Revenue Growth - For the three months ended March 31, 2024, total revenue was 169.1million,anincreaseof21.4 million or 15% compared to 147.6millionforthesameperiodin2023[97]−Consumerrevenueincreasedby14.7 million, or 18%, to 96.7million,drivenbynewlearnerscontributing41.6 million[98] - Enterprise revenue rose by 5.3million,or101.4 million, or 10%, primarily due to a 3.1millionrisefrommoreDegreesstudents,offsetbyadecreaseinrevenueperstudent[100]−TotalrevenueforQ12024was169.1 million, a 15% increase from 147.6millioninQ12023[139]−Consumerrevenuereached96.7 million in Q1 2024, growing 18% year-over-year, while Enterprise revenue increased by 10% to 57.5million[139]−DegreesrevenueforQ12024was14.8 million, up 10% from 13.4millioninQ12023[139]ProfitabilityandLoss−ThenetlossforthethreemonthsendedMarch31,2024,was21.3 million, a reduction from a net loss of 32.4millioninthesameperiodof2023,resultinginanetlossmarginof1311.9 million, compared to a non-GAAP net loss of 5.2millioninQ12023[144]−FreeCashFlowforQ12024was18.1 million, significantly up from 0.9millioninQ12023[150]−AdjustedEBITDAforQ12024was8.3 million, compared to an adjusted EBITDA loss of 7.5millioninQ12023[147]ExpensesandCosts−Grossprofitforthequarterwas89.5 million, representing a gross margin of 53%, up from 52% in the prior year[96] - Operating expenses totaled 119.2million,withresearchanddevelopmentexpensesat34.6 million, down from 43.8millioninthepreviousyear[94]−CostofrevenueforthethreemonthsendedMarch31,2024was79.6 million, an increase of 13% from 70.2millioninthesameperiodof2023[101]−TotaloperatingexpensesforthethreemonthsendedMarch31,2024were119.2 million, a slight increase of 2% compared to 116.5millionin2023[104]−Researchanddevelopmentexpensesdecreasedby2134.6 million for the three months ended March 31, 2024, down from 43.8millionin2023[105]LearnerandCustomerGrowth−Theaveragetotalnumberofregisteredlearnersincreasedby2024.5 million for the three months ended March 31, 2024, compared to 4.7millioninthesameperiodof2023[120]−Cashandcashequivalentstotaled725.4 million as of March 31, 2024, providing a strong liquidity position[111] - The company expects existing cash and cash equivalents, along with anticipated cash flows from operations, to be sufficient to meet cash needs for at least the next 12 months[113] - The company repurchased 431,783 shares of common stock for 6.0millionduringthethreemonthsendedMarch31,2024,with30.6 million remaining under the share repurchase program[116] Interest and Currency Risk - Interest income for the three months ended March 31, 2024 was 9.6million,a198.0 million in the same period of 2023[109] - As of March 31, 2024, a hypothetical 100 basis point increase or decrease in interest rates would have resulted in a 7.3millionand7.8 million change in annualized interest income[157] - The company’s revenue is primarily denominated in U.S. dollars, minimizing exposure to significant foreign currency risk, while operating expenses are subject to fluctuations in local currencies[158] - A 10% increase or decrease in current exchange rates would have impacted the Condensed Consolidated Financial Statements by 0.5millionand0.9 million for the three months ended March 31, 2024 and 2023, respectively[159] - The company maintains foreign-currency denominated cash and cash equivalents to support ongoing operations in foreign entities[159] - The company has not entered into any hedging arrangements for foreign currency risk but may consider doing so in the future[159] Partnerships and Strategic Initiatives - The company continues to invest in expanding its international footprint to tap into underserved adult learning populations[90] - Coursera partners with over 325 leading global universities and industry partners to provide high-quality content and credentials[81]
Coursera,(COUR)2024-05-02 20:15