<SEC-DOCUMENT>0001193125-21-089524.txt : 20210427
<SEC-HEADER>0001193125-21-089524.hdr.sgml : 20210427
<ACCEPTANCE-DATETIME>20210322160751
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-089524
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210322

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Coursera, Inc.
		CENTRAL INDEX KEY:			0001651562
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				453560292
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		381 E. EVELYN AVE.
		CITY:			MOUNTAIN VIEW
		STATE:			CA
		ZIP:			94041
		BUSINESS PHONE:		6509639884

	MAIL ADDRESS:	
		STREET 1:		381 E. EVELYN AVE.
		CITY:			MOUNTAIN VIEW
		STATE:			CA
		ZIP:			94041
</SEC-HEADER>
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<TYPE>CORRESP
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<IMG SRC="g65490snap0001.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pillsbury Winthrop Shaw Pittman LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2550 Hanover Street | Palo Alto, CA 94304-1115 | tel 650.233.4500 | fax 650.233.4545 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Davina K. Kaile </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">tel:
+1.650.233.4564 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">dkaile@pillsburylaw.com </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA EDGAR </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;22, 2021 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jan Woo, Esq., Legal Branch Chief </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Edwin Kim, Esq., Staff Attorney </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Robert Littlepage, Accounting Branch Chief </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Claire DeLabar, Staff Accountant </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Coursera, Inc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><B>Filed March&nbsp;5, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-253932</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Coursera, Inc. (the
&#147;<B>Registrant</B>&#148;), we are providing this letter in response to the comments of the staff of the U.S. Securities and Exchange Commission&#146;s Division of Corporation Finance (the &#147;<B>Staff</B>&#148;) contained in its letter, dated
March&nbsp;15, 2021 (the &#147;<B>Comment Letter</B>&#148;), relating to the Registrant&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1,</FONT> filed on March&nbsp;5, 2021 (the &#147;<B>Registration
Statement</B>&#148;).<B><I> </I></B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Registrant is concurrently filing an amended Registration Statement (&#147;<B>Amendment
No.</B><B></B><B>&nbsp;1</B>&#148;), which reflects changes made in response to certain of the comments contained in the Comment Letter. A copy of Amendment No.&nbsp;1 marked to show all changes from the Registration Statement is being provided
supplementally with a copy of this letter for the convenience of the Staff. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">www.pillsburylaw.com </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;22, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The responses below correspond to the numbering and headings of the paragraphs contained in the Comment
Letter, which for your convenience we have incorporated into this response letter in italics. Page references in the text of this response letter correspond to the page numbers of the Registration Statement or Amendment No.&nbsp;1, as noted below.
Capitalized terms used in this letter but not otherwise defined in this letter shall have the meanings set forth in Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT
STYLE="white-space:nowrap">S-1/A</FONT> filed March&nbsp;5, 2021 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations Non GAAP Financial Measures, page 82</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that you discuss both GAAP (net loss and net loss margin) along with Non- GAAP measures of Adjusted
EBITDA and Adjusted EBITDA margin on page 75. We also note that you discuss Key Metrics and <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures beginning on page 82, but only begin discussing GAAP measures on page 87. Please revise to
highlight and focus on GAAP measures in the discussion with greater prominence and prior to your discussion of Metrics and <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> measures. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The Registrant acknowledges the Staff&#146;s comment and has moved the discussion regarding &#147;Key Metrics and <FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures&#148; beginning on page 82 of the Registration Statement to follow the discussion of GAAP financial measures commencing on page 87 of the Registration Statement. Specifically, the
referenced discussion has been moved to follow both &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#151;Components of Results of Operations&#148; and &#147;&#151;Liquidity and Capital
Resources,&#148; such that the GAAP measures are disclosed prior to, and with greater prominence than, the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Results of Operations</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Comparison of Years ended December</U><U></U><U>&nbsp;31, 2019 and 2020, page 90</U> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that you expanded MD&amp;A to state that the increase in revenues is due primarily to new customers
and to a lesser extent existing customers. Please supplementally confirm that the revenues per seat for Enterprise or Degree customers and per course revenue for Consumer customers has not changed significantly from period to period, which may
indicate a material trend, or alternatively, expand the discussion to address any trends in changes in unit pricing from period to period. </I></P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">www.pillsburylaw.com </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;22, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The Registrant supplementally confirms that to date it has not observed any
material trends related to changes in unit pricing from period to period in its Enterprise and Degrees offerings or in its fees for course certificates or a particular Specialization or Professional or MasterTrack Certificate for Consumer customers.
The Registrant further notes that with respect to its Enterprise offering: (a)&nbsp;it has not experienced significant changes in its pricing, and (b)&nbsp;the determinants of the prices charged to customers have not varied significantly. With
respect to Degrees revenue, as disclosed, the Registrant earns a Degrees service fee determined based on a percentage of total tuition collected from Degrees students by the university partner. The Registrant supplementally confirms that to date it
has not experienced significant changes in the Degrees service fee percentage. Further, while tuition amounts are determined by the university partners, the Registrant supplementally notes that changes in tuition have not had a material effect on
revenue. With respect to Consumer revenue, the Registrant supplementally also confirms that it has not experienced significant price changes for its course, Specialization, or certificate offerings from period to period. In response to the
Staff&#146;s comment, the Registrant has added disclosure under the caption &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#151;Components of Results of Operations&#151;Revenue&#148; to note that it
has not observed significant fluctuations from period to period in its pricing or service fee percentage for its Enterprise and Degrees offerings, respectively, or in its course, Specialization, and certificate offerings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>***** </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Please contact the
undersigned at (650) <FONT STYLE="white-space:nowrap">233-4564</FONT> or dkaile@pillsburylaw.com with any questions regarding the responses to the Staff&#146;s comments or Amendment No.&nbsp;1, or if you require any additional information. Thank you
in advance for your attention to this matter. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sincerely,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Davina K. Kaile</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Davina K. Kaile</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Anne T. Cappel </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Alan F. Denenberg </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">www.pillsburylaw.com </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
