MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Coursera (NYSE: COUR) in the present day introduced monetary outcomes for its fourth quarter and full yr ended December 31, 2021.
“Our 2021 efficiency displays Coursera’s rising prominence as a world vacation spot for learners searching for job-relevant abilities and establishments seeking to drive highly effective collaboration to higher meet the wants of our digital world,” mentioned Coursera CEO Jeff Maggioncalda. “With our ecosystem of learners, companions, and establishments, we’re broadening entry to larger training and creating a brand new and inclusive lifelong studying mannequin.”
Monetary Highlights for Fourth Quarter 2021
- Whole income was $115.Zero million, up 38% from $83.Three million a yr in the past.
- Gross revenue was $71.Three million or 62.0% of income, up 64% from $43.5 million a yr in the past. Non-GAAP gross revenue was $71.9 million or 62.5% of income, up 65% from $43.7 million a yr in the past.
- Internet loss was $(47.7) million or (41.5)% of income, in comparison with $(26.7) million or (32.1)% of income a yr in the past. Non-GAAP internet loss was $(24.1) million or (21.0)% of income, in comparison with $(21.1) million or (25.4)% of income a yr in the past.
- Adjusted EBITDA was $(19.7) million or (17.1)% of income, in comparison with $(17.8) million or (21.3)% of income a yr in the past.
- Internet money offered by working actions was $0.Eight million, in comparison with $(17.5) million utilized in working actions a yr in the past. Free money circulate was $(1.9) million, in comparison with $(21.2) million a yr in the past.
Monetary Highlights for Full Yr 2021
- Whole income was $415.Three million, up 41% from $293.5 million within the prior yr.
- Gross revenue was $249.5 million or 60.1% of income, up 61% from $154.7 million within the prior yr. Non-GAAP gross revenue was $251.6 million or 60.6% of income, up 62% from $155.2 million within the prior yr.
- Internet loss was $(145.2) million or (35.0)% of income, in comparison with $(66.8) million or (22.8)% of income within the prior yr. Non-GAAP internet loss was $(52.4) million or (12.6)% of income, in comparison with $(49.8) million or (16.9)% of income within the prior yr.
- Adjusted EBITDA was $(35.8) million or (8.6)% of income, in comparison with $(39.8) million or (13.6)% of income within the prior yr.
- Internet money offered by working actions was $1.7 million, in comparison with $(15.0) million utilized in working actions within the prior yr. Free money circulate was $(11.9) million, in comparison with $(26.9) million within the prior yr.
For extra data concerning the non-GAAP monetary measures mentioned on this press launch, please see “Non-GAAP Monetary Measures” and “Reconciliation of GAAP to Non-GAAP Monetary Measures” beneath.
“In 2021, income grew 41% year-over-year demonstrating the worth of our three-sided studying platform with a number of progress levers,” mentioned Ken Hahn, Coursera’s CFO. “Our outlook for 2022 anticipates income progress of 30% year-over-year, reflecting the long-term demand we proceed to see for on-line studying.”
Working Section Highlights
- Shopper income for the fourth quarter was $65.Eight million, up 24% from a yr in the past on sturdy demand for our portfolio of entry-level Skilled Certificates and continued adoption of Coursera Plus. Section gross margin was $45.6 million, or 69% of Shopper income, in comparison with 57% a yr in the past. The corporate added 5 million new registered learners throughout the quarter for a complete of 97 million.
- Enterprise income for the fourth quarter was $35.9 million, up 72% from a yr in the past on sturdy progress throughout enterprise, campus, and authorities prospects. The whole variety of Paid Enterprise Prospects elevated to 803, up 107% from a yr in the past. Section gross margin was $24.2 million, or 68% of Enterprise income, according to a yr in the past on a share foundation. Our Internet Retention Fee (NRR) for Paid Enterprise Prospects was 110%.
- Levels income for the fourth quarter was $13.Three million, up 43% from a yr in the past on scaling of scholar cohorts. Section gross margin was 100% of Levels income as there is no such thing as a content material price attributable to the Levels section. The whole variety of Levels College students reached 16,204, up 36% from a yr in the past.
All key enterprise metrics are as of December 31, 2021. For extra data concerning the metrics mentioned on this press launch, please see “Key Enterprise Metrics Definitions” beneath.
Content material, Buyer and Platform Highlights
-
Content material and Credentials:
- Introduced 5 new diploma applications, together with bachelor’s and grasp’s applications from universities the world over, together with Tecnológico de Monterrey (Mexico), the College of Colorado Boulder (U.S.), the College of London (U.Ok.), the College of North Texas (U.S.), and Queen Mary College of London (U.Ok.).
- Launched Three new entry-level Skilled Certificates from IBM, together with Knowledge Warehouse Engineer, DevOps and Software program Engineering, and Mainframe Practitioner, with learners now in a position to select from 18 of those job-relevant credentials.
- Welcomed a number of new business companions, together with CFA Institute, Talend, and UiPath, offering learners with new programs on a variety of matters corresponding to knowledge science for funding professionals, knowledge integration, and enterprise automation.
-
Enterprise Prospects:
- Coursera for Enterprise launched and expanded applications with corporations throughout the globe, together with L’Oreal (France), Merck KGaA (Germany), and Ayala Company (Philippines).
- Coursera for Authorities launched nationwide upskilling and reskilling initiatives in partnership with the Nationwide eLearning Middle (NELC) of Saudi Arabia and the Abu Dhabi College of Authorities, in addition to a statewide initiative with the California State Library.
- Coursera for Campus noticed sturdy momentum within the Asia Pacific area, with greater than 25 new and expanded partnerships, together with Worldwide Administration Institute New Delhi (IMI New Delhi), Lyceum of the Philippines College, Riphah Worldwide College, and College of Nueva Caceres.
-
Studying Platform:
- Launched LevelSets, a brand new abilities evaluation instrument designed to assist learners decide their present proficiency ranges, perceive the place their coaching ought to start, and create a transparent growth path.
- Secured a variety of new and upsell Enterprise offers with our Academies, a job-based studying resolution powered by SkillSets, that provides personalised studying and focused abilities growth at scale.
- Migrated roughly 80 programs from 20 college and business companions since launching our content material ingestion resolution in June.
Highlights mirror developments since September 30, 2021 by way of in the present day’s announcement. For extra data on these developments, see the Coursera Weblog at weblog.coursera.org.
Monetary Outlook
-
First quarter 2022:
- Income within the vary of $114 to $118 million
- Adjusted EBITDA within the vary of $(15.5) to $(18.5) million
-
Full yr 2022:
- Income within the vary of $536 to $544 million
- Adjusted EBITDA within the vary of $(45.5) to $(51.5) million
Precise outcomes could differ materially from Coursera’s Monetary Outlook because of, amongst different issues, the components described beneath “Particular Be aware on Ahead-Wanting Statements” beneath.
A reconciliation of our non-GAAP steering measure (adjusted EBITDA) to corresponding GAAP steering measure is just not out there on a forward-looking foundation with out unreasonable effort as a result of uncertainty concerning, and the potential variability of, bills which may be incurred sooner or later. Inventory-based compensation expense-related prices, together with employer payroll tax-related gadgets on worker inventory transactions, are impacted by the timing of worker inventory transactions, the long run truthful market worth of our widespread inventory, and our future hiring and retention wants, all of that are troublesome to foretell and topic to fixed change. Now we have offered a reconciliation of GAAP to non-GAAP monetary measures within the monetary assertion tables for our historic non-GAAP monetary outcomes included on this press launch.
Convention Name Particulars
As beforehand introduced, Coursera will maintain a convention name to debate its fourth quarter and full yr 2021 efficiency in the present day, February 10, 2022 at 2:00 p.m. Pacific Time (5:00 p.m. Jap Time).
A stay, audio-only webcast of the convention name and earnings launch supplies might be out there to the general public on the corporate’s Investor Relations web page at investor.coursera.com. For these unable to take heed to the printed stay, an archived replay might be accessible in the identical location for one yr.
Disclosure Data
In compliance with disclosure obligations beneath Regulation FD, Coursera proclaims materials data to the general public by way of a wide range of means, together with filings with the Securities and Alternate Fee, press releases, firm weblog posts, public convention calls and webcasts, in addition to the investor relations web site.
About Coursera
Coursera was launched in 2012 by two Stanford Pc Science professors, Andrew Ng and Daphne Koller, with a mission to offer common entry to world-class studying. It’s now one of many largest on-line studying platforms on the planet, with 97 million registered learners as of December 31, 2021. Coursera companions with over 250 main college and business companions to supply a broad catalog of content material and credentials, together with programs, Specializations, Skilled Certificates, Guided Tasks, and bachelor’s and grasp’s levels. Establishments all over the world use Coursera to upskill and reskill their staff, residents, and college students in fields corresponding to knowledge science, know-how, and enterprise. Coursera turned a B Corp in February 2021.
Key Enterprise Metrics Definitions
Registered Learners
We depend the entire variety of registered learners on the finish of every interval. For functions of figuring out our registered learner depend, we deal with every buyer account that registers with a singular e-mail as a registered learner and alter for any spam, check accounts, and cancellations. Our registered learner depend is just not meant as a measure of lively engagement. New registered learners are people that register in a specific interval.
Paid Enterprise Prospects
We depend the entire variety of Paid Enterprise Prospects on the finish of every interval. For functions of figuring out our buyer depend, we deal with every buyer account that has a corresponding contract as a singular buyer, and a single group with a number of divisions, segments, or subsidiaries could also be counted as a number of prospects. We outline a “Paid Enterprise Buyer” as a buyer who purchases Coursera by way of our direct gross sales pressure. For functions of figuring out our Paid Enterprise Buyer depend, we exclude our Enterprise prospects who don’t buy Coursera by way of our direct gross sales pressure, which embrace organizations participating on our platform by way of our Coursera for Groups providing or by way of our channel companions.
Internet Retention Fee (NRR) for Paid Enterprise Prospects
We calculate annual recurring income (“ARR”) by annualizing every buyer’s month-to-month recurring income (“MRR”) for the latest month at interval finish. We calculate “Internet Retention Fee” as of a interval finish by beginning with the ARR from all Paid Enterprise Prospects as of the twelve months previous to such interval finish, or Prior Interval ARR. We then calculate the ARR from these similar Paid Enterprise Prospects as of the present interval finish, or Present Interval ARR. Present Interval ARR contains growth inside Paid Enterprise Prospects and is internet of contraction or attrition over the trailing twelve months, however excludes income from new Paid Prospects within the present interval. We then divide the entire Present Interval ARR by the entire Prior Interval ARR to reach at our Internet Retention Fee.
Variety of Levels College students
We depend the entire variety of Levels college students for every interval. For functions of figuring out our Levels scholar depend, we embrace all the scholars which are matriculated in a level program and who’re enrolled in a number of programs in such diploma program throughout the interval. If a level time period spans throughout a number of quarters, mentioned scholar is counted as lively in all quarters of the diploma time period. For functions of figuring out our Levels scholar depend, we don’t embrace college students who’re matriculated within the diploma however are usually not enrolled in a course in that interval.
Non-GAAP Monetary Measures
Along with monetary data offered in accordance with GAAP, this press launch contains non-GAAP gross revenue, non-GAAP internet loss, adjusted EBITDA, adjusted EBITDA margin and Free Money Move, every of which is a non-GAAP monetary measure. These are key measures utilized by our administration to assist us analyze our monetary outcomes, set up budgets and operational objectives for managing our enterprise, consider our efficiency, and make strategic selections. Accordingly, we consider that these non-GAAP monetary measures present helpful data to traders and others in understanding and evaluating our working ends in the identical method as our administration and board of administrators. As well as, we consider these measures are helpful for period-to-period comparisons of our enterprise. We additionally consider that the presentation of those non-GAAP monetary measures offers an extra instrument for traders to make use of in evaluating our core enterprise and outcomes of operations over a number of intervals with different corporations in our business, lots of which current related non-GAAP monetary measures to traders, and to research our money efficiency. Nonetheless, the non-GAAP monetary measures offered is probably not corresponding to equally titled measures reported by different corporations attributable to variations in the way in which that these measures are calculated. These non-GAAP monetary measures are offered for supplemental informational functions solely and shouldn’t be thought-about as an alternative to or in isolation from monetary data offered in accordance with GAAP. These non-GAAP metrics have limitations as analytical instruments.
Non-GAAP Gross Revenue and Non-GAAP Internet Loss
We outline non-GAAP gross revenue and non-GAAP internet loss as GAAP gross revenue and GAAP internet loss excluding the impression of stock-based compensation, and payroll tax expense associated to stock-based actions. We consider the presentation of working outcomes that exclude these non-cash or non-recurring gadgets offers helpful supplemental data to traders and facilitates the evaluation of our working outcomes and comparability of working outcomes throughout reporting intervals.
Adjusted EBITDA and Adjusted EBITDA Margin
We outline Adjusted EBITDA as our internet loss excluding: (1) depreciation and amortization; (2) curiosity revenue, internet; (3) stock-based compensation; (4) revenue tax expense; and (5) payroll tax expense associated to stock-based actions. We outline Adjusted EBITDA Margin as Adjusted EBITDA divided by income.
Free Money Move
Free Money Move is a non-GAAP monetary measure that we calculate as internet money offered by (utilized in) working actions, much less money used for purchases of property, tools, and software program, and capitalized internal-use software program prices. We exclude purchases of property, tools and software program, and capitalized internal-use software program prices as we contemplate these capital expenditures to be a crucial part of our ongoing operations.
Reconciliations of the non-GAAP measures to probably the most instantly comparable GAAP monetary measures are included within the Appendix.
Particular Be aware on Ahead-Wanting Statements
This press launch comprises forward-looking statements that contain substantial dangers and uncertainties. Any statements contained on this press launch that aren’t statements of historic information could also be deemed to be forward-looking statements. In some instances, you may establish forward-looking statements by phrases corresponding to: “speed up,” “anticipate, “consider,” “can,” “proceed,” “may,” “demand,” “estimate,” “broaden,” “anticipate,” “intend,” “could,” “would possibly,” “goal,” “ongoing,” “outlook”, “plan,” “potential,” “predict,” “mission,” “ought to,” “goal,” “will,” “would,” or the adverse of those phrases, or different comparable terminology meant to establish statements in regards to the future. These forward-looking statements embrace, however are usually not restricted to, statements concerning: Coursera’s rising prominence as a world vacation spot for learners searching for job-relevant abilities and the platform by way of which establishments are driving collaboration; broadening entry to larger training and creating a brand new and inclusive studying mannequin; the demand for on-line studying; anticipated options and advantages of our buyer and accomplice relationships and our content material and platform choices; the anticipated utility of non-GAAP measures; anticipated progress charges; and our monetary outlook, future monetary efficiency, and expectations, amongst others. These forward-looking statements contain recognized and unknown dangers, uncertainties, and different components that will trigger our precise outcomes, ranges of exercise, efficiency, or achievements to be materially completely different from the knowledge expressed or implied by these forward-looking statements. These dangers and uncertainties embrace, however are usually not restricted to, the next: our potential to handle our progress; our restricted working historical past; the nascency of on-line studying options and dangers associated to market adoption of on-line studying; our potential to keep up and broaden our partnerships with our college and business companions and to create alternatives with new companions; our dependence on our companions for content material out there on our platform; our potential to draw and retain learners; our potential to extend gross sales of our Enterprise providing; our potential to compete successfully; the COVID-19 pandemic’s impression on our enterprise and our business; regulatory issues impacting us or our companions; dangers associated to mental property; cyber safety and privateness dangers and rules; potential disruptions to our platform; dangers associated to worldwide operations, together with regulatory, financial, and geopolitical circumstances, and our standing as a B Corp, in addition to the dangers and uncertainties mentioned in our Annual Report on Type 10-Ok for the yr ended December 31, 2021 and as detailed once in a while in our SEC filings. You shouldn’t depend on forward-looking statements as predictions of future occasions. Though we consider that the expectations mirrored within the forward-looking statements are cheap, we can not assure that the long run outcomes, ranges of exercise, efficiency, or occasions and circumstances mirrored within the forward-looking statements might be achieved or happen. Furthermore, neither we nor some other particular person assumes duty for the accuracy and completeness of the forward-looking statements. Such forward-looking statements relate solely to occasions as of the date of this press launch. We undertake no obligation to replace any forward-looking statements besides to the extent required by regulation.
|
Coursera Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In 1000’s, besides variety of shares and per share quantities) |
||||||||||||||||
|
Quarter Ended |
|
Yr Ended |
||||||||||||||
|
2020 |
|
2021 |
|
2020 |
|
2021 |
||||||||||
|
(in 1000’s) |
(in 1000’s) |
|||||||||||||||
|
Income |
|
$ |
83,262 |
|
|
$ |
114,956 |
|
|
$ |
293,511 |
|
|
$ |
415,287 |
|
|
Value of income(1) |
|
39,764 |
|
|
43,669 |
|
|
138,846 |
|
|
165,818 |
|
||||
|
Gross revenue |
|
|
43,498 |
|
|
|
71,287 |
|
|
|
154,665 |
|
|
|
249,469 |
|
|
Working bills: |
||||||||||||||||
|
Analysis and growth(1) |
|
|
23,335 |
|
|
|
38,331 |
|
|
|
76,784 |
|
|
|
135,410 |
|
| Gross sales and advertising(1) |
34,977 |
|
57,594 |
|
107,249 |
|
179,337 |
|
||||||||
|
Basic and administrative(1) |
|
|
11,376 |
|
|
|
22,852 |
|
|
|
37,215 |
|
|
|
77,785 |
|
|
Whole working bills |
|
69,688 |
|
|
118,777 |
|
|
221,248 |
|
|
392,532 |
|
||||
|
Loss from operations |
|
|
(26,190 |
) |
|
|
(47,490 |
) |
|
|
(66,583 |
) |
|
|
(143,063 |
) |
| Curiosity revenue |
95 |
|
93 |
|
1,175 |
|
320 |
|
||||||||
|
Curiosity expense |
|
|
— |
|
|
|
— |
|
|
|
(12 |
) |
|
|
— |
|
| Different revenue (expense), internet |
|
111 |
|
|
(95 |
) |
|
120 |
|
|
(346 |
) |
||||
|
Loss earlier than revenue taxes |
|
|
(25,984 |
) |
|
|
(47,492 |
) |
|
|
(65,300 |
) |
|
|
(143,089 |
) |
|
Revenue tax expense |
|
734 |
|
|
246 |
|
|
1,515 |
|
|
2,126 |
|
||||
|
Internet loss |
|
$ |
(26,718 |
) |
|
$ |
(47,738 |
) |
|
$ |
(66,815 |
) |
|
$ |
(145,215 |
) |
|
Internet loss per share attributable to widespread stockholders—primary and diluted |
$ |
(0.68 |
) |
$ |
(0.34 |
) |
$ |
(1.80 |
) |
$ |
(1.28 |
) |
||||
|
Weighted-average shares utilized in computing internet loss per share attributable to widespread stockholders—primary and diluted |
|
|
39,122,597 |
|
|
|
141,117,797 |
|
|
|
37,207,492 |
|
|
|
113,587,523 |
|
|
(1) Contains stock-based compensation expense as follows: |
||||||||||||
|
Quarter Ended |
|
Yr Ended |
||||||||||
|
2020 |
|
2021 |
|
2020 |
|
2021 |
||||||
|
(in 1000’s) |
(in 1000’s) |
|||||||||||
|
Value of income |
|
$ |
156 |
|
$ |
555 |
|
$ |
516 |
|
$ |
2,092 |
| Analysis and growth |
2,274 |
11,133 |
6,960 |
42,783 |
||||||||
|
Gross sales and advertising |
|
|
1,380 |
|
|
6,488 |
|
|
4,097 |
|
|
25,992 |
| Basic and administrative |
|
1,720 |
|
5,140 |
|
5,234 |
|
20,316 |
||||
|
Whole stock-based compensation expense |
|
$ |
5,530 |
|
$ |
23,316 |
|
$ |
16,807 |
|
$ |
91,183 |
|
Coursera Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In 1000’s) |
||||||||
|
December 31, 2020 |
December 31, 2021 |
|||||||
|
Property: |
||||||||
|
Present property: |
||||||||
|
Money and money equivalents |
|
$ |
79,878 |
|
|
$ |
580,658 |
|
| Marketable securities |
205,402 |
|
241,117 |
|
||||
|
Accounts receivable, internet of allowance for uncertain accounts of $48 and $105 as of December 31, 2020 and 2021, respectively |
|
|
40,721 |
|
|
|
34,396 |
|
| Deferred prices |
14,077 |
|
19,666 |
|
||||
|
Pay as you go bills and different present property |
|
|
14,993 |
|
|
|
16,494 |
|
| Whole present property |
355,071 |
|
892,331 |
|
||||
|
Property, tools and software program, internet |
|
|
18,644 |
|
|
|
24,725 |
|
|
Working lease right-of-use property |
21,622 |
|
16,321 |
|
||||
|
Intangible property, internet |
|
|
10,570 |
|
|
|
10,091 |
|
|
Restricted money |
2,548 |
|
2,061 |
|
||||
|
Different property |
|
|
9,169 |
|
|
|
13,381 |
|
| Whole property |
$ |
417,624 |
|
$ |
958,910 |
|
||
|
Liabilities, Redeemable Convertible Most well-liked Inventory, and Stockholders’ Fairness (Deficit): |
||||||||
|
Present liabilities: |
||||||||
|
Educator companions payable |
|
$ |
39,005 |
|
|
$ |
49,206 |
|
| Different accounts payable and accrued bills |
12,897 |
|
23,257 |
|
||||
|
Accrued compensation and advantages |
|
|
12,997 |
|
|
|
18,353 |
|
| Working lease liabilities, present |
7,926 |
|
8,031 |
|
||||
|
Deferred income, present |
|
|
76,080 |
|
|
|
94,637 |
|
| Different present liabilities |
|
4,739 |
|
|
7,639 |
|
||
|
Whole present liabilities |
|
|
153,644 |
|
|
|
201,123 |
|
|
Working lease liabilities, non-current |
18,305 |
|
11,864 |
|
||||
|
Different liabilities |
|
|
644 |
|
|
|
559 |
|
|
Deferred income, non-current |
|
4,562 |
|
|
3,851 |
|
||
|
Whole liabilities |
|
|
177,155 |
|
|
|
217,397 |
|
|
Redeemable convertible most popular inventory |
|
|
462,293 |
|
|
|
— |
|
|
Stockholders’ fairness (deficit): |
|
|
|
|
|
|
||
|
Widespread inventory |
|
|
— |
|
|
|
1 |
|
|
Further paid-in capital |
|
|
126,408 |
|
|
|
1,235,231 |
|
|
Treasury inventory |
|
|
(4,701 |
) |
|
|
(4,701 |
) |
|
Amassed different complete revenue (loss) |
|
|
20 |
|
|
|
(252 |
) |
|
Amassed deficit |
|
|
(343,551 |
) |
|
|
(488,766 |
) |
|
Whole stockholders’ fairness (deficit) |
|
|
(221,824 |
) |
|
|
741,513 |
|
|
Whole liabilities, redeemable convertible most popular inventory, and stockholders’ fairness (deficit) |
|
$ |
417,624 |
|
|
$ |
958,910 |
|
|
Coursera Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In 1000’s) |
||||||||
|
Years Ended December 31, |
||||||||
|
2020 |
|
2021 |
||||||
|
Money flows from working actions: |
|
|
|
|
|
|
||
| Internet loss |
$ |
(66,815 |
) |
$ |
(145,215 |
) |
||
|
Changes to reconcile internet loss to internet money (utilized in) offered by working actions: |
|
|
|
|
|
|
||
| Depreciation and amortization |
9,585 |
|
14,757 |
|
||||
|
Inventory-based compensation |
|
|
16,807 |
|
|
|
91,183 |
|
| Amortization or accretion of marketable securities |
(1 |
) |
501 |
|
||||
|
Different |
|
|
86 |
|
|
|
(448 |
) |
| Adjustments in working property and liabilities: | ||||||||
|
Accounts receivable, internet |
|
|
(24,138 |
) |
|
|
5,863 |
|
| Pay as you go bills and different property |
(18,254 |
) |
(5,697 |
) |
||||
|
Working lease right-of-use property |
|
|
5,165 |
|
|
|
5,301 |
|
| Accounts payable and accrued bills |
25,652 |
|
16,322 |
|
||||
|
Accrued compensation and different liabilities |
|
|
3,718 |
|
|
|
7,670 |
|
| Working lease liabilities |
(5,831 |
) |
(6,336 |
) |
||||
|
Deferred income |
|
|
39,035 |
|
|
|
17,845 |
|
| Internet money (utilized in) offered by working actions |
|
(14,991 |
) |
|
1,746 |
|
||
|
Money flows from investing actions: |
|
|
|
|
|
|
||
| Purchases of marketable securities |
(218,458 |
) |
(241,758 |
) |
||||
|
Proceeds from maturities of marketable securities |
|
|
129,934 |
|
|
|
204,981 |
|
| Purchases of property, tools and software program |
(3,099 |
) |
(1,554 |
) |
||||
|
Capitalized internal-use software program prices |
|
|
(8,819 |
) |
|
|
(12,090 |
) |
| Buy of funding in personal firm |
(1,000 |
) |
— |
|
||||
|
Purchases of content material property |
|
|
— |
|
|
|
(1,188 |
) |
| Internet money utilized in investing actions |
|
(101,442 |
) |
|
(51,609 |
) |
||
|
Money flows from financing actions: |
|
|
|
|
|
|
||
| Proceeds from issuance of redeemable convertible most popular inventory, internet of issuance prices |
129,613 |
|
— |
|
||||
|
Proceeds from train of inventory choices and warrants |
|
|
10,118 |
|
|
|
31,766 |
|
| Proceeds from worker inventory buy plan |
— |
|
6,397 |
|
||||
|
Proceeds from train of unvested choices, internet of repurchases |
|
|
84 |
|
|
|
— |
|
| Cost of holdback consideration associated to asset acquisition |
(769 |
) |
— |
|
||||
|
Proceeds from preliminary public providing, internet of providing prices |
|
|
— |
|
|
|
525,284 |
|
| Cost of deferred providing prices |
(32 |
) |
(6,119 |
) |
||||
|
Cost of tax withholding on vesting of restricted inventory items |
|
|
— |
|
|
|
(7,172 |
) |
| Internet money offered by financing actions |
|
139,014 |
|
|
550,156 |
|
||
|
Internet enhance in money, money equivalents, and restricted money |
|
|
22,581 |
|
|
|
500,293 |
|
|
Money, money equivalents, and restricted money—Starting of interval |
|
59,845 |
|
|
82,426 |
|
||
|
Money, money equivalents, and restricted money—Finish of interval |
|
$ |
82,426 |
|
|
$ |
582,719 |
|
|
Reconciliation of money, money equivalents and restricted money: |
||||||||
|
Money and money equivalents |
|
$ |
79,878 |
|
|
$ |
580,658 |
|
| Restricted money |
|
2,548 |
|
|
2,061 |
|
||
|
Whole money, money equivalents, and restricted money |
|
$ |
82,426 |
|
|
$ |
582,719 |
|
|
Coursera Inc. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) (In 1000’s, besides variety of shares and per share quantities) |
||||||||||||
|
Quarter Ended December 31, 2021 |
||||||||||||
|
GAAP |
Inventory-based |
Payroll tax |
Non-GAAP |
|||||||||
|
Income |
$ |
114,956 |
|
$ |
– |
|
$ |
– |
|
$ |
114,956 |
|
|
Value of income |
|
43,669 |
|
|
(555 |
) |
|
(11 |
) |
|
43,103 |
|
|
Gross revenue |
|
71,287 |
|
|
555 |
|
|
11 |
|
|
71,853 |
|
|
Working bills: |
||||||||||||
|
Analysis and growth |
|
38,331 |
|
|
(11,133 |
) |
|
(151 |
) |
|
27,047 |
|
| Gross sales and advertising |
57,594 |
|
|
(6,488 |
) |
|
(86 |
) |
51,020 |
|
||
|
Basic and administrative |
|
22,852 |
|
|
(5,140 |
) |
|
(82 |
) |
|
17,630 |
|
|
Whole working bills |
|
118,777 |
|
|
(22,761 |
) |
|
(319 |
) |
|
95,697 |
|
|
Loss from operations |
|
(47,490 |
) |
|
23,316 |
|
|
330 |
|
|
(23,844 |
) |
| Curiosity revenue |
93 |
|
|
– |
|
|
– |
|
93 |
|
||
|
Different expense, internet |
|
(95 |
) |
|
– |
|
|
– |
|
|
(95 |
) |
|
Loss earlier than revenue taxes |
|
(47,492 |
) |
|
23,316 |
|
|
330 |
|
|
(23,846 |
) |
|
Revenue tax expense |
|
246 |
|
|
– |
|
|
– |
|
|
246 |
|
|
Internet loss |
$ |
(47,738 |
) |
$ |
23,316 |
|
$ |
330 |
|
$ |
(24,092 |
) |
|
Internet loss per share attributable to widespread stockholders—primary and diluted |
$ |
(0.34 |
) |
|
|
$ |
(0.17 |
) |
||||
|
Weighted-average shares utilized in computing internet loss per share attributable to widespread stockholders—primary and diluted |
|
141,117,797 |
|
|
|
|
141,117,797 |
|
||||
|
|
|
|
|
|
|
|
||||||
|
Yr Ended December 31, 2021 |
||||||||||||
|
GAAP |
Inventory-based |
Payroll tax |
Non-GAAP |
|||||||||
|
Income |
$ |
415,287 |
|
$ |
– |
|
$ |
– |
|
$ |
415,287 |
|
|
Value of income |
|
165,818 |
|
|
(2,092 |
) |
|
(64 |
) |
|
163,662 |
|
|
Gross revenue |
|
249,469 |
|
|
2,092 |
|
|
64 |
|
|
251,625 |
|
|
Working bills: |
||||||||||||
|
Analysis and growth |
|
135,410 |
|
|
(42,783 |
) |
|
(755 |
) |
|
91,872 |
|
| Gross sales and advertising |
179,337 |
|
|
(25,992 |
) |
|
(248 |
) |
153,097 |
|
||
|
Basic and administrative |
|
77,785 |
|
|
(20,316 |
) |
|
(576 |
) |
|
56,893 |
|
|
Whole working bills |
|
392,532 |
|
|
(89,091 |
) |
|
(1,579 |
) |
|
301,862 |
|
|
Loss from operations |
|
(143,063 |
) |
|
91,183 |
|
|
1,643 |
|
|
(50,237 |
) |
| Curiosity revenue |
320 |
|
|
– |
|
|
– |
|
320 |
|
||
|
Different expense, internet |
|
(346 |
) |
|
– |
|
|
– |
|
|
(346 |
) |
|
Loss earlier than revenue taxes |
|
(143,089 |
) |
|
91,183 |
|
|
1,643 |
|
|
(50,263 |
) |
|
Revenue tax expense |
|
2,126 |
|
|
– |
|
|
– |
|
|
2,126 |
|
|
Internet loss |
$ |
(145,215 |
) |
$ |
91,183 |
|
$ |
1,643 |
|
$ |
(52,389 |
) |
|
Internet loss per share attributable to widespread stockholders—primary and diluted |
$ |
(1.28 |
) |
|
|
$ |
(0.46 |
) |
||||
|
Weighted-average shares utilized in computing internet loss per share attributable to widespread stockholders—primary and diluted |
|
113,587,523 |
|
|
|
|
113,587,523 |
|
||||
|
Quarter Ended December 31, 2020 |
||||||||||||
|
GAAP |
Inventory-based |
Payroll tax |
Non-GAAP |
|||||||||
|
Income |
$ |
83,262 |
|
$ |
– |
|
$ |
– |
|
$ |
83,262 |
|
|
Value of income |
|
39,764 |
|
|
(156 |
) |
|
– |
|
|
39,608 |
|
|
Gross revenue |
|
43,498 |
|
|
156 |
|
|
– |
|
|
43,654 |
|
|
Working bills: |
||||||||||||
|
Analysis and growth |
|
23,335 |
|
|
(2,274 |
) |
|
(11 |
) |
|
21,050 |
|
| Gross sales and advertising |
34,977 |
|
|
(1,380 |
) |
|
(12 |
) |
33,585 |
|
||
|
Basic and administrative |
|
11,376 |
|
|
(1,720 |
) |
|
(48 |
) |
|
9,608 |
|
|
Whole working bills |
|
69,688 |
|
|
(5,374 |
) |
|
(71 |
) |
|
64,243 |
|
|
Loss from operations |
|
(26,190 |
) |
|
5,530 |
|
|
71 |
|
|
(20,589 |
) |
| Curiosity revenue |
95 |
|
|
– |
|
|
– |
|
95 |
|
||
|
Different revenue, internet |
|
111 |
|
|
– |
|
|
– |
|
|
111 |
|
|
Loss earlier than revenue taxes |
|
(25,984 |
) |
|
5,530 |
|
|
71 |
|
|
(20,383 |
) |
|
Revenue tax expense |
|
734 |
|
|
– |
|
|
– |
|
|
734 |
|
|
Internet loss |
$ |
(26,718 |
) |
|
5,530 |
|
|
71 |
|
$ |
(21,117 |
) |
|
Internet loss per share attributable to widespread stockholders—primary and diluted |
$ |
(0.68 |
) |
|
|
$ |
(0.54 |
) |
||||
|
Weighted-average shares utilized in computing internet loss per share attributable to widespread stockholders—primary and diluted |
|
39,122,597 |
|
|
|
|
39,122,597 |
|
||||
|
|
|
|
|
|
|
|
||||||
|
Yr Ended December 31, 2020 |
||||||||||||
|
GAAP |
Inventory-based |
Payroll tax |
Non-GAAP |
|||||||||
|
Income |
$ |
293,511 |
|
$ |
– |
|
$ |
– |
|
$ |
293,511 |
|
|
Value of income |
|
138,846 |
|
|
(516 |
) |
|
– |
|
|
138,330 |
|
|
Gross revenue |
|
154,665 |
|
|
516 |
|
|
– |
|
|
155,181 |
|
|
Working bills: |
||||||||||||
|
Analysis and growth |
|
76,784 |
|
|
(6,960 |
) |
|
(31 |
) |
|
69,793 |
|
| Gross sales and advertising |
107,249 |
|
|
(4,097 |
) |
|
(22 |
) |
103,130 |
|
||
|
Basic and administrative |
|
37,215 |
|
|
(5,234 |
) |
|
(205 |
) |
|
31,776 |
|
|
Whole working bills |
|
221,248 |
|
|
(16,291 |
) |
|
(258 |
) |
|
204,699 |
|
|
Loss from operations |
|
(66,583 |
) |
|
16,807 |
|
|
258 |
|
|
(49,518 |
) |
| Curiosity revenue |
1,175 |
|
|
– |
|
|
– |
|
1,175 |
|
||
|
Curiosity expense |
|
(12 |
) |
|
– |
|
|
– |
|
|
(12 |
) |
| Different revenue, internet |
|
120 |
|
|
– |
|
|
– |
|
|
120 |
|
|
Loss earlier than revenue taxes |
|
(65,300 |
) |
|
16,807 |
|
|
258 |
|
|
(48,235 |
) |
|
Revenue tax expense |
|
1,515 |
|
|
– |
|
|
– |
|
|
1,515 |
|
|
Internet loss |
$ |
(66,815 |
) |
|
16,807 |
|
|
258 |
|
$ |
(49,750 |
) |
|
Internet loss per share attributable to widespread stockholders—primary and diluted |
$ |
(1.80 |
) |
|
|
$ |
(1.34 |
) |
||||
|
Weighted-average shares utilized in computing internet loss per share attributable to widespread stockholders—primary and diluted |
|
37,207,492 |
|
|
|
|
37,207,492 |
|
||||
|
|
|
Quarter Ended December 31, |
|
Yr Ended December 31, |
||||||||||||
|
|
|
2020 |
|
2021 |
|
2020 |
|
2021 |
||||||||
|
|
|
(in 1000’s) |
|
(in 1000’s) |
||||||||||||
|
Internet loss |
|
$ |
(26,718 |
) |
|
$ |
(47,738 |
) |
|
$ |
(66,815 |
) |
|
$ |
(145,215 |
) |
|
Depreciation and amortization |
|
|
2,712 |
|
|
|
4,249 |
|
|
|
9,585 |
|
|
|
14,757 |
|
|
Curiosity revenue, internet |
|
|
(95 |
) |
|
|
(93 |
) |
|
|
(1,163 |
) |
|
|
(320 |
) |
|
Inventory-based compensation |
|
|
5,530 |
|
|
|
23,316 |
|
|
|
16,807 |
|
|
|
91,183 |
|
|
Revenue tax expense |
|
|
734 |
|
|
|
246 |
|
|
|
1,515 |
|
|
|
2,126 |
|
|
Payroll tax expense associated to stock-based actions |
|
|
71 |
|
|
|
330 |
|
|
|
258 |
|
|
|
1,643 |
|
|
Adjusted EBITDA |
|
$ |
(17,765 |
) |
|
$ |
(19,690 |
) |
|
$ |
(39,813 |
) |
|
$ |
(35,826 |
) |
|
Adjusted EBITDA margin |
|
|
(21 |
)% |
|
|
(17 |
)% |
|
|
(14 |
)% |
|
|
(9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
Quarter Ended December 31, |
|
Yr Ended December 31, |
||||||||||||
|
|
|
2020 |
|
2021 |
|
2020 |
|
2021 |
||||||||
|
|
|
(in 1000’s) |
|
(in 1000’s) |
||||||||||||
|
Internet money (utilized in) offered by working actions |
|
$ |
(17,533 |
) |
|
$ |
805 |
|
|
$ |
(14,991 |
) |
|
$ |
1,746 |
|
|
Much less: purchases of property, tools and software program |
|
|
(865 |
) |
|
|
(326 |
) |
|
|
(3,099 |
) |
|
|
(1,554 |
) |
|
Much less: capitalized internal-use software program prices |
|
|
(2,784 |
) |
|
|
(2,378 |
) |
|
|
(8,819 |
) |
|
|
(12,090 |
) |
|
Free Money Move |
|
$ |
(21,182 |
) |
|
$ |
(1,899 |
) |
|
$ |
(26,909 |
) |
|
$ |
(11,898 |
) |
Supply Code: COUR-IR