Duolingo 2024Q2公司實現收入1.78億美元
，同比+41%，略高於彭博一致預期（1.77億美元）；毛利潤爲1.31億美元，略高於彭博一致預期（1.30億美元）；毛利率爲73.45%，略高於彭博一致預期（73.35%）。調整後EBITDA 0.48億美元，同比+130%，超越彭博一致預期（0.39億美元）。調後EBITDA利潤率爲27.0%，超越彭博一致預期（21.65%）；Non-GAAP EPS 0.51美元，大超彭博一致預期（0.35美元）。
Unaudited Q2E results: revenue up 41% yoy; adjusted EBITDA up 130% yoy
Duolingo released unaudited 24Q2E results on 7 Aug 2024:
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Revenue
came to USD178m, up 41% yoy, slightly more the Bloomberg consensus estimate (BBG) of USD177m;
•
Gross profit
was USD131m, again a tad above BBG’s USD130m; with gross margin at 73.45%, vs BBG’s 73.35%;
•
Adjusted EBITDA
rose 130% yoy to USD48m, beating BBG’s USD39m; with adjusted EBITDA margin at 27.0%, vs BBG’s 21.65%;
•
Non-GAAP EPS
came to USD0.51, beating BBG’s USD0.35.
DAU、MAU增長迅速，DAU與MAU比例創歷史新高：
二季度，Duolingo 付費訂閱人數達800萬，同比+52%，超越彭博一致預期（773萬）；DAU 達3410萬，同比+59%，超越彭博一致預期（3292萬）；MAU 達1.04億，同比+40%，超越彭博一致預期（9801萬）；DAU與MAU比例爲33%，達到歷史新高。
Duolingo Max：
作爲最高定價服務層級，Max已在27個國家的五種語言課程中推出，覆蓋15%的DAU。Duolingo計劃持續推進該服務，預計年底前Max將能在大多數國家的Android和iOS上使用，大部分用戶將接觸到它；同時，爲之增加例如AI驅動的實際對話練習的新功能。
Operational metrics: record 33% DAU to MAU ratio; 8m paying subs in Q2E
Key metrics:
daily and monthly active users (DAU and MAU) have been trending upward, with the DAU to MAU ratio at a record high in Q2E:
•Paying subscribers numbered 8m, an increase of 52% yoy, vs BBG’s 7.73m;
•DAU reached 34.1m, 59% more yoy, vs BBG’s 32.92m;
•MAU numbered 104m, 40% more yoy, vs BBG’s 98.01m;
•DAU-to-MAU ratio set a record 33%.
Premium tier:
Duolingo Max, the company’s highest-priced service tier, offers courses in five languages across 27 countries. Its users account for 15% of DAU. Duolingo wants to upgrade its premium service and widen its global market access. It plans to make Max available on both Android and iOS systems across most countries by end-2024. The company would add new AI-enabled features such as real-life conversation practice.
業績指引：
公司預計三季度收入1.87-1.90億美元；調整後EBITDA 0.40-0.43億美元，EBITDA 利潤率 21.5-22.5%。公司將2024全年收入預期從7.27-7.36億美元上調至7.31-7.38億美元；全年調整後EBITDA從1.67-1.77億美元上調至1.76-1.85億美元，EBITDA 利潤率23-24%從上調至24-25%。
Guidance upgrade: Duolingo expects USD731m-738m revenue in 2024E
•24Q3E:
Duolingo guides third-quarter revenue to range USD187m-190m, with adjusted EBITDA at USD40m-43m on an EBITDA margin of 21.5-22.5%.
•2024E:
it raised 2024E guidance to USD731m-738m revenue (previously USD727m-736m), with adjusted EBITDA at USD176m-185m (previously USD167m-177m) and EBITDA margin at 24-25% (previously 23-24%).
