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Skillsoft cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$17.4M in Q2 FY27 · $22.1M over twelve months

Operating cash flow−$17.1M
Capital spending−$293K
Free cash flow−$17.4M
Cash conversion cycle14 days

Analysis

In Q2 FY27, Skillsoft generated −$17.1M of operating cash flow and spent $293K on capital projects, leaving free cash flow of −$17.4M. That is $1.1M more than in Q2 FY26 (−$18.5M).

Over the twelve months to Jul 31, 2026, operating cash flow was $23.5M; the largest uses were other investing ($14.2M), asset & business sales ($9.9M), net borrowing (+) / repaid (−) ($6.4M); the cash balance fell by $10.3M.

Operating cash flow was −$17.1M against net income of −$42.4M. The largest differences: deferred revenue −$29.7M, impairments +$22.4M, receivables +$9.2M.

Its cash conversion cycle was 14 days (receivables 68 + inventory 0 − payables 53).

Free cash flow

Skillsoft: free cash flow by quarterSkillsoft: free cash flow by quarter$8.3MQ3 FY25$17.0MQ4 FY25$30.8MQ1 FY26−$18.5MQ2 FY26−$19.3MQ3 FY26$30.3MQ4 FY26$28.5MQ1 FY27−$17.4MQ2 FY27
Operating cash flow less capital spending.
Skillsoft: operating cash flow against capital spendingSkillsoft: operating cash flow against capital spendingOperating cash flowCapital spending$8.7M$421KQ3 FY25$17.8M$783KQ4 FY25$31.3M$515KQ1 FY26−$17.8M$624KQ2 FY26−$18.9M$467KQ3 FY26$30.5M$160KQ4 FY26$28.9M$425KQ1 FY27−$17.1M$293KQ2 FY27
Latest (Q2 FY27): Operating cash flow −$17.1M, Capital spending $293K.

Capital allocation, year by year

Skillsoft: where the cash came from (up) and went (down), by fiscal yearSkillsoft: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksFY20: Operating cash flow −$37.4MFY20: Net borrowing $48.0MFY20: Capital spending −$10.4M$48.0MFY20FY23: Operating cash flow −$20.9MFY23: Net borrowing $84.4MFY23: Asset sales $172MFY23: Capital spending −$4.9MFY23: Buybacks −$2.8M$256MFY23FY24: Operating cash flow $2.8MFY24: Net borrowing −$1.1MFY24: Asset sales −$5.1MFY24: Capital spending −$4.2MFY24: Buybacks −$8.0M$2.8MFY24FY25: Operating cash flow $30.0MFY25: Net borrowing −$50.4MFY25: Asset sales $10KFY25: Capital spending −$1.6M$30.0MFY25FY26: Operating cash flow $25.1MFY26: Net borrowing −$4.8MFY26: Capital spending −$1.8M$25.1MFY26
Over these 5 years operating cash flow totalled −$513K; the largest uses were operating cash flow ($58.3M) and net borrowing ($56.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$90.3M
Debt$568M
Net debt$478M
Due within a year$6.4M
Cash runway16 months

Skillsoft is burning cash: its operations consume cash, a free cash flow of −$69.5M a year at the current rate against $90.3M of cash and investments: a runway of about 16 months; $6.4M of debt also comes due within a year, which the cash covers before any new financing.

Skillsoft: debt maturities by year (FY26)Skillsoft: debt maturities by year (FY26)$6.4MYear 1$8.0MYear 2$569MYear 3
Principal due in each year as disclosed in the annual report, against $90.3M of cash and investments now.

Where the cash came from and went

Skillsoft: sources (+) and uses (−) of cash, Q2 FY27Skillsoft: sources (+) and uses (−) of cash, Q2 FY27Cash drawn (+) / kept (−)$33.1MOperating cash flow−$17.1MOther investing−$13.1MNet borrowing (+) / repaid (−)−$1.6MExchange rates−$677KTaxes on employees’ shares−$419KCapital spending−$293K
Skillsoft: sources (+) and uses (−) of cash, TTM to Q2 FY27Skillsoft: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$23.5MOther investing−$14.2MCash drawn (+) / kept (−)$10.3MAsset & business sales−$9.9MNet borrowing (+) / repaid (−)−$6.4MExchange rates−$1.4MCapital spending−$1.3MTaxes on employees’ shares−$452K

From profit to cash

Skillsoft: net income to operating cash flow, Q2 FY27Skillsoft: net income to operating cash flow, Q2 FY27Net income−$42.4MDepreciation & amortization$317KStock-based pay$2.7MDeferred taxes−$5.2MImpairments$22.4MReceivables$9.2MPayables−$1.3MAccrued liabilities$7.3MDeferred revenue−$29.7MPrepaid and other assets−$2.0MOperating cash flow−$17.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2768—5314
Q1 FY27109—6841
Q4 FY2691—4943
Q3 FY2672—629
Q2 FY2688—137-50
Q1 FY26123—9231
Q4 FY2597—4749
Q3 FY2571—4724

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27−$17.1M−$293K−$1.6M$33.1M−$17.4M
Q1 FY27$28.9M−$425K−$3.2M−$21.8M$28.5M
Q4 FY26$30.5M−$160K—−$26.9M$30.3M
Q3 FY26−$18.9M−$467K−$1.6M$25.9M−$19.3M
Q2 FY26−$17.8M−$624K−$1.6M$27.5M−$18.5M
Q1 FY26$31.3M−$515K−$1.6M−$27.6M$30.8M
Q4 FY25$17.8M−$783K−$10.6M−$1.5M$17.0M
Q3 FY25$8.7M−$421K−$32.0M$28.3M$8.3M

Skillsoft: income statement and cash flow

Skillsoft, Q2 FY27: revenue $98.2M (-3% year over year), operating margin 3.4%. The chart follows the revenue to costs, profit and cash.

Skillsoft: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.