Earnings Release
Q2 FY21
1
Coursera Reports Second Quarter Fiscal 2021 Financial Results
● Revenue grows 38% year-over-year on global demand for reskilling
● Entry-level Professional Certificates drive strong Consumer performance
August 3, 2021
MOUNTAIN VIEW, Calif. (BUSINESS WIRE) – Coursera (NYSE: COUR) today announced
financial results for its second quarter of fiscal 2021, ended June 30, 2021.
“Our second-quarter result reflects the growing adoption and impact of our platform around the
world. Institutions are using Coursera to launch large-scale reskilling efforts, and learners are
coming to the platform to upskill for high-demand digital roles,” said Coursera CEO Jeff
Maggioncalda. “Working with global brands like Google, IBM and Facebook, we have
assembled a broad catalog of job-relevant content and credentials that are helping learners with
no college degree or industry experience learn the skills needed to start new digital careers.”
Financial Highlights for Second Quarter Fiscal 2021
● Total revenue was $102.1 million, up 38% from $73.7 million a year ago.
● Gross profit was $60.9 million or 59.7% of revenue, up 58% from $38.6 million a year
ago. Non-GAAP gross profit was $61.8 million or 60.6% of revenue, up 60% from $38.7
million a year ago.
● Net loss was $(46.4) million or (45.4)% of revenue, compared to $(13.9) million or
(18.9)% of revenue a year ago. Non-GAAP net loss was $(6.9) million or (6.8)% of
revenue, compared to $(10.3) million or (14.0)% of revenue a year ago.
● Adjusted EBITDA was $(2.9) million or (2.8)% of revenue, compared to $(7.9) million or
(10.6)% of revenue a year ago.
● Net cash used in operating activities was $(5.5) million, compared to $11.4 million
provided by operating activities a year ago. Free cash flow was $(8.5) million, compared
to $8.3 million a year ago.
For more information regarding the non-GAAP financial measures discussed in this press
release, please see "Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-
GAAP Financial Measures" below.
“In the second quarter, revenue grew 38% year-over-year with strong momentum across our
three-sided learning platform,” said Ken Hahn, Coursera’s CFO. “Following our pandemic-
related surge in 2020, we believe we are seeing sustained structural demand for online learning
as businesses, governments and individual learners seek the skills required to compete in
today’s economy.”
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Q2 FY21
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Operating Segment Highlights
● Consumer revenue for the second quarter was $62.0 million, up 23% from a year ago
on sustained demand for our career-oriented Professional Certificates targeted at entry-
level digital jobs. Segment gross margin was $40.7 million, or 66% of Consumer
revenue, compared to 54% a year ago. The company added 5 million new registered
learners during the quarter for a total of 87 million.
● Enterprise revenue for the second quarter was $28.2 million, up 69% from a year ago
on a combination of strong renewals and growth in new customers. The total number of
Paid Enterprise Customers increased to 584, up 109% from a year ago. Segment gross
margin was $19.0 million, or 67% of Enterprise revenue, compared to 70% a year ago.
Our Net Retention Rate (NRR) for Paid Enterprise Customers was 114%.
● Degrees revenue for the second quarter was $11.9 million, up 78% from a year ago on
scaling of prior cohorts and newly launched programs. Segment gross margin was 100%
of Degrees revenue; there is no content cost attributable to the Degrees segment as
students pay tuition directly to the university, and the university pays us a fee based on
the amount of tuition. The total number of Degrees Students reached 14,630, up 81%
from a year ago.
All key business metrics are as of June 30, 2021. For more information regarding the metrics
discussed in this press release, please see "Key Business Metrics Definitions" below.
Content, Customer and Platform Highlights
● Content and Credentials:
○ Announced 6 new industry partners, including Intuit, Infosec and Tencent.
○ Expanded our entry-level Professional Certificate catalog, including the Intuit
Bookkeeping Professional Certificate and Facebook Marketing Analyst
Professional Certificate.
○ Announced a new degree program with the Global Master’s in English
Language Teaching Leadership from Tomsk State University, which was in
addition to the 5 degrees announced at Coursera Conference in April.
● Enterprise Customers:
○ Expanded programs with Coursera for Business customers focused on
accelerating their digital transformation strategies, including PwC ProEdge
(U.S.), Pernod Ricard (France), and Go1 (U.K.).
○ Launched nationwide reskilling program with the Government of Barbados
National Transformation Initiative, ramped up statewide program with the U.S.
Tennessee Department of Labor and Workforce Development, and expanded our
partnership with the Commonwealth of Learning, serving 54 member nations
across Asia Pacific, Africa, Latin America, and the Caribbean.
○ Leading public and private universities adopted Coursera for Campus, including
the Universidad de Guadalajara (Mexico), L’Université Hassan II de Casablanca
(Morocco), UNext Learning (India), BAC Education (Malaysia), and Riphah
International University (Pakistan).
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Q2 FY21
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● Learning Platform:
○ Expanded availability of Coursera Plus as a monthly subscription to all
learners, offering unlimited access to thousands of courses and all Guided
Projects for one all-inclusive price.
○ Announced general availability of our new LMS content ingestion solution,
enabling educators to quickly and seamlessly migrate large amounts of content
to Coursera from Learning Management Systems including edX, Canvas, Blackboard,
Moodle and others.
○ Announced general availability of Live2Coursera app for Zoom, helping to
address the digital divide facing universities with flexible download options and
mobile device compatibility.
Highlights reflect developments since March 31, 2021 through today’s announcement. For
additional information on these developments, see the Coursera Blog at blog.coursera.org.
Financial Outlook
● Third quarter fiscal 2021:
○ Revenue in the range of $105 to $109 million
○ Adjusted EBITDA in the range of $(7.5) to $(10.5) million
● Full-year fiscal 2021:
○ Revenue in the range of $402 to $410 million
○ Adjusted EBITDA in the range of $(38.0) to $(44.0) million
Actual results may differ materially from Coursera’s Financial Outlook as a result of, among
other things, the factors described under “Special Note on Forward-Looking Statements” below.
A reconciliation of our non-GAAP guidance measure (adjusted EBITDA) to corresponding
GAAP guidance measure is not available on a forward-looking basis without unreasonable effort
due to the uncertainty regarding, and the potential variability of, expenses that may be incurred
in the future. Stock-based compensation expense-related charges, including employer payroll
tax-related items on employee stock transactions, are impacted by the timing of employee stock
transactions, the future fair market value of our common stock, and our future hiring and
retention needs, all of which are difficult to predict and subject to constant change. We have
provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement
tables for our historical non-GAAP financial results included in this press release.
Conference Call Details
As previously announced, Coursera will hold a conference call to discuss its second quarter
performance today, August 3, 2021 at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
A live, audio-only webcast of the conference call and earnings release materials will be
available to the public on the company’s Investor Relations page at investor.coursera.com. For
those unable to listen to the broadcast live, an archived replay will be accessible in the same
location for one year.
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Q2 FY21
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Disclosure Information
In compliance with disclosure obligations under Regulation FD, Coursera announces material
information to the public through a variety of means, including filings with the Securities and
Exchange Commission, press releases, company blog posts, public conference calls and
webcasts, as well as the investor relations website.
About Coursera
Coursera was launched in 2012 by two Stanford Computer Science professors, Andrew Ng and
Daphne Koller, with a mission to provide universal access to world-class learning. It is now one
of the largest online learning platforms in the world, with 87 million registered learners as of
June 30, 2021. Coursera partners with over 200 leading university and industry partners to offer
a broad catalog of content and credentials, including Guided Projects, courses, Specializations,
certificates, and bachelor’s and master’s degrees. Institutions around the world use Coursera to
upskill and reskill their employees, citizens, and students in many high-demand fields, including
data science, technology, and business.
Contacts:
For investors: Cam Carey, [email protected]
For media: Arunav Sinha, [email protected]
# # #
Key Business Metrics Definitions
Registered Learners
We count the total number of registered learners at the end of each period. For purposes of
determining our registered learner count, we treat each customer account that registers with a
unique email as a registered learner and adjust for any spam, test accounts, and cancellations.
Our registered learner count is not intended as a measure of active engagement. New
registered learners are individuals that register in a particular period.
Paid Enterprise Customers
We count the total number of Paid Enterprise Customers at the end of each period. For
purposes of determining our customer count, we treat each customer account that has a
corresponding contract as a unique customer, and a single organization with multiple divisions,
segments, or subsidiaries may be counted as multiple customers. We define a “Paid Enterprise
Customer” as a customer who purchases Coursera via our direct sales force. For purposes of
determining our Paid Enterprise Customer count, we exclude our Enterprise customers who do
not purchase Coursera via our direct sales force, which include organizations engaging on our
platform through our Coursera for Teams offering or through our channel partners.
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Q2 FY21
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Net Retention Rate (NRR) for Paid Enterprise Customers
We calculate annual recurring revenue (“ARR”) by annualizing each customer’s monthly
recurring revenue (“MRR”) for the most recent month at period end. We calculate “Net Retention
Rate” as of a period end by starting with the ARR from all Paid Enterprise Customers as of the
twelve months prior to such period end, or Prior Period ARR. We then calculate the ARR from
these same Paid Enterprise Customers as of the current period end, or Current Period ARR.
Current Period ARR includes expansion within Paid Enterprise Customers and is net of
contraction or attrition over the trailing twelve months, but excludes revenue from new Paid
Customers in the current period. We then divide the total Current Period ARR by the total Prior
Period ARR to arrive at our Net Retention Rate.
Number of Degrees Students
We count the total number of Degrees students for each period. For purposes of determining
our Degrees student count, we include all the students that are matriculated in a degree
program and who are enrolled in one or more courses in such degree program during the
period. If a degree term spans across multiple quarters, said student is counted as active in all
quarters of the degree term. For purposes of determining our Degrees student count, we do not
include students who are matriculated in the degree but are not enrolled in a course in that
period.
Non-GAAP Financial Measures
In addition to financial information presented in accordance with GAAP, this press release
includes non-GAAP gross profit, non-GAAP net loss, adjusted EBITDA, adjusted EBITDA
margin and Free Cash Flow, each of which is a non-GAAP financial measure. These are key
measures used by our management to help us analyze our financial results, establish budgets
and operational goals for managing our business, evaluate our performance, and make
strategic decisions. Accordingly, we believe that these non-GAAP financial measures provide
useful information to investors and others in understanding and evaluating our operating results
in the same manner as our management and board of directors. In addition, we believe these
measures are useful for period-to-period comparisons of our business. We also believe that the
presentation of these non-GAAP financial measures provides an additional tool for investors to
use in comparing our core business and results of operations over multiple periods with other
companies in our industry, many of which present similar non-GAAP financial measures to
investors, and to analyze our cash performance. However, the non-GAAP financial measures
presented may not be comparable to similarly titled measures reported by other companies due
to differences in the way that these measures are calculated. These non-GAAP financial
measures are presented for supplemental informational purposes only and should not be
considered as a substitute for or in isolation from financial information presented in accordance
with GAAP. These non-GAAP metrics have limitations as analytical tools.
Non-GAAP Gross Profit and Non-GAAP Net Loss
We define non-GAAP gross profit and non-GAAP net loss as GAAP gross profit and GAAP net
loss excluding the impact of stock-based compensation, and payroll tax expense related to
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Q2 FY21
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stock-based activities. We believe the presentation of operating results that exclude these non-
cash or non-recurring items provides useful supplemental information to investors and facilitates
the analysis of our operating results and comparison of operating results across reporting
periods.
Adjusted EBITDA and Adjusted EBITDA Margin
We define Adjusted EBITDA as our net loss excluding: (1) depreciation and amortization; (2)
interest income, net; (3) stock-based compensation; (4) income tax expense; and (5) payroll tax
expense related to stock-based activities. We define Adjusted EBITDA Margin as Adjusted
EBITDA divided by revenue.
Free Cash Flow
Free Cash Flow is a non-GAAP financial measure that we calculate as net cash used in
operating activities, less cash used for purchases of property, equipment, and software, and
capitalized internal-use software costs. We exclude purchases of property, equipment and
software, and capitalized internal-use software costs as we consider these capital expenditures
to be a necessary component of our ongoing operations.
Reconciliations of the non-GAAP measures to the most directly comparable GAAP financial
measures are included in the Appendix.
Special Note on Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and
uncertainties. Any statements contained in this press release that are not statements of
historical facts may be deemed to be forward-looking statements. In some cases, you can
identify forward-looking statements by the words “may,” “might,” “will,” “can,” “could,” “would,”
“should,” “expect,” “intend,” “plan,” “objective,” “target,” “anticipate,” “believe,” “estimate,”
“predict,” “project,” “potential,” “continue,” and “ongoing,” or the negative of these terms, or other
comparable terminology intended to identify statements about the future. These forward-looking
statements include statements regarding: the growing adoption and impact of our platform
around the world; trends in the online learning market, including with respect to institutions using
online learning for skilling at scale; trends in the higher education market, including learner
interest in online credentials as a pathway into digital roles; our ability to assemble a broad
catalog of content and credentials; our ability to differentiate from our competitors; demand for
online learning, including for skills to compete in today’s economy, and our ability to meet the
needs of learners and institutions; anticipated features and benefits of our content and platform
offerings, including partner adoption of and satisfaction with content ingestion, pricing and
access to our content and platform offerings, and mobile device compatibility and download
options; our ability to scale our business; and our financial outlook, future financial performance,
and expectations, among others. These forward-looking statements involve known and
unknown risks, uncertainties, and other factors that may cause our actual results, levels of
activity, performance, or achievements to be materially different from the information expressed
or implied by these forward-looking statements. These risks and uncertainties include, but are
Earnings Release
Q2 FY21
7
not limited to, the following: our ability to manage our growth; our limited operating history; the
nascency of online learning solutions and risks related to market adoption of online learning; our
ability to maintain and expand our partnerships with our university and industry partners; our
ability to attract and retain learners; our ability to increase sales of our Enterprise offering; our
ability to compete effectively; the COVID-19 pandemic’s impact on our business and our
industry; regulatory matters impacting us or our partners; risks related to intellectual property;
cyber security and privacy risks and regulations; potential disruptions to our platform; and our
status as a B Corp, as well as the risks discussed in our Quarterly Report on Form 10-Q for the
quarter ended June 30, 2021 and as detailed from time to time in our SEC filings. You should
not rely upon forward-looking statements as predictions of future events. Although we believe
that the expectations reflected in the forward-looking statements are reasonable, we cannot
guarantee that the future results, levels of activity, performance, or events and circumstances
reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor
any other person assumes responsibility for the accuracy and completeness of the forward-
looking statements. Such forward-looking statements relate only to events as of the date of this
press release. We undertake no obligation to update any forward-looking statements except to
the extent required by law.
Earnings Release
Q2 FY21
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Coursera Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except number of shares and per share amounts)
Three Months Ended June 30,
Six Months Ended June 30,
2020
2021
2020
2021
(in thousands)
(in thousands)
Revenue
$
73,728
$
102,089
$
127,575
$
190,451
Cost of revenue
(1)
35,161
41,162
60,112
79,987
Gross profit
38,567
60,927
67,463
110,464
Operating expenses:
Research and
development
(1)
18,046
41,004
33,829
63,144
Sales and marketing
(1)
25,414
43,862
46,110
76,475
General and
administrative
(1)
8,943
21,846
16,029
34,991
Total operating expenses
52,403
106,712
95,968
174,610
Loss from operations
(13,836)
(45,785)
(28,505)
(64,146)
Interest income
265
85
961
165
Interest expense
(12)
—
(12)
—
Other income (expense),
net
34
42
(218)
35
Loss before income taxes
(13,549)
(45,658)
(27,774)
(63,946)
Income tax expense
367
705
456
1,080
Net loss
$
(13,916)
$
(46,363)
$
(28,230)
$
(65,026)
Net loss per share attributable
to common stockholders—
basic and diluted
$
(0.38)
$
(0.35)
$
(0.79)
$
(0.75)
Weighted-average shares used
in computing net loss per share
attributable to
common stockholders—basic
and diluted
36,185,155
131,804,121
35,925,639
86,761,169
(1) Includes stock-based compensation expense as follows:
Three Months Ended June 30,
Six Months Ended June 30,
2020
2021
2020
2021
(in thousands)
(in thousands)
Cost of revenue
$
115
$
903
$
225
$
1,010
Research and development
1,492
18,363
2,769
20,391
Sales and marketing
833
11,310
1,542
12,658
General and administrative
1,123
8,599
2,041
10,400
Total stock-based compensation
expense
$
3,563
$
39,175
$
6,577
$
44,459
Earnings Release
Q2 FY21
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Coursera Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands)
December 31, 2020
June 30, 2021
Assets:
Current assets:
Cash and cash equivalents
$
79,878
$
749,649
Marketable securities
205,402
51,088
Accounts receivable, net of allowance for doubtful accounts of
$48 and $153
40,721
51,757
Deferred costs
14,077
17,881
Prepaid expenses and other current assets
14,993
17,983
Total current assets
355,071
888,358
Property, equipment and software, net
18,644
23,049
Operating lease right-of-use assets
21,622
18,906
Intangible assets, net
10,570
10,336
Restricted cash
2,548
2,548
Other assets
9,169
10,383
Total assets
$
417,624
$
953,580
Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity (Deficit):
Current liabilities:
Educator partners payable
$
39,005
$
41,666
Other accounts payable
12,897
9,260
Accrued compensation and benefits
12,997
15,469
Operating lease liabilities, current
7,926
7,970
Deferred revenue, current
76,080
95,917
Other current liabilities
4,739
6,861
Total current liabilities
153,644
177,143
Operating lease liabilities, non-current
18,305
15,071
Other liabilities
644
593
Deferred revenue, non-current
4,562
5,364
Total liabilities
177,155
198,171
Redeemable convertible preferred stock
462,293
—
Stockholders’ equity (deficit):
Common stock
—
1
Additional paid-in capital
126,408
1,168,681
Treasury stock
(4,701)
(4,701)
Accumulated other comprehensive income
20
5
Accumulated deficit
(343,551)
(408,577)
Total stockholders’ equity (deficit)
(221,824)
755,409
Total liabilities, redeemable convertible preferred stock,
and stockholders’ equity (deficit)
$
417,624
$
953,580
Earnings Release
Q2 FY21
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Coursera Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
Six Months Ended June 30,
2020
2021
Cash flows from operating activities:
Net loss
$
(28,230)
$
(65,026)
Adjustments to reconcile net loss to net cash (used in) provided by operating
activities:
Depreciation and amortization
4,364
6,371
Stock-based compensation
6,577
44,459
Amortization or accretion of marketable securities
(187)
319
Other
25
105
Changes in operating assets and liabilities:
Accounts receivable, net
(11,497)
(11,141)
Prepaid expenses and other assets
(7,691)
(4,124)
Operating lease right-of-use assets
2,543
2,716
Educator partners and other accounts payable
13,202
(5,274)
Accrued and other liabilities
(431)
4,347
Operating lease liabilities
(2,822)
(3,191)
Deferred revenue
27,992
20,639
Net cash (used in) provided by operating activities
3,845
(9,800)
Cash flows from investing activities:
Purchases of marketable securities
(35,633)
—
Proceeds from maturities of marketable securities
98,434
153,981
Purchases of property, equipment and software
(1,737)
(739)
Capitalized internal-use software costs
(3,669)
(6,598)
Purchases of content assets
—
(531)
Net cash provided by investing activities
57,395
146,113
Cash flows from financing activities:
Proceeds from exercise of stock options and warrants
2,073
14,284
Proceeds from initial public offering, net of offering costs
—
525,284
Payment of deferred offering costs
—
(6,110)
Net cash provided by financing activities
2,073
533,458
Net increase in cash, cash equivalents, and restricted cash
63,313
669,771
Cash, cash equivalents, and restricted cash—Beginning of period
59,845
82,426
Cash, cash equivalents, and restricted cash—End of period
$
123,158
$
752,197
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents
$
119,354
$
749,649
Restricted cash
3,035
2,548
Restricted cash in prepaid expenses and other current assets
769
—
Total cash, cash equivalents, and restricted cash
$
123,158
$
752,197
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Coursera Inc.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Unaudited)
(In thousands, except number of shares and per share amounts)
Three Months Ended June 30, 2021
GAAP
Stock-based
compensation
Payroll tax
expense related
to stock-based
activities
Non-GAAP
Revenue
$
102,089
-
-
$
102,089
Cost of revenue
41,162
(903)
(15)
40,244
Gross profit
60,927
903
15
61,845
Operating expenses:
Research and development
41,004
(18,363)
(101)
22,540
Sales and marketing
43,862
(11,310)
(34)
32,518
General and administrative
21,846
(8,599)
(106)
13,141
Total operating expenses
106,712
(38,272)
(241)
68,199
Loss from operations
(45,785)
39,175
256
(6,354)
Interest income
85
-
-
85
Other income, net
42
-
-
42
Loss before income taxes
(45,658)
39,175
256
(6,227)
Income tax expense
705
-
-
705
Net loss
(46,363)
39,175
256
(6,932)
Net loss per share attributable to common
stockholders—basic and diluted
$
(0.35)
$
(0.05)
Weighted-average shares used in
computing net loss per share attributable to
common stockholders—basic and diluted
131,804,121
131,804,121
Six Months Ended June 30, 2021
GAAP
Stock-based
compensation
Payroll tax
expense related
to stock-based
activities
Non-GAAP
Revenue
$
190,451
-
-
$
190,451
Cost of revenue
79,987
(1,010)
(16)
78,961
Gross profit
110,464
1,010
16
111,490
Operating expenses:
Research and development
63,144
(20,391)
(124)
42,629
Sales and marketing
76,475
(12,658)
(35)
63,782
General and administrative
34,991
(10,400)
(109)
24,482
Total operating expenses
174,610
(43,449)
(268)
130,893
Loss from operations
(64,146)
44,459
284
(19,403)
Interest income
165
-
-
165
Other income, net
35
-
-
35
Loss before income taxes
(63,946)
44,459
284
(19,203)
Income tax expense
1,080
-
-
1,080
Net loss
(65,026)
44,459
284
(20,283)
Net loss per share attributable to common
stockholders—basic and diluted
$
(0.75)
$
(0.23)
Weighted-average shares used in
computing net loss per share attributable to
common stockholders—basic and diluted
86,761,169
86,761,169
Earnings Release
Q2 FY21
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Three Months Ended June 30, 2020
GAAP
Stock-based
compensation
Payroll tax
expense related
to stock-based
activities
Non-GAAP
Revenue
$
73,728
-
-
$
73,728
Cost of revenue
35,161
(115)
-
35,046
Gross profit
38,567
115
-
38,682
Operating expenses:
-
Research and development
18,046
(1,492)
(3)
16,551
Sales and marketing
25,414
(833)
(12)
24,569
General and administrative
8,943
(1,123)
-
7,820
Total operating expenses
52,403
(3,448)
(15)
48,940
Loss from operations
(13,836)
3,563
15
(10,258)
Interest income
265
-
-
265
Interest expense
(12)
-
-
(12)
Other income, net
34
-
-
34
Loss before income taxes
(13,549)
3,563
15
(9,971)
Income tax expense
367
-
-
367
Net loss
(13,916)
3,563
15
(10,338)
Net loss per share attributable to common
stockholders—basic and diluted
$
(0.38)
$
(0.29)
Weighted-average shares used in
computing net loss per share attributable to
common stockholders—basic and diluted
36,185,155
36,185,155
Six Months Ended June 30, 2020
GAAP
Stock-based
compensation
Payroll tax
expense related
to stock-based
activities
Non-GAAP
Revenue
$
127,575
-
-
$
127,575
Cost of revenue
60,112
(225)
-
59,887
Gross profit
67,463
225
-
67,688
Operating expenses:
-
Research and development
33,829
(2,769)
(3)
31,057
Sales and marketing
46,110
(1,542)
(12)
44,556
General and administrative
16,029
(2,041)
-
13,988
Total operating expenses
95,968
(6,352)
(15)
89,601
Loss from operations
(28,505)
6,577
15
(21,913)
Interest income
961
-
-
961
Interest expense
(12)
-
-
(12)
Other income (expense), net
(218)
-
-
(218)
Loss before income taxes
(27,774)
6,577
15
(21,182)
Income tax expense
456
-
-
456
Net loss
(28,230)
6,577
15
(21,638)
Net loss per share attributable to common
stockholders—basic and diluted
$
(0.79)
$
(0.60)
Weighted-average shares used in
computing net loss per share attributable to
common stockholders—basic and diluted
35,925,639
35,925,639
Earnings Release
Q2 FY21
13
Three Months Ended June 30,
Six Months Ended June 30,
2020
2021
2020
2021
(in thousands)
(in thousands)
Net loss
$
(13,916)
$
(46,363)
$
(28,230)
$
(65,026)
Depreciation and
amortization
2,371
3,440
4,364
6,371
Interest income, net
(253)
(85)
(949)
(165)
Stock-based compensation
3,563
39,175
6,577
44,459
Income tax expense
367
705
456
1,080
Payroll tax expense related
to stock-based activities
15
256
15
284
Adjusted EBITDA
$
(7,853)
$
(2,872)
$
(17,767)
$
(12,997)
Adjusted EBITDA margin
(11)%
(3)%
(14)%
(7)%
Three Months Ended June 30,
Six Months Ended June 30,
2020
2021
2020
2021
(in thousands)
(in thousands)
Net cash (used in) provided by
operating activities
$
11,381
$
(5,453)
$
3,845
$
(9,800)
Less: Purchases of property,
equipment and software
(1,155)
(432)
(1,737)
(739)
Less: Capitalized internal-use
software costs
(1,895)
(2,613)
(3,669)
(6,598)
Free Cash Flow
$
8,331
$
(8,498)
$
(1,561)
$
(17,137)
