{"id":505315,"date":"2021-06-21T17:35:07","date_gmt":"2021-06-21T21:35:07","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/skillsoft-launches-debt-refinancing-and-comments-on-combined-results-for-the-quarter-ended-april-30-2021\/"},"modified":"2021-06-21T17:35:07","modified_gmt":"2021-06-21T21:35:07","slug":"skillsoft-launches-debt-refinancing-and-comments-on-combined-results-for-the-quarter-ended-april-30-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/skillsoft-launches-debt-refinancing-and-comments-on-combined-results-for-the-quarter-ended-april-30-2021\/","title":{"rendered":"Skillsoft Launches Debt Refinancing and Comments on Combined Results for the Quarter Ended April 30, 2021"},"content":{"rendered":"

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Skillsoft Launches Debt Refinancing and Comments on Combined Results for the Quarter Ended April 30, 2021<\/b><\/p>\n

Refinancing Expected to Further Enhance Financial Flexibility by Reducing Interest Expense & Increasing Free Cash Flow <\/i><\/p>\n

Q1 Results Exceed Internal Plan, with Strong Performance in Core Content Business; Company Remains on Track to Meet Fiscal 2022 Guidance<\/i><\/p>\n

BOSTON–(BUSINESS WIRE<\/a>)–
\nSkillsoft Corp. (NYSE: SKIL) (\u201cSkillsoft\u201d or the \u201cCompany\u201d), a global leader in corporate digital learning, today announced it has launched marketing for a refinancing of a substantial amount of its long-term debt while repaying the remainder, which is expected to meaningfully decrease the Company\u2019s interest expense, increase free cash flow, increase financial flexibility to grow through acquisitions, and significantly extend the maturity of any obligations. Skillsoft also noted that its Board of Directors has approved the adoption of a January 31 year-end for the Company\u2019s financial reporting, effective immediately, to align Churchill Capital Corp II and Global Knowledge with the pre-business combination Skillsoft\u2019s fiscal year end. In addition, Skillsoft commented on financial results for its first fiscal quarter ended April 30, 2021, reflecting the Company\u2019s recent combinations with Churchill Capital Corp II and Global Knowledge as if the combined company had a fiscal quarter end of April 30, 2021.\n<\/p>\n

\n\u201cI am pleased to report that our fiscal year is off to a strong start, with results exceeding our internal plan,\u201d said Jeffrey R. Tarr, Skillsoft\u2019s Chief Executive Officer. \u201cI\u2019m especially encouraged that order intake for the Skillsoft Content Business combined with Global Knowledge grew by 9% in the quarter ended April 30, 2021. While it\u2019s still early in the fiscal year and in our journey as the new Skillsoft, the momentum we are seeing reinforces my confidence in our ability to meet our full year fiscal 2022 guidance and create significant long-term shareholder value as we integrate the two businesses, realize synergies and complete the migration to Percipio.\u201d\n<\/p>\n

\nSkillsoft noted that continued growth in Percipio drove improvement in dollar retention rate during the fiscal first quarter. In addition, the Company has recently built a dedicated customer acquisition team with more than 30 experienced sellers, and expects to complete the integration of the Global Knowledge sales organization with the Skillsoft Technology & Development specialized salesforces over the coming months, consistent with its integration plan.\n<\/p>\n

\nMr. Tarr continued, \u201cSkillsoft has a strong capital structure and the strategic refinancing is a proactive step that will enable us to increase our financial flexibility as we execute on attractive growth opportunities, and help our customers build a future-fit workforce, skilled and ready for the jobs of tomorrow.\u201d\n<\/p>\n

\nTerms of the potential refinancing will be disclosed upon the completion of the transaction, which is expected to occur in July 2021. The proposed refinancing is subject to market and other conditions and the approval of the Skillsoft Board of Directors, and there can be no assurance that it will be completed on favorable terms or at all.\n<\/p>\n

\nAdditional information is available in Skillsoft\u2019s pre-business combination actual financial results for the fiscal quarter ended April 30, 2021, included in its Form 8-K with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d) filed on June 17, 2021, and in Global Knowledge\u2019s actual financial results for the fiscal quarter ended April 2, 2021, as reported in Skillsoft\u2019s amended Form S-4 filed with the SEC on May 27, 2021 and updated herein to align with pre-combination Skillsoft\u2019s fiscal first quarter.\n<\/p>\n

About Skillsoft<\/b><\/p>\n

\nSkillsoft (NYSE: SKIL) is a global leader in corporate digital learning, serving approximately 70% of the Fortune 1000, customers in over 160 countries and more than 45 million learners globally. The Company provides enterprise learning solutions to prepare organizations for the future of work, enabling them to overcome critical skill gaps, drive demonstrable behavior-change, and unlock the potential in their greatest assets \u2013 their people. Skillsoft offers the world\u2019s most comprehensive suite of premium and original content, including the broadest and deepest library of authorized technology & developer curricula, and multiple learning modalities that dramatically increase learner engagement and retention. Skillsoft\u2019s offerings are anchored in Percipio, its award-winning, AI-driven, immersive learning platform designed to make learning easier, more accessible and more effective. Learn more at www.skillsoft.com<\/a>.\n<\/p>\n

NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE METRICS<\/b><\/p>\n

\nWe track several non-GAAP financial measures and key performance metrics that we believe are key financial measures of our success. Non-GAAP measures and key performance metrics are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies comparable to us, many of which present non-GAAP measures and key performance metrics when reporting their results. These measures can be useful in evaluating our performance against our peer companies because we believe the measures provide users with valuable insight into key components of U.S. GAAP financial disclosures. For example, a company with higher U.S. GAAP net income may not be as appealing to investors if its net income is more heavily comprised of gains on asset sales. Likewise, excluding the effects of interest income and expense moderates the impact of a company\u2019s capital structure on its performance. However, non-GAAP measures and key performance metrics have limitations as analytical tools. Because not all companies use identical calculations, our presentation of non-GAAP financial measures and key performance metrics may not be comparable to other similarly titled measures of other companies. They are not presentations made in accordance with U.S. GAAP, are not measures of financial condition or liquidity, and should not be considered as an alternative to profit or loss for the period determined in accordance with U.S. GAAP or operating cash flows determined in accordance with U.S. GAAP. As a result, these performance measures should not be considered in isolation from, or as a substitute analysis for, results of operations as determined in accordance with U.S. GAAP.\n<\/p>\n

\nWe do not reconcile our forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and\/or certain information not being ascertainable or accessible; and because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure is available to us without unreasonable efforts. For the same reasons, we are unable to address the probable significance of the unavailable information. We provide non-GAAP financial measures that we believe will be achieved, however we cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.\n<\/p>\n

Forward Looking Statements<\/b><\/p>\n

\nThis document includes statements that are, or may be deemed to be, \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as our outlook, our product development and planning, our pipeline, future capital expenditures, financial results, the impact of regulatory changes, existing and evolving business strategies and acquisitions and dispositions, demand for our services and competitive strengths, goals, the benefits of new initiatives, growth of our business and operations, our ability to successfully implement our plans, strategies, objectives, expectations and intentions are forward-looking statements. Also, when we use words such as \u201cmay,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cprojects,\u201d \u201cforecasts,\u201d \u201cseeks,\u201d \u201coutlook,\u201d \u201ctarget,\u201d goals,\u201d \u201cprobably,\u201d or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of Skillsoft\u2019s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.\n<\/p>\n

\nThere are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including:\n<\/p>\n