Financial Tables
Q1 2024
Coursera Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except shares and per share data)
Three Months Ended March 31, | |||||
2024 | 2023 | ||||
Revenue | $ | 169,068 | $ | 147,642 | |
Cost of revenue(1) | 79,571 | 70,174 | |||
Gross profit | 89,497 | 77,468 | |||
Operating expenses: | |||||
Research and development(1) | 34,610 | 43,809 | |||
Sales and marketing(1) | 57,585 | 52,872 | |||
General and administrative(1) | 24,943 | 25,523 | |||
Restructuring related charges(1) | 2,101 | (5,659) | |||
Total operating expenses | 119,239 | 116,545 | |||
Loss from operations | (29,742) | (39,077) | |||
Other income, net: | |||||
Interest income, net | 9,583 | 8,037 | |||
Other (expense) income, net | (285) | 102 | |||
Loss before income taxes | (20,444) | (30,938) | |||
Income tax expense | 812 | 1,426 | |||
Net loss | $ | (21,256) | $ | (32,364) | |
Net loss per share-basic and diluted | |||||
$ | (0.14) | $ | (0.22) | ||
Weighted average shares used in computing net loss per | |||||
156,379,409 | 148,974,454 | ||||
share-basic and diluted | |||||
(1) Includes stock-based compensation expense as follows: | |||||
Three Months Ended March 31, | |||||
2024 | 2023 | ||||
Cost of revenue | $ | 659 | $ | 877 | |
Research and development | 11,001 | 13,465 | |||
Sales and marketing | 7,922 | 8,357 | |||
General and administrative | 8,275 | 7,631 | |||
Restructuring related charges | - | (5,588) | |||
Total stock-based compensation expense | $ | 27,857 | $ | 24,742 | |
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Financial Tables
Q1 2024
Coursera Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands)
March 31, 2024 | December 31, 2023 | ||||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 725,363 | $ | 656,321 | |
Marketable securities | - | 65,746 | |||
Accounts receivable, net | 58,254 | 67,418 | |||
Deferred costs, net | 25,201 | 26,387 | |||
Prepaid expenses and other current assets | 24,429 | 16,614 | |||
Total current assets | 833,247 | 832,486 | |||
Property, equipment, and software, net | 31,109 | 30,408 | |||
Operating lease right-of-use assets | 3,206 | 4,739 | |||
Intangible assets, net | 12,610 | 11,720 | |||
Other assets | 36,131 | 41,180 | |||
Total assets | $ | 916,303 | $ | 920,533 | |
Liabilities and Stockholders' Equity | |||||
Current liabilities: | |||||
Educator partners payable | $ | 103,258 | $ | 101,041 | |
Other accounts payable and accrued expenses | 20,401 | 23,456 | |||
Accrued compensation and benefits | 18,320 | 22,281 | |||
Operating lease liabilities, current | 4,365 | 6,557 | |||
Deferred revenue, current | 148,382 | 137,229 | |||
Other current liabilities | 7,861 | 7,696 | |||
Total current liabilities | 302,587 | 298,260 | |||
Operating lease liabilities, non-current | - | 39 | |||
Deferred revenue, non-current | 2,177 | 2,861 | |||
Other liabilities | 2,425 | 3,179 | |||
Total liabilities | 307,189 | 304,339 | |||
Stockholders' equity: | |||||
Common stock | 2 | 2 | |||
Additional paid-in capital | 1,480,238 | 1,459,964 | |||
Treasury stock, at cost | (69,193) | (63,154) | |||
Accumulated other comprehensive income | - | 59 | |||
Accumulated deficit | (801,933) | (780,677) | |||
Total stockholders' equity | 609,114 | 616,194 | |||
Total liabilities and stockholders' equity | $ | 916,303 | $ | 920,533 | |
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Financial Tables
Q1 2024
Coursera Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
Three Months Ended March 31, | |||||
2024 | 2023 | ||||
Cash flows from operating activities: | |||||
Net loss | $ | (21,256) | $ | (32,364) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
Depreciation and amortization | 6,356 | 5,511 | |||
Stock-based compensation expense | 27,857 | 24,742 | |||
Accretion of marketable securities | (235) | (5,016) | |||
Impairment of long-lived assets | - | 535 | |||
Other | 635 | 96 | |||
Changes in operating assets and liabilities: | |||||
Accounts receivable, net | 8,456 | (14,585) | |||
Prepaid expenses and other assets | (1,586) | (5,396) | |||
Operating lease right-of-use assets | 1,533 | 1,197 | |||
Accounts payable and accrued expenses | (594) | 19,440 | |||
Accrued compensation and other liabilities | (4,954) | (2,476) | |||
Operating lease liabilities | (2,231) | (2,376) | |||
Deferred revenue | 10,469 | 15,384 | |||
Net cash provided by operating activities | 24,450 | 4,692 | |||
Cash flows from investing activities: | |||||
Purchases of marketable securities | - | (121,756) | |||
Proceeds from maturities of marketable securities | 66,000 | 75,000 | |||
Purchases of property, equipment, and software | (134) | (298) | |||
Capitalized internal-use software costs | (4,070) | (2,862) | |||
Purchases of content assets | (2,153) | (624) | |||
Net cash provided by (used in) investing activities | 59,643 | (50,540) | |||
Cash flows from financing activities: | |||||
Proceeds from exercise of stock options | 4,097 | 5,354 | |||
Payments for repurchases of common stock | (5,634) | - | |||
Payments for tax withholding on vesting of restricted stock units | (13,514) | (13,036) | |||
Net cash used in financing activities | (15,051) | (7,682) | |||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 69,042 | (53,530) | |||
Cash, cash equivalents, and restricted cash-Beginning of period | 658,086 | 322,878 | |||
Cash, cash equivalents, and restricted cash-End of period | $ | 727,128 | $ | 269,348 | |
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Financial Tables
Q1 2024
Coursera Inc.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited)
(In thousands)
Three Months Ended March 31, | |||||
2024 | 2023 | ||||
Gross profit | $ | 89,497 | $ | 77,468 | |
Stock-based compensation expense | 659 | 877 | |||
Amortization of stock-based compensation capitalized as internal-use software | 1,477 | 1,169 | |||
costs | |||||
Payroll tax expense related to stock-based compensation | 46 | 50 | |||
Non-GAAP gross profit | $ | 91,679 | $ | 79,564 | |
Three Months Ended March 31, | |||||
2024 | 2023 | ||||
Net loss | $ | (21,256) | $ | (32,364) | |
Stock-based compensation expense | 27,857 | 30,330 | |||
Amortization of stock-based compensation capitalized as internal-use software | 1,477 | 1,169 | |||
costs | |||||
Payroll tax expense related to stock-based compensation | 1,741 | 1,363 | |||
Restructuring related charges | 2,101 | (5,659) | |||
Non-GAAP net income (loss) | $ | 11,920 | $ | (5,161) | |
Weighted-average shares used in computing net loss per share-basic | |||||
156,379,409 | 148,974,454 | ||||
Effect of dilutive securities(2) | 11,925,056 | - | |||
Weighted-average shares used in computing non-GAAP net income (loss) per | 168,304,465 | 148,974,454 | |||
share-diluted | |||||
Net loss per share-basic and diluted | |||||
$ | (0.14) | $ | (0.22) | ||
Non-GAAP net income (loss) per share-diluted | |||||
$ | 0.07 | $ | (0.03) | ||
- For periods presented with a non-GAAP net loss, we have excluded the effect of potentially dilutive securities as their inclusion would be anti-dilutive.
Three Months Ended March 31, | |||||
2024 | 2023 | ||||
Net loss | $ | (21,256) | $ | (32,364) | |
Depreciation and amortization | 6,356 | 5,511 | |||
Interest income, net | (9,583) | (8,037) | |||
Income tax expense | 812 | 1,426 | |||
Other expense (income), net | 285 | (102) | |||
Stock-based compensation expense | 27,857 | 30,330 | |||
Payroll tax expense related to stock-based compensation | 1,741 | 1,363 | |||
Restructuring related charges | 2,101 | (5,659) | |||
Adjusted EBITDA | $ | 8,313 | $ | (7,532) | |
Net loss margin | (13)% | (22)% | |||
Adjusted EBITDA Margin | 5 % | (5)% |
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Financial Tables
Q1 2024
Three Months Ended March 31, | |||||
2024 | 2023 | ||||
Net cash provided by operating activities(3) | $ | 24,450 | $ | 4,692 | |
Less: purchases of property, equipment, and software | (134) | (298) | |||
Less: capitalized internal-use software costs | (4,070) | (2,862) | |||
Previously reported Free Cash Flow | 1,532 | ||||
Less: purchases of content assets | (2,153) | (624) | |||
Free Cash Flow | $ | 18,093 | $ | 908 | |
- Includes cash payments for restructuring related charges made during the three months ended March 31, 2024 and 2023 of $1.8 million and $4.8 million.
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Coursera Inc. published this content on 29 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2024 20:48:01 UTC.