Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 4 Months Ended 8 Months Ended 12 Months Ended
Jun. 11, 2021
Jan. 31, 2022
Jan. 31, 2024
Jan. 31, 2023
Cash flows from operating activities:        
Net income (loss) $ (49,264) $ (46,806) $ (349,285) $ (724,964)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Impairment of goodwill and intangible assets 0 0 202,233 641,362
Amortization of intangible assets 50,902 95,922 152,511 176,690
Share-based compensation 0 14,664 31,067 36,622
Depreciation 3,572 6,556 3,330 6,508
Non-cash interest expense 487 817 2,074 2,098
Non-cash property, equipment, software and lease impairment charges 0 0 5,230 0
Additions to (reductions from) provision for credit loss expense (174) 274 341 375
(Gain) loss on sale of business 0 0 682 (56,619)
Provision for (benefit from) income taxes – non-cash (5,886) (12,782) (22,066) (43,082)
Fair value adjustment of warrants (900) (17,441) (4,754) (23,158)
Fair value adjustment of interest rate swaps 0 0 (2,756) 1,554
Change in assets and liabilities, net of effects from acquisitions:        
Accounts receivable 88,622 (86,583) (2,091) (1,560)
Prepaid expenses and other assets, including long-term 1,828 (19,732) (4,601) (13,588)
Right-of-use assets 748 3,807 2,940 3,715
Accounts payable (4,866) 1,983 (3,848) (5,982)
Accrued expenses and other liabilities, including long-term (18,592) 31,081 (6,425) (20,797)
Lease liabilities (1,301) (5,023) (3,966) (2,335)
Deferred revenues (31,365) 61,487 2,202 2,228
Net cash provided by (used in) operating activities 33,811 28,224 2,818 (20,933)
Cash flows from investing activities:        
Purchase of property and equipment (641) (6,286) (4,181) (4,913)
Internally developed software - capitalized costs (2,350) (3,712) (13,722) (10,352)
Sale of SumTotal, net of cash transferred 0 0 (5,137) 171,995
Net cash used in investing activities (2,991) (571,605) (23,040) (42,184)
Cash flows from financing activities:        
Shares repurchased for tax withholding upon vesting of restricted stock-based awards 0 (1,417) (1,649) (4,279)
Payments to acquire treasury stock 0 0 (8,046) (2,845)
Proceeds from equity investment (PIPE) 0 530,000 0 0
Principal payments on capital lease obligation (370) (994) 0 0
Net cash provided by (used in) financing activities 14,907 425,440 (10,812) 77,233
Effect of exchange rate changes on cash and cash equivalents 203 (1,619) 1 (5,483)
Net increase (decrease) in cash, cash equivalents and restricted cash 45,930 (119,560) (31,033) 8,633
Cash, cash equivalents and restricted cash, beginning of period 74,443 288,483 177,556 168,923
Cash, cash equivalents and restricted cash, end of period 288,483 168,923 146,523 177,556
Supplemental disclosure of cash flow information:        
Cash and cash equivalents 117,299 154,672 136,308 170,359
Restricted cash 3,074 14,251 10,215 7,197
Cash, cash equivalents and restricted cash, end of period 120,373 168,923 146,523 177,556
Cash paid for interest 16,439 12,967 64,229 49,078
Cash paid (received) for income taxes, net of refunds 1,161 1,568 5,839 4,165
Unpaid capital expenditures 39 153 0 596
Shares issued in connection with business combination 0 306,375 0 182,550
PIPE subscription liability and warrants reclassified to equity 0 134,286 0 0
Debt issued in connection with business combinations 0 90,000 0 0
Warrants issued in connection with business combinations 0 14,000 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 40,352 5,287 (34,936)
Term Loan Facility [Member]        
Cash flows from financing activities:        
Proceeds from issuance of debt 0 464,290 0 157,088
Payments on loans 0 (1,200) (6,404) (37,795)
First and Second Out Loans [Member]        
Cash flows from financing activities:        
Payments on loans (1,300) (605,591) 0 0
Codecademy [Member]        
Cash flows from investing activities:        
Acquisition, net of cash received 0 0 0 (198,914)
Global Knowledge [Member]        
Cash flows from investing activities:        
Acquisition, net of cash received 0 (156,926) 0 0
Skillsoft Merger [Member]        
Cash flows from investing activities:        
Acquisition, net of cash received 0 (386,035) 0 0
Pluma [Member]        
Cash flows from investing activities:        
Acquisition, net of cash received $ 0 $ (18,646) $ 0 $ 0