Business
Duolingo Reports 45% Revenue Growth and Record Profitability in First Quarter 2024; Raises Full Year Guidance
PITTSBURGH, May 08, 2024 (GLOBE NEWSWIRE) -- Duolingo, Inc. (NASDAQ: DUOL), the world’s leading mobile learning platform, announced results for the first
About this update from Duolingo, Inc.
[{"type":"text","content":"PITTSBURGH, May 08, 2024 (GLOBE NEWSWIRE) -- Duolingo, Inc. (NASDAQ: DUOL), the world’s leading mobile learning platform, announced results for the first quarter ended March 31, 2024 in a shareholder letter that is posted at investors.duolingo.com. “We are pleased to report another quarter of stellar performance, with strong bookings and revenue growth, alongside record profitability,” said Luis von Ahn, Co-Founder and CEO of Duolingo. “Our 54% year-over-year growth in daily active users was driven by a record number of net daily user additions. Our DAU-to-MAU ratio, a measure of user engagement, reached a record high thanks to the thousands of product improvements that have compounded over time. We believe that we are still in the early stages of our monetization journey, and discovering multiple avenues to enhance bookings. We’re excited about the broader rollout of Duolingo Max, our higher-priced subscription tier, and the strides we’re making to improve our family plan, giving us the confidence to raise our full year guidance.” First Quarter 2024 Highlights Total bookings were $197.5 million, an increase of 41% from the prior year quarter;Subscription bookings were $161.5 million, an increase of 47% from the prior year quarter;Paid subscribers totaled 7.4 million at quarter end, an increase of 54% from the prior year quarter;Daily active users (DAUs) were 31.4 million, an increase of 54% from the prior year quarter and monthly active users (MAUs) were 97.6 million, an increase of 35% from the prior year quarter;Total revenues were $167.6 million, an increase of 45% from the prior year quarter;Net income was $27.0 million, compared to a net loss of $2.6 million in the prior year quarter;Adjusted EBITDA was $44.0 million, compared to $15.1 million in the prior year quarter, a 26.3% versus 13.1% Adjusted EBITDA margin, respectively;Cash flow from operating activities was $83.5 million compared to $29.6 million in the prior year quarter, and free cash flow was $79.6 million compared to $28.8 million in the prior year quarter. Financial and Key Operating Metrics The following table summarizes our financial and operating highlights for the quarters ended March 31, 2024 and 2023: Three Months Ended March 31, (In millions)2024 2023 % ChangeOperating Metrics Monthly active users (MAUs)97.6 72.6 35%Daily active users (DAUs)31.4 20.3 5...