Duolingo, Inc.

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Good evening, everyone, and welcome to Duolingo's first quarter 2026 earnings webcast. Today, after market close, we released this quarter's shareholder letter, a copy of which you can find on our IR website at investors.duolingo.com. On today's call, we have Luis Fanon, our co-founder and CEO, and Jillian Munson, our CFO. They'll begin with prepared remarks before we open the call for questions. Analysts may ask a question by using the raise hand feature. Please note this call is being recorded and all participants are currently in listen-only mode. Before we begin, please note we'll make some forward-looking statements regarding future events and financial performance. These statements are subject to risks and uncertainties described in our SEC filings and are based on our assumptions we believe to be reasonable as of today. We undertake no obligations to update them. We will also discuss both GAAP and non-GAAP financial measures. Reconciliations between the two can be found in our earnings materials, and we encourage you to review them when evaluating our performance. And now I will turn it over to Luis.

Thanks, Debbie. And thank you all for joining. Q1 was about execution. We said we were going to prioritize teaching better and changes in the growing users, and that's exactly what we did. DAUs grew 21% year over year, right in line with what we expected as we make this strategic shift. I want to spend a few minutes on what we shipped this quarter related to language learning, because teaching better is the foundation of everything we're building toward. Speaking practice has historically been the hardest thing to do well on a mobile app. This quarter, we made it a bigger part of the experience for free users and paid subscribers. We introduced spoken tokens, which let learners speak their answers to almost any exercise. We started rolling out speaking adventures, which put learners in real-world conversational scenarios. And we launched flashcards, which helped learners build fast recall by saying words aloud. And for our paid subscribers, video call keeps getting better. Over the past year, we've more than doubled the average number of words spoken per user in that feature. We also reached a major milestone on content. We now offer courses up to professional proficiency, which is B2 on the CEFR scale across all our nine most learned languages. And we got there fast. In Q1 alone, we published 20,500 course units. To put that in context, that's more than 10 times what we were shipping per quarter just two years ago. AI has fundamentally changed what's possible for us, and I believe we're just scratching the surface. The product is better than it has ever been, and I couldn't be more excited about what's ahead. And with that, I'll turn it over to Jillian.