COURSERA, INC., 10-Q filed on 8/1/2024
Quarterly Report
v3.24.2.u1
Cover - shares
 6 Months Ended
Jun. 30, 2024
Jul. 25, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 001-40275  
Entity Registrant Name COURSERA, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 45-3560292  
Entity Address, Address Line One 381 E. Evelyn Ave.  
Entity Address, City or Town Mountain View  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94041  
City Area Code 650  
Local Phone Number 963-9884  
Title of 12(b) Security Common Stock, $0.00001 par value per share  
Trading Symbol COUR  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   156,916,076
Entity Central Index Key 0001651562  
Document Fiscal Year Focus 2024  
Amendment Flag false  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 708,761 $ 656,321
Marketable securities 0 65,746
Accounts receivable, net of allowance for credit losses of $580 and $133 as of June 30, 2024 and December 31, 2023 57,734 67,418
Deferred costs, net 25,679 26,387
Prepaid expenses and other current assets 28,515 16,614
Total current assets 820,689 832,486
Property, equipment, and software, net 33,068 30,408
Operating lease right-of-use assets 1,992 4,739
Intangible assets, net 14,953 11,720
Other assets 33,662 41,180
Total assets 904,364 920,533
Current liabilities:    
Educator partners payable 100,919 101,041
Other accounts payable and accrued expenses 20,992 23,456
Accrued compensation and benefits 22,638 22,281
Operating lease liabilities, current 2,426 6,557
Deferred revenue, current 156,692 137,229
Other current liabilities 12,237 7,696
Total current liabilities 315,904 298,260
Operating lease liabilities, non-current 0 39
Deferred revenue, non-current 1,759 2,861
Other liabilities 1,527 3,179
Total liabilities 319,190 304,339
Commitments and contingencies (Note 9)
Stockholders’ equity:    
Preferred stock, $0.00001 par value—10,000,000 shares authorized and no shares issued and outstanding as of June 30, 2024 and December 31, 2023 0 0
Common stock, $0.00001 par value—300,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 165,312,016 shares issued and 156,792,969 shares outstanding as of June 30, 2024, and 162,898,279 shares issued and 155,320,538 shares outstanding as of December 31, 2023 2 2
Additional paid-in capital 1,489,751 1,459,964
Treasury stock, at cost— 8,519,047 and 7,577,741 shares as of June 30, 2024 and December 31, 2023 (79,672) (63,154)
Accumulated other comprehensive income 0 59
Accumulated deficit (824,907) (780,677)
Total stockholders’ equity 585,174 616,194
Total liabilities and stockholders’ equity $ 904,364 $ 920,533
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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 580 $ 133
Preferred stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 300,000,000 300,000,000
Common stock, shares issued (in shares) 165,312,016 162,898,279
Common stock, shares outstanding (in shares) 156,792,969 155,320,538
Treasury stock, shares (in shares) 8,519,047 7,577,741
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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Revenue $ 170,337 $ 153,702 $ 339,405 $ 301,344
Cost of revenue 80,162 74,001 159,733 144,175
Gross profit 90,175 79,701 179,672 157,169
Operating expenses:        
Research and development 33,701 41,286 68,311 85,095
Sales and marketing 58,069 52,001 115,654 104,873
General and administrative 29,570 24,937 54,513 50,460
Restructuring related charges 44 (147) 2,145 (5,806)
Total operating expenses 121,384 118,077 240,623 234,622
Loss from operations (31,209) (38,376) (60,951) (77,453)
Interest income, net 9,286 8,240 18,869 16,277
Other (expense) income, net (21) (8) (306) 94
Loss before income taxes (21,944) (30,144) (42,388) (61,082)
Income tax expense 1,030 1,599 1,842 3,025
Net loss $ (22,974) $ (31,743) $ (44,230) $ (64,107)
Net loss per share - basic (in dollars per share) $ (0.15) $ (0.21) $ (0.28) $ (0.43)
Net loss per share - diluted (in dollars per share) $ (0.15) $ (0.21) $ (0.28) $ (0.43)
Weighted average shares used in computing net loss per share - basic (in shares) 156,292,508 150,262,064 156,335,959 149,621,816
Weighted average shares used in computing net loss per share - diluted (in shares) 156,292,508 150,262,064 156,335,959 149,621,816
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Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net loss $ (22,974) $ (31,743) $ (44,230) $ (64,107)
Change in unrealized (loss) gain on marketable securities, net of tax 0 (335) (59) 98
Comprehensive loss $ (22,974) $ (32,078) $ (44,289) $ (64,009)
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Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022   147,935,669        
Beginning balance at Dec. 31, 2022 $ 694,575 $ 1 $ 1,364,116 $ (4,701) $ (718) $ (664,123)
Treasury stock, beginning balance (in shares) at Dec. 31, 2022       (2,747,938)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Exercise of stock options (in shares)   3,259,812        
Exercise of stock options 14,114 $ 1 14,113      
Vesting of restricted stock units, net of tax withholdings (24,855) $ (24,855)        
Vesting of restricted stock units, net of tax withholdings (in shares)   2,601,929        
Repurchases of common stock (in shares)   4,520,293   4,520,293    
Repurchases of common stock (54,529)     $ (54,529)    
Issuance of restricted stock awards (in shares)   6,805        
Issuance of common stock related to employee stock purchase plan (in shares)   351,939        
Issuance of common stock related to employee stock purchase plan 3,530   3,530      
Stock-based compensation 57,655   57,655      
Change in unrealized gain (loss) on marketable securities 98       98  
Net loss (64,107)         (64,107)
Ending balance (in shares) at Jun. 30, 2023   149,635,861        
Ending balance at Jun. 30, 2023 626,481 $ 2 1,414,559 $ (59,230) (620) (728,230)
Treasury stock, ending balance (in shares) at Jun. 30, 2023       7,268,231    
Beginning balance (in shares) at Mar. 31, 2023   150,184,198        
Beginning balance at Mar. 31, 2023 681,015 $ 1 1,382,487 $ (4,701) (285) (696,487)
Treasury stock, beginning balance (in shares) at Mar. 31, 2023       (2,747,938)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Exercise of stock options (in shares)   2,161,345        
Exercise of stock options 8,760 $ 1 8,759      
Vesting of restricted stock units, net of tax withholdings (11,819) $ (11,819)        
Vesting of restricted stock units, net of tax withholdings (in shares)   1,458,672        
Repurchases of common stock (in shares)   4,520,293   4,520,293    
Repurchases of common stock (54,529)     $ (54,529)    
Issuance of common stock related to employee stock purchase plan (in shares)   351,939        
Issuance of common stock related to employee stock purchase plan 3,530   3,530      
Stock-based compensation 31,602   31,602      
Change in unrealized gain (loss) on marketable securities (335)       (335)  
Net loss (31,743)         (31,743)
Ending balance (in shares) at Jun. 30, 2023   149,635,861        
Ending balance at Jun. 30, 2023 $ 626,481 $ 2 1,414,559 $ (59,230) (620) (728,230)
Treasury stock, ending balance (in shares) at Jun. 30, 2023       7,268,231    
Beginning balance (in shares) at Dec. 31, 2023 155,320,538 155,320,538        
Beginning balance at Dec. 31, 2023 $ 616,194 $ 2 1,459,964 $ (63,154) 59 (780,677)
Treasury stock, beginning balance (in shares) at Dec. 31, 2023 7,577,741     (7,577,741)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Exercise of stock options (in shares)   1,686,789   340,732    
Exercise of stock options $ 5,508 $ 0 2,321 $ 3,187    
Vesting of restricted stock units, net of tax withholdings (21,313) $ (33,558)   $ 12,245    
Vesting of restricted stock units, net of tax withholdings (in shares)   2,372,611   (1,309,296)    
Repurchases of common stock (in shares)   3,099,800   3,099,800    
Repurchases of common stock (36,705)     $ (36,705)    
Issuance of restricted stock awards (in shares)   4,365        
Issuance of common stock related to employee stock purchase plan (in shares)   508,466   508,466    
Issuance of common stock related to employee stock purchase plan 3,816   (939) $ 4,755    
Stock-based compensation 61,963   61,963      
Change in unrealized gain (loss) on marketable securities (59)       (59)  
Net loss $ (44,230)         (44,230)
Ending balance (in shares) at Jun. 30, 2024 156,792,969 156,792,969        
Ending balance at Jun. 30, 2024 $ 585,174 $ 2 1,489,751 $ (79,672) 0 (824,907)
Treasury stock, ending balance (in shares) at Jun. 30, 2024 8,519,047     8,519,047    
Beginning balance (in shares) at Mar. 31, 2024   157,158,478        
Beginning balance at Mar. 31, 2024 $ 609,114 $ 2 1,480,238 $ (69,193) 0 (801,933)
Treasury stock, beginning balance (in shares) at Mar. 31, 2024       8,009,524    
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Exercise of stock options (in shares)   484,746   340,732    
Exercise of stock options 1,411 $ 0 (1,776) $ 3,187    
Vesting of restricted stock units, net of tax withholdings (7,799) $ (20,044)   $ 12,245    
Vesting of restricted stock units, net of tax withholdings (in shares)   1,309,296   (1,309,296)    
Repurchases of common stock (in shares)   2,668,017   2,668,017    
Repurchases of common stock (30,666)     $ (30,666)    
Issuance of common stock related to employee stock purchase plan (in shares)   508,466   (508,466)    
Issuance of common stock related to employee stock purchase plan 3,816   (939) $ 4,755    
Stock-based compensation 32,272   32,272      
Change in unrealized gain (loss) on marketable securities 0          
Net loss $ (22,974)         (22,974)
Ending balance (in shares) at Jun. 30, 2024 156,792,969 156,792,969        
Ending balance at Jun. 30, 2024 $ 585,174 $ 2 $ 1,489,751 $ (79,672) $ 0 $ (824,907)
Treasury stock, ending balance (in shares) at Jun. 30, 2024 8,519,047     8,519,047    
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (44,230) $ (64,107)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 12,625 10,842
Stock-based compensation expense 57,873 54,050
Accretion of marketable securities (235) (9,413)
Impairment of long-lived assets 0 1,275
Other 876 202
Changes in operating assets and liabilities:    
Accounts receivable, net 8,730 (19,686)
Prepaid expenses and other assets (3,678) (14,269)
Operating lease right-of-use assets 2,747 2,407
Accounts payable and accrued expenses (3,848) 15,863
Accrued compensation and other liabilities 3,250 2,259
Operating lease liabilities (4,170) (4,139)
Deferred revenue 18,361 23,037
Net cash provided by (used in) operating activities 48,301 (1,679)
Cash flows from investing activities:    
Purchases of marketable securities 0 (121,756)
Proceeds from maturities of marketable securities 66,000 235,000
Purchases of property, equipment, and software (310) (721)
Capitalized internal-use software costs (8,668) (7,604)
Purchases of content assets (4,187) (1,300)
Net cash provided by investing activities 52,835 103,619
Cash flows from financing activities:    
Proceeds from exercise of stock options 5,508 14,114
Proceeds from employee stock purchase plan 3,816 3,530
Payments for repurchases of common stock (36,705) (53,066)
Payments for tax withholding on vesting of restricted stock units (21,313) (24,855)
Net cash used in financing activities (48,694) (60,277)
Net increase in cash, cash equivalents, and restricted cash 52,442 41,663
Cash, cash equivalents, and restricted cash—Beginning of period 658,086 322,878
Cash, cash equivalents, and restricted cash—End of period 710,528 364,541
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net of refunds 2,022 2,284
Supplemental disclosure of noncash investing and financing activities:    
Stock-based compensation capitalized as internal-use software costs 4,090 3,605
Unpaid purchases of content assets 2,553 1,193
Unsettled repurchases of common stock $ 0 $ 1,463
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Basis of Presentation and Description of Business
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Description of Business BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS
Basis of Presentation
The accompanying Condensed Consolidated Financial Statements (Unaudited) of Coursera, Inc., a Delaware public benefit corporation, and its subsidiaries (“Coursera,” the “Company,” “we,” “us,” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. These Condensed Consolidated Financial Statements (Unaudited) have been prepared on the same basis as our annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, that are necessary for a fair statement of our financial information. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any other interim period or for any other future year.
These Condensed Consolidated Financial Statements (Unaudited) should be read in conjunction with the Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 22, 2024 (“Form 10-K”).
Description of Business
Coursera is an online learning platform that connects learners, educators, and institutions with the goal of providing world-class educational content that is affordable, accessible, and relevant. We combine content, data, and technology into a platform that is customizable and extensible to both individual learners and institutions. We partner with university and industry partners (collectively, “educator partners”) to bring quality higher education to a broad range of individuals, businesses, organizations, and governments. We also sell directly to institutions, including employers, colleges and universities, organizations, and governments, to enable their employees, students, and citizens to gain critical skills aligned to job markets. Our corporate headquarters is located in Mountain View, California.
Reporting Segments
We conduct our operations through three reporting segments: Consumer, Enterprise, and Degrees. Refer to Note 13 for additional information.
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Significant Accounting Policies
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
The Condensed Consolidated Financial Statements (Unaudited) include the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Summary of Significant Accounting Policies
There have been no significant changes to our significant accounting policies, other than the updates described below, as of and for the three and six months ended June 30, 2024 as compared to the significant accounting policies described in our Form 10-K.
Concentrations of Risk
Financial instruments that potentially subject us to concentration of credit risk consist of cash, cash equivalents, and marketable securities. We only invest in high-credit-quality instruments and maintain our cash equivalents and marketable securities in fixed-income securities. We place our cash primarily with domestic financial institutions that are federally insured within statutory limits.
For the purpose of assessing the concentration of credit risk with respect to accounts receivable and significant customers, we treat a group of customers under common control or customers that are affiliates of each other as a single customer. For the three and six months ended June 30, 2024 and 2023, we did not have any customers that accounted for more than 10% of our revenue. As of June 30, 2024, we did not have any customers that accounted for more than 10% of our net accounts receivable balance.
Our business model relies on educational content and credentialing programs from educator partners. Our largest educator partner has global brand recognition and supplies a variety of in-demand content across multiple domains. The loss of or significant reduction in this partnership or one of our other large partners could have a material adverse effect on our financial position, results of operations, and cash flows.
Treasury Stock
We record repurchases of our common stock as treasury stock, at cost. Incremental direct costs to repurchase our shares of common stock, including excise tax, are included in the cost of the shares acquired. We use the average cost method to account for reissuances of our treasury stock. For shares of treasury stock reissued at a price higher than its cost, the gain is recorded to additional paid-in capital. For shares of treasury stock issued at a price lower than its cost, the loss is recorded to additional paid-in capital to the extent there are previous net gains included in the account. Only once there is no additional paid-in capital will losses in excess of previous net gains be recorded to accumulated deficit.
Loss Contingencies
Legal fees related to potential loss contingencies are expensed as incurred. Insurance recoveries associated with loss contingencies are recognized when realization becomes probable and estimable, the associated costs have been recognized in the financial statements, and the losses are clearly attributable to the insured event.
Use of Estimates
The preparation of the Condensed Consolidated Financial Statements (Unaudited) in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and related disclosures as of the date of the Condensed Consolidated Financial Statements (Unaudited), as well as the reported amounts of revenue and expenses during the reporting period. We base our estimates on historical experience, current conditions, and various other factors that we believe to be reasonable under the circumstances. Significant items subject to such estimates, judgments, and assumptions include, but are not limited to, those related to the determination of principal versus agent and variable consideration in our revenue contracts; stock-based compensation expense; period of benefit for capitalized commissions; internal-use software costs; useful lives of long-lived assets; the carrying value of operating lease right-of-use assets; the valuation of intangible assets; loss contingencies and potential recoveries; and income tax expense, including the valuation of deferred tax assets and liabilities, among others. Actual results could differ from those estimates, and any such differences could be material to our Condensed Consolidated Financial Statements (Unaudited).
Recent Accounting Pronouncements
Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and certain other segment items on an interim and annual basis if they are regularly provided to the chief operating decision maker (“CODM”). This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We expect that the adoption of ASU 2023-07 will not have a material impact on our Condensed Consolidated Financial Statements (Unaudited) and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities on an annual basis to disclose (1) specific categories in the tax rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis, though retrospective application is permitted. We are currently evaluating whether the adoption of ASU 2023-09 will have a material impact on our Condensed Consolidated Financial Statements (Unaudited) and related disclosures.
In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires public entities to provide certain climate-related information in their annual reports and registration statements. The rules will require disclosure of material climate-related risks, how the board of directors and management oversee and manage such risks, and the actual and potential impact of such risks on the company. It will also require disclosure about material climate-related targets and goals, and the financial impact of severe weather events and other natural conditions. The rules require disclosures beginning with annual reports for the year ending December 31, 2025. In April 2024, the SEC voluntarily stayed the final rules pending the completion of a judicial review. We are currently evaluating the impact on our disclosures.
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Revenue Recognition
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition REVENUE RECOGNITION
Contract Balances
Contract assets and liabilities were as follows:
June 30, 2024December 31, 2023January 1, 2023
Contract assets:
Billed accounts receivable, net of allowance for credit losses$50,781 $62,407 $45,337 
Unbilled accounts receivable6,953 5,011 8,397 
Total contract assets$57,734 $67,418 $53,734 
Contract liabilities:
Deferred revenue$158,451 $140,089 $118,777 
Total contract liabilities$158,451 $140,089 $118,777 
Revenue recognized during the six months ended June 30, 2024 and 2023 that was included in the corresponding deferred revenue balance at the beginning of each year was $108,535 and $89,329.
Remaining Performance Obligations
Remaining performance obligations represent contracted revenue that has not yet been recognized, which includes deferred revenue in the Condensed Consolidated Balance Sheets (Unaudited) and unbilled amounts that will be recognized as revenue in future periods. As of June 30, 2024, we had remaining performance obligations of $323,372 and expect to recognize approximately 69% as revenue over the next 12 months and the remainder thereafter.
Costs to Obtain and Fulfill Contracts
The following table presents our capitalization and amortization of commissions and related payroll tax expenditures recorded within sales and marketing in the Condensed Consolidated Financial Statements (Unaudited):
Three Months Ended June 30,Six Months Ended June 30,
Commissions and related payroll tax expenditures:2024202320242023
Capitalization$3,823 $4,726 $5,096 $7,698 
Amortization$3,753 $2,933 $7,402 $5,614 
Deferred commissions and related payroll tax expenditures included in deferred costs and in other assets were as follows:
June 30, 2024December 31, 2023
Deferred costs, net$12,875 $13,168 
Other assets$13,348 $15,361 
No impairment losses were recognized during the three and six months ended June 30, 2024 and 2023.
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Investments
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments INVESTMENTS
Investments Measured at Fair Value on a Recurring Basis
The following table summarizes our investments measured at fair value on a recurring basis by balance sheet classification and investment type:
June 30, 2024December 31, 2023
Amortized
Cost		Fair
Value - Level 1		Amortized
Cost		Fair
Value - Level 1
Cash equivalents—money market funds$197,581 $197,581 $186,396 $186,396 
Cash equivalents—U.S. Treasury securities491,561 491,561 448,447 448,525 
Total cash equivalents689,142 689,142 634,843 634,921 
Marketable securities—U.S. Treasury securities— — 65,765 65,746 
Total$689,142 $689,142 $700,608 $700,667 
Gross unrealized and realized gains and losses related to our cash equivalents and marketable securities were not material for the three and six months ended June 30, 2024 and 2023.
As of December 31, 2023, our available-for-sale marketable securities were comprised of U.S. Treasury securities, with a contractual maturity less than one year, which are backed by the full faith and credit of the U.S. government. There were no credit or non-credit impairment losses recorded during the three and six months ended June 30, 2024 and 2023.
Investments Measured at Fair Value on a Nonrecurring Basis
Our existing equity investments are remeasured at fair value on a nonrecurring basis when an identifiable event or change in circumstance may have a significant adverse impact on its fair value. No such events or changes occurred during the three and six months ended June 30, 2024 and 2023.
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Consolidated Balance Sheet Components
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidated Balance Sheet Components CONSOLIDATED BALANCE SHEET COMPONENTS
Restricted Cash
The reconciliation of cash, cash equivalents, and restricted cash was as follows:
June 30, 2024December 31, 2023
Cash and cash equivalents$708,761 $656,321 
Restricted cash, current1,574 — 
Restricted cash, non-current193 1,765 
Total cash, cash equivalents, and restricted cash$710,528 $658,086 
Property, Equipment, and Software, Net
Property, equipment, and software, net consisted of the following:
June 30, 2024December 31, 2023
Internal-use software and website development$86,544 $73,881 
Computer equipment and purchased software4,732 4,405 
Leasehold improvements6,923 6,923 
Furniture and fixtures2,757 2,757 
Total property, equipment, and software100,956 87,966 
Less accumulated depreciation and amortization(67,888)(57,558)
Property, equipment, and software, net$33,068 $30,408 
The following table presents depreciation and amortization expense related to property, equipment, and software as well as the portion of amortization expense related to internal-use software and website development that is recorded within cost of revenue in the Condensed Consolidated Statements of Operations (Unaudited):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Depreciation and amortization expense$5,101 $4,650 $10,427 $9,472 
Amortization expense for internal-use software and website development4,593 4,043 9,379 8,264 
Intangible Assets, Net
Intangible assets, net consisted of the following:
June 30, 2024December 31, 2023
Gross
Carrying
Value		Accumulated
Amortization 		Net
Carrying
Value		Gross
Carrying
Value		Accumulated
Amortization 		Net
Carrying
Value
Content assets$18,413 $(5,055)$13,358 $12,982 $(3,558)$9,424 
Developed technology8,446 (6,851)1,595 8,446 (6,150)2,296 
Intangible assets$26,859 $(11,906)$14,953 $21,428 $(9,708)$11,720 
Capitalization of content assets and amortization expense for intangible assets was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Capitalization of content assets$3,511 $1,390 $5,431 $1,996 
Amortization expense for intangible assets$1,168 $681 $2,198 $1,370 
As of June 30, 2024, future expected amortization expense for intangible assets was as follows:
Remainder of 2024$2,802 
20255,321 
20262,726 
20271,929 
20281,633 
Thereafter542 
Total$14,953 
v3.24.2.u1
Leases
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases LEASES
We have entered into various non-cancelable office space operating leases with lease periods expiring through April 2025. These leases do not contain residual value guarantees, covenants, or other restrictions.
In May 2022, we entered into an agreement to sublease a portion of our existing office space in Mountain View, California. The sublease is classified as an operating lease. The term commenced on June 1, 2022 and terminates on October 31, 2024. Sublease income from this agreement was $680 and $1,360 for the three and six months ended June 30, 2024 and 2023.
v3.24.2.u1
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Income tax expense or benefit for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, we update the estimate of the annual effective tax rate, and if the estimated tax rate changes, we record a cumulative adjustment.
Our effective tax rate for the three months ended June 30, 2024 and 2023 was (4.7%) and (5.3%). For the six months ended June 30, 2024 and 2023, our effective tax rate was (4.3%) and (5.0%). The difference between the effective tax rate and the U.S. federal statutory rate is primarily due to a valuation allowance for our federal and state net deferred tax assets, income taxes on foreign operations, U.S. state income taxes, and stock-based compensation expense.
As of June 30, 2024, we continued to have a full valuation allowance against our U.S. federal and state deferred tax assets. Management regularly evaluates the realizability of our deferred tax assets. Adjustments are recorded to income during the period in which management makes the determination a deferred tax asset is more likely than not to be realized.
v3.24.2.u1
Net Loss Per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Net Loss Per Share NET LOSS PER SHARE
The following table presents the calculation of basic and diluted net loss per share:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Numerator:
Net loss$(22,974)$(31,743)$(44,230)$(64,107)
Denominator:
Weighted-average shares used in computing net loss per share—basic and diluted156,292,508150,262,064156,335,959149,621,816
Net loss per share—basic and diluted$(0.15)$(0.21)$(0.28)$(0.43)
The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been anti-dilutive:
Three and Six Months Ended June 30,
20242023
Restricted stock units (“RSUs”)
19,121,33422,358,430
Common stock options9,393,00614,874,208
Performance stock units (“PSUs”)
300,416— 
ESPP stock purchase rights (“ESPP Rights”)
199,814122,467
Total29,014,57037,355,105
v3.24.2.u1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
Purchase Obligations
Our purchase obligations primarily relate to a third-party cloud infrastructure agreement, subscription arrangements, and service agreements used to facilitate our operations. As of June 30, 2024, we had approximately $15,160 of future minimum payments under our non-cancelable purchase obligations with a remaining term in excess of one year, which are expected to be paid through 2026.
Legal Proceedings
From time to time, we may be subject to legal proceedings, as well as demands, claims, and threatened litigation. The outcomes of legal proceedings and other contingencies are inherently unpredictable, subject to significant uncertainties, and could be material to our operating results and cash flows for a particular period. Regardless of the outcome, litigation can have an adverse impact on our business because of defense and settlement costs, diversion of management resources, and other factors. Other than the matters described below, we are not currently party to any legal proceeding that we believe, as of the filing of this Quarterly Report on Form 10-Q, could have a material adverse effect on our business, operating results, cash flows, or financial condition should such litigation or claim be resolved unfavorably.
We regularly review the status of each significant matter and assess its potential likelihood of loss or exposure. We record an accrual for loss contingencies for legal proceedings when we believe that an unfavorable outcome is both (i) probable and (ii) the amount or range of any possible loss is reasonably estimable. The actual liability in any such matters may be materially different from the Company’s estimates, if any, which could result in the need to adjust the liability and record additional expenses.
Privacy Class Action Lawsuit and Arbitration Matters
In November 2023, a putative class action lawsuit, captioned Iman Ghazizadeh, et al v. Coursera, Inc., was filed against Coursera, Inc. in the United States District Court for the Northern District of California (the “Court”). The complaint asserts claims for alleged violations of the Video Privacy Protection Act (“VPPA”), and alleges, among other things, that without consent or knowledge of the plaintiff, Coursera disclosed the video viewing history and certain other information of the plaintiff to a third-party company and made similar disclosures without the knowledge or consent of other unidentified users. The plaintiff seeks monetary damages for certain violations under the VPPA, including interest and reasonable attorneys’ fees. We filed a motion to dismiss in January 2024 and a motion to compel arbitration in April 2024. The Court granted the motion to compel arbitration in June 2024, and the litigation is now stayed pending arbitration of the individual plaintiffs’ claims. Given the procedural posture and the nature of such litigation matter, it is not possible to reasonably estimate the probability that we will ultimately prevail or be held liable for the violations alleged in this complaint, nor is it possible to reasonably estimate the loss, if any, or range of loss that could result from this matter. We dispute the claims and intend to vigorously defend against them.
In addition, law firms representing approximately 30,000 claimants have threatened to file or filed individual arbitration demands that allege claims similar to those in the VPPA class action lawsuit described above, with certain firms also claiming violations of the Electronic Communications Privacy Act, the California Invasion of Privacy Act, and/or various state wiretapping and unfair or deceptive practices laws. Under the VPPA, each claimant may be entitled to recover damages in the maximum amount of $2,500 for each alleged violation of the VPPA, as well as punitive damages, attorneys’ fees and costs, and equitable relief. In June 2024, without admitting any liability or wrongdoing, we reached an agreement in principle to resolve the claims threatened on behalf of approximately 7,300 claimants. During the three months ended June 30, 2024, we recorded an accrual with respect to these claimants, and the corresponding net loss recognized in our Condensed Consolidated Statements of Operations (Unaudited) is not material. With respect to the remaining claimants, it is not possible to reasonably estimate the probability that we will ultimately prevail or be held liable for the alleged violations, nor is it possible to reasonably estimate the loss, if any, or range of loss that could result from these matters, given the procedural posture and the nature of such matters. We dispute the claims and intend to vigorously defend against them.

During the three and six months ended June 30, 2024, we recognized $1,259 in legal fees related to these matters.

Indemnifications
In the normal course of business, we enter into contracts and agreements that contain a variety of representations and warranties and provide for the potential of general indemnification obligations. Our exposure under these agreements is unknown because it involves future claims that may be made against us but have not yet been made. To date, we have not paid any material claims and have not been required to defend any actions related to our indemnification obligations; however, we may record charges in the future as a result of these indemnification obligations. In addition, we have indemnification agreements with certain of our directors, executive officers, and other employees that require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service with Coursera. The terms of such obligations may vary.
v3.24.2.u1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Share Repurchase Program
On April 26, 2023, our board of directors approved a share repurchase program with authorization to purchase up to $95 million of our common stock, excluding commissions and fees (the “Repurchase Program”). During the three and six months ended June 30, 2024, we repurchased an aggregate of 2,668,017 shares and 3,099,800 shares of our common stock for $30.7 million and $36.7 million, and during the three and six months ended June 30, 2023, we repurchased an aggregate of 4,520,293 shares of our common stock for $54.5 million. We funded these share repurchases with our existing cash and cash equivalents. As of May 7, 2024, we completed the purchase authorization under the Repurchase Program.
v3.24.2.u1
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans EMPLOYEE BENEFIT PLANS
Stock Incentive Plans
Our 2021 Stock Incentive Plan (the “2021 Plan”) provides for the granting of incentive and non-statutory stock options, RSUs, PSUs, and other equity-based awards. Pursuant to our 2021 Employee Stock Purchase Plan (the “ESPP”), eligible employees may purchase shares of our common stock through payroll deductions at 85% percent of the lower of the market price of our common stock on the date of commencement of the applicable offering period or on the last day of each six-month purchase period.
As of June 30, 2024, 17,018,890 shares and 5,352,623 shares of our common stock were reserved for future issuance under the 2021 Plan and ESPP. During the three months ended June 30, 2024, we began reissuing shares of our common stock from treasury stock to settle stock option exercises, vesting of RSUs, and ESPP purchases.
Stock Options
We grant stock options at prices equal to the grant date fair value. Typically, these stock options expire ten years from the grant date and vest ratably over a four-year service period.
Stock option activity for the six months ended June 30, 2024 was as follows:
Number of
Shares 		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term
(in Years)		Aggregate
Intrinsic
Value
Balance—December 31, 202311,165,138$7.03 5.22$142,444 
Exercised(1,686,789)3.27 
Canceled(85,343)14.25 
Balance—June 30, 20249,393,006$7.64 5.12$18,655 
Options vested8,390,995$6.57 4.79$18,655 
RSUs and PSUs
RSU grants have a service-based vesting condition, which is satisfied generally either (i) over four years with a 25% cliff vesting period after one year and 6.25% vesting each quarter thereafter for new hires, or (ii) over four years with 6.25% vesting each quarter for new grants to existing employees. The related stock-based compensation expense is recognized on a straight-line basis over the requisite service period.
In March 2024, we granted PSUs to certain executives under the 2021 Plan. PSU grants have both performance and service-based vesting conditions. The ultimate number of units that will vest is determined based on the achievement of annual revenue against a pre-established target (with defined threshold and maximum amounts ranging from 50% to 150% of target). If annual revenue is below the threshold amount, none of the PSUs will vest. If annual revenue is equal to or exceeds the threshold amount, 25% of the PSUs ultimately granted will vest after one year, and the remaining PSUs will vest quarterly (6.25%) over the subsequent three years. The fair value of each unit is determined on the grant date, and the related stock-based compensation expense is recognized using the accelerated attribution method. We evaluate the vesting conditions on a quarterly basis and recognize stock-based compensation expense if the achievement of the performance condition is probable.
RSU and PSU activity for the six months ended June 30, 2024 was as follows:
RSUsPSUs
Number of
Units		Weighted-Average
Grant Date Fair Value		Aggregate
Intrinsic
Value		Number of
Units		Weighted-Average
Grant Date Fair Value		Aggregate
Intrinsic
Value
Unvested balance—December 31, 202318,361,046$15.24 $355,653 —$— $— 
Granted(1)
6,351,51513.35 300,41614.36 
Vested(4,036,128)16.06 —
Forfeited(1,555,099)14.82 —
Unvested balance—June 30, 202419,121,334$14.47 $136,909 300,416$14.36 $2,151 

(1) For PSUs, the amount presented as the number of units granted is based on the performance condition being achieved at the target level. Once the performance period is complete, the number of units that will vest may range from 0% to 150% of the target amount based on actual performance.
Stock-Based Compensation Expense
Stock-based compensation expense is classified in the Condensed Consolidated Statements of Operations (Unaudited) as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Cost of revenue$710 $914 $1,369 $1,791 
Research and development10,873 13,303 21,874 26,768 
Sales and marketing8,520 7,499 16,442 15,856 
General and administrative9,913 7,609 18,188 15,240 
Restructuring related charges— (17)— (5,605)
Total$30,016 $29,308 $57,873 $54,050 
We capitalized $2,256 and $2,294 of stock-based compensation related to our internal-use software during the three months ended June 30, 2024 and 2023 and $4,090 and $3,605 during the six months ended June 30, 2024 and 2023.
The table below presents unrecognized employee compensation cost related to unvested shares and the weighted-average period over which it is expected to be recognized as of June 30, 2024:
June 30, 2024
Unrecognized employee compensation cost related to unvested sharesWeighted-average period over which the compensation is expected to be recognized
(in years)
RSUs
$239,047 2.6
Common stock options9,496 2.0
ESPP Rights
8,141 1.1
PSUs
3,134 1.9
Common Stock Reserved for Issuance
The following table presents total shares of our common stock reserved for future issuance:
June 30, 2024December 31, 2023
RSUs outstanding19,121,33418,361,046
Stock options outstanding9,393,00611,165,138
PSUs outstanding300,416— 
Shares available for future grants22,371,51316,913,085
Total shares of common stock reserved51,186,26946,439,269
401(k) Plan
We have a 401(k) savings plan that provides for a discretionary employer-matching contribution. We made matching contributions of $530 and $604 to the plan for the three months ended June 30, 2024 and 2023 and $1,384 and $1,460 for the six months ended June 30, 2024 and 2023.
v3.24.2.u1
Related-Party Transaction
 6 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
Related-Party Transaction RELATED-PARTY TRANSACTIONS We have a content sourcing agreement with DeepLearning.AI Corp (“DeepLearning.AI”), which was entered into in the normal course of business and under standard terms. Dr. Andrew Ng, one of our co-founders and Chairman of our board of directors, owns DeepLearning.AI. Content fees earned by DeepLearning.AI during the three months ended June 30, 2024 and 2023 were $2,131 and $1,812. Content fees earned by DeepLearning.AI during the six months ended June 30, 2024 and 2023 were $4,440 and $3,505. Content fees earned by DeepLearning.AI were recorded within cost of revenue in the Condensed Consolidated Statements of Operations (Unaudited). As of June 30, 2024 and December 31, 2023, outstanding educator partner payables related to this content sourcing agreement were $2,131 and $3,895.
v3.24.2.u1
Segment and Geographic Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment and Geographic Information SEGMENT AND GEOGRAPHIC INFORMATION
Segment Information
Our chief operating decision maker (“CODM”) is our Chief Executive Officer. For the purposes of allocating resources and assessing performance, the CODM examines three segments, which relate to our three revenue sources: Consumer, Enterprise, and Degrees. This is also consistent with how we disaggregate revenue.
Financial information for each reportable segment was as follows:
Three Months Ended June 30,Six Months Ended June 30,
Revenue2024202320242023
Consumer$97,312 $86,999 $194,055 $169,028 
Enterprise58,727 54,180 116,221 106,353 
Degrees14,298 12,523 29,129 25,963 
Total revenue$170,337 $153,702 $339,405 $301,344 
Segment gross profit
Consumer$52,350 $45,117 $104,124 $89,734 
Enterprise39,864 38,676 78,994 73,646 
Degrees14,298 12,523 29,129 25,963 
Total segment gross profit$106,512 $96,316 $212,247 $189,343 
Reconciliation of segment gross profit to gross profit
Platform and support costs$9,866 $10,977 $19,629 $20,749 
Stock-based compensation expense710 914 1,369 1,791 
Amortization of internal-use software4,593 4,043 9,379 8,264 
Amortization of intangible assets1,168 681 2,198 1,370 
Total reconciling items16,337 16,615 32,575 32,174 
Gross profit$90,175 $79,701 $179,672 $157,169 
Geographic Information
Revenue
The following table summarizes the revenue by region based on the billing address of our customers:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
United States$91,157 $81,713 $183,576 $160,222 
Europe, Middle East, and Africa40,172 37,658 79,321 74,665 
Asia Pacific21,421 19,741 42,501 38,339 
Other17,587 14,590 34,007 28,118 
Total$170,337 $153,702 $339,405 $301,344 
No single country other than the United States represented 10% or more of our total revenue during the three and six months ended June 30, 2024 and 2023.
Long-lived assets
The following table presents our long-lived assets, consisting of property, equipment, and software, net of depreciation and amortization, and operating lease right-of-use assets, by geographic region:
June 30, 2024December 31, 2023
United States$34,279 $34,047 
Rest of World781 1,100 
Total$35,060 $35,147 
v3.24.2.u1
Restructuring Related Charges
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Related Charges RESTRUCTURING RELATED CHARGES
We have been reducing our expenses, focusing our efforts, and prioritizing investments in key initiatives that are expected to drive long-term, sustainable growth.
During the six months ended June 30, 2023 we recognized a reversal of stock-based compensation expense of approximately $5.6 million, resulting from the forfeiture of RSUs and stock options associated with our November 2022 global workforce reduction.
In January 2024, we implemented a plan to restructure our Enterprise segment sales force and recognized an immaterial amount of restructuring related charges during the three months ended June 30, 2024 and $2.1 million during the six months ended June 30, 2024. Related cash payments were approximately the same for each period and are reflected as cash used in operating activities within our Condensed Consolidated Statements of Cash Flows (Unaudited). Remaining unpaid expenses relating to this restructuring are not material as of June 30, 2024.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net loss $ (22,974) $ (31,743) $ (44,230) $ (64,107)
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Amanda Clark [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On June 12, 2024, Amanda Clark entered into a Rule 10b5-1 trading arrangement that provides for the sale of up to (i) 10,896 shares subject to the vesting of RSUs. This trading arrangement expires on May 23, 2025, or upon the earlier completion of all authorized sales.
Name Amanda Clark
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 12, 2024
Arrangement Duration 270 days
Andrew Ng [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On June 13, 2024, Andrew Ng entered into a Rule 10b5-1 trading arrangement that provides for the sale of up to 455,000 shares of our common stock. This trading arrangement expires on March 19, 2025, or upon the earlier completion of all authorized sales.
Name Andrew Ng
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 13, 2024
Arrangement Duration 270 days
Amanda Clark Trading Arrangement, Restricted Stock Units [Member] | Amanda Clark [Member]  
Trading Arrangements, by Individual  
Aggregate Available 10,896
Andrew Ng Trading Arrangement, Stock Options [Member] | Andrew Ng [Member]  
Trading Arrangements, by Individual  
Aggregate Available 455,000
v3.24.2.u1
Organization, Consolidation and Presentation of Financial Statements (Policies)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Reporting Segments
Reporting Segments
We conduct our operations through three reporting segments: Consumer, Enterprise, and Degrees. Refer to Note 13 for additional information.
v3.24.2.u1
Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying Condensed Consolidated Financial Statements (Unaudited) of Coursera, Inc., a Delaware public benefit corporation, and its subsidiaries (“Coursera,” the “Company,” “we,” “us,” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. These Condensed Consolidated Financial Statements (Unaudited) have been prepared on the same basis as our annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, that are necessary for a fair statement of our financial information. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any other interim period or for any other future year.
These Condensed Consolidated Financial Statements (Unaudited) should be read in conjunction with the Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 22, 2024 (“Form 10-K”).
Principles of Consolidation
Principles of Consolidation
The Condensed Consolidated Financial Statements (Unaudited) include the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Reporting Segments
Reporting Segments
We conduct our operations through three reporting segments: Consumer, Enterprise, and Degrees. Refer to Note 13 for additional information.
Use of Estimates
Use of Estimates
The preparation of the Condensed Consolidated Financial Statements (Unaudited) in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and related disclosures as of the date of the Condensed Consolidated Financial Statements (Unaudited), as well as the reported amounts of revenue and expenses during the reporting period. We base our estimates on historical experience, current conditions, and various other factors that we believe to be reasonable under the circumstances. Significant items subject to such estimates, judgments, and assumptions include, but are not limited to, those related to the determination of principal versus agent and variable consideration in our revenue contracts; stock-based compensation expense; period of benefit for capitalized commissions; internal-use software costs; useful lives of long-lived assets; the carrying value of operating lease right-of-use assets; the valuation of intangible assets; loss contingencies and potential recoveries; and income tax expense, including the valuation of deferred tax assets and liabilities, among others. Actual results could differ from those estimates, and any such differences could be material to our Condensed Consolidated Financial Statements (Unaudited).
Concentration of Credit Risk
Concentrations of Risk
Financial instruments that potentially subject us to concentration of credit risk consist of cash, cash equivalents, and marketable securities. We only invest in high-credit-quality instruments and maintain our cash equivalents and marketable securities in fixed-income securities. We place our cash primarily with domestic financial institutions that are federally insured within statutory limits.
For the purpose of assessing the concentration of credit risk with respect to accounts receivable and significant customers, we treat a group of customers under common control or customers that are affiliates of each other as a single customer. For the three and six months ended June 30, 2024 and 2023, we did not have any customers that accounted for more than 10% of our revenue. As of June 30, 2024, we did not have any customers that accounted for more than 10% of our net accounts receivable balance.
Our business model relies on educational content and credentialing programs from educator partners. Our largest educator partner has global brand recognition and supplies a variety of in-demand content across multiple domains. The loss of or significant reduction in this partnership or one of our other large partners could have a material adverse effect on our financial position, results of operations, and cash flows.
Treasury Stock
We record repurchases of our common stock as treasury stock, at cost. Incremental direct costs to repurchase our shares of common stock, including excise tax, are included in the cost of the shares acquired. We use the average cost method to account for reissuances of our treasury stock. For shares of treasury stock reissued at a price higher than its cost, the gain is recorded to additional paid-in capital. For shares of treasury stock issued at a price lower than its cost, the loss is recorded to additional paid-in capital to the extent there are previous net gains included in the account. Only once there is no additional paid-in capital will losses in excess of previous net gains be recorded to accumulated deficit.
Loss Contingencies
Legal fees related to potential loss contingencies are expensed as incurred. Insurance recoveries associated with loss contingencies are recognized when realization becomes probable and estimable, the associated costs have been recognized in the financial statements, and the losses are clearly attributable to the insured event.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and certain other segment items on an interim and annual basis if they are regularly provided to the chief operating decision maker (“CODM”). This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We expect that the adoption of ASU 2023-07 will not have a material impact on our Condensed Consolidated Financial Statements (Unaudited) and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities on an annual basis to disclose (1) specific categories in the tax rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis, though retrospective application is permitted. We are currently evaluating whether the adoption of ASU 2023-09 will have a material impact on our Condensed Consolidated Financial Statements (Unaudited) and related disclosures.
In March 2024, the SEC adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires public entities to provide certain climate-related information in their annual reports and registration statements. The rules will require disclosure of material climate-related risks, how the board of directors and management oversee and manage such risks, and the actual and potential impact of such risks on the company. It will also require disclosure about material climate-related targets and goals, and the financial impact of severe weather events and other natural conditions. The rules require disclosures beginning with annual reports for the year ending December 31, 2025. In April 2024, the SEC voluntarily stayed the final rules pending the completion of a judicial review. We are currently evaluating the impact on our disclosures.
v3.24.2.u1
Revenue Recognition (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Contract Assets and Liabilities
Contract assets and liabilities were as follows:
June 30, 2024December 31, 2023January 1, 2023
Contract assets:
Billed accounts receivable, net of allowance for credit losses$50,781 $62,407 $45,337 
Unbilled accounts receivable6,953 5,011 8,397 
Total contract assets$57,734 $67,418 $53,734 
Contract liabilities:
Deferred revenue$158,451 $140,089 $118,777 
Total contract liabilities$158,451 $140,089 $118,777 
Schedule of Capitalized Contract Cost
The following table presents our capitalization and amortization of commissions and related payroll tax expenditures recorded within sales and marketing in the Condensed Consolidated Financial Statements (Unaudited):
Three Months Ended June 30,Six Months Ended June 30,
Commissions and related payroll tax expenditures:2024202320242023
Capitalization$3,823 $4,726 $5,096 $7,698 
Amortization$3,753 $2,933 $7,402 $5,614 
Schedule of Deferred Costs, Net and Other Assets Disclosure
Deferred commissions and related payroll tax expenditures included in deferred costs and in other assets were as follows:
June 30, 2024December 31, 2023
Deferred costs, net$12,875 $13,168 
Other assets$13,348 $15,361 
v3.24.2.u1
Investments (Tables)
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Summary of Available-for-Sale Marketable Securities
The following table summarizes our investments measured at fair value on a recurring basis by balance sheet classification and investment type:
June 30, 2024December 31, 2023
Amortized
Cost		Fair
Value - Level 1		Amortized
Cost		Fair
Value - Level 1
Cash equivalents—money market funds$197,581 $197,581 $186,396 $186,396 
Cash equivalents—U.S. Treasury securities491,561 491,561 448,447 448,525 
Total cash equivalents689,142 689,142 634,843 634,921 
Marketable securities—U.S. Treasury securities— — 65,765 65,746 
Total$689,142 $689,142 $700,608 $700,667 
v3.24.2.u1
Consolidated Balance Sheet Components (Tables)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Property, Equipment and Software, Net
Property, equipment, and software, net consisted of the following:
June 30, 2024December 31, 2023
Internal-use software and website development$86,544 $73,881 
Computer equipment and purchased software4,732 4,405 
Leasehold improvements6,923 6,923 
Furniture and fixtures2,757 2,757 
Total property, equipment, and software100,956 87,966 
Less accumulated depreciation and amortization(67,888)(57,558)
Property, equipment, and software, net$33,068 $30,408 
Schedule of Depreciation and Amortization Expense
The following table presents depreciation and amortization expense related to property, equipment, and software as well as the portion of amortization expense related to internal-use software and website development that is recorded within cost of revenue in the Condensed Consolidated Statements of Operations (Unaudited):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Depreciation and amortization expense$5,101 $4,650 $10,427 $9,472 
Amortization expense for internal-use software and website development4,593 4,043 9,379 8,264 
Schedule of Intangible Assets, Net
Intangible assets, net consisted of the following:
June 30, 2024December 31, 2023
Gross
Carrying
Value		Accumulated
Amortization 		Net
Carrying
Value		Gross
Carrying
Value		Accumulated
Amortization 		Net
Carrying
Value
Content assets$18,413 $(5,055)$13,358 $12,982 $(3,558)$9,424 
Developed technology8,446 (6,851)1,595 8,446 (6,150)2,296 
Intangible assets$26,859 $(11,906)$14,953 $21,428 $(9,708)$11,720 
Schedule of Capitalization of Content Assets and Amortization Expense for Intangible Assets
Capitalization of content assets and amortization expense for intangible assets was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Capitalization of content assets$3,511 $1,390 $5,431 $1,996 
Amortization expense for intangible assets$1,168 $681 $2,198 $1,370 
Schedule of Future Expected Amortization Expense for Intangible Assets
As of June 30, 2024, future expected amortization expense for intangible assets was as follows:
Remainder of 2024$2,802 
20255,321 
20262,726 
20271,929 
20281,633 
Thereafter542 
Total$14,953 
Schedule of Cash and Cash Equivalents
The reconciliation of cash, cash equivalents, and restricted cash was as follows:
June 30, 2024December 31, 2023
Cash and cash equivalents$708,761 $656,321 
Restricted cash, current1,574 — 
Restricted cash, non-current193 1,765 
Total cash, cash equivalents, and restricted cash$710,528 $658,086 
v3.24.2.u1
Net Loss Per Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Loss Per Share
The following table presents the calculation of basic and diluted net loss per share:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Numerator:
Net loss$(22,974)$(31,743)$(44,230)$(64,107)
Denominator:
Weighted-average shares used in computing net loss per share—basic and diluted156,292,508150,262,064156,335,959149,621,816
Net loss per share—basic and diluted$(0.15)$(0.21)$(0.28)$(0.43)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been anti-dilutive:
Three and Six Months Ended June 30,
20242023
Restricted stock units (“RSUs”)
19,121,33422,358,430
Common stock options9,393,00614,874,208
Performance stock units (“PSUs”)
300,416— 
ESPP stock purchase rights (“ESPP Rights”)
199,814122,467
Total29,014,57037,355,105
v3.24.2.u1
Employee Benefit Plans (Tables)
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Schedule of Stock Option Activity
Stock option activity for the six months ended June 30, 2024 was as follows:
Number of
Shares 		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term
(in Years)		Aggregate
Intrinsic
Value
Balance—December 31, 202311,165,138$7.03 5.22$142,444 
Exercised(1,686,789)3.27 
Canceled(85,343)14.25 
Balance—June 30, 20249,393,006$7.64 5.12$18,655 
Options vested8,390,995$6.57 4.79$18,655 
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
RSU and PSU activity for the six months ended June 30, 2024 was as follows:
RSUsPSUs
Number of
Units		Weighted-Average
Grant Date Fair Value		Aggregate
Intrinsic
Value		Number of
Units		Weighted-Average
Grant Date Fair Value		Aggregate
Intrinsic
Value
Unvested balance—December 31, 202318,361,046$15.24 $355,653 —$— $— 
Granted(1)
6,351,51513.35 300,41614.36 
Vested(4,036,128)16.06 —
Forfeited(1,555,099)14.82 —
Unvested balance—June 30, 202419,121,334$14.47 $136,909 300,416$14.36 $2,151 
Schedule of Stock-Based Compensation Expense in the Consolidated Statements of Operations
Stock-based compensation expense is classified in the Condensed Consolidated Statements of Operations (Unaudited) as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Cost of revenue$710 $914 $1,369 $1,791 
Research and development10,873 13,303 21,874 26,768 
Sales and marketing8,520 7,499 16,442 15,856 
General and administrative9,913 7,609 18,188 15,240 
Restructuring related charges— (17)— (5,605)
Total$30,016 $29,308 $57,873 $54,050 
Schedule of Shares of Common Stock Reserved for Future Issuance
The following table presents total shares of our common stock reserved for future issuance:
June 30, 2024December 31, 2023
RSUs outstanding19,121,33418,361,046
Stock options outstanding9,393,00611,165,138
PSUs outstanding300,416— 
Shares available for future grants22,371,51316,913,085
Total shares of common stock reserved51,186,26946,439,269
v3.24.2.u1
Segment and Geographic Information (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Financial Information for Each Reportable Segment inancial information for each reportable segment was as follows:
Three Months Ended June 30,Six Months Ended June 30,
Revenue2024202320242023
Consumer$97,312 $86,999 $194,055 $169,028 
Enterprise58,727 54,180 116,221 106,353 
Degrees14,298 12,523 29,129 25,963 
Total revenue$170,337 $153,702 $339,405 $301,344 
Segment gross profit
Consumer$52,350 $45,117 $104,124 $89,734 
Enterprise39,864 38,676 78,994 73,646 
Degrees14,298 12,523 29,129 25,963 
Total segment gross profit$106,512 $96,316 $212,247 $189,343 
Reconciliation of segment gross profit to gross profit
Platform and support costs$9,866 $10,977 $19,629 $20,749 
Stock-based compensation expense710 914 1,369 1,791 
Amortization of internal-use software4,593 4,043 9,379 8,264 
Amortization of intangible assets1,168 681 2,198 1,370 
Total reconciling items16,337 16,615 32,575 32,174 
Gross profit$90,175 $79,701 $179,672 $157,169 
Schedule of Revenue by Region Based on Billing Address
The following table summarizes the revenue by region based on the billing address of our customers:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
United States$91,157 $81,713 $183,576 $160,222 
Europe, Middle East, and Africa40,172 37,658 79,321 74,665 
Asia Pacific21,421 19,741 42,501 38,339 
Other17,587 14,590 34,007 28,118 
Total$170,337 $153,702 $339,405 $301,344 
Schedule of Long-lived Assets by Geographic Region
The following table presents our long-lived assets, consisting of property, equipment, and software, net of depreciation and amortization, and operating lease right-of-use assets, by geographic region:
June 30, 2024December 31, 2023
United States$34,279 $34,047 
Rest of World781 1,100 
Total$35,060 $35,147 
v3.24.2.u1
Basis of Presentation and Description of Business - Additional Information (Details)
 6 Months Ended
Jun. 30, 2024
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of operating segments 3
v3.24.2.u1
Revenue Recognition - Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jan. 01, 2023
Contract assets:      
Billed accounts receivable, net of allowance for credit losses $ 50,781 $ 62,407 $ 45,337
Unbilled accounts receivable 6,953 5,011 8,397
Total contract assets 57,734 67,418 53,734
Contract liabilities:      
Deferred revenue 158,451 140,089 118,777
Total contract liabilities $ 158,451 $ 140,089 $ 118,777
v3.24.2.u1
Revenue Recognition - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Revenue Recognized     $ 108,535 $ 89,329
Contract cost impairment loss $ 0 $ 0 0 $ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01        
Disaggregation of Revenue [Line Items]        
Remaining performance obligation $ 323,372   $ 323,372  
Percent of remaining performance obligations to be recognized 69.00%   69.00%  
Period for satisfaction of remaining performance obligation 12 months   12 months  
v3.24.2.u1
Revenue Recognition - Schedule of Capitalized Contract Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]        
Capitalization $ 3,823 $ 4,726 $ 5,096 $ 7,698
Amortization $ 3,753 $ 2,933 $ 7,402 $ 5,614
v3.24.2.u1
Revenue Recognition - Schedule of Deferred Costs, Net and Other Assets Disclosure (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Deferred costs, net $ 12,875 $ 13,168
Other assets $ 13,348 $ 15,361
v3.24.2.u1
Investments - Summary of Available-for-Sale Marketable Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost $ 689,142 $ 700,608
Fair Value - Level 1 689,142 700,667
Marketable securities—U.S. Treasury securities    
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost 0 65,765
Fair Value - Level 1 0 65,746
Cash and Cash Equivalents    
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost 689,142 634,843
Fair Value - Level 1 689,142 634,921
Cash and Cash Equivalents | Cash equivalents—money market funds    
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost 197,581 186,396
Fair Value - Level 1 197,581 186,396
Cash and Cash Equivalents | Marketable securities—U.S. Treasury securities    
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost 491,561 448,447
Fair Value - Level 1 $ 491,561 $ 448,525
v3.24.2.u1
Investments - Additional Information (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]        
Credit or non credit impairment charges $ 0 $ 0 $ 0 $ 0
v3.24.2.u1
Consolidated Balance Sheet Components - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Cash and cash equivalents $ 708,761 $ 656,321    
Restricted cash, current 1,574 0    
Restricted cash, non-current 193 1,765    
Total cash, cash equivalents, and restricted cash $ 710,528 $ 658,086 $ 364,541 $ 322,878
v3.24.2.u1
Consolidated Balance Sheet Components - Schedule of Property, Equipment and Software, Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Property Plant And Equipment [Line Items]    
Total property, equipment, and software $ 100,956 $ 87,966
Less accumulated depreciation and amortization (67,888) (57,558)
Property, equipment, and software, net 33,068 30,408
Internal-use software and website development    
Property Plant And Equipment [Line Items]    
Total property, equipment, and software 86,544 73,881
Computer equipment and purchased software    
Property Plant And Equipment [Line Items]    
Total property, equipment, and software 4,732 4,405
Leasehold improvements    
Property Plant And Equipment [Line Items]    
Total property, equipment, and software 6,923 6,923
Furniture and fixtures    
Property Plant And Equipment [Line Items]    
Total property, equipment, and software $ 2,757 $ 2,757
v3.24.2.u1
Consolidated Balance Sheet Components - Schedule of Depreciation and Amortization Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Property Plant And Equipment [Line Items]        
Depreciation and amortization expense     $ 12,625 $ 10,842
Amortization expense for internal-use software and website development $ 1,168 $ 681 2,198 1,370
Property, Equipment and Software        
Property Plant And Equipment [Line Items]        
Depreciation and amortization expense 5,101 4,650 10,427 9,472
Software and Website Development        
Property Plant And Equipment [Line Items]        
Amortization expense for internal-use software and website development $ 4,593 $ 4,043 $ 9,379 $ 8,264
v3.24.2.u1
Consolidated Balance Sheet Components - Schedule of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Value $ 26,859 $ 21,428
Accumulated Amortization (11,906) (9,708)
Net Carrying Value 14,953 11,720
Content assets    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Value 18,413 12,982
Accumulated Amortization (5,055) (3,558)
Net Carrying Value 13,358 9,424
Developed technology    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Value 8,446 8,446
Accumulated Amortization (6,851) (6,150)
Net Carrying Value $ 1,595 $ 2,296
v3.24.2.u1
Consolidated Balance Sheet Components - Schedule of Capitalization of Content Assets and Amortization Expense for Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Finite Lived Intangible Assets [Line Items]        
Amortization expense for intangible assets $ 1,168 $ 681 $ 2,198 $ 1,370
Content assets        
Finite Lived Intangible Assets [Line Items]        
Capitalization of content assets $ 3,511 $ 1,390 $ 5,431 $ 1,996
v3.24.2.u1
Consolidated Balance Sheet Components - Schedule of Future Expected Amortization Expense for Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Remainder of 2024 $ 2,802  
2025 5,321  
2026 2,726  
2027 1,929  
2028 1,633  
Thereafter 542  
Net Carrying Value $ 14,953 $ 11,720
v3.24.2.u1
Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Leases [Abstract]        
Sublease income $ 680 $ 680 $ 1,360 $ 1,360
v3.24.2.u1
Income Taxes (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Effective tax rate 4.70% 5.30% 4.30% 5.00%
v3.24.2.u1
Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Numerator:        
Net loss $ (22,974) $ (31,743) $ (44,230) $ (64,107)
Denominator:        
Weighted-average shares used in computing net loss per share - basic (in shares) 156,292,508 150,262,064 156,335,959 149,621,816
Weighted-average shares used in computing net loss per share - diluted (in shares) 156,292,508 150,262,064 156,335,959 149,621,816
Net loss per share - basic (in dollars per share) $ (0.15) $ (0.21) $ (0.28) $ (0.43)
Net loss per share - diluted (in dollars per share) $ (0.15) $ (0.21) $ (0.28) $ (0.43)
v3.24.2.u1
Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of dilutive earnings per share (in shares) 29,014,570 37,355,105 29,014,570 37,355,105
Restricted stock units (“RSUs”)        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of dilutive earnings per share (in shares) 19,121,334 22,358,430 19,121,334 22,358,430
Common stock options        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of dilutive earnings per share (in shares) 9,393,006 14,874,208 9,393,006 14,874,208
Performance Shares        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of dilutive earnings per share (in shares) 300,416 0   0
ESPP stock purchase rights (“ESPP Rights”)        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of dilutive earnings per share (in shares) 199,814 122,467 199,814 122,467
v3.24.2.u1
Commitments and Contingencies (Details)
 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
claimant
Nov. 30, 2023
USD ($)
claimant
Jun. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Loss Contingencies [Line Items]        
Non-cancelable purchase obligations $ 15,160,000   $ 15,160,000 $ 15,160,000
Legal fees     $ 1,259,000 $ 1,259,000
Iman Ghazizadeh, et al v. Coursera, Inc. | Threatened Litigation        
Loss Contingencies [Line Items]        
Number of claimants | claimant   30,000    
Maximum amount of damages sought per claimant   $ 2,500    
Iman Ghazizadeh, et al v. Coursera, Inc. | Settled Litigation        
Loss Contingencies [Line Items]        
Number of claimants | claimant 7,300      
v3.24.2.u1
Stockholders' Equity (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Apr. 26, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Stock repurchase program authorized amount         $ 95,000
Number of shares, repurchased (in shares) 2,668,017 4,520,293 3,099,800 4,520,293  
Stock repurchased, value $ 30,700 $ 54,500 $ 36,700 $ 54,500  
v3.24.2.u1
Employee Benefit Plans - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Total shares of common stock reserved (in shares) 51,186,269   51,186,269   46,439,269
Compensation cost related to the nonvested awards not yet recognized $ 9,496   $ 9,496    
Weighted average period for recognition of compensation cost     2 years    
Employer discretionary contribution amount 530 $ 604 $ 1,384 $ 1,460  
Internal-use software and website development          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Cumulative stock-based compensation expense $ 2,256 $ 2,294 $ 4,090 $ 3,605  
Employee Stock Purchase Plan          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Percent of the lower of the market price for Purchase shares of common stock     85.00%    
Employee stock incentive plan purchase period     6 months    
Total shares of common stock reserved (in shares) 5,352,623   5,352,623    
Compensation cost related to the nonvested awards not yet recognized $ 8,141   $ 8,141    
Weighted average period for recognition of compensation cost     1 year 1 month 6 days    
2021 Employee Stock Purchase Plan          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Total shares of common stock reserved (in shares) 17,018,890   17,018,890    
Stock Options          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Share based compensation, expiration period     10 years    
Vesting period     4 years    
Restricted Stock Units          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Vesting period     4 years    
Compensation cost related to the nonvested awards not yet recognized $ 239,047   $ 239,047    
Weighted average period for recognition of compensation cost     2 years 7 months 6 days    
Restricted Stock Units | Share-Based Payment Arrangement, Tranche One          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Award vesting rights percentage     25.00%    
Cliff vesting period     1 year    
Restricted Stock Units | Share-Based Payment Arrangement, Tranche Two          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Award vesting rights percentage     6.25%    
Restricted Stock Units | Share-Based Payment Arrangement, Tranche Three          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Award vesting rights percentage     6.25%    
Performance Shares          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Compensation cost related to the nonvested awards not yet recognized $ 3,134   $ 3,134    
Weighted average period for recognition of compensation cost     1 year 10 months 24 days    
Performance Shares | Minimum          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Award performance targets (percent) 50.00%   50.00%    
Performance Shares | Maximum          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Award performance targets (percent) 150.00%   150.00%    
Performance Shares | Share-Based Payment Arrangement, Tranche One          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Award vesting rights percentage     25.00%    
Cliff vesting period     1 year    
Performance Shares | Share-Based Payment Arrangement, Tranche Two          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Award vesting rights percentage     625.00%    
Cliff vesting period     3 years    
v3.24.2.u1
Employee Benefit Plans - Schedule of Stock Option Activity (Details)
$ / shares in Units, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Number of Shares    
Number of shares, beginning balance (in shares) 11,165,138  
Number of shares, ending balance (in shares) 9,393,006 11,165,138
Stock Options    
Number of Shares    
Number of shares, beginning balance (in shares) 11,165,138  
Number of shares, exercised (in shares) (1,686,789)  
Number of shares, canceled (in shares) (85,343)  
Number of shares, ending balance (in shares) 9,393,006 11,165,138
Number of shares, options vested (in shares) 8,390,995  
Weighted- Average Exercise Price    
Weighted-average exercise price, beginning balance (in dollars per share) | $ / shares $ 7.03  
Weighted-average exercise price, exercised (in dollars per share) | $ / shares 3.27  
Weighted-average exercise price, canceled (in dollars per share) | $ / shares 14.25  
Weighted-average exercise price, ending balance (in dollars per share) | $ / shares 7.64 $ 7.03
Weighted-average exercise price, options vested (in dollars per share) | $ / shares $ 6.57  
Weighted-average remaining contractual term, balance 5 years 1 month 13 days 5 years 2 months 19 days
Weighted-average remaining contractual term, options vested 4 years 9 months 14 days  
Aggregate intrinsic value | $ $ 18,655 $ 142,444
Aggregate intrinsic value, options vested | $ $ 18,655  
v3.24.2.u1
Employee Benefit Plans - Schedule of Share-based Compensation, Restricted Stock Units Award Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Restricted Stock Units    
Number of Units    
Number of shares, unvested beginning balance (in shares) 18,361,046  
Number of shares, granted (in shares) 6,351,515  
Number of shares, vested (in shares) (4,036,128)  
Number of shares, forfeited (in shares) (1,555,099)  
Number of shares, unvested ending balance (in shares) 19,121,334  
Weighted-Average Grant Date Fair Value    
Weighted-average grant date fair value, unvested beginning balance (in dollars per share) $ 15.24  
Weighted-average grant date fair value, granted (in dollars per share) 13.35  
Weighted-average grant date fair value, vested (in dollars per share) 16.06  
Weighted-average grant date fair value, forfeited (in dollars per share) 14.82  
Weighted-average grant date fair value, unvested ending balance (in dollars per share) $ 14.47  
Aggregate intrinsic value, unvested balance $ 136,909 $ 355,653
Performance Shares    
Number of Units    
Number of shares, unvested beginning balance (in shares) 0  
Number of shares, granted (in shares) 300,416  
Number of shares, vested (in shares) 0  
Number of shares, forfeited (in shares) 0  
Number of shares, unvested ending balance (in shares) 300,416  
Weighted-Average Grant Date Fair Value    
Weighted-average grant date fair value, unvested beginning balance (in dollars per share) $ 0  
Weighted-average grant date fair value, granted (in dollars per share) 14.36  
Weighted-average grant date fair value, vested (in dollars per share)  
Weighted-average grant date fair value, forfeited (in dollars per share)  
Weighted-average grant date fair value, unvested ending balance (in dollars per share) $ 14.36  
Aggregate intrinsic value, unvested balance $ 2,151 $ 0
Performance Shares | Maximum    
Weighted-Average Grant Date Fair Value    
Performance period target level (percent) 150.00%  
Performance Shares | Minimum    
Weighted-Average Grant Date Fair Value    
Performance period target level (percent) 0.00%  
v3.24.2.u1
Employee Benefit Plans - Schedule of Stock-Based Compensation Expense in the Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total $ 30,016 $ 29,308 $ 57,873 $ 54,050
Internal-use software and website development        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Cumulative stock-based compensation expense 2,256 2,294 4,090 3,605
Cost of revenue        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total 710 914 1,369 1,791
Research and development        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total 10,873 13,303 21,874 26,768
Sales and marketing        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total 8,520 7,499 16,442 15,856
General and administrative        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total 9,913 7,609 18,188 15,240
Restructuring related charges        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Total $ 0 $ (17) $ 0 $ (5,605)
v3.24.2.u1
Employee Benefit Plans - Schedule of Shares of Common Stock Reserved for Future Issuance (Details) - shares
Jun. 30, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]    
Stock options outstanding (in shares) 9,393,006 11,165,138
RSUs outstanding (in shares) 19,121,334 18,361,046
PSUs outstanding 300,416 0
Shares available for future grants (in shares) 22,371,513 16,913,085
Total shares of common stock reserved 51,186,269 46,439,269
v3.24.2.u1
Related-Party Transaction (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Related Party Transaction [Line Items]          
Educator partners payable $ 100,919   $ 100,919   $ 101,041
Content Sourcing Agreement | Related Party          
Related Party Transaction [Line Items]          
Related party content fees 2,131 $ 1,812 4,440 $ 3,505  
Educator partners payable $ 2,131   $ 2,131   $ 3,895
v3.24.2.u1
Segment and Geographic Information - Additional Information (Details)
 6 Months Ended
Jun. 30, 2024
segment
Segment Reporting [Abstract]  
Number of segments 3
v3.24.2.u1
Segment and Geographic Information - Schedule of Financial Information for Each Reportable Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue        
Total revenue $ 170,337 $ 153,702 $ 339,405 $ 301,344
Segment gross profit        
Total segment gross profit 90,175 79,701 179,672 157,169
Amortization expense for internal-use software and website development 1,168 681 2,198 1,370
Total reconciling items 80,162 74,001 159,733 144,175
Operating Segments        
Segment gross profit        
Total segment gross profit 106,512 96,316 212,247 189,343
Segment Reconciling Items        
Segment gross profit        
Platform and support costs 9,866 10,977 19,629 20,749
Stock-based compensation expense 710 914 1,369 1,791
Total reconciling items 16,337 16,615 32,575 32,174
Amortization of internal-use software | Segment Reconciling Items        
Segment gross profit        
Amortization expense for internal-use software and website development 4,593 4,043 9,379 8,264
Amortization of intangible assets | Segment Reconciling Items        
Segment gross profit        
Amortization expense for internal-use software and website development 1,168 681 2,198 1,370
Consumer        
Revenue        
Total revenue 97,312 86,999 194,055 169,028
Consumer | Operating Segments        
Segment gross profit        
Total segment gross profit 52,350 45,117 104,124 89,734
Enterprise        
Revenue        
Total revenue 58,727 54,180 116,221 106,353
Enterprise | Operating Segments        
Segment gross profit        
Total segment gross profit 39,864 38,676 78,994 73,646
Degrees        
Revenue        
Total revenue 14,298 12,523 29,129 25,963
Degrees | Operating Segments        
Segment gross profit        
Total segment gross profit $ 14,298 $ 12,523 $ 29,129 $ 25,963
v3.24.2.u1
Segment and Geographic Information - Schedule of Revenue by Region Based on Billing Address (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Total $ 170,337 $ 153,702 $ 339,405 $ 301,344
United States        
Segment Reporting Information [Line Items]        
Total 91,157 81,713 183,576 160,222
Europe, Middle East, and Africa        
Segment Reporting Information [Line Items]        
Total 40,172 37,658 79,321 74,665
Asia Pacific        
Segment Reporting Information [Line Items]        
Total 21,421 19,741 42,501 38,339
Other        
Segment Reporting Information [Line Items]        
Total $ 17,587 $ 14,590 $ 34,007 $ 28,118
v3.24.2.u1
Segment and Geographic Information - Schedule of Long-lived Assets by Geographic Region (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]    
Total $ 35,060 $ 35,147
United States    
Segment Reporting Information [Line Items]    
Total 34,279 34,047
Rest of World    
Segment Reporting Information [Line Items]    
Total $ 781 $ 1,100
v3.24.2.u1
Restructuring Related Charges (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]        
Reversal of stock-based compensation expense $ 30,016 $ 29,308 $ 57,873 $ 54,050
Restructuring related charges $ 44 $ (147) $ 2,145 (5,806)
Restricted Stock Units and Options        
Restructuring Cost and Reserve [Line Items]        
Reversal of stock-based compensation expense       $ 5,600