Skillsoft Clocks 5% Decline In Q1 Bookings; Eyes Bottom-End Of FY23 Bookings, Revenue Outlook

Skillsoft Corp SKIL reported first-quarter FY23 GAAP revenue growth of 78.7% year-on-year to $163.91 million. Adjusted revenue grew 1% to $170.3 million.
Total bookings in the quarter declined 5% Y/Y to $125.5 million. Skillsoft Content segment bookings growth was 22%.
The operating expenses for the quarter increased 72.8% Y/Y to $206.3 million.
The operating loss for the quarter widened to $(42.4) million.
The company held $80.6 million in cash and equivalents as of April 30, 2022.
EPS loss of $(0.15) beat the analyst consensus of $(0.17).
The company noted the strength of its subscription-based Skillsoft Content segment is being offset by declines in the transactional Global Knowledge segment due to macroeconomic headwinds.
As a result, Skillsoft is trending towards the low end of its bookings and revenue outlook ranges for FY23.
Outlook: Skillsoft sees FY23 adjusted revenue of $765 million - $790 million, versus the consensus of $773.57 million.
It expects FY23 bookings of $790 million - $825 million and Adjusted EBITDA of about $167 million.
Skillsoft expects FY24 Adjusted EBITDA growth of at least low double digits.
Price Action: SKIL shares closed lower by 0.16% at $6.34 on Wednesday.

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