← Duolingo, Inc.
| Annual Trend | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|
| Net income | ($15.8m) | ($60.1m) | ($59.6m) | $16.1m | $88.6m | $414.1m | |
| Depreciation and amortization | $2.3m | $2.7m | $4.9m | $7.1m | $10.9m | $14.4m | |
| Deferred income taxes | — | — | — | $0 | $0 | ($225.2m) | |
| Taxes paid related to net-share settlement of share-based compensation awards | $0 | $0 | $0 | ($11.5m) | ($49.4m) | ($41.6m) | |
| Right of use assets obtained in exchange for new operating lease liabilities | — | — | $909k | $0 | $33.0m | $39.2m | |
| Right of use assets disposed of or adjusted for modifying operating leases liabilities | — | — | $0 | $2.0m | $1.3m | $0 | |
| Stock-based compensation expense | $17.0m | $40.8m | $73.8m | $95.2m | $110.5m | $137.4m | |
| Accretion on marketable securities, net | — | — | $0 | $0 | ($551k) | ($1.9m) | |
| Other | — | — | — | $333k | $238k | $0 | |
| Deferred revenue | $28.5m | $43.5m | $59.3m | $91.6m | $123.7m | $123.3m | |
| Accounts receivable | ($10.4m) | ($12.7m) | ($13.6m) | ($42.2m) | ($39.9m) | ($33.9m) | |
| Deferred cost of revenues | ($6.7m) | ($10.6m) | ($10.8m) | ($18.9m) | ($26.2m) | ($22.5m) | |
| Prepaid expenses and other current assets | ($1.7m) | ($4.0m) | ($1.4m) | ($48k) | ($7.6m) | ($15.8m) | |
| Accounts payable | ($1.6m) | $5.6m | ($6.7m) | $1.3m | $3.9m | $1.6m | |
| Accrued expenses and other current liabilities | $6.2m | $3.7m | $8.7m | $3.4m | $16.9m | $255k | |
| Noncurrent assets and liabilities | ($76k) | $365k | ($1.0m) | ($264k) | $5.2m | ($4.0m) | |
| Capitalized software expense and purchases of intangible assets | ($638k) | ($2.6m) | ($4.6m) | ($10.5m) | ($9.0m) | ($9.3m) | |
| Purchase of property and equipment | ($3.4m) | ($3.6m) | ($5.6m) | ($3.2m) | ($12.1m) | ($18.1m) | |
| Proceeds from sale of capitalized software | — | $0 | $0 | $100k | $0 | $0 | |
| Acquisitions of companies, net of $0 and $5 cash acquired, respectively | $0 | $0 | $4.0m | $0 | ($6.6m) | ($33.1m) | |
| Proceeds from exercise of stock options | $2.0m | $12.5m | $14.8m | $13.6m | $19.4m | $12.6m | |
| Payment of earn-out related to a previous acquisition | — | — | — | $0 | $0 | ($500k) | |
| Property and equipment included in Current liabilities | $0 | $230k | $166k | $165k | $0 | $4.5m | |
| Landlord incentive included in Other assets | $0 | $0 | $2.1m | $0 | $0 | $6.8m | |
| Net cash provided by operating activities | $17.7m | $9.2m | $53.7m | $153.6m | $285.5m | $387.8m | |
| Purchases of investments | — | — | $0 | $0 | ($193.3m) | ($162.9m) | |
| Maturities and paydowns of investments | — | — | $0 | $0 | $3.7m | $115.7m | |
| Net cash used for investing activities | ($4.0m) | ($6.2m) | ($14.2m) | ($13.6m) | ($217.3m) | ($107.7m) | |
| Net cash used for financing activities | $47.0m | $430.5m | $14.8m | $2.1m | ($30.0m) | ($29.5m) | |
| Net increase in cash, cash equivalents and restricted cash | $60.6m | $433.4m | $54.3m | $142.2m | $38.2m | $250.6m | |
| Cash, cash equivalents and restricted cash - Beginning of period | $120.5m | $553.9m | $608.2m | $750.3m | $788.5m | $1.0b | |
| Cash paid for income taxes | $0 | $132k | $615k | $2.3m | $7.6m | $14.4m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.