- Revenue grows 38% year-over-year on global demand for
reskilling
- Entry-level Professional Certificates drive strong Consumer
performance
Coursera (NYSE: COUR) today announced financial results for its
second quarter of fiscal 2021, ended June 30, 2021.
“Our second-quarter result reflects the growing adoption and
impact of our platform around the world. Institutions are using
Coursera to launch large-scale reskilling efforts, and learners are
coming to the platform to upskill for high-demand digital roles,”
said Coursera CEO Jeff Maggioncalda. “Working with global brands
like Google, IBM and Facebook, we have assembled a broad catalog of
job-relevant content and credentials that are helping learners with
no college degree or industry experience learn the skills needed to
start new digital careers.”
Financial Highlights for Second Quarter Fiscal 2021
- Total revenue was $102.1 million, up 38% from $73.7 million a
year ago.
- Gross profit was $60.9 million or 59.7% of revenue, up 58% from
$38.6 million a year ago. Non-GAAP gross profit was $61.8 million
or 60.6% of revenue, up 60% from $38.7 million a year ago.
- Net loss was $(46.4) million or (45.4)% of revenue, compared to
$(13.9) million or (18.9)% of revenue a year ago. Non-GAAP net loss
was $(6.9) million or (6.8)% of revenue, compared to $(10.3)
million or (14.0)% of revenue a year ago.
- Adjusted EBITDA was $(2.9) million or (2.8)% of revenue,
compared to $(7.9) million or (10.6)% of revenue a year ago.
- Net cash used in operating activities was $(5.5) million,
compared to $11.4 million provided by operating activities a year
ago. Free cash flow was $(8.5) million, compared to $8.3 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.
“In the second quarter, revenue grew 38% year-over-year with
strong momentum across our three-sided learning platform,” said Ken
Hahn, Coursera’s CFO. “Following our pandemic-related surge in
2020, we believe we are seeing sustained structural demand for
online learning as businesses, governments and individual learners
seek the skills required to compete in today’s economy.”
Operating Segment Highlights
- Consumer revenue for the second quarter was $62.0
million, up 23% from a year ago on sustained demand for our
career-oriented Professional Certificates targeted at entry-level
digital jobs. Segment gross margin was $40.7 million, or 66% of
Consumer revenue, compared to 54% a year ago. The company added 5
million new registered learners during the quarter for a total of
87 million.
- Enterprise revenue for the second quarter was $28.2
million, up 69% from a year ago on a combination of strong renewals
and growth in new customers. The total number of Paid Enterprise
Customers increased to 584, up 109% from a year ago. Segment gross
margin was $19.0 million, or 67% of Enterprise revenue, compared to
70% a year ago. Our Net Retention Rate (NRR) for Paid Enterprise
Customers was 114%.
- Degrees revenue for the second quarter was $11.9
million, up 78% from a year ago on scaling of prior cohorts and
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 14,630, up 81% from a year
ago.
All key business metrics are as of June 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:
- Announced 6 new industry partners, including Intuit,
Infosec and Tencent.
- Expanded our entry-level Professional Certificate
catalog, including the Intuit Bookkeeping Professional Certificate
and Facebook Marketing Analyst Professional Certificate.
- Announced a new degree program with the Global Master’s
in English Language Teaching Leadership from Tomsk State
University, which was in addition to the 5 degrees announced at
Coursera Conference in April.
- Enterprise Customers:
- Expanded programs with Coursera for Business customers
focused on accelerating their digital transformation strategies,
including PwC ProEdge (U.S.), Pernod Ricard (France), and Go1
(U.K.).
- Launched nationwide reskilling program with the
Government of Barbados National Transformation Initiative, ramped
up statewide program with the U.S. Tennessee Department of
Labor and Workforce Development, and expanded our partnership with
the Commonwealth of Learning, serving 54 member nations across Asia
Pacific, Africa, Latin America, and the Caribbean.
- Leading public and private universities adopted Coursera for
Campus, including the Universidad de Guadalajara (Mexico),
L’Université Hassan II de Casablanca (Morocco), UNext Learning
(India), BAC Education (Malaysia), and Riphah International
University (Pakistan).
- Learning Platform:
- Expanded availability of Coursera Plus as a monthly
subscription to all learners, offering unlimited access to
thousands of courses and all Guided Projects for one all-inclusive
price.
- Announced general availability of our new LMS content
ingestion solution, enabling educators to quickly and
seamlessly migrate large amounts of content to Coursera from
Learning Management Systems including edX, Canvas, Blackboard,
Moodle and others.
- Announced general availability of Live2Coursera app for
Zoom, helping to address the digital divide facing universities
with flexible download options and mobile device
compatibility.
Highlights reflect developments since March 31, 2021 through
today’s announcement. For additional information on these
developments, see the Coursera Blog at blog.coursera.org.
Financial Outlook
- Third quarter fiscal 2021:
- Revenue in the range of $105 to $109 million
- Adjusted EBITDA in the range of $(7.5) to $(10.5) million
- Full-year fiscal 2021:
- Revenue in the range of $402 to $410 million
- Adjusted EBITDA in the range of $(38.0) to $(44.0) 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 second quarter performance today, August 3, 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 87 million
registered learners as of June 30, 2021. Coursera partners with
over 200 leading university and industry partners to offer a broad
catalog of content and credentials, including Guided Projects,
courses, Specializations, certificates, and bachelor’s and master’s
degrees. Institutions around the world use Coursera to upskill and
reskill their employees, citizens, and students in many high-demand
fields, including data science, technology, and business.
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 the
words “may,” “might,” “will,” “can,” “could,” “would,” “should,”
“expect,” “intend,” “plan,” “objective,” “target,” “anticipate,”
“believe,” “estimate,” “predict,” “project,” “potential,”
“continue,” and “ongoing,” or the negative of these terms, or other
comparable terminology intended to identify statements about the
future. These forward-looking statements include statements
regarding: the growing adoption and impact of our platform around
the world; trends in the online learning market, including with
respect to institutions using online learning for skilling at
scale; trends in the higher education market, including learner
interest in online credentials as a pathway into digital roles; our
ability to assemble a broad catalog of content and credentials; our
ability to differentiate from our competitors; demand for online
learning, including for skills to compete in today’s economy, and
our ability to meet the needs of learners and institutions;
anticipated features and benefits of our content and platform
offerings, including partner adoption of and satisfaction with
content ingestion, pricing and access to our content and platform
offerings, and mobile device compatibility and download options;
our ability to scale our business; 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 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 June 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 June
30,
Six Months Ended June
30,
2020
2021
2020
2021
(in thousands)
(in thousands)
Revenue
$
73,728
$
102,089
$
127,575
$
190,451
Cost of revenue(1)
35,161
41,162
60,112
79,987
Gross profit
38,567
60,927
67,463
110,464
Operating expenses:
Research and development(1)
18,046
41,004
33,829
63,144
Sales and marketing(1)
25,414
43,862
46,110
76,475
General and administrative(1)
8,943
21,846
16,029
34,991
Total operating expenses
52,403
106,712
95,968
174,610
Loss from operations
(13,836
)
(45,785
)
(28,505
)
(64,146
)
Interest income
265
85
961
165
Interest expense
(12
)
—
(12
)
—
Other income (expense), net
34
42
(218
)
35
Loss before income taxes
(13,549
)
(45,658
)
(27,774
)
(63,946
)
Income tax expense
367
705
456
1,080
Net loss
$
(13,916
)
$
(46,363
)
$
(28,230
)
$
(65,026
)
Net loss per share attributable to common
stockholders—basic and diluted
$
(0.38
)
$
(0.35
)
$
(0.79
)
$
(0.75
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders—basic and
diluted
36,185,155
131,804,121
35,925,639
86,761,169
(1) Includes stock-based compensation
expense as follows:
Three Months Ended June
30,
Six Months Ended June
30,
2020
2021
2020
2021
(in thousands)
(in thousands)
Cost of revenue
$
115
$
903
$
225
$
1,010
Research and development
1,492
18,363
2,769
20,391
Sales and marketing
833
11,310
1,542
12,658
General and administrative
1,123
8,599
2,041
10,400
Total stock-based compensation expense
$
3,563
$
39,175
$
6,577
$
44,459
Coursera Inc.
CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited)
(In thousands)
December 31, 2020
June 30, 2021
Assets:
Current assets:
Cash and cash equivalents
$
79,878
$
749,649
Marketable securities
205,402
51,088
Accounts receivable, net of allowance for
doubtful accounts of $48 and $153
40,721
51,757
Deferred costs
14,077
17,881
Prepaid expenses and other current
assets
14,993
17,983
Total current assets
355,071
888,358
Property, equipment and software, net
18,644
23,049
Operating lease right-of-use assets
21,622
18,906
Intangible assets, net
10,570
10,336
Restricted cash
2,548
2,548
Other assets
9,169
10,383
Total assets
$
417,624
$
953,580
Liabilities, Redeemable
Convertible Preferred Stock, and Stockholders’ Equity
(Deficit):
Current liabilities:
Educator partners payable
$
39,005
$
41,666
Other accounts payable
12,897
9,260
Accrued compensation and benefits
12,997
15,469
Operating lease liabilities, current
7,926
7,970
Deferred revenue, current
76,080
95,917
Other current liabilities
4,739
6,861
Total current liabilities
153,644
177,143
Operating lease liabilities,
non-current
18,305
15,071
Other liabilities
644
593
Deferred revenue, non-current
4,562
5,364
Total liabilities
177,155
198,171
Redeemable convertible preferred stock
462,293
—
Stockholders’ equity (deficit):
Common stock
—
1
Additional paid-in capital
126,408
1,168,681
Treasury stock
(4,701
)
(4,701
)
Accumulated other comprehensive income
20
5
Accumulated deficit
(343,551
)
(408,577
)
Total stockholders’ equity (deficit)
(221,824
)
755,409
Total liabilities, redeemable convertible
preferred stock, and stockholders’ equity (deficit)
$
417,624
$
953,580
Coursera Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
Six Months Ended June
30,
2020
2021
Cash flows from operating
activities:
Net loss
$
(28,230
)
$
(65,026
)
Adjustments to reconcile net loss to net
cash (used in) provided by operating activities:
Depreciation and amortization
4,364
6,371
Stock-based compensation
6,577
44,459
Amortization or accretion of marketable
securities
(187
)
319
Other
25
105
Changes in operating assets and
liabilities:
Accounts receivable, net
(11,497
)
(11,141
)
Prepaid expenses and other assets
(7,691
)
(4,124
)
Operating lease right-of-use assets
2,543
2,716
Educator partners and other accounts
payable
13,202
(5,274
)
Accrued and other liabilities
(431
)
4,347
Operating lease liabilities
(2,822
)
(3,191
)
Deferred revenue
27,992
20,639
Net cash (used in) provided by operating
activities
3,845
(9,800
)
Cash flows from investing
activities:
Purchases of marketable securities
(35,633
)
—
Proceeds from maturities of marketable
securities
98,434
153,981
Purchases of property, equipment and
software
(1,737
)
(739
)
Capitalized internal-use software
costs
(3,669
)
(6,598
)
Purchases of content assets
—
(531
)
Net cash provided by investing
activities
57,395
146,113
Cash flows from financing
activities:
Proceeds from exercise of stock options
and warrants
2,073
14,284
Proceeds from initial public offering, net
of offering costs
—
525,284
Payment of deferred offering costs
—
(6,110
)
Net cash provided by financing
activities
2,073
533,458
Net increase in cash, cash equivalents,
and restricted cash
63,313
669,771
Cash, cash equivalents, and restricted
cash—Beginning of period
59,845
82,426
Cash, cash equivalents, and restricted
cash—End of period
$
123,158
$
752,197
Reconciliation of cash, cash
equivalents and restricted cash:
Cash and cash equivalents
$
119,354
$
749,649
Restricted cash
3,035
2,548
Restricted cash in prepaid expenses and
other current assets
769
—
Total cash, cash equivalents, and
restricted cash
$
123,158
$
752,197
Coursera Inc.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES (Unaudited)
(In thousands, except number of
shares and per share amounts)
Three Months Ended June 30,
2021
GAAP
Stock-based
compensation
Payroll tax expense related to
stock-based activities
Non-GAAP
Revenue
$
102,089
-
-
$
102,089
Cost of revenue
41,162
(903
)
(15
)
40,244
Gross profit
60,927
903
15
61,845
Operating expenses:
Research and development
41,004
(18,363
)
(101
)
22,540
Sales and marketing
43,862
(11,310
)
(34
)
32,518
General and administrative
21,846
(8,599
)
(106
)
13,141
Total operating expenses
106,712
(38,272
)
(241
)
68,199
Loss from operations
(45,785
)
39,175
256
(6,354
)
Interest income
85
-
-
85
Other income, net
42
-
-
42
Loss before income taxes
(45,658
)
39,175
256
(6,227
)
Income tax expense
705
-
-
705
Net loss
(46,363
)
39,175
256
(6,932
)
Net loss per share attributable to common
stockholders—basic and diluted
$
(0.35
)
$
(0.05
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders—basic and
diluted
131,804,121
131,804,121
Six Months Ended June 30,
2021
GAAP
Stock-based
compensation
Payroll tax expense related to
stock-based activities
Non-GAAP
Revenue
$
190,451
-
-
$
190,451
Cost of revenue
79,987
(1,010
)
(16
)
78,961
Gross profit
110,464
1,010
16
111,490
Operating expenses:
Research and development
63,144
(20,391
)
(124
)
42,629
Sales and marketing
76,475
(12,658
)
(35
)
63,782
General and administrative
34,991
(10,400
)
(109
)
24,482
Total operating expenses
174,610
(43,449
)
(268
)
130,893
Loss from operations
(64,146
)
44,459
284
(19,403
)
Interest income
165
-
-
165
Other income, net
35
-
-
35
Loss before income taxes
(63,946
)
44,459
284
(19,203
)
Income tax expense
1,080
-
-
1,080
Net loss
(65,026
)
44,459
284
(20,283
)
Net loss per share attributable to common
stockholders—basic and diluted
$
(0.75
)
$
(0.23
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders—basic and
diluted
86,761,169
86,761,169
Three Months Ended June 30,
2020
GAAP
Stock-based
compensation
Payroll tax expense related to
stock-based activities
Non-GAAP
Revenue
$
73,728
-
-
$
73,728
Cost of revenue
35,161
(115
)
-
35,046
Gross profit
38,567
115
-
38,682
Operating expenses:
-
Research and development
18,046
(1,492
)
(3
)
16,551
Sales and marketing
25,414
(833
)
(12
)
24,569
General and administrative
8,943
(1,123
)
-
7,820
Total operating expenses
52,403
(3,448
)
(15
)
48,940
Loss from operations
(13,836
)
3,563
15
(10,258
)
Interest income
265
-
-
265
Interest expense
(12
)
-
-
(12
)
Other income, net
34
-
-
34
Loss before income taxes
(13,549
)
3,563
15
(9,971
)
Income tax expense
367
-
-
367
Net loss
(13,916
)
3,563
15
(10,338
)
Net loss per share attributable to common
stockholders—basic and diluted
$
(0.38
)
$
(0.29
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders—basic and
diluted
36,185,155
36,185,155
Six Months Ended June 30,
2020
GAAP
Stock-based
compensation
Payroll tax expense related to
stock-based activities
Non-GAAP
Revenue
$
127,575
-
-
$
127,575
Cost of revenue
60,112
(225
)
-
59,887
Gross profit
67,463
225
-
67,688
Operating expenses:
-
Research and development
33,829
(2,769
)
(3
)
31,057
Sales and marketing
46,110
(1,542
)
(12
)
44,556
General and administrative
16,029
(2,041
)
-
13,988
Total operating expenses
95,968
(6,352
)
(15
)
89,601
Loss from operations
(28,505
)
6,577
15
(21,913
)
Interest income
961
-
-
961
Interest expense
(12
)
-
-
(12
)
Other income (expense), net
(218
)
-
-
(218
)
Loss before income taxes
(27,774
)
6,577
15
(21,182
)
Income tax expense
456
-
-
456
Net loss
(28,230
)
6,577
15
(21,638
)
Net loss per share attributable to common
stockholders—basic and diluted
$
(0.79
)
$
(0.60
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders—basic and
diluted
35,925,639
35,925,639
Three Months Ended June
30,
Six Months Ended June
30,
2020
2021
2020
2021
(in thousands)
(in thousands)
Net loss
$
(13,916
)
$
(46,363
)
$
(28,230
)
$
(65,026
)
Depreciation and amortization
2,371
3,440
4,364
6,371
Interest income, net
(253
)
(85
)
(949
)
(165
)
Stock-based compensation
3,563
39,175
6,577
44,459
Income tax expense
367
705
456
1,080
Payroll tax expense related to stock-based
activities
15
256
15
284
Adjusted EBITDA
$
(7,853
)
$
(2,872
)
$
(17,767
)
$
(12,997
)
Adjusted EBITDA margin
(11
)%
(3
)%
(14
)%
(7
)%
Three Months Ended June
30,
Six Months Ended June
30,
2020
2021
2020
2021
(in thousands)
(in thousands)
Net cash (used in) provided by operating
activities
$
11,381
$
(5,453
)
$
3,845
$
(9,800
)
Less: Purchases of property, equipment and
software
(1,155
)
(432
)
(1,737
)
(739
)
Less: Capitalized internal-use software
costs
(1,895
)
(2,613
)
(3,669
)
(6,598
)
Free Cash Flow
$
8,331
$
(8,498
)
$
(1,561
)
$
(17,137
)
Source Code: COUR-IR
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210803005997/en/
For investors: Cam Carey, ir@coursera.org
For media: Arunav Sinha, press@coursera.org
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