| Mar'20 | Dec'19 | Sep'19 | Jun'19 | Mar'19 | Dec'18 | Sep'18 | Jun'18 | Mar'18 |
|---|---|---|---|---|---|---|---|---|
Operating activities | ||||||||
Net loss | ||||||||
-177,208 | -163,579 | -155,199 | -143,720 | -157,499 | -146,773 | 0 | 0 | 0 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation | ||||||||
9,900 | 9,500 | 8,469 | 8,100 | 8,309 | 8,300 | 0 | 0 | 0 |
Amortization of acquired intangible assets | ||||||||
5,212 | 4,479 | 4,004 | 3,625 | 6,050 | 8,681 | 0 | 0 | 0 |
Amortization of course creation costs | ||||||||
2,725 | 2,543 | 2,397 | 2,253 | 2,125 | 1,993 | 0 | 0 | 0 |
Equity-based compensation | ||||||||
95,747 | 90,437 | 87,167 | 83,140 | 89,387 | 72,492 | 0 | 0 | 0 |
Amortization of deferred contract acquisition costs | ||||||||
24,171 | 23,587 | 17,317 | 11,311 | 5,867 | 0 | 0 | 0 | 0 |
Amortization of debt discount and issuance costs | ||||||||
26,737 | 21,691 | 15,120 | 8,294 | 1,884 | 1,215 | 0 | 0 | 0 |
Investment discount and premium amortization, net | ||||||||
2,822 | 2,446 | 0 | 0 | 0 | - | - | - | - |
Provision for doubtful accounts | ||||||||
- | - | - | - | - | - | - | 0 | 0 |
Deferred tax benefit | ||||||||
- | - | - | - | - | - | - | 0 | 0 |
Other | ||||||||
-1,016 | -380 | -11 | -953 | -721 | -696 | 0 | 0 | 0 |
Changes in assets and liabilities: | ||||||||
Accounts receivable | ||||||||
9,466 | 37,274 | 13,946 | 20,375 | 21,566 | 26,156 | 0 | 0 | 0 |
Deferred contract acquisition costs | ||||||||
27,708 | 27,688 | 18,668 | 11,430 | 5,851 | 0 | 0 | 0 | 0 |
Prepaid expenses and other assets | ||||||||
3,576 | 5,663 | 4,152 | 3,818 | 3,317 | 3,482 | 0 | 0 | 0 |
Right-of-use assets | ||||||||
0 | - | - | - | 0 | - | - | - | - |
Accounts payable | ||||||||
-819 | 2,683 | -2,029 | 3,043 | 357 | 1,385 | 0 | 0 | 0 |
Accrued expenses and other liabilities | ||||||||
4,715 | 5,887 | 7,128 | 8,438 | 13,017 | 7,973 | 0 | 0 | 0 |
Accrued author fees | ||||||||
859 | 1,692 | 1,963 | 2,805 | 3,037 | 2,123 | 0 | 0 | 0 |
Lease liabilities | ||||||||
0 | - | - | - | 0 | - | - | - | - |
Deferred revenue | ||||||||
51,693 | 62,201 | 55,825 | 57,057 | 64,067 | 61,554 | 0 | 0 | 0 |
Net cash provided by operating activities | ||||||||
1,030 | -11,729 | 4,575 | 8,680 | 10,064 | -5,896 | 0 | 0 | 0 |
Investing activities | ||||||||
Purchases of property and equipment | ||||||||
22,942 | 11,181 | 9,839 | 8,812 | 9,061 | 8,796 | 0 | 0 | 0 |
Purchases of content library | ||||||||
6,069 | 5,326 | 4,817 | 4,277 | 3,508 | 3,340 | 0 | 0 | 0 |
Purchases of investments | ||||||||
856,108 | 694,246 | 0 | 0 | 0 | - | - | - | - |
Proceeds from maturities of investments | ||||||||
0 | - | - | - | 0 | - | - | - | - |
Net cash used in investing activities | ||||||||
-630,552 | -616,721 | -590,118 | -489,073 | -12,569 | -12,136 | 0 | 0 | 0 |
Proceeds from maturities of investments | ||||||||
Proceeds from issuance of common stock from employee equity plans | ||||||||
22,906 | 24,828 | 28,254 | 28,009 | 15,999 | 13,378 | 0 | 0 | 0 |
Taxes paid related to net share settlement | ||||||||
3,924 | 1,574 | 0 | 0 | 0 | - | - | - | - |
Proceeds from issuance of convertible senior notes, net of discount and issuance costs | ||||||||
-1,009 | 616,654 | 616,654 | 616,654 | 617,663 | 0 | 0 | 0 | 0 |
Purchase of capped calls related to issuance of convertible senior notes | ||||||||
0 | 69,432 | 69,432 | 69,432 | 69,432 | 0 | 0 | 0 | 0 |
Payments of Stock Issuance Costs | ||||||||
- | - | - | - | - | 7,083 | 0 | 0 | 0 |
Borrowings of long-term debt | ||||||||
- | - | - | - | - | 20,000 | 0 | 0 | 0 |
Payments of debt issuance costs | ||||||||
- | - | - | - | - | 450 | 0 | 0 | 0 |
Other | ||||||||
- | - | - | - | - | -17 | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | ||||||||
-15,743 | 536,760 | 524,919 | 554,373 | 733,994 | 200,789 | 0 | 0 | 0 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents | ||||||||
-243 | 50 | -136 | -55 | -146 | -163 | 0 | 0 | 0 |
Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents | ||||||||
-645,508 | -91,640 | -60,760 | 73,925 | 731,343 | 182,594 | 0 | 0 | 0 |
Supplemental cash flow disclosure: | ||||||||
Cash paid for interest | ||||||||
2,239 | 1,126 | 1,126 | 0 | 1,799 | 4,271 | 0 | 0 | 0 |
Cash paid for income taxes, net | ||||||||
990 | 836 | 653 | 508 | 484 | 452 | 0 | 0 | 0 |
Supplemental disclosure of non-cash investing and financing activities: | ||||||||
Property acquired under build-to-suit agreements | ||||||||
- | - | - | - | - | - | 0 | 0 | 0 |
Unpaid capital expenditures | ||||||||
8,003 | 3,865 | 1,019 | 918 | 956 | 519 | 0 | 0 | 0 |
Equity-based compensation capitalized as internal-use software | ||||||||
1,300 | 1,200 | 1,300 | 1,082 | 800 | 500 | 0 | 0 | 0 |
Unrealized losses on investments | ||||||||
0 | - | - | - | 0 | - | - | - | - |
Temporary Equity, Accretion to Redemption Value | ||||||||
- | - | - | - | - | 176,275 | 0 | 0 | 0 |
Costs related to initial public offering, accrued but not yet paid | ||||||||
- | - | - | - | - | 0 | 0 | 0 | 0 |
Issuance of warrants to purchase shares of Class A common stock | ||||||||
- | - | - | - | - | 984 | 0 | 0 | 0 |