Coursera Reports Third Quarter 2022 Financial Results - Coursera (NYSE:COUR)

• Revenue grows 24% year-over-year
• Enterprise revenue grows 51% year-over-year

Coursera COUR today announced financial results for its third quarter ended September 30, 2022.

We believe that the future of higher education exists at the intersection of university and industry as millions of learners come to Coursera for the job-relevant skills and industry microcredentials needed for today's in-demand careers, said Coursera CEO Jeff Maggioncalda. With our Career Academy's expanding catalog of job roles, we are enabling academic institutions, businesses, and governments to adapt to the fast-changing skills landscape, evolve with employer demands, and build talent for the digital economy.

Financial Highlights for Third Quarter 2022

• Total revenue was $136.4 million, up 24% from $109.9 million a year ago.
• Gross profit was $87.6 million or 64.2% of revenue, up 29% from $67.7 million or 61.6% of revenue a year ago. Non-GAAP gross profit was $88.3 million or 64.7% of revenue, up 29% from $68.3 million or 62.1% of revenue a year ago.
• Net loss was $(36.0) million or (26.4)% of revenue, compared to $(32.5) million or (29.5)% of revenue a year ago. Non-GAAP net loss was $(9.5) million or (7.0)% of revenue, compared to $(8.0) million or (7.3)% of revenue a year ago.
• Adjusted EBITDA was $(4.9) million or (3.6)% of revenue, compared to $(2.9) million or (2.6)% of revenue a year ago.
• Net cash provided by operating activities was $4.8 million, compared to $10.7 million a year ago. Free cash flow was $1.3 million, compared to $7.1 million a year ago.

For more information regarding the non-GAAP financial measures discussed in this press release, please see Non-GAAP Financial Measures and Reconciliation of GAAP to Non-GAAP Financial Measures below.