| Mar'20 | Dec'19 | Sep'19 | Jun'19 | Mar'19 | Dec'18 | Sep'18 | Jun'18 | Mar'18 |
|---|---|---|---|---|---|---|---|---|
Operating activities | ||||||||
Net loss | ||||||||
-47,513 | -42,452 | -45,802 | -41,441 | -33,884 | -34,072 | -34,323 | -55,220 | -23,158 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation | ||||||||
2,600 | 3,000 | 2,300 | 2,000 | 2,200 | 1,969 | 1,931 | 2,209 | 2,191 |
Amortization of acquired intangible assets | ||||||||
1,435 | 1,435 | 1,435 | 907 | 702 | 960 | 1,056 | 3,332 | 3,333 |
Amortization of course creation costs | ||||||||
761 | 702 | 651 | 611 | 579 | 556 | 507 | 483 | 447 |
Equity-based compensation | ||||||||
25,578 | 22,780 | 24,657 | 22,732 | 20,268 | 19,510 | 20,630 | 28,979 | 3,373 |
Amortization of deferred contract acquisition costs | ||||||||
6,451 | 6,270 | 6,006 | 5,444 | 5,867 | 0 | 0 | 0 | 0 |
Amortization of debt discount and issuance costs | ||||||||
6,591 | 6,571 | 6,826 | 6,749 | 1,545 | 0 | 0 | 339 | 876 |
Investment discount and premium amortization, net | ||||||||
376 | 675 | 1,065 | 706 | 0 | - | - | - | - |
Provision for doubtful accounts | ||||||||
- | - | - | - | - | - | - | 136 | 222 |
Deferred tax benefit | ||||||||
- | - | - | - | - | - | - | -64 | 0 |
Other | ||||||||
-661 | -558 | 435 | -232 | -25 | -189 | -507 | 0 | 0 |
Changes in assets and liabilities: | ||||||||
Accounts receivable | ||||||||
-39,200 | 39,132 | 5,258 | 4,276 | -11,392 | 15,804 | 11,687 | 5,467 | -6,802 |
Deferred contract acquisition costs | ||||||||
5,871 | 9,020 | 7,238 | 5,579 | 5,851 | 0 | 0 | 0 | 0 |
Prepaid expenses and other assets | ||||||||
-286 | 2,003 | -534 | 2,393 | 1,801 | 492 | -868 | 1,892 | 1,966 |
Right-of-use assets | ||||||||
-1,490 | - | - | - | -1,284 | - | - | - | - |
Accounts payable | ||||||||
-2,467 | 5,169 | -3,556 | 35 | 1,035 | 457 | 1,516 | -2,651 | 2,063 |
Accrued expenses and other liabilities | ||||||||
-6,331 | -180 | 8,441 | 2,785 | -5,159 | 1,061 | 9,751 | 7,364 | -10,203 |
Accrued author fees | ||||||||
-98 | 400 | -7 | 564 | 735 | 671 | 835 | 796 | -179 |
Lease liabilities | ||||||||
-1,925 | - | - | - | -1,736 | - | - | - | - |
Deferred revenue | ||||||||
-2,220 | 39,740 | 9,458 | 4,715 | 8,288 | 33,364 | 10,690 | 11,725 | 5,775 |
Net cash provided by operating activities | ||||||||
18,295 | -7,917 | -2,171 | -7,177 | 5,536 | 8,387 | 1,934 | -5,793 | -10,424 |
Investing activities | ||||||||
Purchases of property and equipment | ||||||||
13,894 | 3,562 | 3,029 | 2,457 | 2,133 | 2,220 | 2,002 | 2,706 | 1,868 |
Purchases of content library | ||||||||
1,680 | 1,504 | 1,381 | 1,504 | 937 | 995 | 841 | 735 | 769 |
Purchases of investments | ||||||||
161,862 | 164,593 | 212,573 | 317,080 | 0 | - | - | - | - |
Proceeds from maturities of investments | ||||||||
160,535 | - | - | - | 0 | - | - | - | - |
Net cash used in investing activities | ||||||||
-16,901 | -29,818 | -103,888 | -479,945 | -3,070 | -3,215 | -2,843 | -3,441 | -2,637 |
Proceeds from maturities of investments | ||||||||
Proceeds from issuance of common stock from employee equity plans | ||||||||
699 | 9,952 | 245 | 12,010 | 2,621 | 13,378 | 0 | 0 | 0 |
Taxes paid related to net share settlement | ||||||||
2,350 | 1,574 | 0 | 0 | 0 | - | - | - | - |
Proceeds from issuance of convertible senior notes, net of discount and issuance costs | ||||||||
0 | 0 | 0 | -1,009 | 617,663 | 0 | 0 | 0 | 0 |
Purchase of capped calls related to issuance of convertible senior notes | ||||||||
0 | 0 | 0 | 0 | 69,432 | 0 | 0 | 0 | 0 |
Payments of Stock Issuance Costs | ||||||||
- | - | - | - | - | 0 | 3,998 | 1,186 | 1,899 |
Borrowings of long-term debt | ||||||||
- | - | - | - | - | 0 | 0 | 0 | 20,000 |
Payments of debt issuance costs | ||||||||
- | - | - | - | - | 0 | 0 | 0 | 450 |
Other | ||||||||
- | - | - | - | - | -4 | -5 | -4 | -4 |
Net cash (used in) provided by financing activities | ||||||||
-1,651 | 8,388 | -33,474 | 10,994 | 550,852 | -3,453 | -4,020 | 190,615 | 17,647 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents | ||||||||
-267 | 159 | -131 | -4 | 26 | -27 | -50 | -95 | 9 |
Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents | ||||||||
-524 | -29,188 | -139,664 | -476,132 | 553,344 | 1,692 | -4,979 | 181,286 | 4,595 |
Supplemental cash flow disclosure: | ||||||||
Cash paid for interest | ||||||||
1,113 | 0 | 1,126 | 0 | 0 | 0 | 0 | 1,799 | 2,472 |
Cash paid for income taxes, net | ||||||||
270 | 297 | 311 | 112 | 116 | 114 | 166 | 88 | 84 |
Supplemental disclosure of non-cash investing and financing activities: | ||||||||
Property acquired under build-to-suit agreements | ||||||||
- | - | - | - | - | - | 0 | 0 | 0 |
Unpaid capital expenditures | ||||||||
5,008 | 3,113 | -215 | 97 | 870 | 267 | -316 | 135 | 433 |
Equity-based compensation capitalized as internal-use software | ||||||||
400 | 300 | 318 | 282 | 300 | 400 | 100 | 0 | 0 |
Unrealized losses on investments | ||||||||
1,565 | - | - | - | 0 | - | - | - | - |
Temporary Equity, Accretion to Redemption Value | ||||||||
- | - | - | - | - | 0 | 0 | 156,750 | 19,525 |
Costs related to initial public offering, accrued but not yet paid | ||||||||
- | - | - | - | - | -607 | -3,402 | 2,503 | 1,506 |
Issuance of warrants to purchase shares of Class A common stock | ||||||||
- | - | - | - | - | 0 | 0 | 0 | 984 |