A first look at Coursera’s S-1 filing – TechCrunch

Broken after TechCrunch Yesterday there was news that the corps It plans to file S-1 Today, the EdTech company officially dropped the document on Friday evening.

Was the corpse Last valued at $ 2.4 billion By private markets, when it recently raised a Series F round in October 2020, valued at $ 130 million.

Kaursera’s S-1 filing There is a glimpse into the finances of an edtech company accelerated by the epidemic compared to the previous year. It presents a picture of development, which comes at an expensive cost.

Revenue

In 2020, Coursera saw $ 293.5 million in revenue. When the company recorded $ 184.4 million in the top line, an increase of nearly 59% from that year. During the same period, Curtsera posted a net loss of $ 67 million, an increase of 46% from the previous year’s net loss of $ 46.7 million.

Notably, the company had the same noncash, share-based compensation expense in both years. Even though we allow the company to judge its profitability on an adjusted EBITDA basis, Kaursera’s losses increased from $ 26.9 million to $ 39.8 million from 2019 to 2020.

It is worth unpacking the short form of EBITDA to understand the difference between net losses and adjusted losses. Stands for “earnings before interest, taxes, depreciation and amortization”, EBITDA has extracted some non-expense costs to give investors a potentially better picture of the continued health of a business, without getting caught in accounting specifics. Well Adjust EBITDA takes the concept a step further, as well as eliminating the noncash costs of share-based compensation, and in a more nimble move, in this case also cutting “payroll tax expenses related to stock-based activities” is.

For our purposes, even when we grade Cortera’s profitability on a very humble curve, it still produces drastic losses. Indeed, the company’s adjusted EBITDA as a percentage of revenue – as a way of determining profitability as opposed to revenue – has barely improved from the 2019 -14% -14% result in 2020.