Duolingo, Inc. (DUOL) September 9, 2026 Conference Transcript

Yep.

All right. So welcome, everyone. Let's get started. I'm Ron Josie. I lead internet coverage here at Citi. And I am thrilled, psyched, excited to have with us today, Luis Fanon, the co-founder and CEO of Duolingo. So Luis, thanks for being here. Thank you for having me. Duolingo is, you know, one of the, in my mind, most recognized consumer learning uh fun platforms out there there's a lot going on and so maybe we'll get started and you know first of all thanks for coming glad to see you thanks for being here um i think most people know duolingo so we can sort of just jump into it maybe i'll start with some icebreakers just to lighten the mood if you will and the first one to lighten the mood is when i when i give you this one number word like what's the first thing that comes to mind a hundred million oh that's the number of dAUs we want to get to in uh 2028 okay that's the first thing that comes to mind that's it i love it that's our goal uh chess love it okay uh ai is blank uh exciting exciting for duolingo scary for me personally because i don't know what's going to happen yep okay um green machine the name came from how where did the name come from green machine uh green machine is our process of optimization at duolingo and it came from my chief of staff molly breen she invented it yeah there was a i think there was a big wheel back in the day called the green machine as well um okay and maybe the last one more fun but you know duo is so lovable but at the same time it's so demanding so uh you know when you think about the character duo what's your first when i say duo what do you think well duo has a mind of his own and he just wants you to do your lesson that's all he wants yeah in life and so when you don't do your lesson he will uh freak out so that's it yeah well he freaks out on me too often well you got to do your lessons i need to do my lessons is uh is sort of how it goes i was debating what i do this all in spanish but you know uh we'll stick to english for now so um we'll go through some questions and of course we'll open it up for from the audience for questions as well so let's just kick off here specifically and so So it's been eight to nine months and sort of a strategy reset, if you will, around prioritizing engagement and user growth in 26 before we get back to sort of the monetization. Just take us back to late last year. I know we've talked to this a lot already, but take us back to late last year when you all were going through this idea of let's drive engagement and walk us through sort of, you know, why do we do it? and then more specifically um you know we're now eight to nine months in and so you know what are you seeing in the business that that has made this that sort of like the right approach thus far yeah um so yeah about a year ago uh we had had uh i don't know how many quarters something like 16 quarters or something of incredible revenue growth it just every quarter was just we were growing quite a bit for for a long time and uh it was doing well um but one of the things that

happened is we are uh we are an incredible optimization company we optimize for things and it was it had become clear to me that we were spending most of our time optimizing for revenue which i thought was short-sighted um and what i thought the real thing we should be optimizing for is audience size, especially because we are at a unique time where, because of AI, we really are going to be able to teach much better over the next few years. And I think there's a real opportunity, you know, capturing an even larger audience than we originally thought. So I made a decision, which was not an easy decision, to mainly concentrate on growing our user base, our active user base and so that's what we've been doing for the last few months um it's going really well um we're you know our our year-over-year dau growth rate is is very good we're very happy with it and so we've been able to re-accelerate our growth rate and we feel quite good about our ability to get i mean right now you know whatever the latest i don't remember the exact number that we said for the for the latest dau numbers i know the dau numbers from yesterday but I don't think I can tell you that.

Well, I think we know them at some point in August.

Yeah, yeah. We know them at some point in August. But in any case, we feel pretty good about, you know, getting to 100 million in 2028. It's looking really good. And the really good thing about our DAU growth rate is that it's really all regions are growing very healthfully.

And ultimately, the larger the audience that we have, the more people are learning on Duolingo, the more they'll tell their friends so we keep growing but also the larger the audience we have the more revenue we'll ultimately be able to make so um i i think this is just going to be a much larger business than we originally thought it's an in that it was super helpful and insightful and as in that i think you said uh we we we want to teach better in the next few years or something along those lines talk talk to me about dive deeper into that teach better over the next few years because the product works great you will brings me in maybe not every day because he gets mad at me but you know um just talk to me what what do you mean by teach better or give us any examples to help us understand what that means yeah so a couple of things about uh teaching

first of all um the one of the things that we learned a long time ago was the hardest thing about learning something by yourself is staying motivated that that if you're going to learn something by yourself it's different than learning something in school learning learning something in school you kind of have to go to school because your parents are forcing you it's just you're going to have to go. If you're going to learn something by yourself, especially on a phone, it's pretty hard to stay motivated because you are one tap away from going to TikTok or whatever it is. So the main thing that we have concentrated on for many, many years is getting people to stick around and stay motivated. And we've done a really good job. If you, for example, look at our DAU over our MAU ratio, it's incredibly high. It's better than most games, actually. So we've done a really good job of getting people motivated. Now, the other thing, of course, we have to do is make sure that we are actively teaching you as well as we can. We did a study a few years ago and Duolingo is about as good, I saw a few years ago, Duolingo was about as good as a classroom. And we felt really good that Duolingo was about as good as a classroom. Now, it just turns out that the reason that was the case is because classrooms, particularly for languages, are just not particularly that good. But we were about as good as a classroom a few years ago and we're like, we feel great, but it turns out classrooms are just not as not that great what's really good about learning at actually teaching a language is a one-on-one human tutor by the way this is true for most subjects if you want to learn you know uh real something really well getting a one-on-one human tutor is usually the most efficient best way immerse yourself and with a tutor like it's actually works really well we are not yet as good as a one-on-one human tutor but every year we get better at teaching if you just you know we do measurements about how well we teach um and my sense is that in the next i don't know the exact timeline but in the next call it two to three years and again i could be off on this but in the next call it two to three years i think we will be as good as a one-on-one tutor in terms of learning outcomes and i think that's incredible um for a couple of reasons first we're going to be way cheaper than a one-on-one human tutor i mean one of the problems with one-on-one human tutors is they're quite expensive if you want a good one this is you know we're talking a hundred dollars an hour easily if you want a good one so we're way cheaper than that but secondly most importantly the problem that one-on-one human tutors have is that for most people they're very boring uh so they just don't do it whereas we are going to be as effective as a one-on-one tutor but um you know it'll feel as fun as a game so i think that's a real game changer in terms of you know it really will be kind of a no-brainer to use duolingo to learn certainly languages which is where we're most advanced. But I think we're going to get there as well with chess and with math in terms of teaching as well as a one-on-one human tutor in the next few years. And I think that'll be a real game changer. So within Green Machine, and I'd love to have any insights on just the beta on the path to that two to three years we get to that one-on-one tutor, any insights or maybe aha moments on the product that you've seen that says, ah, this is something that will bring people coming back and get those streaks going anything for coming back oh yeah i mean it is an incredible thing when you look at uh the the behavioral tricks i'll call them uh that get people to come back um because we have data from so many users i mean really literally millions of millions of users every hour are using duolingo uh we have data from that and we use that to get people to come back and there's just some pretty amazing things so for example it really matters what you say in the notification to get people to come back uh this is why the owl for example has a has a as a personality it turns out that the owl being disappointed in you really works well the owl being motivated yeah well it really works well and by the way how well that works depends on the culture in certain countries disappointment works a lot better than in other countries So this is all the stuff that our AI finds out, or either AI or our team, just we find out that in certain geographies, certain types of motivations are better than others. Another really good example is if you start a lesson on Duolingo, the progress bar is actually not linear. It's in fact, what happens is the first few exercises you do, it grows a lot. So very quickly, you get to halfway. halfway and the thing about getting to halfway is that humans just have an instinctive need to fill a half-filled progress bar fully so we just get you very quickly halfway and then you're like well may as well finish the lesson because i'm halfway now you're actually not halfway we've lied to you you're actually you're actually just i don't know 20 of the way but you feel like you're halfway so they may as well finish so this is there's just there are thousands of these little tricks uh to try to get people to come back because ultimately what we're doing is we're we're doing something that you say you want to do but that ultimately you don't really have the self-discipline to do so we're trying to just give you that self-discipline i mean it's kind of similar to just

we're just helping you to go to the gym or we're just helping you to do the thing so we're helping you to stay to be good for yourself long term yep i would agree with that and you're building a lifelong skill upon doing it so yes um i i am one i am certainly guilty of the halfway let's finish it up so that's i try to go faster on the spanish ones because you know that's easy for me but But anyway, let's maybe talk a little bit more just on that 100 million path and bring it back into 2Q. Specifically, I think you said, you know, we talked about DAU growth is accelerating. I would love to talk a little bit more about what are the drivers of that accelerating And, you know, the question we get is the drivers and the durability. How do you continue? And I'm not asking about it.

I would love to, you know, but how do you just what were the product changes that sort of got to this level of accelerating growth set that you laid out last year when you said we need to get to this you know this metric yeah i mean it so the you know when people ask us is this durable i mean the answer is an easy yes because these are not one-off things or anything these are just simply the product is stickier we have done a number of changes by the way in terms of the acceleration the majority of the reason why we've accelerated and we're why we're bidding our own internal forecasts in terms of uh dau growth is because the the product is stickier uh so we've just done we've just done a an incredible job in terms of uh running tests that make the product stickier we run every single uh week we run hundreds of a b tests to try to make the product stickier now some of them don't work some of them work about half of them work uh it's hard to attribute to a single thing that why we're stickier but it's just little things about like you know we we tune the time in which we're going to send the notification we change the animation of when you get a streak how how explosive it looks so it's all this stuff that we do and it just becomes stickier and stickier at this point you know we had it in our last shareholder letter our this metric that we look at internally is called current user retention rate which is basically if you are here today and you were here another day in the last seven days what is the probability you'll come back tomorrow uh that number for us now is 84 which is extremely high uh and it's it's it's at an all-time high it it keeps growing it grew it grew by about about a percentage point in the last year um and it's because the product is just stickier so that's probably the biggest reason there's another reason that is less less impactful but but another important reason is um um our marketing has done an incredible pivot over the last year um i think hopefully a lot of people are familiar with our marketing um it's it's pretty unhinged if you go to our tiktok or or instagram like our social media has been pretty unhinged um and it has really worked very well but over the last year we've done a pretty incredible pivot where it remains unhinged but is a lot more brand aligned to to kind of uh efficacy and teaching well etc so we're just seeing that the marketing is is is doing better than it was about a year ago um and in addition to that we've we've diversified our marketing it used to be the case that it the main thing that we only looked at was we just had a really popular youtube tiktok and instagram channels uh we now have diversified it's not just our own channels um we have you know thousands of uh user generated content that is helping like other people talking about us that's uh helped quite a bit and in addition to that we've started doing some performance marketing um it's not a huge amount

but we've just gotten much better at performance marketing and i think the combination of this just makes our marketing more effective um and so that's that's that's why we're accelerating yeah super helpful one of the things that i wanted to ask a little bit more is you think the comment was we run hundreds of a b tests and we'll see what works maybe it's a 50 50 talk to us a little bit more just the internal process to run those tests. So specifically, you know, I was a product manager a long, long time ago at an old company called AOL. And, and, you know, we, we would try to most people were back in the dead. And now everyone knows how old I am, but you know, we, we used to, you know, very much manage every single release. And then of course you, you just measure everything. And so talk to us more about the, the, the hundreds of AB tests.

I'd love to hear about how that has maybe ramped up over time and how do you manage that process ai i'm assuming has really helped to to understand what's coming through yeah i mean so we have there's a new version of duolingo every single week so our iphone app and our android app every single week there's a new version of duolingo that version of duolingo uh every time it comes out comes out with you know some large number of new a b tests uh hundreds um that we're testing the way this works is we have there's three big things we work on at duolingo one is uh user growth another one is revenue and another one is teaching better whatever the subject that we're teaching so all a b tests are based on one of these so they're trying to do one of these things either it's it's meant to teach you better or it's meant to uh you know keep you more engaged with the product or it's meant to make more money um there's large each each of the teams that that own one of one of these is it's about 100 people so it's about 100 people working on duolingo that are either engineers or designers or product managers that are working on teaching better and about 100 that are working on um uh monetization etc and the way it works is um the combination of these 100 people's you know one of them comes up with an idea for an a-b test uh of late it's either the 100 people or ai also comes up with ideas for a b tests um then uh we sketch it uh it gets reviewed by a group of people in the company that reviews all changes to see if this is a good change that we're going to do or not then it gets built these days it's mostly built by ai uh and then it goes into the product from idea to to product it's about a month that it takes from idea to product. And then we run it and literally about 50% of them are successful in whatever the metric they were trying to improve. So either it improves revenue or improves how we teach or it improves daily active users. That's kind of what happens. But the velocity that we're getting A-B tests out is very high. By the way, the number of A-B tests that we run per capita, so per employee of Duolingo that is working on the product, has significantly improved over the last few months. And that's a lot thanks to AI, not entirely, but a lot thanks to AI. It's not quite doubled in the last few months, but it's close to doubled in the last few months.

And I think we saw that in 2Q with green machine testing optimization came through. And also in 2Q, you benefited from maybe not tests, but events. Streak Revival being one of them.

I think video calling now available in Super Duolingo. was that part of the testing as well or that was the idea and it just sort of stuck and had one more question on the green machine then we'll move on the um the streak revival was just an idea that one of our product managers had about oh maybe we can you know there's a lot of people who have lost their streaks maybe we can have a one-time event where we uh let them revive their streak it was very popular um we had about 15 million people revive their streak worldwide uh that helped for sure but it you know that was that was a minority it sounds like a really big event but But in terms of, you know, when we do the actual calculations of how much this helps with DAUs, it helped, but it was a minority. The majority was just long-lasting changes.

When we think, now we'll take a step back, I guess, and talk bigger picture. And I know this year is not the year we're maximizing monetization, but it's helpful to hear those three sort of buckets, if you will, between user growth, revenue, and teaching better.

Talk to us about how you think you balance those three. or maybe i get the question all the time how do we get back to revenue growth right if we're optimizing user growth and every and i guess user and teaching growth here in the short term i get that question all the time but only from wall street uh so let's see um this year our goal really has been from the from the beginning of the year um we decided we were going to set some financial kind of box or financial boundaries that we're say look this year we're going to grow whatever we said at the beginning of the year i mean you know bookings by something like 10 or something but we said something uh and we're gonna and we're gonna operate like this with this year we're gonna have adjusted a bit of this you know in this range etc and subject to that we're gonna try everything we can to try to increase our audience size so that's how we're operating this year and that's what we've been doing i mean and in fact every quarter you've seen we're within the box uh and and and you know trying to accelerate uh our user growth and i think it's been very successful in accelerating user growth um in terms of kind of you know monetization you know we're not giving any any actual guidance for next year or anything but uh what i will say is that we'll probably have not just not just be concentrating on user growth next year and that that i think i think that's that's safe to say that that we we understand

obviously this is a this is a business and we understand that the ultimate goal is is really revenue um but we really thought that this year we should spend it on user growth as we think about you know different forms of monetization the question that i'm sure you get all the time in terms of us and we do as well is just the tiers of subscription yeah so we've made changes to to max of course we've made changes to super we've included video now and in different tiers um talk to me about how you think the subscription evolution how we evolve subscriptions going forward yeah so you know historically we've had one subscription tier which was super duolingo uh which is basically just a premium version of duolingo a few years ago we added a new tier

which was duolingo max it was a higher tier was about twice the price of super duolingo one of the reasons we added a higher tier was there were two reasons one is we saw there actually was a desire to pay more or you know there were people who are like okay with paying a lot more so we're like okay well let's have a more expensive tier the other reason we added it was you know a couple of years ago we introduced this new feature called video call which is basically being able to practice conversation with an with you know an ai um at that time each time somebody did a practice of the conversation with an ai the call cost us 30 cents yeah so that that's what it costs so we pretty quickly did a calculation we're like we can't really put this in super duolingo because it's not expensive enough and then with a calculation and basically we need to charge about twice as much for that to make sense in terms of our you know our margins so we put uh we we added max and this tier and then we put video call in it and we're like if you if you buy max you can have access to video call we said back then if we managed to decrease the price of these uh we may start putting that feature in lower tiers or maybe even give it for free because ultimately what we want to do is teach as many people as we want i think that's really what's best in the long term for the business what happened is that over the next few years our team did an incredible job mainly by switching mostly to open source ai models to decrease the the cost of the video call at this point the cost is well below a cent each time you do it so it had it went from 30 cents to well below ascent um and so we now are able to put video call in super duolingo which is the the kind of the cheaper tier that we had um and we've started doing that and i today not not quite all of our super duolingo subscribers have access to video call but at least all new super subscribers have access to video call and some fraction of you know kind of older super subscribers we've started giving a video call that calls into question what the hell is going to be max uh or are you going to keep max um and the answer really is we don't know we're not entirely sure what we're going to do with max it's still there people are still you know paying for it um but we're we're not entirely sure that there's some options one option is that max actually does go away um another option is that we start um you know maybe we give unlimited access to video call in max and limited access in in super duolingo etc so there's some option some options and we just don't know and the reason we don't know is not because we're sitting there kind of thinking about it it's because we're actually running tests to try to figure out what is actually revenue maximizing for us and we're running a lot of tests with different cohorts of users to try to figure out what it is that you know what what we do and in addition to that you know if we just turn off max today that that that would involve a you know a hit in revenue so we can't quite do that so we're we're trying to be very thoughtful about this ultimately we're gonna what what i'm pretty sure of is that we're gonna be able to whatever it is we do whether it be short of max or whether it is that we you know end up doing some changes to how max works whatever it is we do i'm pretty confident we're going to be able to do this in a way where we don't lose revenue um so i think i'm pretty happy with that and if we're able to do that that's really great because that suddenly we're not losing revenue as in we're making the same amount of money as we were before that's awesome and we suddenly gave access to video call to 10 times as many people and that's good for us because if 10 times as many people have access to video call that means 10 times as many people are learning better uh which means that there will be more word of mouth for duolingo because they'll tell their friends look how much spanish i learned on duolingo etc so it'll just be good for us if we're able to do that talk to us about the adoption of video call how important is it to to the subscribers that are using it when i say important how you know how often are people coming back to it as is that the killer app or a killer feature that is really driving usage yes so video call is a very popular feature when you have access to it you continue using it yeah what is clear is that you know learning a language um requires learning uh swirl uh speaking writing reading and listening uh with without video call you pretty much it's very hard to learn speaking yeah um you can learn some pronunciation it's very hard to learn actual speaking so anybody who actually wants to learn a language um really really likes the feature because it you know it is the difference between not really learning how to speak and learning how to speak and people are able to do this um really well with video call so it the features the feature is very successful itself i i should have asked in the um in the icebreakers open source closed source and just leave it there open source all the way open source all the way by the way that does not mean that today 100 of our ai usage is open source stuff because there are cases where the frontier models are better than than open source but what we're finding is that um for most of our use cases we can we can substitute for the open source and we are very happy with that and do you see a similar 30 similar 30 cents to one cent sort of like result here it depends on what the usage is yeah um it may not be i mean that would that's pretty striking i don't know that's like a 50x or something that's pretty striking i don't think we're seeing a 50x but we're seeing um we're seeing pretty pretty pretty good improvements yeah yeah i mean stark it's unbelievable right from three things happen there open source is one the other thing is that just everything got cheaper. Everything got more efficient in terms of the AI spend. So I think those are the two things that happen.

It's funny, in this world of AI spend, we hear about efficiency and then we see sort of the opposite at this point. But yeah, no, that is the goal.

We are getting significantly more efficient.

So I'm going to come back to that in a second. I did want to ask one more on the subscription side, the free trial. So I think there are some, you're always running and optimizing what works, what doesn't work.

Seven days, back to school, 30 days um talk to us just about you know the the what are you seeing what you saw from 30 days and how did that or does that is that a reason why the cur is doing so well yeah um so we historically have had a free trial for duolingo yeah um the historically has been a seven-day free trial this year we are switching most of our free trials to be 30-day free trials what we're finding is that that is actually good for revenue as in more people end up subscribing and it's also good for da use because you know you put some of these people in the in the 30-day free trial they become more hooked uh to duolingo because they can use it more no ads etc so it's actually this is this is an incredible change that makes it so that it's good for da use and good for revenue um i think that has helped a little bit on the curve but i don't think this is the biggest reason why our daus are growing it's probably a little bit it's not the biggest reason uh but what we really like about it is that it's just better for revenue um you know and one of the things that that is important to understand about this when we switch from giving seven-day trials to 30-day trials there is a an amount of bookings that gets delayed a little bit because when you, you know, if you have a seven-day free trial, you start it today, you pay us in seven days. Whereas with 30 days, you pay us in 30 days. In that time, those bookings get delayed for us. So we've been careful about not just doing that all at once because that probably will create a little bit of a bookings hole. So that's what we're doing. But ultimately, we'll make it so that most of our users are going to be, you know, getting 30-day trials. we may start um trying longer than 30 days so it may be two months it may be three months for example spotify gives a three-month offer um i i don't know what will end up winning but these are all tests that we're going to be running um when you did the seven to thirty were there tests along the way why was 30 the right number was it 21 yeah we have definitely tested a lot of different numbers uh 30 is a nice number that gets people like oh 30 days and for some reason in 30 in people's mind that it's a three month yeah yeah and three months is three months sounds nice

yeah quarters yeah yeah let's see we have about five minutes left i've got a ton more questions but if there's any in the audience if that's okay i would love to open it up is there anything in the audience any questions if not we'll keep going here at least uh you know get tt up your question i used to be a professor you got to wait about 60 seconds for people to oh that was clearly not enough people eventually feel bad for you after about 60 seconds we're just on the clock here we got it this is a treat to have you um so you know let's talk a little bit more just about beyond languages if you will chess math music all coming on here i think chess

added some additional capabilities more recently uh on you know seeing what maybe you should have done in game matches or whatever just talk to us about the the roadmap and how the what chess got right and how it informs newer things coming down the path yeah chess is i mean we have other subjects we have math music and chess these are the the three other subjects that we do on top of languages chess definitely got something more right than the other ones uh chess is the fastest growing subject um it uh it is really i mean it is growing it continues growing pretty fast it is still growing faster than than including languages right now um you know the probably the biggest thing that chess got right is that it happens that it's a game and people like playing games now we're not you know people sometimes ask us like well are you gonna are you gonna now start teaching poker or are you gonna start teaching like mahjong or something um we're not going to do that we're not a gaming app we are an education app ultimately the reason we added chess is because it really actually is good for your brain um there's just there's a lot of studies that show that if you are a student and you do chess after school that's like the best thing you can other than doing your homework the best thing you can do after school is learn chess yeah uh to improve your grades etc so so this is why we have chess um it's we're we're all positively surprised about how well it's going um i'm very excited about math the math math has a huge opportunity we're not i mean we do have millions of active users but it's still a small number compared in math compared to the opportunity there's about a billion people in the world learning math and we're pretty excited because every literally every month it's just much better at teaching math if you haven't tried our math course lately it's quite good if you were not very good at math in the 10th grade or something you should try it because it's quite good so I'm pretty excited about that and I think it'll you know this just opens up a lot more a lot more audience than just languages although I my sense that for the foreseeable future, languages are going to be the biggest thing. It's just, there's a lot of people wanting to learn languages and a lot of people wanting to learn languages outside of school.

Yeah, well, we communicate with one another every day.

So that's helpful. English in particular, people want to learn.

So maybe we'll keep going here on just teaching better. And so, you know, teaching better, teaching quality, the video calls we talked about, all that is coming in here. What I want to try to understand is the link between teaching better into just greater usage and the ability to pay more. And so I know we've gone through a lot in this, you know, 35 minutes or so, but would love to understand what, if there's a secret, not a secret, but, you know, some killer app that has helped the learning better drive that DAU growth.

So it's funny about teaching better. I wholeheartedly believe that we need to teach better. and if we teach better our word of mouth increases because you know you see more and more people that are like oh look i now i'm able to watch netflix and french entirely because of duolingo yeah i mean if you're not teaching well people can just can't say that uh so and the more you say that the more people say that the more the more you grow so i'm i wholeheartedly believe that teaching better will will uh increase our audience that said our evidence that teaching better increases our audience is um not as tight as you would like it to be as in like we run many uh a b tests that for sure teach better and we don't see increases in da use i think part of the reason for that is that it's very hard for people to know people don't realize when they're learning better at least in the short term yeah they may realize that you know after a year past like oh wow i can't believe i can now speak french but on a week by week basis if we're a little better at teaching like people a lot of times just kind of don't realize it. So I do believe the link is there. It's just much harder to prove, certainly on the kind of A-B test that you're only going to run for two weeks. But I think that this is really a major unlock for us. And this is why we're continuing to work on this.

We have about a minute left. We haven't talked about AI as a risk.

And I'm not going to, I don't want to end on it, but I do want to hear, we're seeing DAUs re-accelerate there's been this concern for a few years around ai risk but frankly we're not seeing the numbers talk to us about how you view the the environment here yeah i mean i've never really thought that ai is a risk for us um for a while the market kept on asking us like basically investors you know i don't know if you if you look nine months ago or so they were like you know the questions we would get from investors like is ai going to kill you yeah um they've stopped uh i'm glad because I don't think I mean, there's just no real evidence that that's going to happen. Our user growth keeps accelerating and I think the reason for that is, you know, usually when people say, hey, I'm going to kill you, there's kind of two buckets that people used to say that for. One is, are people going to need to learn languages? Because language translation is really good. I think people are going to continue learning languages. If you look at our users, half of our users are hobbyists I don't think they care whether language translation is really good or not. And the other half are learning English, and they actually want to learn English. I don't think they'll care that you can translate. By the way, language translation has been really good for, like, 10 years. And in that time, we have, I don't know, 100 extra users. So I don't think that that's the risk. Then there's the other one. It's like, well, can somebody just, like, tap one button and create all of Duolingo? It comes out of the box. And, you know, I don't know. That may be the case that it'll happen. but we have unique data that allows us to teach better and keep people more engaged, et cetera. So that's something else that we're just not particularly worried about. So I'm glad that people have stopped asking about it because I'm like, yeah.

Well, Luis, this is wonderful. Thank you very much for the time.

Thank you very much for all the questions.

And all the insights on all the success.