Duolingo, Inc.

Good evening, everyone. Welcome to Duolingo's third quarter 2025 earnings webcast. Today, after market close, we released our Q3 shareholder letter, which you can also find on our website at investors.duolingo.com. Today, we have Luis Bonon, our co-founder and CEO, and Matt Scarupa, our CFO. Analysts can ask a question by using the raise hand feature. Please note that this event is being recorded and all attendees are in listen-only mode. As a reminder, we'll make forward looking statements regarding future events and financial performance, which are subject to material risks and uncertainties, some of which these risks are set forth in our filings with the SEC. These forward looking statements are based on our assumptions that we believe to be reasonable as of today. We have no obligation to update these statements as a result of new information or future events. Additionally, we'll present both GAAP and non-GAAP financial measures on today's call. These non-GAAP measures are not intended to be considered in isolation from a substitute for or superior to our gap results. And we encourage you to consider all measures when analyzing our performance. And now I will turn over to Luis.

Hi, everyone, and thanks for joining us today. We had a strong Q3 with solid performance across all metrics, and we're on track for another exceptional year. More than 50 million people now use Duolingo every day. And we're guiding to nearly 1.2 billion in bookings this year with 33% growth and an adjusted EBITDA margin of 29%. Putting that all together means that we have rapidly scaled our impact while expanding profitability. And yet we still feel early in our journey. We believe AI will fundamentally transform education and we have line of sight to building a product that teaches better than ever before. That's what makes this such an exciting moment for Duolingo. And now we'll take your questions.

We will now move to our question and answer session. At this time, if you would like to ask a question, please click on the raise hand button, which can be found on the black bar at the bottom of your screen. You may remove yourself from the queue at any time by lowering your hand. When it is your turn, you will receive a message on your screen asking to be promoted to panelist. Please accept, wait a moment, and once you have been promoted to panelist, you'll hear your name called and you may unmute your video and audio to ask your question. Your Zoom application may disappear momentarily, and this is expected. Your window will reappear. We're allowing analysts one relevant follow-up to their main question. We will now pause a moment for the team to gather and assemble the queue. Our first question will be coming from Brian Smilak with JPMorgan. Please unmute your line and ask your question.