Instructure Holdings, Inc. - INST STOCK NEWS

Instructure has appointed Chris Ball as its new President and Chief Operating Officer, effective January 9, 2023. He will lead the company's go-to-market strategy, marketing, sales, and customer experience, focusing on accelerating growth and enhancing efficiency. Ball brings 28 years of experience, most recently at Adobe, where he contributed to over $12.5B in annual revenues. The current Chief Revenue Officer, Frank Maylett, plans to step down although a departure date is yet to be announced. This leadership change aims to strengthen Instructure's position in the education technology sector.

Instructure (NYSE: INST) has completed the acquisition of LearnPlatform, enhancing its Learning Platform with technology that helps educators evaluate digital tools effectively. This strategic move aims to provide real-time insights into learning product effectiveness, benefiting schools and universities. The acquisition reflects Instructure's commitment to building an integrated education platform. LearnPlatform, based in North Carolina, supports over 10,000 EduApp providers and strengthens Instructure's partner ecosystem of over 600.

Instructure Holdings, Inc. (NYSE: INST) announced that its CEO Steve Daly, CFO Dale Bowen, and Chief Strategy Officer Mitch Benson will present at the Raymond James Technology Investors Conference on December 5, 2022, at 2:15 p.m. ET. The event will be accessible via live webcast, with a replay available shortly after on their website. Instructure is a leading education technology company focused on enhancing student success and supporting millions of educators globally.

Instructure reported GAAP revenue of $122.4 million in Q3 2022, marking a 14.2% year-over-year increase. Despite an operating loss of $2.4 million, the company posted an Adjusted EBITDA of $47.6 million. Cash flow from operations reached $179.9 million. Instructure signed significant contracts, with 33% of K12 districts now using Canvas. For Q4 2022, revenue is projected between $120.7 million and $121.7 million, while full-year revenue is expected to range from $471.2 million to $472.2 million.

Instructure announced a new strategy for its New Quizzes product, prioritizing customer feedback for a smooth transition from Classic to New Quizzes. By removing migration deadlines, the company aims to reduce pressure on educational institutions and enhance user experience. Instructure plans to focus resources on developing essential features for New Quizzes, ensuring institutions can migrate at their own pace. The New Quizzes Hub will provide support resources for customers. The company has not set an end-of-life date for Classic Quizzes, continuing to maintain and support it until customers are ready to transition.

Instructure has teamed up with Thunderbird School of Global Management to launch the Francis and Dionne Najafi 100 Million Learners Global Initiative, providing free online education in over 40 languages. This initiative aims to reach 100 million learners worldwide, focusing on women and girls, who comprise 70% of participants. Funded by a $25 million donation, the program will run until 2030 and includes courses across various education levels. Instructure's Canvas Learning Management System will support this ambitious effort to enhance access to quality education globally.

Instructure has released its annual global report on higher education, highlighting key trends affecting student success. The report, based on feedback from over 7,500 participants, emphasizes the demand for flexibility in course offerings and the importance of career readiness. Notably, 62% of students prefer online courses, while 71% view work readiness as crucial. Furthermore, there is a growing demand for competency-based learning, with 66% of respondents prioritizing this approach. The study also stresses the significance of mental health support and addressing the digital divide in enhancing student engagement.

Instructure has entered a multi-year agreement with the Missouri Research and Education Network (MOREnet) to enhance data integration for K-12 districts across Missouri. The partnership will implement Instructure's Elevate Data Hub, enabling streamlined analytics and improved student outcomes through interactive visualization tools. Currently, around 350,000 users benefit from Instructure's Canvas LMS. This initiative supports nearly 500 school districts, serving over 827,000 students, and aims to address challenges in data management using Ed-Fi standards.

Instructure Holdings, Inc. (NYSE: INST) will announce its financial results for the third quarter ending September 30, 2022, on November 1, 2022, after market close. A conference call is scheduled for 3:00 PM MT (5:00 PM ET) on the same day to discuss the results. Investors can access the call by phone or through a live webcast on Instructure's investor relations page. Interested parties can also listen to a replay available until November 8, 2022, at 9:59 PM MT.