10-Q 1 cour-20220630.htm 10-Q 10-Q
0001651562Q2false--12-310001651562us-gaap:LeaseholdImprovementsMember2022-01-012022-06-300001651562cour:EsppMember2021-01-012021-06-300001651562cour:InternalUseSoftwareMember2022-01-012022-06-300001651562us-gaap:RedeemableConvertiblePreferredStockMember2021-04-012021-06-300001651562cour:EsppMember2021-04-012021-06-300001651562cour:ResearchAndDevelopmentMember2022-01-012022-06-300001651562us-gaap:DevelopedTechnologyRightsMember2022-06-300001651562us-gaap:RetainedEarningsMember2021-03-310001651562cour:OtherMember2022-04-012022-06-3000016515622020-12-3100016515622021-06-300001651562cour:SharesSubjectToRepurchaseMember2021-01-012021-06-300001651562us-gaap:CommonStockMember2021-01-012021-06-300001651562country:US2022-06-300001651562us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001651562us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMembercour:NoCustomersMember2021-01-012021-06-300001651562cour:TwoThousandTwentyOneEmployeeStockPurchasePlanMember2022-06-300001651562cour:SharesSubjectToRepurchaseMember2022-04-012022-06-300001651562cour:ContentAssetMember2022-06-300001651562srt:AsiaPacificMember2022-04-012022-06-300001651562us-gaap:GeneralAndAdministrativeExpenseMember2021-04-012021-06-300001651562cour:InternalUseSoftwareMember2022-04-012022-06-300001651562us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300001651562us-gaap:LeaseholdImprovementsMember2022-06-300001651562us-gaap:AdditionalPaidInCapitalMember2021-12-310001651562us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMembercour:NoCustomersMember2022-04-012022-06-300001651562cour:PropertyEquipmentAndSoftwareMember2021-04-012021-06-300001651562us-gaap:RedeemableConvertiblePreferredStockMember2021-03-310001651562us-gaap:EMEAMember2022-04-012022-06-300001651562us-gaap:AccountsReceivableMember2022-01-012022-06-300001651562us-gaap:AdditionalPaidInCapitalMember2021-03-310001651562cour:ContentSourcingAgreementMember2021-04-012021-06-300001651562us-gaap:TreasuryStockMember2022-03-310001651562us-gaap:FurnitureAndFixturesMember2022-01-012022-06-300001651562us-gaap:GeneralAndAdministrativeExpenseMember2022-04-012022-06-300001651562us-gaap:AdditionalPaidInCapitalMember2022-03-310001651562cour:ContentSourcingAgreementMember2022-01-012022-06-300001651562cour:EmployeeStockPurchasePlanMember2022-06-300001651562us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2022-06-300001651562us-gaap:CommonStockMemberus-gaap:IPOMember2021-04-040001651562cour:AssembledWorkforceMember2022-06-3000016515622021-01-010001651562us-gaap:FurnitureAndFixturesMember2021-12-310001651562us-gaap:TreasuryStockMember2022-06-300001651562us-gaap:SellingAndMarketingExpenseMember2021-01-012021-06-300001651562us-gaap:NonUsMember2021-12-310001651562us-gaap:CommonStockMember2022-03-310001651562cour:ContentSourcingAgreementMember2022-06-300001651562cour:ContentAssetMember2022-04-012022-06-300001651562us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMember2021-12-310001651562us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMembercour:NoCustomersMember2021-04-012021-06-300001651562us-gaap:CommonStockMember2021-03-310001651562us-gaap:LeaseholdImprovementsMember2021-12-310001651562us-gaap:AccountsReceivableMember2021-01-012021-12-310001651562us-gaap:EMEAMember2021-04-012021-06-300001651562us-gaap:CommonStockMember2022-01-012022-06-300001651562cour:ConsumerSegmentMember2022-01-012022-06-300001651562us-gaap:RedeemableConvertiblePreferredStockMember2020-12-310001651562us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001651562us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-3000016515622022-01-012022-06-300001651562us-gaap:SoftwareDevelopmentMember2021-12-310001651562us-gaap:CommonStockMember2021-04-012021-06-300001651562us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembersrt:MinimumMembercountry:US2021-04-012021-06-300001651562us-gaap:IPOMember2021-04-050001651562cour:CommonStockOptionsMember2021-01-012021-06-300001651562us-gaap:CostOfSalesMember2022-01-012022-06-300001651562cour:ComputerEquipmentAndSoftwareMember2021-12-310001651562us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001651562cour:InternalUseSoftwareMember2021-04-012021-06-300001651562us-gaap:EMEAMember2022-01-012022-06-300001651562us-gaap:TreasuryStockMember2021-03-3100016515622022-05-012022-05-310001651562cour:EnterpriseSegmentMember2022-04-012022-06-300001651562country:US2021-12-310001651562cour:AssembledWorkforceMember2021-12-310001651562cour:EsppMember2022-01-012022-06-300001651562cour:ContentAssetMember2021-12-310001651562us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300001651562us-gaap:SoftwareDevelopmentMember2022-06-300001651562us-gaap:SellingAndMarketingExpenseMember2022-04-012022-06-300001651562us-gaap:SellingAndMarketingExpenseMember2022-01-012022-06-3000016515622022-06-300001651562us-gaap:AdditionalPaidInCapitalMember2021-06-300001651562us-gaap:TreasuryStockMember2021-06-300001651562srt:AsiaPacificMember2022-01-012022-06-3000016515622021-03-310001651562us-gaap:PropertyPlantAndEquipmentMember2022-04-012022-06-300001651562us-gaap:EmployeeStockOptionMember2022-01-012022-06-300001651562us-gaap:RedeemableConvertiblePreferredStockMember2021-01-012021-06-300001651562us-gaap:CostOfSalesMember2022-04-012022-06-300001651562us-gaap:FairValueInputsLevel1Member2021-12-310001651562cour:PropertyEquipmentAndSoftwareMember2022-01-012022-06-300001651562us-gaap:CommonStockMember2022-06-300001651562cour:ContentAssetMember2021-01-012021-06-300001651562us-gaap:RetainedEarningsMember2022-03-310001651562cour:SharesSubjectToRepurchaseMember2022-01-012022-06-300001651562srt:MaximumMemberus-gaap:SoftwareDevelopmentMember2022-01-012022-06-300001651562cour:TwoThousandThirteenAndTwoThousandFourteenExecutiveStockIncentivePlanMember2022-06-300001651562us-gaap:RetainedEarningsMember2022-04-012022-06-300001651562cour:ConsumerSegmentMember2022-04-012022-06-300001651562cour:CustomerOneMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2022-01-012022-06-300001651562us-gaap:RetainedEarningsMember2022-06-300001651562cour:ResearchAndDevelopmentMember2021-01-012021-06-300001651562us-gaap:EmployeeStockOptionMember2022-06-300001651562cour:PropertyEquipmentAndSoftwareMember2022-04-012022-06-300001651562cour:CommonStockOptionsMember2021-04-012021-06-300001651562cour:AcquiredIntangiblesMember2021-01-012021-06-3000016515622022-03-310001651562us-gaap:RetainedEarningsMember2021-12-310001651562us-gaap:EmployeeStockOptionMember2021-12-310001651562cour:EnterpriseSegmentMember2021-04-012021-06-300001651562us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001651562us-gaap:RestrictedStockUnitsRSUMember2021-12-310001651562us-gaap:MoneyMarketFundsMember2022-06-300001651562cour:ResearchAndDevelopmentMember2022-04-012022-06-300001651562us-gaap:CommonStockMember2021-06-300001651562cour:ComputerEquipmentAndSoftwareMember2022-01-012022-06-300001651562us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembersrt:MinimumMembercountry:US2022-04-012022-06-300001651562cour:CommonStockOptionsMember2022-04-012022-06-300001651562us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMembercour:NoCustomersMember2022-01-012022-06-300001651562us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001651562us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-3000016515622022-04-012022-06-3000016515622021-01-012021-06-300001651562cour:ContentSourcingAgreementMember2021-12-310001651562cour:AcquiredIntangiblesMember2022-04-012022-06-300001651562cour:EsppMember2022-04-012022-06-300001651562cour:DegreesSegmentMember2021-04-012021-06-300001651562cour:ConsumerSegmentMember2021-01-012021-06-300001651562cour:OtherMember2022-01-012022-06-300001651562us-gaap:SoftwareDevelopmentMember2022-01-012022-06-300001651562cour:CommonStockOptionsMember2022-01-012022-06-300001651562country:US2022-01-012022-06-300001651562cour:EmployeeStockPurchasePlanMember2022-01-012022-06-300001651562us-gaap:SoftwareDevelopmentMember2021-04-012021-06-300001651562us-gaap:EMEAMember2021-01-012021-06-300001651562us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001651562us-gaap:CommonStockMember2022-04-012022-06-300001651562us-gaap:AdditionalPaidInCapitalMember2020-12-310001651562cour:AcquiredIntangiblesMember2021-04-012021-06-300001651562us-gaap:RedeemableConvertiblePreferredStockMember2021-12-310001651562cour:ConsumerSegmentMember2021-04-012021-06-300001651562cour:ContentSourcingAgreementMember2021-01-012021-06-300001651562us-gaap:DevelopedTechnologyRightsMember2021-12-3100016515622021-04-012021-06-300001651562cour:RussianEducatorPartnersMember2022-04-012022-06-300001651562us-gaap:FairValueInputsLevel1Member2022-06-300001651562us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001651562cour:ContentAssetMember2022-01-012022-06-300001651562cour:OtherMember2021-04-012021-06-300001651562us-gaap:MoneyMarketFundsMember2021-12-310001651562us-gaap:RetainedEarningsMember2021-04-012021-06-300001651562cour:ComputerEquipmentAndSoftwareMember2022-06-300001651562cour:ResearchAndDevelopmentMember2021-04-012021-06-300001651562us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300001651562cour:AssembledWorkforceMember2022-01-012022-06-300001651562us-gaap:SoftwareDevelopmentMember2021-01-012021-06-300001651562country:US2021-04-012021-06-300001651562cour:PropertyEquipmentAndSoftwareMember2021-01-012021-06-300001651562us-gaap:RetainedEarningsMember2021-06-300001651562us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMembercour:NoCustomersMember2021-01-012021-12-310001651562cour:EnterpriseSegmentMember2022-01-012022-06-300001651562us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001651562us-gaap:RetainedEarningsMember2020-12-310001651562us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001651562cour:InternalUseSoftwareMember2021-01-012021-06-300001651562us-gaap:DevelopedTechnologyRightsMember2022-01-012022-06-300001651562us-gaap:USTreasurySecuritiesMember2022-06-300001651562us-gaap:RetainedEarningsMember2021-01-012021-06-300001651562us-gaap:EmployeeStockOptionMember2021-01-012021-12-310001651562us-gaap:RetainedEarningsMember2022-01-012022-06-300001651562cour:EnterpriseSegmentMember2021-01-012021-06-300001651562cour:DegreesSegmentMember2021-01-012021-06-3000016515622022-07-012022-06-3000016515622022-07-280001651562us-gaap:CostOfSalesMember2021-04-012021-06-300001651562us-gaap:CostOfSalesMember2021-01-012021-06-300001651562cour:ContentSourcingAgreementMember2022-04-012022-06-300001651562us-gaap:USTreasurySecuritiesMember2021-12-310001651562cour:AcquiredIntangiblesMember2022-01-012022-06-300001651562us-gaap:FurnitureAndFixturesMember2022-06-300001651562us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-06-300001651562srt:AsiaPacificMember2021-01-012021-06-300001651562cour:RussianEducatorPartnersMember2022-01-012022-06-300001651562us-gaap:RestrictedStockUnitsRSUMember2021-04-012021-06-300001651562cour:OtherMember2021-01-012021-06-300001651562us-gaap:RedeemableConvertiblePreferredStockMember2021-06-300001651562us-gaap:RedeemableConvertiblePreferredStockMember2022-03-310001651562us-gaap:RedeemableConvertiblePreferredStockMember2022-06-300001651562us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembersrt:MinimumMembercountry:US2022-01-012022-06-300001651562srt:AsiaPacificMember2021-04-012021-06-300001651562us-gaap:NonUsMember2022-06-300001651562us-gaap:CommonStockMember2020-12-310001651562us-gaap:AdditionalPaidInCapitalMember2022-06-300001651562country:US2021-01-012021-06-300001651562us-gaap:CommonStockMember2021-12-310001651562us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMembersrt:MinimumMembercountry:US2021-01-012021-06-300001651562us-gaap:CommonStockMemberus-gaap:IPOMember2021-04-042021-04-040001651562us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001651562us-gaap:SoftwareDevelopmentMember2022-04-012022-06-300001651562srt:MinimumMemberus-gaap:SoftwareDevelopmentMember2022-01-012022-06-300001651562us-gaap:RestrictedStockUnitsRSUMember2022-06-3000016515622021-12-310001651562us-gaap:USTreasurySecuritiesMember2022-06-300001651562us-gaap:USTreasurySecuritiesMember2021-12-310001651562us-gaap:SellingAndMarketingExpenseMember2021-04-012021-06-300001651562cour:ContentAssetMember2021-04-012021-06-300001651562cour:DegreesSegmentMember2022-04-012022-06-300001651562us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-06-300001651562country:US2022-04-012022-06-300001651562cour:SharesSubjectToRepurchaseMember2021-04-012021-06-300001651562cour:DegreesSegmentMember2022-01-012022-06-300001651562us-gaap:TreasuryStockMember2020-12-310001651562us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2021-12-310001651562us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMember2022-06-300001651562us-gaap:TreasuryStockMember2021-12-310001651562us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-06-300001651562us-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300001651562us-gaap:RestrictedStockUnitsRSUMember2022-04-012022-06-30xbrli:purecour:Segmentcour:Customerxbrli:sharesiso4217:USDxbrli:sharesiso4217:USD

Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission File Number: 001-40275

 

COURSERA, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

45-3560292

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

381 E. Evelyn Ave.

Mountain View, California

94041

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (650) 963-9884

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.00001 par value

 

COUR

 

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

             ☐

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of July 28, 2022, the registrant had 145,763,241 shares of common stock, $0.00001 par value per share, outstanding.

 

 

 


Table of Contents

 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

2

 

Condensed Consolidated Balance Sheets (Unaudited)

2

 

Condensed Consolidated Statements of Operations (Unaudited)

3

 

Condensed Consolidated Statements of Comprehensive Loss (Unaudited)

4

 

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Unaudited)

5

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

6

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

18

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

33

Item 4.

Controls and Procedures

33

PART II.

OTHER INFORMATION

35

Item 1.

Legal Proceedings

35

Item 1A.

Risk Factors

35

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

71

Item 6.

Exhibits

72

Signatures

73

 

 


Table of Contents

 

PART I—FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (Unaudited)

COURSERA, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

(Unaudited)

 

 

As of

 

 

 

June 30, 2022

 

 

December 31, 2021

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

380,005

 

 

$

580,658

 

Marketable securities

 

 

403,140

 

 

 

241,117

 

Accounts receivable, net of allowance for doubtful accounts of $189 and $105 as of June 30, 2022 and December 31, 2021, respectively

 

 

57,418

 

 

 

34,396

 

Deferred costs, net

 

 

22,496

 

 

 

19,666

 

Prepaid expenses and other current assets

 

 

20,494

 

 

 

16,494

 

Total current assets

 

 

883,553

 

 

 

892,331

 

Property, equipment, and software, net

 

 

27,862

 

 

 

24,725

 

Operating lease right-of-use assets

 

 

11,510

 

 

 

16,321

 

Intangible assets, net

 

 

9,165

 

 

 

10,091

 

Restricted cash

 

 

2,061

 

 

 

2,061

 

Other assets

 

 

18,239

 

 

 

13,381

 

Total assets

 

$

952,390

 

 

$

958,910

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Educator partners payable

 

$

55,323

 

 

$

49,206

 

Other accounts payable and accrued expenses

 

 

20,876

 

 

 

23,257

 

Accrued compensation and benefits

 

 

16,519

 

 

 

18,353

 

Operating lease liabilities, current

 

 

8,043

 

 

 

8,031

 

Deferred revenue, current

 

 

115,581

 

 

 

94,637

 

Other current liabilities

 

 

7,968

 

 

 

7,639

 

Total current liabilities

 

 

224,310

 

 

 

201,123

 

Operating lease liabilities, non-current

 

 

8,715

 

 

 

11,864

 

Deferred revenue, non-current

 

 

2,665

 

 

 

3,851

 

Other liabilities

 

 

913

 

 

 

559

 

Total liabilities

 

 

236,603

 

 

 

217,397

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.00001 par value—10,000,000 shares authorized as of June 30, 2022 and December 31, 2021; no shares issued and outstanding as of June 30, 2022 and December 31, 2021

 

 

 

 

 

 

Common stock, $0.00001 par value—300,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 148,332,771 shares issued and 145,584,833 shares outstanding as of June 30, 2022, and 144,653,979 shares issued and 141,906,041 shares outstanding as of December 31, 2021

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

1,299,173

 

 

 

1,235,231

 

Treasury stock—at cost, 2,747,938 shares as of June 30, 2022 and December 31, 2021

 

 

(4,701

)

 

 

(4,701

)

Accumulated other comprehensive loss

 

 

(2,318

)

 

 

(252

)

Accumulated deficit

 

 

(576,368

)

 

 

(488,766

)

Total stockholders’ equity

 

 

715,787

 

 

 

741,513

 

Total liabilities and stockholders’ equity

 

$

952,390

 

 

$

958,910

 

See notes to unaudited condensed consolidated financial statements.

2


Table of Contents

 

COURSERA, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

$

124,754

 

 

$

102,089

 

 

$

245,187

 

 

$

190,451

 

Cost of revenue

 

 

46,348

 

 

 

41,162

 

 

 

89,151

 

 

 

79,987

 

Gross profit

 

 

78,406

 

 

 

60,927

 

 

 

156,036

 

 

 

110,464

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

44,929

 

 

 

41,004

 

 

 

82,884

 

 

 

63,144

 

Sales and marketing

 

 

55,586

 

 

 

43,862

 

 

 

107,253

 

 

 

76,475

 

General and administrative

 

 

25,726

 

 

 

21,846

 

 

 

50,904

 

 

 

34,991

 

Total operating expenses

 

 

126,241

 

 

 

106,712

 

 

 

241,041

 

 

 

174,610

 

Loss from operations

 

 

(47,835

)

 

 

(45,785

)

 

 

(85,005

)

 

 

(64,146

)

Interest income

 

 

837

 

 

 

85

 

 

 

1,172

 

 

 

165

 

Other (expense) income, net

 

 

(1,173

)

 

 

42

 

 

 

(1,598

)

 

 

35

 

Loss before income taxes

 

 

(48,171

)

 

 

(45,658

)

 

 

(85,431

)

 

 

(63,946

)

Income tax expense

 

 

1,163

 

 

705

 

 

 

2,171

 

 

 

1,080

 

Net loss

 

$

(49,334

)

 

$

(46,363

)

 

$

(87,602

)

 

$

(65,026

)

Net loss per share—basic and diluted

 

$

(0.34

)

 

$

(0.35

)

 

$

(0.61

)

 

$

(0.75

)

Weighted average shares used in computing net loss per share—basic and diluted

 

 

144,782,220

 

 

 

131,804,121

 

 

 

143,909,469

 

 

 

86,761,169

 

 

See notes to unaudited condensed consolidated financial statements.

3


Table of Contents

 

COURSERA, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Loss

(In thousands)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net loss

 

$

(49,334

)

 

$

(46,363

)

 

$

(87,602

)

 

$

(65,026

)

Change in unrealized loss on marketable securities, net of tax

 

 

(454

)

 

 

(18

)

 

 

(2,066

)

 

 

(15

)

Comprehensive loss

 

$

(49,788

)

 

$

(46,381

)

 

$

(89,668

)

 

$

(65,041

)

 

See notes to unaudited condensed consolidated financial statements.

4


Table of Contents

 

 

COURSERA, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

(In thousands, except share data)

(Unaudited)

 

 

 

Redeemable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Convertible

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

Total

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-In

 

 

Treasury Stock

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Shares

 

 

Amount

 

 

Income (Loss)

 

 

Deficit

 

 

Equity (Deficit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance—March 31, 2022

 

 

 

 

$

 

 

 

146,578,434

 

 

$

1

 

 

$

1,262,283

 

 

 

(2,747,938

)

 

$

(4,701

)

 

$

(1,864

)

 

$

(527,034

)

 

$

728,685

 

Issuance of common stock upon exercise of options

 

 

 

 

 

 

 

 

1,145,682

 

 

 

 

 

 

5,035

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,035

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

400,030

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax withholding on vesting of restricted stock units

 

 

 

 

 

 

 

 

(145,203

)

 

 

 

 

 

(2,227

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,227

)

Issuance of common stock related to employee stock purchase plan

 

 

 

 

 

 

 

 

353,828

 

 

 

 

 

 

4,596

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,596

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,486

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,486

 

Change in unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(454

)

 

 

 

 

 

(454

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(49,334

)

 

 

(49,334

)

Balance—June 30, 2022

 

 

 

 

$

 

 

 

148,332,771

 

 

$

1

 

 

$

1,299,173

 

 

 

(2,747,938

)

 

$

(4,701

)

 

$

(2,318

)

 

$

(576,368

)

 

$

715,787

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance—December 31, 2021

 

 

 

 

$

 

 

 

144,653,979

 

 

$

1

 

 

$

1,235,231

 

 

 

(2,747,938

)

 

$

(4,701

)

 

$

(252

)

 

$

(488,766

)

 

$

741,513

 

Issuance of common stock upon exercise of options

 

 

 

 

 

 

 

 

2,873,688

 

 

 

 

 

 

11,485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,485

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

722,365

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax withholding on vesting of restricted stock units

 

 

 

 

 

 

 

 

(271,089

)

 

 

 

 

 

(4,852

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,852

)

Issuance of common stock related to employee stock purchase plan

 

 

 

 

 

 

 

 

353,828

 

 

 

 

 

 

4,596

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,596

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

52,713

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

52,713

 

Change in unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,066

)

 

 

 

 

 

(2,066

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(87,602

)

 

 

(87,602

)

Balance—June 30, 2022

 

 

 

 

$

 

 

 

148,332,771

 

 

$

1

 

 

$

1,299,173

 

 

 

(2,747,938

)

 

$

(4,701

)

 

$

(2,318

)

 

$

(576,368

)

 

$

715,787

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance—March 31, 2021

 

 

75,305,400

 

 

$

462,293

 

 

 

45,941,154

 

 

$

 

 

$

140,803

 

 

 

(2,747,938

)

 

$

(4,701

)

 

$

23

 

 

$

(362,214

)

 

$

(226,089

)

Conversion of redeemable convertible preferred stock to common stock upon initial public offering

 

 

(75,305,400

)

 

 

(462,293

)

 

 

75,305,400

 

 

 

1

 

 

 

462,292

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

462,293

 

Issuance of common stock upon initial public offering, net of offering costs

 

 

 

 

 

 

 

 

17,024,276

 

 

 

 

 

 

518,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

518,835

 

Issuance of common stock upon exercise of options