$COUR
Coursera, Inc.

2023 Q3 Form 10-Q Financial Statement

#000165156223000014 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $165.5M $153.7M
YoY Change 21.37% 23.2%
Cost Of Revenue $82.27M $74.00M
YoY Change 68.51% 59.66%
Gross Profit $83.27M $79.70M
YoY Change -4.9% 1.65%
Gross Profit Margin 50.3% 51.85%
Selling, General & Admin $85.24M $76.94M
YoY Change 0.87% -5.38%
% of Gross Profit 102.36% 96.53%
Research & Development $37.62M $41.29M
YoY Change -4.56% -8.11%
% of Gross Profit 45.17% 51.8%
Depreciation & Amortization $5.660M $5.331M
YoY Change 15.84% 20.09%
% of Gross Profit 6.8% 6.69%
Operating Expenses $122.9M $118.2M
YoY Change -0.86% -6.35%
Operating Profit -$39.58M -$38.52M
YoY Change 8.9% -19.47%
Interest Expense $8.900M $8.240M
YoY Change 286.79% 884.47%
% of Operating Profit
Other Income/Expense, Net -$325.0K -$8.000K
YoY Change -66.7% -99.32%
Pretax Income -$31.05M -$30.14M
YoY Change -11.34% -37.42%
Income Tax $1.038M $1.599M
% Of Pretax Income
Net Earnings -$32.09M -$31.74M
YoY Change -10.96% -35.66%
Net Earnings / Revenue -19.39% -20.65%
Basic Earnings Per Share -$0.21 -$0.21
Diluted Earnings Per Share -$0.21 -$0.21
COMMON SHARES
Basic Shares Outstanding 149.7M shares 150.7M shares
Diluted Shares Outstanding 150.9M shares 150.3M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $721.2M $716.9M
YoY Change -8.22% -8.46%
Cash & Equivalents $507.2M $361.2M
Short-Term Investments $214.0M $355.7M
Other Short-Term Assets $45.90M $46.89M
YoY Change -4.18% 9.07%
Inventory
Prepaid Expenses
Receivables $62.10M $73.21M
Other Receivables $0.00 $0.00
Total Short-Term Assets $829.1M $837.0M
YoY Change -6.66% -5.27%
LONG-TERM ASSETS
Property, Plant & Equipment $29.70M $36.04M
YoY Change -23.67% 29.35%
Goodwill
YoY Change
Intangibles $10.69M $9.179M
YoY Change 18.98% 0.15%
Long-Term Investments
YoY Change
Other Assets $38.85M $36.48M
YoY Change 93.5% 100.03%
Total Long-Term Assets $85.21M $81.70M
YoY Change 25.37% 18.69%
TOTAL ASSETS
Total Short-Term Assets $829.1M $837.0M
Total Long-Term Assets $85.21M $81.70M
Total Assets $914.3M $918.7M
YoY Change -4.38% -3.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $98.10M $88.72M
YoY Change 57.76% 60.37%
Accrued Expenses $26.30M $30.68M
YoY Change 21.49% 24.91%
Deferred Revenue $138.7M $138.6M
YoY Change 18.95% 19.92%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $295.6M $284.7M
YoY Change 25.41% 26.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.668M $7.554M
YoY Change -85.55% 727.38%
Total Long-Term Liabilities $1.668M $7.554M
YoY Change -85.55% 727.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $295.6M $284.7M
Total Long-Term Liabilities $1.668M $7.554M
Total Liabilities $300.9M $292.2M
YoY Change 21.7% 23.51%
SHAREHOLDERS EQUITY
Retained Earnings -$760.3M -$728.2M
YoY Change 24.15% 26.35%
Common Stock $2.000K $2.000K
YoY Change 100.0% 100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $63.15M $59.23M
YoY Change 1243.42% 1159.94%
Treasury Stock Shares
Shareholders Equity $613.4M $626.5M
YoY Change
Total Liabilities & Shareholders Equity $914.3M $918.7M
YoY Change -4.38% -3.54%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$32.09M -$31.74M
YoY Change -10.96% -35.66%
Depreciation, Depletion And Amortization $5.660M $5.331M
YoY Change 15.84% 20.09%
Cash From Operating Activities $19.75M -$6.371M
YoY Change 312.23% -843.41%
INVESTING ACTIVITIES
Capital Expenditures $6.240M $5.841M
YoY Change -263.09% -233.48%
Acquisitions
YoY Change
Other Investing Activities $143.3M $160.0M
YoY Change 233.93% 966.67%
Cash From Investing Activities $137.1M $154.2M
YoY Change 250.65% 1351.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.42M -52.60M
YoY Change -1460.35% -829.57%
NET CHANGE
Cash From Operating Activities 19.75M -6.371M
Cash From Investing Activities 137.1M 154.2M
Cash From Financing Activities -12.42M -52.60M
Net Change In Cash 144.4M 95.19M
YoY Change 222.36% 409.33%
FREE CASH FLOW
Cash From Operating Activities $19.75M -$6.371M
Capital Expenditures $6.240M $5.841M
Free Cash Flow $13.51M -$12.21M
YoY Change 56.78% -333.37%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Condensed Consolidated Financial Statements (Unaudited) in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and related disclosures as of the date of the Condensed Consolidated Financial Statements (Unaudited), as well as the reported amounts of revenue and expenses during the reporting period. We base our estimates on historical experience, current conditions, and various other factors that we believe to be reasonable under the circumstances. Significant items subject to such estimates, judgements, and assumptions include, but are not limited to, those related to the determination of principal versus agent and variable consideration in our revenue contracts; stock-based compensation expense; 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; the valuation of intangible assets and income tax expense, including the valuation of deferred tax assets and liabilities, among others. Actual results could differ from those estimates, and any such differences could be material to our Condensed Consolidated Financial Statements (Unaudited).</span></div>
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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject us to concentration of credit risk consist of cash, cash equivalents, and marketable securities. We only invest in high-credit-quality instruments and maintain our cash equivalents and marketable securities in fixed-income securities. We place our cash primarily with domestic financial institutions that are federally insured within statutory limits. </span></div>For the purpose of assessing the concentration of credit risk with respect to accounts receivable and significant customers, we treat a group of customers under common control or customers that are affiliates of each other as a single customer. For the three and six months ended June 30, 2023 and 2022, we did not have any customers that accounted for more than 10% of our revenue. As of June 30, 2023, we had one customer that accounted for 12% of our net accounts receivable balance that has since been collected within typical business terms. As of December 31, 2022, we did not have any customers that accounted for more than 10% of our net accounts receivable balance.
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CY2023Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
356366000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
355710000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
460372000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
459654000 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
77954000 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
49114000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
28840000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
17444000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8265000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
9179000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
15448000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
6895000 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
681000 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
660000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1370000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1418000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
3175000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2649000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
983000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
552000 usd
CY2023Q2 cour Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
402000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
9179000 usd
CY2023Q2 us-gaap Sublease Income
SubleaseIncome
680000 usd
us-gaap Sublease Income
SubleaseIncome
1360000 usd
CY2022Q2 us-gaap Sublease Income
SubleaseIncome
0 usd
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
2304000 usd
CY2022Q2 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
2304000 usd
CY2022Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
904000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.053
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.024
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-31743000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-49334000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-64107000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-87602000 usd
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
150262064 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
150262064 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
144782220 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
144782220 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
149621816 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
149621816 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.21
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.21
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.34
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.34
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.43
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.43
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.61
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.61
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
37355105 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
37355105 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
32092358 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
32092358 shares
CY2023Q2 us-gaap Contractual Obligation Due In Fifth Year
ContractualObligationDueInFifthYear
29340000 usd
CY2023Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
95000000 usd
CY2023Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
4520293 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
4520293 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
54500000 usd
us-gaap Payments For Commissions
PaymentsForCommissions
100000 usd
CY2023Q2 cour Liability For Unsettled Common Stock Repurchases
LiabilityForUnsettledCommonStockRepurchases
1500000 usd
CY2023Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
40600000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
26152000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
29308000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
27505000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
54050000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
49483000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
22334000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
14874208 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
18153195 shares
CY2023Q2 cour Share Based Compensation Arrangement By Share Based Payment Award Rsus Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardRsusOutstanding
22358430 shares
CY2022Q4 cour Share Based Compensation Arrangement By Share Based Payment Award Rsus Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardRsusOutstanding
22773053 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
15200818 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
8819998 shares
CY2023Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
52433456 shares
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
49746246 shares
CY2023Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
604000 usd
CY2022Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
687000 usd
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1460000 usd
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1354000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
153702000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
124754000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
301344000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
245187000 usd
CY2023Q2 us-gaap Gross Profit
GrossProfit
79701000 usd
CY2022Q2 us-gaap Gross Profit
GrossProfit
78406000 usd
us-gaap Gross Profit
GrossProfit
157169000 usd
us-gaap Gross Profit
GrossProfit
156036000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
153702000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
124754000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
301344000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
245187000 usd
CY2023Q2 us-gaap Noncurrent Assets
NoncurrentAssets
36039000 usd
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
36701000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
5100000 usd

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