Duolingo Hits 100M MAUs, Reports 59% DAU growth and 41% Revenue Growth in Second Quarter 2024

Core Insights - Duolingo reported significant growth in Q2 2024, surpassing 100 million monthly active users (MAUs) and achieving 8 million subscribers, indicating strong user engagement and growth [2][3][4] - The company achieved total bookings of $190.1 million, a 38% increase year-over-year, with subscription bookings rising by 47% to $156.5 million [3][4][5] - Duolingo's total revenues reached $178.3 million, up 41% from the previous year, with net income increasing to $24.4 million compared to $3.7 million in Q2 2023 [3][4][22] Financial Performance - Total bookings for Q2 2024 were $190.1 million, a 38% increase from $137.5 million in Q2 2023 [3][4] - Subscription bookings amounted to $156.5 million, reflecting a 47% increase from $106.3 million in the same quarter last year [3][4] - Total revenues were $178.3 million, up from $126.8 million in Q2 2023, marking a 41% growth [3][4][22] - Net income for the quarter was $24.4 million, a significant increase from $3.7 million in the prior year [3][4][23] - Adjusted EBITDA was $48.1 million, compared to $20.9 million in Q2 2023, with an adjusted EBITDA margin of 27% [3][4][25] User Metrics - Daily active users (DAUs) reached 34.1 million, a 59% increase from 21.4 million in Q2 2023 [3][4] - Monthly active users (MAUs) totaled 103.6 million, up 40% from 74.1 million in the previous year [3][4] - Paid subscribers increased by 52% to 8 million, compared to 5.2 million in Q2 2023 [3][4] Cash Flow and Liquidity - Cash flow from operating activities was $62.4 million, up from $37.2 million in the prior year [3][4][24] - Free cash flow for the quarter was $54.9 million, compared to $34.3 million in Q2 2023, representing a 60% increase [3][4][29] Financial Outlook - For Q3 2024, Duolingo expects total bookings between $194.5 million and $197.5 million, and revenues between $186.7 million and $189.7 million [6] - The full-year guidance for total bookings is set between $820.5 million and $827.5 million, with revenues expected between $731.3 million and $738.3 million [6]