EdTechユニコーンDuolingoが株式公開を申請

今回は「EdTechユニコーンDuolingoが株式公開を申請」についてご紹介します。

関連ワード （Duolingo、IPO等） についても参考にしながら、ぜひ本記事について議論していってくださいね。

本記事は、TechCrunch様で掲載されている内容を参考にしておりますので、より詳しく内容を知りたい方は、ページ下の元記事リンクより参照ください。

ピッツバーグを拠点とする言語学習ビジネスのDuolingo（デュオリンゴ）が、24億ドル（約2653億円）の評価額とともに、正式に株式公開を申請した。

この400人規模の会社は、Severin Hacker（セベリン・ハッカー）氏と、CAPTCHA（キャプチャ）やreCAPTCHA（リキャプチャ）を発明したLuis von Ahn（ルイス・フォン・アン）氏が共同で創業した企業だ。その中でも特に注目すべき点は何だろう？それは、シリコンバレー外の場所に拠点を置く、当時としては珍しいEdTech・コンシューマー・ビジネスが生み出した、収益化への道だ。同社は、完璧なビジネスモデルを見つけるために、試行錯誤を繰り返しながら、遠い道のりを歩んできた。当初は教育を無償で提供するというミッション下に、サブスクリプションには嫌悪感を見せていたものの、最終的はサブスクリプションにたどり着いた。

幸いなことに、S-1申請書を見るとそうした決断が会社の急速な収益増につながったことがわかる。

現在Duolingoの収益の大部分は、サブスクリプションによるものだ。たとえば2020年の実績では、同社の総収入の73%がサブスクリプション収入によるものだった。この売上に続いて、2020年の総収入の中では、広告収入とDuolingo English Test（DET）がそれぞれ17％と10％を占めている（特にフォン・アン氏は、2019年までにDETがDuolingoの収益の20％になることを希望していたが、この数字には僅差で届かなかった）。

多岐にわたるビジネスモデルが功を奏しているように見える。同社の売上は、2019年の7080万ドル（約78億4000万円）から2020年の1億6170万ドル（約179億円）と129％の伸びを見せている。もちろん、最近の世界的なパンデミックがなくても、このような成長もある程度は達成されていただろう。しかし新型コロナに関係した加速を数字の中に読み取ることは難しいことではない。また、Duolingoの2021年第1四半期の売上高は5540万ドル（約61億3000万円）で、前年同期に比べて97％の伸びを示した。

同社は先日、調整後ベースでの黒字化を達成したところだ。

しかし、より厳密な会計条件では、Duolingoの純損失は拡大している。例えば、2021年3月31日までの3ヵ月間の純損失は1350万ドル（約14億9000万円）で、220万ドル（約2億4000万円）の純損失を計上した前年同期に比べて急増している。そして、2019年から2020年にかけての同社のGAAPベースの純損失は、1360万ドル（約15億円）から1580万ドル（約17億5000万円）に拡大した。

特筆すべきは、2020年に売上が2倍以上になり、損失の伸びはそれほどでもなかったため、同社の売上純利益率が改善したことだ。今回の上場においては、同社の収益性の高低は問題にならないだろう。

S-1申請では、Duolingoは1億ドル（約110億7000万円）という希望調達金額を提示したが、IPO時にどの程度の資金を調達することができるかは、ロードショー終了にIPOの価格帯を設定した後で知ることができるだろう。

このS1申請が事実上、2021年第3四半期のIPOシーズンのキックオフになるだろう、何人かの投資家がTechCrunchに語ったところによれば、このシーズンはより活発なものになることが期待されるという。

Duolingoは、これまでに1億8330万ドル（約202億9000万円）のベンチャーキャピタル資金を調達している。同社の主要投資家は、NewView Capital、Union Square Ventures、CapitalG、Kleiner Perkins、そして最近セカンダリー取引によって投資家のテーブルに加わったGeneral Atlanticなどである。

関連記事：好調の外国語eラーニングサービス「Duolingo」が10億円超を調達した理由

現在の予想売上高が約2億2000万ドル（約243億5000万円）で成長率が100％以上であることを考えると、独自に設定した24億ドル（約2653億円）という価格をクリアすることは難しくないだろう。それは公開市場の投資家が、EdTech市場の成長がほとんど終わったと懸念していなければの話だが、第1四半期にDuolingoが100％近く成長したことは、そのような懸念を和らげることになるだろう。

TechCrunchは、DuolingoのIPO申請書をまだ精査中だが、最近の成長と業績に彩りを添える、いくつかの詳細な出来事を発見した。ここでは、その中からいくつかをご紹介しよう：

Duolingoは、ティッカーシンボルDUOLを使用して、NASDAQ証券取引所に上場する予定だ。

関連記事
・習得したいけど勉強は嫌……外国語が苦手な日本人でもゲーム感覚で言語が学べる無料アプリDuolingo
・コロナ需要に沸くEdTech、言語学習アプリDuolingoが約36億円調達

画像クレジット：Duolingo

【原文】

Duolingo, a Pittsburgh-based language learning business last valued at $2.4 billion, has officially filed to go public.

The 400-person company, which we explored in great detail in our EC-1, was co-founded by Luis von Ahn, the inventor of CAPTCHA and reCAPTCHA, and Severin Hacker. One of the most revealing bits of its story? It’s a route to monetization as a then rare edtech consumer business based outside of Silicon Valley. The company has had a somewhat circuitous journey — full of trial and error — on finding the perfect business model. It eventually landed on subscriptions, despite an original distaste for it thanks to its mission to provide free education.

Luckily, the S-1 reveals that its earlier decisions led to sharp revenue growth at the company.

The vast majority of Duolingo’s revenue comes from subscriptions. In the most recent calendar year, for example, the edtech giant generated 73% of its total top line from subscription incomes. That revenue was followed by advertising incomes and the Duolingo English Test (DET), which represented 17% and 10% of its top line in 2020. (Notably, von Ahn hoped that the DET would be 20% of Duolingo’s revenue by 2019, a figure that it failed to reach by some margin.)

Its multi-part business model appears to be paying off. The company’s revenue grew from $70.8 million in 2019 to $161.7 million in 2020, a 129% increase. Of course some of that growth would have happened sans the recent global pandemic, but it’s not hard to see some COVID-related acceleration in the figures. Duolingo also reported $55.4 million in revenue during the first quarter of 2021, representing a 97% growth from the year-ago period.

The company recently turned profitable on an adjusted basis.

But in more strict accounting terms, net losses have grown for Duolingo. In the three months ended March 31, 2021, for example, the company had net losses of 13.5 million, a sharp increase compared to the same period last year when it had net losses of $2.2 million. And from 2019 to 2020, the company’s GAAP net losses expanded from $13.6 million to $15.8 million.

It should be noted that the company’s net margin improved in 2020, as its revenue more than doubled and its losses barely crept higher. The company’s profitability or lack thereof should not prove to be a problem during its impending listing.

In its S-1 filing, Duolingo provided a placeholder $100 million figure for the funds it expects to raise; we’ll get a better idea of how much capital the edtech unicorn may onboard during its IPO when it sets an IPO price range after its roadshow.

The former startup is effectively the kick-off to the Q3 2021 IPO season, one that several inventors have told TechCrunch will be more than active.

Duolingo has raised $183.3 million in venture capital to date. Investors that have meaningful stakes in the company include NewView Capital, Union Square Ventures, CapitalG, Kleiner Perkins, and General Atlantic, which recently got a spot on the cap table through a secondary transaction.

At a run rate of around $220 million today and growth of more than 100%, Duolingo should not have a problem clearing its privately set $2.4 billion price tag. Unless public-market investors are concerned that the edtech market’s growth is mostly behind it. That Duolingo grew by nearly 100% in the first quarter could temper such concerns.

Factoids and other joy

TechCrunch is still digging its way through Duolingo’s IPO filing, but we’ve found a number of details that add more than a little color to its recent growth and business results. Here are some standouts:

Duolingo plans to list on the NASDAQ stock exchange using the ticker symbol DUOL.

（文： Natasha Mascarenhas、Alex Wilhelm、翻訳：sako）

Duolingo just filed to go public - news.yahoo.com

Duolingo, a Pittsburgh-based language learning business last valued at $2.4 billion, has officially filed to go public. The 400-person company, which we explored in great detail in our EC-1, was co-founded by Luis von Ahn, the inventor of CAPTCHA and reCAPTCHA, and Severin Hacker. The company has had a somewhat circuitous journey -- full of trial and error -- on finding the perfect business model.

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