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Sep 30, 2021
Duolingo Q3 2021 Earnings Report
Achieved record bookings and a record number of paid subscribers, with monthly and daily users also reaching all-time highs.
Key Takeaways
Duolingo's Q3 2021 saw a 40% increase in total revenues to $63.6 million, driven by subscription revenue growth. Total bookings increased by 57% to $73.1 million and paid subscribers reached 2.2 million, a 49% increase. However, the company experienced a net loss of $29.0 million, compared to a net loss of $3.2 million in the prior year quarter, largely due to IPO-related costs.
Total revenues increased 40% year-over-year to $63.6 million.
Total bookings were $73.1 million, up 57% year-over-year.
Paid subscribers totaled 2.2 million, a 49% increase from the prior year quarter.
Net loss totaled $29.0 million, primarily due to IPO-related costs.
Duolingo
Duolingo
Duolingo Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Duolingo provided guidance for the fourth quarter and full year ending December 31, 2021.
Positive Outlook
- Fourth Quarter 2021 Total Bookings: Low $79.0 million, High $82.0 million
- Fourth Quarter 2021 Revenues: Low $66.5 million, High $69.5 million
- Fourth Quarter 2021 Adjusted EBITDA: Low $(6.5) million, High $(3.5) million
- Full Year 2021 Total Bookings: Low $282.5 million, High $285.5 million
- Full Year 2021 Revenues: Low $244.0 million, High $247.0 million
Challenges Ahead
- Fourth Quarter 2021 Adjusted EBITDA: Low $(6.5) million, High $(3.5) million
- Full Year 2021 Adjusted EBITDA: Low $(8.0) million, High $(5.0) million
- Reconciliation to GAAP net earnings (loss) has not been provided
- Quantification of certain items included in the calculation of GAAP net earnings (loss) cannot be calculated or predicted at this time without unreasonable efforts
- Non-GAAP adjustment for stock-based compensation expense requires additional inputs such as number of shares granted and market price that are not currently ascertainable
Revenue & Expenses
Visualization of income flow from segment revenue to net income