Coursera,(US:COUR)2024-05-02 20:15Revenue Growth - For the three months ended March 31, 2024, total revenue was $169.1 million, an increase of $21.4 million or 15% compared to $147.6 million for the same period in 2023[97] - Consumer revenue increased by $14.7 million, or 18%, to $96.7 million, driven by new learners contributing $41.6 million[98] - Enterprise revenue rose by $5.3 million, or 10%, attributed to an increase in new customers, despite a decrease in existing customer spend[99] - Degrees revenue increased by $1.4 million, or 10%, primarily due to a $3.1 million rise from more Degrees students, offset by a decrease in revenue per student[100] - Total revenue for Q1 2024 was $169.1 million, a 15% increase from $147.6 million in Q1 2023[139] - Consumer revenue reached $96.7 million in Q1 2024, growing 18% year-over-year, while Enterprise revenue increased by 10% to $57.5 million[139] - Degrees revenue for Q1 2024 was $14.8 million, up 10% from $13.4 million in Q1 2023[139] Profitability and Loss - The net loss for the three months ended March 31, 2024, was $21.3 million, a reduction from a net loss of $32.4 million in the same period of 2023, resulting in a net loss margin of 13% compared to 22%[83] - Non-GAAP net income for Q1 2024 was $11.9 million, compared to a non-GAAP net loss of $5.2 million in Q1 2023[144] - Free Cash Flow for Q1 2024 was $18.1 million, significantly up from $0.9 million in Q1 2023[150] - Adjusted EBITDA for Q1 2024 was $8.3 million, compared to an adjusted EBITDA loss of $7.5 million in Q1 2023[147] Expenses and Costs - Gross profit for the quarter was $89.5 million, representing a gross margin of 53%, up from 52% in the prior year[96] - Operating expenses totaled $119.2 million, with research and development expenses at $34.6 million, down from $43.8 million in the previous year[94] - Cost of revenue for the three months ended March 31, 2024 was $79.6 million, an increase of 13% from $70.2 million in the same period of 2023[101] - Total operating expenses for the three months ended March 31, 2024 were $119.2 million, a slight increase of 2% compared to $116.5 million in 2023[104] - Research and development expenses decreased by 21% to $34.6 million for the three months ended March 31, 2024, down from $43.8 million in 2023[105] Learner and Customer Growth - The average total number of registered learners increased by 20%, contributing to the growth in paid learners[97] - Total registered learners reached 148.5 million as of March 31, 2024, representing a year-over-year growth of 20% from 123.7 million[129] - The number of Degrees students increased to 22.2 thousand in Q1 2024, up from 18.1 thousand in Q1 2023, representing a year-over-year growth of 23%[132] - Paid Enterprise Customers rose to 1,480 in Q1 2024, compared to 1,253 in Q1 2023, reflecting an 18% year-over-year growth[134] Cash and Liquidity - Net cash provided by operating activities increased significantly to $24.5 million for the three months ended March 31, 2024, compared to $4.7 million in the same period of 2023[120] - Cash and cash equivalents totaled $725.4 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 $6.0 million during the three months ended March 31, 2024, with $30.6 million remaining under the share repurchase program[116] Interest and Currency Risk - Interest income for the three months ended March 31, 2024 was $9.6 million, a 19% increase from $8.0 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 $7.3 million and $7.8 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 $0.5 million and $0.9 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]