Business Combination (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of estimated fair values of the assets acquired and liabilities assumed

The following table summarizes the preliminary purchase price allocation based on the estimated fair value of the assets acquired and liabilities assumed and reflects the measurement period adjustments recorded during the six months ended June 30, 2022:

	Estimated Useful Life (in years)	Purchase Price Allocation
		(in thousands)
Cash and cash equivalents		$	11,901
Accounts receivable		6,608
Prepaid expenses and other assets		13,098
Property and equipment, net		529
Right-of-use assets		2,355
Other assets, non-current		572
Accounts payable and accrued expenses		(16,095)
Deferred revenue		(10,962)
Lease liability		(2,512)
Other liabilities		(33,235)
Intangible assets:
Developed technology	3	15,400
University client relationships	10	104,000
Enterprise client relationships	10	14,300
Trade names	indefinite	255,000
Goodwill		407,050
		$	768,009

Schedule of unaudited pro forma combined revenue and net loss

The Company’s unaudited pro forma combined financial information below is presented for illustrative purposes and does not purport to represent what the results of operations would actually have been if the business combination occurred as of the date indicated or what the results would be for any future periods. The following table presents the Company’s unaudited pro forma combined revenue, pro forma combined net loss and pro forma combined net loss per share for the three and six months ended June 30, 2021, as if the acquisition of edX had occurred on January 1, 2020.

	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
	(in thousands)
Pro forma revenue	$	247,175	$	492,994
Pro forma net loss	$	(49,729)	$	(123,991)
Pro forma net loss per share, basic and diluted	$	(0.67)	$	(1.67)