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2.
2019-2020 Quarterly (unaudited) & Annual Financials
Q2 2019
Q4 2019
$ in Millions
Active Learners¹
% Active Learners YoY
Online Revenue
% YoY Growth
Total Revenue
% YoY Growth
Gross Profit
% Margin
(-) Sales & Marketing Expense
(-) Operations & Fulfillment
(-) Tech & Product
(-) G&A
Total Opex
Net Income
% Margin
Adjusted EBITDA²
% Margin
$
$
$
$
$
Q1 2019
23
15 $
22 $
15 $
66%
(4)
(2)
(4)
(11)
(5) $
(21%)
(3) $
(13%)
25
16 $
22 $
15 $
67%
(9)
(4)
(3)
(4)
(10)
(4) $
(20%)
(3) $
(12%)
Q3 2019
23
16 $
21 $
14 $
66%
(11)
(4)
(2)
(4)
(10)
(8) $
(37%)
(6) $
(26%)
27
18 $
25 $
16 $
65%
(10)
(4)
(3)
(4)
(11)
(6) $
(22%)
(3) $
(10%)
Q1 2020
28
21%
17 $
15%
23 $
4%
15 $
63%
(10)
(4)
(3)
(4)
(11)
(8) $
(35%)
(5) $
(22%)
Active Learners defined as the unique number of learners attending a paid online tutoring session or a paid online class in a given period. Amounts exclude Legacy Businesses and VT+. Learners in thousands.
Adjusted EBITDA excludes Non-Cash Compensation Expense and other Non-Recurring Items. Adjusted EBITDA is a non-GAAP financial measure.
Note: Quarterly financial information is unaudited.
Q2 2020
30
21%
21 $
30%
22 $
-3%
14 $
65%
(7)
(3)
(2)
(4)
(10)
(19%)
$
(1) $
(4%)
Q3 2020
38
62%
26 $
67%
26 $
26%
18 $
68%
(13)
(3)
(3)
(4)
(10)
(8) $
(29%)
(3) $
(12%)
Q4 2020
44
59%
33
87%
33
31%
23
68%
(13)
(4)
(3)
(6)
(13)
(5)
(15%)
0
1%
LA
$
$
$
$
SA
$
2019
63
34%
64 $
54%
90 $
26%
60 $
66%
(38)
(15)
(10)
(18)
(42)
(22) $
(25%)
(14) $
(15%)
2020
87
37%
97
51%
104
15%
69
66%
(44)
(14)
(12)
(18)
(43)
(25)
(24%)
(9)
(9%)
72
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