In This Story
Skillsoft Corp. Class A (SKIL+3.12%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports total revenues of $137.2 million for the quarter, a decrease from $139.0 million in the same period the previous year. SaaS subscription revenues were $97.1 million, a slight increase from $96.1 million, while non-subscription revenues decreased to $40.1 million from $42.9 million.
Operating expenses for the quarter were $146.4 million, down from $158.8 million in the previous year. Cost of revenues decreased to $34.3 million from $36.4 million, and selling and marketing expenses were reduced to $39.6 million from $44.0 million.
The company reported an operating loss of $9.2 million compared to $19.9 million in the previous year. Net loss for the quarter was $23.6 million, compared to $27.7 million in the same period last year.
Cash provided by operating activities was $12.2 million, while cash used in investing and financing activities was $13.8 million and $40.8 million, respectively.
As of October 31, 2024, Skillsoft had $97.9 million in cash and cash equivalents. The company has access to a $75.0 million accounts receivable facility, with $10.0 million drawn as of the end of the quarter.
The filing details a comprehensive resource reallocation plan announced on July 11, 2024, expected to result in more than $45 million of annualized cost savings.
The company does not anticipate cash dividend payments to common stockholders in the near future.
Skillsoft identified no material weaknesses in its internal controls over financial reporting for the quarter.
The filing includes a discussion on the company's exposure to market risks, including interest rate and foreign currency risks.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Skillsoft Corp. Class A quarterly 10-Q report dated December 10, 2024. To report an error, please email earnings@qz.com.