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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Skillsoft Corp | NYSE:SKIL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.29 | 10.40% | 13.69 | 16.88 | 11.9144 | 12.18 | 214,676 | 00:23:00 |
Skillsoft Corp. (NYSE: SKIL) (“Skillsoft” or the “Company”), a leading platform for transformative learning experiences, today announced its financial results for the second quarter of fiscal 2024 ended July 31, 2023.
“Skillsoft executed well in the quarter, delivering improved top-line performance with growth in both Bookings and Revenue,” said Jeffrey R. Tarr, Skillsoft’s Chief Executive Officer. “In our primarily SaaS-based Content & Platform segment, Bookings increased 7%, Revenue growth accelerated to 4%, and LTM Dollar Retention Rate came in at 101%, up from 98% in the year-ago period, driven by our investments in platform, content and go-to-market.”
Tarr added, “The reskilling revolution is impacting nearly every company and industry around the globe, as organizations seek to enable their talent to succeed in an increasingly dynamic era marked by digital transformation, occupational disruption, and now the emergence of generative AI. We believe these structural shifts are unlocking new long-term growth opportunity for Skillsoft as we enable organizations to grow and thrive with a future-fit workforce that is skilled and ready for the jobs of tomorrow.”
Fiscal 2024 Second Quarter Select Metrics and Financials from Continuing Operations (1)(2)
Fiscal 2024 Second Quarter Business Highlights
Full-Year Fiscal 2024 Financial Outlook (2)
The following table reflects Skillsoft’s reaffirmed financial outlook for the full-year fiscal 2024 ended January 31, 2024, based on current market conditions, expectations, and assumptions:
Bookings
$610 million to $640 million
GAAP revenue
$555 million to $585 million
Adjusted EBITDA
$100 million to $105 million
(1)
Growth calculated relative to the comparable prior year period unless otherwise noted.
(2)
See “Non-GAAP Financial Measures and Key Performance Metrics” below for the definitions of our key operational and non-GAAP metrics and how they are calculated and more information regarding the fact that the Company is unable to reconcile forward-looking non-GAAP measures without unreasonable efforts. We have provided at the back of this release reconciliations of our historical non-GAAP financial measures to the comparable GAAP measures.
Key Operational Metrics and Non-GAAP Financial Measures (3) (in thousands, except per share amounts)
Change
Change
Three Months Ended
Constant
Six Months Ended
Constant
July 31,
Change
Currency
July 31,
Change
Currency
2023
2022
Dollar
Percent
%
2023
2022
Dollar
Percent
%
Bookings (4)
Continuing operations:
Content & Platform
$
83,123
$
77,380
$
5,743
7%
7%
$
147,655
$
137,526
$
10,129
7%
8%
Instructor-Led Training
46,058
46,493
(435
)
(1)%
(1)%
89,994
102,158
(12,164
)
(12)%
(10)%
Total bookings
$
129,181
$
123,873
$
5,308
4%
4%
$
237,649
$
239,684
$
(2,035
)
(1)%
0%
GAAP revenue
Continuing operations:
Content & Platform
$
103,188
$
98,753
$
4,435
4%
4%
$
201,761
$
188,539
$
13,222
7%
8%
Instructor-Led Training
37,999
41,821
(3,822
)
(9)%
(9)%
74,980
86,874
(11,894
)
(14)%
(12)%
Total
$
141,187
$
140,574
$
613
0%
0%
$
276,741
$
275,413
$
1,328
0%
2%
Pro forma revenue (4)
Continuing operations:
Content & Platform
$
103,188
$
98,753
$
4,435
4%
4%
$
201,761
$
196,597
$
5,164
3%
3%
Instructor-Led Training
37,999
41,821
(3,822
)
(9)%
(9)%
74,980
86,874
(11,894
)
(14)%
(12)%
Total pro forma revenue
$
141,187
$
140,574
$
613
0%
0%
$
276,741
$
283,471
$
(6,730
)
(2)%
(1)%
GAAP net income (loss)
$
(31,999
)
$
(121,499
)
$
89,500
NA
NA
$
(76,223
)
$
(143,142
)
$
66,919
NA
NA
Pro forma Non-GAAP operating expenses (4)
Pro forma Non-GAAP costs of revenues
$
40,047
$
34,704
$
5,343
15%
16%
$
77,623
$
73,169
$
4,454
6%
8%
Pro forma Non-GAAP content and software development expenses
15,556
15,402
154
1%
2%
29,862
33,867
(4,005
)
(12)%
(11)%
Pro forma Non-GAAP selling and marketing expenses
40,560
39,925
635
2%
1%
84,403
81,402
3,001
4%
4%
Pro forma Non-GAAP general and administrative expenses
19,596
17,958
1,638
9%
9%
37,797
42,768
(4,971
)
(12)%
(11)%
Total pro forma Non-GAAP operating expenses
$
115,759
$
107,989
$
7,770
7%
7%
$
229,685
$
231,206
$
(1,521
)
(1)%
0%
Pro forma adjusted net income (loss) & adjusted EBITDA (4)
Continuing operations:
Pro forma adjusted net income (loss)
$
(29,441
)
$
(23,703
)
$
(5,738
)
NA
NA
$
(59,494
)
$
(35,202
)
$
(24,292
)
NA
NA
Pro forma adjusted net income (loss) per share
$
(0.18
)
$
(0.14
)
$
(0.04
)
NA
NA
$
(0.37
)
$
(0.23
)
$
(0.14
)
NA
NA
Pro forma adjusted EBITDA
$
25,428
$
32,585
$
(7,157
)
(22)%
(22)%
$
47,056
$
52,265
$
(5,209
)
(10)%
(9)%
Pro forma adjusted EBITDA % of pro forma revenue
18
%
23
%
17
%
18
%
_______________
(3)
See "Non-GAAP Financial Measures and Key Performance Metrics" below for the definitions of our key operational and non-GAAP metrics and how they are calculated.
(4)
For the six months ended July 31, 2022, the unaudited Pro Forma financial information is presented in accordance with Regulation S-X, Article 11 to enhance comparability for all periods by including operating results for Codecademy as if the merger had closed on February 1, 2022.
Webcast and Conference Call Information
Skillsoft will host a conference call and webcast today at 5:00 p.m. Eastern Time to discuss its financial results. To access the call, dial (877) 413‑9278 from the United States and Canada or (215) 268‑9914 from international locations. The live event can be accessed from the Investor Relations section of Skillsoft’s website at investor.skillsoft.com. A replay will be available for six months.
About Skillsoft
Skillsoft delivers transformative learning experiences that propel organizations and people to grow together. The Company partners with enterprise organizations and serves a global community of learners to prepare today’s employees for tomorrow’s economy. With Skillsoft, customers gain access to blended, multimodal learning experiences that do more than build skills, they grow a more capable, adaptive, and engaged workforce. Through a portfolio of best-in-class content, a platform that is personalized and connected to customer needs, world-class tech, and a broad ecosystem of partners, Skillsoft drives continuous growth and performance for employees and their organizations by overcoming critical skill gaps and unlocking human potential. Learn more at www.skillsoft.com.
NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE METRICS
We track the non-GAAP financial measures and key performance metrics that we believe are key financial measures of our success. Non-GAAP measures and key performance metrics are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies comparable to us, many of which present non-GAAP measures and key performance metrics when reporting their results. These measures can be useful in evaluating our performance against our peer companies because we believe the measures provide users with valuable insight into key components of U.S. GAAP financial disclosures. For example, a company with higher U.S. GAAP net income may not be as appealing to investors if its net income is more heavily comprised of gains on asset sales. Likewise, excluding the effects of interest income and expense moderates the impact of a company’s capital structure on its performance. However, non-GAAP measures and key performance metrics have limitations as analytical tools. Because not all companies use identical calculations, our presentation of non-GAAP financial measures and key performance metrics may not be comparable to other similarly titled measures of other companies. They are not presentations made in accordance with U.S. GAAP, are not measures of financial condition or liquidity, and should not be considered as an alternative to profit or loss for the period determined in accordance with U.S. GAAP or operating cash flows determined in accordance with U.S. GAAP. As a result, these performance measures should not be considered in isolation from, or as a substitute analysis for, results of operations as determined in accordance with U.S. GAAP.
We have provided at the back of this release reconciliations of our historical non-GAAP financial measures to the comparable GAAP measures. We do not reconcile our forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure is available to us without unreasonable efforts. For the same reasons, we are unable to address the probable significance of the unavailable information. We provide non-GAAP financial measures that we believe will be achieved, however we cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.
We disclose the following non-GAAP financial measures and key performance metrics in this press release because we believe these non-GAAP financial measures and key performance metrics provide meaningful supplemental information.
Cautionary Notes Regarding Forward Looking Statements
This document includes statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as our outlook (including bookings, revenue, adjusted EBITDA, and free cash flow), our product development and planning, our pipeline, future capital expenditures, share repurchases, financial results, the impact of regulatory changes, existing and evolving business strategies and acquisitions and dispositions, demand for our services, competitive strengths, the benefits of new initiatives, growth of our business and operations, and our ability to successfully implement our plans, strategies, objectives, expectations and intentions are forward-looking statements. Also, when we use words such as “may,” “will,” “would,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “forecast,” “seek,” “outlook,” “target,” “goal,” “probably,” or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of Skillsoft’s management and are subject to significant risks and uncertainties. All forward-looking disclosure is speculative by its nature, and we caution you against unduly relying on these forward-looking statements.
Factors that could cause or contribute to such differences include those described under “Part I - Item 1A. Risk Factors” in our Form 10‑K for the fiscal year ended January 31, 2023. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements included in our other periodic filings with the Securities and Exchange Commission. The forward-looking statements contained in this document represent our estimates only as of the date of this filing and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements in the future, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements, or otherwise.
Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. Additionally, statements as to market share, industry data and our market position are based on the most currently available data available to us and our estimates regarding market position or other industry data included in this document or otherwise discussed by us involve risks and uncertainties and are subject to change based on various factors, including as set forth above.
SKILLSOFT CORP.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except number of shares)
July 31,
2023
January 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$
147,927
$
170,359
Restricted cash
4,918
7,197
Accounts receivable, net of allowance for credit losses of approximately $225 and $221 as of July 31, 2023 and January 31, 2023, respectively
110,499
183,592
Prepaid expenses and other current assets
49,014
44,596
Total current assets
312,358
405,744
Property and equipment, net
7,244
10,150
Goodwill
457,967
457,744
Intangible assets, net
667,875
738,066
Right-of-use assets
9,277
14,633
Other assets
23,353
16,350
Total assets
$
1,478,074
$
1,642,687
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt
$
6,404
$
6,404
Borrowings under accounts receivable facility
40,092
39,693
Accounts payable
14,139
18,338
Accrued compensation
24,587
34,325
Accrued expenses and other current liabilities
30,145
41,474
Lease liabilities
3,883
4,198
Deferred revenue
224,143
280,676
Total current liabilities
343,393
425,108
Long-term debt
579,639
581,817
Warrant liabilities
1,109
4,754
Deferred tax liabilities
68,123
73,976
Long-term lease liabilities
10,357
11,947
Deferred revenue - non-current
2,440
1,778
Other long-term liabilities
10,081
11,551
Total long-term liabilities
671,749
685,823
Commitments and contingencies
Shareholders’ equity:
Shareholders’ common stock - Class A common shares, $0.0001 par value: 375,000,000 shares authorized and 160,467,809 shares issued and outstanding at July 31, 2023, and 163,655,881 shares issued and outstanding at January 31, 2023
14
14
Additional paid-in capital
1,535,648
1,521,574
Accumulated deficit
(1,048,416
)
(972,193
)
Treasury shares
(10,891
)
(2,845
)
Accumulated other comprehensive income (loss)
(13,423
)
(14,794
)
Total shareholders’ equity
462,932
531,756
Total liabilities and shareholders’ equity
$
1,478,074
$
1,642,687
SKILLSOFT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three
Months
Ended
Three
Months
Ended
Six
Months
Ended
Six
Months
Ended
July 31,
2023
July 31,
2022
July 31,
2023
July 31,
2022
Revenues:
Total revenues
$
141,187
$
140,574
$
276,741
$
275,413
Operating expenses:
Costs of revenues
40,467
34,998
78,291
73,008
Content and software development
17,863
19,693
34,898
36,026
Selling and marketing
40,411
41,848
86,338
81,410
General and administrative
25,085
26,367
50,381
55,711
Amortization of intangible assets
39,221
45,200
77,466
84,758
Impairment of goodwill
—
70,475
—
70,475
Acquisition-related costs
937
8,452
2,328
21,764
Restructuring
2,501
4,323
7,719
8,279
Total operating expenses
166,485
251,356
337,421
431,431
Operating income (loss)
(25,298
)
(110,782
)
(60,680
)
(156,018
)
Other income (expense), net
(934
)
80
(1,309
)
1,132
Fair value adjustment of warrants
793
6,846
3,645
16,952
Fair value adjustment of hedge instruments
6,935
(15,065
)
7,205
(15,065
)
Interest income
871
10
1,516
170
Interest expense
(16,255
)
(11,470
)
(32,191
)
(23,007
)
Income (loss) before provision for (benefit from) income taxes
(33,888
)
(130,381
)
(81,814
)
(175,836
)
Provision for (benefit from) income taxes
(1,889
)
(3,065
)
(6,273
)
(25,402
)
Income (loss) from continuing operations
(31,999
)
(127,316
)
(75,541
)
(150,434
)
Gain (loss) on sale of business
—
—
(682
)
—
Income (loss) from discontinued operations, net of tax
—
5,817
—
7,292
Net income (loss)
$
(31,999
)
$
(121,499
)
$
(76,223
)
$
(143,142
)
Net income (loss) per share:
Ordinary – Basic and diluted - continuing operations
$
(0.20
)
$
(0.78
)
$
(0.47
)
$
(0.98
)
Ordinary – Basic and diluted - discontinued operations
—
0.04
—
0.05
Ordinary – Basic and diluted
$
(0.20
)
$
(0.74
)
$
(0.47
)
$
(0.93
)
Weighted average common shares outstanding:
Ordinary – Basic and diluted
160,098
164,089
160,836
153,442
SKILLSOFT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Six Months
Ended
Six Months
Ended
July 31,
2023
July 31,
2022
Cash flows from operating activities:
Net income (loss)
$
(76,223
)
$
(143,142
)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Share-based compensation
14,955
16,915
Depreciation and amortization
2,761
3,897
Amortization of intangible assets
77,466
91,103
Provision for credit loss expense (recovery)
4
113
Provision for (benefit from) income taxes – non-cash
(6,913
)
(36,535
)
Non-cash interest expense
1,024
1,053
Non-cash lease and property and equipment impairment charges
4,808
—
Gain (loss) on sale of business
682
—
Fair value adjustment of warrants
(3,645
)
(16,952
)
Impairment of goodwill and intangible assets
—
70,475
Unrealized (gain) loss on derivative instrument
(7,205
)
15,065
Change in assets and liabilities, net of effects from acquisitions:
Right-of-use assets
145
1,977
Accounts receivable
73,172
82,783
Prepaid expenses and other current assets
(520
)
(7,492
)
Accounts payable
(4,241
)
(2,559
)
Accrued expenses, including long-term
(17,379
)
(23,066
)
Lease liabilities
(1,081
)
96
Deferred revenues
(55,825
)
(66,734
)
Net cash provided by (used in) operating activities
1,985
(13,003
)
Cash flows from investing activities:
Purchase of property and equipment
(3,406
)
(3,528
)
Internally developed software - capitalized costs
(5,951
)
(5,721
)
Sale of SumTotal, net of cash transferred
(5,137
)
—
Acquisition of Codecademy, net of cash received
—
(198,633
)
Net cash used in investing activities
(14,494
)
(207,882
)
Cash flows from financing activities:
Shares repurchased for tax withholding upon vesting of restricted stock-based awards
(881
)
(1,718
)
Payments to acquire treasury stock
(8,046
)
—
Proceeds from issuance of term loans, net of fees
—
157,088
Proceeds from accounts receivable facility, net of borrowings
399
(39,154
)
Principal payments on Term loans
(3,202
)
(3,202
)
Net cash provided by (used in) financing activities
(11,730
)
113,014
Effect of exchange rate changes on cash and cash equivalents
(472
)
(4,646
)
Net increase (decrease) in cash, cash equivalents and restricted cash
(24,711
)
(112,517
)
Cash, cash equivalents and restricted cash, beginning of period
177,556
168,923
Cash, cash equivalents and restricted cash, end of period
$
152,845
$
56,406
Supplemental disclosure of cash flow information:
Cash and cash equivalents
$
147,927
$
43,344
Restricted cash
4,918
5,300
Cash attributable to discontinued operations
—
7,762
Cash, cash equivalents and restricted cash, end of period
$
152,845
$
56,406
SKILLSOFT CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands, unaudited)
Three
Months
Ended
Three
Months
Ended
Six
Months
Ended
Six
Months
Ended
July 31,
2023
July 31,
2022
July 31,
2023
July 31,
2022
Revenues, as reported
$
141,187
$
140,574
$
276,741
$
275,413
Net income (loss), as reported
$
(31,999
)
$
(121,499
)
$
(76,223
)
$
(143,142
)
Income from discontinued operations, net of tax
—
(5,817
)
—
(7,292
)
Gain (loss) on sale of business
—
—
682
—
Impairment of goodwill and intangible assets
—
70,475
—
70,475
Acquisition-related costs
937
8,452
2,328
21,764
Restructuring
2,501
4,323
7,719
8,279
Foreign currency impact
1,225
—
1,694
(1,171
)
Fair value adjustment of warrants
(793
)
(7,066
)
(3,645
)
(16,952
)
Fair value adjustment of hedge instruments
(6,935
)
15,065
(7,205
)
15,065
Stock-based compensation expense
5,831
10,017
14,955
18,510
Transformation costs
323
1,746
1,450
2,597
System migration costs
403
2,352
1,070
3,964
Tax impact of non-GAAP adjustments
(934
)
(1,751
)
(2,319
)
(3,143
)
Adjusted net income (loss) from continuing operations
(29,441
)
(23,703
)
(59,494
)
(31,046
)
Interest expense, net
15,384
11,460
30,675
22,837
Expense (benefit from) income taxes, excluding tax impacts above
(955
)
(1,314
)
(3,954
)
(22,259
)
Depreciation
1,219
942
2,363
2,360
Amortization of intangible assets
39,221
45,200
77,466
84,758
Adjusted EBITDA from continuing operations
$
25,428
$
32,585
$
47,056
$
56,650
GAAP operating margin %
(17.9
)%
(78.8
)%
(21.9
)%
(56.6
)%
Amortization of intangible assets
27.9
%
32.1
%
28.1
%
30.8
%
Impairment of goodwill and intangible assets
0.0
%
50.1
%
0.0
%
25.6
%
Acquisition-related costs
0.7
%
6.0
%
0.8
%
7.9
%
Restructuring
1.8
%
3.1
%
2.8
%
3.0
%
Stock-based compensation expense
4.1
%
7.1
%
5.4
%
6.7
%
Transformation costs
0.2
%
1.2
%
0.5
%
0.9
%
System migration costs
0.3
%
1.7
%
0.4
%
1.4
%
Depreciation
0.9
%
0.7
%
0.9
%
0.9
%
Other
0.0
%
0.0
%
0.0
%
0.0
%
Adjusted EBITDA margin %
18.0
%
23.2
%
17.0
%
20.6
%
SKILLSOFT CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES - continued
(in thousands, unaudited)
Three Months Ended
July 31,
Six Months Ended
July 31,
2023
2022
2023
2022
Operating expenses:
GAAP costs of revenues
$
40,467
$
34,998
$
78,291
$
73,007
Depreciation
(182
)
(278
)
(333
)
(752
)
Stock-based compensation
(238
)
(16
)
(335
)
(29
)
Codecademy pro forma (1)
—
—
—
943
Non-GAAP costs of revenues
40,047
34,704
77,623
73,169
GAAP content and software development
17,863
19,693
34,898
36,024
Depreciation
(141
)
(81
)
(191
)
(201
)
Stock-based compensation
(1,763
)
(1,858
)
(3,775
)
(3,433
)
System migration
(403
)
(2,352
)
(1,070
)
(3,964
)
Codecademy pro forma (1)
—
—
—
5,441
Non-GAAP content and software development
15,556
15,402
29,862
33,867
GAAP selling and marketing
40,411
41,848
86,338
81,409
Depreciation
(412
)
(181
)
(679
)
(453
)
Stock-based compensation
667
(1,742
)
(1,014
)
(3,219
)
Transformation
(106
)
—
(242
)
—
Codecademy pro forma (1)
—
—
—
3,665
Non-GAAP selling and marketing
40,560
39,925
84,403
81,402
GAAP general and administrative
25,085
26,367
50,381
55,715
Depreciation
(484
)
(402
)
(1,160
)
(954
)
Stock-based compensation
(4,497
)
(6,401
)
(9,831
)
(11,829
)
Transformation
(508
)
(1,606
)
(1,593
)
(2,559
)
Codecademy pro forma (1)
—
—
—
2,395
Non-GAAP general and administrative
19,596
17,958
37,797
42,768
Total GAAP operating expenses
123,826
122,906
249,908
246,155
Depreciation
(1,219
)
(942
)
(2,363
)
(2,360
)
Stock-based compensation
(5,831
)
(10,017
)
(14,955
)
(18,510
)
System migration
(403
)
(2,352
)
(1,070
)
(3,964
)
Transformation (2)
(614
)
(1,606
)
(1,835
)
(2,559
)
Codecademy pro forma (1)
—
—
—
12,444
Total Non-GAAP operating expenses
$
115,759
$
107,989
$
229,685
$
231,206
_______________
(1)
For the six months ended July 31, 2022, the unaudited pro forma financial information is presented in accordance with Regulation S-X, Article 11 to enhance comparability for all periods by including operating results for Codecademy as if the merger had closed on February 1, 2022.
(2)
This line item does not agree to the amounts reflected on preceding table due to certain transformation expenses not being reflected in GAAP operating expenses.
SKILLSOFT CORP.
PRO FORMA REVENUE
(in thousands)
Three Months Ended
July 31,
Six Months Ended
July 31,
2023
2022
2023
2022
Revenue, as reported
$
141,187
$
140,574
$
276,741
$
275,413
Pro forma adjustments
Revenue from acquisitions (1)
—
—
—
8,058
Pro forma revenue (2)
$
141,187
$
140,574
$
276,741
$
283,471
_______________
(1)
Revenue from acquisitions for the six months ended July 31, 2022 only includes Codecademy's revenue for the period from February 1, 2022 to April 4, 2022 as its post-acquisition revenue is included in the GAAP revenue.
(2)
Pro forma revenue is presented in Note 3 "Business Combinations" of the Notes to Unaudited Condensed Consolidated Financial Statements included in our Form 10-Q to be filed with the SEC for the quarterly period ended July 31, 2023 in accordance with Regulation S-X, Article 11.
SKILLSOFT CORP.
PRO FORMA ADJUSTED NET INCOME (LOSS)
(in thousands)
Three Months Ended
July 31,
Six Months Ended
July 31,
2023
2022
2023
2022
Adjusted net income (loss) from continuing operations (1)
$
(29,441
)
$
(23,703
)
$
(59,494
)
$
(31,046
)
Pro forma adjustments
Adjusted net income (loss) from acquisitions (2)
—
—
—
(4,156
)
Pro forma adjusted net income (loss)
$
(29,441
)
$
(23,703
)
$
(59,494
)
$
(35,202
)
Pro forma adjusted net income (loss) per share
$
(0.18
)
$
(0.14
)
$
(0.37
)
$
(0.23
)
_______________(1)
See RECONCILIATION OF NON-GAAP FINANCIAL MEASURES within this press release for more details.
(2)
Adjusted net income (loss) from acquisitions for the six months ended July 31, 2022 only includes Codecademy's adjusted net income (loss) for the period from February 1, 2022 to April 4, 2022 as its post-acquisition adjusted net income (loss) is included in the adjusted net income (loss) from continuing operations.
SKILLSOFT CORP.
PRO FORMA ADJUSTED EBITDA
(in thousands)
Three Months Ended
July 31,
Six Months Ended
July 31,
2023
2022
2023
2022
Pro forma adjusted EBITDA
Adjusted EBITDA from continuing operations (1)
$
25,428
$
32,585
$
47,056
$
56,650
Pro forma adjustments:
Adjusted EBITDA from acquisitions (2)
—
—
—
(4,385
)
Pro forma adjusted EBITDA
$
25,428
$
32,585
$
47,056
$
52,265
Pro forma adjusted EBITDA % of pro forma revenue
18
%
23
%
17
%
17
%
_______________(1)
See RECONCILIATION OF NON-GAAP FINANCIAL MEASURES within this press release for more details.
(2)
Adjusted EBITDA from acquisitions for the six months ended July 31, 2022 includes Codecademy's adjusted EBITDA for the period from February 1, 2022 to April 4, 2022 as its post-acquisition adjusted EBITDA is included in the adjusted EBITDA from continuing operations.
SKILLSOFT CORP.
FREE CASH FLOW RECONCILIATION
(in thousands)
Six Months Ended
July 31,
2023
2022
Free cash flow reconciliation
Net cash provided by (used in) operating activities
$
1,985
$
(13,003
)
Purchase of property and equipment
(3,406
)
(3,528
)
Internally developed software - capitalized costs
(5,951
)
(5,721
)
Total free cash flow
$
(7,372
)
$
(22,252
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20230911255888/en/
Investors and Media Chad W. Lyne SVP, Strategic Finance & Investor Relations Officer chad.lyne@skillsoft.com
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