Instructure Reports Second Quarter 2017 Financial Results

SALT LAKE CITY, July 31, 2017 /PRNewswire/ -- Instructure, Inc. (NYSE: INST), a leading software-as-a-service (SaaS) technology company that makes software that makes people smarter, today announced its financial results for the second quarter ended June 30, 2017.

Instructure official logo (PRNewsFoto/Instructure)

"We delivered strong second quarter results - 47% year-over-year revenue growth, continued significant improvements to our operating margin and robust customer adoption for both Canvas and Bridge across the globe," said Josh Coates, CEO at Instructure. 

"We are excited about the progress we made in the first half of 2017 and our outlook for the remainder of the year and beyond."

Second Quarter Financial Summary

 

(in thousands, except per share data)

 
   

Three Months

Ended June 30,

 
   

2017

   

2016

 
   

(unaudited)

   

(unaudited)

 

Revenue

 

$

38,044

   

$

25,890

 

Gross Margin

               

GAAP

   

71.1

%

   

70.5

%

Non-GAAP(1)

   

72.0

%

   

71.6

%

Operating Loss

               

GAAP

   

(12,941)

     

(14,516)

 

Non-GAAP(1)

   

(9,408)

     

(12,069)

 

Operating Margin

               

GAAP

   

-34.0

%

   

-56.1

%

Non-GAAP(1)

   

-24.7

%

   

-46.6

%

Net loss

               

GAAP

   

(12,996)

     

(14,590)

 

Non-GAAP(1)

   

(9,387)

     

(12,143)

 

EPS

               

GAAP

 

$

(0.45)

   

$

(0.53)

 

Non-GAAP(1)

 

$

(0.32)

   

$

(0.44)

 
   

(1)

Non-GAAP financial measures exclude stock-based compensation, reversal of estimated accruals related to payroll taxes on secondary stock purchase transactions, amortization of acquisition related intangibles, and the change in fair value of the warrant liability.

Second Quarter 2017 Business Highlights

  • Instructure continued to expand its customer base in the second quarter. A few highlights include:
    • US Higher Education and K-12 Schools – Canvas was selected by Montgomery County Public Schools, the 17th largest school district in the U.S. with over 200 schools and 150,000 students, and by the Des Moines Independent Community School District for its 37,000 students.  Within the U.S. higher education market, Canvas was chosen by the University of Minnesota, the 7th largest public university in the U.S., serving over 70,000 learners. Additionally, Temple University and Iowa State University chose Canvas for their respective 30,000 students.
    • International – Canvas was chosen by Erasmus University Rotterdam for their 23,000 students and by the University of Twente for their almost 10,000 students.  Additionally, Canvas was selected by a consortium of three universities, serving 50,000 students in the Philippines.  These universities are collaborating on joint research and share a common vision around digital literacy.
    • Corporate – The Hartsfield-Jackson International Airport in Atlanta, the world's busiest airport, will utilize Bridge to train more than 11,000 of their employees and contractors.

Business Outlook

Today, Instructure issued financial guidance for the third quarter and full year 2017. The financial guidance discussed below is on a non-GAAP basis, except for revenues, and excludes stock-based compensation expense, reversal of payroll tax expense on secondary stock purchase transactions, amortization of acquisition related intangibles, and the change in fair value of the warrant liability (see tables below that reconcile these non-GAAP financial measures to the related GAAP measures).

For the third quarter ending September 30, 2017, Instructure expects revenue of approximately $40.2 million to $40.8 million, a non-GAAP net loss of ($9.4) million to ($8.8) million, and non-GAAP net loss per share of ($0.32) to ($0.30) per common share.

For the full year ending December 31, 2017, Instructure expects revenue of approximately $152.9 million to $154.1 million, up from previously stated guidance of $150.7 million to $152.2 million, non-GAAP net loss of ($36.8) million to ($35.8) million, up from ($37.7) million to ($36.7) million, and non-GAAP net loss per share of ($1.26) to ($1.23) per common share, up from ($1.29) to ($1.26).

Conference Call Details:

Instructure will discuss its second quarter 2017 results today, July 31, 2017, via teleconference at 3:00 p.m. Mountain Time / 5:00 p.m. Eastern Time. The call may be accessed at (877) 879-6207 or (719) 457-2656, passcode 7182108.  A live webcast, as well as replay, of the conference call will be accessible at Instructure's investor relations website, https://ir.instructure.com.

Non-GAAP Financial Measures

In this press release, Instructure's non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss, non-GAAP net loss per share and 12-month billings are not presented in accordance with GAAP and are not intended to be used in lieu of GAAP presentations of results of operations.

Management presents these non-GAAP financial measures because it considers them to be important supplemental measures of performance. Management uses the non-GAAP financial measures for planning purposes, including analysis of the company's performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management also believes that the non-GAAP financial measures provide additional insight for analysts and investors in evaluating the company's financial and operational performance. However, these non-GAAP financial measures have limitations as an analytical tool and are not intended to be an alternative to financial measures prepared in accordance with GAAP. We intend to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.  Our definitions may differ from the definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics.

Non-GAAP measures exclude stock-based compensation, payroll taxes related to secondary stock purchase transactions or the reversal of such expense due to the retirement of the liability, amortization of acquisition related intangibles, and the change in fair value of the warrant liability. We believe investors may want to exclude the effects of these items in order to compare our financial performance between time periods:

  • Stock-based compensation - Although stock-based compensation is an important aspect of the compensation of our employees and executives, management believes it is useful to exclude stock-based compensation in order to better understand the long-term performance of our core business.  Unlike cash compensation, the value of equity awards is determined using a complex formula that incorporates factors, such as market volatility and forfeiture rates that are beyond our control.
  • Reversal of estimated accruals related to payroll taxes on secondary stock purchase transactions – Prior to our IPO, operating expenses included employer payroll tax-related items on employee sales of securities to investors. The amount of employer payroll tax-related items on these transactions was dependent on the fair market value of our stock. Beginning in the second quarter of 2016, operating expenses included the reversal of such payroll tax expense due to the reduction of the estimated liability, which will continue occur in the second quarter of each year.
  • Amortization of acquisition related intangibles - Expense for the amortization of acquisition related intangibles is a non-cash item, and we believe that the exclusion of this expense provides for a useful comparison of our operating results to prior periods.
  • Change in fair value of the warrant liability - Under GAAP, we are required to record mark-to-market adjustments for the change in fair value of the liability for warrants issued in connection with term debt and our credit facility. This expense or gain is excluded from management's assessment of our operating performance because management believes that these non-cash items are not indicative of ongoing operating performance.

Forward-Looking Statements

This press release contains, and statements made during the above referenced conference call will contain, "forward-looking" statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's financial guidance for the third quarter of 2017 and for the full year ending December 31, 2017, the company's growth, customer demand and application adoption, the company's research and development efforts and future application releases, and the company's expectations regarding future revenue, expenses, cash flows and net income or loss.  These statements are not guarantees of future performance, but are based on management's expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include the following: risks associated with anticipated growth in Instructure's addressable market; competitive factors, including changes in the competitive environment, pricing changes, sales cycle time and increased competition; Instructure's ability to build and expand its sales efforts; general economic and industry conditions; new application introductions and Instructure's ability to develop and deliver innovative applications and features; Instructure's ability to provide high-quality service and support offerings; risks associated with international operations; and macroeconomic conditions.  These and other important risk factors are described more fully in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, which was filed with the Securities and Exchange Commission (the "SEC") on May 3, 2017 and other documents filed with the SEC and could cause actual results to vary from expectations. All information provided in this press release and in the conference call is as of the date hereof and Instructure undertakes no duty to update this information except as required by law.

About Instructure

Instructure, Inc. is a leading software-as-a-service (SaaS) technology company that makes software that makes people smarter. With a vision to help maximize the potential of people through technology, Instructure created Canvas and Bridge to enable organizations everywhere to easily develop, deliver and manage engaging face-to-face and online learning experiences. To date, Instructure has connected millions of instructors and learners at more than 3,000 educational institutions and corporations throughout the world. Learn more about Canvas for higher ed and K-12, and Bridge for the corporate market at www.Instructure.com.

Contacts:
Erin Kasenchak
Instructure
(866) 574-3127
[email protected]

Becky Frost
Instructure
(801) 869-5017
[email protected]
 

 

 

 

INSTRUCTURE, INC.

 

CONSOLIDATED BALANCE SHEETS

 

(in thousands)

 
   
   

June 30,

2017

   

December 31,

2016

 
   

(unaudited)

         

Assets

               

Current assets:

               

Cash and cash equivalents

 

$

25,744

   

$

44,539

 

Short term marketable securities

   

     

23,895

 

Accounts receivable—net of allowances of $274 and $225 at June 30, 2017 and December 31, 2016 respectively

   

72,970

     

18,072

 

Prepaid expenses

   

7,721

     

5,434

 

Other current assets

   

886

     

936

 

Total current assets

   

107,321

     

92,876

 

Property and equipment, net

   

18,913

     

14,733

 

Goodwill

   

989

     

989

 

Intangible assets, net

   

802

     

760

 

Noncurrent prepaid expenses

   

978

     

984

 

Other assets

   

1,051

     

994

 

Total assets

 

$

130,054

   

$

111,336

 

Liabilities and stockholders' equity (deficit)

               

Current liabilities:

               

Accounts payable

 

$

4,850

   

$

5,374

 

Accrued liabilities

   

13,303

     

10,905

 

Deferred rent

   

832

     

773

 

Deferred revenue

   

103,018

     

72,747

 

Total current liabilities

   

122,003

     

89,799

 

Deferred revenue, net of current portion

   

4,130

     

3,144

 

Deferred rent, net of current portion

   

7,899

     

8,372

 

Warrant liability

   

108

     

25

 

Other long term liabilities

   

32

     

32

 

Total liabilities

   

134,172

     

101,372

 

Commitments and contingencies

               

Stockholders' equity (deficit):

               

Common stock

   

3

     

3

 

Additional paid-in capital

   

218,328

     

206,442

 

Accumulated other comprehensive income

   

     

(12)

 

Accumulated deficit

   

(222,449)

     

(196,469)

 

Total stockholders' equity (deficit)

   

(4,118)

     

9,964

 

Total liabilities and stockholders' equity (deficit)

 

$

130,054

   

$

111,336

 

 

INSTRUCTURE, INC.

 

CONSOLIDATED STATEMENTS OF OPERATIONS

 

(in thousands, except per share data)

 
   
   

Three Months

Ended June 30,

   

Six Months

Ended June 30,

 
   

2017

   

2016

   

2017

   

2016

 
   

(unaudited)

   

(unaudited)

   

(unaudited)

   

(unaudited)

 

Revenue:

                               

Subscription and support

 

$

32,650

   

$

22,416

   

$

63,163

   

$

42,993

 

Professional services and other

   

5,394

     

3,474

     

8,860

     

6,196

 

Total Net revenue

   

38,044

     

25,890

     

72,023

     

49,189

 

Cost of Revenue:

                               

Subscription and support

   

7,967

     

5,586

     

15,072

     

11,023

 

Professional services and other

   

3,026

     

2,049

     

5,537

     

3,961

 

Total cost of revenue

   

10,993

     

7,635

     

20,609

     

14,984

 

Gross profit

   

27,051

     

18,255

     

51,414

     

34,205

 

Operating expenses:

                               

Sales and marketing

   

21,314

     

18,038

     

40,300

     

34,201

 

Research and development

   

11,057

     

8,730

     

22,239

     

16,535

 

General and administrative

   

7,621

     

6,003

     

14,607

     

11,739

 

Total operating expenses

   

39,992

     

32,771

     

77,146

     

62,475

 

Loss from operations

   

(12,941)

     

(14,516)

     

(25,732)

     

(28,270)

 

Other income (expense):

                               

Interest income

   

39

     

61

     

115

     

132

 

Interest expense

   

(4)

     

(12)

     

(18)

     

(23)

 

Change in fair value of warrant liability

   

(76)

     

     

(83)

     

62

 

Other income (expense), net

   

91

     

(56)

     

127

     

(131)

 

Total other income (expense)

   

50

     

(7)

     

141

     

40

 

Loss before income taxes

   

(12,891)

     

(14,523)

     

(25,591)

     

(28,230)

 

Income tax expense

   

(105)

     

(67)

     

(136)

     

(99)

 

Net loss

 

$

(12,996)

   

$

(14,590)

   

$

(25,727)

   

$

(28,329)

 

Net loss per common share, basic and diluted

 

$

(0.45)

   

$

(0.53)

   

$

(0.89)

   

$

(1.03)

 

Weighted average shares used to compute net loss per share, basic and diluted

   

29,090

     

27,610

     

28,909

     

27,456

 

 

INSTRUCTURE, INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(in thousands)

 
   
   

Three Months

Ended June 30,

   

Six Months Ended

June 30,

 
   

2017

   

2016

   

2017

   

2016

 
   

(unaudited)

   

(unaudited)

   

(unaudited)

   

(unaudited)

 

Operating Activities:

                               

Net loss

 

$

(12,996)

   

$

(14,590)

   

$

(25,727)

   

$

(28,329)

 

Adjustments to reconcile net loss to net cash used in operating activities:

                               

Depreciation of property and equipment

   

1,456

     

974

     

2,693

     

1,886

 

Amortization of intangible assets

   

117

     

87

     

259

     

164

 

Amortization of deferred financing costs

   

10

     

11

     

16

     

23

 

Change in fair value of warrant liability

   

76

     

0

     

83

     

(62)

 

Stock-based compensation

   

4,067

     

2,662

     

7,440

     

4,897

 

Other

   

(68)

     

(75)

     

(66)

     

(47)

 

Changes in assets and liabilities:

                               

Accounts receivable, net

   

(60,378)

     

(34,579)

     

(55,105)

     

(31,978)

 

Prepaid expenses and other assets

   

3,353

     

(2)

     

(2,280)

     

133

 

Accounts payable and accrued liabilities

   

3,720

     

1,182

     

2,198

     

1,697

 

Deferred revenue

   

49,021

     

35,296

     

31,257

     

23,794

 

Deferred rent

   

(275)

     

(205)

     

(414)

     

(240)

 

Other liabilities

   

     

(303)

     

     

(330)

 

Net cash used in operating activities

   

(11,897)

     

(9,542)

     

(39,646)

     

(28,392)

 

Investing Activities:

                               

Purchases of property and equipment

   

(3,810)

     

(1,142)

     

(6,955)

     

(3,410)

 

Purchases of intangible assets

   

(11)

     

(145)

     

(301)

     

(296)

 

Proceeds from disposal of property and equipment

   

23

     

10

     

38

     

18

 

Maturities of marketable securities

   

10,000

     

     

23,900

     

325

 

Net cash provided by (used in) investing activities

   

6,202

     

(1,277)

     

16,682

     

(3,363)

 

Financing Activities:

                               

Proceeds from issuance of common stock from employee equity plans

   

3,278

     

3,188

     

4,316

     

3,311

 

Shares repurchased for tax withholdings on vesting of restricted stock

   

(81)

     

     

(123)

     

 

Payments of financing costs

   

(24)

     

     

(24)

     

 

Net cash provided by financing activities

   

3,173

     

3,188

     

4,169

     

3,311

 

Net increase (decrease) in cash

   

(2,522)

     

(7,631)

     

(18,795)

     

(28,444)

 

Cash, beginning of period

   

28,266

     

69,658

     

44,539

     

90,471

 

Cash, end of period

 

$

25,744

   

$

62,027

   

$

25,744

   

$

62,027

 

 

INSTRUCTURE, INC.

 

RECONCILIATION OF NON-GAAP GROSS MARGIN

 

(in thousands, except percentages)

 

(unaudited)

 
   
   

Three Months Ended

June 30,

   

Six Months Ended

June 30,

 
   

2017

   

2016

   

2017

   

2016

 

GAAP gross profit

 

$

27,051

   

$

18,255

   

$

51,414

   

$

34,205

 

Stock-based compensation

   

347

     

273

     

578

     

466

 

Non-GAAP gross margin

 

$

27,398

   

$

18,528

   

$

51,992

   

$

34,671

 
                                 

GAAP gross margin %

   

71.1

%

   

70.5

%

   

71.4

%

   

69.5

%

Non-GAAP gross margin %

   

72.0

%

   

71.6

%

   

72.2

%

   

70.5

%

 

INSTRUCTURE, INC.

 

RECONCILIATION OF NON-GAAP OPERATING LOSS

 

(in thousands, except percentages)

 

(unaudited)

 
   
   

Three Months Ended

June 30,

   

Six Months Ended

June 30,

 
   

2017

   

2016

   

2017

   

2016

 

Loss from operations

 

$

(12,941)

   

$

(14,516)

   

$

(25,732)

   

$

(28,270)

 

Stock-based compensation

   

4,067

     

2,662

     

7,440

     

4,897

 

Reversal of payroll tax expense on secondary stock purchase transactions

   

(534)

     

(217)

     

(534)

     

(217)

 

Amortization of acquisition related intangibles

   

     

2

     

     

4

 

Non-GAAP operating loss

 

$

(9,408)

   

$

(12,069)

   

$

(18,826)

   

$

(23,586)

 
                                 

GAAP operating margin

   

-34.0

%

   

-56.1

%

   

-35.7

%

   

-57

%

Non-GAAP operating margin

   

-24.7

%

   

-46.6

%

   

-26.1

%

   

-48

%

 

INSTRUCTURE, INC.

 

RECONCILIATION OF NON-GAAP NET LOSS

 

(in thousands, except per share data)

 

(unaudited)

 
   
   

Three Months Ended

June 30,

   

Six Months Ended

June 30,

 
   

2017

   

2016

   

2017

   

2016

 

Net Loss

 

$

(12,996)

   

$

(14,590)

   

$

(25,727)

   

$

(28,329)

 

Stock-based compensation

   

4,067

     

2,662

     

7,440

     

4,897

 

Reversal of payroll tax expense on secondary stock purchase transactions

   

(534)

     

(217)

     

(534)

     

(217)

 

Amortization of acquisition related intangibles

   

     

2

     

     

4

 

Change in fair value of warrant liability

   

76

     

     

83

     

(62)

 

Non-GAAP net loss

 

$

(9,387)

   

$

(12,143)

   

$

(18,738)

   

$

(23,707)

 

Non-GAAP net loss per common share, basic and diluted

 

$

(0.32)

   

$

(0.44)

   

$

(0.65)

   

$

(0.86)

 

Weighted average common shares used in computing basic and diluted net loss per common share

   

29,090

     

27,610

     

28,909

     

27,456

 

 

INSTRUCTURE, INC.

 

RECONCILIATION OF 12-MONTH BILLINGS

 

(in thousands)

 

(unaudited)

 
   
   

Trailing Twelve Months Ended

June 30,

 
   

2017

   

2016

 

Total net revenue

 

$

133,714

   

$

91,880

 
                 

Current deferred revenue

               

Beginning balance

   

72,983

     

42,978

 

Ending balance

   

103,018

     

72,983

 

Net change in current deferred revenue

   

30,035

     

30,005

 
                 

Long term deferred revenue

               

Beginning balance

   

3,136

     

2,815

 

Ending balance

   

4,130

     

3,136

 

Net change in long term deferred revenue

   

994

     

321

 
                 

Total 12-month billings

 

$

164,743

   

$

122,206

 

 

INSTRUCTURE, INC.

 

RECONCILIATION OF NON-GAAP OPERATING EXPENSES

 

Three Months Ended June 30, 2017

 

(in thousands)

 

(unaudited)

 
   
   

GAAP

   

Stock-based
Compensation
Expense

   

Reversal of
Payroll Tax
Associated
with Equity
Transactions

   

NON-GAAP

 

Operating expenses:

                             

Sales and marketing

 

$

21,314

   

(1,195)

     

256

   

$

20,375

 

Research and development

   

11,057

   

(1,506)

     

256

     

9,807

 

General and administrative

   

7,621

   

(1,019)

     

22

     

6,624

 

Total operating expenses

 

$

39,992

   

(3,720)

     

534

   

$

36,806

 

 

INSTRUCTURE, INC.

 

RECONCILIATION OF NON-GAAP OPERATING EXPENSES

 

Three Months Ended June 30, 2016

 

(in thousands)

 

(unaudited)

 
   
   

GAAP

   

Stock-based
Compensation
Expense

   

Reversal of
Payroll Tax
Associated
with Equity
Transactions

   

Amortization
of acquired
intangibles

   

NON-GAAP

 

Operating expenses:

                                       

Sales and marketing

 

$

18,038

     

(789)

     

57

     

   

$

17,306

 

Research and development

   

8,730

     

(935)

     

57

     

(2)

   

$

7,850

 

General and administrative

   

6,003

     

(665)

     

103

     

   

$

5,441

 

Total operating expenses

 

$

32,771

     

(2,389)

     

217

     

(2)

   

$

30,597

 

 

INSTRUCTURE, INC.

     

RECONCILIATION OF NON-GAAP OPERATING EXPENSES

     

Six Months Ended June 30, 2017

     

(in thousands)

     

(unaudited)

     
       
   

GAAP

   

Stock-based
Compensation
Expense

   

Reversal of
Payroll Tax
Associated
with Equity
Transactions

   

NON-GAAP

     

Operating expenses:

                                   

Sales and marketing

 

$

40,300

     

(2,150)

     

256

   

$

38,406

     

Research and development

 

$

22,239

     

(2,738)

     

256

     

19,757

     

General and administrative

 

$

14,607

     

(1,974)

     

22

     

12,655

     

Total operating expenses

 

$

77,146

     

(6,862)

     

534

   

$

70,818

     

 

INSTRUCTURE, INC.

 

RECONCILIATION OF NON-GAAP OPERATING EXPENSES

 

Six Months Ended June 30, 2016

 

(in thousands)

 

(unaudited)

 
   
   

GAAP

   

Stock-based
Compensation
Expense

   

Reversal of
Payroll Tax
Associated
with Equity
Transactions

   

Amortization of
acquired
intangibles

   

NON-GAAP

 

Operating expenses:

                                       

Sales and marketing

 

$

34,201

     

(1,444)

     

57

     

   

$

32,814

 

Research and development

   

16,535

     

(1,720)

     

57

     

(4)

     

14,868

 

General and administrative

   

11,739

     

(1,267)

     

103

     

     

10,575

 

Total operating expenses

 

$

62,475

     

(4,431)

     

217

     

(4)

   

$

58,257

 

 

INSTRUCTURE, INC.

 

RECONCILIATION OF NON-GAAP NET LOSS GUIDANCE

 

(in thousands)

 

(unaudited)

 
   
   

Three Months Ending

September 30,

   

Full Year Ending

December 31,

 
   

2017

   

2017

   

2017

   

2017

 
   

LOW

   

HIGH

   

LOW

   

HIGH

 

Net loss

 

$

(13,800)

   

$

(13,200)

   

$

(52,700)

   

$

(51,700)

 

Stock-based compensation

   

4,390

     

4,390

     

16,340

     

16,340

 

Reversal of payroll tax expense on secondary stock purchase transactions

   

     

     

(540)

     

(540)

 

Change in fair value of warrant liability

   

10

     

10

     

100

     

100

 

Non-GAAP net loss

 

$

(9,400)

   

$

(8,800)

   

$

(36,800)

   

$

(35,800)

 

 

INSTRUCTURE, INC.

 

RECONCILIATION OF NON-GAAP NET LOSS PER COMMON SHARE GUIDANCE

 

(unaudited)

 
   
   

Three Months Ending

September 30,

   

Full Year Ending

December 31,

 
   

2017

   

2017

   

2017

   

2017

 
   

LOW

   

HIGH

   

LOW

   

HIGH

 

Net loss per common share

 

$

(0.47)

   

$

(0.45)

   

$

(1.80)

   

$

(1.77)

 

Stock-based compensation

   

0.15

     

0.15

     

0.56

     

0.56

 

Reversal of payroll tax expense on secondary stock purchase transactions

   

     

     

(0.02)

     

(0.02)

 

Change in fair value of warrant liability

   

0.00

     

0.00

     

0.00

     

0.00

 

Non-GAAP net loss per common share, basic and

   diluted

 

$

(0.32)

   

$

(0.30)

   

$

(1.26)

   

$

(1.23)

 

Non-GAAP weighted average common shares used in computing basic and diluted net loss per common share (in thousands)

   

29,500

     

29,500

     

29,200

     

29,200

 

 

 

SOURCE Instructure, Inc.