$COUR
Coursera, Inc.

2023 Q4 Form 10-Q Financial Statement

#000165156223000027 Filed on November 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $168.9M $165.5M
YoY Change 18.78% 21.37%
Cost Of Revenue $79.55M $82.27M
YoY Change 46.49% 68.51%
Gross Profit $89.33M $83.27M
YoY Change 1.65% -4.9%
Gross Profit Margin 52.89% 50.3%
Selling, General & Admin $80.52M $85.24M
YoY Change -11.43% 0.87%
% of Gross Profit 90.14% 102.36%
Research & Development $37.37M $37.62M
YoY Change -12.77% -4.56%
% of Gross Profit 41.83% 45.17%
Depreciation & Amortization $5.770M $5.660M
YoY Change 15.49% 15.84%
% of Gross Profit 6.46% 6.8%
Operating Expenses $117.9M $122.9M
YoY Change -11.86% -0.86%
Operating Profit -$28.56M -$39.58M
YoY Change -37.75% 8.9%
Interest Expense $9.298M $8.900M
YoY Change 63.96% 286.79%
% of Operating Profit
Other Income/Expense, Net $212.0K -$325.0K
YoY Change 22.54% -66.7%
Pretax Income -$19.05M -$31.05M
YoY Change -62.04% -11.34%
Income Tax $1.308M $1.038M
% Of Pretax Income
Net Earnings -$20.36M -$32.09M
YoY Change -60.64% -10.96%
Net Earnings / Revenue -12.05% -19.39%
Basic Earnings Per Share -$0.21
Diluted Earnings Per Share -$0.13 -$0.21
COMMON SHARES
Basic Shares Outstanding 152.5M shares 149.7M shares
Diluted Shares Outstanding 150.9M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $722.1M $721.2M
YoY Change -7.48% -8.22%
Cash & Equivalents $656.3M $507.2M
Short-Term Investments $65.75M $214.0M
Other Short-Term Assets $43.00M $45.90M
YoY Change 2.92% -4.18%
Inventory
Prepaid Expenses
Receivables $67.42M $62.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $832.5M $829.1M
YoY Change -4.97% -6.66%
LONG-TERM ASSETS
Property, Plant & Equipment $35.15M $29.70M
YoY Change 29.71% -23.67%
Goodwill
YoY Change
Intangibles $11.72M $10.69M
YoY Change 37.03% 18.98%
Long-Term Investments
YoY Change
Other Assets $41.18M $38.85M
YoY Change 56.25% 93.5%
Total Long-Term Assets $88.05M $85.21M
YoY Change 22.96% 25.37%
TOTAL ASSETS
Total Short-Term Assets $832.5M $829.1M
Total Long-Term Assets $88.05M $85.21M
Total Assets $920.5M $914.3M
YoY Change -2.86% -4.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $101.0M $98.10M
YoY Change 52.23% 57.76%
Accrued Expenses $28.84M $26.30M
YoY Change -3.3% 21.49%
Deferred Revenue $137.2M $138.7M
YoY Change 18.61% 18.95%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $298.3M $295.6M
YoY Change 23.02% 25.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.079M $1.668M
YoY Change 254.67% -85.55%
Total Long-Term Liabilities $6.079M $1.668M
YoY Change 254.67% -85.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $298.3M $295.6M
Total Long-Term Liabilities $6.079M $1.668M
Total Liabilities $304.3M $300.9M
YoY Change 20.28% 21.7%
SHAREHOLDERS EQUITY
Retained Earnings -$780.7M -$760.3M
YoY Change 17.55% 24.15%
Common Stock $2.000K $2.000K
YoY Change 100.0% 100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $63.15M $63.15M
YoY Change 1243.42% 1243.42%
Treasury Stock Shares
Shareholders Equity $616.2M $613.4M
YoY Change
Total Liabilities & Shareholders Equity $920.5M $914.3M
YoY Change -2.86% -4.38%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$20.36M -$32.09M
YoY Change -60.64% -10.96%
Depreciation, Depletion And Amortization $5.770M $5.660M
YoY Change 15.49% 15.84%
Cash From Operating Activities $11.57M $19.75M
YoY Change -312.59% 312.23%
INVESTING ACTIVITIES
Capital Expenditures $5.875M $6.240M
YoY Change 135.85% -263.09%
Acquisitions
YoY Change
Other Investing Activities $150.0M $143.3M
YoY Change -256.04% 233.93%
Cash From Investing Activities $144.1M $137.1M
YoY Change -246.13% 250.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.529M -12.42M
YoY Change -7781.18% -1460.35%
NET CHANGE
Cash From Operating Activities 11.57M 19.75M
Cash From Investing Activities 144.1M 137.1M
Cash From Financing Activities -6.529M -12.42M
Net Change In Cash 149.2M 144.4M
YoY Change -243.45% 222.36%
FREE CASH FLOW
Cash From Operating Activities $11.57M $19.75M
Capital Expenditures $5.875M $6.240M
Free Cash Flow $5.694M $13.51M
YoY Change -171.78% 56.78%

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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 nine months ended September 30, 2023 and 2022, we did not have any customers that accounted for more than 10% of our revenue. As of September 30, 2023 and 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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CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
41000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
260000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
689742000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
765122000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
26000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
744000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
764404000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
214255000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
213996000 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
CY2023Q3 cour Credit Or Non Credit Impairment Charges
CreditOrNonCreditImpairmentCharges
0 usd
cour Credit Or Non Credit Impairment Charges
CreditOrNonCreditImpairmentCharges
0 usd
CY2022Q3 cour Credit Or Non Credit Impairment Charges
CreditOrNonCreditImpairmentCharges
0 usd
cour Credit Or Non Credit Impairment Charges
CreditOrNonCreditImpairmentCharges
0 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
83738000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
67158000 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
54039000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
19510000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
8820000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
15448000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
6895000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
8553000 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
736000 usd
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
664000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2106000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1967000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
877000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
3801000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
3214000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1306000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
875000 usd
CY2023Q3 cour Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
617000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
10690000 usd
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
150036927 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
150036927 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
144619748 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
144619748 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.21
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.21
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.25
us-gaap Sublease Income
SubleaseIncome
2040000 usd
CY2022Q3 us-gaap Sublease Income
SubleaseIncome
680000 usd
us-gaap Sublease Income
SubleaseIncome
907000 usd
CY2022Q3 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
0 usd
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
2304000 usd
CY2022Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
904000 usd
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
0 usd
CY2023Q3 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
0 usd
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.033
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.029
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.044
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.026
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-32090000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-36038000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-96197000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-123640000 usd
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
150853611 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
150853611 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
146020571 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
146020571 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.25
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.64
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.64
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.85
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.85
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
33430049 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
33430049 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38629929 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38629929 shares
CY2023Q3 us-gaap Contractual Obligation Due In Fifth Year
ContractualObligationDueInFifthYear
24934000 usd
CY2023Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
95000000 usd
CY2023Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
309510 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
4829803 shares
CY2023Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
3900000 usd
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
58500000 usd
CY2023Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
36600000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
45941000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
75853000 usd
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
18639000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
12962760 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
18153195 shares
CY2022Q4 cour Share Based Compensation Arrangement By Share Based Payment Award Rsus Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardRsusOutstanding
22773053 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
16412929 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
8819998 shares
CY2023Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
49500827 shares
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
49746246 shares
CY2023Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
179000 usd
CY2022Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
395000 usd
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1640000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
165540000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
136389000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
466884000 usd
CY2023Q3 us-gaap Gross Profit
GrossProfit
83273000 usd
CY2022Q3 us-gaap Gross Profit
GrossProfit
87568000 usd
us-gaap Gross Profit
GrossProfit
240442000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
165540000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
136389000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
466884000 usd
CY2023Q3 us-gaap Noncurrent Assets
NoncurrentAssets
35674000 usd
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
36701000 usd
CY2023Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
0 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
5100000 usd
CY2023Q3 us-gaap Restructuring Charges
RestructuringCharges
0 usd
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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