Duolingo, Inc. (NASDAQ:DUOL) Q1 2024 Earnings Conference Call May 8, 2024 5:30 PM ET
Company Participants
Deborah Belevan - Vice President, Investor Relations
Luis von Ahn - Co-founder, Chief Executive Officer & Chairman
Matt Skaruppa - Chief Financial Officer
Conference Call Participants
Ralph Schackart - William Blair
Justin Patterson - KeyBanc
Bryan Smilek - JPMorgan
Ryan McDonald - Needham
Andrew Boone - JMP Securities
Eric Sheridan - Goldman Sachs
Chris Kuntarich - UBS
Alex Sklar - Raymond James
Ross Sandler - Barclays
Arvind Ramnani - Piper Sandler
Deborah Belevan
Good evening, everyone and welcome to Duolingo's First Quarter 2024 Earnings Webcast. Just a fun fact before we get started, that catchy song, Spanish or Vanish, is already 1 million listens on Spotify, if you can believe it. Today after markets close, we released this quarter's shareholder letter, a copy of which you can find on our IR website at investors.duolingo.com.
On today's call we will have Luis von Ahn, our Co-Founder and CEO; and Matt Skaruppa, our CFO. They'll begin with some brief remarks before opening the call to questions. Analysts will be able to ask a question by using the raise hand feature. Please note this event is being recorded and all attendees are in listen-only mode.
Just a reminder we'll make forward-looking statements regarding future events and financial performance, which are subject to material risks and uncertainties. Some of these risks have been set forth in the risk factors of our filings with the SEC. These forward-looking statements are based on assumptions we believe to be reasonable as of today and we have no obligation to update these statements as a result of new information or future events.
Additionally we'll present both GAAP and non-GAAP financial measures on today's call. These non-GAAP measures are not intended to be considered in isolation from a substitute for or superior to our GAAP results and we encourage you to consider all measures when analyzing our performance.
And with that I'll turn it over to Luis.
Luis von Ahn
Thank you, Debbie, and welcome everyone. We've started 2024 on a strong note with another stellar quarter. In Q1, we grew revenue and bookings by 45% and 41% respectively, delivered record profitability, and grew DAUs 54% year-over-year. These results show how powerful our product-driven flywheel is. Our excellent product fuels word-of-mouth growth, which in turn provides data to continuously improve the product, ultimately driving higher engagement and subscriber conversion. Our three-pronged approach of teaching better, growing users, and converting them to subscribers continues to be a winning strategy for us.