Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 4 Months Ended 5 Months Ended 7 Months Ended 8 Months Ended 12 Months Ended
Jun. 11, 2021
Jan. 31, 2021
Aug. 27, 2020
Jan. 31, 2022
Jan. 31, 2023
Cash flows from operating activities:          
Net income (loss) $ (49,264) $ (93,722) $ 2,764,012 $ (46,806) $ (724,964)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Share-based compensation 0 0 0 14,664 36,622
Depreciation and amortization 3,572 3,604 5,864 6,556 6,508
Amortization of intangible assets 50,902 39,824 34,378 95,922 176,690
Provision for (recovery of) doubtful accounts (174) 294 24 274 375
Provision for (benefit from) income taxes – non-cash (5,886) (23,140) 66,234 (12,782) (43,082)
Non-cash interest expense 487 671 2,407 817 2,098
Impairment of goodwill and intangible assets 0 0 332,376 0 641,362
Fair value adjustment to warrants (900) (2,900) (0) (17,441) (23,158)
Gain on sale of business 0 0 0 0 (56,619)
Right-of-use asset 748 2,690 1,594 3,807 3,715
Unrealized loss on derivative instrument 0 0 0 0 1,554
Non-cash reorganization items, net 0 0 (3,353,326) 0 0
Changes in current assets and liabilities, net of effects from acquisitions:          
Accounts receivable 88,622 (103,385) 116,478 (86,583) (1,560)
Prepaid expenses and other current assets 1,828 (6,394) 66 (19,732) (13,588)
Accounts payable (4,866) (31) (7,909) 1,983 (5,982)
Accrued expenses, including long-term (18,592) 21,327 145,816 31,081 (20,797)
Lease liability (1,301) (3,272) (2,332) (5,023) (2,335)
Deferred revenue (31,365) 172,614 (101,765) 61,487 2,228
Net cash provided by (used in) operating activities 33,811 8,180 3,917 28,224 (20,933)
Cash flows from investing activities:          
Purchase of property and equipment (641) (2,326) (3,105) (6,286) (4,913)
Internally developed software - capitalized costs (2,350) (2,126) (3,819) (3,712) (10,352)
Sale of SumTotal, net of cash transferred 0 0 0 0 171,995
Net cash used in investing activities (2,991) (4,452) (6,924) (571,605) (42,184)
Cash flows from financing activities:          
Shares repurchased for tax withholding upon vesting of restricted stock-based awarded 0 0 0 (1,417) (4,279)
Payments to acquire treasury stock 0 0 0 0 (2,845)
Proceeds from equity investment (PIPE) 0 0 0 530,000 0
Principal payments on capital lease obligation (370) (414) (532) (994) 0
Debt issuance costs associated with DIP and Exit facilities 0 0 (19,524) 0 0
Net cash provided by (used in) financing activities 14,907 (32,463) 73,657 425,440 77,233
Effect of exchange rate changes on cash and cash equivalents 203 863 (2,139) (1,619) (5,483)
Net increase in cash 45,930 (27,872) 68,511 (119,560) 8,633
Cash, cash equivalents and restricted cash, beginning of period 74,443 102,315 33,804 288,483 168,923
Cash, cash equivalents and restricted cash, end of period 288,483 74,443 102,315 168,923 177,556
Supplemental disclosure of cash flow information:          
Cash and cash equivalents 117,299 71,479 92,009 154,672 170,359
Restricted cash 3,074 2,964 10,306 14,251 7,197
Cash, cash equivalents and restricted cash, end of period 120,373 74,443 102,315 168,923 177,556
Cash paid for interest 16,439 18,908 0 12,967 49,078
Cash paid for income taxes, net of refunds 1,161 2,336 913 1,568 4,165
Unpaid capital expenditures 39 166 1,039 153 596
Share issued in connection with business combinations 0 0 0 306,375 182,550
PIPE subscription liability and warrants reclassified to equity 0 0 0 134,286 0
Debt issued in connection with business combinations 0 0 0 90,000 0
Warrants issued in connection with business combinations 0 0 0 14,000 0
Modification of warrants and Class B common stock 0 7,400 0 0 0
Note issued to parent entity for paid in kind interest 0 0 160,000 0 0
Lease liabilities arising from right-of-use assets and tenant improvements recognized upon adoption of new accounting standard 0 0 19,415 0 0
Software Luxembourg Holding and Point Well (Predecessor) [Member]          
Cash flows from financing activities:          
Cash, cash equivalents and restricted cash, beginning of period       120,373  
Cash, cash equivalents and restricted cash, end of period 120,373        
Accounts Receivable Facility [Member]          
Cash flows from financing activities:          
Proceeds from facility, net of borrowings 16,577 (32,049) (35,787) 40,352 (34,936)
Revolving Credit Facility [Member]          
Cash flows from financing activities:          
Proceeds from facility, net of borrowings 0 0 19,500 0 0
Term Loan Facility [Member]          
Cash flows from financing activities:          
Proceeds from issuance of debt 0 0 0 464,290 157,088
Payments on loans 0 0 0 (1,200) (37,795)
First and Second Out Loans [Member]          
Cash flows from financing activities:          
Payments on loans (1,300) 0 0 (605,591) 0
DIP Facility [Member]          
Cash flows from financing activities:          
Proceeds from issuance of debt 0 0 60,000 0 0
Exit Facility [Member]          
Cash flows from financing activities:          
Proceeds from issuance of debt 0 0 50,000 0 0
Codecademy [Member]          
Cash flows from investing activities:          
Acquisition, net of cash received 0 0 0 0 (198,914)
Global Knowledge [Member]          
Cash flows from investing activities:          
Acquisition, net of cash received 0 0 0 (156,926) 0
Skillsoft Merger [Member]          
Cash flows from investing activities:          
Acquisition, net of cash received 0 0 0 (386,035) 0
Pluma [Member]          
Cash flows from investing activities:          
Acquisition, net of cash received $ 0 $ 0 $ 0 $ (18,646) $ 0