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INSTRUCTURE INC

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2019 10-K, filed Feb 28, 2020. Its latest SEC filing is a 15-12B from Apr 3, 2020.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Sells cloud-based learning and assessment software for schools and colleges, and employee development software for companies.

How Did They Make Money?

Schools, colleges and companies pay user-based subscription fees for access to learning, assessment and talent management systems and support, usually annually in advance. They also pay for training, implementation and consulting as those services are delivered.

FY2019 revenue

Who Were Their Customers?

Academic institutions and companies buy through a direct sales force; reseller partners may be used in some new international markets.

Did Revenues Turn Into Profits?

Not on paper. It lost $80.8M in FY2019, but brought in more cash than it spent: $8.6M of free cash flow.

Operating income, FY2019
−33% of revenue
▲ +92% (Loss) vs FY2018 (−$44.8M, −21%)
Net income, FY2019
−31% of revenue
▲ +86% (Loss) vs FY2018 (−$43.5M, −21%)
Free cash flow, FY2019
3% of revenue
▲ Now profitable vs FY2018 (−$11M, −5%)

How Were They Changing?

Since the FY2019 annual report
  • Mar 24, 2020 Thoma Bravo completed its acquisition of Instructure Instructure became a wholly owned subsidiary, and its stock ceased trading on the New York Stock Exchange.

Grew. Revenue grew 3.5x in 4 years, from $73.2M in FY2015 to $258.5M in FY2019, about 37% a year.

Adds assessment and performance tools The older report describes a cloud-based learning management platform for academic institutions and companies; the latest adds Canvas Assessment and describes applications for performance management.

Who Did They Compete With?

Competes with Blackboard, D2L, Moodle, Cornerstone OnDemand, Saba Software, and SumTotal Systems

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