MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Coursera (NYSE: COUR) in the present day introduced monetary outcomes for its second quarter ended June 30, 2022.
“The mixture of on-line studying and distant work has the ability to create higher entry to high-quality schooling and unlock broader financial alternative,” stated Coursera CEO Jeff Maggioncalda. “We proceed to see sturdy demand from companies, governments, and tutorial establishments seeking to ship the in-demand expertise and industry-recognized credentials required to enter digital jobs.”
Monetary Highlights for Second Quarter 2022
- Complete income was $124.Eight million, up 22% from $102.1 million a 12 months in the past.
- Gross revenue was $78.Four million or 62.8% of income, up 29% from $60.9 million a 12 months in the past. Non-GAAP gross revenue was $79.2 million or 63.5% of income, up 28% from $61.Eight million a 12 months in the past.
- Internet loss was $(49.3) million or (39.5)% of income, in comparison with $(46.4) million or (45.4)% of income a 12 months in the past. Non-GAAP web loss was $(21.6) million or (17.3)% of income, in comparison with $(6.9) million or (6.8)% of income a 12 months in the past.
- Adjusted EBITDA was $(15.6) million or (12.5)% of income, in comparison with $(2.9) million or (2.9)% of income a 12 months in the past.
- Internet money offered by working actions was $0.9 million, in comparison with $(5.5) million utilized in working actions a 12 months in the past. Free money circulation was $(3.2) million, in comparison with $(8.5) million a 12 months in the past.
For extra info relating to 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” under.
“Our second-quarter outcomes mirror sturdy demand for our entry-level Skilled Certificates and sustained income progress throughout our Enterprise section,” stated Ken Hahn, Coursera’s CFO. “With our three-sided platform, diversified choices, and world learner base, we have now a number of levers of progress to navigate the long-term developments shaping larger schooling.”
Working Section Highlights
- Client income for the second quarter was $69.7 million, up 12% from a 12 months in the past on elevated demand for our increasing portfolio of entry-level Skilled Certificates. Section gross margin was $50.7 million, or 73% of Client income, in comparison with 66% a 12 months in the past. The corporate added 5 million new registered learners through the quarter for a complete of 107 million.
- Enterprise income for the second quarter was $43.7 million, up 55% from a 12 months in the past on sustained momentum throughout enterprise, authorities, and campus prospects. The entire variety of Paid Enterprise Clients elevated to 958, up 64% from a 12 months in the past. Section gross margin was $31.1 million, or 71% of Enterprise income, in comparison with 67% a 12 months in the past. Our Internet Retention Price (NRR) for Paid Enterprise Clients was 111%.
- Levels income for the second quarter was $11.Four million, down 4% from a 12 months in the past on lower-than-anticipated pupil enrollments. Section gross margin was 100% of Levels income as there isn’t a content material price attributable to the Levels section. The entire variety of Levels College students reached 17,460, up 19% from a 12 months in the past.
All key enterprise metrics are as of June 30, 2022. For extra info relating to the metrics mentioned on this press launch, please see “Key Enterprise Metrics Definitions” under.
Content material, Buyer, and Platform Highlights
-
Content material and Credentials:
- Expanded our Meta partnership with 5 new entry-level Skilled Certificates for in-demand careers within the subject of software program engineering, together with front-end developer, back-end developer, Android developer, iOS developer, and database engineer.
- Introduced Three new diploma applications, together with a partnership with Northeastern College and Mayo Clinic to supply the primary college and {industry} collaborative diploma on Coursera with the Grasp in Administration: Digital Transformation in Healthcare.
- Welcomed 15 new educator companions to the platform, together with Four top-ranked Indian universities and {industry} leaders like Accenture, ADP, Campus BBVA, Coinbase, Genentech, Goodwill, Hero Mindmine, HR Certification Institute (HRCI), PwC India, SAP, and Tally Schooling.
-
Enterprise Clients:
- Coursera for Enterprise received new and expanded partnerships with prospects throughout the globe, together with Procter & Gamble (U.S.), PwC (India), Arcos Dorados (Latin America), Petrobras (Brazil), and Boubyan Financial institution (Kuwait).
- Coursera for Authorities launched or deepened initiatives with the Prime Minister of Guyana and the Division of Public Affairs (Guyana), the Queensland AI Hub (Australia), and the Nationwide Transformation Initiative (Barbados).
- Coursera for Campus noticed sturdy momentum within the Americas, together with a system-wide for-credit initiative with Louisiana Tech and the College of Louisiana System, in addition to a curriculum integration effort throughout 30 tutorial applications at Universidad del Valle de México (UVM).
-
Studying Platform:
- Launched Profession Academy for establishments, a profession coaching academy that leverages our entry-level Skilled Certificates and Guided Tasks, created by the world’s main firms and consultants. With Profession Academy, any enterprise, authorities, or tutorial establishment can ship the abilities and {industry} credentials a learner wants to use for a high-demand, entry-level digital job.
- Launched Clips for Coursera for Enterprise prospects, delivering quick, actionable content material on job-relevant matters, with simply accessible 5- to 10-minute movies and classes surfaced inside the context of longer programs for a transparent path to deeper expertise growth.
- Introduced a number of new learner personalization options to encourage and assist learners, together with customized schedules, data-driven deadlines, in-course teaching, and AI-powered nudges.
Highlights mirror developments since March 31, 2022 by means of in the present day’s announcement. For added info on these developments, see the Coursera Weblog at weblog.coursera.org.
Monetary Outlook
-
Third quarter 2022:
- Income within the vary of $126 to $130 million
- Adjusted EBITDA within the vary of $(10.5) to $(13.5) million
-
Full 12 months 2022:
- Income within the vary of $509 to $515 million
- Adjusted EBITDA within the vary of $(42.5) to $(48.5) million
Precise outcomes could differ materially from Coursera’s Monetary Outlook because of, amongst different issues, the elements described below “Particular Observe on Ahead-Trying Statements” under.
A reconciliation of our non-GAAP steerage measure (Adjusted EBITDA) to the corresponding GAAP steerage measure just isn’t accessible on a forward-looking foundation with out unreasonable effort because of the uncertainty relating to, and the potential variability of, bills that could be incurred sooner or later. Inventory-based compensation expense-related fees, together with employer payroll tax-related gadgets on worker inventory transactions, are impacted by the timing of worker inventory transactions, the longer term 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. We’ve 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 second quarter 2022 efficiency in the present day, July 27, 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 will likely be accessible 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 will likely be accessible in the identical location for one 12 months.
Disclosure Info
In compliance with disclosure obligations below Regulation FD, Coursera publicizes materials info to the general public by means of a wide range of means, together with filings with the Securities and Change Fee (“SEC”), press releases, firm weblog posts, public convention calls, and webcasts, in addition to through Coursera’s investor relations web site.
About Coursera
Coursera was launched in 2012 by two Stanford Laptop Science professors, Andrew Ng and Daphne Koller, with a mission to supply common entry to world-class studying. It’s now one of many largest on-line studying platforms on the planet, with 107 million registered learners as of June 30, 2022. Coursera companions with over 275 main college and {industry} 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 around the globe use Coursera to upskill and reskill their workers, residents, and college students in fields corresponding to information science, expertise, and enterprise. Coursera turned a B Corp in February 2021.
Key Enterprise Metrics Definitions
Registered Learners
We rely the full variety of registered learners on the finish of every interval. For functions of figuring out our registered learner rely, we deal with every buyer account that registers with a novel e-mail as a registered learner and alter for any spam, check accounts, and cancellations. Our registered learner rely just isn’t meant as a measure of lively engagement. New registered learners are people that register in a selected interval.
Paid Enterprise Clients
We rely the full variety of Paid Enterprise Clients on the finish of every interval. For functions of figuring out our buyer rely, we deal with every buyer account that has a corresponding contract as a novel 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 through our direct gross sales power. For functions of figuring out our Paid Enterprise Buyer rely, we exclude our Enterprise prospects who don’t buy Coursera through our direct gross sales power, which embrace organizations partaking on our platform by means of our Coursera for Groups providing or by means of our channel companions.
Internet Retention Price (“NRR”) for Paid Enterprise Clients
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 Price” as of a interval finish by beginning with the ARR from all Paid Enterprise Clients as of the 12 months previous to such interval finish, or Prior Interval ARR. We then calculate the ARR from these similar Paid Enterprise Clients as of the present interval finish (“Present Interval ARR”). Present Interval ARR consists of enlargement inside Paid Enterprise Clients and is web of contraction or attrition over the trailing 12 months, however excludes income from new Paid Clients within the present interval. We then divide the full Present Interval ARR by the full Prior Interval ARR to reach at our Internet Retention Price.
Variety of Levels College students
We rely the full variety of Levels college students for every interval. For functions of figuring out our Levels pupil rely, we embrace all the scholars which might be matriculated in a level program and who’re enrolled in a number of programs in such diploma program through the interval. If a level time period spans throughout a number of quarters, stated pupil is counted as lively in all quarters of the diploma time period. For functions of figuring out our Levels pupil rely, we don’t embrace college students who’re matriculated within the diploma however aren’t enrolled in a course in that interval.
Non-GAAP Monetary Measures
Along with monetary info introduced in accordance with GAAP, this press launch consists of non-GAAP gross revenue, non-GAAP web 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 targets for managing our enterprise, consider our efficiency, and make strategic choices. Accordingly, we consider that these non-GAAP monetary measures present helpful info to traders and others in understanding and evaluating our working leads to 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 supplies a further instrument for traders to make use of in evaluating our core enterprise and outcomes of operations over a number of intervals with different firms in our {industry}, a lot of which current related non-GAAP monetary measures to traders, and to investigate our money efficiency. Nevertheless, the non-GAAP monetary measures introduced is probably not similar to equally titled measures reported by different firms attributable to variations in the best way that these measures are calculated. These non-GAAP monetary measures are introduced for supplemental informational functions solely and shouldn’t be thought of as an alternative choice to or in isolation from monetary info introduced in accordance with GAAP. These non-GAAP monetary measures have limitations as analytical instruments.
Non-GAAP Gross Revenue and Non-GAAP Internet Loss
We outline non-GAAP gross revenue and non-GAAP web loss as GAAP gross revenue and GAAP web loss excluding the affect of stock-based compensation and payroll tax expense associated to stock-based actions. We consider the presentation of those adjusted working outcomes supplies helpful supplemental info to traders and facilitates the evaluation and comparability of our working outcomes throughout reporting intervals.
Adjusted EBITDA and Adjusted EBITDA Margin
We outline Adjusted EBITDA as our GAAP web loss excluding: (1) depreciation and amortization; (2) curiosity earnings, web; (3) different expense (earnings), web; (4) stock-based compensation expense; (5) earnings tax expense; and (6) 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 web money offered by (utilized in) working actions, much less money used for purchases of property, tools, software program, and capitalized internal-use software program prices. Purchases of property, tools, and software program and capitalized internal-use software program prices are thought of obligatory elements of our ongoing operations.
Reconciliations of those non-GAAP monetary measures to probably the most immediately comparable GAAP monetary measures are included within the Appendix.
Particular Observe on Ahead-Trying Statements
This press launch incorporates 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 circumstances, you’ll be able to establish forward-looking statements by phrases corresponding to: “speed up,” “anticipate, “consider,” “can,” “proceed,” “may,” “demand,” “estimate,” “broaden,” “anticipate,” “intend,” “could,” “may,” “goal,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “challenge,” “ought to,” “goal,” “will,” “would,” or the damaging of those phrases, or different comparable terminology meant to establish statements concerning the future. These forward-looking statements embrace, however aren’t restricted to, statements relating to: Coursera’s rising prominence as a world vacation spot for learners searching for job-relevant expertise and the platform by means of which establishments are driving collaboration; broadening entry to larger schooling and creating a brand new and inclusive studying mannequin; the demand for on-line studying; anticipated options and advantages of our buyer and companion relationships and our content material and platform choices; the anticipated utility of non-GAAP monetary 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 elements which 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 aren’t 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 take care of and broaden our partnerships with our college and {industry} companions and to create alternatives with new companions; our dependence on our companions for content material accessible 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 affect on our enterprise and our {industry}; regulatory issues impacting us or our companions; dangers associated to mental property; cybersecurity and privateness dangers and laws; potential disruptions to our platform; dangers associated to worldwide operations, together with regulatory, financial, and geopolitical situations, and our standing as a B Corp, in addition to the dangers and uncertainties mentioned in our most lately filed periodic experiences on Type 10-Okay and Type 10-Q and subsequent filings and as detailed occasionally in our SEC filings. You shouldn’t depend upon forward-looking statements as predictions of future occasions. Though we consider that the expectations mirrored within the forward-looking statements are affordable, we can’t assure that the longer term outcomes, ranges of exercise, efficiency, or occasions and circumstances mirrored within the forward-looking statements will likely 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 hundreds, besides shares and per share information) |
||||||||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
|
2022 |
2021 |
2022 |
2021 |
|||||||||
|
Income |
$ |
124,754 |
$ |
102,089 |
$ |
245,187 |
$ |
190,451 |
||||
|
Price of income(1) |
|
46,348 |
|
41,162 |
|
89,151 |
|
79,987 |
||||
|
Gross revenue |
|
78,406 |
|
60,927 |
|
156,036 |
|
110,464 |
||||
|
Working bills: |
||||||||||||
| Analysis and growth(1) |
44,929 |
41,004 |
82,884 |
63,144 |
||||||||
| Gross sales and advertising and marketing(1) |
55,586 |
43,862 |
107,253 |
76,475 |
||||||||
| Normal and administrative(1) |
|
25,726 |
|
21,846 |
|
50,904 |
|
34,991 |
||||
|
Complete working bills |
|
126,241 |
|
106,712 |
|
241,041 |
|
174,610 |
||||
|
Loss from operations |
(47,835) |
(45,785) |
(85,005) |
(64,146) |
||||||||
| Curiosity earnings |
837 |
85 |
1,172 |
165 |
||||||||
| Different (expense) earnings, web |
(1,173) |
42 |
(1,598) |
35 |
||||||||
|
Loss earlier than earnings taxes |
|
(48,171) |
|
(45,658) |
|
(85,431) |
|
(63,946) |
||||
|
Earnings tax expense |
|
1,163 |
|
705 |
|
2,171 |
|
1,080 |
||||
|
Internet loss |
$ |
(49,334) |
$ |
(46,363) |
$ |
(87,602) |
$ |
(65,026) |
||||
|
Internet loss per share—primary and diluted |
$ |
(0.34) |
$ |
(0.35) |
$ |
(0.61) |
$ |
(0.75) |
||||
|
Weighted-average shares utilized in computing web loss per share—primary and diluted |
|
144,782,220 |
|
131,804,121 |
|
143,909,469 |
|
86,761,169 |
||||
|
(1) Consists of stock-based compensation expense as follows: |
||||||||||||
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
|
2022 |
2021 |
2022 |
2021 |
|||||||||
| Price of income |
$ |
812 |
$ |
903 |
$ |
1,389 |
$ |
1,010 |
||||
| Analysis and growth |
12,619 |
18,363 |
22,362 |
20,391 |
||||||||
| Gross sales and advertising and marketing |
8,048 |
11,310 |
14,322 |
12,658 |
||||||||
| Normal and administrative |
|
6,026 |
|
8,599 |
|
11,410 |
|
10,400 |
||||
|
Complete stock-based compensation expense |
$ |
27,505 |
$ |
39,175 |
$ |
49,483 |
$ |
44,459 |
||||
|
Coursera Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In hundreds) |
||||||
|
June 30, 2022 |
December 31, 2021 |
|||||
|
Belongings |
||||||
|
Present property: |
||||||
| Money and money equivalents |
$ |
380,005 |
$ |
580,658 |
||
| Marketable securities |
403,140 |
241,117 |
||||
| Accounts receivable, web |
57,418 |
34,396 |
||||
| Deferred prices, web |
22,496 |
19,666 |
||||
| Pay as you go bills and different present property |
|
20,494 |
|
16,494 |
||
| Complete present property |
883,553 |
892,331 |
||||
|
Property, tools and software program, web |
27,862 |
24,725 |
||||
|
Working lease right-of-use property |
11,510 |
16,321 |
||||
|
Intangible property, web |
9,165 |
10,091 |
||||
|
Restricted money |
2,061 |
2,061 |
||||
|
Different property |
|
18,239 |
|
13,381 |
||
| Complete property |
$ |
952,390 |
$ |
958,910 |
||
|
Liabilities and Stockholders’ Fairness |
||||||
|
Present liabilities: |
||||||
| Educator companions payable |
$ |
55,323 |
$ |
49,206 |
||
| Different accounts payable and accrued bills |
20,876 |
23,257 |
||||
| Accrued compensation and advantages |
16,519 |
18,353 |
||||
| Working lease liabilities, present |
8,043 |
8,031 |
||||
| Deferred income, present |
115,581 |
94,637 |
||||
| Different present liabilities |
|
7,968 |
|
7,639 |
||
| Complete present liabilities |
224,310 |
201,123 |
||||
|
Working lease liabilities, non-current |
8,715 |
11,864 |
||||
|
Deferred income, non-current |
2,665 |
3,851 |
||||
|
Different liabilities |
|
913 |
|
559 |
||
| Complete liabilities |
|
236,603 |
|
217,397 |
||
|
Stockholders’ fairness: |
||||||
| Widespread inventory |
1 |
1 |
||||
| Further paid-in capital |
1,299,173 |
1,235,231 |
||||
| Treasury inventory, at price |
(4,701) |
(4,701) |
||||
| Amassed different complete loss |
(2,318) |
(252) |
||||
| Amassed deficit |
|
(576,368) |
|
(488,766) |
||
| Complete stockholders’ fairness |
|
715,787 |
|
741,513 |
||
| Complete liabilities and stockholders’ fairness |
$ |
952,390 |
$ |
958,910 |
||
|
Coursera Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In hundreds) |
||||||
|
Six Months Ended June 30, |
||||||
|
2022 |
2021 |
|||||
|
Money flows from working actions: |
||||||
| Internet loss |
$ |
(87,602) |
$ |
(65,026) |
||
| Changes to reconcile web loss to web money utilized in working actions: | ||||||
| Depreciation and amortization |
8,621 |
6,371 |
||||
| Inventory-based compensation expense |
49,483 |
44,459 |
||||
| Amortization of marketable securities, web |
1,020 |
319 |
||||
| Impairment of long-lived property |
5,095 |
— |
||||
| Different |
493 |
105 |
||||
| Modifications in working property and liabilities: | ||||||
| Accounts receivable, web |
(23,428) |
(11,141) |
||||
| Pay as you go bills and different property |
(13,522) |
(4,124) |
||||
| Working lease right-of-use property |
2,507 |
2,716 |
||||
| Accounts payable and accrued bills |
4,462 |
(5,274) |
||||
| Accrued compensation and different liabilities |
(1,151) |
4,347 |
||||
| Working lease liabilities |
(3,136) |
(3,191) |
||||
| Deferred income |
|
19,758 |
|
20,639 |
||
| Internet money utilized in working actions |
|
(37,400) |
|
(9,800) |
||
|
Money flows from investing actions: |
||||||
| Purchases of marketable securities |
(180,552) |
— |
||||
| Proceeds from maturities of marketable securities |
15,000 |
153,981 |
||||
| Purchases of property, tools and software program |
(717) |
(739) |
||||
| Capitalized internal-use software program prices |
(7,266) |
(6,598) |
||||
| Purchases of content material property |
|
(954) |
|
(531) |
||
| Internet money (utilized in) offered by investing actions |
|
(174,489) |
|
146,113 |
||
|
Money flows from financing actions: |
||||||
| Proceeds from train of inventory choices |
11,787 |
14,284 |
||||
| Proceeds from worker inventory buy plan |
4,596 |
— |
||||
| Proceeds from preliminary public providing, web of providing prices |
— |
525,284 |
||||
| Cost of deferred providing prices |
(295) |
(6,110) |
||||
| Cost of tax withholding on vesting of restricted inventory models |
|
(4,852) |
|
— |
||
| Internet money offered by financing actions |
|
11,236 |
|
533,458 |
||
|
Internet (lower) enhance in money, money equivalents, and restricted money |
(200,653) |
669,771 |
||||
|
Money, money equivalents, and restricted money—Starting of interval |
|
582,719 |
|
82,426 |
||
|
Money, money equivalents, and restricted money—Finish of interval |
$ |
382,066 |
$ |
752,197 |
||
|
Reconciliation of money, money equivalents and restricted money: |
||||||
| Money and money equivalents |
$ |
380,005 |
$ |
749,649 |
||
| Restricted money |
|
2,061 |
|
2,548 |
||
|
Complete money, money equivalents, and restricted money |
$ |
382,066 |
$ |
752,197 |
||
|
Coursera Inc. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited) (In hundreds) |
||||||||||||
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
|
Internet loss |
|
$ |
(49,334) |
|
$ |
(46,363) |
|
$ |
(87,602) |
|
$ |
(65,026) |
|
Depreciation and amortization |
|
|
4,439 |
|
|
3,440 |
|
|
8,621 |
|
|
6,371 |
|
Curiosity earnings, web |
|
|
(837) |
|
|
(85) |
|
|
(1,172) |
|
|
(165) |
|
Different expense (earnings), web |
|
|
1,173 |
|
|
(42) |
|
|
1,598 |
|
|
(35) |
|
Inventory-based compensation expense |
|
|
27,505 |
|
|
39,175 |
|
|
49,483 |
|
|
44,459 |
|
Earnings tax expense |
|
|
1,163 |
|
|
705 |
|
|
2,171 |
|
|
1,080 |
|
Payroll tax expense associated to stock-based actions |
|
|
268 |
|
|
256 |
|
|
733 |
|
|
284 |
|
Adjusted EBITDA |
$ |
(15,623) |
$ |
(2,914) |
$ |
(26,168) |
$ |
(13,032) |
||||
|
Internet loss margin |
|
(40)% |
|
(45)% |
|
(36)% |
|
(34)% |
||||
|
Adjusted EBITDA margin |
|
(13)% |
|
(3)% |
|
(11)% |
|
(7)% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
|
Internet money offered by (utilized in) working actions |
$ |
857 |
$ |
(5,453) |
$ |
(37,400) |
$ |
(9,800) |
||||
|
Much less: purchases of property, tools and software program |
(317) |
(432) |
(717) |
(739) |
||||||||
|
Much less: capitalized internal-use software program prices |
(3,722) |
(2,613) |
(7,266) |
(6,598) |
||||||||
|
Free Money Move |
$ |
(3,182) |
$ |
(8,498) |
$ |
(45,383) |
$ |
(17,137) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
|
Gross revenue |
$ |
78,406 |
$ |
60,927 |
$ |
156,036 |
$ |
110,464 |
||||
| Inventory-based compensation expense |
812 |
903 |
1,389 |
1,010 |
||||||||
| Payroll tax expense associated to stock-based actions |
|
3 |
|
15 |
|
13 |
|
16 |
||||
|
Non-GAAP gross revenue |
$ |
79,221 |
$ |
61,845 |
$ |
157,438 |
$ |
111,490 |
||||
|
Internet loss |
$ |
(49,334) |
$ |
(46,363) |
$ |
(87,602) |
$ |
(65,026) |
||||
| Inventory-based compensation expense |
27,505 |
39,175 |
49,483 |
44,459 |
||||||||
| Payroll tax expense associated to stock-based actions |
|
268 |
|
256 |
|
733 |
|
284 |
||||
|
Non-GAAP web loss |
$ |
(21,561) |
$ |
(6,932) |
$ |
(37,386) |
$ |
(20,283) |
||||
Supply Code: COUR-IR