| Dec'19 | Dec'18 | Dec'17 | Dec'16 | |||
|---|---|---|---|---|---|---|
Operating activities | ||||||
Net loss | ||||||
-163,579 | -146,773 | -96,536 | -20,612 | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||
Depreciation | ||||||
9,500 | 8,300 | 6,700 | 4,300 | |||
Amortization of acquired intangible assets | ||||||
4,479 | 8,681 | 8,526 | 8,034 | |||
Amortization of course creation costs | ||||||
2,543 | 1,993 | 1,462 | 1,337 | |||
Equity-based compensation | ||||||
90,437 | 72,492 | 21,781 | 5,738 | |||
Amortization of deferred contract acquisition costs | ||||||
23,587 | 0 | 0 | - | |||
Amortization of debt discount and issuance costs | ||||||
21,691 | 1,215 | 1,847 | 469 | |||
Investment discount and premium amortization, net | ||||||
2,446 | 0 | 0 | - | |||
Provision for doubtful accounts | ||||||
- | - | - | 89 | |||
Deferred tax benefit | ||||||
- | - | - | 0 | |||
Loss on debt extinguishment | ||||||
-950 | -4,085 | -931 | -6 | |||
Other | ||||||
-380 | -696 | -459 | 0 | |||
Changes in assets and liabilities: | ||||||
Accounts receivable | ||||||
37,274 | 26,156 | 16,123 | 12,862 | |||
Deferred contract acquisition costs | ||||||
27,688 | 0 | 0 | - | |||
Prepaid expenses and other assets | ||||||
5,663 | 3,482 | 2,796 | 701 | |||
Right-of-use assets | ||||||
-5,586 | - | - | - | |||
Accounts payable | ||||||
2,683 | 1,385 | 2,561 | 677 | |||
Accrued expenses and other liabilities | ||||||
5,887 | 7,973 | 17,960 | 1,290 | |||
Accrued author fees | ||||||
1,692 | 2,123 | 2,131 | 894 | |||
Lease liabilities | ||||||
-6,659 | - | - | - | |||
Deferred revenue | ||||||
62,201 | 61,554 | 38,983 | 17,390 | |||
Related party note payable | ||||||
- | - | - | -1,555 | |||
Net cash provided by operating activities | ||||||
-11,729 | -5,896 | -12,139 | 4,468 | |||
Investing activities | ||||||
Purchases of property and equipment | ||||||
11,181 | 8,796 | 5,951 | 10,142 | |||
Purchases of content library | ||||||
5,326 | 3,340 | 2,382 | 2,253 | |||
Cash paid for acquisition, net of cash acquired | ||||||
163,771 | 0 | 0 | 649 | |||
Purchases of investments | ||||||
694,246 | 0 | 0 | - | |||
Proceeds from sales of investments | ||||||
4,967 | 0 | 0 | - | |||
Proceeds from maturities of investments | ||||||
252,836 | 0 | 0 | - | |||
Net cash used in investing activities | ||||||
-616,721 | -12,136 | -8,333 | -13,044 | |||
Proceeds from maturities of investments | ||||||
Repayments of Convertible Debt | ||||||
35,000 | 0 | 0 | - | |||
Proceeds from terminations of capped calls related to repurchases of convertible senior notes | ||||||
1,300 | 0 | 0 | - | |||
Proceeds from issuance of common stock from employee equity plans | ||||||
24,828 | 13,378 | 0 | 0 | |||
Taxes paid related to net share settlement | ||||||
1,574 | 16,905 | 0 | 0 | |||
Proceeds from issuance of convertible senior notes, net of discount and issuance costs | ||||||
616,654 | 0 | 0 | - | |||
Purchase of capped calls related to issuance of convertible senior notes | ||||||
69,432 | 0 | 0 | - | |||
Proceeds from initial public offering, net of underwriting discounts and commissions | ||||||
0 | 332,080 | 0 | 0 | |||
Payments of Stock Issuance Costs | ||||||
0 | 7,083 | 307 | 0 | |||
Borrowings of long-term debt | ||||||
0 | 20,000 | 115,000 | 0 | |||
Repayments of long-term debt | ||||||
0 | 137,710 | 85,000 | 8,125 | |||
Payments of debt extinguishment costs | ||||||
0 | 2,179 | 0 | 0 | |||
Payments of debt issuance costs | ||||||
0 | 450 | 854 | 136 | |||
Payments to settle equity appreciation rights | ||||||
0 | 325 | 0 | 0 | |||
Proceeds from the issuance of Series C redeemable convertible preferred units, net of issuance costs | ||||||
- | - | - | 30,347 | |||
Proceeds from the issuance of common units, net of issuance costs | ||||||
0 | 0 | 4,399 | 1,986 | |||
Redemption of incentive units | ||||||
0 | 0 | 3,724 | 1,876 | |||
Repayments of related-party note payable | ||||||
- | - | - | 4,782 | |||
Deemed landlord financing proceeds | ||||||
- | - | - | 2,213 | |||
Other | ||||||
0 | -17 | -16 | -6 | |||
Net cash (used in) provided by financing activities | ||||||
536,760 | 200,789 | 29,498 | 19,621 | |||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents | ||||||
50 | -163 | 54 | -37 | |||
Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents | ||||||
-91,640 | 182,594 | 9,080 | 11,008 | |||
Supplemental cash flow disclosure: | ||||||
Cash paid for interest | ||||||
1,126 | 4,271 | 6,858 | 5,506 | |||
Cash paid for income taxes, net | ||||||
836 | 452 | 425 | 462 | |||
Supplemental disclosure of non-cash investing and financing activities: | ||||||
Lease liabilities arising from obtaining right-of-use assets | ||||||
11,700 | - | - | - | |||
Property acquired under build-to-suit agreements | ||||||
- | - | - | 0 | |||
Unpaid capital expenditures | ||||||
3,865 | 519 | 555 | 20 | |||
Equity-based compensation capitalized as internal-use software | ||||||
1,200 | 500 | 0 | 0 | |||
Unrealized gains on investments | ||||||
333 | 0 | 0 | - | |||
Temporary Equity, Elimination as Part of Reorganization | ||||||
0 | 582,041 | 0 | 0 | |||
Temporary Equity, Accretion to Redemption Value | ||||||
0 | 176,275 | 63,800 | 6,325 | |||
Costs related to initial public offering, accrued but not yet paid | ||||||
0 | 0 | 1,699 | 0 | |||
Issuance of warrants to purchase shares of Class A common stock | ||||||
0 | 984 | 0 | 0 | |||