Le Lézard
Classified in: Science and technology, Business, Covid-19 virus
Subjects: ERN, ERP

Instructure Announces Second Quarter 2022 Financial Results


Second Quarter GAAP Revenue of $114.6 Million Grows 22% year over year

Second Quarter Loss from Operations of $6.6 Million and Adjusted EBITDA* of $39.8 Million

SALT LAKE CITY, Aug. 1, 2022 /PRNewswire/ -- Instructure Holdings, Inc. (Instructure) (NYSE: INST), the makers of the Canvas Learning Management System, today announced financial results for the second quarter ended June 30, 2022.

"In an uncertain macroeconomic environment, Instructure delivered strong, double-digit top line growth and year-over-year margin expansion during the second quarter," said Steve Daly, Instructure CEO. "Our Instructure Learning Platform strategy continued to gain momentum during the quarter with growth across our Canvas learning management solutions, Mastery assessment tools and content, Elevate data and analytics products, and Impact solutions for edtech adoption and engagement. We were thrilled to welcome over 12,000 registrants and many of our 600+ Instructure EdTech Collective partners to InstructureCon 2022 North America in July, where we highlighted product improvements that make the Instructure Learning Platform even more powerful in 2022. We look forward to the opportunity to bring more value to our clients, partners and shareholders in the months and years ahead."

Financial Highlights:

*See "Non-GAAP Financial Measures" for information regarding the Company's use of non-GAAP financial measures as well as reconciliations to the most closely comparable GAAP measures in this press release.

Business and Operating Highlights:

Business Outlook

Based on information as of today, August 1, 2022, the Company is issuing the following financial guidance.

Third Quarter Fiscal 2022:

Full Year 2022:

*ACR, Non-GAAP operating income, Adjusted EBITDA, non-GAAP net income and adjusted unlevered free cash flow are non-GAAP measures. See "Non-GAAP Financial Measures" for a reconciliation of ACR to the most closely comparable GAAP measure. Instructure is unable to provide guidance, or a reconciliation, for operating loss and net loss, the most closely comparable GAAP measures with respect to non-GAAP operating income, Adjusted EBITDA and non-GAAP net income, and net cash provided by (used in) operating activities, the most closely comparable measure with respect to adjusted unlevered free cash flow because Instructure cannot provide a meaningful or accurate calculation or estimation of certain reconciling items without unreasonable effort. This is due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including stock-based compensation and amortization of acquisition related intangibles. Thus, Instructure is unable to present a quantitative reconciliation of non-GAAP guidance to GAAP guidance because such information is not available.

Conference Call Information

Instructure's management team will hold a conference call to discuss our second quarter results today, August 1, 2022 at 5:00 p.m. ET. The conference call can be accessed by dialing (888) 330-2384 from the United States and Canada or (240) 789-2701 internationally with conference ID 1348899. A live webcast and replay of the conference call can be accessed from the investor relations page of Instructure's website at ir.instructure.com. An archived replay of the webcast will be available following the conclusion of the call.

About Instructure

Instructure (NYSE: INST) is an education technology company dedicated to elevating student success, amplifying the power of teaching, and inspiring everyone to learn together. Today the Instructure Learning Platform supports tens of millions of educators and learners around the world. Learn more at www.instructure.com.

Non-GAAP Financial Measures

Instructure has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). In addition to Instructure's results determined in accordance with GAAP, Instructure believes the following non-GAAP measures are useful in evaluating its operating performance and liquidity. Instructure believes that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies.

A reconciliation of Instructure's historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.

ACR. We define ACR as the combined receipts of our Company and companies that we have acquired allocated to the period of service delivery. We calculate ACR as the sum of (i) revenue and (ii) the impact of fair value adjustments to acquired unearned revenue related to Thoma Bravo's acquisition of Instructure (the "Take-Private Transaction") and the Certica Holdings, LLC ("Certica"), Eesysoft Software International B.V. (which was rebranded to "Impact by Instructure" or "Impact" subsequent to acquisition), and Kimono LLC (which was rebranded to "Elevate Data Sync" subsequent to acquisition) acquisitions where we do not believe such adjustments are reflective of our ongoing operations. Management uses this measure to evaluate organic growth of the business period over period, as if the Company had operated as a single entity and excluding the impact of acquisitions or adjustments due to purchase accounting.

Non-GAAP Operating Income. We define non-GAAP operating income as loss from operations excluding the impact of stock-based compensation, restructuring, transaction and sponsor related costs, amortization of acquisition-related intangibles, and the impact of fair value adjustments to acquired unearned revenue relating to the Take-Private Transaction and the Certica, Impact, and Elevate Data Sync acquisitions that we do not believe are reflective of our ongoing operations. We believe non-GAAP operating income is useful in evaluating our operating performance compared to that of other companies in our industry, as this metric generally eliminates the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance. Although we exclude the amortization of acquisition-related intangibles from the non-GAAP measure, management believes it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

Non-GAAP Net Income. We define non-GAAP net income as net loss excluding the impact of stock-based compensation, amortization of acquisition-related intangibles, the impact of fair value adjustments to acquired unearned revenue relating to the Take-Private Transaction and the Certica, Impact, and Elevate Data Sync acquisitions, restructuring, transaction and sponsor related costs that we do not believe are reflective of our ongoing operations. We believe Non-GAAP net income is useful in evaluating our operating performance compared to that of other companies in our industry, as this metric generally eliminates the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance. Although we exclude the amortization of acquisition-related intangibles from the non-GAAP measure, management believes it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Basic non-GAAP net income per common share attributable to common stockholders is computed by dividing non-GAAP net income attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted non-GAAP net income per common share attributable to common stockholders is computed by giving effect to all potentially dilutive common stock equivalents outstanding for the period.

Adjusted EBITDA. EBITDA is defined as earnings before debt-related costs, including interest and loss on debt extinguishment, benefit for taxes, depreciation, and amortization. We further adjust EBITDA to exclude certain items of a significant or unusual nature, including stock-based compensation, restructuring, transaction and sponsor related costs, amortization of acquisition-related intangibles, and the impact of fair value adjustments to acquired unearned revenue relating to the Take-Private Transaction and the Certica, Impact, and Elevate Data Sync acquisitions. Although we exclude the amortization of acquisition-related intangibles from this non-GAAP measure, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

Free Cash Flow, Unlevered Free Cash Flow and Adjusted Unlevered Free Cash Flow. We define free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment and intangible assets, net of proceeds from disposals of property and equipment. We define unlevered free cash flow as free cash flow adjusted for cash paid for interest on outstanding debt and cash settled stock-based compensation. We define adjusted unlevered free cash flow as unlevered free cash flow adjusted for restructuring, transaction and sponsor related costs paid in cash. We believe free cash flow and adjusted unlevered free cash flow facilitate period-to-period comparisons of liquidity. We consider free cash flow and adjusted unlevered free cash flow to be important measures because they measure the amount of cash we generate and reflect changes in working capital.

Non-GAAP Cost of Revenue and Non-GAAP Operating Expenses. We define non-GAAP cost of revenue and non-GAAP operating expenses as GAAP cost of revenue and GAAP operating expenses, respectively, excluding the impact of stock-based compensation, restructuring, transaction and sponsor related costs, and amortization of acquisition-related intangibles, that we do not believe are reflective of our ongoing operations. Although we exclude the amortization of acquisition-related intangibles from the non-GAAP measure, management believes it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

Non-GAAP Gross Profit. We define non-GAAP gross profit as gross profit excluding the impact of stock-based compensation, restructuring, transaction and sponsor related costs, amortization of acquisition-related intangibles, and fair value adjustments to deferred revenue in connection with purchase accounting that we do not believe are reflective of our ongoing operations. Although we exclude the amortization of acquisition-related intangibles from the non-GAAP measure, management believes it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

Forward-Looking Statements

This press release contains, and statements made during the above referenced conference call will contain, "forward-looking" statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's financial guidance for the third quarter of 2022 and for the full year ending December 31, 2022, the Company's growth, customer demand and application adoption, the Company's research and development efforts and future application releases, and the Company's expectations regarding future revenue, expenses, cash flows and net income or loss.

These statements are not guarantees of future performance, but are based on management's expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include the following: risks associated with general global political, macroeconomic, social, health and market conditions, including rising inflation, political instability, terrorist activities or military conflicts, including Russia's invasion of Ukraine; risks associated with future stimulus packages approved by the U.S. federal government; failure to continue our recent growth rates; our ability to acquire new customers and successfully retain existing customers; the effects of increased usage of, or interruptions or performance problems associated with, our learning platform; the impact on our business and prospects from the ongoing effects of the COVID-19 pandemic; our history of losses and expectation that we will not be profitable for the foreseeable future; the impact of adverse general and industry-specific economic and market conditions; and changes in the spending policies or budget priorities for government funding of Higher Education and K-12 institutions.

These and other important risk factors are described more fully in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Report on Form 10-Q and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. All information provided in this press release and in the conference call is as of the date hereof and Instructure undertakes no duty to update this information except as required by law.

 

INSTRUCTURE HOLDINGS, INC.


CONSOLIDATED BALANCE SHEETS


(in thousands, except per share data)







































June 30,
2022



December 31,
2021




Assets



































(unaudited)







Current assets:










































Cash and cash equivalents



































$

83,234



$

164,928




Accounts receivable?net




































167,646




51,607




Prepaid expenses




































37,941




15,475




Deferred commissions




































12,374




11,418




Other current assets




































2,887




3,384




Total current assets




































304,082




246,812




Property and equipment, net




































12,203




10,792




Right-of-use assets




































15,765




18,175




Goodwill




































1,203,979




1,194,221




Intangible assets, net




































574,812




629,746




Noncurrent prepaid expenses




































1,127




1,553




Deferred commissions, net of current portion




































18,953




20,105




Deferred tax assets




































8,561




6,477




Other assets




































5,689




5,901




Total assets



































$

2,145,171



$

2,133,782




Liabilities and stockholders' equity










































Current liabilities:










































Accounts payable



































$

16,128



$

18,324




Accrued liabilities




































23,204




28,408




Lease liabilities




































6,998




6,666




Long-term debt, current




































4,013




2,763




Deferred revenue




































269,655




240,936




Total current liabilities




































319,998




297,097




Long-term debt, net of current portion




































488,493




490,500




Deferred revenue, net of current portion




































13,667




14,740




Lease liabilities, net of current portion




































19,859




23,678




Deferred tax liabilities




































26,513




29,851




Other long-term liabilities




































2,153




3,531




Total liabilities




































870,683




859,397




Stockholders' equity:










































Accumulated deficit




































1,419




1,407




Additional paid-in capital




































1,558,193




1,539,638




Accumulated deficit




































(285,124)




(266,660)




Total stockholders' equity




































1,274,488




1,274,385




Total liabilities and stockholders' equity



































$

2,145,171



$

2,133,782




 

INSTRUCTURE HOLDINGS, INC.


CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS


(in thousands, except per share data)






Three months
ended June 30,



Six months
ended June 30,




2022



2021



2022



2021




(unaudited)


Revenue:













Subscription and support


$

102,905



$

84,257



$

206,397



$

170,611


Professional services and other



11,672




9,310




21,642




16,936


Total revenue



114,577




93,567




228,039




187,547


Cost of revenue:













Subscription and support



35,868




36,163




71,414




76,047


Professional services and other



6,530




4,811




11,995




10,561


Total cost of revenue



42,398




40,974




83,409




86,608


Gross profit



72,179




52,593




144,630




100,939


Operating expenses:













Sales and marketing



45,885




39,083




89,206




80,305


Research and development



18,669




14,279




35,870




31,368


General and administrative



14,253




11,196




29,869




24,547


Impairment on disposal group



?




?




?




1,218


Total operating expenses



78,807




64,558




154,945




137,438


Loss from operations



(6,628)




(11,965)




(10,315)




(36,499)


Other income (expense):













Interest income



27




?




63




16


Interest expense



(4,611)




(15,670)




(9,164)




(32,930)


Other expense



(3,417)




(108)




(3,111)




(742)


Total other income (expense), net



(8,001)




(15,778)




(12,212)




(33,656)


Loss before income taxes



(14,629)




(27,743)




(22,527)




(70,155)


Income tax benefit



1,710




6,050




4,063




15,391


Net loss and comprehensive loss


$

(12,919)



$

(21,693)



$

(18,464)



$

(54,764)


Net loss per common share, basic and diluted


$

(0.09)



$

(0.17)



$

(0.13)



$

(0.43)


Weighted-average common shares used in computing basic and diluted
net loss per common share



141,534




126,049




141,244




126,083


 

INSTRUCTURE HOLDINGS, INC.


CONSOLIDATED STATEMENTS OF CASH FLOWS


(in thousands)






Three months
ended June 30,



Six months
ended June 30,




2022



2021



2022



2021




(unaudited)


Operating Activities:













Net loss


$

(12,919)



$

(21,693)



$

(18,464)



$

(54,764)


Adjustments to reconcile net loss to net cash provided by (used in)
operating activities:













Depreciation of property and equipment



1,053




879




2,057




1,818


Amortization of intangible assets



34,193




33,363




67,934




66,728


Amortization of deferred financing costs



293




609




587




1,218


Impairment on disposal group



?




?




?




1,218


Stock-based compensation



8,158




2,190




15,971




4,823


Deferred income taxes



(2,011)




(6,022)




(5,422)




(15,402)


Other



3,173




84




2,599




1,405


Changes in assets and liabilities:













Accounts receivable, net



(130,095)




(113,819)




(115,316)




(96,913)


Prepaid expenses and other assets



13,557




11,951




(21,176)




(6,970)


Deferred commissions



(108)




(2,323)




196




(2,375)


Right-of-use assets



1,213




1,138




2,410




6,380


Accounts payable and accrued liabilities



2,615




8,438




(9,131)




(195)


Deferred revenue



91,781




94,544




25,080




44,058


Lease liabilities



(2,019)




(1,407)




(3,487)




(3,050)


Other liabilities



(265)




(1,567)




(1,378)




(346)


Net cash provided by (used in) operating activities



8,619




6,365




(57,540)




(52,367)


Investing Activities:













Purchases of property and equipment



(2,082)




(1,196)




(3,415)




(1,607)


Proceeds from sale of property and equipment



14




15




36




24


Proceeds from sale of Bridge



?




?




?




46,018


Business acquisitions, net of cash received



(19,484)




(16,030)




(19,484)




(16,030)


Net cash provided by (used in) investing activities



(21,552)




(17,211)




(22,863)




28,405


Financing Activities:













Proceeds from issuance of common stock from employee equity plans



?




?




4,076




?


Shares repurchased for tax withholdings on vesting of restricted stock units



(425)




?




(1,688)




?


Distributions to stockholders



?




(360)




?




(923)


Repayments of long-term debt



(1,250)




(1,992)




(1,250)




(51,534)


Net cash provided by (used in) financing activities



(1,675)




(2,352)




1,138




(52,457)


Effect of exchange rate changes on cash, cash equivalents and restricted cash



(3,095)




?




(2,291)




?


Net decrease in cash, cash equivalents and restricted cash



(17,703)




(13,198)




(81,556)




(76,419)


Cash, cash equivalents and restricted cash, beginning of period



105,299




87,732




169,152




150,953


Cash, cash equivalents and restricted cash, end of period


$

87,596



$

74,534



$

87,596



$

74,534


Supplemental cash flow disclosure:













Cash paid for taxes


$

2,706



$

326



$

2,775



$

403


Interest paid


$

4,342



$

15,077



$

5,766



$

31,749


Non-cash investing and financing activities:













Capital expenditures incurred but not yet paid


$

189



$

48



$

189



$

65


 

RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP MEASURES






INSTRUCTURE HOLDINGS, INC.


RECONCILIATION OF NON-GAAP ALLOCATED COMBINED RECEIPTS


(in thousands)


(unaudited)






Three months
ended June 30,



Six months
ended June 30,




2022



2021



2022



2021


Revenue


$

114,577



$

93,567



$

228,039



$

187,547


Fair value adjustments to deferred revenue in connection with
purchase accounting



331




2,334




830




7,092


Allocated combined receipts


$

114,908



$

95,901



$

228,869



$

194,639


 

INSTRUCTURE HOLDINGS, INC.


RECONCILIATION OF NON-GAAP OPERATING INCOME


(in thousands)


(unaudited)






Three months
ended June 30,



Six months
ended June 30,




2022



2021



2022



2021


Loss from operations


$

(6,628)



$

(11,965)



$

(10,315)



$

(36,499)


Stock-based compensation



9,387




3,758




18,863




9,343


Restructuring, transaction and sponsor related costs



1,388




2,954




3,858




16,011


Amortization of acquisition-related intangibles



34,191




33,361




67,930




66,722


Fair value adjustments to deferred revenue in connection with
purchase accounting



331




2,334




830




7,092


Non-GAAP operating income


$

38,669



$

30,442



$

81,166



$

62,669


 

INSTRUCTURE HOLDINGS, INC.


RECONCILIATION OF NON-GAAP ADJUSTED EBITDA


(in thousands)


(unaudited)






Three months
ended June 30,



Six months
ended June 30,




2022



2021



2022



2021


Net loss


$

(12,919)



$

(21,693)



$

(18,464)



$

(54,764)


Interest on outstanding debt and loss on debt extinguishment



4,608




15,653




9,161




32,923


Benefit for taxes



(1,710)




(6,050)




(4,063)




(15,391)


Depreciation



1,053




879




2,058




1,818


Amortization



2




2




4




4


Stock-based compensation



9,387




3,758




18,863




9,343


Restructuring, transaction and sponsor related costs



4,865




2,954




7,043




16,011


Amortization of acquisition-related intangibles



34,191




33,361




67,930




66,722


Fair value adjustments to deferred revenue in connection with
purchase accounting



331




2,334




830




7,092


Adjusted EBITDA


$

39,808



$

31,198



$

83,362



$

63,758


 

INSTRUCTURE HOLDINGS, INC.


RECONCILIATION OF FREE CASH FLOW, UNLEVERED FREE CASH FLOW & ADJUSTED UNLEVERED FREE CASH FLOW


(in thousands)


(unaudited)






Three months
ended June 30,



Six months
ended June 30,




2022



2021



2022



2021















Net cash provided by (used in) operating activities


$

8,619



$

6,365



$

(57,540)



$

(52,367)


Purchases of property and equipment



(2,082)




(1,196)




(3,415)




(1,607)


Proceeds from disposals of property and equipment



14




15




36




24


Free cash flow


$

6,551



$

5,184



$

(60,919)



$

(53,950)


Cash paid for interest on outstanding debt



4,342




15,077




5,766




31,749


Cash settled stock-based compensation



1,228




1,524




2,892




4,443


Unlevered free cash flow


$

12,121



$

21,785



$

(52,261)



$

(17,758)


Restructuring, transaction and sponsor related costs paid in cash



4,033




3,282




7,911




8,086


Adjusted unlevered free cash flow


$

16,154



$

25,067



$

(44,350)



$

(9,672)


 

INSTRUCTURE HOLDINGS, INC.


RECONCILIATION OF NON-GAAP NET INCOME


(in thousands, except per share data)


(unaudited)






Three months
ended June 30,



Six months
ended June 30,




2022



2021



2022



2021


Net loss


$

(12,919)



$

(21,693)



$

(18,464)



$

(54,764)


Stock-based compensation



9,387




3,758




18,863




9,343


Amortization of acquisition-related intangibles



34,191




33,361




67,930




66,722


Fair value adjustments to deferred revenue in connection with
purchase accounting



331




2,334




830




7,092


Restructuring, transaction and sponsor related costs



4,865




2,954




7,043




16,011


Non-GAAP net income


$

35,855



$

20,714



$

76,202



$

44,404


Non-GAAP net income per common share, basic


$

0.25



$

0.16



$

0.54



$

0.35


Non-GAAP net income per common share, diluted


$

0.25



$

0.16



$

0.53



$

0.35


Weighted average common shares used in computing basic Non-
GAAP net income per common share



141,534




126,049




141,244




126,083


Weighted average common shares used in computing diluted
Non-GAAP net income per common share



142,847




126,049




142,844




126,083


 

INSTRUCTURE HOLDINGS, INC.


RECONCILIATION OF NON-GAAP GROSS PROFIT


(in thousands)


(unaudited)






Three months
ended June 30,



Six months
ended June 30,




2022



2021



2022



2021


Gross profit


$

72,179



$

52,593



$

144,630



$

100,939


Stock-based compensation



790




281




1,448




682


Restructuring, transaction and sponsor related costs



50




33




113




2,803


Amortization of acquisition-related intangibles



15,859




15,415




31,549




30,830


Fair value adjustments to deferred revenue in connection with
purchase accounting



331




2,334




830




7,092


Non-GAAP gross profit


$

89,209



$

70,656



$

178,570



$

142,346















GAAP gross margin



63.0

%



56.2

%



63.4

%



53.8

%

Non-GAAP gross margin



77.6

%



73.7

%



78.0

%



73.1

%

 

INSTRUCTURE HOLDINGS, INC.


RECONCILIATION OF ACR NORMALIZED FOR BRIDGE DIVESTITURE


(in thousands)


(unaudited)






Three months
ended June 30,



Six months
ended June 30,




2022



2021



2022



2021


Revenue


$

114,577



$

93,567



$

228,039



$

187,547


Bridge revenue - Subscription and support



?




?




?




(3,332)


Bridge revenue - Professional services and other



?




?




?




(330)


Revenue normalized for Bridge divestiture


$

114,577



$

93,567



$

228,039



$

183,885


Fair value adjustments to deferred revenue in connection with
purchase accounting



331




2,334




830




7,092


Fair value adjustments to Bridge deferred revenue in connection
with purchase accounting - Subscription and support



?




?




?




(206)


Fair value adjustments to Bridge deferred revenue in connection
with purchase accounting - Professional services and other



?




?




?




(20)


Allocated combined receipts normalized for Bridge divestiture


$

114,908



$

95,901



$

228,869



$

190,751


 

INSTRUCTURE HOLDINGS, INC.


RECONCILIATION OF NON-GAAP COST OF REVENUE


Three Months Ended June 30, 2022


(in thousands)


(unaudited)






GAAP



Stock-based
compensation
expense



Restructuring,
transaction and
sponsor related
costs



Amortization of
acquired
intangibles



Non-GAAP


Cost of Revenue:
















Subscription and support


$

35,868



$

(325)



$

(9)



$

(15,859)



$

19,675


Professional services and other



6,530




(465)




(41)




?




6,024


Total cost of revenue


$

42,398



$

(790)



$

(50)



$

(15,859)



$

25,699


 

INSTRUCTURE HOLDINGS, INC.


RECONCILIATION OF NON-GAAP COST OF REVENUE


Three Months Ended June 30, 2021


(in thousands)


(unaudited)






GAAP



Stock-based
compensation
expense



Restructuring,
transaction and
sponsor related
costs



Amortization of
acquired
intangibles



Non-GAAP


Cost of Revenue:
















Subscription and support


$

36,163



$

(171)



$

(28)



$

(15,415)



$

20,549


Professional services and other



4,811




(110)




(5)




?




4,696


Total cost of revenue


$

40,974



$

(281)



$

(33)



$

(15,415)



$

25,245


 

INSTRUCTURE HOLDINGS, INC.


RECONCILIATION OF NON-GAAP COST OF REVENUE


Six Months Ended June 30, 2022


(in thousands)


(unaudited)






GAAP



Stock-based
compensation
expense



Restructuring,
transaction and
sponsor related
costs



Amortization of
acquired
intangibles



Non-GAAP


Cost of Revenue:
















Subscription and support


$

71,414



$

(607)



$

(18)



$

(31,549)



$

39,240


Professional services and other



11,995




(841)




(95)




?




11,059


Total cost of revenue


$

83,409



$

(1,448)



$

(113)



$

(31,549)



$

50,299


 

INSTRUCTURE HOLDINGS, INC.


RECONCILIATION OF NON-GAAP COST OF REVENUE


Six Months Ended June 30, 2021


(in thousands)


(unaudited)






GAAP



Stock-based
compensation
expense



Restructuring,
transaction and
sponsor related
costs



Amortization of
acquired
intangibles



Non-GAAP


Cost of Revenue:
















Subscription and support


$

76,047



$

(395)



$

(1,948)



$

(30,830)



$

42,874


Professional services and other



10,561




(287)




(855)




?




9,419


Total cost of revenue


$

86,608



$

(682)



$

(2,803)



$

(30,830)



$

52,293


 

INSTRUCTURE HOLDINGS, INC.


RECONCILIATION OF NON-GAAP OPERATING EXPENSES


Three Months Ended June 30, 2022


(in thousands)


(unaudited)






GAAP



Stock-based
compensation
expense



Restructuring,
transaction and
sponsor related
costs



Amortization of
acquired
intangibles



Non-GAAP


Operating expenses:
















Sales and marketing


$

45,885



$

(2,772)



$

(110)



$

(18,332)



$

24,671


Research and development



18,669




(2,686)




(502)




?




15,481


General and administrative



14,253




(3,139)




(726)




?




10,388


Total operating expenses


$

78,807



$

(8,597)



$

(1,338)



$

(18,332)



$

50,540


 

INSTRUCTURE HOLDINGS, INC.


RECONCILIATION OF NON-GAAP OPERATING EXPENSES


Three Months Ended June 30, 2021


(in thousands)


(unaudited)






GAAP



Stock-based
compensation
expense



Restructuring,
transaction and
sponsor related
costs



Amortization of
acquired
intangibles



Non-GAAP


Operating expenses:
















Sales and marketing


$

39,083



$

(1,093)



$

(201)



$

(17,946)



$

19,843


Research and development



14,279




(934)




(128)




?




13,217


General and administrative



11,196




(1,450)




(2,592)




?




7,154


Total operating expenses


$

64,558



$

(3,477)



$

(2,921)



$

(17,946)



$

40,214


 

INSTRUCTURE HOLDINGS, INC.


RECONCILIATION OF NON-GAAP OPERATING EXPENSES


Six Months Ended June 30, 2022


(in thousands)


(unaudited)






GAAP



Stock-based
compensation
expense



Restructuring,
transaction and
sponsor related
costs



Amortization of
acquired
intangibles



Non-GAAP


Operating expenses:
















Sales and marketing


$

89,206



$

(5,349)



$

(390)



$

(36,381)



$

47,086


Research and development



35,870




(5,226)




(792)




?




29,852


General and administrative



29,869




(6,840)




(2,563)




?




20,466


Total operating expenses


$

154,945



$

(17,415)



$

(3,745)



$

(36,381)



$

97,404


 

INSTRUCTURE HOLDINGS, INC.


RECONCILIATION OF NON-GAAP OPERATING EXPENSES


Six Months Ended June 30, 2021


(in thousands)


(unaudited)






GAAP



Stock-based
compensation
expense



Restructuring,
transaction and
sponsor related
costs



Amortization of
acquired
intangibles



Non-GAAP


Operating expenses:
















Sales and marketing


$

80,305



$

(2,675)



$

(2,452)



$

(35,892)



$

39,286


Research and development



31,368




(2,604)




(2,679)




?




26,085


General and administrative



24,547




(3,382)




(6,859)




?




14,306


Impairment on disposal group



1,218




?




(1,218)




?




?


Total operating expenses


$

137,438



$

(8,661)



$

(13,208)



$

(35,892)



$

79,677


 

INSTRUCTURE HOLDINGS, INC.


RECONCILIATION OF NON-GAAP ALLOCATED COMBINED RECEIPTS GUIDANCE


(in thousands)


(unaudited)






Three Months
Ending September 30, 2022



Full Year
Ending December 31, 2022




LOW



HIGH



LOW



HIGH


Revenue


$

118,500



$

119,500



$

464,900



$

468,900


Fair value adjustments to deferred revenue in connection with
purchase accounting



?




?




900




900


Allocated combined receipts


$

118,500



$

119,500



$

465,800



$

469,800


 

For More Information:

Media Relations:
Brian Watkins
Corporate Communications
Instructure
(801) 610-9722
[email protected]

Investor Relations:
Denise Garcia
Alex Liloia
Hayflower Partners
(646) 918-4041
[email protected]

SOURCE Instructure Holdings, Inc.


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