Coursera (COUR) as of March 31, 2026 shows a gross liquidation posture that is marginally positive but practically thin when transaction costs and liability composition are considered. Total assets of $1.0B are overwhelmingly composed of liquid items: cash and cash equivalents of $789.8M (100% recovery) and net accounts receivable of $60.0M (90-95% recovery, yielding ~$54-57M). The recoverable asset base before haircuts is approximately $893.4M in current assets plus $107.1M in non-current assets. Applying standard haircuts, the meaningful impairments land on PP&E net ($45.5M at 50-70% recovery = ~$23-32M), finite-lived intangibles net ($30.9M at 0% = $0), and other non-current assets ($30.7M, largely operating lease ROU assets and deferred commissions at uncertain recovery, treated as near-zero). Estimated haircut-adjusted asset recovery is approximately $870-890M, compared to total liabilities at face value of $368.7M. This yields an estimated liquidation surplus to equity of roughly $500-520M—meaningfully above the MFFAIS CLV of $427.4M and LLV/OLV of $487.4M, with the gap attributable to conservative treatment of certain current asset haircuts in the MFFAIS model versus the filing's heavily cash-weighted balance sheet. The dominant liability items are deferred revenue current ($200.1M) and accounts payable ($98.3M). Deferred revenue does not extinguish in liquidation; it would require refund or service wind-down costs, making it a real cash obligation. The accumulated deficit stands at $931.7M. No debt instruments, pension, or production commitments of material scale are disclosed. The pending all-stock merger with Udemy announced December 17, 2025 introduces a $40.5M cash termination fee exposure and ongoing transaction costs that reduce available cash if the deal fails; these are disclosed in MD&A but the contingent liability is not separately XBRL-tagged. The prior period filing (10-K for FY2025, December 31, 2025) showed approximately the same capital structure; the primary Q/Q change is a $20.5M net loss reducing retained earnings and cash, partially offset by $19.3M increase in deferred revenue (favorable for the liability side in going-concern but still a face-value liability in liquidation). Operating cash flow of $14.6M in Q1 2026 shows the entity continues to generate cash operationally despite GAAP losses. Restructuring charges are zero this period, resolving the prior reserve. Overall, recovery posture is positive but narrow relative to stated equity book value of $631.8M—the gap driven entirely by intangible and PP&E impairments under liquidation assumptions.
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