Duolingo 2023 Q3 Earnings Call
发布时间 2023-11-11 01:34:56 来源
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Good evening, everyone. You have an accidentally tuned into a replay of Duocon. This is actually Duolingo's third quarter earnings webcast. Today after market close, we released this quarter shareholder letter, the majority of which you can find on our our website at investors.duolingo.com.
大家晚上好。你们不小心打开了Duocon的重播。实际上这是Duolingo的第三季度盈利网络广播。今天在市场收盘后，我们发布了本季度的股东信函，其中大部分内容可以在我们的网站investors.duolingo.com上找到。
On today's call, we have Luis Fonon, our co-founder and CEO, and Matt Scaroopa, our CFO. They'll begin with some brief remarks before opening the call to questions.
在今天的电话会议上，我们有我们的联合创始人兼首席执行官Luis Fonon和我们的首席财务官Matt Scaroopa。他们将在开放提问之前进行简短的发言。
Analysts will be able to ask a question by using the raise hand feature. Please note that this event is being recorded and all attendees are in listen only mode.
分析师可以通过举手的功能提出问题。请注意，此次事件正在被录制，并且所有参与者都处于只听模式。
And just a reminder, we'll make forward-looking statements regarding future events and financial performance, and future subject to material risks and uncertainties. Some of these risks 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. And we have no obligation to update these statements as a result of new information or future events.
提醒一下，我们将就未来事件和财务表现进行前瞻性陈述，但未来受到重大风险和不确定性的影响。其中一些风险已在我们向美国证券交易委员会提交的风险因素文件中列出。本文中的前瞻性陈述是基于我们认为合理的假设，截至今天。我们没有义务根据新信息或未来事件更新这些陈述。
Additionally, we'll 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.
另外，今天的电话会议上我们将呈现缺口和非缺口的财务指标。这些非缺口指标不是要单独考虑，替代或优于我们的缺口结果。我们鼓励您在分析我们的绩效时考虑所有指标。
And now I'll turn it over to Luis. Thank you, Debbie, and welcome everyone. We had another fantastic quarter. We surpassed our expectations and had impressive user bookings and revenue growth. And it was a fun quarter, too, with a Barbie campaign and also preparing for our best-to-ill con-yat. We also feel very good about the coming quarter, which is why we're raising our full-year guidance to now reflect 40% year-over-year bookings growth. And we're also materially raising our full-year adjusted EBITDA margin. Matt will share more details on our results and outlook shortly.
现在我将把话题转交给路易斯。谢谢你，黛比，并欢迎大家。我们又度过了一个非常出色的季度。我们超出了预期，用户预订和营收增长也非常可观。这季度也非常有趣，我们进行了一个芭比娃娃的运营，并准备了我们迄今为止最好的演出 "con-yat"。我们对接下来的季度也非常有信心，这也是为什么我们将我们全年的指导提高到了40%的年度预订增长。我们还在实质上提高了我们全年的调整后的EBITDA利润率。马特很快将分享更多关于我们的业绩和展望的细节。
Every year, we run thousands of experiments to make our products more fun, engaging, and effective. A lot of these experiments result in small wins that add up over time. If you look back at the past two years, you can see evidence of this in action. In Q3 2021, we had about 10 million DAUs, and this past quarter we had over 24 million. In Q3 of 2021, we had 2.2 million subscribers, and this past quarter we had nearly 6 million. The way we have done this has been through our process of making small changes, running a test to see how users react and then doubling down where we see gains.
每年，我们进行数千次实验，使我们的产品更有趣、吸引人和有效。很多这些实验都带来了小的胜利，随着时间的推移，这些小胜利逐渐积累。如果你回顾过去的两年，你会看到这一点的证据。在2021年第三季度，我们拥有大约1000万日活跃用户，而在上个季度我们拥有超过2400万。在2021年第三季度，我们有220万订阅用户，而在上个季度我们几乎达到了600万。我们取得这些成绩的方式是通过我们的小改变过程，运行测试来观察用户的反应，然后加倍投入我们获得收益的方面。
We've also hit some exceptional home runs. For example, our marketing has been a source of extraordinary wins that were fantastic for the business, even though they are hard to predict. Think of our partnership with HBO's House of the Dragon, and most recently, our Barbie Social Campaign built around the inclusion of our trademark ding in the Barbie movie. The campaign generated 140 million organic social impressions, which is a record for us.
我们还取得了一些非凡的成功。例如，我们的营销成绩出色，为业务带来了难以预测但令人惊叹的巨大胜利。想想我们与HBO的《龙之家》合作伙伴关系，以及最近我们围绕在芭比电影中引入我们的商标音符的社交活动。这次活动产生了1.4亿次有机社交印象，对于我们来说是创纪录的。
To create the opportunity for both incremental improvement and home runs, every so often we make bolder moves that open up entirely new areas for experimentation. For example, last year, we redesigned the home screen of the app to give us more room to experiment with engagement, efficacy and monetization. And earlier this year, we set out to create a multi-subject app experience by integrating our existing math course and a new music course into our flagship app.
为了为增量改进和重大成就创造机会，我们不时会采取更大胆的举措，开放全新的实验领域。例如，去年我们重新设计了应用程序的主屏幕，以便更多地进行参与度、有效性和盈利能力的实验。今年早些时候，我们着手将现有的数学课程与一个新的音乐课程整合到我们的旗舰应用程序中，以创建一个多学科的应用体验。
This change, adding math and music to the main app, is a good example to highlight. We did this to give our users an even more engaging experience. By adding new subjects into the main app, we believe we can more rapidly scale these new subjects with our gamification mechanics like streaks, leaderboards and quests that have been so effective in the language learning app. As more users access these new courses, we believe it will increase their commitment to our platform, and that they'll be more likely to recommend us, which will further drive organic user growth.
这个改变是一个很好的例子来强调。我们为了给我们的用户带来更加有趣的体验而加入了数学和音乐这两个新的学科到主应用程序中。通过将这些新的学科添加到主应用程序中，我们相信我们可以更快地通过积分、排行榜和任务等游戏化机制来扩展这些新学科，就像在语言学习应用程序中所取得的效果一样。随着更多的用户接触到这些新课程，我们相信这将增加他们对我们平台的承诺，并且他们更有可能推荐我们，这将进一步推动有机用户增长。
It's clear that our strategy is working, as demonstrated by our exceptional growth. As I've said before, we can't expect to accelerate forever, but it's very gratifying to see that our product improvements and creative marketing efforts are resonating with our learners. And I'm excited about our ongoing innovation and look forward to all the energy that a new year brings. And with that, I'll turn it over to Matt.
很明显，我们的策略正在起作用，这可以从我们出色的增长中看出。正如我之前所说，我们不能永远加速，但看到我们的产品改进和创意营销努力得到学习者的共鸣，非常令人满意。我对我们持续的创新感到兴奋，并期待新一年带来的所有活力。现在我把话交给马特。
Thanks, Luis. I'll walk through how we did this quarter in more detail, and then I'll provide our Q4, an updated four-year guidance. As Luis shared, we were extremely pleased with this quarter's performance, which exceeded our expectations. Thanks to our team's continued strong execution.
谢谢，路易斯。我会更详细地介绍我们本季度的情况，然后提供我们第四季度的更新的四年指引。正如路易斯所分享的，我们对这个季度的表现非常满意，超出了我们的预期。这要归功于我们团队持续强大的执行力。
Our DAU increased 63% year-over-year to 24.2 million. And MAU increased 47% to 83.1 million. This growth continues to be not only rapid, but also high quality and broad-based with strong growth from around the world, with improving free-to-pay conversion as well. Our total paid subscribers increased by 60% to 5.8 million. This continued strength and user and subscriber growth through bookings and revenue growth of 49% and 43% year-over-year respectively, or 48% and 42% on a constant currency basis.
我们的日活跃用户（DAU）同比增长了63%，达到2420万人。同时，月活跃用户（MAU）同比增长了47%，达到8310万人。这种增长不仅速度快，而且质量高且广泛分布，世界各地的增长都非常强劲，免费付费转化率也在提高。我们的付费订阅用户总数增长了60%，达到580万人。这种强势的用户和订阅者增长通过预订和收入同比分别增长了49%和43%，或者按照恒定汇率计算为48%和42%。
Turning to profitability, we've made tremendous progress in expanding the bottom line as we continue to see very strong top-line growth coupled with cost discipline. Our net income totaled 2.8 million compared to a net loss of 18.4 million in the year-over-year quarter. We also posted an adjusted EBITDA of 22.5 million, whereas 16.3% adjusted EBITDA margin. This is a roughly 14-point expansion year-over-year. This quarter, we capitalized additional R&D expenditures compared to Q3 last year as we continued to innovate on Max and Math and Music. Excluding this would have led to an adjusted EBITDA margin expansion of about 12 points year-over-year.
在盈利方面，我们在底线扩张方面取得了巨大的进展，同时保持了非常强劲的销售增长和成本管控。我们的净收入为280万美元，而去年同期则为亏损1840万美元。我们还发布了调整后的调整后EBITDA为2250万美元，调整后的EBITDA利润率为16.3%。这是去年同期相比大约扩张了14个百分点。本季度，我们对研发支出进行了更多资本化，与去年第三季度相比，因为我们在Max和Math以及Music方面继续创新。如果不计入这部分支出，我们的调整后EBITDA利润率与去年相比将扩张约12个百分点。
Based on our strong results and the trends we're seeing so far, we feel confident about raising our four-year outlook, and issuing the following Q4 guidance. For Q4 2023, we are guiding to $167 to $170 million in total bookings, $145 to $148 million in revenue, and an adjusted EBITDA margin of 19.8 to 20.8%. For the four-year 2023, we are raising our guidance to $598 to $601 million in total bookings, $525 to $528 million in revenue, and we are updating our adjusted EBITDA margin range to 16.6 to 16.9%. Our four-year guidance calls for 40% and 42% year-over-year bookings and revenue growth, respectively, at the midpoint. As a reminder, at the end of every December, we start a promotion that discounts our annual subscription. Since we offer this promotion only once a year, Q4 bookings performance has more seasonal variance than other quarters. Note that our guidance assumes current prevailing foreign exchange rates as well. And because we've achieved significant operating leverage this year across the business, we feel good about raising our four-year adjusted EBITDA margin guidance by about 225 basis points at the midpoint versus our last call.
基于我们强劲的业绩和迄今所见的趋势，我们对提升我们四年的展望和发布以下第四季度指引感到有信心。对于2023年第四季度，我们预计总预订额为1.67亿至1.7亿美元，营收为1.45亿至1.48亿美元，调整后的税息折旧及摊销前利润率为19.8%至20.8%。对于2023年的四年期间，我们将展望提升至总预订额为5.98亿至6.01亿美元，营收为5.25亿至5.28亿美元，并将调整后的税息折旧及摊销前利润率范围更新为16.6%至16.9%。我们四年的展望在中间点上呼叫了年度预订额和营收分别增长40%和42%。需要提醒的是，在每年12月底，我们开始一项折扣年度订阅的促销活动。由于我们一年只提供一次此促销，第四季度的预订额业绩比其他季度更具季节性差异。请注意，我们的展望也假定了当前的外汇汇率。由于今年我们在整个业务中实现了显著的运营杠杆效应，我们对比上次电话会议时将四年的调整后税息折旧及摊销前利润率指引中点上调约225个基点感到满意。
Now, it provides some color on average revenue per subscriber, op-ex, and share account. Our average revenue per subscriber has declined by about 7% to 8% for each of the past three quarters, driven by a combination of foreign exchange impacts and regional mix shifts. Q3 saw higher than expected conversions in non-US countries, which kept a year-over-year change in that same range. We expect the year-over-year change in our pool to improve in the coming quarters. As to op-ex compared to Q3 of this year, in Q4, we expect non-GAP R&D as a percentage of revenue to decrease by two points and non-GAP sales and marketing to decrease by almost two and a half points. We expect non-GAP GNA to be roughly flat as a percentage of revenue in Q4.
现在，它提供了一些关于每位用户平均收入、运营支出和共享账户的数据。我们过去三个季度的每位用户平均收入下降了约7%至8%，这是由于外汇影响和地区组合变化的综合影响。Q3非美国国家的转换率高于预期，这使得年度变化保持在同一范围内。我们预计在未来几个季度，我们的用户群年度变化将有所改善。至于与今年Q3相比的运营支出，在Q4，我们预计非GAP研发占收入比例将下降两个百分点，非GAP销售和市场营销占比将下降近两个半百分点。我们预计非GAP总务行政费用在Q4的占收入比例将基本持平。
We ended the quarter with approximately 48.8 million fully diluted shares outstanding using the quarter-endcoke closing price. We expect to end the year with about 1 to 1.5% dilution from equity as you do employees.
根据季末可口可乐的收盘价，我们拥有约4880万股全面摊薄的流通股份。我们预计年底时，股权部分将增加约1到1.5%的摊薄，就像对员工一样。
Finally, as Luis said a few moments ago, the last years have been extraordinary for our business. Our user growth has benefited from compounding continuous product improvements, including home run improvements like we've seen with our street mechanic. We have unlocked social-first marketing and have had some big brand moments like the Barbie movie. We've also seen large increases in conversion from free to baked version. Looking ahead, we feel very good about next year, but as Luis has already reminded you, our user growth is unlikely to accelerate forever, and it may be hard to repeat some of the one-time events that have happened this year. Even so, we feel good about our ability to continue our strong top-line growth and make progress towards our long-term margin.
最后，在路易斯几分钟前所说的话中，过去几年对我们的业务来说是非凡的。我们的用户增长得益于连续产品改进的复利效应，包括像我们在“街道机械师”中所看到的重大改进。我们已经开启了以社交为先的营销，并且在品牌方面取得了一些重要的时刻，比如芭比电影。我们还看到从免费版本转化为付费版本的转化率大幅提高。展望未来，我们对明年感到非常乐观，但正如路易斯已经提醒过大家的，我们的用户增长不太可能永远加速，而且要重复今年发生的一些一次性事件可能会很困难。尽管如此，我们对于继续保持强劲的收入增长并朝着长期利润率的目标取得进展有信心。
And with that, I'll turn it back to Luis. Thanks, Matt. I just want to thank the team for all their hard work and dedication. We know we've only made a tiny dent in the massive market opportunity ahead of us, and we're just getting started. And now we would be happy to take your questions. I'll turn it back to Debbie to manage the queue.
好的，我会将话题转回给Luis。谢谢，Matt。我想要感谢团队为我们所做的辛勤工作与奉献。我们知道在我们面前的巨大市场机遇中，我们只是做了微小的贡献，我们还只是刚刚开始。现在我们很乐意回答你们的问题。我会将话题转回给Debbie来管理提问队列。
All right, thanks, Luis. As I mentioned earlier, if you have a question, you can use the raise hand feature. And your first question comes from Ralph Shacker at William Blair. Good afternoon. Thanks for taking the question. Luis, start with you. I've been public for a couple of years now, and you've seen some pretty extraordinary growth. And I'm sure some of this has been based on conservatism and the health performance, and then the business is obviously doing really well. Maybe just kind of taking a step back if you're to isolate maybe the top one, two or three things that have really driven this significant health performance. That'd be really helpful, I think, for investors, and I have a follow-up for Matt.
好的，谢谢，路易斯。就像我之前提到的，如果你有问题，你可以使用举手功能。你的第一个问题来自威廉布莱尔的拉尔夫·沙克。下午好。感谢你回答问题。路易斯，首先是你。我已经公开几年了，你已经看到了一些非常出色的增长。我相信其中一部分是基于保守和良好的业绩，而且业务显然做得非常好。也许如果你能把最重要的一、两个或三个驱动这种显著业绩提升的因素单独列出来，那对投资者来说会非常有帮助，我还有一个问题要问马特。
Well, thank you for the great question. Yeah, we've had a really good growth. And honestly, it succeeded our expectations. The main two things that have made us grow so fast, the first one is just product improvements. I mean, we run hundreds of AV tests every quarter and they compound. And so our product is just significantly better than it was two years ago. And so that's the biggest thing. Then the second biggest thing is we just got a lot better with our marketing. And the combination of getting much better with marketing and the product getting better has made it so that Duolingo has really struck a chord with, you know, with this. It's like now part of the zeitgeist. And part of the reason that we've exceeded our expectations is because things have happened that, you know, we didn't. There was no way for us to expect. We could not expect that the Barbie movie was going to add a Duolingo in there. We could not expect that, you know, there would be SNL skits and stuff like that. So that I think that's the combination of what has happened. I mean, we're very happy, but it's been hard to also forecast.
嗯，非常感谢你提出的问题。是的，我们的增长非常好。老实说，它超出了我们的预期。导致我们快速增长的主要两个原因，首先是产品的改进。我们每个季度都会进行数百次AV测试，并且这些改进是相互关联的。所以我们的产品比两年前显著好很多。这是最重要的原因。然后第二个最重要的原因是我们的营销变得更好了很多。我们在营销方面取得的巨大进步以及产品的改进使得Duolingo深入人心，它现在已成为时代精神的一部分。之所以超出我们的预期，是因为发生了一些我们无法预料到的事情。我们无法预料到芭比电影会把Duolingo加入其中，也无法预料到会有SNL的滑稽片段等等。所以我认为这就是这一切背后的综合原因。我们非常高兴，但同时也很难预测未来。
Right. And then maybe Matt, in the prepared remarks, you talked about the potential for output to improve. And I think you know, you'll be coming up on two years since you did some of the price adjustments and Europe, just maybe some color and how our poor man proved going for.
好的。然后也许在准备的发言中，马特谈到了产量可能会提高的潜力。我认为你可能会在调整价格之后的两年内，就欧洲销售情况做一些说明，具体是关于我们的产品在那里的表现如何。
Thank you. Yeah. Thanks Ralph. So our who has been impacted by foreign currency. You know, that's hard to predict. But the other thing was the regional pricing that you mentioned. So we did that about a year ago. So it's Q two of 2022. So that impacted bookings in that quarter and then going forward and as flow through to revenue. So that was expected. That's what we mentioned on the last call. In terms of this quarter, there was some experiments we ran that were really effective at driving free to pay conversion outside the US. So that kept it range bound this quarter. I think the reason we continue to think we'll see improvements is the starting to lap the pricing changes that we did Q two of last year. And also, you know, our pricing philosophy is one that we continue to experiment with pricing and we've added a lot of value to the to the product over time. So, you know, we'll experiment with raising prices over time as well. Thanks, Luis. Thanks, Matt.
谢谢。是的。谢谢，拉尔夫。因此，外汇对我们的影响，难以预测。但另一件事是你提到的地区价格。所以我们大约一年前做了这件事。现在是2022年第二季度。这对那个季度以及之后的预订产生了影响，并通过收入体现出来。这是预料之中的，我们上次通话中也提到过。关于这个季度，我们进行了一些实验，对推动美国以外地区的付费转化效果非常好。所以这个季度的情况保持了在一定范围内。我们认为改善的原因是开始同去年第二季度所做的价格变化对比。此外，我们的定价理念是持续尝试不同价格，并随着时间增加了很多产品价值。因此，我们还将不断尝试随着时间提高价格。谢谢，路易斯。谢谢，马特。
All right. Next question comes from Justin Patterson of key bank. Great. Thank you very much. And good afternoon. I appreciate the call out on experiments in the letter. Luis, as you've expanded the range of products in the core app to music and now math. How do we think about just the piece of experiments and a B test really ramping to really kind of optimize these new elements within the app. And then for Matt, you know, the incrementals on the business remain very attractive north of 50% margins within the Q four guide says you're sitting here today thinking about 2024 budgets. But what are really the key investment areas that you're thinking about to keep driving this this healthy growth going forward.
好的。下一个问题来自Key Bank的Justin Patterson。太好了。非常感谢。下午好。我很感谢在信中对实验的关注。Luis，在核心应用程序中扩展到音乐和数学等新产品后，我们如何考虑把实验和A/B测试的优化这些新元素融入到应用程序中。然后对于Matt来说，你知道，业务的增量仍然非常有吸引力，在第四季度的指引中，利润率超过50%。今天坐在这里思考2024年的预算时，你真正考虑的关键投资领域是什么，以继续推动这种健康增长。
Thank you. Thank you, Justin and excellent shirt. So, you know, you asked about math and music and what that's going to do to our experiment. So I think it's worth just saying, you know, what we did what, what, you know, we had a, well, we still have a math app. And we've been developing a music course. We decided the best strategy was to put both the math and music course inside our main app.
谢谢。谢谢，贾斯汀，你的衬衫很棒。所以，你知道，你问到了数学和音乐对我们实验的影响。所以我觉得值得一提的是，我们做了什么，我们拥有一个数学应用，我们一直在开发一个音乐课程。我们决定最好的策略是将数学和音乐课程都放入我们的主要应用中。
There's many reasons for this. But the, the biggest reason is that we can immediately take advantage of any, any positive change that we do in the main app. For engagement or for monetization or for anything immediately you take advantage of those because math and music are just going to be other courses in the app, just like French or Spanish. It's just, it's as if we were adding another language.
这个问题有许多原因。但最重要的原因是我们可以立即利用我们在主要应用程序中进行的任何积极变化。对于用户参与度、盈利或其他方面，我们都可以立即从中获益，因为数学和音乐只是该应用程序中的其他课程，就像法语或西班牙语一样。就好像我们在增加另一门语言一样。
So, so that will, you know, what that'll do is it allows to grow these courses or these subjects a lot faster than if they were independent apps were very happy with that. Now, I should mention and I should caution the, the main thing that we are concentrated on for the, you know, for the short term is really making both the math and music courses, you know, more comprehensive and really work on them a lot. We haven't even launched them. And technically they are going to be launched to all our users on iOS starting tomorrow.
所以，通过将这样做的效果是，它可以让这些课程或科目的发展比独立应用更快，我们对此非常满意。现在，我应该提到并警告一下的是，我们目前主要关注的是真正使数学和音乐课程更全面，并且要大量投入精力进行改进。我们甚至还没有正式推出它们。从技术上讲，明天开始它们将对我们iOS的所有用户推出。
So once we launched them, we're going to be working specifically on the courses. So I would not expect too much, you know, increasing revenue in the short term, but over the long term, the hope is that the dueling gets known, not just as a language learning app, but also as an app where you can learn math and music so it'll start attracting users for that. And a lot of the monetization experiments that we run will apply to math and music. So that's the idea. I, you know, my sense is that it'll probably slightly increase the pace of experimentation. And so that's, yeah, it's basically answers your question. Great.
所以一旦我们推出这些课程后，我们将专注于课程的开发。所以我不会对短期内的收入增长抱有太高期望，但从长远来看，希望Dueling不仅仅被视为一款语言学习应用，而且被认为是一款可以学习数学和音乐的应用，从而吸引更多用户。我们将运行很多与数学和音乐相关的盈利实验。这就是我们的想法。据我观察，这可能会稍微加快实验的进度。所以，这基本上回答了你的问题。太好了。
Yeah, and to follow up on, you know, budgeting in 2024. You know, the, the amazing thing about the business right now is that the core business. We're still early in the opportunity. So we have tons of room to run. So the vast majority of our investment next year will be in the core business. Just to remind everyone how we invest in that. There's really three areas we invest in. We invest in growth. You know, a bunch of engineers and product managers and designers who help design experiments to drive things like innovations in the street mechanic or make the app more social. We invest in monetization. So driving free to pay conversion and then we invest in learning to make our app more effective. That's going to make up the vast majority of our investment next year, just like this this year.
是的，还有关于2024年预算的跟进。你知道，现在业务的令人惊奇之处在于核心业务仍处于早期阶段，我们有很大的发展空间。所以，明年我们绝大部分的投资将用于核心业务。只是提醒大家我们在这方面的投资方式。我们主要投资于增长，这包括一群工程师、产品经理和设计师，他们帮助设计实验来推动街头机械的创新或使应用更具社交性。我们还投资于变现，即推动免费转付费的转化，并投资于学习，以使我们的应用更加高效。这将占据我们明年投资的绝大部分，就像今年一样。
We have incremental layers on top of that that we add so we're investing in max. We're investing in math and music like Alicia's mentioned. But I don't want folks to lose sight of the fact that the investment we're going to make next year is going to be like this year, which is in that core app, which has great growth momentum and a huge market that we're still growing into. Thank you both. Thanks Justin.
我们在此基础上添加了增量层，这样我们就能够投资最大化。我们正在投资数学和音乐，就像艾丽西亚提到的那样。但是我不希望大家忽视我们明年要进行的投资将与今年类似，即投资核心应用，它具有强劲的增长势头和一个我们仍在不断扩大的巨大市场。谢谢你们两位。感谢贾斯汀。
And this question comes from Ryan McDonald of Needham. Thanks for taking my question. Congrats on the list for Louise. I'm curious with the integration of math and music into the core app. How do you start to think about moving forward about in the experience for the learner, you know, based on whether you're a paid subscriber versus a free user on math and music in the core app and, you know, how do you think about moving forward incentivizing more consistent engagement or moving that MAU to a day and you overtime.
这个问题来自尼德姆的瑞恩·麦克唐纳德。谢谢您回答我的问题。恭喜路易斯跻身名单。关于将数学和音乐整合到核心应用程序中，我很好奇您如何考虑向学习者提供更好的体验。这涉及到付费订阅用户和免费用户在数学和音乐方面在核心应用程序中的区别，您如何考虑激励用户更持续地参与学习，或者使活跃用户（MAU）逐渐增长。
Yeah, so thank you for the question Ryan. So, you know, in terms of monetization for math and music, you really the way to think about them for now it's, it's as if they were another language course. So, you know, that applies to language courses or applies to to to math and music.
是的，所以谢谢你的问题，Ryan。就数学和音乐的货币化而言，你现在应该将它们视为另一门语言课程。这适用于语言课程，也适用于数学和音乐。
So, for example, if you are a free user and you do the Spanish course at the end of a lesson, you have to see an ad. Similarly, if you're a free user and you're doing the math course at the end of a lesson, you have to see an ad. There's also a notion of also hearts, where whenever you make a mistake, you lose a heart that happens in math that happens in music that happens in the language courses. So they're very similar in that respect.
所以，例如，如果你是一个免费用户并在课程结束时学习西班牙语课程，你将需要看到一则广告。同样地，如果你是一个免费用户并在课程结束时学习数学课程，你也需要看到一则广告。还有一个叫做"hearts"的概念，每当你犯错时，你会失去一个心，这在数学、音乐和语言课程中都会发生。所以在这方面它们非常相似。
And you know, we're, we're going to continue working on on trying to monetize our users better by basically offering extra things in the premium subscription. So there, there may be just like with languages, we have things like the practice hub or certain extra things we're going to have extra things for both math and music.
而且你知道，我们将继续努力提高用户付费服务的变现能力，基本上是通过提供额外的内容。所以，就像我们在语言方面有练习中心等内容一样，我们将在数学和音乐方面提供更多的额外服务。
Now I should remind, you know, there's a lot of questions about math and music, which is great. We're very excited about math and music, but I should remind for the foreseeable future, the vast majority of our business is in language learning. There's still a lot of room to grow to grow in language learning. So the majority of the experimentation is still going to be there. So yeah, that I think that's that. That's a fun. Maybe I'll follow up and this could be for matter of the least.
现在我应该提醒一下，你知道，关于数学和音乐有很多问题，这是很棒的。我们对数学和音乐非常兴奋，但我应该提醒大家，可预见的未来，我们的大部分业务还是语言学习。在语言学习方面，我们仍有很大的发展空间。所以大部分的实验仍将在这方面进行。嗯，我想就是这样了。这很有趣。也许我会进行后续，并将这作为最重要的事情之一。
I thought it was interesting in the in the shareholder letter about the experimentation you did on paid advertising this year and how that drove sort of a 50% increase in users on the platform. Well, just to love to hear a little bit more color on maybe what you did differently this year that that drove such a notable increase. Thanks.
我觉得你在股东信中提到的关于今年支付广告实验的部分很有意思，以及这如何带来了平台用户增长了50%。我很想了解一下今年你们在这方面有什么不同的做法，能够取得如此显著的增长。谢谢。
So there's a there's a number of things that I mean we just gotten a lot better at figuring out what to say in in our in our ads. And also, we are in a really interesting position where we we are we are a company that has users in essentially every single country of the world. And we don't have to deal with things like licensing music or anything like we don't have to deal with stuff we just we just conserve the app to any country in the world. So one of the things that we've gotten really good at is being able to shift budget between countries. If prices get higher in one country and lower another we just shift budget because for us it doesn't matter all that much whether a user comes from Vietnam or from Thailand or something I mean it matters in in in in their conversion rate but you know we have the math to figure out when it makes a lot of money to shift budget from one country to another. And so we've gotten very effective by that at that. And that's something that not many apps can do because because for us it's just really we just have users in every single country of the world. So it's stuff like that that we just over time have gotten smarter at.
所以有很多事情，我指的是我们在找到在我们的广告中要说什么方面变得更加擅长。而且，我们处于一个非常有趣的位置，我们是一家在世界上几乎每个国家都有用户的公司。而且我们不需要处理如许可音乐等事情，我们只需要把应用带到世界上任何一个国家。所以我们非常擅长调整国家间的预算。如果一个国家的价格上涨，另一个国家的价格下降，我们只需要调整预算，因为对我们来说并不重要用户是来自越南还是来自泰国之类的，我是说这对于他们的转化率来说很重要，但我们可以通过数学来计算出在从一个国家转移到另一个国家的预算时能够赚到大量资金的时机。所以我们在这方面非常有效。这是不多的应用可以做到的，因为对于我们来说，我们只在世界上每个国家都有用户。所以我们随着时间推移变得更加聪明，像这样的事情。
I should mention though, you know we did that but it is still you know it is the case that the overwhelming majority of our users come in organically. I mean this is you know we have relatively small small marketing budgets where we're doing that but yeah we've gotten a lot better at it. Thanks Ryan.
我不得不提到，你知道我们虽然做了那件事，但实际上绝大多数用户还是从自然渠道获得的。也就是说，我们的市场预算相对较小，我们在这方面做得不错，但是现在我们进步了很多。谢谢，Ryan。
You next question comes from Zach Morrissey of Wolf Research. Thanks. So I just wanted to, I guess double click on the user growth side things. You've talked about the improvement and retention in prior years and quarters, specifically the current user retention rate. As you kind of think about the growth we've seen this year it's obviously been very impressive. Can you kind of parse through how much of that has come from kind of improvement in the retention. Look ahead to next year. How do we think about kind of room for further improvement and retention kind of supporting user growth. And then second just on competition. You know obviously the growth you guys are posting kind of speaks to your ability to kind of execute well. But obviously Google last month kind of grab some headlines kind of entering the space. So if you could just kind of talk about your views on kind of the evolving competitive landscape and more specifically how dueling goes kind of competitive most can kind of. And then the last relative to a larger platform such as Google with has scale data technology etc.
你的下一个问题来自Wolf Research的Zach Morrissey。谢谢。我只是想进一步询问关于用户增长方面的问题。你曾谈到过前几年和前几个季度中，特别是目前用户的留存率有所改善。当你思考今年我们所看到的增长时，显然非常令人印象深刻。你能否具体解析有多少增长是来自留存率的改善。展望明年，我们如何考虑进一步提高留存率以支持用户增长。其次，对于竞争的问题。你们所展示的增长显然表明你们能够执行得很好。但显然，谷歌上个月进入了这个领域，引起了一些关注。所以，如果你能谈谈你对竞争环境的看法，更具体地说，如何处理与谷歌等规模更大的平台之间在数据和技术等方面的竞争。
That's a great question. For user growth we believe that the, that the main thing that has affected user growth is improvements in free user retention. That's, that's it. I mean it's not 100% like I said a lot of our marketing has helped too but I would say more than 50% is just improvements in user retention. Kerr current user retention rate is probably the biggest lever that we've had. It's not the only one but it's the biggest lever that we have to move. We expect there's still a lot of room there for us to improve. I mean obviously, again just like with user growth and you cannot improve user retention forever you also cannot improve user growth forever. But we still think there's room there. So we're, you know, we're happy with that.
这是一个很好的问题。关于用户增长，我们认为影响用户增长的主要因素是免费用户的留存率的改善。就是这样。我的意思是，并不是100%，我说了很多我们的营销也有所帮助，但我会说超过50%只是用户留存的改善而已。目前，我们的用户留存率可能是我们使用的最大杠杆。并不是唯一的，但它是我们可以运用的最大杠杆。我们预计还有很大的提升空间。当然，就像用户增长无法永远提升一样，用户留存也不能永远提升。但我们仍然认为还有空间可以提升。所以我们对此感到满意。
In terms of competition, you know, there was the headline about Google of course is in, you know, is a company that we all admire. I spent a couple of years at Google. A lot of us have spent time at Google.
就竞争而言，你知道的，肯定有关于谷歌的头条新闻，毕竟谷歌是一家我们都敬佩的公司。我在谷歌呆了几年，我们中的不少人都在谷歌度过了一段时间。
You know, the particular feature that made headlines is, you know, we actually the team that has that's working on this feature which is a small research team has been in contact with us. They are trying to do something to just make the search experience better for people who are in the language learning, you know, ecosystem. And one of the things that they want to do is start sending those users to apps like ours. So we don't see them really as competitive. And, and, and you know, that's kind of one thing.
你知道，那个备受关注的特点是，我们实际上有一个团队正在研究这个特点，这个小型研究团队一直在与我们保持联系。他们正在尝试一些方法，以改善在语言学习生态系统中的搜索体验，你知道的。他们希望做的一件事就是将这些用户引导到像我们这样的应用程序。所以我们并不将它们视为真正的竞争对手。嗯，你知道的，这就是其中一件事。
The other thing is, you know, and just for a gen in general for competition. We have a strong belief that the hardest thing about learning a language is staying motivated. And that is something that we really excel at. And we just don't see our competition, you know, spending much effort and that's certainly not Google, but you know, kind of the rest of our competition. And I think that was, that's really probably the biggest thing that has made us grow a lot. It's because a lot of our users, you know, we give them motivation to continue going. And that has done things.
另一件事是，你知道的，对于大部分竞争对手而言，我们有一个强信念，即学习一门语言最困难的是保持动力。而这正是我们擅长的。我们并没有看到我们的竞争对手，比如Google，花费太多的努力在这方面。我认为这可能是使我们快速发展的最重要的原因。因为我们为很多用户提供了继续学习的动力。这样做产生了很多效果。
For example, you know, we've, we've quoted this that before. In the US, 80% of our users were not learning a language before dual angle. So, you know, the reason we're getting some, so many of these uses is because we have made learning a language so easy and so engaging that they just come. And so to me, that's the biggest mode.
例如，我们之前引用过这个例子。在美国，80%的用户在使用双通学习之前并没有学习过一门语言。所以，你知道，我们之所以有如此多用户，是因为我们让学习一门语言变得如此简单和有趣，结果他们自然而然地加入进来。对我来说，这是最大的突破点。
I mean, we have other things, you know, the streak is a big mode. For example, people don't want to lose their streak when they go to another app. That's a big mode. Our brand has essentially becomes synonymous with language learning, particularly with younger users. So there's a lot of modes like that, but I would say the biggest one is just that we have a product that is more engaging and is getting more and more engaging the more users we have because we can run more experiments. So that's kind of our view on it. Very helpful. Thank you.
我的意思是，我们有其他的事情，你知道，连续学习是一种重要的模式。比如，人们在使用其他应用时不想失去他们的连续学习记录，这是一种重要的模式。我们的品牌在语言学习领域几乎成为了同义词，特别是在年轻用户中。所以有很多类似的模式，但我认为最重要的是我们拥有一款更具吸引力的产品，并且随着用户数量的增加，产品变得越来越吸引人，因为我们可以进行更多实验。这就是我们的看法。非常有帮助。谢谢。
Right. Next question comes from Alex Clark Raymond James. Luis, first for you, just this is a bit of a follow up to Justin's question. And it's a bit early given you just launched music, but how do you think about the ideal content or course footprint within the within the main app is more always better. Is there an optimal level of voice that you found. And as you think about kind of future organic or inorganic content, you think it will always make sense now to keep it in the one primary app.
对的。下一个问题来自亚历克斯·克拉克·雷蒙德·詹姆斯证券。路易斯，首先是针对你的问题，这是对贾斯汀问题的跟进。考虑到你刚刚推出音乐，对于主要应用程序内的理想内容或课程规模，你是如何考虑的？更多是总是更好吗？你找到了一种最佳的声音水平吗？在考虑未来的有机或非有机内容时，你认为现在始终将其保持在一个主要应用程序中是否总是有意义的？
I'm not sure I fully understand your question. I mean, in terms of more, you mean more subjects or more general kind of hours of content.
我不确定我完全理解你的问题。我的意思是，更多具体指的是更多的学科，还是更多的内容小时数。
I'm not sure I fully understand more more subjects, more, more subject more languages or more, you know, expansions into things like math or music or, or, etc.
我不确定我是否完全理解更多的科目，更多的科目会导致更多的语言学习，或者是更多的展开到数学、音乐等领域，等等。
Yeah. I mean, you're not going to see us expand in every single subject, at least not in for the time being. I mean, in fact, you're not going to see us be adding more subjects other than math and music. Maybe we'll add a few other languages. Yes, like foreign languages, but you were not going to see us add bother subjects in the in the short to medium term. We're very committed to making math and music succeed. I mean, we haven't even launched them. So they cannot possibly say they are successful yet in the main app because we haven't even launched them. So we're very committed to making them succeed.
是的。我的意思是，你不会看到我们在每个科目上都扩展，至少目前不会。实际上，除了数学和音乐，你不会看到我们添加更多的科目。也许我们会增加一些其他语言，比如外语，但在短期和中期内，你不会看到我们添加其他科目。我们非常致力于让数学和音乐取得成功。实际上，我们甚至还没有推出它们。所以他们不可能说它们在主要应用程序中已经成功，因为我们甚至还没有推出它们。所以我们非常致力于让它们取得成功。
Our belief is that there are things that make a lot of sense to learn with the dueling go app. They're usually things that you can learn on your own that take a long time to learn where the thing that you're learning requires a lot of repetition. I mean, you know, certainly a lot of the arithmetic and a lot of the parts of math, the way you learn them is to a lot of repetition. That's true for music and that's also true for languages. So things that require a lot of repetition that take a long time to learn and also that we think we'll have a very large audience. These are the types of things that we will be adding to the app, although for the time being we're going to stay just with math and music. Yeah, I think that was your only part of your question.
我们的信念是，在“对决围棋”应用程序中有一些学习起来非常有意义的东西。通常，这些是你可以自己学习的东西，而这些东西需要很长时间重复学习。我是说，你知道的，很多算术和数学的一些部分，你学习它们就需要大量的重复。音乐和语言也是如此。所以，那些需要大量重复学习，而学习时间又很长并且我们认为会有很大观众的事物，我们会把它们添加到这个应用程序中。尽管目前我们只会专注于数学和音乐。是的，我想这就是你问题的唯一部分了。
Right. Yeah, no perfect great color there. And then maybe just a follow up in terms of kind of tracking the tracking of at risk paid subscribers. What did you see in kind of the month after you you announced math and music in the main app in terms of kind of the usage of that cost that cohort. Of people who are at risk. Yeah, perhaps they're paid subscribers they're using it less. I don't I actually don't know the answer to your question I don't know if we've kept track. My sense is that if there had been a big change. I would have heard about it. So there probably wasn't a very big change, although I am answering here. I don't actually know the answer to your question.
没错。是的，没有完美的好颜色。 然后，也许可以追踪那些有风险的付费订阅者的追踪。当你在主要应用程序中宣布数学和音乐后的一个月内，你看到了什么样的使用情况呢？那些有风险的人群。是的，也许是付费订阅者，他们在使用它的频率较低。我不太清楚你的问题的答案，我不知道我们是否有记录下来。我觉得如果有很大的变化，我会听到的。所以可能没有很大的变化，虽然我在回答这个问题，但事实上我并不知道你的问题的答案。
All right. Great. Thank you. Right next question comes from Andrew Boone of JMP. Thanks for taking my question. Luis, can you provide us an update on Max and what I really want to also dig in on for this is just anyone that watched open AI is dead day and understood your partnership there. But text to speech is just it feels like it's coming. And so talk to us about a what prevents that from coming to do a lingo. And how does Max start to evolve is just more of these tools available. Thank you for asking about Max.
好的，太棒了。谢谢你。下一个问题来自JMP的Andrew Boone 。感谢你回答我的问题，Luis，请您向我们更新一下关于Max的情况，我也想深入了解一下任何关注OpenAI宣布的销声匿迹的“OpenAI死日”，以及理解您与他们的合作。但是，文本转语音似乎正在变得普遍。所以，请告诉我们阻止Esperanto获得这项技术的原因是什么，以及随着越来越多的这类工具可用，Max会如何发展。非常感谢您询问Max的情况。
Okay, so just to provide, you know, color about math max. So we announced Max earlier this year. When we announced it, it is a higher tier of a subscription. So we had free dueling go super dueling go and then Max. What we put into Max in this higher tier were two features based on generative AI and in particular open AI generative AI. One was role play and the other one was explain my answer. What what we've been doing and on and when we announced it, we said, look, this is a large feature. Usually for large features, it takes us about a year to roll it out to all our users because in that time, what we're doing is we're giving it to a fraction of our users typically at first a very small fraction of our users. We improve the feature and then we make give it to a larger and larger fraction, etc.
好的，所以我来详细介绍一下Math Max。我们今年早些时候宣布了Max。当我们宣布时，它是订阅的高级版本。我们有免费版的dueling go、super dueling go和Max。在Max这个高级版本中，我们加入了两个基于生成式人工智能的功能，特别是开放式AI生成模型。一个是角色扮演，另一个是解释我的答案。在我们宣布时，我们说，这是一个大型的功能。通常对于大型功能，我们需要大约一年的时间才能将其推广到所有用户，因为在此期间，我们会将其提供给一小部分用户，最初只是很少量的用户。我们会改进这个功能，然后逐渐将其提供给越来越多的用户，依此类推。
By now, you know, we're kind of halfway ish from this. We have increased the rollout by now. A significant fraction of our users on iOS that are learning either French or Spanish have access to Max, as in at least can buy it. So we presented to them. And the reason we've increased the rollout is because we feel good about the features themselves. We've improved both role play and explain my answer to the point where people are using them more, etc. So that's kind of one thing. Another thing that I think is important to mention is when we announced Max, we said, well, we're putting these AI features in a higher tier subscription, in part because we had to pay for them. But we also said we believe that the cost of using this of putting these features on our app is actually going to go down because accessing large language models like open AI is the price is going to go down. And we have already seen that. I mean, this is the price is actually going down. So what you're going to see us do over the next few months is, I think it's important to start talking separately about the fact that we have a three tier subscription and AI features. Because what you're going to see us do is we're probably going to be shuffling features to see an experiment in each time, of course, to see what is the best place to put our features. So it may be the case that, you know, explain my answer goes into super as opposed to Max, and then we take some features from super and put them into Max. So you're going to see us do that. And the idea is really to maximize the revenue that we can make and also maximize the amount of features that we give to our users. Or value that we give to our users in a three tier strategy without necessarily saying, well, the highest tier tier AI.
到目前为止，你可能已经知道了，我们在这方面已经走了一半左右的距离。我们已经提高了推出速度。我们目前iOS上学习法语或者西班牙语的一部分用户可以购买Max，至少可以使用。所以我们给他们展示了。我们加快推出速度的原因是因为我们对这些功能感到满意。我们已经改进了角色扮演和解释我的答案，以至于人们更多地使用它们等等。所以这是一方面。我认为另一方面值得一提的是，当我们宣布Max时，我们说，我们将把这些AI功能放在更高级别的订阅中，部分原因是我们需要支付费用。但我们也说我们相信将这些功能添加到我们的应用程序中的成本实际上会降低，因为访问像OpenAI这样的大型语言模型的价格将会降低。而我们已经看到了这一点。我的意思是，价格确实在下降。所以在接下来的几个月中，你将看到我们开始单独讨论我们拥有三个层次的订阅和AI功能这一事实是很重要的。因为你将会看到我们做的是，我们可能会不断地调整功能，进行试验，看看把我们的功能放在哪个位置最好。所以可能会发生这样的情况，解释我的答案会进入超级版而不是Max，然后我们从超级版中将一些功能放入Max。你将会看到我们这样做。这个想法实际上是为了最大化我们可以赚到的收入，同时最大化我们在三个层次策略中为用户提供的功能或价值，而不必说，最高级别是AI。
On the other side for AI, you know, we're going to continue developing these features because we're very happy with them. And so, so that's that's kind of what we're going to see. We don't have anything to say specifically yet about, you know, how much contribution that the three tier system is going to have, you know, for example, for 2024 bookings. Because there's just a lot of stuff that a lot of moving parts. But we knew this that when we introduced the three tier system, it was going to take us a while to figure this out.
对于人工智能来说，我们会继续开发这些功能，因为我们对它们非常满意。这就是我们将要看到的情况。关于三层系统对2024年预订的具体贡献，我们暂时还没有具体的说法，因为这涉及到很多复杂的方面。但是我们知道，当我们引入这个三层系统时，需要一些时间来弄清楚这一切。
Your next question was about text to speech, which is basically speech synthesis from open AI. You know, we're we have our own speech synthesizer. We're very happy because we made our voices for our own characters. So for now, we're probably going to continue with that because each one of our characters has its own voice, etc. And over time, if we see that open AI speech, since this is very good. You know, we, of course, we may evaluate it. I'll use my follow up to follow up on that.
你接下来的问题是关于文字转语音，基本上就是从Open AI进行的语音合成。你知道，我们有自己的语音合成器。我们非常高兴，因为我们为自己的角色录制了声音。所以目前我们可能会继续使用它，因为我们每个角色都有自己的声音，等等。随着时间的推移，如果我们发现Open AI的语音表现很好，我们当然会评估它。我会在后续提出相关问题。
In terms of just their capabilities, though, right, like you clearly see somebody else that is now becoming conversational in terms of language. And so how do we port that progress back to to do a link up. So I'm quite sure I understand. Within chat, it feels like it's becoming more conversational as you use it, sort of have it in like the premium tiers. Right. And so the question is, how do we think about language learning started to become conversational and really more advanced in terms of one on one to Oh, yeah. We are definitely working on features that are related to that. You will see us. I mean, I don't have anything specific to announce, but we are definitely working on features that will feel a lot more like that and you'll see us in the next few months. I start experimenting with them. Thank you.
就他们的能力而言，你可以明显看到其他人在语言方面有了一些对话的能力。然后我们如何将这种进步反馈回去，以建立联系。所以我可以确定我理解了。在聊天中，当你使用它时，感觉它变得更有对话性，有点像高级服务。对了。问题是，我们如何思考语言学习开始变得对话起来，并在一对一的情况下变得更加先进。哦，是的。我们肯定正在研发与此相关的功能。你将会看到我们。虽然我没有具体的公告，但我们肯定正在研发会非常类似的功能，并且你将会在接下来的几个月看到我们开始尝试它们。谢谢。
Thanks, Andrew. And the next question comes from Arvind from Nani at Piper with an awesome zoom background. Love it. Thanks. I had to kind of kind of complete with Justin. But, you know, so I guess my first question is, you have this very creative interest. When you open up your, you know, prepare remarks. What time and what point do you do you take the group of analysts out here and you you convert this into a whole video. You know, we've been showing up for conference calls. You know, yeah, Megan Marker last last quarter. When do we get our time. You're working on it, Arvind. Wait, wait, I want to be in one of our tick talks. Is that what you're saying? Yeah, yeah, this is a shameless ask.
谢谢，安德鲁。下一个问题来自Piper的Arvind。他的Zoom背景太棒了，我喜欢。谢谢。我得和Justin竞争一下了。所以我第一个问题是，在你准备发言时，你会抽出什么时间点把分析师团队带到这一场整个视频中。我们一直在参加电话会议。上个季度吗，梅根·马克尔是对吧？我们什么时候能有我们的时间？Arvind，你在努力，等等，你是说我能参与其中一个我们的TikTok视频吗？是的，是的，这是个无耻的要求。
I want to ask about your product development roadmap. Right. Like the many ways you can go. You know, you have, you know, you take your core language and you come up with doing a max. Do you have radio and you have that kind of enhancing the core sort of language. And then, of course, like math and music is another very interesting vector. How are you sort of like making the choices between like product enhancements on your core versus going to expansion. Yes, the next question. The majority of the effort is going into the core. We believe, you know, the language learning is a very big business that we are only scratching the surface on. And that is where we are the category leaders. We are not yet the category leaders for math or music education. We are the category leaders for language education. So we're spending the majority of effort on that.
我想询问您的产品开发路线图。对的，就像有很多条你可以选择的路线一样。你知道，你有你的核心语言，你可以选择进行最大化。你有广播，还有一些增强核心语言的方式。当然，像数学和音乐也是非常有趣的方向。在核心语言的产品增强和扩展之间，您如何做出选择呢？是的，下一个问题。大部分工作都投入到了核心语言上。我们相信，语言学习是一个非常庞大的业务，我们只是在表面上涉足其中。在语言教育领域，我们是领导者。但对于数学或音乐教育，我们还不是领导者。因此，我们在这方面投入了大部分的努力。
That said, what's nice about putting math and music into the main app is that a lot of the changes that we make to improve the core immediately help math and music. So, you know, for example, we may make a change to make the leaderboards more exciting. Well, math and music are already in the app. So it'll immediately go into into math and music. So most of the effort goes into the core, but some of that goes into math and music. And just to give you an idea, math and music. I mean, the total number of people working on math and music is like 50, which is a small fraction of our whole product team. So that's just to give you an idea.
说到这一点，将数学和音乐融入到主要的应用程序中的好处是，我们对核心进行的大部分改进也会立即帮助到数学和音乐。比如说，我们可能会改变排行榜使其更加令人兴奋。那么，数学和音乐已经在应用程序中了，所以它将立即应用到数学和音乐上。所以我们大部分的努力都集中在核心，但也会有一部分用于数学和音乐。仅仅给你个概念，数学和音乐的工作人员总数大约是50人，这只是我们整个产品团队的一小部分。这只是给你一个概念。
And I guess like, you know, are there any gating factors in terms of kind of investing? Is it like, you know, you're trying to balance like profitability, where kind of kind of math's kind of keeping the postings a bit tight to kind of say that let's get profitability. And is it more like the people like what's the gating factor that will allow you to kind of push on both.
我猜，你知道的，关于投资方面有什么限制因素吗？是不是像，你试图平衡利润，数学上要保持帖子的紧凑程度，以达到盈利能力。而更重要的是人们，什么是让你能够同时努力推进的关键因素。
You know, it's a great question. The truth of the matter is that the gating factor is I don't know why I cannot explain this, but the gating factor for any kind of product development ends up being time. Is this funny thing where it takes like two years to make a good product? I've never been able to see something goes faster and it doesn't help if you throw a ton of people into it because they just kind of step on each other's toes. The right way I think the girl product is to start with a small team and when the product is gaining traction, you put more and more people. That is the right way to grow a product.
你知道，这是个很好的问题。实际情况是，最大的限制因素是时间。我不知道为什么无法解释这个问题，但不论是什么样的产品开发，时间都是最重要的因素。有一个有趣的现象，就是要花费大约两年的时间来制作一个好的产品。我从来没有看到过有什么东西能够更快地完成，并且如果你往里面投入很多人力资源，也不会有所帮助，因为他们只会互相干扰。我认为，正确的方法是从一个小团队开始，当产品有市场需求时，逐渐增加人力资源。这是发展产品的正确方式。
And so we're not it's interesting. I mean, we really do we have increased our profitability quite a bit, but in the day to day conversations, we don't find ourselves being like, oh my God, I wish I had 30 more people to throw at this problem. It's more just getting our act together on really, you know, what it means to scale the content for math. What exactly do we want to teach for math next? And usually throwing more people at this just has not helped us in the past. So that the gating factor is just it's kind of like it has to be a certain time in the oven. It's like you can't cook a cake much faster or big a cake much faster. That's that's it. Yeah, that's that's really helpful and phenomenal. This is this print. Thanks, sir. Thank you.
所以我们并不觉得这很有趣。我的意思是，我们事实上在增加利润方面确实取得了相当大的进展，但在日常交流中，我们并没有觉得自己想要再有30个人来解决这个问题。更多的是要把我们的行动统一起来，真正理解如何对数学内容进行扩展。下一步我们到底想教什么数学课程？通常，增加人手并没有对我们有所帮助。所以，关键的因素就是必须经历一段特定的时间。就像你不能太快烤蛋糕或者做一个更大的蛋糕一样。没错，这真的非常有帮助和了不起。这是这份打印材料。谢谢，先生。谢谢。
Right. Next question comes from Mark Mahaney at Evercore. Thanks. Two questions, please. First, I know you have a lot of questions on math and music. So maybe something a little bit more niche. There were some news article about chess and then just made us think about there's what about what about skilled games of skill skill categories like that. Long term is that is there an interesting appeal to including those somehow in the app. And then secondly, these, this bookings growth and the MOU and the sub growth is super impressive, but could you give us some. All around where these new and they use these kind of almost record levels of and use and match record level of new subs where they're coming from. You know, is this are you just getting a flood of new people coming in from from China or from India just help us realize what the source of these new subs and that and then they use is quickly from a geographic perspective. Thank you.
好的。下一个问题来自Evercore的Mark Mahaney。谢谢。请问两个问题。首先，我知道你对数学和音乐有很多问题。所以可能可以找一些更专业的方向。最近有一些关于国际象棋的新闻文章，这使我们想到了像这样的技巧类游戏。从长远来看，在应用中是否有引入这些游戏的有趣吸引力。其次，这些预订增长、MOU以及用户增长都令人印象深刻，但你能给我们一些关于这些新用户和使用情况的信息吗？这些几乎创纪录的新用户和使用情况主要来自哪里？你是不是只有大量来自中国和印度的新用户？请帮助我们从地理的角度了解这些新用户和使用情况的来源。谢谢。
Yeah. Okay. Well, in terms of the, you know, adding content to teach things like chess or things like games. You're unlikely for one, you're unlikely to do that for one in the next, you know, again in the in the short to medium term we're not going to be adding more subjects other than math and music because we want to make those really succeed. But in the long term just me personally and I think that's true for a lot of people that work at doing it were just a lot more interested in pure education. And so that's the there's nothing wrong with teaching how to play chess or games or anything like love that love chest, but it's just where I think we're more a lot more interested in just kind of pure education. Okay. So that's probably where you're going to see for the second question I'll let Matt take that one.
好的。嗯。关于添加教授国际象棋或其他游戏等内容的问题，短期或中期内我们不太可能添加新的学科，目前我们只专注于数学和音乐的成功。但是从长远来看，就我个人而言，并且我认为很多从事教育工作的人也是如此，我们更加关注纯粹的教育。这并不是说教授如何下国际象棋或其他喜欢的游戏有什么问题，只是我们更加关注纯粹的教育。好的，第二个问题我会让马特回答。
Yeah. So as I mentioned in my prepare marks, Mark, the beauty of our growth has been that has been broad based. So when you look at kind of the countries with the biggest MOU or D you around the world. And you try to see, you know, user growth has been D you growth has been around 60% for the past several quarters. You know, what's the variation like is the US growing fast it's growing close to average. And then there's other countries are growing above average, but you know it's broad based it's around the world. So the user growth is really, yes, it's super geographically diverse and we're glad about that in terms of subscribers. We look at, you know, where our subscriber growth is coming from and it hasn't changed. I mean, every quarter, you know, the stack rank of countries kind of, you know, fluctuates every so little bit, but it's not really fundamentally changed over the past couple quarters. So that's why we mentioned we felt like the user growth has been broad based and high quality. So we feel good about it.
是的。正如我在准备稿中提到的那样，马克，我们增长的美好之处在于它是广泛的。因此，当你看一下世界上拥有最多用户的国家时，你会发现用户增长一直在过去几个季度保持在60%左右。你可能会想知道，美国是增长最快的国家吗？它的增长接近平均水平。其他一些国家的增长超过了平均水平，但总体上来说，用户增长是全球性的。因此，用户增长真的非常地地理分布广泛，对此我们感到非常高兴。在订阅者方面，我们看到，我们的订阅者增长来自哪里并没有发生变化。我是说，每个季度，各个国家的排序可能会有一些小幅波动，但过去几个季度基本上没有发生根本性的变化。因此，这就是为什么我们提到我们认为用户增长是广泛且高质量的原因。我们对此感到满意。
And if you want questions just on the level of investments going forward you're obviously ramping up margins very aggressively that sounds that is fundamentally a good thing. Just kind of addressed like the is it is there any risk that you just have a lack of investment opportunities I don't know that doesn't sound right but. How do you make how do you balancing like you're ramping up profitability how do you balancing that with kind of the need, you know, for whatever to invest in dual lingo for the next three to five years. Yeah, I think it's a great question I'm sure Luis has some thoughts as well but just from the raw mechanics of the math. You know we mentioned on the last call that I think it's if you look at other tech companies that you know certainly ones we respect and that you you guys follow. In their first year of real profitability they typically see a pretty big jump. And profit margin. And then they see steady progress towards their long term margin. That's kind of what we expect as we said on last call is what we expect on this call and while we've been doing this path towards increased profitability this year. And then hiring. And we've been investing in the in the product and the business so I think we feel good about our balancing long term growth with long term profitability over time. And so I think Luis mentioned on the last one of the last questions. You know the the gating factor so far has not been investment in our in our product cycle or product journey. Matt will not let us eat lobster every day anymore and we're upset about that. I'm kidding. Even more minutes with the cost discipline it turns out. I'm kidding. No, I mean just generally I don't I don't think that we've been really there has never been a product initiative that we haven't done. Because we can't hire the people. There's been you know we have not done it because we don't think it's a good idea or because we don't think we're ready to do it, etc. So, you know, I think we keep investing really well at least in R&D. Okay, thank you Luis. Thank you.
如果您想谈论未来投资的问题，您显然正在极力提高利润率，这从根本上来说是一件好事。只是有一些问题，比如您是否会缺乏投资机会，我不确定这听起来是否正确。您如何平衡提高盈利能力和对于未来三到五年内投资双语学习的需求？是的，我认为这是个很好的问题，我相信Luis也会有一些想法，但仅从数学的角度来看，我们在上一次电话中提到了，如果看其他科技公司，特别是那些我们尊敬并且你们也关注的公司，在实现真正盈利的第一年他们通常会看到非常大的利润率跃升，然后他们会逐渐向长期利润率稳步进展。这正是我们在上一次电话中所说的，也是我们在这次电话中的预期。虽然今年我们一直在增加盈利能力，但同时也在招聘和投资产品和业务，因此我认为我们对于在长期发展中平衡增长和盈利能力感到满意。正如Luis在上一次回答中提到的，到目前为止，限制因素并不是我们在产品生命周期或产品发展中的投资。Matt不再让我们每天吃龙虾了，我们对此感到不满。开个玩笑，由于成本纪律更加严格，显然不能每天吃龙虾。我开个玩笑。总的来说，我认为我们从未因为不能雇佣人才而未能完成产品的计划。我们未能完成是因为我们认为不是一个好主意，或者我们认为我们还没有准备好，等等。因此，至少在研发方面，我认为我们持续进行良好的投资。好的，谢谢Luis。谢谢。
Great next question comes from Curtis Nagle at BMA. Awesome. Thanks very much for taking the question. Luis I think you made a kind of an interesting point in terms of the free to pay conversion in some of the regions. I think it was last call you talked about how it can be very difficult to drive that, you know, whether you're your lower prices or whatever you're trying to do so. Obviously something changed. So, because it's just a little bit more about, I guess how you cracked that egg and just what led to some success. You know, in this corner.
非常好的下一个问题来自BMA的Curtis Nagle。非常感谢您提问。Luis，在一些地区进行免费转付费的转变方面，你提出了一个有趣的观点。在上一次通话中，你提到这可能是非常困难的，不管是通过降低价格还是其他方式。显然，有些改变发生了。因此，能否详细说明一下您是如何突破这个问题的，以及导致一些成功的因素呢？就在这一方面。
Yeah, hey, so Chris I think I'm the one who said that in my prepared remarks and you know the answer is going to be one that you're going to get used to us hearing which is we it's actually not one thing it's a bunch of experiments that we've been running around the world to understand how that free to pay conversion can increase. In this particular quarter, one of the things we did was we optimized how we're showing what we call the hook to go from free to paid. So the kind of internal super ad that says would you like to try doing it. We optimize that in a bunch of markets around the world, change the language a little bit, made it more local, more colloquial. And that was a big win, but again that's one of many wins across the quarter. So that's really what drove it over the past, you know, kind of three, four months. Luis, I don't know if you have anything else.
嗨，嘿，Chris，我想是我在准备的发言中说的那个。你熟悉的答案将会是你会听到我们在全球正在进行的一系列实验的结果，即我们进行试验的目的是了解如何提高免费用户向付费用户的转化率。在这个季度中，我们做的一件事是优化了我们所称之为 "诱导免费转付费的钩子" 的展示方式。所谓的 "钩子" 是内部超级广告，问你是否想要试试。我们在全球的很多市场进行了优化，稍微修改了一下语言，使其更具当地特色、更加口语化。这是一个巨大的成功，但这只是季度中众多成功之一。所以，这是过去三四个月的驱动因素。Luis，不知道你还有其他什么想说的吗？
Yeah, that's it. I mean, it was generally a lot of, we have teams exactly dedicated to getting more people to subscribe. Okay, make sense. And then Matt just a quick follow up. So I heard correctly dilution I think one to one five. I think that was brought down by two so just I guess what what's the delta. Yeah, it's come down. In part because you know we, you know when we made our plans for the four year and guided to that. Two percent range will probably higher end up hiring a couple fewer people this year. But then the other thing is that's on a, you know, a treasury stock method so as the share price goes up the amount of shares we grant over the course of the year goes down. Those are the two factors nothing, nothing crazy. Okay, thanks very much.
是的，就是这样。我的意思是，总体上讲，我们有专门的团队致力于吸引更多的订阅者。好的，明白了。然后，马特，我只是想确认一下。所以，我听对了，稀释比例是一比五。我想这是下降了两个，所以，我猜这个差距是多少？是的，下降了。部分原因是因为我们在制定了四年的计划并进行指导时，预计在两个百分点的范围内，我们今年可能会雇佣更少的人。而另一方面，根据库存股票法，随着股价上涨，我们在一年期间发放的股票数量也会下降。这就是这两个因素，没有什么特别之处。非常感谢。
All right, next question comes from Chris Kuntourich at UPS. Great, thanks for taking the question maybe just a bit of a follow up on what was just asked there on the region regional payer penetration. This curious how we should be thinking about like really how much of this is kind of rinse and repeat on a on a market by market basis versus kind of what needs to be done is really kind of the experimentation and it's unknown kind of really what the payer penetration is going to look at look like in some of these more nascent markets and just kind of curious how we should be thinking about across that 8% payer penetration like where are some of these earlier markets that were at on a payer penetration versus some of our more advanced and then maybe just one follow up after.
好的，下一个问题来自UPS的克里斯·坤图里奇。非常感谢你回答这个问题，可能对刚才有关地区支付者渗透情况的问题有一点追问。我想知道我们应该如何思考这个问题，实际上有多少是在每个市场上进行的类似试错的工作，以及需要做些什么是未知的，支付者渗透在一些新兴市场上将会是什么样子，我只是想知道我们应该如何考虑在这8%支付者渗透率中，一些早期市场在支付者渗透方面的情况如何，与我们更先进的一些市场相比，然后可能还有一个后续问题。
I'm happy to. I mean, I think it's a little bit of both. I think some of it is look there are some experiments that were running that help payer penetration in every single country. It's just sometimes talking about, you know, talking about the exact language that we use is better and we find better language to use that help the whole world. That said, you know, there's there's a big difference in payer penetration in a country in a wealthy country like the US versus a country like India. And that's not just true for dual angle this is true for essentially, you know, every every product out there. So there are some things that you're probably going to see us try there. It's not just decreasing the price, which we've already done, but there are things like, well, maybe we sell, you know, more through the family plan. That's just an example. Or maybe we sell more through in a purchases or something because we do know that that for some of these markets, some slight differences are just needed. So, so I think it's a bit of both my, my, if I had to guess my sense is that we're going to do more of the global stuff than the specific, the market specific. It's, it's kind of, it takes a lot of effort to do a lot of market specific stuff. We may do market specific stuff for very large countries like China and India.
我非常乐意。我的意思是，我认为两者都有一点。我认为其中的一部分是，我们正在运行一些实验，以帮助每个国家的支付者渗透。有时候，谈论我们使用的确切语言更好，我们会找到更好的语言，有助于全球。尽管如此，你知道，在像美国这样的富裕国家和印度这样的国家之间，支付者渗透有很大的差异。这不仅仅适用于杜克斯角度，这对于任何产品来说都是如此。因此，在这方面你可能会看到我们尝试一些事情。不仅仅是降低价格，我们已经做到了，还有像，也许我们通过家庭计划销售更多。这只是一个例子。或者也许我们通过应用内购买销售更多，因为我们知道对于某些市场来说，一些轻微的差异是必要的。所以我认为两者都有一点，如果我猜的话，我觉得我们会更多地做全球性的事情，而不是市场特定的事情。实施市场特定的内容需要很多努力。对于像中国和印度这样的大型国家，我们可能会实施市场特定的内容。
I don't, you won't see us do market specific stuff for countries, you know, kind of smaller like, I don't know, they check republic or something like that, which is a significantly smaller country.
我不会，你也不会看到我们为国家市场提供特定的服务，知道吗？就像那些小国家，比如说，我不知道，像捷克共和国之类的，它们相对来说是比较小的国家。
So, and just the follow up would be on, I think you would talk last quarter that revenue per sub would be effectively flat. And I think you're now talking about improving. Should we be taking that as a seeming that we're down kind of low single digits as far as revenue per subscriber or yeah, just any more color you could provide around that would be helpful. Thanks.
嗯，我想之前你们谈到每位订户的收入上季度基本持平。现在你们谈论改善这一点。我们应该理解为每位订户的收入出现了个位数的下降，或者还有其他的情况吗？如果你能提供更多相关信息，将会很有帮助。谢谢。
We, it's, it's the same general trend. So this quarter, we thought it would be, you know, slightly less of a decline on our pool year over year. And it would have been but for the fact we found this other lever around the world that drove makeshift outside the US. And that was a trade off we were happy to make because it drove LTV positive subscriptions.
我们的情况和情况一样。因此，在本季度中，我们认为与去年相比，我们的收入会有所下降，但只是稍微减少一些。尽管事实如此，我们还是发现了一个全球范围内的其他因素，推动了我们在美国以外地区的临时策略。尽管这种情况不尽如人意，但我们很高兴接受这种权衡，因为它带来了高于生命周期价值的订阅。
So that was the right decision. You know, it probably delayed the lapping or the kind of kind of zero percent year of a year growth, you know, my quarter or so, but it's still the general trend same trend as was on the last call.
所以这是正确的决定。你知道，这可能延迟了涨跌或者零增长年度增长的一年，你知道，差不多大约是一个季度左右，但总的趋势仍然与上次的通话相同。
Yeah, thank you. Right, I'm not showing any further questions so I'm going to turn it back to you, Luis or up up. Just thank you everyone and thank you for the great questions and we will see you next quarter.
是的，谢谢。好的，我没有其他问题了，所以我会把话题转回给你，Luis或者Up Up。感谢大家和提出的问题，我们下个季度再见。