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Coursera,(COUR) - 2023 Q1 - Quarterly Report
COURCoursera,(COUR)2023-05-03 16:00
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Revenue and Growth - Total revenue for the three months ended March 31, 2023, was 147,642,000,representinga23147,642,000, representing a 23% increase from 120,433,000 in the same period of 2022[54] - Enterprise segment revenue increased by 34% to 52,173,000comparedto52,173,000 compared to 39,046,000 in the prior year[54] - Total registered learners increased to 123.7 million in 2023, up from 101.7 million in 2022, representing a year-over-year growth of 22%[67] Financial Performance - The net loss for the three months ended March 31, 2023, was 32.4million,comparedtoanetlossof32.4 million, compared to a net loss of 38.3 million in the same period of 2022, showing a reduction in losses[76] - Adjusted EBITDA for the three months ended March 31, 2023, was (7.5)million,animprovementfrom(7.5) million, an improvement from (10.5) million in the same period of 2022[76] - The company experienced a net loss margin of (22)% for the three months ended March 31, 2023, an improvement from (32)% in the same period of 2022[76] Operating Expenses - Total operating expenses for the three months ended March 31, 2023, were 116,545,000,aslightincreaseof2116,545,000, a slight increase of 2% from 114,800,000 in the same period of 2022[56] - The company recognized restructuring charges of 5,659,000duringthethreemonthsendedMarch31,2023,primarilyrelatedtopersonnelexpenses[56]−Thecompanyincurredstock−basedcompensationexpenseof5,659,000 during the three months ended March 31, 2023, primarily related to personnel expenses[56] - The company incurred stock-based compensation expense of 30.3 million for the three months ended March 31, 2023, compared to 22.0millioninthesameperiodof2022[76]CashFlowandInvestments−FreeCashFlowfortheperiodiscalculatedasnetcashprovidedbyoperatingactivitiesminuscapitalexpenditures,indicatingliquidityforstrategicopportunities[45]−ForthethreemonthsendedMarch31,2023,netcashusedininvestingactivitieswas22.0 million in the same period of 2022[76] Cash Flow and Investments - Free Cash Flow for the period is calculated as net cash provided by operating activities minus capital expenditures, indicating liquidity for strategic opportunities[45] - For the three months ended March 31, 2023, net cash used in investing activities was 50.5 million, a decrease from 185.1millioninthesameperiodof2022,indicatingimprovedcashmanagement[65]−Thecompanyreportedanetdecreaseincash,cashequivalents,andrestrictedcashof185.1 million in the same period of 2022, indicating improved cash management[65] - The company reported a net decrease in cash, cash equivalents, and restricted cash of 53.5 million for the three months ended March 31, 2023, compared to a decrease of 219.3millioninthesameperiodof2022[65]CustomerMetrics−NetRetentionRateforPaidEnterpriseCustomersdecreasedto104219.3 million in the same period of 2022[65] Customer Metrics - Net Retention Rate for Paid Enterprise Customers decreased to 104% as of March 31, 2023, down from 109% as of March 31, 2022[40] - Approximately 90% of total Enterprise segment revenue was generated from Paid Enterprise Customers for the three months ended March 31, 2023[39] - The net retention rate for paid enterprise customers was not specified but is monitored as a key metric for financial performance[70] Segment Performance - Consumer segment gross profit was 44,617,000 with a gross margin of 54%, down from 71% in the previous year[42] - Segment gross profit is monitored to evaluate financial performance, with content costs being a significant factor affecting profitability[73] - The company is focused on segment performance, with shifts in mix between Consumer, Enterprise, and Degrees segments expected to drive overall financial performance[73] Shareholder Actions - On April 26, 2023, the Board of Directors approved a share repurchase program with authorization to purchase up to $95 million of common stock[62]