Financial Performance - Content & Platform segment GAAP Revenue for Q4 2024 was $102 million, representing a 4% growth, while total GAAP Revenue declined 2% to $138 million[10]. - GAAP net loss for Q4 2024 was $245 million, compared to a loss of $53 million in the prior year, with a net loss per share of $30.38[10]. - Pro forma Adjusted Net Loss for Q4 2024 was $25 million, an improvement from a loss of $34 million in the prior year, with Adjusted Net Loss per share of $3.09[10]. - Adjusted EBITDA for Q4 2024 was $28 million, reflecting a margin of 21% of GAAP Revenue, up from $22 million and a margin of 16% in the prior year[10]. - Full-year GAAP Revenue for FY 2024 was approximately flat at $553 million, with Content & Platform segment revenue growing 5%[11]. - Total revenues for the three months ended January 31, 2024, were $137,540 thousand, a decrease of 1.3% from $140,321 thousand for the same period in 2023[41]. - Net loss for the three months ended January 31, 2024, was $(245,326) thousand, compared to a net loss of $(53,479) thousand for the same period in 2023[41]. - For the year ended January 31, 2024, Skillsoft reported a net loss of $349.3 million, an improvement from a net loss of $725.0 million for the year ended January 31, 2023[62]. Cash Flow and Liquidity - The company ended Q4 2024 with $136 million in cash and cash equivalents[10]. - Cash and cash equivalents decreased from $170.4 million as of January 31, 2023, to $136.3 million as of January 31, 2024, a reduction of about 20%[62]. - The company reported a free cash flow of $2.8 million for the year ended January 31, 2024, compared to a negative cash flow of $20.9 million for the previous year[62]. - Free cash flow for the three months ended January 31, 2024, was $5,404 thousand, an increase from $715 thousand in the same period of 2023[73]. - Net cash provided by operating activities for the three months ended January 31, 2024, was $11,499 thousand, compared to $2,628 thousand in the same period of 2023[73]. Operating Expenses - GAAP costs of revenues for the three months ended January 31, 2024, were $38,459 thousand, a decrease from $42,353 thousand for the same period in 2023, representing a decline of approximately 4.4%[32]. - Non-GAAP operating expenses for the year ended January 31, 2024, were $448,162 thousand, down from $461,017 thousand in the previous year, indicating a reduction of about 2.8%[32]. - Total GAAP operating expenses for the three months ended January 31, 2024, were $119,334 thousand, compared to $131,643 thousand for the same period in 2023, reflecting a decrease of approximately 9.3%[32]. - Operating expenses for the three months ended January 31, 2024, totaled $365,603 thousand, significantly higher than $179,722 thousand for the same period in 2023[41]. - The company incurred acquisition and integration-related costs of $2,225 thousand for the three months ended January 31, 2024, down from $4,010 thousand for the same period in 2023[41]. Asset and Equity Changes - The total assets decreased from $1.64 billion as of January 31, 2023, to $1.27 billion as of January 31, 2024, reflecting a decline of approximately 22.8%[53]. - The total shareholders' equity decreased from $531.8 million as of January 31, 2023, to $205.6 million as of January 31, 2024, a decline of approximately 61.3%[53]. - Total current liabilities decreased from $425.1 million as of January 31, 2023, to $413.2 million as of January 31, 2024, a decrease of approximately 2.2%[53]. Strategic Initiatives and Future Outlook - The company is focused on transforming its operations through strategic initiatives, including system migrations and new product developments, to enhance overall performance[29]. - Future outlook includes continued investment in AI-enabled platforms and partnerships to address skills gaps in the workforce, aiming for sustained growth[29]. - The company anticipates further reductions in operating expenses as part of its ongoing transformation strategy[29]. - The company anticipates future growth driven by new product development and market expansion strategies, although specific financial guidance was not provided[56]. Impairment and Adjusted Metrics - Impairment of goodwill and intangible assets was $202,233 thousand for the three months ended January 31, 2024, with no impairment recorded in the same period of 2023[41]. - The company recorded an impairment of goodwill and intangible assets amounting to $202.2 million for the year ended January 31, 2024, compared to $641.4 million for the previous year[62]. - Adjusted EBITDA from continuing operations for the year ended January 31, 2024, was $105,075 thousand, slightly down from $106,550 thousand for the year ended January 31, 2023[70]. - Pro forma adjusted EBITDA for the three months ended January 31, 2024, was $28,258 thousand, representing 21% of pro forma revenue, up from 16% in the same period of 2023[70]. - Adjusted net income from continuing operations for the three months ended January 31, 2024, was $(24,966) thousand, compared to $(34,203) thousand for the same period in 2023[68].

DENVER--(BUSINESS WIRE)--Skillsoft (NYSE: SKIL), a leading platform for transformative learning experiences, today released its annual Lean Into Learning Report. As the global workforce experiences widespread disruption, the report examines the state of learning and most in-demand skills and competencies. “Rapidly advancing technologies – most notably generative AI – have exacerbated an already acute skills crisis. But with this challenge comes significant opportunity for organizations to reimagine their ...

DENVER--(BUSINESS WIRE)--Skillsoft (NYSE: SKIL), a leading platform for transformative learning experiences, today announced new enhancements to its technology skilling solution, Codecademy. With deeper integration of generative AI (GenAI) into Codecademy, Skillsoft is providing a highly interactive and immersive learning experience to help organizations and learners build critical technology skills and succeed in the new era of AI. “The proliferation of GenAI tools in the workplace is reshaping the dema ...

Skillsoft Corp. (NYSE:SKIL) Q3 2024 Results Conference Call December 5, 2023 5:00 PM ET Company Participants Chad Lyne - Head of IR Jeff Tarr - CEO Richard Walker - CFO Conference Call Participants Ken Wong - Oppenheimer Sheldon McMeans - Barclays Raj Sharma - B. Riley Operator Greetings, and welcome to the Skillsoft Corp Third Quarter 2024 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation [Ope ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2023 or Table of Contents ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38960 Skillsoft Corp. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpora ...

Skillsoft Corp. (NYSE:SKIL) Q2 2024 Earnings Conference Call September 11, 2023 5:00 PM ET Company Participants Chad Lyne - Head of Investor Relations Jeff Tarr - Chief Executive Officer Rich Walker - Chief Financial Officer Conference Call Participants Robert Simmons - D.A. Davidson Sheldon McMeans - Barclays Raj Sharma - B. Riley Kenneth Wong - Oppenheimer Thomas Singlehurst – Citi Operator Greetings and welcome to Skillsoft Second Quarter 2024 Financial Results Conference Call. At this time, all particip ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38960 Skillsoft Corp. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporatio ...

Skillsoft Corp. (NYSE:SKIL) Q1 2024 Earnings Conference Call June 6, 2023 5:00 PM ET Company Participants Chad Lyne - Head of IR Jeff Tarr - CEO Rich Walker - CFO Conference Call Participants Ken Wong - Oppenheimer Raj Sharma - B. Riley Robert Simmons - D.A. Davidson Sheldon McMeans - Barclays Thomas Singlehurst - Citi Operator Greetings and welcome to Skillsoft Corp. First Quarter 2024 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session ...

Revenue Performance - Total revenues for the three months ended April 30, 2023, were $135.6 million, a slight increase of 0.5% compared to $134.8 million for the same period in 2022[152]. - SaaS and subscription revenues from the Content & Platform segment increased by 10.3% to $93.6 million, up from $84.9 million in the prior year[152]. - Instructor-Led Training revenues decreased by 18.3% to $37.0 million, down from $45.2 million in the same period last year[152]. - The acquisition of Codecademy contributed to revenue growth, with approximately 40 million registered learners on the platform[143]. Operating Expenses - Total operating expenses decreased by 5.1% to $170.9 million, compared to $180.1 million for the three months ended April 30, 2022[153]. - General and administrative expenses decreased by 13.8% to $25.3 million, down from $29.3 million in the prior year[153]. - Acquisition-related costs significantly decreased by 89.6% to $1.4 million, compared to $13.3 million in the same period last year[153]. - Compensation and benefits in selling and marketing expenses rose by 22.9% to $33,834,000 for the three months ended April 30, 2023, up from $27,524,000 in 2022[158]. - Total content and software development expenses increased by 4.3% to $17,035,000 for the three months ended April 30, 2023, compared to $16,331,000 in the same period of 2022[157]. Financial Performance - The company reported an operating loss of 26.1% for the three months ended April 30, 2023, an improvement from a loss of 33.7% in the same period of 2022[146]. - Interest expense increased by 38.4% to $15,936,000 for the three months ended April 30, 2023, compared to $11,514,000 in 2022, primarily due to additional term loans and higher interest rates[166]. - The effective income tax rate for the three months ended April 30, 2023, was 9.1%, significantly lower than the 49.2% rate in the same period of 2022[170]. Cash Flow and Liquidity - Cash and cash equivalents on hand as of April 30, 2023, totaled $178,000,000, with expectations to fund operations and working capital needs for at least the next twelve months[173]. - The company reported a net cash increase of $9.5 million for the three months ended April 30, 2023, compared to a decrease of $88.3 million for the same period in 2022[181]. - Cash flows from operating activities increased to $21.5 million in the first three months of fiscal 2024, up from $7.9 million in the same period of fiscal 2023[182]. - Cash flows from investing activities included $2.7 million for internally developed software in the first quarter of fiscal 2024, while $198.7 million was spent on the Codecademy acquisition in the same period of fiscal 2023[183]. Debt and Financing - The company has a $480 million term loan facility scheduled to mature on July 16, 2028, which was used to refinance existing debt[174]. - The scheduled maturities of the company's debt total $601 million, with $8 million due in the remainder of fiscal 2024[187]. - The company incurred up to $160 million of Term B-1 Loans under the Amended Credit Agreement, with an applicable margin of 4.25% for base rate borrowings and 5.25% for SOFR borrowings[176]. - The company received $157.1 million in net proceeds from the Term Loan Facility on April 4, 2022, which was used for the Codecademy acquisition[185]. Strategic Actions - The sale of the SumTotal business for $200 million in cash was completed, allowing the company to focus on its core business[144]. - A gain of $55.9 million was recorded from the sale of the SumTotal business, completed on August 15, 2022, with final net proceeds of $174.9 million[169]. - The company completed the sale of its SumTotal business for net proceeds of $174.9 million, with a mandatory prepayment of $31.4 million made in August 2022[178]. - The company authorized a share repurchase program of up to $30 million, with $10.9 million spent to repurchase 5,995,530 shares by April 19, 2023[180]. Restructuring and Future Expectations - Restructuring charges for the first quarter of fiscal 2024 totaled $5.2 million, primarily related to lease termination and employee severance costs[164]. - The company expects to have sufficient qualifying expenditures to avoid additional mandatory prepayment of the remaining SumTotal proceeds by August 15, 2023[178]. Sensitivity Analysis - A hypothetical 100 basis point increase or decrease in interest rates would result in approximately $3.4 million additional or lower pre-tax interest expense on an annualized basis[210]. - A hypothetical 100 basis point increase or decrease in interest rates would result in an approximately $0.6 million increase or decrease in interest income on an annualized basis[211]. - A hypothetical 100 basis point increase or decrease in interest rates would result in an approximately $9.9 million increase or decrease in the fair value adjustment of hedge instruments[212]. - A hypothetical 10% increase or decrease in current exchange rates would have resulted in an impact of approximately $1.8 million on pre-tax income (loss) on an annualized basis[213].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38960 Skillsoft Corp. (Exact name of registrant as specified in its charter) Delaware 83-4388331 (State or other jurisdiction ...