Duolingo, Inc. (NASDAQ:DUOL) Q2 2024 Earnings Conference Call August 7, 2024 5:30 PM ET
Company Participants
Debbie Belevan - Head, Investor Relations
Luis von Ahn - Co-Founder and CEO
Matt Skaruppa - Chief Financial Officer
Conference Call Participants
Andrew Boone - JMP Securities
Bryan Smilek - JPMorgan
Ralph Schackart - William Blair
Curt Nagle - BofA
Alex Sklar - Raymond James
Shweta Khajuria - Wolfe Research
Ryan MacDonald - Needham
Arvind Ramnani - Piper Sandler
Aaron Kessler - Seaport
Eric Sheridan - Goldman Sachs
Chris Kuntarich - UBS
Ross Sandler - Barclays
Mark Mahaney - Evercore
Wyatt Swanson - D. A. Davidson
Debbie Belevan
Good evening, everyone. And welcome to Duolingo’s Second Quarter 2024 Earnings Webcast. I’m Debbie Belevan, Head of Investor Relations. Today, after market close, we released this quarter shareholder letter, a copy of which you can find on our IR website at investors.duolingo.com.
On today’s call, we 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. And 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 that 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 will turn it over to Luis.
Luis von Ahn
Thank you, Debbie, and welcome, everyone. I’m excited to report that we delivered another strong quarter, with daily active users growing 59% and revenue growing 41% year-over-year. We had a record adjusted EBITDA margin of 27% and this marked our fifth consecutive quarter of being net income positive.
We also achieved two milestones, surpassing 100 million monthly active users and reaching 8 million paying subscribers. This is particularly impressive considering that only three years ago, at the time of our IPO, we had 38 million MAUs and just under 2 million subscribers.