Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2018 |
Sep. 30, 2017 |
| Operating activities |
|
|
| Net loss |
$ (96,691)
|
$ (65,618)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation of property and equipment |
6,331
|
4,367
|
| Amortization of acquired intangible assets |
7,721
|
6,018
|
| Amortization of course creation costs |
1,437
|
1,050
|
| Equity-based compensation |
36,972
|
18,988
|
| Provision for doubtful accounts |
493
|
360
|
| Amortization of debt discount and debt issuance costs |
1,215
|
1,074
|
| Debt extinguishment costs |
4,197
|
931
|
| Deferred tax benefit |
(98)
|
0
|
| Changes in assets and liabilities: |
|
|
| Accounts receivable |
(10,352)
|
(2,720)
|
| Prepaid expenses and other assets |
(2,990)
|
(3,204)
|
| Accounts payable |
928
|
2,388
|
| Accrued expenses and other liabilities |
6,912
|
8,721
|
| Accrued author fees |
1,452
|
1,328
|
| Deferred revenue |
28,190
|
15,501
|
| Net cash used in operating activities |
(14,283)
|
(10,816)
|
| Investing activities |
|
|
| Purchases of property and equipment |
(6,576)
|
(4,459)
|
| Purchases of content library |
(2,345)
|
(1,769)
|
| Net cash used in investing activities |
(8,921)
|
(6,228)
|
| Financing activities |
|
|
| Payments of costs related to initial public offering |
332,080
|
0
|
| Payments of costs related to initial public offering |
(7,083)
|
(175)
|
| Borrowings of long-term debt |
20,000
|
115,000
|
| Repayments of long-term debt |
(137,710)
|
(85,000)
|
| Payments of debt extinguishment costs |
(2,179)
|
0
|
| Payments of debt issuance costs |
(450)
|
(837)
|
| Payments to settle equity appreciation rights |
(325)
|
0
|
| Taxes paid related to net share settlement |
(78)
|
0
|
| Proceeds from the issuance of common units |
0
|
3,136
|
| Redemption of incentive units |
0
|
(2,801)
|
| Payments of facility financing obligation |
(13)
|
(12)
|
| Net cash provided by financing activities |
204,242
|
29,311
|
| Effect of exchange rate change on cash, cash equivalents, and restricted cash |
(136)
|
38
|
| Net increase in cash, cash equivalents, and restricted cash |
180,902
|
12,305
|
| Cash, cash equivalents, and restricted cash, beginning of period |
28,477
|
19,397
|
| Cash, cash equivalents, and restricted cash, end of period |
209,379
|
31,702
|
| Supplemental cash flow disclosure: |
|
|
| Cash paid for interest |
4,271
|
4,702
|
| Cash paid for income taxes, net |
338
|
284
|
| Supplemental disclosure of non-cash investing and financing activities: |
|
|
| Conversion of redeemable convertible preferred units |
582,041
|
0
|
| Redeemable convertible preferred unit accretion |
176,275
|
57,200
|
| Unpaid capital expenditures |
252
|
84
|
| Offering costs, accrued but not yet paid |
607
|
113
|
| Equity-based compensation capitalized as internal-use software |
114
|
0
|
| Issuance of warrants to purchase shares of Class A common stock |
984
|
0
|
| Reconciliation of cash, cash equivalents, and restricted cash: |
|
|
| Cash and cash equivalents |
208,626
|
31,492
|
| Restricted cash included in other assets |
753
|
210
|
| Total cash, cash equivalents, and restricted cash |
$ 28,477
|
$ 19,397
|