Duolingo may be a subscription software company, but it's not an enterprise software company - cancelling a Duolingo subscription is as easy as clicking a button. We have to also be wary of macro-related risks to churn here. After we net off the $641.1 million of cash on Duolingo's most recent balance sheet, the company's resulting enterprise value is $5.42 billion.įor the current fiscal year, Duolingo has updated its outlook to $500-$509 million in revenue, representing 35-38% y/y growth - up from a prior outlook of 32-35% y/y as well as an adjusted EBITDA margin range of 11-12% (one point higher on the low end versus a prior view of 10-11%).ĭuolingo outlook (Duolingo Q1 shareholder letter)Ī double-digit revenue multiple, especially in this market climate, is difficult to justify.
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