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Annual Report 2024
I look forward to continuing the mission that provides us all with a shared sense of purpose and possibility: transforming lives through learning. We are just getting started. Greg Hart President and Chief Executive O icer
Message from our Chief Executive O icer To our shareholders, Earlier this year, I was honored and excited to step into the role of CEO at Coursera, a company whose mission and impact I have long admired. The team has provided a warm welcome, and I am looking forward to meeting more of our learners, customers, educator partners, and shareholders over time. As I settled in over the past several weeks, my priority has been to listen and learn. Today, I want to share a few initial observations. It is clear Coursera attracts a dedicated and talented workforce. The company has a strong culture rooted in innovation and motivated by the mission. Employees care deeply about expanding our platform s impact, and I am thrilled to work alongside them to build on the company s strong foundation and accelerate opportunities to better serve our learners, customers, and partners. The pace of change is accelerating around the world. This is an exciting time to be positioned at the forefront of learning, as the need to develop new skills progresses at an unprecedented rate. Individuals require access to education that can help them unlock career opportunities, and businesses need to develop a more agile workforce that can drive innovation and transform their operations. I believe that Coursera is uniquely positioned to deliver on that need. Last year, the platform s reach, o erings, and capabilities continued to rapidly expand. 2024 marked the fifth consecutive year of welcoming more than 20 million Registered Learners. Our platform s reach grew to more than 168 million Registered Learners and over 1,600 Paid Enterprise Customers, increasing by 19% and 18% year-over-year ( YoY ), respectively. Learners come to Coursera to build skills and earn credentials from trusted brands, and we added more than 25 new educator partners to end the year with over 350 world-class universities and respected industry leaders powering our content engine. Our educator partners launched more than 2,200 new courses, growing our catalog 33% YoY, with many teaching high-demand skills in business, data science, technology, and artificial intelligence as we strive to empower the world s workforce. Our next chapter of growth will be defined by innovation. In 2024, the team made strong progress delivering new products, capabilities, and experiences across our platform. Coursera Coach, which has been used by nearly two million learners, is redefining our approach to personalized and interactive learning. In addition, machine translation at scale is enabling new opportunities to serve international learners and multinational organizations. We now have more than 5,000 courses available in up to 25 languages. Technology is rapidly unlocking access to the world s best education, and I believe we can progress even faster through focused innovation in our learner experience, more rapid product development cycles, and a data-driven approach to continuous improvement in all aspects of our business.
We are operating on solid footing with the capacity to invest in our future. In 2024, Coursera s revenue grew 9% YoY to $695 million. The company delivered approximately 690 basis points of improvement on net loss margin, as well as more than 750 basis points of annual Adjusted EBITDA Margin expansion to achieve our first full year of positive Adjusted EBITDA. Further, we generated over $95 million of net cash provided by operating activities and $59 million of Free Cash Flow. The team has scaled our business with discipline and laid the groundwork for our next chapter of growth and innovation. While Coursera has made meaningful progress on financial measures, I am most excited about the capabilities being created that can reimagine the learning experience and deliver more value for our customers. With each day that passes, I gain a deeper understanding of our business and grow more optimistic about the role Coursera can play in shaping a new era for education. On behalf of all of us at Coursera, I want to thank you, our shareholders, for your continued trust and commitment. We are focused on building a world-class business for the benefit of our shareholders, stakeholders, and society more broadly. Your support allows us to operate in a thoughtful, long-term manner, and deliver innovation that can have a profound impact on the lives of the millions of learners we serve. I look forward to continuing the mission that provides us all with a shared sense of purpose and possibility: transforming lives through learning. We are just getting started. Greg Hart President and Chief Executive O icer Coursera, Inc. The definitions of Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow as well as reconciliations of such non-GAAP financial measures to their comparable GAAP measures are contained under section Non-GAAP Financial Measures of the attached Annual Report on Form 10-K (the Form 10-K ). This Annual Report contains forward-looking statements, and actual results could di er materially. Risk factors that could cause results to di er are set forth in the "Risk Factors" section and throughout our Form 10-K, which is included in this Annual Report. These risk factors are subject to update by our future filings and submissions with the U.S. SEC. Forward-looking statements included in our Form 10-K are based on management's expectations as of February 24, 2025, and forward-looking statements in the CEO letter are based on expectations as of March 31, 2025. Coursera disclaims any obligation to update these statements, except as required by law.
 • shareholder letter icon 3/31/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/7/2023 COUR Stockholder Letter
 • stockholder letter icon 3/28/2024 COUR Stockholder Letter
 • stockholder letter icon More "Information Technology Services" Category Stockholder Letters
 • Benford's Law Stocks icon COUR Benford's Law Stock Score = 29


COUR Shareholder/Stockholder Letter Transcript:

Annual Report
2024


I look forward to continuing the mission that provides
us all with a shared sense of purpose and possibility:
transforming lives through learning.
We are just getting started.    
Greg Hart
President and Chief Executive O   icer

Message from our
Chief Executive O   icer
To our shareholders,
Earlier this year, I was honored and excited to step into the role of CEO at Coursera,
a company whose mission and impact I have long admired. The team has provided
a warm welcome, and I am looking forward to meeting more of our learners, customers,
educator partners, and shareholders over time. As I settled in over the past several weeks,
my priority has been to listen and learn.
Today, I want to share a few initial observations.
It is clear Coursera attracts a dedicated and talented workforce. The company has a strong culture rooted in
innovation and motivated by the mission. Employees care deeply about expanding our platform  s impact, and I
am thrilled to work alongside them to build on the company  s strong foundation and accelerate opportunities to
better serve our learners, customers, and partners.
The pace of change is accelerating around the world. This is an exciting time to be positioned at the forefront of
learning, as the need to develop new skills progresses at an unprecedented rate. Individuals require access to
education that can help them unlock career opportunities, and businesses need to develop a more agile
workforce that can drive innovation and transform their operations.
I believe that Coursera is uniquely positioned to deliver on that need. Last year, the platform  s reach, o   erings,
and capabilities continued to rapidly expand. 2024 marked the fifth consecutive year of welcoming more than 20
million Registered Learners. Our platform  s reach grew to more than 168 million Registered Learners and over
1,600 Paid Enterprise Customers, increasing by 19% and 18% year-over-year (   YoY   ), respectively. Learners come
to Coursera to build skills and earn credentials from trusted brands, and we added more than 25 new educator
partners to end the year with over 350 world-class universities and respected industry leaders powering our
content engine. Our educator partners launched more than 2,200 new courses, growing our catalog 33% YoY, with
many teaching high-demand skills in business, data science, technology, and artificial intelligence as we strive to
empower the world  s workforce.
Our next chapter of growth will be defined by innovation. In 2024, the team made strong progress delivering new
products, capabilities, and experiences across our platform. Coursera Coach, which has been used by nearly two
million learners, is redefining our approach to personalized and interactive learning. In addition, machine
translation at scale is enabling new opportunities to serve international learners and multinational organizations.
We now have more than 5,000 courses available in up to 25 languages. Technology is rapidly unlocking access to
the world  s best education, and I believe we can progress even faster through focused innovation in our learner
experience, more rapid product development cycles, and a data-driven approach to continuous improvement in
all aspects of our business.

We are operating on solid footing with the capacity to invest in our future. In 2024, Coursera  s revenue grew 9%
YoY to $695 million. The company delivered approximately 690 basis points of improvement on net loss margin,
as well as more than 750 basis points of annual Adjusted EBITDA Margin expansion to achieve our first full year of
positive Adjusted EBITDA. Further, we generated over $95 million of net cash provided by operating activities and
$59 million of Free Cash Flow. The team has scaled our business with discipline and laid the groundwork for our
next chapter of growth and innovation.
While Coursera has made meaningful progress on financial measures, I am most excited about the capabilities
being created that can reimagine the learning experience and deliver more value for our customers. With each
day that passes, I gain a deeper understanding of our business and grow more optimistic about the role Coursera
can play in shaping a new era for education.
On behalf of all of us at Coursera, I want to thank you, our shareholders, for your continued trust and
commitment. We are focused on building a world-class business for the benefit of our shareholders,
stakeholders, and society more broadly. Your support allows us to operate in a thoughtful, long-term manner, and
deliver innovation that can have a profound impact on the lives of the millions of learners we serve.
I look forward to continuing the mission that provides us all with a shared sense of purpose and possibility:
transforming lives through learning. We are just getting started.
Greg Hart
President and Chief Executive O   icer
Coursera, Inc.
The definitions of Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow as well as reconciliations of such non-GAAP financial measures to their
comparable GAAP measures are contained under section    Non-GAAP Financial Measures    of the attached Annual Report on Form 10-K (the    Form 10-K   ).
This Annual Report contains forward-looking statements, and actual results could di   er materially. Risk factors that could cause results to di   er are set forth in the
"Risk Factors" section and throughout our Form 10-K, which is included in this Annual Report. These risk factors are subject to update by our future filings and
submissions with the U.S. SEC. Forward-looking statements included in our Form 10-K are based on management's expectations as of February 24, 2025, and
forward-looking statements in the CEO letter are based on expectations as of March 31, 2025. Coursera disclaims any obligation to update these statements,
except as required by law.



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