- Grows full year 2023 revenue 21% year-over-year
- Provides full year 2024 revenue outlook midpoint of $735
million
Coursera, Inc. (NYSE: COUR) today announced financial results
for its fourth quarter and full year ended December 31, 2023.
“We believe generative AI will unleash the next wave of
innovation and productivity, but individuals and institutions will
require high-quality education and training to adopt the technology
quickly and safely,” said Coursera CEO Jeff Maggioncalda. “Coursera
is partnering with the top research universities and companies at
the forefront of AI, including Microsoft, Stanford Online,
DeepLearning.AI, Google Cloud, AWS, and more to serve our
platform’s 142 million learners around the world.”
Financial Highlights for Fourth Quarter 2023
- Total revenue was $168.9 million, up 19% from $142.2 million a
year ago.
- Gross profit was $89.3 million or 53% of revenue, compared to
$87.9 million or 62% of revenue a year ago. Non-GAAP gross profit
was $91.2 million or 54% of revenue, compared to $89.9 million or
63% of revenue a year ago. The change reflects a shift of expense,
from operating expense to cost of revenue, associated with the
previously announced contract extension with our largest industry
partner.
- Net loss was $(20.4) million or (12.1)% of revenue, compared to
$(51.7) million or (36.4)% of revenue a year ago. Non-GAAP net
income was $9.5 million or 5.6% of revenue, compared to non-GAAP
net loss of $(5.5) million or (3.9)% of revenue a year ago.
- Net loss per share was $(0.13), compared to $(0.35) a year ago.
Non-GAAP net income per share was $0.06, compared to non-GAAP net
loss per share of $(0.04) a year ago.
- Adjusted EBITDA was $5.7 million or 3.4% of revenue, compared
to $(5.8) million or (4.1)% of revenue a year ago.
- Net cash provided by operating activities was $11.6 million,
compared to a use of $(5.4) million a year ago. Free Cash Flow was
$5.7 million, compared to $(7.9) million a year ago.
Financial Highlights for Full Year 2023
- Total revenue was $635.8 million, up 21% from $523.8 million in
the prior year.
- Gross profit was $329.8 million or 52% of revenue, compared to
$331.5 million or 63% of revenue in the prior year. Non-GAAP gross
profit was $337.5 million or 53% of revenue, compared to $337.7
million or 64% of revenue in the prior year. The change reflects a
shift of expense, from operating expense to cost of revenue,
associated with the previously announced contract extension with
our largest industry partner.
- Net loss was $(116.6) million or (18.3)% of revenue, compared
to $(175.4) million or (33.5)% of revenue in the prior year.
Non-GAAP net income was $1.8 million or 0.3% of revenue, compared
to non-GAAP net loss of $(50.3) million or (9.6)% of revenue in the
prior year.
- Net loss per share was $(0.77), compared to $(1.21) in the
prior year. Non-GAAP net income per share was $0.01, compared to
non-GAAP net loss per share of $(0.35) in the prior year.
- Adjusted EBITDA was $(10.0) million or (1.6)% of revenue,
compared to $(36.9) million or (7.1)% of revenue in the prior
year.
- Net cash provided by operating activities was $29.6 million,
compared to a use of $(38.1) million in the prior year. Free Cash
Flow was $7.9 million, compared to $(53.3) million in the prior
year.
“In 2023, we grew revenue 21% year-over-year and delivered
positive Adjusted EBITDA for the first time in the fourth quarter,”
said Ken Hahn, Coursera’s CFO. “We have a consistent track record
of growing with leverage, and our initial 2024 outlook anticipates
a 550 basis point improvement in Adjusted EBITDA Margin to
approximately four percent.”
Coursera revised its definition of Free Cash Flow to include
purchases of content assets. The Free Cash Flow amounts reported in
this earnings release have been recast to reflect this updated
definition of Free Cash Flow. 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 2023
- Consumer revenue was $97.2 million, up 22% from a year
ago on strong demand for entry-level Professional Certificates and
newly launched generative AI courses. Segment gross margin was
$51.5 million, or 53% of Consumer revenue, compared to 73% a year
ago. The change is associated with the previously announced
contract extension with our largest industry partner. We added 6
million new registered learners during the quarter for a total of
142 million.
- Enterprise revenue was $58.3 million, up 15% from a year
ago on strength in our government and campus verticals. The total
number of Paid Enterprise Customers increased to 1,369, up 19% from
a year ago. Segment gross margin was $39.6 million, or 68% of
Enterprise revenue, compared to 66% a year ago. Our Net Retention
Rate for Paid Enterprise Customers was 98%.
- Degrees revenue was $13.4 million, up 12% from a year
ago on growth in new students and scaling of recent program
launches. 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 22,025, up 22% from a year
ago.
All key business metrics are as of December 31, 2023. 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:
- Introduced Generative AI for Everyone from
DeepLearning.AI, a new course by Coursera co-founder Andrew Ng,
with more than 100,000 enrollments in its initial weeks to become
our fastest-growing course of 2023.
- Welcomed our first degree from the University of
Pittsburgh with a Master of Data Science focused on access and
affordability, including performance-based admissions from open
content and a pay-as-you-go total tuition cost of $15,000.
- Launched an entry-level Professional Certificate from Keller
Williams, designed to equip learners of all backgrounds with
the knowledge and skills to excel as a real estate agent.
Enterprise Customers:
- Coursera for Business signed new and expanded
relationships with leading companies, including Atlas Technology
Systems (U.S.), Banco Santander (Mexico), Capgemini, (France), and
Lockheed Martin (U.S.).
- Coursera for Government launched an expanded partnership
with the New York State Department of Labor (NYSDOL) and Empire
State University (SUNY Empire), allowing New Yorkers in the NYSDOL
program to transfer eligible credits from courses on Coursera to
any of SUNY Empire’s 125 bachelor’s and associate degree
programs.
- Coursera for Campus partnered with global higher
education institutions to equip students with in-demand skills and
certificates, including Acharya Institute of Technology (India),
College of Charleston (U.S.), Lovely Professional University
(India), Qatar University (Qatar), and University of Prince Mugrin
(Saudi Arabia).
Learning Platform:
- Launched Generative AI (GenAI) Academy, a new Enterprise
offering designed to equip executives and their employees with the
foundational literacy and skills from top research universities and
companies at the forefront of AI, including Stanford Online,
Vanderbilt, DeepLearning.AI, Google Cloud, Microsoft, and AWS.
- Expanded our AI-powered translation initiative from seven to
18 popular languages, allowing learners speaking Chinese,
Dutch, Greek, Italian, and more to access over 4,000 courses,
Specializations, and Professional Certificates in their local
language.
- Received an Authorized Instructional Platform designation
from the American Council on Education (ACE), as the first
instructional platform to receive this distinction of academic
integrity, security, and rigor.
Highlights reflect developments since September 30, 2023 through
today’s announcement. For additional information on these
developments, see the Coursera Blog at blog.coursera.org.
Financial Outlook
- First quarter 2024:
- Revenue in the range of $168 to $172 million
- Adjusted EBITDA in the range of $(2) to $2 million
- Full year 2024:
- Revenue in the range of $730 to $740 million
- Adjusted EBITDA in the range of $26 to $32 million
- Free Cash Flow at or above Adjusted EBITDA
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 to
discuss its fourth quarter and full year 2023 performance today,
February 1, 2024, 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 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 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 142 million
registered learners as of December 31, 2023. Coursera partners with
over 325 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 Delaware public benefit corporation and 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 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 (“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 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 income (loss), non-GAAP net income (loss) 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 (Loss), and
Non-GAAP Net Income (Loss) Per Share
We define non-GAAP gross profit and non-GAAP net income (loss)
as GAAP gross profit and GAAP net loss excluding the impact of
stock-based compensation expense, amortization of stock-based
compensation expense capitalized as internal-use software costs,
payroll tax expense related to stock-based compensation, and
restructuring related charges. Non-GAAP net income (loss) per share
is calculated by dividing non-GAAP net income (loss) by the diluted
weighted average shares of common stock outstanding. 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.
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 expense; (4) other (income) expense, net; (5) stock-based
compensation expense; (6) payroll tax expense related to
stock-based compensation; and (7) restructuring related charges. 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 provided by (used in) operating activities, less cash
used for 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 change to our definition
of Free Cash Flow to include purchases of content assets.
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 enabling a
new era of education to better meet the needs of a changing global
workforce; the Company’s belief regarding the accessibility of high
quality education to learners anywhere in the world, including
through the acceleration of the Company’s AI-powered translation
initiative to meet the needs of learners coming to Coursera; the
expected benefits of the Company’s differentiated catalog of
high-quality, branded industry micro-credentials and its
anticipated impact on the Company’s financial performance; the
Company’s ability to invest in its platform’s multiple growth
opportunities while demonstrating leverage and scale in its
operating model; the anticipated features and benefits of the
Company’s AI initiatives, expanded talent and skills development
partnerships, new certificate and degree programs and partnerships,
and its learning platform (including its machine learning
translation initiative, credit recommendations, and new degree
pathways); the potential of Coursera’s stock repurchase program to
reduce the impact of stock dilution; Coursera’s mission to provide
universal access to world-class learning; the demand for online
learning; anticipated features and benefits of our customer and
partner relationships and our content and platform offerings; the
anticipated utility of non-GAAP financial 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 relative 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 and to create opportunities with
new 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; risks related
to our AI innovations and AI generally; our ability to compete
effectively; regulatory matters impacting us or our partners; risks
related to intellectual property; cybersecurity and privacy risks
and regulations; potential disruptions to our platform; risks
related to international operations, regulatory, economic, and
geopolitical conditions, pandemics or similar widespread health
crises, and our status as a B Corp, as well as the risks and
uncertainties discussed in our most recently filed periodic reports
on Form 10-K and Form 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,
2023
2022
2023
2022
Revenue
$
168,880
$
142,180
$
635,764
$
523,756
Cost of revenue(1)
79,551
54,305
305,993
192,277
Gross profit
89,329
87,875
329,771
331,479
Operating expenses:
Research and development(1)
37,366
42,835
160,077
165,134
Sales and marketing(1)
58,106
61,919
222,771
227,676
General and administrative(1)
22,416
28,998
98,325
105,900
Restructuring related charges(1)
—
10,149
(5,806
)
10,149
Total operating expenses
117,888
143,901
475,367
508,859
Loss from operations
(28,559
)
(56,026
)
(145,596
)
(177,380
)
Other income (expense):
Interest income, net
9,298
5,671
34,432
9,144
Other income (expense), net
212
173
(19
)
(2,401
)
Loss before income taxes
(19,049
)
(50,182
)
(111,183
)
(170,637
)
Income tax expense
1,308
1,535
5,371
4,720
Net loss
$
(20,357
)
$
(51,717
)
$
(116,554
)
$
(175,357
)
Net loss per share—basic and diluted
$
(0.13
)
$
(0.35
)
$
(0.77
)
$
(1.21
)
Weighted average shares used in computing
net loss per share—basic and diluted
153,690,451
147,177,497
150,957,814
145,263,726
(1) Includes stock-based compensation
expense as follows:
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Cost of revenue
$
563
$
1,017
$
2,593
$
3,089
Research and development
11,568
14,742
49,931
48,779
Sales and marketing
7,964
8,140
31,299
30,092
General and administrative
7,572
10,911
31,352
28,703
Restructuring related charges
—
122
(5,605
)
122
Total stock-based compensation expense
$
27,667
$
34,932
$
109,570
$
110,785
Coursera Inc.
CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited)
(In thousands)
December 31, 2023
December 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
656,321
$
320,817
Marketable securities
65,746
459,654
Accounts receivable, net
67,418
53,734
Deferred costs, net
26,387
24,147
Prepaid expenses and other current
assets
16,614
17,636
Total current assets
832,486
875,988
Property, equipment, and software, net
30,408
27,096
Operating lease right-of-use assets
4,739
9,605
Intangible assets, net
11,720
8,553
Other assets
41,180
26,355
Total assets
$
920,533
$
947,597
Liabilities and Stockholders’
Equity
Current liabilities:
Educator partners payable
$
101,041
$
66,375
Other accounts payable and accrued
expenses
23,456
23,342
Accrued compensation and benefits
22,281
21,163
Operating lease liabilities, current
6,557
8,658
Deferred revenue, current
137,229
115,701
Other current liabilities
7,696
7,202
Total current liabilities
298,260
242,441
Operating lease liabilities,
non-current
39
5,791
Deferred revenue, non-current
2,861
3,076
Other liabilities
3,179
1,714
Total liabilities
304,339
253,022
Stockholders’ equity:
Common stock
2
1
Additional paid-in capital
1,459,964
1,364,116
Treasury stock, at cost
(63,154
)
(4,701
)
Accumulated other comprehensive income
(loss)
59
(718
)
Accumulated deficit
(780,677
)
(664,123
)
Total stockholders’ equity
616,194
694,575
Total liabilities and stockholders’
equity
$
920,533
$
947,597
Coursera Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
Year Ended December
31,
2023
2022
Cash flows from operating
activities:
Net loss
$
(116,554
)
$
(175,357
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
22,270
18,503
Stock-based compensation expense
109,570
110,785
Accretion of marketable securities
(13,811
)
(895
)
Impairment of long-lived assets
3,062
6,124
Other
1,496
1,088
Changes in operating assets and
liabilities:
Accounts receivable, net
(14,763
)
(20,598
)
Prepaid expenses and other assets
(17,003
)
(18,290
)
Operating lease right-of-use assets
4,868
4,839
Accounts payable and accrued expenses
33,971
17,893
Accrued compensation and other
liabilities
3,073
3,409
Operating lease liabilities
(7,853
)
(5,841
)
Deferred revenue
21,313
20,289
Net cash provided by (used in) operating
activities
29,639
(38,051
)
Cash flows from investing
activities:
Purchases of marketable securities
(121,756
)
(593,770
)
Proceeds from maturities of marketable
securities
530,000
375,000
Purchases of property, equipment, and
software
(1,147
)
(1,578
)
Capitalized internal-use software
costs
(15,254
)
(12,299
)
Purchase of minority interest
(1,701
)
—
Purchases of content assets
(5,344
)
(1,377
)
Net cash provided by (used in) investing
activities
384,798
(234,024
)
Cash flows from financing
activities:
Proceeds from exercise of stock
options
27,315
17,586
Proceeds from employee stock purchase
plan
6,031
6,829
Payments for repurchases of common
stock
(58,453
)
—
Payment of tax withholding on vesting of
restricted stock units
(54,122
)
(11,886
)
Payment of deferred offering costs
—
(295
)
Net cash (used in) provided by financing
activities
(79,229
)
12,234
Net increase (decrease) in cash, cash
equivalents, and restricted cash
335,208
(259,841
)
Cash, cash equivalents, and restricted
cash—Beginning of period
322,878
582,719
Cash, cash equivalents, and restricted
cash—End of period
$
658,086
$
322,878
Coursera Inc.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES (Unaudited)
(In thousands)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Gross profit
$
89,329
$
87,875
$
329,771
$
331,479
Stock-based compensation expense
563
1,017
2,593
3,089
Amortization of stock-based compensation
capitalized as internal-use software costs
1,328
991
5,039
3,134
Payroll tax expense related to stock-based
compensation
15
12
115
28
Non-GAAP gross profit
$
91,235
$
89,895
$
337,518
$
337,730
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Net loss
$
(20,357
)
$
(51,717
)
$
(116,554
)
$
(175,357
)
Stock-based compensation expense
27,667
34,810
115,175
110,663
Amortization of stock-based compensation
capitalized as internal-use software costs
1,328
991
5,039
3,134
Payroll tax expense related to stock-based
compensation
815
229
3,957
1,120
Restructuring related charges
—
10,149
(5,806
)
10,149
Non-GAAP net income (loss)
$
9,453
$
(5,538
)
$
1,811
$
(50,291
)
Weighted-average shares used in computing
net loss per share—basic
153,690,451
147,177,497
150,957,814
145,263,726
Effect of dilutive securities(2)
15,238,006
—
15,626,795
—
Weighted-average shares used in computing
non-GAAP net income (loss) per share—diluted
168,928,457
147,177,497
166,584,609
145,263,726
Net loss per share—basic and diluted
$
(0.13
)
$
(0.35
)
$
(0.77
)
$
(1.21
)
Non-GAAP net income (loss) per
share—diluted
$
0.06
$
(0.04
)
$
0.01
$
(0.35
)
(2)
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 December
31,
Year Ended December
31,
2023
2022
2023
2022
Net loss
$
(20,357
)
$
(51,717
)
$
(116,554
)
$
(175,357
)
Depreciation and amortization
5,768
4,996
22,270
18,503
Interest income, net
(9,298
)
(5,671
)
(34,432
)
(9,144
)
Income tax expense
1,308
1,535
5,371
4,720
Other (income) expense, net
(212
)
(173
)
19
2,401
Stock-based compensation expense
27,667
34,810
115,175
110,663
Payroll tax expense related to stock-based
compensation
815
229
3,957
1,120
Restructuring related charges
—
10,149
(5,806
)
10,149
Adjusted EBITDA
$
5,691
$
(5,842
)
$
(10,000
)
$
(36,945
)
Net loss margin
(12
)%
(36
)%
(18
)%
(33
)%
Adjusted EBITDA Margin
3
%
(4
)%
(2
)%
(7
)%
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Net cash provided by (used in) operating
activities(3)
$
11,568
$
(5,442
)
$
29,639
$
(38,051
)
Less: purchases of property, equipment,
and software
(121
)
(192
)
(1,147
)
(1,578
)
Less: capitalized internal-use software
costs
(3,791
)
(2,217
)
(15,254
)
(12,299
)
Previously reported Free Cash Flow
$
(7,851
)
$
(51,928
)
Less: purchases of content assets
(1,966
)
(82
)
(5,344
)
(1,377
)
Free Cash Flow
$
5,690
$
(7,933
)
$
7,894
$
(53,305
)
(3)
Includes cash payments for restructuring
related charges made during the three months and years ended
December 31, 2023 and 2022 of $0, $4.8 million, $5.1 million, and
$4.8 million, respectively.
Source Code: COUR-IR
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240201986101/en/
For investors: Cam Carey, ir@coursera.org
For media: Arunav Sinha, press@coursera.org
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