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Table of Contents
37
(1) Shares repurchased as part of an obligation arising from our acquisition of Course Rank in 2010.
ITEM 6. SELECTED CONSOLIDATED FINANCIAL DATA
The selected consolidated financial data set forth below should be read together with Part II, Item 7, “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and
related notes included in Part II, Item 8, “Consolidated Financial Statements and Supplementary Data” of this Annual Report
on Form 10-K. Our historical results are not necessarily indicative of our results in any future period.
Year Ended December 31,
2014 2013 2012 2011 2010
(in thousands, except per share amounts)
Consolidated Statements of Operations Data: . . . . . . . .
Net revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 304,834 $ 255,575 $ 213,334 $ 172,018 $ 148,922
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (64,758)(55,850)(49,043)(37,601)(25,980)
Deemed dividend to preferred stockholders (1) . . . . . . . . . . —(102,557) — — —
Net loss attributable to common stockholders. . . . . . . . . . . $(64,758) $ (158,407) $ (49,043) $ (37,601) $ (25,980)
Net loss per share attributable to common stockholders,
basic and diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(0.78) $ (7.58) $ (4.39) $ (4.45) $ (3.74)
Weighted-average shares used to compute net loss per
share attributable to common stockholders, basic and
diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,205 20,902 11,183 8,453 6,953
_______________________________
(1) The completion of our IPO resulted in certain accounting effects and cash tax payments related to the issuance of 11,667,254 shares of our common
stock in the form of a deemed stock dividend to the holders of our Series D and Series E convertible preferred stock valued at approximately $102.6 million
and the share-based compensation expense associated with RSUs that we had granted prior to our IPO that will now vest as a result of the completion of our
IPO. These RSUs vest upon satisfaction of both a time-based service component and a performance condition. Satisfaction of the performance condition was
contingent upon the completion of our IPO and those RSUs vested on March 15, 2014.
Year Ended December 31,
2014 2013 2012 2011 2010
(in thousands)
Consolidated Balance Sheet Data:
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 318,127 $ 327,371 $ 196,367 $ 196,333 $ 210,751
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,591 22,804 20,032 12,513 6,930
Debt obligations, current and non-current. . . . . . . . . . . . . . — — 19,386 20,500 29,218
Convertible preferred stock. . . . . . . . . . . . . . . . . . . . . . . . . — — 207,201 182,218 182,218
Common stock and additional paid-in capital. . . . . . . . . . . 516,929 479,361 63,088 48,328 17,832
Total stockholders' equity (deficit) . . . . . . . . . . . . . . . . . . . 247,043 274,240 (86,127)(51,894)(44,789)