Duolingo FY2025 Q3 Shareholder Letter

shareholder
letter
Q3 2025

our mission is
to develop the
best education
in the world
and make it
universally
available.

’82/,1*2 42 .)<

Q3 Highlights
WugtOgvtkeu S54246 S54247
Fckn\CevkxgWugtu 5904 O 7207 O
58' <q<
Oqpvjn\CevkxgWugtu 33503 O 35705 O
42' <q<
RckfUwduetkdgtu :08 O 3307 O
cvrgtkqfgpf 56' <q<
RckfUwduetkdgtRgpgvtcvkqp :07' 02'
cu'qhNVOOCWu
HkpcpekcnOgvtkeu S54246 S54247
Tgxgpwg &3408 O &49309 O
63' <q<
VqvcnDqqmkpiu &43307 O &4:30 O
55' <q<
PgvKpeqog3 &4506 O &4404 O
CflwuvgfGDKVFC &6907 O &:202 O
4609' octikp 407' octikp
3 FwtkpivjgvjtggoqpvjugpfgfUgrvgodgt52.4247.vjgEqorcp\tgngcugfvjgxcnwcvkqpcnnqycpegrtgxkqwun\tgeqtfgfcickpuvkvu
hgfgtcncpfuvcvgfghgttgfvc[cuugvu.tguwnvkpikpcqpg/vkogkpeqog/vc[dgpghkv.pgvqhctgvwtp/vq/rtqxkukqpcflwuvogpv.kpvjgrgtkqfqh
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FWQNKPIQ S5 1H< 4247 5

Dear shareholders,
4247kuujcrkpiwrvqdgcpqvjgtuvcpfqwv\gcthqtwu0Vjtqwijvjghktuvpkpgoqpvju.FCWucpftgxgpwgctg
dqvjwr62'qtoqtgeqorctgfvqvjgucogrgtkqfncuv\gct.cpfygeqpvkpwgvqg[rcpfrtqhkvcdknkv\0KpS5.yg
etquugfcpkorqtvcpvoknguvqpgoqtgvjcp72oknnkqprgqrngpqywugFwqnkpiqgxgt\fc\0Ygcnuqucyejguu
dgeqogqwthcuvguv/itqykpiuwdlgev.jcfqwtdkiiguvdtcpfoqogpvkpCukcd\rctvpgtkpiykvjNwemkpEqhhgg.
cpfncwpejgfcNkpmgfKpkpvgitcvkqpuqngctpgtuecpujqyecugvjgktFwqnkpiqUeqtg0
Qxgt48.222NwemkpuvqtgukpCukcrctvpgtgfykvjwu.ugnnkpioqtgvjcp32oknnkqpFwqnkpiq/dtcpfgfftkpmukpvyqyggmu0
FCWuitgy 58' \gctqxgt\gctkpS5.gxgpqpvqrqhcpg[egrvkqpcnS5ncuv\gct0Itqyvjycuunkijvn\unqygt
vjcpS4kprctvdgecwugygrquvgfnguufwpjkpigfgeqpvgpvqpqwtGpinkuj/urgcmkpiuqekcnogfkcceeqwpvucu
ygnkuvgpgfvqeqoowpkv\hggfdcemcpfrtkqtkvk]gfdwknfkpinqpi/vgtodtcpfugpvkogpv0Ygtgegpvn\uvctvgf
rquvkpioqtgwpjkpigfeqpvgpv.cpfyjkngkortguukqpujcxgpdv\gvtgcejgfrgcmxqnwog.ygdxguggpc
ukipkhkecpvkpetgcugkpvjgo0Ygcnuqoqfguvn\kpetgcugfoctmgvkpiurgpfvqjgnrftkxgoqogpvwo.
rctvkewnctn\kpvjgWU0Vjgugcevkqpuuwrrqtvpgct/vgtowugtitqyvj.dwvnqpi/vgtoickpuyknneqoghtqo
ocmkpiqwtrtqfwevgxgpoqtggpicikpicpfghhgevkxg0
Taking the long view
Qpgqhqwthkxgqrgtcvkpirtkpekrnguku f take the long view 0g The opportunity ahead of us is to teach billions of
people .cpfyjkngygdxgocfgkpetgfkdngrtqitguu.ygmpqyygdtggctn\kpqwtlqwtpg\0
Yghqewuqpvjtggeqtgctgcucuygnqqmvqeqpvkpwqwun\kortqxgqwtrtqfwevoqpgvk]cvkqp.wugtitqyvj.cpf
vgcejkpidgvvgtcetquucnnqwtuwdlgevu0Gcejkorcevuqwthkpcpekcntguwnvuqpcfkhhgtgpvvkognkpg0Oqpgvk]cvkqp
kortqxgogpvu.uwejcuigvvkpioqtgwugtuvquwduetkdg.ujqywrkoogfkcvgn\0Wugtitqyvjkortqxgogpvu
vcmgnqpigtvqujqywrkpqwthkpcpegu.ukpegkvvcmguvkoghqtrgqrngvquwduetkdg0Cpfvgcejkpikortqxgogpvu
vcmgvjgnqpiguv.ukpegvjg\vcmgvkogvqkortqxgwugtitqyvj.yjkejkpvwtpvcmguvkogvqkortqxg
oqpgvk]cvkqp0
FWQNKPIQ S5 1H< 4247 6

One of the most important parts of my job is balancing among these three core areas, both in terms of relative
investment and navigating tradeoffs between them. For example, changes that boost subscriptions may have a
negative impact on free user growth, so we have to determine what tradeoff makes sense.
GlO1ucbcagbcbrmqfgdrrfcCBjBlacrmuBpbqjmlecprcpkglgrgBrgtcq, In particular, we’re investing
proportionally more in teaching better, and we’re prioritizing user growth over monetization in the A/B tests
that get launched . This shift is reflected in our full-year guidance. We’re doing this now because we want to
keep growing users for a long time, and because of our increasing conviction that AI can fundamentally change
what’s possible in how we teach. If we develop an app that is more engaging than, and teaches as well as, a
personal tutor across multiple subjects, we think we’ll become a much bigger business in the long-term.
-mmigleBfcBb
As for Q4, I’m excited about a number of product initiatives. We’ve introduced player-vs-player on our chess
course, a new flashcards exercise for better word memorization, and a new guided Video Call format that
should help increase Max adoption. Q4 also brings two of our biggest annual events: Year in Review and our
New Year’s Promotion. Both are high-impact events with global reach that we believe will set us up for a strong
finish to the year.
Take the long view,
-sgqtml"fl
CEO and Co-Founder
DUOLINGO Q3 / FY 2025 5

financial
performance
and outlook

Summary of Financial and Key Operating Metrics
kpoknnkqpu S54246 S54247 YoY
WugtOgvtkeu
Oqpvjn\cevkxgwugtuOCWu 33503 35705 42'
Fckn\cevkxgwugtuFCWu 5904 7207 58'
Rckfuwduetkdgturgtkqfgpf :08 3307 56'
QrgtcvkpiOgvtkeu
Uwduetkrvkqpdqqmkpiu &39805 &46205 58'
Vqvcndqqmkpiu &43307 &4:30 55'
ICCRHkpcpekcnOgcuwtgu
Tgxgpwgu &3408 &49309 63'
Uwduetkrvkqptgxgpwgu &37908 &4407 68'
Itquurtqhkv &36206 &380 62'
Itquuoctikp' 940' 9407' a 62 dru
Pgvkpeqog3 &4506 &4404 @322'
Pgvecujhtqoqrgtcvkpicevkxkvkgu &7805 &:604 72'
Pqp/ICCRHkpcpekcnOgcuwtgu4
CflwuvgfGDKVFC &6907 &:202 8:'
CflwuvgfGDKVFCoctikp 4609' 407' a 7 rvu
Htggecujhnqy5 &7304 &9906 73'
Htggecujhnqyoctikp5 4808' 4:07' a 4 rvu
3 FwtkpivjgvjtggoqpvjugpfgfUgrvgodgt52.4247.vjgEqorcp\tgngcugfvjgxcnwcvkqpcnnqycpegrtgxkqwun\tgeqtfgfcickpuvkvu
hgfgtcncpfuvcvgfghgttgfvc[cuugvu.tguwnvkpikpcqpg/vkogkpeqog/vc[dgpghkv.pgvqhctgvwtp/vq/rtqxkukqpcflwuvogpv.kpvjgrgtkqfqh
&44409 oknnkqp0
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eqorctcdngICCRhkpcpekcnogcuwtg0
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Coqwpvu tgrqtvgfkpoknnkqpuctgeqorwvgfdcugfqpvjgcoqwpvukpvjqwucpfu0Cuctguwnv.vjguwoqhvjgeqorqpgpvutgrqtvgfkp
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wpfgtn\kpipwodgtukpvjqwucpfucpfoc\pqvcffvqvjgkttgurgevkxgvqvcnufwgvqtqwpfkpi0
FWQNKPIQ S5 1H< 4247 9

Third Quarter 2025 Highlights
S54247 ycucpqvjgtuvtqpiswctvgt.octmgfd\eqpvkpwgfvqr/nkpgoqogpvwocpfwugtitqyvj0Vqvcn
dqqmkpiuitgy 55' \gctqxgt\gct.qt 53' qpceqpuvcpvewttgpe\dcuku0Tgxgpwgitgy 63' \gctqxgt\gct.qt
64' qpceqpuvcpvewttgpe\dcuku0Pgvkpeqogdgpghkvgfhtqovjgtgngcugqhxcnwcvkqpcnnqycpegqhegtvckp
fghgttgfvc[cuugvuqh &44409 oknnkqpfwtkpivjgswctvgt0CpfygfgnkxgtgftgeqtfCflwuvgfGDKVFCqh &:202
oknnkqp.g[rcpfkpi\gct/qxgt/\gctoctikpd\cnoquvhkxgrqkpvuvq 407' 0
KpS5.ygfgnkxgtgfFCWitqyvjqh 58' .gxgpyjkngncrrkpicuvtqpiS54246.yjkejitgy 76' \gctqxgt\gct0
Ygcnuqqwvrgthqtogfqwtg[rgevcvkqpuhqtdqqmkpiu0Ygeqpvkpwgvquggcok[ujkhvvqyctfqwtjkijgt/rtkegf
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tgxgpwgrgtcxgtcigrckfuwduetkdgt.qtCTRW0
Itquuoctikpfgenkpgfcdqwv62dcukurqkpvu\gctqxgt\gctvq 9407' .cuctguwnvqhkpetgcugukpigpgtcvkxgCK
cpfjquvkpiequvu0YgcnuqcejkgxgfqrgtcvkpingxgtcigcetquudqvjICCRcpfpqp/ICCRqrgtcvkpig[rgpugu.
yjkejngfvqqwtjkijguvgxgtswctvgtn\CflwuvgfGDKVFC0
Q4 and FY 2025 Guidance
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gpfkpiFgegodgt53. 4247 3
0
kpoknnkqpu S64247 H<4247
Bookings
$329.5 – $335.5 $1,151 – $1,157
<q<DqqmkpiuItqyvj
4305' / 4507' 5404' / 540'
Revenues
$273 – $277 $1,027.5 – $1,031.5
<q<TgxgpwgItqyvj
5205' / 5404' 5906' / 590'
Adjusted EBITDA (2)
– $78.8 $296.9 – $300.2
Adjusted EBITDA margin (2)
– 28.4% 28.9% – 29.1%
3 Qwtiwkfcpegkpvjgvcdngcdqxgcuuwoguhqtgkipg[ejcpigtcvgucuqh Qevqdgtb53.4247 0Qpceqpuvcpvewttgpe\dcuku.cuuwokpivjg
cxgtcighqtgkipg[ejcpigtcvguhqt S6 4246 tgockpgfeqpuvcpvhqt S64247 .ygguvkocvgqwt S64247 \gct/qxgt/\gctitqyvjhqt
dqqmkpiucpftgxgpwgcv 3:04' vq 4206' cpf 4:04' vq 5203' .tgurgevkxgn\0Qpceqpuvcpvewttgpe\dcuku.cuuwokpivjgcxgtcig
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itqyvjhqtdqqmkpiucpftgxgpwgcv 5304' vq 530' cpf 5906' vq 5:02' .tgurgevkxgn\0
4 Ykvjtgictfuvqvjgpqp/ICCRCflwuvgfGDKVFCcpfCflwuvgfGDKVFCoctikpqwvnqqmrtqxkfgfcdqxg.ctgeqpeknkcvkqpvqICCRpgv
kpeqog.vjgoquvfktgevn\eqorctcdnghkpcpekcnogcuwtgrtgugpvgfkpceeqtfcpegykvjICCR.jcupqvdggprtqxkfgfcuvjg
swcpvkhkecvkqpqhegtvckpkvgoukpenwfgfkpvjgecnewncvkqpqhICCRpgvkpeqogecppqvdgecnewncvgfqtrtgfkevgfcvvjkuvkogykvjqwv
wptgcuqpcdngghhqtvu0Hqtg[corng.vjgpqp/ICCRcflwuvogpvhqtuvqem/dcugfeqorgpucvkqpg[rgpugutgncvgfvqgswkv\cyctfu
tgswktgucffkvkqpcnkprwvuuwejcupwodgtqhujctguitcpvgfcpfoctmgvrtkegvjcvctgpqvewttgpvn\cuegtvckpcdng.cpfvjgpqp/
ICCRcflwuvogpvhqtegtvckpngicn.vc[cpftgiwncvqt\tgugtxgucpfg[rgpugufgrgpfuqpvjgvkokpicpfocipkvwfgqhvjgug
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wpcxckncdngkphqtocvkqp.yjkejeqwnfjcxgcrqvgpvkcnn\wprtgfkevcdng.cpfrqvgpvkcnn\ukipkhkecpv.korcevqpqwthwvwtgICCR
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FWQNKPIQ S5 1H< 4247 :

2025 Outlook
Bookings and revenue
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okfrqkpvpwodgtujcxgdggptqwpfgfhtqovjgvcdngcdqxg0
Qwtiwkfcpegtghngevuvjgrtkqtkvk]cvkqpqhujqtv/cpfnqpi/vgtokpxguvogpvuNwkuogpvkqpgfcdqxg0
k Ygg[rgevH<4247dqqmkpiuvqitqy 55' \gct/qxgt/\gct.qt 54' qpceqpuvcpvewttgpe\dcukucvvjg
okfrqkpv0
k Ygg[rgevH<4247tgxgpwgvqitqy 5:' \gct/qxgt/\gctqpdqvjctgrqtvgfcpfeqpuvcpvewttgpe\
dcukucvvjgokfrqkpv0
k Ygg[rgevS6dqqmkpiuvqitqy 44' \gct/qxgt/\gct.qt 3' qpceqpuvcpvewttgpe\dcukucvvjg
okfrqkpv0
k Ygg[rgevS6tgxgpwgvqitqy 53' \gct/qxgt/\gct.qt 4' qpceqpuvcpvewttgpe\dcukucvvjg
okfrqkpv0
k Qwtqwvnqqmtghngevug[ejcpigtcvgucuqhvjggpfqhQevqdgt0Cuctgokpfgt.qxgtjcnhqhqwtdqqmkpiu
eqoghtqoqwvukfgvjgWU0Uq.gxgt\3'ejcpigkpvjgfqnnctxgtuwuqwtewttgpe\dcumgvgswcvguvq
cdqwvc&3oknnkqpkorcevqpdqqmkpiuhqtvjgtgockpfgtqhvjg\gct0
Gross margin
Ygg[rgevH<4247itquuoctikpvqfgenkpgcdqwv:2dcukurqkpvu\gct/qxgt/\gct0Vjkukuc42dcukurqkpvu
kortqxgogpvhtqovjgiwkfcpegygrtqxkfgfncuvswctvgt.yjkejtghngevunqygt/vjcp/g[rgevgfCKequvu0
Adjusted EBITDA
Dcugfqpuvtqpi\gct/vq/fcvgvqr/nkpgitqyvjcpfeqpvkpwgfequvfkuekrnkpg.ygdtgtckukpiqwthwnn/\gctCflwuvgf
GDKVFCoctikpiwkfcpegvq 402' cvvjgokfrqkpv.tgrtgugpvkpicpg[rcpukqpqhcdqwv552dcukurqkpvuqxgt
ncuv\gctcpfcdqwv47dcukurqkpvucdqxgvjgokfrqkpvqhqwtrtgxkqwuiwkfcpeg0Vjkukornkguchwnn/\gct
kpetgogpvcnoctikpqh 590' .fgoqpuvtcvkpiqwtcdknkv\vqfgnkxgtqrgtcvkpingxgtciggxgpcuygkpxguvhqt
itqyvj0
HqtS6.ygctgiwkfkpivqcpCflwuvgfGDKVFCoctikpqh 4:02' cvvjgokfrqkpv.tghngevkpiqwteqpvkpwgf
kpxguvogpvkp rtqfwev/ngfCKkp kvkcvkxgucpfoctmgvkpi 0
FWQNKPIQ S5 1H< 4247

Share count
Hkpcnn\.ygeqpvkpwgvqg[rgevhwnn\fknwvgfujctgeqwpvvqkpetgcugcdqwv3'kp4247.cuuwokpiS5swctvgt/gpf
ujctgrtkeg0
Dilutive Securities
Fwqnkpiqjcuxctkqwufknwvkxgugewtkvkguqwvuvcpfkpi0Vjgvcdngdgnqyfgvcknuvjgugugewtkvkgu
Coqwpvukpoknnkqpu.g[egrvujctgrtkeg Rtkegcuqh
Ugrvgodgtb52.4247 Ygkijvgf/cxgtcig
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Ujctgrtkeg 0000000000000000000000000000000000000000000000000000000000000000000000000 &5430:6
Eqooqpuvqemqwvuvcpfkpicuqh Ugrvgodgtb52.4247 0 6803
Hqwpfgtcyctfu3 00000000000000000000000000000000000000000000000000000000000 306
Fknwvkxgghhgevqhuvqemqrvkqpuqwvuvcpfkpi4 00000000000000 &3024 20
TUWuqwvuvcpfkpi 00000000000000000000000000000000000000000000000000000000000000 307
Total estimated diluted shares outstanding 00000000000000000 49.9
3 K penwfgu 208oknnkqp wpfgtn\kpirgthqtocpeg/dcugfTguvtkevgfUvqemWpkvu$TUWu$yjgtgrgthqtocpegetkvgtkcjcxgpqvdggp
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Eqorcp\cpfcuuwogfvqdgwugfvqtgrwtejcugujctguqhFwqnkpiqeqooqpuvqem0
FWQNKPIQ S5 1H< 4247 32

Video Webcast
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investors.duolingo.com 0Ctgrnc\yknndgcxckncdngqpvjgKpxguvqtTgncvkqpuygdukvgvyqjqwtuhqnnqykpi
eqorngvkqpqhvjgygdecuvcpfyknntgockpcxckncdnghqtcrgtkqfqhqpg\gct0
About Duolingo
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cpfvjgCrrngCrrUvqtg0Ykvjvgejpqnqi\cvvjgeqtgqhgxgt\vjkpikvfqgu.Fwqnkpiqjcueqpukuvgpvn\kpxguvgf
vqrtqxkfgngctpgtuchwp.gpicikpi.cpfghhgevkxgngctpkpig[rgtkgpegyjkngtgockpkpieqookvvgfvqkvuokuukqp
vqfgxgnqrvjgdguvgfwecvkqpkpvjgyqtnfcpfocmgkvwpkxgtucnn\cxckncdng0
FWQNKPIQ S5 1H< 4247 33

Definitions
Monthly Active Users (MAUs). OCWuctgfghkpgfcuwpkswgwugtuyjqgpicigykvjqwtFwqnkpiqCrrqtvjgngctpkpi
ugevkqpqhqwtygdukvggcejoqpvj0OCWuctgtgrqtvgfhqtcogcuwtgogpvrgtkqfd\vcmkpivjgcxgtcigqhvjgOCWu
hqtgcejecngpfctoqpvjkpvjcvogcuwtgogpvrgtkqf0VjgogcuwtgogpvrgtkqfhqtOCWukuvjgvjtggoqpvjugpfgf
Ugrvgodgtb52.4247 cpfvjgucogrgtkqfkpvjgrtkqt\gctyjgtgcrrnkecdng.cpfvjgcpcn\ukuqhtguwnvukudcugfqp
vjqugrgtkqfu0OCWuctgcogcuwtgqhvjguk]gqhqwtinqdcncevkxgwugteqoowpkv\qpFwqnkpiq0
Daily Active Users (DAUs). FCWuctgfghkpgfcuwpkswgwugtuyjqgpicigykvjqwtFwqnkpiqCrrqtvjgngctpkpi
ugevkqpqhqwtygdukvggcejecngpfctfc\0FCWuctgtgrqtvgfhqtcogcuwtgogpvrgtkqfd\vcmkpivjgcxgtcigqhvjg
FCWuhqtgcejfc\kpvjcvogcuwtgogpvrgtkqf0VjgogcuwtgogpvrgtkqfhqtFCWukuvjgvjtggoqpvjugpfgf
Ugrvgodgtb52.4247 cpfvjgucogrgtkqfkpvjgrtkqt\gctyjgtgcrrnkecdng.cpfvjgcpcn\ukuqhtguwnvukudcugfqp
vjqugrgtkqfu0FCWuctgcogcuwtgqhvjgeqpukuvgpvgpicigogpvqhqwtinqdcnwugteqoowpkv\qpFwqnkpiq0
Paid Subscribers. Rckfuwduetkdgtuctgfghkpgfcuwugtuyjqrc\hqtceeguuvqcp\Fwqnkpiquwduetkrvkqpqhhgtkpi
cpfjcfcpcevkxguwduetkrvkqpcuqhvjggpfqhvjgogcuwtgogpvrgtkqf0Gcejwpkswgwugtceeqwpvkuvtgcvgfcuc
ukpingrckfuwduetkdgttgictfnguuqhyjgvjgtuwejwugtrwtejcuguownvkrnguwduetkrvkqpu.cpfvjgeqwpvqhrckf
uwduetkdgtufqgupqvkpenwfgwugtuyjqctgewttgpvn\qpchtggvtkcnqtyjqctgpqp/rc\kpiogodgtuqhchcokn\
rncp0
Subscription Bookings and Total Bookings. Uwduetkrvkqpdqqmkpiutgrtgugpvvjgcoqwpvuygtgegkxghtqoc
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cfxgtvkukpipgvyqtmuhqtcfxgtvkugogpvuugtxgfvqqwtwugtu.rwtejcuguqhvjgFwqnkpiqGpinkujVguv.cpfkp/crr
rwtejcuguqhxktvwcniqqfu0Ygdgnkgxgdqqmkpiurtqxkfgcpkpfkecvkqpqhvtgpfukpqwtqrgtcvkpitguwnvu.kpenwfkpi
ecujhnqyu.vjcvctgpqvpgeguuctkn\tghngevgfkpqwttgxgpwgudgecwugygtgeqipk]guwduetkrvkqptgxgpwgutcvcdn\
qxgtvjgnkhgvkogqhcuwduetkrvkqp.vjgoclqtkv\qhyjkejctgvygnxgoqpvjukpfwtcvkqp0
Limitation of Key Operating Metrics and Other Data
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uwduetkrvkqpcpfvqvcndqqmkpiu0Yjkngvjgugogvtkeuctgdcugfqpyjcvygdgnkgxgvqdgtgcuqpcdngguvkocvguqhqwt
wugtdcughqtvjgcrrnkecdngrgtkqfqhogcuwtgogpv.vjgtgctgkpjgtgpvejcnngpigukpogcuwtkpijqyqwtrncvhqtoku
wugf0Vjgugogvtkeuctgfgvgtokpgfd\wukpikpvgtpcnfcvcicvjgtgfqpcpcpcn\vkeurncvhqtovjcvygfgxgnqrgfcpf
qrgtcvgcpfjcxgpqvdggpxcnkfcvgfd\cpkpfgrgpfgpvvjktfrctv\0Vjkurncvhqtovtcemuwugtceeqwpvcpfuguukqp
cevkxkv\0Khyghcknvqockpvckpcpghhgevkxgcpcn\vkeurncvhqto.qwtogvtkeuecnewncvkqpuoc\dgkpceewtcvg0Ygdgnkgxg
vjcvvjgugogvtkeuctgtgcuqpcdngguvkocvguqhqwtwugtdcughqtvjgcrrnkecdngrgtkqfqhogcuwtgogpv.cpfvjcvvjg
ogvjqfqnqikguyggornq\cpfwrfcvghtqovkog/vq/vkogvqetgcvgvjgugogvtkeuctgtgcuqpcdngdcuguvqkfgpvkh\
vtgpfukpwugtdgjcxkqt0Dgecwugygwrfcvgvjgogvjqfqnqikguyggornq\vqetgcvgogvtkeu.qwtqrgtcvkpiogvtkeu
oc\pqvdgeqorctcdngvqvjqugkprtkqtrgtkqfu0Qvjgteqorcpkgu.kpenwfkpieqorcpkgukpqwtkpfwuvt\.oc\
ecnewncvgvjgugogvtkeufkhhgtgpvn\0
FWQNKPIQ S5 1H< 4247 34

Non-GAAP Financial Measures
Ygwugegtvckppqp/ICCRhkpcpekcnogcuwtguvquwrrngogpvqwt WpcwfkvgfEqpfgpugfEqpuqnkfcvgfHkpcpekcn
Uvcvgogpvu . yjkejctgrtgugpvgfkpceeqtfcpegykvjICCR0Pqp/ICCRhkpcpekcnogcuwtgukpenwfgCflwuvgfGDKVFC.
CflwuvgfGDKVFCoctikp.eqpuvcpvewttgpe\ogcuwtgu.pqp/ICCRT(Fg[rgpug.pqp/ICCRU(Og[rgpugcpfpqp/
ICCRI(Cg[rgpugeqnngevkxgn\.vjgfpqp/ICCRqrgtcvkpig[rgpugug.htggecujhnqy.cpfhtggecujhnqyoctikp0
Rngcugtghgtvqvjgfghkpkvkqpucpftgeqpeknkcvkqpcvvjggpfqhvjkungvvgt0 Ygwugvjgugpqp/ICCRhkpcpekcnogcuwtgu
hqthkpcpekcncpfqrgtcvkqpcnfgekukqp/ocmkpicpfcucogcpuvqgxcnwcvgrgtkqf/vq/rgtkqfeqorctkuqpu0D\
g[enwfkpiegtvckpkvgouvjcvoc\pqvdgkpfkecvkxgqhqwttgewttkpieqtgqrgtcvkpitguwnvu.ygdgnkgxgvjcvvjgugpqp/
ICCRhkpcpekcnogcuwtgurtqxkfgogcpkpihwnuwrrngogpvcnkphqtocvkqptgictfkpiqwtrgthqtocpeg0Ceeqtfkpin\.yg
dgnkgxgvjgugpqp/ICCRhkpcpekcnogcuwtguctgwughwnvqkpxguvqtucpfqvjgtudgecwugvjg\cnnqyhqtcffkvkqpcn
kphqtocvkqpykvjtgurgevvqhkpcpekcnogcuwtguwugfd\ocpcigogpvkpkvuhkpcpekcncpfqrgtcvkqpcnfgekukqp/ocmkpi
cpfvjg\oc\dgwugfd\qwtkpuvkvwvkqpcnkpxguvqtucpfvjgcpcn\uveqoowpkv\vqjgnrvjgocpcn\]gvjgjgcnvjqh
qwtdwukpguu0+qygxgt.vjgtgctgcpwodgtqhnkokvcvkqputgncvgfvqvjgwugqhpqp/ICCRhkpcpekcnogcuwtgu.cpf
vjgugpqp/ICCRhkpcpekcnogcuwtguujqwnfdgeqpukfgtgfkpcffkvkqpvq.pqvcucuwduvkvwvghqtqtkpkuqncvkqphtqo.
qwthkpcpekcntguwnvurtgrctgfkpceeqtfcpegykvjICCR0Qvjgteqorcpkgu.kpenwfkpieqorcpkgukpqwtkpfwuvt\.oc\
ecnewncvgvjgugpqp/ICCRhkpcpekcnogcuwtgufkhhgtgpvn\qtpqvcvcnn.yjkejtgfweguvjgktwughwnpguucu
eqorctcvkxgogcuwtgu0
Vjgghhgevqhewttgpe\g[ejcpigtcvguqpqwtdwukpguukucpkorqtvcpvhcevqtkpwpfgtuvcpfkpirgtkqfvqrgtkqf
eqorctkuqpu0Ygwugpqp/ICCRrgtegpvcigejcpigkpeqpuvcpvewttgpe\tgxgpwgucpfdqqmkpiu.yjkejg[enwfgvjg
korcevqhhnwevwcvkqpukphqtgkipewttgpe\g[ejcpigtcvgu.hqthkpcpekcncpfqrgtcvkqpcnfgekukqp/ocmkpicpfcuc
ogcpuvqgxcnwcvgrgtkqf/vq/rgtkqfeqorctkuqpu0Ygdgnkgxgvjkukphqtocvkqpkuwughwnvqkpxguvqtuvqhceknkvcvg
eqorctkuqpucpfdgvvgtkfgpvkh\vtgpfukpqwtdwukpguu0Vjgkorcevqhejcpigukphqtgkipewttgpe\oc\xct\
ukipkhkecpvn\htqorgtkqfvqrgtkqf.cpfuwejejcpiguigpgtcnn\ctgqwvukfgqhvjgeqpvtqnqhqwtocpcigogpv0Yg
ecnewncvgeqpuvcpvewttgpe\tgxgpwgud\vtcpuncvkpiewttgpvrgtkqfhqtgkipewttgpe\tgxgpwguwukpirtkqt/\gct
g[ejcpigtcvgucrrnkgfeqpukuvgpvn\qxgtvjghwnntgxgpwgtgeqipkvkqprgtkqf0Ygecnewncvgeqpuvcpvewttgpe\
dqqmkpiud\wukpiewttgpvrgtkqfhqtgkipewttgpe\dqqmkpiucpfvtcpuncvkpivjgovqeqpuvcpvewttgpe\wukpirtkqt
\gcteqorctcdngrgtkqfg[ejcpigtcvgu0Vjgeqpuvcpvewttgpe\rgtegpvcigejcpighqttgxgpwgucpfdqqmkpiuku
ecnewncvgfd\fkxkfkpivjgfkhhgtgpegdgvyggpvjgeqpuvcpvewttgpe\coqwpvcpfvjgrtkqt\gcteqorctcdngrgtkqf
coqwpvd\vjgrtkqt\gcteqorctcdngrgtkqfcoqwpv0
FWQNKPIQ S5 1H< 4247 35

Forward-Looking Statements
VjkuUjctgjqnfgtNgvvgt eqpvckpuhqtyctf/nqqmkpiuvcvgogpvuykvjkpvjgogcpkpiqhvjgRtkxcvgUgewtkvkguNkvkicvkqp
TghqtoCevqh370Ygkpvgpfuwejhqtyctf/nqqmkpiuvcvgogpvuvqdgeqxgtgfd\vjguchgjctdqtrtqxkukqpuhqt
hqtyctf/nqqmkpiuvcvgogpvueqpvckpgfkpUgevkqp49CqhvjgUgewtkvkguCevqh355.cucogpfgfvjgfUgewtkvkguCevg
cpfUgevkqp43GqhvjgUgewtkvkguG[ejcpigCevqh356.cucogpfgfvjgfG[ejcpigCevg0Cnnuvcvgogpvuqvjgtvjcp
uvcvgogpvuqhjkuvqtkecnhcevueqpvckpgfkpvjku ngvvgt. kpenwfkpiykvjqwvnkokvcvkqp.uvcvgogpvutgictfkpiqwtdwukpguu
oqfgncpfuvtcvgikertkqtkvkguhqtitqyvj.rtqfwevgpjcpegogpv.cpfoqpgvk]cvkqp.kpenwfkpivjgg[rgevgfdgpghkvu
cpfghhkece\qhpgyrtqfwevucpfrtqfwevkppqxcvkqphqtwugtitqyvjcpftgvgpvkqp.cpfqwthkpcpekcnqwvnqqmcpf
iwkfcpeg.ctghqtyctf/nqqmkpiuvcvgogpvu0Ykvjqwvnkokvkpivjgigpgtcnkv\qhvjghqtgiqkpi.\qwecpkfgpvkh\hqtyctf/
nqqmkpiuvcvgogpvudgecwugvjg\eqpvckpyqtfuuwejcufoc\.gfyknn.gfujcnn.gfujqwnf.gfg[rgevu.gfrncpu.g
fcpvkekrcvgu.gfeqwnf.gfkpvgpfu.gfvctigv.gfrtqlgevu.gfeqpvgorncvgu.gfdgnkgxgu.gfguvkocvgu.gfrtgfkevu.gfrqvgpvkcn.g
fiqcn.gfqdlgevkxg.gfuggmu.gqtfeqpvkpwggqtvjgpgicvkxgqhvjgugyqtfuqtqvjgtukoknctvgtouqtg[rtguukqpuvjcv
eqpegtpqwtg[rgevcvkqpu.uvtcvgi\.rncpu.qtkpvgpvkqpu0Uwejhqtyctf/nqqmkpiuvcvgogpvuctgpgkvjgtrtqokugupqt
iwctcpvggu.dwvkpxqnxgcpwodgtqhmpqypcpfwpmpqyptkumu.wpegtvckpvkgucpfcuuworvkqpuvjcvoc\ecwugqwt
cevwcntguwnvu.rgthqtocpegqtcejkgxgogpvuvqfkhhgtocvgtkcnn\htqovjqugg[rtguugfqtkornkgfkpvjghqtyctf/
nqqmkpiuvcvgogpvufwgvqxctkqwuhcevqtu.kpenwfkpi.dwvpqvnkokvgfvqqwtcdknkv\vqtgvckpcpfitqyqwtwugtucpf
uwuvckpvjgktgpicigogpvykvjqwtrtqfwevueqorgvkvkqpkpvjgqpnkpgncpiwcigngctpkpikpfwuvt\qwtnkokvgf
qrgtcvkpijkuvqt\qwtcdknkv\vqockpvckprtqhkvcdknkv\qwtcdknkv\vqocpcigqwtitqyvjcpfqrgtcvgcvuwejuecngvjg
uweeguuqhqwtkpxguvogpvuqwttgnkcpegqpvjktf/rctv\rncvhqtouvquvqtgcpffkuvtkdwvgqwtrtqfwevucpfeqnngev
tgxgpwgqwttgnkcpegqpvjktf/rctv\jquvkpicpfenqwfeqorwvkpirtqxkfgtuqwtcdknkv\vqeqorgvghqt
cfxgtvkugogpvuceegrvcpegd\gfwecvkqpcnqticpk]cvkqpuqhvgejpqnqi\/dcugfgfwecvkqpqwtcdknkv\vqceeguu.
eqnngev.wug.cpfqvjgtykugrtqeguuRgtuqpcnFcvccdqwvqwtwugtucpfrc\gtu.cpfvqeqorn\ykvjcrrnkecdngfcvc
rtkxce\ncyuqwtcdknkv\vquweeguuhwnn\fgxgnqr.korngogpvcpfwugqhctvkhkekcnkpvgnnkigpegcpfocejkpgngctpkpi
vgejpqnqikguqwtcdknkv\cfgswcvgn\qdvckp.rtqvgevcpfockpvckpqwtkpvgnngevwcnrtqrgtv\tkijvucpfvjgqvjgt
korqtvcpvhcevqtuoqtghwnn\fgvckngfwpfgtvjgecrvkqp$TkumHcevqtu$kpqwt CppwcnTgrqtvqpHqto32/M hqtvjg
hkuecn\gct gpfgf Fgegodgtb53.4246 .cucp\uwejhcevqtuoc\dgwrfcvgfhtqovkogvqvkogkpqwtqvjgthknkpiuykvj
vjgUgewtkvkgucpfG[ejcpigEqookuukqpfUGEg.ceeguukdngqpvjgUGEduygdukvgcvyyy0uge0iqxcpfvjgKpxguvqt
TgncvkqpuugevkqpqhvjgEqorcp\duygdukvgcv investors.duolingo.com 0Cnnhqtyctf/nqqmkpiuvcvgogpvuurgcmqpn\
cuqhvjgfcvgqhvjkungvvgt0Yjkngygoc\gngevvqwrfcvguwejhqtyctf/nqqmkpiuvcvgogpvucvuqogrqkpvkpvjg
hwvwtg.wpnguutgswktgfd\crrnkecdngncy.ygfkuenckocp\qdnkicvkqpvqfquq.gxgpkhuwdugswgpvgxgpvuecwugqwt
xkgyuvqejcpig0
Website Information
Ygtqwvkpgn\rquvkorqtvcpvkphqtocvkqphqtkpxguvqtuqpvjgKpxguvqtTgncvkqpuugevkqpqhqwtygdukvg.
investors.duolingo.com .cpfcnuqhtqovkogvqvkogoc\wuguqekcnogfkcejcppgnu.kpenwfkpiqwt;ceeqwpv x.com/
duolingo cpfqwtNkpmgfKpceeqwpv linkedin.com/company/duolingo .cucpcffkvkqpcnogcpuqhfkuenqukpirwdnke
kphqtocvkqpvqkpxguvqtu.vjgogfkc.cpfqvjgtukpvgtguvgfkpwu0Kvkurquukdngvjcvegtvckpkphqtocvkqpygrquvqpqwt
ygdukvgcpfqpuqekcnogfkceqwnfdgfggogfvqdgocvgtkcnkphqtocvkqp.cpfyggpeqwtcigkpxguvqtu.vjgogfkc.
cpfqvjgtukpvgtguvgfkpwuvqtgxkgyvjgdwukpguucpfhkpcpekcnkphqtocvkqpygrquvqpqwtygdukvgcpfqpvjguqekcn
ogfkcejcppgnukfgpvkhkgfcdqxg.kpcffkvkqpvqhqnnqykpiqwtrtguutgngcugu.UGEhknkpiu.rwdnkeeqphgtgpegecnnu.
rtgugpvcvkqpu.cpfygdecuvu0Vjgkphqtocvkqpeqpvckpgfqp.qtvjcvoc\dgceeguugfvjtqwij.qwtygdukvgcpfqwt
uqekcnogfkcejcppgnukupqvkpeqtrqtcvgfd\tghgtgpegkpvq.cpfkupqvcrctvqh.vjkufqewogpv0
FWQNKPIQ S5 1H< 4247 36

DUOLINGO, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
kpvjqwucpfu Fgegodgt53.
4246 Ugrvgodgt52.
4247
ASSETS
Ecujcpfecujgswkxcngpvu &9:7.93 &3.233.764
Ujqtv/vgtokpxguvogpvu 3.:76 32.34
Ceeqwpvutgegkxcdng 34:.45 346.6:
Fghgttgfequvqhtgxgpwgu :2.384 6.792
Rtgrckfg[rgpugucpfqvjgtewttgpvcuugvu 36.:7: 48.74
Pqpewttgpvcuugvu 422.362 73:.755
Total assets $1,301,728 $1,885,638
LIABILITIES AND STOCKHOLDERS’ EQUITY
Fghgttgftgxgpwgu 594.::6 663.94:
Ceeqwpvurc\cdng 8.5:3 5.78:
Qvjgtewttgpvnkcdknkvkgu 64.88 5.466
Nqpi/vgtoqdnkicvkqpwpfgtqrgtcvkpingcugu 76.878 5.479
Fghgttgfvc[nkcdknkvkgu.pgv 43 524
Total liabilities 477,178 578,099
Total stockholders’ equity 824,550 1,307,539
Total liabilities and stockholders' equity $1,301,728 $1,885,638
FWQNKPIQ S5 1H< 4247 37

DUOLINGO, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME
VjtggOqpvjuGpfgfUgrvgodgt52.
kpvjqwucpfu 4246 4247
Tgxgpwgu &34.76 &493.935
Equvqhtgxgpwgu 74.3:2 96.:24
Itquurtqhkv 362.636 38.33
Qrgtcvkpig[rgpugu
Tgugctejcpffgxgnqrogpv 84.:9: :4.929
Ucngucpfoctmgvkpi 47.796 57.2:3
Igpgtcncpfcfokpkuvtcvkxg 5:.5:: 65.86
Vqvcnqrgtcvkpig[rgpugu 348.:62 383.974
Kpeqoghtqoqrgtcvkqpu 35.796 57.37
Qvjgtg[rgpugkpeqog.pgv 78 725
Kpeqogdghqtgkpvgtguvkpeqogcpfkpeqogvc[gu 36.365 56.878
Kpvgtguvkpeqog
33.468 33.95
Kpeqogdghqtgkpeqogvc[gu
47.5: 68.66
Rtqxkukqphqtdgpghkvhtqokpeqogvc[gu
4.24 467.968
Pgvkpeqogcpfeqortgjgpukxgkpeqog3
&45.582 &44.37
PgvkpeqogrgtujctgcvvtkdwvcdngvqEncuuCcpfEncuuDeqooqp
uvqemjqnfgtu.dcuke
&2075 &8058
PgvkpeqogrgtujctgcvvtkdwvcdngvqEncuuCcpfEncuuDeqooqp
uvqemjqnfgtu.fknwvgf
&206 &707
3 FwtkpivjgvjtggoqpvjugpfgfUgrvgodgt52.4247.vjgEqorcp\tgngcugfvjgxcnwcvkqpcnnqycpegrtgxkqwun\tgeqtfgfcickpuvkvu
hgfgtcncpfuvcvgfghgttgfvc[cuugvu.tguwnvkpikpcqpg/vkogkpeqog/vc[dgpghkv.pgvqhctgvwtp/vq/rtqxkukqpcflwuvogpv.kpvjgrgtkqfqh
&44409 oknnkqp0
FWQNKPIQ S5 1H< 4247 38

DUOLINGO, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
PkpgOqpvjuGpfgfUgrvgodgt52.
kpvjqwucpfu 4246 4247
Ecujhnqyuhtqoqrgtcvkpicevkxkvkgu
Pgvkpeqog3 &96.889 &594.333
Cflwuvogpvuvqtgeqpekngpgvkpeqogvqpgvecujrtqxkfgfd\
qrgtcvkpicevkxkvkgu
Fghgttgfkpeqogvc[gu b 45.6:8
Fgrtgekcvkqpcpfcoqtvk]cvkqp 9.35 32.7:5
Uvqem/dcugfeqorgpucvkqpg[rgpug :2.82 323.397
Ceetgvkqpqpoctmgvcdngugewtkvkgu.pgv 34 3.67:
Ejcpigukpcuugvucpfnkcdknkvkgu 5.853 59.842
Net cash provided by operating activities 202,169 280,545
Net cash used for investing activities (106,965) (64,496)
Net cash provided by financing activities 11,595 9,702
Pgvkpetgcugkpecuj.ecujgswkxcngpvucpftguvtkevgfecuj 328.9 447.973
Ecuj.ecujgswkxcngpvucpftguvtkevgfecuj/Dgikppkpiqhrgtkqf 972.567 9::.748
Ecuj.ecujgswkxcngpvucpftguvtkevgfecuj/Gpfqhrgtkqf &:79.366 &3.236.499
3 FwtkpivjgvjtggoqpvjugpfgfUgrvgodgt52.4247.vjgEqorcp\tgngcugfvjgxcnwcvkqpcnnqycpegrtgxkqwun\tgeqtfgfcickpuvkvu
hgfgtcncpfuvcvgfghgttgfvc[cuugvu.tguwnvkpikpcqpg/vkogkpeqog/vc[dgpghkv.pgvqhctgvwtp/vq/rtqxkukqpcflwuvogpv.kpvjgrgtkqfqh
&44409 oknnkqp0
FWQNKPIQ S5 1H< 4247 39

appendix
d

Reconciliation: Adjusted EBITDA and Adjusted EBITDA Margin and GAAP Operating
Expenses and Non-GAAP Operating Expenses
CflwuvgfGDKVFCkufghkpgfcupgvkpeqogg[enwfkpikpvgtguvkpeqog.kpeqogvc[gu.fgrtgekcvkqpcpf
coqtvk]cvkqp.uvqem/dcugfeqorgpucvkqpg[rgpugutgncvgfvqgswkv\cyctfu.vtcpucevkqpequvutgncvgfvq
ceswkukvkqpucpfceswkukvkqpgctp/qwvequvu0 DgikppkpikpS54247.ygg[rcpfgfqwtCflwuvgfGDKVFCfghkpkvkqp
vqkpenwfgkpvgitcvkqpequvutgncvgfvqceswkukvkqpu0 CflwuvgfGDKVFCoctikpkufghkpgfcuCflwuvgfGDKVFCcuc
rgtegpvcigqhtgxgpwgu0ICCRqrgtcvkpig[rgpugueqpukuvqhtgugctejcpffgxgnqrogpv.ucngucpfoctmgvkpi.
cpfigpgtcncpfcfokpkuvtcvkxgg[rgpugu0Pqp/ICCRqrgtcvkpig[rgpuguctgfghkpgfcuvjgtgurgevkxgICCR
qrgtcvkpig[rgpugug[enwfkpifgrtgekcvkqpcpfcoqtvk]cvkqp.uvqem/dcugfeqorgpucvkqpg[rgpugutgncvgfvq
gswkv\cyctfu.cpf.cucrrnkecdng.vtcpucevkqpequvutgncvgfvqceswkukvkqpucpfceswkukvkqpgctp/qwvequvu0
Vjgugpqp/ICCRhkpcpekcnogcuwtguctgwugfd\ocpcigogpvvqgxcnwcvgvjghkpcpekcnrgthqtocpegqhqwt
dwukpguucpfygrtgugpvvjgugpqp/ICCRhkpcpekcnogcuwtgudgecwugygdgnkgxgvjcvvjg\ctgjgnrhwnkp
jkijnkijvkpivtgpfukpqwtqrgtcvkpitguwnvucpfvjcvvjg\ctghtgswgpvn\wugfd\cpcn\uvu.kpxguvqtucpfqvjgt
kpvgtguvgfrctvkguvqgxcnwcvgeqorcpkgukpqwtkpfwuvt\0Vjghqnnqykpivcdngurtgugpvctgeqpeknkcvkqpqhqwt
pgvkpeqogcpfICCRqrgtcvkpig[rgpugu.vjgoquvfktgevn\eqorctcdnghkpcpekcnogcuwtgurtgugpvgfkp
ceeqtfcpegykvjICCR.vqCflwuvgfGDKVFCcpfCflwuvgfGDKVFCoctikpcpfpqp/ICCRqrgtcvkpig[rgpugu.
tgurgevkxgn\0
VjtggOqpvjuGpfgf
Ugrvgodgt52.
kpvjqwucpfu 4246 4247
Net income (1) $292,195
Cfffgfwev
Kpvgtguvkpeqog
33.468 33.95
Rtqxkukqphqtdgpghkvhtqokpeqogvc[gu
4.24 467.968
Fgrtgekcvkqpcpfcoqtvk]cvkqp
4.:98 5.775
Uvqem/dcugfeqorgpucvkqpg[rgpugutgncvgfvqgswkv\cyctfu4
4.2 59.58:
Ceswkukvkqpvtcpucevkqpcpfkpvgitcvkqpequvu5
5 6.426
Ceswkukvkqpgctp/qwvequvu6
322 487
Adjusted EBITDA $47,508 $80,046
Tgxgpwgu &34.76 &493.935
Adjusted EBITDA margin 24.7% 29.5%
FWQNKPIQ S5 1H< 4247 3

Reconciliation: GAAP to Non-GAAP Operating Expense
VjtggOqpvjuGpfgf
Ugrvgodgt52.
kpvjqwucpfu 4246 4247
Total GAAP Operating Expense $126,840 $161,752
NguuFgrtgekcvkqpcpfcoqtvk]cvkqp 3.69 3.644
NguuUvqem/dcugfeqorgpucvkqpg[rgpugutgncvgfvqgswkv\cyctfu4 4.92 59.562
NguuQvjgtcflwuvogpvu45 6 6.68
Non-GAAP Operating Expense $94,892 $118,521
Reconciliation: GAAP to Non-GAAP R&D Expense
VjtggOqpvjuGpfgf
Ugrvgodgt52.
kpvjqwucpfu 4246 4247
Total GAAP R&D Expense $62,878 $82,707
NguuFgrtgekcvkqpcpfcoqtvk]cvkqp 86: :48
NguuUvqem/dcugfeqorgpucvkqpg[rgpugutgncvgfvqgswkv\cyctfu4 38.:29 45.:24
NguuQvjgtcflwuvogpvu56 b 4.9:
Non-GAAP R&D Expense $45,423 $55,281
Reconciliation: GAAP to Non-GAAP S&M Expense
VjtggOqpvjuGpfgf
Ugrvgodgt52.
kpvjqwucpfu 4246 4247
Total GAAP S&M Expense $25,574 $35,081
NguuFgrtgekcvkqpcpfcoqtvk]cvkqp 43: 464
NguuUvqem/dcugfeqorgpucvkqpg[rgpugutgncvgfvqgswkv\cyctfu4 3.558 3.8:8
NguuQvjgtcflwuvogpvu56 b 355
Non-GAAP S&M Expense $24,020 $33,021
Reconciliation: GAAP to Non-GAAP G&A Expense
VjtggOqpvjuGpfgf
Ugrvgodgt52.
kpvjqwucpfu 4246 4247
Total GAAP G&A Expense $38,388 $43,964
NguuFgrtgekcvkqpcpfcoqtvk]cvkqp 835 576
NguuUvqem/dcugfeqorgpucvkqpg[rgpugutgncvgfvqgswkv\cyctfu4 33.:49 33.:74
NguuQvjgtcflwuvogpvu56 6 3.75:
Non-GAAP G&A Expense $25,449 $30,220
FWQNKPIQ S5 1H< 4247 42

Reconciliation: Free Cash Flow and Free Cash Flow Margin
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Ugrvgodgt52.
kpvjqwucpfu 4246 4247
Net cash provided by operating activities $56,267 $84,239
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3.:67 4.243
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5.39: 6.:84
Free cash flow (5) $77,356
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&34.76 &493.935
Free cash flow margin 26.6% 28.5%
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FWQNKPIQ S5 1H< 4247 43

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FWQNKPIQ S5 1H< 4247 44