Mon, Sep 9, 8:09 PM (102 days ago)
For the quarter ended July 31, 2024, Skillsoft Corp. reported total revenues of $132.2 million, down 6.3% from $141.2 million in the same quarter of 2023. The decline is attributed to weaker demand, particularly in the Global Knowledge segment, and strategic shifts to focus on more profitable areas within the Talent Development Solutions segment. Operating expenses decreased to $151.6 million from $166.5 million, largely due to cost-saving measures, including a comprehensive restructuring plan that resulted in $11.3 million in charges primarily for severance and lease terminations. Despite these savings, the company recorded an operating loss of $19.3 million compared to a loss of $25.3 million a year earlier. Net losses widened to $39.6 million from $32.0 million, reflecting continued challenges in the market and increased restructuring costs. Cash and cash equivalents stood at $122.7 million, with a significant portion of total liabilities attributed to long-term debt of $575.4 million. The company anticipates ongoing restructuring efforts and strategic investments in growth initiatives will shape future performance. Risks include market uncertainties and fluctuations in demand for learning solutions amidst economic conditions.