10-Q 1 cour-20220930.htm 10-Q 10-Q
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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 September 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 October 28, 2022, the registrant had 146,580,369 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

32

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

72

Item 5.

Other Information

72

Item 6.

Exhibits

73

Signatures

74

 

 


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)

 

 

September 30, 2022

 

 

December 31, 2021

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

424,796

 

 

$

580,658

 

Marketable securities

 

 

361,025

 

 

 

241,117

 

Accounts receivable, net of allowance for doubtful accounts of $260 and $105 as of September 30, 2022 and December 31, 2021, respectively

 

 

54,567

 

 

 

34,396

 

Deferred costs, net

 

 

25,610

 

 

 

19,666

 

Prepaid expenses and other current assets

 

 

22,291

 

 

 

16,494

 

Total current assets

 

 

888,289

 

 

 

892,331

 

Property, equipment, and software, net

 

 

28,118

 

 

 

24,725

 

Operating lease right-of-use assets

 

 

10,789

 

 

 

16,321

 

Intangible assets, net

 

 

8,985

 

 

 

10,091

 

Restricted cash

 

 

2,061

 

 

 

2,061

 

Other assets

 

 

18,014

 

 

 

13,381

 

Total assets

 

$

956,256

 

 

$

958,910

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Educator partners payable

 

$

62,182

 

 

$

49,206

 

Other accounts payable and accrued expenses

 

 

27,702

 

 

 

23,257

 

Accrued compensation and benefits

 

 

13,563

 

 

 

18,353

 

Operating lease liabilities, current

 

 

8,085

 

 

 

8,031

 

Deferred revenue, current

 

 

116,592

 

 

 

94,637

 

Other current liabilities

 

 

7,608

 

 

 

7,639

 

Total current liabilities

 

 

235,732

 

 

 

201,123

 

Operating lease liabilities, non-current

 

 

7,417

 

 

 

11,864

 

Deferred revenue, non-current

 

 

3,239

 

 

 

3,851

 

Other liabilities

 

 

887

 

 

 

559

 

Total liabilities

 

 

247,275

 

 

 

217,397

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

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

 

 

 

 

 

 

Common stock, $0.00001 par value—300,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 149,205,936 shares issued and 146,457,998 shares outstanding as of September 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

 

 

1,327,566

 

 

 

1,235,231

 

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

 

 

(4,701

)

 

 

(4,701

)

Accumulated other comprehensive loss

 

 

(1,479

)

 

 

(252

)

Accumulated deficit

 

 

(612,406

)

 

 

(488,766

)

Total stockholders’ equity

 

 

708,981

 

 

 

741,513

 

Total liabilities and stockholders’ equity

 

$

956,256

 

 

$

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

$

136,389

 

 

$

109,880

 

 

$

381,576

 

 

$

300,331

 

Cost of revenue

 

 

48,821

 

 

 

42,162

 

 

 

137,972

 

 

 

122,149

 

Gross profit

 

 

87,568

 

 

 

67,718

 

 

 

243,604

 

 

 

178,182

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

39,415

 

 

 

33,935

 

 

 

122,299

 

 

 

97,079

 

Sales and marketing

 

 

58,504

 

 

 

45,268

 

 

 

165,757

 

 

 

121,743

 

General and administrative

 

 

25,998

 

 

 

19,942

 

 

 

76,902

 

 

 

54,933

 

Total operating expenses

 

 

123,917

 

 

 

99,145

 

 

 

364,958

 

 

 

273,755

 

Loss from operations

 

 

(36,349

)

 

 

(31,427

)

 

 

(121,354

)

 

 

(95,573

)

Interest income

 

 

2,301

 

 

 

62

 

 

 

3,473

 

 

 

227

 

Other expense, net

 

 

(976

)

 

 

(286

)

 

 

(2,574

)

 

 

(251

)

Loss before income taxes

 

 

(35,024

)

 

 

(31,651

)

 

 

(120,455

)

 

 

(95,597

)

Income tax expense

 

 

1,014

 

 

800

 

 

 

3,185

 

 

 

1,880

 

Net loss

 

$

(36,038

)

 

$

(32,451

)

 

$

(123,640

)

 

$

(97,477

)

Net loss per share—basic and diluted

 

$

(0.25

)

 

$

(0.23

)

 

$

(0.85

)

 

$

(0.93

)

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

 

 

146,020,571

 

 

 

138,846,394

 

 

 

144,619,748

 

 

 

104,316,176

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net loss

 

$

(36,038

)

 

$

(32,451

)

 

$

(123,640

)

 

$

(97,477

)

Change in unrealized gain (loss) on marketable securities, net of tax

 

 

839

 

 

 

(4

)

 

 

(1,227

)

 

 

(19

)

Comprehensive loss

 

$

(35,199

)

 

$

(32,455

)

 

$

(124,867

)

 

$

(97,496

)

 

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—June 30, 2022

 

 

 

 

$

 

 

 

148,332,771

 

 

$

1

 

 

$

1,299,173

 

 

 

(2,747,938

)

 

$

(4,701

)

 

$

(2,318

)

 

$

(576,368

)

 

$

715,787

 

Issuance of common stock upon exercise of options

 

 

 

 

 

 

 

 

635,319

 

 

 

 

 

 

2,713

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,713

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

372,157

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax withholding on vesting of restricted stock units

 

 

 

 

 

 

 

 

(139,829

)

 

 

 

 

 

(1,946

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,946

)

Issuance of restricted stock awards

 

 

 

 

 

 

 

 

5,518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,626

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,626

 

Change in unrealized gain on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

839

 

 

 

 

 

 

839

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(36,038

)

 

 

(36,038

)

Balance—September 30, 2022

 

 

 

 

$

 

 

 

149,205,936

 

 

$

1

 

 

$

1,327,566

 

 

 

(2,747,938

)

 

$

(4,701

)

 

$

(1,479

)

 

$

(612,406

)

 

$

708,981

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

3,509,007

 

 

 

 

 

 

14,198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,198

 

Vesting of restricted stock units

 

 

 

 

 

 

 

 

1,094,522

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax withholding on vesting of restricted stock units

 

 

 

 

 

 

 

 

(410,918

)

 

 

 

 

 

(6,798

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,798

)

Issuance of restricted stock awards

 

 

 

 

 

 

 

 

5,518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock related to employee stock purchase plan

 

 

 

 

 

 

 

 

353,828

 

 

 

 

 

 

4,596

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,596

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

80,339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

80,339

 

Change in unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,227

)

 

 

 

 

 

(1,227

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(123,640

)

 

 

(123,640

)

Balance—September 30, 2022

 

 

 

 

$

 

 

 

149,205,936

 

 

$

1

 

 

$

1,327,566

 

 

 

(2,747,938

)

 

$

(4,701

)

 

$

(1,479

)

 

$

(612,406

)

 

$

708,981