Duolingo(US:DUOL) 海豚投研·2025-02-28 09:34Financial Overview - Duolingo's total revenue for Q4 2024 reached $209.6 million, reflecting a year-over-year growth of 38.8% [1] - The company reported a gross profit of $150.6 million in Q4 2024, with a gross margin of 71.9% [1] - Adjusted EBITDA for Q4 2024 was $52.3 million, with an adjusted EBITDA margin of 25.0% [1] - Free cash flow for Q4 2024 was $87.8 million, indicating a strong cash generation capability [1] - Total bookings in Q4 2024 amounted to $271.6 million, a 42.2% increase year-over-year [2] User Growth and Engagement - Daily active users (DAU) reached 40.5 million in Q4 2024, a 51% increase year-over-year [2] - The total number of monthly active users (MAU) was 116.7 million, with a DAU/MAU ratio of 34.7% [1][2] - The number of paid subscribers at the end of Q4 2024 was 9.5 million, with a net addition of 0.9 million subscribers in the quarter [1] 2025 Guidance - For 2025, Duolingo expects total bookings to grow by approximately 25% year-over-year, with subscription bookings anticipated to increase by about 31% [3] - The company projects an adjusted EBITDA margin of 27.5% for 2025, an increase of nearly 200 basis points [5] - Gross margin is expected to be impacted by 170 basis points year-over-year, primarily due to product innovation initiatives [5] Product and Innovation Focus - Duolingo Max has shown strong performance, with a significant increase in user engagement following the introduction of video call features [5][6] - The company plans to leverage generative AI to enhance the video call experience and expand content offerings in language, math, and music courses [7] - The family plan subscription model has demonstrated higher retention rates and lifetime value compared to individual plans, accounting for 23% of total subscribers [5] Share Dilution and Capital Structure - By the end of 2024, the fully diluted share count is expected to be 49.5 million, with an anticipated dilution of about 1% in 2025 [4]