Earnings call transcript Q2 2024

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Operator

Greetings and welcome to Skillsoft Second Quarter 2024 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Chad Lyne, Head of Investor Relations. you. Thank

begin. may You

Chad Lyne

on Good Chief Skillsoft's thank our earning quarter and XXXX. the operator. Skillsoft's Jeff us Executive Officer. Chief results for today second Officer; Participating XXst, July for call Walker, ended call afternoon you, are you Tarr, Skillsoft's and Rich joining for today's Financial Thank to discuss

our release results, which financial after close, Investor website. Today Relations its market Skillsoft announcing issued available a on press is

remind to business business Before today's business you including I to call and I statements that company's expected over and will the Jeff, statements financial condition, hand outlook market forward-looking contain future and performance, trends, our call want the outlook. financial expectations, concerning about financial and

historical today beliefs expectations that differ facts reflect These therefore and and could to forward-looking risks statements management's as cause and not all and of materially. subject are statements to are results uncertainties actual current that

of our Commission. dates. and forward-looking of factors with information risks no discussion Form or XX-K Securities and XX-Q a we material to update respective our obligation as recent assume statements which important to Exchange and results, the you actual the speak other the most For affect We filings could any that refer

www.skillsoft.com. on we well SEC at been define the included certain today's During in accepted comparable other in measures which how furnished metrics accordance website the commentary call, accounting has of available directly non-GAAP with to as most earnings our principles. will the in also are is is measures we which our financial as also discuss non-GAAP generally measures, the financial and not financial release, GAAP prepared included these metrics A press and reconciliation to

be and After Rich take available prepared questions. our Jeff to remarks, will

it's my to the that over pleasure With Jeff. call turn to

Jeff Tarr

you thank us. afternoon joining Chad. Good and for Thanks,

platform content Our our for second single-digit margin growth SaaS-based segment. total revenue well up and bookings in quarter. high by the both executed driven the and and were Bookings company, high team

Further, in believe and or revenue were a return bookings sequentially which I'm we now basis. pleased is for on up training a instructor-led year-over-year segment, growth our positioned to report ILT to

lead and first bottom in adjusted dollars compared continue industry our to margin the EBITDA the line, with basis on up On both the we profitability quarter. to peers

emerged As today, catalyst a Generative new share I'll AI has growth. as for

This important customers opportunity been seize new strengths and plays prospects we our created organization. has technology have a critical with re-skilling to and as quick that that to an

XXX%, renewals secured to a an we distributor, up LTM a company, logistics relationship Our in points, package contract among testament delivery with international food value XXX and an was federal several the seven-figure government our dollar and We international with others. an customers. expanded to rate is renewal business, retention basis products deliver multimillion-dollar

We new enterprise-grade the strength customers continue to win solution. of our on

chose learning new than more quarter, support workforce imperatives. their and customers XXX enterprise the During transformation to Skillsoft

claims customer lower New of provider included solutions, global company, an a with for transportation insurance wins emissions, to specialty systems carbon mobility. and contracts a leading a products of leader six-figure in a world settlement provider chemicals sustainable international global provider, helicopter

is us experience learning, our telling and training instructor-led to transformation deliver coaching, microvideos, of that are these our on like their to AI-driven workforce hands-on complex unrivaled assessments, customers New needs ability cutting-edge all unique learning integration on our due platform.

learn way deliver While tangible outcomes based transformative winning of approach scientifically results, peers learning all and designed our the on a and experiences are catalogs on industry for people primarily increasingly measurable focus validated we optimized content, business with video online. on built learning to ability

rates XX%, and we've In nearly as community past active launches of more and completion enterprise competitive the XX% well believe XX%. than Our that growth the above grown year more advantage half, a course strong users industry course averages driving across unique are at in usage to be and than we is engagement what learners. well largest as monthly

combined our content the learner enables to enabled capabilities, creation experience optimize metadata inside us with and rich our platform AI Our the enterprise.

mentioned strategy our been important Skillsoft earlier, from move to benefit Generative position one AI. to contributors has to early As our of growth the

created a new imperative has customers. our technology This re-skilling for

nearly As companies At left and worker scale behind. the we affect individuals is will effect be ignore Generative of and companies that believe all nature having the every of grapple knowledge on it will work. with it that job Skillsoft, AI the

and Generative of AI, a across and and in long wide We developer we also a the categories. operate solid that we a have we in mover range believe we out platform fact first are have history that a content AI, modalities content both that advantage born that creator of

of strength of Generative further technology Codecademy is platform. with for preparing our enhanced AI domain about a in of acquisition position and individuals the learning hands-on The and by our more world its organizations this than it. to Further, the new use just is skills

to here Skillsoft AI It position I'm how with and teach, skills has business have teach, speed belief capabilities with too, to is how that Generative we also our shared unique a the it we the with that we leadership seize which And what opportunity about and pleased we lead. compliance. work. organization and moved changes

a several learners AI courses. We now on have have year-to-date Codecademy, enrolled offerings in AI more half and million dozen than these

from users, released recommends platform. serving courses the expanding to a developed personalized thus We the and ChatGPT the OpenAI's plugin that and for and Codecademy relevant interface ChatGPT learners within reach meeting Codecademy and of also recently

deep of our proprietary to at a scale organizations out journey beta to rolled CAISY, coaching library which We've we've learning with Conversation version and ChatGPT a a across productively through needed active Aspire and the technology provides experiential the equip of coaching leveraged enterprise. content delivering use trademarked AI Simulator, AI designed Generative skills the tool. ethically experience with And also Skillsoft's

creating time to helps business crucial real initial feedback. tremendous. business a CAISY with been leadership by safe CAISY The to develop market place skills employees conversations and personalized practice reaction has

leadership progressive Hall leadership advancement that technology management have and effectively organizations a Brandon I've Analyst for. and waiting to combined the been a Skillsoft to leading new at assistant skills.” industry most create It's is support of breakthrough virtual CAISY Principal training has “Skillsoft's interpersonal Group, seen Quoting development Chief on-demand for way the analyst Officer the with of the building date. transformational a Strategy

use quarter. ranging release has beyond I'm CAISY excited move applications our innovative far into initial wide to beta cases and to this this and and evolve continue general solution availability see

upskilling that enhanced enterprise, learners across As with these leading for examples and reskilling outcomes, of delivers the the future. to develops and market and highlight, we the value jobs the are committed customer enables and innovation grows

and team unlocking creation. Skillsoft new we revolution anticipate Across accelerating be to us and toward the is opportunities re-skilling progress I value what globe, a am the are propelling an organization. demonstrable profitable for of and our proud of making the we future growth as

With call to CFO, that, over to I'll turn the Walker, our review our Rich financial Rich? now results.

Rich Walker

today. thanks joining Thanks, Jeff. and Welcome, everyone, for

at quarter as strong company. growth a second we bookings for achieved both Our the in high teams level total inflection delivered an performed and to a and revenue

investments growth compared We innovation generating continued while spoke the to, Jeff that first making drive targeted agenda and accelerate quarter. profitability to to also the higher

now our Moving financial to results.

Codecademy were of tech expansion and dev basis, platform the were segment Total $XXX bookings BXB. $XX up and by first includes quarterly LTM million offering, to double-digit X% growth with which an reflecting quarter, in bookings. on year-over-year. & year-over-year X% X% in a Let's our led bookings Content million of turn growth

our less over X% a significant -year, segment, prior were million, In than down quarters. $XX year-over ILT and bookings improvement

on Content period. the Our dollar ago Platform basis, XXX% XXX year or basis rate was from DRR up & retention approximately an approximately LTM points

has approximately XXX XX%, up For value DRR the the to our made highlighting relationships. and year, prior basis to the approximately team was progress growth quarter, customer from greater the bring points ongoing

Platform should viewed and basis. As primarily quarterly assessed a reminder, in our bookings DRR and on seasonality an be given base, Content the renewal & LTM

the X.X% important in quarter, to was revenue, total lags which return to Moving the bookings for an $XXX company. Total year-over-year growth approximately and P&L. up the million marking

Consistent $XXX & our with nature, to quarter, growth year-over-year Content XX% platform recurring and content segment. last segment all with segment ILT Codecademy. and areas, Content subscription-based which in X% is our platform grew in including of revenue, & the revenue million was XX% and approximately in approximately was primarily across platform

year program the year X% lap declined –over-year $XX to to as subsidy continued revenue from period. prior we segment the partner change ILT million

are We ILT growth as the that will the expectation pleased to with on growth with a ILT the a revenue company half progress and seeing in year. and sequential contributor bookings an net business year-over-year are the to QX we we into become second of compared basis move total

Shifting to profitability.

to And start simplify the drive and cost greater targeted the over accelerated the and making investments we an throughout continue of year, we differentiation, model outlined our believe we always will identify that business scale, are to profile enhance to areas rate, long-term. growth we an structure. at the will and our margin competitive operating industry-leading As strategic

areas progress our Generative AI we on aren't with double seeing fronts priority down pleased we dialing both in growth as like am where back areas returns. I from appropriate while high

was of Walking our our release. primarily in the employee be to ILT mixed segment earnings reconciliations of my Platform & press our to with costs in changes will expenses, XX% or of related through XX% million to and in of a year-over-year, non-GAAP segment. revenue non-GAAP included support up on revenue growth references $XX due all Content our and the GAAP Cost basis, courseware revenue

million X% our facility year-over-year. million $XX offset of XX% in by marketing and Selling development in revenue or up year-over-year, were sales being enablement Content of or and transformation activities, and X% revenue expense with go-to-market expense investments of and $XX bookings software growth savings. in of partially up were XX%

up XX% corporate to General timing XXXX. due to were bonus or of and X% expenses performance of tied administrative reversal million, in fiscal $XX year-over-year, of our revenue, a the primarily

basis, aforementioned Total revenue. a or to up reversal X%, operating or XX% were bonus operating On $XXX due expenses primarily of the million, year-over-year million, $X last were expenses year.

were X%. the was million basis EBITDA million than bonus in or or $XX sequential revenue of XX% prior adjusted expenses to year, earlier year's as was compared up total to operating due a primarily line less I the XX% noted bottom revenue $XX compared to On reversal. of which QX At last

sequential EBITDA profitability of pleased approximately up with basis year. $X up XXX this and to incremental first quarter the adjusted progression approximately are We we driving, points million are margins with and the compared

or gap loss share net million, per cents, on $X.XX $XX was basis. Our a

per adjusted net or loss Our $XX was $X.XX million, share.

year-to-date software. a $X balance was to basis, On and million in highlights. cash cash capitalized internally sheet and operations $X expenditures and million flow from we capital flow invested Moving developed

$XX result, $X negative million, year free was cash prior negative compared year-to-date a As to million in the flow period.

are second As quarters, and a bookings, fourth first while third the are and the cash-generative. in seasonality the quarters quarter Platform our Content reminder, & generally generally given cash-consuming

any repurchase the of cash quarter and not cash and of second with share with shares ample liquidity, authorization. million. under the equivalents ended and cash during restricted cash repurchase position our million quarter We We $X a solid $XXX did

of debt facility, our against Turning matures million and facility and outstanding $XXX accounts term receivable $XX million leverage, which we in loan July to XXXX. had drawn our on $XX million

the on costs. is resulting million, Recall loan term X.X facility was in debt our the issue leverage approximately net of EBITDA. discount $XXX sheet original Total LTM-adjusted and net of net deferred times approximately financing amount balance

would we Wrapping of up, are as proud performed. I which how summarize in one quarter the our teams

across organization innovate capabilities to to brought the continued Jeff market with differentiated shared and as you. We

delivered bookings and total for We growth the in both year-over-year company. revenue

Our exciting new LTM an growth of a and with retention Content dollar had & wins rate segment quarter Platform XXX%. solid customer

an return up our bookings half. invested higher for while we will expectation and and has year-over-year with successfully corner revenue adjusted first segment ILT the feel turned quarter ILT that compared EBITDA growth a growth sequentially. in driving also second And to to the We

are core fluid in that and remains remains quarter macro for views current the course are our of We outlook and dynamic, That metrics of flow fourth full our seasonality front and broader given our the said, year, execution mindful we be the cash year-to-date typical given balance positive that the to of free particularly for strong expectations us. our the reaffirming year.

to $XXX our of of to adjusted million $XXX EBITDA million $XXX $XXX million, As $XXX a revenue million. to million outlook $XXX calls bookings total million of for reminder, and

call to back With hand that, Jeff. I'll the

Jeff Tarr

Thanks, Rich.

their like word a to their to say Before tireless our experiences to the of and commitment our customers we Q&A, learning appreciation around members I'd the to learners. and all for transformative team globe to performance delivering their turn call of strong

growth we appreciate as support executing forward we we a value in to creation. that important will and strides in to our believe strategy stockholders, way profitable our generate long-term make continue And your

Operator, for you may now questions. open the call

Operator

D.A. And this Davidson. from first state conduct question. Please [Operator question-and-answer ladies with you. Instructions] at and your Thank time, gentlemen, you. Thank And session. we'll Simmons question Robert our comes our

Robert Simmons

question. the taking for thanks Hey,

CAISY, is quarter-end? it now on and be first guess just to to now or I clarify, So GA in is between it planned

Jeff Tarr

like customers. those matter It dozens availability themselves in beta who be today for beta on to within it our list. site general Terrific. add with weeks. in the will would is available And Feedback's It's of a of to

Robert Simmons

it. cool. kind kind right, into color of Got pricing of a number? churn for gross All various churn your any can your and And then And retention rate churn. feed the remind together on pieces have Great. us your of the fit then upsell -- net specifically you

Jeff Tarr

Well, we more is share granularity rate, basis you share? dollar don't want We typically points XXX retention there additional is up anything which provide Rich to than our that. year-over-year.

Rich Walker

in basis of is on The the only look point some lot because to it's an LTM important I'd of make, quarters. there fluctuations a

Jeff Tarr

In to just general about it. how terms of color, think

retention. higher much have accounts enterprise large Our

retention. have accounts SMB Our lower

differentiation between customer categories. one would a that different So place see we where be

Robert Simmons

about you I you market, Are think, seeing of in what Got kind it. of maybe kind pricing that the And you, were you're seeing still before a the of terms are can of you market? trends? talk general bifurcation targeting at

Jeff Tarr

is it bookings when generally a quarter year to average that about significant weighted price it's that pricing, mind, keep length contract the that comes two on north our that And and to is X%. fourth of was customer increase this But years. in heavily our

to quite does flow revenue for to through take EBITDA. it some So pricing time and

Robert Simmons

Got it.

other can That How the you'd been Okay. and And up reps. talk Salesforce? sense. newer little to makes that like relatively bit some been share? about going ramping any has You've you a color

Jeff Tarr

also and reason we've is first learning of hands-on coaching our with is microvideos, the is, significant really services itself that have tackling most engage engage to been customers strongest able complex professional our sell levels way, what the portfolio that that training, by to and arm gaps seeing senior Salesforce And to organization. our tools needs are we consultative have To most blended in workforce a all, offering, have I'll the that the the who you, that mentoring transformation lends offering equipped is process that more we in for of advantage at in sell those assessments, skills challenges. instructor-led tell competitive Terrific. the sales those and that kind a to cuts where acute. requires all a is across

organization. we There's to realize And have a of build to capability so potential We've within what be progress. progress made full we've journey good in that on to the our been us. front multi-year more made of

Robert Simmons

ask Got case it. queue Great. I'll some hop back in the questions. in anyone else wants to

Jeff Tarr

Robert. Thanks,

Operator

Thank you.

Please next Lenschow Our Barclays. your question. Raimo question comes with from state

Sheldon McMeans

Raimo. Hi. on This taking for our Sheldon is for Thanks question.

players First, you're would the more HCM we've from I particularly like a from underpinning strength quarter in bunch and other generally balance Gen kind with bookings consolidation AI what point seeing trend? wanted you consolidating how of from that's the of to content a tailwinds potential engagement that in solutions. something kind things ask That's continued of seen

your if that's not offering, your of something breadth customers. sure you're the given So seeing from

Jeff Tarr

talked significant focused met more transformation and using when recordings and workforce lectures, results. significant on the of have they modalities. to on perspective, backs content and today. solution winning Well, we can't the quarter, the really those the priorities challenges where about that results. benefit win like workforce tailoring learning we're we with last that consolidation We and needs from the be decision based in transformation from customer have the that. more outcomes breadth That's started but or to we made We because a getting breadth like customer when with requires is of on Kyndryl understanding on workforce my videos of solutions. where has customer's from cited have more just outcomes from customers the benefit the may and deeply the us customers past that of priorities that call and customers And win ones do win that and That's we we are complex and win. just we're coming transformation are point We back focused certainly price

it Now, up Generative customers new up can those days, transformation have within we you opening base. and that our combine leadership and comes we Almost with have. customer every solutions see these that deliver with skills that the is what with a also complete technology that skills, and business AI we workforce very conversation is mentioned Generative AI, fact gap at an we advantage needs scale, address complex, compliance believe the AI and that's I

Sheldon McMeans

on then to pipeline? you up. pipeline sizes offering. know compared helpful? but FedRAMP leading to And Is better Any that leading last for year, things follow the wanted the this the customers? that incremental on year the I ask to retention federal coaching to deal of I going is that There's Percipio quick last. have. And big there some would color was QX into larger be FedRAMP around those the federal Great.

Jeff Tarr

question that to yes. answer The yes is and

lead have offering The we're with a has with in We as and the but a our with FedRAMP content advantage been the offerings, with including offering, our platform last years. of certified coaching couple that certified has federal fact strong an FedRAMP our being real advantage, government over coaching.

expect the believe federal that opportunity. we and to get generate a we business is strength and more more of the So government company

later week be in Washington to I'm this D.C. going In fact

the big customer our we have and We from perspectives federal have event strong really government. participation

Sheldon McMeans

Thank Great. you.

Operator

Thank you.

Our state Please with comes your from next Raj question question. Sharma Riley. B.

Raj Sharma

taking for Hi. Thank question. you my

Generative the upskilling. to Just and how going back to relates coursework AI the that

your the are ILT part integrated retention a customers. business? coursework the are business they how Firstly, do part or the programs in into sort is And impact and of and of of part it they Codecademy of the growth and Percipio

Jeff Tarr

the answer that's the So above. all of

courses on Codecademy AI. focused are Generative We have that

including is learning have platform journeys business a also of content at the AI. Generative sales the our within large in growth And very AI, focused on ILT to contributing in growth courses, that Generative courses and complete of that been on content focused has business. ILT generating suite We have core ILT we

So results usage and and seeing we're the we're and uptick all are seeing conversations encouraging. conversions and and P&L growth early and impact, and seeing still very we but customer that's

Raj Sharma

Got it.

So impact or engagement how terms where but new a or platform and on greater the not you the is do impact obviously, see revenues material of on customers yet a you in do profits, retention? better a

Jeff Tarr

of the All above.

a starter. is conversation conversations AI We customer a and have where new offering Generative a differentiator

Our ILT new isn't very AI. breadth CAISY. but because teaching the ILT something of of Generative business offering We're our in has about technology the the won and some do learning space. about to and important significant excited AI, accounts leveraging Generative about CAISY it's new

we So We we're tailwind. what as see. see to significant has a something very excited this about add. Rich

Rich Walker

important compliance us an but to Yeah, in offerings. will technology, being of terms also it isn't the area building will the one, responsible and going it through only example, leadership for ensure to about Raj, benefit companies anticipate, Jeff's technology compliance they're our on also our going become business comments we look what skills, it safe, from to quick use CAISY forward one of ethical

Raj Sharma

impacting So you. you it. a in getting that where then just certain the very the are are stronger lot slowdown where upskilling customers can parts upskilling? areas any see so any and on helpful. business? And economy see are of or versus you particularly the can sort the That's finally there areas of and or customer parts Got of or impacted are your are base certain geographically Thank that groups by slowdown of more are customers strong you give color because that

Jeff Tarr

two broad customer we at base categories. is way The our look

have transformation We real and have workforce customers who the very gaps. acute challenges skills of category

something category of is to then online And business. that employee business. smaller whom customers slower benefit learning another that's have. our it's an to offering our them, is that's And and their for part nice of a For a critical there's growing

resources. the have our the of where portion workforce growing see we're That's portion customer the pointing So our the It's of those who the the fastest vast transformation largest opportunity complex of base. where we is customers market. majority with and needs. largest our It's that's most

Raj Sharma

Congratulations Thank Thank for on it. you. steady good my you questions taking job. reporting results. eddy Got and

Jeff Tarr

you. Thank

Operator

[Operator and with Thank from your state Our question Please next Instructions] Wong Ken you. comes Oppenheimer Company. question.

Kenneth Wong

Fantastic. Thanks for question. taking my

The Jeff. first you, for one

but on at see guys wondering stabilize depend you seen I I much too realize the think in or all? the business you little touched cycle. had to total perhaps just that a of started doesn't new on how lengthening if improve business that sales past has that,

Jeff Tarr

in our it's a an perhaps in I our impact opportunity a that see part a You consistent do less move on know to before, business seeing also new our improvement organizations I it's investing big is would in a yield than side little a think as time. and growth thoughtful force seeing engaged of on way business, our cycles where new growth on mentioned that small which you of it's results lengthening and business of new our for sales process. is know, the improve business I'd existing a but business, business And has to, and up our a elsewhere. sales base. overall I new been customer business sales say say on contributor slower, inside to consultative us of we higher smaller is pretty such and sales still will more are over and that we've customer step the been I the up

Kenneth Wong

Super back Just Got models properly should just Rich, anything so helpful. it. terms sure EBITDA, then, of about of we on EBITDA? we we have the half be -- it. our seasonality Got thinking any of make kind on And tuned. in

Rich Walker

the for Thanks question. Yeah.

some giving I quarter achievement the to the from think investing an was results. the that highlight EBITDA from still finding balance I'd growth business important that in back the first first and and of striking sequentially

think to is grow to full the the The not year expect that we margin to obviously the materially I base that we we change. quarter margin were growth, for going but will second support of reaffirming for the think year, what outlook profiles about and comfortable the with year. full continue some our expense in enjoyed and profile you the consistent As full

in to be our rate enjoyed are that fourth growth bookings We in XX% the the bookings marketing, growth. and which we that about of to we have some what continuing to half probably quarter. going second invest It's quarter sales line is not in expect second in the of sequentially unreasonable drive quarter-over-quarter and will

see in impact revenue, that expense of in you'll won't the it but see You the base.

Kenneth Wong

it. Got

That's Okay. super, appreciate super all helpful it color. guys. Really

Rich Walker

Ken. Thanks,

Operator

Tom Our next from question with comes Please your Citi. state Singlehurst question.

Thomas Singlehurst

Yeah. here I'm Thanks Good Tom question. the Citi. for evening. from taking much so

of just In very start the fact a the about should is But clarify, questions. going clear think if just how should second that is the that being with retention high I'm big you why to saying the higher period it's quarterly couple narrative even to on about. clarification. approved, XQ focus the of dollar I we're rates a just a quarter really months been typically under XXX%, is XX we that former. last is

Jeff Tarr

losses timing and the I'll compared got it's retention to you point retention such point share data Rich anomalies quarterly and that? about around. keep think doing the some QX rate wins can renewals how retention mind individual time. and QX, what but to rate thoughts. move Tom, I we've rate. is But Rich, that we a dollar can the are That's so QX, very small say for LTM quite and question and that little why that or been of I was let important some mumbled, in

Rich Walker

trend Tom, The quarterly still quarter evaluate basis the LTM it. up accurate LTM was but way below in The is metrics. excuse LTM, but is the was more XX% at the points, noticeable clarify I'd XXX up XXX% year-over-year. LTM, Jeff's and XXX%. the both reiterate The me comments. to while And just I that

Jeff Tarr

whether you've encourage I to We've would on and on in bad. seen LTM was to was couple last use years LTM focused models. the the the continue that think you quarter of good note the just us we focus quarter I or everyone for

Thomas Singlehurst

can Sorry. Hopefully me hear you better.

second The was Codecademy. question about

I others whether in dwindling something the you've employment. that's for demand AI Some or talked whether lost in bootcamps markets robust terms just have soft given of for mix seen about wondering it's round given the was content? coding demand

Jeff Tarr

Yeah.

got mumbled. I question So again. the It's

right, is things I share Rich it has But how on start I'll performing. about question Codecademy don't we'll to this afterwards. if So know and and think it. get answer the exactly some Codecademy I I is

BXB of all, to our our offering. our business tech and We've into integrated business. strategic First Codecademy is and Codecademy's critical and platform business dev content within BXB

the planet. Rich, within code deeply It's and growing hands very tech content learning our of and So of the to brand it's other the quarter one was sense. and anything frankly, what mentoring That's labs other on types and than of as Codecademy. a organization did because, to now great offering like did the portfolio hands-on rebranded customers across coaching a all last package. strong as brand taught platform that entirety part alongside made the we And you we and videos something learn fastest That and well, leveraging of entirety Codecademy has more share? that also saw dev deal the of any to would we learning the out on in people dev and business. learning. it's our tech integrated the and and category content We've our

Rich Walker

a of the I portion click to initially segment I I and Tom. question double think relating Generative heard will AI that benefit.

you segment from business. content actually the BXC the code and segment that that certainly both benefited platform in at And double-digit. and code that clearly the attributes. includes is grew quarter, enterprise code dev segment if and tech look the segment And grew bookings the the X% Importantly, total that

Thomas Singlehurst

Very AI AI incremental of guidance? The There's clear. Final loudly. speak in sort cost I'll no embedded based coming of cost through. question. tools, all is that

Jeff Tarr

It's all embedded.

Rich Walker

Yeah.

Thomas Singlehurst

Perfect. Thank you.

Operator

I'll hand questions no management to remarks. at time. this for There over further you. closing Thank are floor the back

Jeff Tarr

this sense loss AI want I to our everyone, not to seizing responders. first us. is to an want and fact as at do our Washington that and many be course hard work taking for learning. of express business, growing you working world opportunity to strong Have day. looking the also gratitude on you team customers in the of our profitably I I and our being DC to build you, nation's as to your and of forward thank joining for leader today of continuing rest thanks to around remiss together week note of well. Perspectives your enterprise of and stockholders. thank the good members anniversary global also and want many our Thank X/XX the I'd and We're together a with in I'm foundation XXXX the our to very our grateful

Operator

parties All conference. today's may Have concludes This you. Thank disconnect. day. good a

Skillsoft (SKIL) 11 Sep 232024 Q2 Earnings call transcript