$SKIL
Skillsoft Corp.

2022 Q2 Form 10-Q Financial Statement

#000155837022009858 Filed on June 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q2
Revenue $163.9M $166.2M $91.70M
YoY Change 78.75% 131.47%
Cost Of Revenue $47.63M $49.52M $24.52M
YoY Change 94.26% 97.94% 1.33%
Gross Profit $116.3M $116.7M $67.18M
YoY Change 73.09% 149.4% -28.61%
Gross Profit Margin 70.94% 70.2% 73.26%
Selling, General & Admin $74.60M $70.75M $40.86M
YoY Change 82.56% 45.42% -15.57%
% of Gross Profit 64.16% 60.64% 60.83%
Research & Development $22.77M $20.37M $16.61M
YoY Change 37.13% 6.63% -1.73%
% of Gross Profit 19.58% 17.46% 24.72%
Depreciation & Amortization $2.533M $41.08M $2.419M
YoY Change 4.71% -50.9% -87.91%
% of Gross Profit 2.18% 35.21% 3.6%
Operating Expenses $206.3M $91.12M $119.4M
YoY Change 72.77% -0.63% 22520.82%
Operating Profit -$42.38M -$22.40M -$27.70M
YoY Change 52.97% -50.13% -129.61%
Interest Expense $415.0K -$6.936M $335.0K
YoY Change 23.88% -42.32% -85.4%
% of Operating Profit
Other Income/Expense, Net $1.003M -$542.0K -$352.0K
YoY Change -384.94% 228.48% -139.11%
Pretax Income -$43.40M $7.286M -$39.50M
YoY Change 9.87% -110.55% -2334.98%
Income Tax -$21.74M -$617.0K -$2.089M
% Of Pretax Income -8.47%
Net Earnings -$21.64M $7.903M -$37.41M
YoY Change -42.14% -114.37% -91.38%
Net Earnings / Revenue -13.2% 4.76% -40.79%
Basic Earnings Per Share -$0.15 $0.06 -$9.35
Diluted Earnings Per Share -$0.15 $0.06 -$9.35
COMMON SHARES
Basic Shares Outstanding 142.2M 4.000M
Diluted Shares Outstanding 142.2M 133.2K 4.000M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $75.57M $154.7M $105.0M
YoY Change -28.03% 6391.84% 5465.25%
Cash & Equivalents $75.57M $154.7M $105.0M
Short-Term Investments
Other Short-Term Assets $54.99M $33.00K $34.48M
YoY Change 59.47% -5.71% 15548.29%
Inventory
Prepaid Expenses
Receivables $127.3M $212.5M $92.79M
Other Receivables $0.00 $4.602M $0.00
Total Short-Term Assets $257.8M $427.2M $232.3M
YoY Change 11.0% 50.14% 10923.38%
LONG-TERM ASSETS
Property, Plant & Equipment $17.63M $18.08M $26.45M
YoY Change -33.34% 31.23%
Goodwill $1.180B $871.5M $494.9M
YoY Change 138.43% 76.06%
Intangibles $939.7M $869.5M
YoY Change 19.33%
Long-Term Investments
YoY Change
Other Assets $15.87M $15.73M $9.505M
YoY Change 66.92% 82.09% 1118135.29%
Total Long-Term Assets $2.170B $1.795B $1.226B
YoY Change 77.04% 42.3% 75.81%
TOTAL ASSETS
Total Short-Term Assets $257.8M $427.2M $232.3M
Total Long-Term Assets $2.170B $1.795B $1.226B
Total Assets $2.428B $2.222B $1.458B
YoY Change 66.52% 43.75% 108.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.86M $25.66M $9.898M
YoY Change 201.63% 245.6% 5575.78%
Accrued Expenses $85.94M $109.0M $44.80M
YoY Change 91.83%
Deferred Revenue $297.4M $331.6M
YoY Change 28.75%
Short-Term Debt $27.99M $74.63M $14.19M
YoY Change 97.25% 2282.78%
Long-Term Debt Due $6.404M $4.800M $7.616M
YoY Change -15.91% -7.69%
Total Short-Term Liabilities $447.6M $545.7M $310.6M
YoY Change 44.13% 55.28% 84070.69%
LONG-TERM LIABILITIES
Long-Term Debt $616.5M $462.2M $507.9M
YoY Change 21.37% -9.42%
Other Long-Term Liabilities $11.70M $11.43M $19.61M
YoY Change -40.35% 90.56% -8.25%
Total Long-Term Liabilities $754.7M $616.3M $527.5M
YoY Change 43.07% 0.32% 2368.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $447.6M $545.7M $310.6M
Total Long-Term Liabilities $754.7M $616.3M $527.5M
Total Liabilities $1.202B $1.162B $915.8M
YoY Change 31.3% 20.32% 4112.38%
SHAREHOLDERS EQUITY
Retained Earnings -$268.9M -$247.2M
YoY Change 163.79%
Common Stock $14.00K $11.00K
YoY Change -72.5%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares
Shareholders Equity $1.226B $1.060B $542.3M
YoY Change
Total Liabilities & Shareholders Equity $2.428B $2.222B $1.458B
YoY Change 66.52% 43.75% 108.5%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q2
OPERATING ACTIVITIES
Net Income -$21.64M $7.903M -$37.41M
YoY Change -42.14% -114.37% -91.38%
Depreciation, Depletion And Amortization $2.533M $41.08M $2.419M
YoY Change 4.71% -50.9% -87.91%
Cash From Operating Activities $7.882M $28.76M $39.68M
YoY Change -80.13% 137.79% -21346.65%
INVESTING ACTIVITIES
Capital Expenditures $1.613M -$3.354M $386.0K
YoY Change 317.88% -70.52% -89.68%
Acquisitions $198.6M
YoY Change
Other Investing Activities -$198.6M $0.00
YoY Change
Cash From Investing Activities -$202.5M -$3.354M -$1.880M
YoY Change 10672.98% -70.52% -3286.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 108.5M 60.96M -4.439M
YoY Change -2545.12% 47.98%
NET CHANGE
Cash From Operating Activities 7.882M 28.76M 39.68M
Cash From Investing Activities -202.5M -3.354M -1.880M
Cash From Financing Activities 108.5M 60.96M -4.439M
Net Change In Cash -88.27M 86.37M 33.22M
YoY Change -365.73% 106.06% -26103.6%
FREE CASH FLOW
Cash From Operating Activities $7.882M $28.76M $39.68M
Capital Expenditures $1.613M -$3.354M $386.0K
Free Cash Flow $6.269M $32.12M $39.29M
YoY Change -84.04% 36.83% -1100.58%

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;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></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”). 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;">As part of the closing of the Skillsoft Merger, the Company consummated 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 (“acquisition 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. Also on June 11, 2021, the Company completed the acquisition of Albert DE Holdings Inc. (“Global Knowledge” or “GK” 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)”) </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</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. </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;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Skillsoft Merger was considered a business combination under ASC 805, <i style="font-style:italic;">Business Combinations</i> and is accounted for using the acquisition method of accounting, whereby Churchill was determined to be the accounting acquirer and Software Luxembourg Holding was determined to be the predecessor for financial reporting purposes. 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, 2021 (its last date of operations prior to the merger). Operating results for the acquired business on June 11, 2021 were credited to the Predecessor (SLH) in </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">the accompanying consolidated statement of operations. The funds received from the PIPE investments and transferred for the business combinations closing on June 11, 2021 were recorded in the Successor period of the consolidated statement of cash flows. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In the accompanying footnotes references to “the Company” relate to Successor and Predecessor (SLH) for the same periods.</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;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></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 primarily through Percipio, the Company’s 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 2022 is the fiscal year ended January 31, 2022</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;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></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) and Software Luxembourg (Predecessor (SLH)) 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 8 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 financial statements contained in these interim financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2022.</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 of 1933, as amended, 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 404 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;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></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;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 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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<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;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 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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