$SKIL
Skillsoft Corp.

2021 Q3 Form 10-Q Financial Statement

#000155837021012489 Filed on September 14, 2021

View on sec.gov

Income Statement

Concept 2021 Q3
Revenue $57.91M
YoY Change 49.69%
Cost Of Revenue $28.01M
YoY Change 342.5%
Gross Profit $29.91M
YoY Change -7.58%
Gross Profit Margin 51.64%
Selling, General & Admin $39.31M
YoY Change 186.93%
% of Gross Profit 131.44%
Research & Development $9.878M
YoY Change 89.67%
% of Gross Profit 33.03%
Depreciation & Amortization $1.705M
YoY Change -95.17%
% of Gross Profit 5.7%
Operating Expenses $107.5M
YoY Change 263.65%
Operating Profit -$16.51M
YoY Change -281.08%
Interest Expense $434.0K
YoY Change -133.72%
% of Operating Profit
Other Income/Expense, Net $16.42M
YoY Change -3257.31%
Pretax Income -$9.939M
YoY Change -100.3%
Income Tax $1.915M
% Of Pretax Income
Net Earnings -$11.85M
YoY Change -100.36%
Net Earnings / Revenue -20.47%
Basic Earnings Per Share -$0.09
Diluted Earnings Per Share -$0.09
COMMON SHARES
Basic Shares Outstanding 133.1M
Diluted Shares Outstanding 133.1K

Balance Sheet

Concept 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.77M
YoY Change 5101.86%
Cash & Equivalents $90.77M
Short-Term Investments
Other Short-Term Assets $3.049M
YoY Change 1779.43%
Inventory
Prepaid Expenses
Receivables $121.0M
Other Receivables $1.834M
Total Short-Term Assets $275.1M
YoY Change 34.13%
LONG-TERM ASSETS
Property, Plant & Equipment $15.06M
YoY Change -6.04%
Goodwill $866.0M
YoY Change 74.9%
Intangibles $946.7M
YoY Change 23.58%
Long-Term Investments
YoY Change
Other Assets $8.092M
YoY Change 125.15%
Total Long-Term Assets $1.759B
YoY Change 35.47%
TOTAL ASSETS
Total Short-Term Assets $275.1M
Total Long-Term Assets $1.759B
Total Assets $2.034B
YoY Change 35.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $34.51M
YoY Change 323.43%
Accrued Expenses $112.4M
YoY Change
Deferred Revenue $165.9M
YoY Change 98.1%
Short-Term Debt $24.82M
YoY Change
Long-Term Debt Due $3.600M
YoY Change 38.46%
Total Short-Term Liabilities $342.1M
YoY Change 84.16%
LONG-TERM LIABILITIES
Long-Term Debt $463.8M
YoY Change -9.48%
Other Long-Term Liabilities $5.045M
YoY Change -22.21%
Total Long-Term Liabilities $631.7M
YoY Change 21.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $342.1M
Total Long-Term Liabilities $631.7M
Total Liabilities $973.7M
YoY Change 16.37%
SHAREHOLDERS EQUITY
Retained Earnings -$238.0M
YoY Change
Common Stock $11.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.086B
YoY Change
Total Liabilities & Shareholders Equity $2.034B
YoY Change 35.29%

Cashflow Statement

Concept 2021 Q3
OPERATING ACTIVITIES
Net Income -$11.85M
YoY Change -100.36%
Depreciation, Depletion And Amortization $1.705M
YoY Change -95.17%
Cash From Operating Activities $738.0K
YoY Change -93.99%
INVESTING ACTIVITIES
Capital Expenditures $75.00K
YoY Change -101.17%
Acquisitions $386.0M
YoY Change
Other Investing Activities -$561.6M
YoY Change -130630.39%
Cash From Investing Activities -$562.6M
YoY Change 8233.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $605.6M
YoY Change
Cash From Financing Activities 379.1M
YoY Change 533.96%
NET CHANGE
Cash From Operating Activities 738.0K
Cash From Investing Activities -562.6M
Cash From Financing Activities 379.1M
Net Change In Cash -183.0M
YoY Change -380.03%
FREE CASH FLOW
Cash From Operating Activities $738.0K
Capital Expenditures $75.00K
Free Cash Flow $663.0K
YoY Change -96.45%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">(1) Organization and Description of Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">The Company</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt;">Skillsoft Corp (“Successor”)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On October 12, 2020, Software Luxembourg Holding S.A. (“Software Luxembourg” or “Predecessor (SLH)”) and Churchill Capital Corp II, a Delaware corporation (“Churchill”), entered into an Agreement and Plan of Merger (the “Skillsoft Merger Agreement”) by and between Churchill and Software Luxembourg.  Pursuant to the terms of the Skillsoft Merger Agreement, a business combination between Churchill and Software Luxembourg was effected through the merger of Software Luxembourg with and into Churchill (the “Skillsoft Merger”), with Churchill being the surviving company. At the effective time of the Skillsoft Merger (the “Effective Time”), (a) each Class A share of Software Luxembourg, with nominal value of $0.01 per share (“Skillsoft Class A Shares”), outstanding immediately prior to the Effective Time, was automatically canceled and Churchill issued as consideration therefor (i) such number of shares of Churchill’s Class A common stock, par value $0.0001 per share (the “Churchill Class A Common Stock”) as would be transferred pursuant to the Class A First Lien Exchange Ratio (as defined in the Skillsoft Merger Agreement), and (ii) Churchill’s Class C common stock, par value $0.0001 per share (the “Churchill Class C Common Stock”), as would be transferred pursuant to the Class C Exchange Ratio (as defined in the Skillsoft Merger Agreement), and (b) each Class B share of Software Luxembourg, with nominal value of $0.01 per share (“Skillsoft Class B Shares”), was automatically canceled and Churchill issued as consideration therefor such number of shares of Churchill Class A common stock equal to the Per Class B Share Merger Consideration (as defined in the Skillsoft Merger Agreement). Immediately following the Effective Time, Churchill redeemed all of the shares of Class C Common Stock issued to the holders of Skillsoft Class A Shares for an aggregate redemption price of (i) $505,000,000 in cash and (ii) indebtedness under the Existing Second Out Credit Agreement (as defined in the Skillsoft Merger Agreement), as amended by the Existing Second Out Credit Agreement Amendment (as defined in the Skillsoft Merger Agreement), in the aggregate principal amount equal to the sum of $20,000,000 to be issued by the Surviving Corporation (as defined in the Skillsoft Merger Agreement) or one of its subsidiaries, in each case, pro rata among the holders of Churchill Class C Common Stock issued in connection with the Skillsoft Merger.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Prior to the closing of the Skillsoft Merger Agreement, the Company consummated the PIPE Investments and issued 53,000,000 shares of its Class A common stock and warrants to purchase 16,666,667 shares of its Class A common Stock for aggregate gross proceeds of $530 million. In connection with the consummation of these investments, the Company reclassified amounts recorded for stock subscriptions and warrants which previously had been accounted for as liabilities of $78.2 million as additional paid in capital.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On June 11, 2021 (“closing date”), Churchill completed its acquisition of Software Luxembourg, and changed its corporate name from Churchill to Skillsoft Corp. (the “Company”).  In addition, the Company changed its fiscal year end from December 31 to January 31.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On June 11, 2021, the Company completed the acquisition of Albert DE Holdings Inc. (“Global Knowledge” and such acquisition, the “Global Knowledge Merger”), a worldwide leader in IT and professional skills development.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt;"><span style="white-space:pre-wrap;">Software Luxembourg Holding (“Predecessor (SLH)”) and Pointwell Limited (“Predecessor (PL)”)</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Software Luxembourg, a public limited liability company incorporated and organized under the laws of the Grand Duchy of Luxembourg, was established on August 27, 2020 for the purpose of acquiring the ownership interest in Pointwell Limited (“Pointwell”), an Irish private limited company, through a plan of reorganization under Chapter 11 subsequent to August 27, 2020. Pointwell is a wholly owned subsidiary of Software Luxembourg, held indirectly through two holding companies, Software Luxembourg Intermediate S.à r.l. and Software Luxembourg Acquisition S.à r.l, both private limited liability companies incorporated and organized under the laws of the Grandy Duchy of Luxembourg. Prior to August 28, 2020, Pointwell had been a direct wholly owned subsidiary of Evergreen Skills Lux S.à r.l., with an ultimate parent company of Evergreen Skills Top Holding Lux, both private limited liability companies incorporated and organized under the laws of the Grand Duchy of Luxembourg.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt;">Successor and Predecessor Periods</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">References to “Successor” or “Successor Company” relate to the consolidated financial position and results of operations of Skillsoft subsequent to June 11, 2021, the date when the acquisitions of Predecessor (SLH and Global Knowledge were completed. References to “Predecessor (SLH)” relate to the consolidated financial position and results of operations of Software Luxembourg Holding between August 28, 2020 and June 11, 2011 (its last date of operations prior to the merger). Operating results for the acquired business on June </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">11, 2021 were credited to the Predecessor (SLH) in the accompanying consolidated statement of operations. The funds received from the PIPE investments and transferred for the business combinations closing on June 11, 2021 recorded in the Successor period of the consolidated statement of cash flows. References to “Predecessor (PL)” relate to the consolidated financial position and results of operations of Pointwell prior to August 28, 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt;">Description of Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company provides, through its Skillsoft, Global Knowledge (“GK”) and SumTotal brands, enterprise learning solutions designed to prepare organizations for the future of work, overcome critical skill gaps, drive demonstrable behavior-change, and unlock the potential in their people. Skillsoft offers a comprehensive suite of premium, original, and authorized partner content, featuring one of the broadest and deepest libraries of leadership &amp; business, technology &amp; developer, and compliance curricula. With access to a broad spectrum of learning options (including video, audio, books, bootcamps, live events, and practice labs), organizations can meaningfully increase learner engagement and retention. Skillsoft’s offerings are delivered through Percipio, its award-winning, AI-driven, immersive learning platform purpose built to make learning easier, more accessible, and more effective.</p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-size:10pt;">References in the accompanying footnotes to the Company’s fiscal year refer to the fiscal year ended January 31 of that year (e.g., fiscal 2021 is the fiscal year ended January 31, 2021</span>).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt;">Basis of Financial Statement Preparation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The accompanying condensed consolidated financial statements include the accounts of Skillsoft (Successor), Software Luxembourg (Predecessor (SLH)) and Pointwell (Predecessor (PL)) and their wholly owned subsidiaries. These financial statements are unaudited. However, in the opinion of management, the condensed consolidated financial statements reflect all normal and recurring adjustments necessary for their fair statement. Interim results are not necessarily indicative of results expected for any other interim period or a full year. We prepared the accompanying unaudited condensed consolidated financial statements in accordance with the instructions for Form 10-Q and Article 10 of Regulation S-X and, therefore, include all information and footnotes necessary for a complete presentation of operations, comprehensive income (loss), financial position, changes in stockholders’ equity (deficit) and cash flows in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying condensed consolidated balance sheet as of January 31, 2021 was derived from the audited consolidated financial statements of Software Luxembourg (Predecessor (SLH)) and does not include all disclosures required by U.S. GAAP for annual financial statements. The audited consolidated financial statements as of and for the year ended January 31, 2021 of Software Luxembourg (Predecessor (SLH)), which were included in the Company’s Form 8-K/A filing on June 17, 2021, contains the information and footnotes necessary for such presentation. Accordingly, the financial statements contained in these interim financial statements should be read in conjunction with the audited consolidated financial statements of Software Luxembourg (Predecessor (SLH)) for the year ended January 31, 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS” Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 40 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt;">Principles of Consolidation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from our estimates.</p>
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us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
407000
CY2020Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
898000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1809000
CY2021Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-9844000
CY2021Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-5317000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-16756000
CY2020Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-61011000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-11859000
us-gaap Net Income Loss
NetIncomeLoss
-49264000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-70981000
us-gaap Net Income Loss
NetIncomeLoss
-504883000
CY2021Q3 us-gaap Assets
Assets
2034421000
CY2021Q1 us-gaap Assets
Assets
1545737000
CY2021Q3 us-gaap Noncurrent Assets
NoncurrentAssets
15055000
CY2021Q1 us-gaap Noncurrent Assets
NoncurrentAssets
13780000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-37535000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-11859000
us-gaap Net Income Loss
NetIncomeLoss
-49264000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-70981000
us-gaap Net Income Loss
NetIncomeLoss
-504883000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
100100
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
100100
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
133059000
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-709.10
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-5043.79
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.28
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
67630
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
706
CY2021Q2 skil Term Of Strategic Support Agreement
TermOfStrategicSupportAgreement
P1Y

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