Duolingo, Inc. (NASDAQ:DUOL) Q3 2024 Earnings Conference Call November 6, 2024 5:30 PM ET

Company Participants

Debbie Belevan - Head, Investor Relations
Matt Skaruppa - Chief Financial Officer
Luis von Ahn - Co-Founder & Chief Executive Officer

Conference Call Participants

Justin Patterson - KeyBanc
Ryan MacDonald - Needham & Co.
Aaron Kessler - Seaport Research
Ralph Schackart - William Blair
Bryan Smilek - JPMorgan
Ross Sandler - Barclays
Andrew Boone - JMP
Curtis Nagle - BofA
Wyatt Swanson - D.A. Davidson
Arvind Ramnani - Piper Sandler
Alex Sklar - Raymond James
Shweta Khajuria - Wolfe Research
Mark Mahaney - Evercore
Chris Kuntarich - UBS
Crystal Li - CMS

Debbie Belevan

Good evening, everyone, and welcome to Duolingo's Third Quarter 2024 Earnings Webcast. Today after market 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 have Luis von Ahn, our Co-Founder and CEO; and Matt Skaruppa, our CFO. We'll begin with some brief remarks before taking questions. Please note that this evening's event is being recorded and all attendees are in listen-only mode.

A quick reminder that we'll make some forward-looking statements regarding future events and financial performance, which are subject to material risks and uncertainties. Some of these are outlined 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 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 now, I will turn it over to Lily.

Unidentified Company Representative

Thanks, Debbie, I guess? Hi, everyone. So Luis asked me to cover for him. Lucky me. Anyway, let's just get this over with. How did we do this quarter? Pretty good, I'd say. We did way better than expected in all the important metrics. Since we did so well and we feel good about next quarter, we're raising our full year guidance. Matt's going to get into the details in a minute. He's into that kind of thing.

And yes, we're hitting our goals. Daily active users, up 54% year-over-year, which, okay, is pretty neat, especially since users accelerated last year. Family Plan has grown to 21% of subs compared to the 18% we had at the end of last year. Oh, and our new Duolingo Max feature video call lets learners chat with me. Lucky them. Don't worry, I won't judge, much. Maybe just an eye roll here and there.