Coursera : First Quarter 2024 Financial Tables

Financial Tables

Q1 2024

Coursera Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except shares and per share data)

		Three Months Ended March 31,
		2024			2023
Revenue	$	169,068	$	147,642
Cost of revenue(1)		79,571			70,174
Gross profit		89,497			77,468
Operating expenses:
Research and development(1)		34,610			43,809
Sales and marketing(1)		57,585			52,872
General and administrative(1)		24,943			25,523
Restructuring related charges(1)		2,101			(5,659)
Total operating expenses		119,239			116,545
Loss from operations		(29,742)			(39,077)
Other income, net:
Interest income, net		9,583			8,037
Other (expense) income, net		(285)			102
Loss before income taxes		(20,444)			(30,938)
Income tax expense		812			1,426
Net loss	$	(21,256)		$	(32,364)
Net loss per share-basic and diluted
$	(0.14)		$	(0.22)
Weighted average shares used in computing net loss per
	156,379,409			148,974,454
share-basic and diluted
(1) Includes stock-based compensation expense as follows:
		Three Months Ended March 31,
		2024			2023
Cost of revenue	$	659	$	877
Research and development		11,001			13,465
Sales and marketing		7,922			8,357
General and administrative		8,275			7,631
Restructuring related charges		-			(5,588)
Total stock-based compensation expense	$	27,857	$	24,742

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Financial Tables

Q1 2024

Coursera Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands)

		March 31, 2024			December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	725,363	$	656,321
Marketable securities		-			65,746
Accounts receivable, net		58,254			67,418
Deferred costs, net		25,201			26,387
Prepaid expenses and other current assets		24,429			16,614
Total current assets		833,247			832,486
Property, equipment, and software, net		31,109			30,408
Operating lease right-of-use assets		3,206			4,739
Intangible assets, net		12,610			11,720
Other assets		36,131			41,180
Total assets	$	916,303	$	920,533
Liabilities and Stockholders' Equity
Current liabilities:
Educator partners payable	$	103,258	$	101,041
Other accounts payable and accrued expenses		20,401			23,456
Accrued compensation and benefits		18,320			22,281
Operating lease liabilities, current		4,365			6,557
Deferred revenue, current		148,382			137,229
Other current liabilities		7,861			7,696
Total current liabilities		302,587			298,260
Operating lease liabilities, non-current		-			39
Deferred revenue, non-current		2,177			2,861
Other liabilities		2,425			3,179
Total liabilities		307,189			304,339
Stockholders' equity:
Common stock		2			2
Additional paid-in capital		1,480,238			1,459,964
Treasury stock, at cost		(69,193)			(63,154)
Accumulated other comprehensive income		-			59
Accumulated deficit		(801,933)			(780,677)
Total stockholders' equity		609,114			616,194
Total liabilities and stockholders' equity	$	916,303	$	920,533

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Financial Tables

Q1 2024

Coursera Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

		Three Months Ended March 31,
		2024			2023
Cash flows from operating activities:
Net loss	$	(21,256)	$	(32,364)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		6,356			5,511
Stock-based compensation expense		27,857			24,742
Accretion of marketable securities		(235)			(5,016)
Impairment of long-lived assets		-			535
Other		635			96
Changes in operating assets and liabilities:
Accounts receivable, net		8,456			(14,585)
Prepaid expenses and other assets		(1,586)			(5,396)
Operating lease right-of-use assets		1,533			1,197
Accounts payable and accrued expenses		(594)			19,440
Accrued compensation and other liabilities		(4,954)			(2,476)
Operating lease liabilities		(2,231)			(2,376)
Deferred revenue		10,469			15,384
Net cash provided by operating activities		24,450			4,692
Cash flows from investing activities:
Purchases of marketable securities		-			(121,756)
Proceeds from maturities of marketable securities		66,000			75,000
Purchases of property, equipment, and software		(134)			(298)
Capitalized internal-use software costs		(4,070)			(2,862)
Purchases of content assets		(2,153)			(624)
Net cash provided by (used in) investing activities		59,643			(50,540)
Cash flows from financing activities:
Proceeds from exercise of stock options		4,097			5,354
Payments for repurchases of common stock		(5,634)			-
Payments for tax withholding on vesting of restricted stock units		(13,514)			(13,036)
Net cash used in financing activities		(15,051)			(7,682)
Net increase (decrease) in cash, cash equivalents, and restricted cash		69,042			(53,530)
Cash, cash equivalents, and restricted cash-Beginning of period		658,086			322,878
Cash, cash equivalents, and restricted cash-End of period	$	727,128	$	269,348

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Financial Tables

Q1 2024

Coursera Inc.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited)

(In thousands)

		Three Months Ended March 31,
		2024			2023
Gross profit	$	89,497	$	77,468
Stock-based compensation expense		659			877
Amortization of stock-based compensation capitalized as internal-use software		1,477			1,169
costs
Payroll tax expense related to stock-based compensation		46			50
Non-GAAP gross profit	$	91,679		$	79,564
		Three Months Ended March 31,
		2024			2023
Net loss	$	(21,256)	$	(32,364)
Stock-based compensation expense		27,857			30,330
Amortization of stock-based compensation capitalized as internal-use software		1,477			1,169
costs
Payroll tax expense related to stock-based compensation		1,741			1,363
Restructuring related charges		2,101			(5,659)
Non-GAAP net income (loss)	$	11,920	$	(5,161)
Weighted-average shares used in computing net loss per share-basic
	156,379,409			148,974,454
Effect of dilutive securities(2)		11,925,056			-
Weighted-average shares used in computing non-GAAP net income (loss) per		168,304,465			148,974,454
share-diluted
Net loss per share-basic and diluted
$	(0.14)		$	(0.22)
Non-GAAP net income (loss) per share-diluted
$	0.07		$	(0.03)

1. For periods presented with a non-GAAP net loss, we have excluded the effect of potentially dilutive securities as their inclusion would be anti-dilutive.

		Three Months Ended March 31,
		2024			2023
Net loss	$	(21,256)	$	(32,364)
Depreciation and amortization		6,356			5,511
Interest income, net		(9,583)			(8,037)
Income tax expense		812			1,426
Other expense (income), net		285			(102)
Stock-based compensation expense		27,857			30,330
Payroll tax expense related to stock-based compensation		1,741			1,363
Restructuring related charges		2,101			(5,659)
Adjusted EBITDA	$	8,313	$	(7,532)
Net loss margin		(13)%			(22)%
Adjusted EBITDA Margin		5 %			(5)%

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Financial Tables

Q1 2024

	Three Months Ended March 31,
	2024				2023
Net cash provided by operating activities(3)	$	24,450	$	4,692
Less: purchases of property, equipment, and software		(134)			(298)
Less: capitalized internal-use software costs		(4,070)			(2,862)
Previously reported Free Cash Flow					1,532
Less: purchases of content assets		(2,153)			(624)
Free Cash Flow	$	18,093	$	908

1. Includes cash payments for restructuring related charges made during the three months ended March 31, 2024 and 2023 of $1.8 million and $4.8 million.

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