Closed 2025 with strong momentum, surpassing 50 million daily active users (DAUs) and generating over $1 billion in bookings for the first time. The Board of Directors authorized a share repurchase program of up to $400 million. The strategy for 2026 prioritizes user growth and teaching effectiveness, focusing on improving the free learner experience and expanding into chess, math, and music. This strategic shift is expected to moderate near-term financial growth, with lower bookings growth and profitability in 2026. The medium-term goal is to reach 100 million DAUs by 2028. Full-year 2025 revenue was $1,037.6 million (39% YoY growth), total bookings were $1,158.4 million (33% YoY growth), and Adjusted EBITDA was $305.9 million (29.5% margin). Q4 2025 DAUs grew 30% YoY to 52.7 million, and paid subscribers grew 28% YoY to 12.2 million.