- Revenue grows 33% year-over-year
- Large-scale reskilling efforts drive Enterprise growth of 75%
year-over-year
Coursera (NYSE: COUR) today announced financial results for its
fiscal 2021 third quarter ended September 30, 2021.
“Our third-quarter performance reflects the continued urgency
with which companies, campuses, and governments around the world
are investing in digital skills,” said Coursera CEO Jeff
Maggioncalda. “Our recently launched SkillSets and Academies,
together with our growing portfolio of Professional Certificates,
are well-positioned to fulfill the rising demand for role-based
learning among individuals and institutions.”
Financial Highlights for Third Quarter Fiscal 2021
- Total revenue was $109.9 million, up 33% from $82.7 million a
year ago.
- Gross profit was $67.7 million or 61.6% of revenue, up 55% from
$43.7 million a year ago. Non-GAAP gross profit was $68.3 million
or 62.1% of revenue, up 56% from $43.8 million a year ago.
- Net loss was $(32.5) million or (29.5)% of revenue, compared to
$(11.9) million or (14.4)% of revenue a year ago. Non-GAAP net loss
was $(8.0) million or (7.3)% of revenue, compared to $(7.0) million
or (8.5)% of revenue a year ago.
- Adjusted EBITDA was $(3.1) million or (2.9)% of revenue,
compared to $(4.3) million or (5.2)% of revenue a year ago.
- Net cash provided by operating activities was $10.7 million,
compared to $(1.3) million used in operating activities a year ago.
Free cash flow was $7.1 million, compared to $(4.2) million a year
ago.
For more information regarding the non-GAAP financial measures
discussed in this press release, please see "Non-GAAP Financial
Measures" and "Reconciliation of GAAP to Non-GAAP Financial
Measures" below.
“Our third quarter revenue grew 33% year-over-year,
demonstrating the progress we’ve made in creating a differentiated,
skills-based learning experience for our institutional customers,”
said Ken Hahn, Coursera’s CFO. “Our 2021 revenue outlook
anticipates 40% year-over-year growth for the full year, a
reflection of the durable and long-term demand we continue to see
for online learning.”
Operating Segment Highlights
- Consumer revenue for the third quarter was $66.5
million, up 16% from a year ago on sustained demand for our
entry-level Professional Certificates and growing adoption of
Coursera Plus. Segment gross margin was $45.5 million, or 68% of
Consumer revenue, compared to 54% a year ago. The company added 5.5
million new registered learners during the quarter for a total of
92 million.
- Enterprise revenue for the third quarter was $31.8
million, up 75% from a year ago on the acquisition of new customers
and expansion of our existing relationships. The total number of
Paid Enterprise Customers increased to 711, up 124% from a year
ago. Segment gross margin was $21.4 million, or 67% of Enterprise
revenue, compared to 69% a year ago. Our Net Retention Rate (NRR)
for Paid Enterprise Customers was 113%.
- Degrees revenue for the third quarter was $11.6 million,
up 59% from a year ago as prior cohorts scale and students begin
newly launched programs. Segment gross margin was 100% of Degrees
revenue; there is no content cost attributable to the Degrees
segment as students pay tuition directly to the university, and the
university pays us a fee based on the amount of tuition. The total
number of Degrees Students reached 16,068, up 40% from a year
ago.
All key business metrics are as of September 30, 2021. For more
information regarding the metrics discussed in this press release,
please see "Key Business Metrics Definitions" below.
Content, Customer and Platform Highlights
- Content and Credentials:
- Added IBM Data Engineering to our expanding catalog of 15
entry-level Professional Certificates and announced ACE Credit
Recommendation for entry-level Professional Certificates from
Google and IBM, with learners now eligible to receive up to 12
college credits from participating colleges and universities.
- Introduced a new tiered fee structure to support the growth
of online degrees, with early adopters including the University
of Illinois at Urbana-Champaign and the University of Colorado
Boulder, and announced a Post-graduate Diploma in Applied
Statistics from the Indian Statistical Institute and a Bachelor of
Science in Business Administration from the University of
London.
- Welcomed more than 10 new educator partners, which
included top-tier universities in India, such as IIT Bombay, IIT
Guwahati, Indian Statistical Institute, and Ashoka University, as
well as leading industry partners like Oracle and Juniper
Networks.
- Enterprise Customers:
- Coursera for Business launched and expanded programs
with companies across the globe, including BBVA (Spain), Expedia
Group (U.S.), Reliance Industries Limited (India), Yara
International (Norway), and Zurich Insurance Group
(Switzerland).
- Coursera for Government launched a statewide program
with the Missouri Department of Higher Education & Workforce
Development, an expanded nationwide training program with Costa
Rica’s Investment Promotion Agency (CINDE), and a digital inclusion
initiative with the City of Chicago.
- Coursera for Campus saw strong momentum in India,
signing up 16 universities in the country, and in the U.S., we
announced a partnership with the Oklahoma State Regents of Higher
Education covering 15 universities, including over half of all
public universities in the state.
- Learning Platform:
- Launched the Leadership Academy, powered by our
proprietary SkillSets platform and designed to help companies
deliver and measure world-class management training at scale in
critical soft skills such as change management, talent development,
and collaboration.
- Announced general availability of SkillSets for all
universities using Coursera for Campus, a critical tool to help
their students target and acquire competitive skill proficiencies
required for in-demand jobs.
- Introduced a number of localized experiences for India,
our second-largest market of registered learners, including a
homepage for better discovery, geo pricing, 5 new payment options,
and bulk pricing to serve our most avid learners.
Highlights reflect developments since June 30, 2021 through
today’s announcement. For additional information on these
developments, see the Coursera Blog at blog.coursera.org.
Financial Outlook
- Fourth quarter fiscal 2021:
- Revenue in the range of $109 to $113 million
- Adjusted EBITDA in the range of $(16.5) to $(19.5) million
- Full-year fiscal 2021:
- Revenue in the range of $409 to $413 million
- Adjusted EBITDA in the range of $(32.5) to $(35.5) million
Actual results may differ materially from Coursera’s Financial
Outlook as a result of, among other things, the factors described
under “Special Note on Forward-Looking Statements” below.
A reconciliation of our non-GAAP guidance measure (adjusted
EBITDA) to corresponding GAAP guidance measure is not available on
a forward-looking basis without unreasonable effort due to the
uncertainty regarding, and the potential variability of, expenses
that may be incurred in the future. Stock-based compensation
expense-related charges, including employer payroll tax-related
items on employee stock transactions, are impacted by the timing of
employee stock transactions, the future fair market value of our
common stock, and our future hiring and retention needs, all of
which are difficult to predict and subject to constant change. We
have provided a reconciliation of GAAP to non-GAAP financial
measures in the financial statement tables for our historical
non-GAAP financial results included in this press release.
Conference Call Details
As previously announced, Coursera will hold a conference call to
discuss its third quarter performance today, November 2, 2021 at
2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
A live, audio-only webcast of the conference call and earnings
release materials will be available to the public on the company’s
Investor Relations page at investor.coursera.com. For those unable
to listen to the broadcast live, an archived replay will be
accessible in the same location for one year.
Disclosure Information
In compliance with disclosure obligations under Regulation FD,
Coursera announces material information to the public through a
variety of means, including filings with the Securities and
Exchange Commission, press releases, company blog posts, public
conference calls and webcasts, as well as the investor relations
website.
About Coursera
Coursera was launched in 2012 by two Stanford Computer Science
professors, Andrew Ng and Daphne Koller, with a mission to provide
universal access to world-class learning. It is now one of the
largest online learning platforms in the world, with 92 million
registered learners as of September 30, 2021. Coursera partners
with over 250 leading university and industry partners to offer a
broad catalog of content and credentials, including courses,
Specializations, Professional Certificates, Guided Projects, and
bachelor’s and master’s degrees. Institutions around the world use
Coursera to upskill and reskill their employees, citizens, and
students in fields such as data science, technology, and business.
Coursera became a B Corp in February 2021.
Key Business Metrics Definitions
Registered Learners
We count the total number of registered learners at the end of
each period. For purposes of determining our registered learner
count, we treat each customer account that registers with a unique
email as a registered learner and adjust for any spam, test
accounts, and cancellations. Our registered learner count is not
intended as a measure of active engagement. New registered learners
are individuals that register in a particular period.
Paid Enterprise Customers
We count the total number of Paid Enterprise Customers at the
end of each period. For purposes of determining our customer count,
we treat each customer account that has a corresponding contract as
a unique customer, and a single organization with multiple
divisions, segments, or subsidiaries may be counted as multiple
customers. We define a “Paid Enterprise Customer” as a customer who
purchases Coursera via our direct sales force. For purposes of
determining our Paid Enterprise Customer count, we exclude our
Enterprise customers who do not purchase Coursera via our direct
sales force, which include organizations engaging on our platform
through our Coursera for Teams offering or through our channel
partners.
Net Retention Rate (NRR) for Paid Enterprise
Customers
We calculate annual recurring revenue (“ARR”) by annualizing
each customer’s monthly recurring revenue (“MRR”) for the most
recent month at period end. We calculate “Net Retention Rate” as of
a period end by starting with the ARR from all Paid Enterprise
Customers as of the twelve months prior to such period end, or
Prior Period ARR. We then calculate the ARR from these same Paid
Enterprise Customers as of the current period end, or Current
Period ARR. Current Period ARR includes expansion within Paid
Enterprise Customers and is net of contraction or attrition over
the trailing twelve months, but excludes revenue from new Paid
Customers in the current period. We then divide the total Current
Period ARR by the total Prior Period ARR to arrive at our Net
Retention Rate.
Number of Degrees Students
We count the total number of Degrees students for each period.
For purposes of determining our Degrees student count, we include
all the students that are matriculated in a degree program and who
are enrolled in one or more courses in such degree program during
the period. If a degree term spans across multiple quarters, said
student is counted as active in all quarters of the degree term.
For purposes of determining our Degrees student count, we do not
include students who are matriculated in the degree but are not
enrolled in a course in that period.
Non-GAAP Financial Measures
In addition to financial information presented in accordance
with GAAP, this press release includes non-GAAP gross profit,
non-GAAP net loss, adjusted EBITDA, adjusted EBITDA margin and Free
Cash Flow, each of which is a non-GAAP financial measure. These are
key measures used by our management to help us analyze our
financial results, establish budgets and operational goals for
managing our business, evaluate our performance, and make strategic
decisions. Accordingly, we believe that these non-GAAP financial
measures provide useful information to investors and others in
understanding and evaluating our operating results in the same
manner as our management and board of directors. In addition, we
believe these measures are useful for period-to-period comparisons
of our business. We also believe that the presentation of these
non-GAAP financial measures provides an additional tool for
investors to use in comparing our core business and results of
operations over multiple periods with other companies in our
industry, many of which present similar non-GAAP financial measures
to investors, and to analyze our cash performance. However, the
non-GAAP financial measures presented may not be comparable to
similarly titled measures reported by other companies due to
differences in the way that these measures are calculated. These
non-GAAP financial measures are presented for supplemental
informational purposes only and should not be considered as a
substitute for or in isolation from financial information presented
in accordance with GAAP. These non-GAAP metrics have limitations as
analytical tools.
Non-GAAP Gross Profit and Non-GAAP Net Loss
We define non-GAAP gross profit and non-GAAP net loss as GAAP
gross profit and GAAP net loss excluding the impact of stock-based
compensation, and payroll tax expense related to stock-based
activities. We believe the presentation of operating results that
exclude these non-cash or non-recurring items provides useful
supplemental information to investors and facilitates the analysis
of our operating results and comparison of operating results across
reporting periods.
Adjusted EBITDA and Adjusted EBITDA Margin
We define Adjusted EBITDA as our net loss excluding: (1)
depreciation and amortization; (2) interest income, net; (3)
stock-based compensation; (4) income tax expense; and (5) payroll
tax expense related to stock-based activities. We define Adjusted
EBITDA Margin as Adjusted EBITDA divided by revenue.
Free Cash Flow
Free Cash Flow is a non-GAAP financial measure that we calculate
as net cash used in operating activities, less cash used for
purchases of property, equipment, and software, and capitalized
internal-use software costs. We exclude purchases of property,
equipment and software, and capitalized internal-use software costs
as we consider these capital expenditures to be a necessary
component of our ongoing operations.
Reconciliations of the non-GAAP measures to the most directly
comparable GAAP financial measures are included in the
Appendix.
Special Note on Forward-Looking Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties. Any statements
contained in this press release that are not statements of
historical facts may be deemed to be forward-looking statements. In
some cases, you can identify forward-looking statements by terms
such as: “accelerate,” “anticipate, “believe,” “can,” “continue,”
“could,” “demand,” “estimate,” “expand,” “expect,” “intend,” “may,”
“might,” “objective,” “ongoing,” “plan,” “potential,” “predict,”
“project,” “should,” “target,” “will,” “would,” or the negative of
these terms, or other comparable terminology intended to identify
statements about the future. These forward-looking statements
include, but are not limited to, statements regarding: the urgency
with which companies, campuses, and governments around the world
are investing in new and digital skills; the growth of our
Professional Certificates portfolio; the rising demand for
role-based learning among institutions; our ability to fulfill
demand for role-based learning; the continued demand for online
learning; anticipated features and benefits of our customer and
partner relationships and our content and platform offerings,
including the Leadership Academy, the general availability of
SkillSets for all universities using Coursera for Campus, and the
introduction of localized experiences in India; the anticipated
utility of non-GAAP measures; anticipated growth rates; and our
financial outlook, future financial performance, and expectations,
among others. These forward-looking statements involve known and
unknown risks, uncertainties, and other factors that may cause our
actual results, levels of activity, performance, or achievements to
be materially different from the information expressed or implied
by these forward-looking statements. These risks and uncertainties
include, but are not limited to, the following: our ability to
manage our growth; our limited operating history; the nascency of
online learning solutions and risks related to market adoption of
online learning; our ability to maintain and expand our
partnerships with our university and industry partners; our
dependence on our partners for content available on our platform;
our ability to attract and retain learners; our ability to increase
sales of our Enterprise offering; our ability to compete
effectively; the COVID-19 pandemic’s impact on our business and our
industry; regulatory matters impacting us or our partners; risks
related to intellectual property; cyber security and privacy risks
and regulations; potential disruptions to our platform; and our
status as a B Corp, as well as the risks discussed in our Quarterly
Report on Form 10-Q for the quarter ended September 30, 2021 and as
detailed from time to time in our SEC filings. You should not rely
upon forward-looking statements as predictions of future events.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee that
the future results, levels of activity, performance, or events and
circumstances reflected in the forward-looking statements will be
achieved or occur. Moreover, neither we nor any other person
assumes responsibility for the accuracy and completeness of the
forward-looking statements. Such forward-looking statements relate
only to events as of the date of this press release. We undertake
no obligation to update any forward-looking statements except to
the extent required by law.
Coursera Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except number of
shares and per share amounts)
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2021
2020
2021
(in thousands)
(in thousands)
Revenue
$
82,674
$
109,880
$
210,249
$
300,331
Cost of revenue(1)
38,970
42,162
99,082
122,149
Gross profit
43,704
67,718
111,167
178,182
Operating expenses:
Research and development(1)
19,620
33,935
53,449
97,079
Sales and marketing(1)
26,162
45,268
72,272
121,743
General and administrative(1)
9,810
19,942
25,839
54,933
Total operating expenses
55,592
99,145
151,560
273,755
Loss from operations
(11,888
)
(31,427
)
(40,393
)
(95,573
)
Interest income
119
62
1,080
227
Interest expense
—
—
(12
)
—
Other income (expense), net
227
(286
)
9
(251
)
Loss before income taxes
(11,542
)
(31,651
)
(39,316
)
(95,597
)
Income tax expense
325
800
781
1,880
Net loss
$
(11,867
)
$
(32,451
)
$
(40,097
)
$
(97,477
)
Net loss per share attributable to common
stockholders—basic and diluted
$
(0.31
)
$
(0.23
)
$
(1.10
)
$
(0.93
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders—basic and
diluted
37,828,682
138,846,394
36,564,569
104,316,176
(1) Includes stock-based compensation
expense as follows:
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2021
2020
2021
(in thousands)
(in thousands)
Cost of revenue
$
135
$
527
$
360
$
1,537
Research and development
1,917
11,259
4,686
31,650
Sales and marketing
1,175
6,846
2,717
19,504
General and administrative
1,473
4,776
3,514
15,176
Total stock-based compensation expense
$
4,700
$
23,408
$
11,277
$
67,867
Coursera Inc.
CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited)
(In thousands)
December 31, 2020
September 30, 2021
Assets:
Current assets:
Cash and cash equivalents
$
79,878
$
801,074
Marketable securities
205,402
15,030
Accounts receivable, net of allowance for
doubtful accounts of $48 and $195 as of December 31, 2020 and
September 30, 2021, respectively
40,721
35,964
Deferred costs
14,077
19,166
Prepaid expenses and other current
assets
14,993
17,455
Total current assets
355,071
888,689
Property, equipment and software, net
18,644
24,521
Operating lease right-of-use assets
21,622
17,569
Intangible assets, net
10,570
10,299
Restricted cash
2,548
2,548
Other assets
9,169
11,223
Total assets
$
417,624
$
954,849
Liabilities, Redeemable
Convertible Preferred Stock, and Stockholders’ Equity
(Deficit):
Current liabilities:
Educator partners payable
$
39,005
$
44,333
Other accounts payable
12,897
11,749
Accrued compensation and benefits
12,997
18,641
Operating lease liabilities, current
7,926
7,959
Deferred revenue, current
76,080
91,369
Other current liabilities
4,739
7,397
Total current liabilities
153,644
181,448
Operating lease liabilities,
non-current
18,305
13,472
Other liabilities
644
573
Deferred revenue, non-current
4,562
3,378
Total liabilities
177,155
198,871
Redeemable convertible preferred stock
462,293
—
Stockholders’ equity (deficit):
Common stock
—
1
Additional paid-in capital
126,408
1,201,705
Treasury stock
(4,701
)
(4,701
)
Accumulated other comprehensive income
20
1
Accumulated deficit
(343,551
)
(441,028
)
Total stockholders’ equity (deficit)
(221,824
)
755,978
Total liabilities, redeemable convertible
preferred stock, and stockholders’ equity (deficit)
$
417,624
$
954,849
Coursera Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
Nine Months Ended September
30,
2020
2021
Cash flows from operating
activities:
Net loss
$
(40,097
)
$
(97,477
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
6,873
10,508
Stock-based compensation
11,277
67,867
Amortization or accretion of marketable securities
(136
)
373
Other
25
257
Changes in operating assets and liabilities:
Accounts receivable, net
(4,655
)
4,500
Prepaid expenses and other assets
(10,207
)
(5,658
)
Operating lease right-of-use assets
3,846
4,052
Educator partners and other accounts payable
15,732
(58
)
Accrued and other liabilities
88
7,274
Operating lease liabilities
(4,303
)
(4,801
)
Deferred revenue
24,099
14,104
Net cash provided by operating activities
2,542
941
Cash flows from investing
activities:
Purchases of marketable securities
(203,294
)
—
Proceeds from maturities of marketable
securities
119,934
189,981
Purchases of property, equipment and software
(2,234
)
(1,228
)
Capitalized internal-use software
costs
(6,035
)
(9,712
)
Purchases of content assets
—
(769
)
Net cash (used in) provided by investing
activities
(91,629
)
178,272
Cash flows from financing
activities:
Proceeds from issuance of redeemable
convertible preferred stock, net of issuance costs
129,611
—
Proceeds from exercise of stock options and warrants
6,887
26,810
Proceeds from exercise of unvested
options, net of repurchases
84
—
Proceeds from initial public offering, net of offering costs
—
525,284
Payment of deferred offering costs
—
(6,119
)
Payment of tax withholding on vesting of restricted stock units
—
(3,992
)
Net cash provided by financing
activities
136,582
541,983
Net increase in cash, cash equivalents,
and restricted cash
47,495
721,196
Cash, cash equivalents, and restricted
cash—Beginning of period
59,845
82,426
Cash, cash equivalents, and restricted
cash—End of period
$
107,340
$
803,622
Reconciliation of cash, cash
equivalents and restricted cash:
Cash and cash equivalents
$
103,536
$
801,074
Restricted cash
3,035
2,548
Restricted cash in prepaid expenses and other current assets
769
—
Total cash, cash equivalents, and
restricted cash
$
107,340
$
803,622
Coursera Inc.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES (Unaudited)
(In thousands, except number of
shares and per share amounts)
Three Months Ended September
30, 2021
GAAP
Stock-based
compensation
Payroll tax expense related to
stock-based activities
Non-GAAP
Revenue
$
109,880
$
-
$
-
$
109,880
Cost of revenue
42,162
(527
)
(37
)
41,598
Gross profit
67,718
527
37
68,282
Operating expenses:
Research and development
33,935
(11,259
)
(480
)
22,196
Sales and marketing
45,268
(6,846
)
(127
)
38,295
General and administrative
19,942
(4,776
)
(385
)
14,781
Total operating expenses
99,145
(22,881
)
(992
)
75,272
Loss from operations
(31,427
)
23,408
1,029
(6,990
)
Interest income
62
-
-
62
Other expense, net
(286
)
-
-
(286
)
Loss before income taxes
(31,651
)
23,408
1,029
(7,214
)
Income tax expense
800
-
-
800
Net loss
$
(32,451
)
$
23,408
$
1,029
$
(8,014
)
Net loss per share attributable to common
stockholders—basic and diluted
$
(0.23
)
$
(0.06
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders—basic and
diluted
138,846,394
138,846,394
Nine Months Ended September
30, 2021
GAAP
Stock-based
compensation
Payroll tax expense related to
stock-based activities
Non-GAAP
Revenue
$
300,331
$
-
$
-
$
300,331
Cost of revenue
122,149
(1,537
)
(53
)
120,559
Gross profit
178,182
1,537
53
179,772
Operating expenses:
Research and development
97,079
(31,650
)
(604
)
64,825
Sales and marketing
121,743
(19,504
)
(162
)
102,077
General and administrative
54,933
(15,176
)
(494
)
39,263
Total operating expenses
273,755
(66,330
)
(1,260
)
206,165
Loss from operations
(95,573
)
67,867
1,313
(26,393
)
Interest income
227
-
-
227
Other expense, net
(251
)
-
-
(251
)
Loss before income taxes
(95,597
)
67,867
1,313
(26,417
)
Income tax expense
1,880
-
-
1,880
Net loss
$
(97,477
)
$
67,867
$
1,313
$
(28,297
)
Net loss per share attributable to common
stockholders—basic and diluted
$
(0.93
)
$
(0.27
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders—basic and
diluted
104,316,176
104,316,176
Three Months Ended September
30, 2020
GAAP
Stock-based
compensation
Payroll tax expense related to
stock-based activities
Non-GAAP
Revenue
$
82,674
$
-
$
-
$
82,674
Cost of revenue
38,970
(135
)
-
38,835
Gross profit
43,704
135
-
43,839
Operating expenses:
Research and development
19,620
(1,917
)
(17
)
17,686
Sales and marketing
26,162
(1,175
)
2
24,989
General and administrative
9,810
(1,473
)
(156
)
8,181
Total operating expenses
55,592
(4,565
)
(171
)
50,856
Loss from operations
(11,888
)
4,700
171
(7,017
)
Interest income
119
-
-
119
Interest expense
-
-
-
-
Other income, net
227
-
-
227
Loss before income taxes
(11,542
)
4,700
171
(6,671
)
Income tax expense
325
-
-
325
Net loss
$
(11,867
)
$
4,700
$
171
$
(6,996
)
Net loss per share attributable to common
stockholders—basic and diluted
$
(0.31
)
$
(0.18
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders—basic and
diluted
37,828,682
37,828,682
Nine Months Ended September
30, 2020
GAAP
Stock-based
compensation
Payroll tax expense related to
stock-based activities
Non-GAAP
Revenue
$
210,249
$
-
$
-
$
210,249
Cost of revenue
99,082
(360
)
-
98,722
Gross profit
111,167
360
-
111,527
Operating expenses:
Research and development
53,449
(4,686
)
(20
)
48,743
Sales and marketing
72,272
(2,717
)
(10
)
69,545
General and administrative
25,839
(3,514
)
(157
)
22,168
Total operating expenses
151,560
(10,917
)
(187
)
140,456
Loss from operations
(40,393
)
11,277
187
(28,929
)
Interest income
1,080
-
-
1,080
Interest expense
(12
)
-
-
(12
)
Other income, net
9
-
-
9
Loss before income taxes
(39,316
)
11,277
187
(27,852
)
Income tax expense
781
-
-
781
Net loss
$
(40,097
)
$
11,277
$
187
$
(28,633
)
Net loss per share attributable to common
stockholders—basic and diluted
$
(1.10
)
$
(0.78
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders—basic and
diluted
36,564,569
36,564,569
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2021
2020
2021
(in thousands)
(in thousands)
Net loss
$
(11,867
)
$
(32,451
)
$
(40,097
)
$
(97,477
)
Depreciation and amortization
2,509
4,137
6,873
10,508
Interest income, net
(119
)
(62
)
(1,068
)
(227
)
Stock-based compensation
4,700
23,408
11,277
67,867
Income tax expense
325
800
781
1,880
Payroll tax expense related to stock-based
activities
171
1,029
187
1,313
Adjusted EBITDA
$
(4,281
)
$
(3,139
)
$
(22,047
)
$
(16,136
)
Adjusted EBITDA margin
(5
)%
(3
)%
(10
)%
(5
)%
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2021
2020
2021
(in thousands)
(in thousands)
Net cash (used in) provided by operating
activities
$
(1,303
)
$
10,741
$
2,542
$
941
Less: purchases of property, equipment and
software
(497
)
(489
)
(2,234
)
(1,228
)
Less: capitalized internal-use software
costs
(2,366
)
(3,114
)
(6,035
)
(9,712
)
Free Cash Flow
$
(4,166
)
$
7,138
$
(5,727
)
$
(9,999
)
Source Code: COUR-IR
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211102006234/en/
For investors: Cam Carey, ir@coursera.org For
media: Arunav Sinha, press@coursera.org
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