Skillsoft Corp (NYSE:SKIL) raises its bookings & revenue guidance for full year

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Skillsoft Corp (NYSE:SKIL), a global leader in corporate digital learning, stock rose 4.46% (As on Sep 15, 12:16:38 PM UTC-4, Source: Google Finance) after the company double-digit bookings growth, won multiple new blue-chip customers, and acquired fast-growing digital coaching platform Pluma in the second quarter of FY 22. Content bookings revenue rose 9% year-over-year to $63.67m from $58.57m, while global knowledge bookings totalled slightly less, $63.54m, but posteda bigger increase of 30% year-over-year from $48.77m. SumTotal segment bookings rose 15% to $27.46m from $23.92m a year earlier. Skillsoft reported total booking fees of $154.70m, which were up 18% year-on-year from $131.25m. The company reported total revenue of $106 million and a net loss of $49.26m for the period, factoring in results from its predecessor firm. Meanwhile, Skillsoft went public through a merger with SPAC Churchill Capital II in June.

Further, Percipio Bookings were up 47%, due to Highlighting New Product Momentum and Successful Platform Migration. The company had acquired Pluma for $22 Million, Adding Valuable Digital Coaching and Professional Development Solution for Emerging Leaders. The company has also recruited experienced Leadership Team to Oversee Execution of Strategic Priorities, Accelerate Growth and Drive Value Creation. Combined Percipio and dual deployment dollar retention rate was of 103% compared to 102%; and the company has refinanced long-term debt, reducing annual cash interest expense by approximately $25 million.

For the full year, the company raised its bookings guidance by $30m, now expecting it to range from $690 to $710m. Adjusted revenue guidance went up $25m, now ranging from $670m to $690m. The EBITDA projection remained unchanged at $155m to $175m. The unchanged adjusted EBITDA outlook reflects the Company’s growth investments in content, platform and go-to-market capabilities. Additionally, the Company experienced a delay in realizing business combination synergies due to the timing of transaction close and higher than anticipated D&O insurance costs.

On the other hand, the company has recently acquired Pluma, Inc., a leading digital professional development and executive-quality coaching platform, for approximately $22 million in cash. The acquisition deepens Skillsoft’s Leadership Development portfolio, adds a new modality to its blended learning model, and marks the Company’s entry into individualized coaching.

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