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, English, French, Japanese, German, Italian, Chinese, Portuguese, and others. It also provides a digital language proficiency assessment exam. The company was incorporated in 2011 and is headquartered in Pittsburgh, Pennsylvania.

Duolingo, Inc.

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Acquisitions of Companies, Net

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Issuance of Common Stock in Connection with the Initial Public Offering, Net of Underwriting Discounts and Issuance Costs

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Net Proceeds from Issuance of Convertible Preferred Stock

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Net Increase in Cash, Cash Equivalents and Restricted Cash

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Other Adjustments

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Cash from Operating Activities

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Purchases of Intangible Assets

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Proceeds from Sale of Investments

Revenue

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Financing Activities	LTM
Issuance of Common Shares	17.5
Issuance of Common Stock in Connection with the Initial Public Offering, Net of Underwriting Discounts and Issuance Costs
Proceeds from Exercise of Stock Options
Repurchases of Common Shares	—
Repurchases of Stock Options
Repurchase of Common Stock
Net Issuance / (Repurchases) of Common Shares	17.5
Issuance of Preferred Shares	—
Net Proceeds from Issuance of Convertible Preferred Stock
Net Issuance / (Repurchases) of Preferred Shares	—
Other Financing Activities	—
Taxes Paid Related to Net-Share Settlement of Share-Based Compensation Awards
Cash from Financing Activities	-31.9
Net Cash Provided by Financing Activities

Free Cash Flow	LTM
Free Cash Flow	354.6
NOPAT	272.3
Levered Free Cash Flow	495.1
Unlevered Free Cash Flow	381.4
Net Change in Cash	157.1

Investing Activities	LTM
Capital Expenditure	-9.3
Purchase of Property and Equipment
Purchases of Intangible Assets	-7
Capitalized Software Expense and Purchases of Intangible Assets
Proceeds from Sale of Intangible Assets	—
Proceeds from Sale of Capitalized Software
Purchases of Investments	-210.8
Purchases of Investments
Proceeds from Sale of Investments	85.8
Maturities of Investments
Payments for Business Acquisitions	—
Acquisitions of Companies, Net
Cash from Investing Activities	-174.9
Net Cash Provided by Investing Activities