v3.25.1

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 883,996	$ 785,791
Short-term investments	115,284	91,854
Accounts receivable	114,183	128,923
Deferred cost of revenues	89,564	80,162
Prepaid expenses and other current assets	16,630	14,858
Total current assets	1,219,657	1,101,588
Operating lease right-of-use assets	46,369	47,495
Intangible assets, net	18,872	19,899
Long-term investments	83,342	98,292
Property and equipment, net	19,161	18,943
Goodwill	10,538	10,538
Restricted cash	2,735	2,735
Deferred tax assets, net	675	675
Other assets	1,797	1,563
Total assets	1,403,146	1,301,728
Current liabilities
Deferred revenues	415,023	372,884
Accounts payable	2,546	6,381
Income tax payable	6,381	6,591
Accrued expenses and other current liabilities	30,535	36,375
Total current liabilities	454,485	422,231
Long-term obligation under operating leases	54,533	54,656
Deferred tax liabilities, net	302	291
Total liabilities	509,320	477,178
Commitments and contingencies (Note 9)
Stockholders’ equity
Class A common stock, $0.0001 par value; 2,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 39,220 and 38,730 issued and outstanding at March 31, 2025 and December 31, 2024, respectively Class B common stock, $0.0001 par value; 30,000 shares authorized as of March 31, 2025 and December 31, 2024; 6,196 and 6,206 issued and outstanding at March 31, 2025 and December 31, 2024, respectively	4	4
Additional paid-in capital	984,534	950,393
Accumulated deficit	(90,712)	(125,847)
Total stockholders’ equity	893,826	824,550
Total liabilities and stockholders' equity	$ 1,403,146	$ 1,301,728

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

Duolingo, Inc. 10-Q