Duolingo Announces Record Bookings in First Quarter 2022 and Raises Full Year Guidance

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[{"type":"text","content":"PITTSBURGH, May 12, 2022 (GLOBE NEWSWIRE) -- Duolingo, Inc. (NASDAQ: DUOL), the world’s leading mobile learning platform, announced results for the first quarter ended March 31, 2022 in a shareholder letter that is posted at https://investors.duolingo.com. \"All elements of our business performed well this quarter and we saw accelerating user growth, record quarterly bookings, and strong margins,” said Luis von Ahn, Co-Founder and CEO of Duolingo. “We believe these results come from the investments we’ve made in R&D to drive innovation and continuously make our products more effective, more fun, more engaging, and more social. Thanks to our strong results this quarter, we are increasing our guidance for bookings, revenue, and adjusted EBITDA for the full-year 2022.” First Quarter 2022 Highlights Total bookings were $102.1 million, an increase of 55% from the prior year quarter;Subscription bookings were $78.5 million, an increase of 56% from the prior year quarter;Paid Subscribers totaled 2.9 million at quarter end, an increase of 60% from the prior year quarter;Monthly active users (MAUs) grew 23% to 49.2 million from the prior year quarter and Daily active users (DAUs) grew 31% to 12.5 million from the prior year quarter, both of which are all-time highs;Total revenues were $81.2 million, an increase of 47% from the prior year quarter;Net loss totaled $12.2 million, compared to a net loss of $13.5 million in the prior year quarter, with the majority of this quarter’s loss driven by stock-based compensation;Adjusted EBITDA was $3.9 million, compared to $0.9 million in the prior year quarter. Financial and Operating Metrics The following table summarizes our financial and operating highlights for the quarter ended March 31, 2022. Three Months Ended March 31, (In millions) 2022 2021 % ChangeOperating Metrics Monthly active users (MAUs) 49.2 39.9 23%Daily active users (DAUs) 12.5 9.5 31%Paid subscribers (at period end) 2.9 1.8 60% Three Months Ended March 31, (In thousands) 2022 2021 % ChangeOperating Metrics Subscription bookings$78,539 $50,466 56%Total bookings$102,054 $65,830 55% Financial Measures Total revenues (GAAP)$81,220 $55,360 47%Net loss (GAAP)$(12,154) $(13,472) (10)%Adjusted EBITDA (Non-GAAP)$3,946 $871 353% The following table provides the changes in revenues by product type: Three Months Ended March 31, (in thousan...

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