being still. We're being very careful with such large changes. You usually are pretty careful with them.
We're testing it. It is currently live for a fraction of our users on iPhones, Android's and Web. So on all our platforms, it's currently live. The results so far are great in that it's exactly what we expected. And just to remind everyone with what we expected with these results.
你问的第一个问题是关于主屏幕的。所以主屏幕，只是为了提醒大家，我们正在彻底改变双语佳句的主屏幕。这是一个相当大的改变。主屏幕曾经是一个我们称之为“树”的东西，用户有很多选项可以选择学习路径，沿着线性路径，向用户推荐下一个要学习的内容。我们已经讨论过这个问题。目前仍在进行，我们对这样的巨大变化非常谨慎。我们正在测试它。它目前适用于部分iPhone、安卓和Web用户。到目前为止，结果非常好，正是我们所期待的。只是为了提醒大家，我们期望这些结果是什么。
This is a brand new version of the home screen. The previous home screen was there for years. I don't know how many years, five, six years or something like that. And it was hugely optimized. This new version is a brand new version that hasn't been optimized. And all we were looking for when we put this there is parody of metrics. If we're able to achieve parody of metrics with an unoptimized home screen versus the highly optimized sort of local maximum thing that we had before, then this is a really good position to be in because we can take the unoptimized one and then optimize it like crazy. And so far it's looking like that. So far it's looking like the metrics that we have pretty much parody and metrics. And so it's exactly what we wanted.
这是一个全新版本的主屏幕。之前的主屏幕已经存在了很多年了。我不知道是五年，六年，还是其他年数。它已经被极大地优化过了。这个新版本是一个全新的版本，还没有被优化。我们放置它的唯一目的就是达到指标的平衡。如果我们能够用一个未经优化的主屏幕来实现指标的平衡，而不是之前高度优化的本地极值，那么我们就处于一个非常好的位置，因为我们可以将未经优化的主屏幕优化到极致。到目前为止，它看起来就是这样。目前看来，我们拥有的指标基本上是平衡的，这正是我们想要的。
My estimate is that we're going to be rolling it out to all our users. Like really, basically, there will be no users that don't have it by the end of the quarter. That's my estimate. And so we're looking pretty good with the home screen.
我的估计是我们将把它应用到所有用户身上。换句话说，到本季结束时没有任何用户不会使用它。这是我的估计。因此，我们的主屏幕看起来相当不错。
The regional pricing, again, this is something else just to remind everyone. When we IPO'd, we had the same price in every single geography. And that really was the price that was a good price for the United States and maybe Western Europe, but it was not a great price for most countries in the world. Over the last year, we've basically changed the prices in most countries.
We've re-regenised prices. It took us a while to do this because when we run the experiment to change the prices, we really are trying to measure what that's going to do for our long-term bookings and kind of looking for lifetime value of users. And we're trying to see what it does for re-ops of the subscription, so renewals and everything. It took us a while to do this, but by now, the prices are pretty good for most countries. As in, they are what you would expect given the GDP of each country, for example.
“区域定价，我再次提醒大家。当我们进行IPO时，我们在所有地区都采用相同的价格。而这个价格只适合美国和西欧，对于世界上大多数国家来说并不是一个很好的价格。过去一年，我们基本上在大多数国家改变了价格。
我们重新计算了价格。这需要一段时间，因为当我们试图改变价格时，我们真的在努力衡量它对我们长期预订的影响，并寻找用户的“终身价值”。我们还试图看看它对订阅的再次购买和续订等方面的影响。我们用了一段时间才完成这项工作，但现在，大多数国家的价格都相当合理。例如，它们符合每个国家的GDP所期望的价格。”
Now what that did is for countries like the US, the prices didn't change all that much, so that's good. And then most of the big changes where usually for poor countries, the prices went down quite a bit. And we see that as a first step of many that need to be taken to monetise the poor countries. Obviously, monetise countries like the US or Western Europe, we monetise a lot better there than we would monetise in a country like Brazil or Peru or Vietnam or something like that. And in order to really monetise well in those countries, in the poor countries, I think just a number of things need to happen.
那么，这样做对于像美国这样的国家来说，价格并没有有太多变化，这是好事。然后大多数的变化通常是对于贫穷国家的，价格下降了不少。我们认为这是需要采取的许多步骤之一，以将贫穷国家货币化。显然，要在美国或西欧这样的国家进行货币化，我们在那里会比在像巴西、秘鲁或越南这样的国家货币化得更好。为了在这些贫穷国家实现良好的货币化，我认为需要发生许多事情。
The first step is that your price needs to be right. We did that. And so that was a win. And it increased, it was an increase in bookings, but it wasn't like at 10X. Sometimes people think, oh, now you have the right price, so you're just going to 10X bookings in Brazil or something. That's not what happened and that we didn't expect that to happen, because a number of other things need to happen in places like Brazil or like an India or something like that. For example, just people are not as used to paying for recurring digital subscriptions. So another thing that we need to do is probably we need to work on kind of more alacard in a purchases to improve that.
第一步是确定你的价格是否正确。我们已经做到了这一点，所以这是一个胜利。这增加了订购量，但并没有增加十倍。有些人认为，一旦你拥有了正确的价格，你就可以在巴西等地的预定次数增加十倍。但事实并非如此，我们也没有期望会发生这种情况，因为在巴西或印度等地，还有许多其他需要解决的问题。例如，人们不太习惯支付循环数字订阅费用。因此，我们可能需要在多点购买的方面进行改进，以提高订购量。
We also need to probably improve forms of payment that sometimes people just don't have the right form of payment. So this is just a number of things that we need to do and this was step number one. Thanks, Louise. Thank you, Ralph.
我们也需要改善付款方式，因为有时人们可能没有合适的付款方式。所以这是我们需要做的一些事情，这是第一步。谢谢，路易斯。谢谢，拉尔夫。
Okay, and your next question comes from Ryan McDonald of Needham. Hi, thanks for taking my questions. Lisa, I wanted to first start with the dueling of English tests. Obviously, some really strong growth that accelerated on a year or a year basis. I'm curious what you're seeing there between whether it's just a mix of stronger international enrollments, bag and eye, or ed domestically, or if this is our result of sort of the increase to number of universities that you have on the platform.
你下一个问题来自Needham的Ryan McDonald。嗨，感谢您回答我的问题。Lisa，我想首先询问英语测试之间的竞争。显然，它在一年或一年的基础上实现了强劲的增长。我很想知道您在这方面看到了什么，是因为国际注册人数增加，还是国内外教育方面的投入增加，还是因为您平台上大学数量增加了。
Yeah, thank you for asking about the dueling of English tests because it's something, it's a project that is very near and dear to my heart and it's something that we're very excited about.
谢谢你问我英语测试对决的事情。这是一项我非常关心的项目，我们非常兴奋。
Just kind of again, to set the station to remind everyone because not as many people know about the dueling of English tests. So this is our second largest product. Most people know us for a language learning app. The dueling of English tests is our second largest product. It's a standardized English proficiency exam so you go to a website and you take a test and it tells you how good your English is. Turns out those are used for a lot of things in standardized English exams.
再次提醒大家，我们的英语测试竞技场并不为人所熟知，因此请大家关注该站点。竞技场是我们的第二大产品，大多数人都知道我们是一款语言学习应用程序。英语测试竞技场是我们的第二大产品，它是一种标准化英语水平考试，你可以去网站上参加测试并了解自己的英语水平。事实证明，这些测试在标准化英语考试中被广泛应用。
One of the main uses, not the number one use, but one of the main uses for standardized English exams is university admissions. So for foreign students, so when people want to come to the US to study, say Stanford or Duke or something, they have to apply and they have to prove that they can speak English. So they can take the dueling of English test to prove that they can speak English. That business is growing really, really nicely for us.
标准化英语考试的主要用途之一，虽不是第一用途，但是也是重要的用途，是用于大学录取。因此，对于外国学生而言，当人们想要来到美国学习，比如斯坦福大学或杜克大学，他们必须申请并证明自己会说英语。他们可以参加英语能力测试，以证明他们能够说英语。这一业务对我们而言增长非常快。
And the main place where this is growing is just we're just getting a lot more adoption of institutions accepting our test. So it means and it's mainly universities. Historically we started with US universities and by now depending on how you measure it, but about 80% of US universities are accepting our test. We are increasing our efforts in the US obviously to get to 100% that's what we'd like to get.
目前，我们自主研发的测试工具的应用在机构中的普及正在向前发展，尤其是在大学方面。历史上，我们从美国的大学开始普及测试工具的使用，到目前为止，根据不同的衡量标准，大约80%的美国大学都接受我们的测试工具。当然，我们会不断努力提高在美国推广的力度，以实现100%的接受率。
But also we're increasing our efforts in other big markets of English proficiency exams. That's Canada, the UK and Australia. And those we're increasing again. And so the combo of just a lot more institutions accepting our test is what has led to more people taking the test. The other thing that has led to that is because now in the US we just have quite a bit of acceptance. If you apply to the US for example, the top 25 universities in the US in terms of international student enrollment, 100% of them, 25 of the top 25 accepted dueling English tests. So by now if you're applying to the US, it is likely that those universities will take the dueling English tests.
我们还在加大在英语能力考试的其他重要市场的力度，包括加拿大、英国和澳大利亚。我们在这些市场上的努力也在持续增加。所以说，更多的机构接受我们的考试，加上美国现在也有很高的接受度，这就导致越来越多的人参加了我们的考试。另外，现在美国的情况是，如果你申请美国的大学，特别是申请国际学生大量入学的前25所大学，它们全部接受我们的英语考试。因此，如果你申请美国，那么这些大学可能会接受我们的英语考试。
So the other thing that we're doing is just getting the word out that this is the case and this has helped quite a bit in countries like India or China, which is where most of the test tickets are, just getting the word out that we are as accepted as the other tests has helped quite a bit. And I think that that will continue happening.
我们正在做的另一件事就是让人们知道这一点，这在印度或中国这样的国家帮助了不少。只要让人们知道我们的考试和其他考试一样被认可，就可以帮助很多人。我认为这种情况还将继续发生。
Super helpful, Collar. And then maybe just from a follow up perspective on the core language learning app. Obviously it's great to see no macro negative impacts thus far. But as we think about potential recession or tightening of consumer discretionary budgets, you too much research on where your users are coming from. And I ask at the reason of, is there potential here of seeing an acceleration in the shift from offline language learning to online, given that it's 30 to 60 bucks an hour for a language tutor and person versus, obviously that's nearly the price of an annual subscription. Just curious your thoughts.
非常有帮助，Collar。然后，就核心语言学习应用程序的跟进方面来说，我们需要考虑潜在的经济衰退或消费者自由预算紧缩的可能性。显然，迄今为止没有宏观负面影响是很好的。但是我们需要研究一下你的用户来自哪里。我想问的是，是否存在可能从线下语言学习向在线学习加速转变的机会，因为一个语言导师每小时收取30到60美元，而在线学习的价格显然接近年度订阅价格。只是好奇您的想法。
Thanks. Yeah, that's a really good hypothesis. One that I wish were true. And I don't know if it's going to be true or not. I mean, because we just haven't really hit the recession, at least for that. But I think we believe that we believe that not just not just the recession. I actually think over time, we believe that the market is going to shift more online.
谢谢。是的，那是一个非常好的假设。我希望那是真的。但我不知道它是否会成真。因为我们还没有真正经历过衰退，至少对于那个领域而言。但我认为我们相信，不仅仅是衰退的问题。我认为随着时间的推移，我们相信市场更多地将转移到线上。
And just to remind you in terms of the language learning market, language learning market is about 60 billion dollars a year. The vast majority of it is still offline, where people are basically paying to take night classes in Brazil to learn English or something like that. Like that's the majority of the market. Over the years, we've seen a slightly shift online.
只是想提醒您，在语言学习市场上，年交易额约为600亿美元。绝大部分仍然是线下的，人们基本上通过支付学费来参加巴西的夜间英语课程或类似课程。这是市场的主要部分。多年来，我们看到了稍微转向线上学习的趋势。
And by the way, we've basically helped a lot with the online shift. We're hoping that this will continue happening. And it's a good question about whether the recession is going to help with that just because offline language learning is a lot more expensive. The honest answer is, I don't know if that will be the case, but it stands to reason that it will. But I'm just, I don't know.
顺便说一下，我们基本上已经帮助了很多人转向在线学习。我们希望这种趋势能够继续下去。有一个很好的问题，就是经济衰退是否会有助于这一点，因为线下语言学习要显得更加昂贵。老实说，我不知道这会不会是这种情况，但有道理会这样。只是我不确定。
Thanks for the color from Graves again. Yeah, thank you.
再次感谢Graves提供的色彩，谢谢你。
And your next question comes from Justin Patterson of Keybank.
你的下一个问题是来自Keybank的贾斯汀·帕特森。他问…
Right, thank you very much. For us as a variance of Eric's question, it looks like there's been a lot more iteration on more products. Consumer user facing features recently. I'd love to hear about just how the pace of innovation has improved as that DAU and the EU base is a facilitated more A, B tests. And then secondly, you mentioned Duocon Luis. Anything you're particularly excited about coming up. Thank you.
非常感谢。针对Eric的问题变体，看起来你们在更多产品上进行了更多的迭代，最近的消费者用户界面功能也有较大改进。我很想听听您对创新速度如何提高的看法，以及随着DAU和EU基础增加更多的A、B测试情况。其次，您提到了Duocon Luis。是否有什么特别令您兴奋的即将到来的事情。谢谢。
Okay, so first in terms of the pace of innovation. So two things affect our pace of innovation. One is the number of users that we have to experiment with. As they increase, we can run more experiments at a time that helps. The other thing that helps, of course, is the number of people working on the product. So you know, the number of engineers, the number of product managers and the number of designers that we have working on the product help us run more experiments.
好的，首先是关于创新的步伐。有两个因素会影响我们的创新步伐。其一是我们可供尝试的用户数量。随着用户数量的增加，我们能同时运行更多的实验，这有助于提高步伐。另一个有帮助的因素当然是参与产品开发的人数，包括工程师、产品经理和设计师的数量，他们的参与帮助我们进行更多实验。
And so that's basically what's happening. You know, we are hiring more and more people. Of course, we are hiring prudently. You know, you're not going to see us doing layoffs or anything like that. We're hiring prudently, as we have for the whole time. But that's basically what increases the pace of innovation.
所以基本上就是这样的情况。你知道，我们正在雇用越来越多的人。当然，我们是审慎地招聘。你知道，你不会看到我们裁员或者类似的事情。我们一直都是审慎地招聘。但这基本上是增加创新速度的原因。
And so you are right. We are running more A, B tests. Every quarter is pretty much the case that every quarter we run more A, B tests than the previous quarter. And it's just we have more people working on them.
所以你说得对。我们正在进行更多的A，B测试。每个季度实际上都会比上个季度进行更多的A，B测试。这只是因为我们有更多的人在进行测试。
So that's the A, B testing. And you know, in terms of Duocon, you should just tune in. There's a lot of really cool stuff coming in coming up. You miss a great opportunity to produce it.
那么，这就是A/B测试的意思。对于Duocon来说，你应该关注一下。即将推出许多非常酷的东西，你错过了一个非常好的机会去生产它。
Just walk in behind you again. Duoc has a very hard job. It's like Santa Claus. He has to be everywhere at once, reminding everybody to do their lessons. So I don't know where he is. Thank you.
我会跟在你身后走。Duoc有非常辛苦的工作，就像圣诞老人一样，他必须同时在各个地方提醒每个人做他们的功课。我不知道他现在在哪里。谢谢。
All right, and the next question comes from Aaron Kessler of Raymond James.
好的，下一个问题来自雷蒙德·詹姆斯的亚伦·凯斯勒。他的问题是什么？
Great. Thank you. One, you showed some nice marketing leverage in the quarter. Can you just talk about that? Should we expect a little bit of maybe a few leverage in the back half of the marketing side? And maybe with kind of ad rates are apparently coming down a bit.
很好。谢谢。您在季度中展示了出色的营销杠杆效应，能否谈一下这方面的情况？我们是否可以期待在营销方面在后半年有一些杠杆作用？也许由于广告费用似乎有所下降。
Just wondering if that's helping you on the marketing efficiency side. On the other hand, are you seeing any negative implications on your advertising revenues from a kind of lower performance-based advertising that we've seen this quarter? Thank you.
想知道这是否对你的市场效率有帮助。另一方面，你是否看到了任何负面影响，比如我们本季度看到的基于表现的广告收入较低？谢谢。
Yeah, I'm happy to take that. So part of the advertising leverage this quarter was driven by just a shift in spend. So we were going to spend at this quarter. We're going to spend at next quarter. That's about, it'll shake out to be between around one to two million dollars. So there's some of that.
没问题，我很愿意接下来。这季度广告的一部分优势是由于支出转移所驱动的。我们计划在这个季度支出，但实际上我们会在下个季度进行。这部分优势大约达到了一到两百万美元左右。所以这是其中一部分原因。
But in the back half of the year, we would expect to see some deleveraging in Q3 because of what I just said, that shift. But then in Q4, it should be right back to kind of where it was this quarter-ish. So nothing kind of seminal or crazy going on in the SNM line.
但在下半年，由于我刚刚说的那种变化，我们预计第三季度会看到一些去杠杆化。但在第四季度，它应该会回归到本季度左右的水平。因此，在SNM部分并没有什么重大或疯狂的事情发生。
The second part of your question is true. We did see average revenue per DAU go down on the marketing side of the business. Just like I think other folks who were taking in marketing dollars saw.
你提问的第二部分是正确的。我们确实看到了市场营销业务中每个活跃用户的平均收入下降。就像其他从营销资金中获利的人一样。
So good news for us was that if that went down in the order of 10%, because DAU's went up so much, the net effect turned out to be that advertising dollars still grew relatively nicely for the quarter. So we're still monitoring that.
好消息是，尽管DAU增长很快，如果广告量下降了10%，那么净效应是广告收入仍然相对不错。我们仍然在监控这个情况。
That does seem to be something that could persist throughout the rest of the years. That average revenue per DAU going down. But like I said, with user growth, we can offset that.
这似乎是一个可能持续到未来几年的事情，即平均每个日活跃用户的收入下降。但正如我所说，随着用户增长，我们可以抵消这种影响。
By the way, average revenue per DAU on advertising? Yeah, exactly.
顺便问一下，广告每个DAU的平均收入是多少？是的，没错。
Great, thank you. And your next question comes from Mario Lou of Barclays.
太好了，谢谢你。接下来的问题来自巴克莱的Mario Lou。
Great. Thanks for taking questions. So the first one's on the bookings, be in the second quarter. I believe you'd be your guy by 11% at the midpoint. So just wondering if you could provide some color. You can do well with the main drivers for the outperformance. Any user acquisition channels you can call out that outperformed.
太好了。谢谢您接受提问。第一个问题是关于第二季度的预订。我相信您会在中点处增长11%。所以，我想知道您是否能提供一些详细信息，说明业绩超出预期的主要因素是什么。您是否能指出一些成功的用户获取渠道？
Yeah, that's a great one. Yeah. So the beat on the guide was driven in part by the fact that when we issued that guide, you know, we were early on in the quarter, there was a lot of macro uncertainty. And so we were being appropriately prudent.
是的，很不错。当我们发布那个指南时，节奏部分是由于当时我们刚开始进入季度，还存在许多宏观不确定性，因此我们采取了适宜的谨慎态度。
There was also outperformance, even over internal expectations on certain metrics, like user growth. We performed really well on conversion and retention. And so those were really the core components of what led to the, to the bookings, beat. And so, you know, and then when we look to guidance going forward, we're taking all those outperformance into account for the rest of the year.
在某些指标上，例如用户增长方面，我们的表现超出了内部预期，也取得了优异的成绩。我们在转化和留存方面表现得非常出色，这些是带动预订额超越预期的核心因素。因此，当我们展望未来的指导方针时，我们考虑到了整个年份所有取得的优异表现。
But then also we're still layering on, you know, a prudent outlook given there is so much uncertainty as Luis mentioned. So, thank you.
但同时，正如路易斯所提到的，由于存在如此多的不确定性，我们仍然采取谨慎的态度。谢谢。
（翻译者注：该句为一口语化表达，意思为“我们仍然保持谨慎的态度，因为存在很多不确定性，就像路易斯所说的。感谢您。”）
And then just follow up on the side quest and quest. Those both look very exciting. I guess, you know, just at a high level. You said side quest is increased revenue requests is increasing engagement. But I guess, you know, in terms of a being a language app, I guess, can you remind us, you know, what incentive users have in order to kind of spend more gems or is that still being tested?
那么就跟进旁线任务和主线任务吧，它们看起来都非常刺激。我想，你知道的，在高层次上，你说旁线任务可以增加收益，增加用户参与度。但是，在作为语言应用程序方面，你能否提醒我们，用户在什么方面有动力花更多的宝石，或者这还在测试阶段吗？
In terms of spending more gems, it's just the whole gamification of duolingo, people really get into it. And it's a pretty complex ecosystem. So one of the things that happens is, so the usual user journey would be something like this. A user is using duolingo and they get really into the leaderboards. The leaderboards, by the way, are these kind of groups of people of 50 random people you're there. And if you're in the top, well, it's actually 30 random people. And if you're in the top 10, you increase to the next league, et cetera, they get really into that. And then they're really trying to figure out how to get more and more XP per minute, more points per minute. And then it turns out that things like side quests give a good number of XP. So people try, you know, try them.
在花费更多宝石方面，这只是Duolingo的整体游戏化，人们非常喜欢它。它是一个相当复杂的生态系统。因此，一个常见的用户经历可能是这样的。一个用户正在使用Duolingo，他们非常喜欢排行榜。顺便说一下，排行榜是由50个随机人员组成的小组，如果你排名前30，你就晋升到下一个联赛，他们非常喜欢这个。然后，他们试图弄清楚如何每分钟获得更多的XP、更多的得分。然后事实证明，像支线任务这样的东西可以获得很多XP，所以人们会尝试去完成它们。
And then they really enjoy that. And so they enjoy it. Also gives them a lot of XP's. So that will get them to spend gems. So it's stuff like that that gets people to really do this. So it's basically a kind of a tight gamification loop. Great. Well, just don't make it too much pay to win like some games. I don't worry. We spend a lot of effort on that. We really, we really do want to make sure that everything that we do is really good for learning in the end too. I mean, this is we spend a lot of effort for making sure that the side quests that, you know, basically when you're when you're earning XP, we try to make it so that you're learning proportional to how many XP you're you're getting. Great. Thank you.
然后他们真的很享受这个。所以他们喜欢它。它也为他们提供了很多经验点数。这将让他们花费宝石。所以这就是让人们真正参与其中的一种紧密的游戏化循环。太好了。只是不要让它像一些游戏那样支付过多的胜利。我不担心。我们在这方面付出了很多努力。我们真的非常想确保我们所做的每一件事都对学习有益。我的意思是，我们花了很多力气确保副任务，也就是当你获得经验点数时，我们试图让你学习的程度与你获得的经验点数成比例。太好了。谢谢。
All right. And the next question comes from Arvin from Naani at pi per sandwich. Thanks guys. Just a couple of questions, you know, serving this is the first time you're talking about potential impact of macro. And I'm not sure if you'll have seen this prior sort of macro cycle. So maybe when you did your different company or everything at that time. But assuming that we see some some impact on on the business from a micro perspective.
好的。下一个问题来自来自Naani的Arvin 谢谢你们。我有几个问题，你们第一次谈论宏观潜在影响。我不确定你们之前是否看到过这种宏观周期的影响。也许你在之前的其他公司中有遇到过。但是，假设我们从微观的角度看到了一些对业务的影响。
Do you think the impact will be more on the, you know, mid teen top of the funnel growth or more on the conversion to paid subs ready to anticipate kind of the first sort of hit to be. And I think that's a great question. I don't know. I mean, it's very hard to know. I mean, so far, we have seen no weakness in our numbers. And so it's hard to know, you know, if I could think about it and theorize about it. For example, my guess is that free users are not going to like basically our free user growth is going to continue equally.
你认为这个影响会更多地集中在中期少年的顶部增长，还是更多地集中在转化为付费订阅的准备，以应对第一次打击。我认为这是一个很好的问题。我不知道。很难知道。到目前为止，我们的数字没有出现任何疲软的迹象。因此很难知道，你知道吗，如果我考虑一下并理论化一下。例如，我猜测自由用户不会喜欢，基本上我们的自由用户增长会同样持续。
You know, if people are having real tough time economically, they're they may be less likely to to subscribe. Now one thing that I should say is that, you know, this is this is just hypothesis by the way about why we are a little less immune by this is that are. But I don't know if this is true or not. But you know, the fact that we're that we're a freemium model. And the free product is so good. What that means is that already the people that are that are paying or the people that are not paying a lot of them or the people that are having trouble sorry paying a lot of them anyways, we're just using the product for free. And that may be the case of you know, and when we have uses everywhere in the world in poor countries, a country like India or something, just very few people are paying us and they're just using dual and go for free.
你知道的，如果人们在经济上遇到困难，他们可能不太可能订阅。现在有一件事情我必须说的是，你知道的，这只是一个假设，可能是为什么我们不太受到影响的原因。但我不知道这是否为真。但你知道的，我们是一个免费模式。而且我们的免费产品非常好。这意味着，已经付费的人或者经济上有困难支付的人很多情况下都在免费使用我们的产品。当我们有用户遍布世界上的贫穷国家，如印度等，很少有人向我们付费，他们只是免费使用我们的产品。
Now we don't mind that because. That's actually good for us because people tell their friends and this is how we grow and also when people use to a lingo, we have more users and we can run more a be test and make the whole product better, etc. So we don't mind that. But but it's you know, ultimately it's just very hard to know what's going to happen so far we have seen no weakness in our numbers though.
现在我们并不介意这个问题。实际上，这对我们来说是好事，因为人们会将这个产品告诉他们的朋友，这是我们发展壮大的方式，而且当人们习惯使用这个语言时，我们就会有更多的用户，我们可以进行更多A / B测试，使整个产品变得更好等等。所以我们不介意。但是，你知道，最终很难知道会发生什么，到目前为止我们还没有看到我们的数字有任何弱点。
So then from a pricing perspective, you know, you even go back to two years when you are private, you'll have kind of one pricing model. You have multiple you're starting to introduce more pricing models. I think kind of the family plan is is kind of probably the newest pricing model. How should we think of pricing models, are they going to be like additional ones coming about like you know, as you anticipate potentially some macro headwinds are you being a little bit more creative on pricing should we expect some of that the next six months or so.
因此，从定价的角度来看，您知道，即使您在两年前是私人的，您也可能有一种定价模型。您现在开始引入更多的定价模型。我想家庭计划可能是最新的定价模型。我们应该如何考虑定价模型，它们会像你预期可能会有一些宏观面临的困难吗，你是否会在定价方面更具创造力，我们是否应该在未来六个月左右期待一些变化。
So the first thing to say about pricing is that we're always experimenting not only in terms of pricing and in different geographies and in terms of packages, what is the relative price of the family plan versus the individual plan versus you know the year leavers the monthly we're always experimenting. So you're going to see us continue experimenting and if we see something that wins and by the way, wins means not just short term wins for long term.
关于定价，首先要说的是，我们在不同地区、不同套餐以及不同定价策略方面进行了不断的实验。比如说，我们会考虑家庭套餐相对于个人套餐的价格，年费相对于月费的价格等等。我们一直在探索不同的选项。未来，你们也会看到我们继续进行实验，寻找长期获胜的策略，而获胜的定义不只是短暂的成功，而是长期有效的。
So whenever we do the experiments, we really try to see that they actually increase the lifetime value of users, whenever something wins you'll see us change it. But you know it's very hard to say what will happen in the next six months. I don't think you'll see anything that I don't think you'll see any new fundamentally different packages because we're not working on anything like that.
所以，每次我们进行试验时，我们真的会努力确保它们实际上可以增加用户的生命周期价值。每次获胜后，你会看到我们更改它们。但是你要知道，很难说接下来六个月会发生什么。我不认为你会看到任何 fundamentally different（根本性不同）的新产品包，因为我们没有在研究这样的东西。
So the actual packages that we have there's the monthly the yearly and annual plan, which you know could be monthly or yearly. I don't think you're going to see any fundamentally new thing, but you may see kind of different prices and it's just very hard to say what will happen because we're just going to continue experimenting. And just just last question you certainly have I think you know 450 500 AB sort of testing off those which one do you think has sort of the biggest potential for to impact your your revenue or your margins.
因此，我们实际上有三种套餐，分别是月度、年度和年度计划，这可能会是每月或每年的。我认为你不会看到任何基本新的东西，但你可能会看到不同的价格，而且很难说会发生什么，因为我们将继续尝试。最后一个问题，我想你肯定有450到500个AB测试，你认为哪个对你的收入或利润率影响最大。
Out of all the 500 tests that we're running, which do you think the single one has the most potential I don't know. And the two that I'm most excited about are the ones that I put in our shareholder letter. Most excited about those two side quests and the quest app.
我们正在进行的500个测试中，你认为哪一个有最大的潜力？我不知道。而我最为兴奋的是那两个测试，它们已在我们的股东信中提到，它们是“侧边任务”和“Quest”应用程序。
But you know I am sometimes good at predicting what's going to be really big and sometimes I'm actually really bad at predicting what's going to be really big.
但你知道有时候我很擅长预测哪些事情会变得非常大，有时候我真的很糟糕，难以预测哪些事情会变得非常大。
意思是，说话人在预测事情的发展时，有时候很准确，但也有时候会犯错误。
So those are the ones that I put there that I like. All right, perfect. Looking forward to seeing me. It's good turning into new content. It's going to be good. Yeah, I'm sure. Thanks. All right, and next question comes from Mark Mahaney at Evercore.
这些我喜欢的是我放在那里的。好的，太棒了，期待见到我。制作新内容是一件好事。这会很好的。是的，我确信。谢谢。好的，下一个问题来自Evercore的马克·马哈尼。
That's two questions. Please one on where you think penetration rates can go first subscribers as percentage of MAUs. I asked the question because I think at the time of the IPO a couple years ago, maybe you thought I could looking at some of the dating apps, maybe you get the double digits. I don't know if you said that or the market certainly thought something like that. If you look at that chart, you know that that you have in your shareholder letter that curve looks pretty darn good like.
这是两个问题。请先回答关于渗透率的问题，即订阅者占活跃用户的百分比。我问这个问题是因为我认为在几年前的 IPO 时，你可能认为看一些约会应用程序，也许可以达到两位数。我不知道是你说的还是市场确实认为这样。如果您看一下那张图表，就会发现您在股东信中提到的曲线看起来非常不错。
My guess is that it may even be going faster than you would have thought so I don't know just a new thoughts you may have on where that penetration could go long term in the second. I just want to ask about two markets China and India. I know somebody already asked you about India, but I want to phrase the question this way that the risk of war there seems so asymmetric to me. I think you know when I think you've talked about country launches before not necessarily being dramatically capital intensive.
我的猜测是它可能比你想象的要快，所以我不知道你对渗透能走多远的长期看法。我想问关于中国和印度这两个市场的问题。我知道有人已经问过你关于印度的问题，但我想用这种方式来表达这个问题，即战争的风险对我来说似乎是非常不对称的。我认为你知道当我认为你之前已经谈论过国家发射，并不一定需要巨额资本投入。
You've had viral growth in so many markets, but the number of potential cups MAUs and subscribers out of China. I think it seems to be dramatic, especially for what you're offering. And so I wanted to just ask you to talk about that a little bit. I understand all the volatility about being allowed and not allowed in, but just seems so asymmetric, the opportunity there and just give us a quick update on India where things are because I think that's been one of your better markets, but I also think growth markets, but I also think you may have had some regulatory issues there.
在这么多市场中，你们的病毒式增长很快，但在中国市场，你们的潜在用户数和订阅者数量似乎有点少。考虑到你们所提供的业务性质，这似乎是一个戏剧性的问题。所以我想问一下你们能否稍微谈一下关于这个问题的解决方案。我知道你们在中国的市场准入存在很多不确定因素，但机会似乎非常不对称。同时，你们还能给我们一个有关印度市场的最新情况的简要介绍吗？我认为印度市场是你们最好的市场之一，但也可能存在一些监管问题。
So any update on that. So those are the three questions. Thank you. Great. Okay, so penetration. So you're right. I'd say our penetration of the fraction of paying subscribers to MAUs has definitely outperformed what I thought would happen when we IPO, we had been seeing kind of a 1% that's point growth per year. So, you know, each year it would go from like 3% to 4% from 4% to 5%.
关于这个问题有任何更新吗？这三个问题就是这些。谢谢。好的，渗透率。你说得对。我会说我们的付费订阅用户占活跃用户的比例已经比我预计上市时要好，我们一直在看到每年增长1% 的趋势。所以，你知道，每年的增长从3%到4%再到 4%到5%。
The last couple of you know, since IPO, it seems we were up to about 2% to each point per year. So it is, it is more than I expected. And, and you know, I think that that that we're very happy with that. And you know, your question is, you know, how, how, how high can I get? We still don't know. I don't see a reason why this can't get to the mid teens. I don't see a reason why this can't happen.
从IPO以来，最近这一对，似乎我们每年可以增长大约2％。所以这比我预期的要多。而且，我们很高兴。你知道，你的问题是，我能达到多高？我们还不知道。我没有看到为什么这不能达到中十几岁。我没有看到这不能发生的原因。
But it's very hard to say now I'll say one other thing, which I think a lot of people concentrate on this, this metric of, you know, percentage of paying subscribers versus MAUs. And we don't have a metric that we inside the company operate against. We are, we don't have a team trying to improve this metric, we're not trying to do that.
但现在很难说。我想说另外一件事，这是许多人集中关注的指标，这就是付费用户占月活跃用户百分比的指标。在公司内部，我们没有一项针对这个指标的运营指标。我们没有一个团队在努力提高这个指标，我们也不会试图去做这件事。
And part of the reason is because what we're really trying to improve is kind of long term bookings. And for some stuff, you know, one, one easy way to increase that metric, for example, is to lower our price significantly. And that, you know, that metric could go up quite a bit, but we probably we may be making less revenues. It's not clear exactly what will happen.
我们之所以想要改进的一部分原因是因为我们真正想要提高的是长期预订。对于一些内容而言，降低价格是一种简单的提高这个指标的方式。这可能会显著提高这个指标，但我们可能会少赚一些收入。目前还不清楚会发生什么。
You know, there's there's some experiments, certainly when we did a regional pricing that probably made it go a little faster because we lowered our price in many countries and that made it go a little faster. So it's stuff like that. But it's just it's not something that we that we necessarily obsess about. But it is something that it seems like certainly Wall Street seems to care about. So we talk about it.
你知道的，一些实验，尤其是当我们进行区域价格设置时，可能会使我们的业务更为迅速，因为我们在许多国家降低了价格，这使得业务更加迅速。这就是这种事情。但这并不是我们一定要着迷的事情。但似乎华尔街确实关心这个问题。 所以我们会谈论它。
And, and yeah, one second on the on that penetration rate. So Mark, part of that acceleration that you're seeing, and it is an acceleration. And it came from the fact that we have a higher mix of annual plans now. So over the past four quarters, we've increased the annual plan mix because of what Louise mentioned, which is we view that as a two times as a two times as big LTV is the monthly plan.
嗯，还有关于渗透率的话题。马克，你所看到的增长部分是由于我们现在有更高比例的年度计划。在过去的四个季度中，我们增加了年度计划的比例，这是由于路易丝提到的原因，我们认为年度计划的价值是月度计划的两倍。这是导致加速增长的原因之一。
So part of that penetration may go from one to two percent was the natural impact of that mixed shift. And so over time, since we're now, you know, almost at 90% annual plans. You would expect that to trend back towards the middle of that one to two percent range. So I think that's an example of what we're talking about, which is the metric we care about is LTV. And so these derivative effects, which are, you know, increasing the paid penetration, but, but the metric is LTV. So.
部分穿透率变化从1到2％可以自然地影响那种混合转换。而随着时间的推移，由于我们现在几乎达到90％的年度计划，您可以期望其趋势回到1到2％范围的中间。所以我认为这是我们所谈论的事例，即我们关心的指标是LTV。因此，这些派生效应，虽然增加了付费渗透率，但是指标是LTV。
Great. So then your next question was about China and India. Let me talk about India first. I think it's a little easier. So we haven't had any regulatory issues in India. That's just not something that we've ever had India. India has been very nice to us. It's an interesting market for us. It is one of our fastest at times. It is the fastest. I don't know if today it is the fastest, but at times it is the fastest growing country in the whole world for us in terms of daily active users. It keeps growing. It is now one of our top five markets a while ago.
好的。那么你接下来的问题是关于中国和印度的。让我先谈谈印度。我认为这比较容易。我们在印度没有遇到任何监管问题。这在印度是不存在的。印度一直对我们非常友好。对我们来说，这是一个有趣的市场。在一段时间内，它是我们增长最快的市场，甚至是全世界增长最快的国家之一。它不断发展。现在它已经成为我们前五大市场之一了。
It wasn't even in the top 20. And there's just a ton of people in India. Now, the thing with India is that it has been great for user growth, free user growth in particular. For revenue, we have not monetized it. And in fact, for a while, we actually had revenue turned off in India. And we're we're in the process of turning it back on and I'll tell you the reason why we had turned it off. It just turns out that the Indian consumers are just not very used to freemium models.
这甚至没有列入前20名。而印度人口众多。印度对用户增长非常有利，特别是免费用户增长。但对于收入，我们并未实现商业化。实际上，在一段时间内，我们实际上在印度关闭了收入。我们正在将其重新启用，并告诉你关闭原因。事实证明，印度消费者不太习惯免费模式。
And so when when we would give the offer to describe they thought that it was a hard paywall and they would stop using the window like we were getting out of here. So what we did is temporarily turned that off. And so we were making no money from India for a while. We're back. You know, we're either either like either we're already back. We're about to be back. This is one of those things where we're experimenting on to be making money in India. But so far, I think it's a lot of users. There's a lot of great opportunity. And I think, but I think the challenge within India is just getting people to pay is I think a lot of companies have a hard time with that.
当我们向用户提供购买服务的时候，他们认为这是严格的付费壁垒，会停止使用我们的服务。因此，我们暂时关闭了这个功能，从印度这个市场暂时没有盈利。现在我们又回来了，我们已经回来了或者即将回来，我们正在尝试在印度市场赚钱。到目前为止，印度市场有很多用户和巨大的机会。但是，印度市场的挑战在于如何让人们付费，这也是很多公司面临的难题。
So that's India. China China China. So we have we have a we have an office in China. We have an office in Beijing. They are they are very high performing the reason we are originally opened that office was to growing China. And they did a really good job. I mean, we really started growing quite a bit in China. Before we got turned off in the app stores China was our fastest growing market.
这就是印度，而中国则是关键词。我们在中国设有办公室，位于北京。那里的团队表现很好。我们最初设立这个办公室是为了在中国发展业务，而他们做得非常出色。在我们在应用商店受挫之前，中国一直是我们增长最快的市场。
The other nice thing about China is that consumers actually also pay. And it is the largest English learning market in the world. So it is something we're going to continue investing in. But you know, we're prudent. I mean, I think it would be foolish for us just just just having seen what has happened to all. And the majority of Western companies that invest a lot in China, I think it would be foolish for us to suddenly invest 200 million dollars to grow in China. It's just that just unlikely to happen.
中国的好处之一是，消费者真正也付费用。而且，它是全球最大的英语学习市场。因此，这是我们将继续投资的领域。但是，我们很谨慎。我认为，如果我们看到了所有已经发生的事情，并且大多数西方公司在中国投资了很多，我们突然投资2亿美元来发展中国，这将是愚蠢的。这种情况不太可能发生。
But we're going to continue investing and I will continue growing now the nice thing about Dueling goes that it grows organically. So you know, we haven't needed to go and spend 50 million bucks in a given market to grow anything. It just we do something where we spend maybe a million dollars on some influencer marketing or something and then from then on the flight will takes over. So the nice things we don't have to spend that much. And then we're going to see you know, we're hopefully going to see a grow. So I think it's a pretty nice. But you know, we're very excited about China, but we're cautious about it. And I think it will be foolish not to be cautious about it.
我们将继续投资，我也将继续成长。关于Dueling的好处是它通常是有机发展的。所以你知道，我们不需要在某个市场上花费5000万美元来增长业务，我们只需要花费大约100万美元进行影响者营销等活动，之后业务就会自动增长。这是一个美好的事情，我们不需要花费太多的钱。我们很期待中国市场的发展，但同时也保持谨慎。不谨慎会很愚蠢。
Thanks Mark. Thanks Louise. Thanks Matt. Thanks Debbie. Great. And it looks like there are no other questions. I'll just turn it back to Louise.
谢谢马克、路易丝、马特和黛比。非常好，看起来没有其他问题了。我会把话题转回给路易丝。
Well, I think that's it. Thank you so much. Thank you for for all the questions. And you're just once again, please watch DuelCon on August 26th. And remember to do your your lessons. Otherwise, do is going to come back here and get in at my family.
我想这就是全部了，非常感谢。谢谢你们提出的所有问题。请记得在8月26日观看DuelCon，并记得完成你们的功课。否则，Do会回来抓我的家人。