Duolingo, Inc. Files 2023 Annual Report on Form 10-K

Ticker: DUOL · Form: 10-K · Filed: Feb 29, 2024 · CIK: 1562088

Sentiment: neutral

Topics: 10-K, Annual Report, Duolingo, Financials, SEC Filing

TL;DR

<b>Duolingo, Inc. has filed its 2023 10-K report detailing its financial performance and position as of December 31, 2023.</b>

AI Summary

Duolingo, Inc. (DUOL) filed a Annual Report (10-K) with the SEC on February 29, 2024. Duolingo, Inc. filed its 2023 Form 10-K on February 29, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023, and includes comparative data for the fiscal year ended December 31, 2022. Key financial statement dates include December 31, 2023, and December 31, 2022, for balance sheet items. The company's principal executive offices are located at 5900 Penn Ave, Second Floor, Pittsburgh, PA 15206. The filing references specific accounting standards, including those related to accrued liabilities.

Why It Matters

For investors and stakeholders tracking Duolingo, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Duolingo's financial health and operational results for the fiscal year 2023, crucial for investors to assess performance and future prospects. The detailed financial statements and disclosures within the 10-K are essential for understanding the company's revenue streams, expenses, assets, liabilities, and overall financial stability.

Risk Assessment

Risk Level: medium — Duolingo, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the complexity of financial reporting and potential for undisclosed risks means a medium risk assessment is appropriate.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Duolingo's performance and potential challenges for the upcoming fiscal year.

Key Numbers

Key Players & Entities

FAQ

When did Duolingo, Inc. file this 10-K?

Duolingo, Inc. filed this Annual Report (10-K) with the SEC on February 29, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Duolingo, Inc. (DUOL).

Where can I read the original 10-K filing from Duolingo, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Duolingo, Inc..

What are the key takeaways from Duolingo, Inc.'s 10-K?

Duolingo, Inc. filed this 10-K on February 29, 2024. Key takeaways: Duolingo, Inc. filed its 2023 Form 10-K on February 29, 2024, reporting on the fiscal year ending December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023, and includes comparative data for the fiscal year ended December 31, 2022.. Key financial statement dates include December 31, 2023, and December 31, 2022, for balance sheet items..

Is Duolingo, Inc. a risky investment based on this filing?

Based on this 10-K, Duolingo, Inc. presents a moderate-risk profile. The filing is a standard 10-K, which is a routine annual report. However, the complexity of financial reporting and potential for undisclosed risks means a medium risk assessment is appropriate.

What should investors do after reading Duolingo, Inc.'s 10-K?

Review the detailed financial statements and risk factors in the 10-K to understand Duolingo's performance and potential challenges for the upcoming fiscal year. The overall sentiment from this filing is neutral.

Key Dates

Glossary

10-K
An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document type filed, containing detailed financial and operational information for the fiscal year.)

Filing Stats: 4,562 words · 18 min read · ~15 pages · Grade level 14.8 · Accepted 2024-02-28 18:14:37

Key Financial Figures

Filing Documents

Risk Factors

Item 1A. Risk Factors 16

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 59

Cybersecurity

Item 1C. Cybersecurity 59

Properties

Item 2. Properties 61

Legal Proceedings

Item 3. Legal Proceedings 61

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 61

Financial Information

Part II Financial Information 62

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 62

[Reserved]

Item 6. [Reserved] 63

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 63

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 82

Financial Statements

Item 8. Financial Statements 83

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 114

Controls and Procedures

Item 9A. Controls and Procedures 114

Other Information

Item 9B. Other Information 115

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 115 Part III 115

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 115

Executive Compensation

Item 11. Executive Compensation 115

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 115

Certain Relationships and Related Party Transactions, and Director Independence

Item 13. Certain Relationships and Related Party Transactions, and Director Independence 116

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 116

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 116

Form 10-K Summary

Item 16. Form 10-K Summary 116 Exhibit Index 116

Signatures

Signatures 119 1 Special Note Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Annual Report on Form 10-K, including without limitation, statements regarding our business model and strategic plans, including the introduction of new brands or products, and our implementation thereof; statements regarding our expectations, beliefs, plans, objectives, prospects, assumptions, future events or expected performance, including our ability to compete in our industry; the sufficiency of our cash, cash equivalents and investments; and the plans and objectives of management for future operations and capital expenditures are forward-looking statements. Without limiting the generality of the foregoing, you can identify forward-looking statements because they contain words such as "may," "will," "shall," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "goal," "objective," "seeks," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are neither promises nor guarantees, but involve a number of known and unknown risks, uncertainties and assumptions that may cause our actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to: our a

Business

Item 1. Business Our mission is to develop the best education in the world and make it universally available. Although education can open the door to economic opportunity, it is also among the principal sources of inequality: the privileged can get the best education in the world, while those with fewer resources, especially in developing countries, may not be able to get even basic schooling. That is why we started Duolingo. We believe that everyone, regardless of how wealthy they are, should have access to high quality education. And for the first time in history, the technology necessary to enable this is in the hands of billions of people, in the form of a smartphone. At Duolingo, we build products native to the smartphone—bite-sized, on-demand and engaging—to make learning accessible and effective, opening doors for everyone alike. Who We Are Duolingo is a technology company founded by two engineers, Luis von Ahn and Severin Hacker. Luis and Severin met at Carnegie Mellon University, where Luis was a professor in the Computer Science Department and Severin was his Ph.D. student. Luis, a MacArthur Fellow, grew up in Guatemala and witnessed firsthand the tremendous impact that access to high quality education can have on people's lives. Luis and Severin bonded over the dream of building an intelligent learning system informed by massive amounts of user engagement data that could deliver superior learning outcomes. Our team, which as of December 31, 2023, consisted of approximately 720 passionate employees, including more than 330 engineers, aims to build the most sophisticated education platform in the world. We believe that by using modern technology, the very best talent, and a mission-driven approach, we can create better learning experiences and meaningful improvements in efficacy. Our products are powered by sophisticated data analytics and AI and delivered with world-class art, animation, and design to make it easier for learners to stay motivated, m

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