Coursera,(US:COUR)2025-02-24 21:09Learner and Customer Growth - As of December 31, 2024, Coursera had approximately 168 million registered learners on its platform[324]. - The number of total registered learners increased to 168.2 million in 2024, reflecting a year-over-year growth of 19% from 141.9 million in 2023[395]. - The number of Paid Enterprise Customers rose to 1,612 in 2024, marking an 18% increase from 1,369 in 2023[400]. Revenue Performance - Total revenue for the year ended December 31, 2024 was $694.7 million, an increase of $58.9 million, or 9%, from $635.8 million in 2023[360]. - Consumer revenue increased by $32.9 million, or 9%, to $398.1 million, with new learners contributing $107.5 million[361]. - Enterprise revenue also rose by $19.3 million, or 9%, to $238.9 million, driven by new customer acquisitions[362]. - Degrees revenue increased by $6.7 million, or 13%, to $57.7 million, primarily due to an increase in the number of Degrees students[363]. - Total revenue for the year ended December 31, 2024, was $694.674 million, representing an increase of 9.3% from $635.764 million in 2023[454]. Cost and Expenses - Cost of revenue for 2024 was $323.3 million, a 6% increase from $306.0 million in 2023, with a gross profit of $371.4 million and a gross margin of 53%[364]. - Total operating expenses for 2024 were $484.6 million, a slight increase of 2% from $475.4 million in 2023[368]. - Research and development expenses decreased by 18% to $132.0 million, primarily due to lower personnel-related costs[369]. - Operating expenses increased slightly to $484.632 million in 2024 from $475.367 million in 2023, with research and development expenses at $132.048 million[454]. Profitability and Loss - The company reported a net loss of $79,530,000 for 2024, an improvement from a net loss of $116,554,000 in 2023[410]. - Adjusted EBITDA for 2024 was $41,507,000, compared to a loss of $10,000,000 in 2023, indicating a positive shift in profitability[413]. - Net loss for the year ended December 31, 2024, was $79,530,000, a decrease from the net loss of $116,554,000 in 2023 and $175,357,000 in 2022[464]. Cash Flow and Liquidity - Net cash provided by operating activities for 2024 was $95.4 million, a significant increase of $65.7 million compared to $29.6 million in 2023[387]. - Cash and cash equivalents as of December 31, 2024, were $726.125 million, up from $656.321 million in 2023[452]. - Total cash, cash equivalents, and restricted cash at the end of 2024 was $728,404,000, up from $658,086,000 in 2023[464]. Strategic Decisions and Future Outlook - The company anticipates a revenue decline in its Degrees segment for 2025 due to a strategic decision to be more selective in pursuing Degrees partnerships[330]. - Starting in 2025, Coursera will compensate educator partners based on learner engagement rather than completion rates, aiming to improve learner outcomes[337]. - Capital expenditures are expected to increase in 2025 relative to 2024, focusing on investments in content assets[384]. - The company plans to continue investing in marketing efforts to support international expansion and grow its customer and learner base[339]. Stock and Equity - The company completed a share repurchase program, purchasing 3,099,800 shares for $36.7 million during the year ended December 31, 2024[383]. - The balance of stockholders' equity as of December 31, 2024, was $597,420,000, a decrease from $616,194,000 in 2023[460]. - The company repurchased common stock worth $36,705,000 in 2024, compared to $58,453,000 in 2023[464]. Tax and Compliance - Income tax expense for 2024 was $1.0 million, a significant decrease of 81% from $5.4 million in 2023, due to the release of a reserve for an uncertain tax position[375]. - The company is subject to income taxes in the United States and various foreign jurisdictions, requiring significant judgment in determining income tax expense[513]. Financial Reporting and Controls - The company maintained effective internal control over financial reporting as of December 31, 2024, according to the independent auditor's opinion[434]. - The allowance for credit losses was not material for the years ended December 31, 2024, 2023, and 2022[476].