Duolingo Reports 62% DAU Growth, 42% Revenue Growth, and Increased Profitability in First Quarter 2023; Raises Full Year Guidance

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[{"type":"text","content":"PITTSBURGH, May 09, 2023 (GLOBE NEWSWIRE) -- Duolingo, Inc. (NASDAQ: DUOL), the world’s leading mobile learning platform, announced results for the first quarter ended March 31, 2023 in a shareholder letter that is posted at investors.duolingo.com. “2023 picked up where 2022 left off, with strong user growth, top-line growth, and increasing profitability and cash from operations,” said Luis von Ahn, Co-Founder and CEO of Duolingo. “We continue to operate with discipline and, as a result, exceeded our expectations on profitability.” “We are also excited about our new AI-driven product, Duolingo Max, and are improving its features to teach better, drive engagement, and grow monetization.” First Quarter 2023 Highlights Total bookings were $140.1 million, an increase of 37% from the prior year quarter;Subscription bookings were $110.1 million, an increase of 40% from the prior year quarter;Paid Subscribers totaled 4.8 million at quarter end, an increase of 63% from the prior year quarter;Monthly active users (MAUs) grew 47% to 72.6 million from the prior year quarter and Daily active users (DAUs) grew 62% to 20.3 million from the prior year quarter;Total revenues were $115.7 million, an increase of 42% from the prior year quarter;Net loss totaled $2.6 million, compared to a net loss of $12.2 million in the prior year quarter;Adjusted EBITDA was $15.1 million, compared to $3.9 million in the prior year quarter, or a 13% and 5% Adjusted EBITDA margin, respectively. Financial and Key Operating Metrics The following table summarizes our financial and operating highlights for the quarters ended March 31, 2023 and 2022. Three Months Ended March 31, (In millions)2023 2022 % ChangeOperating Metrics Monthly active users (MAUs)72.6 49.2 47%Daily active users (DAUs)20.3 12.5 62%Paid subscribers (at period end)4.8 2.9 63% Three Months Ended March 31, (In thousands) 2023 2022 % ChangeOperating Metrics Subscription bookings$110,122 $78,539 40%Total bookings$140,054 $102,054 37% Financial Measures Total revenues (GAAP)$115,661 $81,220 42%Net loss (GAAP)$(2,582) $(12,154) (79)%Adjusted EBITDA (Non-GAAP)$15,111 $3,946 >100% The following table provides revenues by product type: Three Months Ended March 31, (in thousands) 2023 2022 Change % ChangeSubscription$86,185 $58,010 $28,175 49%Advertising 11,635 11,748 (113) (1)%Duolingo English Test 9,972 8,...

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