Coursera Reports Fourth Quarter and Full Year 2021 Financial Results|||

  • Full year 2021 revenue grows 41% year-over-year to $415 one thousand thousand
  • Full year 2021 Enterprise acquirement grows seventy% yr-over-yr to $120 million

MOUNTAIN VIEW, Calif.–(Business organisation WIRE)–Coursera (NYSE: COUR) today appear financial results for its 4th quarter and full year ended December 31, 2021.


Our 2021 operation reflects Coursera’south growing prominence every bit a global destination for learners seeking job-relevant skills and institutions looking to bulldoze powerful collaboration to better run into the needs of our digital world,” said Coursera CEO Jeff Maggioncalda. “
With our ecosystem of learners, partners, and institutions, we’re broadening admission to college education and creating a new and inclusive lifelong learning model.”

Financial Highlights for Fourth Quarter 2021

  • Total revenue was $115.0 million, up 38% from $83.3 million a yr agone.
  • Gross profit was $71.3 million or 62.0% of revenue, upwards 64% from $43.5 million a year ago. Non-GAAP gross profit was $71.9 million or 62.5% of acquirement, upward 65% from $43.7 million a year ago.
  • Cyberspace loss was $(47.seven) meg or (41.5)% of revenue, compared to $(26.7) million or (32.ane)% of revenue a year agone. Not-GAAP net loss was $(24.1) meg or (21.0)% of acquirement, compared to $(21.i) million or (25.4)% of acquirement a twelvemonth agone.
  • Adjusted EBITDA was $(nineteen.7) 1000000 or (17.ane)% of revenue, compared to $(17.8) million or (21.3)% of revenue a twelvemonth agone.
  • Internet cash provided by operating activities was $0.eight meg, compared to $(17.5) million used in operating activities a year ago. Complimentary cash flow was $(ane.ix) meg, compared to $(21.2) million a yr ago.

Financial Highlights for Full Year 2021

  • Total revenue was $415.3 million, upward 41% from $293.5 million in the prior year.
  • Gross profit was $249.five meg or 60.ane% of revenue, up 61% from $154.7 million in the prior year. Not-GAAP gross turn a profit was $251.half dozen million or 60.6% of revenue, up 62% from $155.2 million in the prior year.
  • Net loss was $(145.two) million or (35.0)% of revenue, compared to $(66.viii) million or (22.8)% of acquirement in the prior year. Non-GAAP internet loss was $(52.4) million or (12.6)% of revenue, compared to $(49.eight) million or (16.9)% of acquirement in the prior year.
  • Adapted EBITDA was $(35.8) million or (8.six)% of revenue, compared to $(39.8) million or (13.six)% of revenue in the prior year.
  • Cyberspace greenbacks provided by operating activities was $1.7 million, compared to $(xv.0) million used in operating activities in the prior yr. Free cash flow was $(11.ix) million, compared to $(26.9) million in the prior year.

For more than data regarding the non-GAAP financial measures discussed in this press release, please come across “Non-GAAP Financial Measures” and “
Reconciliation of GAAP to Non-GAAP Financial Measures” below.


In 2021, revenue grew 41% twelvemonth-over-year demonstrating the value of our three-sided learning platform with multiple growth levers,” said Ken Hahn, Coursera’s CFO. “
Our outlook for 2022 anticipates revenue growth of 30% yr-over-year, reflecting the long-term demand we go on to see for online learning.”

Operating Segment Highlights

  • Consumer
    revenue for the 4th quarter was $65.8 million, upwardly 24% from a year ago on strong demand for our portfolio of entry-level Professional Certificates and continued adoption of Coursera Plus. Segment gross margin was $45.six million, or 69% of Consumer revenue, compared to 57% a year ago. The company added 5 million new registered learners during the quarter for a full of 97 million.
  • Enterprise
    revenue for the fourth quarter was $35.9 million, upward 72% from a year agone on robust growth across business concern, campus, and regime customers. The total number of Paid Enterprise Customers increased to 803, up 107% from a twelvemonth agone. Segment gross margin was $24.2 1000000, or 68% of Enterprise revenue, consistent with a twelvemonth agone on a percentage basis. Our Net Retention Charge per unit (NRR) for Paid Enterprise Customers was 110%.
  • Degrees
    revenue for the fourth quarter was $13.iii million, up 43% from a year agone on scaling of student cohorts. Segment gross margin was 100% of Degrees acquirement as there is no content cost owing to the Degrees segment. The total number of Degrees Students reached sixteen,204, up 36% from a year ago.

All key concern metrics are as of December 31, 2021. For more information regarding the metrics discussed in this printing release, please see “Key Concern Metrics Definitions” beneath.

Content, Client and Platform Highlights

  • Content and Credentials:

    • Announced
      v new degree programs, including bachelor’southward and primary’s programs from universities beyond the globe, including Tecnológico de Monterrey (United mexican states), the University of Colorado Boulder (U.Southward.), the University of London (U.Grand.), the University of North Texas (U.Southward.), and Queen Mary University of London (U.K.).
    • Launched
      3 new entry-level Professional Certificates from IBM, including Data Warehouse Engineer, DevOps and Software Applied science, and Mainframe Practitioner, with learners at present able to choose from xviii of these job-relevant credentials.
    • Welcomed several new
      manufacture partners, including CFA Institute, Talend, and UiPath, providing learners with new courses on a range of topics such as data science for investment professionals, data integration, and enterprise automation.
  • Enterprise Customers:

    • Coursera for Business
      launched and expanded programs with companies across the globe, including L’Oreal (France), Merck KGaA (Germany), and Ayala Corporation (Philippines).
    • Coursera for Government
      launched nationwide upskilling and reskilling initiatives in partnership with the National eLearning Eye (NELC) of Saudi Arabia and the Abu Dhabi School of Government, likewise as a statewide initiative with the California State Library.
    • Coursera for Campus
      saw stiff momentum in the Asia Pacific region, with more than 25 new and expanded partnerships, including International Management Institute New Delhi (IMI New Delhi), Lyceum of the Philippines University, Riphah International Academy, and University of Nueva Caceres.
  • Learning Platform:

    • Introduced
      LevelSets, a new skills assessment tool designed to help learners make up one’s mind their electric current proficiency levels, sympathise where their training should begin, and create a clear evolution path.
    • Secured a number of new and upsell Enterprise deals with our
      Academies, a job-based learning solution powered by
      SkillSets, that offers personalized learning and targeted skills development at calibration.
    • Migrated approximately lxxx courses from 20 university and industry partners since launching our
      content ingestion solution
      in June.
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Highlights reverberate developments since September 30, 2021 through today’s announcement. For boosted information on these developments, see the Coursera Blog at web log.coursera.org.

Financial Outlook

  • First quarter 2022:

    • Revenue in the range of $114 to $118 million
    • Adjusted EBITDA in the range of $(15.5) to $(18.5) million
  • Full year 2022:

    • Revenue in the range of $536 to $544 one thousand thousand
    • Adjusted EBITDA in the range of $(45.5) to $(51.5) meg

Actual results may differ materially from Coursera’s Financial Outlook every bit a event of, among other things, the factors described under “Special Note on Forwards-Looking Statements” beneath.

A reconciliation of our non-GAAP guidance measure (adapted EBITDA) to corresponding GAAP guidance measure out is non available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation expense-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future off-white market value of our mutual stock, and our futurity hiring and retention needs, all of which are difficult to predict and subject to abiding modify. Nosotros have provided a reconciliation of GAAP to not-GAAP financial measures in the financial statement tables for our historical non-GAAP financial results included in this press release.

Briefing Call Details

As previously announced, Coursera volition hold a conference call to discuss its fourth quarter and full yr 2021 operation today, February ten, 2022 at 2:00 p.grand. Pacific Time (5:00 p.m. Eastern Time).

A alive, sound-only webcast of the conference telephone call and earnings release materials volition be available to the public on the company’s Investor Relations page at investor.coursera.com. For those unable to listen to the broadcast alive, an archived replay volition be accessible in the aforementioned location for one year.

Disclosure Data

In compliance with disclosure obligations nether Regulation FD, Coursera announces material information to the public through a multifariousness of means, including filings with the Securities and Substitution Commission, printing releases, company web log posts, public conference calls and webcasts, also every bit the investor relations website.

About Coursera

Coursera was launched in 2012 past two Stanford Computer Scientific discipline professors, Andrew Ng and Daphne Koller, with a mission to provide universal access to world-course learning. It is now one of the largest online learning platforms in the globe, with 97 one thousand thousand registered learners equally of December 31, 2021. Coursera partners with over 250 leading university and industry partners to offer a broad catalog of content and credentials, including courses, Specializations, Professional Certificates, Guided Projects, and bachelor’s and master’s degrees. Institutions around the world use Coursera to upskill and reskill their employees, citizens, and students in fields such equally information scientific discipline, applied science, and business. Coursera became a B Corp in February 2021.

Central Business organisation Metrics Definitions


Registered Learners

We count the full number of registered learners at the end of each flow. For purposes of determining our registered learner count, we care for each client account that registers with a unique electronic mail as a registered learner and adjust for whatever spam, test accounts, and cancellations. Our registered learner count is not intended every bit a measure of active date. New registered learners are individuals that register in a particular period.


Paid Enterprise Customers

Nosotros count the total number of Paid Enterprise Customers at the finish of each menstruation. For purposes of determining our customer count, we care for each customer account that has a respective contract equally a unique client, and a single organization with multiple divisions, segments, or subsidiaries may be counted equally multiple customers. We define a “Paid Enterprise Customer” as a customer who purchases Coursera via our direct sales force. For purposes of determining our Paid Enterprise Customer count, nosotros exclude our Enterprise customers who practise not purchase Coursera via our directly sales strength, which include organizations engaging on our platform through our Coursera for Teams offering or through our aqueduct partners.


Net Retention Charge per unit (NRR) for Paid Enterprise Customers

We calculate annual recurring acquirement (“ARR”) by annualizing each customer’s monthly recurring revenue (“MRR”) for the most recent month at catamenia finish. Nosotros calculate “Net Retention Rate” as of a period end by starting with the ARR from all Paid Enterprise Customers as of the twelve months prior to such period end, or Prior Period ARR. We and then calculate the ARR from these same Paid Enterprise Customers every bit of the current period stop, or Current Flow ARR. Current Period ARR includes expansion inside Paid Enterprise Customers and is net of contraction or attrition over the abaft twelve months, but excludes acquirement from new Paid Customers in the electric current period. We and then split the total Current Catamenia ARR by the total Prior Period ARR to arrive at our Net Retentivity Rate.


Number of Degrees Students

We count the total number of Degrees students for each period. For purposes of determining our Degrees student count, we include all the students that are matriculated in a degree programme and who are enrolled in one or more than courses in such degree programme during the period. If a degree term spans across multiple quarters, said student is counted as active in all quarters of the degree term. For purposes of determining our Degrees student count, we practice not include students who are matriculated in the degree only are not enrolled in a course in that menstruum.

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Non-GAAP Financial Measures

In add-on to financial information presented in accordance with GAAP, this press release includes non-GAAP gross profit, non-GAAP net loss, adjusted EBITDA, adjusted EBITDA margin and Costless Greenbacks Flow, each of which is a non-GAAP financial measure. These are key measures used by our management to help united states of america analyze our financial results, establish budgets and operational goals for managing our business organization, evaluate our operation, and make strategic decisions. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the aforementioned mode every bit our management and lath of directors. In addition, we believe these measures are useful for period-to-menstruation comparisons of our business. We also believe that the presentation of these non-GAAP financial measures provides an additional tool for investors to use in comparing our core business and results of operations over multiple periods with other companies in our industry, many of which present like not-GAAP fiscal measures to investors, and to analyze our greenbacks performance. Notwithstanding, the non-GAAP fiscal measures presented may not exist comparable to similarly titled measures reported by other companies due to differences in the mode that these measures are calculated. These not-GAAP fiscal measures are presented for supplemental informational purposes but and should not be considered as a substitute for or in isolation from financial data presented in accord with GAAP. These non-GAAP metrics take limitations as belittling tools.


Not-GAAP Gross Turn a profit and Non-GAAP Net Loss

Nosotros ascertain non-GAAP gross profit and non-GAAP internet loss as GAAP gross profit and GAAP internet loss excluding the bear on of stock-based bounty, and payroll tax expense related to stock-based activities. We believe the presentation of operating results that exclude these non-cash or not-recurring items provides useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods.


Adjusted EBITDA and Adjusted EBITDA Margin

We ascertain Adjusted EBITDA as our internet loss excluding: (1) depreciation and amortization; (2) involvement income, net; (3) stock-based compensation; (4) income tax expense; and (5) payroll tax expense related to stock-based activities. Nosotros define Adapted EBITDA Margin as Adjusted EBITDA divided by revenue.


Free Cash Flow

Free Cash Period is a non-GAAP financial measure that nosotros calculate as net greenbacks provided by (used in) operating activities, less cash used for purchases of holding, equipment, and software, and capitalized internal-use software costs. We exclude purchases of property, equipment and software, and capitalized internal-use software costs as we consider these capital expenditures to be a necessary component of our ongoing operations.

Reconciliations of the not-GAAP measures to the most direct comparable GAAP financial measures are included in the Appendix.

Special Note on Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. Any statements contained in this printing release that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such equally: “accelerate,” “anticipate, “believe,” “can,” “continue,” “could,” “demand,” “estimate,” “expand,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “outlook”, “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. These forward-looking statements include, just are not limited to, statements regarding: Coursera’southward growing prominence as a global destination for learners seeking job-relevant skills and the platform through which institutions are driving collaboration; broadening access to higher didactics and creating a new and inclusive learning model; the demand for online learning; anticipated features and benefits of our customer and partner relationships and our content and platform offerings; the anticipated utility of non-GAAP measures; predictable growth rates; and our financial outlook, future financial functioning, and expectations, among others. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our bodily results, levels of activeness, functioning, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks and uncertainties include, simply are not limited to, the following: our ability to manage our growth; our express operating history; the nascence of online learning solutions and risks related to market place adoption of online learning; our ability to maintain and aggrandize our partnerships with our academy and manufacture partners and to create opportunities with new partners; our dependence on our partners for content available on our platform; our power to attract and retain learners; our power to increase sales of our Enterprise offering; our ability to compete effectively; the COVID-19 pandemic’s bear upon on our business and our industry; regulatory matters impacting u.s.a. or our partners; risks related to intellectual holding; cyber security and privacy risks and regulations; potential disruptions to our platform; risks related to international operations, including regulatory, economical, and geopolitical weather, and our status as a B Corp, every bit well as the risks and uncertainties discussed in our Annual Report on Grade x-K for the year ended December 31, 2021 and every bit detailed from time to time in our SEC filings. You should not rely upon forward-looking statements as predictions of futurity events. Although we believe that the expectations reflected in the forwards-looking statements are reasonable, we cannot guarantee that the futurity results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor whatsoever other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Such forward-looking statements relate only to events as of the date of this printing release. We undertake no obligation to update whatever forward-looking statements except to the extent required by police force.

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Coursera Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except number of shares and per share amounts)

Quarter Ended

December 31,

Year Concluded

Dec 31,

2020

2021

2020

2021

(in thousands)

(in thousands)

Revenue

$

83,262

$

114,956

$

293,511

$

415,287

Cost of revenue(1)

39,764

43,669

138,846

165,818

Gross turn a profit

43,498

71,287

154,665

249,469

Operating expenses:

Inquiry and development(one)

23,335

38,331

76,784

135,410

Sales and marketing(i)

34,977

57,594

107,249

179,337

General and administrative(1)

11,376

22,852

37,215

77,785

Total operating expenses

69,688

118,777

221,248

392,532

Loss from operations

(26,190

)

(47,490

)

(66,583

)

(143,063

)

Interest income

95

93

1,175

320

Interest expense

(12

)

Other income (expense), internet

111

(95

)

120

(346

)

Loss before income taxes

(25,984

)

(47,492

)

(65,300

)

(143,089

)

Income revenue enhancement expense

734

246

i,515

ii,126

Internet loss

$

(26,718

)

$

(47,738

)

$

(66,815

)

$

(145,215

)

Net loss per share attributable to mutual stockholders—basic and diluted

$

(0.68

)

$

(0.34

)

$

(1.80

)

$

(1.28

)

Weighted-boilerplate shares used in computing internet loss per share attributable to common stockholders—basic and diluted

39,122,597

141,117,797

37,207,492

113,587,523

(1) Includes stock-based compensation expense as follows:

Quarter Ended

Dec 31,

Year Concluded

Dec 31,

2020

2021

2020

2021

(in thousands)

(in thousands)

Cost of revenue

$

156

$

555

$

516

$

two,092

Research and evolution

2,274

xi,133

6,960

42,783

Sales and marketing

1,380

6,488

4,097

25,992

General and administrative

i,720

v,140

v,234

20,316

Total stock-based compensation expense

$

5,530

$

23,316

$

16,807

$

91,183

Coursera Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands)

December 31, 2020

December 31, 2021

Assets:

Current avails:

Cash and greenbacks equivalents

$

79,878

$

580,658

Marketable securities

205,402

241,117

Accounts receivable, net of allowance for doubtful accounts of $48 and $105 every bit of December 31, 2020 and 2021, respectively

40,721

34,396

Deferred costs

fourteen,077

19,666

Prepaid expenses and other current avails

xiv,993

sixteen,494

Total current assets

355,071

892,331

Holding, equipment and software, cyberspace

18,644

24,725

Operating lease right-of-use assets

21,622

16,321

Intangible assets, internet

x,570

x,091

Restricted cash

2,548

2,061

Other assets

ix,169

13,381

Full assets

$

417,624

$

958,910

Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity (Deficit):

Current liabilities:

Educator partners payable

$

39,005

$

49,206

Other accounts payable and accrued expenses

12,897

23,257

Accrued compensation and benefits

12,997

eighteen,353

Operating lease liabilities, current

7,926

8,031

Deferred revenue, electric current

76,080

94,637

Other current liabilities

4,739

seven,639

Full current liabilities

153,644

201,123

Operating charter liabilities, non-current

18,305

11,864

Other liabilities

644

559

Deferred acquirement, non-current

4,562

3,851

Total liabilities

177,155

217,397

Redeemable convertible preferred stock

462,293

Stockholders’ disinterestedness (deficit):

Common stock

i

Boosted paid-in capital letter

126,408

i,235,231

Treasury stock

(4,701

)

(four,701

)

Accumulated other comprehensive income (loss)

20

(252

)

Accumulated deficit

(343,551

)

(488,766

)

Full stockholders’ equity (deficit)

(221,824

)

741,513

Total liabilities, redeemable convertible preferred stock, and stockholders’ disinterestedness (arrears)

$

417,624

$

958,910

Coursera Inc.

CONDENSED CONSOLIDATED STATEMENTS OF Cash FLOWS (Unaudited)

(In thousands)

Years Ended Dec 31,

2020

2021

Greenbacks flows from operating activities:

Net loss

$

(66,815

)

$

(145,215

)

Adjustments to reconcile cyberspace loss to internet cash (used in) provided by operating activities:

Depreciation and acquittal

9,585

14,757

Stock-based compensation

16,807

91,183

Acquittal or accession of marketable securities

(i

)

501

Other

86

(448

)

Changes in operating assets and liabilities:

Accounts receivable, internet

(24,138

)

5,863

Prepaid expenses and other assets

(eighteen,254

)

(5,697

)

Operating lease right-of-employ assets

5,165

5,301

Accounts payable and accrued expenses

25,652

16,322

Accrued compensation and other liabilities

3,718

7,670

Operating charter liabilities

(5,831

)

(6,336

)

Deferred acquirement

39,035

17,845

Cyberspace cash (used in) provided past operating activities

(fourteen,991

)

i,746

Cash flows from investing activities:

Purchases of marketable securities

(218,458

)

(241,758

)

Gain from maturities of marketable securities

129,934

204,981

Purchases of belongings, equipment and software

(3,099

)

(1,554

)

Capitalized internal-use software costs

(8,819

)

(12,090

)

Purchase of investment in private company

(1,000

)

Purchases of content assets

(one,188

)

Internet greenbacks used in investing activities

(101,442

)

(51,609

)

Cash flows from financing activities:

Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs

129,613

Gain from exercise of stock options and warrants

x,118

31,766

Gain from employee stock purchase plan

6,397

Gain from exercise of unvested options, net of repurchases

84

Payment of holdback consideration related to asset acquisition

(769

)

Proceeds from initial public offer, net of offering costs

525,284

Payment of deferred offering costs

(32

)

(6,119

)

Payment of taxation withholding on vesting of restricted stock units

(7,172

)

Net cash provided past financing activities

139,014

550,156

Net increase in greenbacks, cash equivalents, and restricted cash

22,581

500,293

Cash, greenbacks equivalents, and restricted cash—First of period

59,845

82,426

Greenbacks, cash equivalents, and restricted cash—Finish of period

$

82,426

$

582,719

Reconciliation of greenbacks, cash equivalents and restricted greenbacks:

Cash and cash equivalents

$

79,878

$

580,658

Restricted cash

2,548

2,061

Total cash, greenbacks equivalents, and restricted cash

$

82,426

$

582,719

Contacts

For investors:
Cam Carey,
ir@coursera.org
For media:
Anne Espiritu, press@coursera.org

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