Duolingo, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
DUOL$160.42+2.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001562088-25-000168
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001628280-25-049743
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 122 previous paragraphs and 125 current paragraphs.
60 unchanged; 46 reworded; 16 added; 15 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 13 previous and 14 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
(1)During the three months ended September 30, 2025, the Company released the valuation allowance previously recorded against its federal and state deferred tax assets, resulting in a one-time income-tax benefit, net of a return-to-provision adjustment, in the period of $222.7 million.
Current report
(1)During the three months ended September 30, 2025, the Company released the valuation allowance previously recorded against its federal and state deferred tax assets, resulting in a one-time income-tax benefit, net of a return-to-provision adjustment, in the period of $222.7 million.
Current report
Other (expense) income, net
Current report
Income taxes
Current report
•Increased web services and technology costs of $2.4 million; and
Current report
•Increased web services and technology costs of $6.6 million; and
Current report
•Increased personnel costs of $2.4 million, stock-based compensation expenses related to equity awards remained flat for the period;
Current report
•Increased web services and technology costs of $1.4 million;
Current report
General and administrative expense increased by $22.9 million, or 21%, to $133.4 million during the nine months ended September 30, 2025 from $110.5 million during the nine months ended September 30, 2024. This increase was mainly due to:
Current report
•Increased acquisition related costs of $1.0 million.
Current report
Other (expense) income, net
Current report
Income taxes
Current report
The income tax benefit was $245.7 million and $244.2 million during the three and nine months ended September 30, 2025, respectively, compared to a provision of $2.0 million and $5.3 million during the three and nine months ended September 30, 2024, respectively. The income tax benefit for the three and nine months ended September 30, 2025, was primarily related to the release of our U.S. valuation allowance on certain deferred tax assets and other discrete tax items. As of September 30, 2025, based on all available positive and negative evidence, having demonstrated sustained profitability which is objective and verifiable, and taking into account anticipated future earnings, we concluded that it is more likely than not that our U.S. federal and state deferred tax assets will be realizable, resulting in the release of our valuation allowance. We will continue to monitor the need for a valuation allowance against our deferred tax assets on a quarterly basis (see Note 9, Income Taxes to our financial statements included in Item 1 of Part 1 of this Quarterly Report on Form 10-Q for further details).
Current report
The quarter’s tax benefit also reflects the impact of the “One Big Beautiful Bill Act” tax legislation, which modified the treatment of domestic research and development expenditures, and now allows for the immediate expensing of domestic research and development expenses.
Current report
During the nine months ended September 30, 2025, we executed an amendment to our Pittsburgh headquarters lease, increasing our leased space and extending the term through 2036. As a result, we recognized an additional operating lease right-of-use asset and lease liability totaling approximately $39.0 million. The amendment also provides a tenant improvement allowance of $6.8 million, which will reduce future cash lease payments.
Current report
Cash used for investing activities decreased by $42.5 million to $64.5 million for the nine months ended September 30, 2025, from $107.0 million for the nine months ended September 30, 2024. This decrease was primarily due to a $64.6 million year‑over‑year decrease in net investment activity, and 2025 net purchases of $17.0 million as compared to 2024 net purchases of $81.7 million. This decrease was partially offset by an increase of $26.5 million related to cash paid for acquisitions and $4.8 million of lower capitalized software and property and equipment purchases.
Removed paragraphs (15)
Previous report
Other income (expense), net
Previous report
Provision for income taxes
Previous report
Given the Company’s recent history of earnings, management believes there is a reasonable possibility that, during the year, sufficient positive evidence may become available to support a conclusion that a significant portion of the valuation allowance recorded against the deferred tax assets will be reversed. The reversal would result in an income tax benefit for the quarterly and annual fiscal period in which the Company releases the valuation allowance. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that the Company actually achieves.
Previous report
•Increased web services and technology costs of $1.9 million; and
Previous report
•Increased other costs of $1.6 million.
Previous report
•Increased web services and technology costs of $4.2 million; and
Previous report
•Increased personnel costs of $5.9 million, including an increase in stock-based compensation expenses related to equity awards of $3.9 million, which includes costs incurred related to taxes paid on equity transactions for the performance-based RSUs granted to its founders (the “Founder Awards”) of $1.9 million.
Previous report
•Increased office expense of $1.2 million; and
Previous report
General and administrative expense increased by $17.4 million, or 24%, to $89.4 million during the six months ended June 30, 2025 from $72.1 million during the six months ended June 30, 2024. This increase was mainly due to:
Previous report
•Increased web services and technology costs of $2.5 million;
Previous report
•Increased tax, professional, and other expenses of $1.2 million.
Previous report
Other income (expense), net
Previous report
Provision for income taxes
Previous report
The income tax provision was $1.7 million and $1.5 million during the three and six months ended June 30, 2025, respectively, compared to $4.4 million and $3.3 million during the three and six months ended June 30, 2024, respectively. The net reduction in the tax provision during each period resulted from an increase in the tax provision due to the significant increase in pre-tax book income that was more than offset by a corresponding increase in the discrete tax benefit provided related to stock-based compensation.
Previous report
Cash used for investing activities decreased by $0.9 million to $12.8 million for the six months ended June 30, 2025, from $13.7 million for the six months ended June 30, 2024. This decrease was driven by purchases of investments of $48.3 million during the current period, partially offset by maturities of investments of $42.5 million, and decreased capitalized software and decreased purchases of property and equipment during the current period.
Reworded paragraphs (46)
Previous wording
Our flagship app has organically become the world’s most popular way to learn languages and the top-grossing Education app in the App Stores, offering courses in over 40 languages to nearly 130 million monthly active users for the three months ended June 30, 2025. We believe that we have become the preeminent online destination for language learning due to our beautifully designed products, exceptional user engagement, and demonstrated learning efficacy.
Current wording
Our flagship app has organically become the world’s most popular way to learn languages and the top-grossing Education app in the App Stores, offering courses in over 40 languages to over 135 million monthly active users for the three months ended September 30, 2025. We believe that we have become the preeminent online destination for language learning due to our beautifully designed products, exceptional user engagement, and demonstrated learning efficacy.
Previous wording
(1)The prior period has been recast to conform to current period presentation.
Current wording
(2)The prior period has been recast to conform to current period presentation.
Previous wording
We had approximately 128.3 million and 103.6 million MAUs for the three months ended June 30, 2025 and 2024, respectively, representing an increase of 24% from the prior year period. We grew MAUs through product initiatives designed to make the app more social and engaging, through marketing, and through improving our courses, all of which we believe helped us attract new users, retain existing users, and reengage the millions of former users who return to our Duolingo App.
Current wording
We had approximately 135.3 million and 113.1 million MAUs for the three months ended September 30, 2025 and 2024, respectively, representing an increase of 20% from the prior year period. We grew MAUs through product initiatives designed to make the app more social and engaging, through marketing, and through improving our courses, all of which we believe helped us attract new users, retain existing users, and reengage the millions of former users who return to our Duolingo App.
Previous wording
We had approximately 47.7 million and 34.1 million DAUs for the three months ended June 30, 2025 and 2024, respectively, representing an increase of 40% from the prior year period. The DAU / MAU ratio, which we believe is an indicator of user engagement, increased to 37.2% from 32.9% a year ago. We grew DAUs through many of the same marketing and product initiatives as we grew MAUs, such as making the product more fun and engaging.
Current wording
We had approximately 50.5 million and 37.2 million DAUs for the three months ended September 30, 2025 and 2024, respectively, representing an increase of 36% from the prior year period. The DAU / MAU ratio, which we believe is an indicator of user engagement, increased to 37.3% from 32.9% a year ago. We grew DAUs through many of the same marketing and product initiatives as we grew MAUs, such as making the product more fun and engaging.
Previous wording
As of June 30, 2025 and 2024, we had approximately 10.9 million and 8.0 million paid subscribers, respectively, representing an increase of 37% from the prior year period. We grew paid subscribers through product initiatives designed to make Duolingo subscription offerings more appealing, which we believe helped us attract new subscribers and retain existing subscribers.
Current wording
As of September 30, 2025 and 2024, we had approximately 11.5 million and 8.6 million paid subscribers, respectively, representing an increase of 34% from the prior year period. We grew paid subscribers through product initiatives designed to make Duolingo subscription offerings more appealing, which we believe helped us attract new subscribers and retain existing subscribers.
Previous wording
For the three months ended June 30, 2025 and 2024 we generated $227.3 million and $156.5 million of subscription bookings, respectively, representing an increase of 45% from the prior year period. For the six months ended June 30, 2025 and 2024, we generated $459.4 million and $318.0 million of subscription bookings, respectively, representing an increase of 45% from the prior year period. We grew subscription bookings by selling more first-time and renewal subscriptions.
Current wording
For the three months ended September 30, 2025 and 2024 we generated $240.3 million and $176.3 million of subscription bookings, respectively, representing an increase of 36%. For the nine months ended September 30, 2025 and 2024, we generated $699.7 million and $494.3 million of subscription bookings, respectively, representing an increase of 42%. We grew subscription bookings by selling more first-time and renewal subscriptions.
Previous wording
For the three months ended June 30, 2025 and 2024 we generated $268.0 million and $190.1 million of total bookings, respectively, representing an increase of 41% from the prior year period. For the six months ended June 30, 2025 and 2024, we generated $539.7 million and $387.5 million total bookings, respectively, representing an increase of 39% from the prior year period. We grew total bookings primarily through growth in subscription bookings as noted above.
Current wording
For the three months ended September 30, 2025 and 2024 we generated $281.9 million and $211.5 million of total bookings, respectively, representing an increase of 33% from the prior year period. For the nine months ended September 30, 2025 and 2024, we generated $821.6 million and $599.0 million total bookings, respectively, representing an increase of 37% from the prior year period. We grew total bookings primarily through growth in subscription bookings as noted above.
Previous wording
Adjusted EBITDA. Adjusted EBITDA is defined as net income excluding interest income, income taxes, depreciation and amortization, stock-based compensation expenses related to equity awards, transaction costs related to acquisitions and acquisition earn-out costs. Adjusted EBITDA is used by management to evaluate the financial performance of our business and we present Adjusted EBITDA because we believe it is helpful in highlighting trends in our operating results and that it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry. The following table presents a reconciliation of our net income, the most directly comparable financial measure presented in accordance with GAAP, to Adjusted EBITDA.
Current wording
Adjusted EBITDA. Adjusted EBITDA is defined as net income excluding interest income, income taxes, depreciation and amortization, stock-based compensation expenses related to equity awards, transaction costs related to acquisitions and acquisition earn-out costs. Beginning in Q3 2025, we expanded our Adjusted EBITDA definition to include integration costs related to acquisitions. Adjusted EBITDA is used by management to evaluate the financial performance of our business and we present Adjusted EBITDA because we believe it is helpful in highlighting trends in our operating results and that it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry. The following table presents a reconciliation of our net income, the most directly comparable financial measure presented in accordance with GAAP, to Adjusted EBITDA.
Previous wording
(1)In addition to stock-based compensation expense of $34.6 million and $26.7 million for the three months ended June 30, 2025 and 2024, respectively, and $65.6 million and $51.7 million for the six months ended June 30, 2025 and 2024, respectively, this includes costs incurred related to taxes paid on equity transactions as follows:
Current wording
(2)In addition to stock-based compensation expense of $35.6 million and $29.0 million for the three months ended September 30, 2025 and 2024, respectively, and $101.2 million and $80.7 million for the nine months ended September 30, 2025 and 2024, respectively, this includes costs incurred related to taxes paid on equity transactions as follows:
Previous wording
(2)Represents costs incurred related to acquisitions, which are included in General and administration expense within our Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.
Current wording
(3)Represents costs incurred related to acquisition transaction and integration costs, including legal and accounting fees, which are included within our Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income as follows:
Previous wording
(3)Represents costs incurred related to the earn-out payments on an acquisition, which is included within General and administrative expense within our Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.
Current wording
(4)Represents costs incurred related to the earn-out payments on acquisitions, which is included within General and administrative expense within our Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.
Previous wording
For the three months ended June 30, 2025 and 2024, we generated net income of $44.8 million and $24.4 million, respectively. For the six months ended June 30, 2025 and 2024 we generated net income of $79.9 million and $51.3 million, respectively. The increase in net income as compared to the comparative periods was primarily due to our growth in revenue, offset by an increase in operating expenses driven primarily by headcount growth.
Current wording
For the three months ended September 30, 2025 and 2024, we generated net income of $292.2 million and $23.4 million, respectively. For the nine months ended September 30, 2025 and 2024 we generated net income of $372.1 million and $74.7 million, respectively. Net income for 2025 included a one-time income-tax benefit, net of a return-to-provision adjustment reflecting refinements to our tax calculation methodology, in the three months ended September 30, 2025 of $222,688. The increase in net income, excluding the impact from the valuation allowance, as compared to the comparative periods was primarily due to our growth in revenue, offset by increased compensation, marketing, and acquisition related expenses.
Previous wording
For the three months ended June 30, 2025 and 2024, we generated Adjusted EBITDA of $78.7 million and $48.1 million, respectively. For the six months ended June 30, 2025 and 2024, we generated Adjusted EBITDA of $141.5 million and $92.1 million, respectively. Adjusted EBITDA increased as compared to the comparative periods as a result of higher revenue, and was partially offset by an increase in operating expenses driven primarily by headcount growth.
Current wording
For the three months ended September 30, 2025 and 2024, we generated Adjusted EBITDA of $80.0 million and $47.5 million, respectively. For the nine months ended September 30, 2025 and 2024, we generated Adjusted EBITDA of $221.5 million and $139.6 million, respectively. Adjusted EBITDA increased as compared to the comparative periods as a result of higher revenue, and was partially offset by an increase in operating expenses driven primarily by headcount growth.
Previous wording
For the three months ended June 30, 2025 and 2024 we generated $90.7 million and $62.4 million of net cash provided by operating activities, respectively, which was mainly due to our generation of positive net income as discussed under the heading Adjusted EBITDA above. For the six months ended June 30, 2025 and 2024, we generated $196.3 million and $145.9 million of net cash provided by operating activities, respectively. The increase as compared to the comparative period was primarily due to higher net income adjusted for non-cash items and changes in working capital, including an increase in deferred revenue.
Current wording
For the three months ended September 30, 2025 and 2024 we generated $84.2 million and $56.3 million of net cash provided by operating activities, respectively, which was mainly due to our generation of positive net income as discussed under the heading Adjusted EBITDA above. For the nine months ended September 30, 2025 and 2024, we generated $280.5 million and $202.2 million of net cash provided by operating activities, respectively. The increase as compared to the comparative prior periods was primarily due to higher net income adjusted for non-cash items and changes in working capital, including an increase in deferred revenue.
Previous wording
For the three months ended June 30, 2025 and 2024, we generated $86.3 million and $53.7 million of free cash flow, respectively. For the six months ended June 30, 2025 and 2024, we generated $189.3 million and $132.2 million of free cash flow, respectively. The increases as compared to the comparative periods were primarily due to increases in cash from operations as well as decreases in capex. For the six months ended June 30, 2025 a decrease in capitalized software also contributed to the increase in free cash flow.
Current wording
For the three months ended September 30, 2025 and 2024, we generated $77.4 million and $51.2 million of free cash flow, respectively. For the nine months ended September 30, 2025 and 2024, we generated $266.7 million and $183.5 million of free cash flow, respectively. The increases as compared to the comparative prior periods were primarily due to increases in cash from operations. For the three months ended September 30, 2025, increases in capitalized software development costs and purchases of intangible assets and property and equipment partially offset the increase in net cash provided by operating activities. For the nine months ended September 30, 2025, a decrease in capitalized software development costs and purchases of intangible assets and purchases of property and equipment also contributed to the increase in free cash flow.
Previous wording
Other income (expense), net consists primarily of foreign currency exchange gains and losses.
Current wording
Other (expense) income, net consists primarily of foreign currency exchange gains and losses.
Previous wording
The provision for income taxes represents the tax impact associated with our operations under the tax laws of the jurisdictions in which we operate. In addition to the U.S., we also operate in foreign jurisdictions that have different statutory rates. Our effective tax rates will vary depending on the relative proportion of foreign to domestic income, changes in the valuation of our deferred tax assets and liabilities, and changes in tax laws.
Current wording
Income taxes represent the tax impact associated with our operations under the tax laws of the jurisdictions in which we operate. In addition to the U.S., we also operate in foreign jurisdictions that have different statutory rates. Our effective tax rates will vary depending on the relative proportion of foreign to domestic income, changes in the valuation of our deferred tax assets and liabilities, and changes in tax laws.
Previous wording
Comparison of the three and six months ended June 30, 2025 and 2024
Current wording
Comparison of the three and nine months ended September 30, 2025 and 2024
Previous wording
Revenues increased by $73.9 million, or 41%, to $252.3 million during the three months ended June 30, 2025, from revenues of $178.3 million during the three months ended June 30, 2024. Revenues increased $137.1 million, or 40%, to $483.0 million during the six months ended June 30, 2025, from revenues of $345.9 million during the six months ended June 30, 2024. The main drivers of the increases were:
Current wording
Revenues increased by $79.1 million, or 41%, to $271.7 million during the three months ended September 30, 2025, from revenues of $192.6 million during the three months ended September 30, 2024. Revenues increased $216.2 million, or 40%, to $754.7 million during the nine months ended September 30, 2025, from revenues of $538.5 million during the nine months ended September 30, 2024. The main drivers of the increases were:
Previous wording
•Subscription revenue increased by $66.8 million, or 46%, to $210.7 million during the three months ended June 30, 2025 and $126.1 million, or 46%, to $401.7 million during the six months ended June 30, 2025, primarily due to an increase in the average number of paid subscribers during each period;
Current wording
•Subscription revenue increased by $71.9 million, or 46%, to $229.5 million during the three months ended September 30, 2025 and $197.9 million, or 46%, to $631.2 million during the nine months ended September 30, 2025, primarily due to an increase in the average number of paid subscribers during each period;
Previous wording
•Other revenue increased by $7.2 million, or 21%, to $41.6 million during the three months ended June 30, 2025 and $11.1 million, or 16%, to $81.3 million during the six months ended June 30, 2025, primarily due to increased advertising revenue, resulting from an increase in DAUs, which resulted in increased advertisements served.
Current wording
•Other revenue increased by $7.2 million, or 21%, to $42.2 million during the three months ended September 30, 2025 and $18.3 million, or 17%, to $123.6 million during the nine months ended
Previous wording
Cost of Revenues and Gross Margin. Total gross margin decreased to 72.4% from 73.4% during the three months ended June 30, 2025 and 2024, and to 71.8% from 73.2% during the six months ended June 30, 2025 and 2024. The decrease in both periods was primarily due to lower subscription gross margin, driven by increased generative AI costs year over year related to the expansion of the Duolingo Max subscription tier.
Current wording
Cost of Revenues and Gross Margin. Total gross margin decreased to 72.5% from 72.9% during the three months ended September 30, 2025 and 2024, respectively, primarily due to decreases in subscription and advertising gross margins related to an increase in generative AI costs associated with expansion of our Duolingo Max subscription tier and increased hosting costs. Total gross margin decreased to 72.0% from 73.1% during the nine months ended September 30, 2025 and 2024, respectively, primarily due to a decrease in subscription gross margins related to an increase in generative AI costs associated with expansion of our Duolingo Max subscription tier.
Previous wording
Research and Development. Research and development expense increased by $18.5 million, or 34%, to $73.7 million during the three months ended June 30, 2025 from $55.1 million during the three months ended June 30, 2024. The increase was mainly due to:
Current wording
Research and Development. Research and development expense increased by $19.8 million, or 32%, to $82.7 million during the three months ended September 30, 2025 from $62.9 million during the three months ended September 30, 2024. The increase was mainly due to:
Previous wording
•Increased net personnel costs of $15.0 million, driven primarily by the growth in headcount. Total gross personnel costs increased by $15.2 million, of which $7.6 million of the increase was related to stock-based compensation expense. This increase was reduced by $0.2 million of wages recorded as capitalized software as compared to the same period in the prior year;
Current wording
•Increased net personnel costs of $16.6 million, driven primarily by the growth in headcount. Total gross personnel costs increased by $16.8 million, of which $9.6 million of the increase was related to stock-based compensation expenses related to equity awards in addition to acquisition related costs of $2.6 million. This increase was reduced by $0.3 million of wages recorded as capitalized software as compared to the same period in the prior year;
Previous wording
•Increased contractor, travel and other costs of $2.1 million.
Current wording
•Increased contractor, travel, and other costs of $0.8 million.
Previous wording
Research and development expense increased by $38.0 million, or 36%, to $144.1 million during the six months ended June 30, 2025 from $106.0 million during the six months ended June 30, 2024. The increase was mainly due to:
Current wording
Research and development expense increased by $57.9 million, or 34%, to $226.8 million during the nine months ended September 30, 2025 from $168.9 million during the nine months ended September 30, 2024. The increase was mainly due to:
Previous wording
•Increased net personnel costs of $31.7 million, driven primarily by the growth in headcount. Total gross personnel costs increased by $29.9 million, including increased stock-based compensation expense of $13.0 million. Additionally, there was an increase of $1.8 million due to a reduction in wages recorded as capitalized software as compared to the same period in the prior year;
Current wording
•Increased net personnel costs of $48.3 million, driven primarily by the growth in headcount. Total gross personnel costs increased by $46.7 million, including increased stock-based compensation expenses related to equity awards of $20.1 million in addition to acquisition related costs of $2.6 million. Additionally, there was an increase of $1.6 million due to a reduction in wages recorded as capitalized software as compared to the same period in the prior year;
Previous wording
Sales and Marketing. Sales and marketing expense increased by $9.4 million, or 47%, to $29.6 million during the three months ended June 30, 2025 from $20.2 million during the three months ended June 30, 2024
Current wording
Sales and Marketing. Sales and marketing expense increased by $9.5 million, or 37%, to $35.1 million during the three months ended September 30, 2025 from $25.6 million during the three months ended September 30, 2024
Previous wording
•Increased direct marketing and other expenses of $7.4 million; and
Current wording
•Increased direct marketing and other expenses of $8.1 million; and
Previous wording
•Increased personnel costs of $2.0 million driven primarily by the growth in headcount, including increased stock-based compensation expense of $0.5 million.
Current wording
•Increased personnel costs of $1.4 million driven primarily by the growth in headcount, including increased stock-based compensation expense of $0.4 million.
Previous wording
Sales and marketing expense increased by $16.1 million, or 40%, to $56.2 million during the six months ended June 30, 2025 from $40.1 million during the six months ended June 30, 2024.
Current wording
Sales and marketing expense increased by $25.6 million, or 39%, to $91.3 million during the nine months ended September 30, 2025 from $65.7 million during the nine months ended September 30, 2024.
Previous wording
•Increased direct marketing and other expenses of $12.1 million; and
Current wording
•Increased direct marketing and other expenses of $20.3 million; and
Previous wording
•Increased personnel costs of $4.0 million driven primarily by the growth in headcount, including increased stock-based compensation expense of $0.9 million.
Current wording
•Increased personnel costs of $5.3 million driven primarily by the growth in headcount, including increased stock-based compensation expense of $1.3 million.
Previous wording
General and Administrative. General and administrative expense increased by $9.0 million, or 24%, to $46.0 million during the three months ended June 30, 2025 from $37.0 million during the three months ended June 30, 2024. This increase was mainly due to:
Current wording
General and Administrative. General and administrative expense increased by $5.6 million, or 15%, to $44.0 million during the three months ended September 30, 2025 from $38.4 million during the three months ended September 30, 2024. This increase was mainly due to:
Previous wording
•Increased travel, meals and professional fees of $1.3 million;
Current wording
•Increased travel, meals and professional fees of $1.3 million; and
Previous wording
•Increased web services and technology costs of $1.1 million.
Current wording
•Increased facilities expense of $1.1 million.
Previous wording
The above increases were partially offset by decreases in insurance costs and other costs of $0.5 million.
Current wording
The above increases were partially offset by decreases in insurance and other costs of $0.6 million.
Previous wording
•Increased personnel costs of $10.8 million, including an increase of $6.5 million in stock-based compensation expenses related to equity awards, which includes costs incurred related to taxes paid on equity transactions for the Founder Awards of $3.0 million;
Current wording
•Increased personnel costs of $13.3 million, including an increase of $6.5 million in stock-based compensation expenses related to equity awards;
Previous wording
•Increased travel and meals expenses of $2.3 million;
Current wording
•Increased travel and meals expenses of $3.0 million;
Previous wording
•Increased office expenses of $1.7 million; and
Current wording
•Increased office expenses of $1.6 million; and
Showing the first 40 of 46 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
September 30, 2025, primarily due to increased advertising revenue, resulting from an increase in DAUs, which resulted in increased advertisements served.
Current report — wording carried from elsewhere
•Increased contractor, travel and other costs of $3.0 million.
Current report — wording carried from elsewhere
•Increased web services and technology costs of $4.0 million;
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The above increases were partially offset by decreases in facility-related costs of $1.1 million.