Duolingo(NASDAQ:DUOL) 
Duolingo, Inc. develops a language-learning website and mobile app in the United States and China. The company offers courses in 40 different languages, including Spanish, French, Japanese, German, Korean, Italian, Chinese, Hindi, Russian, Arabic, Turkish, Portuguese, and others. It also provides a ...
Website: https://www.duolingo.com/
Founded: 2011
IPO Price: $101 (Jul 28, 2021)
Full Time Employees: 600 (Dec 2022)
Founder: Luis von Ahn / Severin Hacker
CEO: Luis von Ahn
Sector: Technology
Industry: Software—Application
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At a glance:
- Revenue Growth Driven by Paid Subscriptions: Duolingo’s top-line growth is primarily fueled by expanding paid subscriber adoption and continued monetization improvements across its language-learning platform.
- Product-Led Engagement Supports Retention and Expansion: High daily engagement, gamified learning loops, and frequent feature iterations help sustain retention and increase the likelihood of free users converting to paid plans.
- AI and Personalization as a Differentiator: Investments in AI-enabled personalization and premium offerings aim to improve learning outcomes and justify higher-priced tiers, supporting ARPU expansion over time.
- Margin Leverage Potential with Scale: As the subscriber base scales, Duolingo has the potential to expand operating margins through relatively fixed platform costs and more efficient user acquisition over time.
- Key Risks: Competition, Platform Dependence, and Content Costs: Competitive education apps, reliance on mobile app store ecosystems, and ongoing costs to develop and maintain high-quality content and features remain key watch items.
Bull Thesis:
- Strong User Growth and Engagement: Duolingo consistently demonstrates robust growth in Daily Active Users (DAUs) and Monthly Active Users (MAUs), indicating a widening global reach and effective user acquisition strategies. High engagement rates, driven by gamification and continuous content updates, contribute to strong retention and network effects.
- Expanding Monetization & Subscriber Base: The company continues to successfully convert free users into paying subscribers for Duolingo Plus and Max. New premium features, such as AI-powered explanations and roleplay, enhance the value proposition, driving higher conversion rates and increasing the overall subscriber count, which provides a stable recurring revenue stream.
- Market Leadership & Brand Moat: Duolingo holds a dominant position in the digital language learning market, backed by strong brand recognition and a highly recognizable mascot. This market leadership creates a significant competitive moat, making it difficult for new entrants to challenge its scale, user base, and data advantage.
- AI-driven Product Innovation: Duolingo is actively integrating advanced AI into its platform, exemplified by Duolingo Max. This innovation allows for more personalized learning experiences, dynamic content generation, and interactive features, which can further enhance user engagement, learning effectiveness, and differentiate the product from competitors.
Bear Thesis:
- Path to Consistent Profitability & Free Cash Flow: Despite strong revenue growth, Duolingo has historically struggled with consistent GAAP profitability and positive free cash flow. Continued high investments in marketing, research & development, and user acquisition may pressure margins and delay sustained profitability, raising concerns about long-term financial efficiency.
- Intense Competition & Churn Risk: The language learning market is highly competitive, with numerous apps (e.g., Babbel, Memrise, Busuu), traditional methods, and free online resources vying for users' attention. This intense competition could lead to higher customer acquisition costs, increased churn rates, and pressure on pricing power.
- Potential for Subscriber Growth Deceleration: While overall user growth remains strong, the rate of paid subscriber growth could decelerate as the company penetrates more mature markets or reaches a saturation point among its most likely paying users. Sustaining high conversion rates from free to paid users may become increasingly challenging over time.
- ARPU Ceiling & Monetization Challenges: There might be a ceiling to the Average Revenue Per User (ARPU) that Duolingo can achieve without alienating its large free user base or facing significant pushback on subscription prices. Expanding monetization beyond current subscription tiers and advertising could prove difficult, limiting future revenue per user growth.
Main Competitors:
- Babbel (Babbel Language Learning App), Babbel is a direct competitor offering a subscription-based language learning app. It competes by focusing on practical conversation skills, grammar, and cultural context, often targeting adult learners with a more structured, curriculum-driven approach compared to Duolingo's gamified, bite-sized lessons.
- Memrise (Memrise Language Learning App), Memrise competes by emphasizing vocabulary acquisition and retention through spaced repetition and user-generated content, including real-world video clips of native speakers. While also gamified, its core strength lies in its unique 'learn with locals' videos and focus on practical phrases and words.
- Rosetta Stone (Rosetta Stone Language Learning Software), Rosetta Stone is a long-standing competitor known for its immersive learning approach, teaching languages without translation. It competes by offering a premium, comprehensive learning experience that aims for deeper understanding and fluency, often at a higher price point than Duolingo's paid tiers.
- Pimsleur (Pimsleur Language Programs), Pimsleur competes with an audio-based learning system that focuses on core vocabulary and phrases through spaced repetition and active recall. It targets learners who prefer an auditory approach and want to develop conversational fluency quickly, often for use while commuting or multitasking, a different learning modality than Duolingo's visual app.
- italki (italki (Language Tutoring Platform)), italki represents a different but related competitive angle by connecting language learners with human tutors for one-on-one lessons. It competes by offering personalized instruction, real-time conversation practice, and cultural exchange that app-based learning alone cannot fully replicate, appealing to learners seeking human interaction and tailored feedback.
Moat:
Duolingo's primary moat lies in its highly effective gamification, free-to-use model, and strong brand recognition, which have allowed it to amass a massive global user base. Competitors like Babbel, Memrise, Rosetta Stone, and Pimsleur often differentiate themselves through specific pedagogical approaches (e.g., immersion, audio-first, practical conversation), target audiences (e.g., adults, specific fluency goals), or premium features, typically operating on a subscription-only model. Platforms like italki compete by offering human-led interaction and personalized learning, addressing a need that app-based solutions struggle to fulfill. Duolingo's challenge is to convert its vast free user base into paying subscribers while continuously improving its efficacy and depth of learning to compete with more specialized or human-centric alternatives.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues | 271,713,000 | 252,265,000 | 230,743,000 | 209,550,000 | 192,594,000 | 178,327,000 | 167,553,000 | 150,985,000 | 137,624,000 | 126,839,000 | 115,661,000 | 103,824,000 | 96,065,000 | 88,386,000 | 81,220,000 | 73,014,000 | 63,595,000 | 58,803,000 |
yoy | 41.08% | 41.46% | 37.71% | 38.79% | 39.94% | 40.59% | 44.87% | 45.42% | 43.26% | 43.51% | 42.40% | 42.20% | 51.06% | 50.31% | ||||
qoq | 7.71% | 9.33% | 10.11% | 8.80% | 8.00% | 6.43% | 10.97% | 9.71% | 8.50% | 9.66% | 11.40% | 8.08% | 8.69% | 8.82% | 11.24% | 14.81% | 8.15% | |
cost of revenues | 74,802,000 | 69,684,000 | 66,647,000 | 58,925,000 | 52,180,000 | 47,349,000 | 45,191,000 | 40,571,000 | 36,254,000 | 33,788,000 | 31,492,000 | 27,770,000 | 26,302,000 | 23,869,000 | 21,490,000 | 19,952,000 | 18,078,000 | 16,137,000 |
gross profit | 196,911,000 | 182,581,000 | 164,096,000 | 150,625,000 | 140,414,000 | 130,978,000 | 122,362,000 | 110,414,000 | 101,370,000 | 93,051,000 | 84,169,000 | 76,054,000 | 69,763,000 | 64,517,000 | 59,730,000 | 53,062,000 | 45,517,000 | 42,666,000 |
yoy | 40.24% | 39.40% | 34.11% | 36.42% | 38.52% | 40.76% | 45.38% | 45.18% | 45.31% | 44.23% | 40.92% | 43.33% | 53.27% | 51.21% | ||||
qoq | 7.85% | 11.26% | 8.94% | 7.27% | 7.20% | 7.04% | 10.82% | 8.92% | 8.94% | 10.55% | 10.67% | 9.02% | 8.13% | 8.01% | 12.57% | 16.58% | 6.68% | |
gross margin % | 72.47% | 72.38% | 71.12% | 71.88% | 72.91% | 73.45% | 73.03% | 73.13% | 73.66% | 73.36% | 72.77% | 73.25% | 72.62% | 72.99% | 73.54% | 72.67% | 71.57% | 72.56% |
operating expenses: | ||||||||||||||||||
research and development | 82,707,000 | 73,670,000 | 70,390,000 | 66,395,000 | 62,878,000 | 55,147,000 | 50,878,000 | 50,256,000 | 50,305,000 | 47,947,000 | 45,844,000 | 44,470,000 | 41,976,000 | 34,217,000 | 29,781,000 | 30,019,000 | 29,345,000 | 21,940,000 |
sales and marketing | 35,081,000 | 29,563,000 | 26,662,000 | 24,815,000 | 25,574,000 | 20,174,000 | 19,931,000 | 19,118,000 | 22,335,000 | 17,734,000 | 16,601,000 | 19,029,000 | 17,721,000 | 15,277,000 | 14,940,000 | 14,511,000 | 15,267,000 | 9,619,000 |
general and administrative | 43,964,000 | 45,985,000 | 43,450,000 | 45,533,000 | 38,388,000 | 36,957,000 | 35,114,000 | 36,245,000 | 33,400,000 | 32,235,000 | 30,243,000 | 30,707,000 | 30,228,000 | 30,057,000 | 26,856,000 | 25,947,000 | 29,605,000 | 11,585,000 |
total operating expenses | 161,752,000 | 149,218,000 | 140,502,000 | 136,743,000 | 126,840,000 | 112,278,000 | 105,923,000 | 105,619,000 | 106,040,000 | 97,916,000 | 92,688,000 | 94,206,000 | 89,925,000 | 79,551,000 | 71,577,000 | 70,477,000 | 74,217,000 | 43,144,000 |
income from operations | 35,159,000 | 33,363,000 | 23,594,000 | 13,882,000 | 13,574,000 | 18,700,000 | 16,439,000 | 4,795,000 | -4,670,000 | -4,865,000 | -8,519,000 | -18,152,000 | -20,162,000 | -15,034,000 | -11,847,000 | -17,415,000 | -28,700,000 | -478,000 |
yoy | 159.02% | 78.41% | 43.52% | 189.51% | -390.66% | -484.38% | -292.97% | -126.42% | -76.84% | -67.64% | -28.09% | 4.23% | -29.75% | 3045.19% | ||||
qoq | 5.38% | 41.40% | 69.96% | 2.27% | -27.41% | 13.75% | 242.84% | -202.68% | -4.01% | -42.89% | -53.07% | -9.97% | 34.11% | 26.90% | -31.97% | -39.32% | 5904.18% | |
operating margin % | 12.94% | 13.23% | 10.23% | 6.62% | 7.05% | 10.49% | 9.81% | 3.18% | -3.39% | -3.84% | -7.37% | -17.48% | -20.99% | -17.01% | -14.59% | -23.85% | -45.13% | -0.81% |
other income | -503,000 | 1,660,000 | 1,001,000 | 2,026,000 | 569,000 | -621,000 | 182,000 | -1,490,000 | 1,770,000 | 130,000 | 10,750 | -219,000 | 303,000 | |||||
income before interest income and income taxes | 34,656,000 | 35,023,000 | 24,595,000 | 11,655,000 | 14,143,000 | 17,993,000 | 15,818,000 | |||||||||||
interest income | 11,793,000 | 11,427,000 | 10,415,000 | 10,697,000 | 11,246,000 | 10,721,000 | 10,033,000 | 9,284,000 | 8,625,000 | 7,543,000 | 5,639,000 | |||||||
income before income taxes | 46,449,000 | 46,450,000 | 35,010,000 | 22,352,000 | 25,389,000 | 28,714,000 | 25,851,000 | 15,133,000 | 2,932,000 | 2,410,000 | ||||||||
provision for income taxes | -245,746,000 | 1,669,000 | 8,445,000 | 2,029,000 | 4,363,000 | 3,016,000 | 125,000 | -1,315,000 | -116,000 | 716,000 | 53,000 | 141,000 | 28,000 | 108,000 | 51,000 | 1,000 | ||
net income and comprehensive income | 292,195,000 | 44,781,000 | 35,135,000 | 13,907,000 | 23,360,000 | 24,351,000 | 26,956,000 | 12,117,000 | 2,807,000 | 3,725,000 | -176,000 | |||||||
yoy | 1150.83% | 83.90% | 30.34% | 14.77% | 732.21% | 553.72% | ||||||||||||
qoq | 552.50% | 27.45% | 152.64% | -40.47% | -4.07% | -9.66% | 122.46% | 331.67% | -24.64% | |||||||||
net income margin % | 107.54% | 17.75% | 15.23% | 6.64% | 12.13% | 13.66% | 16.09% | 8.03% | 2.04% | 2.94% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.30% |
net income per share | 6.36 | 0.98 | 0.78 | 0.31 | 0.53 | 0.56 | 0.63 | 0.29 | 0.07 | 0.09 | -0.06 | -0.35 | -0.46 | -0.38 | -0.31 | -0.28 | -0.98 | |
benefit from income taxes | -125,000 | -1,105,000 | ||||||||||||||||
other expense, net of other income | -707,000 | -277,250 | -1,023,000 | -268,000 | -279,000 | |||||||||||||
loss before interest income and income taxes | 5,849,000 | -5,693,000 | -5,133,000 | |||||||||||||||
loss before interest income and provision for income taxes | -8,337,000 | |||||||||||||||||
income before provision for income taxes | -2,698,000 | -13,214,000 | -18,392,000 | -14,904,000 | -12,126,000 | -17,409,000 | -28,919,000 | -175,000 | ||||||||||
net loss and comprehensive loss | -2,582,000 | -13,930,000 | -18,445,000 | -15,045,000 | -12,154,000 | -17,517,000 | -28,970,000 | |||||||||||
basic loss per common share | -10 | |||||||||||||||||
diluted loss per common share | -10 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||
current assets | ||||||||||||||||||
cash and cash equivalents | 1,011,542,000 | 976,231,000 | 883,996,000 | 785,791,000 | 854,409,000 | 888,240,000 | 829,713,000 | 747,610,000 | 701,737,000 | 678,665,000 | 641,091,000 | 608,180,000 | 599,967,000 | 591,160,000 | 577,331,000 | 553,922,000 | 549,440,000 | 114,636,000 |
short-term investments | 109,912,000 | 121,652,000 | 115,284,000 | 91,854,000 | 26,354,000 | |||||||||||||
accounts receivable | 124,489,000 | 112,919,000 | 114,183,000 | 128,923,000 | 94,215,000 | 77,722,000 | 76,421,000 | 88,975,000 | 61,711,000 | 53,406,000 | 52,509,000 | 46,728,000 | 30,197,000 | 28,209,000 | 28,573,000 | 33,163,000 | 20,737,000 | 25,129,000 |
deferred cost of revenues | 94,570,000 | 93,794,000 | 89,564,000 | 80,162,000 | 67,329,000 | 63,285,000 | 60,397,000 | 53,931,000 | 46,124,000 | 42,720,000 | 40,137,000 | 35,041,000 | 30,258,000 | 29,218,000 | 27,780,000 | 24,219,000 | 19,726,000 | 17,168,000 |
income tax receivable | 9,886,000 | 2,363,000 | ||||||||||||||||
prepaid expenses and other current assets | 16,706,000 | 19,394,000 | 16,630,000 | 14,858,000 | 16,130,000 | 12,317,000 | 10,747,000 | 7,282,000 | 9,533,000 | 7,787,000 | 7,497,000 | 7,234,000 | 7,909,000 | 6,563,000 | 6,951,000 | 7,967,000 | 6,441,000 | 5,635,000 |
total current assets | 1,367,105,000 | 1,323,990,000 | 1,219,657,000 | 1,101,588,000 | 1,058,437,000 | 1,041,564,000 | 977,278,000 | 897,798,000 | 819,105,000 | 784,941,000 | 741,234,000 | 697,183,000 | 668,331,000 | 655,150,000 | 640,635,000 | 619,271,000 | 596,344,000 | 162,568,000 |
operating lease right-of-use assets | 79,266,000 | 80,987,000 | 46,369,000 | 47,495,000 | 48,624,000 | 49,760,000 | 49,785,000 | 19,103,000 | 19,901,000 | 20,976,000 | 21,779,000 | 22,508,000 | 23,150,000 | 24,511,000 | 27,093,000 | 28,369,000 | 8,231,000 | 6,805,000 |
long-term investments | 98,735,000 | 75,362,000 | 83,342,000 | 98,292,000 | 55,328,000 | |||||||||||||
intangible assets | 27,968,000 | 19,924,000 | 18,872,000 | 19,899,000 | 21,900,000 | 20,586,000 | 18,595,000 | 15,995,000 | 13,766,000 | 10,396,000 | 8,475,000 | 8,497,000 | ||||||
property and equipment | 24,626,000 | 19,685,000 | 19,161,000 | 18,943,000 | 19,495,000 | 18,343,000 | 13,209,000 | 11,792,000 | 12,008,000 | 12,571,000 | 12,842,000 | 12,969,000 | 13,191,000 | 13,356,000 | 10,254,000 | 8,211,000 | 8,010,000 | 7,692,000 |
goodwill | 35,335,000 | 10,538,000 | 10,538,000 | 10,538,000 | 10,538,000 | 4,050,000 | 4,050,000 | 4,050,000 | 4,050,000 | 4,050,000 | 4,050,000 | 4,050,000 | ||||||
restricted cash | 2,735,000 | 2,735,000 | 2,735,000 | 2,735,000 | 2,735,000 | 2,735,000 | 2,735,000 | 2,735,000 | ||||||||||
deferred tax assets | 240,172,000 | 675,000 | 675,000 | 675,000 | 835,000 | 835,000 | 766,000 | 766,000 | 633,000 | 633,000 | 633,000 | 633,000 | 418,000 | 418,000 | ||||
other assets | 9,696,000 | 8,663,000 | 1,797,000 | 1,563,000 | 1,657,000 | 1,570,000 | 2,249,000 | 1,718,000 | 1,251,000 | 1,236,000 | 1,366,000 | 1,507,000 | 1,591,000 | 1,206,000 | 1,041,000 | 894,000 | 1,008,000 | 897,000 |
total assets | 1,885,638,000 | 1,542,559,000 | 1,403,146,000 | 1,301,728,000 | 1,219,549,000 | 1,139,443,000 | 1,068,667,000 | 953,957,000 | 870,714,000 | 834,803,000 | 790,379,000 | 747,347,000 | 713,699,000 | 701,050,000 | 684,511,000 | 661,311,000 | 617,777,000 | 181,693,000 |
liabilities and stockholders’ equity | ||||||||||||||||||
current liabilities | ||||||||||||||||||
deferred revenues | 441,728,000 | 431,177,000 | 415,023,000 | 372,884,000 | 310,603,000 | 291,477,000 | 279,313,000 | 249,192,000 | 208,888,000 | 192,753,000 | 181,942,000 | 157,550,000 | 134,944,000 | 128,194,000 | 119,101,000 | 98,267,000 | 80,460,000 | 70,997,000 |
accounts payable | 3,568,000 | 7,729,000 | 2,546,000 | 6,381,000 | 3,649,000 | 3,405,000 | 2,625,000 | 2,447,000 | 2,712,000 | 2,305,000 | 986,000 | 1,177,000 | 3,363,000 | 1,504,000 | 2,018,000 | 7,818,000 | 8,708,000 | 4,266,000 |
income tax payable | 16,000 | 24,000 | 6,381,000 | 6,591,000 | 36,000 | 38,000 | 362,000 | 792,000 | 55,000 | 62,000 | 925,000 | 1,069,000 | 145,000 | 92,000 | 138,000 | 113,000 | 25,000 | 9,000 |
accrued expenses and other current liabilities | 39,228,000 | 32,453,000 | 30,535,000 | 36,375,000 | 27,845,000 | 22,804,000 | 21,422,000 | 24,931,000 | 23,279,000 | 21,986,000 | 18,960,000 | 21,970,000 | 17,178,000 | 17,536,000 | 14,518,000 | 12,933,000 | 9,452,000 | 9,779,000 |
total current liabilities | 484,540,000 | 471,383,000 | 454,485,000 | 422,231,000 | 342,133,000 | 317,724,000 | 303,722,000 | 277,362,000 | 234,934,000 | 217,106,000 | 202,813,000 | 181,766,000 | 155,630,000 | 147,326,000 | 135,775,000 | 119,131,000 | 98,645,000 | 85,051,000 |
long-term obligation under operating leases | 93,257,000 | 93,843,000 | 54,533,000 | 54,656,000 | 54,651,000 | 54,775,000 | 53,893,000 | 21,094,000 | 20,961,000 | 21,292,000 | 22,378,000 | 23,503,000 | 24,243,000 | 25,505,000 | 28,022,000 | 29,124,000 | ||
deferred tax liabilities | 302,000 | 302,000 | 302,000 | 291,000 | 312,000 | |||||||||||||
total liabilities | 578,099,000 | 565,528,000 | 509,320,000 | 477,178,000 | 397,096,000 | 372,499,000 | 357,615,000 | 298,456,000 | 255,895,000 | 238,398,000 | 225,191,000 | 205,269,000 | 179,873,000 | 172,831,000 | 163,797,000 | 148,255,000 | 107,046,000 | 92,861,000 |
commitments and contingencies | ||||||||||||||||||
stockholders’ equity | ||||||||||||||||||
class a common stock, 0.0001 par value... | 5,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | ||||||
additional paid-in capital | 1,061,270,000 | 1,022,958,000 | 984,534,000 | 950,393,000 | 962,203,000 | 930,054,000 | 898,513,000 | 869,918,000 | 841,353,000 | 825,746,000 | 798,254,000 | 772,562,000 | 750,380,000 | 726,328,000 | 703,778,000 | 683,966,000 | 664,124,000 | 30,649,000 |
retained earnings | 246,264,000 | |||||||||||||||||
total stockholders’ equity | 1,307,539,000 | 977,031,000 | 893,826,000 | 824,550,000 | 822,453,000 | 766,944,000 | 711,052,000 | 655,501,000 | 614,819,000 | 596,405,000 | 565,188,000 | 542,078,000 | 533,826,000 | 528,219,000 | 520,714,000 | 513,056,000 | 510,731,000 | |
total liabilities and stockholders' equity | 1,885,638,000 | 1,542,559,000 | 1,403,146,000 | 1,301,728,000 | 1,219,549,000 | 1,139,443,000 | 1,068,667,000 | 953,957,000 | 870,714,000 | 834,803,000 | 790,379,000 | |||||||
accumulated deficit | -45,931,000 | -90,712,000 | -125,847,000 | -139,754,000 | -163,114,000 | -187,465,000 | -214,421,000 | -226,538,000 | -229,345,000 | -233,070,000 | -230,488,000 | -216,558,000 | -198,113,000 | -183,068,000 | -170,914,000 | -153,397,000 | -124,427,000 | |
liabilities, convertible preferred stock and stockholders’ equity | ||||||||||||||||||
total liabilities, convertible preferred stock and stockholders' equity | 747,347,000 | 713,699,000 | 701,050,000 | 684,511,000 | 661,311,000 | 617,777,000 | ||||||||||||
capitalized software | 7,018,000 | 6,409,000 | 5,488,000 | 4,566,000 | 4,184,000 | 3,731,000 | ||||||||||||
common stock, 0.0001 par value... | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 1,000 | ||||||||||||
convertible preferred stock, 0.0001 par value... | 182,609,000 | |||||||||||||||||
long term obligation under operating leases | 8,401,000 | 7,810,000 | ||||||||||||||||
liabilities, convertible preferred stock and stockholders’ deficit | ||||||||||||||||||
stockholders’ deficit | ||||||||||||||||||
total stockholders’ deficit | -93,777,000 | |||||||||||||||||
total liabilities, convertible preferred stock and stockholders' deficit | 181,693,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||
net income | 292,195,000 | 44,781,000 | 35,135,000 | 13,907,000 | 23,360,000 | 24,351,000 | 26,956,000 | 12,117,000 | 2,807,000 | ||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
deferred income taxes | |||||||||||||||||
stock-based compensation expense | 35,565,000 | 34,592,000 | 31,018,000 | 29,787,000 | 28,959,000 | 26,746,000 | 24,985,000 | 25,002,000 | 25,432,000 | 23,714,000 | 21,073,000 | 20,632,000 | 20,488,000 | 18,114,000 | 14,586,000 | 14,684,000 | 20,662,000 |
depreciation and amortization | 3,553,000 | 3,440,000 | 3,590,000 | 3,661,000 | 2,876,000 | 2,243,000 | 2,074,000 | 2,042,000 | 1,657,000 | 1,634,000 | 1,762,000 | 1,444,000 | 1,482,000 | 1,170,000 | 774,000 | 757,000 | 733,000 |
accretion on marketable securities | -441,000 | -467,000 | -550,000 | -539,000 | |||||||||||||
changes in assets and liabilities: | |||||||||||||||||
deferred revenue | 10,551,000 | 16,154,000 | 42,139,000 | 62,281,000 | 19,126,000 | 12,164,000 | 30,121,000 | 40,304,000 | 16,135,000 | 10,811,000 | 24,392,000 | 22,606,000 | 6,750,000 | 9,093,000 | 20,834,000 | 17,807,000 | 9,463,000 |
accounts receivable | -11,570,000 | 1,264,000 | 14,740,000 | -34,708,000 | -16,462,000 | -1,301,000 | 12,554,000 | -27,264,000 | -8,305,000 | -897,000 | -5,781,000 | -16,531,000 | -1,988,000 | 364,000 | 4,590,000 | -12,426,000 | 4,392,000 |
deferred cost of revenues | -776,000 | -4,230,000 | -9,402,000 | -12,833,000 | -4,044,000 | -2,888,000 | -6,466,000 | -7,807,000 | -3,404,000 | -2,583,000 | -5,096,000 | -4,783,000 | -1,040,000 | -1,438,000 | -3,561,000 | -4,493,000 | |
prepaid expenses and other current assets | -7,198,000 | -2,764,000 | -1,772,000 | 1,272,000 | -3,807,000 | -1,570,000 | -3,465,000 | 2,251,000 | 617,000 | -2,653,000 | -263,000 | 739,000 | -1,416,000 | -804,000 | 66,000 | -1,489,000 | -3,406,000 |
accounts payable | -3,406,000 | 4,436,000 | -3,843,000 | 3,412,000 | -214,000 | 1,134,000 | -398,000 | -142,000 | 344,000 | 1,404,000 | -345,000 | -2,791,000 | 2,450,000 | -514,000 | -5,800,000 | -890,000 | 4,442,000 |
accrued expenses and other current liabilities | 5,160,000 | -4,146,000 | -6,204,000 | 15,499,000 | 5,550,000 | 315,000 | -4,514,000 | 3,259,000 | 1,221,000 | 2,165,000 | -3,201,000 | 4,451,000 | 764,000 | 2,240,000 | 1,265,000 | 3,299,000 | 700,000 |
noncurrent assets and liabilities | 92,000 | -2,385,000 | 780,000 | 1,367,000 | 935,000 | 1,194,000 | 1,667,000 | -585,000 | 729,000 | -153,000 | -255,000 | -229,000 | -286,000 | -518,000 | 27,000 | 700,000 | -947,000 |
net cash from operating activities | 84,239,000 | 90,675,000 | 105,631,000 | 83,344,000 | 56,267,000 | 62,388,000 | 83,514,000 | 49,193,000 | 37,650,000 | 37,167,000 | 29,604,000 | 11,608,000 | 8,759,000 | 12,662,000 | 20,627,000 | 432,000 | 4,511,000 |
capital expenditures | -6,883,000 | -4,351,000 | -2,619,000 | -2,440,000 | -5,023,000 | -8,656,000 | -5,021,000 | -4,148,000 | -4,753,000 | -3,371,000 | -1,412,000 | -895,000 | -3,516,000 | -3,269,000 | -2,444,000 | -1,108,000 | -1,202,000 |
free cash flows | 77,356,000 | 86,324,000 | 103,012,000 | 80,904,000 | 51,244,000 | 53,732,000 | 78,493,000 | 45,045,000 | 32,897,000 | 33,796,000 | 28,192,000 | 10,713,000 | 5,243,000 | 9,393,000 | 18,183,000 | -676,000 | 3,309,000 |
cash flows from investing activities: | |||||||||||||||||
purchases of investments | -50,799,000 | -21,715,000 | -26,606,000 | -111,630,000 | |||||||||||||
maturities of investments | 39,607,000 | 23,794,000 | 18,676,000 | ||||||||||||||
capitalized software expense and purchases of intangible assets | -2,021,000 | -3,153,000 | -1,310,000 | -479,000 | -1,845,000 | -3,093,000 | -3,607,000 | -3,224,000 | -3,994,000 | -2,544,000 | -731,000 | -603,000 | -1,437,000 | -1,405,000 | -1,117,000 | -585,000 | -379,000 |
purchase of property and equipment | -4,862,000 | -1,198,000 | -1,309,000 | -1,961,000 | -3,178,000 | -5,563,000 | -1,414,000 | -924,000 | -759,000 | -827,000 | -681,000 | -292,000 | -2,079,000 | -1,864,000 | -1,327,000 | -523,000 | -1,085,000 |
payment of earn-out related to a previous acquisition | |||||||||||||||||
acquisitions of companies, net of 0 cash acquired | |||||||||||||||||
net cash from investing activities | -51,675,000 | -2,272,000 | -10,549,000 | -110,365,000 | -93,288,000 | -8,656,000 | -5,021,000 | -4,148,000 | -4,753,000 | -3,371,000 | -1,312,000 | -4,945,000 | -3,516,000 | -3,269,000 | -2,444,000 | -1,108,000 | -1,464,000 |
cash flows from financing activities: | |||||||||||||||||
proceeds from exercise of stock options | 2,747,000 | 3,832,000 | 3,123,000 | 7,761,000 | 3,190,000 | 4,795,000 | 3,610,000 | 3,563,000 | 1,657,000 | 3,778,000 | 4,619,000 | 1,550,000 | 3,564,000 | 4,436,000 | 5,226,000 | 5,158,000 | 4,015,000 |
net cash from financing activities | 2,747,000 | 3,832,000 | 3,123,000 | -41,597,000 | 3,190,000 | 4,795,000 | 3,610,000 | 3,563,000 | -9,825,000 | 3,778,000 | 4,619,000 | 1,550,000 | 3,564,000 | 4,436,000 | 5,226,000 | 5,158,000 | 431,757,000 |
net increase in cash and cash equivalents | 35,311,000 | 92,235,000 | 98,205,000 | -68,618,000 | -33,831,000 | 58,527,000 | 82,103,000 | 48,608,000 | 23,072,000 | 37,574,000 | 32,911,000 | 8,213,000 | 8,807,000 | 13,829,000 | 23,409,000 | 4,482,000 | 434,804,000 |
cash and cash equivalents - beginning of period | 0 | 0 | 788,526,000 | 0 | 0 | 0 | 750,345,000 | 0 | 0 | 0 | 608,180,000 | 0 | 0 | 0 | 553,922,000 | 0 | 0 |
cash and cash equivalents - end of period | 35,311,000 | 92,235,000 | 886,731,000 | -68,618,000 | -33,831,000 | 58,527,000 | 832,448,000 | 48,608,000 | 23,072,000 | 37,574,000 | 641,091,000 | 8,213,000 | 8,807,000 | 13,829,000 | 577,331,000 | 4,482,000 | 434,804,000 |
gain on sale of capitalized software | 0 | 0 | 0 | -100,000 | |||||||||||||
loss on disposal of leasehold improvements | 16,000 | ||||||||||||||||
impairment of capitalized software | |||||||||||||||||
proceeds from sale of capitalized software | 0 | 0 | 0 | 100,000 | |||||||||||||
acquisitions of companies, net of 5 cash acquired | |||||||||||||||||
taxes paid related to net-share settlement of share-based compensation awards | |||||||||||||||||
acquisition of companies, net of 5 cash acquired | |||||||||||||||||
acquisition, net of 0 cash acquired | |||||||||||||||||
issuance of common stock in connection with the initial public offering, net of underwriting discounts and issuance costs | 0 | ||||||||||||||||
net proceeds from issuance of convertible preferred stock | |||||||||||||||||
repurchases of stock options | 0 | 0 | |||||||||||||||
repurchase of common stock | 0 | 0 | |||||||||||||||
taxes paid related to net-share settlements of share-based compensation awards | |||||||||||||||||
net loss | -2,582,000 | -13,930,000 | -18,445,000 | -15,045,000 | -12,154,000 | -17,517,000 | -28,970,000 | ||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||
supplemental disclosure of cash flow information: | |||||||||||||||||
cash paid for interest | |||||||||||||||||
cash paid for income taxes | 0 | 605,000 | 3,000 | 38,000 | 36,000 | ||||||||||||
supplemental disclosure of noncash operating activities: | |||||||||||||||||
implementation costs for cloud computing included in current liabilities | -146,000 | 153,000 | |||||||||||||||
supplemental disclosure of noncash investing activities: | |||||||||||||||||
capitalized software included in current liabilities | -4,000 | -2,000 | 14,000 | ||||||||||||||
property and equipment included in current liabilities | -1,013,000 | 880,000 | 178,000 | ||||||||||||||
landlord incentives included in prepaid expenses and other current assets | 0 | 1,046,000 | 1,102,000 | ||||||||||||||
payments of deferred offering costs | |||||||||||||||||
supplemental disclosure of noncash financing activities: | |||||||||||||||||
deferred offering costs included in accrued expenses | |||||||||||||||||
changes in assets and liabilities | |||||||||||||||||
implementation costs for cloud computing included in accrued expenses | |||||||||||||||||
capitalized software included in accrued expenses | 262,000 | ||||||||||||||||
property and equipment included in accrued expenses | -224,000 | ||||||||||||||||
deferred cost of revenue |