COURSERA, INC., 10-K filed on 2/24/2025
Annual Report
v3.25.0.1
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 14, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-40275    
Entity Registrant Name COURSERA, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 45-3560292    
Entity Address, Address Line One 2440 West El Camino Real, Suite 500    
Entity Address, City or Town Mountain View    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94040    
City Area Code 650    
Local Phone Number 963-9884    
Title of 12(b) Security Common Stock, $0.00001 par value per share    
Trading Symbol COUR    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 1.0
Entity Common Stock, Shares Outstanding   160,205,628  
Documents Incorporated by Reference
Portions of the registrant’s definitive Proxy Statement relating to the 2025 Annual Meeting of Stockholders are incorporated herein by references in Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2024.
    
Entity Central Index Key 0001651562    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Firm ID 34
Auditor Name DELOITTE & TOUCHE LLP
Auditor Location San Jose, California
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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 726,125 $ 656,321
Marketable securities 0 65,746
Accounts receivable, net of allowance for credit losses of $34 and $133 as of December 31, 2024 and December 31, 2023 59,685 67,418
Deferred costs, net 24,667 26,387
Prepaid expenses and other current assets 20,177 16,614
Total current assets 830,654 832,486
Property, equipment, and software, net 36,899 30,408
Operating lease right-of-use assets 2,967 4,739
Intangible assets, net 24,521 11,720
Other assets 35,233 41,180
Total assets 930,274 920,533
Current liabilities:    
Educator partners payable 101,869 101,041
Other accounts payable and accrued expenses 21,375 23,456
Accrued compensation and benefits 31,627 22,281
Operating lease liabilities, current 43 6,557
Deferred revenue, current 159,741 137,229
Other current liabilities 12,818 7,696
Total current liabilities 327,473 298,260
Operating lease liabilities, non-current 3,021 39
Deferred revenue, non-current 1,555 2,861
Other liabilities 805 3,179
Total liabilities 332,854 304,339
Commitments and contingencies (Note 9)
Stockholders’ equity:    
Preferred stock, $0.00001 par value—10,000,000 shares authorized as of December 31, 2024 and December 31, 2023; no shares issued and outstanding as of December 31, 2024 and December 31, 2023 0 0
Common stock, $0.00001 par value—300,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 165,312,016 shares issued and 160,069,528 shares outstanding as of December 31, 2024, and 162,898,279 shares issued and 155,320,538 shares outstanding as of December 31, 2023 2 2
Additional paid-in capital 1,506,654 1,459,964
Treasury stock, at cost—5,242,488 and 7,577,741 shares as of December 31, 2024 and December 31, 2023 (49,029) (63,154)
Accumulated other comprehensive income 0 59
Accumulated deficit (860,207) (780,677)
Total stockholders’ equity 597,420 616,194
Total liabilities and stockholders’ equity $ 930,274 $ 920,533
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Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 34 $ 133
Preferred stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 300,000,000 300,000,000
Common stock, shares issued (in shares) 165,312,016 162,898,279
Common stock, shares outstanding (in shares) 160,069,528 155,320,538
Treasury stock (in shares) 5,242,488 7,577,741
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Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Revenue $ 694,674 $ 635,764 $ 523,756
Content costs 323,261 305,993 192,277
Gross profit 371,413 329,771 331,479
Operating expenses:      
Research and development 132,048 160,077 165,134
Sales and marketing 234,908 222,771 227,676
General and administrative 108,734 98,325 105,900
Restructuring related charges 8,942 (5,806) 10,149
Total operating expenses 484,632 475,367 508,859
Loss from operations (113,219) (145,596) (177,380)
Interest income, net 36,726 34,432 9,144
Other expense, net (2,008) (19) (2,401)
Loss before income taxes (78,501) (111,183) (170,637)
Income tax expense 1,029 5,371 4,720
Net loss $ (79,530) $ (116,554) $ (175,357)
Net loss per share—basic (in dollars per share) $ (0.51) $ (0.77) $ (1.21)
Net loss per share—diluted (in dollars per share) $ (0.51) $ (0.77) $ (1.21)
Weighted average shares used in computing net loss per share—basic (in shares) 157,370,977 150,957,814 145,263,726
Weighted average shares used in computing net loss per share—diluted (in shares) 157,370,977 150,957,814 145,263,726
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Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net loss $ (79,530) $ (116,554) $ (175,357)
Change in unrealized (loss) gain on marketable securities, net of tax (59) 777 (466)
Comprehensive loss $ (79,589) $ (115,777) $ (175,823)
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Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($)
Total
Common Stock
Additional Paid-In Capital
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021   141,906,041        
Beginning balance at Dec. 31, 2021 $ 741,513,000 $ 1,000 $ 1,235,231,000 $ (4,701,000) $ (252,000) $ (488,766,000)
Treasury stock, beginning balance (in shares) at Dec. 31, 2021       2,747,938    
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock upon exercise of options (in shares)   4,310,630        
Exercise of stock options 17,750,000   17,750,000      
Issuance of common stock related to employee stock purchase plan (in shares)   547,334        
Vesting of restricted stock units, net of tax withholdings 6,829,000   6,829,000      
Issuance of restricted stock awards (in shares)   5,518        
Vesting of restricted stock units (in shares)   1,166,146        
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation (11,886,000)   (11,886,000)      
Stock-based compensation 116,192,000   116,192,000      
Change in unrealized gain (loss) on marketable securities (466,000)       (466,000)  
Net loss (175,357,000)         (175,357,000)
Ending balance (in shares) at Dec. 31, 2022   147,935,669        
Ending balance at Dec. 31, 2022 694,575,000 $ 1,000 1,364,116,000 $ (4,701,000) (718,000) (664,123,000)
Treasury stock, ending balance (in shares) at Dec. 31, 2022       2,747,938    
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock upon exercise of options (in shares)   6,621,448        
Exercise of stock options 27,315,000 $ 1,000 27,314,000      
Issuance of common stock related to employee stock purchase plan (in shares)   615,150        
Vesting of restricted stock units, net of tax withholdings 6,031,000   6,031,000      
Repurchases of common stock (in shares)       4,829,803    
Repurchases of common stock (58,453,000)     $ (58,453,000)    
Issuance of restricted stock awards (in shares)   13,516        
Vesting of restricted stock units (in shares)   4,964,558        
Tax withholding on vesting of restricted stock units (in shares)   (4,829,803)        
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation (54,122,000)   (54,122,000)      
Stock-based compensation 116,625,000   116,625,000      
Change in unrealized gain (loss) on marketable securities 777,000       777,000  
Net loss $ (116,554,000)         (116,554,000)
Ending balance (in shares) at Dec. 31, 2023 155,320,538 155,320,538        
Ending balance at Dec. 31, 2023 $ 616,194,000 $ 2,000 1,459,964,000 $ (63,154,000) 59,000 (780,677,000)
Treasury stock, ending balance (in shares) at Dec. 31, 2023 (7,577,741)     7,577,741    
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock upon exercise of options (in shares)   2,462,129   1,116,072    
Exercise of stock options $ 9,377,000   (1,061,000) $ 10,438,000    
Issuance of common stock related to employee stock purchase plan (in shares)   797,554   (797,554)    
Vesting of restricted stock units, net of tax withholdings 5,644,000   (1,815,000) $ 7,459,000    
Repurchases of common stock (in shares)       3,099,800    
Repurchases of common stock (36,705,000)     $ (36,705,000)    
Issuance of restricted stock awards (in shares)   17,028   (12,663)    
Vesting of restricted stock units (in shares)   4,572,079   (3,508,764)    
Tax withholding on vesting of restricted stock units (in shares)   (3,099,800)        
Stock Issued During Period, Value, Restricted Stock Award, Gross       $ 118,000    
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures     (118,000)      
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation (33,260,000)   (66,075,000) 32,815,000    
Stock-based compensation 115,759,000   115,759,000      
Change in unrealized gain (loss) on marketable securities (59,000)       (59,000)  
Net loss $ (79,530,000)         (79,530,000)
Ending balance (in shares) at Dec. 31, 2024 160,069,528 160,069,528        
Ending balance at Dec. 31, 2024 $ 597,420,000 $ 2,000 $ 1,506,654,000 $ (49,029,000) $ 0 $ (860,207,000)
Treasury stock, ending balance (in shares) at Dec. 31, 2024 (5,242,488)     5,242,488    
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net loss $ (79,530) $ (116,554) $ (175,357)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 25,082 22,270 18,503
Stock-based compensation expense 108,084 109,570 110,785
Accretion of marketable securities (235) (13,811) (895)
Impairment losses 2,226 3,062 6,124
Other 788 1,496 1,088
Changes in operating assets and liabilities:      
Accounts receivable, net 7,210 (14,763) (20,598)
Prepaid expenses and other assets 2,472 (17,003) (18,290)
Operating lease right-of-use assets 4,810 4,868 4,839
Accounts payable and accrued expenses (2,321) 33,971 17,893
Accrued compensation and other liabilities 12,138 3,073 3,409
Operating lease liabilities (6,569) (7,853) (5,841)
Deferred revenue 21,206 21,313 20,289
Net cash provided by (used in) operating activities 95,361 29,639 (38,051)
Cash flows from investing activities:      
Purchases of marketable securities 0 (121,756) (593,770)
Proceeds from maturities of marketable securities 66,000 530,000 375,000
Purchases of property, equipment, and software (1,585) (1,147) (1,578)
Capitalized internal-use software costs (17,219) (15,254) (12,299)
Purchase of minority interest 0 (1,701) 0
Purchases of content assets (17,295) (5,344) (1,377)
Net cash provided by (used in) investing activities 29,901 384,798 (234,024)
Cash flows from financing activities:      
Proceeds from exercise of stock options 9,377 27,315 17,586
Proceeds from employee stock purchase plan 5,644 6,031 6,829
Payments for repurchases of common stock (36,705) (58,453) 0
Payments for tax withholding on vesting of restricted stock units (33,260) (54,122) (11,886)
Payment of deferred offering costs 0 0 (295)
Net cash (used in) provided by financing activities (54,944) (79,229) 12,234
Net increase (decrease) in cash, cash equivalents, and restricted cash 70,318 335,208 (259,841)
Cash, cash equivalents, and restricted cash—Beginning of period 658,086 322,878 582,719
Cash, cash equivalents, and restricted cash—End of period 728,404 658,086 322,878
Supplemental disclosure of cash flow information:      
Cash paid for income taxes, net of refunds 5,311 6,383 4,064
Supplemental disclosure of noncash investing and financing activities:      
Stock-based compensation capitalized as internal-use software costs 7,675 7,055 5,407
Capital Expenditures Incurred but Not yet Paid 2,232 1,311 0
Right-of-use asset obtained in exchange for operating lease liability $ 3,038 $ 0 $ 0
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BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS
1.    BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS
Basis of Presentation
The accompanying Consolidated Financial Statements of Coursera, Inc., a Delaware public benefit corporation, and its subsidiaries (“Coursera”, the “Company”, “we”, “us”, or “our”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).
Description of Business
Coursera is an online learning platform that aims to provide world-class, affordable, accessible, and relevant educational content by connecting learners, educators, and institutions. We combine content, data, and technology into a platform that is customizable and extensible to both individual learners and institutions. We partner with university and industry partners (collectively, “educator partners”) to deliver quality adult education to a wide range of individuals, businesses, organizations, and governments. We also sell directly to institutions, including employers, colleges and universities, organizations, and governments, enabling their employees, students, and citizens to gain critical skills aligned with job markets. Our corporate headquarters is located in Mountain View, California.
Reporting Segments
We conduct our operations through three reporting segments: Consumer, Enterprise, and Degrees. Refer to Note 13 for additional information.
Leadership Transition
Effective February 3, 2025, our Board of Directors (the “Board”) appointed Gregory Hart as our President, Chief Executive Officer, and a Class III director on our Board. Refer to Note 11 for additional information.
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SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES
2.    SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
The Consolidated Financial Statements include the Company and its wholly owned subsidiaries. All 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; loss contingencies and potential recoveries; and income tax expense, including the valuation of deferred tax assets and liabilities, among others. Actual results could differ from those estimates, and any such differences could be material to our Consolidated Financial Statements.
Cash, Cash Equivalents, and Restricted Cash
We consider all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Our cash and cash equivalents consist of cash and money market funds at financial institutions, and are stated at cost, which approximates fair value because of their immediate or short-term maturities. Our restricted cash primarily consists of letters of credit required to fulfill certain operating lease agreements. Restricted cash, current is included in prepaid expenses and other current assets, and restricted cash, non-current is included in other assets, both in the Consolidated Balance Sheets.
Marketable Securities
Marketable securities consist of U.S. Treasury securities, with an original maturity between three months and one year at the date of purchase, and are classified as available-for-sale (“AFS”) debt securities. We view these securities as available to support current operations and have classified all AFS debt securities as current assets. AFS debt securities are initially recorded at cost and periodically adjusted to fair value with unrealized gains and losses reported as a component of accumulated other comprehensive income in the Consolidated Balance Sheets. We evaluate our AFS debt securities with an unamortized cost basis in excess of estimated fair value to determine what amount of that difference, if any, is caused by expected credit losses. Realized gains and losses as well as credit-related impairment losses are included in other expense, net in the Consolidated Statements of Operations. Any remaining impairment is included in accumulated other comprehensive income (loss).
Accounts Receivable, Net
Accounts receivable, net includes trade accounts receivable, both billed and unbilled, net of an allowance for credit losses. Billed receivables are recorded at the invoiced amount in the period that our right to consideration becomes unconditional, with payment terms on invoiced amounts typically ranging from 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.
We establish an allowance for credit losses based on our assessment of the collectibility of accounts receivable. This assessment considers 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, 2024, 2023, and 2022.
Property, Equipment, and Software, Net
Property, equipment, and software, net is stated at cost, less accumulated depreciation and amortization. We record depreciation and software amortization using the straight-line method over the estimated useful lives of the assets, which typically range from two to five years. We amortize leasehold improvements over the shorter of the estimated useful lives of the improvements or the remaining lease term.
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. This cost is classified as a cost of revenue in the Consolidated Statements of Operations. One such agreement stipulated that certain fees earned by the educator partner were to be allocated to a development fund to be held and spent by Coursera on activities such as developing, marketing, and advertising the educator partner's content, according to a mutually agreed upon plan. We recognized the liability and related expenses associated with this development fund consistent with the timing of when we recognized educator partner content costs given our liability is established in the same period the revenue is recognized. The expenses are classified in the Consolidated Statements of Operations based on the nature of the underlying spend. The liability associated with the development fund is recorded within other accounts payable and accrued expenses in the Consolidated Balance Sheets. During the first quarter of 2023, we entered into an amendment with this educator partner, who started earning typical content fees, which are recorded within cost of revenue in the Consolidated Statements of Operations.
Leases
We determine if an arrangement is a lease and its classification 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, among 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 to determine 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 arising from leases with an initial lease term of 12 months or less.
Additionally, any impairment of an ROU asset and other lease-related assets, including leasehold improvements, furniture and fixtures, and computer equipment, resulting from entering into a sublease arrangement is recognized in the Consolidated Statements of Operations in the period the sublease agreement is executed. We recognize sublease income as a reduction to our operating lease expense on a straight-line basis over the sublease term. Refer to Note 6 for additional information.
Internal-Use Software and Website Development Costs
We capitalize certain costs associated with our internal-use software and website development during the application development stage. This occurs when management with the relevant authority authorizes and commits to the project’s funding, 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, typically 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 their estimated useful lives, which range from two to six years. The amortization of content assets and developed technology is included in cost of revenue 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. Impairment losses related to long-lived assets were immaterial during the year ended December 31, 2024. During the year ended December 31, 2023, we recognized an impairment loss of $861 related to capitalized internal-use software and website development costs. During the year ended December 31, 2022, we recognized impairment losses related to deferred partner fees of $2,915, our operating lease ROU asset of $2,304, and related property and equipment of $904.
Treasury Stock
We record repurchases of our common stock as treasury stock, at cost. Incremental direct costs associated with the repurchase of our common stock, including excise tax, are included in the cost of the shares acquired. We use the average cost method to account for reissuances of our treasury stock. If shares of treasury stock are reissued at a price higher than its cost, the gain is recorded to additional paid-in capital. If shares of treasury stock issued at a price lower than its cost, the loss is recorded to additional paid-in capital to the extent there are previous net gains included in the account. Losses in excess of previous net gains are recorded to accumulated deficit only once there is no additional paid-in capital.
Loss Contingencies
We regularly review the status of each significant matter and assess its potential likelihood of loss or exposure. We record an accrual for loss contingencies for legal proceedings when we believe that an unfavorable outcome is both (i) probable and (ii) the amount or range of any possible loss can be reasonably estimated. The actual liability in any such matters may be materially different from our estimates, if any, which could result in the need to adjust the liability and record additional expenses.
Legal fees related to potential loss contingencies are expensed as incurred. Insurance recoveries associated with loss contingencies are recognized when realization becomes probable and estimable, the associated costs have been recognized in the financial statements, and the losses are clearly attributable to the insured event.
Revenue
We recognize revenue from contracts with customers for access to the learning content hosted on our platform and related services. Revenue is recognized when control of the promised services is transferred to our customer, reflecting the consideration we expect to receive in exchange for these services. We apply judgment in determining our customer’s ability and intent to pay, based on a variety of factors including the customer’s historical payment experience, credit, or financial information. Consumer 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 with multiple performance obligations require an allocation of the transaction price to each performance obligation based on each one’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, so our contracts are typically accounted for as service arrangements with a single performance obligation.
We have a stand-ready obligation to provide learners with 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 promise of 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. Taxes collected from customers and remitted to governmental authorities are not included within the total transaction price.
At times, we are party to multiple concurrent contracts or contracts that combine multiple services. These situations require judgment to determine if multiple contracts should be combined and accounted for as a single arrangement. In making this determination, we consider (i) the economics of each individual contract and whether or not it was negotiated on a standalone basis, and (ii) if multiple promises represent a single performance obligation.
Contract modifications require judgment to determine if the modification should be accounted for as (i) a separate contract, (ii) the termination of the original contract and creation of a new contract, or (iii) a cumulative catch-up adjustment to the original contract. When evaluating contract modifications, we must identify the performance obligations of the modified contract and determine both the allocation of revenues to the remaining performance obligations and the period of recognition for each identified performance obligation.
We generate revenue from our three reportable segments: Consumer, Enterprise, and Degrees. Refer to Note 13 for our disaggregation of revenue. We are generally the principal with respect to our Consumer and Enterprise revenue arrangements as we control the performance obligation and are the primary obligor with respect to delivering access to course content. Additionally, we have inventory risk through recoupable advances sometimes paid to educator partners.
Consumer Revenue
We generate revenue from consumers by selling access to learning content hosted on our platform. Consumer products include single course certifications, professional certificates, and catalog-wide subscriptions. Access to single courses is generally purchased at a fixed price for a set period of time, typically six months. Professional certificates are a series of courses offered by the same educator partner, with learners provided access on a month-to-month subscription basis. Coursera Plus is our catalog-wide consumer subscription product, sold in monthly or annual subscriptions. All Consumer learners pay in advance, and revenue is recognized ratably over the contract term once access has been granted to the learner, as learners have unlimited access to the course content during the contract term.
Consumer learners are entitled to a full refund up to two weeks after payment is received. We estimate and establish an allowance for refunds based on historical refund rates, which was immaterial as of December 31, 2024 and 2023.
Enterprise Revenue
We sell subscription licenses to businesses, organizations, governments, and educational institutions. These licenses provide their learners with the ability to enroll in courses and Specializations and receive certifications upon completion. Enterprise contracts are typically between one and three years in length and consist of selling a fixed quantity of catalog licenses that grant each learner access to our learning platform and unlimited course enrollments over the license term. We recognize revenue ratably over the contract term once access has been granted to the Enterprise customer.
Degrees Revenue
Universities contract with us to facilitate the delivery of their bachelor’s and master’s degree programs or postgraduate diplomas. Degrees revenue contracts involve the performance of a number of promises, including but not limited to hosting the degree content on our learning platform, providing content authoring tools, course production support, marketing, and platform technical support services. As a result, the university is our customer with respect to Degrees revenue. We earn a service fee based on a percentage of total tuition collected by the university from Degrees students, net of refunds. As a result, the revenue we earn is dependent upon the number of learners enrolled and the tuition charged by the university. This is a form of variable consideration, and we estimate the amount of revenue using an expected value method. These estimates are refined each reporting period until the consideration becomes known, generally at the time the final term enrollment report is provided by the university. We have a stand-ready obligation to perform services throughout the contract term during which degree content is hosted on our platform. Degrees revenue is generally earned and paid by the university for each academic term and is recognized ratably from the start of a term through the start of the following term.
The Degrees learning experience is delivered on the same proprietary learning platform used by Consumer and Enterprise customers. There is no direct contractual revenue arrangement between Coursera and Degrees students, whose contractual arrangement is directly with the universities. In addition to the learning platform, the universities are obligated to provide their students with additional services, such as designing the curriculum, setting admission criteria, making admission and financial aid decisions, real-time teaching, independently awarding credits, certificates, or degrees, and providing academic and career counseling. For these reasons, the universities control the delivery of degrees hosted on our platform. As a result, we recognize only the service fee we receive from the universities as our Degrees revenue.
Deferred Revenue
Deferred revenue, or contract liabilities, consists of consideration recorded in advance of performance obligations being delivered and is classified as current or non-current based on the related period in which services are expected to be provided.
Contract Acquisition and Fulfillment Costs
Contract acquisition costs consist of sales commissions and related payroll taxes associated with obtaining contracts with Enterprise and Degrees customers.
Deferred Commissions
Contract acquisition costs are costs we incur that are directly related to securing a contract and are primarily related to sales commissions and related payroll taxes earned by our Enterprise and Degrees sales forces. These costs are deferred and then amortized on a straight-line basis over the expected period of benefit. We amortize these costs over four years, as the commissions paid upon a contract renewal are not commensurate with the commissions paid on the initial contract, and as such, the sales contract term is not commensurate with the expected period of benefit. Sales commissions and related payroll taxes primarily paid for Enterprise contract renewals are amortized over the renewal term, which is generally two years. On an annual basis, we assess the expected period of benefit, considering the average contract term length, the life of the underlying technology, and other factors.
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, which 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. They are then amortized into cost of revenue ratably over the subscription term.
Cost of Revenue
Cost of revenue consists of content costs, which are typically 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, internal-use software, and content assets, customer payment processing fees, and attributed facilities costs.
Fair Value Measurements
Fair value is defined as the price that would be received for an asset or the ‘exit price’ that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between independent market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs, where available. This hierarchy prioritizes the inputs into three broad levels as follows:
Level 1— Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2— Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments.
Level 3— Inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation.
The classification of a financial asset or liability within the hierarchy is determined based on the lowest-level input that is significant to the fair value measurement.
Concentrations of Risk
Financial instruments that potentially subject us to concentration of credit risk consist of cash, cash equivalents, and marketable securities. We only invest in high-credit-quality instruments and maintain our cash equivalents and marketable securities in fixed-income securities. We place our cash primarily with domestic financial institutions that are federally insured within statutory limits.
For the purpose of assessing the concentration of credit risk with respect to accounts receivable and significant customers, we treat a group of customers under common control or customers that are affiliates of each other as a single customer. For the years ended December 31, 2024, 2023, and 2022, we did not have any customers that accounted for more than 10% of our revenue. As of December 31, 2024 and 2023, we had one customer that accounted for 12% and 10% of our net accounts receivable balance, both of which were collected within typical business terms.
Our business model relies on educational content and credentialing programs from educator partners. Our largest educator partner has global brand recognition and supplies a variety of in-demand content across multiple domains. The loss of or significant reduction in this partnership or one of our other largest educator partners could have a material adverse effect on our financial position, results of operations, and cash flows.
Income Taxes
We are treated as a corporation under applicable federal and state income tax laws and are subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment is required in determining our income tax expense and deferred tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws.
We utilize the asset and liability method under which deferred tax assets and liabilities arise from the temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Balance Sheets, as well as from net operating losses (“NOLs”) and tax credit carryforwards. Deferred tax amounts are determined by using the tax rates expected to be in effect when the taxes will be paid or refunds received, as provided for under currently enacted tax law. The effect on deferred taxes of changes in tax rates and laws in future periods, if any, is reflected in the Consolidated Financial Statements in the period enacted. A valuation allowance is established if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We consider the available evidence, both positive and negative, including historical levels of income, expectations, and risks associated with estimates of future taxable income in assessing the need for a valuation allowance. Certain of our earnings are indefinitely reinvested offshore and could be subject to additional income tax if repatriated. It is not practicable to determine the unrecognized deferred tax liability on a hypothetical distribution of those earnings.
Determination of income tax expense requires estimates and can involve complex issues that may require an extended period to resolve. We recognize estimated tax liabilities when such liabilities are more likely than not to be sustained upon examination by the taxing authority. Further, the estimated level of annual earnings before income tax can cause the overall effective income tax rate to vary from period to period. Final determination of prior-year tax liabilities, either by settlement with tax authorities or expiration of statutes of limitations, could be materially different than estimates reflected in assets and liabilities and historical income tax expense. The outcome of these final determinations could have a material effect on our income tax expense or cash flows in the period that determination is made.
We recognize interest and penalties related to income tax matters as a component of income tax expense in the Consolidated Statements of Operations.
Stock-Based Compensation Expense
We measure and recognize compensation expense for stock-based awards granted to employees, directors, and non-employees based on the estimated grant date fair value. Stock-based awards include restricted stock units (“RSUs”), stock options, performance stock units (“PSUs”) 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, PSUs, and restricted stock awards is based on the fair value of our common stock on the grant date. We estimate the fair value of stock options and ESPP Rights using the Black-Scholes option-pricing model, which requires the use of the following assumptions:
Expected Term—The expected term represents the period that our stock-based awards are expected to be outstanding. For option grants considered to be “plain vanilla,” we determine the expected term using the simplified method, which deems the term to be the average of the time to vesting and the contractual life of the options. For ESPP Rights, the expected term represents the term from the first day of the offering period to the purchase date.
Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the expected term of the stock option or ESPP Rights.
Expected Volatility—The expected volatility for stock options is derived from the average historical stock volatilities of several unrelated public companies within our industry that we consider to be comparable to our business, and to the extent available, our historical volatility over a period equivalent to the estimated expected term. The expected volatility for ESPP Rights is based on the historical volatility of our common stock over the estimated expected term.

Dividend Yield—The expected dividend was assumed to be zero as we have never paid dividends and have no current plans to do so.
Stock-based compensation is generally recognized on a straight-line basis over the requisite service period, which usually matches the vesting period. Forfeitures are recognized as they occur.
Net Loss Per Share Attributable to Common Stockholders
Basic and diluted net loss per share attributable to common stockholders is computed using the two-class method required for participating securities.
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. In this calculation, common stock options, RSUs, PSUs, and ESPP Rights are considered to be common stock equivalents. However, they have been excluded from the calculation of diluted net loss per share attributable to common stockholders due to their anti-dilutive effect 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 but are excluded from net loss.
Research and Development
Expenditures for the research and development of our technology and non-refundable contributions to develop educator partner content are expensed when incurred, unless they qualify as internal-use software development costs. Research and development costs primarily consist of personnel costs, consulting services, content development contributions, and attributed facilities costs.
Advertising Costs
Advertising costs are expensed as incurred and are included in sales and marketing in the Consolidated Statements of Operations. For the years ended December 31, 2024, 2023, and 2022, these costs were $62,390, $44,818, and $39,940.
Foreign Currency
The majority of our sales contracts are denominated in U.S. dollars, and the functional currency of our international subsidiaries is also the U.S. dollar. We remeasure monetary assets and liabilities denominated in currencies other than the functional currency to the functional currency at period-end exchange rates. Foreign currency transaction gains and losses resulting from this remeasurement are recognized within other expense, net in the Consolidated Statements of Operations.
Recent Accounting Pronouncements
New Accounting Pronouncements Recently Adopted
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and certain other segment items on an interim and annual basis if they are regularly provided to the chief operating decision maker (“CODM”). We adopted ASU 2023-07 effective January 1, 2024, using a retrospective method. Content costs paid to educator partners were the only significant segment expenses regularly provided to the CODM. Otherwise, the adoption of ASU 2023-07 did not have a material impact on our Consolidated Financial Statements and related disclosures. Refer to Note 13 for additional information.
Recently Issued Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities on an annual basis to disclose (1) specific categories in the tax rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis, though retrospective application is permitted. We preliminarily expect the new ASU to result in enhanced disclosure of disaggregated data about our tax payments within certain U.S. states, India, Canada, and the U.K. We are evaluating the components of our rate reconciliation to ensure disclosure of sufficient information to enable users of our financial statements to understand the nature and magnitude of factors contributing to the difference between the effective tax rate and the statutory tax rate.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure, on an annual and interim basis, of specified disaggregated information about certain costs and expenses. Additionally, in January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), to clarify the effective date of ASU 2024-03. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively or retrospectively. We are currently evaluating the impact ASU 2024-03 will have on our financial statement disclosures.
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REVENUE
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE
3.    REVENUE
Contract Balances
Contract assets and liabilities were as follows:
December 31, 2024December 31, 2023January 1, 2023
Contract assets:
Billed accounts receivable, net of allowance for credit losses$55,384 $62,407 $45,337 
Unbilled accounts receivable4,301 5,011 8,397 
Total contract assets$59,685 $67,418 $53,734 
Contract liabilities:   
Deferred revenue$161,296 $140,089 $118,777 
Total contract liabilities$161,296 $140,089 $118,777 
Revenue recognized during the years ended December 31, 2024, 2023, and 2022, which was included in the corresponding deferred revenue balance at the beginning of each year, was $137,061, $116,002, and $92,806.
Impairment losses related to contract assets were not material during the years ended December 31, 2024, 2023, and 2022.
Remaining Performance Obligations
Remaining performance obligations represent contracted revenue that has not yet been recognized, which includes deferred revenue in the Consolidated Balance Sheets and unbilled amounts that will be recognized as revenue in future periods. As of December 31, 2024, we had remaining performance obligations of $333,214 and expect to recognize approximately 70% as revenue over the next 12 months and the remainder thereafter.
Costs to Obtain and Fulfill Contracts
The following table presents our capitalization and amortization of commissions and related payroll tax expenditures recorded within sales and marketing in the Consolidated Statements of Operations:
Year Ended December 31,
Commissions and related payroll tax expenditures:202420232022
Capitalization$15,009 $17,094 $17,766 
Amortization15,148 12,291 12,618 
Deferred commissions and related payroll tax expenditures, which are included in deferred costs and other assets, were as follows:
December 31, 2024December 31, 2023
Deferred costs, net$13,758 $13,168 
Other assets14,632 15,361 
During the years ended December 31, 2024 and 2023, we recognized an impairment loss of $817 and $2,008 on content development grants that we do not expect to recover related to our Degrees segment. These losses were recorded within sales and marketing in the Consolidated Statements of Operations.
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INVESTMENTS
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS
4.    INVESTMENTS
Investments Measured at Fair Value on a Recurring Basis
The following table summarizes our investments measured at fair value on a recurring basis by balance sheet classification and investment type:
December 31, 2024December 31, 2023
Amortized
Cost		Fair
Value - Level 1		Amortized
Cost		Fair
Value - Level 1
Cash equivalents—money market funds$174,227 $174,227 $186,396 $186,396 
Cash equivalents—U.S. Treasury securities529,447 529,447 448,447 448,525 
Total cash equivalents703,674 703,674 634,843 634,921 
Marketable securities—U.S. Treasury securities— — 65,765 65,746 
Total$703,674 $703,674 $700,608 $700,667 
Gross unrealized and realized gains and losses related to our cash equivalents and marketable securities were not material for the years ended December 31, 2024, 2023, and 2022.
As of December 31, 2023, our available-for-sale marketable securities were comprised of U.S. Treasury securities, with a contractual maturity less than one year, which are backed by the full faith and credit of the U.S. government. There were no credit or non-credit impairment losses recorded during the years ended December 31, 2024, 2023, or 2022.
Investments Measured at Fair Value on a Nonrecurring Basis
In August 2023, we acquired an approximate 7% ownership interest in a privately held company, which is measured and accounted for using the fair value measurement alternative basis. This investment is classified within other assets in the Consolidated Balance Sheets. The carrying value of the investment was $1,701 as of December 31, 2024.
Our existing equity investments are remeasured at fair value on a nonrecurring basis when an identifiable event or change in circumstance may have a significant adverse impact on its fair value. During the year ended December 31, 2024, we recognized an impairment loss of $1,000, within other expense, net in the Consolidated Statement of Operations, on a minority interest equity investment following a recapitalization event. No such events or changes occurred during the years ended December 31, 2023 or 2022.
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CONSOLIDATED BALANCE SHEET COMPONENTS
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
CONSOLIDATED BALANCE SHEET COMPONENTS
5.    CONSOLIDATED BALANCE SHEET COMPONENTS
Restricted Cash
The reconciliation of cash, cash equivalents, and restricted cash was as follows:
December 31, 2024December 31, 2023December 31, 2022
Cash and cash equivalents$726,125 $656,321 $320,817 
Restricted cash, current1,574 — 487 
Restricted cash, non-current705 1,765 1,574 
Total cash, cash equivalents, and restricted cash$728,404 $658,086 $322,878 
Property, Equipment, and Software, Net
Property, equipment, and software, net consisted of the following:
Estimated Useful LivesDecember 31, 2024December 31, 2023
Internal-use software and website development
2 - 5 years
$94,592 $73,881 
Computer equipment and purchased software2 years4,667 4,405 
Leasehold improvementsShorter of useful life or remaining lease term696 6,923 
Furniture and fixtures5 years519 2,757 
Total property, equipment, and software100,474 87,966 
Less accumulated depreciation and amortization(63,575)(57,558)
Property, equipment, and software, net$36,899 $30,408 
The following table presents depreciation and amortization expense related to property, equipment, and software as well as the portion of amortization expense related to internal-use software and website development that is recorded within cost of revenue in the Consolidated Statements of Operations:
Year Ended December 31,
202420232022
Depreciation and amortization expense$19,664 $19,276 $15,865 
Amortization expense for internal-use software and website development17,745 16,894 13,128 
Intangible Assets, Net
Intangible assets, net consisted of the following:
December 31, 2024December 31, 2023
Gross
Carrying
Value		Accumulated
Amortization 		Net
Carrying
Value		Gross
Carrying
Value		Accumulated
Amortization 		Net
Carrying
Value
Content assets$31,202 $(7,567)$23,635 $12,982 $(3,558)$9,424 
Developed technology8,446 (7,560)886 8,446 (6,150)2,296 
Intangible assets$39,648 $(15,127)$24,521 $21,428 $(9,708)$11,720 
Capitalization of content assets and amortization expense for intangible assets was as follows:
Year Ended December 31,
202420232022
Capitalization of content assets$18,219 $6,161 $1,100 
Amortization expense for intangible assets5,418 2,994 2,638 
As of December 31, 2024, the weighted-average remaining amortization period was 0.6 years for developed technology and 4.1 years for content assets.
As of December 31, 2024, future expected amortization expense for intangible assets was as follows:
2025$8,059 
20265,498
20274,294
20284,004
20292,558
Thereafter108
Total$24,521 
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LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES
6.    LEASES
We have entered into various non-cancelable office space operating leases, with lease periods expiring through June 2030. These leases do not contain residual value guarantees, covenants, or other restrictions.
In May 2022, we entered into an agreement to sublease a portion of our existing office space in Mountain View, California. As a result, we recognized an impairment loss of $2,304 on the ROU asset and $904 on the related property and equipment. These costs were allocated within operating expenses in the Consolidated Statements of Operations, consistent with the allocation approach used for operating lease costs. The sublease, classified as an operating lease, commenced on June 1, 2022 and terminated on October 31, 2024.
In August 2024, we entered into a new operating lease agreement for office space in Mountain View, California to replace our existing headquarters lease. This resulted in the recognition of an operating lease ROU asset and operating lease liability of $3,038. The lease term commenced in September 2024 and terminates in June 2030. The operating lease agreement includes an option to extend or terminate the lease, which is not reasonably certain to be exercised and therefore is not factored into the determination of lease payments.
The components of lease costs were as follows:
Year Ended December 31,
202420232022
Operating lease cost$4,747 $5,510 $5,853 
Short-term lease cost813 970 1,388 
Variable lease cost2,041 2,066 1,753 
Sublease income(2,267)(2,720)(1,587)
Total lease costs$5,334 $5,826 $7,407 
Future lease payments under our non-cancelable operating leases, excluding short-term leases, as of December 31, 2024 were as follows:
2025$416 
2026913 
2027941 
2028969 
2029998 
Thereafter510 
Total lease payments4,747 
Less tenant improvement allowance(844)
Less imputed interest(839)
Present value of operating lease liabilities$3,064 
Operating lease liabilities, current43 
Operating lease liabilities, non-current3,021 
Total operating lease liabilities$3,064 
Supplemental cash flow information as well as the weighted-average remaining lease term and discount rate related to our operating leases were as follows:
Year Ended December 31,
202420232022
Cash paid for amounts included in the measurement of operating lease liabilities$6,490 $8,509 $6,875 
Operating lease ROU assets obtained in exchange for lease liabilities3,038 — 427 
December 31, 2024December 31, 2023
Weighted-average remaining operating lease term (in years)5.430.93
Weighted-average operating lease discount rate6.56 %5.78 %
v3.25.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES
7.    INCOME TAXES
The components of loss before income tax were as follows:
Year Ended December 31,
202420232022
Domestic$(84,004)$(118,481)$(177,649)
Foreign5,503 7,298 7,012 
Total$(78,501)$(111,183)$(170,637)
Income tax expense consisted of the following:
Year Ended December 31,
202420232022
Current taxes:
State$708 $3 $189 
Foreign42 4,977 4,872 
Total current$750 $4,980 $5,061 
Deferred taxes:
Foreign$279 $391 $(341)
Total deferred$279 $391 $(341)
Total income tax expense$1,029 $5,371 $4,720 
The reconciliation between the statutory U.S. federal income tax rate and our effective tax rate as a percentage of loss before income taxes was as follows:
Year Ended December 31,
202420232022
U.S federal income taxes at statutory rate21.0 %21.0 %21.0 %
State income taxes, net of federal benefit(2.4)%2.7 %2.1 %
Foreign income taxes at rates other than the U.S. rate1.1 %(3.5)%(1.8)%
Change in valuation allowance1.3 %(28.7)%(19.8)%
Research and development credits5.8 %8.2 %3.5 %
Stock-based compensation(17.4)%(5.4)%(4.4)%
Foreign inclusions(10.7)%— %(3.7)%
Other— %0.9 %0.3 %
Effective income tax rate(1.3)%(4.8)%(2.8)%
Significant components of our deferred tax assets and liabilities consisted of the following:
December 31, 2024December 31, 2023
Deferred tax assets:
Net operating loss carryforwards$112,197 $130,849 
Capitalized research and development costs69,957 51,940 
Research and development credits47,508 42,764 
Stock-based compensation6,769 11,160 
Lease liabilities715 1,512 
Deferred revenue783 937 
Accruals and reserves1,290 813 
Gross deferred tax assets239,219 239,975 
Valuation allowance(224,375)(225,513)
Total deferred tax assets$14,844 $14,462 
Deferred tax liabilities:
Deferred commissions(6,614)(6,768)
Depreciation and amortization(6,779)(5,810)
Operating lease ROU assets(689)(1,070)
Partnership income(233)— 
Total deferred tax liabilities$(14,315)$(13,648)
Net deferred tax assets$529 $814 
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, 2024 and 2023. The valuation allowance decreased by $1,138 for the year ended December 31, 2024 and increased by $39,907 for the year ended December 31, 2023.
As of December 31, 2024, U.S. federal and state NOL carryforwards were $476,421 and $195,426, and U.S. federal and state research and development tax credit carryforwards were $30,664 and $16,845. If not utilized, certain federal and state NOLs will begin to expire at various dates beginning in 2036 and 2031, respectively, while the federal research and development tax credit carryforwards will start to 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 usage limitations, as promulgated by the Internal Revenue Service and similar state provisions, due to ownership changes that may have occurred in the past. These annual limitations 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, 2024, $402,650 are carried forward indefinitely but are limited to 80% of taxable income.
Uncertain Tax Positions
As of December 31, 2024, the unrecognized tax benefits of $22,720, if recognized, would not have an impact on our effective tax rate. The activity related to the unrecognized tax benefits was as follows:
Year Ended December 31,
202420232022
Gross unrecognized tax benefits—beginning of period$22,535 $16,371 $12,539 
Increases related to tax positions taken during current year2,264 5,052 3,641 
Increases related to tax positions taken during prior years405 1,163 248 
Decreases related to tax positions taken during prior years(2,484)(51)(57)
Gross unrecognized tax benefits—end of period$22,720 $22,535 $16,371 
We recognize interest and penalties related to unrecognized tax benefits in income tax expense. Interest and penalties were not material as of December 31, 2024, 2023, and 2022.
We file income tax returns subject to varying statutes of limitations. Due to our loss carryovers, the statutes of limitations remain open for all tax years since inception in our major tax jurisdictions. We believe that we have provided adequate reserves for income tax uncertainties in all open tax years. We are not currently aware of uncertain tax positions that could result in significant additional payments, accruals, or other material deviations in the next 12 months.
v3.25.0.1
NET LOSS PER SHARE
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
NET LOSS PER SHARE
8.    NET LOSS PER SHARE
The following table presents the calculation of basic and diluted net loss per share:
Year Ended December 31,
202420232022
Numerator:
Net loss$(79,530)$(116,554)$(175,357)
Denominator:
Weighted-average shares used in computing net loss per share—basic and diluted157,370,977150,957,814145,263,726
Net loss per share—basic and diluted$(0.51)$(0.77)$(1.21)
The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been anti-dilutive:
Year Ended December 31,
202420232022
RSUs16,081,33318,361,04622,773,053
Common stock options9,100,26111,165,13818,153,195
PSUs256,452——
ESPP Rights151,964126,768123,603
Total25,590,01029,652,95241,049,851
v3.25.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
9.    COMMITMENTS AND CONTINGENCIES
Purchase Obligations
Our purchase obligations primarily relate to a third-party cloud infrastructure agreement, subscription arrangements, and service agreements used to facilitate our operations. As of December 31, 2024, we had approximately $13,308 in future minimum payments due under our non-cancelable purchase obligations with a remaining term in excess of one year. These are expected to be paid through 2026.
Purchase
Obligations
2025$10,433 
20262,875 
Total$13,308 
Legal Proceedings
From time to time, we may be subject to legal proceedings, as well as demands, claims, and threatened litigation. The outcomes of legal proceedings and other contingencies are inherently unpredictable, subject to significant uncertainties, and could be material to our operating results and cash flows for a particular period. Regardless of the outcome, litigation can have an adverse impact on our business because of defense and settlement costs, diversion of management resources, and other factors. Other than the matters described below, we are not currently party to any legal proceeding that we believe, as of the filing of this Annual Report on Form 10-K, could have a material adverse effect on our business, operating results, cash flows, or financial condition should such litigation or claim be resolved unfavorably.
Privacy Class Action Lawsuit
In November 2023, a putative class action lawsuit captioned Iman Ghazizadeh, et al v. Coursera, Inc. (the “Ghazizadeh lawsuit”) was filed against Coursera, Inc. in the United States District Court for the Northern District of California (the “Court”). The complaint asserted claims for alleged violations of the Video Privacy Protection Act (“VPPA”), and alleged, among other things, that without consent or knowledge of the plaintiff, Coursera disclosed the video viewing history and certain other information of the plaintiff to a third-party company and made similar disclosures without the knowledge or consent of other unidentified users. The plaintiff was seeking monetary damages for certain violations under the VPPA, including interest and reasonable attorneys’ fees. On January 31, 2025, the Court dismissed the complaint with prejudice after the parties agreed to a mutual release of claims without monetary settlement.

In addition, law firms representing a significant number of purported claimants have threatened to file or filed individual arbitration demands that allege claims similar to those in the VPPA class action lawsuit described above, with certain firms also claiming violations of the Electronic Communications Privacy Act, the California Invasion of Privacy Act, and/or various state wiretapping and unfair or deceptive practices laws. Under the VPPA, each claimant may be entitled to recover damages for each alleged violation of the VPPA, as well as punitive damages, attorneys’ fees and costs, and equitable relief. Without admitting to any liability or wrongdoing, we entered into a settlement agreement with a substantial portion of these claimants in October 2024 for $4,745, for which we recovered the full amount with insurance proceeds. Additionally, we entered into a settlement agreement in principle with the majority of the remaining claimants in January 2025 for $4,519. Based on vetting procedures, we believe that the remaining arbitration claims are not material.

While we maintain insurance policies intended to provide coverage for the aforementioned claims and have notified our insurance carriers about these claims, there can be no assurance regarding if or to what extent our insurance may cover such claims or any future claims. With respect to certain of the VPPA matters, inclusive of the aforementioned settlements, we have accrued $4,787 within other current liabilities on the Consolidated Balance Sheets as of December 31, 2024.

With respect to the remaining claimants, it is not possible to reasonably estimate the probability that we will ultimately prevail or be held liable for the alleged violations, nor is it possible to reasonably estimate the loss, if any, or range of loss that could result from these matters, given the procedural posture and the nature of such matters. We dispute the claims and intend to vigorously defend against them.
Legal fees related to these matters were $1,466 during the year ended December 31, 2024.
Indemnifications
In the normal course of business, we enter into contracts and agreements that contain a variety of representations and warranties and provide for the potential of general indemnification obligations. Our exposure under these agreements is unknown because it involves future claims that may be made against us but have not yet been made. To date, we have not paid any material claims and have not been required to defend any actions related to our indemnification obligations; however, we may record charges in the future as a result of these indemnification obligations. In addition, we have indemnification agreements with certain of our directors, executive officers, and other employees that require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service with Coursera. The terms of such obligations may vary.
v3.25.0.1
STOCKHOLDERS’ EQUITY (DEFICIT)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS’ EQUITY (DEFICIT)
10.    STOCKHOLDERS’ EQUITY
Preferred Stock

We have 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. As of December 31, 2024, there were no shares of preferred stock issued or outstanding.
Share Repurchase Program
On April 26, 2023, our Board approved a share repurchase program with authorization to purchase up to $95,000 of our common stock, excluding commissions and fees. We funded these share repurchases with our existing cash and cash equivalents and completed the purchase authorization on May 7, 2024.
During the year ended December 31, 2024 and 2023, we repurchased an aggregate of 3,099,800 shares of our common stock for $36,707 and 4,829,803 shares of our common stock for $58,452.
v3.25.0.1
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS
11.    EMPLOYEE BENEFIT PLANS
Stock Incentive Plans
In 2014, we adopted the Coursera, Inc. 2014 Executive Stock Incentive Plan, pursuant to which we granted a combination of incentive and non-statutory stock options and RSUs. The Executive Stock Incentive Plan was terminated in March 2021 in connection with the IPO but continues to govern the terms and conditions of the outstanding awards granted pursuant thereof. No further awards may be granted under the Executive Stock Incentive Plan.
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 (collectively, the 2021 Plan, the ESPP, and the Executive Stock Incentive Plan are referred to as the “Plans”). The 2021 Plan provides for the granting of incentive and non-statutory stock options, RSUs, PSUs, 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 closing 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.
As of December 31, 2024, 17,408,129 shares and 5,063,535 shares of our common stock were reserved for future issuance under the 2021 Plan and ESPP. During the year ended December 31, 2024, we began reissuing shares of our common stock from treasury stock to settle stock option exercises, vesting of RSUs, and ESPP purchases.
Under the ESPP, if the closing market price of our common stock on the offering date of a new offering falls below the closing market price of our common stock on the offering date of an ongoing offering, the ongoing offering terminates immediately following the settlement of ESPP Rights shares on the purchase date. Participants in the terminated offering are automatically enrolled in the new offering (an “ESPP Rights Reset”), triggering a revaluation of stock-based compensation expense and a modification charge to be recognized ratably over the new offering period if the revalued expense is greater than the original expense. During the years ended December 31, 2024, 2023, and 2022, we had ESPP Rights Resets that resulted in modification charges of $6,112, $3,119, and $9,047, which are being recognized ratably over the new offering periods.
Stock Options
We grant stock options at prices equal to the grant date fair value. Typically, these stock options expire ten years from the grant date and vest ratably over a four-year service period.
Stock option activity for the year ended December 31, 2024 was as follows:
Number of
Shares 		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term
(in Years)		Aggregate
Intrinsic
Value
Balance—December 31, 202311,165,138$7.03 5.22$142,444 
Granted612,7467.81 
Exercised(2,462,129)3.81 
Canceled(215,494)20.41 
Balance—December 31, 20249,100,261$7.64 4.97$25,314 
Options vested7,828,120$6.93 4.37$24,891 
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 $21,386, $72,649, and $57,311 for the years ended December 31, 2024, 2023, and 2022. The weighted-average grant date fair value of options granted for the years ended December 31, 2024, 2023, and 2022 was $4.39, $8.41, and $7.26.
RSUs and PSUs
RSUs grants have a service-based vesting condition, which is satisfied generally either (i) over four years with a 25% cliff vesting period after one year and 6.25% vesting each quarter thereafter for new hires, or (ii) over four years with 6.25% vesting each quarter for new grants to existing employees. The related stock-based compensation expense is recognized on a straight-line basis over the requisite service period.
In March 2024, we granted PSUs to certain executives under the 2021 Plan. PSU grants have both performance and service-based vesting conditions. The ultimate number of units that will vest is determined based on the achievement of annual revenue against a pre-established target (with defined threshold and maximum amounts ranging from 50% to 150% of target). If annual revenue is below the threshold amount, none of the PSUs will vest. If annual revenue is equal to or exceeds the threshold amount, 25% of the PSUs ultimately granted will vest after one year, and the remaining PSUs will vest quarterly 6.25% over the subsequent three years. The fair value of each unit is determined on the grant date, and the related stock-based compensation expense is recognized using the accelerated attribution method. We evaluate the vesting conditions on a quarterly basis and recognize stock-based compensation expense if the achievement of the performance condition is probable.
As described in Note 1, Gregory Hart was appointed on February 3, 2025 (the “Start Date”) as our President, Chief Executive Officer, and a Class III director on our Board. Pursuant to the terms of his offer letter, the Board granted Mr. Hart new hire equity awards consisting of 1,873,171 RSUs, 3,746,342 time-based stock options, and 1,404,879 performance-based stock options. The RSUs are scheduled to vest over four years, with 25% vesting on the first anniversary of the Start Date, 6.25% vesting on February 15, 2026, and the remainder vesting in equal quarterly installments thereafter, subject to Mr. Hart’s continued employment through each vesting date. The time-based stock options have an exercise price of $7.81 per share of common stock and are scheduled to vest over four years, with 25% vesting on the first anniversary of the Start Date, and the remainder vesting in equal quarterly installments thereafter, subject to continued employment. The performance-based stock options also have an exercise price of $7.81 per share of common stock and are scheduled to vest upon satisfaction of both time- and market-based vesting conditions. The time-based vesting condition is consistent with the vesting schedule of the time-based stock options, and the market-based vesting condition is satisfied when the trailing simple moving average closing price of the Company’s common stock over a 60-trading day period equals or exceeds $12.81 per share.
In connection with Jeffrey Maggioncalda's retirement on February 3, 2025 as our former President, Chief Executive Officer, and Class III director on our Board, he entered into a separation agreement, which provides for certain severance payments to be made in April 2025. He also entered into an advisory agreement that runs through August 15, 2025, which permits continued vesting of his stock awards through the termination date. As a result of these events, we plan to recognize severance expense in the first quarter of 2025 as well as the impact to stock-based compensation expense from awards that were forfeited on his separation date and the awards that are expected to vest through August 15, 2025.
RSU and PSU activity for the year ended December 31, 2024 was as follows:
RSUsPSUs
Number of
Units		Weighted-Average
Grant Date Fair Value		Aggregate
Intrinsic
Value		Number of
Units		Weighted-Average
Grant Date Fair Value		Aggregate
Intrinsic
Value
Unvested balance—December 31, 202318,361,046$15.24 $355,653 —$— $— 
Granted(1)
9,691,33611.45  300,41614.36 
Vested(7,803,108)16.19  —— 
Forfeited(4,167,941)13.96  (43,964)14.36 
Unvested balance—December 31, 202416,081,333$12.82 $136,691 256,452$14.36 $2,180 
(1) For PSUs, the amount presented as the number of units granted is based on the performance condition being achieved at the target level. Once the performance period is complete, the number of units that will vest may range from 0% to 150% of the target amount based on actual performance. As of December 31, 2024, based on attainment against the pre-established annual revenue target, 196,604, or 83.85%, of the PSUs are expected to vest in February 2025, subject to the performance attainment being certified following the filing of this Annual Report on Form 10-K.
The aggregate fair value of RSUs that vested was $80,106, $130,891, and $29,966 for the years ended December 31, 2024, 2023, and 2022.
Stock-Based Compensation Expense
A summary of the weighted-average assumptions we utilized to record stock-based compensation expense for stock options granted is as follows:
Year Ended December 31,
202420232022
Fair value of common stock$7.81 $14.72 $12.80 
Risk-free interest rate3.5 %3.7 %3.1 %
Expected term (in years)6.16.16.1
Expected volatility56.2 %57.3 %57.7 %
Dividend yield— %— %— %
The following table summarizes the assumptions used in estimating the fair value of ESPP Rights:
Year Ended December 31,
202420232022
Risk-free interest rate
4.2% - 5.4%
3.9% - 5.5%
1.4% - 4.6%
Expected term (in years)
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
Expected volatility
40.2% - 72.3%
39.2% - 61.0%
59.4% - 76.5%
Dividend yield—%—%—%
Stock-based compensation expense is classified in the Consolidated Statements of Operations as follows:
Year Ended December 31,
202420232022
Cost of revenue$2,657 $2,593 $3,089 
Research and development41,846 49,931 48,779 
Sales and marketing28,104 31,299 30,092 
General and administrative35,477 31,352 28,703 
Restructuring related charges— (5,605)122 
Total$108,084 $109,570 $110,785 
We capitalized $7,675, $7,055, and $5,407 of stock-based compensation related to our internal-use software during the years ended December 31, 2024, 2023, and 2022.
The table below presents unrecognized employee compensation cost related to unvested shares and the weighted-average period over which it is expected to be recognized as of December 31, 2024:
December 31, 2024
Unrecognized employee compensation cost related to unvested sharesWeighted-average period over which the compensation is expected to be recognized
(in years)
RSUs
$182,214 2.4
Common stock options8,292 2.2
ESPP Rights
6,814 1.0
PSUs
1,595 3.2
Income tax benefits recognized from stock-based compensation expense for the years ended December 31, 2024, 2023, and 2022 were $687, $753, and $835 due to cumulative losses and valuation allowances.
For the years ended December 31, 2024, 2023, and 2022, income tax benefits realized related to stock-based awards vested and exercised were $551, $1,326, and $387 due to cumulative losses and valuation allowances.
Common Stock Reserved for Issuance
The following table presents total shares of our common stock reserved for future issuance:
December 31, 2024December 31, 2023
Stock options outstanding9,100,26111,165,138
RSUs outstanding16,081,33318,361,046
PSUs outstanding256,452—
Shares available for future grants22,471,66416,913,085
Total shares of common stock reserved47,909,71046,439,269
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 $1,611, $1,710, and $1,791 to the 401(k) Plan for the years ended December 31, 2024, 2023, and 2022.
v3.25.0.1
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
12. RELATED PARTY TRANSACTIONS
We have a content sourcing agreement with DeepLearning.AI Corp (“DeepLearning.AI”), which was entered into in the normal course of business and under standard terms. Dr. Andrew Ng, one of our co-founders and Chairman of our Board owns DeepLearning.AI. Content fees earned by DeepLearning.AI during the years ended December 31, 2024, 2023, and 2022 were $8,577, $7,401, and $5,679, and were recorded within cost of revenue in the Consolidated Statements of Operations. As of December 31, 2024 and 2023, outstanding educator partner payables related to this content sourcing agreement were $4,137 and $3,895.
v3.25.0.1
SEGMENT AND GEOGRAPHIC INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHIC INFORMATION
13. SEGMENT AND GEOGRAPHIC INFORMATION
Segment Information
Our chief operating decision maker (“CODM”) is our Chief Executive Officer. For the purposes of allocating resources and assessing performance, the CODM examines three segments which relate to our three revenue sources: Consumer, Enterprise, and Degrees. This is also consistent with how we disaggregate revenue.
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, government organizations, and academic institutions by providing an online platform with access to job-relevant educational content enabling them to train, upskill, and reskill their employees, citizens, and students. The Degrees segment is primarily engaged in partnering with universities to deliver fully online bachelor’s and master’s degrees. The CODM measures the performance of each segment primarily based on its revenue and gross profit.
Segment gross profit, as presented below, is defined as segment revenue less certain costs of revenue that represent content costs paid to educator partners. Content costs only apply to the Consumer and Enterprise segments as there is no content cost attributable to the Degrees segment. Content costs are considered significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment gross profit. Expenses other than content costs included in cost of revenue are not allocated to segments because they are managed on an enterprise-wide basis. These unallocated costs include platform and support costs, stock-based compensation expense, and amortization of intangible assets and internal-use software. In addition, we do not allocate sales and marketing expenses, research and development expenses, and general and administrative expenses because the CODM does not consider this information in the measurement of each segment’s performance and rather reviews operating expenses at the consolidated level. Other segment items included in net loss are interest income, net, other expense, net, and income tax expense, which are reflected in the Consolidated Statements of Operations. While we have three segments, our technology and operating platforms support the entire organization.
The CODM does not use segment-level asset information to assess performance and make decisions regarding resource allocation, and we do not track our long-lived assets by segment. The geographic identification of these assets is set forth below.
Financial information for each reportable segment was as follows:
Year Ended December 31,
202420232022
Consumer
Revenue$398,094 $365,221 $295,583 
Content costs183,759 172,220 81,278 
Segment gross profit214,335 193,001 214,305 
Segment gross profit margin54 %53 %73 %
Enterprise
Revenue238,865 219,542 181,284 
Content costs74,988 69,158 54,711 
Segment gross profit163,877 150,384 126,573 
Segment gross profit margin69 %68 %70 %
Degrees
Revenue57,715 51,001 46,889 
Content costs— — — 
Segment gross profit57,715 51,001 46,889 
Segment gross profit margin100 %100 %100 %
Total segment gross profit$435,927 $394,386 $387,767 
Reconciliation of segment gross profit to gross profit
Platform and support costs$38,694 $42,134 $37,471 
Stock-based compensation expense2,657 2,593 3,089 
Amortization of internal-use software17,745 16,894 13,128 
Amortization of intangible assets5,418 2,994 2,600 
Total reconciling items64,514 64,615 56,288 
Gross profit$371,413 $329,771 $331,479 
Geographic Information
Revenue
The following table summarizes the revenue by region based on the billing address of our customers:
Year Ended December 31,
202420232022
United States$368,540 $340,672 $276,011 
Europe, Middle East, and Africa166,328 153,037 130,607 
Asia Pacific89,666 82,331 68,943 
Other70,140 59,724 48,195 
Total$694,674 $635,764 $523,756 
No single country other than the United States represented 10% or more of our total revenue during the years ended December 31, 2024, 2023, and 2022.
Long-lived Assets
The following table presents our long-lived assets, consisting of property, equipment, and software, net of depreciation and amortization, and operating lease ROU assets, by geographic region:
December 31, 2024December 31, 2023
United States$39,013 $34,047 
Rest of World853 1,100 
Total$39,866 $35,147 
v3.25.0.1
RESTRUCTURING RELATED CHARGES
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RELATED CHARGES
14.    RESTRUCTURING RELATED CHARGES
As we refine our business strategy and hone our focus, we have also been reducing our expenses and prioritizing investments in key initiatives that are expected to drive long-term, sustainable growth.
In November 2022, we enacted a plan to reduce our global workforce to better align our cost structure and personnel needs with our planned business objectives, growth opportunities, and operational priorities at the time. During the year ended December 31, 2022, we recognized restructuring related charges of $10,149 that were mainly related to personnel expenses, such as employee severance and benefits costs. Related cash payments of $5,084 and $4,816 were made in the years ended December 31, 2023 and 2022. We also recognized a reversal of stock-based compensation expense of approximately $5,605 during the year ended December 31, 2023, resulting from the forfeiture of RSUs and stock options.
In January 2024, we implemented a plan to restructure our Enterprise segment sales force and recognized restructuring related charges of $2,145 during the year ended December 31, 2024, all of which were paid within the same year.
In October 2024, we announced a commitment to further reducing overall expenses, focus efforts, and prioritize future investments in key initiatives that we expect will drive long-term, sustainable growth. This initiative resulted in a reduction of our global workforce by approximately 9% creating capacity for targeted investments, as well as incremental profitability. During the year ended December 31, 2024, we recognized restructuring related charges of $6,797, mainly consisting of personnel expenses, such as severance and benefits. Related cash payments of $2,722 were made in the year ended December 31, 2024. As of December 31, 2024, $4,522 remained unpaid and was recorded primarily in accrued compensation and benefits in the Consolidated Balance Sheets.
During the first quarter of 2025, we expect to recognize a reversal of stock-based compensation expense of approximately $2 million, when the forfeiture of unvested RSUs and stock options will occur, and an additional approximately $1 million in personnel restructuring related charges. We expect to complete our expense reduction efforts by March 31, 2025.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net loss $ (79,530) $ (116,554) $ (175,357)
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2024
shares
Dec. 31, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Sabrina L. Simmons [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On November 21, 2024, Sabrina L. Simmons, a director, entered into a Rule 10b5-1 trading arrangement that provides for the sale of up to 9,334 shares of our common stock, subject to the vesting of RSUs. This trading arrangement is scheduled to expire on May 30, 2025.
Name Sabrina L. Simmons  
Title director  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 21, 2024  
Arrangement Duration 208 days  
Michele Meyers [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On December 11, 2024, Michele M. Meyers, Vice President and Chief Accounting Officer, entered into a Rule 10b5-1 trading arrangement that provides for the sale of up to 15,000 shares of our common stock. This trading arrangement is scheduled to expire on August 29, 2025.
Name Michele M. Meyers  
Title Vice President and Chief Accounting Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 11, 2024  
Arrangement Duration 366 days  
Sabrina L. Simmons Rule Trading Arrangement, Restricted Stock Unit [Member] | Sabrina L. Simmons [Member]    
Trading Arrangements, by Individual    
Aggregate Available 9,334 9,334
Michele Myers Rule Trading Arrangement, Common Stock [Member] | Michele Meyers [Member]    
Trading Arrangements, by Individual    
Aggregate Available 15,000 15,000
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats. To this end, we maintain an information security program designed to protect our information, intellectual property, and systems, including the data we host and maintain for our learners, customers, and partners in accordance with industry standards and best practices.

Our information security team is led by our Senior Vice President, Chief Technology Officer (“CTO”) and our Vice President, Information Security, who together have over 36 years of technology industry experience and expertise in information security, cybersecurity, and distributed systems. This team is responsible for our information security program and protocols, including managing and coordinating efforts to prevent, mitigate, detect, and remediate cybersecurity incidents, and escalating significant security risks or incidents to executive management.

We have data and cybersecurity protection and control policies to facilitate a secure environment for sensitive information and to ensure the availability of critical data and systems. The information security management system supporting our online learning platform has been independently certified to the International Organization for Standardization (“ISO”) / International Electrotechnical Commission 27001:2013 standard. This standard is designed to promote risk management, cyber-resilience, and operational excellence with respect to an information security management system. Our online learning platform undergoes regular internal security testing, and we engage third-party providers to perform penetration and vulnerability tests. We have annual independent third-party audits conducted on system security and availability, such as Systems and Organization Controls 2 Type 2 (“SOC 2”) audit reports and ISO 27001 certification. Certain highly sensitive information, such as personally identifiable information (“PII”) about our learners in our online learning platform, is encrypted at rest and in transit using industry standards. We also require employees and contractors to undergo annual information security awareness training. In addition, to mitigate the financial impact of cybersecurity incidents, we maintain insurance to help cover losses resulting from such potential incidents.

We maintain a risk-based approach to identify and oversee cybersecurity risks, including risks presented by authorized service providers who have access to our systems or information. We have processes in place to assess and manage associated cybersecurity risks, which include conducting due diligence on the cybersecurity profile of the third party provider and, in cases where PII is shared, ongoing cybersecurity and privacy obligations that are documented in data processing agreements. Our online learning platform is hosted by major cloud-hosting providers, and we require such providers and other third parties that have access to PII or certain other highly sensitive data to be independently SOC 2 attested and/or ISO 27001 certified to ensure that such service providers conform to our security standards.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats. To this end, we maintain an information security program designed to protect our information, intellectual property, and systems, including the data we host and maintain for our learners, customers, and partners in accordance with industry standards and best practices.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our board of directors is responsible for monitoring and assessing strategic risk exposure, and our audit committee has been designated with the responsibility of overseeing our technology and information security, including cybersecurity, policies and practices, and the internal controls regarding information security. Our CTO provides quarterly updates to the audit committee on these topics, as well as cybersecurity risk exposure and steps taken to monitor and mitigate such exposure. The board of directors receives reports from management on our information security and cybersecurity matters on an annual basis. In addition, our incident response process provides that our audit committee is notified in the event of a material cybersecurity incident.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our information security team is led by our Senior Vice President, Chief Technology Officer (“CTO”) and our Vice President, Information Security, who together have over 36 years of technology industry experience and expertise in information security, cybersecurity, and distributed systems. This team is responsible for our information security program and protocols, including managing and coordinating efforts to prevent, mitigate, detect, and remediate cybersecurity incidents, and escalating significant security risks or incidents to executive management.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
We have data and cybersecurity protection and control policies to facilitate a secure environment for sensitive information and to ensure the availability of critical data and systems. The information security management system supporting our online learning platform has been independently certified to the International Organization for Standardization (“ISO”) / International Electrotechnical Commission 27001:2013 standard. This standard is designed to promote risk management, cyber-resilience, and operational excellence with respect to an information security management system. Our online learning platform undergoes regular internal security testing, and we engage third-party providers to perform penetration and vulnerability tests. We have annual independent third-party audits conducted on system security and availability, such as Systems and Organization Controls 2 Type 2 (“SOC 2”) audit reports and ISO 27001 certification. Certain highly sensitive information, such as personally identifiable information (“PII”) about our learners in our online learning platform, is encrypted at rest and in transit using industry standards. We also require employees and contractors to undergo annual information security awareness training. In addition, to mitigate the financial impact of cybersecurity incidents, we maintain insurance to help cover losses resulting from such potential incidents.
Cybersecurity Risk Role of Management [Text Block]
We maintain a risk-based approach to identify and oversee cybersecurity risks, including risks presented by authorized service providers who have access to our systems or information. We have processes in place to assess and manage associated cybersecurity risks, which include conducting due diligence on the cybersecurity profile of the third party provider and, in cases where PII is shared, ongoing cybersecurity and privacy obligations that are documented in data processing agreements. Our online learning platform is hosted by major cloud-hosting providers, and we require such providers and other third parties that have access to PII or certain other highly sensitive data to be independently SOC 2 attested and/or ISO 27001 certified to ensure that such service providers conform to our security standards.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our information security team is led by our Senior Vice President, Chief Technology Officer (“CTO”) and our Vice President, Information Security, who together have over 36 years of technology industry experience and expertise in information security, cybersecurity, and distributed systems. This team is responsible for our information security program and protocols, including managing and coordinating efforts to prevent, mitigate, detect, and remediate cybersecurity incidents, and escalating significant security risks or incidents to executive management.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] who together have over 36 years of technology industry experience and expertise in information security, cybersecurity, and distributed systems
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
We have data and cybersecurity protection and control policies to facilitate a secure environment for sensitive information and to ensure the availability of critical data and systems. The information security management system supporting our online learning platform has been independently certified to the International Organization for Standardization (“ISO”) / International Electrotechnical Commission 27001:2013 standard. This standard is designed to promote risk management, cyber-resilience, and operational excellence with respect to an information security management system. Our online learning platform undergoes regular internal security testing, and we engage third-party providers to perform penetration and vulnerability tests. We have annual independent third-party audits conducted on system security and availability, such as Systems and Organization Controls 2 Type 2 (“SOC 2”) audit reports and ISO 27001 certification. Certain highly sensitive information, such as personally identifiable information (“PII”) about our learners in our online learning platform, is encrypted at rest and in transit using industry standards. We also require employees and contractors to undergo annual information security awareness training. In addition, to mitigate the financial impact of cybersecurity incidents, we maintain insurance to help cover losses resulting from such potential incidents.

We maintain a risk-based approach to identify and oversee cybersecurity risks, including risks presented by authorized service providers who have access to our systems or information. We have processes in place to assess and manage associated cybersecurity risks, which include conducting due diligence on the cybersecurity profile of the third party provider and, in cases where PII is shared, ongoing cybersecurity and privacy obligations that are documented in data processing agreements. Our online learning platform is hosted by major cloud-hosting providers, and we require such providers and other third parties that have access to PII or certain other highly sensitive data to be independently SOC 2 attested and/or ISO 27001 certified to ensure that such service providers conform to our security standards.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The Consolidated Financial Statements include the Company and its wholly owned subsidiaries. All 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; loss contingencies and potential recoveries; and income tax expense, including the valuation of deferred tax assets and liabilities, among others. Actual results could differ from those estimates, and any such differences could be material to our Consolidated Financial Statements.
Cash, Cash Equivalents, and Restricted Cash
Cash, Cash Equivalents, and Restricted Cash
We consider all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Our cash and cash equivalents consist of cash and money market funds at financial institutions, and are stated at cost, which approximates fair value because of their immediate or short-term maturities. Our restricted cash primarily consists of letters of credit required to fulfill certain operating lease agreements. Restricted cash, current is included in prepaid expenses and other current assets, and restricted cash, non-current is included in other assets, both in the Consolidated Balance Sheets.
Marketable Securities
Marketable Securities
Marketable securities consist of U.S. Treasury securities, with an original maturity between three months and one year at the date of purchase, and are classified as available-for-sale (“AFS”) debt securities. We view these securities as available to support current operations and have classified all AFS debt securities as current assets. AFS debt securities are initially recorded at cost and periodically adjusted to fair value with unrealized gains and losses reported as a component of accumulated other comprehensive income in the Consolidated Balance Sheets. We evaluate our AFS debt securities with an unamortized cost basis in excess of estimated fair value to determine what amount of that difference, if any, is caused by expected credit losses. Realized gains and losses as well as credit-related impairment losses are included in other expense, net in the Consolidated Statements of Operations. Any remaining impairment is included in accumulated other comprehensive income (loss).
Accounts Receivable, Net
Accounts Receivable, Net
Accounts receivable, net includes trade accounts receivable, both billed and unbilled, net of an allowance for credit losses. Billed receivables are recorded at the invoiced amount in the period that our right to consideration becomes unconditional, with payment terms on invoiced amounts typically ranging from 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.
We establish an allowance for credit losses based on our assessment of the collectibility of accounts receivable. This assessment considers 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, 2024, 2023, and 2022.
Property, Equipment, and Software, Net
Property, Equipment, and Software, Net
Property, equipment, and software, net is stated at cost, less accumulated depreciation and amortization. We record depreciation and software amortization using the straight-line method over the estimated useful lives of the assets, which typically range from two to five years. We amortize leasehold improvements over the shorter of the estimated useful lives of the improvements or the remaining lease term.
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. This cost is classified as a cost of revenue in the Consolidated Statements of Operations. One such agreement stipulated that certain fees earned by the educator partner were to be allocated to a development fund to be held and spent by Coursera on activities such as developing, marketing, and advertising the educator partner's content, according to a mutually agreed upon plan. We recognized the liability and related expenses associated with this development fund consistent with the timing of when we recognized educator partner content costs given our liability is established in the same period the revenue is recognized. The expenses are classified in the Consolidated Statements of Operations based on the nature of the underlying spend. The liability associated with the development fund is recorded within other accounts payable and accrued expenses in the Consolidated Balance Sheets. During the first quarter of 2023, we entered into an amendment with this educator partner, who started earning typical content fees, which are recorded within cost of revenue in the Consolidated Statements of Operations.
Leases
Leases
We determine if an arrangement is a lease and its classification 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, among 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 to determine 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 arising from leases with an initial lease term of 12 months or less.
Additionally, any impairment of an ROU asset and other lease-related assets, including leasehold improvements, furniture and fixtures, and computer equipment, resulting from entering into a sublease arrangement is recognized in the Consolidated Statements of Operations in the period the sublease agreement is executed. We recognize sublease income as a reduction to our operating lease expense on a straight-line basis over the sublease term. Refer to Note 6 for additional information.
Internal-Use Software and Website Development Costs
Internal-Use Software and Website Development Costs
We capitalize certain costs associated with our internal-use software and website development during the application development stage. This occurs when management with the relevant authority authorizes and commits to the project’s funding, 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, typically 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 their estimated useful lives, which range from two to six years. The amortization of content assets and developed technology is included in cost of revenue 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. Impairment losses related to long-lived assets were immaterial during the year ended December 31, 2024. During the year ended December 31, 2023, we recognized an impairment loss of $861 related to capitalized internal-use software and website development costs. During the year ended December 31, 2022, we recognized impairment losses related to deferred partner fees of $2,915, our operating lease ROU asset of $2,304, and related property and equipment of $904.
Revenue
Revenue
We recognize revenue from contracts with customers for access to the learning content hosted on our platform and related services. Revenue is recognized when control of the promised services is transferred to our customer, reflecting the consideration we expect to receive in exchange for these services. We apply judgment in determining our customer’s ability and intent to pay, based on a variety of factors including the customer’s historical payment experience, credit, or financial information. Consumer 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 with multiple performance obligations require an allocation of the transaction price to each performance obligation based on each one’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, so our contracts are typically accounted for as service arrangements with a single performance obligation.
We have a stand-ready obligation to provide learners with 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 promise of 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. Taxes collected from customers and remitted to governmental authorities are not included within the total transaction price.
At times, we are party to multiple concurrent contracts or contracts that combine multiple services. These situations require judgment to determine if multiple contracts should be combined and accounted for as a single arrangement. In making this determination, we consider (i) the economics of each individual contract and whether or not it was negotiated on a standalone basis, and (ii) if multiple promises represent a single performance obligation.
Contract modifications require judgment to determine if the modification should be accounted for as (i) a separate contract, (ii) the termination of the original contract and creation of a new contract, or (iii) a cumulative catch-up adjustment to the original contract. When evaluating contract modifications, we must identify the performance obligations of the modified contract and determine both the allocation of revenues to the remaining performance obligations and the period of recognition for each identified performance obligation.
We generate revenue from our three reportable segments: Consumer, Enterprise, and Degrees. Refer to Note 13 for our disaggregation of revenue. We are generally the principal with respect to our Consumer and Enterprise revenue arrangements as we control the performance obligation and are the primary obligor with respect to delivering access to course content. Additionally, we have inventory risk through recoupable advances sometimes paid to educator partners.
Consumer Revenue
We generate revenue from consumers by selling access to learning content hosted on our platform. Consumer products include single course certifications, professional certificates, and catalog-wide subscriptions. Access to single courses is generally purchased at a fixed price for a set period of time, typically six months. Professional certificates are a series of courses offered by the same educator partner, with learners provided access on a month-to-month subscription basis. Coursera Plus is our catalog-wide consumer subscription product, sold in monthly or annual subscriptions. All Consumer learners pay in advance, and revenue is recognized ratably over the contract term once access has been granted to the learner, as learners have unlimited access to the course content during the contract term.
Consumer learners are entitled to a full refund up to two weeks after payment is received. We estimate and establish an allowance for refunds based on historical refund rates, which was immaterial as of December 31, 2024 and 2023.
Enterprise Revenue
We sell subscription licenses to businesses, organizations, governments, and educational institutions. These licenses provide their learners with the ability to enroll in courses and Specializations and receive certifications upon completion. Enterprise contracts are typically between one and three years in length and consist of selling a fixed quantity of catalog licenses that grant each learner access to our learning platform and unlimited course enrollments over the license term. We recognize revenue ratably over the contract term once access has been granted to the Enterprise customer.
Degrees Revenue
Universities contract with us to facilitate the delivery of their bachelor’s and master’s degree programs or postgraduate diplomas. Degrees revenue contracts involve the performance of a number of promises, including but not limited to hosting the degree content on our learning platform, providing content authoring tools, course production support, marketing, and platform technical support services. As a result, the university is our customer with respect to Degrees revenue. We earn a service fee based on a percentage of total tuition collected by the university from Degrees students, net of refunds. As a result, the revenue we earn is dependent upon the number of learners enrolled and the tuition charged by the university. This is a form of variable consideration, and we estimate the amount of revenue using an expected value method. These estimates are refined each reporting period until the consideration becomes known, generally at the time the final term enrollment report is provided by the university. We have a stand-ready obligation to perform services throughout the contract term during which degree content is hosted on our platform. Degrees revenue is generally earned and paid by the university for each academic term and is recognized ratably from the start of a term through the start of the following term.
The Degrees learning experience is delivered on the same proprietary learning platform used by Consumer and Enterprise customers. There is no direct contractual revenue arrangement between Coursera and Degrees students, whose contractual arrangement is directly with the universities. In addition to the learning platform, the universities are obligated to provide their students with additional services, such as designing the curriculum, setting admission criteria, making admission and financial aid decisions, real-time teaching, independently awarding credits, certificates, or degrees, and providing academic and career counseling. For these reasons, the universities control the delivery of degrees hosted on our platform. As a result, we recognize only the service fee we receive from the universities as our Degrees revenue.
Deferred Revenue
Deferred Revenue
Deferred revenue, or contract liabilities, consists of consideration recorded in advance of performance obligations being delivered and is classified as current or non-current based on the related period in which services are expected to be provided.
Contract Acquisition and Fulfillment Costs
Contract Acquisition and Fulfillment Costs
Contract acquisition costs consist of sales commissions and related payroll taxes associated with obtaining contracts with Enterprise and Degrees customers.
Deferred Commissions
Contract acquisition costs are costs we incur that are directly related to securing a contract and are primarily related to sales commissions and related payroll taxes earned by our Enterprise and Degrees sales forces. These costs are deferred and then amortized on a straight-line basis over the expected period of benefit. We amortize these costs over four years, as the commissions paid upon a contract renewal are not commensurate with the commissions paid on the initial contract, and as such, the sales contract term is not commensurate with the expected period of benefit. Sales commissions and related payroll taxes primarily paid for Enterprise contract renewals are amortized over the renewal term, which is generally two years. On an annual basis, we assess the expected period of benefit, considering the average contract term length, the life of the underlying technology, and other factors.
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, which 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. They are then amortized into cost of revenue ratably over the subscription term.
Cost of Revenue
Cost of Revenue
Cost of revenue consists of content costs, which are typically 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, internal-use software, and content assets, customer payment processing fees, and attributed facilities costs.
Fair Value Measurements
Fair Value Measurements
Fair value is defined as the price that would be received for an asset or the ‘exit price’ that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between independent market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs, where available. This hierarchy prioritizes the inputs into three broad levels as follows:
Level 1— Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2— Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments.
Level 3— Inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation.
The classification of a financial asset or liability within the hierarchy is determined based on the lowest-level input that is significant to the fair value measurement.
Concentrations of Risk
Concentrations of Risk
Financial instruments that potentially subject us to concentration of credit risk consist of cash, cash equivalents, and marketable securities. We only invest in high-credit-quality instruments and maintain our cash equivalents and marketable securities in fixed-income securities. We place our cash primarily with domestic financial institutions that are federally insured within statutory limits.
For the purpose of assessing the concentration of credit risk with respect to accounts receivable and significant customers, we treat a group of customers under common control or customers that are affiliates of each other as a single customer. For the years ended December 31, 2024, 2023, and 2022, we did not have any customers that accounted for more than 10% of our revenue. As of December 31, 2024 and 2023, we had one customer that accounted for 12% and 10% of our net accounts receivable balance, both of which were collected within typical business terms.
Our business model relies on educational content and credentialing programs from educator partners. Our largest educator partner has global brand recognition and supplies a variety of in-demand content across multiple domains. The loss of or significant reduction in this partnership or one of our other largest educator partners could have a material adverse effect on our financial position, results of operations, and cash flows.
Income Taxes
Income Taxes
We are treated as a corporation under applicable federal and state income tax laws and are subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment is required in determining our income tax expense and deferred tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws.
We utilize the asset and liability method under which deferred tax assets and liabilities arise from the temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Balance Sheets, as well as from net operating losses (“NOLs”) and tax credit carryforwards. Deferred tax amounts are determined by using the tax rates expected to be in effect when the taxes will be paid or refunds received, as provided for under currently enacted tax law. The effect on deferred taxes of changes in tax rates and laws in future periods, if any, is reflected in the Consolidated Financial Statements in the period enacted. A valuation allowance is established if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We consider the available evidence, both positive and negative, including historical levels of income, expectations, and risks associated with estimates of future taxable income in assessing the need for a valuation allowance. Certain of our earnings are indefinitely reinvested offshore and could be subject to additional income tax if repatriated. It is not practicable to determine the unrecognized deferred tax liability on a hypothetical distribution of those earnings.
Determination of income tax expense requires estimates and can involve complex issues that may require an extended period to resolve. We recognize estimated tax liabilities when such liabilities are more likely than not to be sustained upon examination by the taxing authority. Further, the estimated level of annual earnings before income tax can cause the overall effective income tax rate to vary from period to period. Final determination of prior-year tax liabilities, either by settlement with tax authorities or expiration of statutes of limitations, could be materially different than estimates reflected in assets and liabilities and historical income tax expense. The outcome of these final determinations could have a material effect on our income tax expense or cash flows in the period that determination is made.
We recognize interest and penalties related to income tax matters as a component of income tax expense in the Consolidated Statements of Operations.
Stock-Based Compensation Expense
Stock-Based Compensation Expense
We measure and recognize compensation expense for stock-based awards granted to employees, directors, and non-employees based on the estimated grant date fair value. Stock-based awards include restricted stock units (“RSUs”), stock options, performance stock units (“PSUs”) 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, PSUs, and restricted stock awards is based on the fair value of our common stock on the grant date. We estimate the fair value of stock options and ESPP Rights using the Black-Scholes option-pricing model, which requires the use of the following assumptions:
Expected Term—The expected term represents the period that our stock-based awards are expected to be outstanding. For option grants considered to be “plain vanilla,” we determine the expected term using the simplified method, which deems the term to be the average of the time to vesting and the contractual life of the options. For ESPP Rights, the expected term represents the term from the first day of the offering period to the purchase date.
Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the expected term of the stock option or ESPP Rights.
Expected Volatility—The expected volatility for stock options is derived from the average historical stock volatilities of several unrelated public companies within our industry that we consider to be comparable to our business, and to the extent available, our historical volatility over a period equivalent to the estimated expected term. The expected volatility for ESPP Rights is based on the historical volatility of our common stock over the estimated expected term.

Dividend Yield—The expected dividend was assumed to be zero as we have never paid dividends and have no current plans to do so.
Stock-based compensation is generally recognized on a straight-line basis over the requisite service period, which usually matches the vesting period. Forfeitures are recognized as they occur.
Net Loss Per Share Attributable to Common Stockholders
Net Loss Per Share Attributable to Common Stockholders
Basic and diluted net loss per share attributable to common stockholders is computed using the two-class method required for participating securities.
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. In this calculation, common stock options, RSUs, PSUs, and ESPP Rights are considered to be common stock equivalents. However, they have been excluded from the calculation of diluted net loss per share attributable to common stockholders due to their anti-dilutive effect 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 but are excluded from net loss.
Research and Development
Research and Development
Expenditures for the research and development of our technology and non-refundable contributions to develop educator partner content are expensed when incurred, unless they qualify as internal-use software development costs. Research and development costs primarily consist of personnel costs, consulting services, content development contributions, and attributed facilities costs.
Advertising Costs
Advertising Costs
Advertising costs are expensed as incurred and are included in sales and marketing in the Consolidated Statements of Operations. For the years ended December 31, 2024, 2023, and 2022, these costs were $62,390, $44,818, and $39,940.
Foreign Currency
Foreign Currency
The majority of our sales contracts are denominated in U.S. dollars, and the functional currency of our international subsidiaries is also the U.S. dollar. We remeasure monetary assets and liabilities denominated in currencies other than the functional currency to the functional currency at period-end exchange rates. Foreign currency transaction gains and losses resulting from this remeasurement are recognized within other expense, net in the Consolidated Statements of Operations.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
New Accounting Pronouncements Recently Adopted
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and certain other segment items on an interim and annual basis if they are regularly provided to the chief operating decision maker (“CODM”). We adopted ASU 2023-07 effective January 1, 2024, using a retrospective method. Content costs paid to educator partners were the only significant segment expenses regularly provided to the CODM. Otherwise, the adoption of ASU 2023-07 did not have a material impact on our Consolidated Financial Statements and related disclosures. Refer to Note 13 for additional information.
Recently Issued Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities on an annual basis to disclose (1) specific categories in the tax rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis, though retrospective application is permitted. We preliminarily expect the new ASU to result in enhanced disclosure of disaggregated data about our tax payments within certain U.S. states, India, Canada, and the U.K. We are evaluating the components of our rate reconciliation to ensure disclosure of sufficient information to enable users of our financial statements to understand the nature and magnitude of factors contributing to the difference between the effective tax rate and the statutory tax rate.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure, on an annual and interim basis, of specified disaggregated information about certain costs and expenses. Additionally, in January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40), to clarify the effective date of ASU 2024-03. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively or retrospectively. We are currently evaluating the impact ASU 2024-03 will have on our financial statement disclosures.
Loss Contingencies
Loss Contingencies
We regularly review the status of each significant matter and assess its potential likelihood of loss or exposure. We record an accrual for loss contingencies for legal proceedings when we believe that an unfavorable outcome is both (i) probable and (ii) the amount or range of any possible loss can be reasonably estimated. The actual liability in any such matters may be materially different from our estimates, if any, which could result in the need to adjust the liability and record additional expenses.
Legal fees related to potential loss contingencies are expensed as incurred. Insurance recoveries associated with loss contingencies are recognized when realization becomes probable and estimable, the associated costs have been recognized in the financial statements, and the losses are clearly attributable to the insured event.
Treasury Stock, Policy
Treasury Stock
We record repurchases of our common stock as treasury stock, at cost. Incremental direct costs associated with the repurchase of our common stock, including excise tax, are included in the cost of the shares acquired. We use the average cost method to account for reissuances of our treasury stock. If shares of treasury stock are reissued at a price higher than its cost, the gain is recorded to additional paid-in capital. If shares of treasury stock issued at a price lower than its cost, the loss is recorded to additional paid-in capital to the extent there are previous net gains included in the account. Losses in excess of previous net gains are recorded to accumulated deficit only once there is no additional paid-in capital.
v3.25.0.1
REVENUE (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Contract Assets and Liabilities
Contract assets and liabilities were as follows:
December 31, 2024December 31, 2023January 1, 2023
Contract assets:
Billed accounts receivable, net of allowance for credit losses$55,384 $62,407 $45,337 
Unbilled accounts receivable4,301 5,011 8,397 
Total contract assets$59,685 $67,418 $53,734 
Contract liabilities:   
Deferred revenue$161,296 $140,089 $118,777 
Total contract liabilities$161,296 $140,089 $118,777 
Schedule of Capitalized Contract Cost
The following table presents our capitalization and amortization of commissions and related payroll tax expenditures recorded within sales and marketing in the Consolidated Statements of Operations:
Year Ended December 31,
Commissions and related payroll tax expenditures:202420232022
Capitalization$15,009 $17,094 $17,766 
Amortization15,148 12,291 12,618 
Schedule of Deferred Costs, Net and Other Assets Disclosure
Deferred commissions and related payroll tax expenditures, which are included in deferred costs and other assets, were as follows:
December 31, 2024December 31, 2023
Deferred costs, net$13,758 $13,168 
Other assets14,632 15,361 
v3.25.0.1
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Summary of Available-for-Sale Marketable Securities
The following table summarizes our investments measured at fair value on a recurring basis by balance sheet classification and investment type:
December 31, 2024December 31, 2023
Amortized
Cost		Fair
Value - Level 1		Amortized
Cost		Fair
Value - Level 1
Cash equivalents—money market funds$174,227 $174,227 $186,396 $186,396 
Cash equivalents—U.S. Treasury securities529,447 529,447 448,447 448,525 
Total cash equivalents703,674 703,674 634,843 634,921 
Marketable securities—U.S. Treasury securities— — 65,765 65,746 
Total$703,674 $703,674 $700,608 $700,667 
v3.25.0.1
CONSOLIDATED BALANCE SHEET COMPONENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash
The reconciliation of cash, cash equivalents, and restricted cash was as follows:
December 31, 2024December 31, 2023December 31, 2022
Cash and cash equivalents$726,125 $656,321 $320,817 
Restricted cash, current1,574 — 487 
Restricted cash, non-current705 1,765 1,574 
Total cash, cash equivalents, and restricted cash$728,404 $658,086 $322,878 
Schedule of Property, Equipment and Software, Net
Property, equipment, and software, net consisted of the following:
Estimated Useful LivesDecember 31, 2024December 31, 2023
Internal-use software and website development
2 - 5 years
$94,592 $73,881 
Computer equipment and purchased software2 years4,667 4,405 
Leasehold improvementsShorter of useful life or remaining lease term696 6,923 
Furniture and fixtures5 years519 2,757 
Total property, equipment, and software100,474 87,966 
Less accumulated depreciation and amortization(63,575)(57,558)
Property, equipment, and software, net$36,899 $30,408 
Schedule of Depreciation and Amortization Expense
The following table presents depreciation and amortization expense related to property, equipment, and software as well as the portion of amortization expense related to internal-use software and website development that is recorded within cost of revenue in the Consolidated Statements of Operations:
Year Ended December 31,
202420232022
Depreciation and amortization expense$19,664 $19,276 $15,865 
Amortization expense for internal-use software and website development17,745 16,894 13,128 
Schedule of Intangible Assets
Intangible assets, net consisted of the following:
December 31, 2024December 31, 2023
Gross
Carrying
Value		Accumulated
Amortization 		Net
Carrying
Value		Gross
Carrying
Value		Accumulated
Amortization 		Net
Carrying
Value
Content assets$31,202 $(7,567)$23,635 $12,982 $(3,558)$9,424 
Developed technology8,446 (7,560)886 8,446 (6,150)2,296 
Intangible assets$39,648 $(15,127)$24,521 $21,428 $(9,708)$11,720 
Schedule of Capitalization of Content Assets and Amortization Expense for Intangible Assets
Capitalization of content assets and amortization expense for intangible assets was as follows:
Year Ended December 31,
202420232022
Capitalization of content assets$18,219 $6,161 $1,100 
Amortization expense for intangible assets5,418 2,994 2,638 
Schedule of Future Expected Amortization Expense for Intangible Assets
As of December 31, 2024, future expected amortization expense for intangible assets was as follows:
2025$8,059 
20265,498
20274,294
20284,004
20292,558
Thereafter108
Total$24,521 
v3.25.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Components of Lease Costs
The components of lease costs were as follows:
Year Ended December 31,
202420232022
Operating lease cost$4,747 $5,510 $5,853 
Short-term lease cost813 970 1,388 
Variable lease cost2,041 2,066 1,753 
Sublease income(2,267)(2,720)(1,587)
Total lease costs$5,334 $5,826 $7,407 
Schedule of Future Lease Payments
Future lease payments under our non-cancelable operating leases, excluding short-term leases, as of December 31, 2024 were as follows:
2025$416 
2026913 
2027941 
2028969 
2029998 
Thereafter510 
Total lease payments4,747 
Less tenant improvement allowance(844)
Less imputed interest(839)
Present value of operating lease liabilities$3,064 
Operating lease liabilities, current43 
Operating lease liabilities, non-current3,021 
Total operating lease liabilities$3,064 
Schedule of Supplemental Cash Flow and Weighted-average Remaining Lease Term and Discount Rate
Supplemental cash flow information as well as the weighted-average remaining lease term and discount rate related to our operating leases were as follows:
Year Ended December 31,
202420232022
Cash paid for amounts included in the measurement of operating lease liabilities$6,490 $8,509 $6,875 
Operating lease ROU assets obtained in exchange for lease liabilities3,038 — 427 
December 31, 2024December 31, 2023
Weighted-average remaining operating lease term (in years)5.430.93
Weighted-average operating lease discount rate6.56 %5.78 %
v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Loss Before Income Tax
The components of loss before income tax were as follows:
Year Ended December 31,
202420232022
Domestic$(84,004)$(118,481)$(177,649)
Foreign5,503 7,298 7,012 
Total$(78,501)$(111,183)$(170,637)
Schedule of Income Tax Expense
Income tax expense consisted of the following:
Year Ended December 31,
202420232022
Current taxes:
State$708 $3 $189 
Foreign42 4,977 4,872 
Total current$750 $4,980 $5,061 
Deferred taxes:
Foreign$279 $391 $(341)
Total deferred$279 $391 $(341)
Total income tax expense$1,029 $5,371 $4,720 
Schedule of Reconciliation Between the Statutory U.S. Federal Income Tax Rate and our Effective Tax Rate as a Percentage of Loss Before Income Taxes
The reconciliation between the statutory U.S. federal income tax rate and our effective tax rate as a percentage of loss before income taxes was as follows:
Year Ended December 31,
202420232022
U.S federal income taxes at statutory rate21.0 %21.0 %21.0 %
State income taxes, net of federal benefit(2.4)%2.7 %2.1 %
Foreign income taxes at rates other than the U.S. rate1.1 %(3.5)%(1.8)%
Change in valuation allowance1.3 %(28.7)%(19.8)%
Research and development credits5.8 %8.2 %3.5 %
Stock-based compensation(17.4)%(5.4)%(4.4)%
Foreign inclusions(10.7)%— %(3.7)%
Other— %0.9 %0.3 %
Effective income tax rate(1.3)%(4.8)%(2.8)%
Schedule of Significant components of our deferred tax assets and liabilities
Significant components of our deferred tax assets and liabilities consisted of the following:
December 31, 2024December 31, 2023
Deferred tax assets:
Net operating loss carryforwards$112,197 $130,849 
Capitalized research and development costs69,957 51,940 
Research and development credits47,508 42,764 
Stock-based compensation6,769 11,160 
Lease liabilities715 1,512 
Deferred revenue783 937 
Accruals and reserves1,290 813 
Gross deferred tax assets239,219 239,975 
Valuation allowance(224,375)(225,513)
Total deferred tax assets$14,844 $14,462 
Deferred tax liabilities:
Deferred commissions(6,614)(6,768)
Depreciation and amortization(6,779)(5,810)
Operating lease ROU assets(689)(1,070)
Partnership income(233)— 
Total deferred tax liabilities$(14,315)$(13,648)
Net deferred tax assets$529 $814 
Schedule of Activity Related to the Unrecognized Tax Benefits The activity related to the unrecognized tax benefits was as follows:
Year Ended December 31,
202420232022
Gross unrecognized tax benefits—beginning of period$22,535 $16,371 $12,539 
Increases related to tax positions taken during current year2,264 5,052 3,641 
Increases related to tax positions taken during prior years405 1,163 248 
Decreases related to tax positions taken during prior years(2,484)(51)(57)
Gross unrecognized tax benefits—end of period$22,720 $22,535 $16,371 
v3.25.0.1
NET LOSS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Loss Per Share
The following table presents the calculation of basic and diluted net loss per share:
Year Ended December 31,
202420232022
Numerator:
Net loss$(79,530)$(116,554)$(175,357)
Denominator:
Weighted-average shares used in computing net loss per share—basic and diluted157,370,977150,957,814145,263,726
Net loss per share—basic and diluted$(0.51)$(0.77)$(1.21)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been anti-dilutive:
Year Ended December 31,
202420232022
RSUs16,081,33318,361,04622,773,053
Common stock options9,100,26111,165,13818,153,195
PSUs256,452——
ESPP Rights151,964126,768123,603
Total25,590,01029,652,95241,049,851
v3.25.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Payments under the Company's Non-Cancellable Purchase Obligations
Purchase
Obligations
2025$10,433 
20262,875 
Total$13,308 
v3.25.0.1
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Stock Option Activity under the Plans
Stock option activity for the year ended December 31, 2024 was as follows:
Number of
Shares 		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual
Term
(in Years)		Aggregate
Intrinsic
Value
Balance—December 31, 202311,165,138$7.03 5.22$142,444 
Granted612,7467.81 
Exercised(2,462,129)3.81 
Canceled(215,494)20.41 
Balance—December 31, 20249,100,261$7.64 4.97$25,314 
Options vested7,828,120$6.93 4.37$24,891 
Schedule of Share-based Compensation, Restricted Stock Units Award Activity
RSU and PSU activity for the year ended December 31, 2024 was as follows:
RSUsPSUs
Number of
Units		Weighted-Average
Grant Date Fair Value		Aggregate
Intrinsic
Value		Number of
Units		Weighted-Average
Grant Date Fair Value		Aggregate
Intrinsic
Value
Unvested balance—December 31, 202318,361,046$15.24 $355,653 —$— $— 
Granted(1)
9,691,33611.45  300,41614.36 
Vested(7,803,108)16.19  —— 
Forfeited(4,167,941)13.96  (43,964)14.36 
Unvested balance—December 31, 202416,081,333$12.82 $136,691 256,452$14.36 $2,180 
Summary of Weighted Average Assumptions to Record Stock-Based Compensation Expense for Stock Options Granted
A summary of the weighted-average assumptions we utilized to record stock-based compensation expense for stock options granted is as follows:
Year Ended December 31,
202420232022
Fair value of common stock$7.81 $14.72 $12.80 
Risk-free interest rate3.5 %3.7 %3.1 %
Expected term (in years)6.16.16.1
Expected volatility56.2 %57.3 %57.7 %
Dividend yield— %— %— %
The following table summarizes the assumptions used in estimating the fair value of ESPP Rights:
Year Ended December 31,
202420232022
Risk-free interest rate
4.2% - 5.4%
3.9% - 5.5%
1.4% - 4.6%
Expected term (in years)
0.5 - 2.0
0.5 - 2.0
0.5 - 2.0
Expected volatility
40.2% - 72.3%
39.2% - 61.0%
59.4% - 76.5%
Dividend yield—%—%—%
Summary of Stock-Based Compensation Expense in the Consolidated Statements of Operations
Stock-based compensation expense is classified in the Consolidated Statements of Operations as follows:
Year Ended December 31,
202420232022
Cost of revenue$2,657 $2,593 $3,089 
Research and development41,846 49,931 48,779 
Sales and marketing28,104 31,299 30,092 
General and administrative35,477 31,352 28,703 
Restructuring related charges— (5,605)122 
Total$108,084 $109,570 $110,785 
The table below presents unrecognized employee compensation cost related to unvested shares and the weighted-average period over which it is expected to be recognized as of December 31, 2024:
December 31, 2024
Unrecognized employee compensation cost related to unvested sharesWeighted-average period over which the compensation is expected to be recognized
(in years)
RSUs
$182,214 2.4
Common stock options8,292 2.2
ESPP Rights
6,814 1.0
PSUs
1,595 3.2
Summary of Shares of Common Stock Reserved for Future Issuance
The following table presents total shares of our common stock reserved for future issuance:
December 31, 2024December 31, 2023
Stock options outstanding9,100,26111,165,138
RSUs outstanding16,081,33318,361,046
PSUs outstanding256,452—
Shares available for future grants22,471,66416,913,085
Total shares of common stock reserved47,909,71046,439,269
v3.25.0.1
SEGMENT AND GEOGRAPHIC INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Financial Information for Each Reportable Segment
Financial information for each reportable segment was as follows:
Year Ended December 31,
202420232022
Consumer
Revenue$398,094 $365,221 $295,583 
Content costs183,759 172,220 81,278 
Segment gross profit214,335 193,001 214,305 
Segment gross profit margin54 %53 %73 %
Enterprise
Revenue238,865 219,542 181,284 
Content costs74,988 69,158 54,711 
Segment gross profit163,877 150,384 126,573 
Segment gross profit margin69 %68 %70 %
Degrees
Revenue57,715 51,001 46,889 
Content costs— — — 
Segment gross profit57,715 51,001 46,889 
Segment gross profit margin100 %100 %100 %
Total segment gross profit$435,927 $394,386 $387,767 
Reconciliation of segment gross profit to gross profit
Platform and support costs$38,694 $42,134 $37,471 
Stock-based compensation expense2,657 2,593 3,089 
Amortization of internal-use software17,745 16,894 13,128 
Amortization of intangible assets5,418 2,994 2,600 
Total reconciling items64,514 64,615 56,288 
Gross profit$371,413 $329,771 $331,479 
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area
The following table summarizes the revenue by region based on the billing address of our customers:
Year Ended December 31,
202420232022
United States$368,540 $340,672 $276,011 
Europe, Middle East, and Africa166,328 153,037 130,607 
Asia Pacific89,666 82,331 68,943 
Other70,140 59,724 48,195 
Total$694,674 $635,764 $523,756 
Schedule of Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country
The following table presents our long-lived assets, consisting of property, equipment, and software, net of depreciation and amortization, and operating lease ROU assets, by geographic region:
December 31, 2024December 31, 2023
United States$39,013 $34,047 
Rest of World853 1,100 
Total$39,866 $35,147 
v3.25.0.1
BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS (Details)
 12 Months Ended
Dec. 31, 2024
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of operating segments 3
v3.25.0.1
SIGNIFICANT ACCOUNTING POLICIES (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
May 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Change in Accounting Estimate [Line Items]        
Impairment long-lived asset held-for-use extensible enumeration   impairment loss impairment loss impairment loss
Impairment loss $ 2,304     $ 2,304
Number of reportable segments | segment   3    
Contract with customer, expected amortized cost period   4 years    
Contract with customer amortization on renewal period   2 years    
Sales and marketing   $ 234,908 $ 222,771 227,676
Advertising expense   $ 62,390 $ 44,818 39,940
Customer Concentration Risk | Accounts Receivable | One Customer        
Change in Accounting Estimate [Line Items]        
Concentrations of credit risk, percentage   12.00% 10.00%  
Property and Equipment        
Change in Accounting Estimate [Line Items]        
Impairment loss     $ 904 904
Internal Use Software And Website Development        
Change in Accounting Estimate [Line Items]        
Impairments of long lived assets   $ 861    
Deferred Partner Fees        
Change in Accounting Estimate [Line Items]        
Impairments of long lived assets       $ 2,915
Minimum        
Change in Accounting Estimate [Line Items]        
Property, equipment, and software estimated useful lives   2 years    
Estimated useful lives   2 years    
Contract with customer, purchase of fixed quantity of seat licenses, contract period   1 year    
Minimum | Computer Software, Intangible Asset        
Change in Accounting Estimate [Line Items]        
Estimated useful lives   2 years    
Maximum        
Change in Accounting Estimate [Line Items]        
Property, equipment, and software estimated useful lives   5 years    
Estimated useful lives   6 years    
Contract with customer, purchase of fixed quantity of seat licenses, contract period   3 years    
Maximum | Computer Software, Intangible Asset        
Change in Accounting Estimate [Line Items]        
Estimated useful lives   5 years    
v3.25.0.1
REVENUE - Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Jan. 01, 2022
Contract assets:      
Billed accounts receivable, net of allowance for credit losses $ 55,384 $ 62,407 $ 45,337
Unbilled accounts receivable 4,301 5,011 8,397
Total contract assets 59,685 67,418 53,734
Contract liabilities:      
Deferred revenue 161,296 140,089 118,777
Total contract liabilities $ 161,296 $ 140,089 $ 118,777
v3.25.0.1
REVENUE - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Revenue recognized $ 137,061,000 $ 116,002,000 $ 92,806,000
Impairment losses on contract assets 0 0 $ 0
Russian Educator Partners      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Impairment losses on deferred partner fees 817,000 $ 2,008,000  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Remaining performance obligation $ 333,214,000    
Percent of remaining performance obligations to be recognized 70.00%    
Period for satisfaction of remaining performance obligation 12 months    
v3.25.0.1
REVENUE - Schedule of Capitalized Contract Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]      
Capitalization $ 15,009 $ 17,094 $ 17,766
Amortization $ 15,148 $ 12,291 $ 12,618
v3.25.0.1
REVENUE - Schedule of Deferred Costs, Net and Other Assets Disclosure (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Deferred costs, net $ 13,758 $ 13,168
Other assets $ 14,632 $ 15,361
v3.25.0.1
INVESTMENTS - Summary of Available-for-Sale Marketable Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost $ 703,674 $ 700,608
Fair Value - Level 1 703,674 700,667
Marketable securities—U.S. Treasury securities    
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost 0 65,765
Fair Value - Level 1 0 65,746
Cash and Cash Equivalents    
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost 703,674 634,843
Fair Value - Level 1 703,674 634,921
Cash and Cash Equivalents | Cash equivalents—money market funds    
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost 174,227 186,396
Fair Value - Level 1 174,227 186,396
Cash and Cash Equivalents | Marketable securities—U.S. Treasury securities    
Schedule Of Available For Sale Securities [Line Items]    
Amortized Cost 529,447 448,447
Fair Value - Level 1 $ 529,447 $ 448,525
v3.25.0.1
INVESTMENTS - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Aug. 31, 2023
Schedule of Equity Method Investments [Line Items]        
Credit or non credit impairment charges $ 0 $ 0 $ 0  
Impairment of equity method investment 1,000,000 $ 0 $ 0  
Private Company        
Schedule of Equity Method Investments [Line Items]        
Ownership interest in equity method investment, percentage       7.00%
Carrying value of investment $ 1,701,000      
v3.25.0.1
CONSOLIDATED BALANCE SHEET COMPONENTS - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Cash and cash equivalents $ 726,125 $ 656,321 $ 320,817  
Restricted cash, current 1,574 0 487  
Restricted cash, non-current 705 1,765 1,574  
Total cash, cash equivalents, and restricted cash $ 728,404 $ 658,086 $ 322,878 $ 582,719
v3.25.0.1
CONSOLIDATED BALANCE SHEET COMPONENTS - Schedule of Property, Equipment and Software, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property Plant And Equipment [Line Items]    
Total property, equipment, and software $ 100,474 $ 87,966
Less accumulated depreciation and amortization (63,575) (57,558)
Property, equipment, and software, net 36,899 30,408
Internal-use software and website development    
Property Plant And Equipment [Line Items]    
Total property, equipment, and software $ 94,592 73,881
Computer equipment and purchased software    
Property Plant And Equipment [Line Items]    
Estimated Useful Lives 2 years  
Total property, equipment, and software $ 4,667 4,405
Leasehold improvements    
Property Plant And Equipment [Line Items]    
Total property, equipment, and software $ 696 6,923
Furniture and fixtures    
Property Plant And Equipment [Line Items]    
Estimated Useful Lives 5 years  
Total property, equipment, and software $ 519 $ 2,757
Minimum | Internal-use software and website development    
Property Plant And Equipment [Line Items]    
Estimated Useful Lives 2 years  
Maximum | Internal-use software and website development    
Property Plant And Equipment [Line Items]    
Estimated Useful Lives 5 years  
v3.25.0.1
CONSOLIDATED BALANCE SHEET COMPONENTS - Schedule of Depreciation and Amortization Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property Plant And Equipment [Line Items]      
Depreciation and amortization expense $ 25,082 $ 22,270 $ 18,503
Amortization expense for internal-use software and website development   2,994 2,638
Property, Equipment and Software      
Property Plant And Equipment [Line Items]      
Depreciation and amortization expense 19,664 19,276 15,865
Software and Website Development      
Property Plant And Equipment [Line Items]      
Amortization expense for internal-use software and website development $ 17,745 $ 16,894 $ 13,128
v3.25.0.1
CONSOLIDATED BALANCE SHEET COMPONENTS - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Value $ 39,648 $ 21,428
Accumulated Amortization (15,127) (9,708)
Net Carrying Value 24,521 11,720
Content assets    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Value 31,202 12,982
Accumulated Amortization (7,567) (3,558)
Net Carrying Value 23,635 9,424
Developed technology    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Value 8,446 8,446
Accumulated Amortization (7,560) (6,150)
Net Carrying Value $ 886 $ 2,296
v3.25.0.1
CONSOLIDATED BALANCE SHEET COMPONENTS - Schedule of Capitalization of Content Assets and Amortization Expense for Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]      
Amortization expense for intangible assets   $ 2,994 $ 2,638
Content Asset      
Finite Lived Intangible Assets [Line Items]      
Capitalization of content assets $ 18,219 $ 6,161 $ 1,100
Intangible Assets, Excluding Internal-Use Software And Website Development      
Finite Lived Intangible Assets [Line Items]      
Amortization expense for intangible assets $ 5,418    
v3.25.0.1
CONSOLIDATED BALANCE SHEET COMPONENTS - Additional Information (Details)
Dec. 31, 2024
Developed technology  
Property Plant And Equipment [Line Items]  
Weighted average remaining amortization period for intangible asset 7 months 6 days
Content assets  
Property Plant And Equipment [Line Items]  
Weighted average remaining amortization period for intangible asset 4 years 1 month 6 days
v3.25.0.1
CONSOLIDATED BALANCE SHEET COMPONENTS - Schedule of Future Expected Amortization Expense for Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
2025 $ 8,059  
2026 5,498  
2027 4,294  
2028 4,004  
2029 2,558  
Thereafter 108  
Net Carrying Value $ 24,521 $ 11,720
v3.25.0.1
LEASES - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
May 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Operating Leased Assets [Line Items]      
Impairment loss $ 2,304   $ 2,304
Property and Equipment      
Operating Leased Assets [Line Items]      
Impairment loss   $ 904 $ 904
v3.25.0.1
LEASES - Schedule of Components of Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating lease cost $ 4,747 $ 5,510 $ 5,853
Short-term lease cost 813 970 1,388
Variable lease cost 2,041 2,066 1,753
Sublease income (2,267) (2,720) (1,587)
Total lease costs $ 5,334 $ 5,826 $ 7,407
v3.25.0.1
LEASES - Schedule of Future Lease Payments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
2025 $ 416  
2026 913  
2027 941  
2028 969  
2029 998  
Thereafter 510  
Total lease payments 4,747  
Less tenant improvement allowance (844)  
Less imputed interest (839)  
Present value of operating lease liabilities 3,064  
Operating lease liabilities, current 43 $ 6,557
Operating lease liabilities, non-current $ 3,021 $ 39
v3.25.0.1
LEASES - Schedule of Supplemental Cash Flow and Weighted-average Remaining Lease Term and Discount Rate (Details) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]        
Cash paid for amounts included in the measurement of operating lease liabilities   $ 6,490 $ 8,509 $ 6,875
Operating lease ROU assets obtained in exchange for lease liabilities $ 3,038 $ 3,038 $ 0 $ 427
Weighted-average remaining operating lease term (in years)   5 years 5 months 4 days 11 months 4 days  
Weighted-average operating lease discount rate   6.56% 5.78%  
v3.25.0.1
INCOME TAXES - Schedule of Components of Loss Before Income Tax (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Domestic $ (84,004) $ (118,481) $ (177,649)
Foreign 5,503 7,298 7,012
Loss before income taxes $ (78,501) $ (111,183) $ (170,637)
v3.25.0.1
INCOME TAXES - Schedule of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current taxes:      
State $ 708 $ 3 $ 189
Foreign 42 4,977 4,872
Total current 750 4,980 5,061
Deferred taxes:      
Foreign 279 391 (341)
Total deferred 279 391 (341)
Total income tax expense $ 1,029 $ 5,371 $ 4,720
v3.25.0.1
INCOME TAXES - Schedule of Reconciliation Between the Statutory U.S. Federal Income Tax Rate and our Effective Tax Rate as a Percentage of Loss Before Income Taxes (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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 (2.40%) 2.70% 2.10%
Foreign income taxes at rates other than the U.S. rate 1.10% (3.50%) (1.80%)
Change in valuation allowance 1.30% (28.70%) (19.80%)
Research and development credits 5.80% 8.20% 3.50%
Stock-based compensation (17.40%) (5.40%) (4.40%)
Foreign inclusions (10.70%) 0.00% (3.70%)
Other 0.00% 0.90% 0.30%
Effective income tax rate (1.30%) (4.80%) (2.80%)
v3.25.0.1
INCOME TAXES - Schedule of Significant components of our deferred tax assets and liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Net operating loss carryforwards $ 112,197 $ 130,849
Capitalized research and development costs 69,957 51,940
Research and development credits 47,508 42,764
Stock-based compensation 6,769 11,160
Lease liabilities 715 1,512
Deferred revenue 783 937
Accruals and reserves 1,290 813
Gross deferred tax assets 239,219 239,975
Valuation allowance (224,375) (225,513)
Total deferred tax assets 14,844 14,462
Deferred tax liabilities:    
Deferred commissions (6,614) (6,768)
Depreciation and amortization (6,779) (5,810)
Operating lease ROU assets (689) (1,070)
Deferred Tax Liabilities, Partnership Income (233) 0
Total deferred tax liabilities (14,315) (13,648)
Net deferred tax assets $ 529 $ 814
v3.25.0.1
INCOME TAXES - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Loss Carryforwards [Line Items]        
Increase (decrease) in valuation allowance $ 1,138 $ 39,907    
Research and development tax credits carryforwards 47,508 42,764    
Unrecognized tax benefits 22,720 $ 22,535 $ 16,371 $ 12,539
Federal        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforwards 476,421      
Research and development tax credits carryforwards 30,664      
Indefinite operating loss carryforwards 402,650      
State        
Operating Loss Carryforwards [Line Items]        
Net operating loss carryforwards 195,426      
Research and development tax credits carryforwards $ 16,845      
v3.25.0.1
INCOME TAXES - Summary of income tax contingencies (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Gross unrecognized tax benefits—beginning of period $ 22,535 $ 16,371 $ 12,539
Increases related to tax positions taken during current year 2,264 5,052 3,641
Increases related to tax positions taken during prior years 405 1,163 248
Decreases related to tax positions taken during prior years (2,484) (51) (57)
Gross unrecognized tax benefits—end of period $ 22,720 $ 22,535 $ 16,371
v3.25.0.1
NET LOSS PER SHARE - Calculation of Basic and Diluted (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator:      
Net loss $ (79,530) $ (116,554) $ (175,357)
Denominator:      
Weighted-average shares used in computing net loss per share—basic (in shares) 157,370,977 150,957,814 145,263,726
Weighted-average shares used in computing net loss per share—diluted (in shares) 157,370,977 150,957,814 145,263,726
Net loss per share—basic (in dollars per share) $ (0.51) $ (0.77) $ (1.21)
Net loss per share—diluted (in dollars per share) $ (0.51) $ (0.77) $ (1.21)
v3.25.0.1
NET LOSS PER SHARE - Schedule of Securities with a Potentially Dilutive Impact (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of dilutive earnings per share (in shares) 25,590,010 29,652,952 41,049,851
Common stock options      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of dilutive earnings per share (in shares) 9,100,261 11,165,138 18,153,195
RSUs      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of dilutive earnings per share (in shares) 16,081,333 18,361,046 22,773,053
ESPP Rights      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of dilutive earnings per share (in shares) 151,964 126,768 123,603
PSUs      
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of dilutive earnings per share (in shares) 256,452 0 0
v3.25.0.1
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Jan. 31, 2025
Dec. 31, 2024
Loss Contingencies [Line Items]    
Non-cancelable purchase obligations   $ 13,308
Loss contingency receivable   4,745
Legal fees   1,466
Loss contingency accrual   $ 4,787
Subsequent Event    
Loss Contingencies [Line Items]    
Settlement agreement amount $ 4,519  
v3.25.0.1
COMMITMENTS AND CONTINGENCIES - Future Minimum Payments under the Company's Non-Cancelable Purchase Obligations (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2025 $ 10,433
2026 2,875
Total $ 13,308
v3.25.0.1
STOCKHOLDERS’ EQUITY (DEFICIT) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Apr. 26, 2023
Subsidiary Sale Of Stock [Line Items]      
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000  
Preferred stock, par value (in dollars per share) $ 0.00001 $ 0.00001  
Preferred stock, shares issued (in shares) 0 0  
Preferred stock, shares outstanding (in shares) 0 0  
Stock repurchase program authorized amount     $ 95,000
Number of shares, repurchased (in shares) 3,099,800 4,829,803  
Stock repurchased, value $ 36,707 $ 58,452  
IPO      
Subsidiary Sale Of Stock [Line Items]      
Preferred stock, shares authorized (in shares) 10,000,000    
Preferred stock, par value (in dollars per share) $ 0.00001    
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Additional Information (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Feb. 03, 2025
trading_day
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Shares reserved for issuance | shares   47,909,710 46,439,269  
Modification charge   $ 6,112 $ 3,119 $ 9,047
Aggregate intrinsic value of employee options exercised   21,386 72,649 57,311
Compensation cost related to the nonvested awards not yet recognized   $ 8,292    
Weighted average period for recognition of compensation cost   2 years 2 months 12 days    
Income tax benefits recognized   $ 687 753 835
Tax benefits realized on awards vested and exercised   $ 551 1,326 387
Employees percentage of eligible compensation may elect to contribute   100.00%    
Employer discretionary contribution amount   $ 1,611 1,710 1,791
Internal-use software and website development        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
cumulative stock-based compensation expense   $ 7,675 $ 7,055 $ 5,407
Stock Options        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share based compensation, expiration period   10 years    
Vesting period   4 years    
Weighted average grant-date fair value of stock options granted (in dollars per share) | $ / shares   $ 4.39 $ 8.41 $ 7.26
Restricted Stock Units        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Vesting period   4 years    
Aggregate fair value of RSUs vested   $ 80,106 $ 130,891 $ 29,966
Compensation cost related to the nonvested awards not yet recognized   $ 182,214    
Weighted average period for recognition of compensation cost   2 years 4 months 24 days    
Granted (in shares) | shares   9,691,336    
Restricted Stock Units | Subsequent Event | Chief Executive Officer        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Vesting period 4 years      
Granted (in shares) | shares 1,873,171      
Restricted Stock Units | Share-Based Payment Arrangement, Tranche One        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, award Vesting rights, percentage   25.00%    
Cliff vesting period   1 year    
Restricted Stock Units | Share-Based Payment Arrangement, Tranche One | Subsequent Event | Chief Executive Officer        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, award Vesting rights, percentage 25.00%      
Restricted Stock Units | Share-Based Payment Arrangement, Tranche Two        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, award Vesting rights, percentage   6.25%    
Restricted Stock Units | Share-Based Payment Arrangement, Tranche Two | Subsequent Event | Chief Executive Officer        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, award Vesting rights, percentage 6.25%      
Restricted Stock Units | Share-Based Payment Arrangement, Tranche Three        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, award Vesting rights, percentage   6.25%    
PSUs        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Compensation cost related to the nonvested awards not yet recognized   $ 1,595    
Weighted average period for recognition of compensation cost   3 years 2 months 12 days    
Granted (in shares) | shares   300,416    
PSUs | Subsequent Event | Chief Executive Officer        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Vesting period 4 years      
Exercise price (in dollars per share) | $ / shares $ 7.81      
Trading day period (in days) | trading_day 60      
Market-based vesting condition, stock price (in dollars per share) | $ / shares $ 12.81      
Granted (in shares) | shares 1,404,879      
PSUs | Minimum        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Award performance targets, (percent)   50.00%    
PSUs | Maximum        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Award performance targets, (percent)   150.00%    
PSUs | Share-Based Payment Arrangement, Tranche One        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, award Vesting rights, percentage   25.00%    
Cliff vesting period   1 year    
PSUs | Share-Based Payment Arrangement, Tranche One | Subsequent Event | Chief Executive Officer        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, award Vesting rights, percentage 25.00%      
PSUs | Share-Based Payment Arrangement, Tranche Two        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, award Vesting rights, percentage   6.25%    
Cliff vesting period   3 years    
Time-Based Stock Options | Subsequent Event | Chief Executive Officer        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Exercise price (in dollars per share) | $ / shares $ 7.81      
Granted (in shares) | shares 3,746,342      
Employee Stock Purchase Plan        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Percent of the lower of the market price for Purchase shares of common stock   85.00%    
Employee stock incentive plan, purchase period   6 months    
Shares reserved for issuance | shares   5,063,535    
Compensation cost related to the nonvested awards not yet recognized   $ 6,814    
Weighted average period for recognition of compensation cost   1 year    
2021 Employee Stock Purchase Plan        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Shares reserved for issuance | shares   17,408,129    
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Schedule of Stock Option Activity under the Plans (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Number of Shares    
Number of shares, beginning balance (in shares) 11,165,138  
Number of shares, ending balance (in shares) 9,100,261 11,165,138
Stock Options    
Number of Shares    
Number of shares, beginning balance (in shares) 11,165,138  
Number of shares, granted (in shares) 612,746  
Number of shares, exercised (in shares) (2,462,129)  
Number of shares, canceled (in shares) (215,494)  
Number of shares, ending balance (in shares) 9,100,261 11,165,138
Number of shares, options vested (in shares) 7,828,120  
Weighted- Average Exercise Price    
Weighted-average exercise price, beginning balance (in dollars per share) $ 7.03  
Weighted-average exercise price, granted (in dollars per share) 7.81  
Weighted-average exercise price, exercised (in dollars per share) 3.81  
Weighted-average exercise price, canceled (in dollars per share) 20.41  
Weighted-average exercise price, ending balance (in dollars per share) 7.64 $ 7.03
Weighted-average exercise price, options vested (in dollars per share) $ 6.93  
Weighted-average remaining contractual term, balance 4 years 11 months 19 days 5 years 2 months 19 days
Weighted-average remaining contractual term, options vested 4 years 4 months 13 days  
Aggregate intrinsic value $ 25,314 $ 142,444
Aggregate intrinsic value, options vested $ 24,891  
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Schedule of Share-based Compensation, Restricted Stock Units Award Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock Units    
Number of Units    
Unvested beginning balance (in shares) 18,361,046  
Granted (in shares) 9,691,336  
Vested (in shares) (7,803,108)  
Forfeited (in shares) (4,167,941)  
Unvested ending balance (in shares) 16,081,333  
Weighted-Average Grant Date Fair Value    
Unvested beginning balance (in dollars per share) $ 15.24  
Granted (in dollars per share) 11.45  
Vested (in dollars per share) 16.19  
Forfeited (in dollars per share) 13.96  
Unvested ending balance (in dollars per share) $ 12.82  
Aggregate Intrinsic Value, Unvested balance $ 136,691 $ 355,653
PSUs    
Number of Units    
Unvested beginning balance (in shares) 0  
Granted (in shares) 300,416  
Vested (in shares) 0  
Forfeited (in shares) (43,964)  
Unvested ending balance (in shares) 256,452  
Weighted-Average Grant Date Fair Value    
Unvested beginning balance (in dollars per share) $ 0  
Granted (in dollars per share) 14.36  
Vested (in dollars per share) 0  
Forfeited (in dollars per share) 14.36  
Unvested ending balance (in dollars per share) $ 14.36  
Aggregate Intrinsic Value, Unvested balance $ 2,180 $ 0
Award revenue target amount $ 196,604  
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Awards Expected To Vest, Percentage 83.85%  
PSUs | Maximum    
Weighted-Average Grant Date Fair Value    
Performance period target level (percent) 150.00%  
PSUs | Minimum    
Weighted-Average Grant Date Fair Value    
Performance period target level (percent) 0.00%  
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Summary of weighted-average assumptions to record compensation expenses for stock options granted (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Fair value of common stock (in usd per share) $ 7.81 $ 14.72 $ 12.80
Risk-free interest rate 3.50% 3.70% 3.10%
Expected term (in years) 6 years 1 month 6 days 6 years 1 month 6 days 6 years 1 month 6 days
Expected volatility 56.20% 57.30% 57.70%
Dividend yield 0.00% 0.00% 0.00%
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Summary of Estimated Assumptions Used in Value of ESPP Rights (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Risk-free interest rate 3.50% 3.70% 3.10%
Expected term (in years) 6 years 1 month 6 days 6 years 1 month 6 days 6 years 1 month 6 days
Expected volatility 56.20% 57.30% 57.70%
Dividend yield 0.00% 0.00% 0.00%
Employee Stock Purchase Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Dividend yield 0.00% 0.00% 0.00%
Minimum | Employee Stock Purchase Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Risk-free interest rate 4.20% 3.90% 1.40%
Expected term (in years) 6 months 6 months 6 months
Expected volatility 40.20% 39.20% 59.40%
Maximum | Employee Stock Purchase Plan      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Risk-free interest rate 5.40% 5.50% 4.60%
Expected term (in years) 2 years 2 years 2 years
Expected volatility 72.30% 61.00% 76.50%
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Summary of Stock-Based Compensation Expense in the Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total $ 108,084 $ 109,570 $ 110,785
Cost of revenue      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total 2,657 2,593 3,089
Research and development      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total 41,846 49,931 48,779
Sales and marketing      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total 28,104 31,299 30,092
General and administrative      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total 35,477 31,352 28,703
Restructuring related charges      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total $ 0 $ (5,605) $ 122
v3.25.0.1
EMPLOYEE BENEFIT PLANS - Summary of Shares of Common Stock Reserved for Future Issuance (Details) - shares
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]    
Stock options outstanding 9,100,261 11,165,138
RSUs outstanding 16,081,333 18,361,046
PSUs outstanding 256,452 0
Shares available for future grants 22,471,664 16,913,085
Shares reserved for issuance 47,909,710 46,439,269
v3.25.0.1
EMPLOYEE BENEFIT PLANS - 401(k) Plan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Employees percentage of eligible compensation may elect to contribute 100.00%    
Employer discretionary contribution amount $ 1,611 $ 1,710 $ 1,791
v3.25.0.1
RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]      
Educator partners payable $ 101,869 $ 101,041  
Content Sourcing Agreement      
Related Party Transaction [Line Items]      
Related party content fees 8,577 7,401 $ 5,679
Content Sourcing Agreement | Related Party      
Related Party Transaction [Line Items]      
Educator partners payable $ 4,137 $ 3,895  
v3.25.0.1
SEGMENT AND GEOGRAPHIC INFORMATION - Additional Information (Details) - segment
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Number of reportable segments 3    
Revenue | Geographic Concentration Risk | United States | Minimum      
Segment Reporting Information [Line Items]      
Concentration risk, percentage 10.00% 10.00% 10.00%
v3.25.0.1
SEGMENT AND GEOGRAPHIC INFORMATION - Segment Results of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue      
Revenue $ 694,674 $ 635,764 $ 523,756
Content costs 323,261 305,993 192,277
Segment gross profit      
Segment Gross Profit Loss 435,927 394,386 387,767
Platform and support costs 38,694 42,134 37,471
Stock-based compensation expense 2,657 2,593 3,089
Segment amortization   2,994 2,638
Total reconciling items 64,514 64,615 56,288
Gross profit 371,413 329,771 331,479
Amortization of internal-use software      
Segment gross profit      
Segment amortization 17,745 16,894 13,128
Amortization of intangible assets      
Segment gross profit      
Segment amortization 5,418 2,994 2,600
Consumer      
Revenue      
Revenue 398,094 365,221 295,583
Content costs 183,759 172,220 81,278
Segment gross profit      
Segment Gross Profit Loss $ 214,335 $ 193,001 $ 214,305
Segment gross profit margin 54.00% 53.00% 73.00%
Enterprise      
Revenue      
Revenue $ 238,865 $ 219,542 $ 181,284
Content costs 74,988 69,158 54,711
Segment gross profit      
Segment Gross Profit Loss $ 163,877 $ 150,384 $ 126,573
Segment gross profit margin 69.00% 68.00% 70.00%
Degrees      
Revenue      
Revenue $ 57,715 $ 51,001 $ 46,889
Content costs 0 0 0
Segment gross profit      
Segment Gross Profit Loss $ 57,715 $ 51,001 $ 46,889
Segment gross profit margin 100.00% 100.00% 100.00%
v3.25.0.1
SEGMENT AND GEOGRAPHIC INFORMATION - Summary of Revenue By Region Based On Billing Address (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Revenue $ 694,674 $ 635,764 $ 523,756
United States      
Segment Reporting Information [Line Items]      
Revenue 368,540 340,672 276,011
Europe, Middle East, and Africa      
Segment Reporting Information [Line Items]      
Revenue 166,328 153,037 130,607
Asia Pacific      
Segment Reporting Information [Line Items]      
Revenue 89,666 82,331 68,943
Other      
Segment Reporting Information [Line Items]      
Revenue $ 70,140 $ 59,724 $ 48,195
v3.25.0.1
SEGMENT AND GEOGRAPHIC INFORMATION - Summary of Long Lived Assets By Geographic Region (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]    
Noncurrent Assets $ 39,866 $ 35,147
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Noncurrent Assets 39,013 34,047
Rest of World    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Noncurrent Assets $ 853 $ 1,100
v3.25.0.1
RESTRUCTURING RELATED CHARGES (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]          
Restructuring related charges     $ 8,942 $ (5,806) $ 10,149
Cash payment     2,722 5,084 4,816
Reversal of stock-based compensation expense     108,084 109,570 $ 110,785
Restructuring reserve     4,522    
Employee Severance          
Restructuring Cost and Reserve [Line Items]          
Restructuring related charges     6,797    
Enterprise          
Restructuring Cost and Reserve [Line Items]          
Restructuring related charges     $ 2,145    
Forecast          
Restructuring Cost and Reserve [Line Items]          
Number of expected positions to be eliminated, Period Percent   9.00%      
Forecast | Minimum          
Restructuring Cost and Reserve [Line Items]          
Restructuring related charges $ 1,000        
Reversal of stock-based compensation expense $ 2,000        
Restricted Stock Units and Share-Based Payment Arrangement, Option          
Restructuring Cost and Reserve [Line Items]          
Reversal of stock-based compensation expense       $ 5,605