<p>Duolingo, Inc. A 类股（(DUOL)）已举行其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Duolingo 最新的财报电话会议传达了乐观的基调，强劲的用户增长和稳健的盈利能力与清晰的、以人工智能为重的投资路线图相结合。高管们将 2026 年视为关键的建设年，强调当前的利润压力和短期预订放缓是为了深化产品、扩展内容，并在未来几年内维持约 20% 的日活跃用户增长。</p>
<h2>日常使用增长，留存率增强</h2>
<p>日活跃用户同比增长 21%，凸显了 Duolingo 参与度的持久性。管理层预计，日活跃用户的增长将在 2026 年保持在 20% 左右，这主要是由于留存率的提高，而非单纯的用户获取，这一点通过日活跃用户与月活跃用户的比率改善得以体现。</p>
<h2>预订和收入持续增长</h2>
<p>公司在第一季度实现了预订和收入的双位数增长，并设定了 2026 年的明确预订增长点估计约为 10.5% 和收入增长约为 16.1%。这些数字在重申的预订目标范围 10%-12% 和收入目标范围 15%-18% 内，尽管短期比较环境更为严峻，但仍显示出信心。</p>
<h2>盈利能力保持强劲，现金储备增长</h2>
<p>调整后的 EBITDA 在第一季度达到 8300 万美元，约占收入的 29%，突显了消费科技领域中增长与盈利能力的罕见结合。Duolingo 拥有超过 10 亿美元的现金，无债务，预计今年自由现金流超过 3.5 亿美元，并且已经回购约 1% 的稀释股份，拥有充足的资金用于投资和股东回报。</p>
<h2>人工智能助力内容规模</h2>
<p>Duolingo 在本季度发布了 20500 个课程单元，是两年前季度发布速度的十倍以上，现在在其九种最受欢迎的语言中达到了 B2 或专业水平。管理层将这一前所未有的内容速度归功于人工智能，人工智能使得通过更智能的练习选择实现更个性化的学习路径成为可能。</p>
<h2>更丰富的教学功能加深参与度</h2>
<p>教学体验正在通过以口语为重点的工具进行升级，如口语代币、口语冒险和闪卡，扩展到免费和付费用户。视频通话练习表现突出，过去一年每位用户平均说出的单词数量翻倍，表明学习更深入，并且这一功能可能支撑未来的定价能力。</p>
<h2>利润率高，但人工智能将使其降低</h2>
<p>第一季度毛利率扩大并超出预期，即使人工智能内容使用量上升，显示出新技术堆栈的早期效率。然而，管理层预计短期内将出现下降，第二季度毛利率约为 71%，到年底将降至 69%，因为更多用户使用计算密集型的人工智能功能。</p>
<h2>2026 年被标记为战略投资年</h2>
<p>高管们强调，2026 年被设计为投资年，而不是利润率高峰年，预订增长点估计为 10.5%，收入增长为 16.1%，调整后的 EBITDA 利润率约为 25.7%。他们详细列出了节奏，第二季度预订接近 6%，收入约为 17%，调整后的 EBITDA 利润率约为 24%，随后下半年将加速增长。</p>
<h2>货币化调整旨在保持增长</h2>
<p>Duolingo 正在测试提高预订的方法，而不损害参与度，包括更长的免费试用期，例如一个月的优惠，这提升了转化率，同时保持用户友好。公司还在实验如何以及在哪里对 Super 和 Max 层级的视频通话访问收费，早期数据显示客户愿意为优质的口语体验支付更多。</p>
<h2>月活跃用户持平，聚焦留存率</h2>
<p>漏斗顶部指标和月活跃用户在本季度大致持平，较早的扩张放缓，将增长负担转移到参与度和口碑上。管理层对此挑战表示重视，认为更强的留存率和更具吸引力的功能可以维持日活跃用户的势头，即使整体受众增长较慢。</p>
<h2>第二季度艰难的比较造成预订空白</h2>
<p>第二季度的预订预计仅增长约 6%，反映出与去年推出的能源系统、关键价格上涨和异常强劲的广告的艰难比较。公司将此视为时机问题，而非需求问题，预计一旦这些一次性影响消退，增长将在下半年重新加速。</p>
<h2>人工智能成本对利润率施加压力，但可控</h2>
<p>人工智能驱动功能的扩展带来了成本上升，包括收入成本和运营费用，因为 Duolingo 在模型、基础设施和工程方面进行投资。指导意见已经考虑了这些压力，管理层认为，人工智能驱动的个性化和内容规模的长期回报证明了毛利率从低 70% 向高 60% 小幅下降的合理性。</p>
<h2>地理组合向高增长的亚洲转移</h2>
<p>尽管美国的日活跃用户仍在增长，但增速落后于许多国际市场，亚洲，特别是中国，成为增长最快的地区。这种地理组合的变化可能会影响货币化模式和每用户的预订，因为 Duolingo 在不同收入水平和监管动态的市场中微调定价和产品。</p>
<h2>在过去失误后平衡货币化</h2>
<p>管理层坦诚地描述了一个悖论，即历史上过度货币化，某些付费墙损害了日活跃用户，但仍然货币化不足，只有约 12% 的月活跃用户付费。目前的策略专注于通过更友好的优惠（如更长的试用期）来减少摩擦，即使这会延迟用户转化时的预订确认。</p>
<h2>性能营销仍在进展中</h2>
<p>公司承认绩效营销尚未充分发展，并且仍然是一个关键的建设领域，尤其是在中国等已证明的市场之外，在这些市场中，盈利获取已经成为可能。开发归因系统和营销基础设施被视为扩大支出的前提，这表明一旦引擎完全调校，未来将成为增长的杠杆。</p>
<h2>短期利润波动在前</h2>
<p>投资者应该预期盈利能力会有一些波动，预计第三季度调整后的 EBITDA 利润率将与第二季度持平或略低，然后在第四季度攀升至大约 27%。这种短期波动反映了 AI 采用、产品实验和定价测试的重叠影响，所有这些都旨在支持 2026 年之后更强大、更持久的盈利能力。</p>
<h2>前瞻性指引指向稳定增长</h2>
<p>展望 2026 年，多邻国重申其目标为 10%–12% 的预订增长、15%–18% 的收入增长，以及约 25% 的调整后 EBITDA 利润率，得益于充裕的现金资产负债表和显著的自由现金流。近期指引预计第二季度收入增长约 17%，第二季度毛利率约 71%，到年底趋向 69%，调整后的 EBITDA 利润率预计在第四季度上升至大约 27%，随着预订增长加速。</p>
<p>多邻国的财报电话会议描绘了一家在短期平稳性与长期战略优势之间进行权衡的公司，人工智能是其产品和成本故事的核心。对于投资者来说，信息很明确：预计在接下来的几个季度中，利润和预订将出现波动，但仍在一个目标健康增长、强劲现金生成和扩展竞争护城河的框架内。</p>

多邻国

<p>Duolingo, Inc. 举行了 2023 年第一季度的财报电话会议，强调了强劲的用户增长和盈利能力，以及以人工智能为重点的投资策略。日活跃用户同比增长 21%，预计由于用户留存率的改善，未来将继续增长。公司报告了预订和收入的双位数增长，调整后的息税折旧摊销前利润（EBITDA）为 8300 万美元。人工智能显著提升了内容生产和个性化学习体验。然而，由于人工智能成本的增加，利润率预计会略有下降。Duolingo 正在测试货币化策略，以提升预订量，同时保持用户参与度，2026 年被视为战略投资年</p>

<p>Duolingo, Inc. Class A ((DUOL)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Duolingo, Inc. A 类股（(DUOL)）已举行其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
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</div><p>Duolingo’s latest earnings call struck an upbeat tone, pairing strong user growth and solid profitability with a clear, AI-heavy investment roadmap. Executives framed 2026 as a pivotal build-out year, stressing that current margin pressure and softer near-term bookings are deliberate trade-offs to deepen the product, expand content, and sustain roughly 20% daily user growth for years.</p>
<div class="lb-trans"><p>Duolingo 最新的财报电话会议传达了乐观的基调，强劲的用户增长和稳健的盈利能力与清晰的、以人工智能为重的投资路线图相结合。高管们将 2026 年视为关键的建设年，强调当前的利润压力和短期预订放缓是为了深化产品、扩展内容，并在未来几年内维持约 20% 的日活跃用户增长。</p>
</div><h2>Daily Usage Grows, Retention Strengthens</h2>
<div class="lb-trans"><h2>日常使用增长，留存率增强</h2>
</div><p>Daily active users climbed 21% year over year, underscoring the durability of Duolingo’s engagement engine. Management expects DAU growth to hover near 20% through 2026, driven less by sheer user acquisition and more by rising retention, as indicated by an improving DAU-to-MAU ratio.</p>
<div class="lb-trans"><p>日活跃用户同比增长 21%，凸显了 Duolingo 参与度的持久性。管理层预计，日活跃用户的增长将在 2026 年保持在 20% 左右，这主要是由于留存率的提高，而非单纯的用户获取，这一点通过日活跃用户与月活跃用户的比率改善得以体现。</p>
</div><h2>Bookings, Revenue Keep Climbing</h2>
<div class="lb-trans"><h2>预订和收入持续增长</h2>
</div><p>The company delivered double-digit growth in both bookings and revenue in the first quarter, and set explicit 2026 point estimates of about 10.5% bookings growth and 16.1% revenue growth. Those figures sit comfortably within reiterated target ranges of 10%–12% for bookings and 15%–18% for revenue, signaling confidence despite a tougher near-term comp setup.</p>
<div class="lb-trans"><p>公司在第一季度实现了预订和收入的双位数增长，并设定了 2026 年的明确预订增长点估计约为 10.5% 和收入增长约为 16.1%。这些数字在重申的预订目标范围 10%-12% 和收入目标范围 15%-18% 内，尽管短期比较环境更为严峻，但仍显示出信心。</p>
</div><h2>Profitability Remains Robust, Cash Pile Grows</h2>
<div class="lb-trans"><h2>盈利能力保持强劲，现金储备增长</h2>
</div><p>Adjusted EBITDA hit $83 million in Q1, roughly 29% of revenue, highlighting a rare blend of growth and profitability in consumer tech. With more than $1 billion in cash, no debt, expected free cash flow above $350 million this year and a $400 million buyback already retiring about 1% of diluted shares, Duolingo has ample firepower for both investment and shareholder returns.</p>
<div class="lb-trans"><p>调整后的 EBITDA 在第一季度达到 8300 万美元，约占收入的 29%，突显了消费科技领域中增长与盈利能力的罕见结合。Duolingo 拥有超过 10 亿美元的现金，无债务，预计今年自由现金流超过 3.5 亿美元，并且已经回购约 1% 的稀释股份，拥有充足的资金用于投资和股东回报。</p>
</div><h2>AI Supercharges Content Scale</h2>
<div class="lb-trans"><h2>人工智能助力内容规模</h2>
</div><p>Duolingo published 20.5 thousand course units in the quarter, more than ten times its quarterly pace from two years ago, and now reaches B2, or professional-level proficiency, in its nine most popular languages. Management credited AI for unlocking this unprecedented content velocity and for enabling more personalized learning paths through smarter exercise selection.</p>
<div class="lb-trans"><p>Duolingo 在本季度发布了 20500 个课程单元，是两年前季度发布速度的十倍以上，现在在其九种最受欢迎的语言中达到了 B2 或专业水平。管理层将这一前所未有的内容速度归功于人工智能，人工智能使得通过更智能的练习选择实现更个性化的学习路径成为可能。</p>
</div><h2>Richer Teaching Features Deepen Engagement</h2>
<div class="lb-trans"><h2>更丰富的教学功能加深参与度</h2>
</div><p>The teaching experience is being upgraded with speaking-focused tools such as spoken tokens, speaking adventures, and flashcards, extending to both free and paid users. Video call practice is a standout, with the average words spoken per user more than doubling over the past year, suggesting deeper learning and a feature that could underpin future pricing power.</p>
<div class="lb-trans"><p>教学体验正在通过以口语为重点的工具进行升级，如口语代币、口语冒险和闪卡，扩展到免费和付费用户。视频通话练习表现突出，过去一年每位用户平均说出的单词数量翻倍，表明学习更深入，并且这一功能可能支撑未来的定价能力。</p>
</div><h2>Margins High, But AI Will Nudge Them Lower</h2>
<div class="lb-trans"><h2>利润率高，但人工智能将使其降低</h2>
</div><p>Gross margin expanded in Q1 and beat expectations even as AI content usage climbed, showing early efficiency in the new tech stack. Management, however, guided to a near-term step down, with gross margins around 71% in Q2 drifting toward 69% by year-end as more users tap into compute-intensive AI features.</p>
<div class="lb-trans"><p>第一季度毛利率扩大并超出预期，即使人工智能内容使用量上升，显示出新技术堆栈的早期效率。然而，管理层预计短期内将出现下降，第二季度毛利率约为 71%，到年底将降至 69%，因为更多用户使用计算密集型的人工智能功能。</p>
</div><h2>2026 Marked as a Strategic Investment Year</h2>
<div class="lb-trans"><h2>2026 年被标记为战略投资年</h2>
</div><p>Executives emphasized that 2026 is designed as an investment year, not a peak margin year, with point estimates of 10.5% bookings growth, 16.1% revenue growth, and a roughly 25.7% adjusted EBITDA margin. They laid out a detailed cadence with Q2 bookings near 6%, revenue around 17%, and an adjusted EBITDA margin of about 24%, followed by a back-half acceleration.</p>
<div class="lb-trans"><p>高管们强调，2026 年被设计为投资年，而不是利润率高峰年，预订增长点估计为 10.5%，收入增长为 16.1%，调整后的 EBITDA 利润率约为 25.7%。他们详细列出了节奏，第二季度预订接近 6%，收入约为 17%，调整后的 EBITDA 利润率约为 24%，随后下半年将加速增长。</p>
</div><h2>Monetization Tweaks Aim to Preserve Growth</h2>
<div class="lb-trans"><h2>货币化调整旨在保持增长</h2>
</div><p>Duolingo is testing ways to boost bookings without hurting engagement, including longer free trials such as one-month offers that have lifted conversions while remaining user-friendly. The company is also experimenting with where and how it charges for video call access across Super and Max tiers, with early data suggesting customers are willing to pay more for premium speaking experiences.</p>
<div class="lb-trans"><p>Duolingo 正在测试提高预订的方法，而不损害参与度，包括更长的免费试用期，例如一个月的优惠，这提升了转化率，同时保持用户友好。公司还在实验如何以及在哪里对 Super 和 Max 层级的视频通话访问收费，早期数据显示客户愿意为优质的口语体验支付更多。</p>
</div><h2>Flat MAUs Put Spotlight on Retention</h2>
<div class="lb-trans"><h2>月活跃用户持平，聚焦留存率</h2>
</div><p>Top-of-funnel metrics and monthly active users were roughly flat in the quarter, a slowdown from earlier expansion that shifts the growth burden onto engagement and word-of-mouth. Management leaned into this challenge, arguing that stronger retention and more compelling features can sustain DAU momentum even if the overall audience grows more slowly.</p>
<div class="lb-trans"><p>漏斗顶部指标和月活跃用户在本季度大致持平，较早的扩张放缓，将增长负担转移到参与度和口碑上。管理层对此挑战表示重视，认为更强的留存率和更具吸引力的功能可以维持日活跃用户的势头，即使整体受众增长较慢。</p>
</div><h2>Tough Q2 Comp Creates Bookings Air Pocket</h2>
<div class="lb-trans"><h2>第二季度艰难的比较造成预订空白</h2>
</div><p>Q2 bookings are expected to grow only about 6%, reflecting a difficult comparison against last year’s rollout of the Energy system, a key price increase, and unusually strong advertising. The company framed this as a timing issue rather than a demand problem, with growth expected to reaccelerate in the second half once those one-off effects roll off.</p>
<div class="lb-trans"><p>第二季度的预订预计仅增长约 6%，反映出与去年推出的能源系统、关键价格上涨和异常强劲的广告的艰难比较。公司将此视为时机问题，而非需求问题，预计一旦这些一次性影响消退，增长将在下半年重新加速。</p>
</div><h2>AI Costs Weigh on Margins, But Are Managed</h2>
<div class="lb-trans"><h2>人工智能成本对利润率施加压力，但可控</h2>
</div><p>The expansion of AI-powered features brings rising costs, both in cost of revenue and in operating expenses, as Duolingo invests in models, infrastructure, and engineering. Guidance already bakes in these pressures, and management argued that the long-term payoff of AI-driven personalization and content scale justifies the modest dip in gross margin from low-70s toward the high-60s.</p>
<div class="lb-trans"><p>人工智能驱动功能的扩展带来了成本上升，包括收入成本和运营费用，因为 Duolingo 在模型、基础设施和工程方面进行投资。指导意见已经考虑了这些压力，管理层认为，人工智能驱动的个性化和内容规模的长期回报证明了毛利率从低 70% 向高 60% 小幅下降的合理性。</p>
</div><h2>Geographic Mix Shifts Toward High-Growth Asia</h2>
<div class="lb-trans"><h2>地理组合向高增长的亚洲转移</h2>
</div><p>While daily users are still growing in the U.S., the pace lags behind many international markets, with Asia, particularly China, emerging as the fastest-growing region. This shift in geographic mix could influence monetization patterns and bookings per user, as Duolingo fine-tunes pricing and product in markets with different income levels and regulatory dynamics.</p>
<div class="lb-trans"><p>尽管美国的日活跃用户仍在增长，但增速落后于许多国际市场，亚洲，特别是中国，成为增长最快的地区。这种地理组合的变化可能会影响货币化模式和每用户的预订，因为 Duolingo 在不同收入水平和监管动态的市场中微调定价和产品。</p>
</div><h2>Balancing Monetization After Past Missteps</h2>
<div class="lb-trans"><h2>在过去失误后平衡货币化</h2>
</div><p>Management candidly described a paradox of being historically over-monetized, with some paywalls hurting DAUs, yet still under-monetized, with only about 12% of monthly users paying. The current strategy focuses on reducing friction through friendlier offers like longer trials, even if that delays bookings recognition as users take more time to convert.</p>
<div class="lb-trans"><p>管理层坦诚地描述了一个悖论，即历史上过度货币化，某些付费墙损害了日活跃用户，但仍然货币化不足，只有约 12% 的月活跃用户付费。目前的策略专注于通过更友好的优惠（如更长的试用期）来减少摩擦，即使这会延迟用户转化时的预订确认。</p>
</div><h2>Performance Marketing Still a Work in Progress</h2>
<div class="lb-trans"><h2>性能营销仍在进展中</h2>
</div><p>The company acknowledged that performance marketing is underdeveloped and remains a key build-out area, especially outside proven markets like China where profitable acquisition is already possible. Developing attribution systems and marketing infrastructure is seen as a prerequisite to scaling spend, suggesting a future lever for growth once the engine is fully tuned.</p>
<div class="lb-trans"><p>公司承认绩效营销尚未充分发展，并且仍然是一个关键的建设领域，尤其是在中国等已证明的市场之外，在这些市场中，盈利获取已经成为可能。开发归因系统和营销基础设施被视为扩大支出的前提，这表明一旦引擎完全调校，未来将成为增长的杠杆。</p>
</div><h2>Short-Term Margin Volatility Ahead</h2>
<div class="lb-trans"><h2>短期利润波动在前</h2>
</div><p>Investors should expect some chop in profitability, with Q3 adjusted EBITDA margin projected to be flat to slightly below Q2 levels before climbing toward roughly 27% in Q4. This near-term volatility reflects overlapping effects from AI adoption, product experiments, and pricing tests, all of which are intended to support stronger, more durable earnings power beyond 2026.</p>
<div class="lb-trans"><p>投资者应该预期盈利能力会有一些波动，预计第三季度调整后的 EBITDA 利润率将与第二季度持平或略低，然后在第四季度攀升至大约 27%。这种短期波动反映了 AI 采用、产品实验和定价测试的重叠影响，所有这些都旨在支持 2026 年之后更强大、更持久的盈利能力。</p>
</div><h2>Forward-Looking Guidance Points to Stable Growth</h2>
<div class="lb-trans"><h2>前瞻性指引指向稳定增长</h2>
</div><p>Looking ahead to 2026, Duolingo reiterated its targets of 10%–12% bookings growth, 15%–18% revenue growth, and an adjusted EBITDA margin around 25%, supported by a cash-rich balance sheet and significant free cash flow. Near-term guidance calls for Q2 revenue growth of about 17%, Q2 gross margin around 71% trending to 69% by year-end, and a step-up in adjusted EBITDA margin to roughly 27% by Q4 as bookings growth accelerates.</p>
<div class="lb-trans"><p>展望 2026 年，多邻国重申其目标为 10%–12% 的预订增长、15%–18% 的收入增长，以及约 25% 的调整后 EBITDA 利润率，得益于充裕的现金资产负债表和显著的自由现金流。近期指引预计第二季度收入增长约 17%，第二季度毛利率约 71%，到年底趋向 69%，调整后的 EBITDA 利润率预计在第四季度上升至大约 27%，随着预订增长加速。</p>
</div><p>Duolingo’s earnings call painted the picture of a company trading some short-term smoothness for long-term strategic advantage, with AI at the center of its product and cost story. For investors, the message was clear: expect volatility in margins and bookings over the next few quarters, but within a framework that still targets healthy growth, strong cash generation, and expanding competitive moats.</p>
<div class="lb-trans"><p>多邻国的财报电话会议描绘了一家在短期平稳性与长期战略优势之间进行权衡的公司，人工智能是其产品和成本故事的核心。对于投资者来说，信息很明确：预计在接下来的几个季度中，利润和预订将出现波动，但仍在一个目标健康增长、强劲现金生成和扩展竞争护城河的框架内。</p>
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多邻国财报电话会议：人工智能投资、增长与利润率