$COUR
Coursera, Inc.

2024 Q3 Form 10-Q Financial Statement

#000165156224000049 Filed on August 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $176.1M $170.3M
YoY Change 6.37% 10.82%
Cost Of Revenue $79.86M $80.16M
YoY Change -2.93% 8.33%
Gross Profit $96.23M $90.18M
YoY Change 15.56% 13.14%
Gross Profit Margin 54.65% 52.94%
Selling, General & Admin $86.39M $87.64M
YoY Change 1.35% 13.91%
% of Gross Profit 89.77% 97.19%
Research & Development $31.62M $33.70M
YoY Change -15.95% -18.37%
% of Gross Profit 32.85% 37.37%
Depreciation & Amortization $6.107M $6.269M
YoY Change 7.9% 17.6%
% of Gross Profit 6.35% 6.95%
Operating Expenses $118.0M $121.3M
YoY Change -3.95% 2.64%
Operating Profit -$21.77M -$31.16M
YoY Change -45.0% -19.1%
Interest Expense $9.368M $9.286M
YoY Change 5.26% 12.69%
% of Operating Profit
Other Income/Expense, Net $219.0K -$21.00K
YoY Change -167.38% 162.5%
Pretax Income -$12.18M -$21.94M
YoY Change -60.77% -27.2%
Income Tax $1.506M $1.030M
% Of Pretax Income
Net Earnings -$13.69M -$22.97M
YoY Change -57.34% -27.62%
Net Earnings / Revenue -7.77% -13.49%
Basic Earnings Per Share -$0.09 -$0.15
Diluted Earnings Per Share -$0.09 -$0.15
COMMON SHARES
Basic Shares Outstanding 156.9M shares 156.1M shares
Diluted Shares Outstanding 157.6M shares 156.3M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $719.4M $708.8M
YoY Change -0.24% -1.14%
Cash & Equivalents $719.4M $708.8M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $54.19M $54.19M
YoY Change 18.05% 15.58%
Inventory
Prepaid Expenses
Receivables $47.57M $57.73M
Other Receivables $0.00 $0.00
Total Short-Term Assets $821.2M $820.7M
YoY Change -0.96% -1.95%
LONG-TERM ASSETS
Property, Plant & Equipment $39.93M $35.06M
YoY Change 34.45% -2.72%
Goodwill
YoY Change
Intangibles $20.54M $14.95M
YoY Change 92.12% 62.9%
Long-Term Investments
YoY Change
Other Assets $32.47M $33.66M
YoY Change -16.4% -7.73%
Total Long-Term Assets $92.94M $83.68M
YoY Change 9.07% 2.41%
TOTAL ASSETS
Total Short-Term Assets $821.2M $820.7M
Total Long-Term Assets $92.94M $83.68M
Total Assets $914.1M $904.4M
YoY Change -0.02% -1.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $97.79M $100.9M
YoY Change -0.31% 13.75%
Accrued Expenses $23.08M $25.06M
YoY Change -12.26% -18.31%
Deferred Revenue $152.9M $156.7M
YoY Change 10.24% 13.05%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $314.8M $315.9M
YoY Change 6.48% 10.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.049M $3.286M
YoY Change 262.65% -56.5%
Total Long-Term Liabilities $6.049M $3.286M
YoY Change 262.65% -56.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $314.8M $315.9M
Total Long-Term Liabilities $6.049M $3.286M
Total Liabilities $320.9M $319.2M
YoY Change 6.62% 9.23%
SHAREHOLDERS EQUITY
Retained Earnings -$838.6M -$824.9M
YoY Change 10.3% 13.28%
Common Stock $2.000K $2.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $64.91M $79.67M
YoY Change 2.78% 34.51%
Treasury Stock Shares
Shareholders Equity $593.3M $585.2M
YoY Change
Total Liabilities & Shareholders Equity $914.1M $904.4M
YoY Change -0.02% -1.56%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$13.69M -$22.97M
YoY Change -57.34% -27.62%
Depreciation, Depletion And Amortization $6.107M $6.269M
YoY Change 7.9% 17.6%
Cash From Operating Activities $27.85M $23.85M
YoY Change 40.99% -474.37%
INVESTING ACTIVITIES
Capital Expenditures $11.10M $6.808M
YoY Change 77.88% 16.56%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$11.10M -$6.808M
YoY Change -108.1% -104.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.602M -33.64M
YoY Change -54.9% -36.03%
NET CHANGE
Cash From Operating Activities 27.85M 23.85M
Cash From Investing Activities -11.10M -6.808M
Cash From Financing Activities -5.602M -33.64M
Net Change In Cash 11.14M -16.60M
YoY Change -92.28% -117.44%
FREE CASH FLOW
Cash From Operating Activities $27.85M $23.85M
Capital Expenditures $11.10M $6.808M
Free Cash Flow $16.75M $17.04M
YoY Change 23.95% -239.56%

Facts In Submission

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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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%">Concentrations of Risk</span></div><div style="margin-top:12pt;text-align:justify"><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><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, 2024 and 2023, we did not have any customers that accounted for more than 10% of our revenue. As of June 30, 2024, we did not have any customers that accounted for more than 10% of our net accounts receivable balance. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our business model relies on educational content and credentialing programs from educator partners. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our largest educator partner has global brand recognition and supplies a variety of in-demand content across multiple domains. The loss of or significant reduction in this partnership or one of our other large partners could have a material adverse effect on our financial position, results of operations, and cash flows.</span></div><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%">Treasury Stock</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We record repurchases of our common stock as treasury stock, at cost. Incremental direct costs to repurchase our shares of common stock, including excise tax, are included in the cost of the shares acquired. We use the average cost method to account for reissuances of our treasury stock. For shares of treasury stock reissued at a price higher than its cost, the gain is recorded to additional paid-in capital. For shares of treasury stock issued at a price lower than its cost, the loss is recorded to additional paid-in capital to the extent there are previous net gains included in the account. Only once there is no additional paid-in capital will losses in excess of previous net gains be recorded to accumulated deficit. </span></div><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%">Loss Contingencies</span></div>Legal fees related to potential loss contingencies are expensed as incurred. Insurance recoveries associated with loss contingencies are recognized when realization becomes probable and estimable, the associated costs have been recognized in the financial statements, and the losses are clearly attributable to the insured event.
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.43
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.43
us-gaap Use Of Estimates
UseOfEstimates
<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%">Use of Estimates</span></div><div style="margin-top:12pt;text-align:justify"><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, judgments, 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; loss contingencies and potential recoveries; 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>
CY2023Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
45337000 usd
CY2023Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
8397000 usd
CY2023Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
53734000 usd
CY2023Q1 us-gaap Other Liabilities And Deferred Revenue Noncurrent
OtherLiabilitiesAndDeferredRevenueNoncurrent
118777000 usd
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
118777000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
89329000 usd
CY2024Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
323372000 usd
CY2024Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.69
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29014570 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29014570 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
37355105 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
37355105 shares
CY2024Q2 us-gaap Contractual Obligation Due In Fifth Year
ContractualObligationDueInFifthYear
15160000 usd
CY2024Q2 us-gaap Legal Fees
LegalFees
1259000 usd
us-gaap Legal Fees
LegalFees
1259000 usd
CY2023Q2 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
95000000 usd
CY2024Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2668017 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
3099800 shares
CY2024Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
30700000 usd
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
36700000 usd
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
4520293 shares
CY2023Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
4520293 shares
CY2023Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
54500000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
30016000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
29308000 usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
9496000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y
CY2024Q2 cour Share Based Compensation Arrangement By Share Based Payment Award Rsus Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardRsusOutstanding
19121334 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9393006 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
11165138 shares
CY2024Q2 cour Share Based Compensation Arrangement By Share Based Payment Award Ps Us Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardPSUsOutstanding
300416 shares
CY2023Q4 cour Share Based Compensation Arrangement By Share Based Payment Award Ps Us Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardPSUsOutstanding
0 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
22371513 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
16913085 shares
CY2024Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
51186269 shares
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
46439269 shares
CY2023Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
604000 usd
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1384000 usd
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1460000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
170337000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
153702000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
339405000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
301344000 usd
CY2023Q2 us-gaap Gross Profit
GrossProfit
79701000 usd
us-gaap Gross Profit
GrossProfit
179672000 usd
us-gaap Gross Profit
GrossProfit
157169000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
153702000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
339405000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
301344000 usd
CY2024Q2 us-gaap Noncurrent Assets
NoncurrentAssets
35060000 usd
CY2023Q4 us-gaap Noncurrent Assets
NoncurrentAssets
35147000 usd
us-gaap Restructuring Charges
RestructuringCharges
2100000 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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