2021 Q4 Form 10-Q Financial Statement

#000095017021004103 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $115.0M $109.9M $82.67M
YoY Change 38.07% 32.91% 70.08%
Cost Of Revenue $43.67M $42.16M $38.97M
YoY Change 9.83% 8.19% 64.99%
Gross Profit $71.29M $67.72M $43.70M
YoY Change 63.88% 54.95% 74.89%
Gross Profit Margin 62.01% 61.63% 52.86%
Selling, General & Admin $80.45M $65.21M $35.97M
YoY Change 73.56% 81.28% 43.77%
% of Gross Profit 112.85% 96.3% 82.31%
Research & Development $38.33M $33.94M $19.62M
YoY Change 64.23% 72.96% 14.47%
% of Gross Profit 53.77% 50.11% 44.89%
Depreciation & Amortization $4.249M $4.137M
YoY Change
% of Gross Profit 5.96% 6.11%
Operating Expenses $118.8M $99.15M $55.59M
YoY Change 70.44% 78.34% 31.86%
Operating Profit -$47.49M -$31.43M -$11.89M
YoY Change 81.33% 164.36% -30.76%
Interest Expense $93.00K $62.00K $120.0K
YoY Change -7.0% -48.33% -88.0%
% of Operating Profit
Other Income/Expense, Net -$95.00K -$286.0K $227.0K
YoY Change -186.36% -225.99% -241.88%
Pretax Income -$47.49M -$31.65M -$11.54M
YoY Change 82.8% 174.22% -29.32%
Income Tax $246.0K $800.0K $325.0K
% Of Pretax Income
Net Earnings -$47.74M -$32.45M -$11.87M
YoY Change 78.66% 173.46% -28.51%
Net Earnings / Revenue -41.53% -29.53% -14.35%
Basic Earnings Per Share -$0.23
Diluted Earnings Per Share -$337.6K -$233.7K -$91.12K
COMMON SHARES
Basic Shares Outstanding 140.6M 137.7M
Diluted Shares Outstanding 138.8M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $821.8M $816.1M
YoY Change
Cash & Equivalents $580.7M $801.1M $103.5M
Short-Term Investments $241.1M $15.03M
Other Short-Term Assets $36.16M $36.62M
YoY Change
Inventory
Prepaid Expenses
Receivables $34.40M $35.96M
Other Receivables $0.00 $0.00
Total Short-Term Assets $892.3M $888.7M
YoY Change 151.31%
LONG-TERM ASSETS
Property, Plant & Equipment $24.73M $24.52M
YoY Change 32.62%
Goodwill
YoY Change
Intangibles $10.09M $10.30M
YoY Change -4.53%
Long-Term Investments
YoY Change
Other Assets $13.38M $11.22M
YoY Change 45.94%
Total Long-Term Assets $66.58M $66.16M
YoY Change 6.44%
TOTAL ASSETS
Total Short-Term Assets $892.3M $888.7M
Total Long-Term Assets $66.58M $66.16M
Total Assets $958.9M $954.8M
YoY Change 129.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $49.21M $44.33M
YoY Change
Accrued Expenses $26.38M $26.60M
YoY Change
Deferred Revenue $94.64M $91.37M
YoY Change 24.39%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $201.1M $181.4M
YoY Change 30.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $559.0K $573.0K
YoY Change -13.2%
Total Long-Term Liabilities $559.0K $573.0K
YoY Change -13.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $201.1M $181.4M
Total Long-Term Liabilities $559.0K $573.0K
Total Liabilities $217.4M $198.9M
YoY Change 22.72%
SHAREHOLDERS EQUITY
Retained Earnings -$488.8M -$441.0M
YoY Change 42.27%
Common Stock $1.000K $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.701M $4.701M
YoY Change 0.0%
Treasury Stock Shares $2.748M $2.748M
Shareholders Equity $741.5M $756.0M -$208.2M
YoY Change
Total Liabilities & Shareholders Equity $958.9M $954.8M
YoY Change 129.61%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$47.74M -$32.45M -$11.87M
YoY Change 78.66% 173.46% -28.51%
Depreciation, Depletion And Amortization $4.249M $4.137M
YoY Change
Cash From Operating Activities $805.0K $10.74M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$3.123M -$3.841M
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$226.8M $36.00M
YoY Change
Cash From Investing Activities -$229.9M $32.16M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.173M 8.525M
YoY Change
NET CHANGE
Cash From Operating Activities 805.0K 10.74M
Cash From Investing Activities -229.9M 32.16M
Cash From Financing Activities 8.173M 8.525M
Net Change In Cash -220.9M 51.42M
YoY Change
FREE CASH FLOW
Cash From Operating Activities $805.0K $10.74M
Capital Expenditures -$3.123M -$3.841M
Free Cash Flow $3.928M $14.58M
YoY Change

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21000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
24860000
CY2021Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-4000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-32451000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
755978000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-186999000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
6849000
cour Stock Issued During Period Value Warrants Exercised
StockIssuedDuringPeriodValueWarrantsExercised
38000
cour Adjustments To Additional Paid In Capital Vesting Of Early Exercise Stock Options
AdjustmentsToAdditionalPaidInCapitalVestingOfEarlyExerciseStockOptions
176000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
11842000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-57000
us-gaap Net Income Loss
NetIncomeLoss
-40097000
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
-208248000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-221824000
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
462293000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
518835000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
26872000
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
4445000
cour Adjustments To Additional Paid In Capital Vesting Of Early Exercise Stock Options
AdjustmentsToAdditionalPaidInCapitalVestingOfEarlyExerciseStockOptions
63000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6873000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
10508000
cour Payment Of Deferred Offering Costs
PaymentOfDeferredOfferingCosts
0
cour Payment Of Deferred Offering Costs
PaymentOfDeferredOfferingCosts
6119000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3992000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
136582000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
541983000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
71680000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-19000
us-gaap Net Income Loss
NetIncomeLoss
-97477000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
755978000
us-gaap Profit Loss
ProfitLoss
-40097000
us-gaap Profit Loss
ProfitLoss
-97477000
us-gaap Share Based Compensation
ShareBasedCompensation
11277000
us-gaap Share Based Compensation
ShareBasedCompensation
67867000
us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
136000
us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
-373000
us-gaap Other Noncash Expense
OtherNoncashExpense
25000
us-gaap Other Noncash Expense
OtherNoncashExpense
257000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4655000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-4500000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
10207000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
5658000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3846000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4052000
cour Increase Decrease In Educator Partners And Other Accounts Payable
IncreaseDecreaseInEducatorPartnersAndOtherAccountsPayable
15732000
cour Increase Decrease In Educator Partners And Other Accounts Payable
IncreaseDecreaseInEducatorPartnersAndOtherAccountsPayable
-58000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
88000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
7274000
cour Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-4303000
cour Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-4801000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
24099000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
14104000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2542000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
941000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
203294000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
0
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
119934000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
189981000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
2234000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1228000
cour Payments To Capitalized Internal Use Software Costs
PaymentsToCapitalizedInternalUseSoftwareCosts
6035000
cour Payments To Capitalized Internal Use Software Costs
PaymentsToCapitalizedInternalUseSoftwareCosts
9712000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-91629000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
178272000
us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
129611000
us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
0
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
6887000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
26810000
cour Proceeds From Exercise Of Unvested Options Net Of Repurchases
ProceedsFromExerciseOfUnvestedOptionsNetOfRepurchases
84000
cour Proceeds From Exercise Of Unvested Options Net Of Repurchases
ProceedsFromExerciseOfUnvestedOptionsNetOfRepurchases
0
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
525284000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
47495000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
721196000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
59845000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
82426000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
107340000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
803622000
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
103536000
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
801074000
CY2020Q3 us-gaap Restricted Cash
RestrictedCash
3035000
CY2021Q3 us-gaap Restricted Cash
RestrictedCash
2548000
CY2020Q3 cour Restricted Cash In Prepaid Expenses And Other Current Assets
RestrictedCashInPrepaidExpensesAndOtherCurrentAssets
769000
CY2021Q3 cour Restricted Cash In Prepaid Expenses And Other Current Assets
RestrictedCashInPrepaidExpensesAndOtherCurrentAssets
0
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
107340000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
803622000
us-gaap Interest Paid Net
InterestPaidNet
550000
us-gaap Interest Paid Net
InterestPaidNet
0
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
666000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1456000
cour Vesting Of Early Exercised Stock Options
VestingOfEarlyExercisedStockOptions
176000
cour Vesting Of Early Exercised Stock Options
VestingOfEarlyExercisedStockOptions
63000
cour Share Based Compensation Capitalized As Internal Use Software
ShareBasedCompensationCapitalizedAsInternalUseSoftware
565000
cour Share Based Compensation Capitalized As Internal Use Software
ShareBasedCompensationCapitalizedAsInternalUseSoftware
3813000
cour Tax Withholding On Vesting Of Restricted Stock Units
TaxWithholdingOnVestingOfRestrictedStockUnits
0
cour Tax Withholding On Vesting Of Restricted Stock Units
TaxWithholdingOnVestingOfRestrictedStockUnits
453000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
567000
cour Unpaid Deferred Offering Costs
UnpaidDeferredOfferingCosts
0
cour Unpaid Deferred Offering Costs
UnpaidDeferredOfferingCosts
330000
CY2021Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
72802000
CY2020Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
745000
CY2021Q3 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
5047000
CY2020Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
16656000
CY2020Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
40721000
CY2021Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
35964000
CY2020Q1 us-gaap Other Liabilities And Deferred Revenue Noncurrent
OtherLiabilitiesAndDeferredRevenueNoncurrent
41607000
CY2020Q4 us-gaap Other Liabilities And Deferred Revenue Noncurrent
OtherLiabilitiesAndDeferredRevenueNoncurrent
80642000
CY2020Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2021Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Use of Estimates</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">—The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and related disclosures at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates, including those related to fair value of common stock and stock-based awards; period of benefit for capitalized commissions; internal-use software costs; useful lives of long-lived assets; the carrying value of operating lease right-of-use assets; valuation of intangible assets and income tax expense, including the valuation of deferred tax assets and liabilities, among others.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:9.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The World Health Organization declared in March 2020 that the outbreak of the coronavirus disease (“COVID-19") constitutes a pandemic. The COVID-19 pandemic has caused general business disruption worldwide beginning in January 2020. The global impact of COVID-19 continues to rapidly evolve, and the Company will continue to monitor the situation and the effects on its business and operations closely. The Company does not yet know the full extent of potential impacts on its business or operations or on the global economy as a whole, particularly if the COVID-19 pandemic continues and persists for an extended period of time. Given the uncertainty, the Company cannot reasonably estimate the impact on its future results of operations, cash flows, or financial condition. As of the date of issuance of the condensed consolidated financial statements, the Company is not aware of any specific event or circumstance that would require it to update its estimates, judgments, or the carrying value of its assets or liabilities. These estimates may change as new events occur and additional information is obtained and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s condensed consolidated financial statements.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span> </p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Concentration of Credit Risk</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">—Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents, and marketable securities. The Company invests only in high-credit-quality instruments and maintains its cash equivalents and marketable securities in fixed-income securities. The Company places its cash primarily with domestic financial institutions that are federally insured within statutory limits.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">For purposes of assessing concentration of credit risk and significant customers, a group of customers under common control or customers that are affiliates of each other are regarded as a single customer. For the three and nine months ended September 30, 2020 and 2021</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">, the Company did not have any customers that accounted for more than </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">10</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">% of the Company’s revenue. As of December 31, 2020 and September 30, 2021, the Company had </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">one</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> customer that accounted for </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">21</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">% and </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">17</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">% of its net accounts receivable balance, respectively.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
CY2020Q1 us-gaap Billed Contract Receivables
BilledContractReceivables
16592000
CY2020Q4 us-gaap Billed Contract Receivables
BilledContractReceivables
39976000
CY2021Q3 us-gaap Billed Contract Receivables
BilledContractReceivables
30917000
CY2020Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
64000
CY2021Q3 us-gaap Other Liabilities And Deferred Revenue Noncurrent
OtherLiabilitiesAndDeferredRevenueNoncurrent
94747000
CY2020Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
41607000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
80642000
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
94747000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
34535000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
67976000
CY2020Q3 cour Impairment Losses On Contract Assets
ImpairmentLossesOnContractAssets
0
cour Impairment Losses On Contract Assets
ImpairmentLossesOnContractAssets
0
CY2021Q3 cour Impairment Losses On Contract Assets
ImpairmentLossesOnContractAssets
0
cour Impairment Losses On Contract Assets
ImpairmentLossesOnContractAssets
0
CY2021Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
240631000
CY2021Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.64
CY2021Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2020Q3 cour Commissions And Related Payroll Tax Expenditures
CommissionsAndRelatedPayrollTaxExpenditures
3170000
CY2021Q3 cour Commissions And Related Payroll Tax Expenditures
CommissionsAndRelatedPayrollTaxExpenditures
3786000
CY2020Q3 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
1114000
CY2021Q3 us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
2169000
cour Commissions And Related Payroll Tax Expenditures
CommissionsAndRelatedPayrollTaxExpenditures
7003000
cour Commissions And Related Payroll Tax Expenditures
CommissionsAndRelatedPayrollTaxExpenditures
9485000
us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
2697000
us-gaap Amortization Of Deferred Sales Commissions
AmortizationOfDeferredSalesCommissions
5719000
CY2020Q4 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
5990000
CY2021Q3 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
6568000
CY2020Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
8524000
CY2021Q3 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
7800000
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
264399000
CY2021Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
775275000
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
205382000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
21000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1000
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
205402000
CY2021Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
15029000
CY2021Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2021Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
15030000
CY2020Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
205382000
CY2020Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
205402000
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
15029000
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
15030000
CY2020Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
20201000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1000
CY2021Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
0
CY2021Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0
CY2020Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0
CY2021Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
34540000
CY2021Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
48783000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
15896000
CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
24262000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
18644000
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
24521000
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
12583000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2013000
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
10570000
CY2021Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
13919000
CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3620000
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
10299000
CY2020Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
370000
CY2021Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
604000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1101000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1607000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
636000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
2503000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2465000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
2471000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1945000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
279000
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
10299000
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0282
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0253
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0199
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0197
CY2021Q3 cour Provision For Income Taxes
ProvisionForIncomeTaxes
0
CY2021Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
264326000
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
16803000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4700000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23408000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11277000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
67867000
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
45635000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y2M4D
CY2020Q4 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
75305400
CY2021Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
0
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
32458408
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
23885688
CY2020Q4 cour Share Based Compensation Arrangement By Share Based Payment Award Options Rs Us Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsRSUsOutstanding
3276600
CY2021Q3 cour Share Based Compensation Arrangement By Share Based Payment Award Options Rs Us Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsRSUsOutstanding
6831478
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
8098484
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
18151629
CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
119138892
CY2021Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
48868795
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-32451000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-40097000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-97477000
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37828682
CY2021Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
138846394
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11867000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
36564569
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
104316176
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.31
CY2021Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.23
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.10
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.93
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
109410305
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30935458
CY2021Q3 us-gaap Contractual Obligation Due In Fifth Year
ContractualObligationDueInFifthYear
50733000
us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
1
CY2021Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2020Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
82674000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
109880000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
210249000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
300331000
CY2020Q3 cour Segment Gross Profit Loss
SegmentGrossProfitLoss
50959000
CY2021Q3 cour Segment Gross Profit Loss
SegmentGrossProfitLoss
78471000
cour Segment Gross Profit Loss
SegmentGrossProfitLoss
131385000
cour Segment Gross Profit Loss
SegmentGrossProfitLoss
208283000
CY2020Q3 cour Platform And Support Costs
PlatformAndSupportCosts
5211000
CY2021Q3 cour Platform And Support Costs
PlatformAndSupportCosts
6842000
cour Platform And Support Costs
PlatformAndSupportCosts
14623000
cour Platform And Support Costs
PlatformAndSupportCosts
20218000
CY2020Q3 cour Segment Share Based Compensation
SegmentShareBasedCompensation
135000
CY2021Q3 cour Segment Share Based Compensation
SegmentShareBasedCompensation
527000
cour Segment Share Based Compensation
SegmentShareBasedCompensation
360000
cour Segment Share Based Compensation
SegmentShareBasedCompensation
1537000
CY2020Q3 cour Total Reconciliation Item Of Segment Gross Profit To Gross Profit
TotalReconciliationItemOfSegmentGrossProfitToGrossProfit
7255000
CY2021Q3 cour Total Reconciliation Item Of Segment Gross Profit To Gross Profit
TotalReconciliationItemOfSegmentGrossProfitToGrossProfit
10753000
cour Total Reconciliation Item Of Segment Gross Profit To Gross Profit
TotalReconciliationItemOfSegmentGrossProfitToGrossProfit
20218000
cour Total Reconciliation Item Of Segment Gross Profit To Gross Profit
TotalReconciliationItemOfSegmentGrossProfitToGrossProfit
30101000
CY2020Q3 us-gaap Gross Profit
GrossProfit
43704000
CY2021Q3 us-gaap Gross Profit
GrossProfit
67718000
us-gaap Gross Profit
GrossProfit
111167000
us-gaap Gross Profit
GrossProfit
178182000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
82674000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
109880000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
210249000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
300331000
us-gaap Concentration Risk Benchmark Description
ConcentrationRiskBenchmarkDescription
No single country other than the United States represented 10% or more of the Company’s total revenue during the three and nine months ended September 30, 2020 and 2021.
CY2020Q4 us-gaap Noncurrent Assets
NoncurrentAssets
40266000
CY2021Q3 us-gaap Noncurrent Assets
NoncurrentAssets
42090000

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