COURSERA, INC., 10-K filed on 2/22/2024
Annual Report
v3.24.0.1
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Feb. 15, 2024
Jun. 30, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 1.7
Entity Common Stock, Shares Outstanding   156,946,046  
Documents Incorporated by Reference
Portions of the registrant's definitive Proxy Statement relating to the 2024 Annual Meeting of Stockholders are incorporated herein by references in Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended December 31, 2023.
    
Entity Central Index Key 0001651562    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Firm ID 34
Auditor Name DELOITTE & TOUCHE LLP
Auditor Location San Jose, California
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 656,321 $ 320,817
Marketable securities 65,746 459,654
Accounts receivable, net of allowance for credit losses of $133 and $495 as of December 31, 2023 and December 31, 2022 67,418 53,734
Deferred costs, net 26,387 24,147
Prepaid expenses and other current assets 16,614 17,636
Total current assets 832,486 875,988
Property, equipment, and software, net 30,408 27,096
Operating lease right-of-use assets 4,739 9,605
Intangible assets, net 11,720 8,553
Other assets 41,180 26,355
Total assets 920,533 947,597
Current liabilities:    
Educator partners payable 101,041 66,375
Other accounts payable and accrued expenses 23,456 23,342
Accrued compensation and benefits 22,281 21,163
Operating lease liabilities, current 6,557 8,658
Deferred revenue, current 137,229 115,701
Other current liabilities 7,696 7,202
Total current liabilities 298,260 242,441
Operating lease liabilities, non-current 39 5,791
Deferred revenue, non-current 2,861 3,076
Other liabilities 3,179 1,714
Total liabilities 304,339 253,022
Commitments and contingencies (Note 9)
Stockholders’ equity:    
Preferred stock, $0.00001 par value—10,000,000 shares authorized as of December 31, 2023 and December 31, 2022; no shares issued and outstanding as of December 31, 2023 and December 31, 2022 0 0
Common stock, $0.00001 par value—300,000,000 shares authorized as of December 31, 2023 and December 31, 2022; 162,898,279 shares issued and 155,320,538 shares outstanding as of December 31, 2023, and 150,683,607 shares issued and 147,935,669 shares outstanding as of December 31, 2022 2 1
Additional paid-in capital 1,459,964 1,364,116
Treasury stock, at cost—7,577,741 and 2,747,938 shares as of December 31, 2023 and December 31, 2022 (63,154) (4,701)
Accumulated other comprehensive income (loss) 59 (718)
Accumulated deficit (780,677) (664,123)
Total stockholders’ equity 616,194 694,575
Total liabilities and stockholders’ equity $ 920,533 $ 947,597
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 133 $ 495
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) 162,898,279 150,683,607
Common stock, shares outstanding (in shares) 155,320,538 147,935,669
Treasury stock (in shares) 7,577,741 2,747,938
v3.24.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Revenue $ 635,764 $ 523,756 $ 415,287
Cost of revenue 305,993 192,277 165,818
Gross profit 329,771 331,479 249,469
Operating expenses:      
Research and development 160,077 165,134 135,410
Sales and marketing 222,771 227,676 179,337
General and administrative 98,325 105,900 77,785
Restructuring related charges (5,806) 10,149 0
Total operating expenses 475,367 508,859 392,532
Loss from operations (145,596) (177,380) (143,063)
Interest income, net 34,432 9,144 320
Other expense, net (19) (2,401) (346)
Loss before income taxes (111,183) (170,637) (143,089)
Income tax expense 5,371 4,720 2,126
Net loss $ (116,554) $ (175,357) $ (145,215)
Net loss per share—basic (in dollars per share) $ (0.77) $ (1.21) $ (1.28)
Net loss per share—diluted (in dollars per share) $ (0.77) $ (1.21) $ (1.28)
Weighted average shares used in computing net loss per share—basic (in shares) 150,957,814 145,263,726 113,587,523
Weighted average shares used in computing net loss per share—diluted (in shares) 150,957,814 145,263,726 113,587,523
v3.24.0.1
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net loss $ (116,554) $ (175,357) $ (145,215)
Change in unrealized gain (loss) on marketable securities, net of tax 777 (466) (272)
Comprehensive loss $ (115,777) $ (175,823) $ (145,487)
v3.24.0.1
Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Redeemable Convertible Preferred Stock
Beginning balance (in shares) at Dec. 31, 2020             75,305,400
Beginning balance at Dec. 31, 2020             $ 462,293
Increase (Decrease) in Temporary Equity [Roll Forward]              
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)             (75,305,400)
Conversion of redeemable convertible preferred stock to common stock upon initial public offering             $ (462,293)
Ending balance (in shares) at Dec. 31, 2021             0
Ending balance at Dec. 31, 2021             $ 0
Beginning balance (in shares) at Dec. 31, 2020   43,049,228          
Beginning balance at Dec. 31, 2020 $ (221,824) $ 0 $ 126,408 $ (4,701) $ 20 $ (343,551)  
Treasury stock, beginning balance (in shares) at Dec. 31, 2020       (2,747,938)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Conversion of redeemable convertible preferred stock to common stock upon initial public offering (in shares)   75,305,400          
Conversion of redeemable convertible preferred stock to common stock upon initial public offering 462,293 $ 1 462,292        
Issuance of common stock upon initial public offering, net of offering costs (in shares)   17,024,276          
Issuance of common stock upon initial public offering, net of offering costs 518,869   518,869        
Issuance of common stock upon exercise of options (in shares)   8,731,889          
Issuance of common stock upon exercise of options 32,287   32,287        
Issuance of common stock related to employee stock purchase plan (in shares)   228,048          
Issuance of common stock related to employee stock purchase plan 6,397   6,397        
Issuance of restricted stock awards (in shares)   4,722          
Vesting of restricted stock units (in shares)   502,135          
Tax withholding on vesting of restricted stock units (in shares)   (191,719)          
Tax withholding on vesting of restricted stock units (7,172)   (7,172)        
Vesting of early exercise stock options 77   77        
Stock-based compensation 96,073   96,073        
Change in unrealized gain (loss) on marketable securities (272)       (272)    
Net loss (145,215)         (145,215)  
Ending balance (in shares) at Dec. 31, 2021   144,653,979          
Ending balance at Dec. 31, 2021 741,513 $ 1 1,235,231 $ (4,701) (252) (488,766)  
Treasury stock, ending balance (in shares) at Dec. 31, 2021       (2,747,938)      
Ending balance (in shares) at Dec. 31, 2022             0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock upon exercise of options (in shares)   4,310,630          
Issuance of common stock upon exercise of options 17,750   17,750        
Issuance of common stock related to employee stock purchase plan (in shares)   547,334          
Issuance of common stock related to employee stock purchase plan 6,829   6,829        
Issuance of restricted stock awards (in shares)   5,518          
Vesting of restricted stock units (in shares)   1,940,200          
Tax withholding on vesting of restricted stock units (in shares)   (774,054)          
Tax withholding on vesting of restricted stock units (11,886)   (11,886)        
Stock-based compensation 116,192   116,192        
Change in unrealized gain (loss) on marketable securities (466)       (466)    
Net loss $ (175,357)         (175,357)  
Ending balance (in shares) at Dec. 31, 2022 147,935,669 150,683,607          
Ending balance at Dec. 31, 2022 $ 694,575 $ 1 1,364,116 $ (4,701) (718) (664,123)  
Treasury stock, ending balance (in shares) at Dec. 31, 2022 (2,747,938)     (2,747,938)      
Ending balance (in shares) at Dec. 31, 2023             0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock upon exercise of options (in shares)   6,621,448          
Issuance of common stock upon exercise of options $ 27,315 $ 1 27,314        
Issuance of common stock related to employee stock purchase plan (in shares)   615,150          
Issuance of common stock related to employee stock purchase plan 6,031   6,031        
Repurchases of common stock (in shares)       (4,829,803)      
Repurchases of common stock (58,453)     $ (58,453)      
Issuance of restricted stock awards (in shares)   13,516          
Vesting of restricted stock units (in shares)   8,449,866          
Tax withholding on vesting of restricted stock units (in shares)   (3,485,308)          
Tax withholding on vesting of restricted stock units (54,122)   (54,122)        
Stock-based compensation 116,625   116,625        
Change in unrealized gain (loss) on marketable securities 777       777    
Net loss $ (116,554)         (116,554)  
Ending balance (in shares) at Dec. 31, 2023 155,320,538 162,898,279          
Ending balance at Dec. 31, 2023 $ 616,194 $ 2 $ 1,459,964 $ (63,154) $ 59 $ (780,677)  
Treasury stock, ending balance (in shares) at Dec. 31, 2023 (7,577,741)     (7,577,741)      
v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net loss $ (116,554) $ (175,357) $ (145,215)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 22,270 18,503 14,757
Stock-based compensation expense 109,570 110,785 91,183
(Accretion) amortization of marketable securities (13,811) (895) 501
Impairment of long-lived assets 3,062 6,124 0
Other 1,496 1,088 (448)
Changes in operating assets and liabilities:      
Accounts receivable, net (14,763) (20,598) 5,863
Prepaid expenses and other assets (17,003) (18,290) (5,697)
Operating lease right-of-use assets 4,868 4,839 5,301
Accounts payable and accrued expenses 33,971 17,893 16,322
Accrued compensation and other liabilities 3,073 3,409 7,670
Operating lease liabilities (7,853) (5,841) (6,336)
Deferred revenue 21,313 20,289 17,845
Net cash provided by (used in) operating activities 29,639 (38,051) 1,746
Cash flows from investing activities:      
Purchases of marketable securities (121,756) (593,770) (241,758)
Proceeds from maturities of marketable securities 530,000 375,000 204,981
Purchases of property, equipment, and software (1,147) (1,578) (1,554)
Capitalized internal-use software costs (15,254) (12,299) (12,090)
Purchase of minority interest (1,701) 0 0
Purchases of content assets (5,344) (1,377) (1,188)
Net cash provided by (used in) investing activities 384,798 (234,024) (51,609)
Cash flows from financing activities:      
Proceeds from exercise of stock options 27,315 17,586 31,766
Proceeds from employee stock purchase plan 6,031 6,829 6,397
Proceeds from initial public offering, net of offering costs 0 0 525,284
Payments for repurchases of common stock (58,453) 0 0
Payment of tax withholding on vesting of restricted stock units (54,122) (11,886) (7,172)
Payment of deferred offering costs 0 (295) (6,119)
Net cash (used in) provided by financing activities (79,229) 12,234 550,156
Net increase (decrease) in cash, cash equivalents, and restricted cash 335,208 (259,841) 500,293
Cash, cash equivalents, and restricted cash—Beginning of period 322,878 582,719 82,426
Cash, cash equivalents, and restricted cash—End of period 658,086 322,878 582,719
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 6,383 4,064 2,837
Supplemental disclosure of noncash investing and financing activities:      
Stock-based compensation capitalized as internal-use software costs 7,055 5,407 4,890
Unpaid deferred offering costs $ 0 $ 0 $ 295
v3.24.0.1
BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS
1.    BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS
Basis of Presentation
The accompanying Consolidated Financial Statements 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 (“GAAP”).
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 14 for additional information.
Initial Public Offering
On April 5, 2021, Coursera, Inc. completed its initial public offering of common stock, in which 14,664,776 shares were sold (the “IPO”). The shares were sold at a price to the public of $33.00 per share for net proceeds of $452,482, after deducting underwriting discounts and commissions of $31,456. Upon completion of the IPO, $6,449 of deferred offering costs were reclassified into additional paid-in capital as a reduction of the net proceeds received from the IPO. Upon the closing of the IPO, all outstanding shares of redeemable convertible preferred stock automatically converted into 75,305,400 shares of common stock on a one-for-one basis.
On April 19, 2021, the underwriters exercised in full the right to purchase 2,359,500 additional shares of common stock from the Company, resulting in additional net proceeds of $72,802, after deducting underwriting discounts and commissions of $5,061.
v3.24.0.1
SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES
2.    SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
The Consolidated Financial Statements include the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of Consolidated Financial Statements 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 Consolidated Financial Statements, 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, judgements, 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 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 Consolidated Financial Statements.
Cash, Cash Equivalents, and Restricted Cash
We consider all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Our cash and cash equivalents consist of cash and money market funds at financial institutions, and are stated at cost, which approximates fair value because of their immediate or short-term maturities. Our restricted cash primarily consists of a letter of credit required to fulfill our corporate headquarters’ operating lease agreement. Restricted cash, current is included in prepaid expenses and other current assets, and restricted cash, non-current is included in other assets, both in the Consolidated Balance Sheets.
Marketable Securities
Marketable securities consist of U.S. Treasury securities, with an original maturity between three months and one year at the date of purchase, and are classified as available-for-sale (“AFS”) debt securities. We view these securities as available to support current operations and have classified all AFS debt securities as current assets. AFS debt securities are initially recorded at cost and periodically adjusted to fair value with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. We evaluate our AFS debt securities with an unamortized cost basis in excess of estimated fair value to determine what amount of that difference, if any, is caused by expected credit losses. Realized gains and losses as well as credit-related impairment losses are included in other expense, net in the Consolidated Statements of Operations. Any remaining impairment is included in accumulated other comprehensive income (loss).
Accounts Receivable, Net
Accounts receivable, net includes trade accounts receivable, both billed and unbilled, net of an allowance for credit losses. Billed receivables are recorded at the invoiced amount in the period that our right to consideration is unconditional. Payment terms on invoiced amounts are typically 30 to 60 days. Unbilled receivables, or contract assets, are recorded when revenue is recognized prior to our unconditional right to consideration. A contract asset is a right to consideration that is conditional upon factors other than the passage of time.
An allowance for credit losses is established based on our assessment of the collectibility of accounts receivable by considering various factors, including the age of each outstanding invoice, each customer’s expected ability to pay, the collection history with each customer, current economic conditions, and reasonable and supportable forecasts of future economic conditions over the life of the receivable, when applicable, to determine whether a specific allowance is appropriate. Accounts receivable deemed uncollectible are charged against the allowance for credit losses when identified. The allowance for credit losses and related activities were not material for the years ended December 31, 2023, 2022, and 2021.
Property, Equipment, and Software, Net
Property, equipment, and software, net is stated at cost, less accumulated depreciation and amortization. Depreciation and software amortization are recorded using the straight-line method over the estimated useful lives of the assets, generally two to five years. Leasehold improvements are amortized over the shorter of the estimated useful lives of the improvements or the remaining lease term.
Deferred Offering Costs
Deferred offering costs consist primarily of direct and incremental legal, accounting, and other fees related to the IPO. Prior to the IPO, all deferred offering costs were capitalized in prepaid expenses and other current assets on the Consolidated Balance Sheets. Upon completion of the IPO, $6,449 of the deferred offering costs were reclassified into stockholders’ equity (deficit) as a reduction of the IPO proceeds.
Educator Partner Costs
We have various agreements with educator partners that grant us the right to host their intellectual property on our platform. In return, educator partners earn a fee that we recognize as a content cost in the same period in which the related revenue is recognized and is classified as a cost of revenue in the Consolidated Statements of Operations. One such agreement has stipulated that certain fees earned by the educator partner are to be allocated to a development fund to be held and spent by Coursera on activities such as developing, marketing, and advertising the educator partner's content, according to a mutually agreed upon plan. We recognized the liability and related expenses associated with this development fund consistent with the timing of when we recognized educator partner content costs given our liability is established in the same period the revenue is recognized. The expenses have been classified in the Consolidated Statements of Operations based on the nature of the underlying spend. The liability associated with the development fund is recorded within other accounts payable and accrued expenses in the Consolidated Balance Sheets. During the first quarter of 2023, we entered into an amendment with this educator partner who started earning typical content fees, which are recorded within cost of revenue in the Consolidated Statements of Operations.
Leases
We determine if an arrangement is a lease and the classification of that lease, if applicable, at inception by evaluating various factors, including if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration and other facts and circumstances. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and are included in operating lease ROU assets, on our Consolidated Balance Sheets. Lease liabilities represent our obligation to make lease payments according to the arrangement and are included in operating lease liabilities, current and non-current, on our Consolidated Balance Sheets. We do not have any finance leases.
ROU assets and lease liabilities are recognized at the commencement date based on the present value of minimum remaining lease payments over the lease term. For this purpose, we include payments that are fixed and determinable at the commencement date, including initial direct costs incurred and excluding lease incentives received. We use the implicit rate when it is readily determinable. Otherwise, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future lease payments. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise such options. Our lease agreements may contain variable costs such as common area maintenance, insurance, real estate taxes, or other costs. Variable lease costs are expensed as incurred in the Consolidated Statements of Operations. Operating lease expense is recognized on a straight-line basis over the lease term.
We do not separate lease and non-lease components and do not recognize ROU assets and operating lease liabilities that arise from leases with an initial lease term of 12 months or less.
In addition, impairment of an ROU asset and other lease related assets, including leasehold improvements, furniture and fixtures, and computer equipment, that results from entering into a sublease arrangement is recognized in the Consolidated Statements of Operations in the period the sublease agreement is executed. We recognize sublease income as a reduction to our operating lease expense on a straight-line basis over the sublease term. Refer to Note 6 for additional information.
Internal-Use Software and Website Development Costs
We capitalize certain costs associated with our internal-use software and website development during the application development stage when management with the relevant authority authorizes and commits to the funding of the project, it is probable that the project will be completed, and the software will be used as intended. These costs include personnel and related employee benefits expenses for employees who are directly associated with and who devote time to software and website development projects. Such costs are amortized on a straight-line basis over the estimated useful life of the related asset, which is approximately two to five years, and are recorded within cost of revenue in the Consolidated Statements of Operations. Costs incurred prior to meeting these criteria, together with costs incurred for training and maintenance, are expensed as incurred within research and development in the Consolidated Statements of Operations.
Intangible Assets, Net
Intangible assets, net is stated at cost, net of accumulated amortization. We amortize our finite-lived intangible assets on a straight-line basis over an estimated useful life of two to six years. Amortization of content assets and developed technology is included in cost of revenue, and assembled workforce is included in research and development, both in the Consolidated Statements of Operations.
Impairment of Long-Lived Assets
We monitor events and changes in circumstances that could indicate the carrying amounts of our long-lived assets, including deferred partner fees, property, equipment, software, intangible assets, and operating lease ROU assets, may not be recoverable. When such events or changes in circumstances occur, we assess the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through their undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of these assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. During the year ended December 31, 2023, we recognized an impairment loss of $861 related to capitalized internal-use software and website development costs. During the year ended December 31, 2022, we recognized an impairment loss related to deferred partner fees of $2,915, related to our operating lease ROU asset of $2,304, and related property and equipment of $904. There were no impairments of long-lived assets during the year ended December 31, 2021.
Revenue
We recognize revenue from contracts with customers for access to the learning content hosted on our platform and related services. Revenue is recognized when control of promised services is transferred to our customer. The amount of revenue recognized reflects the consideration that we expect to be entitled to receive in exchange for these services. We apply judgment in determining our customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s historical payment experience, credit, or financial information. Consumer revenue customers are required to pay in advance.
At contract inception, we assess the performance obligations, or deliverables, we have agreed to provide in the contract and determine if they are individually distinct or if they should be combined with other performance obligations. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on each performance obligation’s relative standalone selling price. We combine performance obligations when an individual performance obligation does not have standalone value to our customer. For example, our customers do not have the ability to take possession of the software supporting our platform and, as a result, our contracts are typically accounted for as service arrangements with a single performance obligation.
We have a stand-ready obligation to provide learners continuous access to our learning platform and deliver related support services for a specified term. For this reason, these services are generally viewed as a stand-ready performance obligation consisting of a series of distinct daily services. We typically satisfy these performance obligations over time as the services are provided. A time-elapsed output method is used to measure progress because our efforts are expended evenly throughout the period given the nature of the promise is a stand-ready service. Fixed fees for these services are generally recognized ratably over the contract term.
We include any fixed consideration within our contracts as part of the total transaction price. Generally, we include an estimate of the variable amount within the total transaction price and update our assumptions over the duration of the contract. None of our contracts contain a significant financing component. We do not include taxes collected from customers and remitted to governmental authorities within the total transaction price.
At times, we are party to multiple concurrent contracts or contracts that combine multiple services. These situations require judgment to determine if multiple contracts should be combined and accounted for as a single arrangement. In making this determination, we consider (i) the economics of each individual contract and whether or not it was negotiated on a standalone basis, and (ii) if multiple promises represent a single performance obligation.
Contract modifications require judgment to determine if the modification should be accounted for as (i) a separate contract, (ii) the termination of the original contract and creation of a new contract, or (iii) a cumulative catch-up adjustment to the original contract. When evaluating contract modifications, we must identify the performance obligations of the modified contract and determine both the allocation of revenues to the remaining performance obligations and the period of recognition for each identified performance obligation.
We generate revenue from our three reportable segments: Consumer, Enterprise, and Degrees. Refer to Note 14 for our disaggregation of revenue. We are generally the principal with respect to Consumer and Enterprise revenue as we control the performance obligation and are the primary obligor with respect to delivering access to course content. Additionally, we have inventory risk through recoupable advances sometimes paid to educator partners.
Consumer Revenue
We generate revenue from consumers by selling access to learning content hosted on our platform. Consumer products include certifications for single courses, professional certificates, and catalog-wide subscriptions. Access to single courses are generally purchased at a fixed price for a set period of time, typically six months. Specializations are a series of courses offered by the same educator partner, and learners are provided access to these courses on a month-to-month subscription basis. Coursera Plus is our catalog-wide consumer subscription product, sold in monthly or annual subscriptions. All Consumer learners pay in advance, and revenue is recognized ratably over the contract term once access has been granted to the learner, as learners have unlimited access to the course content during the contract term.
Consumer learners are entitled to a full refund up to two weeks after payment is received. We estimate and establish an allowance for refunds based on historical refund rates, which was immaterial as of December 31, 2023 and 2022.
Enterprise Revenue
We sell subscription licenses to businesses, organizations, governments, and educational institutions that provide their learners with the ability to enroll in courses and Specializations and receive certifications upon completion. Enterprise contracts are typically between one and three years in length and consist of selling a fixed quantity of catalog licenses that grant each learner access to our learning platform and unlimited course enrollments over the license term. We recognize revenue ratably over the contract term once access has been granted to the Enterprise customer.
Degrees Revenue
Universities contract with us to facilitate the delivery of their bachelor’s and master’s degree programs or postgraduate diplomas. Degrees revenue contracts involve the performance of a number of promises, including but not limited to hosting the degree content on our learning platform, providing content authoring tools, course production support, marketing, and platform technical support services. As a result, the university is our customer with respect to Degrees revenue. We earn a service fee based on a percentage of total tuition collected by the university from Degrees students, net of refunds. As a result, the revenue we earn is dependent upon the number of learners enrolled and the tuition charged by the university. This is a form of variable consideration, and we estimate the amount of revenue using an expected value method. These estimates are refined each reporting period until the consideration becomes known, generally at the time the final term enrollment report is provided by the university. We have a stand-ready obligation to perform services throughout the contract term during which degree content is hosted on our platform. Degrees revenue is generally earned and paid by the university for each academic term and is recognized ratably from the start of a term through the start of the following term.
The Degrees learning experience is delivered on the same proprietary learning platform used by Consumer and Enterprise customers. There is no direct contractual revenue arrangement between Coursera and Degrees students, whose contractual arrangement is directly with the universities. In addition to the learning platform, the universities are obligated to provide their students with additional services, such as designing the curriculum, setting admission criteria, making admission and financial aid decisions, real-time teaching, independently awarding credits, certificates, or degrees, and providing academic and career counseling. For these reasons, the universities control the delivery of degrees hosted on our platform. As a result, we recognize only the service fee we receive from the universities as our Degrees revenue.
Deferred Revenue
Deferred revenue, or contract liabilities, consists of consideration recorded in advance of performance obligations being delivered and is classified as current or non-current based on the related period in which services are expected to be provided.
Contract Acquisition and Fulfillment Costs
Contract acquisition costs consist of sales commissions and related payroll taxes associated with obtaining contracts with Enterprise and Degrees customers.
Deferred Commissions
Contract acquisition costs are costs we incur that are directly related to securing a contract and are primarily related to sales commissions and related payroll taxes earned by our Enterprise and Degrees sales forces. These costs are deferred and then amortized on a straight-line basis over the expected period of benefit. We amortize these costs over four years, since the commissions paid upon a contract renewal are not commensurate with the commissions paid on the initial contract, and as such, the sales contract term is not commensurate with the expected period of benefit. Sales commissions and related payroll taxes primarily paid for Enterprise contract renewals are amortized over the renewal term, which is generally two years.
Deferred commissions and related payroll taxes are recorded within deferred costs or other assets in the Consolidated Balance Sheets, depending on the timing of the related amortization. They are amortized to sales and marketing in the Consolidated Statements of Operations.
On an annual basis, we assess the expected period of benefit by taking into consideration the average contract term length, the life of the underlying technology, and other factors. Based on our prior year assessment, we determined that the expected period of benefit should be increased from three years to four years. This change in accounting estimate was effective January 1, 2023 and is accounted for prospectively in our Consolidated Financial Statements. For the year ended December 31, 2023, this change resulted in a $3,496 benefit to sales and marketing. There was no change in the amortization period for contract renewals.
Deferred Partner Fees
These fulfillment costs are paid to educator partners in advance of completing our performance obligations; are recorded within prepaid expenses and other current assets or other assets in the Consolidated Balance Sheets, depending on the timing of the related revenue recognition; and are amortized into cost of revenue ratably over the subscription term.
Cost of Revenue
Cost of revenue consists of content costs, which are generally fees paid to educator partners, and expenses associated with the operation and maintenance of our platform. These expenses include the cost of servicing support requests from paid learners and educator partners; hosting and bandwidth costs; amortization of acquired technology and internal-use software; customer payment processing fees; and attributed depreciation and facilities costs.
Fair Value Measurements
Fair value is defined as the price that would be received for an asset or the “exit price” that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between independent market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs, where available. This hierarchy prioritizes the inputs into three broad levels as follows:
Level 1— Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2— Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments.
Level 3— Inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation.
The classification of a financial asset or liability within the hierarchy is determined based on the lowest-level input that is significant to the fair value measurement.
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 years ended December 31, 2023, 2022, and 2021, we did not have any customers that accounted for 10% or more of our revenue. As of December 31, 2023 we had one customer that accounted for 10% of our net accounts receivable balance that has since been collected within typical business terms.
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 largest partners could have a material impact on our results of operations and cash flows.
Income Taxes
We are treated as a corporation under applicable federal and state income tax laws and are subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment is required in determining our income tax expense and deferred tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws.
We utilize the asset and liability method under which deferred tax assets and liabilities arise from the temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Balance Sheets, as well as from net operating losses (“NOLs”) and tax credit carryforwards. Deferred tax amounts are determined by using the tax rates expected to be in effect when the taxes will be paid or refunds received, as provided for under currently enacted tax law. The effect on deferred taxes of changes in tax rates and laws in future periods, if any, is reflected in the Consolidated Financial Statements in the period enacted. A valuation allowance is established if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We consider the available evidence, both positive and negative, including historical levels of income, expectations, and risks associated with estimates of future taxable income in assessing the need for a valuation allowance. Certain of our earnings are indefinitely reinvested offshore and could be subject to additional income tax if repatriated. It is not practicable to determine the unrecognized deferred tax liability on a hypothetical distribution of those earnings.
Determination of income tax expense requires estimates and can involve complex issues that may require an extended period to resolve. We recognize estimated tax liabilities when such liabilities are more likely than not to be sustained upon examination by the taxing authority. Further, the estimated level of annual earnings before income tax can cause the overall effective income tax rate to vary from period to period. Final determination of prior-year tax liabilities, either by settlement with tax authorities or expiration of statutes of limitations, could be materially different than estimates reflected in assets and liabilities and historical income tax expense. The outcome of these final determinations could have a material effect on our income tax expense or cash flows in the period that determination is made.
We recognize interest and penalties related to income tax matters as a component of income tax expense in the Consolidated Statements of Operations.
Stock-Based Compensation Expense
We measure and recognize compensation expense for stock-based awards granted to employees, directors, and non-employees based on the estimated grant date fair value. Stock-based awards include restricted stock units (“RSUs”), stock options, and restricted stock awards as well as stock purchase rights granted to employees under our employee stock purchase plan (“ESPP Rights”).
The fair value of RSUs and restricted stock awards is based on the fair value of our common stock on the grant date. We estimate the fair value of stock options and ESPP Rights using the Black-Scholes option-pricing model, which requires the use of the following assumptions:
Expected Term—The expected term represents the period that our stock-based awards are expected to be outstanding. For option grants considered to be “plain vanilla,” we determine the expected term using the simplified method. The simplified method deems the term to be the average of the time to vesting and the contractual life of the options. For ESPP Rights, the expected term represents the term from the first day of the offering period to the purchase date.
Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the expected term of the stock option or ESPP Rights.
Expected Volatility—The expected volatility is derived from the average historical stock volatilities of several unrelated public companies within our industry that we consider to be comparable to our business, and to the extent available, our historical volatility over a period equivalent to the expected term of the stock option. The expected volatility is based on the historical volatility of our common stock over the estimated expected term of ESPP Rights.

Dividend Yield—The expected dividend was assumed to be zero as we have never paid dividends and have no current plans to do so.
Stock-based compensation is generally recognized on a straight-line basis over the requisite service period, which usually matches the vesting period. Forfeitures are recognized as they occur.
Net Loss Per Share Attributable to Common Stockholders
Basic and diluted net loss per share attributable to common stockholders is computed in conformity with the two-class method required for participating securities. Prior to our IPO, we treated all series of our redeemable convertible preferred stock as participating securities, since such stockholders had the right to receive non-forfeitable dividends on a pari passu basis in the event that a dividend was paid on common stock. Under the two-class method, the net loss attributable to common stockholders was not allocated to the redeemable convertible preferred stock as the preferred stockholders did not have a contractual obligation to share in the Company’s losses.
Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive common stock equivalents to the extent they are dilutive. For purposes of this calculation, redeemable convertible preferred stock, common stock options, RSUs, and ESPP Rights are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive for the periods presented.
Comprehensive Loss
Comprehensive loss includes net loss and other comprehensive income (loss), net of tax. Other comprehensive income (loss), net of tax, refers to revenue, expenses, gains, and losses that under GAAP are recorded as an element of stockholders’ equity (deficit) but are excluded from net loss.
Research and Development
Expenditures for research and development of our technology and non-refundable contributions to develop educator partner content are expensed when incurred unless they qualify as internal-use software development costs. Research and development costs consist principally of personnel costs, consulting services, content development contributions, and attributed facilities costs.
Advertising Costs
Advertising costs are expensed as incurred and are included in sales and marketing in the Consolidated Statements of Operations. For the years ended December 31, 2023, 2022, and 2021, these costs were $44,818, $39,940, and $28,740.
Foreign Currency
The majority of our sales contracts are denominated in U.S. dollars. In addition, the functional currency of our international subsidiaries is U.S. dollars. Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured to the functional currency at period-end exchange rates. Foreign currency transaction gains and losses resulting from remeasurement are recognized within other expense, net in the Consolidated Statements of Operations.
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 Consolidated Financial Statements 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 Consolidated Financial Statements and related disclosures.
v3.24.0.1
REVENUE
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE
3.    REVENUE
Contract Balances
Contract assets and liabilities were as follows:
December 31, 2023December 31, 2022January 1, 2022
Contract assets:
Billed accounts receivable, net of allowance for credit losses$62,407 $45,337 $22,286 
Unbilled accounts receivable5,011 8,397 12,110 
Total contract assets$67,418 $53,734 $34,396 
Contract liabilities:   
Deferred revenue$140,089 $118,777 $98,488 
Total contract liabilities$140,089 $118,777 $98,488 
Revenue recognized during the years ended December 31, 2023, 2022, and 2021 that was included in the corresponding deferred revenue balance at the beginning of each year was $116,002, $92,806, and $74,775.
Impairment losses related to contract assets were not material during the years ended December 31, 2023, 2022, and 2021.
Remaining Performance Obligations
Remaining performance obligations represent contracted revenue that has not yet been recognized, which includes deferred revenue in the Consolidated Balance Sheets and unbilled amounts that will be recognized as revenue in future periods. As of December 31, 2023, we had remaining performance obligations of $320,936 and expect to recognize approximately 68% 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 Consolidated Statements of Operations:
Year Ended December 31,
Commissions and related payroll tax expenditures:202320222021
Capitalization$17,094 $17,766 $14,217 
Amortization12,291 12,618 8,197 
Deferred commissions and related payroll tax expenditures included in deferred costs and in other assets were as follows:
December 31, 2023December 31, 2022
Deferred costs, net$13,168 $13,300 
Other assets15,361 10,426 
During the year ended December 31, 2022, we recognized an impairment loss of $2,915, within general and administrative in the Consolidated Statement of Operations, on deferred partner fees that we do not expect to recover from Russian educator partners whose content we removed from our platform. During the year ended December 31, 2023, we recognized an impairment loss of $2,008, within sales and marketing in the Consolidated Statements of Operations, on content development grants that we do not expect to recover related to our Degrees segment.
v3.24.0.1
INVESTMENTS
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS
4.    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:
December 31, 2023December 31, 2022
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses 		Fair
Value - Level 1		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses 		Fair
Value - Level 1
Cash equivalents—money market funds$186,396 $— $— $186,396 $304,750 $— $— $304,750 
Cash equivalents—U.S. Treasury securities448,447 78 — 448,525 — — — — 
Total cash equivalents634,843 78 — 634,921 304,750 — — 304,750 
Marketable securities—U.S. Treasury securities65,765 — (19)65,746 460,372 26 (744)459,654 
Total$700,608 $78 $(19)$700,667 $765,122 $26 $(744)$764,404 
Gross realized gains and losses related to our cash equivalents and marketable securities were not material for the years ended December 31, 2023, 2022, and 2021.
The following table presents the cost basis and fair value of our AFS securities by contractual maturity date:
December 31, 2023December 31, 2022
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$65,765 $65,746 $460,372 $459,654 
Investments in an unrealized loss position consisted of the following:
December 31, 2023December 31, 2022
Fair
Value		Gross
Unrealized
Losses 		Fair
Value		Gross
Unrealized
Losses
U.S. Treasury securities$65,746 $(19)$356,767 $(744)
As of December 31, 2023 and 2022, our AFS marketable securities were comprised of U.S. Treasury securities, which are backed by the full faith and credit of the U.S. government. As a result, there were no credit or non-credit impairment losses recorded during the years ended December 31, 2023, 2022, or 2021.
Investments Measured at Fair Value on a Nonrecurring Basis
In August 2023, we acquired an approximate 7% ownership interest in a privately held company, which is measured and accounted for using the fair value measurement alternative basis. This investment is classified within other assets in the Consolidated Balance Sheets. The carrying value of the investment was $1,701 as of December 31, 2023.
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 years ended December 31, 2023, 2022, or 2021.
v3.24.0.1
CONSOLIDATED BALANCE SHEET COMPONENTS
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
CONSOLIDATED BALANCE SHEET COMPONENTS
5.    CONSOLIDATED BALANCE SHEET COMPONENTS
Restricted Cash
The reconciliation of cash, cash equivalents, and restricted cash was as follows:
December 31, 2023December 31, 2022December 31, 2021
Cash and cash equivalents$656,321 $320,817 $580,658 
Restricted cash, current— 487 — 
Restricted cash, non-current1,765 1,574 2,061 
Total cash, cash equivalents, and restricted cash$658,086 $322,878 $582,719 
Property, Equipment, and Software, Net
Property, equipment, and software, net consisted of the following:
Estimated Useful LivesDecember 31, 2023December 31, 2022
Internal-use software and website development
2 - 5 years
$73,881 $53,215 
Computer equipment and purchased software2 years4,405 4,662 
Leasehold improvementsShorter of useful life or remaining lease term6,923 6,567 
Furniture and fixtures5 years2,757 2,714 
Total property, equipment, and software87,966 67,158 
Less accumulated depreciation and amortization(57,558)(40,062)
Property, equipment, and software, net$30,408 $27,096 
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 Consolidated Statements of Operations:
Year Ended December 31,
202320222021
Depreciation and amortization expense$19,276 $15,865 $12,513 
Amortization expense for internal-use software and website development16,894 13,128 9,675 
Intangible Assets, Net
Intangible assets, net consisted of the following:
December 31, 2023December 31, 2022
Gross
Carrying
Value		Accumulated
Amortization 		Net
Carrying
Value		Gross
Carrying
Value		Accumulated
Amortization 		Net
Carrying
Value
Content assets$12,982 $(3,558)$9,424 $6,821 $(1,971)$4,850 
Developed technology8,446 (6,150)2,296 8,446 (4,743)3,703 
Assembled workforce— — — 181 (181)— 
Intangible assets$21,428 $(9,708)$11,720 $15,448 $(6,895)$8,553 
Capitalization of content assets and amortization expense for intangible assets was as follows:
Year Ended December 31,
202320222021
Capitalization of content assets$6,161 $1,100 $1,765 
Amortization expense for intangible assets2,994 2,638 2,244 
As of December 31, 2023, the weighted-average remaining amortization period was 1.6 years for developed technology and 3.8 years for content assets.
As of December 31, 2023, future expected amortization expense for intangible assets was as follows:
2024$4,258 
20253,713
20261,621
20271,190
2028892
Thereafter46
Total$11,720 
v3.24.0.1
LEASES
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
LEASES
6.    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. As a result, and at the same time, we recognized an impairment loss of $2,304 on the ROU asset and $904 on the related property and equipment, which was allocated within operating expenses in the Consolidated Statements of Operations consistent with the allocation approach used for operating lease costs. The sublease is classified as an operating lease. The term commenced on June 1, 2022 and terminates on October 31, 2024.
The components of lease costs were as follows:
Year Ended December 31,
202320222021
Operating lease cost$5,510 $5,853 $6,663 
Short-term lease cost970 1,388 1,122 
Variable lease cost2,066 1,753 1,690 
Sublease income(2,720)(1,587)— 
Total lease costs$5,826 $7,407 $9,475 
Future lease payments under our non-cancelable operating leases, which do not include short-term leases, as of December 31, 2023 were as follows:
2024$6,764 
202547 
Total lease payments6,811 
Less imputed interest(215)
Present value of operating lease liabilities$6,596 
Operating lease liabilities, current6,557 
Operating lease liabilities, non-current39 
Total operating lease liabilities$6,596 
Supplemental cash flow information as well as the weighted-average remaining lease term and discount rate related to our operating leases were as follows:
Year Ended December 31,
202320222021
Cash paid for amounts included in the measurement of operating lease liabilities$8,509 $6,875 $7,683 
Operating lease ROU assets obtained in exchange for lease liabilities— 427 — 
December 31, 2023December 31, 2022
Weighted-average remaining operating lease term (in years)0.931.93
Weighted-average operating lease discount rate5.78 %5.76 %
v3.24.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES
7.    INCOME TAXES
The components of loss before income tax were as follows:
Year Ended December 31,
202320222021
Domestic$(118,481)$(177,649)$(148,343)
Foreign7,298 7,012 5,254 
Total$(111,183)$(170,637)$(143,089)
Income tax expense consisted of the following:
Year Ended December 31,
202320222021
Current taxes:
Federal$— $— $— 
State3 189 11 
Foreign4,977 4,872 3,025 
Total current$4,980 $5,061 $3,036 
Deferred taxes:
Federal$— $— $— 
State———
Foreign391(341)(910)
Total deferred$391 $(341)$(910)
Total income tax expense$5,371 $4,720 $2,126 
The reconciliation between the statutory U.S. federal income tax rate and our effective tax rate as a percentage of loss before income taxes was as follows:
Year Ended December 31,
202320222021
U.S federal income taxes at statutory rate21.0 %21.0 %21.0 %
State income taxes, net of federal benefit2.7 %2.1 %4.3 %
Foreign income taxes at rates other than the U.S. rate(3.5)%(1.8)%(0.7)%
Change in valuation allowance(28.7)%(19.8)%(47.3)%
Research and development credits8.2 %3.5 %7.3 %
Stock-based compensation(5.4)%(4.4)%13.3 %
Foreign inclusions— %(3.7)%— %
Other0.9 %0.3 %0.6 %
Effective income tax rate(4.8)%(2.8)%(1.5)%
Significant components of our deferred tax assets and liabilities consisted of the following:
December 31, 2023December 31, 2022
Deferred tax assets:
Net operating loss carryforwards$130,849 $112,003 
Capitalized research and development costs51,940 29,047 
Research and development credits42,764 31,248 
Stock-based compensation11,160 22,196 
Lease liabilities1,512 3,312 
Deferred revenue937 1,058 
Accruals and reserves813 743 
Gross deferred tax assets239,975 199,607 
Valuation allowance(225,513)(185,606)
Total deferred tax assets$14,462 $14,001 
Deferred tax liabilities:
Deferred commissions(6,768)(5,586)
Depreciation and amortization(5,810)(5,086)
Operating lease ROU assets(1,070)(2,172)
Total deferred tax liabilities$(13,648)$(12,844)
Net deferred tax assets$814 $1,157 
Based on the weight of the available evidence, which includes our historical operating losses, lack of taxable income, and the accumulated deficit, we have a full valuation allowance against our U.S. federal and state deferred tax assets as of December 31, 2023 and 2022. We increased the valuation allowance for the years ended December 31, 2023 and 2022 by $39,907 and $33,838.
As of December 31, 2023, U.S. federal and state NOL carryforwards were $556,468 and $206,519, respectively, and U.S. federal and state research and development tax credit carryforwards were $39,483 and $27,351, respectively. If not utilized, certain of the federal and state NOLs will expire at various dates beginning in 2031, while the federal research and development tax credit carryforwards will expire in various amounts beginning in 2033. State research and development tax credit carryforwards can be carried forward indefinitely.
Our NOL and tax credit carryovers may be subject to annual limitations of usage, as promulgated by the Internal Revenue Service and similar state provisions, due to ownership changes that may have occurred in the past. The annual limitation may result in the expiration of NOLs and tax credits before utilization.
The federal NOL carryforwards generated after December 31, 2017 have an indefinite carryforward period and are subject to an 80% deduction limitation based upon taxable income prior to NOL deduction. Of the total federal NOL carryforwards as of December 31, 2023, $405,529 are carried forward indefinitely, but are limited to 80% of taxable income.
On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (“IRA”), which, among other things, implements a 15% minimum tax on book income of certain large corporations, a 1% excise tax on net stock repurchases and several tax incentives to promote clean energy. The IRA did not have a material impact on our Consolidated Financial Statements.
Uncertain Tax Positions
As of December 31, 2023, we had unrecognized tax benefits of $22,535 of which $2,484 would impact our effective tax rate, if recognized. The activity related to the unrecognized tax benefits was as follows:
Year Ended December 31,
202320222021
Gross unrecognized tax benefits—beginning of period$16,371 $12,539 $7,477 
Increases related to tax positions taken during current year5,052 3,641 4,850 
Increases related to tax positions taken during prior years1,163 248 220 
Decreases related to tax positions taken during prior years(51)(57)(8)
Gross unrecognized tax benefits—end of period$22,535 $16,371 $12,539 
We recognize interest and penalties related to unrecognized tax benefits in income tax expense. Interest and penalties were not material as of December 31, 2023, 2022, and 2021.
We file income tax returns subject to varying statutes of limitations. Due to our loss carryovers, the statutes of limitations remain open for all tax years since inception in our major tax jurisdictions. The tax returns for the fiscal years ended 2022, 2021, and 2020 are currently under examination in India. We believe that we have provided adequate reserves for income tax uncertainties in all open tax years. We are not under examination in any other jurisdiction. We are not currently aware of uncertain tax positions that could result in significant additional payments, accruals, or other material deviation in the next 12 months.
v3.24.0.1
NET LOSS PER SHARE
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
NET LOSS PER SHARE
8.    NET LOSS PER SHARE
The following table presents the calculation of basic and diluted net loss per share:
Year Ended December 31,
202320222021
Numerator:
Net loss$(116,554)$(175,357)$(145,215)
Denominator:
Weighted-average shares used in computing net loss per share—basic and diluted150,957,814145,263,726113,587,523
Net loss per share—basic and diluted$(0.77)$(1.21)$(1.28)
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:
Year Ended December 31,
202320222021
Common stock options11,165,13818,153,19523,000,872
RSUs18,361,04622,773,0537,387,288
Shares subject to repurchase——2,607
ESPP Rights126,768123,60365,446
Total29,652,95241,049,85130,456,213
v3.24.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
9.    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 December 31, 2023, we had approximately $23,058 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.
Purchase
Obligations
2024$9,875 
202511,308 
20261,875 
Total$23,058 
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 Annual Report on Form 10-K, 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 Company intends to vigorously defend itself in these matters, and while there can be no assurances and the outcome of these matters is currently not determinable, the Company currently believes that, except as set forth below, these existing claims or proceedings are not likely, individually and in the aggregate, to have a material adverse effect on its financial position. Notwithstanding the foregoing, there are many uncertainties associated with any litigation and these matters or other third-party claims against the Company may cause the Company to incur costly litigation and/or substantial settlement charges. In addition, the resolution of any intellectual property litigation may require the Company to make royalty payments, which could adversely affect gross margins in future periods. If any of those events were to occur, the Company's business, financial condition, results of operations, and cash flows could be adversely affected. 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
In November 2023, a putative class action complaint, Iman Ghazizadeh, et al v. Coursera, Inc., was filed against Coursera, Inc. in the United States District Court (the “Court”) for the Northern District of California (Case No. 5:23-cv-05646) for alleged violations of the Video Privacy Protection Act, 18 U.S.C. Section 2710 et seq. (“VPPA”). The complaint 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 attorney’s fees. In January 2024, the Company filed a motion to dismiss, which is pending before the Court. 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.
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.
v3.24.0.1
REDEEMABLE CONVERTIBLE PREFERRED STOCK
 12 Months Ended
Dec. 31, 2023
Temporary Equity Disclosure [Abstract]  
REDEEMABLE CONVERTIBLE PREFERRED STOCK
10.    REDEEMABLE CONVERTIBLE PREFERRED STOCK
Upon the closing of our IPO, all outstanding shares of our redeemable convertible preferred stock automatically converted into 75,305,400 shares of common stock on a one-for-one basis. As of December 31, 2023 and 2022, there were no shares of redeemable convertible preferred stock issued and outstanding.
v3.24.0.1
STOCKHOLDERS’ EQUITY (DEFICIT)
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS’ EQUITY (DEFICIT)
11.    STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred Stock

In connection with the IPO, we authorized the issuance of 10,000,000 shares of undesignated preferred stock with a par value of $0.00001 per share, with rights and preferences, including voting rights, to be designated from time to time by the board of directors. As of December 31, 2023, there were no shares of preferred stock issued or outstanding.
Share Repurchase Program
On April 26, 2023, our board of directors approved a share repurchase program (the “Repurchase Program”) with authorization to purchase up to $95 million of our common stock. We may repurchase shares of common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The number of shares to be repurchased and the timing of the repurchases, if any, will depend on several factors, including, without limitation, business, economic, and market conditions, corporate, legal, and regulatory requirements, prevailing stock prices, trading volume, and other considerations. The Repurchase Program may be suspended or discontinued at any time and does not obligate us to acquire any amount of common stock.
We funded share repurchases under the Repurchase Program with our existing cash and cash equivalents. During the year ended December 31, 2023, we repurchased an aggregate of 4,829,803 shares of our common stock for $58.5 million pursuant to a Rule 10b5-1 trading plan. As of December 31, 2023, we had $36.6 million, excluding commissions, remaining under the Repurchase Program, which has no expiration date and will continue unless otherwise suspended or discontinued.
v3.24.0.1
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS
12.    EMPLOYEE BENEFIT PLANS
Stock Incentive Plans
In 2013, we adopted the Coursera, Inc. Stock Incentive Plan (the “Stock Incentive Plan”) and in 2014, adopted the Coursera, Inc. 2014 Executive Stock Incentive Plan (together, the “Predecessor Plans”), pursuant to which we granted a combination of incentive and non-statutory stock options and RSUs. The Predecessor Plans were terminated in March 2021 in connection with the IPO but continue to govern the terms and conditions of the outstanding awards granted pursuant to the Predecessor Plans.
In February 2021, we adopted the 2021 Stock Incentive Plan (the “2021 Plan”) and the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective on March 30, 2021 when the registration statement for the IPO was declared effective (collectively, the 2021 Plan, the ESPP, and the Predecessor Plans are referred to as the “Plans”). The 2021 Plan provides for the granting of incentive and non-statutory stock options, RSUs and other equity-based awards. Pursuant to the ESPP, eligible employees may purchase shares of 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. The offering periods start on the first trading day on or after May 11 and November 11 of each year, except for the first offering period, which commenced on the IPO effective date, or March 30, 2021, and ended on May 10, 2023.
As of December 31, 2023, 12,605,201 shares and 4,307,884 shares of our common stock were reserved for issuance under the 2021 Plan and ESPP.
Under the ESPP, if the closing market price of our common stock on the offering date of a new offering falls below the closing market price of our common stock on the offering date of an ongoing offering, the ongoing offering terminates immediately following the settlement of ESPP Rights shares on the purchase date. Participants in the terminated offering are automatically enrolled in the new offering (an “ESPP Rights Reset”), triggering a revaluation of stock-based compensation expense and a modification charge to be recognized ratably over the new offering period if the revalued expense is greater than the original expense. During the years ended December 31, 2023 and 2022, we had ESPP Rights Resets that resulted in modification charges of $3,119 and $9,047, which are being recognized ratably over the new offering periods.
Stock Options
We may grant stock options at prices not less than the grant date fair value. These stock options generally expire 10 years from the grant date. Incentive stock options and non-statutory stock options generally vest ratably over a four-year service period.
Stock option activity under the Plans for the year ended December 31, 2023 was as follows:
Number of
Shares 		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term
(in Years)		Aggregate
Intrinsic
Value
Balance—December 31, 202218,153,195$6.07 5.41$120,289 
Granted454,62614.72 
Exercised(6,621,448)4.13 
Canceled(821,235)13.41 
Balance—December 31, 202311,165,138$7.03 5.22$142,444 
Options vested9,462,200$5.70 4.74$131,590 
Aggregate intrinsic value represents the difference between the exercise price of the stock options and the fair value of our common stock. The aggregate intrinsic value of stock options exercised was $72,649, $57,311, and $296,635 for the years ended December 31, 2023, 2022, and 2021. The weighted-average grant date fair value of options granted for the years ended December 31, 2023, 2022, and 2021 was $8.41, $7.26, and $16.23.
RSUs
RSUs 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.
RSU activity under the Plans for the year ended December 31, 2023 was as follows:
Number of
Shares 		Weighted-Average
Grant Date Fair Value		Aggregate
Intrinsic
Value
Unvested balance—December 31, 202222,773,053$17.75 $269,779 
Granted7,335,24512.41  
Vested(8,449,866)17.73  
Forfeited(3,297,386)19.91  
Unvested balance—December 31, 202318,361,046$15.24 $355,653 
The aggregate fair value of RSUs that vested was $130,891, $29,966, and $18,767 for the years ended December 31, 2023, 2022, and 2021.
Stock-Based Compensation Expense
A summary of the weighted-average assumptions we utilized to record stock-based compensation expense for stock options granted is as follows:
Year Ended December 31,
202320222021
Fair value of common stock$14.72 $12.80 $29.99 
Risk-free interest rate3.7 %3.1 %1.3 %
Expected term (in years)6.16.16.2
Expected volatility57.3 %57.7 %57.1 %
Dividend yield— %— %— %
The following table summarizes the assumptions used in estimating the fair value of ESPP Rights:
Year Ended December 31,
202320222021
Risk-free interest rate
3.9% - 5.5%
1.4% - 4.6%
0.0% - 0.5%
Expected term (in years)
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
Expected volatility
39.2% - 61.0%
59.4% - 76.5%
48.3% - 61.9%
Dividend yield—%—%—%
Stock-based compensation expense is classified in the Consolidated Statements of Operations as follows:
Year Ended December 31,
202320222021
Cost of revenue$2,593 $3,089 $2,092 
Research and development49,931 48,779 42,783 
Sales and marketing31,299 30,092 25,992 
General and administrative31,352 28,703 20,316 
Restructuring related charges(5,605)122 — 
Total$109,570 $110,785 $91,183 
We capitalized $7,055, $5,407, and $4,890 of stock-based compensation related to our internal-use software during the years ended December 31, 2023, 2022, and 2021.
As of December 31, 2023, there was a total of $14,626 unrecognized employee compensation cost related to unvested stock options, which is expected to be recognized over a weighted-average period of approximately 1.9 years. In addition, as of December 31, 2023, total unrecognized compensation cost related to unvested RSUs was $230,963, which is expected to be recognized over a weighted-average period of approximately 2.5 years. Total unrecognized stock-based compensation cost related to ESPP Rights as of December 31, 2023 was $7,330, which is expected to be recognized over a weighted-average period of approximately 1.0 years.
Income tax benefits recognized from stock-based compensation expense for the years ended December 31, 2023, 2022, and 2021 were $753, $835, and $821 due to cumulative losses and valuation allowances.
For the years ended December 31, 2023, 2022, and 2021, income tax benefits realized related to stock-based awards vested and exercised were $1,326, $387, and $968 due to cumulative losses and valuation allowances.
Common Stock Reserved for Issuance
Our common stock reserved for future issuance was as follows:
December 31, 2023December 31, 2022
Stock options outstanding11,165,13818,153,195
RSUs outstanding18,361,04622,773,053
Shares available for future grants16,913,0858,819,998
Total shares of common stock reserved46,439,26949,746,246
401(k) Plan
We have a 401(k) savings plan (the “401(k) Plan”) that qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, participating employees may elect to contribute up to 100% of their eligible compensation, subject to certain limitations. The 401(k) Plan provides for a discretionary employer-matching contribution. We made matching contributions of $1,710 and $1,791 to the 401(k) Plan for the years ended December 31, 2023 and 2022. No matching contributions were made during the year ended December 31, 2021.
v3.24.0.1
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
13. 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 years ended December 31, 2023, 2022, and 2021 were $7,401, $5,679, and $6,558, and were recorded within cost of revenue in the Consolidated Statements of Operations. As of December 31, 2023 and 2022, outstanding educator partner payables related to this content sourcing agreement were $3,895 and $1,223.
v3.24.0.1
SEGMENT AND GEOGRAPHIC INFORMATION
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHIC INFORMATION
14. 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 are our three revenue sources: Consumer, Enterprise, and Degrees. This is also consistent with how we disaggregate revenue.
The Consumer segment targets individual learners seeking to obtain hands-on learning, gain valuable job skills, receive professional-level certifications, and otherwise increase their knowledge to start or advance their careers. The Enterprise segment is focused on serving businesses, governmental organizations, and academic institutions by providing an online platform with access to job-relevant educational content enabling them to train, upskill, and reskill their employees, citizens, and students, faculty, and staff, respectively. The Degrees segment is primarily engaged in partnering with universities to deliver fully online bachelor’s and master’s degrees. The CODM measures the performance of each segment primarily based on its revenue and gross profit.
Segment gross profit, as presented below, is defined as segment revenue less certain costs of revenue that represent content costs paid to educator partners. Content costs only apply to the Consumer and Enterprise segments as there is no content cost attributable to the Degrees segment. Content costs are considered significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment gross profit. Expenses other than content costs included in cost of revenue are not allocated to segments because they are managed on an enterprise-wide basis. These unallocated costs include platform and support costs, stock-based compensation expense, and amortization of intangible assets and internal-use software. In addition, we do not allocate sales and marketing expenses, research and development expenses, and general and administrative expenses because the CODM does not consider this information in the measurement of each segment's performance. While we have three segments, our technology and operating platforms support the entire organization.
The CODM does not use segment-level asset information to assess performance and make decisions regarding resource allocation, and we do not track our long-lived assets by segment. The geographic identification of these assets is set forth below.
Financial information for each reportable segment was as follows:
Year Ended December 31,
202320222021
Revenue
Consumer$365,221 $295,583 $246,187 
Enterprise219,542 181,284 120,429 
Degrees51,001 46,889 48,671 
Total revenue$635,764 $523,756 $415,287 
Segment gross profit
Consumer$193,001 $214,305 $161,510 
Enterprise150,384 126,573 81,253 
Degrees51,001 46,889 48,671 
Total segment gross profit$394,386 $387,767 $291,434 
Reconciliation of segment gross profit to gross profit
Platform and support costs$42,134 $37,471 $28,014 
Stock-based compensation expense2,593 3,089 2,092 
Amortization of internal-use software16,894 13,128 9,675 
Amortization of intangible assets2,994 2,600 2,184 
Total reconciling items64,615 56,288 41,965 
Gross profit$329,771 $331,479 $249,469 
Geographic Information
Revenue
The following table summarizes the revenue by region based on the billing address of our customers:
Year Ended December 31,
202320222021
United States$340,672 $276,011 $210,513 
Europe, Middle East, and Africa153,037 130,607 112,643 
Asia Pacific82,331 68,943 54,763 
Other59,724 48,195 37,368 
Total$635,764 $523,756 $415,287 
No single country other than the United States represented 10% or more of our total revenue during the years ended December 31, 2023, 2022, and 2021.
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 ROU assets, by geographic region:
December 31, 2023December 31, 2022
United States$34,047 $35,457 
Rest of World1,100 1,244 
Total$35,147 $36,701 
v3.24.0.1
RESTRUCTURING RELATED CHARGES
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RELATED CHARGES
15.    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. In connection with this effort, on November 9, 2022, we enacted a plan to reduce our global workforce to better align our cost structure and personnel needs with our business objectives, growth opportunities, and operational priorities.
As a result of this reduction, we recognized restructuring related charges, within operating expenses, of $10.1 million mainly related to personnel expenses, such as employee severance and benefits costs during the year ended December 31, 2022. Related cash payments of $5.1 million and $4.8 million were made in the years ended December 31, 2023 and 2022 and reflected as cash used in operating activities in our Consolidated Statements of Cash Flows. We recognized a reversal of stock-based compensation expense of approximately $5.6 million during the year ended December 31, 2023, resulting from the forfeiture of RSUs and stock options. All expenses relating to this restructuring were paid as of December 31, 2023.
In January 2024, we implemented a plan to restructure our Enterprise segment sales force and expect to recognize incremental operating expenses, related to the restructuring, of $2 million to $3 million during the three months ended March 31, 2024, substantially all of which will be paid within the quarter.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net loss $ (116,554) $ (175,357) $ (145,215)
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2023
shares
Dec. 31, 2023
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  
Sabrina L. Simmons [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On November 8, 2023, Sabrina L. Simmons, a director, entered into a Rule 10b5-1 trading arrangement that provides for the sale of up to 8,093 shares subject to the vesting of RSUs. This trading arrangement is scheduled to expire on June 3, 2024.
Name Sabrina L. Simmons  
Title director  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 8, 2023  
Arrangement Duration 208 days  
Aggregate Available 8,093 8,093
Leah Belsky [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On November 22, 2023, Leah Belsky, Senior Vice President and Chief Revenue Officer, entered into a Rule 10b5-1 trading arrangement that provides for the sale of up to (i) 25,000 shares of our common stock, (ii) the net shares (not yet determinable) after shares are withheld to satisfy tax obligations subject to the vesting of up to 308,098 RSUs, and (iii) 30,000 shares subject to the vesting of stock options (which includes shares to be sold to pay the exercise price and tax withholding obligations). This trading arrangement is scheduled to expire on November 22, 2024.
Name Leah Belsky  
Title Senior Vice President and Chief Revenue Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 22, 2023  
Arrangement Duration 366 days  
Leah Belsky Rule Trading Arrangement, Common Stock [Member] | Leah Belsky [Member]    
Trading Arrangements, by Individual    
Aggregate Available 25,000 25,000
Leah Belsky Trading Arrangement, Restricted Stock Units [Member] | Leah Belsky [Member]    
Trading Arrangements, by Individual    
Aggregate Available 308,098 308,098
Leah Belsky Trading Arrangement, Stock Options [Member] | Leah Belsky [Member]    
Trading Arrangements, by Individual    
Aggregate Available 30,000 30,000
v3.24.0.1
SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The Consolidated Financial Statements include the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of Consolidated Financial Statements 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 Consolidated Financial Statements, 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, judgements, 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 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 Consolidated Financial Statements.
Cash, Cash Equivalents, and Restricted Cash
Cash, Cash Equivalents, and Restricted Cash
We consider all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Our cash and cash equivalents consist of cash and money market funds at financial institutions, and are stated at cost, which approximates fair value because of their immediate or short-term maturities. Our restricted cash primarily consists of a letter of credit required to fulfill our corporate headquarters’ operating lease agreement. Restricted cash, current is included in prepaid expenses and other current assets, and restricted cash, non-current is included in other assets, both in the Consolidated Balance Sheets.
Marketable Securities
Marketable Securities
Marketable securities consist of U.S. Treasury securities, with an original maturity between three months and one year at the date of purchase, and are classified as available-for-sale (“AFS”) debt securities. We view these securities as available to support current operations and have classified all AFS debt securities as current assets. AFS debt securities are initially recorded at cost and periodically adjusted to fair value with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. We evaluate our AFS debt securities with an unamortized cost basis in excess of estimated fair value to determine what amount of that difference, if any, is caused by expected credit losses. Realized gains and losses as well as credit-related impairment losses are included in other expense, net in the Consolidated Statements of Operations. Any remaining impairment is included in accumulated other comprehensive income (loss).
Accounts Receivable, Net
Accounts Receivable, Net
Accounts receivable, net includes trade accounts receivable, both billed and unbilled, net of an allowance for credit losses. Billed receivables are recorded at the invoiced amount in the period that our right to consideration is unconditional. Payment terms on invoiced amounts are typically 30 to 60 days. Unbilled receivables, or contract assets, are recorded when revenue is recognized prior to our unconditional right to consideration. A contract asset is a right to consideration that is conditional upon factors other than the passage of time.
An allowance for credit losses is established based on our assessment of the collectibility of accounts receivable by considering various factors, including the age of each outstanding invoice, each customer’s expected ability to pay, the collection history with each customer, current economic conditions, and reasonable and supportable forecasts of future economic conditions over the life of the receivable, when applicable, to determine whether a specific allowance is appropriate. Accounts receivable deemed uncollectible are charged against the allowance for credit losses when identified. The allowance for credit losses and related activities were not material for the years ended December 31, 2023, 2022, and 2021.
Property, Equipment, and Software, Net
Property, Equipment, and Software, Net
Property, equipment, and software, net is stated at cost, less accumulated depreciation and amortization. Depreciation and software amortization are recorded using the straight-line method over the estimated useful lives of the assets, generally two to five years. Leasehold improvements are amortized over the shorter of the estimated useful lives of the improvements or the remaining lease term.
Deferred Offering Costs
Deferred Offering Costs
Deferred offering costs consist primarily of direct and incremental legal, accounting, and other fees related to the IPO. Prior to the IPO, all deferred offering costs were capitalized in prepaid expenses and other current assets on the Consolidated Balance Sheets. Upon completion of the IPO, $6,449 of the deferred offering costs were reclassified into stockholders’ equity (deficit) as a reduction of the IPO proceeds.
Educator Partner Costs
Educator Partner Costs
We have various agreements with educator partners that grant us the right to host their intellectual property on our platform. In return, educator partners earn a fee that we recognize as a content cost in the same period in which the related revenue is recognized and is classified as a cost of revenue in the Consolidated Statements of Operations. One such agreement has stipulated that certain fees earned by the educator partner are to be allocated to a development fund to be held and spent by Coursera on activities such as developing, marketing, and advertising the educator partner's content, according to a mutually agreed upon plan. We recognized the liability and related expenses associated with this development fund consistent with the timing of when we recognized educator partner content costs given our liability is established in the same period the revenue is recognized. The expenses have been classified in the Consolidated Statements of Operations based on the nature of the underlying spend. The liability associated with the development fund is recorded within other accounts payable and accrued expenses in the Consolidated Balance Sheets. During the first quarter of 2023, we entered into an amendment with this educator partner who started earning typical content fees, which are recorded within cost of revenue in the Consolidated Statements of Operations.
Leases
Leases
We determine if an arrangement is a lease and the classification of that lease, if applicable, at inception by evaluating various factors, including if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration and other facts and circumstances. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and are included in operating lease ROU assets, on our Consolidated Balance Sheets. Lease liabilities represent our obligation to make lease payments according to the arrangement and are included in operating lease liabilities, current and non-current, on our Consolidated Balance Sheets. We do not have any finance leases.
ROU assets and lease liabilities are recognized at the commencement date based on the present value of minimum remaining lease payments over the lease term. For this purpose, we include payments that are fixed and determinable at the commencement date, including initial direct costs incurred and excluding lease incentives received. We use the implicit rate when it is readily determinable. Otherwise, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future lease payments. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise such options. Our lease agreements may contain variable costs such as common area maintenance, insurance, real estate taxes, or other costs. Variable lease costs are expensed as incurred in the Consolidated Statements of Operations. Operating lease expense is recognized on a straight-line basis over the lease term.
We do not separate lease and non-lease components and do not recognize ROU assets and operating lease liabilities that arise from leases with an initial lease term of 12 months or less.
In addition, impairment of an ROU asset and other lease related assets, including leasehold improvements, furniture and fixtures, and computer equipment, that results from entering into a sublease arrangement is recognized in the Consolidated Statements of Operations in the period the sublease agreement is executed. We recognize sublease income as a reduction to our operating lease expense on a straight-line basis over the sublease term. Refer to Note 6 for additional information.
Internal-Use Software and Website Development Costs
Internal-Use Software and Website Development Costs
We capitalize certain costs associated with our internal-use software and website development during the application development stage when management with the relevant authority authorizes and commits to the funding of the project, it is probable that the project will be completed, and the software will be used as intended. These costs include personnel and related employee benefits expenses for employees who are directly associated with and who devote time to software and website development projects. Such costs are amortized on a straight-line basis over the estimated useful life of the related asset, which is approximately two to five years, and are recorded within cost of revenue in the Consolidated Statements of Operations. Costs incurred prior to meeting these criteria, together with costs incurred for training and maintenance, are expensed as incurred within research and development in the Consolidated Statements of Operations.
Intangible Assets, Net
Intangible Assets, Net
Intangible assets, net is stated at cost, net of accumulated amortization. We amortize our finite-lived intangible assets on a straight-line basis over an estimated useful life of two to six years. Amortization of content assets and developed technology is included in cost of revenue, and assembled workforce is included in research and development, both in the Consolidated Statements of Operations.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
We monitor events and changes in circumstances that could indicate the carrying amounts of our long-lived assets, including deferred partner fees, property, equipment, software, intangible assets, and operating lease ROU assets, may not be recoverable. When such events or changes in circumstances occur, we assess the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through their undiscounted expected future cash flows. If the future undiscounted cash flows are less than the carrying amount of these assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. During the year ended December 31, 2023, we recognized an impairment loss of $861 related to capitalized internal-use software and website development costs. During the year ended December 31, 2022, we recognized an impairment loss related to deferred partner fees of $2,915, related to our operating lease ROU asset of $2,304, and related property and equipment of $904. There were no impairments of long-lived assets during the year ended December 31, 2021.
Revenue
Revenue
We recognize revenue from contracts with customers for access to the learning content hosted on our platform and related services. Revenue is recognized when control of promised services is transferred to our customer. The amount of revenue recognized reflects the consideration that we expect to be entitled to receive in exchange for these services. We apply judgment in determining our customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s historical payment experience, credit, or financial information. Consumer revenue customers are required to pay in advance.
At contract inception, we assess the performance obligations, or deliverables, we have agreed to provide in the contract and determine if they are individually distinct or if they should be combined with other performance obligations. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on each performance obligation’s relative standalone selling price. We combine performance obligations when an individual performance obligation does not have standalone value to our customer. For example, our customers do not have the ability to take possession of the software supporting our platform and, as a result, our contracts are typically accounted for as service arrangements with a single performance obligation.
We have a stand-ready obligation to provide learners continuous access to our learning platform and deliver related support services for a specified term. For this reason, these services are generally viewed as a stand-ready performance obligation consisting of a series of distinct daily services. We typically satisfy these performance obligations over time as the services are provided. A time-elapsed output method is used to measure progress because our efforts are expended evenly throughout the period given the nature of the promise is a stand-ready service. Fixed fees for these services are generally recognized ratably over the contract term.
We include any fixed consideration within our contracts as part of the total transaction price. Generally, we include an estimate of the variable amount within the total transaction price and update our assumptions over the duration of the contract. None of our contracts contain a significant financing component. We do not include taxes collected from customers and remitted to governmental authorities within the total transaction price.
At times, we are party to multiple concurrent contracts or contracts that combine multiple services. These situations require judgment to determine if multiple contracts should be combined and accounted for as a single arrangement. In making this determination, we consider (i) the economics of each individual contract and whether or not it was negotiated on a standalone basis, and (ii) if multiple promises represent a single performance obligation.
Contract modifications require judgment to determine if the modification should be accounted for as (i) a separate contract, (ii) the termination of the original contract and creation of a new contract, or (iii) a cumulative catch-up adjustment to the original contract. When evaluating contract modifications, we must identify the performance obligations of the modified contract and determine both the allocation of revenues to the remaining performance obligations and the period of recognition for each identified performance obligation.
We generate revenue from our three reportable segments: Consumer, Enterprise, and Degrees. Refer to Note 14 for our disaggregation of revenue. We are generally the principal with respect to Consumer and Enterprise revenue as we control the performance obligation and are the primary obligor with respect to delivering access to course content. Additionally, we have inventory risk through recoupable advances sometimes paid to educator partners.
Consumer Revenue
We generate revenue from consumers by selling access to learning content hosted on our platform. Consumer products include certifications for single courses, professional certificates, and catalog-wide subscriptions. Access to single courses are generally purchased at a fixed price for a set period of time, typically six months. Specializations are a series of courses offered by the same educator partner, and learners are provided access to these courses on a month-to-month subscription basis. Coursera Plus is our catalog-wide consumer subscription product, sold in monthly or annual subscriptions. All Consumer learners pay in advance, and revenue is recognized ratably over the contract term once access has been granted to the learner, as learners have unlimited access to the course content during the contract term.
Consumer learners are entitled to a full refund up to two weeks after payment is received. We estimate and establish an allowance for refunds based on historical refund rates, which was immaterial as of December 31, 2023 and 2022.
Enterprise Revenue
We sell subscription licenses to businesses, organizations, governments, and educational institutions that provide their learners with the ability to enroll in courses and Specializations and receive certifications upon completion. Enterprise contracts are typically between one and three years in length and consist of selling a fixed quantity of catalog licenses that grant each learner access to our learning platform and unlimited course enrollments over the license term. We recognize revenue ratably over the contract term once access has been granted to the Enterprise customer.
Degrees Revenue
Universities contract with us to facilitate the delivery of their bachelor’s and master’s degree programs or postgraduate diplomas. Degrees revenue contracts involve the performance of a number of promises, including but not limited to hosting the degree content on our learning platform, providing content authoring tools, course production support, marketing, and platform technical support services. As a result, the university is our customer with respect to Degrees revenue. We earn a service fee based on a percentage of total tuition collected by the university from Degrees students, net of refunds. As a result, the revenue we earn is dependent upon the number of learners enrolled and the tuition charged by the university. This is a form of variable consideration, and we estimate the amount of revenue using an expected value method. These estimates are refined each reporting period until the consideration becomes known, generally at the time the final term enrollment report is provided by the university. We have a stand-ready obligation to perform services throughout the contract term during which degree content is hosted on our platform. Degrees revenue is generally earned and paid by the university for each academic term and is recognized ratably from the start of a term through the start of the following term.
The Degrees learning experience is delivered on the same proprietary learning platform used by Consumer and Enterprise customers. There is no direct contractual revenue arrangement between Coursera and Degrees students, whose contractual arrangement is directly with the universities. In addition to the learning platform, the universities are obligated to provide their students with additional services, such as designing the curriculum, setting admission criteria, making admission and financial aid decisions, real-time teaching, independently awarding credits, certificates, or degrees, and providing academic and career counseling. For these reasons, the universities control the delivery of degrees hosted on our platform. As a result, we recognize only the service fee we receive from the universities as our Degrees revenue.
Deferred Revenue
Deferred Revenue
Deferred revenue, or contract liabilities, consists of consideration recorded in advance of performance obligations being delivered and is classified as current or non-current based on the related period in which services are expected to be provided.
Contract Acquisition and Fulfillment Costs
Contract Acquisition and Fulfillment Costs
Contract acquisition costs consist of sales commissions and related payroll taxes associated with obtaining contracts with Enterprise and Degrees customers.
Deferred Commissions
Contract acquisition costs are costs we incur that are directly related to securing a contract and are primarily related to sales commissions and related payroll taxes earned by our Enterprise and Degrees sales forces. These costs are deferred and then amortized on a straight-line basis over the expected period of benefit. We amortize these costs over four years, since the commissions paid upon a contract renewal are not commensurate with the commissions paid on the initial contract, and as such, the sales contract term is not commensurate with the expected period of benefit. Sales commissions and related payroll taxes primarily paid for Enterprise contract renewals are amortized over the renewal term, which is generally two years.
Deferred commissions and related payroll taxes are recorded within deferred costs or other assets in the Consolidated Balance Sheets, depending on the timing of the related amortization. They are amortized to sales and marketing in the Consolidated Statements of Operations.
On an annual basis, we assess the expected period of benefit by taking into consideration the average contract term length, the life of the underlying technology, and other factors. Based on our prior year assessment, we determined that the expected period of benefit should be increased from three years to four years. This change in accounting estimate was effective January 1, 2023 and is accounted for prospectively in our Consolidated Financial Statements. For the year ended December 31, 2023, this change resulted in a $3,496 benefit to sales and marketing. There was no change in the amortization period for contract renewals.
Deferred Partner Fees
These fulfillment costs are paid to educator partners in advance of completing our performance obligations; are recorded within prepaid expenses and other current assets or other assets in the Consolidated Balance Sheets, depending on the timing of the related revenue recognition; and are amortized into cost of revenue ratably over the subscription term.
Cost of Revenue
Cost of Revenue
Cost of revenue consists of content costs, which are generally fees paid to educator partners, and expenses associated with the operation and maintenance of our platform. These expenses include the cost of servicing support requests from paid learners and educator partners; hosting and bandwidth costs; amortization of acquired technology and internal-use software; customer payment processing fees; and attributed depreciation and facilities costs.
Fair Value Measurements
Fair Value Measurements
Fair value is defined as the price that would be received for an asset or the “exit price” that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between independent market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs, where available. This hierarchy prioritizes the inputs into three broad levels as follows:
Level 1— Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2— Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments.
Level 3— Inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation.
The classification of a financial asset or liability within the hierarchy is determined based on the lowest-level input that is significant to the fair value measurement.
Concentrations of 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 years ended December 31, 2023, 2022, and 2021, we did not have any customers that accounted for 10% or more of our revenue. As of December 31, 2023 we had one customer that accounted for 10% of our net accounts receivable balance that has since been collected within typical business terms.
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 largest partners could have a material impact on our results of operations and cash flows.
Income Taxes
Income Taxes
We are treated as a corporation under applicable federal and state income tax laws and are subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment is required in determining our income tax expense and deferred tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws.
We utilize the asset and liability method under which deferred tax assets and liabilities arise from the temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Balance Sheets, as well as from net operating losses (“NOLs”) and tax credit carryforwards. Deferred tax amounts are determined by using the tax rates expected to be in effect when the taxes will be paid or refunds received, as provided for under currently enacted tax law. The effect on deferred taxes of changes in tax rates and laws in future periods, if any, is reflected in the Consolidated Financial Statements in the period enacted. A valuation allowance is established if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We consider the available evidence, both positive and negative, including historical levels of income, expectations, and risks associated with estimates of future taxable income in assessing the need for a valuation allowance. Certain of our earnings are indefinitely reinvested offshore and could be subject to additional income tax if repatriated. It is not practicable to determine the unrecognized deferred tax liability on a hypothetical distribution of those earnings.
Determination of income tax expense requires estimates and can involve complex issues that may require an extended period to resolve. We recognize estimated tax liabilities when such liabilities are more likely than not to be sustained upon examination by the taxing authority. Further, the estimated level of annual earnings before income tax can cause the overall effective income tax rate to vary from period to period. Final determination of prior-year tax liabilities, either by settlement with tax authorities or expiration of statutes of limitations, could be materially different than estimates reflected in assets and liabilities and historical income tax expense. The outcome of these final determinations could have a material effect on our income tax expense or cash flows in the period that determination is made.
We recognize interest and penalties related to income tax matters as a component of income tax expense in the Consolidated Statements of Operations.
Stock-Based Compensation Expense
Stock-Based Compensation Expense
We measure and recognize compensation expense for stock-based awards granted to employees, directors, and non-employees based on the estimated grant date fair value. Stock-based awards include restricted stock units (“RSUs”), stock options, and restricted stock awards as well as stock purchase rights granted to employees under our employee stock purchase plan (“ESPP Rights”).
The fair value of RSUs and restricted stock awards is based on the fair value of our common stock on the grant date. We estimate the fair value of stock options and ESPP Rights using the Black-Scholes option-pricing model, which requires the use of the following assumptions:
Expected Term—The expected term represents the period that our stock-based awards are expected to be outstanding. For option grants considered to be “plain vanilla,” we determine the expected term using the simplified method. The simplified method deems the term to be the average of the time to vesting and the contractual life of the options. For ESPP Rights, the expected term represents the term from the first day of the offering period to the purchase date.
Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the expected term of the stock option or ESPP Rights.
Expected Volatility—The expected volatility is derived from the average historical stock volatilities of several unrelated public companies within our industry that we consider to be comparable to our business, and to the extent available, our historical volatility over a period equivalent to the expected term of the stock option. The expected volatility is based on the historical volatility of our common stock over the estimated expected term of ESPP Rights.

Dividend Yield—The expected dividend was assumed to be zero as we have never paid dividends and have no current plans to do so.
Stock-based compensation is generally recognized on a straight-line basis over the requisite service period, which usually matches the vesting period. Forfeitures are recognized as they occur.
Net Loss Per Share Attributable to Common Stockholders
Net Loss Per Share Attributable to Common Stockholders
Basic and diluted net loss per share attributable to common stockholders is computed in conformity with the two-class method required for participating securities. Prior to our IPO, we treated all series of our redeemable convertible preferred stock as participating securities, since such stockholders had the right to receive non-forfeitable dividends on a pari passu basis in the event that a dividend was paid on common stock. Under the two-class method, the net loss attributable to common stockholders was not allocated to the redeemable convertible preferred stock as the preferred stockholders did not have a contractual obligation to share in the Company’s losses.
Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive common stock equivalents to the extent they are dilutive. For purposes of this calculation, redeemable convertible preferred stock, common stock options, RSUs, and ESPP Rights are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive for the periods presented.
Comprehensive Loss
Comprehensive Loss
Comprehensive loss includes net loss and other comprehensive income (loss), net of tax. Other comprehensive income (loss), net of tax, refers to revenue, expenses, gains, and losses that under GAAP are recorded as an element of stockholders’ equity (deficit) but are excluded from net loss.
Research and Development
Research and Development
Expenditures for research and development of our technology and non-refundable contributions to develop educator partner content are expensed when incurred unless they qualify as internal-use software development costs. Research and development costs consist principally of personnel costs, consulting services, content development contributions, and attributed facilities costs.
Advertising Costs
Advertising Costs
Advertising costs are expensed as incurred and are included in sales and marketing in the Consolidated Statements of Operations. For the years ended December 31, 2023, 2022, and 2021, these costs were $44,818, $39,940, and $28,740.
Foreign Currency
Foreign Currency
The majority of our sales contracts are denominated in U.S. dollars. In addition, the functional currency of our international subsidiaries is U.S. dollars. Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured to the functional currency at period-end exchange rates. Foreign currency transaction gains and losses resulting from remeasurement are recognized within other expense, net in the Consolidated Statements of Operations.
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 Consolidated Financial Statements 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 Consolidated Financial Statements and related disclosures.
v3.24.0.1
REVENUE (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Contract Assets and Liabilities
Contract assets and liabilities were as follows:
December 31, 2023December 31, 2022January 1, 2022
Contract assets:
Billed accounts receivable, net of allowance for credit losses$62,407 $45,337 $22,286 
Unbilled accounts receivable5,011 8,397 12,110 
Total contract assets$67,418 $53,734 $34,396 
Contract liabilities:   
Deferred revenue$140,089 $118,777 $98,488 
Total contract liabilities$140,089 $118,777 $98,488 
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 Consolidated Statements of Operations:
Year Ended December 31,
Commissions and related payroll tax expenditures:202320222021
Capitalization$17,094 $17,766 $14,217 
Amortization12,291 12,618 8,197 
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:
December 31, 2023December 31, 2022
Deferred costs, net$13,168 $13,300 
Other assets15,361 10,426 
v3.24.0.1
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
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:
December 31, 2023December 31, 2022
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses 		Fair
Value - Level 1		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses 		Fair
Value - Level 1
Cash equivalents—money market funds$186,396 $— $— $186,396 $304,750 $— $— $304,750 
Cash equivalents—U.S. Treasury securities448,447 78 — 448,525 — — — — 
Total cash equivalents634,843 78 — 634,921 304,750 — — 304,750 
Marketable securities—U.S. Treasury securities65,765 — (19)65,746 460,372 26 (744)459,654 
Total$700,608 $78 $(19)$700,667 $765,122 $26 $(744)$764,404 
Schedule of Cost Basis and Fair Value of AFS Securities by Contractual Maturity Date
The following table presents the cost basis and fair value of our AFS securities by contractual maturity date:
December 31, 2023December 31, 2022
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$65,765 $65,746 $460,372 $459,654 
Schedule of Investments in an Unrealized Loss Position
Investments in an unrealized loss position consisted of the following:
December 31, 2023December 31, 2022
Fair
Value		Gross
Unrealized
Losses 		Fair
Value		Gross
Unrealized
Losses
U.S. Treasury securities$65,746 $(19)$356,767 $(744)
v3.24.0.1
CONSOLIDATED BALANCE SHEET COMPONENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash
The reconciliation of cash, cash equivalents, and restricted cash was as follows:
December 31, 2023December 31, 2022December 31, 2021
Cash and cash equivalents$656,321 $320,817 $580,658 
Restricted cash, current— 487 — 
Restricted cash, non-current1,765 1,574 2,061 
Total cash, cash equivalents, and restricted cash$658,086 $322,878 $582,719 
Schedule of Property, Equipment and Software, Net
Property, equipment, and software, net consisted of the following:
Estimated Useful LivesDecember 31, 2023December 31, 2022
Internal-use software and website development
2 - 5 years
$73,881 $53,215 
Computer equipment and purchased software2 years4,405 4,662 
Leasehold improvementsShorter of useful life or remaining lease term6,923 6,567 
Furniture and fixtures5 years2,757 2,714 
Total property, equipment, and software87,966 67,158 
Less accumulated depreciation and amortization(57,558)(40,062)
Property, equipment, and software, net$30,408 $27,096 
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 Consolidated Statements of Operations:
Year Ended December 31,
202320222021
Depreciation and amortization expense$19,276 $15,865 $12,513 
Amortization expense for internal-use software and website development16,894 13,128 9,675 
Schedule of Intangible Assets
Intangible assets, net consisted of the following:
December 31, 2023December 31, 2022
Gross
Carrying
Value		Accumulated
Amortization 		Net
Carrying
Value		Gross
Carrying
Value		Accumulated
Amortization 		Net
Carrying
Value
Content assets$12,982 $(3,558)$9,424 $6,821 $(1,971)$4,850 
Developed technology8,446 (6,150)2,296 8,446 (4,743)3,703 
Assembled workforce— — — 181 (181)— 
Intangible assets$21,428 $(9,708)$11,720 $15,448 $(6,895)$8,553 
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:
Year Ended December 31,
202320222021
Capitalization of content assets$6,161 $1,100 $1,765 
Amortization expense for intangible assets2,994 2,638 2,244 
Schedule of Future Expected Amortization Expense for Intangible Assets
As of December 31, 2023, future expected amortization expense for intangible assets was as follows:
2024$4,258 
20253,713
20261,621
20271,190
2028892
Thereafter46
Total$11,720 
v3.24.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Components of Lease Costs
The components of lease costs were as follows:
Year Ended December 31,
202320222021
Operating lease cost$5,510 $5,853 $6,663 
Short-term lease cost970 1,388 1,122 
Variable lease cost2,066 1,753 1,690 
Sublease income(2,720)(1,587)— 
Total lease costs$5,826 $7,407 $9,475 
Schedule of Future Lease Payments
Future lease payments under our non-cancelable operating leases, which do not include short-term leases, as of December 31, 2023 were as follows:
2024$6,764 
202547 
Total lease payments6,811 
Less imputed interest(215)
Present value of operating lease liabilities$6,596 
Operating lease liabilities, current6,557 
Operating lease liabilities, non-current39 
Total operating lease liabilities$6,596 
Schedule of Supplemental Cash Flow and Weighted-average Remaining Lease Term and Discount Rate
Supplemental cash flow information as well as the weighted-average remaining lease term and discount rate related to our operating leases were as follows:
Year Ended December 31,
202320222021
Cash paid for amounts included in the measurement of operating lease liabilities$8,509 $6,875 $7,683 
Operating lease ROU assets obtained in exchange for lease liabilities— 427 — 
December 31, 2023December 31, 2022
Weighted-average remaining operating lease term (in years)0.931.93
Weighted-average operating lease discount rate5.78 %5.76 %
v3.24.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Components of Loss Before Income Tax
The components of loss before income tax were as follows:
Year Ended December 31,
202320222021
Domestic$(118,481)$(177,649)$(148,343)
Foreign7,298 7,012 5,254 
Total$(111,183)$(170,637)$(143,089)
Schedule of Income Tax Expense
Income tax expense consisted of the following:
Year Ended December 31,
202320222021
Current taxes:
Federal$— $— $— 
State3 189 11 
Foreign4,977 4,872 3,025 
Total current$4,980 $5,061 $3,036 
Deferred taxes:
Federal$— $— $— 
State———
Foreign391(341)(910)
Total deferred$391 $(341)$(910)
Total income tax expense$5,371 $4,720 $2,126 
Schedule of Reconciliation Between the Statutory U.S. Federal Income Tax Rate and our Effective Tax Rate as a Percentage of Loss Before Income Taxes
The reconciliation between the statutory U.S. federal income tax rate and our effective tax rate as a percentage of loss before income taxes was as follows:
Year Ended December 31,
202320222021
U.S federal income taxes at statutory rate21.0 %21.0 %21.0 %
State income taxes, net of federal benefit2.7 %2.1 %4.3 %
Foreign income taxes at rates other than the U.S. rate(3.5)%(1.8)%(0.7)%
Change in valuation allowance(28.7)%(19.8)%(47.3)%
Research and development credits8.2 %3.5 %7.3 %
Stock-based compensation(5.4)%(4.4)%13.3 %
Foreign inclusions— %(3.7)%— %
Other0.9 %0.3 %0.6 %
Effective income tax rate(4.8)%(2.8)%(1.5)%
Schedule of Significant components of our deferred tax assets and liabilities
Significant components of our deferred tax assets and liabilities consisted of the following:
December 31, 2023December 31, 2022
Deferred tax assets:
Net operating loss carryforwards$130,849 $112,003 
Capitalized research and development costs51,940 29,047 
Research and development credits42,764 31,248 
Stock-based compensation11,160 22,196 
Lease liabilities1,512 3,312 
Deferred revenue937 1,058 
Accruals and reserves813 743 
Gross deferred tax assets239,975 199,607 
Valuation allowance(225,513)(185,606)
Total deferred tax assets$14,462 $14,001 
Deferred tax liabilities:
Deferred commissions(6,768)(5,586)
Depreciation and amortization(5,810)(5,086)
Operating lease ROU assets(1,070)(2,172)
Total deferred tax liabilities$(13,648)$(12,844)
Net deferred tax assets$814 $1,157 
Schedule of Activity Related to the Unrecognized Tax Benefits The activity related to the unrecognized tax benefits was as follows:
Year Ended December 31,
202320222021
Gross unrecognized tax benefits—beginning of period$16,371 $12,539 $7,477 
Increases related to tax positions taken during current year5,052 3,641 4,850 
Increases related to tax positions taken during prior years1,163 248 220 
Decreases related to tax positions taken during prior years(51)(57)(8)
Gross unrecognized tax benefits—end of period$22,535 $16,371 $12,539 
v3.24.0.1
NET LOSS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Loss Per Share
The following table presents the calculation of basic and diluted net loss per share:
Year Ended December 31,
202320222021
Numerator:
Net loss$(116,554)$(175,357)$(145,215)
Denominator:
Weighted-average shares used in computing net loss per share—basic and diluted150,957,814145,263,726113,587,523
Net loss per share—basic and diluted$(0.77)$(1.21)$(1.28)
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:
Year Ended December 31,
202320222021
Common stock options11,165,13818,153,19523,000,872
RSUs18,361,04622,773,0537,387,288
Shares subject to repurchase——2,607
ESPP Rights126,768123,60365,446
Total29,652,95241,049,85130,456,213
v3.24.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Payments under the Company's Non-Cancellable Purchase Obligations
Purchase
Obligations
2024$9,875 
202511,308 
20261,875 
Total$23,058 
v3.24.0.1
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Stock Option Activity under the Plans
Stock option activity under the Plans for the year ended December 31, 2023 was as follows:
Number of
Shares 		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term
(in Years)		Aggregate
Intrinsic
Value
Balance—December 31, 202218,153,195$6.07 5.41$120,289 
Granted454,62614.72 
Exercised(6,621,448)4.13 
Canceled(821,235)13.41 
Balance—December 31, 202311,165,138$7.03 5.22$142,444 
Options vested9,462,200$5.70 4.74$131,590 
Schedule of Share-based Compensation, Restricted Stock Units Award Activity
RSU activity under the Plans for the year ended December 31, 2023 was as follows:
Number of
Shares 		Weighted-Average
Grant Date Fair Value		Aggregate
Intrinsic
Value
Unvested balance—December 31, 202222,773,053$17.75 $269,779 
Granted7,335,24512.41  
Vested(8,449,866)17.73  
Forfeited(3,297,386)19.91  
Unvested balance—December 31, 202318,361,046$15.24 $355,653 
Summary of Weighted Average Assumptions to Record Stock-Based Compensation Expense for Stock Options Granted
A summary of the weighted-average assumptions we utilized to record stock-based compensation expense for stock options granted is as follows:
Year Ended December 31,
202320222021
Fair value of common stock$14.72 $12.80 $29.99 
Risk-free interest rate3.7 %3.1 %1.3 %
Expected term (in years)6.16.16.2
Expected volatility57.3 %57.7 %57.1 %
Dividend yield— %— %— %
The following table summarizes the assumptions used in estimating the fair value of ESPP Rights:
Year Ended December 31,
202320222021
Risk-free interest rate
3.9% - 5.5%
1.4% - 4.6%
0.0% - 0.5%
Expected term (in years)
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
Expected volatility
39.2% - 61.0%
59.4% - 76.5%
48.3% - 61.9%
Dividend yield—%—%—%
Summary of Stock-Based Compensation Expense in the Consolidated Statements of Operations
Stock-based compensation expense is classified in the Consolidated Statements of Operations as follows:
Year Ended December 31,
202320222021
Cost of revenue$2,593 $3,089 $2,092 
Research and development49,931 48,779 42,783 
Sales and marketing31,299 30,092 25,992 
General and administrative31,352 28,703 20,316 
Restructuring related charges(5,605)122 — 
Total$109,570 $110,785 $91,183 
Summary of Shares of Common Stock Reserved for Future Issuance
Our common stock reserved for future issuance was as follows:
December 31, 2023December 31, 2022
Stock options outstanding11,165,13818,153,195
RSUs outstanding18,361,04622,773,053
Shares available for future grants16,913,0858,819,998
Total shares of common stock reserved46,439,26949,746,246
v3.24.0.1
SEGMENT AND GEOGRAPHIC INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Financial Information for Each Reportable Segment
Financial information for each reportable segment was as follows:
Year Ended December 31,
202320222021
Revenue
Consumer$365,221 $295,583 $246,187 
Enterprise219,542 181,284 120,429 
Degrees51,001 46,889 48,671 
Total revenue$635,764 $523,756 $415,287 
Segment gross profit
Consumer$193,001 $214,305 $161,510 
Enterprise150,384 126,573 81,253 
Degrees51,001 46,889 48,671 
Total segment gross profit$394,386 $387,767 $291,434 
Reconciliation of segment gross profit to gross profit
Platform and support costs$42,134 $37,471 $28,014 
Stock-based compensation expense2,593 3,089 2,092 
Amortization of internal-use software16,894 13,128 9,675 
Amortization of intangible assets2,994 2,600 2,184 
Total reconciling items64,615 56,288 41,965 
Gross profit$329,771 $331,479 $249,469 
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area
The following table summarizes the revenue by region based on the billing address of our customers:
Year Ended December 31,
202320222021
United States$340,672 $276,011 $210,513 
Europe, Middle East, and Africa153,037 130,607 112,643 
Asia Pacific82,331 68,943 54,763 
Other59,724 48,195 37,368 
Total$635,764 $523,756 $415,287 
Schedule of Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country
The following table presents our long-lived assets, consisting of property, equipment, and software, net of depreciation and amortization, and operating lease ROU assets, by geographic region:
December 31, 2023December 31, 2022
United States$34,047 $35,457 
Rest of World1,100 1,244 
Total$35,147 $36,701 
v3.24.0.1
BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS (Details)
 12 Months Ended
Apr. 19, 2021
USD ($)
shares
Apr. 05, 2021
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
segment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
shares
Subsidiary Sale Of Stock [Line Items]          
Number of operating segments | segment     3    
Additional offering cost     $ 6,449,000    
Net proceeds from common stock sold $ 72,802,000   $ 0 $ 0 $ 525,284,000
Common Stock          
Subsidiary Sale Of Stock [Line Items]          
Issuance of common stock upon initial public offering, net of offering costs (in shares) | shares         17,024,276
IPO          
Subsidiary Sale Of Stock [Line Items]          
Number of shares sold (in shares) | shares   14,664,776      
Stock price (in dollars per share) | $ / shares   $ 33.00      
Proceeds from sale of stock, net   $ 452,482,000      
Underwriting discounts and commissions $ 5,061,000 31,456,000      
Additional offering cost   $ 6,449,000      
Issuance of common stock upon initial public offering, net of offering costs (in shares) | shares 2,359,500        
IPO | Common Stock          
Subsidiary Sale Of Stock [Line Items]          
Redeemable convertible preferred stock to common stock (in shares) | shares   75,305,400      
Conversion ratio   1      
v3.24.0.1
SIGNIFICANT ACCOUNTING POLICIES (Details)
 1 Months Ended 12 Months Ended
Jan. 01, 2023
Dec. 31, 2022
May 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
segment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Change in Accounting Estimate [Line Items]            
Additional offering cost       $ 6,449,000    
Impairment long-lived asset held-for-use extensible enumeration       impairment loss impairment loss impairment loss
Impairments of long lived assets           $ 0
Impairment loss     $ 2,304,000   $ 2,304,000  
Number of reportable segments | segment       3    
Contract with customer, expected amortized cost period       4 years    
Contract with customer amortization on renewal period       2 years    
Contract with customer expected incremental cost period 4 years 3 years        
Sales and marketing       $ 222,771,000 227,676,000 179,337,000
Advertising expense       44,818,000 39,940,000 $ 28,740,000
Change in Accounting Method Accounted for as Change in Estimate            
Change in Accounting Estimate [Line Items]            
Sales and marketing       3,496,000    
Property and Equipment            
Change in Accounting Estimate [Line Items]            
Impairment loss         904,000  
Internal Use Software And Website Development            
Change in Accounting Estimate [Line Items]            
Impairments of long lived assets       $ 861,000    
Deferred Partner Fees            
Change in Accounting Estimate [Line Items]            
Impairments of long lived assets         $ 2,915,000  
Minimum            
Change in Accounting Estimate [Line Items]            
Property, equipment, and software estimated useful lives       2 years    
Estimated useful lives       2 years    
Contract with customer, purchase of fixed quantity of seat licenses, contract period       1 year    
Minimum | Computer Software, Intangible Asset            
Change in Accounting Estimate [Line Items]            
Estimated useful lives       2 years    
Maximum            
Change in Accounting Estimate [Line Items]            
Property, equipment, and software estimated useful lives       5 years    
Estimated useful lives       6 years    
Contract with customer, purchase of fixed quantity of seat licenses, contract period       3 years    
Maximum | Computer Software, Intangible Asset            
Change in Accounting Estimate [Line Items]            
Estimated useful lives       5 years    
v3.24.0.1
REVENUE - Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Jan. 01, 2022
Contract assets:      
Billed accounts receivable, net of allowance for credit losses $ 62,407 $ 45,337 $ 22,286
Unbilled accounts receivable 5,011 8,397 12,110
Total contract assets 67,418 53,734 34,396
Contract liabilities:      
Deferred revenue 140,089 118,777 98,488
Total contract liabilities $ 140,089 $ 118,777 $ 98,488
v3.24.0.1
REVENUE - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Revenue recognized $ 116,002,000 $ 92,806,000 $ 74,775,000
Impairment losses on contract assets 0 0 $ 0
Impairment losses on deferred partner fees 2,008,000    
Russian Educator Partners      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Impairment losses on deferred partner fees   $ 2,915,000  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Remaining performance obligation $ 320,936,000    
Percent of remaining performance obligations to be recognized 68.00%    
Period for satisfaction of remaining performance obligation 12 months    
v3.24.0.1
REVENUE - Schedule of Capitalized Contract Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]      
Capitalization $ 17,094 $ 17,766 $ 14,217
Amortization $ 12,291 $ 12,618 $ 8,197
v3.24.0.1
REVENUE - Schedule of Deferred Costs, Net and Other Assets Disclosure (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]    
Deferred costs, net $ 13,168 $ 13,300
Other assets $ 15,361 $ 10,426
v3.24.0.1
INVESTMENTS - Summary of Available-for-Sale Marketable Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost $ 700,608 $ 765,122
Gross Unrealized Gains 78 26
Gross Unrealized Losses (19) (744)
Fair Value - Level 1 700,667 764,404
Marketable securities—U.S. Treasury securities    
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost 65,765 460,372
Gross Unrealized Gains 0 26
Gross Unrealized Losses (19) (744)
Fair Value - Level 1 65,746 459,654
Cash and Cash Equivalents    
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost 634,843 304,750
Gross Unrealized Gains 78 0
Gross Unrealized Losses 0 0
Fair Value - Level 1 634,921 304,750
Cash and Cash Equivalents | Cash equivalents—money market funds    
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost 186,396 304,750
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value - Level 1 186,396 304,750
Cash and Cash Equivalents | Marketable securities—U.S. Treasury securities    
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost 448,447 0
Gross Unrealized Gains 78 0
Gross Unrealized Losses 0 0
Fair Value - Level 1 $ 448,525 $ 0
v3.24.0.1
INVESTMENTS - Schedule of Cost Basis and Fair Value of AFS Securities by Contractual Maturity Date (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]    
Amortized Cost $ 65,765 $ 460,372
Fair Value $ 65,746 $ 459,654
v3.24.0.1
INVESTMENTS - Schedule of Investments in an Unrealized Loss Position (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]    
Gross Unrealized Losses $ (19) $ (744)
U.S. Treasury securities    
Schedule Of Available For Sale Securities [Line Items]    
Fair Value 65,746 356,767
Gross Unrealized Losses $ (19) $ (744)
v3.24.0.1
INVESTMENTS - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Aug. 31, 2023
Schedule of Equity Method Investments [Line Items]        
Credit or non credit impairment charges $ 0 $ 0 $ 0  
Private Company        
Schedule of Equity Method Investments [Line Items]        
Ownership interest in equity method investment, percentage       7.00%
Carrying value of investment $ 1,701,000      
v3.24.0.1
CONSOLIDATED BALANCE SHEET COMPONENTS - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Cash and cash equivalents $ 656,321 $ 320,817 $ 580,658  
Restricted cash, current 0 487 0  
Restricted cash, non-current 1,765 1,574 2,061  
Total cash, cash equivalents, and restricted cash $ 658,086 $ 322,878 $ 582,719 $ 82,426
v3.24.0.1
CONSOLIDATED BALANCE SHEET COMPONENTS - Schedule of Property, Equipment and Software, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Property Plant And Equipment [Line Items]    
Total property, equipment, and software $ 87,966 $ 67,158
Less accumulated depreciation and amortization (57,558) (40,062)
Property, equipment, and software, net 30,408 27,096
Internal-use software and website development    
Property Plant And Equipment [Line Items]    
Total property, equipment, and software $ 73,881 53,215
Computer equipment and purchased software    
Property Plant And Equipment [Line Items]    
Estimated Useful Lives 2 years  
Total property, equipment, and software $ 4,405 4,662
Leasehold improvements    
Property Plant And Equipment [Line Items]    
Total property, equipment, and software $ 6,923 6,567
Furniture and fixtures    
Property Plant And Equipment [Line Items]    
Estimated Useful Lives 5 years  
Total property, equipment, and software $ 2,757 $ 2,714
Minimum | Internal-use software and website development    
Property Plant And Equipment [Line Items]    
Estimated Useful Lives 2 years  
Maximum | Internal-use software and website development    
Property Plant And Equipment [Line Items]    
Estimated Useful Lives 5 years  
v3.24.0.1
CONSOLIDATED BALANCE SHEET COMPONENTS - Schedule of Depreciation and Amortization Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property Plant And Equipment [Line Items]      
Depreciation and amortization expense $ 22,270 $ 18,503 $ 14,757
Amortization expense for internal-use software and website development   2,638 2,244
Property, Equipment and Software      
Property Plant And Equipment [Line Items]      
Depreciation and amortization expense 19,276 15,865 12,513
Software and Website Development      
Property Plant And Equipment [Line Items]      
Amortization expense for internal-use software and website development $ 16,894 $ 13,128 $ 9,675
v3.24.0.1
CONSOLIDATED BALANCE SHEET COMPONENTS - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Value $ 21,428 $ 15,448
Accumulated Amortization (9,708) (6,895)
Net Carrying Value 11,720 8,553
Content assets    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Value 12,982 6,821
Accumulated Amortization (3,558) (1,971)
Net Carrying Value 9,424 4,850
Developed technology    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Value 8,446 8,446
Accumulated Amortization (6,150) (4,743)
Net Carrying Value 2,296 3,703
Assembled workforce    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Value 0 181
Accumulated Amortization 0 (181)
Net Carrying Value $ 0 $ 0
v3.24.0.1
CONSOLIDATED BALANCE SHEET COMPONENTS - Schedule of Capitalization of Content Assets and Amortization Expense for Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]      
Amortization expense for intangible assets   $ 2,638 $ 2,244
Content Asset      
Finite Lived Intangible Assets [Line Items]      
Capitalization of content assets $ 6,161 $ 1,100 $ 1,765
Intangible Assets, Excluding Internal-Use Software And Website Development      
Finite Lived Intangible Assets [Line Items]      
Amortization expense for intangible assets $ 2,994    
v3.24.0.1
CONSOLIDATED BALANCE SHEET COMPONENTS - Additional Information (Details)
Dec. 31, 2023
Developed technology  
Property Plant And Equipment [Line Items]  
Weighted average remaining amortization period for intangible asset 1 year 7 months 6 days
Content assets  
Property Plant And Equipment [Line Items]  
Weighted average remaining amortization period for intangible asset 3 years 9 months 18 days
v3.24.0.1
CONSOLIDATED BALANCE SHEET COMPONENTS - Schedule of Future Expected Amortization Expense for Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
2024 $ 4,258  
2025 3,713  
2026 1,621  
2027 1,190  
2028 892  
Thereafter 46  
Net Carrying Value $ 11,720 $ 8,553
v3.24.0.1
LEASES - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
May 31, 2022
Dec. 31, 2022
Operating Leased Assets [Line Items]    
Impairment loss $ 2,304 $ 2,304
Property and Equipment    
Operating Leased Assets [Line Items]    
Impairment loss   $ 904
v3.24.0.1
LEASES - Schedule of Components of Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Operating lease cost $ 5,510 $ 5,853 $ 6,663
Short-term lease cost 970 1,388 1,122
Variable lease cost 2,066 1,753 1,690
Sublease income (2,720) (1,587) 0
Total lease costs $ 5,826 $ 7,407 $ 9,475
v3.24.0.1
LEASES - Schedule of Future Lease Payments (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
2024 $ 6,764  
2025 47  
Total lease payments 6,811  
Less imputed interest (215)  
Operating lease liabilities, current 6,557 $ 8,658
Operating lease liabilities, non-current 39 $ 5,791
Total operating lease liabilities $ 6,596  
v3.24.0.1
LEASES - Schedule of Supplemental Cash Flow and Weighted-average Remaining Lease Term and Discount Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Cash paid for amounts included in the measurement of operating lease liabilities $ 8,509 $ 6,875 $ 7,683
Operating lease ROU assets obtained in exchange for lease liabilities $ 0 $ 427 $ 0
Weighted-average remaining operating lease term (in years) 11 months 4 days 1 year 11 months 4 days  
Weighted-average operating lease discount rate 5.78% 5.76%  
v3.24.0.1
INCOME TAXES - Schedule of Components of Loss Before Income Tax (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Domestic $ (118,481) $ (177,649) $ (148,343)
Foreign 7,298 7,012 5,254
Loss before income taxes $ (111,183) $ (170,637) $ (143,089)
v3.24.0.1
INCOME TAXES - Schedule of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current taxes:      
Federal $ 0 $ 0 $ 0
State 3 189 11
Foreign 4,977 4,872 3,025
Total current 4,980 5,061 3,036
Deferred taxes:      
Federal 0 0 0
State 0 0 0
Foreign 391 (341) (910)
Total deferred 391 (341) (910)
Total income tax expense $ 5,371 $ 4,720 $ 2,126
v3.24.0.1
INCOME TAXES - Schedule of Reconciliation Between the Statutory U.S. Federal Income Tax Rate and our Effective Tax Rate as a Percentage of Loss Before Income Taxes (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
U.S federal income taxes at statutory rate 21.00% 21.00% 21.00%
State income taxes, net of federal benefit 2.70% 2.10% 4.30%
Foreign income taxes at rates other than the U.S. rate (3.50%) (1.80%) (0.70%)
Change in valuation allowance (28.70%) (19.80%) (47.30%)
Research and development credits 8.20% 3.50% 7.30%
Stock-based compensation (5.40%) (4.40%) 13.30%
Foreign inclusions 0.00% (3.70%) 0.00%
Other 0.90% 0.30% 0.60%
Effective income tax rate (4.80%) (2.80%) (1.50%)
v3.24.0.1
INCOME TAXES - Schedule of Significant components of our deferred tax assets and liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:    
Net operating loss carryforwards $ 130,849 $ 112,003
Capitalized research and development costs 51,940 29,047
Research and development credits 42,764 31,248
Stock-based compensation 11,160 22,196
Lease liabilities 1,512 3,312
Deferred revenue 937 1,058
Accruals and reserves 813 743
Gross deferred tax assets 239,975 199,607
Valuation allowance (225,513) (185,606)
Total deferred tax assets 14,462 14,001
Deferred tax liabilities:    
Deferred commissions (6,768) (5,586)
Depreciation and amortization (5,810) (5,086)
Operating lease ROU assets (1,070) (2,172)
Total deferred tax liabilities (13,648) (12,844)
Net deferred tax assets $ 814 $ 1,157
v3.24.0.1
INCOME TAXES - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Loss Carryforwards [Line Items]        
Increase (decrease) in valuation allowance $ 39,907 $ 33,838    
Research and development tax credits carryforwards 42,764 31,248    
Unrecognized tax benefits 22,535 $ 16,371 $ 12,539 $ 7,477
Impact of unrecognized tax benefits on effective tax rate, if recognized 2,484      
Federal        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforwards 556,468      
Research and development tax credits carryforwards 39,483      
Indefinite operating loss carryforwards 405,529      
State        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforwards 206,519      
Research and development tax credits carryforwards $ 27,351      
v3.24.0.1
INCOME TAXES - Summary of income tax contingencies (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Gross unrecognized tax benefits—beginning of period $ 16,371 $ 12,539 $ 7,477
Increases related to tax positions taken during current year 5,052 3,641 4,850
Increases related to tax positions taken during prior years 1,163 248 220
Decreases related to tax positions taken during prior years (51) (57) (8)
Gross unrecognized tax benefits—end of period $ 22,535 $ 16,371 $ 12,539
v3.24.0.1
NET LOSS PER SHARE - Calculation of Basic and Diluted (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Numerator:      
Net loss $ (116,554) $ (175,357) $ (145,215)
Denominator:      
Weighted-average shares used in computing net loss per share—basic (in shares) 150,957,814 145,263,726 113,587,523
Weighted-average shares used in computing net loss per share—diluted (in shares) 150,957,814 145,263,726 113,587,523
Net loss per share—basic (in dollars per share) $ (0.77) $ (1.21) $ (1.28)
Net loss per share—diluted (in dollars per share) $ (0.77) $ (1.21) $ (1.28)
v3.24.0.1
NET LOSS PER SHARE - Schedule of Securities with a Potentially Dilutive Impact (Details) - shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of dilutive earnings per share (in shares) 29,652,952 41,049,851 30,456,213
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) 11,165,138 18,153,195 23,000,872
RSUs      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of dilutive earnings per share (in shares) 18,361,046 22,773,053 7,387,288
Shares subject to repurchase      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of dilutive earnings per share (in shares) 0 0 2,607
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) 126,768 123,603 65,446
v3.24.0.1
COMMITMENTS AND CONTINGENCIES (Additional Information) (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Non-cancelable purchase obligations $ 23,058
v3.24.0.1
COMMITMENTS AND CONTINGENCIES - Future Minimum Payments under the Company's Non-Cancelable Purchase Obligations (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2024 $ 9,875
2025 11,308
2026 1,875
Total $ 23,058
v3.24.0.1
REDEEMABLE CONVERTIBLE PREFERRED STOCK (Details)
Apr. 05, 2021
shares
Dec. 31, 2023
shares
Dec. 31, 2022
shares
Dec. 31, 2021
shares
Dec. 31, 2020
shares
Redeemable Convertible Preferred Stock          
Temporary Equity [Line Items]          
Temporary equity, shares outstanding (in shares)   0 0 0 75,305,400
Common Stock | IPO          
Temporary Equity [Line Items]          
Redeemable convertible preferred stock to common stock (in shares) 75,305,400        
Conversion ratio 1        
v3.24.0.1
STOCKHOLDERS’ EQUITY (DEFICIT) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Apr. 26, 2023
Dec. 31, 2022
Subsidiary Sale Of Stock [Line Items]      
Preferred stock, shares authorized (in shares) 10,000,000   10,000,000
Preferred stock, par value (in dollars per share) $ 0.00001   $ 0.00001
Preferred stock, shares issued (in shares) 0   0
Preferred stock, shares outstanding (in shares) 0   0
Stock repurchase program authorized amount   $ 95,000,000  
Number of shares, repurchased (in shares) 4,829,803    
Stock repurchased, value $ 58,500,000    
Stock repurchase program, remaining authorized repurchase amount $ 36,600,000    
IPO      
Subsidiary Sale Of Stock [Line Items]      
Preferred stock, shares authorized (in shares) 10,000,000    
Preferred stock, par value (in dollars per share) $ 0.00001    
v3.24.0.1
EMPLOYEE BENEFIT PLANS - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Shares reserved for issuance 46,439,269 49,746,246  
Modification charge $ 3,119 $ 9,047  
Aggregate intrinsic value of employee options exercised 72,649 57,311 $ 296,635
Compensation cost related to the nonvested awards not yet recognized $ 14,626    
Weighted average period for recognition of compensation cost 1 year 10 months 24 days    
Income tax benefits recognized $ 753 835 821
Tax benefits realized on awards vested and exercised $ 1,326 387 968
Employees percentage of eligible compensation may elect to contribute 100.00%    
Employer discretionary contribution amount $ 1,710 1,791 0
Internal-use software and website development      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
cumulative stock-based compensation expense $ 7,055 $ 5,407 $ 4,890
Stock Options      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Share based compensation, expiration period 10 years    
Vesting period 4 years    
Weighted average grant-date fair value of stock options granted (in dollars per share) $ 8.41 $ 7.26 $ 16.23
Restricted Stock Units      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Vesting period 4 years    
Aggregate fair value of RSUs vested $ 130,891 $ 29,966 $ 18,767
Compensation cost related to the nonvested awards not yet recognized $ 230,963    
Weighted average period for recognition of compensation cost 2 years 6 months    
Restricted Stock Units | Share-Based Payment Arrangement, Tranche One      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Share-based compensation arrangement by share-based payment award, 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]      
Share-based compensation arrangement by share-based payment award, 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]      
Share-based compensation arrangement by share-based payment award, award Vesting rights, percentage 6.25%    
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    
Shares reserved for issuance 4,307,884    
Compensation cost related to the nonvested awards not yet recognized $ 7,330    
Weighted average period for recognition of compensation cost 1 year    
2021 Employee Stock Purchase Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Shares reserved for issuance 12,605,201    
v3.24.0.1
EMPLOYEE BENEFIT PLANS - Schedule of Stock Option Activity under the Plans (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Number of Shares    
Number of shares, beginning balance (in shares) 18,153,195  
Number of shares, ending balance (in shares) 11,165,138 18,153,195
Stock Options    
Number of Shares    
Number of shares, beginning balance (in shares) 18,153,195  
Number of shares, granted (in shares) 454,626  
Number of shares, exercised (in shares) (6,621,448)  
Number of shares, canceled (in shares) (821,235)  
Number of shares, ending balance (in shares) 11,165,138 18,153,195
Number of shares, options vested (in shares) 9,462,200  
Weighted- Average Exercise Price    
Weighted-average exercise price, beginning balance (in dollars per share) $ 6.07  
Weighted-average exercise price, granted (in dollars per share) 14.72  
Weighted-average exercise price, exercised (in dollars per share) 4.13  
Weighted-average exercise price, canceled (in dollars per share) 13.41  
Weighted-average exercise price, ending balance (in dollars per share) 7.03 $ 6.07
Weighted-average exercise price, options vested (in dollars per share) $ 5.70  
Weighted-average remaining contractual term, balance 5 years 2 months 19 days 5 years 4 months 28 days
Weighted-average remaining contractual term, options vested 4 years 8 months 26 days  
Aggregate intrinsic value $ 142,444 $ 120,289
Aggregate intrinsic value, options vested $ 131,590  
v3.24.0.1
EMPLOYEE BENEFIT PLANS - Schedule of Share-based Compensation, Restricted Stock Units Award Activity (Details) - Restricted Stock Units - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Number of Shares    
Unvested beginning balance (in shares) 22,773,053  
Granted (in shares) 7,335,245  
Vested (in shares) (8,449,866)  
Forfeited (in shares) (3,297,386)  
Unvested ending balance (in shares) 18,361,046  
Weighted-Average Grant Date Fair Value    
Unvested beginning balance (in dollars per share) $ 17.75  
Granted (in dollars per share) 12.41  
Vested (in dollars per share) 17.73  
Forfeited (in dollars per share) 19.91  
Unvested ending balance (in dollars per share) $ 15.24  
Aggregate Intrinsic Value, Unvested balance $ 355,653 $ 269,779
v3.24.0.1
EMPLOYEE BENEFIT PLANS - Summary of weighted-average assumptions to record compensation expenses for stock options granted (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Retirement Benefits [Abstract]      
Fair value of common stock (in usd per share) $ 14.72 $ 12.80 $ 29.99
Risk-free interest rate 3.70% 3.10% 1.30%
Expected term (in years) 6 years 1 month 6 days 6 years 1 month 6 days 6 years 2 months 12 days
Expected volatility 57.30% 57.70% 57.10%
Dividend yield 0.00% 0.00% 0.00%
v3.24.0.1
EMPLOYEE BENEFIT PLANS - Summary of Estimated Assumptions Used in Value of ESPP Rights (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Risk-free interest rate 3.70% 3.10% 1.30%
Expected term (in years) 6 years 1 month 6 days 6 years 1 month 6 days 6 years 2 months 12 days
Expected volatility 57.30% 57.70% 57.10%
Dividend yield 0.00% 0.00% 0.00%
Employee Stock Purchase Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Dividend yield 0.00% 0.00% 0.00%
Minimum | Employee Stock Purchase Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Risk-free interest rate 3.90% 1.40% 0.00%
Expected term (in years) 6 months 6 months 6 months
Expected volatility 39.20% 59.40% 48.30%
Maximum | Employee Stock Purchase Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Risk-free interest rate 5.50% 4.60% 0.50%
Expected term (in years) 2 years 2 years 2 years
Expected volatility 61.00% 76.50% 61.90%
v3.24.0.1
EMPLOYEE BENEFIT PLANS - Summary of Stock-Based Compensation Expense in the Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock based compensation expense $ 109,570 $ 110,785 $ 91,183
Cost of revenue      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock based compensation expense 2,593 3,089 2,092
Research and development      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock based compensation expense 49,931 48,779 42,783
Sales and marketing      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock based compensation expense 31,299 30,092 25,992
General and administrative      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock based compensation expense 31,352 28,703 20,316
Restructuring related charges      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock based compensation expense $ (5,605) $ 122 $ 0
v3.24.0.1
EMPLOYEE BENEFIT PLANS - Summary of Shares of Common Stock Reserved for Future Issuance (Details) - shares
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]    
Stock options outstanding 11,165,138 18,153,195
RSUs outstanding 18,361,046 22,773,053
Shares available for future grants 16,913,085 8,819,998
Total shares of common stock reserved 46,439,269 49,746,246
v3.24.0.1
EMPLOYEE BENEFIT PLANS - 401(k) Plan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Retirement Benefits [Abstract]      
Employees percentage of eligible compensation may elect to contribute 100.00%    
Employer discretionary contribution amount $ 1,710 $ 1,791 $ 0
v3.24.0.1
RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Related Party Transaction [Line Items]      
Educator partners payable $ 101,041 $ 66,375  
Content Sourcing Agreement      
Related Party Transaction [Line Items]      
Related party content fees 7,401 5,679 $ 6,558
Content Sourcing Agreement | Related Party      
Related Party Transaction [Line Items]      
Educator partners payable $ 3,895 $ 1,223  
v3.24.0.1
SEGMENT AND GEOGRAPHIC INFORMATION - Additional Information (Details) - segment
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Number of reportable segments 3    
Concentration risk, benchmark description No single country other than the United States represented 10% or more of our total revenue during the years ended December 31, 2023, 2022, and 2021.    
Revenue | Geographic Concentration Risk | United States | Minimum      
Segment Reporting Information [Line Items]      
Concentration risk, percentage 10.00% 10.00% 10.00%
v3.24.0.1
SEGMENT AND GEOGRAPHIC INFORMATION - Segment Results of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue      
Revenue $ 635,764 $ 523,756 $ 415,287
Segment gross profit      
Total segment gross profit 394,386 387,767 291,434
Platform and support costs 42,134 37,471 28,014
Stock-based compensation expense 2,593 3,089 2,092
Segment amortization   2,638 2,244
Total reconciling items 64,615 56,288 41,965
Gross profit 329,771 331,479 249,469
Amortization of internal-use software      
Segment gross profit      
Segment amortization 16,894 13,128 9,675
Amortization of intangible assets      
Segment gross profit      
Segment amortization 2,994 2,600 2,184
Consumer      
Revenue      
Revenue 365,221 295,583 246,187
Segment gross profit      
Total segment gross profit 193,001 214,305 161,510
Enterprise      
Revenue      
Revenue 219,542 181,284 120,429
Segment gross profit      
Total segment gross profit 150,384 126,573 81,253
Degrees      
Revenue      
Revenue 51,001 46,889 48,671
Segment gross profit      
Total segment gross profit $ 51,001 $ 46,889 $ 48,671
v3.24.0.1
SEGMENT AND GEOGRAPHIC INFORMATION - Summary of Revenue By Region Based On Billing Address (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Revenue $ 635,764 $ 523,756 $ 415,287
United States      
Segment Reporting Information [Line Items]      
Revenue 340,672 276,011 210,513
Europe, Middle East, and Africa      
Segment Reporting Information [Line Items]      
Revenue 153,037 130,607 112,643
Asia Pacific      
Segment Reporting Information [Line Items]      
Revenue 82,331 68,943 54,763
Other      
Segment Reporting Information [Line Items]      
Revenue $ 59,724 $ 48,195 $ 37,368
v3.24.0.1
SEGMENT AND GEOGRAPHIC INFORMATION - Summary of Long Lived Assets By Geographic Region (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]    
Noncurrent Assets $ 35,147 $ 36,701
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Noncurrent Assets 34,047 35,457
Rest of World    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Noncurrent Assets $ 1,100 $ 1,244
v3.24.0.1
RESTRUCTURING RELATED CHARGES (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]        
Restructuring related charges   $ (5,806) $ 10,149 $ 0
Cash payment   5,100 4,800  
Stock based compensation expense   109,570 $ 110,785 $ 91,183
Forecast | Minimum | Enterprise        
Restructuring Cost and Reserve [Line Items]        
Restructuring related charges $ 2,000      
Forecast | Maximum | Enterprise        
Restructuring Cost and Reserve [Line Items]        
Restructuring related charges $ 3,000      
Restricted Stock Units and Share-Based Payment Arrangement, Option        
Restructuring Cost and Reserve [Line Items]        
Stock based compensation expense   $ 5,600