Instructure Holdings, Inc. (NYSE:INST) Q3 2023 Earnings Call Transcript

Instructure Holdings, Inc. (NYSE:INST) Q3 2023 Earnings Call Transcript October 30, 2023

Instructure Holdings, Inc. beats earnings expectations. Reported EPS is $0.25, expectations were $0.2.

Operator: Ladies and gentlemen, thank you for standing by and welcome to Instructure's Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. And please be advised that this conference is being recorded. I would now like to turn the conference over to your first speaker, David Banks, Vice President, Investor Relations. Mr. Banks, please go ahead.

David Banks: Thank you. Good afternoon and welcome to Instructure's Q3 2023 earnings conference call. With me are Instructure's Chief Executive Officer, Steve Daly; Chief Financial Officer, Dale Bowen; and also Peter Walker, who will assume the role of CFO of Instructure on November 13th. We will discuss our Q3 2023 earnings results, as well as the signing of a definitive agreement to acquire Parchment, the world's leading academic credentialing platform. We will provide an overview of the transaction, as well as an initial view into their financial, based on due diligence conducted to date. Before we begin, I'd like to remind you that today's conference call will include forward-looking statements based on the company's current expectations.

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These forward-looking statements are subject to a number of significant risks and uncertainties, and our results may differ materially. For discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release and other reports and filings we make from time-to-time with the Securities and Exchange Commission. All of our statements are made as of today, October 30th, based on information available to us today and except as required by law, we assume no obligation to update any such statements. During the call, we will also refer to both GAAP and non-GAAP financial measures. You can find the reconciliation of our GAAP to non-GAAP measures included in our press release, which is posted on the investor relations section of our website.

Note that we have also included supplemental materials under the events and presentations header on the investor relations section of our website. In association with the purchase of Parchment, we are unable to provide a reconciliation of expected parchment adjusted EBITDA or expected combined net leverage ratio without unreasonable efforts. With that, let me turn the call over to Steve.

Steve Daly: Thanks, David. I'm delighted to welcome everyone to today's call. We're excited to announce and share details of our acquisition of Parchment. In addition Dale and I will be reviewing our Q3 results and providing guidance for Q4 and the full year 2023. Before I discuss the quarterly results, let me provide some of the details of the very exciting announcement of our pending acquisition of Parchment. I will explain what Parchment does, how this acquisition fits strategically, discuss the business model, and provide details about the transaction. Parchment is the world's leading academic credentialing program with integrated enrollment solutions to support learner mobility. Parchment has more than 15,000 customers, primarily in North America with a presence in several key international markets and has exchanged north of 165 million credentials over two decades.

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