Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
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Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 495 | $ 105 |
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) | 150,683,607 | 144,653,979 |
Common stock, shares outstanding (in shares) | 147,935,669 | 141,906,041 |
Treasury stock, shares | 2,747,938 | 2,747,938 |
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
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Income Statement [Abstract] | |||
Revenue | $ 523,756 | $ 415,287 | $ 293,511 |
Cost of revenue | 192,277 | 165,818 | 138,846 |
Gross profit | 331,479 | 249,469 | 154,665 |
Operating expenses: | |||
Research and development | 165,134 | 135,410 | 76,784 |
Sales and marketing | 227,676 | 179,337 | 107,249 |
General and administrative | 105,900 | 77,785 | 37,215 |
Restructuring charges | 10,149 | 0 | 0 |
Total operating expenses | 508,859 | 392,532 | 221,248 |
Loss from operations | (177,380) | (143,063) | (66,583) |
Interest income | 9,144 | 320 | 1,163 |
Other (expense) income, net | (2,401) | (346) | 120 |
Loss before income taxes | (170,637) | (143,089) | (65,300) |
Income tax expense | 4,720 | 2,126 | 1,515 |
Net loss | $ (175,357) | $ (145,215) | $ (66,815) |
Net loss per share-basic | $ (1.21) | $ (1.28) | $ (1.80) |
Net loss per share-diluted | $ (1.21) | $ (1.28) | $ (1.80) |
Weighted average shares used in computing net loss per share-basic | 145,263,726 | 113,587,523 | 37,207,492 |
Weighted average shares used in computing net loss per share-diluted | 145,263,726 | 113,587,523 | 37,207,492 |
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
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Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (175,357) | $ (145,215) | $ (66,815) |
Change in unrealized loss on marketable securities, net of tax | (466) | (272) | (54) |
Comprehensive loss | $ (175,823) | $ (145,487) | $ (66,869) |
Basis of Presentation and Description of Business |
12 Months Ended |
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Dec. 31, 2022 | |
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 of America (“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 leading university and industry partners (“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 the job markets of today and tomorrow. 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 15 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. |
Significant Accounting Policies |
12 Months Ended |
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Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of 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 consists of a letter of credit required to fulfill our corporate headquarters’ operating lease agreement.
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 stockholders’ equity (deficit). 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. Credit-related impairment losses, not to exceed the amount that fair value is less than the amortized cost basis, are recognized through an allowance for credit losses with changes recognized as a charge to other (expense) income, net. Any remaining impairment is included in accumulated other comprehensive income (loss) as a component of stockholders' equity (deficit). Realized gains and losses are reported within other (expense) income, net as a component of net 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, 2022, 2021, and 2020.
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 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 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 statement of operations. One such agreement stipulates 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 recognize the liability and related expenses associated with this development fund consistent with the timing of when we recognize educator partner content costs given our liability is established in the same period the revenue is recognized. The expenses are classified in the consolidated statement 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 within the consolidated balance sheets.
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, any impairment as a result of a sublease to the associated ROU asset and other lease related assets including leasehold improvements, furniture and fixtures, and computer equipment is recognized in the period the sublease is executed and recorded in the consolidated statements of operations. We recognize sublease income on a straight-line basis over the sublease term, and it is recorded as a reduction to our operating lease expense. Refer to Note 7 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 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 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, 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 to property and equipment of $904. There were no impairments of long-lived assets during the years ended December 31, 2021 and 2020.
Revenue Recognition 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 derive our revenue from three sources: Consumer, Enterprise, and Degrees. Refer to Note 15 for our disaggregation of revenue.
Consumer Revenue We generate revenue from consumers by selling access to learning content hosted on our platform. Consumer products include certifications for single courses, Specializations, 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 where 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 contracts are billed in advance and revenue is recognized ratably over the contract term, after 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 a refund reserve based on historical refund rates. The refund reserve was immaterial as of December 31, 2022 and 2021.
Enterprise Revenue We sell subscription licenses to businesses, organizations, governments, and educational institutions that provide users 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 the purchase of a fixed quantity of seat licenses, each of which allows for unlimited course enrollments by one learner for each year. We recognize revenue ratably over the contract term, after access has been granted to the Enterprise customer, as they have unlimited access to the course content during the contract term.
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.
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, and 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 earned and paid by the university for each academic term. As a result, revenue generated from each term 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, who contract 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 customers.
Deferred Commissions Customer acquisition costs are primarily related to sales commissions and related payroll taxes earned by our Enterprise sales force, which are incremental costs we incur to obtain a contract. Sales commissions and related payroll taxes for Enterprise contracts are deferred and then amortized on a straight-line basis over the expected period of benefit, which is estimated to be three years. We determine the expected period of benefit by taking into consideration the length of terms in Enterprise customer contracts, the life of the technology, and other factors. We amortize these costs over three 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 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.
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 of the access being provided to the customer.
Cost of Revenue Cost of revenue consists of content costs in the form of 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. Concentration of Credit 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 purposes of assessing 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, 2022, 2021, and 2020, we did not have any customers that accounted for more than 10% of our revenue. As of December 31, 2022 and 2021, we did not have any customers that accounted for more than 10% of our net accounts receivable balance. 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 financial statements, 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 statement of operations.
Stock-Based Compensation Expense We measure and recognize compensation expense for stock-based awards granted to employees, directors, and nonemployees 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: Fair Value of Common Stock— Prior to the IPO, the fair value was determined by our Board of Directors. The Board of Directors considered numerous objective and subjective factors to determine the fair value of the common stock at each meeting in which awards were approved. The factors considered included, but were not limited to: (i) the results of contemporaneous independent third-party valuations of the common stock; (ii) the prices, rights, preferences, and privileges of the redeemable convertible preferred stock relative to the common stock; (iii) the lack of marketability of the common stock; (iv) actual operating and financial results; (v) current business conditions and projections; (vi) the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions; and (vii) precedent transactions involving the common stock. Subsequent to the IPO, the fair value of Coursera, Inc.’s common stock is determined on the grant date using the common stock's closing price. 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—Since we do not have a sufficient trading history of our common stock, 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 over a period equivalent to the expected term of the stock option or 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. We also grant certain awards that have performance-based vesting conditions, which are recognized using an accelerated attribution method from the time it is deemed probable that the vesting condition will be met through the time the service-based vesting condition has been achieved. If at any point we determine that the performance condition is improbable of achievement, we reverse any previously recognized compensation cost for that award. 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. For the period prior to our IPO, we treated all series of our redeemable convertible preferred stock as participating securities, since the holders of such stock had the right to receive nonforfeitable 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, ESPP Rights, early exercised common stock options, and common stock warrants 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 the development of 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 expense in the consolidated statements of operations. For the years ended December 31, 2022, 2021, and 2020, these costs were $39,940, $28,740, and $21,005, respectively.
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 in other (expense) income, net in the consolidated statements of operations. Recent Accounting Pronouncements New Accounting Pronouncements Recently Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This standard simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill and the allocation of consolidated income taxes to separate financial statements of entities not subject to income tax. Upon adoption, certain aspects of this standard are applied retrospectively for all periods presented while other aspects are applied on a modified retrospective basis through a cumulative-effect adjustment to accumulated deficit as of the beginning of the fiscal year of adoption. We adopted ASU 2019-12 effective January 1, 2022, and the adoption did not have a material impact on our consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (“ASU 2016-13”), which provides new authoritative guidance with respect to the measurement of credit losses on financial instruments. This update changes the impairment model for most financial assets and certain other instruments by introducing a current expected credit loss (“CECL”) model. The CECL model is a more forward-looking approach based on expected losses rather than incurred losses, requiring entities to estimate and record losses expected over the remaining contractual life of an asset. We adopted ASU 2016-13 on January 1, 2022 on a modified retrospective basis. The adoption of the standard did not have a material impact on the consolidated financial statements. |
Revenue Recognition |
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Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | 3. REVENUE RECOGNITION Contract Balances Contract assets and liabilities were as follows:
Revenue recognized during the years ended December 31, 2022, 2021, and 2020 that was included in the corresponding deferred revenue balance at the beginning of each year was $92,806, $74,775, and $37,906, respectively. Impairment losses recorded on contract assets during the year ended December 31, 2022 were immaterial, and there were no impairment losses recorded on contract assets during the years ended December 31, 2021 and 2020. Remaining Performance Obligations Remaining performance obligations represent future revenue that is under noncancelable contracts but has not yet been recognized. As of December 31, 2022, we had remaining performance obligations of $324,009 and expect to recognize approximately 62% as revenue over the next 12 months and the remainder thereafter. Costs to Obtain and Fulfill Contracts During the years ended December 31, 2022, 2021, and 2020, we capitalized $17,766, $14,217, and $11,099, respectively, of commissions and related payroll tax expenditures and amortized $12,618, $8,197, and $4,156, respectively. As of December 31, 2022 and 2021, the amount of deferred commissions and related payroll tax expenditures included in deferred costs and in other assets was $13,300 and $9,761, and $10,426 and $8,817, respectively. During the year ended December 31, 2022, we recognized an impairment loss of $2,915 on deferred partner fees that we do not expect to recover associated with content from Russian educator partners whose content we removed from our platform. The impairment loss was recorded within general and administrative expenses in the consolidated statements of operations. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | 4. FAIR VALUE MEASUREMENTS
The following table presents our fair value hierarchy for those assets measured at fair value on a recurring basis:
We remeasure certain assets, including intangible assets and our equity-method investment in a private company, at fair value on a non-recurring basis when there are identifiable events or changes in circumstances that may have a significant adverse impact on the fair value of these assets. No such events or changes occurred during the years ended December 31, 2022 and 2021. |
Marketable Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | 5. MARKETABLE SECURITIES The following table presents our AFS marketable securities:
Gross realized gains and losses related to our marketable securities were not material for the years ended December 31, 2022, 2021, and 2020. The following table presents the cost basis and fair value of AFS marketable securities by contractual maturity date:
Investments in an unrealized loss position consisted of the following:
As of December 31, 2022 and 2021, no investments were in a continuous unrealized loss position for more than 12 months. Unrealized losses on our debt securities have not been recorded into income because we do not intend to sell nor is it more likely than not that we will be required to sell these securities prior to recovery of their amortized cost basis. The decline in fair value of our AFS debt securities is largely due to changes in credit spreads as a result of market conditions. The credit ratings associated with our AFS debt securities are highly rated and mostly unchanged. As a result, there were no credit or non-credit impairment charges recorded during the years ended December 31, 2022, 2021 or 2020. |
Consolidated Balance Sheet Components |
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Consolidated Balance Sheet Components | 6. CONSOLIDATED BALANCE SHEET COMPONENTS Property, Equipment, and Software, Net Property, equipment, and software, net consisted of the following:
Depreciation and amortization expense related to property, equipment, and software for the years ended December 31, 2022, 2021, and 2020 was $15,865, $12,513, and $8,114, respectively, which included amortization expense of internal-use software and website development of $13,128, $9,675, and $5,875, respectively. Intangible Assets, Net Intangible assets, net consisted of the following:
During the years ended December 31, 2022, 2021, and 2020, the Company capitalized $1,100, $1,765, and $3,956 of content assets, respectively. Intangible assets amortization expense was $2,638, $2,244, and $1,471 for the years ended December 31, 2022, 2021, and 2020, respectively.
As of December 31, 2022, the weighted-average remaining amortization period was 2.6 years for developed technology and 3.7 years for content assets. As of December 31, 2022, future expected amortization expense for intangible assets was as follows:
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | 7. 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 a sublease agreement pursuant to which we subleased a part of our existing office space in Mountain View, California. We classified the sublease as an operating lease. The term of the sublease commenced on June 1, 2022 and terminates on October 31, 2024. During the year ended December 31, 2022, we recognized an impairment loss related to an operating lease right-of-use (“ROU”) asset of $2,304 and related to property and equipment of $904, which was allocated within operating expenses in the consolidated statements of operations, consistent with the allocation approach used for operating lease costs.
The components of lease costs were as follows:
Future lease payments under our non-cancelable operating leases, which do not include short-term leases, as of December 31, 2022 were as follows:
Supplemental cash flow information as well as the weighted-average remaining lease term and discount rate related to our operating leases were as follows:
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Income Taxes |
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Income Taxes | 8. INCOME TAXES
The components of loss before income tax were as follows:
Income tax expense consisted of the following:
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:
Significant components of our deferred tax assets and liabilities consisted of the following:
During the year ended December 31, 2022, there was an increase in deferred tax assets from the effects of capitalization of research and development costs as required by the 2017 Tax Cuts and Jobs Act.
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, 2022 and 2021. We increased the valuation allowance for the years ended December 31, 2022 and 2021 by $33,838 and $67,703, respectively.
As of December 31, 2022, U.S. federal and state NOL carryforwards were $481,041 and $169,856, respectively, and U.S. federal and state research and development tax credit carryforwards were $19,106 and $12,142, 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, 2022, $367,317 are carried forward indefinitely, but are limited to 80% of taxable income.
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (“CARES”) Act was enacted and signed into U.S. law to provide economic relief to individuals and businesses facing economic hardship as a result of the COVID-19 pandemic. Changes in tax laws or rates are accounted for in the period of enactment. The CARES Act temporarily removes the 80% taxable income limitation for tax years beginning before 2021. Furthermore, it allows for a five-year carryback of federal NOLs arising in 2018, 2019, and 2020. Due to our loss position, the CARES act did not have a material impact on our consolidated financial statements.
On August 16, 2022, the U.S. enacted the Inflation Reduction Act (“IRA”) of 2022, 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. While these tax law changes have no immediate effect and are not expected to have a material adverse effect on our results of operations going forward, we will continue to evaluate their impact as further information becomes available.
Uncertain Tax Positions As of December 31, 2022, we had unrecognized tax benefits of $16,371 of which $1,596 would impact our effective tax rate, if recognized. The activity related to the unrecognized tax benefits was as follows:
We recognize interest and penalties related to unrecognized tax benefits in income tax expense. Interest and penalties accrued were immaterial as of December 31, 2022, 2021, and 2020.
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 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. |
Redeemable Convertible Preferred Stock |
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Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock | 9. 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, 2022 and 2021, there were no shares of redeemable convertible preferred stock issued and outstanding. |
Stockholders' Equity (Deficit) |
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Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity (Deficit) | 10. 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, 2022, there were no shares of preferred stock issued or outstanding. Common Stock Warrants In June 2012, we issued a warrant in connection with an educator partner agreement to purchase up to 571,250 shares of our common stock at an exercise price of $0.20 per share. These warrants expired on the earlier of (i) June 2020, (ii) the sale of substantially all of the Company’s securities, or (iii) 60 days after the termination of the educator partner agreement. The vesting schedule of the warrants was based on attainment of certain customer course completion metrics for the partner’s content through June 2017. As of December 31, 2019, we believed that 190,930 of these warrants were vested and exercisable per the terms of the educator partner agreement. In June 2020, the educator partner cash exercised the 190,930 warrants and attempted to net exercise 379,070 of the warrants. We entered into dispute resolution procedures with the educator partner to resolve the dispute regarding the vesting of the 379,070 net exercised warrants. In December 2020, the dispute was resolved by both parties. We issued 187,305 fully vested shares of common stock to the educator partner, and the educator partner entered into a contract amendment that expanded the extent of its content hosted on our platform. We did not record a charge to the consolidated statement of operation as a result of the resolution of the dispute as the value assigned to the settlement element was zero. We concluded that there would be significant expected future benefit to be obtained from the expansion of the educator partner’s content on our platform and recorded the fair value of common stock issued (which was less than the expected fair value of the educator partner’s content to be made available on our platform) in the amount of $3,956 as an intangible content asset as of December 31, 2020 to be amortized over the estimated useful life of years. Amortization commenced on March 1, 2021 when the content was made available on our platform. |
Net Loss Per Share |
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Net Loss Per Share | 11. NET LOSS PER SHARE The following table presents the calculation of basic and diluted net loss 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:
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Commitments and Contingencies |
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Commitments and Contingencies | 12. COMMITMENTS AND CONTINGENCIES Purchase Obligations Purchase obligations relate mainly to a third-party cloud infrastructure agreement and subscription arrangements as well as service agreements used to facilitate our operations. As of December 31, 2022, we had approximately $40,977 of future minimum payments under our noncancelable purchase obligations with a remaining term in excess of one year, which are expected to be paid through 2026.
Litigation We evaluate uncertainties associated with litigation and record a charge equal to at least the minimum estimated liability for a loss contingency when both of the following conditions are met: (i) information available prior to issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and (ii) the loss or range of loss can be reasonably estimated. If we determine that a loss is possible and a range of the loss can be reasonably estimated, we disclose the range of the possible loss in the notes to the consolidated financial statements. We evaluate, on a quarterly basis, developments in our legal matters that could affect the amount of liability that has been previously accrued, if any, and the matters and related ranges of possible losses disclosed and make adjustments and changes to our disclosures as appropriate. Significant judgment is required to determine both likelihood of there being, and the estimated amount of, a loss related to such matters. Until the final resolution of such matters, there may be an exposure to loss, and such amounts could be material. In January 2023, a putative class action complaint, Feng et al v. Coursera, Inc., was filed against us in the United States District Court for the Northern District of California. The complaint asserts alleged failures to make certain disclosures and obtain certain authorizations under California's Automatic Renewal Law and the Electronic Funds Transfer Act. The complaint seeks injunctive relief and an unspecified amount of monetary damages. Even though we believe we have not violated the laws set forth in the complaint, it is not possible at this time to reasonably estimate the probability that we will ultimately prevail or be held liable for the violations alleged in the complaint, nor is it possible to reasonably estimate the ultimate loss, if any, or range of loss that could result from the complaint. We plan to defend against the complaint and class certification. Accordingly, we have not recorded any loss contingency on our consolidated balance sheet as of December 31, 2022. 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. |
Employee Benefit Plans |
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Employee Benefit Plans | 13. 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 ends on May 10, 2023. As of December 31, 2022, 5,376,320 shares of our common stock were reserved for future issuance under the 2021 Plan. As of December 31, 2022, 3,443,678 shares of our common stock were reserved for issuance under the 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 year ended December 31, 2022, there were two ESPP Rights Resets that resulted in modification charges of $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, 2022 was as follows:
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 $57,311, $296,635, and $50,286 for the years ended December 31, 2022, 2021, and 2020. The weighted-average grant date fair value of options granted for the years ended December 31, 2022, 2021, and 2020 was $7.26, $16.23, and $5.66, respectively. RSUs During the year ended December 31, 2020, we granted RSUs to our employees and directors. RSUs granted prior to the IPO had service-based and performance-based vesting conditions, both of which must be satisfied in order for the RSUs to vest. The service-based vesting condition for these awards is typically satisfied over four years with a cliff vesting period of one year and continued vesting quarterly thereafter. The performance-based vesting condition is satisfied on the earlier of (i) a change in control event or (ii) the first sale of our common stock pursuant to an initial public offering. Both events were not deemed probable until consummated. Upon the first sale of our common stock pursuant to the IPO on April 5, 2021, the performance-based vesting condition was satisfied, and therefore, we recognized cumulative stock-based compensation expense of $16,803 using the accelerated attribution method for the portion of the awards for which the service-based vesting condition had been satisfied. RSUs granted after the IPO do not contain the performance-based vesting condition described above, and the related stock-based compensation expense is recognized on a straight-line basis over the requisite service period. RSU activity for the year ended December 31, 2022 was as follows:
The aggregate fair value of RSUs that vested was $29,966, $18,767, and zero for the years ended December 31, 2022, 2021, and 2020.
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:
The following table summarizes the assumptions used in estimating the fair value of ESPP Rights:
Stock-based compensation expense is classified in the consolidated statements of operations as follows:
We capitalized $5,407, $4,890, and $966 of stock-based compensation related to our internal-use software during the years ended December 31, 2022, 2021, and 2020, respectively. As of December 31, 2022, there was a total of $29,127 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, 2022, total unrecognized compensation cost related to unvested RSUs was $286,554, which is expected to be recognized over a weighted-average period of approximately 3.0 years. Total unrecognized stock-based compensation cost related to ESPP Rights as of December 31, 2022 was $8,797, 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, 2022 and 2021 were $835 and $821, respectively, and were immaterial for the year ended December 31, 2020 due to cumulative losses and valuation allowances.
For the years ended December 31, 2022 and 2021, income tax benefits realized related to stock-based awards vested and exercised were $387 and $968, respectively, and were immaterial for the year ended December 31, 2020 due to cumulative losses and valuation allowances. Common Stock Reserved for Issuance Our common stock reserved for future issuance was as follows:
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 $1,791 to the 401(k) Plan for the year ended December 31, 2022. No matching contributions were made during the years ended December 31, 2021 and 2020. |
Related Party Transactions |
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Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. RELATED PARTY TRANSACTIONS During the year ended December 31, 2017, we entered into a content sourcing agreement with a related party in the normal course of business and under standard terms. Content fees earned by the related party during the years ended December 31, 2022, 2021, and 2020 were $5,679, $6,558, and $6,171, respectively. As of December 31, 2022 and 2021, outstanding educator partner payables related to this content sourcing agreement were $1,223 and $1,502, respectively. |
Segment and Geographic Information |
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Segment and Geographic Information | 15. SEGMENT AND GEOGRAPHIC INFORMATION Segment Information Our Chief Executive Officer is our chief operating decision maker (“CODM”). 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 intuitive 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 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. 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 technological 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:
Geographic Information Revenue The following table summarizes the revenue by region based on the billing address of our customers:
No single country other than the United States represented 10% or more of our total revenue during the years ended December 31, 2022, 2021, and 2020. 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:
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Restructuring Charges |
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Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | 16. RESTRUCTURING CHARGES We are undertaking a plan to reduce our expenses, focus our efforts, and prioritize 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 charges, within operating expenses, of $10.1 million mainly related to personnel expenses, such as employee severance and benefits costs, and made cash payments of $4.8 million in the year ended December 31, 2022. As of December 31, 2022, $5.1 million of the incremental expenses relating to this reduction remained unpaid and were included in the consolidated balance sheet as accrued compensation and benefits, substantially all of which are expected to be paid during the year ended December 31, 2023. We will also have a reversal of stock-based compensation expense of approximately $6 million, the majority of which will be recognized in the first quarter of 2023 when the forfeiture of RSUs and stock options will occur.
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Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
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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 consists of a letter of credit required to fulfill our corporate headquarters’ operating lease agreement |
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 stockholders’ equity (deficit). 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. Credit-related impairment losses, not to exceed the amount that fair value is less than the amortized cost basis, are recognized through an allowance for credit losses with changes recognized as a charge to other (expense) income, net. Any remaining impairment is included in accumulated other comprehensive income (loss) as a component of stockholders' equity (deficit). Realized gains and losses are reported within other (expense) income, net as a component of net 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, 2022, 2021, and 2020. |
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 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 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 statement of operations. One such agreement stipulates 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 recognize the liability and related expenses associated with this development fund consistent with the timing of when we recognize educator partner content costs given our liability is established in the same period the revenue is recognized. The expenses are classified in the consolidated statement 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 within the consolidated balance sheets. |
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, any impairment as a result of a sublease to the associated ROU asset and other lease related assets including leasehold improvements, furniture and fixtures, and computer equipment is recognized in the period the sublease is executed and recorded in the consolidated statements of operations. We recognize sublease income on a straight-line basis over the sublease term, and it is recorded as a reduction to our operating lease expense. Refer to Note 7 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 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 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, 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 to property and equipment of $904. There were no impairments of long-lived assets during the years ended December 31, 2021 and 2020. |
Revenue Recognition | Revenue Recognition 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 derive our revenue from three sources: Consumer, Enterprise, and Degrees. Refer to Note 15 for our disaggregation of revenue.
Consumer Revenue We generate revenue from consumers by selling access to learning content hosted on our platform. Consumer products include certifications for single courses, Specializations, 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 where 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 contracts are billed in advance and revenue is recognized ratably over the contract term, after 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 a refund reserve based on historical refund rates. The refund reserve was immaterial as of December 31, 2022 and 2021.
Enterprise Revenue We sell subscription licenses to businesses, organizations, governments, and educational institutions that provide users 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 the purchase of a fixed quantity of seat licenses, each of which allows for unlimited course enrollments by one learner for each year. We recognize revenue ratably over the contract term, after access has been granted to the Enterprise customer, as they have unlimited access to the course content during the contract term.
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.
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, and 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 earned and paid by the university for each academic term. As a result, revenue generated from each term 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, who contract 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 and Fulfillment Costs Contract acquisition costs consist of sales commissions and related payroll taxes associated with obtaining contracts with Enterprise customers.
Deferred Commissions Customer acquisition costs are primarily related to sales commissions and related payroll taxes earned by our Enterprise sales force, which are incremental costs we incur to obtain a contract. Sales commissions and related payroll taxes for Enterprise contracts are deferred and then amortized on a straight-line basis over the expected period of benefit, which is estimated to be three years. We determine the expected period of benefit by taking into consideration the length of terms in Enterprise customer contracts, the life of the technology, and other factors. We amortize these costs over three 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 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.
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 of the access being provided to the customer. |
Cost of Revenue | Cost of Revenue Cost of revenue consists of content costs in the form of 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. |
Concentration of Credit Risk | Concentration of Credit 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 purposes of assessing 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, 2022, 2021, and 2020, we did not have any customers that accounted for more than 10% of our revenue. As of December 31, 2022 and 2021, we did not have any customers that accounted for more than 10% of our net accounts receivable balance. |
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 financial statements, 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 statement 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 nonemployees 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: Fair Value of Common Stock— Prior to the IPO, the fair value was determined by our Board of Directors. The Board of Directors considered numerous objective and subjective factors to determine the fair value of the common stock at each meeting in which awards were approved. The factors considered included, but were not limited to: (i) the results of contemporaneous independent third-party valuations of the common stock; (ii) the prices, rights, preferences, and privileges of the redeemable convertible preferred stock relative to the common stock; (iii) the lack of marketability of the common stock; (iv) actual operating and financial results; (v) current business conditions and projections; (vi) the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions; and (vii) precedent transactions involving the common stock. Subsequent to the IPO, the fair value of Coursera, Inc.’s common stock is determined on the grant date using the common stock's closing price. 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—Since we do not have a sufficient trading history of our common stock, 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 over a period equivalent to the expected term of the stock option or 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. We also grant certain awards that have performance-based vesting conditions, which are recognized using an accelerated attribution method from the time it is deemed probable that the vesting condition will be met through the time the service-based vesting condition has been achieved. If at any point we determine that the performance condition is improbable of achievement, we reverse any previously recognized compensation cost for that award. 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. For the period prior to our IPO, we treated all series of our redeemable convertible preferred stock as participating securities, since the holders of such stock had the right to receive nonforfeitable 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, ESPP Rights, early exercised common stock options, and common stock warrants 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 the development of 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 expense in the consolidated statements of operations. For the years ended December 31, 2022, 2021, and 2020, these costs were $39,940, $28,740, and $21,005, respectively. |
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 in other (expense) income, net in the consolidated statements of operations. |
New Accounting Pronouncements Recently Adopted | Recent Accounting Pronouncements New Accounting Pronouncements Recently Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This standard simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill and the allocation of consolidated income taxes to separate financial statements of entities not subject to income tax. Upon adoption, certain aspects of this standard are applied retrospectively for all periods presented while other aspects are applied on a modified retrospective basis through a cumulative-effect adjustment to accumulated deficit as of the beginning of the fiscal year of adoption. We adopted ASU 2019-12 effective January 1, 2022, and the adoption did not have a material impact on our consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (“ASU 2016-13”), which provides new authoritative guidance with respect to the measurement of credit losses on financial instruments. This update changes the impairment model for most financial assets and certain other instruments by introducing a current expected credit loss (“CECL”) model. The CECL model is a more forward-looking approach based on expected losses rather than incurred losses, requiring entities to estimate and record losses expected over the remaining contractual life of an asset. We adopted ASU 2016-13 on January 1, 2022 on a modified retrospective basis. The adoption of the standard did not have a material impact on the consolidated financial statements. |
Revenue Recognition (Tables) |
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Summary of Contract Assets and Liabilities | Contract assets and liabilities were as follows:
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Fair Value Measurements (Tables) |
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Fair Value Measurements at Fair Value by Level Within Fair Value Hierarchy | The following table presents our fair value hierarchy for those assets measured at fair value on a recurring basis:
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Marketable Securities (Tables) |
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Summary of Available-for-Sale Marketable Securities | The following table presents our AFS marketable securities:
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Schedule of the Cost Basis and Fair Value of Available-for-sale Securities by Contractual Maturity Date | The following table presents the cost basis and fair value of AFS marketable securities by contractual maturity date:
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Schedule of Investments in an Unrealized Loss Position | Investments in an unrealized loss position consisted of the following:
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Consolidated Balance Sheet Components (Tables) |
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Schedule of Property, Equipment and Software | Property, equipment, and software, net consisted of the following:
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Schedule of Intangible Assets | Intangible assets, net consisted of the following:
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Schedule of Future Expected Amortization Expense for Intangible Assets | As of December 31, 2022, future expected amortization expense for intangible assets was as follows:
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Leases (Tables) |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Lease Costs | The components of lease costs were as follows:
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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, 2022 were as follows:
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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:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Loss Before Income Tax | The components of loss before income tax were as follows:
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Schedule of Income Tax Expense | Income tax expense consisted of the following:
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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:
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Schedule of Significant components of our deferred tax assets and liabilities | Significant components of our deferred tax assets and liabilities consisted of the following:
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Schedule of Activity Related to the Unrecognized Tax Benefits | The activity related to the unrecognized tax benefits was as follows:
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Net Loss Per Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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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:
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Commitments and Contingencies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Payments under the Company's Non-Cancellable Purchase Obligations |
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Segment and Geographic Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Information for Each Reportable Segment | Financial information for each reportable segment was as follows:
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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:
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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:
|
Revenue Recognition - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Jan. 01, 2021 |
---|---|---|---|
Contract assets: | |||
Billed accounts receivable, net of allowance for credit losses | $ 45,337 | $ 22,286 | $ 39,976 |
Unbilled accounts receivable | 8,397 | 12,110 | 745 |
Total contract assets | 53,734 | 34,396 | 40,721 |
Contract liabilities: | |||
Deferred revenue | 118,777 | 98,488 | 80,642 |
Total contract liabilities | $ 118,777 | $ 98,488 | $ 80,642 |
Revenue Recognition - Additional Information (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | |||
Revenue Recognized | $ 92,806,000 | $ 74,775,000 | $ 37,906,000 |
Commissions and related payroll tax expenditures | 17,766,000 | 14,217,000 | 11,099,000 |
Amortization, sales and marketing expenses | 12,618,000 | 8,197,000 | $ 4,156,000 |
Impairment losses on contract assets | 0 | 0 | |
Deferred costs | 13,300,000 | 9,761,000 | |
Other assets | 10,426,000 | $ 8,817,000 | |
Russian Educator Partners [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Impairment losses on deferred partner fees | $ 2,915,000 |
Revenue Recognition - Additional Information (Details 1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01 $ in Thousands |
Dec. 31, 2022
USD ($)
|
---|---|
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligation | $ 324,009 |
Percent of remaining performance obligations to be recognized | 62.00% |
Period for satisfaction of remaining performance obligation | 12 months |
Marketable Securities - Summary of Available-for-Sale Marketable Securities (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 460,372 | $ 241,369 |
Gross Unrealized Gains | 26 | |
Gross Unrealized Losses | (744) | (252) |
Estimated Fair Market Value | 459,654 | 241,117 |
U.S. Government Treasury Bills | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 460,372 | 241,369 |
Gross Unrealized Gains | 26 | |
Gross Unrealized Losses | (744) | (252) |
Estimated Fair Market Value | $ 459,654 | $ 241,117 |
Marketable Securities - Schedule of the Cost Basis and Fair Value of Available-for-sale Securities by Contractual Maturity Date (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost | $ 460,372 | $ 241,369 |
Estimated Fair Market Value | $ 459,654 | $ 241,117 |
Marketable Securities - Schedule of Investments in an Unrealized Loss Position (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value | $ 356,767 | $ 241,117 |
Gross Unrealized Losses | (744) | (252) |
U.S. Government Treasury Bills | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value | 356,767 | 241,117 |
Gross Unrealized Losses | $ (744) | $ (252) |
Marketable Securities - Additional Information (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Investments, Debt and Equity Securities [Abstract] | |||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | $ 0 | |
Credit Or Non Credit Impairment Charges | $ 0 | $ 0 | $ 0 |
Consolidated Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Property Plant And Equipment [Line Items] | |||
Depreciation and amortization | $ 18,503 | $ 14,757 | $ 9,585 |
Amortization expenses of intangible assets | 2,638 | 2,244 | 1,471 |
Intangible assets | $ 8,553 | 10,091 | |
Developed Technology | |||
Property Plant And Equipment [Line Items] | |||
Weighted average remaining amortization period for intangible asset | 2 years 7 months 6 days | ||
Content Asset | |||
Property Plant And Equipment [Line Items] | |||
Intangible assets | $ 1,100 | 1,765 | 3,956 |
Weighted average remaining amortization period for intangible asset | 3 years 8 months 12 days | ||
Property, Equipment and Software | |||
Property Plant And Equipment [Line Items] | |||
Depreciation and amortization | $ 15,865 | 12,513 | 8,114 |
Internal-use software and website development | |||
Property Plant And Equipment [Line Items] | |||
Amortization expenses of intangible assets | $ 13,128 | $ 9,675 | $ 5,875 |
Consolidated Balance Sheet Components - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 15,448 | $ 14,348 |
Accumulated amortization | (6,895) | (4,257) |
Net carrying value | 8,553 | 10,091 |
Content Asset | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value | 6,821 | 5,721 |
Accumulated amortization | (1,971) | (777) |
Net carrying value | 4,850 | 4,944 |
Developed Technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value | 8,446 | 8,446 |
Accumulated amortization | (4,743) | (3,337) |
Net carrying value | 3,703 | 5,109 |
Assembled Workforce | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value | 181 | 181 |
Accumulated amortization | (181) | (143) |
Net carrying value | $ 0 | $ 38 |
Consolidated Balance Sheet Components - Schedule of Future Expected Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
2023 | $ 2,687 | |
2024 | 2,778 | |
2025 | 2,250 | |
2026 | 584 | |
2027 | 170 | |
Thereafter | 84 | |
Net carrying value | $ 8,553 | $ 10,091 |
Leases - Additional Information (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended |
---|---|---|
May 31, 2022 |
Dec. 31, 2022 |
|
Lessee, Lease, Description [Line Items] | ||
Impairment loss | $ 2,304 | |
Sublease Commencement Date | Jun. 01, 2022 | |
Sublease Expiration Date | Oct. 31, 2024 | |
Property and Equipment | ||
Lessee, Lease, Description [Line Items] | ||
Impairment loss | $ 904 |
Leases - Schedule of Components of Lease Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Lease costs | |||
Operating lease cost | $ 5,853 | $ 6,663 | $ 6,856 |
Short term lease cost | 1,388 | 1,122 | 779 |
Variable lease cost | 1,753 | 1,690 | 1,302 |
Sublease income | (1,587) | 0 | 0 |
Total lease costs | $ 7,407 | $ 9,475 | $ 8,937 |
Leases - Schedule of Future Lease Payments (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Leases [Abstract] | ||
2023 | $ 7,853 | |
2024 | 7,411 | |
2025 | 46 | |
Total lease payments | 15,310 | |
Less imputed interest | (861) | |
Present value of operating lease liabilities | 14,449 | |
Operating lease liabilities, current | 8,658 | $ 8,031 |
Operating lease liabilities, non-current | 5,791 | $ 11,864 |
Total operating lease liabilities | $ 14,449 |
Leases - Schedule of Supplemental Cash Flow and Weighted-Average Remaining Lease Term and Discount Rate (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 6,875 | $ 7,683 |
Operating lease ROU assets obtained in exchange for lease liabilities | $ 427 | |
Weighted-average remaining operating lease term (in years) | 1 year 11 months 4 days | 2 years 11 months 1 day |
Weighted-average operating lease discount rate | 5.76% | 5.70% |
Income Taxes - Schedule of Components of Loss Before Income Tax (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Income Tax Disclosure [Abstract] | |||
Domestic | $ (177,649) | $ (148,343) | $ (68,128) |
Foreign | 7,012 | 5,254 | 2,828 |
Loss before income taxes | $ (170,637) | $ (143,089) | $ (65,300) |
Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Curremnt expense: | |||
Federal | $ 0 | $ 0 | $ 0 |
State | 189 | 11 | 0 |
Foreign | 4,872 | 3,025 | 1,515 |
Total current | 5,061 | 3,036 | 1,515 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Foreign | (341) | (910) | 0 |
Total deferred | (341) | (910) | 0 |
Total income tax expense | $ 4,720 | $ 2,126 | $ 1,515 |
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 27, 2020 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2017 |
Dec. 31, 2019 |
|
Operating Loss Carryforwards [Line Items] | ||||||
Effective tax rate | (2.80%) | (1.50%) | (2.30%) | |||
Increase (decrease) in valuation allowance | $ 33,838 | $ 67,703 | ||||
Research and development tax credits carryforwards | 31,248 | 25,330 | ||||
Unrecognized tax benefits | 16,371 | $ 12,539 | $ 7,477 | $ 14,099 | ||
Impact of unrecognized tax benefits on effective tax rate, if recognized | 1,596 | |||||
Federal | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Net operating loss carryforwards | 481,041 | |||||
Research and development tax credits carryforwards | $ 19,106 | |||||
Operating loss carryforwards, deduction limitation | 80.00% | 80.00% | 80.00% | |||
Indefinite operating loss carryforwards | $ 367,317 | |||||
State | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Net operating loss carryforwards | 169,856 | |||||
Research and development tax credits carryforwards | $ 12,142 |
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, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
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 | 2.10% | 4.30% | 1.80% |
Foreign income taxes at rates other than the U.S. rate | (1.80%) | (0.70%) | (1.00%) |
Change in valuation allowance | (19.80%) | (47.30%) | (27.70%) |
Research and development credits | 3.50% | 7.30% | 5.30% |
Stock-based compensation | (4.40%) | 13.30% | (0.40%) |
Foreign inclusions | (3.70%) | 0.00% | (1.20%) |
Other | 0.30% | 0.60% | (0.10%) |
Effective income tax rate | (2.80%) | (1.50%) | (2.30%) |
Income Taxes - Schedule of Significant components of our deferred tax assets and liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Deferred tax assets: | ||
Net operating loss carryforwards | $ 112,003 | $ 119,093 |
Research and development credits | 31,248 | 25,330 |
Capitalized research and development costs | 29,047 | 0 |
Stock-based compensation | 22,196 | 14,345 |
Lease liabilities | 3,312 | 4,643 |
Deferred revenue | 1,058 | 1,489 |
Accruals and reserves | 743 | 633 |
Gross deferred tax assets | 199,607 | 165,533 |
Valuation allowance | (185,606) | (151,768) |
Total deferred tax assets | 14,001 | 13,765 |
Deferred tax liabilities: | ||
Deferred commissions | (5,586) | (4,335) |
Depreciation and amortization | (5,086) | (4,711) |
ROU assets | (2,172) | (3,809) |
Total deferred tax liabilities | (12,844) | (12,855) |
Net deferred tax assets | $ 1,157 | $ 910 |
Income Taxes - Summary of income tax contingencies (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Income Tax Disclosure [Abstract] | |||
Gross unrecognized tax benefits -beginning of period | $ 12,539 | $ 7,477 | $ 14,099 |
Increases related to tax positions taken during current year | 3,641 | 4,850 | 2,210 |
Increases related to tax positions taken during prior years | 248 | 220 | 0 |
Decreases related to tax positions taken during prior years | (57) | (8) | (8,832) |
Gross unrecognzied tax benefits -end of period | $ 16,371 | $ 12,539 | $ 7,477 |
Redeemable Convertible Preferred Stock - Additional Information (Details) - shares |
Apr. 05, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|---|
Redeemable Convertible Preferred Stock | |||||
Temporary Equity [Line Items] | |||||
Temporary equity, shares issued (in shares) | 0 | ||||
Temporary equity, shares outstanding (in shares) | 0 | 75,305,400 | 67,658,342 | ||
IPO | Common Stock | |||||
Temporary Equity [Line Items] | |||||
Redeemable convertible preferred stock, shares issued upon conversion | 75,305,400 | ||||
Redeemable convertible preferred stock, conversion rate | one-for-one |
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, 2022 |
Dec. 31, 2021 |
|
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Unvested beginning balance | 7,387,288 | |
Number of Shares, Granted | 18,896,755 | |
Number of Shares, Vested | (1,940,200) | |
Number of Shares, Forfeited | (1,570,790) | |
Number of Shares, Unvested ending balance | 22,773,053 | |
Weighted- Average Grant Fair Value, Unvested beginning balance | $ 29.68 | |
Weighted- Average Grant Fair Value, Granted | 14.50 | |
Weighted- Average Grant Fair Value, Vested | 24.47 | |
Weighted- Average Grant Fair Value, Forfeited | 26.60 | |
Weighted- Average Grant Fair Value, Unvested ending balance | $ 17.75 | |
Aggregate Intrinsic Value, Unvested balance | $ 269,779 | $ 180,545 |
Employee Benefit Plans - Summary of weighted-average assumptions to record compensation expenses for stock options granted (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Equity [Abstract] | |||
Fair value of common stock | $ 12,800 | $ 29,990 | $ 10,300 |
Risk-free interest rate | 3.10% | 1.30% | 0.60% |
Expected term (in years) | 6 years 1 month 6 days | 6 years 2 months 12 days | 6 years 1 month 6 days |
Expected volatility | 57.70% | 57.10% | 50.30% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Employee Benefit Plans - Summary of Estimated Assumptions Used in Value of ESPP Rights (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Risk-free interest rate | 3.10% | 1.30% | 0.60% |
Expected term (in years) | 6 years 1 month 6 days | 6 years 2 months 12 days | 6 years 1 month 6 days |
Expected volatility | 57.70% | 57.10% | 50.30% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Risk-free interest rate | 1.40% | 0.00% | |
Expected term (in years) | 6 months | 6 months | |
Expected volatility | 59.40% | 48.30% | |
Maximum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Risk-free interest rate | 4.60% | 0.50% | |
Expected term (in years) | 2 years | 2 years | |
Expected volatility | 76.50% | 61.90% |
Employee Benefit Plans - Summary of Shares of Common Stock Reserved for Future Issuance (Details) - shares |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Equity [Abstract] | ||
Stock options outstanding | 18,153,195 | 23,000,872 |
RSUs outstanding | 22,773,053 | 7,387,288 |
Shares available for future grants | 8,819,998 | 16,905,525 |
Total shares of common stock reserved | 49,746,246 | 47,293,685 |
Employee Benefit Plans - 401(k) Plan (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Retirement Benefits [Abstract] | |||
Employees percentage of eligible compensation may elect to contribute | 100.00% | ||
Employer discretionary contribution amount | $ 1,791 | $ 0 | $ 0 |
Net Loss Per Share - Calculation of Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Numerator: | |||
Net loss | $ (175,357) | $ (145,215) | $ (66,815) |
Denominator: | |||
Weighted average shares used in computing net loss per share-basic | 145,263,726 | 113,587,523 | 37,207,492 |
Weighted average shares used in computing net loss per share-diluted | 145,263,726 | 113,587,523 | 37,207,492 |
Net loss per share-basic | $ (1.21) | $ (1.28) | $ (1.80) |
Net loss per share-diluted | $ (1.21) | $ (1.28) | $ (1.80) |
Commitments and Contingencies (Additional Information) (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Non-cancelable purchase obligations | $ 40,977 |
Commitments and Contigencies - Future Minimum Payments under the Company's Non-Cancelable Purchase Obligations (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 12,592 |
2024 | 12,770 |
2025 | 11,690 |
2026 | 3,925 |
Purchase Obligation, Total | $ 40,977 |
Related Party Transactions - Additional Information (Details) - Content Sourcing Agreement - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Related Party Transaction [Line Items] | |||
Related party content fees | $ 5,679 | $ 6,558 | $ 6,171 |
Outstanding to educator partner payables | $ 1,223 | $ 1,502 |
Segment and Geographic Information - Summary of Revenue By Region Based On Billing Address (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Segment Reporting Information [Line Items] | |||
Revenue | $ 523,756 | $ 415,287 | $ 293,511 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 276,011 | 210,513 | 143,478 |
Europe, Middle East, and Africa [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 130,607 | 112,643 | 83,227 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 68,943 | 54,763 | 40,732 |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 48,195 | $ 37,368 | $ 26,074 |
Segment and Geographic Information - Additional Information (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Segment Reporting Information [Line Items] | |||
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, 2022, 2021, and 2020. | ||
Revenue | Geographic Concentration Risk | United States [Member] | Minimum | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 10.00% | 10.00% | 10.00% |
Segment and Geographic Information - Summary of Long Lived Assets By Geographic Region (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Noncurrent Assets | $ 36,701 | $ 41,046 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Noncurrent Assets | 35,457 | 40,245 |
Rest of World [Member] | ||
Segment Reporting Information [Line Items] | ||
Noncurrent Assets | $ 1,244 | $ 801 |
Restructuring charges -Additional Information (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 10,149,000 | $ 0 | $ 0 | |
Share-Based Payment Arrangement, Expense | 110,785,000 | $ 91,183,000 | $ 16,807,000 | |
Incremental Expense | 5,100 | |||
Cash payment | $ 4,800,000 | |||
Forecast [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Share-Based Payment Arrangement, Expense | $ 6,000,000 |