COUR Coursera Inc

• Delivered full year revenue of $695 million
• Reported full year net cash provided by operating activities of $95 million; Free Cash Flow of $59 million
• Announced appointment of Greg Hart as President and CEO, effective February 3, 2025

Coursera, Inc. (NYSE: COUR) today announced financial results for its fourth quarter and full year ended December 31, 2024.

“We made significant strides throughout 2024 in expanding our content catalog, launching new entry-level Professional Certificates, generative AI courses, and healthcare micro-credentials designed to meet the needs of learners and customers,” said Coursera CEO Jeff Maggioncalda. “Together with our partners, we are laying the foundation for a new era of online learning with role-based pathways and enhanced platform experiences that equip learners and institutions with mission-critical skills.”

Financial Highlights for Fourth Quarter 2024

• Total revenue was $179.2 million, up 6% from $168.9 million a year ago.
• Gross profit was $95.5 million or 53% of revenue, compared to $89.3 million and consistent with 53% of revenue a year ago. Non-GAAP gross profit was $97.5 million or 54% of revenue, compared to $91.2 million and consistent with 54% of revenue a year ago.
• Net loss was $(21.6) million or (12.1)% of revenue, compared to $(20.4) million or (12.1)% of revenue a year ago. Non-GAAP net income was $13.3 million or 7.4% of revenue, compared to $9.5 million or 5.6% of revenue a year ago.
• Net loss per share was $(0.14), compared to $(0.13) a year ago. Non-GAAP net income per share was $0.08, compared to $0.06 a year ago.
• Adjusted EBITDA was $9.5 million or 5.3% of revenue, compared to $5.7 million or 3.4% of revenue a year ago.
• Net cash provided by operating activities was $19.2 million, compared to $11.6 million a year ago. Free Cash Flow was $7.4 million, compared to $5.7 million a year ago.

Financial Highlights for Full Year 2024

• Total revenue was $694.7 million, up 9% from $635.8 million in the prior year.
• Gross profit was $371.4 million or 53% of revenue, compared to $329.8 million or 52% of revenue in the prior year. Non-GAAP gross profit was $379.6 million or 55% of revenue, compared to $337.5 million or 53% of revenue in the prior year.
• Net loss was $(79.5) million or (11.4)% of revenue, compared to $(116.6) million or (18.3)% of revenue in the prior year. Non-GAAP net income was $55.6 million or 8.0% of revenue, compared to $1.8 million or 0.3% of revenue in the prior year.
• Net loss per share was $(0.51), compared to $(0.77) in the prior year. Non-GAAP net income per share was $0.34, compared to $0.01 in the prior year.
• Adjusted EBITDA was $41.5 million or 6.0% of revenue, compared to $(10.0) million or (1.6)% of revenue in the prior year.
• Net cash provided by operating activities was $95.4 million, compared to $29.6 million in the prior year. Free Cash Flow was $59.3 million, compared to $7.9 million in the prior year.

“Over the course of 2024, we drove sustainable growth and continued to demonstrate the strong financial and operating leverage in our model,” said Ken Hahn, Coursera’s CFO. “As a result of our efforts, we delivered our first full year of positive Adjusted EBITDA and generated more than $59 million of Free Cash Flow, while investing to bolster our return to higher growth.”

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.

Operating Segment Highlights for Fourth Quarter 2024

• Consumer revenue was $101.7 million, up 5% from a year ago on solid demand for our Coursera Plus subscription offering. Segment gross profit was $54.9 million, or 54% of Consumer revenue, compared to 53% a year ago. We added six million new registered learners during the quarter for a total of 168 million.
• Enterprise revenue was $62.3 million, up 7% from a year ago driven by our business and campus verticals. The total number of Paid Enterprise Customers increased to 1,612, up 18% from a year ago. Segment gross profit was $42.6 million and remained at 68% of Enterprise revenue, consistent with a year ago. Our Net Retention Rate for Paid Enterprise Customers was 87%.
• Degrees revenue was $15.2 million, up 14% from a year ago on scaling of recent programs. Segment gross margin was 100% of Degrees revenue as there is no content cost attributable to the Degrees segment. The total number of Degrees Students reached 26,700, up 22% from a year ago.

All key business metrics are as of December 31, 2024. 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 nearly 40 new titles to our catalog of entry-level Professional Certificates in 2024, including ten recent launches from Dell Technologies, Microsoft, Xbox, and more.
• Launched more than 450 generative AI courses this year, including popular recent offerings from DeepLearning.AI, Google, Google Cloud, and IBM, as industry leaders meet the growing global demand to develop and showcase generative AI skills and expertise.
• Expanded our healthcare micro-credentials with the addition of Johns Hopkins Medical Office Manager and National Academy of Sports Medicine (NASM) Personal Fitness Trainer entry-level Professional Certificates.

Enterprise Customers:

• Coursera for Business launched new and expanded upskilling programs focused on digital, AI, and human skills with Banco Santander (Spain), Canara Bank (India), Grupo Bancolombia (Colombia), and Schneider Electric (France).
• Coursera for Government broadened its partnership with the Higher Education Commission (HEC) Pakistan, with a program goal of equipping up to 120,000 students across approximately 200 universities with in-demand skills over the next two years.
• Coursera for Campus expanded its partnership with iPeople Inc. (Ayala Group), tripling the number of students earning academic credit for industry micro-credentials and advancing GenAI skills development across all institutions.

Learning Platform:

• Enabled AI-powered translations for learners speaking Dari, Hungarian, and Pashto, broadening global access and ending the year with up to 24 languages in nearly 5,000 courses, Specializations, and Professional Certificates.
• Expanded our credit recommendation initiative, receiving American Council on Education (ACE) credit recommendations for two professional certificates from Microsoft, as well as European Credit Transfer and Accumulation System (ECTS) credit recommendations for seven certificates from IBM.
• Launched a career-based discovery experience initially in North America to help learners start and advance their careers with recognized credentials for in-demand roles to better meet the needs of a rapidly evolving job market.

Highlights reflect developments since September 30, 2024 through today’s announcement. For additional information on these developments, see the Coursera Blog at blog.coursera.org.

Leadership Transition

As announced in a separate release on January 29, 2025, Jeff Maggioncalda will retire as President and Chief Executive Officer of Coursera, and as a Member of the Board, following seven years of dedicated leadership. Greg Hart has been named President and CEO, and Member of the Board, effective February 3, 2025. In consideration of the leadership transition, the Company intends to provide more detailed full year 2025 outlook in the coming months.

Financial Outlook

• First quarter 2025:
  • Revenue in the range of $173 to $177 million
  • Adjusted EBITDA in the range of $8 to $12 million
• Full year 2025:
  • Positive overall top-line revenue growth
  • Annual Adjusted EBITDA Margin improvement
  • Further details on full year 2025 outlook will be provided in the coming months

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 the 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 today, January 30, 2025, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The call will include a discussion of fourth quarter and full year 2024 performance as well as the leadership transition.

A live, audio-only webcast of the conference call and earnings release materials will be available to the public on our 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 (“SEC”), press releases, company blog posts, public conference calls, and webcasts, as well as via Coursera’s investor relations website.

About Coursera

Coursera was launched in 2012 by 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 168 million registered learners as of December 31, 2024. Coursera partners with over 350 leading universities and industry leaders to offer a broad catalog of content and credentials, including courses, Specializations, Professional Certificates, and degrees. Coursera’s platform innovations enable instructors to deliver scalable, personalized, and verified learning experiences to their learners. Institutions worldwide rely on Coursera to upskill and reskill their employees, citizens, and students in high-demand fields such as GenAI, data science, technology, and business. Coursera is a Delaware public benefit corporation and a B Corp.

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 that are active on our platform 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, including 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” for a period by starting with the ARR from all Paid Enterprise Customers as of the 12 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 12 months but excludes revenue from new Paid Enterprise 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 for Paid Enterprise Customers.

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 a degree program during the period, including students enrolled within any wind-down or teach-out periods of any existing programs. If a degree term spans multiple quarters, the 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 income, non-GAAP net income per share, 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 financial measures have limitations as analytical tools.

Non-GAAP Gross Profit, Non-GAAP Net Income, and Non-GAAP Net Income Per Share

We define non-GAAP gross profit and non-GAAP net income as GAAP gross profit and GAAP net loss excluding: (1) stock-based compensation expense; (2) amortization of stock-based compensation expense capitalized as internal-use software costs; (3) payroll tax expense related to stock-based compensation; (4) merger and acquisition (“M&A”) related transaction costs; (5) costs and settlement (gains) losses related to significant and non-recurring legal matters, net of insurance recoveries; and (6) restructuring related charges. Non-GAAP net income per share is calculated by dividing non-GAAP net income by the diluted weighted average shares of common stock outstanding.

Adjusted EBITDA and Adjusted EBITDA Margin

We define Adjusted EBITDA as our GAAP net loss excluding: (1) depreciation and amortization; (2) interest income, net; (3) income tax (benefit) expense; (4) other expense (income), net; (5) stock-based compensation expense; (6) payroll tax expense related to stock-based compensation; (7) M&A related transaction costs; (8) costs and settlement (gains) losses related to significant and non-recurring legal matters, net of insurance recoveries; and (9) restructuring related charges. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue.

Free Cash Flow

We define Free Cash Flow as net cash provided by operating activities, less purchases of property, equipment, and software, capitalized internal-use software costs, and purchases of content assets as we consider these capital expenditures necessary to support our ongoing operations. Current and prior period Free Cash Flow amounts reported herein reflect the previously disclosed change to our definition of Free Cash Flow to include purchases of content assets.

We believe the presentation of these adjusted operating results provides useful supplemental information to investors and facilitates the analysis and comparison of our operating results across reporting periods.

Reconciliations of these non-GAAP financial 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,” “design,” “estimate,” “expand,” “expect,” “intend,” “may,” “might,” “mission,” “need,” “objective,” “ongoing,” “outlook,” “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: financial and operating leverage in our model; investing to bolster return to higher growth; our mission to provide universal access to world-class learning; the demand for online learning; anticipated features and benefits of our customer and educator partner relationships and our content and platform offerings; the anticipated utility of our non-GAAP financial measures; anticipated growth rates; our leadership transition; and our financial outlook, future financial and operational 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 attract, engage, and retain learners; our ability to increase sales of our offerings; our limited operating history; the relative nascency of online learning solutions and generative AI; risks related to market acceptance and demand for our offerings; our ability to maintain and expand our existing educator partner relationships and to develop new partnerships; our dependence on our educator partners’ content; risks related to our AI innovations and AI generally; our ability to compete effectively; adverse impacts on our business and financial condition due to macroeconomic or market conditions; our ability to manage our growth; regulatory and/or policy matters or changes impacting us or our educator partners; risks related to intellectual property; cybersecurity and privacy risks and regulations; potential disruptions to our platform; risks related to operations, regulatory, economic, and geopolitical conditions; current and future legal proceedings; the impact of actions to improve operational efficiencies and operating costs; our history of net losses and ability to achieve or sustain profitability; natural disasters, public health crises or other catastrophic events; our status as a certified B Corp; and risks and uncertainties discussed in our most recently filed periodic reports on Forms 10-K and 10-Q and subsequent filings 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 shares and per share data)

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2024

 

2023

 

2024

 

2023

Revenue

$

179,180

 

 

$

168,880

 

 

$

694,674

 

 

$

635,764

 

Cost of revenue(1)

 

83,672

 

 

 

79,551

 

 

 

323,261

 

 

 

305,993

 

Gross profit

 

95,508

 

 

 

89,329

 

 

 

371,413

 

 

 

329,771

 

Operating expenses:

 

 

 

 

 

 

 

Research and development(1)

 

32,122

 

 

 

37,366

 

 

 

132,048

 

 

 

160,077

 

Sales and marketing(1)

 

60,227

 

 

 

58,106

 

 

 

234,908

 

 

 

222,771

 

General and administrative(1)

 

26,860

 

 

 

22,416

 

 

 

108,734

 

 

 

98,325

 

Restructuring related charges(1)

 

6,797

 

 

 

—

 

 

 

8,942

 

 

 

(5,806

)

Total operating expenses

 

126,006

 

 

 

117,888

 

 

 

484,632

 

 

 

475,367

 

Loss from operations

 

(30,498

)

 

 

(28,559

)

 

 

(113,219

)

 

 

(145,596

)

Other income (expense):

 

 

 

 

 

 

 

Interest income, net

 

8,489

 

 

 

9,298

 

 

 

36,726

 

 

 

34,432

 

Other (expense) income, net

 

(1,921

)

 

 

212

 

 

 

(2,008

)

 

 

(19

)

Loss before income taxes

 

(23,930

)

 

 

(19,049

)

 

 

(78,501

)

 

 

(111,183

)

Income tax (benefit) expense

 

(2,319

)

 

 

1,308

 

 

 

1,029

 

 

 

5,371

 

Net loss

$

(21,611

)

 

$

(20,357

)

 

$

(79,530

)

 

$

(116,554

)

Net loss per share—basic and diluted

$

(0.14

)

 

$

(0.13

)

 

$

(0.51

)

 

$

(0.77

)

Weighted average shares used in computing net loss per share—basic and diluted

 

159,179,499

 

 

 

153,690,451

 

 

 

157,370,977

 

 

 

150,957,814

 

(1) Includes stock-based compensation expense as follows:

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2024

 

2023

 

2024

 

2023

Cost of revenue

$

694

 

$

563

 

$

2,657

 

$

2,593

 

Research and development

 

9,786

 

 

11,568

 

 

41,846

 

 

49,931

 

Sales and marketing

 

5,905

 

 

7,964

 

 

28,104

 

 

31,299

 

General and administrative

 

8,559

 

 

7,572

 

 

35,477

 

 

31,352

 

Restructuring related charges

 

—

 

 

—

 

 

—

 

 

(5,605

)

Total stock-based compensation expense

$

24,944

 

$

27,667

 

$

108,084

 

$

109,570

 

 

Coursera Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands)

 

 

 

 

 

 

 

December 31, 2024

 

December 31, 2023

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

726,125

 

 

$

656,321

 

Marketable securities

 

—

 

 

 

65,746

 

Accounts receivable, net

 

59,685

 

 

 

67,418

 

Deferred costs, net

 

24,667

 

 

 

26,387

 

Prepaid expenses and other current assets

 

20,177

 

 

 

16,614

 

Total current assets

 

830,654

 

 

 

832,486

 

Property, equipment, and software, net

 

36,899

 

 

 

30,408

 

Operating lease right-of-use assets

 

2,967

 

 

 

4,739

 

Intangible assets, net

 

24,521

 

 

 

11,720

 

Other assets

 

35,233

 

 

 

41,180

 

Total assets

$

930,274

 

 

$

920,533

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Educator partners payable

$

101,869

 

 

$

101,041

 

Other accounts payable and accrued expenses

 

21,375

 

 

 

23,456

 

Accrued compensation and benefits

 

31,627

 

 

 

22,281

 

Operating lease liabilities, current

 

43

 

 

 

6,557

 

Deferred revenue, current

 

159,741

 

 

 

137,229

 

Other current liabilities

 

12,818

 

 

 

7,696

 

Total current liabilities

 

327,473

 

 

 

298,260

 

Operating lease liabilities, non-current

 

3,021

 

 

 

39

 

Deferred revenue, non-current

 

1,555

 

 

 

2,861

 

Other liabilities

 

805

 

 

 

3,179

 

Total liabilities

 

332,854

 

 

 

304,339

 

Stockholders’ equity:

 

 

 

Common stock

 

2

 

 

 

2

 

Additional paid-in capital

 

1,506,654

 

 

 

1,459,964

 

Treasury stock, at cost

 

(49,029

)

 

 

(63,154

)

Accumulated other comprehensive income

 

—

 

 

 

59

 

Accumulated deficit

 

(860,207

)

 

 

(780,677

)

Total stockholders’ equity

 

597,420

 

 

 

616,194

 

Total liabilities and stockholders’ equity

$

930,274

 

 

$

920,533

 

 

Coursera Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

 

 

 

 

 

Year Ended December 31,

 

 

2024

 

2023

Cash flows from operating activities:

 

 

 

Net loss

$

(79,530

)

 

$

(116,554

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

25,082

 

 

 

22,270

 

Stock-based compensation expense

 

108,084

 

 

 

109,570

 

Accretion of marketable securities

 

(235

)

 

 

(13,811

)

Impairment losses

 

2,226

 

 

 

3,062

 

Other

 

788

 

 

 

1,496

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable, net

 

7,210

 

 

 

(14,763

)

Prepaid expenses and other assets

 

2,472

 

 

 

(17,003

)

Operating lease right-of-use assets

 

4,810

 

 

 

4,868

 

Accounts payable and accrued expenses

 

(2,321

)

 

 

33,971

 

Accrued compensation and other liabilities

 

12,138

 

 

 

3,073

 

Operating lease liabilities

 

(6,569

)

 

 

(7,853

)

Deferred revenue

 

21,206

 

 

 

21,313

 

Net cash provided by operating activities

 

95,361

 

 

 

29,639

 

Cash flows from investing activities:

 

 

 

Purchases of marketable securities

 

—

 

 

 

(121,756

)

Proceeds from maturities of marketable securities

 

66,000

 

 

 

530,000

 

Purchases of property, equipment, and software

 

(1,585

)

 

 

(1,147

)

Capitalized internal-use software costs

 

(17,219

)

 

 

(15,254

)

Purchase of minority interest

 

—

 

 

 

(1,701

)

Purchases of content assets

 

(17,295

)

 

 

(5,344

)

Net cash provided by investing activities

 

29,901

 

 

 

384,798

 

Cash flows from financing activities:

 

 

 

Proceeds from exercise of stock options

 

9,377

 

 

 

27,315

 

Proceeds from employee stock purchase plan

 

5,644

 

 

 

6,031

 

Payments for repurchases of common stock

 

(36,705

)

 

 

(58,453

)

Payments for tax withholding on vesting of restricted stock units

 

(33,260

)

 

 

(54,122

)

Net cash used in financing activities

 

(54,944

)

 

 

(79,229

)

Net increase in cash, cash equivalents, and restricted cash

 

70,318

 

 

 

335,208

 

Cash, cash equivalents, and restricted cash—Beginning of period

 

658,086

 

 

 

322,878

 

Cash, cash equivalents, and restricted cash—End of period

$

728,404

 

 

$

658,086

 

 

Coursera Inc.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited)

(In thousands, except share and per share data)

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2024

 

2023

 

2024

 

2023

Gross profit

$

95,508

 

$

89,329

 

$

371,413

 

$

329,771

 

Stock-based compensation expense

 

694

 

 

563

 

 

2,657

 

 

2,593

 

Amortization of stock-based compensation capitalized as internal-use software costs

 

1,275

 

 

1,328

 

 

5,473

 

 

5,039

 

Payroll tax expense related to stock-based compensation

 

8

 

 

15

 

 

89

 

 

115

 

Non-GAAP gross profit

$

97,485

 

$

91,235

 

$

379,632

 

$

337,518

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2024

 

2023

 

2024

 

2023

Net loss

$

(21,611

)

$

(20,357

)

$

(79,530

)

$

(116,554

)

Stock-based compensation expense

 

24,944

 

 

27,667

 

 

108,084

 

 

115,175

 

Amortization of stock-based compensation capitalized as internal-use software costs

 

1,275

 

 

1,328

 

 

5,473

 

 

5,039

 

Payroll tax expense related to stock-based compensation

 

218

 

 

815

 

 

2,991

 

 

3,957

 

M&A related transaction costs

 

—

 

 

—

 

 

3,369

 

 

—

 

Significant and non-recurring legal matters

 

1,657

 

 

—

 

 

6,258

 

 

—

 

Restructuring related charges

 

6,797

 

 

—

 

 

8,942

 

 

(5,806

)

Non-GAAP net income

$

13,280

 

$

9,453

 

$

55,587

 

$

1,811

 

 

Weighted-average shares used in computing net loss per share—basic

 

159,179,499

 

 

153,690,451

 

 

157,370,977

 

 

150,957,814

 

Effect of dilutive securities

 

3,802,517

 

 

15,238,006

 

 

7,050,544

 

 

15,626,795

 

Weighted-average shares used in computing non-GAAP net income per share—diluted

 

162,982,016

 

 

168,928,457

 

 

164,421,521

 

 

166,584,609

 

 

 

 

 

 

Net loss per share—basic and diluted

$

(0.14

)

$

(0.13

)

$

(0.51

)

$

(0.77

)

Non-GAAP net income per share—diluted

$

0.08

 

$

0.06

 

$

0.34

 

$

0.01

 

 

 

Three Months Ended December 31,

Year Ended December 31,

 

2024

2023

2024

2023

Net loss

$

(21,611

)

$

(20,357

)

$

(79,530

)

$

(116,554

)

Depreciation and amortization

 

6,350

 

 

5,768

 

 

25,082

 

 

22,270

 

Interest income, net

 

(8,489

)

 

(9,298

)

 

(36,726

)

 

(34,432

)

Income tax (benefit) expense

 

(2,319

)

 

1,308

 

 

1,029

 

 

5,371

 

Other expense (income), net

 

1,921

 

 

(212

)

 

2,008

 

 

19

 

Stock-based compensation expense

 

24,944

 

 

27,667

 

 

108,084

 

 

115,175

 

Payroll tax expense related to stock-based compensation

 

218

 

 

815

 

 

2,991

 

 

3,957

 

M&A related transaction costs

 

—

 

 

—

 

 

3,369

 

 

—

 

Significant and non-recurring legal matters

 

1,657

 

 

—

 

 

6,258

 

 

—

 

Restructuring related charges

 

6,797

 

 

—

 

 

8,942

 

 

(5,806

)

Adjusted EBITDA

$

9,468

 

$

5,691

 

$

41,507

 

$

(10,000

)

 

Net loss margin

 

(12

)%

 

(12

)%

 

(11

)%

 

(18

)%

Adjusted EBITDA Margin

 

5

%

 

3

%

 

6

%

 

(2

)%

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2024

 

2023

 

2024

 

2023

Net cash provided by operating activities(2)

$

19,215

 

 

$

11,568

 

 

$

95,361

 

 

$

29,639

 

Less: purchases of property, equipment, and software

 

(1,081

)

 

 

(121

)

 

 

(1,585

)

 

 

(1,147

)

Less: capitalized internal-use software costs

 

(3,640

)

 

 

(3,791

)

 

 

(17,219

)

 

 

(15,254

)

Less: purchases of content assets

 

(7,113

)

 

 

(1,966

)

 

 

(17,295

)

 

 

(5,344

)

Free Cash Flow

$

7,381

 

 

$

5,690

 

 

$

59,262

 

 

$

7,894

 

(2)

Includes cash payments for restructuring related charges made during the three months and years ended December 31, 2024 and 2023 of $2.7 million, $0, $4.8 million, and $5.1 million, respectively.

Source Code: COUR-IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20250130171606/en/

For investors: Cam Carey, ir@coursera.org For media: Arunav Sinha, press@coursera.org