AI：Duolingo FY23点评-Q4及全年业绩超预期，用户增长、订阅和盈利能力均创历史新高

Investment Rating - The report suggests a "Buy" rating for Duolingo, indicating an expected relative return of over 20% within the next six months [7]. Core Insights - Duolingo's Q4 FY23 revenue reached $151 million, a 45% year-over-year increase, surpassing Bloomberg's consensus estimate of $148 million [1] - The company achieved a net profit of $12 million, compared to a net loss of $14 million in the same period last year, exceeding expectations [1] - Total revenue for FY23 was $531 million, reflecting a 44% year-over-year growth [1] - Daily active users (DAU) grew by 65% year-over-year to 26.9 million, while monthly active users (MAU) increased by 46% to 88.4 million, both exceeding Bloomberg's estimates [1] - The subscription revenue accounted for over 75% of total revenue, with a subscription revenue of $117 million, a 50% increase year-over-year [1] Summary by Sections Financial Performance - Q4 FY23 operating cash flow was $49 million, up from $12 million in the same period last year [1] - Free cash flow for FY23 was $144 million, compared to $46 million the previous year [1] - The company provided guidance for Q1 FY24 revenue between $164 million and $167 million, and for the full year FY24, revenue is expected to be between $718 million and $730 million [2] User Growth and Engagement - The total bookings for FY23Q4 were $191 million, a 51% year-over-year increase, with subscription bookings at $158 million, up 57% [1] - The number of paid subscribers reached 6.6 million, a 57% increase year-over-year, exceeding the consensus estimate of 6.4 million [1] Strategic Initiatives - Duolingo is enhancing its offerings with AI integration, including the introduction of GPT-4 to improve subscription pricing and user experience [1] - The company is experimenting with various subscription models to optimize user conversion from free to paid plans, with Family Plan subscriptions growing significantly [2]