XML 18 R8.htm IDEA: XBRL DOCUMENT v3.22.2.2
Organization and Description of Business
9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business
1.
ORGANIZATION AND DESCRIPTION OF BUSINESS

Description of Business

Coursera, Inc., a Delaware public benefit corporation, together with its subsidiaries (“Coursera”, the “Company”, “we”, “us” or “our”), is an online learning platform that connects learners, educators, and institutions with the goal of providing world-class educational content that is affordable, accessible, and relevant. We combine content, data, and technology into a platform that is customizable and extensible to both individual learners and institutions. We partner with leading university and industry partners (“educator partners”) to bring quality higher education to a broad range of individuals, businesses, organizations, and governments. We also sell directly to institutions, including employers, colleges and universities, organizations, and governments, to enable their employees, students, and citizens to gain critical skills aligned to the job markets of today and tomorrow. Our corporate headquarters is located in Mountain View, California.

Expense Reduction Initiative

The Company is undertaking a plan to reduce our overall expenses, focus our efforts, and prioritize investments in key initiatives that are expected to drive long-term, sustainable growth. In connection with this effort, on November 9, 2022, the Company enacted a plan to reduce its global workforce to better align its cost structure and personnel needs with its business objectives, growth opportunities, and operational priorities.

As a result of this reduction, the Company expects to recognize incremental expenses, primarily within operating expenses, of $10 million to $12 million in the fourth quarter of 2022, mainly related to personnel expenses, such as employee severance and benefits costs. Cash payments related to these expenses will be spread relatively evenly between the fourth quarter of 2022 and the first quarter of 2023. The Company also expects the reversal of stock-based compensation expense of $7 million to $9 million, the majority of which will be recognized in the first quarter of 2023, when the forfeiture of unvested restricted stock units (“RSUs”) and stock options is expected to occur. As a result of the foregoing, the net effect on operating expenses is estimated to be $1 million to $5 million.