Skillsoft Corp. - SKIL STOCK NEWS

Skillsoft Corp. (NYSE: SKIL) announced its Q2 fiscal 2023 results, highlighting a 27% increase in GAAP revenue to $140.6 million. Subscription content bookings grew by 5%, marking the fifth consecutive quarter of growth. However, the Global Knowledge segment saw a significant 21% decline in bookings. The board authorized a $30 million share repurchase, reflecting confidence in the company's strategy. The outlook was revised down due to decreased fundamentals and macroeconomic uncertainty, projecting adjusted revenue between $545 million and $580 million for the fiscal year.

Skillsoft Corp. (NYSE: SKIL) has announced the release of its fiscal 2023 second quarter financial results on September 7, 2022, after market close. A conference call and webcast will follow at 5:00 p.m. Eastern Time on the same day to discuss these results. The call can be accessed via phone or through the company's Investor Relations website. Skillsoft focuses on global corporate digital learning, offering extensive learning solutions designed to bridge skill gaps and enhance workforce capabilities.

Cornerstone OnDemand has completed the acquisition of SumTotal, a provider of learning and human capital management SaaS, formerly part of Skillsoft (NYSE: SKIL). This strategic move aims to enhance Cornerstone’s capabilities in talent management and learning solutions, serving over 7,000 global customers. The merger creates a workforce of nearly 4,000 talent-focused employees and leverages data from over 90 million users to drive innovation and improve customer success. Cornerstone emphasizes its commitment to customer flexibility and a frictionless ecosystem for enhanced people growth.

Skillsoft (NYSE: SKIL) has announced a new integration with Coursera (NYSE: COUR) for Business, allowing joint customers to access Coursera's extensive library of over 5,000 courses and more than 10,000 bite-sized Clips directly through Skillsoft Percipio. This partnership aims to simplify learning for enterprises and enhance skilling experiences. According to recent research, 83% of decision-makers prioritize training and development but struggle to find comprehensive programs. The collaboration seeks to address these challenges while bolstering workforce development.

Skillsoft (NYSE: SKIL) has launched Career Journeys, a new offering within its Percipio platform designed to tackle skills gaps in enterprises. This innovative learning solution combines live and on-demand training, enabling employees to develop essential competencies for in-demand roles. Career Journeys offers a mix of content, hands-on labs, and instructor-led training, and targets crucial growth areas such as technology, business, and interpersonal skills. This initiative addresses the urgent talent shortage, positioning organizations for competitive advantage.

Cornerstone OnDemand has agreed to acquire SumTotal from Skillsoft (NYSE: SKIL), enhancing its learning and talent management software capabilities. This strategic move aims to serve a broader, diverse customer base, particularly in regulated industries. The acquisition follows Cornerstone's recent purchase of EdCast and is part of its strategy to develop a comprehensive platform for workforce development. Clearlake Capital, Cornerstone's backer, views this as a pivotal growth opportunity. The deal is expected to close in the second half of 2022, pending regulatory approvals.

Skillsoft Corp. (NYSE: SKIL) announced a definitive agreement to sell its SumTotal business to Cornerstone OnDemand for approximately $200 million in cash. This divestiture aims to align and simplify Skillsoft's portfolio, enhancing focus on its core business of transformative learning experiences. The transaction, expected to close in the second half of 2022, is projected to be accretive to Skillsoft’s bookings and revenue growth by approximately one percentage point at closing. In fiscal year 2022, SumTotal generated approximately $123 million in bookings and $120 million in revenue.

Skillsoft Corp. (NYSE: SKIL) reported a strong first quarter of fiscal 2023, with 22% growth in Skillsoft Content Segment bookings. Total GAAP revenue reached $164 million, up 79%, though the company recorded a net loss of $22 million. Adjusted revenue increased by 1% to $170 million, with adjusted EBITDA of $33 million. The dollar revenue retention rate for Skillsoft Content improved to 101%. However, the Global Knowledge segment faced declines due to macroeconomic challenges. The full-year revenue outlook is expected to trend towards the low end of guidance.

Skillsoft (NYSE: SKIL) has announced its achievement of Workday Cloud Connect for Learning Integration status. This advancement connects Skillsoft Percipio with Workday Learning, enhancing enterprise learning experiences. The integration allows Workday users to access Skillsoft’s extensive learning resources seamlessly. Key features include expertly curated learning paths, integrated multi-modal content, enhanced content discovery, automated maintenance, and advanced tracking. This partnership aims to drive learner engagement and administrative efficiency, addressing the critical need for on-demand training in today's economy.