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| | | | I-1 | | | |
| | | | II-1 | | | |
| | | | III-1 | | | |
| | | | IV-1 | | |
| | |
Historical As of
October 31, 2021 |
| | | | | | | |
Codecademy
Financing Transaction (Note 3) |
| | | | | | | |
Codecademy
Transaction Accounting Adjustments (Note 4) |
| | | | | | | |
As of
October 31, 2021 |
| ||||||||||||
| | |
Skillsoft Corp.
|
| |
Codecademy
(Note 2) |
| | | | | | | | | | | | | |
Pro Forma
Condensed Combined |
| |||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Assets
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 80,671 | | | | | $ | 50,591 | | | | | $ | 150,800 | | | | |
|
3A
|
| | | | $ | (47,591) | | | | |
|
4A
|
| | | | $ | 81,247 | | |
| | | | | | | | | | | | | | | | | 63,920 | | | | |
|
3B
|
| | | | | (204,944) | | | | |
|
4B
|
| | | | | | | |
| | | | | | | | | | | | | | | | | — | | | | | | | | | | | | (12,200) | | | | |
|
4F
|
| | | | | | | |
Restricted cash
|
| | | | 2,680 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 2,680 | | |
Accounts receivable, net
|
| | | | 136,890 | | | | | | 272 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 137,162 | | |
Prepaid expenses and other current assets
|
| | | | 42,066 | | | | | | 2,170 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 44,236 | | |
Total Current Assets
|
| | | | 262,307 | | | | | | 53,033 | | | | | | 214,720 | | | | | | | | | | | | (264,735) | | | | | | | | | | | | 265,325 | | |
Property and equipment, net
|
| | | | 17,253 | | | | | | 461 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 17,714 | | |
Goodwill
|
| | | | 872,291 | | | | | | — | | | | | | — | | | | | | | | | | | | 285,783 | | | | |
|
4E
|
| | | | | 1,158,074 | | |
Intangible assets, net
|
| | | | 904,797 | | | | | | 1,894 | | | | | | — | | | | | | | | | | | | 203,606 | | | | |
|
4E
|
| | | | | 1,110,297 | | |
Right of use assets
|
| | | | 21,928 | | | | | | 1,238 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 23,166 | | |
Deferred tax assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | |
Other assets
|
| | | | 10,083 | | | | | | 766 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 10,849 | | |
TOTAL ASSETS
|
| | | $ | 2,088,659 | | | | | $ | 57,392 | | | | | $ | 214,720 | | | | | | | | | | | $ | 224,654 | | | | | | | | | | | $ | 2,585,425 | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current maturities of long-term debt
|
| | | $ | 4,800 | | | | | $ | — | | | | | $ | 1,600 | | | | |
|
3A
|
| | | | $ | — | | | | | | | | | | | $ | 6,400 | | |
Borrowings under accounts receivable facility
|
| | | | 11,080 | | | | | | — | | | | | | 63,920 | | | | |
|
3B
|
| | | | | | | | | | | | | | | | | 75,000 | | |
Accounts payable
|
| | | | 31,472 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 31,472 | | |
Accrued compensation
|
| | | | 38,681 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 38,681 | | |
Accrued expenses and other current liabilities
|
| | | | 55,772 | | | | | | 3,310 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 59,082 | | |
Lease liability
|
| | | | 7,687 | | | | | | 1,238 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 8,925 | | |
Deferred revenue
|
| | | | 246,188 | | | | | | 14,737 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 260,925 | | |
Total Current Liabilities
|
| | | | 395,680 | | | | | | 19,285 | | | | | | 65,520 | | | | | | | | | | | | — | | | | | | | | | | | | 480,485 | | |
Long-term Debt
|
| | | | 462,996 | | | | | | — | | | | | | 149,200 | | | | |
|
3A
|
| | | | | — | | | | | | | | | | | | 612,196 | | |
Warrant liabilities
|
| | | | 65,363 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 65,363 | | |
Deferred tax liabilities
|
| | | | 91,497 | | | | | | — | | | | | | — | | | | | | | | | | | | 42,757 | | | | |
|
4G
|
| | | | | 134,254 | | |
Long-term lease liabilities
|
| | | | 15,209 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 15,209 | | |
Deferred revenue – non-current
|
| | | | 1,883 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 1,883 | | |
Other long-term liabilities
|
| | | | 9,699 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 9,699 | | |
Total Liabilities
|
| | | | 1,042,327 | | | | | | 19,285 | | | | | | 214,720 | | | | | | | | | | | | 42,757 | | | | | | | | | | | | 1,319,089 | | |
Stockholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A common stock
|
| | | | 11 | | | | | | — | | | | | | — | | | | | | | | | | | | 3 | | | | |
|
4C
|
| | | | | 14 | | |
Common stock, preferred stock and paid-in capital
|
| | | | — | | | | | | 90,680 | | | | | | — | | | | | | | | | | | | (90,680) | | | | |
|
4D
|
| | | | | — | | |
Additional paid-in capital
|
| | | | 1,301,319 | | | | | | — | | | | | | — | | | | | | | | | | | | 232,201 | | | | |
|
4C
|
| | | | | 1,533,520 | | |
Accumulated deficit
|
| | | | (255,132) | | | | | | (52,573) | | | | | | — | | | | | | | | | | | | 52,573 | | | | |
|
4D
|
| | | | | (267,332) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | (12,200) | | | | |
|
4F
|
| | | | | | | |
Accum. other comprehensive income (loss)
|
| | | | 134 | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | 134 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Total Stockholders’ Equity
|
| | | | 1,046,332 | | | | | | 38,107 | | | | | | — | | | | | | | | | | | | 181,897 | | | | | | | | | | | | 1,266,336 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
| | | $ | 2,088,659 | | | | | $ | 57,392 | | | | | $ | 214,720 | | | | | | | | | | | $ | 224,654 | | | | | | | | | | | $ | 2,585,425 | | |
| | |
For the year ended
January 31, 2021 |
| |
For the year ended
December 31, 2020 |
| |
Codecademy
Financing Transaction (Note 3) |
| | | | | | | |
Codecademy
Transaction Accounting Adjustments (Note 4) |
| | | | | | | |
For the year ended
January 31, 2021 |
| |||||||||||||||
| | |
Skillsoft
(Note 5) |
| |
Codecademy
(Note 2) |
| | | | | | | | | | | | | |
Pro Forma
Condensed Combined |
| |||||||||||||||||||||
Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenues
|
| | | $ | 660,467 | | | | | $ | 32,841 | | | | | $ | — | | | | | | | | | | | $ | — | | | | | | | | | | | $ | 693,308 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues
|
| | | | 196,826 | | | | | | 3,574 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 200,400 | | |
Content and software development
|
| | | | 71,498 | | | | | | 17,180 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 88,678 | | |
Selling and marketing
|
| | | | 152,806 | | | | | | 8,724 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 161,530 | | |
General and administrative
|
| | | | 91,292 | | | | | | 9,121 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 100,413 | | |
Amortization of intangible assets
|
| | | | 152,235 | | | | | | — | | | | | | | | | | | | | | | | | | 52,083 | | | | |
|
4H
|
| | | | | 204,318 | | |
Impairment of intangible assets
|
| | | | 399,808 | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | 399,808 | | |
Recapitalization and transaction-related costs
|
| | | | 115,871 | | | | | | — | | | | | | | | | | | | | | | | | | 12,200 | | | | |
|
4F
|
| | | | | 128,071 | | |
Restructuring
|
| | | | 12,795 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 12,795 | | |
Operating and formation costs
|
| | | | 2,907 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 2,907 | | |
Total operating expenses
|
| | | | 1,196,037 | | | | | | 38,599 | | | | | | — | | | | | | | | | | | | 64,283 | | | | | | | | | | | | 1,298,920 | | |
Operating income (loss):
|
| | | $ | (535,570) | | | | | $ | (5,758) | | | | | $ | — | | | | | | | | | | | $ | (64,283) | | | | | | | | | | | $ | (605,612) | | |
Other income (expense), net
|
| | | | 2,728 | | | | | | (255) | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | 2,473 | | |
Gain on derivative liabilities
|
| | | | (73,161) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (73,161) | | |
Reorganization items, net
|
| | | | 3,329,245 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,329,245 | | |
Interest income
|
| | | | 129 | | | | | | 72 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 201 | | |
Interest expense
|
| | | | (30,402) | | | | | | — | | | | | | (12,490) | | | | |
|
3C
|
| | | | | — | | | | | | | | | | | | (42,892) | | |
Income (loss) before provision (benefit) for income
taxes |
| | | | 2,692,969 | | | | | | (5,941) | | | | | | (12,490) | | | | | | | | | | | | (64,283) | | | | | | | | | | | | 2,610,254 | | |
Provision (benefit) for income taxes
|
| | | | 93,822 | | | | | | 64 | | | | | | (2,623) | | | | | | | | | | | | (13,500) | | | | |
|
4G
|
| | | | | 77,764 | | |
Net income (loss)
|
| | | $ | 2,599,146 | | | | | $ | (6,005) | | | | | $ | (9,867) | | | | | | | | | | | $ | (50,784) | | | | | | | | | | | $ | 2,532,490 | | |
Earnings per Share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average Class A shares outstanding
|
| | | | 133,112 | | | | | | | | | | | | | | | | | | | | | | | | 34,198 | | | | | | | | | | | | 167,310 | | |
Earnings per share (basic and diluted) attributable
to Class A common stockholders |
| | | $ | 19.53 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 15.14 | | |
| | |
For the Nine
Months ended October 31, 2021 |
| |
For the Nine
Months ended September 30, 2021 |
| |
Codecademy
Financing Transaction (Note 3) |
| | | | | | | |
Codecademy
Transaction Accounting Adjustments (Note 4) |
| | | | | | | |
For the Nine
Months ended October 31, 2021 |
| |||||||||||||||
| | |
Skillsoft
(Note 5) |
| |
Codecademy
(Note 2) |
| | | | | | | | | | | | | |
Pro Forma
Condensed Combined |
| |||||||||||||||||||||
Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenues
|
| | | $ | 496,388 | | | | | $ | 30,676 | | | | | $ | — | | | | | | | | | | | $ | — | | | | | | | | | | | $ | 527,064 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues
|
| | | | 147,329 | | | | | | 3,947 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 151,276 | | |
Content and software development
|
| | | | 50,892 | | | | | | 18,884 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 69,776 | | |
Selling and marketing
|
| | | | 120,608 | | | | | | 12,914 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 133,522 | | |
General and administrative
|
| | | | 82,176 | | | | | | 8,392 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 90,568 | | |
Amortization of intangible assets
|
| | | | 123,267 | | | | | | — | | | | | | — | | | | | | | | | | | | 39,063 | | | | |
|
4H
|
| | | | | 162,330 | | |
Recapitalization and transaction-related
costs |
| | | | 11,897 | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 11,897 | | |
Restructuring
|
| | | | 3,154 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 3,154 | | |
Operating and formation costs
|
| | | | 2,952 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 2,952 | | |
Total operating expenses
|
| | | | 542,275 | | | | | | 44,137 | | | | | | — | | | | | | | | | | | | 39,063 | | | | | | | | | | | | 625,475 | | |
Operating income (loss):
|
| | | $ | (45,887) | | | | | $ | (13,461) | | | | | $ | — | | | | | | | | | | | $ | (39,063) | | | | | | | | | | | $ | (98,411) | | |
Other income (expense), net
|
| | | | (1,177) | | | | | | (226) | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (1,403) | | |
Gain on derivative liabilities
|
| | | | (41,324) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | (41,324) | | |
Interest income
|
| | | | 94 | | | | | | 2 | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 96 | | |
Interest expense
|
| | | | (22,723) | | | | | | — | | | | | | (9,368) | | | | |
|
3C
|
| | | | | — | | | | | | | | | | | | (32,091) | | |
Income (loss) before provision (benefit) for income taxes
|
| | | | (111,018) | | | | | | (13,685) | | | | | | (9,368) | | | | | | | | | | | | (39,063) | | | | | | | | | | | | (173,133) | | |
Provision for (benefit from) income taxes
|
| | | | 1,119 | | | | | | 48 | | | | | | (1,967) | | | | | | | | | | | | (8,203) | | | | |
|
4G
|
| | | | | (9,003) | | |
Net loss
|
| | | $ | (112,137) | | | | | $ | (13,733) | | | | | $ | (7,401) | | | | | | | | | | | $ | (30,859) | | | | | | | | | | | $ | (164,130) | | |
Earnings per Share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average Class A shares outstanding
|
| | | | 133,112 | | | | | | | | | | | | | | | | | | | | | | | | 34,198 | | | | | | | | | | | | 167,310 | | |
Net loss per share (basic and diluted) attributable
to Class A common stockholders |
| | | $ | (0.84) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (0.98) | | |
| | |
As of
September 30, 2021 |
| | | | | | | | | | | | | |
As of
October 31, 2021 |
| ||||||
| | |
Codecademy
Historical Condensed |
| |
Accounting Policies
and Reclassifications |
| | | | | | | |
Codecademy
As Adjusted |
| |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 50,591 | | | | | $ | — | | | | | | | | | | | $ | 50,591 | | |
Restricted cash
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Accounts receivable, net
|
| | | | 272 | | | | | | — | | | | | | | | | | | | 272 | | |
Prepaid expenses and other current assets
|
| | | | 2,170 | | | | | | — | | | | | | | | | | | | 2,170 | | |
Total Current Assets
|
| | | | 53,033 | | | | | | — | | | | | | | | | | | | 53,033 | | |
Property and equipment, net
|
| | | | 461 | | | | | | — | | | | | | | | | | | | 461 | | |
Goodwill
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Intangible assets, net
|
| | | | 3,814 | | | | | | (1,920) | | | | |
|
2A
|
| | | | | 1,894 | | |
Right of use assets
|
| | | | — | | | | | | 1,238 | | | | |
|
2B
|
| | | | | 1,238 | | |
Other assets
|
| | | | 766 | | | | | | — | | | | | | | | | | | | 766 | | |
TOTAL ASSETS
|
| | | $ | 58,074 | | | | | $ | (682) | | | | | | | | | | | $ | 57,392 | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Accrued expenses and other current liabilities
|
| | | $ | 3,310 | | | | | $ | — | | | | | | | | | | | $ | 3,310 | | |
Lease liability
|
| | | | — | | | | | | 1,238 | | | | |
|
2B
|
| | | | | 1,238 | | |
Deferred revenue
|
| | | | 14,737 | | | | | | — | | | | | | | | | | | | 14,737 | | |
Total Current Liabilities
|
| | | | 18,047 | | | | | | 1,238 | | | | | | | | | | | | 19,285 | | |
Deferred tax liabilities
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Long-term lease liabilities
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Total Liabilities
|
| | | | 18,047 | | | | | | 1,238 | | | | | | | | | | | | 19,285 | | |
Stockholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock, preferred stock and paid-in capital
|
| | | | 90,680 | | | | | | — | | | | | | | | | | | | 90,680 | | |
Accumulated deficit
|
| | | | (50,653) | | | | | | (1,920) | | | | |
|
2A
|
| | | | | (52,573) | | |
Total Stockholders’ Equity
|
| | | | 40,027 | | | | | | (1,920) | | | | | | | | | | | | 38,107 | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
| | | $ | 58,074 | | | | | $ | (682) | | | | | | | | | | | $ | 57,392 | | |
| | |
For the Year ended
December 31, 2020 |
| |
Accounting
Policies, Reclassifications, and Eliminations |
| | | | | | | |
For the Year ended
January 31, 2021 |
| | |
For the Nine
Months ended September 30, 2021 |
| |
Accounting
Policies, Reclassifications, and Eliminations |
| | | | | | | |
For the Nine
Months ended October 31, 2021 |
| ||||||||||||||||||
| | |
Codecademy
Historical Condensed |
| | | | | | | |
Pro Forma
Condensed Combined |
| | |
Codecademy
Historical Condensed |
| | | | | | | |
Pro Forma
Condensed Combined |
| ||||||||||||||||||||||||
Revenues: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenues
|
| | | $ | 32,841 | | | | | $ | — | | | | | | | | | | | $ | 32,841 | | | | | | $ | 30,676 | | | | | $ | — | | | | | | | | | | | $ | 30,676 | | |
Operating expenses
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues
|
| | | | 3,574 | | | | | | — | | | | | | | | | | | | 3,574 | | | | | | | 3,947 | | | | | | — | | | | | | | | | | | | 3,947 | | |
Content and software development
|
| | | | 15,933 | | | | | | 1,247 | | | | |
|
2A
|
| | | | | 17,180 | | | | | | | 17,777 | | | | | | 1,107 | | | | |
|
2A
|
| | | | | 18,884 | | |
Selling and marketing
|
| | | | 8,724 | | | | | | — | | | | | | | | | | | | 8,724 | | | | | | | 12,914 | | | | | | — | | | | | | | | | | | | 12,914 | | |
General and administrative
|
| | | | 9,121 | | | | | | — | | | | | | | | | | | | 9,121 | | | | | | | 8,392 | | | | | | — | | | | | | | | | | | | 8,392 | | |
Amortization of intangible assets
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Recapitalization and transaction-related costs
|
| | | | — | | | | | | | | | | | | | | | | | | — | | | | | | | — | | | | | | | | | | | | | | | | | | — | | |
Restructuring
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Operating and formation costs
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Total operating expenses
|
| | | | 37,352 | | | | | | 1,247 | | | | | | | | | | | | 38,599 | | | | | | | 43,030 | | | | | | 1,107 | | | | | | | | | | | | 44,137 | | |
Operating income (loss):
|
| | | $ | (4,511) | | | | | $ | (1,247) | | | | | | | | | | | $ | (5,758) | | | | | | $ | (12,354) | | | | | $ | (1,107) | | | | | | | | | | | $ | (13,461) | | |
Other income (expense),
net |
| | | | (255) | | | | | | — | | | | | | | | | | | | (255) | | | | | | | (226) | | | | | | — | | | | | | | | | | | | (226) | | |
Gain on derivative liabilities
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Interest income
|
| | | | 72 | | | | | | — | | | | | | | | | | | | 72 | | | | | | | 2 | | | | | | — | | | | | | | | | | | | 2 | | |
Interest expense
|
| | | | — | | | | | | | | | | | | | | | | | | — | | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Loss before provision for income taxes
|
| | | | (4,694) | | | | | | (1,247) | | | | | | | | | | | | (5,941) | | | | | | | (12,578) | | | | | | (1,107) | | | | | | | | | | | | (13,685) | | |
Provision for income taxes
|
| | | | 64 | | | | | | — | | | | | | | | | | | | 64 | | | | | | | (48) | | | | | | — | | | | | | | | | | | | (48) | | |
Net loss
|
| | | $ | (4,758) | | | | | $ | (1,247) | | | | | | | | | | | $ | (6,005) | | | | | | $ | (12,626) | | | | | $ | (1,107) | | | | | | | | | | | $ | (13,733) | | |
|
Debt issuance
|
| | | $ | 160,000 | | |
|
Less: Original issue discount and issuance costs
|
| | | | (9,200) | | |
|
Net Proceeds
|
| | | $ | 150,800 | | |
|
Cash consideration
|
| | | $ | 204,944 | | |
|
Equity consideration(1)
|
| | | | 232,204 | | |
|
Total estimated consideration
|
| | | $ | 437,148 | | |
| Codecademy Estimated Goodwill | | | | | | | |
|
Cash and cash equivalents
|
| | | $ | 3,000 | | |
|