Duolingo, Inc.

NasdaqGS-DUOL

Income Statement	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	LTM
Total Revenues	70.8	161.7	250.8	369.5	531.1	634.5
Total Revenues % Chg.	—	128.5%	55.1%	47.3%	43.7%	43.4%
Cost of Goods Sold, Total	20.7	46	69.2	99.4	142.1	169.4
Gross Profit	50	115.7	181.6	270.1	389	465.1
Selling General & Admin Expenses, Total	31.4	78.7	137.8	184.5	207.6	222.8
R&D Expenses	31.6	53	103.8	150.4	194.4	206.6
Other Operating Expenses, Total	62.9	131.7	241.6	335	401.9	429.4
Operating Income	-12.9	-16	-60	-64.9	-12.9	35.7
Interest And Investment Income	—	0.2	0	7.2	31.1	38.7
Net Interest Expenses	—	0.2	0	7.2	31.1	38.7
Currency Exchange Gains (Loss)	—	—	0	-0.7	0.3	-0.9
Other Non Operating Income (Expenses)	0.6	0.1	—	—	—	—
EBT, Excl. Unusual Items	-12.3	-15.7	-60	-58.3	18.4	73.5
Merger & Related Restructuring Charges	—	—	—	-0.2	—	-0.3
Gain (Loss) On Sale Of Assets	—	—	—	—	-0.3	-0.4
Asset Writedown	-1.2	—	—	—	—	—
Other Unusual Items	—	—	—	-0.1	-0.3	-0.1
EBT, Incl. Unusual Items	-13.6	-15.7	-60	-58.6	17.8	72.6
Income Tax Expense	—	0.1	0.2	0.9	1.7	6.4
Earnings From Continuing Operations	-13.6	-15.8	-60.1	-59.6	16.1	66.2
Net Income	-13.6	-15.8	-60.1	-59.6	16.1	66.2
Net Income to Common Incl Extra Items	-13.6	-15.8	-60.1	-59.6	16.1	66.2
Net Income to Common Excl. Extra Items	-13.6	-15.8	-60.1	-59.6	16.1	66.2
Total Shares Outstanding	—	12.8	38.3	40.4	42.5	43.5
Weighted Avg. Shares Outstanding	—	12.7	23.4	39.5	41.5	42.5
Weighted Avg. Shares Outstanding Dil	—	12.7	23.4	39.5	46.5	47
EPS	—	-1.2	-2.6	-1.5	0.4	1.6
EPS Diluted	—	-1.2	-2.6	-1.5	0.4	1.4
EBITDA	-12.4	-14.4	-57.3	-60	-5.8	43.7
Effective Tax Rate	—	-0.4%	-0.3%	-1.6%	9.6%	8.8%